Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Jun. 30, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-K | |
Document Transition Report | false | |
Document Annual Report | true | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Dec. 31, 2020 | |
Entity Registrant Name | Vornado Realty Trust | |
Entity File Number | 001-11954 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 22-1657560 | |
Entity Address, Address Line One | 888 Seventh Avenue, | |
Entity Address, City or Town | New York, | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10019 | |
City Area Code | (212) | |
Local Phone Number | 894-7000 | |
Title of 12(g) Security | Series A Convertible Preferred Shares of beneficial interest, liquidation preference $50.00 per share | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
ICFR Auditor Attestation Flag | true | |
Entity Shell Company | false | |
Entity Public Float | $ 6,727,146 | |
Entity Common Stock, Shares Outstanding | 191,354,679 | |
Documents Incorporated by Reference | Part III : Portions of Proxy Statement for Annual Meeting of Vornado Realty Trust’s Shareholders to be held on May 20, 2021. | |
Entity Central Index Key | 0000899689 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
Vornado Realty L.P. | ||
Entity Information [Line Items] | ||
Entity Registrant Name | VORNADO REALTY LP | |
Entity File Number | 001-34482 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 13-3925979 | |
Title of 12(g) Security | Class A Units of Limited Partnership Interest | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
ICFR Auditor Attestation Flag | true | |
Entity Shell Company | false | |
Entity Public Float | $ 396,866 | |
Entity Central Index Key | 0001040765 | |
Document Fiscal Year Focus | 2020 | |
Common Shares of beneficial interest, $.04 par value per share | New York Stock Exchange | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Shares of beneficial interest, $.04 par value per share | |
Trading Symbol | VNO | |
Security Exchange Name | NYSE | |
5.70% Series K | New York Stock Exchange | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 5.70% Series K | |
Trading Symbol | VNO/PK | |
Security Exchange Name | NYSE | |
5.40% Series L | New York Stock Exchange | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 5.40% Series L | |
Trading Symbol | VNO/PL | |
Security Exchange Name | NYSE | |
5.25% Series M | New York Stock Exchange | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 5.25% Series M | |
Trading Symbol | VNO/PM | |
Security Exchange Name | NYSE | |
5.25% Series N | New York Stock Exchange | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 5.25% Series N | |
Trading Symbol | VNO/PN | |
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Real estate, at cost: | ||||
Land | $ 2,420,054 | $ 2,591,261 | ||
Buildings and improvements | 7,933,030 | 7,953,163 | ||
Development costs and construction in progress | 1,604,637 | 1,490,614 | ||
Moynihan Train Hall development expenditures | 0 | 914,960 | ||
Leasehold improvements and equipment | 130,222 | 124,014 | ||
Total | 12,087,943 | 13,074,012 | $ 16,237,883 | $ 14,756,295 |
Less accumulated depreciation and amortization | (3,169,446) | (3,015,958) | ||
Real estate, net | 8,918,497 | 10,058,054 | ||
Right-of-use assets | 367,365 | 379,546 | ||
Cash and cash equivalents | 1,624,482 | 1,515,012 | 570,916 | 1,817,655 |
Restricted cash | 105,887 | 92,119 | ||
Marketable securities | 0 | 33,313 | 152,198 | |
Tenant and other receivables | 77,658 | 95,733 | ||
Investments in partially owned entities | 3,491,107 | 3,999,165 | ||
Real estate fund investments | 3,739 | 222,649 | ||
220 Central Park South condominium units ready for sale | 128,215 | 408,918 | ||
Receivable arising from the straight-lining of rents | 674,075 | 742,206 | ||
Deferred leasing costs, net of accumulated amortization of $196,972 and $196,229 | 372,919 | 353,986 | ||
Identified intangible assets, net of accumulated amortization of $93,113 and $98,587 | 23,856 | 30,965 | ||
Other assets | 434,022 | 355,347 | ||
Assets | 16,221,822 | 18,287,013 | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||||
Mortgages payable, net | 5,580,549 | 5,639,897 | ||
Senior unsecured notes, net | 446,685 | 445,872 | ||
Unsecured term loan, net | 796,762 | 745,840 | ||
Unsecured revolving credit facilities | 575,000 | 575,000 | ||
Lease liabilities | 401,008 | 498,254 | ||
Moynihan Train Hall obligation | 0 | 914,960 | ||
Special dividend/distribution payable | 0 | 398,292 | ||
Accounts payable and accrued expenses | 427,202 | 440,049 | ||
Deferred revenue | 40,110 | 59,429 | ||
Deferred compensation plan | 105,564 | 103,773 | ||
Other liabilities | 294,520 | 265,754 | ||
Total liabilities | 8,667,400 | 10,087,120 | ||
Commitments and contingencies | ||||
Redeemable noncontrolling interests: | ||||
Total redeemable noncontrolling interests / partnership units | 606,267 | 888,915 | ||
Shareholders' / Partners' equity: | ||||
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,793,402 and 36,795,640 shares | 1,182,339 | 891,214 | ||
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 191,354,679 and 190,985,677 shares | 7,633 | 7,618 | ||
Additional capital | 8,192,507 | 7,827,697 | ||
Earnings less than distributions | (2,774,182) | (1,954,266) | ||
Accumulated other comprehensive loss | (75,099) | (40,233) | ||
Total Vornado and Vornado Realty L.P. shareholders' equity | 6,533,198 | 6,732,030 | ||
Noncontrolling interests in consolidated subsidiaries | 414,957 | 578,948 | ||
Total equity | 6,948,155 | 7,310,978 | 5,107,883 | 5,007,701 |
Total liabilities, redeemable noncontrolling interests / partnership units and equity | 16,221,822 | 18,287,013 | ||
Class A | ||||
Redeemable noncontrolling interests: | ||||
Class A units - 13,583,607 and 13,298,956 units outstanding | 507,212 | 884,380 | ||
Partnership Interest | ||||
Redeemable noncontrolling interests: | ||||
Class A units - 13,583,607 and 13,298,956 units outstanding | 507,212 | 884,380 | ||
Series D cumulative redeemable preferred units - 141,401 units outstanding | 4,535 | 4,535 | ||
Total redeemable noncontrolling interests / partnership units | 511,747 | 888,915 | 783,562 | |
Subsidiaries | ||||
Redeemable noncontrolling interests: | ||||
Total redeemable noncontrolling interests / partnership units | 94,520 | 0 | ||
Vornado Realty L.P. | ||||
Real estate, at cost: | ||||
Land | 2,420,054 | 2,591,261 | ||
Buildings and improvements | 7,933,030 | 7,953,163 | ||
Development costs and construction in progress | 1,604,637 | 1,490,614 | ||
Moynihan Train Hall development expenditures | 0 | 914,960 | ||
Leasehold improvements and equipment | 130,222 | 124,014 | ||
Total | 12,087,943 | 13,074,012 | ||
Less accumulated depreciation and amortization | (3,169,446) | (3,015,958) | ||
Real estate, net | 8,918,497 | 10,058,054 | ||
Right-of-use assets | 367,365 | 379,546 | ||
Cash and cash equivalents | 1,624,482 | 1,515,012 | 570,916 | 1,817,655 |
Restricted cash | 105,887 | 92,119 | 145,989 | 97,157 |
Marketable securities | 0 | 33,313 | ||
Tenant and other receivables | 77,658 | 95,733 | ||
Investments in partially owned entities | 3,491,107 | 3,999,165 | ||
Real estate fund investments | 3,739 | 222,649 | ||
220 Central Park South condominium units ready for sale | 128,215 | 408,918 | ||
Receivable arising from the straight-lining of rents | 674,075 | 742,206 | ||
Deferred leasing costs, net of accumulated amortization of $196,972 and $196,229 | 372,919 | 353,986 | ||
Identified intangible assets, net of accumulated amortization of $93,113 and $98,587 | 23,856 | 30,965 | ||
Other assets | 434,022 | 355,347 | ||
Assets | 16,221,822 | 18,287,013 | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||||
Mortgages payable, net | 5,580,549 | 5,639,897 | ||
Senior unsecured notes, net | 446,685 | 445,872 | ||
Unsecured term loan, net | 796,762 | 745,840 | ||
Unsecured revolving credit facilities | 575,000 | 575,000 | ||
Lease liabilities | 401,008 | 498,254 | ||
Moynihan Train Hall obligation | 0 | 914,960 | ||
Special dividend/distribution payable | 0 | 398,292 | ||
Accounts payable and accrued expenses | 427,202 | 440,049 | ||
Deferred revenue | 40,110 | 59,429 | ||
Deferred compensation plan | 105,564 | 103,773 | ||
Other liabilities | 294,520 | 265,754 | ||
Total liabilities | 8,667,400 | 10,087,120 | ||
Commitments and contingencies | ||||
Redeemable noncontrolling interests: | ||||
Total redeemable noncontrolling interests / partnership units | 606,267 | 888,915 | ||
Shareholders' / Partners' equity: | ||||
Partners' capital | 9,382,479 | 8,726,529 | ||
Earnings less than distributions | (2,774,182) | (1,954,266) | ||
Accumulated other comprehensive loss | (75,099) | (40,233) | ||
Total Vornado and Vornado Realty L.P. shareholders' equity | 6,533,198 | 6,732,030 | ||
Noncontrolling interests in consolidated subsidiaries | 414,957 | 578,948 | ||
Total equity | 6,948,155 | 7,310,978 | $ 5,107,883 | $ 5,007,701 |
Total liabilities, redeemable noncontrolling interests / partnership units and equity | 16,221,822 | 18,287,013 | ||
Vornado Realty L.P. | Partnership Interest | ||||
Redeemable noncontrolling interests: | ||||
Class A units - 13,583,607 and 13,298,956 units outstanding | 507,212 | 884,380 | ||
Series D cumulative redeemable preferred units - 141,401 units outstanding | 4,535 | 4,535 | ||
Total redeemable noncontrolling interests / partnership units | 511,747 | 888,915 | ||
Vornado Realty L.P. | Subsidiaries | ||||
Redeemable noncontrolling interests: | ||||
Total redeemable noncontrolling interests / partnership units | $ 94,520 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Deferred leasing costs, accumulated amortization (in US dollars) | $ 196,972 | $ 196,229 |
Identified intangible assets, accumulated amortization (in US dollars) | $ 93,113 | $ 98,587 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Preferred stock, par value per share (in dollars per share) | $ 0 | $ 0 |
Preferred shares of beneficial interest: authorized shares | 110,000,000 | 110,000,000 |
Preferred shares of beneficial interest: issued shares | 48,793,402 | 36,795,640 |
Preferred shares of beneficial interest: outstanding shares | 48,793,402 | 36,795,640 |
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 | 191,354,679 | 190,985,677 |
Common shares of beneficial interest: outstanding shares | 191,354,679 | 190,985,677 |
Vornado Realty L.P. | ||
ASSETS | ||
Deferred leasing costs, accumulated amortization (in US dollars) | $ 196,972 | $ 196,229 |
Identified intangible assets, accumulated amortization (in US dollars) | $ 93,113 | $ 98,587 |
Class A | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Outstanding Partnership Units held by Third Parties | 13,583,607 | 13,298,956 |
Class A | Vornado Realty L.P. | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Outstanding Partnership Units held by Third Parties | 13,583,607 | 13,298,956 |
Common shares of beneficial interest: outstanding shares | 191,354,679 | |
Series D Cumulative Redeemable Preferred Unit | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Outstanding Partnership Units held by Third Parties | 141,401 | 141,401 |
Series D Cumulative Redeemable Preferred Unit | Vornado Realty L.P. | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Outstanding Partnership Units held by Third Parties | 141,401 | 141,401 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
REVENUES: | |||
Total revenues | $ 1,527,951 | $ 1,924,700 | $ 2,163,720 |
EXPENSES: | |||
Operating | (789,066) | (917,981) | (963,478) |
Depreciation and amortization | (399,695) | (419,107) | (446,570) |
General and administrative | (181,509) | (169,920) | (141,871) |
(Expense) benefit from deferred compensation plan liability | (6,443) | (11,609) | 2,480 |
Impairment losses and transaction related costs, net | (174,027) | (106,538) | (31,320) |
Total expenses | (1,550,740) | (1,625,155) | (1,580,759) |
(Loss) income from partially owned entities | (329,112) | 78,865 | 9,149 |
Loss from real estate fund investments | (226,327) | (104,082) | (89,231) |
Interest and other investment (loss) income, net | (5,499) | 21,819 | 17,057 |
Income (loss) from deferred compensation plan assets | 6,443 | 11,609 | (2,480) |
Interest and debt expense | (229,251) | (286,623) | (347,949) |
Net gain on transfer to Fifth Avenue and Times Square JV | 0 | 2,571,099 | 0 |
Purchase price fair value adjustment | 0 | 0 | 44,060 |
Net gains on disposition of wholly owned and partially owned assets | 381,320 | 845,499 | 246,031 |
(Loss) income before income taxes | (425,215) | 3,437,731 | 459,598 |
Income tax expense | (36,630) | (103,439) | (37,633) |
(Loss) income from continuing operations | (461,845) | 3,334,292 | 421,965 |
(Loss) income from discontinued operations | 0 | (30) | 638 |
Net (loss) income | (461,845) | 3,334,262 | 422,603 |
Less net loss (income) attributable to noncontrolling interests in: | |||
Consolidated subsidiaries | 139,894 | 24,547 | 53,023 |
Operating Partnership | 24,946 | (210,872) | (25,672) |
Net (loss) income attributable to Vornado / Vornado Realty L.P. | (297,005) | 3,147,937 | 449,954 |
Preferred share dividends / unit distributions | (51,739) | (50,131) | (50,636) |
Preferred share / unit issuance costs | 0 | 0 | (14,486) |
NET (LOSS) INCOME attributable to common shareholders / Class A unitholders | $ (348,744) | $ 3,097,806 | $ 384,832 |
(LOSS) INCOME PER COMMON SHARE - BASIC: | |||
Net (loss) income per common share - Basic (in dollars per share) | $ (1.83) | $ 16.23 | $ 2.02 |
Weighted average shares outstanding | 191,146 | 190,801 | 190,219 |
(LOSS) INCOME PER COMMON SHARE - DILUTED: | |||
Net (loss) income per common share - Diluted (in dollars per share) | $ (1.83) | $ 16.21 | $ 2.01 |
Weighted average shares outstanding | 191,146 | 191,053 | 191,290 |
Vornado Realty L.P. | |||
REVENUES: | |||
Total revenues | $ 1,527,951 | $ 1,924,700 | $ 2,163,720 |
EXPENSES: | |||
Operating | (789,066) | (917,981) | (963,478) |
Depreciation and amortization | (399,695) | (419,107) | (446,570) |
General and administrative | (181,509) | (169,920) | (141,871) |
(Expense) benefit from deferred compensation plan liability | (6,443) | (11,609) | 2,480 |
Impairment losses and transaction related costs, net | (174,027) | (106,538) | (31,320) |
Total expenses | (1,550,740) | (1,625,155) | (1,580,759) |
(Loss) income from partially owned entities | (329,112) | 78,865 | 9,149 |
Loss from real estate fund investments | (226,327) | (104,082) | (89,231) |
Interest and other investment (loss) income, net | (5,499) | 21,819 | 17,057 |
Income (loss) from deferred compensation plan assets | 6,443 | 11,609 | (2,480) |
Interest and debt expense | (229,251) | (286,623) | (347,949) |
Net gain on transfer to Fifth Avenue and Times Square JV | 0 | 2,571,099 | 0 |
Purchase price fair value adjustment | 0 | 0 | 44,060 |
Net gains on disposition of wholly owned and partially owned assets | 381,320 | 845,499 | 246,031 |
(Loss) income before income taxes | (425,215) | 3,437,731 | 459,598 |
Income tax expense | (36,630) | (103,439) | (37,633) |
(Loss) income from continuing operations | (461,845) | 3,334,292 | 421,965 |
(Loss) income from discontinued operations | 0 | (30) | 638 |
Net (loss) income | (461,845) | 3,334,262 | 422,603 |
Less net loss (income) attributable to noncontrolling interests in: | |||
Consolidated subsidiaries | 139,894 | 24,547 | 53,023 |
Operating Partnership | 24,946 | (210,872) | (25,672) |
Net (loss) income attributable to Vornado / Vornado Realty L.P. | (321,951) | 3,358,809 | 475,626 |
Preferred share dividends / unit distributions | (51,904) | (50,296) | (50,830) |
Preferred share / unit issuance costs | 0 | 0 | (14,486) |
NET (LOSS) INCOME attributable to common shareholders / Class A unitholders | $ (373,855) | $ 3,308,513 | $ 410,310 |
(LOSS) INCOME PER CLASS A UNIT - BASIC: | |||
(Loss) income from continuing operations, net (in dollars per share) | $ (1.86) | $ 16.22 | $ 2.01 |
Income (loss) from discontinued operations, net (in dollars per share) | 0 | 0 | 0.01 |
Net (loss) income per Class A unit (in dollars per share) | $ (1.86) | $ 16.22 | $ 2.02 |
Weighted average units outstanding | 203,503 | 202,947 | 202,068 |
(LOSS) INCOME PER CLASS A UNIT - DILUTED: | |||
Net (loss) income per Class A unit (in dollars per share) | $ (1.86) | $ 16.19 | $ 2 |
Weighted average units outstanding | 203,503 | 203,248 | 203,412 |
Rental revenues | |||
REVENUES: | |||
Total revenues | $ 1,377,635 | $ 1,767,222 | $ 2,007,333 |
Rental revenues | Vornado Realty L.P. | |||
REVENUES: | |||
Total revenues | 1,377,635 | 1,767,222 | 2,007,333 |
Fee and other income | |||
REVENUES: | |||
Total revenues | 150,316 | 157,478 | 156,387 |
Fee and other income | Vornado Realty L.P. | |||
REVENUES: | |||
Total revenues | $ 150,316 | $ 157,478 | $ 156,387 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net (loss) income | $ (461,845) | $ 3,334,262 | $ 422,603 |
Other comprehensive (loss) income: | |||
Reduction in value of interest rate swaps and other | (29,971) | (47,883) | (14,635) |
Other comprehensive (loss) income of nonconsolidated subsidiaries | (14,342) | (938) | 1,155 |
Amounts reclassified from accumulated other comprehensive loss relating to nonconsolidated subsidiary | 0 | (2,311) | 0 |
Comprehensive (loss) income | (506,158) | 3,283,130 | 409,123 |
Less comprehensive (income) loss attributable to noncontrolling interests in consolidated subsidiaries | 174,287 | (183,090) | 28,187 |
Comprehensive (loss) income attributable to Vornado / Vornado Realty L.P. | (331,871) | 3,100,040 | 437,310 |
Vornado Realty L.P. | |||
Net (loss) income | (461,845) | 3,334,262 | 422,603 |
Other comprehensive (loss) income: | |||
Reduction in value of interest rate swaps and other | (29,971) | (47,883) | (14,635) |
Other comprehensive (loss) income of nonconsolidated subsidiaries | (14,342) | (938) | 1,155 |
Amounts reclassified from accumulated other comprehensive loss relating to nonconsolidated subsidiary | 0 | (2,311) | 0 |
Comprehensive (loss) income | (506,158) | 3,283,130 | 409,123 |
Less comprehensive (income) loss attributable to noncontrolling interests in consolidated subsidiaries | 139,894 | 24,547 | 53,023 |
Comprehensive (loss) income attributable to Vornado / Vornado Realty L.P. | $ (366,264) | $ 3,307,677 | $ 462,146 |
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 Loss | 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 Loss | 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 | Series G & I Preferred Stock | Series G & I Preferred StockPreferred Shares / Units | Series G & I Preferred StockEarnings Less Than Distributions | Series G & I Preferred StockVornado Realty L.P. | Series G & I Preferred StockVornado Realty L.P.Preferred Shares / Units | Series G & I Preferred StockVornado Realty L.P.Earnings Less Than Distributions | Series N | Series NPreferred Shares / Units | Series NVornado Realty L.P. | Series NVornado Realty L.P.Preferred Shares / Units | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, AdjustmentEarnings Less Than Distributions | Cumulative Effect, Period of Adoption, AdjustmentAccumulated Other Comprehensive Loss | Cumulative Effect, Period of Adoption, AdjustmentVornado Realty L.P. | Cumulative Effect, Period of Adoption, AdjustmentVornado Realty L.P.Earnings Less Than Distributions | Cumulative Effect, Period of Adoption, AdjustmentVornado Realty L.P.Accumulated Other Comprehensive Loss |
Beginning balance, shares at Dec. 31, 2017 | 36,800 | 189,984 | 36,800 | 189,984 | |||||||||||||||||||||||||||||||||
Beginning balance, value at Dec. 31, 2017 | $ 5,007,701 | $ 891,988 | $ 7,577 | $ 7,492,658 | $ (4,183,253) | $ 128,682 | $ 670,049 | $ 5,007,701 | $ 891,988 | $ 7,500,235 | $ (4,183,253) | $ 128,682 | $ 670,049 | $ 14,519 | $ 122,893 | $ (108,374) | $ 14,519 | $ 122,893 | $ (108,374) | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado / Vornado Realty L.P. | 449,954 | 449,954 | 475,626 | 475,626 | |||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | (25,672) | (25,672) | (25,672) | ||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | (53,023) | (53,023) | (53,023) | (53,023) | |||||||||||||||||||||||||||||||||
Dividends on common shares | (479,348) | (479,348) | |||||||||||||||||||||||||||||||||||
Distributions to Vornado | (479,348) | (479,348) | |||||||||||||||||||||||||||||||||||
Dividends on preferred shares / Distributions to preferred unitholders (see Note 12 for dividends per share amounts) | (50,636) | (50,636) | (50,636) | (50,636) | |||||||||||||||||||||||||||||||||
Cumulative redeemable preferred shares issuance | $ (15,149) | $ (663) | $ (14,486) | $ (15,149) | $ (663) | $ (14,486) | |||||||||||||||||||||||||||||||
Common shares issued: | |||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value, shares | 244 | 244 | |||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | 17,068 | $ 10 | 17,058 | 17,068 | $ 17,068 | ||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan, shares | 279 | 279 | |||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | (6,266) | $ 12 | 5,907 | (12,185) | (6,266) | $ 5,919 | (12,185) | ||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan, shares | 20 | 20 | |||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | 1,390 | $ 1 | 1,389 | 1,390 | $ 1,390 | ||||||||||||||||||||||||||||||||
Contributions: | |||||||||||||||||||||||||||||||||||||
Contributions: | $ 46,942 | $ 15,715 | $ 46,942 | $ 15,715 | $ 46,942 | $ 15,715 | $ 46,942 | $ 15,715 | |||||||||||||||||||||||||||||
Distributions: | |||||||||||||||||||||||||||||||||||||
Distributions | (12,665) | (33,250) | (12,665) | (33,250) | (12,665) | (33,250) | (12,665) | (33,250) | |||||||||||||||||||||||||||||
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, shares | 2 | 2 | |||||||||||||||||||||||||||||||||||
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, value | (1) | $ (31) | 30 | (1) | $ (31) | $ 30 | |||||||||||||||||||||||||||||||
Deferred compensation shares / units and options, Shares | 6 | 6 | |||||||||||||||||||||||||||||||||||
Deferred compensation shares / units and options, Value | 1,036 | 1,157 | (121) | 1,036 | $ 1,157 | (121) | |||||||||||||||||||||||||||||||
Amounts reclassified related to a nonconsolidated subsidiary | 0 | 0 | |||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income of nonconsolidated subsidiaries | 1,155 | 1,155 | 1,155 | 1,155 | |||||||||||||||||||||||||||||||||
Reduction in value of interest rate swaps | (14,634) | (14,634) | (14,634) | (14,634) | |||||||||||||||||||||||||||||||||
Unearned Out-Performance Plan awards acceleration | 9,046 | 9,046 | 9,046 | 9,046 | |||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | 198,064 | 198,064 | 198,064 | 198,064 | |||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | 836 | 836 | 836 | 836 | |||||||||||||||||||||||||||||||||
Consolidation of the Farley joint venture | 8,720 | 8,720 | 8,720 | 8,720 | |||||||||||||||||||||||||||||||||
Other, value | 709 | 548 | (2) | (1) | 164 | 709 | $ 548 | (2) | (1) | 164 | |||||||||||||||||||||||||||
Ending balance, shares at Dec. 31, 2018 | 36,800 | 190,535 | 36,800 | 190,535 | |||||||||||||||||||||||||||||||||
Ending balance, value at Dec. 31, 2018 | 5,107,883 | $ 891,294 | $ 7,600 | 7,725,857 | (4,167,184) | 7,664 | 642,652 | 5,107,883 | $ 891,294 | $ 7,733,457 | (4,167,184) | 7,664 | 642,652 | ||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado / Vornado Realty L.P. | 3,147,937 | 3,147,937 | 3,358,809 | 3,358,809 | |||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | (210,872) | (210,872) | (210,872) | ||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | (24,547) | (24,547) | (24,547) | (24,547) | |||||||||||||||||||||||||||||||||
Dividends on common shares | (503,785) | (503,785) | |||||||||||||||||||||||||||||||||||
Special dividend ($1.95 per share) | (372,380) | (372,380) | (372,380) | (372,380) | |||||||||||||||||||||||||||||||||
Distributions to Vornado | (503,785) | (503,785) | |||||||||||||||||||||||||||||||||||
Dividends on preferred shares / Distributions to preferred unitholders (see Note 12 for dividends per share amounts) | (50,131) | (50,131) | (50,131) | (50,131) | |||||||||||||||||||||||||||||||||
Common shares issued: | |||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value, shares | 171 | 171 | |||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | 11,250 | $ 7 | 11,243 | 11,250 | $ 11,250 | ||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan, shares | 245 | 245 | |||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | (3,098) | $ 10 | 5,479 | (8,587) | (3,098) | $ 5,489 | (8,587) | ||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan, shares | 22 | 22 | |||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | 1,414 | $ 1 | 1,413 | 1,414 | $ 1,414 | ||||||||||||||||||||||||||||||||
Contributions: | |||||||||||||||||||||||||||||||||||||
Contributions: | 9,023 | 8,848 | 9,023 | 8,848 | 9,023 | 8,848 | 9,023 | 8,848 | |||||||||||||||||||||||||||||
Distributions: | |||||||||||||||||||||||||||||||||||||
Distributions | (45,587) | (45,587) | (45,587) | (45,587) | |||||||||||||||||||||||||||||||||
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, shares | (2) | 6 | (2) | 6 | |||||||||||||||||||||||||||||||||
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, value | 0 | $ (80) | 80 | 0 | $ (80) | $ 80 | |||||||||||||||||||||||||||||||
Deferred compensation shares / units and options, Shares | 7 | 7 | |||||||||||||||||||||||||||||||||||
Deferred compensation shares / units and options, Value | 990 | 1,095 | (105) | 990 | $ 1,095 | (105) | |||||||||||||||||||||||||||||||
Amounts reclassified related to a nonconsolidated subsidiary | (2,311) | (2,311) | (2,311) | (2,311) | |||||||||||||||||||||||||||||||||
Other comprehensive (loss) income of nonconsolidated subsidiaries | (938) | (938) | (938) | (938) | |||||||||||||||||||||||||||||||||
Reduction in value of interest rate swaps | (47,885) | (47,885) | (47,885) | (47,885) | |||||||||||||||||||||||||||||||||
Unearned Out-Performance Plan awards acceleration | 11,720 | 11,720 | 11,720 | 11,720 | |||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | 70,810 | 70,810 | 70,810 | $ 70,810 | |||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | 3,235 | 3,235 | 3,235 | 3,235 | |||||||||||||||||||||||||||||||||
Deconsolidation of partially owned entity | (11,441) | (11,441) | (11,441) | (11,441) | |||||||||||||||||||||||||||||||||
Other, shares | (2) | (2) | |||||||||||||||||||||||||||||||||||
Other, value | (29) | (31) | 2 | (29) | (31) | 2 | |||||||||||||||||||||||||||||||
Ending balance, shares at Dec. 31, 2019 | 36,796 | 190,986 | 36,796 | 190,986 | |||||||||||||||||||||||||||||||||
Ending balance, value at Dec. 31, 2019 | $ 7,310,978 | $ 891,214 | $ 7,618 | 7,827,697 | (1,954,266) | (40,233) | 578,948 | 7,310,978 | $ 891,214 | $ 7,835,315 | (1,954,266) | (40,233) | 578,948 | $ (16,064) | $ (16,064) | $ (16,064) | $ (16,064) | ||||||||||||||||||||
Distributions: | |||||||||||||||||||||||||||||||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | ||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado / Vornado Realty L.P. | $ (297,005) | (297,005) | (321,951) | (321,951) | |||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | 24,946 | 24,946 | 24,946 | ||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | (140,438) | (140,438) | (140,438) | (140,438) | |||||||||||||||||||||||||||||||||
Dividends on common shares | (454,939) | (454,939) | |||||||||||||||||||||||||||||||||||
Distributions to Vornado | (454,939) | (454,939) | |||||||||||||||||||||||||||||||||||
Dividends on preferred shares / Distributions to preferred unitholders (see Note 12 for dividends per share amounts) | (51,739) | (51,739) | (51,739) | (51,739) | |||||||||||||||||||||||||||||||||
Cumulative redeemable preferred units issuance, shares | 12,000 | 12,000 | |||||||||||||||||||||||||||||||||||
Cumulative redeemable preferred shares issuance | $ 291,182 | $ 291,182 | $ 291,182 | $ 291,182 | |||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value, shares | 236 | 236 | |||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | 9,266 | $ 9 | 9,257 | 9,266 | $ 9,266 | ||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan, shares | 69 | 69 | |||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | 3,517 | $ 3 | 3,514 | 3,517 | $ 3,517 | ||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan, shares | 47 | 47 | |||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | 2,345 | $ 2 | 2,343 | 2,345 | $ 2,345 | ||||||||||||||||||||||||||||||||
Contributions: | $ 3,389 | $ 4,305 | $ 3,389 | $ 4,305 | $ 3,389 | $ 4,305 | $ 3,389 | $ 4,305 | |||||||||||||||||||||||||||||
Distributions | (33,007) | (33,007) | (33,007) | (33,007) | |||||||||||||||||||||||||||||||||
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, shares | (3) | 4 | (3) | 4 | |||||||||||||||||||||||||||||||||
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, value | 0 | $ (57) | $ 0 | 57 | 0 | $ (57) | $ 57 | ||||||||||||||||||||||||||||||
Deferred compensation shares / units and options, Shares | 13 | 13 | |||||||||||||||||||||||||||||||||||
Deferred compensation shares / units and options, Value | 1,169 | $ 1 | 1,305 | (137) | 1,169 | $ 1,306 | (137) | ||||||||||||||||||||||||||||||
Amounts reclassified related to a nonconsolidated subsidiary | 0 | 0 | |||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income of nonconsolidated subsidiaries | (14,342) | (14,342) | (14,342) | (14,342) | |||||||||||||||||||||||||||||||||
Reduction in value of interest rate swaps | (29,972) | (29,972) | (29,972) | (29,972) | |||||||||||||||||||||||||||||||||
Unearned Out-Performance Plan awards acceleration | 10,824 | 10,824 | 10,824 | 10,824 | |||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | 344,043 | 344,043 | 344,043 | 344,043 | |||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | 2,914 | 2,914 | 2,914 | 2,914 | |||||||||||||||||||||||||||||||||
Other, value | 1,729 | (6,533) | (32) | 6,534 | 1,760 | 1,729 | $ (6,533) | (32) | 6,534 | 1,760 | |||||||||||||||||||||||||||
Ending balance, shares at Dec. 31, 2020 | 48,793 | 191,355 | 48,793 | 191,355 | |||||||||||||||||||||||||||||||||
Ending balance, value at Dec. 31, 2020 | $ 6,948,155 | $ 1,182,339 | $ 7,633 | $ 8,192,507 | $ (2,774,182) | $ (75,099) | $ 414,957 | $ 6,948,155 | $ 1,182,339 | $ 8,200,140 | $ (2,774,182) | $ (75,099) | $ 414,957 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity - Parenthetical - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Special dividend (in dollars per share) | $ 1.95 | ||
Common shares/units, dividends (in dollars per share) | $ 2.38 | 2.64 | $ 2.52 |
Vornado Realty L.P. | |||
Special dividend (in dollars per share) | 1.95 | ||
Common shares/units, dividends (in dollars per share) | $ 2.38 | $ 2.64 | $ 2.52 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flows from Operating Activities: | |||
Net (loss) income | $ (461,845) | $ 3,334,262 | $ 422,603 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation and amortization (including amortization of deferred financing costs) | 417,942 | 438,933 | 472,785 |
Net gains on disposition of wholly owned and partially owned assets | (381,320) | (845,499) | (246,031) |
Equity in net loss (income) of partially owned entities | 329,112 | (78,865) | (9,149) |
Real estate impairment losses and related write-offs | 236,286 | 26,705 | 12,000 |
Net unrealized loss on real estate fund investments | 226,107 | 106,109 | 84,706 |
Distributions of income from partially owned entities | 175,246 | 116,826 | 78,831 |
Non-cash (gain on extinguishment of 608 Fifth Avenue lease liability) impairment loss on 608 Fifth Avenue right-of-use asset | (70,260) | 75,220 | 0 |
Write-off of lease receivables deemed uncollectible | 63,204 | 17,237 | 0 |
Stock-based compensation expense | 48,677 | 53,908 | 31,722 |
Straight-lining of rents | 24,404 | 9,679 | (7,605) |
Amortization of below-market leases, net | (16,878) | (19,830) | (38,573) |
Credit losses on loans receivable | 13,369 | 0 | 0 |
Decrease in fair value of marketable securities | 4,938 | 5,533 | 26,453 |
Net gain on transfer to Fifth Avenue and Times Square JV | 0 | (2,571,099) | 0 |
Prepayment penalty on redemption of senior unsecured notes due 2022 | 0 | 22,058 | 0 |
Purchase price fair value adjustment | 0 | 0 | (44,060) |
Return of capital from real estate fund investments | 0 | 0 | 20,290 |
Change in valuation of deferred tax assets and liabilities | 0 | 0 | 12,835 |
Other non-cash adjustments | 6,739 | (3,472) | 7,499 |
Changes in operating assets and liabilities: | |||
Real estate fund investments | (7,197) | (10,000) | (68,950) |
Tenant and other receivables, net | (5,330) | (25,988) | (14,532) |
Prepaid assets | (137,452) | 7,558 | 151,533 |
Other assets | (52,832) | (4,302) | (84,222) |
Accounts payable and accrued expenses | 14,868 | 5,940 | 5,869 |
Other liabilities | (3,538) | 1,626 | (11,363) |
Net cash provided by operating activities | 424,240 | 662,539 | 802,641 |
Cash Flows from Investing Activities: | |||
Proceeds from sale of condominium units at 220 Central Park South | 1,044,260 | 1,605,356 | 214,776 |
Development costs and construction in progress | (601,920) | (649,056) | (418,186) |
Moynihan Train Hall expenditures | (395,051) | (438,935) | (74,609) |
Additions to real estate | (155,738) | (233,666) | (234,602) |
Proceeds from sales of marketable securities | 28,375 | 168,314 | 4,101 |
Investments in partially owned entities | (8,959) | (18,257) | (37,131) |
Distributions of capital from partially owned entities | 2,389 | 24,880 | 100,178 |
Acquisitions of real estate and other | (1,156) | (69,699) | (574,812) |
Proceeds from transfer of interest in Fifth Avenue and Times Square JV (net of $35,562 of transaction costs and $10,899 of deconsolidated cash and restricted cash) | 0 | 1,248,743 | 0 |
Proceeds from redemption of 640 Fifth Avenue preferred equity | 0 | 500,000 | 0 |
Proceeds from sale of real estate and related investments | 0 | 324,201 | 219,731 |
Proceeds from repayments of loans receivable | 0 | 1,395 | 25,757 |
Investments in loans receivable | 0 | 0 | (105,000) |
Net consolidation of Farley Office and Retail Building | 0 | 0 | 2,075 |
Net cash (used in) provided by investing activities | (87,800) | 2,463,276 | (877,722) |
Cash Flows from Financing Activities: | |||
Repayments of borrowings | (1,067,564) | (2,718,987) | (685,265) |
Proceeds from borrowings | 1,056,315 | 1,108,156 | 526,766 |
Dividends paid on common shares / Distributions to Vornado | (827,319) | (503,785) | (479,348) |
Moynihan Train Hall reimbursement from Empire State Development | 395,051 | 438,935 | 74,609 |
Proceeds from issuance of preferred shares | 291,182 | 0 | 0 |
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries | 100,094 | 17,871 | 61,062 |
Distribution to noncontrolling interests / redeemable security holders and noncontrolling interests in consolidated subsidiaries | (91,514) | (80,194) | (76,149) |
Dividends paid on preferred shares/ Distributions to preferred unitholders | (64,271) | (50,131) | (55,115) |
Debt issuance costs | (10,901) | (15,588) | (12,908) |
Proceeds received from exercise of employee share options (Vornado stock options) and other | 5,862 | 6,903 | 7,309 |
Repurchase of shares (Class A units) related to stock compensation agreements and related tax withholdings and other | (137) | (8,692) | (12,969) |
Purchase of marketable securities in connection with defeasance of mortgage payable | 0 | (407,126) | 0 |
Prepayment penalty on redemption of senior unsecured notes due 2022 | 0 | (22,058) | 0 |
Redemption of preferred shares / units | 0 | (893) | (470,000) |
Debt prepayment and extinguishment costs | 0 | 0 | (818) |
Net cash used in financing activities | (213,202) | (2,235,589) | (1,122,826) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 123,238 | 890,226 | (1,197,907) |
Cash and cash equivalents and restricted cash at beginning of period | 1,607,131 | 716,905 | 1,914,812 |
Cash and cash equivalents and restricted cash at end of period | 1,730,369 | 1,607,131 | 716,905 |
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | |||
Cash and cash equivalents at beginning of period | 1,515,012 | 570,916 | 1,817,655 |
Restricted cash at beginning of period | 92,119 | 145,989 | 97,157 |
Cash and cash equivalents and restricted cash at beginning of period | 1,607,131 | 716,905 | 1,914,812 |
Cash and cash equivalents at end of period | 1,624,482 | 1,515,012 | 570,916 |
Restricted cash at end of period | 105,887 | 92,119 | 145,989 |
Cash and cash equivalents and restricted cash at end of period | 1,730,369 | 1,607,131 | 716,905 |
Supplemental Disclosure of Cash Flow Information: | |||
Cash payments for interest, excluding capitalized interest of $40,855, $67,980 and $67,402 | 210,052 | 283,613 | 311,835 |
Cash payments for income taxes | 15,105 | 59,834 | 62,225 |
Non-Cash Investing and Financing Activities: | |||
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | 388,280 | 1,311,468 | 233,179 |
Redeemable Class A unit measurement adjustment | 344,043 | 70,810 | 198,064 |
Write-off of fully depreciated assets | (189,250) | (122,813) | (86,064) |
Accrued capital expenditures included in accounts payable and accrued expenses | 117,641 | 109,975 | 88,115 |
Investments received in exchange for transfer to Fifth Avenue and Times Square JV: | |||
Preferred equity | 0 | 2,327,750 | 0 |
Common equity | 0 | 1,449,495 | 0 |
Lease liabilities arising from the recognition of right-of-use assets | 0 | 526,866 | 0 |
Marketable securities transferred in connection with the defeasance of mortgage payable | 0 | (407,126) | 0 |
Special dividend/distribution declared and payable on January 15, 2020 | 0 | 398,292 | 0 |
Defeasance of mortgage payable | 0 | 390,000 | 0 |
Recognition of negative basis related to the sale of our investment in 330 Madison Avenue | 0 | 60,052 | 0 |
Amounts related to our investment in Pennsylvania Real Estate Investment Trust reclassified from "investments in partially owned entities" and "accumulated other comprehensive loss" to "marketable securities" upon conversion of operating partnership units to common shares | 0 | 54,962 | 0 |
Vornado Realty L.P. | |||
Cash Flows from Operating Activities: | |||
Net (loss) income | (461,845) | 3,334,262 | 422,603 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation and amortization (including amortization of deferred financing costs) | 417,942 | 438,933 | 472,785 |
Net gains on disposition of wholly owned and partially owned assets | (381,320) | (845,499) | (246,031) |
Equity in net loss (income) of partially owned entities | 329,112 | (78,865) | (9,149) |
Real estate impairment losses and related write-offs | 236,286 | 26,705 | 12,000 |
Net unrealized loss on real estate fund investments | 226,107 | 106,109 | 84,706 |
Distributions of income from partially owned entities | 175,246 | 116,826 | 78,831 |
Non-cash (gain on extinguishment of 608 Fifth Avenue lease liability) impairment loss on 608 Fifth Avenue right-of-use asset | (70,260) | 75,220 | 0 |
Write-off of lease receivables deemed uncollectible | 63,204 | 17,237 | 0 |
Stock-based compensation expense | 48,677 | 53,908 | 31,722 |
Straight-lining of rents | 24,404 | 9,679 | (7,605) |
Amortization of below-market leases, net | (16,878) | (19,830) | (38,573) |
Credit losses on loans receivable | 13,369 | 0 | 0 |
Decrease in fair value of marketable securities | 4,938 | 5,533 | 26,453 |
Net gain on transfer to Fifth Avenue and Times Square JV | 0 | (2,571,099) | 0 |
Prepayment penalty on redemption of senior unsecured notes due 2022 | 0 | 22,058 | 0 |
Purchase price fair value adjustment | 0 | 0 | (44,060) |
Return of capital from real estate fund investments | 0 | 0 | 20,290 |
Change in valuation of deferred tax assets and liabilities | 0 | 0 | 12,835 |
Other non-cash adjustments | 6,739 | (3,472) | 7,499 |
Changes in operating assets and liabilities: | |||
Real estate fund investments | (7,197) | (10,000) | (68,950) |
Tenant and other receivables, net | (5,330) | (25,988) | (14,532) |
Prepaid assets | (137,452) | 7,558 | 151,533 |
Other assets | (52,832) | (4,302) | (84,222) |
Accounts payable and accrued expenses | 14,868 | 5,940 | 5,869 |
Other liabilities | (3,538) | 1,626 | (11,363) |
Net cash provided by operating activities | 424,240 | 662,539 | 802,641 |
Cash Flows from Investing Activities: | |||
Proceeds from sale of condominium units at 220 Central Park South | 1,044,260 | 1,605,356 | 214,776 |
Development costs and construction in progress | (601,920) | (649,056) | (418,186) |
Moynihan Train Hall expenditures | (395,051) | (438,935) | (74,609) |
Additions to real estate | (155,738) | (233,666) | (234,602) |
Proceeds from sales of marketable securities | 28,375 | 168,314 | 4,101 |
Investments in partially owned entities | (8,959) | (18,257) | (37,131) |
Distributions of capital from partially owned entities | 2,389 | 24,880 | 100,178 |
Acquisitions of real estate and other | (1,156) | (69,699) | (574,812) |
Proceeds from transfer of interest in Fifth Avenue and Times Square JV (net of $35,562 of transaction costs and $10,899 of deconsolidated cash and restricted cash) | 0 | 1,248,743 | 0 |
Proceeds from redemption of 640 Fifth Avenue preferred equity | 0 | 500,000 | 0 |
Proceeds from sale of real estate and related investments | 0 | 324,201 | 219,731 |
Proceeds from repayments of loans receivable | 0 | 1,395 | 25,757 |
Investments in loans receivable | 0 | 0 | (105,000) |
Net consolidation of Farley Office and Retail Building | 0 | 0 | 2,075 |
Net cash (used in) provided by investing activities | (87,800) | 2,463,276 | (877,722) |
Cash Flows from Financing Activities: | |||
Repayments of borrowings | (1,067,564) | (2,718,987) | (685,265) |
Proceeds from borrowings | 1,056,315 | 1,108,156 | 526,766 |
Dividends paid on common shares / Distributions to Vornado | (827,319) | (503,785) | (479,348) |
Moynihan Train Hall reimbursement from Empire State Development | 395,051 | 438,935 | 74,609 |
Proceeds from issuance of preferred shares | 291,182 | 0 | 0 |
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries | 100,094 | 17,871 | 61,062 |
Distribution to noncontrolling interests / redeemable security holders and noncontrolling interests in consolidated subsidiaries | (91,514) | (80,194) | (76,149) |
Dividends paid on preferred shares/ Distributions to preferred unitholders | (64,271) | (50,131) | (55,115) |
Debt issuance costs | (10,901) | (15,588) | (12,908) |
Proceeds received from exercise of employee share options (Vornado stock options) and other | 5,862 | 6,903 | 7,309 |
Repurchase of shares (Class A units) related to stock compensation agreements and related tax withholdings and other | (137) | (8,692) | (12,969) |
Purchase of marketable securities in connection with defeasance of mortgage payable | 0 | (407,126) | 0 |
Prepayment penalty on redemption of senior unsecured notes due 2022 | 0 | (22,058) | 0 |
Redemption of preferred shares / units | 0 | (893) | (470,000) |
Debt prepayment and extinguishment costs | 0 | 0 | (818) |
Net cash used in financing activities | (213,202) | (2,235,589) | (1,122,826) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 123,238 | 890,226 | (1,197,907) |
Cash and cash equivalents and restricted cash at beginning of period | 1,607,131 | 716,905 | 1,914,812 |
Cash and cash equivalents and restricted cash at end of period | 1,730,369 | 1,607,131 | 716,905 |
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | |||
Cash and cash equivalents at beginning of period | 1,515,012 | 570,916 | 1,817,655 |
Cash and cash equivalents and restricted cash at beginning of period | 1,607,131 | 716,905 | 1,914,812 |
Cash and cash equivalents at end of period | 1,624,482 | 1,515,012 | 570,916 |
Cash and cash equivalents and restricted cash at end of period | 1,730,369 | 1,607,131 | 716,905 |
Supplemental Disclosure of Cash Flow Information: | |||
Cash payments for interest, excluding capitalized interest of $40,855, $67,980 and $67,402 | 210,052 | 283,613 | 311,835 |
Cash payments for income taxes | 15,105 | 59,834 | 62,225 |
Non-Cash Investing and Financing Activities: | |||
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | 388,280 | 1,311,468 | 233,179 |
Redeemable Class A unit measurement adjustment | 344,043 | 70,810 | 198,064 |
Write-off of fully depreciated assets | (189,250) | (122,813) | (86,064) |
Accrued capital expenditures included in accounts payable and accrued expenses | 117,641 | 109,975 | 88,115 |
Investments received in exchange for transfer to Fifth Avenue and Times Square JV: | |||
Preferred equity | 0 | 2,327,750 | 0 |
Common equity | 0 | 1,449,495 | 0 |
Lease liabilities arising from the recognition of right-of-use assets | 0 | 526,866 | 0 |
Marketable securities transferred in connection with the defeasance of mortgage payable | 0 | (407,126) | 0 |
Special dividend/distribution declared and payable on January 15, 2020 | 0 | 398,292 | 0 |
Defeasance of mortgage payable | 0 | 390,000 | 0 |
Recognition of negative basis related to the sale of our investment in 330 Madison Avenue | 0 | 60,052 | 0 |
Amounts related to our investment in Pennsylvania Real Estate Investment Trust reclassified from "investments in partially owned entities" and "accumulated other comprehensive loss" to "marketable securities" upon conversion of operating partnership units to common shares | 0 | 54,962 | 0 |
Farley Post Office Joint Venture | |||
Increase (decrease) in assets and liabilities resulting from the consolidation or deconsolidation of Moynihan Train Hall and Farley Office and Retail Building: | |||
Real estate, net, consolidated | 0 | 0 | 401,708 |
Mortgage payable, net, consolidated | 0 | 0 | 249,459 |
Farley Post Office Joint Venture | Vornado Realty L.P. | |||
Increase (decrease) in assets and liabilities resulting from the consolidation or deconsolidation of Moynihan Train Hall and Farley Office and Retail Building: | |||
Real estate, net, consolidated | 0 | 0 | 401,708 |
Mortgage payable, net, consolidated | 0 | 0 | 249,459 |
Moynihan Train Hall | |||
Increase (decrease) in assets and liabilities resulting from the consolidation or deconsolidation of Moynihan Train Hall and Farley Office and Retail Building: | |||
Real estate, net, deconsolidation | (1,291,804) | 0 | 0 |
Financing obligation, deconsolidation | (1,291,804) | 0 | 0 |
Real estate, net, consolidated | 0 | 0 | 346,926 |
Financing obligation, consolidated | 0 | 0 | 346,926 |
Moynihan Train Hall | Vornado Realty L.P. | |||
Increase (decrease) in assets and liabilities resulting from the consolidation or deconsolidation of Moynihan Train Hall and Farley Office and Retail Building: | |||
Real estate, net, deconsolidation | (1,291,804) | 0 | 0 |
Financing obligation, deconsolidation | (1,291,804) | 0 | 0 |
Real estate, net, consolidated | 0 | 0 | 346,926 |
Financing obligation, consolidated | $ 0 | $ 0 | $ 346,926 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Transaction related costs | $ 8,001 | $ 4,613 | $ 6,217 |
Capitalized interest | 40,855 | 67,980 | 67,402 |
Vornado Realty L.P. | |||
Capitalized interest | $ 40,855 | 67,980 | $ 67,402 |
Fifth Avenue and Times Square JV | |||
Transaction related costs | 35,562 | ||
Deconsolidated restricted cash | 10,899 | ||
Fifth Avenue and Times Square JV | Vornado Realty L.P. | |||
Transaction related costs | 35,562 | ||
Deconsolidated restricted cash | $ 10,899 |
Organization and Business
Organization and Business | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business | Organization and Business 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”). Accordingly, Vornado’s cash flow and ability to pay dividends to its shareholders are dependent upon the cash flow of the Operating Partnership and the ability of its direct and indirect subsidiaries to first satisfy their obligations to creditors. Vornado is the sole general partner of, and owned approximately 92.8% of the common limited partnership interest in the Operating Partnership as of December 31, 2020. All references to the “Company,” “we,” “us” and “our” mean, collectively, Vornado, the Operating Partnership and those subsidiaries consolidated by Vornado. We currently own all or portions of: New York: • 20.6 million square feet of Manhattan office space in 33 properties; • 2.7 million square feet of Manhattan street retail space in 65 properties; • 1,989 units in 10 Manhattan residential properties; • The 1,700 room Hotel Pennsylvania located on Seventh Avenue at 33rd Street in the heart of the Penn District (closed since April 1, 2020 as a result of the COVID-19 pandemic); • A 32.4% interest in Alexander’s, Inc. (“Alexander’s”) (NYSE: ALX), which owns seven properties in the greater New York metropolitan area, including 731 Lexington Avenue, the 1.3 million square foot Bloomberg, L.P. headquarters building; • Signage throughout the Penn District and Times Square; and • Building Maintenance Services LLC ("BMS"), a wholly owned subsidiary, which provides cleaning and security services for our buildings and third parties. Other Real Estate and Investments: • The 3.7 million square foot theMART in Chicago; • A 70% controlling interest in 555 California Street, a three-building office complex in San Francisco’s financial district aggregating 1.8 million square feet; • A 25.0% interest in Vornado Capital Partners, our real estate fund. We are the general partner and investment manager of the fun. The fund is in wind-down; and |
COVID-19 Pandemic
COVID-19 Pandemic | 12 Months Ended |
Dec. 31, 2020 | |
Unusual or Infrequent Items, or Both [Abstract] | |
COVID-19 Pandemic | COVID-19 Pandemic Our business has been adversely affected as a result of the COVID-19 pandemic and the preventive measures taken to curb the spread of the virus. Some of the effects on us include the following: • With the exception of grocery stores and other "essential" businesses, many of our retail tenants closed their stores in March 2020 and began reopening when New York City entered phase two of its reopening plan on June 22, 2020, however, there continue to be limitations on occupancy and other restrictions that affect their ability to resume full operations. • While our buildings remain open, many of our office tenants are working remotely. • We have closed the Hotel Pennsylvania. In connection with the closure, we accrued $9,246,000 of severance for furloughed Hotel Pennsylvania union employees and recognized a corresponding $3,145,000 income tax benefit for the year ended December 31, 2020. • We cancelled trade shows at theMART from late March through the remainder of 2020 and expect to resume in 2021. • Because certain of our development projects were deemed "non-essential," they were temporarily paused in March 2020 due to New York State executive orders and resumed once New York City entered phase one of its state mandated reopening plan on June 8, 2020. • As of April 30, 2020, we placed 1,803 employees on furlough, which included 1,293 employees of BMS, 414 employees at the Hotel Pennsylvania and 96 corporate staff employees. As of February 10, 2021, 50% of furloughed employees have returned to work. The remaining employees still on furlough are from BMS and the Hotel Pennsylvania. • Effective April 1, 2020, our executive officers waived portions of their annual base salary for the remainder of 2020. • Effective April 1, 2020, each non-management member of our Board of Trustees agreed to forgo their $75,000 annual cash retainer for the remainder of 2020. While we believe our tenants are required to pay rent under their leases and we have commenced legal proceedings against certain tenants that have failed to pay rent under their leases, in limited circumstances, we have agreed to and may continue to agree to rent deferrals and rent abatements for certain of our tenants. We have made a policy election in accordance with the Financial Accounting Standards Board (“FASB”) Staff Q&A which provides relief in accounting for leases during the COVID-19 pandemic, allowing us to continue recognizing rental revenue on a straight-line basis for rent deferrals, with no impact to revenue recognition, and to recognize rent abatements as a reduction to rental revenue in the period granted. See Note 3 - Basis of Presentation and Significant Accounting Policies for additional information. 2. COVID-19 Pandemic - continued Based on our assessment of the probability of rent collection of our lease receivables, we have written off $51,571,000 of receivables arising from the straight-lining of rents for the year ended December 31, 2020, including the JCPenney retail lease at Manhattan Mall and the New York & Company, Inc. office lease at 330 West 34th Street. Both tenants have filed for Chapter 11 bankruptcy and rejected their leases during 2020. In addition, we have written off $22,546,000 of tenant receivables deemed uncollectible for the year ended December 31, 2020. These write-offs resulted in a reduction of lease revenues and our share of income from partially owned entities. Prospectively, revenue recognition for lease receivables deemed uncollectible will be based on actual amounts received. See Note 4 - Revenue Recognition and Note 7 - Investments in Partially Owned Entities for additional information. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis Of Presentation And Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All inter-company amounts have been eliminated. Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which require us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. In addition, certain prior year balances have been reclassified in order to conform to the current period presentation. Recently Issued Accounting Literature In June 2016, the FASB issued an update ("ASU 2016-13") Measurement of Credit Losses on Financial Instruments establishing Accounting Standards Codification ("ASC") Topic 326, Financial Instruments - Credit Losses ("ASC 326"), as amended by subsequent ASUs on the topic. ASU 2016-13 changes how entities account for credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance replaces the current “incurred loss” model with an “expected loss” model that requires consideration of a broader range of information to estimate expected credit losses over the lifetime of the financial asset. ASU 2016-13 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2019. In May 2019, the FASB issued ASU 2019-05 Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief to allow companies to irrevocably elect, upon adoption of ASU 2016-13, the fair value option for financial instruments that were previously recorded at amortized cost and are within the scope of ASC Subtopic 326-20 if the instruments are eligible for the fair value option under ASC Subtopic 825-10, Financial Instruments ("ASC 825-10"). We elected to apply the fair value option on an instrument-by-instrument basis to our loans receivable. We adopted this standard effective January 1, 2020 and recorded a $16,064,000 cumulative-effect adjustment to beginning accumulated deficit to recognize credit losses on loans receivable recorded on our consolidated balance sheets. For the year ended December 31, 2020, we recorded $13,369,000 of credit losses on our loans receivable which are included in "interest and other investment (loss) income, net" on our consolidated statements of income. In March 2020, the FASB issued an update ("ASU 2020-04") establishing ASC Topic 848, Reference Rate Reform . ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the year ended December 31, 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In April 2020, the FASB issued a Staff Q&A on accounting for leases during the COVID-19 pandemic, focused on the application of lease guidance in ASC Topic 842, Leases ("ASC 842"). The Staff Q&A states that it would be acceptable to make a policy election regarding rent concessions resulting from COVID-19, which would not require entities to account for these rent concessions as lease modifications when total cash flows resulting from the modified contract are “substantially the same or less” than the cash flows in the original contract. During the year ended December 31, 2020, in limited circumstances, we granted rent deferrals and rent abatements for certain of our tenants. We have made a policy election in accordance with the Staff Q&A for our portfolio allowing us to not account for the concessions as lease modifications. Accordingly, rent abatements are recognized as reductions to “rental revenues” during the period in which they were granted. Rent deferrals result in an increase to "tenant and other receivables" during the deferral period with no impact on rental revenue recognition. For any concessions that do not meet the guidance contained in the Q&A, the modification guidance in accordance with ASC 842 will be applied. See Note 2 - COVID-19 Pandemic for further details. 3. Basis of Presentation and Significant Accounting Policies - continued Recently Issued Accounting Literature - continued In August 2020, the FASB issued an update ("ASU 2020-06") Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40). ASU 2020-06 simplifies the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock, removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and also simplifies the diluted earnings per share calculation in certain areas. ASU 2020-06 is effective for reporting periods beginning after December 15, 2021, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2020-06 on our consolidated financial statements, but do not believe the adoption of this standard will have a material impact on our consolidated financial statements. Significant Accounting Policies Real Estate: Real estate is carried at cost, net of accumulated depreciation and amortization. Betterments, major renewals and certain costs directly related to the improvement and leasing of real estate are capitalized. Maintenance and repairs are expensed as incurred. For redevelopment of existing operating properties, the net book value of the existing property under redevelopment plus the cost for the construction and improvements incurred in connection with the redevelopment, including interest and debt expense, are capitalized to the extent the capitalized costs of the property do not exceed the estimated fair value of the redeveloped property when complete. If the cost of the redeveloped property, including the net book value of the existing property, exceeds the estimated fair value of the redeveloped property, the excess is charged to expense. Depreciation is recognized on a straight-line basis over the estimated useful lives which range from 7 to 40 years. Tenant allowances are amortized on a straight-line basis over the lives of the related leases, which approximate the useful lives of the assets. Upon the acquisition of real estate, we assess the fair value of acquired assets (including land, buildings and improvements, identified intangibles, such as acquired above and below-market leases, acquired in-place leases and tenant relationships) and acquired liabilities and we allocate the purchase price based on these assessments which are on a relative fair value basis. We assess fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known trends, and market/economic conditions. We amortize identified intangibles that have finite lives over the period they are expected to contribute directly or indirectly to the future cash flows of the property or business acquired. Our properties, including any related right-of-use ("ROU") assets and intangible assets, are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured based on the excess of the property’s carrying amount over its estimated fair value. Impairment analyses are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. If our estimates of the future cash flows, anticipated holding periods, or market conditions change, our evaluation of impairment losses may be different and such differences could be material to our consolidated financial statements. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future occupancy, rental rates, capital requirements, capitalization rates and discount rates that could differ materially from actual results. 3. Basis of Presentation and Significant Accounting Policies - continued Significant Accounting Policies - continued Partially Owned Entities: We consolidate entities in which we have a controlling financial interest. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider (i) whether the entity is a variable interest entity (“VIE”) in which we are the primary beneficiary or (ii) whether the entity is a voting interest entity in which we have a majority of the voting interests of the entity. We are deemed to be the primary beneficiary of a VIE when we have (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. We generally do not control a partially owned entity if the approval of all of the partners/members is contractually required with respect to decisions that most significantly impact the performance of the partially owned entity. This includes decisions regarding operating/capital budgets, and the placement of new or additional financing secured by the assets of the venture, among others. We account for investments under the equity method when the requirements for consolidation are not met, and we have significant influence over the operations of the investee. Equity method investments are initially recorded at cost and subsequently adjusted for our share of net income or loss and cash contributions and distributions each period. Investments that do not qualify for consolidation or equity method accounting are accounted for under the cost method. Investments in unconsolidated partially owned entities are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recorded when there is a decline in the fair value below the carrying value and we conclude such decline is other-than-temporary. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on current plans, intended holding periods, ability to hold, and available information at the time the analyses are prepared. 220 Central Park South Condominium Units Ready For Sale: We are completing construction of a residential condominium tower at 220 Central Park South ("220 CPS"). Condominium units are reclassed from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" upon receipt of the unit's temporary certificate of occupancy. These units are substantially complete and ready for sale. Each unit is carried at the lower of its carrying amount or fair value less costs to sell. We have used the relative sales value method to allocate costs to individual condominium units. GAAP income is recognized when legal title transfers upon closing of the condominium unit sales and is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. As of December 31, 2020 and 2019, none of the 220 CPS condominium units ready for sale had a carrying value that exceeded fair value. Cash and Cash Equivalents: Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less and are carried at cost, which approximates fair value due to their short-term maturities. The majority of our cash and cash equivalents consists of (i) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit, (ii) United States Treasury Bills, and (iii) Certificate of Deposits placed through an Account Registry Service. Restricted Cash: Restricted cash consists of security deposits, cash restricted for the purposes of facilitating a Section 1031 Like-Kind exchange, cash restricted in connection with our deferred compensation plan and cash escrowed under loan agreements, including for debt service, real estate taxes, property insurance and capital improvements. Deferred Charges: Direct financing costs are deferred and amortized over the terms of the related agreements as a component of interest expense. Direct and incremental costs related to successful leasing activities are capitalized and amortized on a straight-line basis over the lives of the related leases. All other deferred charges are amortized on a straight-line basis, which approximates the effective interest rate method, in accordance with the terms of the agreements to which they relate. 3. Basis of Presentation and Significant Accounting Policies - continued Significant Accounting Policies - continued Revenue Recognition: • Rental revenues include revenues from the leasing of space at our properties to tenants, lease termination income, revenues from the Hotel Pennsylvania, trade shows and tenant services. ◦ Revenues from the leasing of space at our properties to tenants includes (i) lease components, including fixed and variable lease payments, and nonlease components which include reimbursement of common area maintenance expenses, and (ii) reimbursement of real estate taxes and insurance expenses. As lessor, we have elected to combine the lease and nonlease components of our operating lease agreements and account for the components as a single lease component in accordance with ASC 842. ◦ Revenues derived from fixed lease payments are recognized on a straight-line basis over the non-cancelable period of the lease, together with renewal options that are reasonably certain of being exercised. We commence rental revenue recognition when the underlying asset is available for use by the lessee. ◦ Revenue derived from the reimbursement of real estate taxes, insurance expenses and common area maintenance expenses are generally recognized in the same period as the related expenses are incurred. ◦ As discussed on page 84, in 2020, we have made a policy election in accordance with the Staff Q&A for our portfolio allowing us to not account for the concessions as lease modifications. Accordingly, rent abatements are recognized as reductions to “rental revenues” during the period in which they were granted. Rent deferrals result in an increase to "tenant and other receivables" during the deferral period with no impact on rental revenue recognition. For any concessions that do not meet the guidance contained in the Q&A, the modification guidance in accordance with ASC 842 will be applied. ◦ Lease termination income is recognized immediately if a tenant vacates or is recognized on a straight-line basis over the shortened remaining lease term in accordance with ASC 842. ◦ Hotel revenue arising from the operation of Hotel Pennsylvania consists of room revenue, food and beverage revenue, and banquet revenue. Room revenue is recognized when the rooms are made available for the guest, in accordance with ASC 842. ◦ Trade shows revenue arising from the operation of trade shows is primarily booth rentals. This revenue is recognized upon the occurrence of the trade shows when the trade show booths are made available for use by the exhibitors, in accordance with ASC 842. ◦ Tenant services revenue arises from sub-metered electric, elevator, trash removal and other services provided to tenants at their request. This revenue is recognized as the services are transferred in accordance with ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"). • Fee and other income includes management, leasing and other revenue arising from contractual agreements with third parties or with partially owned entities and includes BMS cleaning, engineering and security services. This revenue is recognized as the services are transferred in accordance with ASC 606. We evaluate on an individual lease basis whether it is probable that we will collect substantially all amounts due from our tenants. We recognize changes in the collectability assessment of our operating leases as adjustments to rental revenue. Management exercises judgment in assessing collectability and considers payment history, current credit status and publicly available information about the financial condition of the tenant, including the impact of COVID-19 on tenants' businesses, among other factors. Tenant receivables, including receivables arising from the straight-lining of rents, are written off when management deems that the collectability of substantially all future lease payments from a specific lease is not probable of collection, at which point, the Company will limit future rental revenues to cash received. Prior to the adoption of ASC 842, we maintained an allowance for doubtful accounts for estimated losses on receivables under our lease agreements, including receivables arising from the straight-lining of rent. During the year ended December 31, 2018, we had $1,910,000 of additions charged against operations and $2,592,000 of uncollectible accounts written-off, with an ending allowance for doubtful accounts balance of $5,798,000 as of December 31, 2018. 3. Basis of Presentation and Significant Accounting Policies - continued Significant Accounting Policies - continued Income Taxes: Vornado operates in a manner intended to enable it to continue to qualify as a REIT under Sections 856‑860 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders. Vornado distributes to its shareholders 100% of its REIT taxable income and therefore, no provision for Federal income taxes is required. Dividends distributed for the year ended December 31, 2020, were characterized, for federal income tax purposes, as ordinary income. Dividends distributed for the year ended December 31, 2019, were characterized, for federal income tax purposes, as 62.1% ordinary income and 37.9% long-term capital gain. Dividends distributed for the year ended December 31, 2018, were characterized, for federal income tax purposes, as 91.7% ordinary income and 8.3% long-term capital gain. We have elected to treat certain consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as taxable REIT subsidiaries pursuant to an amendment to the Internal Revenue Code that became effective January 1, 2001. Taxable REIT subsidiaries may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to Federal and State income tax at regular corporate tax rates. Our 220 CPS condominium project and the operations of Hotel Pennsylvania are held through a taxable REIT subsidiary. At December 31, 2020 and 2019, our taxable REIT subsidiaries had deferred tax assets, net of valuation allowances, of $15,017,000 and $57,226,000, respectively, and are included in “other assets” on our consolidated balance sheets. At December 31, 2020 and 2019, our taxable REIT subsidiaries had deferred tax liabilities of $29,348,000 and $29,444,000, respectively, which are included in "other liabilities" on our consolidated balance sheets. The deferred tax assets and liabilities relate to net operating loss carry forwards and temporary differences between the book and tax basis of asset and liabilities. For the years ended December 31, 2020, 2019 and 2018, we recognized $36,630,000, $103,439,000 and $37,633,000 of income tax expense, respectively, based on effective tax rates of approximately (8.6)%, 3.0% and 8.2%, respectively. Income tax expense recorded in each of the years primarily relates to our consolidated taxable REIT subsidiaries, and certain state, local, and franchise taxes. The years ended December 31, 2020 and 2019, included $49,221,000 and $101,828,000, respectively, of income tax expense recognized on the sale of 220 CPS condominium units. The Company has no uncertain tax positions recognized as of December 31, 2020 and 2019. The Operating Partnership’s partners are required to report their respective share of taxable income on their individual tax returns. The following table reconciles net (loss) income attributable to Vornado common shareholders to estimated taxable income for the years ended December 31, 2020, 2019 and 2018. (Amounts in thousands) For the Year Ended December 31, 2020 2019 2018 Net (loss) income attributable to Vornado common shareholders $ (348,744) $ 3,097,806 $ 384,832 Book to tax differences (unaudited): Impairment losses 602,430 95,371 11,260 Depreciation and amortization 228,520 200,913 234,325 Sale of real estate and other capital transactions (151,960) (2,575,435) 31,527 Straight-line rent adjustments 70,923 9,057 (7,133) Earnings of partially owned entities 11,074 150,550 15,711 Vornado stock options (381) (16,597) (22,992) Tangible property regulations — (57,078) (86,040) Other, net 7,950 12,575 18,956 Estimated taxable income (unaudited) $ 419,812 $ 917,162 $ 580,446 The net basis of Vornado’s assets and liabilities for tax reporting purposes is approximately $3.1 billion lower than the amounts reported in Vornado’s consolidated balance sheet at December 31, 2020. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Below is a summary of our revenues by segment. Additional financial information related to these reportable segments for the years ended December 31, 2020, 2019 and 2018 is set forth in Note 24 - Segment Information. (Amounts in thousands) For the Year Ended December 31, 2020 Total New York Other Property rentals (1) $ 1,323,347 $ 1,051,009 $ 272,338 Hotel Pennsylvania (2) 8,741 8,741 — Trade shows (3) 11,303 — 11,303 Lease revenues (4) 1,343,391 1,059,750 283,641 Tenant services 34,244 23,750 10,494 Rental revenues 1,377,635 1,083,500 294,135 BMS cleaning fees 105,536 112,112 (6,576) (5) Management and leasing fees 19,416 19,508 (92) Other income 25,364 6,628 18,736 Fee and other income 150,316 138,248 12,068 Total revenues $ 1,527,951 $ 1,221,748 $ 306,203 ____________________ See notes below. (Amounts in thousands) For the Year Ended December 31, 2019 Total New York Other Property rentals (1) $ 1,589,539 $ 1,300,385 $ 289,154 Hotel Pennsylvania 89,594 89,594 — Trade shows 40,577 — 40,577 Lease revenues (4) 1,719,710 1,389,979 329,731 Tenant services 47,512 35,011 12,501 Rental revenues 1,767,222 1,424,990 342,232 BMS cleaning fees 124,674 133,358 (8,684) (5) Management and leasing fees 13,542 13,694 (152) Other income 19,262 5,818 13,444 Fee and other income 157,478 152,870 4,608 Total revenues $ 1,924,700 $ 1,577,860 $ 346,840 ____________________ (1) Reduced by $63,204 and $17,237 for the years ended December 31, 2020 and 2019, respectively, for the write-off of lease receivables deemed uncollectible (primarily write-offs of receivables arising from the straight-lining of rents). (2) Closed since April 1, 2020 as a result of the pandemic. (3) Cancelled trade shows at theMART from late March 2020 through the remainder of the year as a result of the pandemic. (4) The components of lease revenues were as follows: (Amounts in thousands) For the Year Ended December 31, 2020 2019 Fixed billings $ 1,292,174 $ 1,531,917 Variable billings 126,907 199,291 Total contractual operating lease billings 1,419,081 1,731,208 Adjustment for straight-line rents and amortization of acquired below-market leases, net (12,486) 5,739 Less: write-off of straight-line rent and tenant receivables deemed uncollectible (63,204) (17,237) Lease revenues $ 1,343,391 $ 1,719,710 (5) Represents the elimination of theMART and 555 California Street BMS cleanings fees which are included as income in the New York segment. 4. Revenue Recognition - continued (Amounts in thousands) For the Year Ended December 31, 2018 Total New York Other Property rentals $ 1,816,329 $ 1,548,226 $ 268,103 Hotel Pennsylvania 94,399 94,399 — Trade shows 42,684 — 42,684 Lease revenues 1,953,412 1,642,625 310,787 Tenant services 53,921 41,351 12,570 Rental revenues 2,007,333 1,683,976 323,357 BMS cleaning fees 120,357 129,088 (8,731) (1) Management and leasing fees 13,324 12,203 1,121 Other income 22,706 10,769 11,937 Fee and other income 156,387 152,060 4,327 Total revenues $ 2,163,720 $ 1,836,036 $ 327,684 ____________________ (1) Represents the elimination of theMART and 555 California Street BMS cleanings fees which are included as income in the New York segment. |
Real Estate Fund Investments
Real Estate Fund Investments | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate Fund Investments [Abstract] | |
Real Estate Fund Investments | 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 had an initial eight-year term ending February 2019. On January 29, 2018, the Fund's term was extended to February 2023. The Fund's three-year investment period 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 consolidate the accounts of the Fund into our consolidated financial statements, retaining the fair value basis of accounting. We are 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 Crowne Plaza Times Square Hotel not owned by the Fund. The Crowne Plaza Joint Venture is also accounted for under ASC 946 and we consolidate the accounts of the joint venture into our consolidated financial statements, retaining the fair value basis of accounting. On June 9, 2020, the joint venture between the Fund and the Crowne Plaza Joint venture defaulted on the $274,355,000 non-recourse loan on the Crowne Plaza Times Square Hotel. The interest-only loan, which bears interest at a floating rate of LIBOR plus 3.69% (3.85% as of December 31, 2020) and provides for additional default interest of 3.00%, was scheduled to mature on July 9, 2020. As of December 31, 2020, we had four real estate fund investments through the Fund and the Crowne Plaza Joint Venture with an aggregate fair value of $3,739,000, $339,022,000 below cost, and had remaining unfunded commitments of $29,194,000, of which our share was $9,266,000. As of December 31, 2019, those four real estate fund investments had an aggregate fair value of $222,649,000. Below is a summary of loss from the Fund and the Crowne Plaza Joint Venture for the years ended December 31, 2020, 2019 and 2018. (Amounts in thousands) For the Year Ended December 31, 2020 2019 2018 Net unrealized loss on held investments $ (226,107) $ (106,109) $ (83,794) Net investment (loss) income (220) 2,027 6,105 Net realized loss on exited investments — — (912) New York City real property transfer tax (the "Transfer Tax") (1) — — (10,630) Loss from real estate fund investments (226,327) (104,082) (89,231) Less loss attributable to noncontrolling interests in consolidated subsidiaries 163,213 55,274 61,230 Loss from real estate fund investments net of noncontrolling interests in consolidated subsidiaries $ (63,114) $ (48,808) $ (28,001) ____________________ (1) Due to the additional Transfer Tax related to the March 2011 acquisition of One Park Avenue which was recognized as a result of the New York City Tax Appeals Tribunal (the "Tax Tribunal") decision in 2018. We appealed the Tax Tribunal's decision to the New York State Supreme Court, Appellate Division, First Department ("Appellate Division"). The Appellate Division entered a unanimous decision and order that confirmed the decision of the Tax Tribunal and dismissed our appeal. We filed a motion to reargue the Appellate Division's decision or for leave to appeal to the New York State Court of Appeals. That motion was denied in December 2019 and can no longer be appealed. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2020 | |
Marketable Securities [Abstract] | |
Marketable Securities | Marketable Securities Marketable securities are presented on our consolidated balance sheets at fair value and are accounted for in accordance with ASC Topic 321 - Investments in Equity Securities, which requires changes in the fair value of our marketable securities to be recorded in current period earnings. Changes in the fair value are recorded to "interest and other investment (loss) income, net" on our consolidated statements of income (see Note 17 - Interest and Other Investment (Loss) Income, Net ). Pennsylvania Real Estate Investment Trust (“PREIT”) (NYSE: PEI) On January 23, 2020, we sold all of our 6,250,000 common shares of PREIT, realizing net proceeds of $28,375,000. We recorded a $4,938,000 loss (mark-to-market decrease) for the year ended December 31, 2020. The table below summarizes the changes of our marketable securities portfolio for the years ended December 31, 2020 and 2019. (Amounts in thousands) Total Balance as of December 31, 2018 $ 152,198 Sale of marketable securities (primarily Lexington Realty Trust) (168,314) Transfer of PREIT investment balance (1) 54,962 Decrease in fair value of marketable securities (5,533) Balance as of December 31, 2019 33,313 Sale of marketable securities on January 23, 2020 (28,375) Decrease in fair value of marketable securities (4,938) Balance as of December 31, 2020 $ — ____________________ |
Investments in Partially Owned
Investments in Partially Owned Entities | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Partially Owned Entities | Investments in Partially Owned Entities Fifth Avenue and Times Square JV As of December 31, 2020, we own a 51.5% common interest in a joint venture ("Fifth Avenue and Times Square JV") which owns interests in properties located at 640 Fifth Avenue, 655 Fifth Avenue, 666 Fifth Avenue, 689 Fifth Avenue, 697-703 Fifth Avenue, 1535 Broadway and 1540 Broadway (collectively, the "Properties"). The remaining 48.5% common interest in the joint venture is owned by a group of institutional investors (the "Investors"). Our 51.5% common interest in the joint venture represents an effective 51.0% interest in the Properties. The 48.5% common interest in the joint venture owned by the Investors represents an effective 47.2% interest in the Properties. We also own $1.828 billion of preferred equity interests in certain of the properties. All of the preferred equity has an annual coupon of 4.25% for the first five years, increasing to 4.75% for the next five years and thereafter at a formulaic rate. It can be redeemed under certain conditions on a tax deferred basis. Fifth Avenue and Times Square JV was formed in April 2019, when we contributed our interests in the Properties to the joint venture and transferred a 48.5% common interest in the joint venture to the Investors (the “Transaction”). The Transaction valued the Properties at $5.556 billion, resulting in a $2.571 billion net gain, before noncontrolling interests of $11,945,000, including a gain related to the step up in our basis of the retained portion of the assets to fair value. Subsequent to the Transaction, Manhattan street retail suffered negative market conditions and was further stressed by the COVID-19 pandemic. This has resulted in a decrease in cash flows and a decline in the value of our investment which we determined was "other-than-temporary." Accordingly, we recognized impairment losses of $413,349,000, before noncontrolling interests of $4,289,000, for the year ended December 31, 2020 which are included in “(loss) income from partially owned entities” on our consolidated statements of income. Our conclusions were based on, among other factors, the significant challenges facing the retail sector and our inability to forecast a recovery over our anticipated holding period. In determining the fair value of our investment, we considered, among other inputs, a discounted cash flow analysis based upon market conditions and expectations of growth. As of December 31, 2020, the carrying amount of our investment in the joint venture was less than our share of the equity in the net assets of the joint venture by approximately $403,029,000, the basis difference primarily resulting from the non-cash impairment losses discussed above. Substantially all of this basis difference was allocated, based on our estimates of the fair values of Fifth Avenue and Times Square JV’s assets and liabilities, to real estate (land and buildings). We are amortizing the basis difference related to the buildings into earnings as a reduction to depreciation expense over their estimated useful lives. 7. Investments in Partially Owned Entities - continued Fifth Avenue and Times Square JV - continued Management, Development, Leasing and Other Agreements We provide various services to Fifth Avenue and Times Square JV in accordance with management, development, leasing and other agreements, as described below. We receive an annual fee for managing the Properties equal to 2% of the gross revenues from the Properties. In addition, we are entitled to a development fee of 5% of development costs, plus reimbursement of certain costs, for development projects performed by us. We are entitled to 1.5% of development costs, plus reimbursement of certain costs, as a supervisory fee for development projects not performed by us. We provide leasing services for fees calculated based on a percentage of rents, less any commissions paid to third-party real estate brokers, if applicable. We jointly provide leasing services for the retail space with Crown Acquisitions Inc. ("Crown"), and exclusively provide leasing services for the office space. We recognized property management fee income, included in "fee and other income" on our consolidated statements of income, of $3,982,000 and $3,085,000 for the years ended December 31, 2020 and 2019, respectively. BMS, our wholly-owned subsidiary, supervises cleaning, security and engineering services at certain of the Properties. We recognized income for these services, included in "fee and other income" on our consolidated statements of income, of $3,595,000 and $3,087,000 for the years ended December 31, 2020 and 2019, respectively. We believe, based on comparable fees charged by other real estate companies, that the fees described above are at fair market value. Alexander’s, Inc As of December 31, 2020, we own 1,654,068 Alexander’s common shares, or approximately 32.4% of Alexander’s common equity. We manage, develop and lease Alexander’s properties pursuant to agreements which expire in March of each year and are automatically renewable. As of December 31, 2020 and 2019, Alexander’s owed us an aggregate of $1,516,000 and $1,426,000, respectively, pursuant to such agreements. As of December 31, 2020, the market value (“fair value” pursuant to ASC Topic 820, Fair Value Measurements ("ASC 820")) of our investment in Alexander’s, based on Alexander’s December 31, 2020 closing share price of $277.35, was $458,756,000, or $375,854,000 in excess of the carrying amount on our consolidated balance sheet. As of December 31, 2020, the carrying amount of our investment in Alexander’s, excluding amounts owed to us, exceeds our share of the equity in the net assets of Alexander’s by approximately $38,470,000. The majority of this basis difference resulted from the excess of our purchase price for the Alexander’s common stock acquired over the book value of Alexander’s net assets. Substantially all of this basis difference was allocated, based on our estimates of the fair values of Alexander’s assets and liabilities, to real estate (land and buildings). We are amortizing the basis difference related to the buildings into earnings as additional depreciation expense over their estimated useful lives. This depreciation is not material to our share of equity in Alexander’s net income. On September 14, 2020, Alexander's amended and extended the $350,000,000 mortgage loan on the retail condominium of 731 Lexington Avenue. Under the terms of the amendment, Alexander's paid down the loan by $50,000,000 to $300,000,000, extended the maturity date to August 2025 and guaranteed the interest payments and certain leasing costs. The principal of the loan is non-recourse to Alexander's. The interest-only loan is at LIBOR plus 1.40% (1.55% as of December 31, 2020) which has been swapped to a fixed rate of 1.72%. On October 23, 2020, Alexander's completed a $94,000,000 financing of The Alexander, a 312-unit residential building that is part of Alexander's residential and retail complex located in Rego Park, Queens, New York. The interest-only loan has a fixed rate of 2.63% and matures in November 2027. Management, Development, Leasing and Other Agreements We receive an annual fee for managing Alexander’s and all of its properties equal to the sum of (i) $2,800,000, (ii) 2% of the gross revenue from the Rego Park II Shopping Center, (iii) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue, and (iv) $334,000, escalating at 3% per annum, for managing the common area of 731 Lexington Avenue. In addition, we are entitled to a development fee of 6% of development costs, as defined. We provide Alexander’s with leasing services for a fee of 3% of rent for the first ten years of a lease term, 2% of rent for the eleventh through twentieth year of a lease term and 1% of rent for the twenty-first through thirtieth year of a lease term, subject to the payment of rents by Alexander’s tenants. In the event third-party real estate brokers are used, our fee increases by 1% and we are responsible for the fees to the third-parties. We are also entitled to a commission upon the sale of any of Alexander’s assets equal to 3% of gross proceeds, as defined, for asset sales less than $50,000,000, and 1% of gross proceeds, as defined, for asset sales of $50,000,000 or more. 7. Investments in Partially Owned Entities - continued Alexander’s, Inc - continued Management, Development, Leasing and Other Agreements - continued BMS, our wholly-owned subsidiary, supervises (i) cleaning, engineering and security services at Alexander’s 731 Lexington Avenue property and (ii) security services at Alexander’s Rego Park I, Rego Park II properties and The Alexander apartment tower. During the years ended December 31, 2020, 2019 and 2018, we recognized $3,613,000, $3,613,000 and $2,705,000 of income, respectively, for these services. Below is a schedule summarizing our investments in partially owned entities. (Amounts in thousands) Percentage Ownership at December 31, 2020 Balance as of December 31, 2020 2019 Investments: Fifth Avenue and Times Square JV (see page 91 for details) 51.5% $ 2,798,413 $ 3,291,231 Partially owned office buildings/land (1) Various 473,285 464,109 Alexander’s (see page 92 for details) 32.4% 82,902 98,543 Other investments (2) Various 136,507 145,282 $ 3,491,107 $ 3,999,165 Investments in partially owned entities included in other liabilities (3) : 7 West 34th Street 53.0% $ (55,340) $ (54,004) 85 Tenth Avenue 49.9% (13,080) (6,186) $ (68,420) $ (60,190) ____________________ (1) Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 512 West 22nd Street, 61 Ninth Avenue and others. (2) Includes interests in Independence Plaza, Rosslyn Plaza and others. (3) Our negative basis results from distributions in excess of our investment. Below is a schedule of (loss) income from partially owned entities. (Amounts in thousands) Percentage Ownership at December 31, 2020 For the Year Ended December 31, 2020 2019 2018 Our share of net (loss) income: Fifth Avenue and Times Square JV (see page 91 for details) (1) : Non-cash impairment loss $ (413,349) $ — $ — Return on preferred equity, net of our share of the expense 37,357 27,586 — Equity in net income 51.5% 21,063 (2) 31,130 — (354,929) 58,716 — Alexander's (see page 92 for details): Equity in net income 32.4% 13,326 (3) 19,204 10,485 (4) Management, leasing and development fees 5,309 4,575 4,560 18,635 23,779 15,045 Partially owned office buildings (5) Various 12,742 (3,443) (3,085) Other investments (6) Various (5,560) (187) (2,811) $ (329,112) $ 78,865 $ 9,149 ____________________ (1) Entered into on April 18, 2019. (2) Includes a $13,971 reduction in income related to a Forever 21 lease modification at 1540 Broadway and $3,125 of write-offs of lease receivables deemed uncollectible during 2020. (3) Includes our $4,846 share of write-offs of lease receivables deemed uncollectible. (4) Includes our $7,708 share of Alexander's additional Transfer Tax related to the November 2012 sale of Kings Plaza Regional Shopping Center. Alexander's recorded this expense based on the precedent established by the Tax Tribunal's decision regarding One Park Avenue in 2018 (see Note 5 - Real Estate Fund Investments ). On January 12, 2021, Alexander's decided not to further contest the additional Transfer Tax paid in connection with the sale of Kings Plaza. (5) Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 7 West 34th Street, 330 Madison Avenue (sold on July 11, 2019), 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others. 2018 includes our $4,978 share of additional Transfer Tax related to the March 2011 acquisition of One Park Avenue (see Note 5 - Real Estate Fund Investments ). (6) Includes interests in Independence Plaza, Rosslyn Plaza, Urban Edge Properties (sold on March 4, 2019), PREIT (accounted for as a marketable security from March 12, 2019 and sold on January 23, 2020), 666 Fifth Avenue Office Condominium (sold on August 3, 2018) and others. 2018 includes a net loss of $4,873 from our 666 Fifth Avenue Office Condominium joint venture as a result of our share of depreciation expense. 7. Investments in Partially Owned Entities – continued Below is a summary of the debt of our partially owned entities as of December 31, 2020 and 2019. (Amounts in thousands) Percentage Ownership at December 31, 2020 Maturity Interest Rate at December 31, 2020 100% Partially Owned Entities’ Debt at December 31, (1) 2020 2019 Mortgages Payable: Partially owned office buildings (2) Various 2021-2029 2.89% $ 3,622,572 $ 3,604,104 Alexander's 32.4% 2021-2027 1.65% 1,164,544 974,836 Fifth Avenue and Times Square JV 51.5% 2022-2024 2.63% 950,000 950,000 Other (3) Various 2021-2025 4.32% 1,288,265 1,290,227 ________________________________________ (1) All amounts are non-recourse to us except (i) the $500,000 mortgage loan on 640 Fifth Avenue, included in the Fifth Avenue and Times Square JV, and (ii) the $300,000 mortgage loan on 7 West 34th Street. (2) Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 7 West 34th Street, 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others. (3) Includes interests in Independence Plaza, Rosslyn Plaza and others. Based on our ownership interest in the partially owned entities above, our pro rata share of the debt of these partially owned entities was $2,873,174,000 and $2,802,859,000 as of December 31, 2020 and 2019, respectively Summary of Condensed Combined Financial Information The following is a summary of condensed combined financial information for all of our partially owned entities as of December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018. (Amounts in thousands) As of December 31, 2020 2019 Balance Sheet: Assets $ 13,344,000 $ 13,384,000 Liabilities 7,747,000 7,548,000 Noncontrolling interests 2,075,000 2,054,000 Equity 3,522,000 3,782,000 (Amounts in thousands) For the Year Ended December 31, 2020 2019 2018 Income Statement: Total revenue $ 1,163,000 $ 1,504,000 $ 1,798,000 Net income 45,000 39,000 52,000 Net (loss) income attributable to the entity (33,000) (32,000) 21,000 |
220 Central Park South
220 Central Park South | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
220 Central Park South | 220 Central Park South We are completing construction of a residential condominium tower containing 397,000 salable square feet at 220 CPS. The development cost of this project (exclusive of land cost) is estimated to be approximately $1.480 billion, of which $1.455 billion has been expended as of December 31, 2020. During the year ended December 31, 2020, we closed on the sale of 35 condominium units at 220 CPS for net proceeds of $1,049,360,000 resulting in a financial statement net gain of $381,320,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with these sales, $49,221,000 of income tax expense was recognized on our consolidated statements of income. From inception to December 31, 2020, we have closed on the sale of 100 units for net proceeds of $2,869,492,000 resulting in financial statement net gains of $1,066,937,000. As of December 31, 2020, 91% of the condominium units have been sold and closed. |
Identified Intangible Assets an
Identified Intangible Assets and Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Identified Intangible Assets and Liabilities | Identified Intangible Assets and Liabilities The following summarizes our identified intangible assets (primarily above-market leases) and liabilities (primarily below-market leases). (Amounts in thousands) Balance as of December 31, 2020 2019 Identified intangible assets: Gross amount $ 116,969 $ 129,552 Accumulated amortization (93,113) (98,587) Total, net $ 23,856 $ 30,965 Identified intangible liabilities (included in deferred revenue): Gross amount $ 273,902 $ 316,119 Accumulated amortization (238,541) (262,580) Total, net $ 35,361 $ 53,539 Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental revenues of $16,878,000, $19,830,000 and $38,573,000 for the years ended December 31, 2020, 2019 and 2018, 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, 2021 is as follows: (Amounts in thousands) 2021 $ 10,697 2022 9,169 2023 6,631 2024 2,883 2025 1,453 Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $6,507,000, $8,666,000 and $18,018,000 for the years ended December 31, 2020, 2019 and 2018, respectively. Estimated annual amortization of all other identified intangible assets including acquired in-place leases for each of the five succeeding years commencing January 1, 2021 is as follows: (Amounts in thousands) 2021 $ 4,334 2022 3,734 2023 3,648 2024 3,034 2025 2,150 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt On February 28, 2020, we increased our unsecured term loan balance to $800,000,000 (from $750,000,000) by exercising an accordion feature. Pursuant to an existing swap agreement, $750,000,000 of the loan bears interest at a fixed rate of 3.87% through October 2023, and the balance of $50,000,000 floats at a rate of LIBOR plus 1.00% (1.15% as of December 31, 2020). The entire $800,000,000 will float thereafter for the duration of the loan through February 2024. On August 12, 2020, we amended the $700,000,000 mortgage loan on 770 Broadway, a 1.2 million square foot Manhattan office building, to extend the term one year through March 2022. On October 15, 2020, we completed a $500,000,000 refinancing of PENN11, a 1.2 million square foot Manhattan office building. The interest-only loan carries a rate of LIBOR plus 2.75% (2.90% as of December 31, 2020) and matures in October 2023, with two one On November 2, 2020, we repaid the $52,476,000 mortgage loan on our land under a portion of the Borgata Hotel and Casino complex. The 10-year fixed rate amortizing loan bore interest at 5.14% and was scheduled to mature in February 2021. 10. Debt - continued The following is a summary of our debt: (Amounts in thousands) Weighted Average Interest Rate at December 31, 2020 Balance as of December 31, 2020 2019 Mortgages Payable: Fixed rate 3.68% $ 3,012,643 $ 4,601,516 Variable rate 2.02% 2,595,815 1,068,500 Total 2.91% 5,608,458 5,670,016 Deferred financing costs, net and other (27,909) (30,119) Total, net $ 5,580,549 $ 5,639,897 Senior unsecured notes 3.50% $ 450,000 $ 450,000 Deferred financing costs, net and other (3,315) (4,128) Senior unsecured notes, net 446,685 445,872 Unsecured term loan 3.70% 800,000 750,000 Deferred financing costs, net and other (3,238) (4,160) Unsecured term loan, net 796,762 745,840 Unsecured revolving credit facilities 1.05% 575,000 575,000 Total, net $ 1,818,447 $ 1,766,712 The net carrying amount of properties collateralizing the above indebtedness amounted to $5.5 billion as of December 31, 2020. As of December 31, 2020, the principal repayments required for the next five years and thereafter are as follows: (Amounts in thousands) Mortgages Payable Senior Unsecured Year Ended December 31, 2021 $ 2,609,243 $ — 2022 971,600 — 2023 523,400 575,000 2024 773,215 800,000 2025 331,000 450,000 Thereafter 400,000 — |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests Redeemable Noncontrolling 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. Class A units may be tendered for redemption to the Operating Partnership for cash; Vornado, at its option, may assume that obligation and pay the holder either cash or Vornado common shares on a one-for-one basis. Because the number of Vornado common shares outstanding at all times equals the number of Class A units owned by Vornado, the redemption value of each Class A unit is equivalent to the market value of one Vornado common share, and the quarterly distribution to a Class A unitholder is equal to the quarterly dividend paid to a Vornado common shareholder. 11. Redeemable Noncontrolling Interests - continued Redeemable Noncontrolling Partnership Units - continued Below are the details of redeemable noncontrolling partnership units as of December 31, 2020 and 2019. (Amounts in thousands, except units and per unit amounts) Balance as of December 31, Units Outstanding as of December 31, Per Unit Preferred or Unit Series 2020 2019 2020 2019 Common: Class A units held by third parties $ 507,212 (1) $ 884,380 (1) 13,583,607 13,298,956 n/a $ 2.38 Perpetual Preferred/Redeemable Preferred (2) : 5.00% D-16 Cumulative Redeemable $ 1,000 $ 1,000 1 1 $ 1,000,000.00 $ 50,000.00 3.25% D-17 Cumulative Redeemable $ 3,535 $ 3,535 141,400 141,400 $ 25.00 $ 0.8125 ________________________________________ (1) Aggregate redemption value was based on Vornado's quarter-end closing common share price. (2) Holders may tender units for redemption to the Operating Partnership for cash at their stated redemption amount; Vornado, at its option, may assume that obligation and pay the holders either cash or Vornado preferred shares on a one-for-one basis. These units are redeemable at Vornado's option at any time. Below is a table summarizing the activity of redeemable noncontrolling partnership units. (Amounts in thousands) For the Year Ended December 31, 2020 2019 Beginning balance $ 888,915 $ 783,562 Net (loss) income (24,946) 210,872 Other comprehensive loss (2,914) (3,235) Distributions (32,595) (34,607) Special distribution declared on December 18, 2019 (see Note 12 - Shareholder's Equity/Partners' Capital ) — (25,912) Redemption of Class A units for Vornado common shares, at redemption value (9,266) (11,250) Redeemable Class A unit measurement adjustment (344,043) (70,810) Other, net 36,596 40,295 Ending balance $ 511,747 $ 888,915 Redeemable noncontrolling partnership units exclude our Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units, as they are accounted for as liabilities in accordance with ASC Topic 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 sheets and aggregated $50,002,000 and $50,561,000 as of December 31, 2020 and 2019, respectively. Changes in the value from period to period, if any, are charged to “interest and debt expense” on our consolidated statements of income. Redeemable Noncontrolling Interest in a Consolidated Subsidiary The consolidated joint venture in which we own a 95% interest is developing Farley Office and Retail (the "Project"). During 2020, a historic tax credit investor (the "Tax Credit Investor") funded $92,400,000 of capital contributions and is expected to make additional capital contributions in future periods. The arrangement includes a put option whereby the joint venture may be obligated to purchase the Tax Credit Investor’s ownership interest in the Project at a future date. The put price is calculated based on a pre-determined formula. As exercise of the put option is outside of the joint venture’s control, the Tax Credit Investor’s interest, together with the put option, have been recorded to “redeemable noncontrolling interest in a consolidated subsidiary” on our consolidated balance sheet as of December 31, 2020. The redeemable noncontrolling interest is recorded at the greater of the carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership. There was no adjustment required for the year ended December 31, 2020. 11. Redeemable Noncontrolling Interests - continued Redeemable Noncontrolling Interest in a Consolidated Subsidiary - continued Below is a table summarizing the activity of redeemable noncontrolling interest in a consolidated subsidiary. (Amounts in thousands) For the Year Ended Beginning balance $ — Net income 544 Contributions 92,400 Other, net 1,576 Ending balance $ 94,520 |
Shareholders' Equity_Partners'
Shareholders' Equity/Partners' Capital | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Shareholders' Equity/Partners' Capital | Shareholders' Equity/Partners' Capital Common Shares (Vornado Realty Trust) As of December 31, 2020, there were 191,354,679 common shares outstanding. During 2020, we paid an aggregate of $454,857,000 of quarterly common dividends comprised of common dividends of $0.66 per share in the first and second quarter, and $0.53 per share in the third and fourth quarter. On December 18, 2019, Vornado's Board of Trustees declared a special dividend of $1.95 per share, or $372,380,000 in the aggregate, which was paid on January 15, 2020 to common shareholders of record on December 30, 2019 (the "Record Date".) Class A Units (Vornado Realty L.P.) As of December 31, 2020, there were 191,354,679 Class A units outstanding that were held by Vornado. These units are classified as “partners’ capital” on the consolidated balance sheets of the Operating Partnership. As of December 31, 2020, there were 13,583,607 Class A units outstanding, that were held by third parties. These units are classified outside of “partners’ capital” as “redeemable partnership units” on the consolidated balance sheets of the Operating Partnership (See Note 11 – Redeemable Noncontrolling Interests ). During 2020, the Operating Partnership paid an aggregate of $454,857,000 of quarterly distributions to Vornado comprised of common distributions of $0.66 per unit in the first and second quarter, and $0.53 per unit in the third and fourth quarter. On January 15, 2020, distributions of $1.95 per unit, or $398,292,000 in the aggregate, were paid to Class A unitholders of the Operating Partnership as of the Record Date, of which $372,380,000 was distributed to Vornado, in connection with the special dividend declared on December 18, 2019 by Vornado's Board of Trustees. Preferred Shares/Units On November 24, 2020, Vornado sold 12,000,000 5.25% Series N cumulative redeemable preferred shares at a price of $25.00 per share, pursuant to an effective registration statement. Vornado received aggregate net proceeds of $291,182,000, after underwriters' discount and issuance costs and contributed the net proceeds to the Operating Partnership in exchange for 12,000,000 5.25% Series N preferred units (with economic terms that mirror those of the Series N preferred shares). Dividends on the Series N preferred shares/units are cumulative and payable quarterly in arrears. The Series N preferred shares/units are not convertible into, or exchangeable for, any of our properties or securities. On or after five years from the date of issuance (or sooner under limited circumstances), Vornado may redeem the Series N preferred shares/units at a redemption price of $25.00 per share, plus accrued and unpaid dividends through the date of redemption. The Series N preferred shares/units have no maturity date and will remain outstanding indefinitely unless redeemed by Vornado. 12. Shareholders' Equity/Partners' Capital - continued Preferred Shares/Units - continued The following table sets forth the details of our preferred shares of beneficial interest and the preferred units of the Operating Partnership as of December 31, 2020 and 2019. (Amounts in thousands, except share/unit and per share/per unit amounts) Per Share/Unit Balance as of December 31, Shares/Units Outstanding as of December 31, Liquidation Annual (1) Preferred Shares/Units 2020 2019 2020 2019 Convertible Preferred: 6.5% Series A: authorized 13,402 and 15,640 shares/units (2) $ 934 $ 991 13,402 15,640 $ 50.00 $ 3.25 Cumulative Redeemable Preferred: 5.70% Series K: authorized 12,000,000 shares/units (3) 290,971 290,971 12,000,000 12,000,000 25.00 1.425 5.40% Series L: authorized 13,800,000 shares/units (3) 290,306 290,306 12,000,000 12,000,000 25.00 1.35 5.25% Series M: authorized 13,800,000 shares/units (3) 308,946 308,946 12,780,000 12,780,000 25.00 1.3125 5.25% Series N: authorized 12,000,000 shares/units (3) 291,182 — 12,000,000 — 25.00 1.3125 (4) $ 1,182,339 $ 891,214 48,793,402 36,795,640 ________________________________________ (1) Dividends on preferred shares and distributions on preferred units are cumulative and are payable quarterly in arrears. (2) Redeemable at the option of Vornado under certain circumstances, at a redemption price of 1.9531 common shares/Class A units per Series A Preferred Share/Unit plus accrued and unpaid dividends/distributions through the date of redemption, or convertible at any time at the option of the holder for 1.9531 common shares/Class A units per Series A Preferred Share/Unit. (3) Redeemable at Vornado's option at a redemption price of $25.00 per share/unit, plus accrued and unpaid dividends/distributions through the date of redemption. (4) Annual dividend/distribution rate commencing in November 2020. During 2020, we paid an aggregate of $51,739,000 of preferred dividends. Accumulated Other Comprehensive Loss The following table sets forth the changes in accumulated other comprehensive loss by component for the year ended December 31, 2020. (Amounts in thousands) Total Accumulated other comprehensive income (loss) of nonconsolidated subsidiaries Interest rate Other Balance as of December 31, 2019 $ (40,233) $ 4 $ (36,126) $ (4,111) Other comprehensive (loss) income (34,866) (14,342) (29,972) 9,448 Balance as of December 31, 2020 $ (75,099) $ (14,338) $ (66,098) $ 5,337 |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2020 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities Unconsolidated VIEs As of December 31, 2020 and 2019, 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 in these entities under the equity method (see Note 7 – Investments in Partially Owned Entities ). As of December 31, 2020 and 2019, the net carrying amount of our investments in these entities was $224,754,000 and $217,451,000, respectively, and our maximum exposure to loss in these entities is limited to the carrying amount of our investments. Consolidated VIEs Our most significant consolidated VIEs are the Operating Partnership (for Vornado), the Farley joint venture and certain properties that have non-controlling interests. These entities are VIEs because the non-controlling interests do not have substantive kick-out or participating rights. We consolidate these entities because we control all significant business activities. As of December 31, 2020, the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $4,053,841,000 and $1,722,719,000 respectively. As of December 31, 2019, the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $4,923,656,000 and $2,646,623,000, respectively. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 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 prices (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 observable 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 these assets. Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis Financial assets and liabilities that are measured at fair value on our consolidated balance sheets consist of (i) marketable securities, (ii) real estate fund investments, (iii) the assets in our deferred compensation plan (for which there is a corresponding liability on our consolidated balance sheets), (iv) loans receivable (for which we have elected the fair value option under ASC 825-10),(v) interest rate swaps and (vi) mandatorily redeemable instruments (Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units). The tables below aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy. (Amounts in thousands) As of December 31, 2020 Total Level 1 Level 2 Level 3 Real estate fund investments $ 3,739 $ — $ — $ 3,739 Deferred compensation plan assets ($10,813 included in restricted cash and $94,751 in other assets) 105,564 65,636 — 39,928 Loans receivable ($43,008 included in investments in partially owned entities and $4,735 in other assets) 47,743 — — 47,743 Interest rate caps (included in other assets) 17 — 17 — Total assets $ 157,063 $ 65,636 $ 17 $ 91,410 Mandatorily redeemable instruments (included in other liabilities) $ 50,002 $ 50,002 $ — $ — Interest rate swaps (included in other liabilities) 66,033 — 66,033 — Total liabilities $ 116,035 $ 50,002 $ 66,033 $ — (Amounts in thousands) As of December 31, 2019 Total Level 1 Level 2 Level 3 Marketable securities $ 33,313 $ 33,313 $ — $ — Real estate fund investments 222,649 — — 222,649 Deferred compensation plan assets ($11,819 included in restricted cash and $91,954 in other assets) 103,773 71,338 — 32,435 Interest rate swaps (included in other assets) 4,327 — 4,327 — Total assets $ 364,062 $ 104,651 $ 4,327 $ 255,084 Mandatorily redeemable instruments (included in other liabilities) $ 50,561 $ 50,561 $ — $ — Interest rate swaps (included in other liabilities) 40,354 — 40,354 — Total liabilities $ 90,915 $ 50,561 $ 40,354 $ — 14. Fair Value Measurements - continued Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued Real Estate Fund Investments As of December 31, 2020, we had four real estate fund investments with an aggregate fair value of $3,739,000, or $339,022,000 below cost. These investments are classified as Level 3. 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 from 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. Range Weighted Average Unobservable Quantitative Input December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Discount rates 7.6% to 15.0% 8.6% to 12.0% 12.7% 9.9% Terminal capitalization rates 5.5% to 10.3% 4.9% to 8.2% 7.9% 5.9% The inputs above 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 resulting from a change in the 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 summarizes the changes in the fair value of real estate fund investments that are classified as Level 3. (Amounts in thousands) For the Year Ended December 31, 2020 2019 Beginning balance $ 222,649 $ 318,758 Net unrealized loss on held investments (226,107) (106,109) Purchases/additional fundings 7,197 10,000 Ending balance $ 3,739 $ 222,649 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 partnership 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 period of time over which these underlying assets are expected to be liquidated is unknown. The third-party administrator does not adjust these values in determining our share 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. (Amounts in thousands) For the Year Ended December 31, 2020 2019 Beginning balance $ 32,435 $ 37,808 Sales (5,467) (27,053) Purchases 8,766 18,494 Realized and unrealized gains 808 1,947 Other, net 3,386 1,239 Ending balance $ 39,928 $ 32,435 Loans Receivable Loans receivable consist of loan investments in real estate related assets for which we have elected the fair value option under ASC 825-10 as of January 1, 2020. These investments are classified as Level 3. 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 from the experience of our Acquisitions and Capital Markets departments. Significant unobservable quantitative inputs in the table on the following page were utilized in determining the fair value of these loans receivable. 14. Fair Value Measurements - continued Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued Loans Receivable - continued December 31, 2020 Unobservable Quantitative Input Range Weighted Average (based on fair value of investments) Discount rates 6.5% 6.5 % Terminal capitalization rates 5.0% 5.0 % The table below summarizes the changes in fair value of loans receivable that are classified as Level 3. (Amounts in thousands) For the Year Ended December 31, 2020 Beginning balance $ 59,251 Credit losses (13,369) Interest accrual 2,461 Paydowns (600) Ending balance $ 47,743 Derivatives and Hedging We utilize various financial instruments to mitigate the impact of interest rate fluctuations on our cash flows and earnings, including hedging strategies, depending on our analysis of the interest rate environment and the costs and risks of such strategies. We recognize the fair values of all derivatives in "other assets" or "other liabilities" on our consolidated balance sheets. Derivatives that are not hedges are adjusted to fair value through earnings. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the hedge asset, liability, or firm commitment through earnings, or recognized in other comprehensive income until the hedged item is recognized in earnings. Reported net income and equity may increase or decrease prospectively, depending on future levels of interest rates and other variables affecting the fair values of derivative instruments and hedged items, but will have no effect on cash flows. The following table summarizes our consolidated derivative instruments, all of which hedge variable rate debt, as of December 31, 2020 and 2019, respectively. (Amounts in thousands) As of December 31, 2020 Variable Rate Hedged Item Fair Value Notional Amount Spread over LIBOR Interest Rate Swapped Rate Expiration Date Interest rate caps (included in other assets): Various $ 17 $ 175,000 Interest rate swaps (included in other liabilities): Unsecured term loan $ 57,723 $ 750,000 (1) L+100 1.15% 3.87% 10/23 33-00 Northern Boulevard mortgage loan 8,310 100,000 L+180 1.95% 4.14% 1/25 $ 66,033 $ 850,000 ________________________________________ (1) Remaining $50,000 balance of our unsecured term loan bears interest at a floating rate of LIBOR plus 1.00%. (Amounts in thousands) As of December 31, 2019 Variable Rate Hedged Item Fair Value Notional Amount Spread over LIBOR Interest Rate Swapped Rate Expiration Date Interest rate swaps (included in other assets): 770 Broadway loan $ 4,045 $ 700,000 L+175 3.46% 2.56% 9/20 888 Seventh Avenue mortgage loan 218 375,000 L+170 3.44% 3.25% 12/20 4,263 1,075,000 Interest rate caps (included in other assets): Various 64 175,000 $ 4,327 $ 1,250,000 Interest rate swaps (included in other liabilities): Unsecured term loan $ 36,809 $ 750,000 L+100 2.80% 3.87% 10/23 33-00 Northern Boulevard mortgage loan 3,545 100,000 L+180 3.52% 4.14% 1/25 $ 40,354 $ 850,000 14. Fair Value Measurements - continued Fair Value Measurements on a Nonrecurring Basis As of December 31, 2020, assets measured at fair value on a nonrecurring basis on our consolidated balance sheet consisted of real estate assets that have been written down to estimated fair value for impairment purposes. The impairment losses primarily relate to wholly owned street retail assets. There were no assets measured at fair value on a nonrecurring basis on our consolidated balance sheet as of December 31, 2019. Our estimate of the fair value of these assets was measured using widely accepted valuation techniques including (i) discounted cash flow analyses based upon market conditions and expectations of growth and utilized unobservable quantitative inputs, including a capitalization rate of 5.0% and discount rate of 7.0%, and (ii) comparable sales activity. (Amounts in thousands) As of December 31, 2020 Total Level 1 Level 2 Level 3 Real estate assets $ 191,116 $ — $ — $ 191,116 As of September 30, 2020, assets measured at fair value on a nonrecurring basis on our consolidated balance sheet consisted of our investment in Fifth Avenue and Times Square JV that had been written down to estimated fair value for impairment purposes. Our estimate of the fair value of our investment in Fifth Avenue and Times Square JV was measured using a discounted cash flow analysis based upon market conditions and expectations of growth and utilized unobservable quantitative inputs, including a capitalization rate of 4.50% and discount rate of 6.25%. See Note 7 - Investments in Partially Owned Entities for details of non-cash impairment losses recognized on our investment in Fifth Avenue and Times Square JV during the year ended December 31, 2020. (Amounts in thousands) As of September 30, 2020 Total Level 1 Level 2 Level 3 Investment in Fifth Avenue and Times Square JV $ 2,811,374 $ — $ — $ 2,811,374 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 curves to project the expected cash flows we would be required to make under the instrument. The fair value of cash equivalents and borrowings under our unsecured revolving credit facilities and unsecured term loan are classified as Level 1. The fair value of our secured debt and unsecured debt are classified as Level 2. The table below summarizes the carrying amounts and fair value of these financial instruments. (Amounts in thousands) As of December 31, 2020 As of December 31, 2019 Carrying Fair Carrying Fair Cash equivalents $ 1,476,427 $ 1,476,000 $ 1,276,815 $ 1,277,000 Debt: Mortgages payable $ 5,608,458 $ 5,612,000 $ 5,670,016 $ 5,714,000 Senior unsecured notes 450,000 476,000 450,000 468,000 Unsecured term loan 800,000 800,000 750,000 750,000 Unsecured revolving credit facilities 575,000 575,000 575,000 575,000 Total $ 7,433,458 (1) $ 7,463,000 $ 7,445,016 (1) $ 7,507,000 ____________________ (1) Excludes $34,462 and $38,407 of deferred financing costs, net and other as of December 31, 2020 and 2019 respectively. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation | Stock-based Compensation Vornado's 2019 Omnibus Share Plan (the “Plan") provides the Compensation Committee of Vornado's Board of Trustees (the "Committee") the ability to grant incentive and nonqualified Vornado stock options, restricted stock, restricted Operating Partnership units ("OP units"), out-performance plan awards ("OPPs"), appreciation-only long-term incentive plan units (“AO LTIP Units”) and performance conditioned appreciation-only long-term incentive plan units ("Performance Conditioned AO LTIP Units") to certain of our employees and officers. Awards may be granted up to a maximum 5,500,000 shares, if all awards granted are Full Value awards, as defined in the Plan, and up to 11,000,000 shares, if all of the awards granted are Not Full Value Awards, as defined in the Plan. Full Value Awards are awards of securities, such as restricted shares, that, if all vesting requirements are met, do not require the payment of an exercise price or strike price to acquire the securities. Not Full Value Awards are awards of securities, such as options, that do require the payment of an exercise price or strike price. As of December 31, 2020, Vornado has approximately 4,662,000 shares available for future grants under the Plan, if all awards granted are Full Value Awards, as defined. We account for all equity-based compensation in accordance with ASC Topic 718, Compensation - Stock Compensation . Below is a summary of our stock-based compensation expense, a component of "general and administrative" expense on our consolidated statements of income. (Amounts in thousands) For the Year Ended December 31, 2020 2019 2018 OP Units $ 33,431 $ 39,969 $ 17,763 OPPs 9,579 1,944 10,689 AO LTIP Units 3,955 2,636 2,113 Vornado stock options 656 547 587 Vornado restricted stock 649 549 570 Performance Conditioned AO LTIP Units 407 8,263 — $ 48,677 $ 53,908 $ 31,722 Below is a summary of unrecognized compensation expense for the year ended December 31, 2020. (Amounts in thousands) As of Weighted-Average OP Units $ 25,661 1.6 OPPs 3,882 2.1 AO LTIP Units 2,286 1.5 Vornado stock options 987 1.7 Vornado restricted stock 974 1.7 Performance Conditioned AO LTIP Units 313 1.3 $ 34,103 1.7 OPPs OPPs are multi-year, performance-based equity compensation plans under which participants have the opportunity to earn a class of units (“OPP units”) of the Operating Partnership if, and only if, Vornado outperforms a predetermined total shareholder return (“TSR”) and/or outperforms the market with respect to a relative TSR during the three-year performance period (the “Performance Period”) as described on the following page. OPP units, if earned, become convertible into Class A units of the Operating Partnership (and ultimately into Vornado common shares) following vesting. 2020 OPP On March 30, 2020, the Committee approved the 2020 OPP, a multi-year, $35,000,000 performance-based equity compensation plan of which $32,930,000 was granted to senior executives. The fair value of the 2020 OPP granted was $11,686,000, of which $7,583,000 was immediately expensed due to the acceleration of vesting for employees who are retirement eligible (have reached age 65 or age 60 with at least 20 years of service). The remaining $4,103,000 is being amortized into expense over a five-year period from the date of grant using a graded vesting attribution model. 15. Stock-based Compensation – continued OPPs - continued 2020 OPP - continued Awards under the 2020 OPP may potentially be earned if Vornado (i) achieves a TSR above a benchmark weighted index (the “Index”) comprised 80% of the SNL US Office REIT Index and 20% of the SNL US Retail Index over the Performance Period (the “2020 OPP Relative Component”), and/or (ii) achieves a TSR greater than 21% over the Performance Period (the “2020 OPP Absolute Component”). The value of awards under the 2020 OPP Relative Component and 2020 OPP Absolute Component will be calculated separately and will each be subject to an aggregate $35,000,000 maximum award cap for all participants. The two components will be added together to determine the aggregate award size, which shall also be subject to the aggregate $35,000,000 maximum award cap for all participants. In the event awards are earned under the 2020 OPP Absolute Component, but Vornado underperforms the Index by more than 200 basis points per annum over the Performance Period (600 basis points over the three years), the amount earned under the 2020 OPP Absolute Component will be reduced based on the degree by which the Index exceeds Vornado’s TSR with the maximum payout being 50% under the 2020 OPP Absolute Component. In the event awards are earned under the 2020 OPP Relative Component, but Vornado fails to achieve a TSR of at least 2% per annum, awards earned under the 2020 OPP Relative Component will be reduced on a ratable sliding scale based on Vornado’s absolute TSR performance, with awards earned under the 2020 OPP Relative Component being reduced by a maximum of 50% in the event Vornado’s TSR during the applicable measurement period is 0% or negative. If the designated performance objectives are achieved, awards earned under the 2020 OPP will vest ratably in each of years three, four and five. In addition, all of Vornado’s Named Executive Officers (as defined in Vornado’s Proxy Statement filed on Schedule 14A with the Securities and Exchange Commission on April 3, 2020) are required to hold any earned and vested awards for one year following each such vesting date. Dividends on awards granted under the 2020 OPP accrue during the Performance Period and are paid to participants if awards are ultimately earned based on the achievement of the designated performance objectives. 2018 OPP Awards under the 2018 OPP may be earned if Vornado (i) achieves a TSR level greater than 21% over the Performance Period (the “2018 OPP Absolute Component”) and/or (ii) achieves a TSR above a benchmark weighted index comprised of 70% of the SNL US Office REIT Index and 30% of the SNL US Retail Index over the Performance Period (the “2018 OPP Relative Component”). The value of awards under the 2018 OPP Relative Component and 2018 OPP Absolute Component will be calculated separately and will each be subject to an aggregate $35,000,000 maximum award cap for all participants. The two components will be added together to determine the aggregate award size, which shall also be subject to the aggregate $35,000,000 maximum award cap for all participants. In the event awards are earned under the 2018 OPP Absolute Component, but Vornado underperforms the index by more than 200 basis points per annum over the Performance Period (600 basis points over the three years), the amount earned under the 2018 OPP Absolute Component will be reduced (and potentially fully negated) based on the degree by which the index exceeds Vornado’s TSR. In the event these awards are earned under the 2018 OPP Relative Component, but Vornado fails to achieve a TSR of at least 3% per annum, awards earned under the 2018 OPP Relative Component will be reduced on a ratable sliding scale based on Vornado’s absolute TSR performance, with awards earned under the 2018 OPP Relative Component being reduced by a maximum of 50% in the event Vornado’s TSR during the applicable measurement period is 0% or negative. If the designated performance objectives are achieved, awards under the 2018 OPP will vest ratably in each of years three, four and five. In addition, all of Vornado’s Named Executive Officers (as defined in Vornado’s Proxy Statement filed on Schedule 14A with the Securities and Exchange Commission on April 5, 2019) are required to hold any earned and vested awards for one year following each such vesting date. Dividends on awards granted under the 2018 OPP accrue during the Performance Period and are paid to participants if awards are ultimately earned based on the achievement of the designated performance objectives. Below is the summary of the OPP units granted during the years December 31, 2020, 2018 and 2017. Plan Year Total Plan Percentage of Notional Grant Date Fair Value (1) OPP Units Earned 2020 $ 35,000,000 94.0 % $ 11,700,000 To be determined in 2023 2018 35,000,000 78.2 % 10,300,000 To be determined in 2021 2017 35,000,000 86.6 % 10,800,000 Not earned ________________________________________ (1) During the years ended December 31, 2020 and 2018, $7,583,000 and $8,040,000, respectively, was immediately expensed on the respective grant date due to acceleration of vesting for employees who are retirement eligible (have reached age 65 or age 60 with at least 20 years of service). 15. Stock-based Compensation – continued Vornado Stock Options Vornado stock options are granted at an exercise price equal to the average of the high and low market price of Vornado’s common shares on the NYSE on the date of grant, generally vest over 4 years and expire 10 years from the date of grant. Compensation expense related to Vornado stock option awards is recognized on a straight-line basis over the vesting period. Below is a summary of Vornado’s stock option activity for the year ended December 31, 2020. Shares Weighted- Weighted- Aggregate Outstanding as of December 31, 2019 1,768,877 $ 57.39 Granted 70,581 52.35 Exercised (68,782) 51.12 Forfeited (4,474) 65.63 Expired (1,000,565) 51.77 Outstanding as of December 31, 2020 765,637 $ 64.79 1.92 $ 20,794 Options exercisable as of December 31, 2020 658,807 $ 65.84 0.86 $ 1,288 The fair value of each option grant is estimated on the date of grant using an option-pricing model with the following weighted-average assumptions for grants in the years ended December 31, 2020, 2019 and 2018. As of December 31, 2020 2019 2018 Expected volatility 35% - 36% 35% 35% Expected life 5.0 years 5.0 years 5.0 years Risk free interest rate 0.57% - 1.76% 2.50% 2.25% Expected dividend yield 3.2% - 3.4% 2.9% 2.9% The weighted average grant date fair value per share for options granted during the years ended December 31, 2020, 2019 and 2018 was $12.28, $16.64 and $18.42, respectively. Cash received from option exercises for the years ended December 31, 2020, 2019 and 2018 was $3,516,000, $5,495,000 and $5,927,000, respectively. The total intrinsic value of options exercised during the years ended December 31, 2020, 2019 and 2018 was $859,000, $18,954,000 and $25,820,000, respectively. Performance Conditioned AO LTIP Units Performance Conditioned AO LTIP Units are AO LTIP Units that require the achievement of certain performance conditions by a specified date or they are forfeited. The performance-based condition is met if Vornado common shares trade at or above 110% of the grant price per share for any 20 consecutive days on or before the fourth anniversary following the date of grant. If the performance conditions are not met, the awards are forfeited. If the performance conditions are met, once vested, the awards may be converted into Class A Operating Partnership units in the same manner as AO LTIP Units until ten years from the date of grant. Below is a summary of Performance Conditioned AO LTIP Units activity for the year ended December 31, 2020. Units Weighted-Average Weighted- Aggregate Outstanding as of December 31, 2019 496,762 $ 62.62 Outstanding as of December 31, 2020 496,762 $ 62.62 8.04 $ — Options exercisable at December 31, 2020 235,089 $ 62.62 8.04 $ — Performance Conditioned AO LTIP Units granted during the year ended December 31, 2019 had a grant price of $64.48 and fair value of $8,983,000. The fair value of each Performance Conditioned AO LTIP Units granted is estimated on the date of grant using an option-pricing model with the following weighted average assumptions for grants in the year ended December 31, 2019. As of December 31, 2019 Expected volatility 35% Expected life 8.0 years Risk free interest rate 2.76% Expected dividend yield 3.1% 15. Stock-based Compensation - continued AO LTIP Units AO LTIP Units are a class of partnership interests in the Operating Partnership that are intended to qualify as “profits interests” for federal income tax purposes and generally only allow the recipient to realize value to the extent the fair market value of a Vornado common share exceeds the threshold level set at the time the AO LTIP Units are granted, subject to any vesting conditions applicable to the award. The threshold level is intended to be equal to 100% of the then fair market value of a Vornado common share on the date of grant. The value of vested AO LTIP Units is realized through conversion of the AO LTIP Units into Class A Operating Partnership units. The number of Class A Units into which vested AO LTIP Units may be converted is determined based on the quotient of (i) the excess of the conversion value on the conversion date over the threshold value designated at the time the AO LTIP Unit was granted, divided by (ii) the conversion value on the conversion date. The “conversion value” is the value of a Vornado common share on the conversion date multiplied by the Conversion Factor as defined in the Partnership Agreement, which is currently one. AO LTIP Units have a term of 10 years from the grant date. Each holder will generally receive special income allocations in respect of an AO LTIP Unit equal to 10% (or such other percentage specified in the applicable award agreement) of the income allocated in respect of a Class A Unit. Upon conversion of AO LTIP Units to Class A Units, holders will be entitled to receive in respect of each such AO LTIP Unit, on a per unit basis, a special distribution equal to 10% (or such other percentage specified in the applicable award agreement) of the distributions received by a holder of an equivalent number of Class A Units during the period from the grant date of the AO LTIP Units through the date of conversion. Below is a summary of AO LTIP Units activity for the year ended December 31, 2020. Shares Weighted- Weighted- Aggregate Outstanding as of December 31, 2019 383,983 $ 66.23 Granted 342,924 52.40 Forfeited (7,454) 57.23 Expired (1,872) 67.55 Outstanding as of December 31, 2020 717,581 $ 59.71 7.30 $ 100,619 Options exercisable as of December 31, 2020 216,646 $ 63.94 4.47 $ 14,187 AO LTIP Units granted during the years ended December 31, 2020, 2019 and 2018 had a fair value of $4,319,000, $3,429,000 and $3,484,000, respectively. The fair value of each AO LTIP Units granted is estimated on the date of grant using an option-pricing model with the following weighted-average assumptions for grants in the years ended December 31, 2020, 2019 and 2018. As of December 31, 2020 2019 2018 Expected volatility 35% - 36% 35% 35% Expected life 5.0 years 5.0 years 5.0 years Risk free interest rate 0.57% - 1.76% 2.50% 2.25% Expected dividend yield 3.2% - 3.4% 2.9% 2.9% OP Units OP Units are granted at the average of the high and low market price of Vornado’s common shares on the NYSE on the date of grant, vest ratably over four years and are subject to a taxable book-up event, as defined. Compensation expense related to OP Units is recognized ratably over the vesting period using a graded vesting attribution model. Distributions paid on unvested OP Units are charged to “net loss (income) attributable to noncontrolling interests in the Operating Partnership” on Vornado’s consolidated statements of income and to “preferred unit distributions” on the Operating Partnership’s consolidated statements of income and amounted to $5,316,000, $4,070,000 and $2,559,000 in the years ended December 31, 2020, 2019 and 2018, respectively. 15. Stock-based Compensation - continued OP Units - continued Below is a summary of restricted OP unit activity for the year ended December 31, 2020. Unvested Units Units Weighted-Average Unvested as of December 31, 2019 1,148,313 $ 59.21 Granted 530,597 33.95 Vested (516,805) 47.16 Forfeited (9,687) 35.86 Unvested as of December 31, 2020 1,152,418 53.17 OP Units granted in 2020, 2019 and 2018 had a fair value of $18,013,000, $58,732,000 and $17,463,000, respectively. The fair value of OP Units that vested during the years ended December 31, 2020, 2019 and 2018 was $24,373,000, $27,821,000 and $18,037,000, respectively. Vornado Restricted Stock Vornado restricted stock awards are granted at the average of the high and low market price of Vornado’s common shares on the NYSE on the date of grant and generally vest over four years. Compensation expense related to Vornado’s restricted stock awards is recognized on a straight-line basis over the vesting period. Dividends paid on unvested Vornado restricted stock are charged directly to retained earnings and amounted to $98,000, $51,000 and $44,000 for the years ended December 31, 2020, 2019 and 2018, respectively. Below is a summary of Vornado’s restricted stock activity for the year ended December 31, 2020. Unvested Shares Shares Weighted-Average Unvested as of December 31, 2019 18,927 $ 70.96 Granted 16,003 53.29 Vested (8,526) 70.60 Forfeited (1,089) 67.51 Unvested as of December 31, 2020 25,315 60.06 Vornado restricted stock awards granted in 2020, 2019 and 2018 had a fair value of $853,000, $568,000 and $623,000, respectively. The fair value of restricted stock that vested during the years ended December 31, 2020, 2019 and 2018 was $602,000, $477,000 and $492,000, respectively. |
Impairment Losses and Transacti
Impairment Losses and Transaction Related Costs, Net | 12 Months Ended |
Dec. 31, 2020 | |
Transaction Related Costs, Impairment Losses and Other [Abstract] | |
Impairment Losses and Transaction Related Costs, Net | Impairment Losses and Transaction Related Costs, Net The following table sets forth the details of impairment losses and transaction related costs, net: (Amounts in thousands) For the Year Ended December 31, 2020 2019 2018 Real estate impairment losses (1) $ (236,286) $ (8,065) $ (12,000) 608 Fifth Avenue lease liability extinguishment gain in 2020 and impairment loss and related write-offs in 2019 (see following page for details) 70,260 (93,860) — Transaction related costs (8,001) (4,613) (6,217) Transfer Tax (2) — — (13,103) $ (174,027) $ (106,538) $ (31,320) ________________________________________ (1) See Note 14 - Fair Value Measurements for additional information. (2) Additional Transfer Tax recorded in the first quarter 2018 related to the acquisition of Independence Plaza. The joint venture, in which we have a 50.1% economic interest, that owns Independence Plaza recognized this expense based on the precedent established by the Tax Tribunal's decision regarding One Park Avenue (see Note 5 - Real Estate Fund Investments ). 16. Impairment Losses and Transaction Related Costs, Net - continued 608 Fifth Avenue During the second quarter of 2019, Arcadia Group US Ltd ("Arcadia Group"), the operator of Topshop, our retail tenant at 608 Fifth Avenue, filed for Chapter 15 bankruptcy protection in the United States. On June 28, 2019, Arcadia Group closed all of its stores in the United States. 608 Fifth Avenue was subject to a land and building lease which was set to expire in 2033. During the second quarter of 2019, we concluded that the carrying amount of the property was not recoverable and recognized a $93,860,000 non-cash impairment loss on our consolidated statements of income, of which $75,220,000 resulted from the impairment of our right-of-use asset. On May 20, 2020, we entered into an agreement with the land and building lessor at 608 Fifth Avenue to surrender the property. Per the terms of the agreement, we were released from our obligations under the lease and assigned all of our right, title and interest in the tenant leases of 608 Fifth Avenue to the land and building lessor. In connection therewith, we removed the lease liability from our consolidated balance sheets which resulted in a $70,260,000 gain recorded on our consolidated statements of income for the year ended December 31, 2020. |
Interest and Other Investment (
Interest and Other Investment (Loss) Income, Net | 12 Months Ended |
Dec. 31, 2020 | |
Interest and Other Income [Abstract] | |
Interest and Other Investment (Loss) Income, Net | Interest and Other Investment (Loss) Income, Net The following table sets forth the details of our interest and other investment (loss) income, net: (Amounts in thousands) For the Year Ended December 31, 2020 2019 2018 (Decrease) increase in fair value of marketable securities: PREIT (1) $ (4,938) $ (21,649) $ — Lexington (2) — 16,068 (26,596) Other — 48 143 (4,938) (5,533) (26,453) Credit losses on loans receivable (3) (13,369) — — Interest on cash and cash equivalents and restricted cash 5,793 13,380 15,827 Interest on loans receivable 3,384 6,326 10,298 (4) Dividends on marketable securities — 3,938 13,339 Other, net 3,631 3,708 4,046 ______________ $ (5,499) $ 21,819 $ 17,057 (1) Sold on January 23, 2020 (see page 91 for details). (2) Sold on March 1, 2019. (3) See Note 3 - Basis of Presentation and Significant Accounting Policies and Note 14 - Fair Value Measurements for additional information. (4) Includes $6,707 of profit participation in connection with an investment in a mezzanine loan which was previously repaid to us. |
Interest and Debt Expense
Interest and Debt Expense | 12 Months Ended |
Dec. 31, 2020 | |
Interest and Debt Expense [Abstract] | |
Interest And Debt Expense | Interest and Debt Expense The following table sets forth the details of interest and debt expense: (Amounts in thousands) For the Year Ended December 31, 2020 2019 2018 Interest expense (1) $ 251,847 $ 335,016 $ 389,136 Capitalized interest and debt expense (41,056) (72,200) (73,166) Amortization of deferred financing costs 18,460 23,807 31,979 _______________ $ 229,251 $ 286,623 $ 347,949 (1) 2019 includes $22,540 of debt prepayment costs in connection with the redemption of $400,000 5.00% senior unsecured notes which were scheduled to mature in January 2022. |
(Loss) Income Per Share _(Loss)
(Loss) Income Per Share /(Loss) Income Per Class A Unit | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
(Loss) Income Per Share /(Loss) Income Per Class A Unit | (Loss) Income Per Share/(Loss) Income Per Class A Unit Vornado Realty Trust The following table presents the calculations of (i) basic (loss) income per common share which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares and (ii) diluted (loss) income per common share which includes the weighted average common shares and dilutive share equivalents. Unvested share-based payment awards that contain nonforfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. Earnings are allocated to participating securities, which include restricted stock awards, based on the two-class method. Other potential dilutive share equivalents such as our employee stock options, OP Units, OPPs, AO LTIP Units and Performance Conditioned AO LTIP Units are included in the computation of diluted Earnings Per Share ("EPS") using the treasury stock method, while the dilutive effect of our Series A convertible preferred shares is reflected in diluted EPS by application of the if-converted method. (Amounts in thousands, except per share amounts) For the Year Ended December 31, 2020 2019 2018 Numerator: (Loss) income from continuing operations, net of loss (income) attributable to noncontrolling interests $ (297,005) $ 3,147,965 $ 449,356 (Loss) income from discontinued operations — (28) 598 Net (loss) income attributable to Vornado (297,005) 3,147,937 449,954 Preferred share dividends (51,739) (50,131) (50,636) Preferred share issuance costs — — (14,486) Net (loss) income attributable to common shareholders (348,744) 3,097,806 384,832 Earnings allocated to unvested participating securities (99) (309) (44) Numerator for basic (loss) income per share (348,843) 3,097,497 384,788 Impact of assumed conversions: Convertible preferred share dividends — 57 62 Earnings allocated to Out-Performance Plan units — 9 174 Numerator for diluted (loss) income per share $ (348,843) $ 3,097,563 $ 385,024 Denominator: Denominator for basic (loss) income per share – weighted average shares 191,146 190,801 190,219 Effect of dilutive securities (1) : Employee stock options and restricted stock awards — 216 933 Convertible preferred shares — 34 37 Out-Performance Plan units — 2 101 Denominator for diluted (loss) income per share – weighted average shares and assumed conversions 191,146 191,053 191,290 (LOSS) INCOME PER COMMON SHARE - BASIC: Net (loss) income per common share $ (1.83) $ 16.23 $ 2.02 (LOSS) INCOME PER COMMON SHARE - DILUTED: Net (loss) income per common share $ (1.83) $ 16.21 $ 2.01 ________________________________________ (1) The effect of dilutive securities excluded an aggregate of 14,007, 13,020 and 12,232 weighted average common share equivalents in the years ended December 31, 2020, 2019 and 2018, respectively, as their effect was anti-dilutive. 19. (Loss) Income Per Share/(Loss) Income Per Class A Unit – continued Vornado Realty L.P. The following table presents the calculations of (i) basic (loss) income 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 (loss) income per Class A unit which includes the weighted average Class A unit and dilutive Class A unit equivalents. Unvested share-based payment awards that contain non-forfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. Earnings are allocated to participating securities, which include Vornado restricted stock awards, OP Units and OPPs, based on the two-class method. Other potential dilutive unit equivalents such as Vornado stock options, AO LTIP Units and Performance Conditioned AO LTIP Units are included in the computation of diluted income per unit ("EPU") using the treasury stock method, while the dilutive effect of our Series A convertible preferred units is reflected in diluted EPU by application of the if-converted method. (Amounts in thousands, except per unit amounts) For the Year Ended December 31, 2020 2019 2018 Numerator: (Loss) income from continuing operations, net of loss attributable to noncontrolling interests in consolidated subsidiaries $ (321,951) $ 3,358,839 $ 474,988 (Loss) income from discontinued operations — (30) 638 Net (loss) income attributable to Vornado Realty L.P. (321,951) 3,358,809 475,626 Preferred unit distributions (51,904) (50,296) (50,830) Preferred unit issuance costs — — (14,486) Net (loss) income attributable to Class A unitholders (373,855) 3,308,513 410,310 Earnings allocated to unvested participating securities (5,417) (17,296) (2,973) Numerator for basic (loss) income per Class A unit (379,272) 3,291,217 407,337 Impact of assumed conversions: Convertible preferred unit distributions — 57 62 Numerator for diluted (loss) income per Class A unit $ (379,272) $ 3,291,274 $ 407,399 Denominator: Denominator for basic (loss) income per Class A unit – weighted average units 203,503 202,947 202,068 Effect of dilutive securities (1) : Vornado stock options, Vornado restricted stock awards, OP Units, AO LTIP Units and OPPs — 267 1,307 Convertible preferred units — 34 37 Denominator for diluted (loss) income per Class A unit – weighted average units and assumed conversions 203,503 203,248 203,412 (LOSS) INCOME PER CLASS A UNIT - BASIC: (Loss) income from continuing operations, net $ (1.86) $ 16.22 $ 2.01 Income from discontinued operations, net — — 0.01 Net (loss) income per Class A unit $ (1.86) $ 16.22 $ 2.02 (LOSS) INCOME PER CLASS A UNIT - DILUTED: Net (loss) income per Class A unit $ (1.86) $ 16.19 $ 2.00 ________________________________________ (1) The effect of dilutive securities excluded an aggregate of 1,650, 825 and 110 weighted average Class A unit equivalents in the years ended December 31, 2020, 2019 and 2018 respectively, as their effect was anti-dilutive. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases As lessor We lease space to tenants under operating leases. Most of the leases provide for the payment of fixed base rent payable monthly in advance. Office building leases generally require tenants to reimburse us for operating costs and real estate taxes above their base year costs. Certain leases provide for pass-through to tenants for their share of real estate taxes, insurance and common area maintenance. Certain leases also require additional variable rent payments based on a percentage of the tenants’ sales. As of December 31, 2020, future undiscounted cash flows under non-cancelable operating leases were as follows: (Amounts in thousands) As of December 31, 2020 For the year ended December 31, 2021 $ 1,230,675 2022 1,227,742 2023 1,161,730 2024 995,588 2025 876,497 Thereafter 5,090,824 As lessee We have a number of ground leases which are classified as operating leases. As of December 31, 2020, our ROU assets and lease liabilities were $367,365,000 and $401,008,000, respectively. As of December 31, 2019, our ROU assets and lease liabilities were $379,546,000 and $498,254,000, respectively. The discount rate applied to measure each ROU asset and lease liability is based on our incremental borrowing rate ("IBR"). We consider the general economic environment and our credit rating and factor in various financing and asset specific adjustments to ensure the IBR is appropriate to the intended use of the underlying lease. Certain of our ground leases offer renewal options which we assess against relevant economic factors to determine whether we are reasonably certain of exercising or not exercising the option. Lease payments associated with renewal periods that we are reasonably certain will be exercised are included in the measurement of the lease liability and corresponding ROU asset. Certain of our ground leases are subject to fair market rent resets based on a percentage of the appraised value of the underlying assets at specified future dates. Fair market rent resets do not give rise to remeasurement of the related ROU assets and lease liabilities. Fair market rent resets, which may be material, will be recognized in the periods in which they are incurred. The following table sets forth information related to the measurement of our lease liabilities as of December 31, 2020 and 2019: (Amounts in thousands) For the Year Ended December 31, 2020 2019 Weighted average remaining lease term (in years) 44.8 40.2 Weighted average discount rate 4.91 % 4.84 % Cash paid for operating leases $ 23,932 $ 27,817 We recognize rent expense as a component of "operating" expenses on our consolidated statements of income. Rent expense is comprised of fixed and variable lease payments. Variable lease payments include percentage rent and rent resets based on an index or rate. The following table sets forth the details of rent expense for the years ended December 31, 2020 and 2019: (Amounts in thousands) For the Year Ended December 31, 2020 2019 Fixed rent expense $ 28,503 $ 33,738 Variable rent expense 1,178 1,978 Rent expense $ 29,681 $ 35,716 As of December 31, 2020, future lease payments under operating ground leases were as follows: (Amounts in thousands) As of December 31, 2020 For the year ended December 31, 2021 $ 22,010 2022 23,669 2023 24,002 2024 24,354 2025 24,722 Thereafter 926,139 Total undiscounted cash flows 1,044,896 Present value discount (643,888) Lease liabilities $ 401,008 20. Leases - continued As lessee - continued Farley Office and Retail The future lease payments detailed on the previous page exclude the ground and building lease at Farley Office and Retail. Our 95% consolidated joint venture which is developing Farley Office and Retail has a 99-year triple-net lease with Empire State Development ("ESD") for 844,000 rentable square feet of commercial space, comprised of approximately 730,000 square feet of office space and approximately 114,000 square feet of restaurant and retail space. The joint venture entered into a development agreement with ESD to build the adjacent Moynihan Train Hall and entered into a design-build contract with Skanska Moynihan Train Hall Builders ("Skanska"), pursuant to which they built Moynihan Train Hall. Skanska substantially completed construction on December 31, 2020, thereby fulfilling this obligation to ESD. The joint venture leased the entire property during the construction period and pursuant to ASC 842-40-55, was required to recognize all development expenditures for Moynihan Train Hall. Accordingly, the development expenditures paid for by governmental agencies were presented as “Moynihan Train Hall development expenditures” with a corresponding obligation recorded to “Moynihan Train Hall Obligation” on our consolidated balance sheets. On December 31, 2020, upon substantial completion of Moynihan Train Hall, the portions of the property not pertaining to our commercial space were severed from the joint venture's lease with ESD and we removed the "Moynihan Train Hall development expenditures" and the offsetting “Moynihan Train Hall obligation” from our consolidated balance sheets. Our lease of the commercial space at the property is accounted for as a “failed sale-leaseback” as a result of the lease meeting "finance lease" classification pursuant to ASC 842-40-25. The lease calls for annual rent payments of $5,000,000 plus fixed payments in lieu of real estate taxes ("PILOT") through June 2030. Following the fixed PILOT payment period, the PILOT is calculated in a manner consistent with buildings subject to New York City real estate taxes and assessments. As of December 31, 2020, future rent and fixed PILOT payments are $549,861,000. |
Multiemployer Benefit Plans
Multiemployer Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Multiemployer Plan, Pension, Significant [Abstract] | |
Multiemployer Benefit Plans | Multiemployer Benefit Plans Our subsidiaries make contributions to certain multiemployer defined benefit plans (“Multiemployer Pension Plans”) and health plans (“Multiemployer Health Plans”) for our union represented employees, pursuant to the respective collective bargaining agreements. Multiemployer Pension Plans Multiemployer Pension Plans differ from single-employer pension plans in that (i) contributions to multiemployer plans may be used to provide benefits to employees of other participating employers and (ii) if other participating employers fail to make their contributions, each of our participating subsidiaries may be required to bear its then pro rata share of unfunded obligations. If a participating subsidiary withdraws from a plan in which it participates, it may be subject to a withdrawal liability. As of December 31, 2020, our subsidiaries’ participation in these plans was not significant to our consolidated financial statements. In the years ended December 31, 2020, 2019 and 2018, we contributed $7,049,000, $10,793,000 and $10,377,000, respectively, towards Multiemployer Pension Plans, which is included as a component of “operating” expenses on our consolidated statements of income. Our subsidiaries’ contributions did not represent more than 5% of total employer contributions in any of these plans for the years ended December 31, 2020, 2019 and 2018. Multiemployer Health Plans Multiemployer Health Plans in which our subsidiaries participate provide health benefits to eligible active and retired employees. In the years ended December 31, 2020, 2019 and 2018, our subsidiaries contributed $26,938,000, $32,407,000 and $30,354,000, respectively, towards these plans, which is included as a component of “operating” expenses on our consolidated statements of income. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Insurance For our properties (except Farley), we maintain general liability insurance with limits of $300,000,000 per occurrence and per property, of which $235,000,000 includes communicable disease coverage, and we maintain 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 and effective February 15, 2021, excluding communicable disease coverage. For the period February 15, 2020 through February 14, 2021, we and the insurance carriers for our all risk property policy have disagreements as to the applicability of a $2,300,000 sub-limit for communicable disease coverage across our properties. Our California properties have earthquake insurance with coverage of $350,000,000 per occurrence and in the aggregate, subject to a deductible in the amount of 5% of the value of the affected property. We maintain coverage for certified terrorism acts with limits of $6.0 billion per occurrence and in the aggregate (as listed below), $1.2 billion for non-certified acts of terrorism, and $5.0 billion per occurrence and in the aggregate for terrorism involving nuclear, biological, chemical and radiological (“NBCR”) terrorism events, as defined by the Terrorism Risk Insurance Act of 2002, as amended to date and which has been extended through December 2027. 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 insurance 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 Federal government with no exposure to PPIC. For NBCR acts, PPIC is responsible for a deductible of $1,759,257 and 20% of the balance of a covered loss and the Federal government is responsible for the remaining portion of a covered loss. We are ultimately responsible for any loss incurred by PPIC. For Farley, we maintain general liability insurance with limits of $100,000,000 per occurrence, and builder’s risk insurance including coverage for existing property and development activities of $2.8 billion per occurrence and in the aggregate. We maintain coverage for certified and non-certified terrorism acts with limits of $1.85 billion and $1.17 billion per occurrence, respectively, and in the aggregate. We continue to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism and other events. However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future. We are responsible for uninsured losses and for deductibles and losses in excess of our insurance coverage, which could be material. Our debt instruments, consisting of mortgage loans secured by our properties, 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 costs in the future. Further, if lenders insist on greater coverage than we are able to obtain it could adversely affect our ability to finance or refinance 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 material 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 environmental contamination. However, there can be no assurance that the identification of new areas of contamination, changes in the extent or known scope of contamination, the discovery of additional sites, or changes in cleanup requirements would not result in significant costs to us. In July 2018, we leased 78,000 square feet at 345 Montgomery Street in San Francisco, CA, to a subsidiary of Regus PLC, for an initial term of 15 years. The obligations under the lease were guaranteed by Regus PLC in an amount of up to $90,000,000. The tenant purported to terminate the lease prior to space delivery. We commenced a suit on October 23, 2019 seeking to enforce the lease and the guaranty. In December 2020, following a trial, the court issued a tentative ruling in our favor. A final hearing was held on February 1, 2021 and we are awaiting a definitive ruling. On October 9, 2020, the successor to Regus PLC filed for bankruptcy in Luxembourg. We are actively pursuing claims relating to the guaranty against the successor to Regus PLC and its parent, in Luxembourg and other jurisdictions. 22. Commitments and Contingencies – continued Other Commitments and Contingencies - continued In November 2011, we entered into an agreement with the New York City Economic Development Corporation ("EDC") to lease Piers 92 and 94 (the "Piers") for a 49-year term with five 10-year renewal options. The non-recourse lease with a single-purpose entity calls for current annual rent payments of $2,000,000 with fixed rent steps through the initial term. We operate trade shows and special events at the Piers (and sublease to others for the same uses). In February 2019, an inspection revealed that the piles supporting Pier 92 were structurally unsound (an obligation of EDC to maintain) and we were issued an order by EDC to vacate the property. We continued to make the required lease payments through February 2020, with no abatement provided by EDC for the loss of our right to use Pier 92 or reimbursement for lost revenues. Beginning March 2020, as no resolution had been reached with EDC, we have not paid the monthly rents due under the non-recourse lease. As of December 31, 2020, we have a $47,473,000 lease liability and a $34,482,000 right-of-use asset recorded for this lease. Our mortgage loans are non-recourse to us, except for the mortgage loans secured by 640 Fifth Avenue, 7 West 34th Street and 435 Seventh Avenue, which we guaranteed and therefore are part of our tax basis. 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. In addition, we have guaranteed the rent and payments in lieu of real estate taxes due to ESD, an entity of New York State, for Farley Office and Retail. As of December 31, 2020, the aggregate dollar amount of these guarantees and master leases is approximately $1,769,000,000. As of December 31, 2020, $13,549,000 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 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 representations 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. Our 95% consolidated joint venture (5% is owned by the Related Companies ("Related")) is developing Farley Office and Retail. In connection with the development of the property, the joint venture took in a historic tax credit investor partner. Under the terms of the historic tax credit arrangement, the joint venture is required to comply with various laws, regulations, and contractual provisions. Non-compliance with applicable requirements could result in projected tax benefits not being realized and, therefore, may require a refund or reduction of the Tax Credit Investor’s capital contributions. As of December 31, 2020, the Tax Credit Investor has made $92,400,000 in capital contributions. Vornado and Related have guaranteed certain of the joint venture’s obligations to the Tax Credit Investor. As investment manager of the Fund we are entitled to an incentive allocation after the limited partners have received a preferred return on their invested capital. The incentive allocation is subject to catch-up and clawback provisions. Accordingly, based on the December 31, 2020 fair value of the Fund assets, at liquidation we would be required to make a $29,800,000 payment to the limited partners, net of amounts owed to us, representing a clawback of previously paid incentive allocations, which would have no income statement impact as it was previously accrued. As of December 31, 2020, we expect to fund additional capital to certain of our partially owned entities aggregating approximately $10,700,000. As of December 31, 2020, we have construction commitments aggregating approximately $451,000,000. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Alexander’s, Inc. We own 32.4% of Alexander’s. Steven Roth, the Chairman of Vornado’s Board of Trustee’s and its Chief Executive Officer, is also the Chairman of the Board of Directors and Chief Executive Officer of Alexander’s. We provide various services to Alexander’s in accordance with management, development and leasing agreements. These agreements are described in Note 7 - Investments in Partially Owned Entities . Interstate Properties (“Interstate”) Interstate is a general partnership in which Mr. Roth is the managing general partner. David Mandelbaum and Russell B. Wight, Jr., Trustees of Vornado and Directors of Alexander’s, respectively, are Interstate’s two other general partners. As of December 31, 2020, Interstate and its partners beneficially owned an aggregate of approximately 7.0% of the common shares of beneficial interest of Vornado and 26.1% of Alexander’s common stock. 23. Related Party Transactions - continued Interstate - continued We manage and lease the real estate assets of Interstate pursuant to a management agreement for which we receive an annual fee equal to 4% of annual base rent and percentage rent. The management agreement has a term of one year and is automatically renewable unless terminated by either of the parties on 60 days’ notice at the end of the term. We believe, based upon comparable fees charged by other real estate companies, that the management agreement terms are fair to us. We earned $203,000, $300,000, and $453,000 of management fees under the agreement for the years ended December 31, 2020, 2019 and 2018, respectively. Fifth Avenue and Times Square JV We provide various services to Fifth Avenue and Times Square JV in accordance with management, development, leasing and other agreements. These agreements are described in Note 7 - Investments in Partially Owned Entities . Haim Chera, Executive Vice President - Head of Retail, has an investment in Crown, a company controlled by Mr. Chera's family. Crown has a nominal minority interest in Fifth Avenue and Times Square JV. Additionally, we have other investments with Crown. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We operate in two reportable segments, New York and Other, which is based on how we manage our business. Net operating income ("NOI") at share represents total revenues less operating expenses including our share of partially owned entities. NOI at share - cash basis represents NOI at share adjusted to exclude straight-line rental income and expense, amortization of acquired below and above market leases, net and other non-cash adjustments. We consider NOI at share - cash basis to be the primary 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 NOI at share - cash basis, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. NOI at share and NOI at share - cash basis should not be considered alternatives to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies. NOI at share - cash basis includes rent that has been deferred as a result of the COVID-19 pandemic. Rent deferrals generally require repayment in monthly installments over a period of time not to exceed twelve months. Below is a reconciliation of net (loss) income to NOI at share and NOI at share - cash basis for the years ended December 31, 2020, 2019 and 2018. (Amounts in thousands) For the Year Ended December 31, 2020 2019 2018 Net (loss) income $ (461,845) $ 3,334,262 $ 422,603 Depreciation and amortization expense 399,695 419,107 446,570 General and administrative expense 181,509 169,920 141,871 Impairment losses and transaction related costs, net 174,027 106,538 31,320 Loss (income) from partially owned entities 329,112 (78,865) (9,149) Loss from real estate fund investments 226,327 104,082 89,231 Interest and other investment loss (income), net 5,499 (21,819) (17,057) Interest and debt expense 229,251 286,623 347,949 Net gain on transfer to Fifth Avenue and Times Square JV — (2,571,099) — Purchase price fair value adjustment — — (44,060) Net gains on disposition of wholly owned and partially owned assets (381,320) (845,499) (246,031) Income tax expense 36,630 103,439 37,633 Loss (income) from discontinued operations — 30 (638) NOI from partially owned entities 306,495 322,390 253,564 NOI attributable to noncontrolling interests in consolidated subsidiaries (72,801) (69,332) (71,186) NOI at share 972,579 1,259,777 1,382,620 Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other 46,246 (6,060) (44,704) NOI at share - cash basis $ 1,018,825 $ 1,253,717 $ 1,337,916 24. Segment Information - continued Below is a summary of NOI at share, NOI at share - cash basis and selected balance sheet data by segment for the years ended December 31, 2020, 2019 and 2018. (Amounts in thousands) For the Year Ended December 31, 2020 Total New York Other Total revenues $ 1,527,951 $ 1,221,748 $ 306,203 Operating expenses (789,066) (640,531) (148,535) NOI - consolidated 738,885 581,217 157,668 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (72,801) (43,773) (29,028) Add: NOI from partially owned entities 306,495 296,447 10,048 NOI at share 972,579 833,891 138,688 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other 46,246 36,715 9,531 NOI at share - cash basis $ 1,018,825 $ 870,606 $ 148,219 Balance Sheet Data: Real estate, at cost $ 12,087,943 $ 9,581,830 $ 2,506,113 Investments in partially owned entities 3,491,107 3,459,142 31,965 Total assets 16,221,822 15,046,469 1,175,353 (Amounts in thousands) For the Year Ended December 31, 2019 Total New York Other Total revenues $ 1,924,700 $ 1,577,860 $ 346,840 Operating expenses (917,981) (758,304) (159,677) NOI - consolidated 1,006,719 819,556 187,163 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (69,332) (40,896) (28,436) Add: NOI from partially owned entities 322,390 294,168 28,222 NOI at share 1,259,777 1,072,828 186,949 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (6,060) (12,318) 6,258 NOI at share - cash basis $ 1,253,717 $ 1,060,510 $ 193,207 Balance Sheet Data: Real estate, at cost $ 13,074,012 $ 10,272,458 $ 2,801,554 Investments in partially owned entities 3,999,165 3,964,289 34,876 Total assets 18,287,013 16,429,159 1,857,854 (Amounts in thousands) For the Year Ended December 31, 2018 Total New York Other Total revenues $ 2,163,720 $ 1,836,036 $ 327,684 Operating expenses (963,478) (806,464) (157,014) NOI - consolidated 1,200,242 1,029,572 170,670 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (71,186) (48,490) (22,696) Add: NOI from partially owned entities 253,564 195,908 57,656 NOI at share 1,382,620 1,176,990 205,630 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (44,704) (45,427) 723 NOI at share - cash basis $ 1,337,916 $ 1,131,563 $ 206,353 |
SEC Schedule III Real Estate an
SEC Schedule III Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III Real Estate and Accumulated Depreciation | COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Encumbrances (1) Initial cost to company Costs Gross amount at which Accumulated Date of Date Life on which Land Buildings Land Buildings Total (2) New York Manhattan 1290 Avenue of the Americas $ 950,000 $ 518,244 $ 926,992 $ 256,937 $ 518,244 $ 1,183,929 $ 1,702,173 $ 406,087 1963 2007 (4) 350 Park Avenue 400,000 265,889 363,381 49,637 265,889 413,018 678,907 153,866 1960 2006 (4) PENN1 — — 412,169 490,803 — 902,972 902,972 336,852 1972 1998 (4) 100 West 33rd Street 398,402 242,776 247,970 42,188 242,776 290,158 532,934 105,705 1911 2007 (4) 150 West 34th Street 205,000 119,657 268,509 — 119,657 268,509 388,166 37,479 1900 2015 (4) PENN2 575,000 (5) 53,615 164,903 182,136 52,689 347,965 400,654 132,321 1968 1997 (4) 90 Park Avenue — 8,000 175,890 199,918 8,000 375,808 383,808 161,439 1964 1997 (4) Manhattan Mall 181,598 88,595 113,473 30,283 88,595 143,756 232,351 48,996 2009 2007 (4) 770 Broadway 700,000 52,898 95,686 186,666 52,898 282,352 335,250 112,718 1907 1998 (4) 888 Seventh Avenue 321,000 — 117,269 161,640 — 278,909 278,909 142,057 1980 1998 (4) PENN11 500,000 40,333 85,259 111,535 40,333 196,794 237,127 83,611 1923 1997 (4) 909 Third Avenue 350,000 — 120,723 122,005 — 242,728 242,728 114,831 1969 1999 (4) 150 East 58th Street — 39,303 80,216 54,863 39,303 135,079 174,382 68,764 1969 1998 (4) 595 Madison Avenue — 62,731 62,888 50,717 62,731 113,605 176,336 49,081 1968 1999 (4) 330 West 34th Street — — 8,599 147,945 — 156,544 156,544 40,849 1925 1998 (4) 828-850 Madison Avenue — 107,937 28,261 (89,293) 35,403 11,502 46,905 — 2005 (4) 715 Lexington Avenue — — 26,903 19,986 30,085 16,804 46,889 — 1923 2001 (4) 478-486 Broadway — 30,000 20,063 11,831 21,489 40,405 61,894 3,817 2009 2007 (4) 4 Union Square South 120,000 24,079 55,220 9,685 24,079 64,905 88,984 24,170 1965/2004 1993 (4) Farley Office and Retail — — 476,235 565,014 — 1,041,249 1,041,249 — 1912 2018 (4) 260 Eleventh Avenue — — 80,482 5,352 — 85,834 85,834 12,133 1911 2015 (4) 510 Fifth Avenue — 34,602 18,728 35,402 48,403 40,329 88,732 10,992 2010 (4) 606 Broadway 74,119 45,406 8,993 51,624 45,298 60,725 106,023 2,441 2016 (4) 40 Fulton Street — 15,732 26,388 38,625 15,732 65,013 80,745 22,147 1987 1998 (4) 443 Broadway — 11,187 41,186 (36,225) 3,457 12,691 16,148 — 2013 (4) 40 East 66th Street — 13,616 34,635 159 13,616 34,794 48,410 13,113 2005 (4) 155 Spring Street — 13,700 30,544 6,769 13,700 37,313 51,013 12,456 2007 (4) 435 Seventh Avenue 95,696 19,893 19,091 2,166 19,893 21,257 41,150 9,681 2002 1997 (4) 692 Broadway — 6,053 22,908 3,901 6,053 26,809 32,862 10,734 2005 (4) 131-135 West 33rd Street — 8,315 21,312 316 8,315 21,628 29,943 2,566 2016 (4) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Encumbrances (1) Initial cost to company Costs Gross amount at which Accumulated Date of Date Life on which Land Buildings Land Buildings Total (2) New York - continued Manhattan - continued 304 Canal Street — $ 3,511 $ 12,905 $ (8,456) $ 1,771 $ 6,189 $ 7,960 $ — 1910 2014 (4) 677-679 Madison Avenue — 13,070 9,640 585 13,070 10,225 23,295 3,691 2006 (4) 1131 Third Avenue — 7,844 7,844 5,708 7,844 13,552 21,396 2,696 1997 (4) 431 Seventh Avenue — 16,700 2,751 — 16,700 2,751 19,451 946 2007 (4) 138-142 West 32nd Street — 9,252 9,936 1,720 9,252 11,656 20,908 1,504 1920 2015 (4) 334 Canal Street — 1,693 6,507 (1,170) 752 6,278 7,030 — 2011 (4) 966 Third Avenue — 8,869 3,631 — 8,869 3,631 12,500 666 2013 (4) 148 Spring Street — 3,200 8,112 398 3,200 8,510 11,710 2,718 2008 (4) 150 Spring Street — 3,200 5,822 309 3,200 6,131 9,331 1,945 2008 (4) 137 West 33rd Street — 6,398 1,550 — 6,398 1,550 7,948 223 1932 2015 (4) 825 Seventh Avenue — 1,483 697 3,341 1,483 4,038 5,521 575 1997 (4) 537 West 26th Street — 10,370 17,632 16,730 26,631 18,101 44,732 1,319 2018 (4) 339 Greenwich — 2,622 12,333 (10,019) 865 4,071 4,936 — 2017 (4) Other (Including Signage) — 140,477 31,892 36,832 94,788 114,413 209,201 19,942 Total Manhattan 4,870,815 2,051,250 4,286,128 2,758,563 1,971,461 7,124,480 9,095,941 2,155,131 Other Properties Hotel Pennsylvania, New York — 29,903 121,712 134,245 29,903 255,957 285,860 142,143 1919 1997 (4) 33-00 Northern Boulevard, Queens, 100,000 46,505 86,226 13,538 46,505 99,764 146,269 15,710 1915 2015 (4) Paramus, New Jersey — — — 23,311 1,036 22,275 23,311 18,313 1967 1987 (4) Total Other Properties 100,000 76,408 207,938 171,094 77,444 377,996 455,440 176,166 Total New York 4,970,815 2,127,658 4,494,066 2,929,657 2,048,905 7,502,476 9,551,381 2,331,297 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Encumbrances (1) Initial cost to company Costs Gross amount at which Accumulated Date of Date Life on which Land Buildings Land Buildings Total (2) Other theMART theMART, Illinois $ 675,000 $ 64,528 $ 319,146 $ 414,122 $ 64,535 $ 733,261 $ 797,796 $ 348,404 1930 1998 (4) 527 West Kinzie, Illinois — 5,166 — 132 5,166 132 5,298 — 1998 (4) Piers 92 and 94, New York — — — 17,773 — 17,773 17,773 3,847 2008 (4) Total theMART 675,000 69,694 319,146 432,027 69,701 751,166 820,867 352,251 555 California Street, California 537,643 223,446 895,379 241,667 211,459 1,149,033 1,360,492 360,277 1922,1969 -1970 2007 (4) 220 Central Park South, New York — 115,720 16,445 (104,428) — 27,737 27,737 — 2005 (4) Borgata Land, Atlantic City, NJ — 83,089 — — 83,089 — 83,089 — 2010 40 East 66th Residential, New York — 8,454 13,321 (8,193) 5,273 8,309 13,582 2,882 2005 (4) 677-679 Madison Avenue, New York — 1,462 1,058 285 1,627 1,178 2,805 535 2006 (4) Annapolis, Maryland — — 9,652 — — 9,652 9,652 4,462 2005 (4) Wayne Towne Center, New Jersey — — 26,137 56,373 — 82,510 82,510 29,431 2010 (4) Other — — — 5,606 — 5,606 5,606 1,725 (4) Total Other 1,212,643 501,865 1,281,138 623,337 371,149 2,035,191 2,406,340 751,563 Leasehold improvements equipment and other — — — 130,222 — 130,222 130,222 86,586 Total December 31, 2020 $ 6,183,458 $ 2,629,523 $ 5,775,204 $ 3,683,216 $ 2,420,054 $ 9,667,889 $ 12,087,943 $ 3,169,446 ________________________________________ (1) Represents contractual debt obligations. (2) The net basis of Vornado's assets and liabilities for tax reporting purposes is approximately $3.1 billion lower than the amounts reported for financial statement purposes. (3) Date of original construction –– many properties have had substantial renovation or additional construction –– see Column D. (4) Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to forty years. (5) Secured amount outstanding on revolving credit facilities. The following is a reconciliation of real estate assets and accumulated depreciation: Year Ended December 31, 2020 2019 2018 Real Estate Balance at beginning of period $ 13,074,012 $ 16,237,883 $ 14,756,295 Additions during the period: Land 1,372 46,074 170,065 Buildings & improvements and other 1,127,593 1,391,784 1,665,684 14,202,977 17,675,741 16,592,044 Less: Assets sold, written-off, reclassified to ready for sale and deconsolidated 2,115,034 4,601,729 354,161 Balance at end of period $ 12,087,943 $ 13,074,012 $ 16,237,883 Accumulated Depreciation Balance at beginning of period $ 3,015,958 $ 3,180,175 $ 2,885,283 Additions charged to operating expenses 344,301 360,194 381,500 3,360,259 3,540,369 3,266,783 Less: Accumulated depreciation on assets sold, written-off and deconsolidated 190,813 524,411 86,608 Balance at end of period $ 3,169,446 $ 3,015,958 $ 3,180,175 |
SEC Schedule III Rollforward of
SEC Schedule III Rollforward of Real Estate Assets and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III Real Estate and Accumulated Depreciation | COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Encumbrances (1) Initial cost to company Costs Gross amount at which Accumulated Date of Date Life on which Land Buildings Land Buildings Total (2) New York Manhattan 1290 Avenue of the Americas $ 950,000 $ 518,244 $ 926,992 $ 256,937 $ 518,244 $ 1,183,929 $ 1,702,173 $ 406,087 1963 2007 (4) 350 Park Avenue 400,000 265,889 363,381 49,637 265,889 413,018 678,907 153,866 1960 2006 (4) PENN1 — — 412,169 490,803 — 902,972 902,972 336,852 1972 1998 (4) 100 West 33rd Street 398,402 242,776 247,970 42,188 242,776 290,158 532,934 105,705 1911 2007 (4) 150 West 34th Street 205,000 119,657 268,509 — 119,657 268,509 388,166 37,479 1900 2015 (4) PENN2 575,000 (5) 53,615 164,903 182,136 52,689 347,965 400,654 132,321 1968 1997 (4) 90 Park Avenue — 8,000 175,890 199,918 8,000 375,808 383,808 161,439 1964 1997 (4) Manhattan Mall 181,598 88,595 113,473 30,283 88,595 143,756 232,351 48,996 2009 2007 (4) 770 Broadway 700,000 52,898 95,686 186,666 52,898 282,352 335,250 112,718 1907 1998 (4) 888 Seventh Avenue 321,000 — 117,269 161,640 — 278,909 278,909 142,057 1980 1998 (4) PENN11 500,000 40,333 85,259 111,535 40,333 196,794 237,127 83,611 1923 1997 (4) 909 Third Avenue 350,000 — 120,723 122,005 — 242,728 242,728 114,831 1969 1999 (4) 150 East 58th Street — 39,303 80,216 54,863 39,303 135,079 174,382 68,764 1969 1998 (4) 595 Madison Avenue — 62,731 62,888 50,717 62,731 113,605 176,336 49,081 1968 1999 (4) 330 West 34th Street — — 8,599 147,945 — 156,544 156,544 40,849 1925 1998 (4) 828-850 Madison Avenue — 107,937 28,261 (89,293) 35,403 11,502 46,905 — 2005 (4) 715 Lexington Avenue — — 26,903 19,986 30,085 16,804 46,889 — 1923 2001 (4) 478-486 Broadway — 30,000 20,063 11,831 21,489 40,405 61,894 3,817 2009 2007 (4) 4 Union Square South 120,000 24,079 55,220 9,685 24,079 64,905 88,984 24,170 1965/2004 1993 (4) Farley Office and Retail — — 476,235 565,014 — 1,041,249 1,041,249 — 1912 2018 (4) 260 Eleventh Avenue — — 80,482 5,352 — 85,834 85,834 12,133 1911 2015 (4) 510 Fifth Avenue — 34,602 18,728 35,402 48,403 40,329 88,732 10,992 2010 (4) 606 Broadway 74,119 45,406 8,993 51,624 45,298 60,725 106,023 2,441 2016 (4) 40 Fulton Street — 15,732 26,388 38,625 15,732 65,013 80,745 22,147 1987 1998 (4) 443 Broadway — 11,187 41,186 (36,225) 3,457 12,691 16,148 — 2013 (4) 40 East 66th Street — 13,616 34,635 159 13,616 34,794 48,410 13,113 2005 (4) 155 Spring Street — 13,700 30,544 6,769 13,700 37,313 51,013 12,456 2007 (4) 435 Seventh Avenue 95,696 19,893 19,091 2,166 19,893 21,257 41,150 9,681 2002 1997 (4) 692 Broadway — 6,053 22,908 3,901 6,053 26,809 32,862 10,734 2005 (4) 131-135 West 33rd Street — 8,315 21,312 316 8,315 21,628 29,943 2,566 2016 (4) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Encumbrances (1) Initial cost to company Costs Gross amount at which Accumulated Date of Date Life on which Land Buildings Land Buildings Total (2) New York - continued Manhattan - continued 304 Canal Street — $ 3,511 $ 12,905 $ (8,456) $ 1,771 $ 6,189 $ 7,960 $ — 1910 2014 (4) 677-679 Madison Avenue — 13,070 9,640 585 13,070 10,225 23,295 3,691 2006 (4) 1131 Third Avenue — 7,844 7,844 5,708 7,844 13,552 21,396 2,696 1997 (4) 431 Seventh Avenue — 16,700 2,751 — 16,700 2,751 19,451 946 2007 (4) 138-142 West 32nd Street — 9,252 9,936 1,720 9,252 11,656 20,908 1,504 1920 2015 (4) 334 Canal Street — 1,693 6,507 (1,170) 752 6,278 7,030 — 2011 (4) 966 Third Avenue — 8,869 3,631 — 8,869 3,631 12,500 666 2013 (4) 148 Spring Street — 3,200 8,112 398 3,200 8,510 11,710 2,718 2008 (4) 150 Spring Street — 3,200 5,822 309 3,200 6,131 9,331 1,945 2008 (4) 137 West 33rd Street — 6,398 1,550 — 6,398 1,550 7,948 223 1932 2015 (4) 825 Seventh Avenue — 1,483 697 3,341 1,483 4,038 5,521 575 1997 (4) 537 West 26th Street — 10,370 17,632 16,730 26,631 18,101 44,732 1,319 2018 (4) 339 Greenwich — 2,622 12,333 (10,019) 865 4,071 4,936 — 2017 (4) Other (Including Signage) — 140,477 31,892 36,832 94,788 114,413 209,201 19,942 Total Manhattan 4,870,815 2,051,250 4,286,128 2,758,563 1,971,461 7,124,480 9,095,941 2,155,131 Other Properties Hotel Pennsylvania, New York — 29,903 121,712 134,245 29,903 255,957 285,860 142,143 1919 1997 (4) 33-00 Northern Boulevard, Queens, 100,000 46,505 86,226 13,538 46,505 99,764 146,269 15,710 1915 2015 (4) Paramus, New Jersey — — — 23,311 1,036 22,275 23,311 18,313 1967 1987 (4) Total Other Properties 100,000 76,408 207,938 171,094 77,444 377,996 455,440 176,166 Total New York 4,970,815 2,127,658 4,494,066 2,929,657 2,048,905 7,502,476 9,551,381 2,331,297 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Encumbrances (1) Initial cost to company Costs Gross amount at which Accumulated Date of Date Life on which Land Buildings Land Buildings Total (2) Other theMART theMART, Illinois $ 675,000 $ 64,528 $ 319,146 $ 414,122 $ 64,535 $ 733,261 $ 797,796 $ 348,404 1930 1998 (4) 527 West Kinzie, Illinois — 5,166 — 132 5,166 132 5,298 — 1998 (4) Piers 92 and 94, New York — — — 17,773 — 17,773 17,773 3,847 2008 (4) Total theMART 675,000 69,694 319,146 432,027 69,701 751,166 820,867 352,251 555 California Street, California 537,643 223,446 895,379 241,667 211,459 1,149,033 1,360,492 360,277 1922,1969 -1970 2007 (4) 220 Central Park South, New York — 115,720 16,445 (104,428) — 27,737 27,737 — 2005 (4) Borgata Land, Atlantic City, NJ — 83,089 — — 83,089 — 83,089 — 2010 40 East 66th Residential, New York — 8,454 13,321 (8,193) 5,273 8,309 13,582 2,882 2005 (4) 677-679 Madison Avenue, New York — 1,462 1,058 285 1,627 1,178 2,805 535 2006 (4) Annapolis, Maryland — — 9,652 — — 9,652 9,652 4,462 2005 (4) Wayne Towne Center, New Jersey — — 26,137 56,373 — 82,510 82,510 29,431 2010 (4) Other — — — 5,606 — 5,606 5,606 1,725 (4) Total Other 1,212,643 501,865 1,281,138 623,337 371,149 2,035,191 2,406,340 751,563 Leasehold improvements equipment and other — — — 130,222 — 130,222 130,222 86,586 Total December 31, 2020 $ 6,183,458 $ 2,629,523 $ 5,775,204 $ 3,683,216 $ 2,420,054 $ 9,667,889 $ 12,087,943 $ 3,169,446 ________________________________________ (1) Represents contractual debt obligations. (2) The net basis of Vornado's assets and liabilities for tax reporting purposes is approximately $3.1 billion lower than the amounts reported for financial statement purposes. (3) Date of original construction –– many properties have had substantial renovation or additional construction –– see Column D. (4) Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to forty years. (5) Secured amount outstanding on revolving credit facilities. The following is a reconciliation of real estate assets and accumulated depreciation: Year Ended December 31, 2020 2019 2018 Real Estate Balance at beginning of period $ 13,074,012 $ 16,237,883 $ 14,756,295 Additions during the period: Land 1,372 46,074 170,065 Buildings & improvements and other 1,127,593 1,391,784 1,665,684 14,202,977 17,675,741 16,592,044 Less: Assets sold, written-off, reclassified to ready for sale and deconsolidated 2,115,034 4,601,729 354,161 Balance at end of period $ 12,087,943 $ 13,074,012 $ 16,237,883 Accumulated Depreciation Balance at beginning of period $ 3,015,958 $ 3,180,175 $ 2,885,283 Additions charged to operating expenses 344,301 360,194 381,500 3,360,259 3,540,369 3,266,783 Less: Accumulated depreciation on assets sold, written-off and deconsolidated 190,813 524,411 86,608 Balance at end of period $ 3,169,446 $ 3,015,958 $ 3,180,175 |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All inter-company amounts have been eliminated. Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which require us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. In addition, certain prior year balances have been reclassified in order to conform to the current period presentation. |
Recently Issued Accounting Literature | Recently Issued Accounting Literature In June 2016, the FASB issued an update ("ASU 2016-13") Measurement of Credit Losses on Financial Instruments establishing Accounting Standards Codification ("ASC") Topic 326, Financial Instruments - Credit Losses ("ASC 326"), as amended by subsequent ASUs on the topic. ASU 2016-13 changes how entities account for credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance replaces the current “incurred loss” model with an “expected loss” model that requires consideration of a broader range of information to estimate expected credit losses over the lifetime of the financial asset. ASU 2016-13 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2019. In May 2019, the FASB issued ASU 2019-05 Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief to allow companies to irrevocably elect, upon adoption of ASU 2016-13, the fair value option for financial instruments that were previously recorded at amortized cost and are within the scope of ASC Subtopic 326-20 if the instruments are eligible for the fair value option under ASC Subtopic 825-10, Financial Instruments ("ASC 825-10"). We elected to apply the fair value option on an instrument-by-instrument basis to our loans receivable. We adopted this standard effective January 1, 2020 and recorded a $16,064,000 cumulative-effect adjustment to beginning accumulated deficit to recognize credit losses on loans receivable recorded on our consolidated balance sheets. For the year ended December 31, 2020, we recorded $13,369,000 of credit losses on our loans receivable which are included in "interest and other investment (loss) income, net" on our consolidated statements of income. In March 2020, the FASB issued an update ("ASU 2020-04") establishing ASC Topic 848, Reference Rate Reform . ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the year ended December 31, 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In April 2020, the FASB issued a Staff Q&A on accounting for leases during the COVID-19 pandemic, focused on the application of lease guidance in ASC Topic 842, Leases ("ASC 842"). The Staff Q&A states that it would be acceptable to make a policy election regarding rent concessions resulting from COVID-19, which would not require entities to account for these rent concessions as lease modifications when total cash flows resulting from the modified contract are “substantially the same or less” than the cash flows in the original contract. During the year ended December 31, 2020, in limited circumstances, we granted rent deferrals and rent abatements for certain of our tenants. We have made a policy election in accordance with the Staff Q&A for our portfolio allowing us to not account for the concessions as lease modifications. Accordingly, rent abatements are recognized as reductions to “rental revenues” during the period in which they were granted. Rent deferrals result in an increase to "tenant and other receivables" during the deferral period with no impact on rental revenue recognition. For any concessions that do not meet the guidance contained in the Q&A, the modification guidance in accordance with ASC 842 will be applied. See Note 2 - COVID-19 Pandemic for further details. 3. Basis of Presentation and Significant Accounting Policies - continued Recently Issued Accounting Literature - continued In August 2020, the FASB issued an update ("ASU 2020-06") Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40). ASU 2020-06 simplifies the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock, removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and also simplifies the diluted earnings per share calculation in certain areas. ASU 2020-06 is effective for reporting periods beginning after December 15, 2021, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2020-06 on our consolidated financial statements, but do not believe the adoption of this standard will have a material impact on our consolidated financial statements. |
Real Estate | Real Estate: Real estate is carried at cost, net of accumulated depreciation and amortization. Betterments, major renewals and certain costs directly related to the improvement and leasing of real estate are capitalized. Maintenance and repairs are expensed as incurred. For redevelopment of existing operating properties, the net book value of the existing property under redevelopment plus the cost for the construction and improvements incurred in connection with the redevelopment, including interest and debt expense, are capitalized to the extent the capitalized costs of the property do not exceed the estimated fair value of the redeveloped property when complete. If the cost of the redeveloped property, including the net book value of the existing property, exceeds the estimated fair value of the redeveloped property, the excess is charged to expense. Depreciation is recognized on a straight-line basis over the estimated useful lives which range from 7 to 40 years. Tenant allowances are amortized on a straight-line basis over the lives of the related leases, which approximate the useful lives of the assets. Upon the acquisition of real estate, we assess the fair value of acquired assets (including land, buildings and improvements, identified intangibles, such as acquired above and below-market leases, acquired in-place leases and tenant relationships) and acquired liabilities and we allocate the purchase price based on these assessments which are on a relative fair value basis. We assess fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known trends, and market/economic conditions. We amortize identified intangibles that have finite lives over the period they are expected to contribute directly or indirectly to the future cash flows of the property or business acquired. Our properties, including any related right-of-use ("ROU") assets and intangible assets, are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured based on the excess of the property’s carrying amount over its estimated fair value. Impairment analyses are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. If our estimates of the future cash flows, anticipated holding periods, or market conditions change, our evaluation of impairment losses may be different and such differences could be material to our consolidated financial statements. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future occupancy, rental rates, capital requirements, capitalization rates and discount rates that could differ materially from actual results. 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 consolidate the accounts of the Fund into our consolidated financial statements, retaining the fair value basis of accounting. |
Partially Owned Entities | Partially Owned Entities: We consolidate entities in which we have a controlling financial interest. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider (i) whether the entity is a variable interest entity (“VIE”) in which we are the primary beneficiary or (ii) whether the entity is a voting interest entity in which we have a majority of the voting interests of the entity. We are deemed to be the primary beneficiary of a VIE when we have (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. We generally do not control a partially owned entity if the approval of all of the partners/members is contractually required with respect to decisions that most significantly impact the performance of the partially owned entity. This includes decisions regarding operating/capital budgets, and the placement of new or additional financing secured by the assets of the venture, among others. We account for investments under the equity method when the requirements for consolidation are not met, and we have significant influence over the operations of the investee. Equity method investments are initially recorded at cost and subsequently adjusted for our share of net income or loss and cash contributions and distributions each period. Investments that do not qualify for consolidation or equity method accounting are accounted for under the cost method. Investments in unconsolidated partially owned entities are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recorded when there is a decline in the fair value below the carrying value and we conclude such decline is other-than-temporary. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on current plans, intended holding periods, ability to hold, and available information at the time the analyses are prepared. |
220 Central Park South Condominium Units Ready For Sale | 220 Central Park South Condominium Units Ready For Sale: We are completing construction of a residential condominium tower at 220 Central Park South ("220 CPS"). Condominium units are reclassed from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" upon receipt of the unit's temporary certificate of occupancy. These units are substantially complete and ready for sale. Each unit is carried at the lower of its carrying amount or fair value less costs to sell. We have used the relative sales value method to allocate costs to individual condominium units. GAAP income is recognized when legal title transfers upon closing of the condominium unit sales and is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. As of December 31, 2020 and 2019, none of the 220 CPS condominium units ready for sale had a carrying value that exceeded fair value. |
Cash And Cash Equivalents | Cash and Cash Equivalents: Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less and are carried at cost, which approximates fair value due to their short-term maturities. The majority of our cash and cash equivalents consists of (i) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit, (ii) United States Treasury Bills, and (iii) Certificate of Deposits placed through an Account Registry Service. |
Restricted Cash | Restricted Cash: Restricted cash consists of security deposits, cash restricted for the purposes of facilitating a Section 1031 Like-Kind exchange, cash restricted in connection with our deferred compensation plan and cash escrowed under loan agreements, including for debt service, real estate taxes, property insurance and capital improvements. |
Deferred Charges | Deferred Charges: Direct financing costs are deferred and amortized over the terms of the related agreements as a component of interest expense. Direct and incremental costs related to successful leasing activities are capitalized and amortized on a straight-line basis over the lives of the related leases. All other deferred charges are amortized on a straight-line basis, which approximates the effective interest rate method, in accordance with the terms of the agreements to which they relate. |
Revenue Recognition | Revenue Recognition: • Rental revenues include revenues from the leasing of space at our properties to tenants, lease termination income, revenues from the Hotel Pennsylvania, trade shows and tenant services. ◦ Revenues from the leasing of space at our properties to tenants includes (i) lease components, including fixed and variable lease payments, and nonlease components which include reimbursement of common area maintenance expenses, and (ii) reimbursement of real estate taxes and insurance expenses. As lessor, we have elected to combine the lease and nonlease components of our operating lease agreements and account for the components as a single lease component in accordance with ASC 842. ◦ Revenues derived from fixed lease payments are recognized on a straight-line basis over the non-cancelable period of the lease, together with renewal options that are reasonably certain of being exercised. We commence rental revenue recognition when the underlying asset is available for use by the lessee. ◦ Revenue derived from the reimbursement of real estate taxes, insurance expenses and common area maintenance expenses are generally recognized in the same period as the related expenses are incurred. ◦ As discussed on page 84, in 2020, we have made a policy election in accordance with the Staff Q&A for our portfolio allowing us to not account for the concessions as lease modifications. Accordingly, rent abatements are recognized as reductions to “rental revenues” during the period in which they were granted. Rent deferrals result in an increase to "tenant and other receivables" during the deferral period with no impact on rental revenue recognition. For any concessions that do not meet the guidance contained in the Q&A, the modification guidance in accordance with ASC 842 will be applied. ◦ Lease termination income is recognized immediately if a tenant vacates or is recognized on a straight-line basis over the shortened remaining lease term in accordance with ASC 842. ◦ Hotel revenue arising from the operation of Hotel Pennsylvania consists of room revenue, food and beverage revenue, and banquet revenue. Room revenue is recognized when the rooms are made available for the guest, in accordance with ASC 842. ◦ Trade shows revenue arising from the operation of trade shows is primarily booth rentals. This revenue is recognized upon the occurrence of the trade shows when the trade show booths are made available for use by the exhibitors, in accordance with ASC 842. ◦ Tenant services revenue arises from sub-metered electric, elevator, trash removal and other services provided to tenants at their request. This revenue is recognized as the services are transferred in accordance with ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"). • Fee and other income includes management, leasing and other revenue arising from contractual agreements with third parties or with partially owned entities and includes BMS cleaning, engineering and security services. This revenue is recognized as the services are transferred in accordance with ASC 606. We evaluate on an individual lease basis whether it is probable that we will collect substantially all amounts due from our tenants. We recognize changes in the collectability assessment of our operating leases as adjustments to rental revenue. Management exercises judgment in assessing collectability and considers payment history, current credit status and publicly available information about the financial condition of the tenant, including the impact of COVID-19 on tenants' businesses, among other factors. Tenant receivables, including receivables arising from the straight-lining of rents, are written off when management deems that the collectability of substantially all future lease payments from a specific lease is not probable of collection, at which point, the Company will limit future rental revenues to cash received. |
Income Taxes | Income Taxes: Vornado operates in a manner intended to enable it to continue to qualify as a REIT under Sections 856‑860 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders. Vornado distributes to its shareholders 100% of its REIT taxable income and therefore, no provision for Federal income taxes is required. Dividends distributed for the year ended December 31, 2020, were characterized, for federal income tax purposes, as ordinary income. Dividends distributed for the year ended December 31, 2019, were characterized, for federal income tax purposes, as 62.1% ordinary income and 37.9% long-term capital gain. Dividends distributed for the year ended December 31, 2018, were characterized, for federal income tax purposes, as 91.7% ordinary income and 8.3% long-term capital gain. We have elected to treat certain consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as taxable REIT subsidiaries pursuant to an amendment to the Internal Revenue Code that became effective January 1, 2001. Taxable REIT subsidiaries may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to Federal and State income tax at regular corporate tax rates. Our 220 CPS condominium project and the operations of Hotel Pennsylvania are held through a taxable REIT subsidiary. At December 31, 2020 and 2019, our taxable REIT subsidiaries had deferred tax assets, net of valuation allowances, of $15,017,000 and $57,226,000, respectively, and are included in “other assets” on our consolidated balance sheets. At December 31, 2020 and 2019, our taxable REIT subsidiaries had deferred tax liabilities of $29,348,000 and $29,444,000, respectively, which are included in "other liabilities" on our consolidated balance sheets. The deferred tax assets and liabilities relate to net operating loss carry forwards and temporary differences between the book and tax basis of asset and liabilities. For the years ended December 31, 2020, 2019 and 2018, we recognized $36,630,000, $103,439,000 and $37,633,000 of income tax expense, respectively, based on effective tax rates of approximately (8.6)%, 3.0% and 8.2%, respectively. Income tax expense recorded in each of the years primarily relates to our consolidated taxable REIT subsidiaries, and certain state, local, and franchise taxes. The years ended December 31, 2020 and 2019, included $49,221,000 and $101,828,000, respectively, of income tax expense recognized on the sale of 220 CPS condominium units. The Company has no uncertain tax positions recognized as of December 31, 2020 and 2019. The Operating Partnership’s partners are required to report their respective share of taxable income on their individual tax returns. |
Marketable Securities, Policy [Policy Text Block] | Marketable securities are presented on our consolidated balance sheets at fair value and are accounted for in accordance with ASC Topic 321 - Investments in Equity Securities, which requires changes in the fair value of our marketable securities to be recorded in current period earnings. Changes in the fair value are recorded to "interest and other investment (loss) income, net" on our consolidated statements of income (see Note 17 - Interest and Other Investment (Loss) Income, Net |
Redeemable Noncontrolling Interests | 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. Class A units may be tendered for redemption to the Operating Partnership for cash; Vornado, at its option, may assume that obligation and pay the holder either cash or Vornado common shares on a one-for-one basis. Because the number of Vornado common shares outstanding at all times equals the number of Class A units owned by Vornado, the redemption value of each Class A unit is equivalent to the market value of one Vornado common share, and the quarterly distribution to a Class A unitholder is equal to the quarterly dividend paid to a Vornado common shareholder. Redeemable noncontrolling partnership units exclude our Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units, as they are accounted for as liabilities in accordance with ASC Topic 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 sheets and aggregated $50,002,000 and $50,561,000 as of December 31, 2020 and 2019, respectively. Changes in the value from period to period, if any, are charged to “interest and debt expense” on our consolidated statements of income. Redeemable Noncontrolling Interest in a Consolidated Subsidiary The consolidated joint venture in which we own a 95% interest is developing Farley Office and Retail (the "Project"). During 2020, a historic tax credit investor (the "Tax Credit Investor") funded $92,400,000 of capital contributions and is expected to make additional capital contributions in future periods. The arrangement includes a put option whereby the joint venture may be obligated to purchase the Tax Credit Investor’s ownership interest in the Project at a future date. The put price is calculated based on a pre-determined formula. As exercise of the put option is outside of the joint venture’s control, the Tax Credit Investor’s interest, together with the put option, have been recorded to “redeemable noncontrolling interest in a consolidated subsidiary” on our consolidated balance sheet as of December 31, 2020. The redeemable noncontrolling interest is recorded at the greater of the carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership. There was no adjustment required for the year ended December 31, 2020. |
Variable Interest Entities | Unconsolidated VIEsAs of December 31, 2020 and 2019, 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 in these entities under the equity method Consolidated VIEs Our most significant consolidated VIEs are the Operating Partnership (for Vornado), the Farley joint venture and certain properties that have non-controlling interests. These entities are VIEs because the non-controlling interests do not have substantive kick-out or participating rights. We consolidate these entities because we control all significant business activities. |
Fair Value Measurement | 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). |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Reconciliation of net income attributable to common shareholders to estimated taxable income | The following table reconciles net (loss) income attributable to Vornado common shareholders to estimated taxable income for the years ended December 31, 2020, 2019 and 2018. (Amounts in thousands) For the Year Ended December 31, 2020 2019 2018 Net (loss) income attributable to Vornado common shareholders $ (348,744) $ 3,097,806 $ 384,832 Book to tax differences (unaudited): Impairment losses 602,430 95,371 11,260 Depreciation and amortization 228,520 200,913 234,325 Sale of real estate and other capital transactions (151,960) (2,575,435) 31,527 Straight-line rent adjustments 70,923 9,057 (7,133) Earnings of partially owned entities 11,074 150,550 15,711 Vornado stock options (381) (16,597) (22,992) Tangible property regulations — (57,078) (86,040) Other, net 7,950 12,575 18,956 Estimated taxable income (unaudited) $ 419,812 $ 917,162 $ 580,446 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Below is a summary of our revenues by segment. Additional financial information related to these reportable segments for the years ended December 31, 2020, 2019 and 2018 is set forth in Note 24 - Segment Information. (Amounts in thousands) For the Year Ended December 31, 2020 Total New York Other Property rentals (1) $ 1,323,347 $ 1,051,009 $ 272,338 Hotel Pennsylvania (2) 8,741 8,741 — Trade shows (3) 11,303 — 11,303 Lease revenues (4) 1,343,391 1,059,750 283,641 Tenant services 34,244 23,750 10,494 Rental revenues 1,377,635 1,083,500 294,135 BMS cleaning fees 105,536 112,112 (6,576) (5) Management and leasing fees 19,416 19,508 (92) Other income 25,364 6,628 18,736 Fee and other income 150,316 138,248 12,068 Total revenues $ 1,527,951 $ 1,221,748 $ 306,203 ____________________ See notes below. (Amounts in thousands) For the Year Ended December 31, 2019 Total New York Other Property rentals (1) $ 1,589,539 $ 1,300,385 $ 289,154 Hotel Pennsylvania 89,594 89,594 — Trade shows 40,577 — 40,577 Lease revenues (4) 1,719,710 1,389,979 329,731 Tenant services 47,512 35,011 12,501 Rental revenues 1,767,222 1,424,990 342,232 BMS cleaning fees 124,674 133,358 (8,684) (5) Management and leasing fees 13,542 13,694 (152) Other income 19,262 5,818 13,444 Fee and other income 157,478 152,870 4,608 Total revenues $ 1,924,700 $ 1,577,860 $ 346,840 ____________________ (1) Reduced by $63,204 and $17,237 for the years ended December 31, 2020 and 2019, respectively, for the write-off of lease receivables deemed uncollectible (primarily write-offs of receivables arising from the straight-lining of rents). (2) Closed since April 1, 2020 as a result of the pandemic. (3) Cancelled trade shows at theMART from late March 2020 through the remainder of the year as a result of the pandemic. (4) The components of lease revenues were as follows: (Amounts in thousands) For the Year Ended December 31, 2020 2019 Fixed billings $ 1,292,174 $ 1,531,917 Variable billings 126,907 199,291 Total contractual operating lease billings 1,419,081 1,731,208 Adjustment for straight-line rents and amortization of acquired below-market leases, net (12,486) 5,739 Less: write-off of straight-line rent and tenant receivables deemed uncollectible (63,204) (17,237) Lease revenues $ 1,343,391 $ 1,719,710 (5) Represents the elimination of theMART and 555 California Street BMS cleanings fees which are included as income in the New York segment. 4. Revenue Recognition - continued (Amounts in thousands) For the Year Ended December 31, 2018 Total New York Other Property rentals $ 1,816,329 $ 1,548,226 $ 268,103 Hotel Pennsylvania 94,399 94,399 — Trade shows 42,684 — 42,684 Lease revenues 1,953,412 1,642,625 310,787 Tenant services 53,921 41,351 12,570 Rental revenues 2,007,333 1,683,976 323,357 BMS cleaning fees 120,357 129,088 (8,731) (1) Management and leasing fees 13,324 12,203 1,121 Other income 22,706 10,769 11,937 Fee and other income 156,387 152,060 4,327 Total revenues $ 2,163,720 $ 1,836,036 $ 327,684 ____________________ (1) Represents the elimination of theMART and 555 California Street BMS cleanings fees which are included as income in the New York segment. |
Real Estate Fund Investments (T
Real Estate Fund Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate Fund Investments [Abstract] | |
Schedule Of Income And Loss From The Fund | Below is a summary of loss from the Fund and the Crowne Plaza Joint Venture for the years ended December 31, 2020, 2019 and 2018. (Amounts in thousands) For the Year Ended December 31, 2020 2019 2018 Net unrealized loss on held investments $ (226,107) $ (106,109) $ (83,794) Net investment (loss) income (220) 2,027 6,105 Net realized loss on exited investments — — (912) New York City real property transfer tax (the "Transfer Tax") (1) — — (10,630) Loss from real estate fund investments (226,327) (104,082) (89,231) Less loss attributable to noncontrolling interests in consolidated subsidiaries 163,213 55,274 61,230 Loss from real estate fund investments net of noncontrolling interests in consolidated subsidiaries $ (63,114) $ (48,808) $ (28,001) ____________________ (1) Due to the additional Transfer Tax related to the March 2011 acquisition of One Park Avenue which was recognized as a result of the New York City Tax Appeals Tribunal (the "Tax Tribunal") decision in 2018. We appealed the Tax Tribunal's decision to the New York State Supreme Court, Appellate Division, First Department ("Appellate Division"). The Appellate Division entered a unanimous decision and order that confirmed the decision of the Tax Tribunal and dismissed our appeal. We filed a motion to reargue the Appellate Division's decision or for leave to appeal to the New York State Court of Appeals. That motion was denied in December 2019 and can no longer be appealed. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Marketable Securities [Abstract] | |
Unrealized Gain (Loss) on Investments | The table below summarizes the changes of our marketable securities portfolio for the years ended December 31, 2020 and 2019. (Amounts in thousands) Total Balance as of December 31, 2018 $ 152,198 Sale of marketable securities (primarily Lexington Realty Trust) (168,314) Transfer of PREIT investment balance (1) 54,962 Decrease in fair value of marketable securities (5,533) Balance as of December 31, 2019 33,313 Sale of marketable securities on January 23, 2020 (28,375) Decrease in fair value of marketable securities (4,938) Balance as of December 31, 2020 $ — ____________________ |
Investments in Partially Owne_2
Investments in Partially Owned Entities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Below is a schedule summarizing our investments in partially owned entities. (Amounts in thousands) Percentage Ownership at December 31, 2020 Balance as of December 31, 2020 2019 Investments: Fifth Avenue and Times Square JV (see page 91 for details) 51.5% $ 2,798,413 $ 3,291,231 Partially owned office buildings/land (1) Various 473,285 464,109 Alexander’s (see page 92 for details) 32.4% 82,902 98,543 Other investments (2) Various 136,507 145,282 $ 3,491,107 $ 3,999,165 Investments in partially owned entities included in other liabilities (3) : 7 West 34th Street 53.0% $ (55,340) $ (54,004) 85 Tenth Avenue 49.9% (13,080) (6,186) $ (68,420) $ (60,190) ____________________ (1) Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 512 West 22nd Street, 61 Ninth Avenue and others. (2) Includes interests in Independence Plaza, Rosslyn Plaza and others. (3) Our negative basis results from distributions in excess of our investment. Below is a schedule of (loss) income from partially owned entities. (Amounts in thousands) Percentage Ownership at December 31, 2020 For the Year Ended December 31, 2020 2019 2018 Our share of net (loss) income: Fifth Avenue and Times Square JV (see page 91 for details) (1) : Non-cash impairment loss $ (413,349) $ — $ — Return on preferred equity, net of our share of the expense 37,357 27,586 — Equity in net income 51.5% 21,063 (2) 31,130 — (354,929) 58,716 — Alexander's (see page 92 for details): Equity in net income 32.4% 13,326 (3) 19,204 10,485 (4) Management, leasing and development fees 5,309 4,575 4,560 18,635 23,779 15,045 Partially owned office buildings (5) Various 12,742 (3,443) (3,085) Other investments (6) Various (5,560) (187) (2,811) $ (329,112) $ 78,865 $ 9,149 ____________________ (1) Entered into on April 18, 2019. (2) Includes a $13,971 reduction in income related to a Forever 21 lease modification at 1540 Broadway and $3,125 of write-offs of lease receivables deemed uncollectible during 2020. (3) Includes our $4,846 share of write-offs of lease receivables deemed uncollectible. (4) Includes our $7,708 share of Alexander's additional Transfer Tax related to the November 2012 sale of Kings Plaza Regional Shopping Center. Alexander's recorded this expense based on the precedent established by the Tax Tribunal's decision regarding One Park Avenue in 2018 (see Note 5 - Real Estate Fund Investments ). On January 12, 2021, Alexander's decided not to further contest the additional Transfer Tax paid in connection with the sale of Kings Plaza. (5) Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 7 West 34th Street, 330 Madison Avenue (sold on July 11, 2019), 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others. 2018 includes our $4,978 share of additional Transfer Tax related to the March 2011 acquisition of One Park Avenue (see Note 5 - Real Estate Fund Investments ). (6) Includes interests in Independence Plaza, Rosslyn Plaza, Urban Edge Properties (sold on March 4, 2019), PREIT (accounted for as a marketable security from March 12, 2019 and sold on January 23, 2020), 666 Fifth Avenue Office Condominium (sold on August 3, 2018) and others. 2018 includes a net loss of $4,873 from our 666 Fifth Avenue Office Condominium joint venture as a result of our share of depreciation expense. 7. Investments in Partially Owned Entities – continued Below is a summary of the debt of our partially owned entities as of December 31, 2020 and 2019. (Amounts in thousands) Percentage Ownership at December 31, 2020 Maturity Interest Rate at December 31, 2020 100% Partially Owned Entities’ Debt at December 31, (1) 2020 2019 Mortgages Payable: Partially owned office buildings (2) Various 2021-2029 2.89% $ 3,622,572 $ 3,604,104 Alexander's 32.4% 2021-2027 1.65% 1,164,544 974,836 Fifth Avenue and Times Square JV 51.5% 2022-2024 2.63% 950,000 950,000 Other (3) Various 2021-2025 4.32% 1,288,265 1,290,227 ________________________________________ (1) All amounts are non-recourse to us except (i) the $500,000 mortgage loan on 640 Fifth Avenue, included in the Fifth Avenue and Times Square JV, and (ii) the $300,000 mortgage loan on 7 West 34th Street. (2) Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 7 West 34th Street, 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others. (3) Includes interests in Independence Plaza, Rosslyn Plaza and others. Based on our ownership interest in the partially owned entities above, our pro rata share of the debt of these partially owned entities was $2,873,174,000 and $2,802,859,000 as of December 31, 2020 and 2019, respectively Summary of Condensed Combined Financial Information The following is a summary of condensed combined financial information for all of our partially owned entities as of December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018. (Amounts in thousands) As of December 31, 2020 2019 Balance Sheet: Assets $ 13,344,000 $ 13,384,000 Liabilities 7,747,000 7,548,000 Noncontrolling interests 2,075,000 2,054,000 Equity 3,522,000 3,782,000 (Amounts in thousands) For the Year Ended December 31, 2020 2019 2018 Income Statement: Total revenue $ 1,163,000 $ 1,504,000 $ 1,798,000 Net income 45,000 39,000 52,000 Net (loss) income attributable to the entity (33,000) (32,000) 21,000 |
Identified Intangible Assets _2
Identified Intangible Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 below-market leases). (Amounts in thousands) Balance as of December 31, 2020 2019 Identified intangible assets: Gross amount $ 116,969 $ 129,552 Accumulated amortization (93,113) (98,587) Total, net $ 23,856 $ 30,965 Identified intangible liabilities (included in deferred revenue): Gross amount $ 273,902 $ 316,119 Accumulated amortization (238,541) (262,580) Total, net $ 35,361 $ 53,539 |
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, 2021 is as follows: (Amounts in thousands) 2021 $ 10,697 2022 9,169 2023 6,631 2024 2,883 2025 1,453 |
Other Identified Intangible Assets | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of future amortization expense of intangible assets | Estimated annual amortization of all other identified intangible assets including acquired in-place leases for each of the five succeeding years commencing January 1, 2021 is as follows: (Amounts in thousands) 2021 $ 4,334 2022 3,734 2023 3,648 2024 3,034 2025 2,150 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following is a summary of our debt: (Amounts in thousands) Weighted Average Interest Rate at December 31, 2020 Balance as of December 31, 2020 2019 Mortgages Payable: Fixed rate 3.68% $ 3,012,643 $ 4,601,516 Variable rate 2.02% 2,595,815 1,068,500 Total 2.91% 5,608,458 5,670,016 Deferred financing costs, net and other (27,909) (30,119) Total, net $ 5,580,549 $ 5,639,897 Senior unsecured notes 3.50% $ 450,000 $ 450,000 Deferred financing costs, net and other (3,315) (4,128) Senior unsecured notes, net 446,685 445,872 Unsecured term loan 3.70% 800,000 750,000 Deferred financing costs, net and other (3,238) (4,160) Unsecured term loan, net 796,762 745,840 Unsecured revolving credit facilities 1.05% 575,000 575,000 Total, net $ 1,818,447 $ 1,766,712 |
Schedule of Maturities of Long-Term Debt | As of December 31, 2020, the principal repayments required for the next five years and thereafter are as follows: (Amounts in thousands) Mortgages Payable Senior Unsecured Year Ended December 31, 2021 $ 2,609,243 $ — 2022 971,600 — 2023 523,400 575,000 2024 773,215 800,000 2025 331,000 450,000 Thereafter 400,000 — |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Operating Partnership Units Held By Third Parties | Below are the details of redeemable noncontrolling partnership units as of December 31, 2020 and 2019. (Amounts in thousands, except units and per unit amounts) Balance as of December 31, Units Outstanding as of December 31, Per Unit Preferred or Unit Series 2020 2019 2020 2019 Common: Class A units held by third parties $ 507,212 (1) $ 884,380 (1) 13,583,607 13,298,956 n/a $ 2.38 Perpetual Preferred/Redeemable Preferred (2) : 5.00% D-16 Cumulative Redeemable $ 1,000 $ 1,000 1 1 $ 1,000,000.00 $ 50,000.00 3.25% D-17 Cumulative Redeemable $ 3,535 $ 3,535 141,400 141,400 $ 25.00 $ 0.8125 ________________________________________ (1) Aggregate redemption value was based on Vornado's quarter-end closing common share price. (2) Holders may tender units for redemption to the Operating Partnership for cash at their stated redemption amount; Vornado, at its option, may assume that obligation and pay the holders either cash or Vornado preferred shares on a one-for-one basis. These units are redeemable at Vornado's option at any time. |
Summary Of Activity Of Redeemable Noncontrolling Interests | Below is a table summarizing the activity of redeemable noncontrolling partnership units. (Amounts in thousands) For the Year Ended December 31, 2020 2019 Beginning balance $ 888,915 $ 783,562 Net (loss) income (24,946) 210,872 Other comprehensive loss (2,914) (3,235) Distributions (32,595) (34,607) Special distribution declared on December 18, 2019 (see Note 12 - Shareholder's Equity/Partners' Capital ) — (25,912) Redemption of Class A units for Vornado common shares, at redemption value (9,266) (11,250) Redeemable Class A unit measurement adjustment (344,043) (70,810) Other, net 36,596 40,295 Ending balance $ 511,747 $ 888,915 Below is a table summarizing the activity of redeemable noncontrolling interest in a consolidated subsidiary. (Amounts in thousands) For the Year Ended Beginning balance $ — Net income 544 Contributions 92,400 Other, net 1,576 Ending balance $ 94,520 |
Shareholders' Equity_Partners_2
Shareholders' Equity/Partners' Capital (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule Of Preferred Units | The following table sets forth the details of our preferred shares of beneficial interest and the preferred units of the Operating Partnership as of December 31, 2020 and 2019. (Amounts in thousands, except share/unit and per share/per unit amounts) Per Share/Unit Balance as of December 31, Shares/Units Outstanding as of December 31, Liquidation Annual (1) Preferred Shares/Units 2020 2019 2020 2019 Convertible Preferred: 6.5% Series A: authorized 13,402 and 15,640 shares/units (2) $ 934 $ 991 13,402 15,640 $ 50.00 $ 3.25 Cumulative Redeemable Preferred: 5.70% Series K: authorized 12,000,000 shares/units (3) 290,971 290,971 12,000,000 12,000,000 25.00 1.425 5.40% Series L: authorized 13,800,000 shares/units (3) 290,306 290,306 12,000,000 12,000,000 25.00 1.35 5.25% Series M: authorized 13,800,000 shares/units (3) 308,946 308,946 12,780,000 12,780,000 25.00 1.3125 5.25% Series N: authorized 12,000,000 shares/units (3) 291,182 — 12,000,000 — 25.00 1.3125 (4) $ 1,182,339 $ 891,214 48,793,402 36,795,640 ________________________________________ (1) Dividends on preferred shares and distributions on preferred units are cumulative and are payable quarterly in arrears. (2) Redeemable at the option of Vornado under certain circumstances, at a redemption price of 1.9531 common shares/Class A units per Series A Preferred Share/Unit plus accrued and unpaid dividends/distributions through the date of redemption, or convertible at any time at the option of the holder for 1.9531 common shares/Class A units per Series A Preferred Share/Unit. (3) Redeemable at Vornado's option at a redemption price of $25.00 per share/unit, plus accrued and unpaid dividends/distributions through the date of redemption. (4) Annual dividend/distribution rate commencing in November 2020. |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table sets forth the changes in accumulated other comprehensive loss by component for the year ended December 31, 2020. (Amounts in thousands) Total Accumulated other comprehensive income (loss) of nonconsolidated subsidiaries Interest rate Other Balance as of December 31, 2019 $ (40,233) $ 4 $ (36,126) $ (4,111) Other comprehensive (loss) income (34,866) (14,342) (29,972) 9,448 Balance as of December 31, 2020 $ (75,099) $ (14,338) $ (66,098) $ 5,337 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | |
Fair value, schedule of assets and liabilities measures on recurring basis | The tables below aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy. (Amounts in thousands) As of December 31, 2020 Total Level 1 Level 2 Level 3 Real estate fund investments $ 3,739 $ — $ — $ 3,739 Deferred compensation plan assets ($10,813 included in restricted cash and $94,751 in other assets) 105,564 65,636 — 39,928 Loans receivable ($43,008 included in investments in partially owned entities and $4,735 in other assets) 47,743 — — 47,743 Interest rate caps (included in other assets) 17 — 17 — Total assets $ 157,063 $ 65,636 $ 17 $ 91,410 Mandatorily redeemable instruments (included in other liabilities) $ 50,002 $ 50,002 $ — $ — Interest rate swaps (included in other liabilities) 66,033 — 66,033 — Total liabilities $ 116,035 $ 50,002 $ 66,033 $ — (Amounts in thousands) As of December 31, 2019 Total Level 1 Level 2 Level 3 Marketable securities $ 33,313 $ 33,313 $ — $ — Real estate fund investments 222,649 — — 222,649 Deferred compensation plan assets ($11,819 included in restricted cash and $91,954 in other assets) 103,773 71,338 — 32,435 Interest rate swaps (included in other assets) 4,327 — 4,327 — Total assets $ 364,062 $ 104,651 $ 4,327 $ 255,084 Mandatorily redeemable instruments (included in other liabilities) $ 50,561 $ 50,561 $ — $ — Interest rate swaps (included in other liabilities) 40,354 — 40,354 — Total liabilities $ 90,915 $ 50,561 $ 40,354 $ — |
Schedule of derivative assets at fair value | The following table summarizes our consolidated derivative instruments, all of which hedge variable rate debt, as of December 31, 2020 and 2019, respectively. (Amounts in thousands) As of December 31, 2020 Variable Rate Hedged Item Fair Value Notional Amount Spread over LIBOR Interest Rate Swapped Rate Expiration Date Interest rate caps (included in other assets): Various $ 17 $ 175,000 Interest rate swaps (included in other liabilities): Unsecured term loan $ 57,723 $ 750,000 (1) L+100 1.15% 3.87% 10/23 33-00 Northern Boulevard mortgage loan 8,310 100,000 L+180 1.95% 4.14% 1/25 $ 66,033 $ 850,000 ________________________________________ (1) Remaining $50,000 balance of our unsecured term loan bears interest at a floating rate of LIBOR plus 1.00%. (Amounts in thousands) As of December 31, 2019 Variable Rate Hedged Item Fair Value Notional Amount Spread over LIBOR Interest Rate Swapped Rate Expiration Date Interest rate swaps (included in other assets): 770 Broadway loan $ 4,045 $ 700,000 L+175 3.46% 2.56% 9/20 888 Seventh Avenue mortgage loan 218 375,000 L+170 3.44% 3.25% 12/20 4,263 1,075,000 Interest rate caps (included in other assets): Various 64 175,000 $ 4,327 $ 1,250,000 Interest rate swaps (included in other liabilities): Unsecured term loan $ 36,809 $ 750,000 L+100 2.80% 3.87% 10/23 33-00 Northern Boulevard mortgage loan 3,545 100,000 L+180 3.52% 4.14% 1/25 $ 40,354 $ 850,000 |
Schedule of derivative liabilities at fair value | The following table summarizes our consolidated derivative instruments, all of which hedge variable rate debt, as of December 31, 2020 and 2019, respectively. (Amounts in thousands) As of December 31, 2020 Variable Rate Hedged Item Fair Value Notional Amount Spread over LIBOR Interest Rate Swapped Rate Expiration Date Interest rate caps (included in other assets): Various $ 17 $ 175,000 Interest rate swaps (included in other liabilities): Unsecured term loan $ 57,723 $ 750,000 (1) L+100 1.15% 3.87% 10/23 33-00 Northern Boulevard mortgage loan 8,310 100,000 L+180 1.95% 4.14% 1/25 $ 66,033 $ 850,000 ________________________________________ (1) Remaining $50,000 balance of our unsecured term loan bears interest at a floating rate of LIBOR plus 1.00%. (Amounts in thousands) As of December 31, 2019 Variable Rate Hedged Item Fair Value Notional Amount Spread over LIBOR Interest Rate Swapped Rate Expiration Date Interest rate swaps (included in other assets): 770 Broadway loan $ 4,045 $ 700,000 L+175 3.46% 2.56% 9/20 888 Seventh Avenue mortgage loan 218 375,000 L+170 3.44% 3.25% 12/20 4,263 1,075,000 Interest rate caps (included in other assets): Various 64 175,000 $ 4,327 $ 1,250,000 Interest rate swaps (included in other liabilities): Unsecured term loan $ 36,809 $ 750,000 L+100 2.80% 3.87% 10/23 33-00 Northern Boulevard mortgage loan 3,545 100,000 L+180 3.52% 4.14% 1/25 $ 40,354 $ 850,000 |
Fair value measurements, nonrecurring | (Amounts in thousands) As of December 31, 2020 Total Level 1 Level 2 Level 3 Real estate assets $ 191,116 $ — $ — $ 191,116 (Amounts in thousands) As of September 30, 2020 Total Level 1 Level 2 Level 3 Investment in Fifth Avenue and Times Square JV $ 2,811,374 $ — $ — $ 2,811,374 |
Schedule of carrying amounts and fair values of financial instruments | The table below summarizes the carrying amounts and fair value of these financial instruments. (Amounts in thousands) As of December 31, 2020 As of December 31, 2019 Carrying Fair Carrying Fair Cash equivalents $ 1,476,427 $ 1,476,000 $ 1,276,815 $ 1,277,000 Debt: Mortgages payable $ 5,608,458 $ 5,612,000 $ 5,670,016 $ 5,714,000 Senior unsecured notes 450,000 476,000 450,000 468,000 Unsecured term loan 800,000 800,000 750,000 750,000 Unsecured revolving credit facilities 575,000 575,000 575,000 575,000 Total $ 7,433,458 (1) $ 7,463,000 $ 7,445,016 (1) $ 7,507,000 ____________________ (1) Excludes $34,462 and $38,407 of deferred financing costs, net and other as of December 31, 2020 and 2019 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. Range Weighted Average Unobservable Quantitative Input December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Discount rates 7.6% to 15.0% 8.6% to 12.0% 12.7% 9.9% Terminal capitalization rates 5.5% to 10.3% 4.9% to 8.2% 7.9% 5.9% |
Summary of changes in level 3 plan assets | The table below summarizes the changes in the fair value of real estate fund investments that are classified as Level 3. (Amounts in thousands) For the Year Ended December 31, 2020 2019 Beginning balance $ 222,649 $ 318,758 Net unrealized loss on held investments (226,107) (106,109) Purchases/additional fundings 7,197 10,000 Ending balance $ 3,739 $ 222,649 |
Deferred Compensation Plan Assets | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | |
Schedule of carrying amounts and fair values of financial instruments | The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3. (Amounts in thousands) For the Year Ended December 31, 2020 2019 Beginning balance $ 32,435 $ 37,808 Sales (5,467) (27,053) Purchases 8,766 18,494 Realized and unrealized gains 808 1,947 Other, net 3,386 1,239 Ending balance $ 39,928 $ 32,435 |
Loans Receivable | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | |
Fair value inputs quantitative information | Significant unobservable quantitative inputs in the table on the following page were utilized in determining the fair value of these loans receivable. 14. Fair Value Measurements - continued Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued Loans Receivable - continued December 31, 2020 Unobservable Quantitative Input Range Weighted Average (based on fair value of investments) Discount rates 6.5% 6.5 % Terminal capitalization rates 5.0% 5.0 % |
Summary of changes in level 3 plan assets | The table below summarizes the changes in fair value of loans receivable that are classified as Level 3. (Amounts in thousands) For the Year Ended December 31, 2020 Beginning balance $ 59,251 Credit losses (13,369) Interest accrual 2,461 Paydowns (600) Ending balance $ 47,743 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule Of Other Share Based Compensation, Activity | Below is a summary of our stock-based compensation expense, a component of "general and administrative" expense on our consolidated statements of income. (Amounts in thousands) For the Year Ended December 31, 2020 2019 2018 OP Units $ 33,431 $ 39,969 $ 17,763 OPPs 9,579 1,944 10,689 AO LTIP Units 3,955 2,636 2,113 Vornado stock options 656 547 587 Vornado restricted stock 649 549 570 Performance Conditioned AO LTIP Units 407 8,263 — $ 48,677 $ 53,908 $ 31,722 |
Schedule of Unrecognized Compensation Expense | Below is a summary of unrecognized compensation expense for the year ended December 31, 2020. (Amounts in thousands) As of Weighted-Average OP Units $ 25,661 1.6 OPPs 3,882 2.1 AO LTIP Units 2,286 1.5 Vornado stock options 987 1.7 Vornado restricted stock 974 1.7 Performance Conditioned AO LTIP Units 313 1.3 $ 34,103 1.7 |
Schedule Of Share Based Compensation Restricted Operating Partnership Units Earned | Below is the summary of the OPP units granted during the years December 31, 2020, 2018 and 2017. Plan Year Total Plan Percentage of Notional Grant Date Fair Value (1) OPP Units Earned 2020 $ 35,000,000 94.0 % $ 11,700,000 To be determined in 2023 2018 35,000,000 78.2 % 10,300,000 To be determined in 2021 2017 35,000,000 86.6 % 10,800,000 Not earned ________________________________________ (1) During the years ended December 31, 2020 and 2018, $7,583,000 and $8,040,000, respectively, was immediately expensed on the respective grant date due to acceleration of vesting for employees who are retirement eligible (have reached age 65 or age 60 with at least 20 years of service). |
Schedule Of Share Based Compensation Stock Options Activity | Below is a summary of Vornado’s stock option activity for the year ended December 31, 2020. Shares Weighted- Weighted- Aggregate Outstanding as of December 31, 2019 1,768,877 $ 57.39 Granted 70,581 52.35 Exercised (68,782) 51.12 Forfeited (4,474) 65.63 Expired (1,000,565) 51.77 Outstanding as of December 31, 2020 765,637 $ 64.79 1.92 $ 20,794 Options exercisable as of December 31, 2020 658,807 $ 65.84 0.86 $ 1,288 Below is a summary of Performance Conditioned AO LTIP Units activity for the year ended December 31, 2020. Units Weighted-Average Weighted- Aggregate Outstanding as of December 31, 2019 496,762 $ 62.62 Outstanding as of December 31, 2020 496,762 $ 62.62 8.04 $ — Options exercisable at December 31, 2020 235,089 $ 62.62 8.04 $ — Below is a summary of AO LTIP Units activity for the year ended December 31, 2020. Shares Weighted- Weighted- Aggregate Outstanding as of December 31, 2019 383,983 $ 66.23 Granted 342,924 52.40 Forfeited (7,454) 57.23 Expired (1,872) 67.55 Outstanding as of December 31, 2020 717,581 $ 59.71 7.30 $ 100,619 Options exercisable as of December 31, 2020 216,646 $ 63.94 4.47 $ 14,187 |
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions | The fair value of each option grant is estimated on the date of grant using an option-pricing model with the following weighted-average assumptions for grants in the years ended December 31, 2020, 2019 and 2018. As of December 31, 2020 2019 2018 Expected volatility 35% - 36% 35% 35% Expected life 5.0 years 5.0 years 5.0 years Risk free interest rate 0.57% - 1.76% 2.50% 2.25% Expected dividend yield 3.2% - 3.4% 2.9% 2.9% As of December 31, 2019 Expected volatility 35% Expected life 8.0 years Risk free interest rate 2.76% Expected dividend yield 3.1% As of December 31, 2020 2019 2018 Expected volatility 35% - 36% 35% 35% Expected life 5.0 years 5.0 years 5.0 years Risk free interest rate 0.57% - 1.76% 2.50% 2.25% Expected dividend yield 3.2% - 3.4% 2.9% 2.9% |
Schedule Of Share Based Compensation Restricted Operating Partnership Units Activity | Below is a summary of restricted OP unit activity for the year ended December 31, 2020. Unvested Units Units Weighted-Average Unvested as of December 31, 2019 1,148,313 $ 59.21 Granted 530,597 33.95 Vested (516,805) 47.16 Forfeited (9,687) 35.86 Unvested as of December 31, 2020 1,152,418 53.17 |
Schedule Of Share Based Compensation Restricted Stock And Restricted Stock Units Activity | Below is a summary of Vornado’s restricted stock activity for the year ended December 31, 2020. Unvested Shares Shares Weighted-Average Unvested as of December 31, 2019 18,927 $ 70.96 Granted 16,003 53.29 Vested (8,526) 70.60 Forfeited (1,089) 67.51 Unvested as of December 31, 2020 25,315 60.06 |
Impairment Losses and Transac_2
Impairment Losses and Transaction Related Costs, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Transaction Related Costs, Impairment Losses and Other [Abstract] | |
Schedule of Impairment Losses and Transaction Related Costs, Net | The following table sets forth the details of impairment losses and transaction related costs, net: (Amounts in thousands) For the Year Ended December 31, 2020 2019 2018 Real estate impairment losses (1) $ (236,286) $ (8,065) $ (12,000) 608 Fifth Avenue lease liability extinguishment gain in 2020 and impairment loss and related write-offs in 2019 (see following page for details) 70,260 (93,860) — Transaction related costs (8,001) (4,613) (6,217) Transfer Tax (2) — — (13,103) $ (174,027) $ (106,538) $ (31,320) ________________________________________ (1) See Note 14 - Fair Value Measurements for additional information. (2) Additional Transfer Tax recorded in the first quarter 2018 related to the acquisition of Independence Plaza. The joint venture, in which we have a 50.1% economic interest, that owns Independence Plaza recognized this expense based on the precedent established by the Tax Tribunal's decision regarding One Park Avenue (see Note 5 - Real Estate Fund Investments ). |
Interest and Other Investment_2
Interest and Other Investment (Loss) Income, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Interest and Other Income [Abstract] | |
Schedule of interest and other investment income (loss), net | The following table sets forth the details of our interest and other investment (loss) income, net: (Amounts in thousands) For the Year Ended December 31, 2020 2019 2018 (Decrease) increase in fair value of marketable securities: PREIT (1) $ (4,938) $ (21,649) $ — Lexington (2) — 16,068 (26,596) Other — 48 143 (4,938) (5,533) (26,453) Credit losses on loans receivable (3) (13,369) — — Interest on cash and cash equivalents and restricted cash 5,793 13,380 15,827 Interest on loans receivable 3,384 6,326 10,298 (4) Dividends on marketable securities — 3,938 13,339 Other, net 3,631 3,708 4,046 ______________ $ (5,499) $ 21,819 $ 17,057 (1) Sold on January 23, 2020 (see page 91 for details). (2) Sold on March 1, 2019. (3) See Note 3 - Basis of Presentation and Significant Accounting Policies and Note 14 - Fair Value Measurements for additional information. (4) Includes $6,707 of profit participation in connection with an investment in a mezzanine loan which was previously repaid to us. |
Interest and Debt Expense (Tabl
Interest and Debt Expense (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 Year Ended December 31, 2020 2019 2018 Interest expense (1) $ 251,847 $ 335,016 $ 389,136 Capitalized interest and debt expense (41,056) (72,200) (73,166) Amortization of deferred financing costs 18,460 23,807 31,979 _______________ $ 229,251 $ 286,623 $ 347,949 (1) 2019 includes $22,540 of debt prepayment costs in connection with the redemption of $400,000 5.00% senior unsecured notes which were scheduled to mature in January 2022. |
(Loss) Income Per Share _(Los_2
(Loss) Income Per Share /(Loss) Income Per Class A Unit (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings per share | |
Schedule of Earnings Per Share Basic and Diluted | Vornado Realty Trust The following table presents the calculations of (i) basic (loss) income per common share which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares and (ii) diluted (loss) income per common share which includes the weighted average common shares and dilutive share equivalents. Unvested share-based payment awards that contain nonforfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. Earnings are allocated to participating securities, which include restricted stock awards, based on the two-class method. Other potential dilutive share equivalents such as our employee stock options, OP Units, OPPs, AO LTIP Units and Performance Conditioned AO LTIP Units are included in the computation of diluted Earnings Per Share ("EPS") using the treasury stock method, while the dilutive effect of our Series A convertible preferred shares is reflected in diluted EPS by application of the if-converted method. (Amounts in thousands, except per share amounts) For the Year Ended December 31, 2020 2019 2018 Numerator: (Loss) income from continuing operations, net of loss (income) attributable to noncontrolling interests $ (297,005) $ 3,147,965 $ 449,356 (Loss) income from discontinued operations — (28) 598 Net (loss) income attributable to Vornado (297,005) 3,147,937 449,954 Preferred share dividends (51,739) (50,131) (50,636) Preferred share issuance costs — — (14,486) Net (loss) income attributable to common shareholders (348,744) 3,097,806 384,832 Earnings allocated to unvested participating securities (99) (309) (44) Numerator for basic (loss) income per share (348,843) 3,097,497 384,788 Impact of assumed conversions: Convertible preferred share dividends — 57 62 Earnings allocated to Out-Performance Plan units — 9 174 Numerator for diluted (loss) income per share $ (348,843) $ 3,097,563 $ 385,024 Denominator: Denominator for basic (loss) income per share – weighted average shares 191,146 190,801 190,219 Effect of dilutive securities (1) : Employee stock options and restricted stock awards — 216 933 Convertible preferred shares — 34 37 Out-Performance Plan units — 2 101 Denominator for diluted (loss) income per share – weighted average shares and assumed conversions 191,146 191,053 191,290 (LOSS) INCOME PER COMMON SHARE - BASIC: Net (loss) income per common share $ (1.83) $ 16.23 $ 2.02 (LOSS) INCOME PER COMMON SHARE - DILUTED: Net (loss) income per common share $ (1.83) $ 16.21 $ 2.01 ________________________________________ (1) The effect of dilutive securities excluded an aggregate of 14,007, 13,020 and 12,232 weighted average common share equivalents in the years ended December 31, 2020, 2019 and 2018, respectively, as their effect was anti-dilutive. |
Vornado Realty L.P. | |
Earnings per share | |
Schedule of Earnings Per Share Basic and Diluted | Vornado Realty L.P. The following table presents the calculations of (i) basic (loss) income 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 (loss) income per Class A unit which includes the weighted average Class A unit and dilutive Class A unit equivalents. Unvested share-based payment awards that contain non-forfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. Earnings are allocated to participating securities, which include Vornado restricted stock awards, OP Units and OPPs, based on the two-class method. Other potential dilutive unit equivalents such as Vornado stock options, AO LTIP Units and Performance Conditioned AO LTIP Units are included in the computation of diluted income per unit ("EPU") using the treasury stock method, while the dilutive effect of our Series A convertible preferred units is reflected in diluted EPU by application of the if-converted method. (Amounts in thousands, except per unit amounts) For the Year Ended December 31, 2020 2019 2018 Numerator: (Loss) income from continuing operations, net of loss attributable to noncontrolling interests in consolidated subsidiaries $ (321,951) $ 3,358,839 $ 474,988 (Loss) income from discontinued operations — (30) 638 Net (loss) income attributable to Vornado Realty L.P. (321,951) 3,358,809 475,626 Preferred unit distributions (51,904) (50,296) (50,830) Preferred unit issuance costs — — (14,486) Net (loss) income attributable to Class A unitholders (373,855) 3,308,513 410,310 Earnings allocated to unvested participating securities (5,417) (17,296) (2,973) Numerator for basic (loss) income per Class A unit (379,272) 3,291,217 407,337 Impact of assumed conversions: Convertible preferred unit distributions — 57 62 Numerator for diluted (loss) income per Class A unit $ (379,272) $ 3,291,274 $ 407,399 Denominator: Denominator for basic (loss) income per Class A unit – weighted average units 203,503 202,947 202,068 Effect of dilutive securities (1) : Vornado stock options, Vornado restricted stock awards, OP Units, AO LTIP Units and OPPs — 267 1,307 Convertible preferred units — 34 37 Denominator for diluted (loss) income per Class A unit – weighted average units and assumed conversions 203,503 203,248 203,412 (LOSS) INCOME PER CLASS A UNIT - BASIC: (Loss) income from continuing operations, net $ (1.86) $ 16.22 $ 2.01 Income from discontinued operations, net — — 0.01 Net (loss) income per Class A unit $ (1.86) $ 16.22 $ 2.02 (LOSS) INCOME PER CLASS A UNIT - DILUTED: Net (loss) income per Class A unit $ (1.86) $ 16.19 $ 2.00 ________________________________________ (1) The effect of dilutive securities excluded an aggregate of 1,650, 825 and 110 weighted average Class A unit equivalents in the years ended December 31, 2020, 2019 and 2018 respectively, as their effect was anti-dilutive. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lessor, Operating Lease, Payments to be Received, Maturity | As of December 31, 2020, future undiscounted cash flows under non-cancelable operating leases were as follows: (Amounts in thousands) As of December 31, 2020 For the year ended December 31, 2021 $ 1,230,675 2022 1,227,742 2023 1,161,730 2024 995,588 2025 876,497 Thereafter 5,090,824 |
Schedule of Amounts Included in Measurement of Lease Liability | The following table sets forth information related to the measurement of our lease liabilities as of December 31, 2020 and 2019: (Amounts in thousands) For the Year Ended December 31, 2020 2019 Weighted average remaining lease term (in years) 44.8 40.2 Weighted average discount rate 4.91 % 4.84 % Cash paid for operating leases $ 23,932 $ 27,817 |
Schedule of Rent Expense | The following table sets forth the details of rent expense for the years ended December 31, 2020 and 2019: (Amounts in thousands) For the Year Ended December 31, 2020 2019 Fixed rent expense $ 28,503 $ 33,738 Variable rent expense 1,178 1,978 Rent expense $ 29,681 $ 35,716 |
Lessee, Operating Lease, Liability, Maturity | As of December 31, 2020, future lease payments under operating ground leases were as follows: (Amounts in thousands) As of December 31, 2020 For the year ended December 31, 2021 $ 22,010 2022 23,669 2023 24,002 2024 24,354 2025 24,722 Thereafter 926,139 Total undiscounted cash flows 1,044,896 Present value discount (643,888) Lease liabilities $ 401,008 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | Below is a reconciliation of net (loss) income to NOI at share and NOI at share - cash basis for the years ended December 31, 2020, 2019 and 2018. (Amounts in thousands) For the Year Ended December 31, 2020 2019 2018 Net (loss) income $ (461,845) $ 3,334,262 $ 422,603 Depreciation and amortization expense 399,695 419,107 446,570 General and administrative expense 181,509 169,920 141,871 Impairment losses and transaction related costs, net 174,027 106,538 31,320 Loss (income) from partially owned entities 329,112 (78,865) (9,149) Loss from real estate fund investments 226,327 104,082 89,231 Interest and other investment loss (income), net 5,499 (21,819) (17,057) Interest and debt expense 229,251 286,623 347,949 Net gain on transfer to Fifth Avenue and Times Square JV — (2,571,099) — Purchase price fair value adjustment — — (44,060) Net gains on disposition of wholly owned and partially owned assets (381,320) (845,499) (246,031) Income tax expense 36,630 103,439 37,633 Loss (income) from discontinued operations — 30 (638) NOI from partially owned entities 306,495 322,390 253,564 NOI attributable to noncontrolling interests in consolidated subsidiaries (72,801) (69,332) (71,186) NOI at share 972,579 1,259,777 1,382,620 Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other 46,246 (6,060) (44,704) NOI at share - cash basis $ 1,018,825 $ 1,253,717 $ 1,337,916 24. Segment Information - continued Below is a summary of NOI at share, NOI at share - cash basis and selected balance sheet data by segment for the years ended December 31, 2020, 2019 and 2018. (Amounts in thousands) For the Year Ended December 31, 2020 Total New York Other Total revenues $ 1,527,951 $ 1,221,748 $ 306,203 Operating expenses (789,066) (640,531) (148,535) NOI - consolidated 738,885 581,217 157,668 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (72,801) (43,773) (29,028) Add: NOI from partially owned entities 306,495 296,447 10,048 NOI at share 972,579 833,891 138,688 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other 46,246 36,715 9,531 NOI at share - cash basis $ 1,018,825 $ 870,606 $ 148,219 Balance Sheet Data: Real estate, at cost $ 12,087,943 $ 9,581,830 $ 2,506,113 Investments in partially owned entities 3,491,107 3,459,142 31,965 Total assets 16,221,822 15,046,469 1,175,353 (Amounts in thousands) For the Year Ended December 31, 2019 Total New York Other Total revenues $ 1,924,700 $ 1,577,860 $ 346,840 Operating expenses (917,981) (758,304) (159,677) NOI - consolidated 1,006,719 819,556 187,163 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (69,332) (40,896) (28,436) Add: NOI from partially owned entities 322,390 294,168 28,222 NOI at share 1,259,777 1,072,828 186,949 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (6,060) (12,318) 6,258 NOI at share - cash basis $ 1,253,717 $ 1,060,510 $ 193,207 Balance Sheet Data: Real estate, at cost $ 13,074,012 $ 10,272,458 $ 2,801,554 Investments in partially owned entities 3,999,165 3,964,289 34,876 Total assets 18,287,013 16,429,159 1,857,854 (Amounts in thousands) For the Year Ended December 31, 2018 Total New York Other Total revenues $ 2,163,720 $ 1,836,036 $ 327,684 Operating expenses (963,478) (806,464) (157,014) NOI - consolidated 1,200,242 1,029,572 170,670 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (71,186) (48,490) (22,696) Add: NOI from partially owned entities 253,564 195,908 57,656 NOI at share 1,382,620 1,176,990 205,630 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (44,704) (45,427) 723 NOI at share - cash basis $ 1,337,916 $ 1,131,563 $ 206,353 |
SEC Schedule III Rollforward _2
SEC Schedule III Rollforward of Real Estate Assets and Accumulated Depreciation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule of Real Estate Properties | The following is a reconciliation of real estate assets and accumulated depreciation: Year Ended December 31, 2020 2019 2018 Real Estate Balance at beginning of period $ 13,074,012 $ 16,237,883 $ 14,756,295 Additions during the period: Land 1,372 46,074 170,065 Buildings & improvements and other 1,127,593 1,391,784 1,665,684 14,202,977 17,675,741 16,592,044 Less: Assets sold, written-off, reclassified to ready for sale and deconsolidated 2,115,034 4,601,729 354,161 Balance at end of period $ 12,087,943 $ 13,074,012 $ 16,237,883 Accumulated Depreciation Balance at beginning of period $ 3,015,958 $ 3,180,175 $ 2,885,283 Additions charged to operating expenses 344,301 360,194 381,500 3,360,259 3,540,369 3,266,783 Less: Accumulated depreciation on assets sold, written-off and deconsolidated 190,813 524,411 86,608 Balance at end of period $ 3,169,446 $ 3,015,958 $ 3,180,175 |
Organization and Business - (Na
Organization and Business - (Narrative) (Details) ft² in Millions | 12 Months Ended |
Dec. 31, 2020ft²propertyunitbuildingroom | |
Alexanders Inc | |
Real Estate Properties | |
Equity method ownership percentage | 32.40% |
New York | Manhattan | Office Building | |
Real Estate Properties | |
Square footage of real estate property (in sqft) | 20.6 |
Number of real estate properties | property | 33 |
New York | Manhattan | Retail | |
Real Estate Properties | |
Square footage of real estate property (in sqft) | 2.7 |
Number of real estate properties | property | 65 |
New York | Manhattan | Residential Properties | |
Real Estate Properties | |
Number of real estate properties | property | 10 |
Number of units in real estate property (in number of residential units) | unit | 1,989 |
New York | Manhattan | Hotel Pennsylvania | |
Real Estate Properties | |
Number of units in real estate property (in number of residential units) | room | 1,700 |
New York | Alexanders Inc | New York City Metropolitan Area | |
Real Estate Properties | |
Number of real estate properties | property | 7 |
Equity method ownership percentage | 32.40% |
New York | Alexanders Inc | New York City Metropolitan Area | Lexington Avenue 731 | |
Real Estate Properties | |
Square footage of real estate property (in sqft) | 1.3 |
Other | Real estate fund investments | |
Real Estate Properties | |
Equity method ownership percentage | 25.00% |
Other | Chicago | the Mart, Chicago | |
Real Estate Properties | |
Square footage of real estate property (in sqft) | 3.7 |
Other | San Francisco | 555 California Street | Office Building | |
Real Estate Properties | |
Square footage of real estate property (in sqft) | 1.8 |
Equity method ownership percentage | 70.00% |
Number of buildings | building | 3 |
Operating Partnership | |
Real Estate Properties | |
Common limited partnership interest in the Operating Partnership | 92.80% |
COVID-19 Pandemic (Narrative) (
COVID-19 Pandemic (Narrative) (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Feb. 10, 2021 | Apr. 30, 2020employee | Apr. 01, 2020USD ($) | |
Unusual or Infrequent Item, or Both [Line Items] | ||||||
Income tax benefit | $ (36,630) | $ (103,439) | $ (37,633) | |||
Hotel Pennsylvania | ||||||
Unusual or Infrequent Item, or Both [Line Items] | ||||||
Restructuring reserve, accrual | 9,246 | |||||
Income tax benefit | 3,145 | |||||
COVID-19 | ||||||
Unusual or Infrequent Item, or Both [Line Items] | ||||||
Number of employees furloughed | employee | 1,803 | |||||
Write off of receivables arising from the straight-lining of rents | 51,571 | |||||
Write off of tenant receivables deemed uncollectible | $ 22,546 | |||||
COVID-19 | Non-Management Member Board of Trustees | ||||||
Unusual or Infrequent Item, or Both [Line Items] | ||||||
Annual cash retainer forgone | $ 75 | |||||
COVID-19 | Building Maintenance Service LLC | ||||||
Unusual or Infrequent Item, or Both [Line Items] | ||||||
Number of employees furloughed | employee | 1,293 | |||||
COVID-19 | Hotel Pennsylvania | ||||||
Unusual or Infrequent Item, or Both [Line Items] | ||||||
Number of employees furloughed | employee | 414 | |||||
COVID-19 | Vornado Realty Trust | ||||||
Unusual or Infrequent Item, or Both [Line Items] | ||||||
Number of employees furloughed | employee | 96 | |||||
COVID-19 | Vornado Realty Trust | Subsequent Event | ||||||
Unusual or Infrequent Item, or Both [Line Items] | ||||||
Percentage of employees returned from furlough | 50.00% |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies (Recently Issued Accounting Literature) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Stockholders' equity | $ 6,948,155 | $ 7,310,978 | $ 5,107,883 | $ 5,007,701 |
Credit losses on loans receivable | 13,369 | 0 | 0 | |
Earnings Less Than Distributions | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Stockholders' equity | $ (2,774,182) | (1,954,266) | $ (4,167,184) | (4,183,253) |
Cumulative Effect, Period of Adoption, Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Stockholders' equity | (16,064) | 14,519 | ||
Cumulative Effect, Period of Adoption, Adjustment | Earnings Less Than Distributions | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Stockholders' equity | $ (16,064) | $ 122,893 |
Basis of Presentation and Sig_5
Basis of Presentation and Significant Accounting Policies (Real Estate) (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Line Items] | |
Real estate and accumulated depreciation life used for depreciation | 40 years |
Minimum | |
Real Estate [Line Items] | |
Real estate and accumulated depreciation life used for depreciation | 7 years |
Maximum | |
Real Estate [Line Items] | |
Real estate and accumulated depreciation life used for depreciation | 40 years |
Basis of Presentation and Sig_6
Basis of Presentation and Significant Accounting Policies (Allowance for Doubtful Accounts) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |
Amount charged against operations | $ 1,910 |
Uncollectible accounts written-off | 2,592 |
Allowance for doubtful accounts | $ 5,798 |
Basis of Presentation and Sig_7
Basis of Presentation and Significant Accounting Policies (Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Contingency [Line Items] | |||
Minimum percentage of taxable income distributed as dividends | 90.00% | ||
Percentage of taxable income distributed | 100.00% | ||
Deferred tax assets related to net operating loss carryforward utilized | $ 15,017 | $ 57,226 | |
Deferred tax liabilities | 29,348 | 29,444 | |
Income tax expense | $ 36,630 | $ 103,439 | $ 37,633 |
Effective income tax reconciliation, percent | (8.60%) | 3.00% | 8.20% |
Net basis difference of assets and liabilities between tax basis and GAAP basis | $ 3,100,000 | ||
Ordinary Income | |||
Income Tax Contingency [Line Items] | |||
Percentage of taxable income distributed | 62.10% | 91.70% | |
Long Term Capital Gain | |||
Income Tax Contingency [Line Items] | |||
Percentage of taxable income distributed | 37.90% | 8.30% | |
220 Central Park South | |||
Income Tax Contingency [Line Items] | |||
Income tax expense | $ 49,221 | $ 101,828 |
Basis of Presentation and Sig_8
Basis of Presentation and Significant Accounting Policies (Estimated Taxable Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Net income attributable to Vornado common shareholders / Class A unit holders | $ (348,744) | $ 3,097,806 | $ 384,832 |
Impairment losses | 602,430 | 95,371 | 11,260 |
Depreciation and amortization | 228,520 | 200,913 | 234,325 |
Sale of real estate and other capital transactions | (151,960) | (2,575,435) | 31,527 |
Straight-line rent adjustments | 70,923 | 9,057 | (7,133) |
Earnings of partially owned entities | 11,074 | 150,550 | 15,711 |
Vornado stock options | (381) | (16,597) | (22,992) |
Tangible property regulations | 0 | (57,078) | (86,040) |
Other, net | 7,950 | 12,575 | 18,956 |
Estimated taxable income (unaudited) | $ 419,812 | $ 917,162 | $ 580,446 |
Revenue Recognition (Revenue by
Revenue Recognition (Revenue by Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Lease revenues | $ 1,343,391 | $ 1,719,710 | |
Total revenues | 1,527,951 | 1,924,700 | $ 2,163,720 |
Write-off of lease receivables deemed uncollectible | 63,204 | 17,237 | 0 |
Rental revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 1,377,635 | 1,767,222 | 2,007,333 |
Lease revenues | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenues | 1,343,391 | 1,719,710 | 1,953,412 |
Property rentals | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenues | 1,323,347 | 1,589,539 | 1,816,329 |
Write-off of lease receivables deemed uncollectible | 63,204 | 17,237 | |
Hotel Pennsylvania | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenues | 8,741 | 89,594 | 94,399 |
Trade shows | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenues | 11,303 | 40,577 | 42,684 |
Tenant services | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 34,244 | 47,512 | 53,921 |
Fee and other income | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 150,316 | 157,478 | 156,387 |
Total revenues | 150,316 | 157,478 | 156,387 |
BMS cleaning fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 105,536 | 124,674 | 120,357 |
Management and leasing fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 19,416 | 13,542 | 13,324 |
Other income | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 25,364 | 19,262 | 22,706 |
New York | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 1,221,748 | 1,577,860 | 1,836,036 |
New York | Rental revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 1,083,500 | 1,424,990 | 1,683,976 |
New York | Lease revenues | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenues | 1,059,750 | 1,389,979 | 1,642,625 |
New York | Property rentals | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenues | 1,051,009 | 1,300,385 | 1,548,226 |
New York | Hotel Pennsylvania | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenues | 8,741 | 89,594 | 94,399 |
New York | Trade shows | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenues | 0 | 0 | 0 |
New York | Tenant services | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 23,750 | 35,011 | 41,351 |
New York | Fee and other income | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 138,248 | 152,870 | 152,060 |
New York | BMS cleaning fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 112,112 | 133,358 | 129,088 |
New York | Management and leasing fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 19,508 | 13,694 | 12,203 |
New York | Other income | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 6,628 | 5,818 | 10,769 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 306,203 | 346,840 | 327,684 |
Other | Rental revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 294,135 | 342,232 | 323,357 |
Other | Lease revenues | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenues | 283,641 | 329,731 | 310,787 |
Other | Property rentals | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenues | 272,338 | 289,154 | 268,103 |
Other | Hotel Pennsylvania | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenues | 0 | 0 | 0 |
Other | Trade shows | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenues | 11,303 | 40,577 | 42,684 |
Other | Tenant services | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 10,494 | 12,501 | 12,570 |
Other | Fee and other income | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 12,068 | 4,608 | 4,327 |
Other | BMS cleaning fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | (6,576) | (8,684) | (8,731) |
Other | Management and leasing fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | (92) | (152) | 1,121 |
Other | Other income | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 18,736 | $ 13,444 | $ 11,937 |
Revenue Recognition (Components
Revenue Recognition (Components of Lease Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |||
Fixed billings | $ 1,292,174 | $ 1,531,917 | |
Variable billings | 126,907 | 199,291 | |
Total contractual operating lease billings | 1,419,081 | 1,731,208 | |
Adjustment for straight-line rents and amortization of acquired below-market leases, net | (12,486) | 5,739 | |
Less: write-off of straight-line rent and tenant receivables deemed uncollectible | (63,204) | (17,237) | $ 0 |
Lease revenues | $ 1,343,391 | $ 1,719,710 |
Real Estate Fund Investments (N
Real Estate Fund Investments (Narrative) (Details) $ in Thousands | Dec. 31, 2020USD ($)investment | Jun. 09, 2020USD ($) | Dec. 31, 2019USD ($)investment | Dec. 31, 2020USD ($) |
Investment Holdings | ||||
Mortgages payable, net | $ 5,580,549 | $ 5,639,897 | $ 5,580,549 | |
Real estate fund investments | $ 3,739 | $ 222,649 | $ 3,739 | |
Vornado Capital Partners Real Estate Fund | ||||
Investment Holdings | ||||
Equity method ownership percentage | 25.00% | 25.00% | ||
Term of the Fund, years | 8 years | |||
Investment period for commitments of the Fund, years | 3 years | |||
Crowne Plaza Times Square Hotel Joint Venture | ||||
Investment Holdings | ||||
Debt default, amount | $ 274,355 | |||
Debt instrument, interest rate, effective percentage | 3.85% | 3.85% | ||
Debt instrument, default interest, percentage | 3.00% | |||
Real estate fund investments | ||||
Investment Holdings | ||||
Number of investments held by fund | investment | 4 | 4 | ||
Real estate fund investments | $ 3,739 | $ 222,649 | $ 3,739 | |
Excess of fair value below cost | 339,022 | 339,022 | ||
Unfunded commitments of Fund | 29,194 | 29,194 | ||
Real estate fund investments | Vornado Realty Trust | ||||
Investment Holdings | ||||
Unfunded commitments of Fund | $ 9,266 | $ 9,266 | ||
Joint Venture | Crowne Plaza Times Square Hotel Joint Venture | ||||
Investment Holdings | ||||
Equity method ownership percentage | 57.10% | 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% | 24.70% | ||
LIBOR | Crowne Plaza Times Square Hotel Joint Venture | ||||
Investment Holdings | ||||
Spread Over LIBOR (in percentage) | 3.69% |
Real Estate Fund Investments (I
Real Estate Fund Investments (Income from the Fund and the Co-Investment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Details Of Income From Real Estate Funds | |||
Loss (income) from real estate fund investments | $ (226,327) | $ (104,082) | $ (89,231) |
Less loss attributable to noncontrolling interests in consolidated subsidiaries | 139,894 | 24,547 | 53,023 |
Real estate fund investments | |||
Details Of Income From Real Estate Funds | |||
Net unrealized loss on held investments | (226,107) | (106,109) | (83,794) |
Net investment (loss) income | (220) | 2,027 | 6,105 |
Net realized (loss) gain on exited investments | 0 | 0 | (912) |
New York City real property transfer tax (the "Transfer Tax") | 0 | 0 | (10,630) |
Loss (income) from real estate fund investments | (226,327) | (104,082) | (89,231) |
Less loss attributable to noncontrolling interests in consolidated subsidiaries | 163,213 | 55,274 | 61,230 |
Loss from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ (63,114) | $ (48,808) | $ (28,001) |
Marketable Securities (Narrativ
Marketable Securities (Narrative) (Details) - USD ($) $ in Thousands | Jan. 23, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2019 |
Marketable Securities [Line Items] | |||||
Decrease in fair value of marketable securities | $ (4,938) | $ (5,533) | $ (26,453) | ||
PREIT | |||||
Marketable Securities [Line Items] | |||||
Shares sold (shares) | 6,250,000 | 6,250,000 | |||
Proceeds from sale of equity method investments | $ 28,375 | ||||
Decrease in fair value of marketable securities | $ (4,938) | $ (21,649) | $ 0 |
Marketable Securities (Marketab
Marketable Securities (Marketable securities portfolio) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Marketable Securities [Roll Forward] | |||
Beginning balance | $ 33,313 | $ 152,198 | |
Sale of marketable securities | (28,375) | (168,314) | |
Transfer of PREIT investment balance | 54,962 | ||
Decrease in fair value of marketable securities | (4,938) | (5,533) | $ (26,453) |
Ending balance | $ 0 | $ 33,313 | $ 152,198 |
Investments in Partially Owne_3
Investments in Partially Owned Entities (Fifth Avenue and Times Square JV) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | ||||
Real estate held-for-sale | $ 128,215 | $ 408,918 | ||
Net gain on transfer to Fifth Avenue and Times Square JV | 0 | 2,571,099 | $ 0 | |
Non-cash impairment loss | (236,286) | (8,065) | (12,000) | |
Majority-Owned Subsidiary, Unconsolidated | Property Management Fee | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenue from related parties | $ 3,982 | 3,085 | ||
Fifth Avenue and Times Square JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method ownership percentage | 51.50% | |||
Real estate held-for-sale | $ 5,556,000 | |||
Net gain on transfer to Fifth Avenue and Times Square JV | 2,571,000 | |||
Net gain from real estate investment partnership, attributable to noncontrolling interest | $ 11,945 | |||
Non-cash impairment loss | $ (413,349) | 0 | $ 0 | |
Non-cash impairment loss related to noncontrolling interest | 4,289 | |||
Basis difference in carrying amount | $ 403,029 | |||
Property management fee agreement percentage of income | 2.00% | |||
Development fee percent | 5.00% | |||
Supervisory fee, percent | 1.50% | |||
Fifth Avenue and Times Square JV | Building Maintenance Service | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Fee income recognized by equity method investees for building maintenance services | $ 3,595 | $ 3,087 | ||
Fifth Avenue and Times Square JV | Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Aggregate of preferred equity interests | $ 1,828,000 | |||
Fifth Avenue and Times Square JV | Joint Venture | Investors | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method ownership percentage | 48.50% | 48.50% | ||
Equity method investment, effective ownership percentage | 47.20% | |||
Fifth Avenue and Times Square JV | Joint Venture | Percentage For First Five Years | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Debt instrument, interest rate, stated percentage | 4.25% | |||
Fifth Avenue and Times Square JV | Joint Venture | Increase in Percentage After Fifth Anniversary | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Debt instrument, interest rate, stated percentage | 4.75% | |||
Fifth Avenue and Times Square JV | Vornado Realty Trust | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method ownership percentage | 51.50% | |||
Equity method investment, effective ownership percentage | 51.00% |
Investments in Partially Owne_4
Investments in Partially Owned Entities (Alexander's Inc.) (Details) | Sep. 14, 2020USD ($) | Dec. 31, 2020USD ($)$ / sharesshares | Oct. 23, 2020USD ($)apartment_unit | Sep. 13, 2020USD ($) | Dec. 31, 2018USD ($) |
Alexanders Inc | |||||
Equity Method Investments And Income From Equity Method Investments | |||||
Investment owned, balance, shares | shares | 1,654,068 | ||||
Equity method ownership percentage | 32.40% | ||||
Accounts receivable, related parties | $ 1,516,000 | $ 1,426,000 | |||
Closing share price (in dollars per share) | $ / shares | $ 277.35 | ||||
Equity method investment fair value | $ 458,756,000 | ||||
Excess of investee's fair value over carrying amount | 375,854,000 | ||||
Excess of investee's carrying amount over equity in net assets | $ 38,470,000 | ||||
Interest rate, end of period (percent) | 1.65% | ||||
Mortgages | |||||
Equity Method Investments And Income From Equity Method Investments | |||||
Interest rate, end of period (percent) | 2.91% | ||||
Lexington Avenue Property | Mortgages | Retail | Alexanders Inc | |||||
Equity Method Investments And Income From Equity Method Investments | |||||
Debt instrument, amount | $ 300,000,000 | $ 350,000,000 | |||
Repayment of debt | $ 50,000,000 | ||||
Spread Over LIBOR (in percentage) | 1.40% | ||||
Interest rate, end of period (percent) | 1.55% | ||||
Debt instrument, interest rate, stated percentage | 1.72% | ||||
The Alexander | Mortgages | Residential | Alexanders Inc | |||||
Equity Method Investments And Income From Equity Method Investments | |||||
Notes payable gross | $ 94,000,000 | ||||
Number of units | apartment_unit | 312 | ||||
Debt instrument, interest rate, stated percentage | 2.63% |
Investments in Partially Owne_5
Investments in Partially Owned Entities (Management, Development, Leasing and Other Agreements) (Details) - Alexanders Inc | 12 Months Ended | ||
Dec. 31, 2020USD ($)$ / ft² | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Managment Agreement [Abstract] | |||
Management fee income | $ 2,800,000 | ||
Development fee percent | 6.00% | ||
Leasing Agreement [Abstract] | |||
Lease fee percentage of rent one to ten years | 3.00% | ||
Lease fee percentage of rent eleven to twenty years | 2.00% | ||
Lease fee percentage of rent twenty first to thirty years | 1.00% | ||
Percentage increase lease fee if broker used | 1.00% | ||
Percentage commissions on sale of assets under fifty million | 3.00% | ||
Asset sale commission threshold | $ 50,000,000 | ||
Percentage commissions on sale of assets over fifty million | 1.00% | ||
Rego Park 2 Property | |||
Managment Agreement [Abstract] | |||
Property management fee agreement percentage of income | 2.00% | ||
Lexington Avenue 731 | |||
Managment Agreement [Abstract] | |||
Property management fee agreement price per square foot | $ / ft² | 0.50 | ||
Common Area 731 Lexington Avenue | |||
Managment Agreement [Abstract] | |||
Management fee income | $ 334,000 | ||
Property management fee agreement escalation percentage of income | 3.00% | ||
Building Maintenance Service | |||
Other Agreements [Abstract] | |||
Fee income recognized by equity method investees for building maintenance services | $ 3,613,000 | $ 3,613,000 | $ 2,705,000 |
Investments in Partially Owne_6
Investments in Partially Owned Entities (Summary of Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Equity Method Investments [Line Items] | ||
Carrying amount of investments in partially owned entities | $ 3,491,107 | $ 3,999,165 |
Fifth Avenue and Times Square JV | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership percentage | 51.50% | |
Carrying amount of investments in partially owned entities | $ 2,798,413 | 3,291,231 |
Partially Owned Office Buildings | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying amount of investments in partially owned entities | $ 473,285 | 464,109 |
Alexanders Inc | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership percentage | 32.40% | |
Carrying amount of investments in partially owned entities | $ 82,902 | 98,543 |
Other investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying amount of investments in partially owned entities | $ 136,507 | 145,282 |
7 West 34th Street | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership percentage | 53.00% | |
85 Tenth Avenue | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership percentage | 49.90% | |
Other Liabilities | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying amount of investments in partially owned entities | $ (68,420) | (60,190) |
Other Liabilities | 7 West 34th Street | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying amount of investments in partially owned entities | (55,340) | (54,004) |
Other Liabilities | 85 Tenth Avenue | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying amount of investments in partially owned entities | $ (13,080) | $ (6,186) |
Investments in Partially Owne_7
Investments in Partially Owned Entities (Summary of Income (Loss) ) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||
Real estate impairment losses | $ (236,286) | $ (8,065) | $ (12,000) |
Our share of net income (loss) | (329,112) | 78,865 | 9,149 |
Transfer tax expense | $ 0 | 0 | 13,103 |
One Park Avenue | |||
Schedule of Equity Method Investments [Line Items] | |||
Transfer tax expense | 4,978 | ||
Fifth Avenue and Times Square JV | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method ownership percentage | 51.50% | ||
Real estate impairment losses | $ (413,349) | 0 | 0 |
Return on preferred equity, net of our share of the expense | 37,357 | 27,586 | 0 |
Equity in net income (loss) | 21,063 | 31,130 | 0 |
Our share of net income (loss) | (354,929) | 58,716 | 0 |
Fifth Avenue and Times Square JV | 1540 Broadway | |||
Schedule of Equity Method Investments [Line Items] | |||
Rent reduction | 13,971 | ||
Write off of rent receivable | $ 3,125 | ||
Alexanders Inc | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method ownership percentage | 32.40% | ||
Equity in net income (loss) | $ 13,326 | 19,204 | 10,485 |
Management, leasing and development fees | 5,309 | 4,575 | 4,560 |
Our share of net income (loss) | 18,635 | 23,779 | 15,045 |
Write off of rent receivable | 4,846 | ||
Transfer tax paid | 7,708 | ||
Partially Owned Office Buildings | |||
Schedule of Equity Method Investments [Line Items] | |||
Our share of net income (loss) | 12,742 | (3,443) | (3,085) |
Other investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Our share of net income (loss) | $ (5,560) | $ (187) | (2,811) |
666 Fifth Avenue (Office) | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in net income (loss) | $ (4,873) |
Investments in Partially Owne_8
Investments in Partially Owned Entities (Summary of Debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Partially Owned Office Buildings | ||
Schedule of Equity Method Investments [Line Items] | ||
Maturity, range, start | 2021 | |
Maturity, range, end | 2029 | |
Debt instrument, interest rate, effective percentage | 2.89% | |
Equity method investment debt of partially owned entities | $ 3,622,572 | $ 3,604,104 |
Alexanders Inc | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership percentage | 32.40% | |
Maturity, range, start | 2021 | |
Maturity, range, end | 2027 | |
Debt instrument, interest rate, effective percentage | 1.65% | |
Equity method investment debt of partially owned entities | $ 1,164,544 | 974,836 |
Fifth Avenue and Times Square JV | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership percentage | 51.50% | |
Maturity, range, start | 2022 | |
Maturity, range, end | 2024 | |
Debt instrument, interest rate, effective percentage | 2.63% | |
Equity method investment debt of partially owned entities | $ 950,000 | 950,000 |
Other equity method investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Maturity, range, start | 2021 | |
Maturity, range, end | 2025 | |
Debt instrument, interest rate, effective percentage | 4.32% | |
Equity method investment debt of partially owned entities | $ 1,288,265 | 1,290,227 |
640 Fifth Avenue | ||
Schedule of Equity Method Investments [Line Items] | ||
Mortgage loans on real estate, face amount of mortgages | 500,000 | |
7 West 34th Street | ||
Schedule of Equity Method Investments [Line Items] | ||
Mortgage loans on real estate, face amount of mortgages | 300,000 | |
Partially Owned Properties | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment pro rata share debt of partially owned entities | $ 2,873,174 | $ 2,802,859 |
Investments in Partially Owne_9
Investments in Partially Owned Entities (Summary of Condensed Combined Financial Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Assets | $ 16,221,822 | $ 18,287,013 | |
Liabilities | 8,667,400 | 10,087,120 | |
Noncontrolling interests | 606,267 | 888,915 | |
Equity | 6,533,198 | 6,732,030 | |
Total revenues | 1,527,951 | 1,924,700 | $ 2,163,720 |
Net (loss) income | (461,845) | 3,334,262 | 422,603 |
Net income attributable to Vornado / Vornado Realty L.P. | (297,005) | 3,147,937 | 449,954 |
Partially Owned Properties | |||
Assets | 13,344,000 | 13,384,000 | |
Liabilities | 7,747,000 | 7,548,000 | |
Noncontrolling interests | 2,075,000 | 2,054,000 | |
Equity | 3,522,000 | 3,782,000 | |
Total revenues | 1,163,000 | 1,504,000 | 1,798,000 |
Net (loss) income | 45,000 | 39,000 | 52,000 |
Net income attributable to Vornado / Vornado Realty L.P. | $ (33,000) | $ (32,000) | $ 21,000 |
220 Central Park South - Narrat
220 Central Park South - Narrative (Details) ft² in Thousands, $ in Thousands | Dec. 31, 2020USD ($)ft² | Dec. 31, 2020USD ($)ft²unit | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($)ft²unit |
Real Estate [Line Items] | |||||
Net gains on sale of real estate | $ 0 | $ 2,571,099 | $ 0 | ||
Income tax expense | $ 36,630 | 103,439 | $ 37,633 | ||
Percentage of units sold or under sales contract | 91.00% | ||||
220 Central Park South | |||||
Real Estate [Line Items] | |||||
Square footage of real estate property (in sqft) | ft² | 397 | 397 | 397 | ||
Development costs, cumulative | $ 1,480,000 | $ 1,480,000 | $ 1,480,000 | ||
Development costs expended | $ 1,455,000 | $ 1,455,000 | $ 1,455,000 | ||
Number of units sold | unit | 35 | 100 | |||
Cash proceeds from sale of real estate | $ 1,049,360 | $ 2,869,492 | |||
Net gains on sale of real estate | 381,320 | $ 1,066,937 | |||
Income tax expense | $ 49,221 | $ 101,828 |
Identified Intangible Assets _3
Identified Intangible Assets and Liabilities - Schedule of Identified Intangible Assets and Intangible Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Gross amount | $ 116,969 | $ 129,552 |
Accumulated amortization | (93,113) | (98,587) |
Net | 23,856 | 30,965 |
Identified intangible liabilities (included in deferred revenue): | ||
Gross amount | 273,902 | 316,119 |
Accumulated amortization | (238,541) | (262,580) |
Net | $ 35,361 | $ 53,539 |
Identified Intangible Assets _4
Identified Intangible Assets and Liabilities - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Below Market Leases Net Of Above Market Leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 16,878 | $ 19,830 | $ 38,573 |
Other Identified Intangible Assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ (6,507) | $ (8,666) | $ (18,018) |
Identified Intangible Assets _5
Identified Intangible Assets and Liabilities - Schedule of Future Amortization Expense of Intangible Assets (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Below Market Leases Net Of Above Market Leases | |
Finite-Lived Intangible Assets [Line Items] | |
2021 | $ 10,697 |
2022 | 9,169 |
2023 | 6,631 |
2024 | 2,883 |
2025 | 1,453 |
Other Identified Intangible Assets | |
Finite-Lived Intangible Assets [Line Items] | |
2021 | 4,334 |
2022 | 3,734 |
2023 | 3,648 |
2024 | 3,034 |
2025 | $ 2,150 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) ft² in Millions | Nov. 02, 2020USD ($) | Oct. 15, 2020USD ($)ft²extension | Feb. 28, 2020USD ($) | Dec. 31, 2020 | Oct. 14, 2020USD ($) | Aug. 12, 2020USD ($)ft² | Feb. 27, 2020USD ($) |
Unsecured term loan | |||||||
Debt Instrument | |||||||
Long-term debt, gross | $ 800,000,000 | $ 750,000,000 | |||||
Long-term debt, interest accrued at fixed rate | $ 750,000,000 | ||||||
Debt instrument, interest rate, stated percentage | 3.87% | 1.15% | |||||
Long-term debt, interest accrued at floating rate | $ 50,000,000 | ||||||
Unsecured term loan | LIBOR | |||||||
Debt Instrument | |||||||
Spread Over LIBOR (in percentage) | 1.00% | ||||||
Maturing in March 2022 | Office Building | 770 Broadway mortgage loan | |||||||
Debt Instrument | |||||||
Debt instrument, amount | $ 700,000,000 | ||||||
Square footage of real estate property (in sqft) | ft² | 1.2 | ||||||
Maturing in October 2023 | Office Building | PENN11 | |||||||
Debt Instrument | |||||||
Debt instrument, interest rate, stated percentage | 2.90% | 3.95% | |||||
Spread Over LIBOR (in percentage) | 2.75% | ||||||
Debt instrument, amount | $ 500,000,000 | $ 450,000,000 | |||||
Square footage of real estate property (in sqft) | ft² | 1.2 | ||||||
Number of extensions (extension) | extension | 2 | ||||||
Length of extension available (years) | 1 year | ||||||
Maturing in February 2021 | Borgata Hotel and Casino | |||||||
Debt Instrument | |||||||
Debt instrument, interest rate, stated percentage | 5.14% | ||||||
Repayment of debt | $ 52,476,000 | ||||||
Debt term (years) | 10 years |
Debt (Summary of Debt) (Details
Debt (Summary of Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument | ||
Deferred financing costs, net and other | $ (34,462) | $ (38,407) |
Unsecured term loan, net | 796,762 | 745,840 |
Revolving credit facilities | 575,000 | 575,000 |
Long-term debt | 1,818,447 | 1,766,712 |
Collateral property, net carrying value | 5,500,000 | |
Mortgages | ||
Debt Instrument | ||
Mortgages payable, gross | 5,608,458 | 5,670,016 |
Deferred financing costs, net and other | (27,909) | (30,119) |
Total, net | $ 5,580,549 | 5,639,897 |
Interest rate, end of period (in percentage) | 2.91% | |
Mortgages | Fixed Rate | ||
Debt Instrument | ||
Mortgages payable, gross | $ 3,012,643 | 4,601,516 |
Interest rate, end of period (in percentage) | 3.68% | |
Mortgages | Variable Rate | ||
Debt Instrument | ||
Mortgages payable, gross | $ 2,595,815 | 1,068,500 |
Interest rate, end of period (in percentage) | 2.02% | |
Senior unsecured notes | ||
Debt Instrument | ||
Deferred financing costs, net and other | $ (3,315) | (4,128) |
Unsecured debt, gross | 450,000 | 450,000 |
Unsecured term loan, net | $ 446,685 | 445,872 |
Interest rate, end of period (in percentage) | 3.50% | |
Unsecured term loan | ||
Debt Instrument | ||
Deferred financing costs, net and other | $ (3,238) | (4,160) |
Unsecured debt, gross | 800,000 | 750,000 |
Unsecured term loan, net | $ 796,762 | 745,840 |
Interest rate, end of period (in percentage) | 3.70% | |
Unsecured revolving credit facilities | ||
Debt Instrument | ||
Revolving credit facilities | $ 575,000 | $ 575,000 |
Interest rate, end of period (in percentage) | 1.05% |
Debt (Principal repayments requ
Debt (Principal repayments required in the next five years) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Mortgages | |
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract] | |
2021 | $ 2,609,243 |
2022 | 971,600 |
2023 | 523,400 |
2024 | 773,215 |
2025 | 331,000 |
Thereafter | 400,000 |
Senior Unsecured Debt And Unsecured Revolving Credit Facilities | |
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract] | |
2021 | 0 |
2022 | 0 |
2023 | 575,000 |
2024 | 800,000 |
2025 | 450,000 |
Thereafter | $ 0 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interests (Details of Redeemable Noncontrolling Interest Units) (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Class A | ||
Redeemable Noncontrolling Interest | ||
Class A common units, carrying amount | $ 507,212 | $ 884,380 |
Outstanding Partnership Units held by Third Parties | 13,583,607 | 13,298,956 |
Preferred or annual distribution rate (in dollars per share) | $ 2.38 | |
D16 Cumulative Redeemable | ||
Redeemable Noncontrolling Interest | ||
Debt instrument, interest rate, stated percentage | 5.00% | |
Series D cumulative redeemable preferred, carrying amount | $ 1,000 | $ 1,000 |
Outstanding Partnership Units held by Third Parties | 1 | 1 |
Par or stated value per share | $ 1,000,000 | |
Preferred or annual distribution rate (in dollars per share) | $ 50,000 | |
D17 Cumulative Redeemable | ||
Redeemable Noncontrolling Interest | ||
Debt instrument, interest rate, stated percentage | 3.25% | |
Series D cumulative redeemable preferred, carrying amount | $ 3,535 | $ 3,535 |
Outstanding Partnership Units held by Third Parties | 141,400 | 141,400 |
Par or stated value per share | $ 25 | |
Preferred or annual distribution rate (in dollars per share) | $ 0.8125 |
Redeemable Noncontrolling Int_4
Redeemable Noncontrolling Interests (Activity of Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Redeemable Noncontrolling Interests Rollforward | |||
Beginning balance | $ 888,915 | ||
Net (loss) income | (24,946) | $ 210,872 | $ 25,672 |
Other comprehensive loss | (2,914) | (3,235) | (836) |
Ending balance | 606,267 | 888,915 | |
Partnership Interest | |||
Redeemable Noncontrolling Interests Rollforward | |||
Beginning balance | 888,915 | 783,562 | |
Net (loss) income | (24,946) | 210,872 | |
Other comprehensive loss | (2,914) | (3,235) | |
Distributions | (32,595) | (34,607) | |
Special distribution declared on December 18, 2019 (see Note 12 - Shareholder's Equity/Partners' Capital) | 0 | (25,912) | |
Other, net | 36,596 | 40,295 | |
Ending balance | 511,747 | 888,915 | $ 783,562 |
Subsidiaries | |||
Redeemable Noncontrolling Interests Rollforward | |||
Beginning balance | 0 | ||
Net (loss) income | 544 | ||
Contributions | 92,400 | ||
Other, net | 1,576 | ||
Ending balance | 94,520 | 0 | |
Class A | Partnership Interest | |||
Redeemable Noncontrolling Interests Rollforward | |||
Redemption of Class A units for Vornado common shares, at redemption value | (9,266) | (11,250) | |
Redeemable Class A unit measurement adjustment | $ (344,043) | $ (70,810) |
Redeemable Noncontrolling Int_5
Redeemable Noncontrolling Interests (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Redeemable Noncontrolling Interest | ||
Fair value of Series G convertible preferred units and Series D-13 cumulative redeemable preferred units | $ 50,002 | $ 50,561 |
Farley Office and Retail Building | Joint Venture | ||
Redeemable Noncontrolling Interest | ||
Equity method ownership percentage | 95.00% | |
Capital contributions | $ 92,400 |
Shareholders' Equity_Partners_3
Shareholders' Equity/Partners' Capital (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 24, 2020 | Jan. 15, 2020 | Dec. 18, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 |
Common Stock Number Of Shares Par Value And Other Disclosures | |||||||||
Common shares / Class A units of beneficial interest: outstanding shares | 191,354,679 | 190,985,677 | |||||||
Dividends / Distributions paid on common shares / Class A units | $ 827,319 | $ 503,785 | $ 479,348 | ||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures | |||||||||
Proceeds from issuance of preferred shares | $ 291,182 | $ 0 | 0 | ||||||
Preferred shares of beneficial interest: authorized shares | 110,000,000 | 110,000,000 | |||||||
Preferred stock, redemption price per share (in usd per share) | $ 1.9531 | ||||||||
Preferred dividends | $ 64,271 | $ 50,131 | 55,115 | ||||||
Dividends on preferred shares / Distributions to preferred unitholders (see Note 12 for dividends per share amounts) | 51,739 | $ 50,131 | 50,636 | ||||||
5.25% Series N | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures | |||||||||
Cumulative redeemable preferred units issuance, shares | 12,000,000 | ||||||||
Preferred stock dividend rate | 5.25% | ||||||||
Proceeds from issuance of preferred shares | $ 291,182 | ||||||||
Redeemable Preferred Stock | 5.25% Series N | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures | |||||||||
Preferred stock dividend rate | 5.25% | 5.25% | |||||||
Preferred shares of beneficial interest: authorized shares | 12,000,000 | 12,000,000 | |||||||
Preferred stock, redemption price per share (in usd per share) | $ 25 | $ 25 | |||||||
Class A | |||||||||
Common Stock Number Of Shares Par Value And Other Disclosures | |||||||||
Outstanding Partnership Units held by Third Parties | 13,583,607 | 13,298,956 | |||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures | |||||||||
Preferred stock, redemption price per share (in usd per share) | $ 1.9531 | ||||||||
Vornado Realty L.P. | |||||||||
Common Stock Number Of Shares Par Value And Other Disclosures | |||||||||
Dividends / Distributions paid on common shares / Class A units | $ 827,319 | $ 503,785 | 479,348 | ||||||
Payments of special dividend | $ 372,380 | ||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures | |||||||||
Proceeds from issuance of preferred shares | 291,182 | 0 | 0 | ||||||
Preferred dividends | 64,271 | 50,131 | 55,115 | ||||||
Dividends on preferred shares / Distributions to preferred unitholders (see Note 12 for dividends per share amounts) | $ 51,739 | $ 50,131 | $ 50,636 | ||||||
Vornado Realty L.P. | Class A | |||||||||
Common Stock Number Of Shares Par Value And Other Disclosures | |||||||||
Common shares / Class A units of beneficial interest: outstanding shares | 191,354,679 | ||||||||
Dividends / Distributions paid on common shares / Class A units | $ 454,857 | ||||||||
Dividends per common share (usd per share) | $ 1.95 | $ 0.53 | $ 0.53 | $ 0.66 | $ 0.66 | ||||
Payments of special dividend | $ 398,292 | ||||||||
Outstanding Partnership Units held by Third Parties | 13,583,607 | 13,298,956 | |||||||
Vornado Realty Trust | |||||||||
Common Stock Number Of Shares Par Value And Other Disclosures | |||||||||
Common shares / Class A units of beneficial interest: outstanding shares | 191,354,679 | ||||||||
Dividends / Distributions paid on common shares / Class A units | $ 454,857 | ||||||||
Dividends per common share (usd per share) | $ 1.95 | $ 0.53 | $ 0.53 | $ 0.66 | $ 0.66 | ||||
Payments of special dividend | $ 372,380 |
Shareholders' Equity_Partners_4
Shareholders' Equity/Partners' Capital (Preferred shares of beneficial interest) (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 24, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Details Of Preferred Shares Of Beneficial Interest | |||
Preferred shares/units of beneficial interest: authorized shares | 110,000,000 | 110,000,000 | |
Preferred stock, value | $ 1,182,339 | $ 891,214 | |
Preferred shares/units of beneficial interest: outstanding shares | 48,793,402 | 36,795,640 | |
Redeemable Preferred Stock | |||
Details Of Preferred Shares Of Beneficial Interest | |||
Preferred stock, liquidation preference per share | $ 25 | ||
6.5% Series A | Convertible Preferred Stock | |||
Details Of Preferred Shares Of Beneficial Interest | |||
Preferred stock dividend rate | 6.50% | ||
Preferred shares/units of beneficial interest: authorized shares | 13,402 | 15,640 | |
Preferred stock, value | $ 934 | $ 991 | |
Preferred shares/units of beneficial interest: outstanding shares | 13,402 | 15,640 | |
Preferred stock, liquidation preference per share | $ 50 | ||
Preferred stock, dividend rate, per-dollar-amount | $ 3.25 | ||
5.70% Series K | Redeemable Preferred Stock | |||
Details Of Preferred Shares Of Beneficial Interest | |||
Preferred stock dividend rate | 5.70% | ||
Preferred shares/units of beneficial interest: authorized shares | 12,000,000 | ||
Preferred stock, value | $ 290,971 | $ 290,971 | |
Preferred shares/units of beneficial interest: outstanding shares | 12,000,000 | 12,000,000 | |
Preferred stock, liquidation preference per share | $ 25 | ||
Preferred stock, dividend rate, per-dollar-amount | $ 1.425 | ||
5.40% Series L | Redeemable Preferred Stock | |||
Details Of Preferred Shares Of Beneficial Interest | |||
Preferred stock dividend rate | 5.40% | ||
Preferred shares/units of beneficial interest: authorized shares | 13,800,000,000 | ||
Preferred stock, value | $ 290,306 | $ 290,306 | |
Preferred shares/units of beneficial interest: outstanding shares | 12,000,000 | 12,000,000 | |
Preferred stock, liquidation preference per share | $ 25 | ||
Preferred stock, dividend rate, per-dollar-amount | $ 1.35 | ||
5.25% Series M | Redeemable Preferred Stock | |||
Details Of Preferred Shares Of Beneficial Interest | |||
Preferred stock dividend rate | 5.25% | ||
Preferred shares/units of beneficial interest: authorized shares | 13,800,000 | ||
Preferred stock, value | $ 308,946 | $ 308,946 | |
Preferred shares/units of beneficial interest: outstanding shares | 12,780,000 | 12,780,000 | |
Preferred stock, liquidation preference per share | $ 25 | ||
Preferred stock, dividend rate, per-dollar-amount | $ 1.3125 | ||
5.25% Series N | |||
Details Of Preferred Shares Of Beneficial Interest | |||
Preferred stock dividend rate | 5.25% | ||
5.25% Series N | Redeemable Preferred Stock | |||
Details Of Preferred Shares Of Beneficial Interest | |||
Preferred stock dividend rate | 5.25% | 5.25% | |
Preferred shares/units of beneficial interest: authorized shares | 12,000,000 | 12,000,000 | |
Preferred stock, value | $ 291,182 | $ 0 | |
Preferred shares/units of beneficial interest: outstanding shares | 12,000,000 | 0 | |
Preferred stock, liquidation preference per share | $ 25 | ||
Preferred stock, dividend rate, per-dollar-amount | $ 1.3125 |
Shareholders' Equity_Partners_5
Shareholders' Equity/Partners' Capital (AOCI by component) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance, value | $ 7,310,978 |
Ending balance, value | 6,948,155 |
Total | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance, value | (40,233) |
Other comprehensive (loss) income | (34,866) |
Ending balance, value | (75,099) |
Accumulated other comprehensive income (loss) of nonconsolidated subsidiaries | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance, value | 4 |
Other comprehensive (loss) income | (14,342) |
Ending balance, value | (14,338) |
Interest rate swaps | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance, value | (36,126) |
Other comprehensive (loss) income | (29,972) |
Ending balance, value | (66,098) |
Other | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance, value | (4,111) |
Other comprehensive (loss) income | 9,448 |
Ending balance, value | $ 5,337 |
Variable Interest Entities (VIE
Variable Interest Entities (VIEs) (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Variable Interest Entity | ||
Assets | $ 16,221,822 | $ 18,287,013 |
Liabilities | 8,667,400 | 10,087,120 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
Assets | 224,754 | 217,451 |
Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity | ||
Assets | 4,053,841 | 4,923,656 |
Liabilities | $ 1,722,719 | $ 2,646,623 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) $ in Thousands | Dec. 31, 2020USD ($)investment | Dec. 31, 2019USD ($)investment | Dec. 31, 2020USD ($)investment | Sep. 30, 2020 |
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||||
Real estate fund investments | $ 3,739 | $ 222,649 | $ 3,739 | |
Real estate fund investments | ||||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||||
Number of investments held by fund | investment | 4 | 4 | ||
Real estate fund investments | $ 3,739 | $ 222,649 | 3,739 | |
Excess of fair value below cost | 339,022 | 339,022 | ||
Recurring | ||||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||||
Real estate fund investments | 3,739 | 222,649 | 3,739 | |
Recurring | Level 3 | ||||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||||
Real estate fund investments | 3,739 | $ 222,649 | $ 3,739 | |
Recurring | Level 3 | Real estate fund investments | ||||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||||
Number of investments held by fund | investment | 4 | |||
Real estate fund investments | 3,739 | $ 3,739 | ||
Excess of fair value below cost | $ 339,022 | $ 339,022 | ||
Measurement Input, Cap Rate | ||||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||||
Real estate, measurement input | 0.050 | 0.050 | ||
Measurement Input, Cap Rate | Fifth Avenue and Times Square JV | ||||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||||
Real estate, measurement input | 0.0450 | |||
Discount rates | ||||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||||
Real estate, measurement input | 0.070 | 0.070 | ||
Discount rates | Fifth Avenue and Times Square JV | ||||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||||
Real estate, measurement input | 0.0625 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Marketable securities | $ 0 | $ 33,313 | $ 152,198 |
Real estate fund investments | 3,739 | 222,649 | |
Real estate fund investments | |||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Real estate fund investments | 3,739 | 222,649 | |
Recurring | |||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Marketable securities | 33,313 | ||
Real estate fund investments | 3,739 | 222,649 | |
Deferred compensation plan assets (included in restricted cash and other assets) | 105,564 | 103,773 | |
Loans receivable (included in investments in partially owned entities and in other assets) | 47,743 | ||
Interest rate caps (included in other assets) | 17 | 4,327 | |
Total assets | 157,063 | 364,062 | |
Mandatorily redeemable instruments (included in other liabilities) | 50,002 | 50,561 | |
Interest rate swaps (included in other liabilities) | 66,033 | 40,354 | |
Total liabilities | 116,035 | 90,915 | |
Recurring | Level 1 | |||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Marketable securities | 33,313 | ||
Real estate fund investments | 0 | 0 | |
Deferred compensation plan assets (included in restricted cash and other assets) | 65,636 | 71,338 | |
Loans receivable (included in investments in partially owned entities and in other assets) | 0 | ||
Interest rate caps (included in other assets) | 0 | 0 | |
Total assets | 65,636 | 104,651 | |
Mandatorily redeemable instruments (included in other liabilities) | 50,002 | 50,561 | |
Interest rate swaps (included in other liabilities) | 0 | 0 | |
Total liabilities | 50,002 | 50,561 | |
Recurring | Level 2 | |||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Marketable securities | 0 | ||
Real estate fund investments | 0 | 0 | |
Deferred compensation plan assets (included in restricted cash and other assets) | 0 | 0 | |
Loans receivable (included in investments in partially owned entities and in other assets) | 0 | ||
Interest rate caps (included in other assets) | 17 | 4,327 | |
Total assets | 17 | 4,327 | |
Mandatorily redeemable instruments (included in other liabilities) | 0 | 0 | |
Interest rate swaps (included in other liabilities) | 66,033 | 40,354 | |
Total liabilities | 66,033 | 40,354 | |
Recurring | Level 3 | |||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Marketable securities | 0 | ||
Real estate fund investments | 3,739 | 222,649 | |
Deferred compensation plan assets (included in restricted cash and other assets) | 39,928 | 32,435 | |
Loans receivable (included in investments in partially owned entities and in other assets) | 47,743 | ||
Interest rate caps (included in other assets) | 0 | 0 | |
Total assets | 91,410 | 255,084 | |
Mandatorily redeemable instruments (included in other liabilities) | 0 | 0 | |
Interest rate swaps (included in other liabilities) | 0 | 0 | |
Total liabilities | 0 | 0 | |
Recurring | Level 3 | Real estate fund investments | |||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Real estate fund investments | 3,739 | ||
Restricted Cash | Recurring | |||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Deferred compensation plan assets (included in restricted cash and other assets) | 10,813 | 11,819 | |
Other Assets | Recurring | |||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Deferred compensation plan assets (included in restricted cash and other assets) | 94,751 | $ 91,954 | |
Loans receivable (included in investments in partially owned entities and in other assets) | 4,735 | ||
Partially Owned Properties | Recurring | |||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Loans receivable (included in investments in partially owned entities and in other assets) | $ 43,008 |
Fair Value Measurements (Unobse
Fair Value Measurements (Unobservable Quantitative Input Ratios) (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Discount rates | ||
Unobservable Quantitative Input | ||
Real estate, measurement input | 0.070 | |
Discount rates | Level 3 | Recurring | Maximum | Loans Receivable | ||
Unobservable Quantitative Input | ||
Loans receivable, measurement input | 0.065 | |
Discount rates | Level 3 | Recurring | Weighted Average | Loans Receivable | ||
Unobservable Quantitative Input | ||
Loans receivable, measurement input | 0.065 | |
Discount rates | Level 3 | Recurring | Real estate fund investments | Minimum | ||
Unobservable Quantitative Input | ||
Real estate, measurement input | 0.076 | 0.086 |
Discount rates | Level 3 | Recurring | Real estate fund investments | Maximum | ||
Unobservable Quantitative Input | ||
Real estate, measurement input | 0.150 | 0.120 |
Discount rates | Level 3 | Recurring | Real estate fund investments | Weighted Average | ||
Unobservable Quantitative Input | ||
Real estate, measurement input | 0.127 | 0.099 |
Terminal capitalization rates | Level 3 | Recurring | Loans Receivable | ||
Unobservable Quantitative Input | ||
Loans receivable, measurement input | 0.050 | |
Terminal capitalization rates | Level 3 | Recurring | Weighted Average | Loans Receivable | ||
Unobservable Quantitative Input | ||
Loans receivable, measurement input | 0.050 | |
Terminal capitalization rates | Level 3 | Recurring | Real estate fund investments | Minimum | ||
Unobservable Quantitative Input | ||
Real estate, measurement input | 0.055 | 0.049 |
Terminal capitalization rates | Level 3 | Recurring | Real estate fund investments | Maximum | ||
Unobservable Quantitative Input | ||
Real estate, measurement input | 0.103 | 0.082 |
Terminal capitalization rates | Level 3 | Recurring | Real estate fund investments | Weighted Average | ||
Unobservable Quantitative Input | ||
Real estate, measurement input | 0.079 | 0.059 |
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 | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Real estate fund investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 222,649 | $ 318,758 |
Net unrealized loss on held investments | (226,107) | (106,109) |
Purchases/additional fundings | 7,197 | 10,000 |
Ending balance | 3,739 | 222,649 |
Deferred Compensation Plan Assets | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 32,435 | 37,808 |
Sales | (5,467) | (27,053) |
Purchases/additional fundings | 8,766 | 18,494 |
Realized and unrealized gains | 808 | 1,947 |
Other, net | 3,386 | 1,239 |
Ending balance | $ 39,928 | $ 32,435 |
Fair Value Measurements (Chan_2
Fair Value Measurements (Changes in the Fair Value of Loans Receivable) (Details) - Loans Receivable $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |
Beginning balance | $ 59,251 |
Credit losses | (13,369) |
Interest accrual | 2,461 |
Paydowns | (600) |
Ending balance | $ 47,743 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary of Derivative Instruments) (Details) - Designated as Hedging Instrument - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Interest Rate Cap | Other Assets | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | $ 4,327,000 | |
Derivative Asset, Notional Amount | 1,250,000,000 | |
Interest Rate Cap | Various | Other Assets | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | $ 17,000 | 64,000 |
Derivative Asset, Notional Amount | 175,000,000 | 175,000,000 |
Interest Rate Swap | Other Assets | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 4,263,000 | |
Derivative Asset, Notional Amount | 1,075,000,000 | |
Interest Rate Swap | Other Liabilities | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value | 66,033,000 | 40,354,000 |
Derivative Liability, Notional Amount | 850,000,000 | 850,000,000 |
Interest Rate Swap | Unsecured term loan | Other Liabilities | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value | 57,723,000 | 36,809,000 |
Derivative Liability, Notional Amount | $ 750,000,000 | $ 750,000,000 |
Derivative, Interest Rate | 1.15% | 2.80% |
Derivative, Swap Rate | 3.87% | 3.87% |
Derivative expiration date | 2023-10 | 2023-10 |
Interest Rate Swap | 33-00 Northern Boulevard mortgage loan | Other Liabilities | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value | $ 8,310,000 | $ 3,545,000 |
Derivative Liability, Notional Amount | $ 100,000,000 | $ 100,000,000 |
Derivative, Interest Rate | 1.95% | 3.52% |
Derivative, Swap Rate | 4.14% | 4.14% |
Derivative expiration date | 2025-01 | 2025-01 |
Interest Rate Swap | 770 Broadway mortgage loan | Other Assets | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | $ 4,045,000 | |
Derivative Asset, Notional Amount | $ 700,000,000 | |
Derivative, Interest Rate | 3.46% | |
Derivative, Swap Rate | 2.56% | |
Derivative expiration date | 2020-09 | |
Interest Rate Swap | 888 Seventh Avenue mortgage loan | Other Assets | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | $ 218,000 | |
Derivative Asset, Notional Amount | $ 375,000,000 | |
Derivative, Interest Rate | 3.44% | |
Derivative, Swap Rate | 3.25% | |
Derivative expiration date | 2020-12 | |
Interest Rate Swap | LIBOR | Unsecured term loan | Other Liabilities | ||
Derivative [Line Items] | ||
Derivative, Average Basis Spread on Variable Rate | 1.00% | 1.00% |
Interest Rate Swap | LIBOR | 33-00 Northern Boulevard mortgage loan | Other Liabilities | ||
Derivative [Line Items] | ||
Derivative, Average Basis Spread on Variable Rate | 1.80% | 1.80% |
Interest Rate Swap | LIBOR | 770 Broadway mortgage loan | Other Assets | ||
Derivative [Line Items] | ||
Derivative, Average Basis Spread on Variable Rate | 1.75% | |
Interest Rate Swap | LIBOR | 888 Seventh Avenue mortgage loan | Other Assets | ||
Derivative [Line Items] | ||
Derivative, Average Basis Spread on Variable Rate | 1.70% | |
Floating | Interest Rate Swap | Unsecured term loan | Other Liabilities | ||
Derivative [Line Items] | ||
Derivative Liability, Notional Amount | $ 50,000,000 | |
Floating | Interest Rate Swap | LIBOR | Unsecured term loan | Other Liabilities | ||
Derivative [Line Items] | ||
Derivative, Average Basis Spread on Variable Rate | 1.00% |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurements on a Nonrecurring Basis) (Details) - Real Estate - Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 |
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||
Real estate assets | $ 191,116 | |
Fifth Avenue and Times Square JV | ||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||
Real estate assets | $ 2,811,374 | |
Level 1 | ||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||
Real estate assets | 0 | |
Level 1 | Fifth Avenue and Times Square JV | ||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||
Real estate assets | 0 | |
Level 2 | ||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||
Real estate assets | 0 | |
Level 2 | Fifth Avenue and Times Square JV | ||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||
Real estate assets | 0 | |
Level 3 | ||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||
Real estate assets | $ 191,116 | |
Level 3 | Fifth Avenue and Times Square JV | ||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||
Real estate assets | $ 2,811,374 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Amounts and Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Unsecured revolving credit facilities - Carrying Amount | $ 575,000 | $ 575,000 |
Deferred financing costs, net and other | 34,462 | 38,407 |
Senior unsecured notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Unsecured debt, gross | 450,000 | 450,000 |
Deferred financing costs, net and other | 3,315 | 4,128 |
Unsecured term loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Unsecured debt, gross | 800,000 | 750,000 |
Deferred financing costs, net and other | 3,238 | 4,160 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Cash equivalents - Carrying Amount | 1,476,427 | 1,276,815 |
Mortgages payable, gross | 5,608,458 | 5,670,016 |
Unsecured revolving credit facilities - Carrying Amount | 575,000 | 575,000 |
Long-term debt - Carrying Amount | 7,433,458 | 7,445,016 |
Carrying Amount | Senior unsecured notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Unsecured debt, gross | 450,000 | 450,000 |
Carrying Amount | Unsecured term loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Unsecured debt, gross | 800,000 | 750,000 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Long-term debt - Fair Value | 7,463,000 | 7,507,000 |
Fair Value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Cash Equivalents - Fair Value | 1,476,000 | 1,277,000 |
Unsecured revolving credit facilities - Fair Value | 575,000 | 575,000 |
Fair Value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Mortgages payable, gross | 5,612,000 | 5,714,000 |
Fair Value | Senior unsecured notes | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Unsecured debt, gross | 476,000 | 468,000 |
Fair Value | Unsecured term loan | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Unsecured debt, gross | $ 800,000 | $ 750,000 |
Stock-based Compensation (Out P
Stock-based Compensation (Out Performance Plans Narrative) (Details) | Mar. 30, 2020USD ($)component | Mar. 15, 2018 | Dec. 31, 2020USD ($)shares | Dec. 31, 2018USD ($)component |
Full Value Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (in shares) | shares | 4,662,000 | |||
OPPs | ||||
Out Performance Plan | ||||
Share-based compensation expense | $ 7,583,000 | $ 8,040,000 | ||
Out Performance Plan 2020 | ||||
Out Performance Plan | ||||
Out of performance plan notional amount | $ 35,000,000 | 35,000,000 | ||
Grant-date fair value | 11,686,000 | $ 11,700,000 | ||
Amount expensed immediately | $ 7,583,000 | |||
Revised age limit fo awards vesting criteria | 65 years | |||
Revised age for vesting with years of service | 60 years | |||
Years of service | 20 years | |||
Out performance plan notional amount remaining | $ 4,103,000 | |||
Award vesting period (years) | 5 years | |||
Number of components of out performance plan | component | 2 | |||
Amount of basis points by which Vornado underperforms the index | 2.00% | |||
Amount of basis points by which Vornado underperforms the index, total | 6.00% | |||
Percentage of notional amount granted | 94.00% | |||
OPP Units Earned | To be determined in 2023 | |||
Out Performance Plan 2020 | Executive Officer | ||||
Out Performance Plan | ||||
Notional amount granted | $ 32,930,000 | |||
Out Performance Plan 2018 | ||||
Out Performance Plan | ||||
Out of performance plan notional amount | $ 35,000,000 | $ 35,000,000 | ||
Grant-date fair value | $ 10,300,000 | |||
Number of components of out performance plan | component | 2 | |||
Amount of basis points by which Vornado underperforms the index | 2.00% | |||
Amount of basis points by which Vornado underperforms the index, total | 6.00% | |||
Percentage of notional amount granted | 78.20% | |||
OPP Units Earned | To be determined in 2021 | |||
Out Performance Plan 2017 | ||||
Out Performance Plan | ||||
Out of performance plan notional amount | $ 35,000,000 | |||
Grant-date fair value | $ 10,800,000 | |||
Percentage of notional amount granted | 86.60% | |||
Absolute | Out Performance Plan 2020 | ||||
Out Performance Plan | ||||
Duration of performance measurement period | 3 years | |||
Required shareholder return three year | 21.00% | |||
Absolute | Out Performance Plan 2020 | Maximum | ||||
Out Performance Plan | ||||
Percentage awards will be reduced if total shareholder return is zero or negative | 50.00% | |||
Absolute | Out Performance Plan 2018 | ||||
Out Performance Plan | ||||
Duration of performance measurement period | 3 years | 3 years | ||
Required shareholder return three year | 21.00% | |||
Relative | Out Performance Plan 2020 | ||||
Out Performance Plan | ||||
Required shareholder return under relative component | 2.00% | |||
Percentage of shareholder return under which 50% of awards will be earned | 0.00% | |||
Relative | Out Performance Plan 2020 | Maximum | ||||
Out Performance Plan | ||||
Percentage awards will be reduced if total shareholder return is zero or negative | 50.00% | |||
Relative | Out Performance Plan 2018 | ||||
Out Performance Plan | ||||
Percentage awards will be reduced if total shareholder return is zero or negative | 0.00% | |||
Required shareholder return under relative component | 3.00% | |||
Relative | Out Performance Plan 2018 | Maximum | ||||
Out Performance Plan | ||||
Percentage awards will be reduced if total shareholder return is zero or negative | 50.00% | |||
SNL US Office REIT Index | Relative | Out Performance Plan 2020 | ||||
Out Performance Plan | ||||
Required shareholder return per year | 80.00% | |||
SNL US Office REIT Index | Relative | Out Performance Plan 2018 | ||||
Out Performance Plan | ||||
Required shareholder return per year | 70.00% | |||
SNL US Retail Index | Relative | Out Performance Plan 2020 | ||||
Out Performance Plan | ||||
Required shareholder return per year | 20.00% | |||
SNL US Retail Index | Relative | Out Performance Plan 2018 | ||||
Out Performance Plan | ||||
Required shareholder return per year | 30.00% | |||
2019 Omnibus Share Plan | Full Value Awards | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (in shares) | shares | 5,500,000 | |||
2019 Omnibus Share Plan | Not Full Value Awards | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (in shares) | shares | 11,000,000 |
Stock-based Compensation (Summa
Stock-based Compensation (Summary of Share Based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 48,677 | $ 53,908 | $ 31,722 |
OP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 33,431 | 39,969 | 17,763 |
OPPs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 9,579 | 1,944 | 10,689 |
AO LTIP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 3,955 | 2,636 | 2,113 |
Vornado stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 656 | 547 | 587 |
Vornado restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 649 | 549 | 570 |
Performance Conditioned AO LTIP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 407 | $ 8,263 | $ 0 |
Stock-based Compensation (Sum_2
Stock-based Compensation (Summary of Unrecognized Compensation Expense) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation expense | $ 34,103 |
Weighted-Average Remaining Contractual Term | 1 year 8 months 12 days |
OP Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation expense | $ 25,661 |
Weighted-Average Remaining Contractual Term | 1 year 7 months 6 days |
OPPs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation expense | $ 3,882 |
Weighted-Average Remaining Contractual Term | 2 years 1 month 6 days |
AO LTIP Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation expense | $ 2,286 |
Weighted-Average Remaining Contractual Term | 1 year 6 months |
Vornado restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation expense | $ 974 |
Weighted-Average Remaining Contractual Term | 1 year 8 months 12 days |
Vornado stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation expense | $ 987 |
Weighted-Average Remaining Contractual Term | 1 year 8 months 12 days |
Performance Conditioned AO LTIP Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation expense | $ 313 |
Weighted-Average Remaining Contractual Term | 1 year 3 months 18 days |
Stock-based Compensation (Perfo
Stock-based Compensation (Performance Conditioned AO LTIP Units & Vornado Stock Options Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Proceeds received from exercise of employee share options and other | $ 5,862 | $ 6,903 | $ 7,309 |
Vornado stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period (years) | 4 years | ||
Stock options expiration term | 10 years | ||
Grants in period, weighted average grant date fair value (usd per share) | $ 12.28 | $ 16.64 | $ 18.42 |
Proceeds received from exercise of employee share options and other | $ 3,516 | $ 5,495 | $ 5,927 |
Exercises in period, intrinsic value | $ 859 | $ 18,954 | 25,820 |
Performance Conditioned AO LTIP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants in period, weighted average grant date fair value (usd per share) | $ 64.48 | ||
Threshold percentage to satisfy performance based condition | 110.00% | ||
Threshold period to satisfy performance based condition | 20 days | ||
Grant-date fair value | $ 8,983 | ||
AO LTIP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options expiration term | 10 years | ||
Grant-date fair value | $ 4,319 | $ 3,429 | $ 3,484 |
Threshold level, percent | 100.00% | ||
Special allocation | 10.00% | ||
Special distribution, percent | 10.00% |
Stock-based Compensation (Per_2
Stock-based Compensation (Performance Conditioned AO LTIP Units Vornado Stock Options) (Details) | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Vornado stock options | |
Shares | |
Options outstanding at beginning of period (shares) | shares | 1,768,877 |
Granted (shares) | shares | 70,581 |
Exercised (shares) | shares | (68,782) |
Forfeited (shares) | shares | (4,474) |
Cancelled or expired (shares) | shares | (1,000,565) |
Options outstanding at end of period (shares) | shares | 765,637 |
Option exercisable at end of period (shares) | shares | 658,807 |
Weighted- Average Exercise Price | |
Options outstanding at beginning of period (in usd per share) | $ / shares | $ 57.39 |
Granted (in usd per share) | $ / shares | 52.35 |
Exercised (in usd per share) | $ / shares | 51.12 |
Forfeited (in usd per share) | $ / shares | 65.63 |
Expired or cancelled (in usd per share) | $ / shares | 51.77 |
Options outstanding at end of period (in usd per share) | $ / shares | 64.79 |
Options exercisable at end of period (in usd per share) | $ / shares | $ 65.84 |
Weighted- Average Remaining Contractual Term | |
Options outstanding, Weighted Average Remaining Contractual Term | 1 year 11 months 1 day |
Options exercisable, Weighted Average Remaining Contractual Term | 10 months 9 days |
Aggregate Intrinsic Value | |
Options outstanding, Aggregate Intrinsic Value | $ | $ 20,794 |
Options exercisable, Aggregate Intrinsic Value | $ | $ 1,288 |
Performance Conditioned AO LTIP Units | |
Shares | |
Options outstanding at beginning of period (shares) | shares | 496,762 |
Options outstanding at end of period (shares) | shares | 496,762 |
Option exercisable at end of period (shares) | shares | 235,089 |
Weighted- Average Exercise Price | |
Options outstanding at beginning of period (in usd per share) | $ / shares | $ 62.62 |
Options outstanding at end of period (in usd per share) | $ / shares | 62.62 |
Options exercisable at end of period (in usd per share) | $ / shares | $ 62.62 |
Weighted- Average Remaining Contractual Term | |
Options outstanding, Weighted Average Remaining Contractual Term | 8 years 14 days |
Options exercisable, Weighted Average Remaining Contractual Term | 8 years 14 days |
Aggregate Intrinsic Value | |
Options outstanding, Aggregate Intrinsic Value | $ | $ 0 |
Options exercisable, Aggregate Intrinsic Value | $ | $ 0 |
AO LTIP Units | |
Shares | |
Options outstanding at beginning of period (shares) | shares | 383,983 |
Granted (shares) | shares | 342,924 |
Forfeited (shares) | shares | (7,454) |
Cancelled or expired (shares) | shares | (1,872) |
Options outstanding at end of period (shares) | shares | 717,581 |
Option exercisable at end of period (shares) | shares | 216,646 |
Weighted- Average Exercise Price | |
Options outstanding at beginning of period (in usd per share) | $ / shares | $ 66.23 |
Granted (in usd per share) | $ / shares | 52.40 |
Forfeited (in usd per share) | $ / shares | 57.23 |
Expired or cancelled (in usd per share) | $ / shares | 67.55 |
Options outstanding at end of period (in usd per share) | $ / shares | 59.71 |
Options exercisable at end of period (in usd per share) | $ / shares | $ 63.94 |
Weighted- Average Remaining Contractual Term | |
Options outstanding, Weighted Average Remaining Contractual Term | 7 years 3 months 18 days |
Options exercisable, Weighted Average Remaining Contractual Term | 4 years 5 months 19 days |
Aggregate Intrinsic Value | |
Options outstanding, Aggregate Intrinsic Value | $ | $ 100,619 |
Options exercisable, Aggregate Intrinsic Value | $ | $ 14,187 |
Stock-based Compensation (Sched
Stock-based Compensation (Schedule of AO LTIP Units & Share Based Payment Award Stock Options Valuation Assumptions) (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Vornado stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility, minimum | 35.00% | ||
Expected volatility, maximum | 36.00% | ||
Expected volatility | 35.00% | 35.00% | |
Expected life (years) | 5 years | 5 years | 5 years |
Risk free interest rate | 2.50% | 2.25% | |
Risk free interest rate, minimum | 0.57% | ||
Risk free interest rate, maximum | 1.76% | ||
Expected dividend yield (percentage) | 2.90% | 2.90% | |
Performance Conditioned AO LTIP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 35.00% | ||
Expected life (years) | 8 years | ||
Risk free interest rate | 2.76% | ||
Expected dividend yield (percentage) | 3.10% | ||
AO LTIP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility, minimum | 35.00% | ||
Expected volatility, maximum | 36.00% | ||
Expected volatility | 35.00% | 35.00% | |
Expected life (years) | 5 years | 5 years | 5 years |
Risk free interest rate | 2.50% | 2.25% | |
Risk free interest rate, minimum | 0.57% | ||
Risk free interest rate, maximum | 1.76% | ||
Expected dividend yield (percentage) | 2.90% | 2.90% | |
Minimum | Vornado stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yield (percentage) | 3.20% | ||
Minimum | AO LTIP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yield (percentage) | 3.20% | ||
Maximum | Vornado stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yield (percentage) | 3.40% | ||
Maximum | AO LTIP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yield (percentage) | 3.40% |
Stock-based Compensation (Vorna
Stock-based Compensation (Vornado Restricted Stock or Operating Partnership Units Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restricted Operating Partnership Units Plan | |||
Share Based Compensation Equity Instruments Other Than Stock Options And Restricted Stock Units Summary | |||
Award vesting period (years) | 4 years | ||
Distributions, share-based compensation | $ 5,316 | $ 4,070 | $ 2,559 |
Grant-date fair value | 18,013 | 58,732 | 17,463 |
Vested in period, fair value | $ 24,373 | 27,821 | 18,037 |
Restricted Stock Units RSU | |||
Share Based Compensation Equity Instruments Other Than Stock Options And Restricted Stock Units Summary | |||
Award vesting period (years) | 4 years | ||
Distributions, share-based compensation | $ 98 | 51 | 44 |
Grant-date fair value | 853 | 568 | 623 |
Vested in period, fair value | $ 602 | $ 477 | $ 492 |
Stock-based Compensation (Sum_3
Stock-based Compensation (Summary of Restricted Stock or Restricted Operating Partnership Units) (Details) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Restricted Operating Partnership Units Plan | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested at beginning of period (shares) | shares | 1,148,313 |
Granted (shares) | shares | 530,597 |
Vested (shares) | shares | (516,805) |
Forfeited (in shares) | shares | (9,687) |
Unvested at end of period (shares) | shares | 1,152,418 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Unvested at beginning of period (in usd per share) | $ / shares | $ 59.21 |
Granted (in usd per share) | $ / shares | 33.95 |
Vested (in usd per share) | $ / shares | 47.16 |
Expired or cancelled (in usd per share) | $ / shares | 35.86 |
Unvested at end of period (in usd per share) | $ / shares | $ 53.17 |
Restricted Stock Units RSU | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested at beginning of period (shares) | shares | 18,927 |
Granted (shares) | shares | 16,003 |
Vested (shares) | shares | (8,526) |
Forfeited (in shares) | shares | (1,089) |
Unvested at end of period (shares) | shares | 25,315 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Unvested at beginning of period (in usd per share) | $ / shares | $ 70.96 |
Granted (in usd per share) | $ / shares | 53.29 |
Vested (in usd per share) | $ / shares | 70.60 |
Expired or cancelled (in usd per share) | $ / shares | 67.51 |
Unvested at end of period (in usd per share) | $ / shares | $ 60.06 |
Impairment Losses and Transac_3
Impairment Losses and Transaction Related Costs, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Transaction Related Costs, Impairment Losses and Lease Termination Gain [Line Items] | ||||
Real estate impairment losses | $ (236,286) | $ (8,065) | $ (12,000) | |
Transaction related costs | (8,001) | (4,613) | (6,217) | |
Transfer Tax | 0 | 0 | (13,103) | |
Impairment losses and transaction related costs, net | (174,027) | (106,538) | $ (31,320) | |
608 Fifth Avenue | ||||
Transaction Related Costs, Impairment Losses and Lease Termination Gain [Line Items] | ||||
608 Fifth Avenue non-cash lease liability extinguishment gain | $ 70,260 | |||
Other impairment loss and related write-offs | $ (93,860) | $ (93,860) | ||
Independence Plaza | ||||
Transaction Related Costs, Impairment Losses and Lease Termination Gain [Line Items] | ||||
Equity method ownership percentage | 50.10% |
Impairment Losses and Transac_4
Impairment Losses and Transaction Related Costs, Net - Narrative (Details) - 608 Fifth Avenue - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Transaction Related Costs, Impairment Losses and Other [Line Items] | |||
Non-cash impairment loss and related write-offs | $ 93,860 | $ 93,860 | |
Operating lease, impairment loss | $ 75,220 | ||
608 Fifth Avenue non-cash lease liability extinguishment gain | $ 70,260 |
Interest and Other Investment_3
Interest and Other Investment (Loss) Income, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net Investment Income [Line Items] | |||
Decrease in fair value of marketable securities | $ (4,938) | $ (5,533) | $ (26,453) |
Credit losses on loans receivable | (13,369) | 0 | 0 |
Interest on cash and cash equivalents and restricted cash | 5,793 | 13,380 | 15,827 |
Interest on loans receivable | 3,384 | 6,326 | 10,298 |
Dividends on marketable securities | 0 | 3,938 | 13,339 |
Other, net | 3,631 | 3,708 | 4,046 |
Interest and other investment income, net | (5,499) | 21,819 | 17,057 |
PREIT | |||
Net Investment Income [Line Items] | |||
Decrease in fair value of marketable securities | (4,938) | (21,649) | 0 |
Lexington Realty Trust | |||
Net Investment Income [Line Items] | |||
Decrease in fair value of marketable securities | 0 | 16,068 | (26,596) |
Other | |||
Net Investment Income [Line Items] | |||
Decrease in fair value of marketable securities | $ 0 | $ 48 | 143 |
Mezzanine Loan | |||
Net Investment Income [Line Items] | |||
Interest on loans receivable | $ 6,707 |
Interest and Debt Expense (Deta
Interest and Debt Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest and Debt Expense [Abstract] | |||
Interest expense | $ 251,847 | $ 335,016 | $ 389,136 |
Capitalized interest and debt expense | (41,056) | (72,200) | (73,166) |
Amortization of deferred financing costs | 18,460 | 23,807 | 31,979 |
Interest and debt expense | $ 229,251 | $ 286,623 | $ 347,949 |
Interest and Debt Expense - Foo
Interest and Debt Expense - Footnote (Details) - Senior unsecured notes - Senior Unsecured Notes Due 2022 $ in Thousands | Dec. 31, 2019USD ($) |
Debt Instrument, Redemption [Line Items] | |
Charge related to prepayment and unamortized financing costs | $ 22,540 |
Debt instrument, redeemed | $ 400,000 |
Debt instrument, interest rate, stated percentage | 5.00% |
(Loss) Income Per Share _(Los_3
(Loss) Income Per Share /(Loss) Income Per Class A Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | |||
(Loss) income from continuing operations, net of loss (income) attributable to noncontrolling interests | $ (297,005) | $ 3,147,965 | $ 449,356 |
(Loss) income from discontinued operations | 0 | (28) | 598 |
Net (loss) income attributable to Vornado / Vornado Realty L.P. | (297,005) | 3,147,937 | 449,954 |
Preferred share dividends / unit distributions | (51,739) | (50,131) | (50,636) |
Preferred share / unit issuance cost | 0 | 0 | (14,486) |
NET (LOSS) INCOME attributable to common shareholders / Class A unitholders | (348,744) | 3,097,806 | 384,832 |
Earnings allocated to unvested participating securities | (99) | (309) | (44) |
Numerator for basic (loss) income per share / per Class A unit | (348,843) | 3,097,497 | 384,788 |
Convertible preferred share dividends / unit distributions | 0 | 57 | 62 |
Earnings allocated to redeemable Class A Operating Partnership units | 0 | 9 | 174 |
Numerator for diluted (loss) income per share / per Class A unit | $ (348,843) | $ 3,097,563 | $ 385,024 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |||
Denominator for basic (loss) income per share - weighted average shares (in shares) | 191,146 | 190,801 | 190,219 |
Vornado stock options and restricted share awards (in shares) | 0 | 216 | 933 |
Convertible preferred shares / units | 0 | 34 | 37 |
Out-Performance Plan units | 0 | 2 | 101 |
Denominator for diluted income per share - weighted average shares and assumed conversions (in shares) | 191,146 | 191,053 | 191,290 |
(LOSS) INCOME PER COMMON SHARE - BASIC: | |||
Net (loss) income per common share - Basic (in dollars per share) | $ (1.83) | $ 16.23 | $ 2.02 |
(LOSS) INCOME PER COMMON SHARE - DILUTED: | |||
Net (loss) income per common share - Diluted (in dollars per share) | $ (1.83) | $ 16.21 | $ 2.01 |
Vornado Realty L.P. | |||
Numerator: | |||
(Loss) income from continuing operations, net of loss (income) attributable to noncontrolling interests | $ (321,951) | $ 3,358,839 | $ 474,988 |
(Loss) income from discontinued operations | 0 | (30) | 638 |
Net (loss) income attributable to Vornado / Vornado Realty L.P. | (321,951) | 3,358,809 | 475,626 |
Preferred share dividends / unit distributions | (51,904) | (50,296) | (50,830) |
Preferred share / unit issuance cost | 0 | 0 | (14,486) |
NET (LOSS) INCOME attributable to common shareholders / Class A unitholders | (373,855) | 3,308,513 | 410,310 |
Earnings allocated to unvested participating securities | (5,417) | (17,296) | (2,973) |
Numerator for basic (loss) income per share / per Class A unit | (379,272) | 3,291,217 | 407,337 |
Convertible preferred share dividends / unit distributions | 0 | 57 | 62 |
Numerator for diluted (loss) income per share / per Class A unit | $ (379,272) | $ 3,291,274 | $ 407,399 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |||
Denominator for basic (loss) income per Class A unit - weighted average units and assumed conversions | 203,503 | 202,947 | 202,068 |
Vornado stock options and restricted share awards (in shares) | 0 | 267 | 1,307 |
Convertible preferred shares / units | 0 | 34 | 37 |
Denominator for diluted income per Class A unit - weighted average units | 203,503 | 203,248 | 203,412 |
(LOSS) INCOME PER CLASS A UNIT - BASIC: | |||
(Loss) income from continuing operations, net (in dollars per share) | $ (1.86) | $ 16.22 | $ 2.01 |
Income (loss) from discontinued operations, net (in dollars per share) | 0 | 0 | 0.01 |
Net (loss) income per Class A unit (in dollars per share) | (1.86) | 16.22 | 2.02 |
(LOSS) INCOME PER CLASS A UNIT - DILUTED: | |||
Net (loss) income per Class A unit (in dollars per share) | $ (1.86) | $ 16.19 | $ 2 |
(Loss) Income Per Share _(Los_4
(Loss) Income Per Share /(Loss) Income Per Class A Unit (Narrative) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share | |||
Weighted average common share equivalents of excluded dilutive securities due to anti-dilutive effect | 14,007 | 13,020 | 12,232 |
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 | 1,650 | 825 | 110 |
Leases - Narrative (Details)
Leases - Narrative (Details) ft² in Thousands, $ in Thousands | Dec. 31, 2020USD ($)ft² | Dec. 31, 2019USD ($) |
Leases [Line Items] | ||
Right-of-use assets | $ 367,365 | $ 379,546 |
Lease liabilities | 401,008 | $ 498,254 |
Finance lease, payment due | $ 5,000 | |
Farley Office and Retail Building | ||
Leases [Line Items] | ||
Equity method ownership percentage | 95.00% | |
Lessee, operating lease, lease not yet commenced, term (years) | 99 years | |
Square footage of real estate property (in sqft) | ft² | 844 | |
PILOT payments | $ 549,861 | |
Farley Office and Retail Building | Office Building | ||
Leases [Line Items] | ||
Square footage of real estate property (in sqft) | ft² | 730 | |
Farley Office and Retail Building | Retail | ||
Leases [Line Items] | ||
Square footage of real estate property (in sqft) | ft² | 114 |
Leases - Lessor, Operating Leas
Leases - Lessor, Operating Lease, Payments to be Received (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | |
2021 | $ 1,230,675 |
2022 | 1,227,742 |
2023 | 1,161,730 |
2024 | 995,588 |
2025 | 876,497 |
Thereafter | $ 5,090,824 |
Leases - Schedule of Amounts In
Leases - Schedule of Amounts Included in the Measurement of Lease Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Weighted average remaining lease term (in years) | 44 years 9 months 18 days | 40 years 2 months 12 days |
Weighted average discount rate (percent) | 4.91% | 4.84% |
Cash paid for operating leases | $ 23,932 | $ 27,817 |
Leases - Schedule of Components
Leases - Schedule of Components of Rent Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Fixed rent expense | $ 28,503 | $ 33,738 |
Variable rent expense | 1,178 | 1,978 |
Rent expense | $ 29,681 | $ 35,716 |
Leases - Lessee, Operating Leas
Leases - Lessee, Operating Lease, Liability, Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2021 | $ 22,010 | |
2022 | 23,669 | |
2023 | 24,002 | |
2024 | 24,354 | |
2025 | 24,722 | |
Thereafter | 926,139 | |
Total undiscounted cash flows | 1,044,896 | |
Present value discount | (643,888) | |
Lease liabilities | $ 401,008 | $ 498,254 |
Multiemployer Benefit Plans (De
Multiemployer Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Multiemployer Benefit Plans | |||
Multiemployer plans contributions represent more than 5% of total employer contributions | false | false | false |
Multiemployer Pension Plans | |||
Multiemployer Benefit Plans | |||
Multiemployer plan, period contributions | $ 7,049 | $ 10,793 | $ 10,377 |
Multiemployer Health Plans | |||
Multiemployer Benefit Plans | |||
Multiemployer plan, period contributions | $ 26,938 | $ 32,407 | $ 30,354 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) ft² in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2011extension | Dec. 31, 2020USD ($)ft² | Dec. 31, 2019USD ($) | Jul. 31, 2018USD ($)ft² | |
Other Commitments | ||||
Lease liabilities | $ 401,008,000 | $ 498,254,000 | ||
Right-of-use assets | 367,365,000 | $ 379,546,000 | ||
Guarantees and master leases | 1,769,000,000 | |||
Outstanding letters of credit | 13,549,000 | |||
Clawback payment | 29,800,000 | |||
Commitment to fund additional capital to partially owned entities | 10,700,000 | |||
Other commitment | 451,000,000 | |||
General Liability | ||||
Insurance | ||||
Insurance limit per property | 300,000,000 | |||
Insurance limit per occurrence | 300,000,000 | |||
Disease Coverage | ||||
Insurance | ||||
Insurance limit per property | 235,000,000 | |||
Insurance sublimit | 2,300,000 | |||
All Risk And Rental Value | ||||
Insurance | ||||
Insurance limit per occurrence | 2,000,000,000 | |||
Earthquake California Properties | ||||
Insurance | ||||
Insurance limit per occurrence | 350,000,000 | |||
Insurance maximum coverage limit in aggregate | $ 350,000,000 | |||
Vornado deductible, percentage of property value | 5.00% | |||
Terrorism Acts | ||||
Insurance | ||||
Insurance limit per occurrence | $ 6,000,000,000 | |||
Insurance maximum coverage limit in aggregate | 6,000,000,000 | |||
Non-Certified Acts of Terrorism | ||||
Insurance | ||||
Insurance maximum coverage limit in aggregate | 1,200,000,000 | |||
NBCR | ||||
Insurance | ||||
Insurance limit per occurrence | 5,000,000,000 | |||
Insurance maximum coverage limit in aggregate | 5,000,000,000 | |||
PPIC | NBCR | ||||
Insurance | ||||
Insurance deductible | $ 1,759,257 | |||
Insurance deductible percentage of balance of covered loss | 20.00% | |||
Farley Office and Retail Building | ||||
Other Commitments | ||||
Square footage of real estate property (in sqft) | ft² | 844 | |||
Equity method ownership percentage | 95.00% | |||
Farley Office and Retail Building | General Liability | ||||
Insurance | ||||
Insurance limit per occurrence | $ 100,000,000 | |||
Farley Office and Retail Building | Terrorism Acts | ||||
Insurance | ||||
Insurance limit per occurrence | 1,850,000,000 | |||
Insurance maximum coverage limit in aggregate | 1,850,000,000 | |||
Farley Office and Retail Building | Non-Certified Acts of Terrorism | ||||
Insurance | ||||
Insurance limit per occurrence | 1,170,000,000 | |||
Insurance maximum coverage limit in aggregate | 1,170,000,000 | |||
Farley Office and Retail Building | Property and Development Activities | ||||
Insurance | ||||
Insurance limit per occurrence | 2,800,000,000 | |||
Insurance maximum coverage limit in aggregate | $ 2,800,000,000 | |||
Joint Venture | Farley Office and Retail Building | ||||
Other Commitments | ||||
Equity method ownership percentage | 95.00% | |||
Capital contributions | $ 92,400,000 | |||
Affiliated Entity | Farley Office and Retail Building | ||||
Other Commitments | ||||
Equity method ownership percentage | 5.00% | |||
345 Montgomery Street | Regus PLC | ||||
Other Commitments | ||||
Contractual obligation (up to) | $ 90,000,000 | |||
Subsidiary of Regus PLC | 345 Montgomery Street | ||||
Other Commitments | ||||
Square footage of real estate property (in sqft) | ft² | 78 | |||
Lessor, lease not yet commenced, term of contract (years) | 15 years | |||
New York City Economic Development Corporation | ||||
Other Commitments | ||||
Operating lease, term of contract | 49 years | |||
Leases, number of renewal terms | extension | 5 | |||
Lease, term (in years) | 10 years | |||
Annual rent payments | $ 2,000,000 | |||
Lease liabilities | 47,473,000 | |||
Right-of-use assets | $ 34,482,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Alexanders Inc | |||
Related Party Transaction | |||
Percentage of affiliated entity owned by company | 32.40% | ||
Percentage of affiliated entity owned by related parties | 26.10% | ||
Interstate Properties | |||
Related Party Transaction | |||
Percentage of company owned by related party | 7.00% | ||
Related party transaction annual fee percentage | 4.00% | ||
Term of management agreement | 1 year | ||
Period allowed for termination of automatic renewal of management agreement | 60 days | ||
Fee and other income from related parties (in US dollars) | $ 203 | $ 300 | $ 453 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 12 Months Ended |
Dec. 31, 2020segment | |
Segment Reporting [Abstract] | |
Number of reportable segments (segment) | 2 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Net Income to NOI) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting [Abstract] | |||
Net (loss) income | $ (461,845) | $ 3,334,262 | $ 422,603 |
Depreciation and amortization expense | 399,695 | 419,107 | 446,570 |
General and administrative expense | 181,509 | 169,920 | 141,871 |
Impairment losses and transaction related costs, net | 174,027 | 106,538 | 31,320 |
Loss (income) from partially owned entities | 329,112 | (78,865) | (9,149) |
Loss from real estate fund investments | 226,327 | 104,082 | 89,231 |
Interest and other investment loss (income), net | 5,499 | (21,819) | (17,057) |
Interest and debt expense | 229,251 | 286,623 | 347,949 |
Net gain on transfer to Fifth Avenue and Times Square JV | 0 | (2,571,099) | 0 |
Purchase price fair value adjustment | 0 | 0 | (44,060) |
Net gains on disposition of wholly owned and partially owned assets | (381,320) | (845,499) | (246,031) |
Income tax expense | 36,630 | 103,439 | 37,633 |
Loss (income) from discontinued operations | 0 | 30 | (638) |
NOI from partially owned entities | 306,495 | 322,390 | 253,564 |
NOI attributable to noncontrolling interests in consolidated subsidiaries | (72,801) | (69,332) | (71,186) |
NOI at share | 972,579 | 1,259,777 | 1,382,620 |
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 46,246 | (6,060) | (44,704) |
NOI at share - cash basis | $ 1,018,825 | $ 1,253,717 | $ 1,337,916 |
Segment Information (Summary of
Segment Information (Summary of NOI by Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 1,527,951 | $ 1,924,700 | $ 2,163,720 | |
Operating expenses | (789,066) | (917,981) | (963,478) | |
NOI - consolidated | 738,885 | 1,006,719 | 1,200,242 | |
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (72,801) | (69,332) | (71,186) | |
Add: NOI from partially owned entities | 306,495 | 322,390 | 253,564 | |
NOI at share | 972,579 | 1,259,777 | 1,382,620 | |
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 46,246 | (6,060) | (44,704) | |
NOI at share - cash basis | 1,018,825 | 1,253,717 | 1,337,916 | |
Balance Sheet Data: | ||||
Real estate, at cost | 12,087,943 | 13,074,012 | 16,237,883 | $ 14,756,295 |
Investments in partially owned entities | 3,491,107 | 3,999,165 | ||
Assets | 16,221,822 | 18,287,013 | ||
New York | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1,221,748 | 1,577,860 | 1,836,036 | |
Operating expenses | (640,531) | (758,304) | (806,464) | |
NOI - consolidated | 581,217 | 819,556 | 1,029,572 | |
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (43,773) | (40,896) | (48,490) | |
Add: NOI from partially owned entities | 296,447 | 294,168 | 195,908 | |
NOI at share | 833,891 | 1,072,828 | 1,176,990 | |
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 36,715 | (12,318) | (45,427) | |
NOI at share - cash basis | 870,606 | 1,060,510 | 1,131,563 | |
Balance Sheet Data: | ||||
Real estate, at cost | 9,581,830 | 10,272,458 | ||
Investments in partially owned entities | 3,459,142 | 3,964,289 | ||
Assets | 15,046,469 | 16,429,159 | ||
Other | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 306,203 | 346,840 | 327,684 | |
Operating expenses | (148,535) | (159,677) | (157,014) | |
NOI - consolidated | 157,668 | 187,163 | 170,670 | |
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (29,028) | (28,436) | (22,696) | |
Add: NOI from partially owned entities | 10,048 | 28,222 | 57,656 | |
NOI at share | 138,688 | 186,949 | 205,630 | |
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 9,531 | 6,258 | 723 | |
NOI at share - cash basis | 148,219 | 193,207 | $ 206,353 | |
Balance Sheet Data: | ||||
Real estate, at cost | 2,506,113 | 2,801,554 | ||
Investments in partially owned entities | 31,965 | 34,876 | ||
Assets | $ 1,175,353 | $ 1,857,854 |
SEC Schedule III Real Estate _2
SEC Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 6,183,458 | |||
Initial cost to company | ||||
Land | 2,629,523 | |||
Buildings and improvements | 5,775,204 | |||
Costs capitalized subsequent to acquisition | 3,683,216 | |||
Gross amount at which carried at close of period | ||||
Land | 2,420,054 | |||
Buildings and improvements | 9,667,889 | |||
Total | 12,087,943 | |||
Accumulated depreciation and amortization | 3,169,446 | $ 3,015,958 | $ 3,180,175 | $ 2,885,283 |
Net basis difference of assets and liabilities between tax basis and GAAP basis | $ 3,100,000 | |||
Real estate and accumulated depreciation life used for depreciation | 40 years | |||
Leasehold Improvements Equipment and Other | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Buildings and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 130,222 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Buildings and improvements | 130,222 | |||
Total | 130,222 | |||
Accumulated depreciation and amortization | 86,586 | |||
New York | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 4,970,815 | |||
Initial cost to company | ||||
Land | 2,127,658 | |||
Buildings and improvements | 4,494,066 | |||
Costs capitalized subsequent to acquisition | 2,929,657 | |||
Gross amount at which carried at close of period | ||||
Land | 2,048,905 | |||
Buildings and improvements | 7,502,476 | |||
Total | 9,551,381 | |||
Accumulated depreciation and amortization | 2,331,297 | |||
New York | Manhattan | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 4,870,815 | |||
Initial cost to company | ||||
Land | 2,051,250 | |||
Buildings and improvements | 4,286,128 | |||
Costs capitalized subsequent to acquisition | 2,758,563 | |||
Gross amount at which carried at close of period | ||||
Land | 1,971,461 | |||
Buildings and improvements | 7,124,480 | |||
Total | 9,095,941 | |||
Accumulated depreciation and amortization | 2,155,131 | |||
New York | Manhattan | 1290 Avenue of the Americas | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 950,000 | |||
Initial cost to company | ||||
Land | 518,244 | |||
Buildings and improvements | 926,992 | |||
Costs capitalized subsequent to acquisition | 256,937 | |||
Gross amount at which carried at close of period | ||||
Land | 518,244 | |||
Buildings and improvements | 1,183,929 | |||
Total | 1,702,173 | |||
Accumulated depreciation and amortization | $ 406,087 | |||
Date of construction | 1963 | |||
Date acquired | 2007 | |||
New York | Manhattan | 350 Park Avenue | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 400,000 | |||
Initial cost to company | ||||
Land | 265,889 | |||
Buildings and improvements | 363,381 | |||
Costs capitalized subsequent to acquisition | 49,637 | |||
Gross amount at which carried at close of period | ||||
Land | 265,889 | |||
Buildings and improvements | 413,018 | |||
Total | 678,907 | |||
Accumulated depreciation and amortization | $ 153,866 | |||
Date of construction | 1960 | |||
Date acquired | 2006 | |||
New York | Manhattan | PENN1 | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Buildings and improvements | 412,169 | |||
Costs capitalized subsequent to acquisition | 490,803 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Buildings and improvements | 902,972 | |||
Total | 902,972 | |||
Accumulated depreciation and amortization | $ 336,852 | |||
Date of construction | 1972 | |||
Date acquired | 1998 | |||
New York | Manhattan | 100 West 33rd Street | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 398,402 | |||
Initial cost to company | ||||
Land | 242,776 | |||
Buildings and improvements | 247,970 | |||
Costs capitalized subsequent to acquisition | 42,188 | |||
Gross amount at which carried at close of period | ||||
Land | 242,776 | |||
Buildings and improvements | 290,158 | |||
Total | 532,934 | |||
Accumulated depreciation and amortization | $ 105,705 | |||
Date of construction | 1911 | |||
Date acquired | 2007 | |||
New York | Manhattan | 150 West 34th Street | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 205,000 | |||
Initial cost to company | ||||
Land | 119,657 | |||
Buildings and improvements | 268,509 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 119,657 | |||
Buildings and improvements | 268,509 | |||
Total | 388,166 | |||
Accumulated depreciation and amortization | $ 37,479 | |||
Date of construction | 1900 | |||
Date acquired | 2015 | |||
New York | Manhattan | PENN2 | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 575,000 | |||
Initial cost to company | ||||
Land | 53,615 | |||
Buildings and improvements | 164,903 | |||
Costs capitalized subsequent to acquisition | 182,136 | |||
Gross amount at which carried at close of period | ||||
Land | 52,689 | |||
Buildings and improvements | 347,965 | |||
Total | 400,654 | |||
Accumulated depreciation and amortization | $ 132,321 | |||
Date of construction | 1968 | |||
Date acquired | 1997 | |||
New York | Manhattan | 90 Park Avenue | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 8,000 | |||
Buildings and improvements | 175,890 | |||
Costs capitalized subsequent to acquisition | 199,918 | |||
Gross amount at which carried at close of period | ||||
Land | 8,000 | |||
Buildings and improvements | 375,808 | |||
Total | 383,808 | |||
Accumulated depreciation and amortization | $ 161,439 | |||
Date of construction | 1964 | |||
Date acquired | 1997 | |||
New York | Manhattan | Manhattan Mall | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 181,598 | |||
Initial cost to company | ||||
Land | 88,595 | |||
Buildings and improvements | 113,473 | |||
Costs capitalized subsequent to acquisition | 30,283 | |||
Gross amount at which carried at close of period | ||||
Land | 88,595 | |||
Buildings and improvements | 143,756 | |||
Total | 232,351 | |||
Accumulated depreciation and amortization | $ 48,996 | |||
Date of construction | 2009 | |||
Date acquired | 2007 | |||
New York | Manhattan | 770 Broadway | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 700,000 | |||
Initial cost to company | ||||
Land | 52,898 | |||
Buildings and improvements | 95,686 | |||
Costs capitalized subsequent to acquisition | 186,666 | |||
Gross amount at which carried at close of period | ||||
Land | 52,898 | |||
Buildings and improvements | 282,352 | |||
Total | 335,250 | |||
Accumulated depreciation and amortization | $ 112,718 | |||
Date of construction | 1907 | |||
Date acquired | 1998 | |||
New York | Manhattan | 888 Seventh Avenue | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 321,000 | |||
Initial cost to company | ||||
Land | 0 | |||
Buildings and improvements | 117,269 | |||
Costs capitalized subsequent to acquisition | 161,640 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Buildings and improvements | 278,909 | |||
Total | 278,909 | |||
Accumulated depreciation and amortization | $ 142,057 | |||
Date of construction | 1980 | |||
Date acquired | 1998 | |||
New York | Manhattan | PENN11 | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 500,000 | |||
Initial cost to company | ||||
Land | 40,333 | |||
Buildings and improvements | 85,259 | |||
Costs capitalized subsequent to acquisition | 111,535 | |||
Gross amount at which carried at close of period | ||||
Land | 40,333 | |||
Buildings and improvements | 196,794 | |||
Total | 237,127 | |||
Accumulated depreciation and amortization | $ 83,611 | |||
Date of construction | 1923 | |||
Date acquired | 1997 | |||
New York | Manhattan | 909 Third Avenue | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 350,000 | |||
Initial cost to company | ||||
Land | 0 | |||
Buildings and improvements | 120,723 | |||
Costs capitalized subsequent to acquisition | 122,005 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Buildings and improvements | 242,728 | |||
Total | 242,728 | |||
Accumulated depreciation and amortization | $ 114,831 | |||
Date of construction | 1969 | |||
Date acquired | 1999 | |||
New York | Manhattan | 150 East 58th Street | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 39,303 | |||
Buildings and improvements | 80,216 | |||
Costs capitalized subsequent to acquisition | 54,863 | |||
Gross amount at which carried at close of period | ||||
Land | 39,303 | |||
Buildings and improvements | 135,079 | |||
Total | 174,382 | |||
Accumulated depreciation and amortization | $ 68,764 | |||
Date of construction | 1969 | |||
Date acquired | 1998 | |||
New York | Manhattan | 595 Madison Avenue | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 62,731 | |||
Buildings and improvements | 62,888 | |||
Costs capitalized subsequent to acquisition | 50,717 | |||
Gross amount at which carried at close of period | ||||
Land | 62,731 | |||
Buildings and improvements | 113,605 | |||
Total | 176,336 | |||
Accumulated depreciation and amortization | $ 49,081 | |||
Date of construction | 1968 | |||
Date acquired | 1999 | |||
New York | Manhattan | 330 West 34th Street | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Buildings and improvements | 8,599 | |||
Costs capitalized subsequent to acquisition | 147,945 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Buildings and improvements | 156,544 | |||
Total | 156,544 | |||
Accumulated depreciation and amortization | $ 40,849 | |||
Date of construction | 1925 | |||
Date acquired | 1998 | |||
New York | Manhattan | 828 To 850 Madison Avenue | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 107,937 | |||
Buildings and improvements | 28,261 | |||
Costs capitalized subsequent to acquisition | (89,293) | |||
Gross amount at which carried at close of period | ||||
Land | 35,403 | |||
Buildings and improvements | 11,502 | |||
Total | 46,905 | |||
Accumulated depreciation and amortization | $ 0 | |||
Date acquired | 2005 | |||
New York | Manhattan | 715 Lexington Avenue | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Buildings and improvements | 26,903 | |||
Costs capitalized subsequent to acquisition | 19,986 | |||
Gross amount at which carried at close of period | ||||
Land | 30,085 | |||
Buildings and improvements | 16,804 | |||
Total | 46,889 | |||
Accumulated depreciation and amortization | $ 0 | |||
Date of construction | 1923 | |||
Date acquired | 2001 | |||
New York | Manhattan | 478 To 486 Broadway | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 30,000 | |||
Buildings and improvements | 20,063 | |||
Costs capitalized subsequent to acquisition | 11,831 | |||
Gross amount at which carried at close of period | ||||
Land | 21,489 | |||
Buildings and improvements | 40,405 | |||
Total | 61,894 | |||
Accumulated depreciation and amortization | $ 3,817 | |||
Date of construction | 2009 | |||
Date acquired | 2007 | |||
New York | Manhattan | 4 Union Square South | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 120,000 | |||
Initial cost to company | ||||
Land | 24,079 | |||
Buildings and improvements | 55,220 | |||
Costs capitalized subsequent to acquisition | 9,685 | |||
Gross amount at which carried at close of period | ||||
Land | 24,079 | |||
Buildings and improvements | 64,905 | |||
Total | 88,984 | |||
Accumulated depreciation and amortization | $ 24,170 | |||
Date of construction | 1965/2004 | |||
Date acquired | 1993 | |||
New York | Manhattan | Farley Office and Retail Building | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Buildings and improvements | 476,235 | |||
Costs capitalized subsequent to acquisition | 565,014 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Buildings and improvements | 1,041,249 | |||
Total | 1,041,249 | |||
Accumulated depreciation and amortization | $ 0 | |||
Date of construction | 1912 | |||
Date acquired | 2018 | |||
New York | Manhattan | 260 11th Avenue | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Buildings and improvements | 80,482 | |||
Costs capitalized subsequent to acquisition | 5,352 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Buildings and improvements | 85,834 | |||
Total | 85,834 | |||
Accumulated depreciation and amortization | $ 12,133 | |||
Date of construction | 1911 | |||
Date acquired | 2015 | |||
New York | Manhattan | 510 5th Avenue | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 34,602 | |||
Buildings and improvements | 18,728 | |||
Costs capitalized subsequent to acquisition | 35,402 | |||
Gross amount at which carried at close of period | ||||
Land | 48,403 | |||
Buildings and improvements | 40,329 | |||
Total | 88,732 | |||
Accumulated depreciation and amortization | $ 10,992 | |||
Date acquired | 2010 | |||
New York | Manhattan | 606 Broadway | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 74,119 | |||
Initial cost to company | ||||
Land | 45,406 | |||
Buildings and improvements | 8,993 | |||
Costs capitalized subsequent to acquisition | 51,624 | |||
Gross amount at which carried at close of period | ||||
Land | 45,298 | |||
Buildings and improvements | 60,725 | |||
Total | 106,023 | |||
Accumulated depreciation and amortization | $ 2,441 | |||
Date acquired | 2016 | |||
New York | Manhattan | 40 Fulton Street | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 15,732 | |||
Buildings and improvements | 26,388 | |||
Costs capitalized subsequent to acquisition | 38,625 | |||
Gross amount at which carried at close of period | ||||
Land | 15,732 | |||
Buildings and improvements | 65,013 | |||
Total | 80,745 | |||
Accumulated depreciation and amortization | $ 22,147 | |||
Date of construction | 1987 | |||
Date acquired | 1998 | |||
New York | Manhattan | 443 Broadway | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 11,187 | |||
Buildings and improvements | 41,186 | |||
Costs capitalized subsequent to acquisition | (36,225) | |||
Gross amount at which carried at close of period | ||||
Land | 3,457 | |||
Buildings and improvements | 12,691 | |||
Total | 16,148 | |||
Accumulated depreciation and amortization | $ 0 | |||
Date acquired | 2013 | |||
New York | Manhattan | 40 East 66th Street | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 13,616 | |||
Buildings and improvements | 34,635 | |||
Costs capitalized subsequent to acquisition | 159 | |||
Gross amount at which carried at close of period | ||||
Land | 13,616 | |||
Buildings and improvements | 34,794 | |||
Total | 48,410 | |||
Accumulated depreciation and amortization | $ 13,113 | |||
Date acquired | 2005 | |||
New York | Manhattan | 155 Spring Street | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 13,700 | |||
Buildings and improvements | 30,544 | |||
Costs capitalized subsequent to acquisition | 6,769 | |||
Gross amount at which carried at close of period | ||||
Land | 13,700 | |||
Buildings and improvements | 37,313 | |||
Total | 51,013 | |||
Accumulated depreciation and amortization | $ 12,456 | |||
Date acquired | 2007 | |||
New York | Manhattan | 435 7th Avenue | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 95,696 | |||
Initial cost to company | ||||
Land | 19,893 | |||
Buildings and improvements | 19,091 | |||
Costs capitalized subsequent to acquisition | 2,166 | |||
Gross amount at which carried at close of period | ||||
Land | 19,893 | |||
Buildings and improvements | 21,257 | |||
Total | 41,150 | |||
Accumulated depreciation and amortization | $ 9,681 | |||
Date of construction | 2002 | |||
Date acquired | 1997 | |||
New York | Manhattan | 692 Broadway | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 6,053 | |||
Buildings and improvements | 22,908 | |||
Costs capitalized subsequent to acquisition | 3,901 | |||
Gross amount at which carried at close of period | ||||
Land | 6,053 | |||
Buildings and improvements | 26,809 | |||
Total | 32,862 | |||
Accumulated depreciation and amortization | $ 10,734 | |||
Date acquired | 2005 | |||
New York | Manhattan | 131-135 West 33rd Street | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 8,315 | |||
Buildings and improvements | 21,312 | |||
Costs capitalized subsequent to acquisition | 316 | |||
Gross amount at which carried at close of period | ||||
Land | 8,315 | |||
Buildings and improvements | 21,628 | |||
Total | 29,943 | |||
Accumulated depreciation and amortization | $ 2,566 | |||
Date acquired | 2016 | |||
New York | Manhattan | 304 Canal Street | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 3,511 | |||
Buildings and improvements | 12,905 | |||
Costs capitalized subsequent to acquisition | (8,456) | |||
Gross amount at which carried at close of period | ||||
Land | 1,771 | |||
Buildings and improvements | 6,189 | |||
Total | 7,960 | |||
Accumulated depreciation and amortization | $ 0 | |||
Date of construction | 1910 | |||
Date acquired | 2014 | |||
New York | Manhattan | 677 To 679 Madison Avenue | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 13,070 | |||
Buildings and improvements | 9,640 | |||
Costs capitalized subsequent to acquisition | 585 | |||
Gross amount at which carried at close of period | ||||
Land | 13,070 | |||
Buildings and improvements | 10,225 | |||
Total | 23,295 | |||
Accumulated depreciation and amortization | $ 3,691 | |||
Date acquired | 2006 | |||
New York | Manhattan | 1131 Third Avenue | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 7,844 | |||
Buildings and improvements | 7,844 | |||
Costs capitalized subsequent to acquisition | 5,708 | |||
Gross amount at which carried at close of period | ||||
Land | 7,844 | |||
Buildings and improvements | 13,552 | |||
Total | 21,396 | |||
Accumulated depreciation and amortization | $ 2,696 | |||
Date acquired | 1997 | |||
New York | Manhattan | 431 Seventh Avenue | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 16,700 | |||
Buildings and improvements | 2,751 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 16,700 | |||
Buildings and improvements | 2,751 | |||
Total | 19,451 | |||
Accumulated depreciation and amortization | $ 946 | |||
Date acquired | 2007 | |||
New York | Manhattan | 138-142 West 32nd Street | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 9,252 | |||
Buildings and improvements | 9,936 | |||
Costs capitalized subsequent to acquisition | 1,720 | |||
Gross amount at which carried at close of period | ||||
Land | 9,252 | |||
Buildings and improvements | 11,656 | |||
Total | 20,908 | |||
Accumulated depreciation and amortization | $ 1,504 | |||
Date of construction | 1920 | |||
Date acquired | 2015 | |||
New York | Manhattan | 334 Canal Street | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 1,693 | |||
Buildings and improvements | 6,507 | |||
Costs capitalized subsequent to acquisition | (1,170) | |||
Gross amount at which carried at close of period | ||||
Land | 752 | |||
Buildings and improvements | 6,278 | |||
Total | 7,030 | |||
Accumulated depreciation and amortization | $ 0 | |||
Date acquired | 2011 | |||
New York | Manhattan | 966 Third Avenue | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 8,869 | |||
Buildings and improvements | 3,631 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 8,869 | |||
Buildings and improvements | 3,631 | |||
Total | 12,500 | |||
Accumulated depreciation and amortization | $ 666 | |||
Date acquired | 2013 | |||
New York | Manhattan | 148 Spring Street | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 3,200 | |||
Buildings and improvements | 8,112 | |||
Costs capitalized subsequent to acquisition | 398 | |||
Gross amount at which carried at close of period | ||||
Land | 3,200 | |||
Buildings and improvements | 8,510 | |||
Total | 11,710 | |||
Accumulated depreciation and amortization | $ 2,718 | |||
Date acquired | 2008 | |||
New York | Manhattan | 150 Spring Street | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 3,200 | |||
Buildings and improvements | 5,822 | |||
Costs capitalized subsequent to acquisition | 309 | |||
Gross amount at which carried at close of period | ||||
Land | 3,200 | |||
Buildings and improvements | 6,131 | |||
Total | 9,331 | |||
Accumulated depreciation and amortization | $ 1,945 | |||
Date acquired | 2008 | |||
New York | Manhattan | 137 West 33rd Street | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 6,398 | |||
Buildings and improvements | 1,550 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 6,398 | |||
Buildings and improvements | 1,550 | |||
Total | 7,948 | |||
Accumulated depreciation and amortization | $ 223 | |||
Date of construction | 1932 | |||
Date acquired | 2015 | |||
New York | Manhattan | 825 7th Avenue | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 1,483 | |||
Buildings and improvements | 697 | |||
Costs capitalized subsequent to acquisition | 3,341 | |||
Gross amount at which carried at close of period | ||||
Land | 1,483 | |||
Buildings and improvements | 4,038 | |||
Total | 5,521 | |||
Accumulated depreciation and amortization | $ 575 | |||
Date acquired | 1997 | |||
New York | Manhattan | 537 West 26th Street | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 10,370 | |||
Buildings and improvements | 17,632 | |||
Costs capitalized subsequent to acquisition | 16,730 | |||
Gross amount at which carried at close of period | ||||
Land | 26,631 | |||
Buildings and improvements | 18,101 | |||
Total | 44,732 | |||
Accumulated depreciation and amortization | $ 1,319 | |||
Date acquired | 2018 | |||
New York | Manhattan | 339 Greenwich | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 2,622 | |||
Buildings and improvements | 12,333 | |||
Costs capitalized subsequent to acquisition | (10,019) | |||
Gross amount at which carried at close of period | ||||
Land | 865 | |||
Buildings and improvements | 4,071 | |||
Total | 4,936 | |||
Accumulated depreciation and amortization | $ 0 | |||
Date acquired | 2017 | |||
New York | Manhattan | Other (Including Signage) | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 140,477 | |||
Buildings and improvements | 31,892 | |||
Costs capitalized subsequent to acquisition | 36,832 | |||
Gross amount at which carried at close of period | ||||
Land | 94,788 | |||
Buildings and improvements | 114,413 | |||
Total | 209,201 | |||
Accumulated depreciation and amortization | 19,942 | |||
Other | Hotel Pennsylvania/Paramus | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 100,000 | |||
Initial cost to company | ||||
Land | 76,408 | |||
Buildings and improvements | 207,938 | |||
Costs capitalized subsequent to acquisition | 171,094 | |||
Gross amount at which carried at close of period | ||||
Land | 77,444 | |||
Buildings and improvements | 377,996 | |||
Total | 455,440 | |||
Accumulated depreciation and amortization | 176,166 | |||
Other | Illinois | the Mart, Chicago | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 675,000 | |||
Initial cost to company | ||||
Land | 64,528 | |||
Buildings and improvements | 319,146 | |||
Costs capitalized subsequent to acquisition | 414,122 | |||
Gross amount at which carried at close of period | ||||
Land | 64,535 | |||
Buildings and improvements | 733,261 | |||
Total | 797,796 | |||
Accumulated depreciation and amortization | $ 348,404 | |||
Date of construction | 1930 | |||
Date acquired | 1998 | |||
Other | Illinois | 527 West Kinzie, Chicago | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 5,166 | |||
Buildings and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 132 | |||
Gross amount at which carried at close of period | ||||
Land | 5,166 | |||
Buildings and improvements | 132 | |||
Total | 5,298 | |||
Accumulated depreciation and amortization | $ 0 | |||
Date acquired | 1998 | |||
Other | New York | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 1,212,643 | |||
Initial cost to company | ||||
Land | 501,865 | |||
Buildings and improvements | 1,281,138 | |||
Costs capitalized subsequent to acquisition | 623,337 | |||
Gross amount at which carried at close of period | ||||
Land | 371,149 | |||
Buildings and improvements | 2,035,191 | |||
Total | 2,406,340 | |||
Accumulated depreciation and amortization | 751,563 | |||
Other | New York | Hotel Pennsylvania | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 29,903 | |||
Buildings and improvements | 121,712 | |||
Costs capitalized subsequent to acquisition | 134,245 | |||
Gross amount at which carried at close of period | ||||
Land | 29,903 | |||
Buildings and improvements | 255,957 | |||
Total | 285,860 | |||
Accumulated depreciation and amortization | $ 142,143 | |||
Date of construction | 1919 | |||
Date acquired | 1997 | |||
Other | New York | 33-00 Northern Boulevard | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 100,000 | |||
Initial cost to company | ||||
Land | 46,505 | |||
Buildings and improvements | 86,226 | |||
Costs capitalized subsequent to acquisition | 13,538 | |||
Gross amount at which carried at close of period | ||||
Land | 46,505 | |||
Buildings and improvements | 99,764 | |||
Total | 146,269 | |||
Accumulated depreciation and amortization | $ 15,710 | |||
Date of construction | 1915 | |||
Date acquired | 2015 | |||
Other | New York | Piers 92 and 94 | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Buildings and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 17,773 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Buildings and improvements | 17,773 | |||
Total | 17,773 | |||
Accumulated depreciation and amortization | $ 3,847 | |||
Date acquired | 2008 | |||
Other | New York | Total The Mart | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 675,000 | |||
Initial cost to company | ||||
Land | 69,694 | |||
Buildings and improvements | 319,146 | |||
Costs capitalized subsequent to acquisition | 432,027 | |||
Gross amount at which carried at close of period | ||||
Land | 69,701 | |||
Buildings and improvements | 751,166 | |||
Total | 820,867 | |||
Accumulated depreciation and amortization | 352,251 | |||
Other | New York | 220 Central Park South | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 115,720 | |||
Buildings and improvements | 16,445 | |||
Costs capitalized subsequent to acquisition | (104,428) | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Buildings and improvements | 27,737 | |||
Total | 27,737 | |||
Accumulated depreciation and amortization | $ 0 | |||
Date acquired | 2005 | |||
Other | New York | 40 East 66th Residential | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 8,454 | |||
Buildings and improvements | 13,321 | |||
Costs capitalized subsequent to acquisition | (8,193) | |||
Gross amount at which carried at close of period | ||||
Land | 5,273 | |||
Buildings and improvements | 8,309 | |||
Total | 13,582 | |||
Accumulated depreciation and amortization | $ 2,882 | |||
Date acquired | 2005 | |||
Other | New York | 677-679 Madison | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 1,462 | |||
Buildings and improvements | 1,058 | |||
Costs capitalized subsequent to acquisition | 285 | |||
Gross amount at which carried at close of period | ||||
Land | 1,627 | |||
Buildings and improvements | 1,178 | |||
Total | 2,805 | |||
Accumulated depreciation and amortization | $ 535 | |||
Date acquired | 2006 | |||
Other | New York | Other Property | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Buildings and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 5,606 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Buildings and improvements | 5,606 | |||
Total | 5,606 | |||
Accumulated depreciation and amortization | 1,725 | |||
Other | Maryland | Annapolis | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Buildings and improvements | 9,652 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Buildings and improvements | 9,652 | |||
Total | 9,652 | |||
Accumulated depreciation and amortization | $ 4,462 | |||
Date acquired | 2005 | |||
Other | New Jersey | Paramus | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Buildings and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 23,311 | |||
Gross amount at which carried at close of period | ||||
Land | 1,036 | |||
Buildings and improvements | 22,275 | |||
Total | 23,311 | |||
Accumulated depreciation and amortization | $ 18,313 | |||
Date of construction | 1967 | |||
Date acquired | 1987 | |||
Other | New Jersey | Borgata Land, Atlantic City, NJ | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 83,089 | |||
Buildings and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 83,089 | |||
Buildings and improvements | 0 | |||
Total | 83,089 | |||
Accumulated depreciation and amortization | $ 0 | |||
Date acquired | 2010 | |||
Other | New Jersey | Wayne Towne Center | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Buildings and improvements | 26,137 | |||
Costs capitalized subsequent to acquisition | 56,373 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Buildings and improvements | 82,510 | |||
Total | 82,510 | |||
Accumulated depreciation and amortization | $ 29,431 | |||
Date acquired | 2010 | |||
Other | California | 555 California Street | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 537,643 | |||
Initial cost to company | ||||
Land | 223,446 | |||
Buildings and improvements | 895,379 | |||
Costs capitalized subsequent to acquisition | 241,667 | |||
Gross amount at which carried at close of period | ||||
Land | 211,459 | |||
Buildings and improvements | 1,149,033 | |||
Total | 1,360,492 | |||
Accumulated depreciation and amortization | $ 360,277 | |||
Date of construction | 1922,1969 -1970 | |||
Date acquired | 2007 |
SEC Schedule III Rollforward _3
SEC Schedule III Rollforward of Real Estate Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Real estate, balance at beginning of period | $ 13,074,012 | $ 16,237,883 | $ 14,756,295 |
Additions during the period | 14,202,977 | 17,675,741 | 16,592,044 |
Less: Assets sold, written-off and deconsolidated | 2,115,034 | 4,601,729 | 354,161 |
Real estate, balance at end of period | 12,087,943 | 13,074,012 | 16,237,883 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
Accumulated depreciation, balance at beginning of period | 3,015,958 | 3,180,175 | 2,885,283 |
Additions charged to operating expenses | 344,301 | 360,194 | 381,500 |
Real estate accumulated depreciation | 3,360,259 | 3,540,369 | 3,266,783 |
Less: Accumulated depreciation on assets sold, written-off and deconsolidated | 190,813 | 524,411 | 86,608 |
Accumulated depreciation, balance at end of period | 3,169,446 | 3,015,958 | 3,180,175 |
Land | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Additions during the period | 1,372 | 46,074 | 170,065 |
Buildings & improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Additions during the period | $ 1,127,593 | $ 1,391,784 | $ 1,665,684 |
Uncategorized Items - vno-20201
Label | Element | Value |
Accounting Standards Update [Extensible List] | us-gaap_AccountingStandardsUpdateExtensibleList | us-gaap:AccountingStandardsUpdate201409Member |