Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2017shares | |
Document and Entity Information [Line Items] | |
Entity Registrant Name | VORNADO REALTY TRUST |
Entity Central Index Key | 899,689 |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 189,343,482 |
Entity Well Known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Trading Symbol | vno |
Vornado Realty L.P. | |
Document and Entity Information [Line Items] | |
Entity Registrant Name | VORNADO REALTY LP |
Entity Central Index Key | 1,040,765 |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 0 |
Entity Well Known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Real estate, at cost: | ||
Land | $ 4,056,666 | $ 4,065,142 |
Buildings and improvements | 12,727,776 | 12,727,980 |
Development costs and construction in progress | 1,564,647 | 1,430,276 |
Leasehold improvements and equipment | 117,246 | 116,560 |
Total | 18,466,335 | 18,339,958 |
Less accumulated depreciation and amortization | (3,604,348) | (3,513,574) |
Real estate, net | 14,861,987 | 14,826,384 |
Cash and cash equivalents | 1,484,814 | 1,501,027 |
Restricted cash | 98,191 | 98,295 |
Marketable securities | 188,695 | 203,704 |
Tenant and other receivables, net of allowance for doubtful accounts of $10,711 and $10,920 | 86,753 | 94,467 |
Investments in partially owned entities | 1,415,747 | 1,428,019 |
Real estate fund investments | 454,946 | 462,132 |
Receivable arising from the straight-lining of rents, net of allowance of $1,744 and $2,227 | 1,048,940 | 1,032,736 |
Deferred leasing costs, net of accumulated amortization of $239,415 and $228,862 | 452,187 | 454,345 |
Identified intangible assets, net of accumulated amortization of $203,668 and $207,330 | 184,009 | 192,731 |
Assets related to discontinued operations | 4,416 | 5,570 |
Other assets | 450,763 | 515,437 |
Assets | 20,731,448 | 20,814,847 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY | ||
Mortgages payable, net | 9,281,280 | 9,278,263 |
Senior unsecured notes, net | 845,932 | 845,577 |
Unsecured term loan, net | 372,595 | 372,215 |
Unsecured revolving credit facilities | 115,630 | 115,630 |
Accounts payable and accrued expenses | 451,156 | 458,694 |
Deferred revenue | 274,477 | 287,846 |
Deferred compensation plan | 124,933 | 121,374 |
Liabilities related to discontinued operations | 2,670 | 2,870 |
Other liabilities | 433,374 | 435,436 |
Total liabilities | 11,902,047 | 11,917,905 |
Commitments and contingencies | ||
Redeemable noncontrolling interests / partnership units: | ||
Class A units - 12,567,493 and 12,197,162 units outstanding | 1,260,646 | 1,273,018 |
Series D cumulative redeemable preferred units - 177,101 units outstanding | 5,428 | 5,428 |
Total redeemable noncontrolling interests / partnership units | 1,266,074 | 1,278,446 |
Equity: | ||
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 42,824,829 shares | 1,038,049 | 1,038,055 |
Common shares of beneficial interest: $.04 par value per share; authorized 250,000,000 shares; issued and outstanding 189,343,482 and 189,100,876 shares | 7,551 | 7,542 |
Additional capital | 7,183,324 | 7,153,332 |
Earnings less than distributions | (1,506,236) | (1,419,382) |
Accumulated other comprehensive income | 119,019 | 118,972 |
Total Vornado / Vornado Realty L.P. shareholders' equity | 6,841,707 | 6,898,519 |
Noncontrolling interests in consolidated subsidiaries | 721,620 | 719,977 |
Total equity | 7,563,327 | 7,618,496 |
Total liabilities, redeemable noncontrolling interests / partnership units and equity | 20,731,448 | 20,814,847 |
Vornado Realty L.P. | ||
Real estate, at cost: | ||
Land | 4,056,666 | 4,065,142 |
Buildings and improvements | 12,727,776 | 12,727,980 |
Development costs and construction in progress | 1,564,647 | 1,430,276 |
Leasehold improvements and equipment | 117,246 | 116,560 |
Total | 18,466,335 | 18,339,958 |
Less accumulated depreciation and amortization | (3,604,348) | (3,513,574) |
Real estate, net | 14,861,987 | 14,826,384 |
Cash and cash equivalents | 1,484,814 | 1,501,027 |
Restricted cash | 98,191 | 98,295 |
Marketable securities | 188,695 | 203,704 |
Tenant and other receivables, net of allowance for doubtful accounts of $10,711 and $10,920 | 86,753 | 94,467 |
Investments in partially owned entities | 1,415,747 | 1,428,019 |
Real estate fund investments | 454,946 | 462,132 |
Receivable arising from the straight-lining of rents, net of allowance of $1,744 and $2,227 | 1,048,940 | 1,032,736 |
Deferred leasing costs, net of accumulated amortization of $239,415 and $228,862 | 452,187 | 454,345 |
Identified intangible assets, net of accumulated amortization of $203,668 and $207,330 | 184,009 | 192,731 |
Assets related to discontinued operations | 4,416 | 5,570 |
Other assets | 450,763 | 515,437 |
Assets | 20,731,448 | 20,814,847 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY | ||
Mortgages payable, net | 9,281,280 | 9,278,263 |
Senior unsecured notes, net | 845,932 | 845,577 |
Unsecured term loan, net | 372,595 | 372,215 |
Unsecured revolving credit facilities | 115,630 | 115,630 |
Accounts payable and accrued expenses | 451,156 | 458,694 |
Deferred revenue | 274,477 | 287,846 |
Deferred compensation plan | 124,933 | 121,374 |
Liabilities related to discontinued operations | 2,670 | 2,870 |
Other liabilities | 433,374 | 435,436 |
Total liabilities | 11,902,047 | 11,917,905 |
Commitments and contingencies | ||
Redeemable noncontrolling interests / partnership units: | ||
Class A units - 12,567,493 and 12,197,162 units outstanding | 1,260,646 | 1,273,018 |
Series D cumulative redeemable preferred units - 177,101 units outstanding | 5,428 | 5,428 |
Total redeemable noncontrolling interests / partnership units | 1,266,074 | 1,278,446 |
Equity: | ||
Partners' capital | 8,228,924 | 8,198,929 |
Earnings less than distributions | (1,506,236) | (1,419,382) |
Accumulated other comprehensive income | 119,019 | 118,972 |
Total Vornado / Vornado Realty L.P. shareholders' equity | 6,841,707 | 6,898,519 |
Noncontrolling interests in consolidated subsidiaries | 721,620 | 719,977 |
Total equity | 7,563,327 | 7,618,496 |
Total liabilities, redeemable noncontrolling interests / partnership units and equity | $ 20,731,448 | $ 20,814,847 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Tenant and other receivables, allowance for doubtful accounts (in US dollars) | $ 10,711 | $ 10,920 |
Receivable arising from the straight-lining of rents, allowance (in US dollars) | 1,744 | 2,227 |
Deferred leasing costs, accumulated amortization (in US dollars) | 239,415 | 228,862 |
Identified intangible assets, accumulated amortization (in US dollars) | $ 203,668 | $ 207,330 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY | ||
Preferred Stock, Par Value Per Share | $ 0 | $ 0 |
Preferred shares of beneficial interest: authorized shares | 110,000,000 | 110,000,000 |
Preferred shares of beneficial interest: issued shares | 42,824,829 | 42,824,829 |
Preferred shares of beneficial interest: outstanding shares | 42,824,829 | 42,824,829 |
Common shares of beneficial interest: par value per share (in dollars per share) | $ 0.04 | $ 0.04 |
Common shares of beneficial interest: authorized shares | 250,000,000 | 250,000,000 |
Common shares of beneficial interest: issued shares | 189,343,482 | 189,100,876 |
Common shares of beneficial interest: outstanding shares | 189,343,482 | 189,100,876 |
Class A Unit | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY | ||
Outstanding Partnership Units held by Third Parties | 12,567,493 | 12,197,162 |
Series D Cumulative Redeemable Preferred Unit | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY | ||
Outstanding Partnership Units held by Third Parties | 177,101 | 177,101 |
Vornado Realty L.P. | ||
ASSETS | ||
Tenant and other receivables, allowance for doubtful accounts (in US dollars) | $ 10,711 | $ 10,920 |
Receivable arising from the straight-lining of rents, allowance (in US dollars) | 1,744 | 2,227 |
Deferred leasing costs, accumulated amortization (in US dollars) | 239,415 | 228,862 |
Identified intangible assets, accumulated amortization (in US dollars) | $ 203,668 | $ 207,330 |
Vornado Realty L.P. | Class A Unit | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY | ||
Outstanding Partnership Units held by Third Parties | 12,567,493 | 12,197,162 |
Vornado Realty L.P. | Series D Cumulative Redeemable Preferred Unit | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY | ||
Outstanding Partnership Units held by Third Parties | 177,101 | 177,101 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
REVENUES: | ||
Property rentals | $ 513,818 | $ 519,492 |
Tenant expense reimbursements | 67,670 | 59,575 |
Fee and other income | 39,360 | 33,970 |
Total revenues | 620,848 | 613,037 |
EXPENSES: | ||
Operating | 260,907 | 256,349 |
Depreciation and amortization | 138,811 | 142,957 |
General and administrative | 56,658 | 48,704 |
Acquisition and transaction related costs | 8,005 | 4,607 |
Skyline properties impairment loss | 0 | 160,700 |
Total expenses | 464,381 | 613,317 |
Operating income (loss) | 156,467 | (280) |
Income (loss) from partially owned entities | 1,445 | (4,240) |
Income from real estate fund investments | 268 | 11,284 |
Interest and other investment income, net | 9,228 | 3,518 |
Interest and debt expense | (94,285) | (100,489) |
Net gains on disposition of wholly owned and partially owned assets | 501 | 714 |
Income (loss) before income taxes | 73,624 | (89,493) |
Income tax expense | (2,205) | (2,831) |
Income (loss) from continuing operations | 71,419 | (92,324) |
Income from discontinued operations | 2,428 | 716 |
Net income (loss) | 73,847 | (91,608) |
Less net (income) loss attributable to noncontrolling interests in: | ||
Consolidated subsidiaries | (6,737) | (9,678) |
Operating Partnership | (3,229) | 7,487 |
Net income (loss) attributable to Vornado / Vornado Realty L.P. | 63,881 | (93,799) |
Preferred share dividends / Preferred unit distributions | (16,129) | (20,364) |
NET INCOME (LOSS) attributable to common shareholders / Class A unitholders | $ 47,752 | $ (114,163) |
INCOME (LOSS) PER COMMON SHARE / CLASS A UNIT - BASIC: | ||
Income (loss) from continuing operations, net (in dollars per share) | $ 0.24 | $ (0.61) |
Income from discontinued operations, net (in dollars per share) | 0.01 | 0 |
Net income (loss) per common share (in dollars per share) | $ 0.25 | $ (0.61) |
Weighted average shares outstanding | 189,210 | 188,658 |
INCOME (LOSS) PER COMMON SHARE / CLASS A UNIT - DILUTED: | ||
Income (loss) from continuing operations, net (in dollars per share) | $ 0.24 | $ (0.61) |
Income from discontinued operations, net (in dollars per share) | 0.01 | 0 |
Net income (loss) per common share (in dollars per share) | $ 0.25 | $ (0.61) |
Weighted average shares outstanding | 190,372 | 188,658 |
DIVIDENDS PER COMMON SHARE (in dollars per share) | $ 0.71 | $ 0.63 |
Vornado Realty L.P. | ||
REVENUES: | ||
Property rentals | $ 513,818 | $ 519,492 |
Tenant expense reimbursements | 67,670 | 59,575 |
Fee and other income | 39,360 | 33,970 |
Total revenues | 620,848 | 613,037 |
EXPENSES: | ||
Operating | 260,907 | 256,349 |
Depreciation and amortization | 138,811 | 142,957 |
General and administrative | 56,658 | 48,704 |
Acquisition and transaction related costs | 8,005 | 4,607 |
Skyline properties impairment loss | 0 | 160,700 |
Total expenses | 464,381 | 613,317 |
Operating income (loss) | 156,467 | (280) |
Income (loss) from partially owned entities | 1,445 | (4,240) |
Income from real estate fund investments | 268 | 11,284 |
Interest and other investment income, net | 9,228 | 3,518 |
Interest and debt expense | (94,285) | (100,489) |
Net gains on disposition of wholly owned and partially owned assets | 501 | 714 |
Income (loss) before income taxes | 73,624 | (89,493) |
Income tax expense | (2,205) | (2,831) |
Income (loss) from continuing operations | 71,419 | (92,324) |
Income from discontinued operations | 2,428 | 716 |
Net income (loss) | 73,847 | (91,608) |
Less net (income) loss attributable to noncontrolling interests in: | ||
Consolidated subsidiaries | (6,737) | (9,678) |
Operating Partnership | 3,229 | (7,487) |
Net income (loss) attributable to Vornado / Vornado Realty L.P. | 67,110 | (101,286) |
Preferred share dividends / Preferred unit distributions | (16,178) | (20,412) |
NET INCOME (LOSS) attributable to common shareholders / Class A unitholders | $ 50,932 | $ (121,698) |
INCOME (LOSS) PER COMMON SHARE / CLASS A UNIT - BASIC: | ||
Income (loss) from continuing operations, net | $ 0.24 | $ (0.61) |
Income from discontinued operations, net | 0.01 | 0 |
Net income (loss) per Class A unit | $ 0.25 | $ (0.61) |
Weighted average units outstanding | 200,845 | 200,072 |
INCOME (LOSS) PER COMMON SHARE / CLASS A UNIT - DILUTED: | ||
Income (loss) from continuing operations, net | $ 0.24 | $ (0.61) |
Income from discontinued operations, net | 0.01 | 0 |
Net income (loss) per Class A unit | $ 0.25 | $ (0.61) |
Weighted average units outstanding | 202,647 | 200,072 |
DISTRIBUTIONS PER CLASS A UNIT | $ 0.71 | $ 0.63 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net income (loss) | $ 73,847 | $ (91,608) |
Other comprehensive (loss) income: | ||
(Reduction) increase in unrealized net gain on available-for-sale securities | (15,009) | 11,094 |
Pro rata share of amounts reclassified from accumulated other comprehensive income of a nonconsolidated subsidiary | 9,268 | 0 |
Pro rata share of other comprehensive (loss) income of nonconsolidated subsidiaries | (51) | 6 |
Increase (reduction) in value of interest rate swaps and other | 5,842 | (4,195) |
Comprehensive income (loss) | 73,897 | (84,703) |
Less comprehensive income attributable to noncontrolling interests / in consolidated subsidiaries | (9,969) | (2,618) |
Comprehensive income (loss) attributable to Vornado / Vornado Realty L.P. | 63,928 | (87,321) |
Vornado Realty L.P. | ||
Net income (loss) | 73,847 | (91,608) |
Other comprehensive (loss) income: | ||
(Reduction) increase in unrealized net gain on available-for-sale securities | (15,009) | 11,094 |
Pro rata share of amounts reclassified from accumulated other comprehensive income of a nonconsolidated subsidiary | 9,268 | 0 |
Pro rata share of other comprehensive (loss) income of nonconsolidated subsidiaries | (51) | 6 |
Increase (reduction) in value of interest rate swaps and other | 5,842 | (4,195) |
Comprehensive income (loss) | 73,897 | (84,703) |
Less comprehensive income attributable to noncontrolling interests / in consolidated subsidiaries | (6,737) | (9,678) |
Comprehensive income (loss) attributable to Vornado / Vornado Realty L.P. | $ 67,160 | $ (94,381) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Thousands | Total | Real estate fund investments | Other | Preferred Shares / Units | Common Shares | Additional Capital | Earnings Less Than Distributions | Accumulated Other Comprehensive Income | Non-controlling Interests in Consolidated Subsidiaries | Non-controlling Interests in Consolidated SubsidiariesReal estate fund investments | Non-controlling Interests in Consolidated SubsidiariesOther | Vornado Realty L.P. | Vornado Realty L.P.Real estate fund investments | Vornado Realty L.P.Other | Vornado Realty L.P.Preferred Shares / Units | Vornado Realty L.P.Class A Units Owned by Vornado | Vornado Realty L.P.Earnings Less Than Distributions | Vornado Realty L.P.Accumulated Other Comprehensive Income | Vornado Realty L.P.Non-controlling Interests in Consolidated Subsidiaries | Vornado Realty L.P.Non-controlling Interests in Consolidated SubsidiariesReal estate fund investments | Vornado Realty L.P.Non-controlling Interests in Consolidated SubsidiariesOther |
Beginning balance, Shares / Units at Dec. 31, 2015 | 52,677 | 188,577 | 52,677 | 188,577 | |||||||||||||||||
Beginning balance, Value at Dec. 31, 2015 | $ 7,476,078 | $ 1,276,954 | $ 7,521 | $ 7,132,979 | $ (1,766,780) | $ 46,921 | $ 778,483 | $ 7,476,078 | $ 1,276,954 | $ 7,140,500 | $ (1,766,780) | $ 46,921 | $ 778,483 | ||||||||
Net income (loss) attributable to Vornado / Vornado Realty L.P. | (93,799) | (93,799) | (101,286) | (101,286) | |||||||||||||||||
Net income (loss) attributable to redeemable partnership units | (7,487) | 7,487 | 7,487 | ||||||||||||||||||
Net income attributable to noncontrolling interests in consolidated subsidiaries | 9,678 | 9,678 | 9,678 | 9,678 | |||||||||||||||||
Dividends on common shares | (118,867) | (118,867) | |||||||||||||||||||
Distributions to Vornado | (118,867) | (118,867) | |||||||||||||||||||
Dividends on preferred shares / Distributions to preferred unitholders | (20,364) | (20,364) | (20,364) | (20,364) | |||||||||||||||||
Class A Units issued to Vornado / Common shares issued: | |||||||||||||||||||||
Upon redemption of Class A units, at redemption value, Shares | 157 | 157 | |||||||||||||||||||
Upon redemption of Class A units, at redemption value, Value | 14,482 | $ 6 | 14,476 | 14,482 | $ 14,482 | ||||||||||||||||
Under Vornado's employees' share option plan, Shares | 26 | 26 | |||||||||||||||||||
Under Vornado's employees' share option plan, Value | 2,166 | $ 1 | 2,165 | 0 | 2,166 | $ 2,166 | |||||||||||||||
Under Vornado's dividend reinvestment plan, Shares | 4 | 4 | |||||||||||||||||||
Under Vornado's dividend reinvestment plan, Value | 357 | $ 0 | 357 | 357 | $ 357 | ||||||||||||||||
Distributions: | |||||||||||||||||||||
Distributions | (7,835) | $ (13,487) | $ (152) | $ (13,487) | $ (152) | $ (13,487) | $ (152) | $ (13,487) | $ (152) | ||||||||||||
Deferred compensation shares / units and options, Shares | 7 | 7 | |||||||||||||||||||
Deferred compensation shares / units and options, Value | 350 | $ 1 | 535 | (186) | 350 | $ 536 | (186) | ||||||||||||||
(Reduction) increase in unrealized net gain on available-for-sale securities | 11,094 | 11,094 | 11,094 | 11,094 | |||||||||||||||||
Pro rata share of amounts reclassified related to a nonconsolidated subsidiary | 0 | 0 | |||||||||||||||||||
Pro rata share of other comprehensive (loss) income of nonconsolidated subsidiaries | 6 | 6 | 6 | 6 | |||||||||||||||||
Reduction in value of interest rate swap | (4,195) | (4,195) | (4,195) | (4,195) | |||||||||||||||||
Adjustments to carry redeemable Class A units at redemption value | 36,524 | 36,524 | 36,524 | $ 36,524 | |||||||||||||||||
Redeemable noncontrolling interests' / parnership units' share of above adjustments | (427) | (427) | (427) | (427) | |||||||||||||||||
Other | 112 | 2 | 0 | 110 | 112 | 2 | 110 | ||||||||||||||
Ending balance, Shares / Units at Mar. 31, 2016 | 52,677 | 188,771 | 52,677 | 188,771 | |||||||||||||||||
Ending balance, Value at Mar. 31, 2016 | 7,299,556 | $ 1,276,954 | $ 7,529 | 7,187,036 | (1,999,994) | 53,399 | 774,632 | 7,299,556 | $ 1,276,954 | $ 7,194,565 | (1,999,994) | 53,399 | 774,632 | ||||||||
Beginning balance, Shares / Units at Dec. 31, 2016 | 42,825 | 189,101 | 42,825 | 189,101 | |||||||||||||||||
Beginning balance, Value at Dec. 31, 2016 | 7,618,496 | $ 1,038,055 | $ 7,542 | 7,153,332 | (1,419,382) | 118,972 | 719,977 | 7,618,496 | $ 1,038,055 | $ 7,160,874 | (1,419,382) | 118,972 | 719,977 | ||||||||
Net income (loss) attributable to Vornado / Vornado Realty L.P. | 63,881 | 63,881 | 67,110 | 67,110 | |||||||||||||||||
Net income (loss) attributable to redeemable partnership units | 3,229 | (3,229) | (3,229) | ||||||||||||||||||
Net income attributable to noncontrolling interests in consolidated subsidiaries | 6,737 | 6,737 | 6,737 | 6,737 | |||||||||||||||||
Dividends on common shares | (134,332) | (134,332) | |||||||||||||||||||
Distributions to Vornado | (134,332) | (134,332) | |||||||||||||||||||
Dividends on preferred shares / Distributions to preferred unitholders | (16,129) | (16,129) | (16,129) | (16,129) | |||||||||||||||||
Class A Units issued to Vornado / Common shares issued: | |||||||||||||||||||||
Upon redemption of Class A units, at redemption value, Shares | 140 | 140 | |||||||||||||||||||
Upon redemption of Class A units, at redemption value, Value | 14,739 | $ 6 | 14,733 | 14,739 | $ 14,739 | ||||||||||||||||
Under Vornado's employees' share option plan, Shares | 96 | 96 | |||||||||||||||||||
Under Vornado's employees' share option plan, Value | 8,097 | $ 3 | 8,094 | 8,097 | $ 8,097 | ||||||||||||||||
Under Vornado's dividend reinvestment plan, Shares | 3 | 3 | |||||||||||||||||||
Under Vornado's dividend reinvestment plan, Value | 387 | $ 0 | 387 | 387 | $ 387 | ||||||||||||||||
Contributions: | |||||||||||||||||||||
Contributions | 75 | 75 | 75 | 75 | |||||||||||||||||
Distributions: | |||||||||||||||||||||
Distributions | (9,163) | $ (4,528) | $ (590) | $ (4,528) | $ (590) | $ (4,528) | $ (590) | $ (4,528) | $ (590) | ||||||||||||
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units | 0 | 0 | 0 | ||||||||||||||||||
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, Value | 0 | $ (6) | 6 | 0 | $ (6) | $ 6 | |||||||||||||||
Deferred compensation shares / units and options, Shares | 3 | 3 | |||||||||||||||||||
Deferred compensation shares / units and options, Value | 311 | $ 0 | 575 | (264) | 311 | $ 575 | (264) | ||||||||||||||
(Reduction) increase in unrealized net gain on available-for-sale securities | (15,009) | (15,009) | (15,009) | (15,009) | |||||||||||||||||
Pro rata share of amounts reclassified related to a nonconsolidated subsidiary | 9,268 | 9,268 | 9,268 | 9,268 | |||||||||||||||||
Pro rata share of other comprehensive (loss) income of nonconsolidated subsidiaries | (51) | (51) | (51) | (51) | |||||||||||||||||
Reduction in value of interest rate swap | 5,842 | 5,842 | 5,842 | 5,842 | |||||||||||||||||
Adjustments to carry redeemable Class A units at redemption value | 6,197 | 6,197 | 6,197 | $ 6,197 | |||||||||||||||||
Redeemable noncontrolling interests' / parnership units' share of above adjustments | (3) | (3) | (3) | (3) | |||||||||||||||||
Other, Shares | 0 | ||||||||||||||||||||
Other | (61) | $ 0 | $ 0 | 0 | (10) | (51) | (61) | (10) | (51) | ||||||||||||
Ending balance, Shares / Units at Mar. 31, 2017 | 42,825 | 189,343 | 42,825 | 189,343 | |||||||||||||||||
Ending balance, Value at Mar. 31, 2017 | $ 7,563,327 | $ 1,038,049 | $ 7,551 | $ 7,183,324 | $ (1,506,236) | $ 119,019 | $ 721,620 | $ 7,563,327 | $ 1,038,049 | $ 7,190,875 | $ (1,506,236) | $ 119,019 | $ 721,620 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash Flows from Operating Activities: | ||
Net income (loss) | $ 73,847 | $ (91,608) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization (including amortization of deferred financing costs) | 145,886 | 150,648 |
Distributions of income from partially owned entities | 18,226 | 24,747 |
Other non-cash adjustments | 17,535 | 15,248 |
Straight-lining of rents | (15,522) | (41,626) |
Amortization of below-market leases, net | (11,459) | (17,507) |
Net realized and unrealized loss (gain) on real estate fund investments | 6,946 | (6,611) |
Net gains on sale of real estate and other | (2,267) | 0 |
Equity in net (income) loss of partially owned entities | (1,445) | 4,240 |
Net gains on disposition of wholly owned and partially owned assets | (501) | (714) |
Skyline properties impairment loss | 0 | 160,700 |
Return of capital from real estate fund investments | 0 | 14,676 |
Changes in operating assets and liabilities: | ||
Tenant and other receivables, net | 6,947 | 800 |
Prepaid assets | 68,445 | 64,851 |
Other assets | (12,766) | (20,113) |
Accounts payable and accrued expenses | 8,315 | 12,774 |
Other liabilities | (902) | 1,027 |
Net cash provided by operating activities | 301,285 | 271,532 |
Cash Flows from Investing Activities: | ||
Development costs and construction in progress | (98,227) | (127,283) |
Additions to real estate | (67,363) | (77,243) |
Distributions of capital from partially owned entities | 11,592 | 30,637 |
Investments in partially owned entities | (6,679) | (63,188) |
Proceeds from sales of real estate and related investments | 5,180 | 2,867 |
Acquisitions of real estate and other | (1,171) | (938) |
Proceeds from repayments of mortgage loans receivable | 14 | 11 |
Net cash used in investing activities | (156,654) | (235,137) |
Cash Flows from Financing Activities: | ||
Dividends paid on common shares / Distributions to Vornado | (134,332) | (118,867) |
Dividends paid on preferred shares / Distributions to preferred unitholders | (16,129) | (20,364) |
Distributions to noncontrolling interests / Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (14,281) | (21,474) |
Proceeds received from exercise of employee share options / Vornado stock options | 8,484 | 2,523 |
Repayments of borrowings | (6,987) | (909,617) |
Proceeds from borrowings | 2,529 | 887,500 |
Repurchase of shares / Class A units related to stock compensation agreements and related tax withholdings and other | (264) | (185) |
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries | 75 | 0 |
Debt issuance and other costs | (43) | (16,704) |
Net cash used in financing activities | (160,948) | (197,188) |
Net decrease in cash and cash equivalents and restricted cash | (16,317) | (160,793) |
Cash and cash equivalents and restricted cash at beginning of period | 1,599,322 | 1,943,506 |
Cash and cash equivalents and restricted cash at end of period | 1,583,005 | 1,782,713 |
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | ||
Cash and cash equivalents at beginning of period | 1,501,027 | 1,835,707 |
Restricted cash at beginning of period | 98,295 | 107,799 |
Cash and cash equivalents and restricted cash at beginning of period | 1,599,322 | 1,943,506 |
Cash and cash equivalents at end of period | 1,484,814 | 1,673,566 |
Restricted cash at end of period | 98,191 | 109,147 |
Cash and cash equivalents and restricted cash at end of period | 1,583,005 | 1,782,713 |
Supplemental Disclosure of Cash Flow Information: | ||
Cash payments for interest, excluding capitalized interest of $9,364 and $7,497 | 88,078 | 91,719 |
Cash payments for income taxes | 1,512 | 2,193 |
Non-Cash Investing and Financing Activities: | ||
Accrued capital expenditures included in accounts payable and accrued expenses | 57,993 | 113,755 |
Write-off of fully depreciated assets | (15,809) | (187,419) |
(Reduction) increase in unrealized net gain on available-for-sale securities | (15,009) | 11,094 |
Adjustments to carry redeemable Class A units at redemption value | 6,197 | 36,524 |
Vornado Realty L.P. | ||
Cash Flows from Operating Activities: | ||
Net income (loss) | 73,847 | (91,608) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization (including amortization of deferred financing costs) | 145,886 | 150,648 |
Distributions of income from partially owned entities | 18,226 | 24,747 |
Other non-cash adjustments | 17,535 | 15,248 |
Straight-lining of rents | (15,522) | (41,626) |
Amortization of below-market leases, net | (11,459) | (17,507) |
Net realized and unrealized loss (gain) on real estate fund investments | 6,946 | (6,611) |
Net gains on sale of real estate and other | (2,267) | 0 |
Equity in net (income) loss of partially owned entities | (1,445) | 4,240 |
Net gains on disposition of wholly owned and partially owned assets | (501) | (714) |
Skyline properties impairment loss | 0 | 160,700 |
Return of capital from real estate fund investments | 0 | 14,676 |
Changes in operating assets and liabilities: | ||
Tenant and other receivables, net | 6,947 | 800 |
Prepaid assets | 68,445 | 64,851 |
Other assets | (12,766) | (20,113) |
Accounts payable and accrued expenses | 8,315 | 12,774 |
Other liabilities | (902) | 1,027 |
Net cash provided by operating activities | 301,285 | 271,532 |
Cash Flows from Investing Activities: | ||
Development costs and construction in progress | (98,227) | (127,283) |
Additions to real estate | (67,363) | (77,243) |
Distributions of capital from partially owned entities | 11,592 | 30,637 |
Investments in partially owned entities | (6,679) | (63,188) |
Proceeds from sales of real estate and related investments | 5,180 | 2,867 |
Acquisitions of real estate and other | (1,171) | (938) |
Proceeds from repayments of mortgage loans receivable | 14 | 11 |
Net cash used in investing activities | (156,654) | (235,137) |
Cash Flows from Financing Activities: | ||
Dividends paid on common shares / Distributions to Vornado | (134,332) | (118,867) |
Dividends paid on preferred shares / Distributions to preferred unitholders | (16,129) | (20,364) |
Distributions to noncontrolling interests / Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (14,281) | (21,474) |
Proceeds received from exercise of employee share options / Vornado stock options | 8,484 | 2,523 |
Repayments of borrowings | (6,987) | (909,617) |
Proceeds from borrowings | 2,529 | 887,500 |
Repurchase of shares / Class A units related to stock compensation agreements and related tax withholdings and other | (264) | (185) |
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries | 75 | 0 |
Debt issuance and other costs | (43) | (16,704) |
Net cash used in financing activities | (160,948) | (197,188) |
Net decrease in cash and cash equivalents and restricted cash | (16,317) | (160,793) |
Cash and cash equivalents and restricted cash at beginning of period | 1,599,322 | 1,943,506 |
Cash and cash equivalents and restricted cash at end of period | 1,583,005 | 1,782,713 |
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | ||
Cash and cash equivalents at beginning of period | 1,501,027 | 1,835,707 |
Restricted cash at beginning of period | 98,295 | 107,799 |
Cash and cash equivalents and restricted cash at beginning of period | 1,599,322 | 1,943,506 |
Cash and cash equivalents at end of period | 1,484,814 | 1,673,566 |
Restricted cash at end of period | 98,191 | 109,147 |
Cash and cash equivalents and restricted cash at end of period | 1,583,005 | 1,782,713 |
Supplemental Disclosure of Cash Flow Information: | ||
Cash payments for interest, excluding capitalized interest of $9,364 and $7,497 | 88,078 | 91,719 |
Cash payments for income taxes | 1,512 | 2,193 |
Non-Cash Investing and Financing Activities: | ||
Accrued capital expenditures included in accounts payable and accrued expenses | 57,993 | 113,755 |
Write-off of fully depreciated assets | (15,809) | (187,419) |
(Reduction) increase in unrealized net gain on available-for-sale securities | (15,009) | 11,094 |
Adjustments to carry redeemable Class A units at redemption value | $ 6,197 | $ 36,524 |
Consolidated Statements of Cas8
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Capitalized interest | $ 9,364 | $ 7,497 |
Vornado Realty L.P. | ||
Capitalized interest | $ 9,364 | $ 7,497 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2017 | |
Organization | |
Organization | 1. Organization Vornado Realty Trust (“Vornado”) is a fully integrated real estate investment trust (“REIT”) and conducts its business through, and substantially all of its interests in properties are held by, Vornado Realty L.P., a Delaware limited partnership (the “Operating Partnership”). Vornado is the sole general partner of, and owned approximately 93.6 % of the common limited partnership interest in, the Operating Partnership at March 31, 2017 . All references to the “Company,” “we,” “us,” and “our ” mean collectively Vornado, the Operating Partnership and those entities/subsidiaries consolidated by Vornado. On October 31, 2016, Vornado’s Board of Trustees approved the tax-free spin-off of our Washington, DC segment and we entered into a definitive agreement to combine it with the management business and certain Washington, DC assets of The JBG Companies (“JBG”), a Washington, DC real estate company. Steven Roth, the Chairman of the Board of Trustees and Chief Executive Officer of Vorna do, will be Chairman of the Board of Trustees of the new company, which will be named JBG SMITH Properties. Mitchell Schear, President of our Washington, DC business, will be a member of the Board of Trustees of the new company. The pro rata distribution to Vornado common shareholders and Class A Operating Partnership unitholders is intended to be treated as a tax-free spin-off for U.S. federal income tax purposes. It is expected to be made on a pro rata 1:2 basis. We expect the spin-off and merger to be completed by the end of the second quarter of 2017, subject to certain conditions, including the SEC declaring the Form 10 registration statement effective, filing and approval of the new company’s listing application, receipt of regulatory approvals and third party consents by each of the Company and JBG, and formal declaration of the distribution by Vornado’s Board of Trustees. The distribution and combination are not subject to a vote by Vornado’s shareholders or Operating Partnership unitholders. Vorna do’s Board of Trustees has approved the transaction. JBG has obtained all requisite approvals from its investment funds for this transaction. There can be no assurance that this transaction will be completed. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Basis of Presentation | |
Basis Of Presentation | 2. Basis of Presentation The accompanying consolidated financial statements are unaudited and include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All inter - company amounts have been eliminated. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally includ ed in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements have been prepared in accordance wit h the instructions to Form 10-Q of the Securities and Exchange Commission (“ SEC ”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K, as amended, for the year ended December 31, 2016 , as filed with the SEC. We have made estimates and assumptions that affect the reported amounts of assets and liabilities , disclosure of contingent assets and liabilities at the date of the consolidated financial stat ements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three months ended March 31, 2017 are not necessarily i ndicative of the operating results for the full year. |
Recently Issued Accounting Lite
Recently Issued Accounting Literature | 3 Months Ended |
Mar. 31, 2017 | |
Recently Issued Accounting Literature [Abstract] | |
Recently Issued Accounting Literature | 3 . Recently Issued Accounting Literature In May 2014, the Financial Accounting Standards Board (“ FASB”) issued an update ("ASU 2014-09") establishing Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). ASU 2014-09, as amended by subsequent ASUs on the topic, establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. This standard, which is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2017, requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. When adopting this standard, we are permitted to use either the full retrospective method or the modified retrospective method. We will adopt this standa rd effective as of January 1, 2018 and currently expect to utilize the modified retrospective method of adoption. We have commenced the execution of our project plan for adopting this standard, which consists of gathering and evaluating the inventory of ou r revenue streams. We expect this standard will have an impact on the presentation of certain lease and non-lease components of revenue from leases upon the adoption of (“ASU 2016-02”) Leases with no impact on “total revenues.” We expect this standard wi ll have an impact on the timing of gains on certain sales of real estate. We are continuing to evaluate the impact of this standard on our consolidated financial statements. In January 2016, the FASB issued an update (“ASU 2016-01”) Recognition and Measurement of Financial Assets and Financial Liabilities to ASC Topic 825 , Financial Instruments . ASU 2016-01 amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. While the adoption of this standard requires us to continue to measure “marketable securities” at f air value at each reporting date, the changes in fair value will be recognized in current period earnings as opposed to “other comprehensive income.” In February 2016, the FASB issued an update ASU 2016-02 establishing ASC Topic 842, Leases , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. ASU 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase. Lessees are required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months. Leases with a term of 12 months or less will be a ccounted for similar to existing guidance for operating leases. Lessees will recognize expense based on the effective interest method for finance leases or on a straight-line basis for operating leases. ASU 2016-02 is effective for reporting periods begi nning after December 15, 2018, with early adoption permitted. We are currently evaluating the overall impact of the adoption of ASU 2016-02 on our consolidated financial statements, including the timing of adopting this standard. ASU 2016-02 will more sig nificantly impact the accounting for leases in which we are a lessee. We have a number of ground leases for which we will be required to record a right-of-use asset and lease liability equal to the present value of the remaining minimum lease payments upo n adoption of this standard. We also expect that this standard will have an impact on the presentation of certain lease and non-lease components of revenue from leases with no impact on “total revenues .” In particular, lease components, such as reimbursabl e real estate taxes and insurance expenses, will be presented in “property rentals” and non-lease components, such as reimbursable operating expenses, will be presented in “expense reimbursem ents” on our consolidated statements of income . In March 2016, the FASB issued an update (“ASU 2016-09”) Improvements to Employee Share-Based Payment Accounting to ASC Topic 718, Compensation – Stock Compensation . ASU 2016-09 amends several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for interim and annual reporting periods in fiscal years beginning a fter December 15, 2016. The adoption of this update as of January 1, 2017, did not have a material impact on our consolidated financial statements. In August 2016, the FASB issued an update (“ASU 2016-15”) Classification of Certain Cash Receipts and Cash Payments to ASC Topic 230, Statement of Cash Flows . ASU 2016-15 clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows to reduce diversity in practice with respect to (i) debt prepayment or debt extinguishment costs, (ii) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in rel ation to the effective interest rate of the borrowing, (iii) contingent consideration payments made after a business combination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance poli cies, including bank-owned life insurance policies, (vi) distributions received from equity method investees, (vii) beneficial interests in securitization transactions, and (viii) separately identifiable cash flows and application of the predominance princ iple. ASU 2016-15 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted. We elected to early adopt ASU 2016-15 effective January 1, 2017, with retrospective application to o ur consolidated statements of cash flows. The adoption of ASU 2016-15 impacted our classification of distributions received from equity method investees. We selected the nature of earnings approach for classifying distributions. Under this approach, the di stributions from equity method investees are classified on the basis of the nature of the activity of the investee that generated the distribution. The retrospective application of ASU 2016-15 resulted in the reclassification of certain distributions of i ncome from partially owned entities to distributions of capital from partially owned entities, which reduced net cash provided by operating activities and net cash used in investing activities by $ 5,113,000 for the three months ended March 31, 2016. In November 2016, the FASB issued an update (“ASU 2016-18”) Restricted Cash to ASC Topic 230, Statement of Cash Flows . ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Restricted cash and restricted cash equivalents will be included with cash and cash equivalents when reconciling the beginning of period and end of period balances on the state ment of cash flows upon adoption of this standard. ASU 2016-18 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted. We elected to early adopt ASU 2016-18 effective January 1, 2017, with retrospective application to our consolidated statements of cash flows. Accordingly, the consolidated statements of cash flows present a reconc iliation of the changes in cash and cash equivalents and restricted cash. Restricted cash primaril y consists of security deposits, cash restricted for the purposes of facilit ating a Section 1031 Like-Kind E xchange, cash restricted in connection with our deferred compensation plan and cash escrowed under loan agreements for debt service, real estate tax es, property insurance and capital improvements . In February 2017, the FASB issued an update (“ASU 2017-05”) Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets to ASC Subtopic 610-20, Other Income–Gains and Losses from the Derecognition of Nonfinancial Assets . ASU 2017-05 clarifies the scope of recently established guidance on nonfinancial asset derecognition as well as the accounting for partial sales of nonfinancial assets. This update conforms the derecognition guidance on nonfinancia l assets with the model for transactions in ASC 606. ASU 2017-05 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. The adoption of this standard is not expected to have an impact on our consolidated fi nancial statements. |
Real Estate Fund Investments
Real Estate Fund Investments | 3 Months Ended |
Mar. 31, 2017 | |
Real Estate Fund Investments [Abstract] | |
Real Estate Fund Investments | 4. Real Estate Fund Investments We are the general partner and investment manager of Vornado Capital Partners Real Estate Fund ( the “ Fund ”) and own a 25.0% interest in the Fund, which has an eight-year term and a three-year investment period that ended in July 2013 . The Fund is accounted for under ASC 946, Financial Services – Investment Companies (“ASC 946”) and its investments are reported on its balance sheet at fair value, with changes in value each period recognized in earnings. We cons olidate the accounts of the Fund into our consolidated financial statements, retaining the fair value basis of accounting. We are also the general partner and investment manager of the Crowne Plaza Times Square Hotel Joint Venture (the “ Crowne Plaza Joint Venture”) and own a 57.1% interest in the joint venture which owns the 24.7% interest in the Cro wne Plaza Times Square Hotel not owned by t he Fund . The Crowne Plaza Joint Venture is also accounted for under ASC 946 and w e consolidate the accounts of the joint venture into our consolidated financial statements, retaining the fair value basis of accounting. At March 31, 2017 , we had six real estate fund investments through the Fund and the Crowne Plaza Joint Venture with an aggregate fair value of $ 454,946 ,000, or $ 142,346,000 in excess of cost, and had remaining unfunded commitments of $ 117,907,000 , of which our share was $ 34,422,000 . Below is a summary of income from the Fund and the Crowne Plaza Joint Venture for the three months ended March 31, 2017 and 2016 . (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 Net investment income $ 7,214 $ 4,673 Net realized gains on exited investments 241 14,676 Previously recorded unrealized gain on exited investment - (14,254) Net unrealized (loss) gain on held investments (7,187) 6,189 Income from real estate fund investments (1) 268 11,284 Less income attributable to noncontrolling interests in consolidated subsidiaries (3,503) (5,973) (Loss) income from real estate fund investments attributable to the Operating Partnership (3,235) 5,311 Less loss (income) attributable to noncontrolling interests in the Operating Partnership 202 (329) (Loss) income from real estate fund investments attributable to Vornado $ (3,033) $ 4,982 (1) Excludes $1,000 and $760 of management and leasing fees for the three months ended March 31, 2017 and 2016, respectively, which are included as a component of "fee and other income" on our consolidated statements of income. |
Marketable Securities
Marketable Securities | 3 Months Ended |
Mar. 31, 2017 | |
Marketable Securities | |
Marketable Securities | 5. Marketable Securities Below is a summary of our marketable securities portfolio as of March 31, 2017 and December 31, 2016 . (Amounts in thousands) As of March 31, 2017 As of December 31, 2016 GAAP Unrealized GAAP Unrealized Fair Value Cost Gain Fair Value Cost Gain Equity securities: Lexington Realty Trust $ 184,320 $ 72,549 $ 111,771 $ 199,465 $ 72,549 $ 126,916 Other 4,375 650 3,725 4,239 650 3,589 $ 188,695 $ 73,199 $ 115,496 $ 203,704 $ 73,199 $ 130,505 |
Investments in Partially Owned
Investments in Partially Owned Entities | 3 Months Ended |
Mar. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Partially Owned Entities | for details): Equity in net income 32.4 % $ 6,892 $ 6,937 Management, leasing and development fees 1,509 1,725 8,401 8,662 UE (see page ##PRS |
Dispositions
Dispositions | 3 Months Ended |
Mar. 31, 2017 | |
Dispositions [Abstract] | |
Dispositions | 7 . Dispositions Discontinued Operations The tables below set forth the assets and liabilities relat ed to discontinued operations as of March 31, 2017 and December 31, 2016 and their combined results of operations and cash flows for the three months ended March 31, 2017 and 2016 . (Amounts in thousands) Balance as of March 31, 2017 December 31, 2016 Assets related to discontinued operations: Real estate, net $ 1,927 $ 2,642 Other assets 2,489 2,928 $ 4,416 $ 5,570 Liabilities related to discontinued operations: Other liabilities $ 2,670 $ 2,870 (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 Income from discontinued operations: Total revenues $ 324 $ 1,182 Total expenses 163 466 161 716 Net gain on sale of real estate 2,267 - Income from discontinued operations $ 2,428 $ 716 Cash flows related to discontinued operations: Cash flows from operating activities $ (37) $ 1,654 Cash flows from investing activities 3,419 - |
Identified Intangible Assets an
Identified Intangible Assets and Liabilities | 3 Months Ended |
Mar. 31, 2017 | |
Identified Intangible Assets and Liabilities [Abstract] | |
Identified Intangible Assets and Liabilities | 8. Identified Intangible Assets and Liabilities The following summarizes our identified intangible assets (primarily above-market leases) and liabilities (primarily acquired below-market leases) as of March 31, 2017 and December 31, 2016 . (Amounts in thousands) Balance as of March 31, 2017 December 31, 2016 Identified intangible assets: Gross amount $ 387,677 $ 400,061 Accumulated amortization (203,668) (207,330) Net $ 184,009 $ 192,731 Identified intangible liabilities (included in deferred revenue): Gross amount $ 586,969 $ 586,969 Accumulated amortization (335,798) (323,183) Net $ 251,171 $ 263,786 Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental income of $ 11,459 ,000 and $ 17,507 ,000 for the three months ended March 31, 2017 and 2016 , respectively. Estimated annual amortization of acquired below - market leases, net of acquired above-market leases, for each of the five succeeding years commencing January 1, 2018 is as follows: (Amounts in thousands) 2018 $ 44,346 2019 32,168 2020 23,343 2021 18,159 2022 15,009 Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $ 7,108 ,000 and $ 7,793 ,000 for the three months ended March 31, 2017 and 2016 , respectively. Estimated annual amortization of all other identified intangible assets including acquired in-place leases , customer relationships, and third party contracts for each of the five succeeding years commencing January 1, 2018 is as follows: (Amounts in thousands) 2018 $ 20,059 2019 15,720 2020 12,275 2021 11,177 2022 9,395 We are a tenant under ground leases for certain properties. Amortization of these acquired below-market leases, net of above-market leases, resulted in an increase to rent expense (a component of operating expense) of $ 458 ,000 and $ 458 ,000 for the three months ended March 31, 2017 and 2016 . Estimated annual amortization of these below-market leases, net of above-market leases, for each of the five succeeding years commencing January 1, 2018 is as follows: (Amounts in thousands) 2018 $ 1,832 2019 1,832 2020 1,832 2021 1,832 2022 1,832 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | 9. Debt The following is a summary of our debt : (Amounts in thousands) Interest Rate at Balance as of March 31, 2017 March 31, 2017 December 31, 2016 Mortgages Payable: Fixed rate 3.84 % $ 6,092,346 $ 6,099,873 Variable rate 2.68 % 3,277,493 3,274,424 Total 3.43 % 9,369,839 9,374,297 Deferred financing costs, net and other (88,559) (96,034) Total, net $ 9,281,280 $ 9,278,263 Unsecured Debt: Senior unsecured notes 3.68 % $ 850,000 $ 850,000 Deferred financing costs, net and other (4,068) (4,423) Senior unsecured notes, net 845,932 845,577 Unsecured term loan 2.11 % 375,000 375,000 Deferred financing costs, net and other (2,405) (2,785) Unsecured term loan, net 372,595 372,215 Unsecured revolving credit facilities 1.88 % 115,630 115,630 Total, net $ 1,334,157 $ 1,333,422 |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests / Redeemable Partnership Units | 3 Months Ended |
Mar. 31, 2017 | |
Redeemable Noncontrolling Interests / Redeemable Partnership Units [Abstract] | |
Redeemable Noncontrolling Interests / Redeemable Partnership Units | 10. Red eemable Noncontrolling Interests /Redeemable Partnership Units Redeemable noncontrolling interests on Vornado’s consolidated balance sheets and redeemable partnership units on the consolidated balance sheets of the Operating Partnership are primarily comprised of Class A Operating Partnership units held by third parties and are recorded at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership . (Amounts in thousands) Balance at December 31, 2015 $ 1,229,221 Net loss (7,487) Other comprehensive income 427 Distributions (7,835) Redemption of Class A units for common shares/units, at redemption value (14,482) Adjustments to carry redeemable Class A units at redemption value (36,524) Other, net 14,364 Balance at March 31, 2016 $ 1,177,684 Balance at December 31, 2016 $ 1,278,446 Net income 3,229 Other comprehensive income 3 Distributions (9,163) Redemption of Class A units for common shares/units, at redemption value (14,739) Adjustments to carry redeemable Class A units at redemption value (6,197) Other, net 14,495 Balance at March 31, 2017 $ 1,266,074 As of March 31, 2017 and December 31, 2016 , the aggregate redemption value of redeemable Class A units of the Operating Partnership , which are those units held by third parties , was $ 1,260,646 ,000 and $ 1,273,018 ,000, respectively. Redeemable noncontrolling interests/redeemable partnership units exclude our Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable pre ferred units, as they are accounted for as liabilities in accordance with ASC 480, Distinguishing Liabilities and Equity , because of their possible settlement by issuing a variable number of Vornado common shares. Accordingly , the fair value of these units is included as a component of “other liabilities” on our consolidated balance she ets and aggregated $ 50,561 ,000 as of March 31, 2017 and December 31, 2016 . Changes in the value from period to period , if any, are charged to “ interest and debt expense ” o n our consolida ted statements of income . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income ("AOCI") | 3 Months Ended |
Mar. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated other comprehensive income ("AOCI") | 11. Accumulated Other Comprehensive Income (“AOCI”) The following tables set forth the changes in accumulated other comprehensive income by component. (Amounts in thousands) Securities Pro rata share of Interest available- nonconsolidated rate Total for-sale subsidiaries' OCI swaps Other For the Three Months Ended March 31, 2017 Balance as of December 31, 2016 $ 118,972 $ 130,505 $ (12,058) $ 8,066 $ (7,541) OCI before reclassifications (9,221) (15,009) (51) 5,842 (3) Amounts reclassified from AOCI 9,268 - 9,268 (1) - - Net current period OCI 47 (15,009) 9,217 5,842 (3) Balance as of March 31, 2017 $ 119,019 $ 115,496 $ (2,841) $ 13,908 $ (7,544) (1) Reclassified upon receipt of proceeds related to the sale of an investment by a nonconsolidated subsidiary. For the Three Months Ended March 31, 2016 Balance as of December 31, 2015 $ 46,921 $ 78,448 $ (9,319) $ (19,368) $ (2,840) OCI before reclassifications 6,478 11,094 6 (4,195) (427) Amounts reclassified from AOCI - - - - - Net current period OCI 6,478 11,094 6 (4,195) (427) Balance as of March 31, 2016 $ 53,399 $ 89,542 $ (9,313) $ (23,563) $ (3,267) |
Variable Interest Entities ("VI
Variable Interest Entities ("VIEs") | 3 Months Ended |
Mar. 31, 2017 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities ("VIEs") | 12. Variable Interest Entities (“VIEs”) Unconsolidated VIEs As of March 31, 2017 and December 31, 2016 , we have several unconsolidated VIEs. We do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities does not give us power over decisions that significantly affect these entities’ economic performance. We account for our investment i n these entities under the equity method (see Note 6 – Investments in Partially Owned Entities ). As of March 31, 2017 and December 31, 2016 , the net carrying amount of our investments in these entities was $ 385,487,000 and $ 392,150,000 , respectively, and our maximum exp osure to loss in these entities is limited to our investments. Consolidated VIEs Our most significant consolidated VIEs are the Operating Partnership (for Vornado) , real estate fund investments, and c ertain properties that have non controlling interests. These entities are VIEs because the noncontrolling interests do not have substantive kick-out or participating rights. We consolidate these entities because we control all of their significant business activities. As of March 31, 2017 , the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $ 3,664,609,000 and $ 1,765,238,000 , respectively . As of December 31, 2016 , the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $ 3,638,483,000 and $ 1,762,322,000 , respectively . |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 13. Fair Value Measurements ASC 820 defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted pri ces (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of o bservable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities. Accordingly, our fair value estimates, which are made at the end of each reporting period, may be different than the amounts that may ultimately be realized upon sale or disposition of thes e assets. Financial Assets and Li abilities Measured at Fair Value on a Recurring Basis Financial assets and liabilities t hat are measured at fair value o n our consolidated balance sheets consist of (i) marketable securities, (ii) r eal e state f und inv estments , (iii) the assets in our deferred compensation plan (for which there is a corresponding liability on our consolidated balance sheet) , (iv) interest rate swaps and ( v) mandatorily redeemable instruments (Series G-1 through G-4 convertible preferred units and Series D-13 cumul ative redeemable preferred units) . The tables below aggregate the fair values of these financial assets and liabilities by their level s in the fair value hierarchy as of March 31, 2017 and December 3 1, 2016 , respectively. (Amounts in thousands) As of March 31, 2017 Total Level 1 Level 2 Level 3 Marketable securities $ 188,695 $ 188,695 $ - $ - Real estate fund investments 454,946 - - 454,946 Deferred compensation plan assets (included in other assets) 124,933 68,023 - 56,910 Interest rate swaps (included in other assets) 24,513 - 24,513 - Total assets $ 793,087 $ 256,718 $ 24,513 $ 511,856 Mandatorily redeemable instruments (included in other liabilities) $ 50,561 $ 50,561 $ - $ - Interest rate swap (included in other liabilities) 7,221 - 7,221 - Total liabilities $ 57,782 $ 50,561 $ 7,221 $ - (Amounts in thousands) As of December 31, 2016 Total Level 1 Level 2 Level 3 Marketable securities $ 203,704 $ 203,704 $ - $ - Real estate fund investments 462,132 - - 462,132 Deferred compensation plan assets (included in other assets) 121,374 63,930 - 57,444 Interest rate swaps (included in other assets) 21,816 - 21,816 - Total assets $ 809,026 $ 267,634 $ 21,816 $ 519,576 Mandatorily redeemable instruments (included in other liabilities) $ 50,561 $ 50,561 $ - $ - Interest rate swap (included in other liabilities) 10,122 - 10,122 - Total liabilities $ 60,683 $ 50,561 $ 10,122 $ - Financial Assets and Li abilities Measured at Fair Value on a Recurring Basis - continued Real Estate Fund Investments At March 31, 2017 , we had six real estate fund investments with an aggregate fair value of $ 454,946 ,000, or $ 142,346,000 in excess of cost. These investments are classified as Level 3. We use a discounted cash flow valuation technique to estimate the fair value of each of these investments, which is updated quarterly by personnel responsible for the management of each investment and reviewed by senior management at each reporting period. The discounted cash flow valuation technique requ ires us to estimate cash flows for each investment over the anticipated holding period, which currently ranges from 0.8 to 3.8 years. Cash flows are derived from property rental revenue (base rents plus reimbursements) less operating expenses, real estate taxes and capital and other costs , plus projected sales proceeds in the year of exit. Property rental revenue is based on leases currently in place and our estimates for future leasing activity, which are based on current market rents for similar space plus a projected growth factor. Si milarly, estimated operating expenses and real estate taxes are based on amounts incurred in the current period plus a projected growth factor for future periods. Anticipated sales proceeds at the end of an investment’s expected holding period are determi ned based on the net cash flow of the investment in the year of exit, divided by a terminal capitalization rate, less estimated selling costs. The fair value of each property is calculated by discounting the future cash flows (including the projected sa les proceeds), using an appropriate discount rate and then reduced by the property’s outstanding debt, if any, to determine the fair value of the equity in each investment. Significant unobservable quantitative inputs used in determining the fair value of each investment include capitalization rates and discount rates. These rates are based on the location, type and nature of each property, current and anticipated market conditions, industry publications and the experience of our Acquisitions and Capital Markets departments. Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these real estate fund investments at March 31, 2017 and December 31, 2016 . Weighted Average Range (based on fair value of investments) Unobservable Quantitative Input March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Discount rates 10.0% to 14.9% 10.0% to 14.9% 12.4% 12.6% Terminal capitalization rates 4.3% to 5.8% 4.3% to 5.8% 5.4% 5.3% The above inputs are subject to change based on changes in economic and market conditions and/or changes in use or timing of exit. Changes in discount rates and terminal capitalization rates result in increases or decreases in the fair values of these investments. The discount rates encompass, among other things, uncertainties in the valuation models with respect to terminal capitalization rates and the amount and timing of cash flows. Therefore, a change in the fair value of these investments resulti ng from a change in t he terminal capitalization rate may be partially offset by a change in the discount rate. It is not possible for us to predict the effect of future economic or market conditions on our estimated fair values. The table below summari zes the changes in the fair value of real estate fund investments that are classified as Level 3, for the three months ended March 31, 2017 and 2016 . (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 Beginning balance $ 462,132 $ 574,761 Net unrealized (loss) gain (7,187) 6,189 Dispositions/distributions - (14,676) Net realized gains 241 422 Other (240) - Ending balance $ 454,946 $ 566,696 Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued Deferred Compensation Plan Assets Deferred compensation plan assets that are classified as Level 3 consist of investments in limited partnerships and investment funds, which are managed by third parties. We receive quarterly financial reports from a third party administrator, which are compiled from the quarterly reports provided to them from each limited partner ship and investment fund. The quarterly reports provide net asset values on a fair value basis which are audited by independent public accounting firms on an annual basis. The third party administrator does not adjust these values in determining our shar e of the net assets and we do not adjust these values when reported in our consolidated financial statements. The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3, for the three months ended March 31, 2017 and 2016 . (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 Beginning balance $ 57,444 $ 59,186 Purchases 463 1,166 Sales (2,737) (1,372) Realized and unrealized gain (loss) 1,075 (1,907) Other, net 665 111 Ending balance $ 56,910 $ 57,184 Fair Value Measurements on a Nonrecurring Basis There were no assets measured at fair value on a nonrecurring basis on our consolidated balance sheets as of March 31, 2017 and December 31, 2016 . Financial Assets and Liabilities not Measured at Fair Value Financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash equivalents (primarily money market funds, which invest in obligations of the United States government), and our secured and unsecured debt. Estimates of the fair value of these instruments are determined by the standard practice of modeling the contractual cash flows required under the instrument and discounting them back to their present value at the appropriate current risk adjusted interest rate, which is provided by a third-party specialist. For floating rate debt, we use forward rates derived from observable market yield curve s to project the expected cash flows we would be required to make under the instrument. The fair values of cash equivalents and borrowings under our unsecured revolving credit facilities and unsecured term loan are classified as Level 1. The fair values of our secured and unsecured debt are c lassifie d as Level 2 . The table below summarizes the carrying amounts and fair value of these financial instruments as of March 31, 2017 and December 31, 2016 . (Amounts in thousands) As of March 31, 2017 As of December 31, 2016 Carrying Fair Carrying Fair Amount Value Amount Value Cash equivalents $ 1,249,832 $ 1,250,000 $ 1,307,105 $ 1,307,000 Debt: Mortgages payable $ 9,369,839 $ 9,383,000 $ 9,374,297 $ 9,356,000 Senior unsecured notes 850,000 884,000 850,000 899,000 Unsecured term loan 375,000 375,000 375,000 375,000 Unsecured revolving credit facilities 115,630 116,000 115,630 116,000 Total $ 10,710,469 (1) $ 10,758,000 $ 10,714,927 (1) $ 10,746,000 (1) Excludes $95,032 and $103,242 of deferred financing costs, net and other as of March 31, 2017 and December 31, 2016, respectively. |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Stock-based Compensation [Abstract] | |
Stock-based Compensation | 14 . Stock-based Compensation Vornado’s 2010 Omnibus Share Plan provides for grants of incentive and non-qualified Vornado stock options, restricted stock , restricted Operating Partnership units and O ut- P erformance P lan a wards to certain of our employees and officers. We account for all equity -based compensa tion in accordance with ASC 718 . Equity -based compensation expense was $ 14,277 ,000 and $ 14,571,000 for the three months ended March 31, 2017 and 2016 , respectively . |
Fee and Other Income
Fee and Other Income | 3 Months Ended |
Mar. 31, 2017 | |
Fee and Other Income [Abstract] | |
Fee and Other Income | 15. Fee and Other Income The following tabl e sets forth the details of fee and other income: (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 BMS cleaning fees $ 21,996 $ 18,146 Management and leasing fees 4,637 4,799 Lease termination fees 4,166 2,405 Other income 8,561 8,620 $ 39,360 $ 33,970 Management and leasing fees include management fees from Interstate Properties, a related party, of $ 128 ,000 and $ 13 4 ,000 for the three months ended March 31, 2017 and 2016 , respectively. The above table excludes fee income from partially owned entities, which is included in “ income (loss) from partially owned entities” (see Note 6 – Investments in Partially Owned Entities ). |
Interest and Other Investment I
Interest and Other Investment Income, Net | 3 Months Ended |
Mar. 31, 2017 | |
Interest and Other Investment Income (Loss), Net | |
Interest and Other Investment Income, Net | 16 . Interest and Other Investment Income , N et The following table sets forth the details of interest and other investment income, net: (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 Dividends on marketable securities $ 3,445 $ 3,215 Mark-to-market income (loss) of investments in our deferred compensation plan (1) 2,469 (1,938) Interest on loans receivable 743 748 Other, net 2,571 1,493 $ 9,228 $ 3,518 (1) This income (loss) is entirely offset by the income (expense) resulting from the mark-to-market of the deferred compensation plan liability, which is included in "general and administrative" expense. |
Interest and Debt Expense
Interest and Debt Expense | 3 Months Ended |
Mar. 31, 2017 | |
Interest and Debt Expense [Abstract] | |
Interest And Debt Expense | 17 . Interest and Debt Expense The following table sets forth the details of interest and debt expense: (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 Interest expense $ 96,574 $ 100,295 Amortization of deferred financing costs 8,981 9,265 Capitalized interest and debt expense (11,270) (9,071) $ 94,285 $ 100,489 |
Income (Loss) Per Share _ Incom
Income (Loss) Per Share / Income (Loss) Per Class A Unit | 3 Months Ended |
Mar. 31, 2017 | |
Earnings per share [Line Items] | |
Income Per Share | 18. Income (Loss) Per Share /Income (Loss) Per Class A Unit Vornado Realty Trust The following table provides a reconciliation of both net income (loss) and the number of common shares used in the computation of ( i ) basic income (loss) per common share - which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares, and (ii) diluted income (loss) per common share - which includes the weighted average common shares and dilutive share equivalents. Dilutive share equivalents may include our Series A convertible preferred shares, employee stock options, restricted stock awards and Out-Performance Plan awards. (Amounts in thousands, except per share amounts) For the Three Months Ended March 31, 2017 2016 Numerator: Income (loss) from continuing operations, net of income attributable to noncontrolling interests $ 61,605 $ (94,471) Income from discontinued operations, net of income attributable to noncontrolling interests 2,276 672 Net income (loss) attributable to Vornado 63,881 (93,799) Preferred share dividends (16,129) (20,364) Net income (loss) attributable to common shareholders 47,752 (114,163) Earnings allocated to unvested participating securities (15) (16) Numerator for basic and diluted income (loss) per share $ 47,737 $ (114,179) Denominator: Denominator for basic income (loss) per share – weighted average shares 189,210 188,658 Effect of dilutive securities (1) : Employee stock options and restricted share awards 1,162 - Denominator for diluted income (loss) per share – weighted average shares and assumed conversions 190,372 188,658 INCOME (LOSS) PER COMMON SHARE – BASIC: Income (loss) from continuing operations, net $ 0.24 $ (0.61) Income from discontinued operations, net 0.01 - Net income (loss) per common share $ 0.25 $ (0.61) INCOME (LOSS) PER COMMON SHARE – DILUTED: Income (loss) from continuing operations, net $ 0.24 $ (0.61) Income from discontinued operations, net 0.01 - Net income (loss) per common share $ 0.25 $ (0.61) (1) The effect of dilutive securities for the three months ended March 31, 2017 and 2016 excludes an aggregate of 12,405 and 13,281 weighted average common share equivalents, respectively, as their effect was anti-dilutive. |
Vornado Realty L.P. | |
Earnings per share [Line Items] | |
Income Per Share | 18. Income (Loss) Per Share/Income (Loss) Per Class A Unit - continued Vornado Realty L.P. The following table provides a reconciliation of both net income (loss) and the number of Class A units used in the computation of ( i ) basic income (loss) per Class A unit - which includes the weighted average number of Class A units outstanding without regard to dilutive potential Class A units, and (ii) diluted income (loss) per Class A unit - which includes the weighted average Class A units and dilutive unit equivalents. Dilutive unit equivalents may include our Series A convertible preferred units, Vornado stock options, restricted unit awards and Out-Performance Plan awards. (Amounts in thousands, except per unit amounts) For the Three Months Ended March 31, 2017 2016 Numerator: Income (loss) from continuing operations, net of income attributable to noncontrolling interests $ 64,682 $ (102,002) Income from discontinued operations 2,428 716 Net income (loss) attributable to Vornado Realty L.P. 67,110 (101,286) Preferred unit distributions (16,178) (20,412) Net income (loss) attributable to Class A unitholders 50,932 (121,698) Earnings allocated to unvested participating securities (1,018) (772) Numerator for basic and diluted income (loss) per Class A unit $ 49,914 $ (122,470) Denominator: Denominator for basic income (loss) per Class A unit – weighted average units 200,845 200,072 Effect of dilutive securities (1) : Vornado stock options and restricted unit awards 1,802 - Denominator for diluted income (loss) per Class A unit – weighted average units and assumed conversions 202,647 200,072 INCOME (LOSS) PER CLASS A UNIT – BASIC: Income (loss) from continuing operations, net $ 0.24 $ (0.61) Income from discontinued operations, net 0.01 - Net income (loss) per Class A unit $ 0.25 $ (0.61) INCOME (LOSS) PER CLASS A UNIT – DILUTED: Income (loss) from continuing operations, net $ 0.24 $ (0.61) Income from discontinued operations, net 0.01 - Net income (loss) per Class A unit $ 0.25 $ (0.61) (1) The effect of dilutive securities for the three months ended March 31, 2017 and 2016 excludes an aggregate of 130 and 1,867 weighted average Class A unit equivalents, respectively, as their effect was anti-dilutive. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Insurance We maintain general liability insurance with limits of $300,000,000 per occurrence and per property, and all risk property and rental value insurance with limits of $2.0 billion per occurrence, with sub-limits for certain perils such as flood and earthquake. Our California properties have earthquake insurance with coverage of $180,000,000 per occurrence and in the annual aggregate, subject to a deductible in the amount of 5% of the value of the affected property. We maintain coverage for terrorism acts with limits of $4.0 billion per occurrence and in the aggregate, and $2.0 billion per occurrence and in the aggregate for terrorism involving nuclear, biological, chemical and radiological (“NBCR”) terrorism events, as defined by the Terrorism Risk In surance Program Reauthorization Act of 2015, which expires in December 2020 . Penn Plaza Insurance Company, LLC (“PPIC”), our wholly owned consolidated subsidiary, acts as a re-insurer with respect to a portion of all risk property and rental value insuran ce and a portion of our earthquake insurance coverage, and as a direct insurer for coverage for acts of terrorism including NBCR acts. Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insurance companies and the Federa l government with no exposure to PPIC. For NBCR acts, PPIC is responsible for a deductible of $1,976,000 and 17% of the balance of a covered loss and the Federal government is responsible for the remaining portion of a covered loss. We are ultimately respo nsible for any loss incurred by PPIC. We continue to monitor the state of the insurance market and the scope and cost of coverage for acts of terrorism. However, we cannot anticipate what coverage will be available on commercially reasonable terms in th e future. Our debt instruments, consisting of mortgage loans secured by our properties which are non-recourse to us, senior unsecured notes and revolving credit agreements contain customary covenants requiring us to maintain insurance. Although we believe that we have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable cost in the future. Further, if lenders insist on greater coverage than we are able to obtain, it could adversely affect our ability to finance our properties and expand our portfolio . Other Commitments and Contingencies We are from time to time involved in legal actions arising in the ordinary course of business. In our opinion, after consultation with legal counsel, the outcome of such matters is not currently expected to have a ma terial adverse effect on our financial position, results of operations or cash flows. Each of our properties has been subjected to varying degrees of environmental assessment at various times. The environmental assessments did not reveal any material env ironmental contamination. However, there can be no assurance that the identification of new areas of contamination, changes in the extent or known scope of contamination, th e discovery of additional sites or changes in cleanup requirements would not resul t in significant cost to us. Generally, o ur mortgage loans are non-recourse to us. However, in certain cases we have provided guarantees or master leased tenant space. These guarantees and master leases terminate either upon the satisfaction of specified circumstances or repayment of the underlying loans. As of March 31, 2017 , the aggregate dollar amount of these guarantees and master leases is approximately $723,000,000 . As of March 31, 2017 , $19,895,000 of letters of credit were outstanding under one of our unsecured revolving credit facilities. Our unsecured revolving credit facilities contain financial covenants that require us to maintain minimum interest rate coverage and maximum debt to market capitalization ratios, and provide for higher interest rates in the event of a decline in our ratings below Baa3/BBB. Our unsecured revolving credit facilities also contain customary conditions precedent to borrowing, including representatio ns and warranties, and also contain customary events of default that could give rise to accelerated repayment, including such items as failure to pay interest or principal. As of March 31, 2017 , we expect to fund additional capi tal to certain of our partially owned entities aggregating approximately $170,000,000 , which includes our share for the commitments of the Farley Post Office redevelopment joint venture. As of March 31, 2017 , we have construction commitments aggregating approximately $584,000,000 . |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2017 | |
Segment Information [Abstract] | |
Segment Information | 20. Segment Information Below is a summary of net income and a reconciliation of net income to EBITDA ( 1) by segment for the three months ended March 31, 2017 . (Amounts in thousands) For the Three Months Ended March 31, 2017 Total New York Washington, DC Other Total revenues $ 620,848 $ 426,239 $ 116,207 $ 78,402 Total expenses 464,381 280,821 83,988 99,572 Operating income (loss) 156,467 145,418 32,219 (21,170) Income (loss) from partially owned entities 1,445 (2,093) 32 3,506 Income from real estate fund investments 268 - - 268 Interest and other investment income, net 9,228 1,472 64 7,692 Interest and debt expense (94,285) (57,987) (11,561) (24,737) Net gains on disposition of wholly owned and partially owned assets 501 - - 501 Income (loss) before income taxes 73,624 86,810 20,754 (33,940) Income tax expense (2,205) (143) (354) (1,708) Income (loss) from continuing operations 71,419 86,667 20,400 (35,648) Income from discontinued operations 2,428 - - 2,428 Net income (loss) 73,847 86,667 20,400 (33,220) Less net income attributable to noncontrolling interests in consolidated subsidiaries (6,737) (2,844) - (3,893) Net income (loss) attributable to the Operating Partnership 67,110 83,823 20,400 (37,113) Interest and debt expense (2) 116,327 75,923 13,499 26,905 Depreciation and amortization (2) 171,537 112,810 36,383 22,344 Income tax expense (2) 2,429 227 367 1,835 EBITDA (1) $ 357,403 $ 272,783 (3) $ 70,649 (4) $ 13,971 (5) See notes on pages ##PRS<EBITDANOTES1> and ##PRE<EBITDANOTES2>. Below is a summary of net income and a reconciliation of net income to EBITDA (1) by segment for the three months ended March 31, 2016 . (Amounts in thousands) For the Three Months Ended March 31, 2016 Total New York Washington, DC Other Total revenues $ 613,037 $ 410,825 $ 128,012 $ 74,200 Total expenses 613,317 269,595 256,565 87,157 Operating (loss) income (280) 141,230 (128,553) (12,957) (Loss) income from partially owned entities (4,240) (3,563) (2,265) 1,588 Income from real estate fund investments 11,284 - - 11,284 Interest and other investment income, net 3,518 1,115 58 2,345 Interest and debt expense (100,489) (54,586) (15,935) (29,968) Net gains on disposition of wholly owned and partially owned assets 714 - - 714 (Loss) income before income taxes (89,493) 84,196 (146,695) (26,994) Income tax expense (2,831) (959) (264) (1,608) (Loss) income from continuing operations (92,324) 83,237 (146,959) (28,602) Income from discontinued operations 716 - - 716 Net (loss) income (91,608) 83,237 (146,959) (27,886) Less net income attributable to noncontrolling interests in consolidated subsidiaries (9,678) (3,429) - (6,249) Net (loss) income attributable to the Operating Partnership (101,286) 79,808 (146,959) (34,135) Interest and debt expense (2) 126,120 71,198 18,996 35,926 Depreciation and amortization (2) 174,811 108,403 42,230 24,178 Income tax expense (2) 3,261 1,090 265 1,906 EBITDA (1) $ 202,906 $ 260,499 (3) $ (85,468) (4) $ 27,875 (5) See notes on the following pages. Notes to preceding tabular information: (1) EBITDA represents "Earnings Before Interest, Taxes, Depreciation and Amortization." We calculate EBITDA on an Operating Partnership basis which is before allocation to the noncontrolling interest of the Operating Partnership. We consider EBITDA a non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on a multiple of EBITDA, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. EBITDA should not be considered a substitute for net income. EBITDA may not be comparable to similarly titled measures employed by other companies. Our 7.5% interest in Fashion Centre Mall/Washington Tower will not be included in the spin-off of our Washington, DC segment and has been reclassified to Other. The prior year's presentation has been conformed to the current year. In addition, on January 1, 2017, we reclassified our investment in 85 Tenth Avenue from Other to the New York segment as a result of the December 1, 2016 repayment of our loans receivable and the receipt of a 49.9% ownership interest in the property. (2) Interest and debt expense, depreciation and amortization and income tax expense in the reconciliation of net income (loss) to EBITDA includes our share of these items from partially owned entities. (3) The elements of "New York" EBITDA are summarized below. (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 Office $ 170,077 $ 156,643 (a) Retail 89,264 89,409 (a) Residential 6,278 6,350 Alexander's 11,562 11,569 Hotel Pennsylvania (4,398) (3,472) Total New York EBITDA 272,783 260,499 EBITDA from sold properties - (1,442) Total New York EBITDA, as adjusted $ 272,783 $ 259,057 (a) Beginning in January 2017 for office buildings with retail at the base, we have adjusted the allocation of real estate taxes between the retail and office elements above. This has no effect on our consolidated financial statements, but resulted in a reallocation of $3,914 of income from retail to office for the three months ended March 31, 2016. (4) The elements of "Washington, DC" EBITDA are summarized below. (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 Office, excluding the Skyline properties $ 57,032 $ 59,208 Skyline properties - (155,083) Total Office 57,032 (95,875) Residential 13,617 10,407 Total Washington, DC EBITDA 70,649 (85,468) Certain items that impact EBITDA: Skyline properties impairment loss - 160,700 EBITDA from sold properties - (5,945) Total of certain items that impact EBITDA - 154,755 Total Washington, DC EBITDA, as adjusted $ 70,649 $ 69,287 Notes to preceding tabular information - continued: (5) The elements of "Other" EBITDA are summarized below. (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 Our share of real estate fund investments: Income before net realized/unrealized gains and losses $ 2,875 $ 2,231 Net realized/unrealized (losses) gains on investments (1,737) 1,561 Carried interest (4,373) 1,519 Total (3,235) 5,311 theMART (including trade shows) 24,184 23,028 555 California Street 12,083 11,615 Other investments 10,462 14,724 43,494 54,678 Corporate general and administrative expenses (a) (32,987) (30,606) Investment income and other, net (a) 8,540 6,975 Acquisition and transaction related costs (b) (8,005) (4,607) Residual retail properties discontinued operations 2,428 721 Net gains on sale of residential condominiums 501 714 Total Other $ 13,971 $ 27,875 (a) The amounts in these captions (for this table only) exclude the results of the mark-to-market of our deferred compensation plan of $2,469 of income for the three months ended March 31, 2017 and $1,938 of loss for the three months ended March 31, 2016. (b) The three months ended March 31, 2017 includes $7,253 of transaction costs related to the spin-off of our Washington, DC business. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Basis of Presentation | |
Basis of Presentation | The accompanying consolidated financial statements are unaudited and include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All inter - company amounts have been eliminated. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally includ ed in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements have been prepared in accordance wit h the instructions to Form 10-Q of the Securities and Exchange Commission (“ SEC ”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K, as amended, for the year ended December 31, 2016 , as filed with the SEC. We have made estimates and assumptions that affect the reported amounts of assets and liabilities , disclosure of contingent assets and liabilities at the date of the consolidated financial stat ements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three months ended March 31, 2017 are not necessarily i ndicative of the operating results for the full year. |
Recently Issued Accounting Literature | In May 2014, the Financial Accounting Standards Board (“ FASB”) issued an update ("ASU 2014-09") establishing Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). ASU 2014-09, as amended by subsequent ASUs on the topic, establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. This standard, which is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2017, requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. When adopting this standard, we are permitted to use either the full retrospective method or the modified retrospective method. We will adopt this standa rd effective as of January 1, 2018 and currently expect to utilize the modified retrospective method of adoption. We have commenced the execution of our project plan for adopting this standard, which consists of gathering and evaluating the inventory of ou r revenue streams. We expect this standard will have an impact on the presentation of certain lease and non-lease components of revenue from leases upon the adoption of (“ASU 2016-02”) Leases with no impact on “total revenues.” We expect this standard wi ll have an impact on the timing of gains on certain sales of real estate. We are continuing to evaluate the impact of this standard on our consolidated financial statements. In January 2016, the FASB issued an update (“ASU 2016-01”) Recognition and Measurement of Financial Assets and Financial Liabilities to ASC Topic 825 , Financial Instruments . ASU 2016-01 amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. While the adoption of this standard requires us to continue to measure “marketable securities” at f air value at each reporting date, the changes in fair value will be recognized in current period earnings as opposed to “other comprehensive income.” In August 2016, the FASB issued an update (“ASU 2016-15”) Classification of Certain Cash Receipts and Cash Payments to ASC Topic 230, Statement of Cash Flows . ASU 2016-15 clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows to reduce diversity in practice with respect to (i) debt prepayment or debt extinguishment costs, (ii) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in rel ation to the effective interest rate of the borrowing, (iii) contingent consideration payments made after a business combination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance poli cies, including bank-owned life insurance policies, (vi) distributions received from equity method investees, (vii) beneficial interests in securitization transactions, and (viii) separately identifiable cash flows and application of the predominance princ iple. ASU 2016-15 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted. We elected to early adopt ASU 2016-15 effective January 1, 2017, with retrospective application to o ur consolidated statements of cash flows. The adoption of ASU 2016-15 impacted our classification of distributions received from equity method investees. We selected the nature of earnings approach for classifying distributions. Under this approach, the di stributions from equity method investees are classified on the basis of the nature of the activity of the investee that generated the distribution. The retrospective application of ASU 2016-15 resulted in the reclassification of certain distributions of i ncome from partially owned entities to distributions of capital from partially owned entities, which reduced net cash provided by operating activities and net cash used in investing activities by $ 5,113,000 for the three months ended March 31, 2016. In February 2017, the FASB issued an update (“ASU 2017-05”) Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets to ASC Subtopic 610-20, Other Income–Gains and Losses from the Derecognition of Nonfinancial Assets . ASU 2017-05 clarifies the scope of recently established guidance on nonfinancial asset derecognition as well as the accounting for partial sales of nonfinancial assets. This update conforms the derecognition guidance on nonfinancia l assets with the model for transactions in ASC 606. ASU 2017-05 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. The adoption of this standard is not expected to have an impact on our consolidated fi nancial statements. |
Real Estate | The Fund is accounted for under ASC 946, Financial Services – Investment Companies (“ASC 946”) and its investments are reported on its balance sheet at fair value, with changes in value each period recognized in earnings. We cons olidate the accounts of the Fund into our consolidated financial statements, retaining the fair value basis of accounting. The Crowne Plaza Joint Venture is also accounted for under ASC 946 and w e consolidate the accounts of the joint venture into our consolidated financial statements, retaining the fair value basis of accounting. |
Cash And Cash Equivalents | In August 2016, the FASB issued an update (“ASU 2016-15”) Classification of Certain Cash Receipts and Cash Payments to ASC Topic 230, Statement of Cash Flows . ASU 2016-15 clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows to reduce diversity in practice with respect to (i) debt prepayment or debt extinguishment costs, (ii) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in rel ation to the effective interest rate of the borrowing, (iii) contingent consideration payments made after a business combination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance poli cies, including bank-owned life insurance policies, (vi) distributions received from equity method investees, (vii) beneficial interests in securitization transactions, and (viii) separately identifiable cash flows and application of the predominance princ iple. ASU 2016-15 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted. We elected to early adopt ASU 2016-15 effective January 1, 2017, with retrospective application to o ur consolidated statements of cash flows. The adoption of ASU 2016-15 impacted our classification of distributions received from equity method investees. We selected the nature of earnings approach for classifying distributions. Under this approach, the di stributions from equity method investees are classified on the basis of the nature of the activity of the investee that generated the distribution. The retrospective application of ASU 2016-15 resulted in the reclassification of certain distributions of i ncome from partially owned entities to distributions of capital from partially owned entities, which reduced net cash provided by operating activities and net cash used in investing activities by $ 5,113,000 for the three months ended March 31, 2016. |
Restricted Cash | In November 2016, the FASB issued an update (“ASU 2016-18”) Restricted Cash to ASC Topic 230, Statement of Cash Flows . ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Restricted cash and restricted cash equivalents will be included with cash and cash equivalents when reconciling the beginning of period and end of period balances on the state ment of cash flows upon adoption of this standard. ASU 2016-18 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted. We elected to early adopt ASU 2016-18 effective January 1, 2017, with retrospective application to our consolidated statements of cash flows. Accordingly, the consolidated statements of cash flows present a reconc iliation of the changes in cash and cash equivalents and restricted cash. Restricted cash primaril y consists of security deposits, cash restricted for the purposes of facilit ating a Section 1031 Like-Kind E xchange, cash restricted in connection with our deferred compensation plan and cash escrowed under loan agreements for debt service, real estate tax es, property insurance and capital improvements . |
Revenue Recognition | In May 2014, the Financial Accounting Standards Board (“ FASB”) issued an update ("ASU 2014-09") establishing Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). ASU 2014-09, as amended by subsequent ASUs on the topic, establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. This standard, which is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2017, requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. When adopting this standard, we are permitted to use either the full retrospective method or the modified retrospective method. We will adopt this standa rd effective as of January 1, 2018 and currently expect to utilize the modified retrospective method of adoption. We have commenced the execution of our project plan for adopting this standard, which consists of gathering and evaluating the inventory of ou r revenue streams. We expect this standard will have an impact on the presentation of certain lease and non-lease components of revenue from leases upon the adoption of (“ASU 2016-02”) Leases with no impact on “total revenues.” We expect this standard wi ll have an impact on the timing of gains on certain sales of real estate. We are continuing to evaluate the impact of this standard on our consolidated financial statements. |
Leases | In February 2016, the FASB issued an update ASU 2016-02 establishing ASC Topic 842, Leases , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. ASU 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase. Lessees are required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months. Leases with a term of 12 months or less will be a ccounted for similar to existing guidance for operating leases. Lessees will recognize expense based on the effective interest method for finance leases or on a straight-line basis for operating leases. ASU 2016-02 is effective for reporting periods begi nning after December 15, 2018, with early adoption permitted. We are currently evaluating the overall impact of the adoption of ASU 2016-02 on our consolidated financial statements, including the timing of adopting this standard. ASU 2016-02 will more sig nificantly impact the accounting for leases in which we are a lessee. We have a number of ground leases for which we will be required to record a right-of-use asset and lease liability equal to the present value of the remaining minimum lease payments upo n adoption of this standard. We also expect that this standard will have an impact on the presentation of certain lease and non-lease components of revenue from leases with no impact on “total revenues .” In particular, lease components, such as reimbursabl e real estate taxes and insurance expenses, will be presented in “property rentals” and non-lease components, such as reimbursable operating expenses, will be presented in “expense reimbursem ents” on our consolidated statements of income . |
Redeemable Noncontrolling Interests Policy | Redeemable noncontrolling interests on Vornado’s consolidated balance sheets and redeemable partnership units on the consolidated balance sheets of the Operating Partnership are primarily comprised of Class A Operating Partnership units held by third parties and are recorded at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership . Redeemable noncontrolling interests/redeemable partnership units exclude our Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable pre ferred units, as they are accounted for as liabilities in accordance with ASC 480, Distinguishing Liabilities and Equity , because of their possible settlement by issuing a variable number of Vornado common shares. |
Fair Value Measurement | In determining fair value, we utilize valuation techniques that maximize the use of o bservable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities. Accordingly, our fair value estimates, which are made at the end of each reporting period, may be different than the amounts that may ultimately be realized upon sale or disposition of thes e assets. Financial Assets and Li abilities Measured at Fair Value on a Recurring Basis Financial assets and liabilities t hat are measured at fair value o n our consolidated balance sheets consist of (i) marketable securities, (ii) r eal e state f und inv estments , (iii) the assets in our deferred compensation plan (for which there is a corresponding liability on our consolidated balance sheet) , (iv) interest rate swaps and ( v) mandatorily redeemable instruments (Series G-1 through G-4 convertible preferred units and Series D-13 cumul ative redeemable preferred units) . Financial Assets and Liabilities not Measured at Fair Value Financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash equivalents (primarily money market funds, which invest in obligations of the United States government), and our secured and unsecured debt. Estimates of the fair value of these instruments are determined by the standard practice of modeling the contractual cash flows required under the instrument and discounting them back to their present value at the appropriate current risk adjusted interest rate, which is provided by a third-party specialist. For floating rate debt, we use forward rates derived from observable market yield curve s to project the expected cash flows we would be required to make under the instrument. The fair values of cash equivalents and borrowings under our unsecured revolving credit facilities and unsecured term loan are classified as Level 1. The fair values of our secured and unsecured debt are c lassifie d as Level 2 . |
Share Based Compensation Option And Incentive Plans | In March 2016, the FASB issued an update (“ASU 2016-09”) Improvements to Employee Share-Based Payment Accounting to ASC Topic 718, Compensation – Stock Compensation . ASU 2016-09 amends several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for interim and annual reporting periods in fiscal years beginning a fter December 15, 2016. The adoption of this update as of January 1, 2017, did not have a material impact on our consolidated financial statements. |
Real Estate Fund Investments (T
Real Estate Fund Investments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Real Estate Fund Investments [Abstract] | |
Schedule Of Income And Loss From The Fund | Below is a summary of income from the Fund and the Crowne Plaza Joint Venture for the three months ended March 31, 2017 and 2016 . (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 Net investment income $ 7,214 $ 4,673 Net realized gains on exited investments 241 14,676 Previously recorded unrealized gain on exited investment - (14,254) Net unrealized (loss) gain on held investments (7,187) 6,189 Income from real estate fund investments (1) 268 11,284 Less income attributable to noncontrolling interests in consolidated subsidiaries (3,503) (5,973) (Loss) income from real estate fund investments attributable to the Operating Partnership (3,235) 5,311 Less loss (income) attributable to noncontrolling interests in the Operating Partnership 202 (329) (Loss) income from real estate fund investments attributable to Vornado $ (3,033) $ 4,982 (1) Excludes $1,000 and $760 of management and leasing fees for the three months ended March 31, 2017 and 2016, respectively, which are included as a component of "fee and other income" on our consolidated statements of income. |
Marketable Securities and Deriv
Marketable Securities and Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Marketable Securities | |
Unrealized Gain (Loss) on Investments | Below is a summary of our marketable securities portfolio as of March 31, 2017 and December 31, 2016 . (Amounts in thousands) As of March 31, 2017 As of December 31, 2016 GAAP Unrealized GAAP Unrealized Fair Value Cost Gain Fair Value Cost Gain Equity securities: Lexington Realty Trust $ 184,320 $ 72,549 $ 111,771 $ 199,465 $ 72,549 $ 126,916 Other 4,375 650 3,725 4,239 650 3,589 $ 188,695 $ 73,199 $ 115,496 $ 203,704 $ 73,199 $ 130,505 |
Investments in Partially Owne32
Investments in Partially Owned Entities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Schedule Of Equity Method Investments [Line Items] | |
Equity Method Investments | for details): Equity in net income 32.4 % $ 6,892 $ 6,937 Management, leasing and development fees 1,509 1,725 8,401 8,662 UE (see page ##PRS |
Dispositions (Tables)
Dispositions (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Dispositions [Abstract] | |
Schedule Of Assets And Liabilities And Results Of Operations Related To Discontinued Operations | The tables below set forth the assets and liabilities relat ed to discontinued operations as of March 31, 2017 and December 31, 2016 and their combined results of operations and cash flows for the three months ended March 31, 2017 and 2016 . (Amounts in thousands) Balance as of March 31, 2017 December 31, 2016 Assets related to discontinued operations: Real estate, net $ 1,927 $ 2,642 Other assets 2,489 2,928 $ 4,416 $ 5,570 Liabilities related to discontinued operations: Other liabilities $ 2,670 $ 2,870 (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 Income from discontinued operations: Total revenues $ 324 $ 1,182 Total expenses 163 466 161 716 Net gain on sale of real estate 2,267 - Income from discontinued operations $ 2,428 $ 716 Cash flows related to discontinued operations: Cash flows from operating activities $ (37) $ 1,654 Cash flows from investing activities 3,419 - |
Identified Intangible Assets 34
Identified Intangible Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Identified Intangible Assets and Intangible Liabilities | The following summarizes our identified intangible assets (primarily above-market leases) and liabilities (primarily acquired below-market leases) as of March 31, 2017 and December 31, 2016 . (Amounts in thousands) Balance as of March 31, 2017 December 31, 2016 Identified intangible assets: Gross amount $ 387,677 $ 400,061 Accumulated amortization (203,668) (207,330) Net $ 184,009 $ 192,731 Identified intangible liabilities (included in deferred revenue): Gross amount $ 586,969 $ 586,969 Accumulated amortization (335,798) (323,183) Net $ 251,171 $ 263,786 |
Below Market Leases Net Of Above Market Leases | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of future amortization expense of intangible assets | Estimated annual amortization of acquired below - market leases, net of acquired above-market leases, for each of the five succeeding years commencing January 1, 2018 is as follows: (Amounts in thousands) 2018 $ 44,346 2019 32,168 2020 23,343 2021 18,159 2022 15,009 |
Other Identified Intangible Assets | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of future amortization expense of intangible assets | (Amounts in thousands) 2018 $ 20,059 2019 15,720 2020 12,275 2021 11,177 2022 9,395 |
Tenant Under Ground Leases | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of future amortization expense of intangible assets | (Amounts in thousands) 2018 $ 1,832 2019 1,832 2020 1,832 2021 1,832 2022 1,832 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following is a summary of our debt : (Amounts in thousands) Interest Rate at Balance as of March 31, 2017 March 31, 2017 December 31, 2016 Mortgages Payable: Fixed rate 3.84 % $ 6,092,346 $ 6,099,873 Variable rate 2.68 % 3,277,493 3,274,424 Total 3.43 % 9,369,839 9,374,297 Deferred financing costs, net and other (88,559) (96,034) Total, net $ 9,281,280 $ 9,278,263 Unsecured Debt: Senior unsecured notes 3.68 % $ 850,000 $ 850,000 Deferred financing costs, net and other (4,068) (4,423) Senior unsecured notes, net 845,932 845,577 Unsecured term loan 2.11 % 375,000 375,000 Deferred financing costs, net and other (2,405) (2,785) Unsecured term loan, net 372,595 372,215 Unsecured revolving credit facilities 1.88 % 115,630 115,630 Total, net $ 1,334,157 $ 1,333,422 |
Redeemable Noncontrolling Int36
Redeemable Noncontrolling Interests / Redeemable Partnership Units (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Redeemable Noncontrolling Interests / Redeemable Partnership Units [Abstract] | |
Summary Of Activity Of Redeemable Noncontrolling Interests | (Amounts in thousands) Balance at December 31, 2015 $ 1,229,221 Net loss (7,487) Other comprehensive income 427 Distributions (7,835) Redemption of Class A units for common shares/units, at redemption value (14,482) Adjustments to carry redeemable Class A units at redemption value (36,524) Other, net 14,364 Balance at March 31, 2016 $ 1,177,684 Balance at December 31, 2016 $ 1,278,446 Net income 3,229 Other comprehensive income 3 Distributions (9,163) Redemption of Class A units for common shares/units, at redemption value (14,739) Adjustments to carry redeemable Class A units at redemption value (6,197) Other, net 14,495 Balance at March 31, 2017 $ 1,266,074 |
Accumulated Other Comprehensi37
Accumulated Other Comprehensive Income ("AOCI") (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | (Amounts in thousands) Securities Pro rata share of Interest available- nonconsolidated rate Total for-sale subsidiaries' OCI swaps Other For the Three Months Ended March 31, 2017 Balance as of December 31, 2016 $ 118,972 $ 130,505 $ (12,058) $ 8,066 $ (7,541) OCI before reclassifications (9,221) (15,009) (51) 5,842 (3) Amounts reclassified from AOCI 9,268 - 9,268 (1) - - Net current period OCI 47 (15,009) 9,217 5,842 (3) Balance as of March 31, 2017 $ 119,019 $ 115,496 $ (2,841) $ 13,908 $ (7,544) (1) Reclassified upon receipt of proceeds related to the sale of an investment by a nonconsolidated subsidiary. For the Three Months Ended March 31, 2016 Balance as of December 31, 2015 $ 46,921 $ 78,448 $ (9,319) $ (19,368) $ (2,840) OCI before reclassifications 6,478 11,094 6 (4,195) (427) Amounts reclassified from AOCI - - - - - Net current period OCI 6,478 11,094 6 (4,195) (427) Balance as of March 31, 2016 $ 53,399 $ 89,542 $ (9,313) $ (23,563) $ (3,267) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | |
Fair Value, Measurement Inputs, Disclosure | The tables below aggregate the fair values of these financial assets and liabilities by their level s in the fair value hierarchy as of March 31, 2017 and December 3 1, 2016 , respectively. (Amounts in thousands) As of March 31, 2017 Total Level 1 Level 2 Level 3 Marketable securities $ 188,695 $ 188,695 $ - $ - Real estate fund investments 454,946 - - 454,946 Deferred compensation plan assets (included in other assets) 124,933 68,023 - 56,910 Interest rate swaps (included in other assets) 24,513 - 24,513 - Total assets $ 793,087 $ 256,718 $ 24,513 $ 511,856 Mandatorily redeemable instruments (included in other liabilities) $ 50,561 $ 50,561 $ - $ - Interest rate swap (included in other liabilities) 7,221 - 7,221 - Total liabilities $ 57,782 $ 50,561 $ 7,221 $ - (Amounts in thousands) As of December 31, 2016 Total Level 1 Level 2 Level 3 Marketable securities $ 203,704 $ 203,704 $ - $ - Real estate fund investments 462,132 - - 462,132 Deferred compensation plan assets (included in other assets) 121,374 63,930 - 57,444 Interest rate swaps (included in other assets) 21,816 - 21,816 - Total assets $ 809,026 $ 267,634 $ 21,816 $ 519,576 Mandatorily redeemable instruments (included in other liabilities) $ 50,561 $ 50,561 $ - $ - Interest rate swap (included in other liabilities) 10,122 - 10,122 - Total liabilities $ 60,683 $ 50,561 $ 10,122 $ - |
Changes in the fair value of deferred compensation plan assets | The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3, for the three months ended March 31, 2017 and 2016 . (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 Beginning balance $ 57,444 $ 59,186 Purchases 463 1,166 Sales (2,737) (1,372) Realized and unrealized gain (loss) 1,075 (1,907) Other, net 665 111 Ending balance $ 56,910 $ 57,184 |
Schedule Of Carrying Amounts And Fair Values Of Financial Instruments | The table below summarizes the carrying amounts and fair value of these financial instruments as of March 31, 2017 and December 31, 2016 . (Amounts in thousands) As of March 31, 2017 As of December 31, 2016 Carrying Fair Carrying Fair Amount Value Amount Value Cash equivalents $ 1,249,832 $ 1,250,000 $ 1,307,105 $ 1,307,000 Debt: Mortgages payable $ 9,369,839 $ 9,383,000 $ 9,374,297 $ 9,356,000 Senior unsecured notes 850,000 884,000 850,000 899,000 Unsecured term loan 375,000 375,000 375,000 375,000 Unsecured revolving credit facilities 115,630 116,000 115,630 116,000 Total $ 10,710,469 (1) $ 10,758,000 $ 10,714,927 (1) $ 10,746,000 (1) Excludes $95,032 and $103,242 of deferred financing costs, net and other as of March 31, 2017 and December 31, 2016, respectively. |
Real estate fund investments | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | |
Fair value inputs quantitative information | Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these real estate fund investments at March 31, 2017 and December 31, 2016 . Weighted Average Range (based on fair value of investments) Unobservable Quantitative Input March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Discount rates 10.0% to 14.9% 10.0% to 14.9% 12.4% 12.6% Terminal capitalization rates 4.3% to 5.8% 4.3% to 5.8% 5.4% 5.3% |
Summary of Changes in Level 3 Plan Assets | The table below summari zes the changes in the fair value of real estate fund investments that are classified as Level 3, for the three months ended March 31, 2017 and 2016 . (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 Beginning balance $ 462,132 $ 574,761 Net unrealized (loss) gain (7,187) 6,189 Dispositions/distributions - (14,676) Net realized gains 241 422 Other (240) - Ending balance $ 454,946 $ 566,696 |
Fee and Other Income (Tables)
Fee and Other Income (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fee And Other Income Tables [Abstract] | |
Fee and Other Income | The following tabl e sets forth the details of fee and other income: (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 BMS cleaning fees $ 21,996 $ 18,146 Management and leasing fees 4,637 4,799 Lease termination fees 4,166 2,405 Other income 8,561 8,620 $ 39,360 $ 33,970 |
Interest and Other Investment40
Interest and Other Investment Income, Net (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Interest and Other Investment Income (Loss), Net | |
Schedule Of Interest And Other Investment Income (Loss), Net [Table Text Block] | The following table sets forth the details of interest and other investment income, net: (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 Dividends on marketable securities $ 3,445 $ 3,215 Mark-to-market income (loss) of investments in our deferred compensation plan (1) 2,469 (1,938) Interest on loans receivable 743 748 Other, net 2,571 1,493 $ 9,228 $ 3,518 (1) This income (loss) is entirely offset by the income (expense) resulting from the mark-to-market of the deferred compensation plan liability, which is included in "general and administrative" expense. |
Interest and Debt Expense (Tabl
Interest and Debt Expense (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Interest and Debt Expense [Abstract] | |
Interest And Debt Expense | The following table sets forth the details of interest and debt expense: (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 Interest expense $ 96,574 $ 100,295 Amortization of deferred financing costs 8,981 9,265 Capitalized interest and debt expense (11,270) (9,071) $ 94,285 $ 100,489 |
Income (Loss) Per Share _ Inc42
Income (Loss) Per Share / Income (Loss) Per Class A Unit (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings per share [Line Items] | |
Schedule Of Earnings Per Share Basic And Diluted | The following table provides a reconciliation of both net income (loss) and the number of common shares used in the computation of ( i ) basic income (loss) per common share - which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares, and (ii) diluted income (loss) per common share - which includes the weighted average common shares and dilutive share equivalents. Dilutive share equivalents may include our Series A convertible preferred shares, employee stock options, restricted stock awards and Out-Performance Plan awards. (Amounts in thousands, except per share amounts) For the Three Months Ended March 31, 2017 2016 Numerator: Income (loss) from continuing operations, net of income attributable to noncontrolling interests $ 61,605 $ (94,471) Income from discontinued operations, net of income attributable to noncontrolling interests 2,276 672 Net income (loss) attributable to Vornado 63,881 (93,799) Preferred share dividends (16,129) (20,364) Net income (loss) attributable to common shareholders 47,752 (114,163) Earnings allocated to unvested participating securities (15) (16) Numerator for basic and diluted income (loss) per share $ 47,737 $ (114,179) Denominator: Denominator for basic income (loss) per share – weighted average shares 189,210 188,658 Effect of dilutive securities (1) : Employee stock options and restricted share awards 1,162 - Denominator for diluted income (loss) per share – weighted average shares and assumed conversions 190,372 188,658 INCOME (LOSS) PER COMMON SHARE – BASIC: Income (loss) from continuing operations, net $ 0.24 $ (0.61) Income from discontinued operations, net 0.01 - Net income (loss) per common share $ 0.25 $ (0.61) INCOME (LOSS) PER COMMON SHARE – DILUTED: Income (loss) from continuing operations, net $ 0.24 $ (0.61) Income from discontinued operations, net 0.01 - Net income (loss) per common share $ 0.25 $ (0.61) (1) The effect of dilutive securities for the three months ended March 31, 2017 and 2016 excludes an aggregate of 12,405 and 13,281 weighted average common share equivalents, respectively, as their effect was anti-dilutive. |
Vornado Realty L.P. | |
Earnings per share [Line Items] | |
Schedule Of Earnings Per Share Basic And Diluted | 18. Income (Loss) Per Share/Income (Loss) Per Class A Unit - continued Vornado Realty L.P. The following table provides a reconciliation of both net income (loss) and the number of Class A units used in the computation of ( i ) basic income (loss) per Class A unit - which includes the weighted average number of Class A units outstanding without regard to dilutive potential Class A units, and (ii) diluted income (loss) per Class A unit - which includes the weighted average Class A units and dilutive unit equivalents. Dilutive unit equivalents may include our Series A convertible preferred units, Vornado stock options, restricted unit awards and Out-Performance Plan awards. (Amounts in thousands, except per unit amounts) For the Three Months Ended March 31, 2017 2016 Numerator: Income (loss) from continuing operations, net of income attributable to noncontrolling interests $ 64,682 $ (102,002) Income from discontinued operations 2,428 716 Net income (loss) attributable to Vornado Realty L.P. 67,110 (101,286) Preferred unit distributions (16,178) (20,412) Net income (loss) attributable to Class A unitholders 50,932 (121,698) Earnings allocated to unvested participating securities (1,018) (772) Numerator for basic and diluted income (loss) per Class A unit $ 49,914 $ (122,470) Denominator: Denominator for basic income (loss) per Class A unit – weighted average units 200,845 200,072 Effect of dilutive securities (1) : Vornado stock options and restricted unit awards 1,802 - Denominator for diluted income (loss) per Class A unit – weighted average units and assumed conversions 202,647 200,072 INCOME (LOSS) PER CLASS A UNIT – BASIC: Income (loss) from continuing operations, net $ 0.24 $ (0.61) Income from discontinued operations, net 0.01 - Net income (loss) per Class A unit $ 0.25 $ (0.61) INCOME (LOSS) PER CLASS A UNIT – DILUTED: Income (loss) from continuing operations, net $ 0.24 $ (0.61) Income from discontinued operations, net 0.01 - Net income (loss) per Class A unit $ 0.25 $ (0.61) (1) The effect of dilutive securities for the three months ended March 31, 2017 and 2016 excludes an aggregate of 130 and 1,867 weighted average Class A unit equivalents, respectively, as their effect was anti-dilutive. |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Information [Abstract] | |
Schedule of Segment Information | Below is a summary of net income and a reconciliation of net income to EBITDA ( 1) by segment for the three months ended March 31, 2017 . (Amounts in thousands) For the Three Months Ended March 31, 2017 Total New York Washington, DC Other Total revenues $ 620,848 $ 426,239 $ 116,207 $ 78,402 Total expenses 464,381 280,821 83,988 99,572 Operating income (loss) 156,467 145,418 32,219 (21,170) Income (loss) from partially owned entities 1,445 (2,093) 32 3,506 Income from real estate fund investments 268 - - 268 Interest and other investment income, net 9,228 1,472 64 7,692 Interest and debt expense (94,285) (57,987) (11,561) (24,737) Net gains on disposition of wholly owned and partially owned assets 501 - - 501 Income (loss) before income taxes 73,624 86,810 20,754 (33,940) Income tax expense (2,205) (143) (354) (1,708) Income (loss) from continuing operations 71,419 86,667 20,400 (35,648) Income from discontinued operations 2,428 - - 2,428 Net income (loss) 73,847 86,667 20,400 (33,220) Less net income attributable to noncontrolling interests in consolidated subsidiaries (6,737) (2,844) - (3,893) Net income (loss) attributable to the Operating Partnership 67,110 83,823 20,400 (37,113) Interest and debt expense (2) 116,327 75,923 13,499 26,905 Depreciation and amortization (2) 171,537 112,810 36,383 22,344 Income tax expense (2) 2,429 227 367 1,835 EBITDA (1) $ 357,403 $ 272,783 (3) $ 70,649 (4) $ 13,971 (5) Below is a summary of net income and a reconciliation of net income to EBITDA (1) by segment for the three months ended March 31, 2016 . (Amounts in thousands) For the Three Months Ended March 31, 2016 Total New York Washington, DC Other Total revenues $ 613,037 $ 410,825 $ 128,012 $ 74,200 Total expenses 613,317 269,595 256,565 87,157 Operating (loss) income (280) 141,230 (128,553) (12,957) (Loss) income from partially owned entities (4,240) (3,563) (2,265) 1,588 Income from real estate fund investments 11,284 - - 11,284 Interest and other investment income, net 3,518 1,115 58 2,345 Interest and debt expense (100,489) (54,586) (15,935) (29,968) Net gains on disposition of wholly owned and partially owned assets 714 - - 714 (Loss) income before income taxes (89,493) 84,196 (146,695) (26,994) Income tax expense (2,831) (959) (264) (1,608) (Loss) income from continuing operations (92,324) 83,237 (146,959) (28,602) Income from discontinued operations 716 - - 716 Net (loss) income (91,608) 83,237 (146,959) (27,886) Less net income attributable to noncontrolling interests in consolidated subsidiaries (9,678) (3,429) - (6,249) Net (loss) income attributable to the Operating Partnership (101,286) 79,808 (146,959) (34,135) Interest and debt expense (2) 126,120 71,198 18,996 35,926 Depreciation and amortization (2) 174,811 108,403 42,230 24,178 Income tax expense (2) 3,261 1,090 265 1,906 EBITDA (1) $ 202,906 $ 260,499 (3) $ (85,468) (4) $ 27,875 (5) See notes on the following pages. |
Details of Other EBITDA | Notes to preceding tabular information: (1) EBITDA represents "Earnings Before Interest, Taxes, Depreciation and Amortization." We calculate EBITDA on an Operating Partnership basis which is before allocation to the noncontrolling interest of the Operating Partnership. We consider EBITDA a non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on a multiple of EBITDA, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. EBITDA should not be considered a substitute for net income. EBITDA may not be comparable to similarly titled measures employed by other companies. Our 7.5% interest in Fashion Centre Mall/Washington Tower will not be included in the spin-off of our Washington, DC segment and has been reclassified to Other. The prior year's presentation has been conformed to the current year. In addition, on January 1, 2017, we reclassified our investment in 85 Tenth Avenue from Other to the New York segment as a result of the December 1, 2016 repayment of our loans receivable and the receipt of a 49.9% ownership interest in the property. (2) Interest and debt expense, depreciation and amortization and income tax expense in the reconciliation of net income (loss) to EBITDA includes our share of these items from partially owned entities. (3) The elements of "New York" EBITDA are summarized below. (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 Office $ 170,077 $ 156,643 (a) Retail 89,264 89,409 (a) Residential 6,278 6,350 Alexander's 11,562 11,569 Hotel Pennsylvania (4,398) (3,472) Total New York EBITDA 272,783 260,499 EBITDA from sold properties - (1,442) Total New York EBITDA, as adjusted $ 272,783 $ 259,057 (a) Beginning in January 2017 for office buildings with retail at the base, we have adjusted the allocation of real estate taxes between the retail and office elements above. This has no effect on our consolidated financial statements, but resulted in a reallocation of $3,914 of income from retail to office for the three months ended March 31, 2016. (4) The elements of "Washington, DC" EBITDA are summarized below. (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 Office, excluding the Skyline properties $ 57,032 $ 59,208 Skyline properties - (155,083) Total Office 57,032 (95,875) Residential 13,617 10,407 Total Washington, DC EBITDA 70,649 (85,468) Certain items that impact EBITDA: Skyline properties impairment loss - 160,700 EBITDA from sold properties - (5,945) Total of certain items that impact EBITDA - 154,755 Total Washington, DC EBITDA, as adjusted $ 70,649 $ 69,287 Notes to preceding tabular information - continued: (5) The elements of "Other" EBITDA are summarized below. (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 Our share of real estate fund investments: Income before net realized/unrealized gains and losses $ 2,875 $ 2,231 Net realized/unrealized (losses) gains on investments (1,737) 1,561 Carried interest (4,373) 1,519 Total (3,235) 5,311 theMART (including trade shows) 24,184 23,028 555 California Street 12,083 11,615 Other investments 10,462 14,724 43,494 54,678 Corporate general and administrative expenses (a) (32,987) (30,606) Investment income and other, net (a) 8,540 6,975 Acquisition and transaction related costs (b) (8,005) (4,607) Residual retail properties discontinued operations 2,428 721 Net gains on sale of residential condominiums 501 714 Total Other $ 13,971 $ 27,875 (a) The amounts in these captions (for this table only) exclude the results of the mark-to-market of our deferred compensation plan of $2,469 of income for the three months ended March 31, 2017 and $1,938 of loss for the three months ended March 31, 2016. (b) The three months ended March 31, 2017 includes $7,253 of transaction costs related to the spin-off of our Washington, DC business. |
Organization (Narratives) (Deta
Organization (Narratives) (Details) | 3 Months Ended |
Mar. 31, 2017 | |
Organization | |
Common limited partnership interest in the Operating Partnership | 93.60% |
Washington DC | Washington Dc Northern Virginia | |
Real Estate Properties | |
Pro rata basis of distribution | 1:2 |
Recently Issued Accounting Li45
Recently Issued Accounting Literature (Narratives) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net cash provided by operating activities | $ 301,285 | $ 271,532 |
Net cash used in investing activities | $ (156,654) | (235,137) |
Effect of application of a new accounting pronouncement on Cash Flows | ||
Net cash used in investing activities | $ (5,113) |
Real Estate Fund Investments (N
Real Estate Fund Investments (Narratives) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017USD ($)Investments | Dec. 31, 2016USD ($) | |
Investment Holdings | ||
Aggregate fair value of Real Estate Fund investments (in US Dollars) | $ 454,946 | $ 462,132 |
Real estate fund investments | ||
Investment Holdings | ||
Aggregate fair value of Real Estate Fund investments (in US Dollars) | $ 454,946 | |
Number Of Investments Held By Fund | Investments | 6 | |
Excess of fair value over cost | $ 142,346 | |
Unfunded Commitments Of Fund | $ 117,907 | |
Vornado Capital Partners Real Estate Fund | ||
Investment Holdings | ||
Equity method ownership percentage | 25.00% | |
Term of the Fund, years | 8 years | |
Investment period for commitments of the Fund, years | 3 years | |
Investment fund expiration date | July 2,013 | |
Vornado Realty Trust | ||
Investment Holdings | ||
Unfunded Commitments Of Fund | $ 34,422 | |
Joint Venture | Crowne Plaza Times Square Hotel Joint Venture | ||
Investment Holdings | ||
Equity method ownership percentage | 57.10% | |
Joint Venture | Crowne Plaza Times Square Hotel Joint Venture | Crowne Plaza Time Square Hotel | ||
Investment Holdings | ||
Ownership percentage by noncontrolling owners | 24.70% |
Real Estate Fund Investments (I
Real Estate Fund Investments (Income from the Fund and the Co-Investment) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Details Of Income From Real Estate Funds | ||
Income from real estate fund investments | $ 268 | $ 11,284 |
Less income attributable to noncontrolling interests in consolidated subsidiaries | (6,737) | (9,678) |
Fee And Other Income | 39,360 | 33,970 |
Joint Venture | Real estate fund investments | Crowne Plaza Time Square Hotel | ||
Details Of Income From Real Estate Funds | ||
Net investment income | 7,214 | 4,673 |
Net realized gains on exited investments | 241 | 14,676 |
Previously recorded unrealized gain on exited investment | 0 | (14,254) |
Net unrealized (loss) gain on held investments | (7,187) | 6,189 |
Income from real estate fund investments | 268 | 11,284 |
Less income attributable to noncontrolling interests in consolidated subsidiaries | (3,503) | (5,973) |
(Loss) income from real estate fund investments attributable to the Operating Partnership | (3,235) | 5,311 |
Less loss (income) attributable to noncontrolling interests in the Operating Partnership | 202 | (329) |
(Loss) income from real estate fund investments attributable to Vornado | (3,033) | 4,982 |
Fee And Other Income | $ 1,000 | $ 760 |
Marketable Securities (Marketab
Marketable Securities (Marketable securities portfolio) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Available-for-sale Securities | ||
Available-for-sale Securities, Equity Securities | $ 188,695 | $ 203,704 |
Available-for-sale Equity Securities, Amortized Cost Basis | 73,199 | 73,199 |
Available-for-sale Securities, Gross Unrealized Gain | 115,496 | 130,505 |
Lexington Realty Trust | ||
Available-for-sale Securities | ||
Available-for-sale Securities, Equity Securities | 184,320 | 199,465 |
Available-for-sale Equity Securities, Amortized Cost Basis | 72,549 | 72,549 |
Available-for-sale Securities, Gross Unrealized Gain | 111,771 | 126,916 |
Other Equity Securities | ||
Available-for-sale Securities | ||
Available-for-sale Securities, Equity Securities | 4,375 | 4,239 |
Available-for-sale Equity Securities, Amortized Cost Basis | 650 | 650 |
Available-for-sale Securities, Gross Unrealized Gain | $ 3,725 | $ 3,589 |
Investments in Partially Owne49
Investments in Partially Owned Entities (Alexander's Inc.) (Details) - Alexanders Inc $ / shares in Units, $ in Thousands | Mar. 31, 2017USD ($)$ / sharesshares |
Equity Method Investments And Income From Equity Method Investments | |
Ownership common shares, investee (in shares) | shares | 1,654,068 |
Equity method ownership percentage | 32.40% |
Closing share price (in dollars per share) | $ / shares | $ 431.86 |
Equity Method Investment Market Value | $ 714,326 |
Excess of investee's fair value over carrying amount | 586,418 |
Excess of investee's carrying amount over equity in net assets | $ 39,651 |
Investments in Partially Owne50
Investments in Partially Owned Entities (Urban Edge Properties and PREIT Associates L.P.) (Details) $ / shares in Units, $ in Thousands | Mar. 31, 2017USD ($)$ / sharesshares |
Urban Edge Properties | |
Schedule Of Equity Method Investments | |
Ownership common shares, investee (in shares) | shares | 5,717,184 |
Equity method ownership percentage | 5.40% |
Closing share price (in dollars per share) | $ / shares | $ 26.3 |
Equity Method Investment fair Value | $ 150,362 |
Excess of investee's fair value over carrying amount | $ 126,004 |
PREIT | |
Schedule Of Equity Method Investments | |
Ownership common shares, investee (in shares) | shares | 6,250,000 |
Equity method ownership percentage | 8.00% |
Closing share price (in dollars per share) | $ / shares | $ 15.14 |
Equity Method Investment fair Value | $ 94,625 |
Excess of investee's carrying amount over fair value | 25,018 |
Excess of investee's carrying amount over equity in net assets | $ 68,845 |
Investments in Partially Owne51
Investments in Partially Owned Entities (Summary of Investments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Schedule Of Equity Method Investments | ||
Carrying amount of investments in partially owned entities | $ 1,415,747 | $ 1,428,019 |
7 West 34th Street | Other liabilities | ||
Schedule Of Equity Method Investments | ||
Equity method ownership percentage | 53.00% | |
Carrying amount of investments in partially owned entities | $ (44,291) | (43,022) |
Sale Of Ownership Interest Percent | 47.00% | |
Partially Owned Office Buildings | ||
Schedule Of Equity Method Investments | ||
Carrying amount of investments in partially owned entities | $ 786,387 | 797,205 |
Alexanders Inc | ||
Schedule Of Equity Method Investments | ||
Equity method ownership percentage | 32.40% | |
Carrying amount of investments in partially owned entities | $ 127,908 | 129,324 |
PREIT | ||
Schedule Of Equity Method Investments | ||
Equity method ownership percentage | 8.00% | |
Carrying amount of investments in partially owned entities | $ 119,643 | 122,883 |
India real estate ventures | ||
Schedule Of Equity Method Investments | ||
Carrying amount of investments in partially owned entities | $ 31,519 | 30,290 |
India real estate ventures | Minimum | ||
Schedule Of Equity Method Investments | ||
Equity method ownership percentage | 4.10% | |
India real estate ventures | Maximum | ||
Schedule Of Equity Method Investments | ||
Equity method ownership percentage | 36.50% | |
UE | ||
Schedule Of Equity Method Investments | ||
Equity method ownership percentage | 5.40% | |
Carrying amount of investments in partially owned entities | $ 24,358 | 24,523 |
Other investments | ||
Schedule Of Equity Method Investments | ||
Carrying amount of investments in partially owned entities | $ 325,932 | $ 323,794 |
Investments in Partially Owne52
Investments in Partially Owned Entities (Summary of Income (Loss) ) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Schedule Of Equity Method Investments | ||
Our share of net income (loss) | $ 1,445 | $ (4,240) |
Alexanders Inc | ||
Schedule Of Equity Method Investments | ||
Equity method ownership percentage | 32.40% | |
Equity in net income (loss) | $ 6,892 | 6,937 |
Management leasing and development fees | 1,509 | 1,725 |
Our share of net income (loss) | $ 8,401 | 8,662 |
UE | ||
Schedule Of Equity Method Investments | ||
Equity method ownership percentage | 5.40% | |
Equity in net income (loss) | $ 1,091 | 876 |
Management leasing and development fees | 209 | 209 |
Our share of net income (loss) | 1,300 | 1,085 |
Partially Owned Office Buildings | ||
Schedule Of Equity Method Investments | ||
Our share of net income (loss) | (10,054) | (14,249) |
India real estate ventures | ||
Schedule Of Equity Method Investments | ||
Our share of net income (loss) | $ 1,654 | (686) |
India real estate ventures | Minimum | ||
Schedule Of Equity Method Investments | ||
Equity method ownership percentage | 4.10% | |
India real estate ventures | Maximum | ||
Schedule Of Equity Method Investments | ||
Equity method ownership percentage | 36.50% | |
PREIT | ||
Schedule Of Equity Method Investments | ||
Equity method ownership percentage | 8.00% | |
Our share of net income (loss) | $ (2,830) | (4,288) |
Other investments | ||
Schedule Of Equity Method Investments | ||
Our share of net income (loss) | $ 2,974 | $ 5,236 |
Dispositions (Asseets and liabi
Dispositions (Asseets and liabilities related to dispositions) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Dispositions | |||
Real Estate, Net | $ 1,927 | $ 2,642 | |
Other Assets | 2,489 | 2,928 | |
Assets related to discontinued operations | 4,416 | 5,570 | |
Liabilities related to discontinued operations | 2,670 | $ 2,870 | |
Income from discontinued operations: | |||
Total revenues | 324 | $ 1,182 | |
Total expenses | 163 | 466 | |
Income from discontinued operations before net gain on sale of real estate | 161 | 716 | |
Net gain on sale of real estate | 2,267 | 0 | |
Income from discontinued operations | 2,428 | 716 | |
Cash flows related to discontinued Operations: | |||
Cash flows from operating activities, discontinued operations | (37) | 1,654 | |
Cash flows from investing activities, discontinued operations | $ 3,419 | $ 0 |
Identified Intangible Assets 54
Identified Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets and Liabilities | |||
Gross amount | $ 387,677 | $ 400,061 | |
Accumulated amortization | (203,668) | (207,330) | |
Net | 184,009 | 192,731 | |
Gross amount | 586,969 | 586,969 | |
Accumulated amortization | (335,798) | (323,183) | |
Net | 251,171 | $ 263,786 | |
Below Market Leases Net Of Above Market Leases | |||
Finite-Lived Intangible Assets and Liabilities | |||
Amortization of Intangible Assets | 11,459 | $ 17,507 | |
2,018 | 44,346 | ||
2,019 | 32,168 | ||
2,020 | 23,343 | ||
2,021 | 18,159 | ||
2,022 | 15,009 | ||
Other Identified Intangible Assets | |||
Finite-Lived Intangible Assets and Liabilities | |||
Amortization of Intangible Assets | 7,108 | 7,793 | |
2,018 | 20,059 | ||
2,019 | 15,720 | ||
2,020 | 12,275 | ||
2,021 | 11,177 | ||
2,022 | 9,395 | ||
Tenant Under Ground Leases | |||
Finite-Lived Intangible Assets and Liabilities | |||
Amortization of Intangible Assets | 458 | $ 458 | |
2,018 | 1,832 | ||
2,019 | 1,832 | ||
2,020 | 1,832 | ||
2,021 | 1,832 | ||
2,022 | $ 1,832 |
Debt (Summary of Debt) (Details
Debt (Summary of Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Debt Instrument | ||
Total, net | $ 9,281,280 | $ 9,278,263 |
Unsecured debt - Carrying amount | 845,932 | 845,577 |
Unsecured term loan, net | 372,595 | 372,215 |
Revolving credit facilities | 115,630 | 115,630 |
Unsecured Debt And Revolving Credit Facility | 1,334,157 | 1,333,422 |
Mortgages | ||
Debt Instrument | ||
Mortgages payable, gross | 9,369,839 | 9,374,297 |
Deferred financing costs, net and other | (88,559) | (96,034) |
Total, net | $ 9,281,280 | 9,278,263 |
Interest Rate, End of Period (in percentage) | 3.43% | |
Mortgages | Fixed Rate | ||
Debt Instrument | ||
Mortgages payable, gross | $ 6,092,346 | 6,099,873 |
Interest Rate, End of Period (in percentage) | 3.84% | |
Mortgages | Variable Rate | ||
Debt Instrument | ||
Mortgages payable, gross | $ 3,277,493 | 3,274,424 |
Interest Rate, End of Period (in percentage) | 2.68% | |
Senior Unsecured Notes | ||
Debt Instrument | ||
Deferred financing costs, net and other | $ (4,068) | (4,423) |
Unsecured debt, gross | 850,000 | 850,000 |
Unsecured debt - Carrying amount | $ 845,932 | 845,577 |
Interest Rate, End of Period (in percentage) | 3.68% | |
Unsecured Term Loan | ||
Debt Instrument | ||
Deferred financing costs, net and other | $ (2,405) | (2,785) |
Unsecured debt, gross | 375,000 | 375,000 |
Unsecured term loan, net | $ 372,595 | 372,215 |
Interest Rate, End of Period (in percentage) | 2.11% | |
Unsecured Revolving Credit Facilities | ||
Debt Instrument | ||
Revolving credit facilities | $ 115,630 | $ 115,630 |
Interest Rate, End of Period (in percentage) | 1.88% |
Redeemable Noncontrolling Int56
Redeemable Noncontrolling Interests / Redeemable Partnership Units (Activity of Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Redeemable Noncontrolling Interests Rollforward | ||
Reedemable Noncontrolling Interest, Beginning Balance | $ 1,278,446 | $ 1,229,221 |
Net income (loss) | 3,229 | (7,487) |
Other comprehensive income | 3 | 427 |
Distributions | (9,163) | (7,835) |
Other, net | 14,495 | 14,364 |
Reedemable Noncontrolling Interest, Ending Balance | 1,266,074 | 1,177,684 |
Class A Unit | ||
Redeemable Noncontrolling Interests Rollforward | ||
Redemption of Class A units for common shares/units, at redemption value | (14,739) | (14,482) |
Adjustments to carry redeemable Class A units at redemption value | $ (6,197) | $ (36,524) |
Redeemable Noncontrolling Int57
Redeemable Noncontrolling Interests / Redeemable Partnership Units (Subnote) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Redeemable Noncontrolling Interest | ||
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount | $ 1,260,646 | $ 1,273,018 |
Class A Unit | ||
Redeemable Noncontrolling Interest | ||
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount | 1,260,646 | 1,273,018 |
Series D Cumulative Redeemable Preferred Unit | ||
Redeemable Noncontrolling Interest | ||
Fair value of Series G convertible preferred units and Series D-13 cumulative redeemable preferred units | $ 50,561 | $ 50,561 |
Accumulated Other Comprehensi58
Accumulated Other Comprehensive Income ("AOCI") (AOCI by component) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accumulated other comprehensive income (loss) | ||
Accumulated other comprehensive income (loss), Beginning Balance | $ 118,972 | $ 46,921 |
OCI before reclassifications | (9,221) | 6,478 |
Amounts reclassified from AOCI | 9,268 | 0 |
Other Comprehensive Income (Loss), Net of Tax, Total | 47 | 6,478 |
Accumulated other comprehensive income (loss), Ending Balance | 119,019 | 53,399 |
Interest rate Swap | ||
Accumulated other comprehensive income (loss) | ||
Accumulated other comprehensive income (loss), Beginning Balance | 8,066 | (19,368) |
OCI before reclassifications | 5,842 | (4,195) |
Amounts reclassified from AOCI | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax, Total | 5,842 | (4,195) |
Accumulated other comprehensive income (loss), Ending Balance | 13,908 | (23,563) |
Securities available for sale | ||
Accumulated other comprehensive income (loss) | ||
Accumulated other comprehensive income (loss), Beginning Balance | 130,505 | 78,448 |
OCI before reclassifications | (15,009) | 11,094 |
Amounts reclassified from AOCI | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax, Total | (15,009) | 11,094 |
Accumulated other comprehensive income (loss), Ending Balance | 115,496 | 89,542 |
Pro-rata share of non consolidated subsidiaries' OCI | ||
Accumulated other comprehensive income (loss) | ||
Accumulated other comprehensive income (loss), Beginning Balance | (12,058) | (9,319) |
OCI before reclassifications | (51) | 6 |
Amounts reclassified from AOCI | 9,268 | 0 |
Other Comprehensive Income (Loss), Net of Tax, Total | 9,217 | 6 |
Accumulated other comprehensive income (loss), Ending Balance | (2,841) | (9,313) |
Other | ||
Accumulated other comprehensive income (loss) | ||
Accumulated other comprehensive income (loss), Beginning Balance | (7,541) | (2,840) |
OCI before reclassifications | (3) | (427) |
Amounts reclassified from AOCI | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax, Total | (3) | (427) |
Accumulated other comprehensive income (loss), Ending Balance | $ (7,544) | $ (3,267) |
Variable Interest Entities ("59
Variable Interest Entities ("VIEs") (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Consolidated VIEs | ||
Variable Interest Entities | ||
Variable Interest Entities, Consolidated, Carrying Amount, Assets | $ 3,664,609 | $ 3,638,483 |
Variable Interest Entities, Consolidated, Carrying Amount, Liabilities | 1,765,238 | 1,762,322 |
Unconsolidated VIEs | ||
Variable Interest Entities | ||
Net carrying amount of our investments in nonconsolidated VIEs | $ 385,487 | $ 392,150 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narratives) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017USD ($)Investments | Dec. 31, 2016USD ($) | |
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Real estate fund investments | $ 454,946 | $ 462,132 |
Real estate fund investments | ||
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Number Of Investments Held By Fund | Investments | 6 | |
Real estate fund investments | $ 454,946 | |
Excess of fair value over cost | 142,346 | |
Recurring | ||
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Real estate fund investments | 454,946 | 462,132 |
Recurring | Level 3 | ||
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Real estate fund investments | 454,946 | $ 462,132 |
Excess of fair value over cost | $ 142,346 | |
Recurring | Level 3 | Real estate fund investments | Minimum | ||
Fair Value Inputs [Abstract] | ||
Anticipated holding period of investments | 10 months | |
Recurring | Level 3 | Real estate fund investments | Maximum | ||
Fair Value Inputs [Abstract] | ||
Anticipated holding period of investments | 3 years 10 months |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Marketable Securities | $ 188,695 | $ 203,704 |
Real estate fund investments | 454,946 | 462,132 |
Recurring | ||
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Marketable Securities | 188,695 | 203,704 |
Real estate fund investments | 454,946 | 462,132 |
Deferred compensation plan assets (included in other assets) | 124,933 | 121,374 |
Interest rate swaps (included in other assets) | 24,513 | 21,816 |
Total assets | 793,087 | 809,026 |
Mandatorily redeemable instruments (included in other liabilities) | 50,561 | 50,561 |
Interest rate swap (included in other liabilities) | 7,221 | 10,122 |
Total liabilities | 57,782 | 60,683 |
Recurring | Level 1 | ||
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Marketable Securities | 188,695 | 203,704 |
Real estate fund investments | 0 | 0 |
Deferred compensation plan assets (included in other assets) | 68,023 | 63,930 |
Interest rate swaps (included in other assets) | 0 | 0 |
Total assets | 256,718 | 267,634 |
Mandatorily redeemable instruments (included in other liabilities) | 50,561 | 50,561 |
Interest rate swap (included in other liabilities) | 0 | 0 |
Total liabilities | 50,561 | 50,561 |
Recurring | Level 2 | ||
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Marketable Securities | 0 | 0 |
Real estate fund investments | 0 | 0 |
Deferred compensation plan assets (included in other assets) | 0 | 0 |
Interest rate swaps (included in other assets) | 24,513 | 21,816 |
Total assets | 24,513 | 21,816 |
Mandatorily redeemable instruments (included in other liabilities) | 0 | 0 |
Interest rate swap (included in other liabilities) | 7,221 | 10,122 |
Total liabilities | 7,221 | 10,122 |
Recurring | Level 3 | ||
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Marketable Securities | 0 | 0 |
Real estate fund investments | 454,946 | 462,132 |
Deferred compensation plan assets (included in other assets) | 56,910 | 57,444 |
Interest rate swaps (included in other assets) | 0 | 0 |
Total assets | 511,856 | 519,576 |
Mandatorily redeemable instruments (included in other liabilities) | 0 | 0 |
Interest rate swap (included in other liabilities) | 0 | 0 |
Total liabilities | $ 0 | $ 0 |
Fair Value Measurements (Unober
Fair Value Measurements (Unobervable Quantitative Input Ratios) (Details) - Recurring - Level 3 - Real estate fund investments | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Minimum | ||
Unobservable Quantitative Input | ||
Discount rates | 10.00% | 10.00% |
Capitalization rate | 4.30% | 4.30% |
Maximum | ||
Unobservable Quantitative Input | ||
Discount rates | 14.90% | 14.90% |
Capitalization rate | 5.80% | 5.80% |
Weighted Average | ||
Unobservable Quantitative Input | ||
Discount rates | 12.40% | 12.60% |
Capitalization rate | 5.40% | 5.30% |
Fair Value Measurements (Change
Fair Value Measurements (Changes in the Fair Value of Real Estate Fund Investments and Deferred Compensation Plan Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Real estate fund investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 462,132 | $ 574,761 |
Net unrealized (loss) gain | (7,187) | 6,189 |
Dispositions/distributions | 0 | (14,676) |
Net realized gains | 241 | 422 |
Other, net | (240) | 0 |
Ending balance | 454,946 | 566,696 |
Deferred Compensation Plan Assets | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 57,444 | 59,186 |
Purchases | 463 | 1,166 |
Dispositions/distributions | (2,737) | (1,372) |
Realized and unrealized gain (loss) | 1,075 | (1,907) |
Other, net | 665 | 111 |
Ending balance | $ 56,910 | $ 57,184 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurements on a Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Nonrecurring | ||
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total Assets, Nonrecurring | $ 0 | $ 0 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying amounts and fair value of financial instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Unsecured revolving credit facilities - Carrying Amount | $ 115,630 | $ 115,630 |
Unsecured debt - Carrying amount | 845,932 | 845,577 |
Senior Unsecured Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Unsecured debt - Carrying amount | 845,932 | 845,577 |
Unsecured debt, gross | 850,000 | 850,000 |
Deferred financing costs, net and other | 4,068 | 4,423 |
Unsecured Term Loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Unsecured debt, gross | 375,000 | 375,000 |
Deferred financing costs, net and other | 2,405 | 2,785 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Cash equivalents - Carrying Amount | 1,249,832 | 1,307,105 |
Mortgages payable, gross | 9,369,839 | 9,374,297 |
Unsecured revolving credit facilities - Carrying Amount | 115,630 | 115,630 |
Debt instrument - Carrying amount | 10,710,469 | 10,714,927 |
Deferred financing costs, net and other | 95,032 | 103,242 |
Carrying Amount | Senior Unsecured Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Unsecured debt - Carrying amount | 850,000 | 850,000 |
Carrying Amount | Unsecured Term Loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Unsecured debt - Carrying amount | 375,000 | 375,000 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Total debt | 10,758,000 | 10,746,000 |
Fair Value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Cash equivalents | 1,250,000 | 1,307,000 |
Unsecured revolving credit facilities | 116,000 | 116,000 |
Fair Value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Mortgages payable, gross | 9,383,000 | 9,356,000 |
Fair Value | Senior Unsecured Notes | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Unsecured debt, gross | 884,000 | 899,000 |
Fair Value | Unsecured Term Loan | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Unsecured debt, gross | $ 375,000 | $ 375,000 |
Stock-based Compensation (Narra
Stock-based Compensation (Narratives) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share Based Compensation Expense | $ 14,277 | $ 14,571 |
Fee and Other Income (Details)
Fee and Other Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Fee And Other Income [Line Items] | ||
BMS cleaning fees | $ 21,996 | $ 18,146 |
Management and leasing fees | 4,637 | 4,799 |
Lease termination fees | 4,166 | 2,405 |
Other income | 8,561 | 8,620 |
Fee and other income | 39,360 | 33,970 |
Management fee income from Interstate Properties | $ 128 | $ 134 |
Interest and Other Investment68
Interest and Other Investment Income, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Interest and Other Investment Income (Loss), Net | ||
Dividends on marketable securities | $ 3,445 | $ 3,215 |
Mark-to-market income (loss) of investments in our deferred compensation plan | 2,469 | (1,938) |
Interest on loans receivables | 743 | 748 |
Other, net | 2,571 | 1,493 |
Interest and other investment (loss) income, net | $ 9,228 | $ 3,518 |
Interest and Debt Expense (Deta
Interest and Debt Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Interest and Debt Expense [Abstract] | ||
Interest expense | $ 96,574 | $ 100,295 |
Amortization of deferred financing costs | 8,981 | 9,265 |
Capitalized interest and debt expense | (11,270) | (9,071) |
Interest and Debt Expense, Total | $ 94,285 | $ 100,489 |
Income (Loss) Per Share _ Inc70
Income (Loss) Per Share / Income (Loss) Per Class A Unit (Narratives) (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share | ||
Weighted average common share equivalents of excluded dilutive securities due to anti-dilutive effect | 12,405 | 13,281 |
Vornado Realty L.P. | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share | ||
Weighted average common share equivalents of excluded dilutive securities due to anti-dilutive effect | 130 | 1,867 |
Income (Loss) Per Share _ Inc71
Income (Loss) Per Share / Income (Loss) Per Class A Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share | ||
Income (loss) from continuing operations, net of income attributable to noncontrolling interests | $ 61,605 | $ (94,471) |
Income from discontinued operations, net of income attributable to noncontrolling interests | 2,276 | 672 |
Net income (loss) attributable to Vornado / Vornado Realty L.P. | 63,881 | (93,799) |
Preferred share dividends / Preferred unit distributions | (16,129) | (20,364) |
NET INCOME (LOSS) attributable to common shareholders / Class A unitholders | 47,752 | (114,163) |
Earnings allocated to unvested participating securities | (15) | (16) |
Numerator for basic and diluted income (loss) per share / per Class A unit | $ 47,737 | $ (114,179) |
Denominator for basic income (loss) per share - weighted average shares (in shares) | 189,210 | 188,658 |
Vornado employee stock options and restricted share / unit awards (in shares) | 1,162 | 0 |
Denominator for diluted income (loss) per share - weighted average shares and assumed conversions (in shares) | 190,372 | 188,658 |
INCOME (LOSS) PER COMMON SHARE / CLASS A UNIT - BASIC: | ||
Income (loss) from continuing operations, net (in dollars per share) | $ 0.24 | $ (0.61) |
Income from discontinued operations, net (in dollars per share) | 0.01 | 0 |
Net income (loss) per common share (in dollars per share) | 0.25 | (0.61) |
INCOME (LOSS) PER COMMON SHARE / CLASS A UNIT - DILUTED: | ||
Income (loss) from continuing operations, net (in dollars per share) | 0.24 | (0.61) |
Income from discontinued operations, net (in dollars per share) | 0.01 | 0 |
Net income (loss) per common share (in dollars per share) | $ 0.25 | $ (0.61) |
Vornado Realty L.P. | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share | ||
Income (loss) from continuing operations, net of income attributable to noncontrolling interests | $ 64,682 | $ (102,002) |
Income from discontinued operations, net of income attributable to noncontrolling interests | 2,428 | 716 |
Net income (loss) attributable to Vornado / Vornado Realty L.P. | 67,110 | (101,286) |
Preferred share dividends / Preferred unit distributions | (16,178) | (20,412) |
NET INCOME (LOSS) attributable to common shareholders / Class A unitholders | 50,932 | (121,698) |
Earnings allocated to unvested participating securities | (1,018) | (772) |
Numerator for basic and diluted income (loss) per share / per Class A unit | $ 49,914 | $ (122,470) |
Denominator for basic income (loss) per Class A unit - weighted average units and assumed conversions | 200,845 | 200,072 |
Vornado employee stock options and restricted share / unit awards (in shares) | 1,802 | 0 |
Denominator for diluted income (loss) per Class A unit - weighted average units and assumed conversions | 202,647 | 200,072 |
INCOME (LOSS) PER COMMON SHARE / CLASS A UNIT - BASIC: | ||
Income (loss) from continuing operations, net | $ 0.24 | $ (0.61) |
Income from discontinued operations, net | 0.01 | 0 |
Net income (loss) per Class A unit | 0.25 | (0.61) |
INCOME (LOSS) PER COMMON SHARE / CLASS A UNIT - DILUTED: | ||
Income (loss) from continuing operations, net | 0.24 | (0.61) |
Income from discontinued operations, net | 0.01 | 0 |
Net income (loss) per Class A unit | $ 0.25 | $ (0.61) |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Other Commitments | |
Guarantees and master leases | $ 723,000,000 |
Outstanding letters of credit | 19,895,000 |
Commitment To Fund Additional Capital To Partially Owned Entities | 170,000,000 |
Constuction commitment | 584,000,000 |
General Liability | |
Insurance | |
Insurance limit per occurrence | 300,000,000 |
Insurance limit per property | 300,000,000 |
Terrorism Acts | |
Insurance | |
Insurance limit per occurrence | 4,000,000,000 |
Annual aggregate insurance coverage | 4,000,000,000 |
NBCR Acts | |
Insurance | |
Insurance limit per occurrence | 2,000,000,000 |
Annual aggregate insurance coverage | $ 2,000,000,000 |
Insurance Coverage End Date | December 2,020 |
Earthquake California Properties | |
Insurance | |
Insurance limit per occurrence | $ 180,000,000 |
Annual aggregate insurance coverage | $ 180,000,000 |
Vornado deductible, percentage of property value | 5.00% |
All Risk And Rental Value | |
Insurance | |
Insurance limit per occurrence | $ 2,000,000,000 |
PPIC | NBCR Acts | |
Insurance | |
Insurance deductible | $ 1,976,000 |
Insurance Deductible Percentage Of Balance Of Covered Loss | 17.00% |
Segment Information (Narratives
Segment Information (Narratives) (Details) - Operating Segments - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
New York | 85 Tenth Avenue | ||
Segment Information | ||
Equity method ownership percentage | 49.90% | |
New York | Office | ||
Segment Information | ||
Real estate disposition transaction cost | $ (3,914) | |
New York | Retail | ||
Segment Information | ||
Real estate disposition transaction cost | $ 3,914 | |
Washington DC | ||
Segment Information | ||
Real estate disposition transaction cost | $ 7,253 | |
Washington DC | Fashion Centre Mall / Washington Tower | ||
Segment Information | ||
Our percent of interest | (7.50%) | |
Other | 85 Tenth Avenue | ||
Segment Information | ||
Equity method ownership percentage | (49.90%) | |
Other | Fashion Centre Mall / Washington Tower | ||
Segment Information | ||
Our percent of interest | 7.50% |
Segment Information (Summary of
Segment Information (Summary of net income and EBITDA reconciliation by segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Information | ||
Total revenues | $ 620,848 | $ 613,037 |
Total expenses | 464,381 | 613,317 |
Operating income (loss) | 156,467 | (280) |
Income (loss) from partially owned entities | 1,445 | (4,240) |
Income from real estate fund investments | 268 | 11,284 |
Interest and other investment income, net | 9,228 | 3,518 |
Interest and debt expense | (94,285) | (100,489) |
Net gains on sale of residential condominiums | 501 | 714 |
Income (loss) before income taxes | 73,624 | (89,493) |
Income tax expense | (2,205) | (2,831) |
Income (loss) from continuing operations | 71,419 | (92,324) |
Income from discontinued operations | 2,428 | 716 |
Net income (loss) | 73,847 | (91,608) |
Less net income attributable to noncontrolling interests in consolidated subsidiaries | (6,737) | (9,678) |
Net income (loss) attributable to the Operating Partnership | 67,110 | (101,286) |
Interest and debt expense (2) | 116,327 | 126,120 |
Depreciation and amortization (2) | 171,537 | 174,811 |
Income tax expense | 2,429 | 3,261 |
EBITDA | 357,403 | 202,906 |
Operating Segments | New York | ||
Segment Information | ||
Total revenues | 426,239 | 410,825 |
Total expenses | 280,821 | 269,595 |
Operating income (loss) | 145,418 | 141,230 |
Income (loss) from partially owned entities | (2,093) | (3,563) |
Income from real estate fund investments | 0 | 0 |
Interest and other investment income, net | 1,472 | 1,115 |
Interest and debt expense | (57,987) | (54,586) |
Net gains on sale of residential condominiums | 0 | 0 |
Income (loss) before income taxes | 86,810 | 84,196 |
Income tax expense | (143) | (959) |
Income (loss) from continuing operations | 86,667 | 83,237 |
Income from discontinued operations | 0 | 0 |
Net income (loss) | 86,667 | 83,237 |
Less net income attributable to noncontrolling interests in consolidated subsidiaries | (2,844) | (3,429) |
Net income (loss) attributable to the Operating Partnership | 83,823 | 79,808 |
Interest and debt expense (2) | 75,923 | 71,198 |
Depreciation and amortization (2) | 112,810 | 108,403 |
Income tax expense | 227 | 1,090 |
EBITDA | 272,783 | 260,499 |
Operating Segments | Washington DC | ||
Segment Information | ||
Total revenues | 116,207 | 128,012 |
Total expenses | 83,988 | 256,565 |
Operating income (loss) | 32,219 | (128,553) |
Income (loss) from partially owned entities | 32 | (2,265) |
Income from real estate fund investments | 0 | 0 |
Interest and other investment income, net | 64 | 58 |
Interest and debt expense | (11,561) | (15,935) |
Net gains on sale of residential condominiums | 0 | 0 |
Income (loss) before income taxes | 20,754 | (146,695) |
Income tax expense | (354) | (264) |
Income (loss) from continuing operations | 20,400 | (146,959) |
Income from discontinued operations | 0 | 0 |
Net income (loss) | 20,400 | (146,959) |
Less net income attributable to noncontrolling interests in consolidated subsidiaries | 0 | 0 |
Net income (loss) attributable to the Operating Partnership | 20,400 | (146,959) |
Interest and debt expense (2) | 13,499 | 18,996 |
Depreciation and amortization (2) | 36,383 | 42,230 |
Income tax expense | 367 | 265 |
EBITDA | 70,649 | (85,468) |
Operating Segments | Other | ||
Segment Information | ||
Total revenues | 78,402 | 74,200 |
Total expenses | 99,572 | 87,157 |
Operating income (loss) | (21,170) | (12,957) |
Income (loss) from partially owned entities | 3,506 | 1,588 |
Income from real estate fund investments | 268 | 11,284 |
Interest and other investment income, net | 7,692 | 2,345 |
Interest and debt expense | (24,737) | (29,968) |
Net gains on sale of residential condominiums | 501 | 714 |
Income (loss) before income taxes | (33,940) | (26,994) |
Income tax expense | (1,708) | (1,608) |
Income (loss) from continuing operations | (35,648) | (28,602) |
Income from discontinued operations | 2,428 | 716 |
Net income (loss) | (33,220) | (27,886) |
Less net income attributable to noncontrolling interests in consolidated subsidiaries | (3,893) | (6,249) |
Net income (loss) attributable to the Operating Partnership | (37,113) | (34,135) |
Interest and debt expense (2) | 26,905 | 35,926 |
Depreciation and amortization (2) | 22,344 | 24,178 |
Income tax expense | 1,835 | 1,906 |
EBITDA | $ 13,971 | $ 27,875 |
Segment Information (New York a
Segment Information (New York and Washington DC segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Information | ||
EBITDA | $ 357,403 | $ 202,906 |
Operating Segments | New York | ||
Segment Information | ||
EBITDA | 272,783 | 260,499 |
EBITDA Adjusted | 272,783 | 259,057 |
Operating Segments | New York | Properties sold and other | ||
Segment Information | ||
Gains (Losses) on Sales of Investment Real Estate | 0 | (1,442) |
Operating Segments | New York | Hotel Pennsylvania | ||
Segment Information | ||
EBITDA | (4,398) | (3,472) |
Operating Segments | New York | Alexanders Inc | ||
Segment Information | ||
EBITDA | 11,562 | 11,569 |
Operating Segments | New York | Office | ||
Segment Information | ||
EBITDA | 170,077 | 156,643 |
Operating Segments | New York | Retail | ||
Segment Information | ||
EBITDA | 89,264 | 89,409 |
Operating Segments | New York | Residential | ||
Segment Information | ||
EBITDA | 6,278 | 6,350 |
Operating Segments | Washington DC | ||
Segment Information | ||
EBITDA | 70,649 | (85,468) |
EBITDA adjustment | 0 | 154,755 |
EBITDA Adjusted | 70,649 | 69,287 |
Operating Segments | Washington DC | Properties sold and other | ||
Segment Information | ||
Gains (Losses) on Sales of Investment Real Estate | 0 | (5,945) |
Operating Segments | Washington DC | Skyline Properties | ||
Segment Information | ||
Impairment loss | 0 | 160,700 |
Operating Segments | Washington DC | Office | ||
Segment Information | ||
EBITDA | 57,032 | (95,875) |
Operating Segments | Washington DC | Office | Skyline Properties | ||
Segment Information | ||
EBITDA | 0 | (155,083) |
Operating Segments | Washington DC | Residential | ||
Segment Information | ||
EBITDA | 13,617 | 10,407 |
Operating Segments | Washington DC | Office Exclude the Skyline Properties | ||
Segment Information | ||
EBITDA | $ 57,032 | $ 59,208 |
Segment Information (Other EBIT
Segment Information (Other EBITDA components) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Information | ||
General and administrative | $ (56,658) | $ (48,704) |
Acquisition and transaction related costs | (8,005) | (4,607) |
Residual retail properties discontinued operations | 2,267 | 0 |
Net gains on sale of residential condominiums | 501 | 714 |
EBITDA | 357,403 | 202,906 |
Mark-to-market income (loss) of investments in our deferred compensation plan | 2,469 | (1,938) |
Operating Segments | Other | ||
Segment Information | ||
Our share of net (loss) income | 43,494 | 54,678 |
General and administrative | (32,987) | (30,606) |
Investment income and other, net | 8,540 | 6,975 |
Acquisition and transaction related costs | (8,005) | (4,607) |
Residual retail properties discontinued operations | 2,428 | 721 |
Net gains on sale of residential condominiums | 501 | 714 |
EBITDA | 13,971 | 27,875 |
Operating Segments | Other | The Mart and trade shows | ||
Segment Information | ||
Our share of net (loss) income | 24,184 | 23,028 |
Operating Segments | Other | 555 California Street | ||
Segment Information | ||
Our share of net (loss) income | 12,083 | 11,615 |
Operating Segments | Other | Other investments | ||
Segment Information | ||
Our share of net (loss) income | 10,462 | 14,724 |
Operating Segments | Other | Real estate fund investments | ||
Segment Information | ||
Our share of net (loss) income | (3,235) | 5,311 |
Mark-to-market income (loss) of investments in our deferred compensation plan | 2,469 | (1,938) |
Operating Segments | Other | Real estate fund investments | Income before net realized/unrealized gains | ||
Segment Information | ||
Our share of net (loss) income | 2,875 | 2,231 |
Operating Segments | Other | Real estate fund investments | Net realized / unrealized gains (losses) on investments | ||
Segment Information | ||
Our share of net (loss) income | (1,737) | 1,561 |
Operating Segments | Other | Real estate fund investments | Carried Interest | ||
Segment Information | ||
Our share of net (loss) income | $ (4,373) | $ 1,519 |