Cover
Cover | 3 Months Ended |
Mar. 31, 2022shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2022 |
Document Transition Report | false |
Entity File Number | 001-11954 |
Entity Registrant Name | Vornado Realty Trust |
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 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 191,743,490 |
Entity Central Index Key | 0000899689 |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2022 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
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, $.04 par value per share |
Entity Trading Symbol | VNO |
Security Exchange Name | NYSE |
5.40% Series L | New York Stock Exchange | |
Entity Information [Line Items] | |
Title of 12(b) Security | 5.40% Series L |
Entity Trading Symbol | VNO/PL |
Security Exchange Name | NYSE |
5.25% Series M | New York Stock Exchange | |
Entity Information [Line Items] | |
Title of 12(b) Security | 5.25% Series M |
Entity Trading Symbol | VNO/PM |
Security Exchange Name | NYSE |
5.25% Series N | New York Stock Exchange | |
Entity Information [Line Items] | |
Title of 12(b) Security | 5.25% Series N |
Entity Trading Symbol | VNO/PN |
Security Exchange Name | NYSE |
4.45% Series O | New York Stock Exchange | |
Entity Information [Line Items] | |
Title of 12(b) Security | 4.45% Series O |
Entity Trading Symbol | VNO/PO |
Security Exchange Name | NYSE |
Vornado Realty L.P. | |
Entity Information [Line Items] | |
Entity File Number | 001-34482 |
Entity Registrant Name | VORNADO REALTY LP |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 13-3925979 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Central Index Key | 0001040765 |
Document Fiscal Year Focus | 2022 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Real estate, at cost: | ||
Land | $ 2,540,193 | $ 2,540,193 |
Buildings and improvements | 9,956,681 | 9,839,166 |
Development costs and construction in progress | 751,555 | 718,694 |
Leasehold improvements and equipment | 120,979 | 119,792 |
Total | 13,369,408 | 13,217,845 |
Less accumulated depreciation and amortization | (3,455,145) | (3,376,347) |
Real estate, net | 9,914,263 | 9,841,498 |
Right-of-use assets | 687,642 | 337,197 |
Cash and cash equivalents | 973,858 | 1,760,225 |
Restricted cash | 167,397 | 170,126 |
Investments in U.S. Treasury bills | 645,360 | 0 |
Tenant and other receivables | 83,126 | 79,661 |
Investments in partially owned entities | 3,299,629 | 3,297,389 |
Real estate fund investments | 13,402 | 7,730 |
220 Central Park South condominium units ready for sale | 51,072 | 57,142 |
Receivable arising from the straight-lining of rents | 677,627 | 656,318 |
Deferred leasing costs, net of accumulated amortization of $216,880 and $211,775 | 388,724 | 391,693 |
Identified intangible assets, net of accumulated amortization of $99,663 and $97,186 | 149,613 | 154,895 |
Other assets | 440,648 | 512,714 |
Assets | 17,492,361 | 17,266,588 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Mortgages payable, net | 6,050,693 | 6,053,343 |
Senior unsecured notes, net | 1,190,301 | 1,189,792 |
Unsecured term loan, net | 798,075 | 797,812 |
Unsecured revolving credit facilities | 575,000 | 575,000 |
Lease liabilities | 723,432 | 370,206 |
Accounts payable and accrued expenses | 541,825 | 613,497 |
Deferred revenue | 46,238 | 48,118 |
Deferred compensation plan | 107,170 | 110,174 |
Other liabilities | 274,496 | 304,725 |
Total liabilities | 10,307,230 | 10,062,667 |
Commitments and contingencies | ||
Redeemable noncontrolling interests: | ||
Total redeemable noncontrolling interests | 747,161 | 688,683 |
Shareholders' equity: | ||
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,792,902 shares | 1,182,459 | 1,182,459 |
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 191,743,490 and 191,723,608 shares | 7,649 | 7,648 |
Additional capital | 8,097,523 | 8,143,093 |
Earnings less than distributions | (3,154,549) | (3,079,320) |
Accumulated other comprehensive income (loss) | 51,776 | (17,534) |
Total Vornado shareholders' / partners equity | 6,184,858 | 6,236,346 |
Noncontrolling interests in consolidated subsidiaries | 253,112 | 278,892 |
Total equity | 6,437,970 | 6,515,238 |
Total liabilities, redeemable noncontrolling interests / partnership units and equity | $ 17,492,361 | $ 17,266,588 |
Cumulative Redeemable Preferred Unit | ||
Shareholders' equity: | ||
Outstanding Partnership Units held by Third Parties (shares) | 141,400 | 141,400 |
Partnership Interest | ||
Redeemable noncontrolling interests: | ||
Class A units - 14,259,103 and 14,033,438 units outstanding | $ 646,223 | $ 587,440 |
Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 |
Total redeemable noncontrolling interests | 649,758 | 590,975 |
Subsidiary | ||
Redeemable noncontrolling interests: | ||
Total redeemable noncontrolling interests | $ 97,403 | $ 97,708 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Deferred leasing costs, accumulated amortization | $ 216,880 | $ 211,775 |
Identified intangible assets, accumulated amortization | $ 99,663 | $ 97,186 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Preferred shares of beneficial interest: par value per share (in dollars per share) | $ 0 | $ 0 |
Preferred shares of beneficial interest: authorized shares (shares) | 110,000,000 | 110,000,000 |
Preferred shares of beneficial interest: issued shares (shares) | 48,792,902 | 48,792,902 |
Preferred shares of beneficial interest: outstanding shares (shares) | 48,792,902 | 48,792,902 |
Common shares of beneficial interest: par value per share (in dollars per share) | $ 0.04 | $ 0.04 |
Common shares of beneficial interest: authorized shares (shares) | 250,000,000 | 250,000,000 |
Common shares of beneficial interest: issued shares (shares) | 191,743,490 | 191,723,608 |
Common shares of beneficial interest: outstanding shares (shares) | 191,743,490 | 191,723,608 |
Class A Unit | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Outstanding Partnership Units held by Third Parties (shares) | 14,259,103 | 14,033,438 |
Cumulative Redeemable Preferred Unit | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Outstanding Partnership Units held by Third Parties (shares) | 141,400 | 141,400 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
REVENUES: | ||
Revenues | $ 442,130 | $ 379,977 |
EXPENSES: | ||
Operating | (216,529) | (190,979) |
Depreciation and amortization | (117,443) | (95,354) |
General and administrative | (41,216) | (44,186) |
Benefit (expense) from deferred compensation plan liability | 1,944 | (3,245) |
Transaction related costs and other | (1,005) | (843) |
Total expenses | (374,249) | (334,607) |
Income from partially owned entities | 33,714 | 29,073 |
Income (loss) from real estate fund investments | 5,674 | (169) |
Interest and other investment income, net | 1,018 | 1,522 |
(Loss) income from deferred compensation plan assets | (1,944) | 3,245 |
Interest and debt expense | (52,109) | (50,064) |
Net gains on disposition of wholly owned and partially owned assets | 6,552 | 0 |
Income before income taxes | 60,786 | 28,977 |
Income tax expense | (7,411) | (1,984) |
Net income | 53,375 | 26,993 |
Less net (income) loss attributable to noncontrolling interests / consolidated subsidiaries in: | ||
Consolidated subsidiaries | (9,374) | (6,114) |
Operating Partnership | (1,994) | (329) |
Net income attributable to Vornado / Vornado Realty L.P. | 42,007 | 20,550 |
Preferred share dividends / unit distributions | (15,529) | (16,467) |
NET INCOME attributable to common shareholders / Class A unitholders | $ 26,478 | $ 4,083 |
INCOME PER COMMON SHARE - BASIC: | ||
Net income per common share (in dollars per share) | $ 0.14 | $ 0.02 |
Weighted average shares outstanding, basic (in shares) | 191,724 | 191,418 |
INCOME PER COMMON SHARE - DILUTED: | ||
Net income per common share (in dollars per share) | $ 0.14 | $ 0.02 |
Weighted average shares outstanding, diluted (in shares) | 192,038 | 192,031 |
Rental revenues | ||
REVENUES: | ||
Revenues | $ 397,283 | $ 339,317 |
Fee and other income | ||
REVENUES: | ||
Revenues | $ 44,847 | $ 40,660 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 53,375 | $ 26,993 |
Other comprehensive income: | ||
Change in fair value of interest rate swaps and other | 65,239 | 11,641 |
Other comprehensive income of nonconsolidated subsidiaries | 9,205 | 3,591 |
Comprehensive income | 127,819 | 42,225 |
Less comprehensive (income) loss attributable to noncontrolling interests in noncontrolling interests / consolidated subsidiaries | (16,502) | (7,329) |
Comprehensive income (loss) attributable to Vornado / Vornado Realty L.P. | $ 111,317 | $ 34,896 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Accumulated Other Comprehensive (Loss) Income | Non-controlling Interests in Consolidated Subsidiaries |
Beginning balance, shares at Dec. 31, 2020 | 48,793 | 191,355 | |||||
Beginning balance, value at Dec. 31, 2020 | $ 6,948,155 | $ 1,182,339 | $ 7,633 | $ 8,192,507 | $ (2,774,182) | $ (75,099) | $ 414,957 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) attributable to Vornado / Vornado Realty L.P. | 20,550 | 20,550 | |||||
Net income (loss) attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | 6,197 | 6,197 | |||||
Dividends on common shares | (101,467) | (101,467) | |||||
Dividends on preferred shares / preferred units (see Note 12 for dividends per share amounts) | (16,467) | (16,467) | |||||
Common shares issued: / Class A Units issued to Vornado | |||||||
Upon redemption of Class A units, at redemption value, shares | 107 | ||||||
Upon redemption of Class A units, at redemption value, value | 4,103 | $ 4 | 4,099 | ||||
Under employees' share option plan, value | 4 | 4 | |||||
Under dividend reinvestment plan, shares | 6 | ||||||
Under dividend reinvestment plan, value | 211 | $ 0 | 211 | ||||
Distributions: | |||||||
Distributions | (5,877) | (5,877) | |||||
Deferred compensation shares and options, shares | (3) | ||||||
Deferred compensation shares and options | 110 | 224 | (114) | ||||
Other comprehensive income of nonconsolidated subsidiaries | 3,591 | 3,591 | |||||
Increase (reduction) in value of interest rate swaps | 11,642 | 11,642 | |||||
Unearned 2018 Out-Performance Plan awards acceleration | 10,283 | 10,283 | |||||
Redeemable Class A unit measurement adjustment | (126,936) | (126,936) | |||||
Redeemable noncontrolling interests' share of above adjustments | (886) | (886) | |||||
Other, value | (28) | $ (28) | $ 1 | (1) | (1) | 1 | |
Ending balance, shares at Mar. 31, 2021 | 48,793 | 191,465 | |||||
Ending balance, value at Mar. 31, 2021 | 6,753,185 | $ 1,182,311 | $ 7,638 | 8,080,392 | (2,871,681) | (60,753) | 415,278 |
Beginning balance, shares at Dec. 31, 2021 | 48,793 | 191,724 | |||||
Beginning balance, value at Dec. 31, 2021 | 6,515,238 | $ 1,182,459 | $ 7,648 | 8,143,093 | (3,079,320) | (17,534) | 278,892 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) attributable to Vornado / Vornado Realty L.P. | 42,007 | 42,007 | |||||
Net income (loss) attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | 9,679 | 9,679 | |||||
Dividends on common shares | (101,616) | (101,616) | |||||
Dividends on preferred shares / preferred units (see Note 12 for dividends per share amounts) | (15,529) | (15,529) | |||||
Common shares issued: / Class A Units issued to Vornado | |||||||
Upon redemption of Class A units, at redemption value, shares | 16 | ||||||
Upon redemption of Class A units, at redemption value, value | 717 | $ 1 | 716 | ||||
Under employees' share option plan, shares | 0 | ||||||
Under employees' share option plan, value | 7 | 7 | |||||
Under dividend reinvestment plan, shares | 5 | ||||||
Under dividend reinvestment plan, value | 212 | $ 0 | 212 | ||||
Contributions: | |||||||
Contributions | 481 | 481 | |||||
Distributions: | |||||||
Distributions | (35,961) | (35,961) | |||||
Deferred compensation shares and options, shares | (2) | ||||||
Deferred compensation shares and options | 61 | 146 | (85) | ||||
Other comprehensive income of nonconsolidated subsidiaries | 9,205 | 9,205 | |||||
Increase (reduction) in value of interest rate swaps | 65,239 | 65,239 | |||||
Redeemable Class A unit measurement adjustment | (46,651) | (46,651) | |||||
Redeemable noncontrolling interests' share of above adjustments | (5,134) | (5,134) | |||||
Other, value | 15 | $ 0 | $ 0 | 0 | (6) | 0 | 21 |
Ending balance, shares at Mar. 31, 2022 | 48,793 | 191,743 | |||||
Ending balance, value at Mar. 31, 2022 | $ 6,437,970 | $ 1,182,459 | $ 7,649 | $ 8,097,523 | $ (3,154,549) | $ 51,776 | $ 253,112 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Common shares/units, dividends (in dollars per share) | $ 0.53 | $ 0.53 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash Flows from Operating Activities: | ||
Net income | $ 53,375 | $ 26,993 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization (including amortization of deferred financing costs) | 122,271 | 100,034 |
Distributions of income from partially owned entities | 37,778 | 61,157 |
Equity in net income of partially owned entities | (33,714) | (29,073) |
Straight-lining of rents | (21,335) | 5,073 |
Stock-based compensation expense | 13,155 | 21,225 |
Net gains on disposition of wholly owned and partially owned assets | (6,552) | 0 |
Net unrealized (income) loss on real estate fund investments | (5,672) | 494 |
Amortization of below-market leases, net | (917) | (3,166) |
Write-off of lease receivables deemed uncollectible | 0 | 3,670 |
Other non-cash adjustments | 5,208 | 1,348 |
Changes in operating assets and liabilities: | ||
Real estate fund investments | 0 | (494) |
Tenant and other receivables | (3,499) | (1,077) |
Prepaid assets | 29,451 | 48,599 |
Other assets | (9,807) | (20,693) |
Accounts payable and accrued expenses | (7,421) | 9,842 |
Other liabilities | (1,307) | 253 |
Net cash provided by operating activities | 171,014 | 224,185 |
Cash Flows from Investing Activities: | ||
Purchase of U.S. Treasury bills | (645,920) | 0 |
Development costs and construction in progress | (209,738) | (130,318) |
Proceeds from sales of real estate | 81,399 | 0 |
Additions to real estate | (30,900) | (27,410) |
Proceeds from sale of a condominium unit at 220 Central Park South | 15,095 | 0 |
Investments in partially owned entities | (4,571) | (4,816) |
Distributions of capital from partially owned entities | 0 | 106,005 |
Net cash used in investing activities | (794,635) | (56,539) |
Cash Flows from Financing Activities: | ||
Dividends paid on common shares / Distributions to Vornado | (101,616) | (101,467) |
Distribution to noncontrolling interests / redeemable security holders and noncontrolling interests in consolidated subsidiaries | (43,545) | (13,338) |
Dividends paid on preferred shares / Distributions to preferred unitholders | (15,529) | (16,467) |
Repayments of borrowings | (5,400) | (358,331) |
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries | 481 | 0 |
Proceeds received from exercise of employee share options (Vornado stock options) and other | 219 | 215 |
Repurchase of shares / Class A units related to stock compensation agreements and related tax withholdings and other | (85) | (113) |
Proceeds from borrowings | 0 | 350,000 |
Debt issuance costs | 0 | (2,904) |
Net cash used in financing activities | (165,475) | (142,405) |
Net (decrease) increase in cash and cash equivalents and restricted cash | (789,096) | 25,241 |
Cash and cash equivalents and restricted cash at beginning of period | 1,930,351 | 1,730,369 |
Cash and cash equivalents and restricted cash at end of period | 1,141,255 | 1,755,610 |
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | ||
Cash and cash equivalents at beginning of period | 1,760,225 | 1,624,482 |
Restricted cash at beginning of period | 170,126 | 105,887 |
Cash and cash equivalents and restricted cash at beginning of period | 1,930,351 | 1,730,369 |
Cash and cash equivalents at end of period | 973,858 | 1,636,093 |
Restricted cash at end of period | 167,397 | 119,517 |
Cash and cash equivalents and restricted cash at end of period | 1,141,255 | 1,755,610 |
Supplemental Disclosure of Cash Flow Information: | ||
Cash payments for interest, excluding capitalized interest of $3,520 and $10,267 | 46,868 | 50,394 |
Cash payments for income taxes | 2,159 | 4,002 |
Non-Cash Investing and Financing Activities: | ||
Additional estimated lease liability arising from the recognition of right-of-use asset | 350,000 | 0 |
Accrued capital expenditures included in accounts payable and accrued expenses | 86,667 | 68,986 |
Increase in accumulated other comprehensive income due to change in fair value of consolidated interest rate swaps and other | 65,239 | 11,641 |
Redeemable Class A unit measurement adjustment | (46,651) | (126,936) |
Write-off of fully depreciated assets | (23,735) | (30,782) |
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | $ 3,024 | $ 2,739 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Cash Flows [Abstract] | ||
Capitalized interest | $ 3,520 | $ 10,267 |
Consolidated Balance Sheets (_3
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Real estate, at cost: | ||
Land | $ 2,540,193 | $ 2,540,193 |
Buildings and improvements | 9,956,681 | 9,839,166 |
Development costs and construction in progress | 751,555 | 718,694 |
Leasehold improvements and equipment | 120,979 | 119,792 |
Total | 13,369,408 | 13,217,845 |
Less accumulated depreciation and amortization | (3,455,145) | (3,376,347) |
Real estate, net | 9,914,263 | 9,841,498 |
Right-of-use assets | 687,642 | 337,197 |
Cash and cash equivalents | 973,858 | 1,760,225 |
Restricted cash | 167,397 | 170,126 |
Investments in U.S. Treasury bills | 645,360 | 0 |
Tenant and other receivables | 83,126 | 79,661 |
Investments in partially owned entities | 3,299,629 | 3,297,389 |
Real estate fund investments | 13,402 | 7,730 |
220 Central Park South condominium units ready for sale | 51,072 | 57,142 |
Receivable arising from the straight-lining of rents | 677,627 | 656,318 |
Deferred leasing costs, net of accumulated amortization of $216,880 and $211,775 | 388,724 | 391,693 |
Identified intangible assets, net of accumulated amortization of $99,663 and $97,186 | 149,613 | 154,895 |
Other assets | 440,648 | 512,714 |
Assets | 17,492,361 | 17,266,588 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Mortgages payable, net | 6,050,693 | 6,053,343 |
Senior unsecured notes, net | 1,190,301 | 1,189,792 |
Unsecured term loan, net | 798,075 | 797,812 |
Unsecured revolving credit facilities | 575,000 | 575,000 |
Lease liabilities | 723,432 | 370,206 |
Accounts payable and accrued expenses | 541,825 | 613,497 |
Deferred revenue | 46,238 | 48,118 |
Deferred compensation plan | 107,170 | 110,174 |
Other liabilities | 274,496 | 304,725 |
Total liabilities | 10,307,230 | 10,062,667 |
Commitments and contingencies | ||
Redeemable noncontrolling interests: | ||
Total redeemable noncontrolling interests | 747,161 | 688,683 |
Partners' equity: | ||
Earnings less than distributions | (3,154,549) | (3,079,320) |
Accumulated other comprehensive income (loss) | 51,776 | (17,534) |
Total Vornado shareholders' / partners equity | 6,184,858 | 6,236,346 |
Noncontrolling interests in consolidated subsidiaries | 253,112 | 278,892 |
Total equity | 6,437,970 | 6,515,238 |
Total liabilities, redeemable noncontrolling interests / partnership units and equity | 17,492,361 | 17,266,588 |
Vornado Realty L.P. | ||
Real estate, at cost: | ||
Land | 2,540,193 | 2,540,193 |
Buildings and improvements | 9,956,681 | 9,839,166 |
Development costs and construction in progress | 751,555 | 718,694 |
Leasehold improvements and equipment | 120,979 | 119,792 |
Total | 13,369,408 | 13,217,845 |
Less accumulated depreciation and amortization | (3,455,145) | (3,376,347) |
Real estate, net | 9,914,263 | 9,841,498 |
Right-of-use assets | 687,642 | 337,197 |
Cash and cash equivalents | 973,858 | 1,760,225 |
Restricted cash | 167,397 | 170,126 |
Investments in U.S. Treasury bills | 645,360 | 0 |
Tenant and other receivables | 83,126 | 79,661 |
Investments in partially owned entities | 3,299,629 | 3,297,389 |
Real estate fund investments | 13,402 | 7,730 |
220 Central Park South condominium units ready for sale | 51,072 | 57,142 |
Receivable arising from the straight-lining of rents | 677,627 | 656,318 |
Deferred leasing costs, net of accumulated amortization of $216,880 and $211,775 | 388,724 | 391,693 |
Identified intangible assets, net of accumulated amortization of $99,663 and $97,186 | 149,613 | 154,895 |
Other assets | 440,648 | 512,714 |
Assets | 17,492,361 | 17,266,588 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Mortgages payable, net | 6,050,693 | 6,053,343 |
Senior unsecured notes, net | 1,190,301 | 1,189,792 |
Unsecured term loan, net | 798,075 | 797,812 |
Unsecured revolving credit facilities | 575,000 | 575,000 |
Lease liabilities | 723,432 | 370,206 |
Accounts payable and accrued expenses | 541,825 | 613,497 |
Deferred revenue | 46,238 | 48,118 |
Deferred compensation plan | 107,170 | 110,174 |
Other liabilities | 274,496 | 304,725 |
Total liabilities | 10,307,230 | 10,062,667 |
Commitments and contingencies | ||
Redeemable noncontrolling interests: | ||
Total redeemable noncontrolling interests | 747,161 | 688,683 |
Partners' equity: | ||
Partners' capital | 9,287,631 | 9,333,200 |
Earnings less than distributions | (3,154,549) | (3,079,320) |
Accumulated other comprehensive income (loss) | 51,776 | (17,534) |
Total Vornado shareholders' / partners equity | 6,184,858 | 6,236,346 |
Noncontrolling interests in consolidated subsidiaries | 253,112 | 278,892 |
Total equity | 6,437,970 | 6,515,238 |
Total liabilities, redeemable noncontrolling interests / partnership units and equity | 17,492,361 | 17,266,588 |
Partnership Interest | ||
Redeemable noncontrolling interests: | ||
Class A units - 14,259,103 and 14,033,438 units outstanding | 646,223 | 587,440 |
Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 |
Total redeemable noncontrolling interests | 649,758 | 590,975 |
Partnership Interest | Vornado Realty L.P. | ||
Redeemable noncontrolling interests: | ||
Class A units - 14,259,103 and 14,033,438 units outstanding | 646,223 | 587,440 |
Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 |
Total redeemable noncontrolling interests | 649,758 | 590,975 |
Subsidiary | ||
Redeemable noncontrolling interests: | ||
Total redeemable noncontrolling interests | 97,403 | 97,708 |
Subsidiary | Vornado Realty L.P. | ||
Redeemable noncontrolling interests: | ||
Total redeemable noncontrolling interests | $ 97,403 | $ 97,708 |
Consolidated Balance Sheets (_4
Consolidated Balance Sheets (Unaudited) (LP) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Deferred leasing costs, accumulated amortization | $ 216,880 | $ 211,775 |
Identified intangible assets, accumulated amortization | $ 99,663 | $ 97,186 |
Class A Unit | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Outstanding Partnership Units held by Third Parties (shares) | 14,259,103 | 14,033,438 |
Cumulative Redeemable Preferred Unit | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Outstanding Partnership Units held by Third Parties (shares) | 141,400 | 141,400 |
Vornado Realty L.P. | ||
ASSETS | ||
Deferred leasing costs, accumulated amortization | $ 216,880 | $ 211,775 |
Identified intangible assets, accumulated amortization | $ 99,663 | $ 97,186 |
Vornado Realty L.P. | Class A Unit | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Outstanding Partnership Units held by Third Parties (shares) | 14,259,103 | 14,033,438 |
Vornado Realty L.P. | Cumulative Redeemable Preferred Unit | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Outstanding Partnership Units held by Third Parties (shares) | 141,400 | 141,400 |
Consolidated Statements of In_2
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
REVENUES: | ||
Revenues | $ 442,130 | $ 379,977 |
EXPENSES: | ||
Operating | (216,529) | (190,979) |
Depreciation and amortization | (117,443) | (95,354) |
General and administrative | (41,216) | (44,186) |
Benefit (expense) from deferred compensation plan liability | 1,944 | (3,245) |
Transaction related costs and other | (1,005) | (843) |
Total expenses | (374,249) | (334,607) |
Income from partially owned entities | 33,714 | 29,073 |
Income (loss) from real estate fund investments | 5,674 | (169) |
Interest and other investment income, net | 1,018 | 1,522 |
(Loss) income from deferred compensation plan assets | (1,944) | 3,245 |
Interest and debt expense | (52,109) | (50,064) |
Net gains on disposition of wholly owned and partially owned assets | 6,552 | 0 |
Income before income taxes | 60,786 | 28,977 |
Income tax expense | (7,411) | (1,984) |
Net income | 53,375 | 26,993 |
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (9,374) | (6,114) |
Net income attributable to Vornado / Vornado Realty L.P. | 42,007 | 20,550 |
Preferred share dividends / unit distributions | (15,529) | (16,467) |
NET INCOME attributable to common shareholders / Class A unitholders | 26,478 | 4,083 |
Vornado Realty L.P. | ||
REVENUES: | ||
Revenues | 442,130 | 379,977 |
EXPENSES: | ||
Operating | (216,529) | (190,979) |
Depreciation and amortization | (117,443) | (95,354) |
General and administrative | (41,216) | (44,186) |
Benefit (expense) from deferred compensation plan liability | 1,944 | (3,245) |
Transaction related costs and other | (1,005) | (843) |
Total expenses | (374,249) | (334,607) |
Income from partially owned entities | 33,714 | 29,073 |
Income (loss) from real estate fund investments | 5,674 | (169) |
Interest and other investment income, net | 1,018 | 1,522 |
(Loss) income from deferred compensation plan assets | (1,944) | 3,245 |
Interest and debt expense | (52,109) | (50,064) |
Net gains on disposition of wholly owned and partially owned assets | 6,552 | 0 |
Income before income taxes | 60,786 | 28,977 |
Income tax expense | (7,411) | (1,984) |
Net income | 53,375 | 26,993 |
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (9,374) | (6,114) |
Net income attributable to Vornado / Vornado Realty L.P. | 44,001 | 20,879 |
Preferred share dividends / unit distributions | (15,558) | (16,508) |
NET INCOME attributable to common shareholders / Class A unitholders | $ 28,443 | $ 4,371 |
Income from continuing operations, net | ||
Net income per Class A unit (in dollars per unit) | $ 0.14 | $ 0.02 |
Weighted average units outstanding, basic (in shares) | 205,141 | 204,072 |
Income from continuing operations, net | ||
Net income per Class A unit (in dollars per unit) | $ 0.14 | $ 0.02 |
Weighted average units outstanding, diluted (in shares) | 205,896 | 204,901 |
Rental revenues | ||
REVENUES: | ||
Revenues | $ 397,283 | $ 339,317 |
Rental revenues | Vornado Realty L.P. | ||
REVENUES: | ||
Revenues | 397,283 | 339,317 |
Fee and other income | ||
REVENUES: | ||
Revenues | 44,847 | 40,660 |
Fee and other income | Vornado Realty L.P. | ||
REVENUES: | ||
Revenues | $ 44,847 | $ 40,660 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | $ 53,375 | $ 26,993 |
Other comprehensive income: | ||
Change in fair value of interest rate swaps and other | 65,239 | 11,641 |
Other comprehensive income of nonconsolidated subsidiaries | 9,205 | 3,591 |
Comprehensive income | 127,819 | 42,225 |
Less comprehensive (income) loss attributable to noncontrolling interests in noncontrolling interests / consolidated subsidiaries | (16,502) | (7,329) |
Comprehensive income (loss) attributable to Vornado / Vornado Realty L.P. | 111,317 | 34,896 |
Vornado Realty L.P. | ||
Net income | 53,375 | 26,993 |
Other comprehensive income: | ||
Change in fair value of interest rate swaps and other | 65,239 | 11,641 |
Other comprehensive income of nonconsolidated subsidiaries | 9,205 | 3,591 |
Comprehensive income | 127,819 | 42,225 |
Less comprehensive (income) loss attributable to noncontrolling interests in noncontrolling interests / consolidated subsidiaries | (9,374) | (6,114) |
Comprehensive income (loss) attributable to Vornado / Vornado Realty L.P. | $ 118,445 | $ 36,111 |
Consolidated Statements of Ch_3
Consolidated Statements of Changes in Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Preferred Shares | Earnings Less Than Distributions | Accumulated Other Comprehensive (Loss) Income | Non-controlling Interests in Consolidated Subsidiaries | Vornado Realty L.P. | Vornado Realty L.P.Preferred Shares | 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) Income | Vornado Realty L.P.Non-controlling Interests in Consolidated Subsidiaries |
Beginning balance, shares at Dec. 31, 2020 | 48,793 | 48,793 | 191,355 | ||||||||
Beginning balance, value at Dec. 31, 2020 | $ 6,948,155 | $ 1,182,339 | $ (2,774,182) | $ (75,099) | $ 414,957 | $ 6,948,155 | $ 1,182,339 | $ 8,200,140 | $ (2,774,182) | $ (75,099) | $ 414,957 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) attributable to Vornado / Vornado Realty L.P. | 20,550 | 20,550 | 20,879 | 20,879 | |||||||
Net income attributable to redeemable partnership units | (329) | (329) | (329) | ||||||||
Net income (loss) attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | 6,197 | 6,197 | 6,197 | 6,197 | |||||||
Distributions to Vornado | (101,467) | (101,467) | |||||||||
Dividends on preferred shares / preferred units (see Note 12 for dividends per share amounts) | (16,467) | (16,467) | (16,467) | (16,467) | |||||||
Common shares issued: / Class A Units issued to Vornado | |||||||||||
Upon redemption of Class A units, at redemption value, shares | 107 | ||||||||||
Upon redemption of Class A units, at redemption value, value | 4,103 | 4,103 | $ 4,103 | ||||||||
Under employees' share option plan, value | 4 | 4 | $ 4 | ||||||||
Under dividend reinvestment plan, shares | 6 | ||||||||||
Under dividend reinvestment plan, value | 211 | 211 | $ 211 | ||||||||
Distributions: | |||||||||||
Distributions | (5,877) | (5,877) | (5,877) | (5,877) | |||||||
Deferred compensation shares and options, shares | (3) | ||||||||||
Deferred compensation shares and options | 110 | (114) | 110 | $ 224 | (114) | ||||||
Other comprehensive income of nonconsolidated subsidiaries | 3,591 | 3,591 | 3,591 | 3,591 | |||||||
Increase (reduction) in value of interest rate swaps | 11,642 | 11,642 | 11,642 | 11,642 | |||||||
Unearned 2018 Out-Performance Plan awards acceleration | 10,283 | 10,283 | 10,283 | ||||||||
Redeemable Class A unit measurement adjustment | (126,936) | (126,936) | $ (126,936) | ||||||||
Redeemable noncontrolling interests' share of above adjustments | (886) | (886) | (886) | (886) | |||||||
Other, shares | 0 | ||||||||||
Other, value | (28) | $ (28) | (1) | (1) | 1 | (28) | $ (28) | $ 1 | (1) | (1) | 1 |
Ending balance, shares at Mar. 31, 2021 | 48,793 | 48,793 | 191,465 | ||||||||
Ending balance, value at Mar. 31, 2021 | 6,753,185 | $ 1,182,311 | (2,871,681) | (60,753) | 415,278 | 6,753,185 | $ 1,182,311 | $ 8,088,030 | (2,871,681) | (60,753) | 415,278 |
Beginning balance, shares at Dec. 31, 2021 | 48,793 | 48,793 | 191,724 | ||||||||
Beginning balance, value at Dec. 31, 2021 | 6,515,238 | $ 1,182,459 | (3,079,320) | (17,534) | 278,892 | 6,515,238 | $ 1,182,459 | $ 8,150,741 | (3,079,320) | (17,534) | 278,892 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) attributable to Vornado / Vornado Realty L.P. | 42,007 | 42,007 | 44,001 | 44,001 | |||||||
Net income attributable to redeemable partnership units | (1,994) | (1,994) | (1,994) | ||||||||
Net income (loss) attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | 9,679 | 9,679 | 9,679 | 9,679 | |||||||
Distributions to Vornado | (101,616) | (101,616) | |||||||||
Dividends on preferred shares / preferred units (see Note 12 for dividends per share amounts) | (15,529) | (15,529) | (15,529) | (15,529) | |||||||
Common shares issued: / Class A Units issued to Vornado | |||||||||||
Upon redemption of Class A units, at redemption value, shares | 16 | ||||||||||
Upon redemption of Class A units, at redemption value, value | 717 | 717 | $ 717 | ||||||||
Under employees' share option plan, shares | 0 | ||||||||||
Under employees' share option plan, value | 7 | 7 | $ 7 | ||||||||
Under dividend reinvestment plan, shares | 5 | ||||||||||
Under dividend reinvestment plan, value | 212 | 212 | $ 212 | ||||||||
Contributions: | |||||||||||
Contributions | 481 | 481 | 481 | 481 | |||||||
Distributions: | |||||||||||
Distributions | (35,961) | (35,961) | (35,961) | (35,961) | |||||||
Deferred compensation shares and options, shares | (2) | ||||||||||
Deferred compensation shares and options | 61 | (85) | 61 | $ 146 | (85) | ||||||
Other comprehensive income of nonconsolidated subsidiaries | 9,205 | 9,205 | 9,205 | 9,205 | |||||||
Increase (reduction) in value of interest rate swaps | 65,239 | 65,239 | 65,239 | 65,239 | |||||||
Redeemable Class A unit measurement adjustment | (46,651) | (46,651) | (46,651) | ||||||||
Redeemable noncontrolling interests' share of above adjustments | (5,134) | (5,134) | (5,134) | (5,134) | |||||||
Other, value | 15 | $ 0 | (6) | 0 | 21 | 15 | $ 0 | $ 0 | (6) | 0 | 21 |
Ending balance, shares at Mar. 31, 2022 | 48,793 | 48,793 | 191,743 | ||||||||
Ending balance, value at Mar. 31, 2022 | $ 6,437,970 | $ 1,182,459 | $ (3,154,549) | $ 51,776 | $ 253,112 | $ 6,437,970 | $ 1,182,459 | $ 8,105,172 | $ (3,154,549) | $ 51,776 | $ 253,112 |
Consolidated Statements of Ch_4
Consolidated Statements of Changes in Equity (Unaudited) (LP) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Common shares/units, dividends (in dollars per share) | $ 0.53 | $ 0.53 |
Vornado Realty L.P. | ||
Common shares/units, dividends (in dollars per share) | $ 0.53 | $ 0.53 |
Consolidated Statements of Ca_3
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash Flows from Operating Activities: | ||
Net income | $ 53,375 | $ 26,993 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization (including amortization of deferred financing costs) | 122,271 | 100,034 |
Distributions of income from partially owned entities | 37,778 | 61,157 |
Equity in net income of partially owned entities | (33,714) | (29,073) |
Straight-lining of rents | (21,335) | 5,073 |
Stock-based compensation expense | 13,155 | 21,225 |
Net gains on disposition of wholly owned and partially owned assets | (6,552) | 0 |
Net unrealized (income) loss on real estate fund investments | (5,672) | 494 |
Amortization of below-market leases, net | (917) | (3,166) |
Write-off of lease receivables deemed uncollectible | 0 | 3,670 |
Other non-cash adjustments | 5,208 | 1,348 |
Changes in operating assets and liabilities: | ||
Real estate fund investments | 0 | (494) |
Tenant and other receivables | (3,499) | (1,077) |
Prepaid assets | 29,451 | 48,599 |
Other assets | (9,807) | (20,693) |
Accounts payable and accrued expenses | (7,421) | 9,842 |
Other liabilities | (1,307) | 253 |
Net cash provided by operating activities | 171,014 | 224,185 |
Cash Flows from Investing Activities: | ||
Purchase of U.S. Treasury bills | (645,920) | 0 |
Development costs and construction in progress | (209,738) | (130,318) |
Proceeds from sales of real estate | 81,399 | 0 |
Additions to real estate | (30,900) | (27,410) |
Proceeds from sale of a condominium unit at 220 Central Park South | 15,095 | 0 |
Investments in partially owned entities | (4,571) | (4,816) |
Distributions of capital from partially owned entities | 0 | 106,005 |
Net cash used in investing activities | (794,635) | (56,539) |
Cash Flows from Financing Activities: | ||
Dividends paid on common shares / Distributions to Vornado | (101,616) | (101,467) |
Distribution to noncontrolling interests / redeemable security holders and noncontrolling interests in consolidated subsidiaries | (43,545) | (13,338) |
Dividends paid on preferred shares / Distributions to preferred unitholders | (15,529) | (16,467) |
Repayments of borrowings | (5,400) | (358,331) |
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries | 481 | 0 |
Proceeds received from exercise of employee share options (Vornado stock options) and other | 219 | 215 |
Repurchase of shares / Class A units related to stock compensation agreements and related tax withholdings and other | (85) | (113) |
Proceeds from borrowings | 0 | 350,000 |
Debt issuance costs | 0 | (2,904) |
Net cash used in financing activities | (165,475) | (142,405) |
Net (decrease) increase in cash and cash equivalents and restricted cash | (789,096) | 25,241 |
Cash and cash equivalents and restricted cash at beginning of period | 1,930,351 | 1,730,369 |
Cash and cash equivalents and restricted cash at end of period | 1,141,255 | 1,755,610 |
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | ||
Cash and cash equivalents at beginning of period | 1,760,225 | 1,624,482 |
Restricted cash at beginning of period | 170,126 | 105,887 |
Cash and cash equivalents and restricted cash at beginning of period | 1,930,351 | 1,730,369 |
Cash and cash equivalents at end of period | 973,858 | 1,636,093 |
Restricted cash at end of period | 167,397 | 119,517 |
Cash and cash equivalents and restricted cash at end of period | 1,141,255 | 1,755,610 |
Supplemental Disclosure of Cash Flow Information: | ||
Cash payments for interest, excluding capitalized interest of $3,520 and $10,267 | 46,868 | 50,394 |
Cash payments for income taxes | 2,159 | 4,002 |
Non-Cash Investing and Financing Activities: | ||
Additional estimated lease liability arising from the recognition of right-of-use asset | 350,000 | 0 |
Accrued capital expenditures included in accounts payable and accrued expenses | 86,667 | 68,986 |
Increase in accumulated other comprehensive income due to change in fair value of consolidated interest rate swaps and other | 65,239 | 11,641 |
Redeemable Class A unit measurement adjustment | (46,651) | (126,936) |
Write-off of fully depreciated assets | (23,735) | (30,782) |
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | 3,024 | 2,739 |
Vornado Realty L.P. | ||
Cash Flows from Operating Activities: | ||
Net income | 53,375 | 26,993 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization (including amortization of deferred financing costs) | 122,271 | 100,034 |
Distributions of income from partially owned entities | 37,778 | 61,157 |
Equity in net income of partially owned entities | (33,714) | (29,073) |
Straight-lining of rents | (21,335) | 5,073 |
Stock-based compensation expense | 13,155 | 21,225 |
Net gains on disposition of wholly owned and partially owned assets | (6,552) | 0 |
Net unrealized (income) loss on real estate fund investments | (5,672) | 494 |
Amortization of below-market leases, net | (917) | (3,166) |
Write-off of lease receivables deemed uncollectible | 0 | 3,670 |
Other non-cash adjustments | 5,208 | 1,348 |
Changes in operating assets and liabilities: | ||
Real estate fund investments | 0 | (494) |
Tenant and other receivables | (3,499) | (1,077) |
Prepaid assets | 29,451 | 48,599 |
Other assets | (9,807) | (20,693) |
Accounts payable and accrued expenses | (7,421) | 9,842 |
Other liabilities | (1,307) | 253 |
Net cash provided by operating activities | 171,014 | 224,185 |
Cash Flows from Investing Activities: | ||
Purchase of U.S. Treasury bills | (645,920) | 0 |
Development costs and construction in progress | (209,738) | (130,318) |
Proceeds from sales of real estate | 81,399 | 0 |
Additions to real estate | (30,900) | (27,410) |
Proceeds from sale of a condominium unit at 220 Central Park South | 15,095 | 0 |
Investments in partially owned entities | (4,571) | (4,816) |
Distributions of capital from partially owned entities | 0 | 106,005 |
Net cash used in investing activities | (794,635) | (56,539) |
Cash Flows from Financing Activities: | ||
Dividends paid on common shares / Distributions to Vornado | (101,616) | (101,467) |
Distribution to noncontrolling interests / redeemable security holders and noncontrolling interests in consolidated subsidiaries | (43,545) | (13,338) |
Dividends paid on preferred shares / Distributions to preferred unitholders | (15,529) | (16,467) |
Repayments of borrowings | (5,400) | (358,331) |
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries | 481 | 0 |
Proceeds received from exercise of employee share options (Vornado stock options) and other | 219 | 215 |
Repurchase of shares / Class A units related to stock compensation agreements and related tax withholdings and other | (85) | (113) |
Proceeds from borrowings | 0 | 350,000 |
Debt issuance costs | 0 | (2,904) |
Net cash used in financing activities | (165,475) | (142,405) |
Net (decrease) increase in cash and cash equivalents and restricted cash | (789,096) | 25,241 |
Cash and cash equivalents and restricted cash at beginning of period | 1,930,351 | 1,730,369 |
Cash and cash equivalents and restricted cash at end of period | 1,141,255 | 1,755,610 |
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | ||
Cash and cash equivalents at beginning of period | 1,760,225 | 1,624,482 |
Restricted cash at beginning of period | 170,126 | 105,887 |
Cash and cash equivalents and restricted cash at beginning of period | 1,930,351 | 1,730,369 |
Cash and cash equivalents at end of period | 973,858 | 1,636,093 |
Restricted cash at end of period | 167,397 | 119,517 |
Cash and cash equivalents and restricted cash at end of period | 1,141,255 | 1,755,610 |
Supplemental Disclosure of Cash Flow Information: | ||
Cash payments for interest, excluding capitalized interest of $3,520 and $10,267 | 46,868 | 50,394 |
Cash payments for income taxes | 2,159 | 4,002 |
Non-Cash Investing and Financing Activities: | ||
Additional estimated lease liability arising from the recognition of right-of-use asset | 350,000 | 0 |
Accrued capital expenditures included in accounts payable and accrued expenses | 86,667 | 68,986 |
Increase in accumulated other comprehensive income due to change in fair value of consolidated interest rate swaps and other | 65,239 | 11,641 |
Redeemable Class A unit measurement adjustment | (46,651) | (126,936) |
Write-off of fully depreciated assets | (23,735) | (30,782) |
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | $ 3,024 | $ 2,739 |
Consolidated Statements of Ca_4
Consolidated Statements of Cash Flows (Unaudited) (LP) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Capitalized interest | $ 3,520 | $ 10,267 |
Vornado Realty L.P. | ||
Capitalized interest | $ 3,520 | $ 10,267 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Vornado Realty Trust (“Vornado”) is a fully-integrated real estate investment trust (“REIT”) and conducts its business through, and substantially all of its interests in properties are held by, Vornado Realty L.P., a Delaware limited partnership (the “Operating Partnership”). Vornado is the sole general partner of and owned approximately 92.6% of the common limited partnership interest in the Operating Partnership as of March 31, 2022. All references to the “Company,” “we,” “us” and “our” mean, collectively, Vornado, the Operating Partnership and those subsidiaries consolidated by Vornado. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Basis of Presentation [Abstract] | |
Basis Of Presentation | Basis of Presentation The accompanying consolidated financial statements are unaudited and include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC. We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the operating results for the full year. In addition, certain prior year balances have been reclassified in order to conform to the current period presentation. Our investments in U.S. Treasury bills are accounted for as available-for-sale debt investments and are recorded at fair value in "investments in U.S. Treasury bills" on our consolidated balance sheets. See Note 14 - Fair Value Measurements for information on our investments in U.S. Treasury bills. |
Recently Issued Accounting Lite
Recently Issued Accounting Literature | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recently Issued Accounting Literature | Recently Issued Accounting Literature In March 2020, the Financial Accounting Standards Board ("FASB") issued an update ("ASU 2020-04") establishing Accounting Standards Codification ("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. We have 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 August 2020, the FASB issued an update ("ASU 2020-06") Debt - Debt with Conversion and Other Options (ASC Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (ASC 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 adopted this update effective January 1, 2022 using the modified retrospective approach which did not have a material impact on our consolidated financial statements and disclosures. In July 2021, the FASB issued an update ("ASU 2021-05") Lessors - Certain Leases with Variable Lease Payments to ASC Topic 842, Leases ("ASC 842"). ASU 2021-05 provides additional ASC 842 classification guidance as it relates to a lessor's accounting for certain leases with variable lease payments. ASU 2021-05 requires a lessor to classify a lease with variable payments that do not depend on an index or rate as an operating lease if either a sales-type lease or direct financing lease classification would trigger a day-one loss. ASU 2021-05 is effective for reporting periods beginning after December 15, 2021, with early adoption permitted. We adopted this update effective January 1, 2022 which did not have an impact our consolidated financial statements and disclosures. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2022 | |
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 three months ended March 31, 2022 and 2021 is set forth in Note 20 - Segment Information. (Amounts in thousands) For the Three Months Ended March 31, 2022 Total New York Other Property rentals $ 377,887 $ 307,723 $ 70,164 Trade shows (1) 5,144 — 5,144 Lease revenues (2) 383,031 307,723 75,308 Tenant services 9,889 7,411 2,478 Parking revenues 4,363 3,711 652 Rental revenues 397,283 318,845 78,438 BMS cleaning fees 32,691 34,711 (2,020) (3) Management and leasing fees 2,769 2,967 (198) Other income 9,387 2,025 7,362 Fee and other income 44,847 39,703 5,144 Total revenues $ 442,130 $ 358,548 $ 83,582 ____________________ See notes below. (Amounts in thousands) For the Three Months Ended March 31, 2021 Total New York Other Property rentals $ 332,058 $ 261,691 $ 70,367 Trade shows (1) — — — Lease revenues (2) 332,058 261,691 70,367 Tenant services 7,259 5,009 2,250 Rental revenues 339,317 266,700 72,617 BMS cleaning fees 28,477 29,948 (1,471) (3) Management and leasing fees 5,369 5,522 (153) Other income 6,814 1,801 5,013 Fee and other income 40,660 37,271 3,389 Total revenues $ 379,977 $ 303,971 $ 76,006 ____________________ (1) We cancelled trade shows at theMART beginning late March of 2020 due to the COVID-19 pandemic and resumed in the third quarter of 2021. (2) The components of lease revenues were as follows: For the Three Months Ended March 31, 2022 2021 Fixed billings $ 329,251 $ 309,860 Variable billings 32,974 31,649 Total contractual operating lease billings 362,225 341,509 Adjustment for straight-line rents and amortization of acquired below-market leases and other, net 20,806 (5,781) Less: write-off of straight-line rent and tenant receivables deemed uncollectible — (3,670) Lease revenues $ 383,031 $ 332,058 (3) Represents the elimination of theMART and 555 California Street Building Maintenance Services LLC ("BMS") cleaning fees which are included as income in the New York segment. |
Real Estate Fund Investments
Real Estate Fund Investments | 3 Months Ended |
Mar. 31, 2022 | |
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, by which time the Fund intends to dispose of its remaining investments and wind down its business. The Fund's three-year investment period ended in July 2013. The Fund is accounted for under ASC Topic 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 24.3% 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% (4.15% as of March 31, 2022) and provides for additional default interest of 3.00%, was scheduled to mature on July 9, 2020. On April 12, 2021, the Fund defaulted on the $82,750,000 non-recourse loan on 1100 Lincoln Road. The interest-only loan currently bears interest at a floating rate of prime plus 1.40% (4.90% as of March 31, 2022) and provides for additional default interest of 3.00%. The loan was scheduled to mature on July 27, 2021. As of March 31, 2022, we had three real estate fund investments through the Fund and the Crowne Plaza Joint Venture with an aggregate fair value of $13,402,000, $322,383,000 below cost, and had remaining unfunded commitments of $28,465,000, of which our share was $8,849,000. As of December 31, 2021, those three real estate fund investments had an aggregate fair value of $7,730,000. Below is a summary of income from the Fund and the Crowne Plaza Joint Venture. (Amounts in thousands) For the Three Months Ended March 31, 2022 2021 Net unrealized income (loss) on held investments $ 5,672 $ (494) Net investment income 2 325 Income (loss) from real estate fund investments 5,674 (169) Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries (3,964) 429 Income from real estate fund investments net of noncontrolling interests in consolidated subsidiaries $ 1,710 $ 260 |
Investments in Partially Owned
Investments in Partially Owned Entities | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022, 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 provide various services to Fifth Avenue and Times Square JV in accordance with management, development, leasing and other agreements. We also own $1.828 billion of preferred equity security interests in certain of the properties. The preferred equity has an annual coupon of 4.25% through April 2024, increasing to 4.75% for the subsequent five years and thereafter at a formulaic rate. It can be redeemed under certain conditions on a tax deferred basis. As of March 31, 2022, 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 $384,591,000, the basis difference primarily resulting from non-cash impairment losses recognized during 2020. 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. 6. Investments in Partially Owned Entities - continued Alexander’s, Inc. (“Alexander’s”) (NYSE: ALX) As of March 31, 2022, 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 March 31, 2022, 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 March 31, 2022 closing share price of $256.23, was $423,822,000, or $331,043,000 in excess of the carrying amount on our consolidated balance sheets. As of March 31, 2022, the carrying amount of our investment in Alexander’s, excluding amounts owed to us, exceeded our share of the equity in the net assets of Alexander’s by approximately $30,044,000. 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. Below is a schedule summarizing our investments in partially owned entities. (Amounts in thousands) Percentage Ownership at March 31, 2022 Balance as of March 31, 2022 December 31, 2021 Investments: Fifth Avenue and Times Square JV (see page 22 for details): 51.5% $ 2,773,505 $ 2,770,633 Partially owned office buildings/land (1) Various 310,580 306,989 Alexander’s 32.4% 92,779 91,405 Other investments (2) Various 122,765 128,362 $ 3,299,629 $ 3,297,389 Investments in partially owned entities included in other liabilities (3) : 7 West 34th Street 53.0% $ (61,279) $ (60,918) 85 Tenth Avenue 49.9% (16,033) (18,067) $ (77,312) $ (78,985) ____________________ (1) Includes interests in 280 Park Avenue, 650 Madison 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. 6. Investments in Partially Owned Entities - continued Below is a schedule of income from partially owned entities. (Amounts in thousands) Percentage Ownership at March 31, 2022 For the Three Months Ended March 31, 2022 2021 Our share of net income: Fifth Avenue and Times Square JV (see page 22 for details): Equity in net income 51.5% $ 16,309 $ 9,606 Return on preferred equity, net of our share of the expense 9,226 9,226 25,535 18,832 Alexander's (see page 23 for details): Equity in net income 32.4% 4,671 5,729 Management, leasing and development fees 1,020 575 5,691 6,304 Partially owned office buildings (1) Various 2,477 5,972 Other investments (2) Various 11 (2,035) $ 33,714 $ 29,073 ____________________ (1) Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue (consolidated from August 5, 2021), 7 West 34th Street, 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others. (2) Includes interests in Independence Plaza, Rosslyn Plaza and others. |
220 Central Park South (220 CPS
220 Central Park South (220 CPS) | 3 Months Ended |
Mar. 31, 2022 | |
Real Estate [Abstract] | |
220 Central Park South (220 CPS) | 220 Central Park South ("220 CPS")During the three months ended March 31, 2022, we closed on the sale of one condominium unit at 220 CPS for net proceeds of $15,095,000 resulting in a financial statement net gain of $6,001,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with this sale, $589,000 of income tax expense was recognized on our consolidated statements of income. From inception to March 31, 2022, we have closed on the sale of 107 units for net proceeds of $3,021,991,000 resulting in financial statement net gains of $1,123,256,000. |
Dispositions
Dispositions | 3 Months Ended |
Mar. 31, 2022 | |
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | |
Dispositions | DispositionsSoHo PropertiesOn January 13, 2022, we sold two Manhattan retail properties located at 478-482 Broadway and 155 Spring Street for $84,500,000 and realized net proceeds of $81,399,000. In connection with the sale, we recognized a net gain of $551,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. |
Identified Intangible Assets an
Identified Intangible Assets and Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 December 31, 2021 Identified intangible assets: Gross amount $ 249,276 $ 252,081 Accumulated amortization (99,663) (97,186) Total, net $ 149,613 $ 154,895 Identified intangible liabilities (included in deferred revenue): Gross amount $ 255,303 $ 256,065 Accumulated amortization (213,558) (212,245) Total, net $ 41,745 $ 43,820 Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental revenues of $917,000 and $3,166,000 for the three months ended March 31, 2022 and 2021, respectively. Estimated annual amortization for each of the five succeeding years commencing January 1, 2023 is below: (Amounts in thousands) Acquired below (above) market leases, net 2023 $ 5,359 2024 2,264 2025 844 2026 649 2027 (119) Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $4,125,000 and $1,326,000 for the three months ended March 31, 2022 and 2021, respectively. Estimated annual amortization for each of the five succeeding years commencing January 1, 2023 is below: (Amounts in thousands) Other identified intangible assets 2023 $ 8,267 2024 7,431 2025 6,332 2026 6,193 2027 5,590 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following is a summary of our debt: (Amounts in thousands) Weighted Average Interest Rate at March 31, 2022 Balance as of March 31, 2022 December 31, 2021 Mortgages Payable: Fixed rate 2.80% $ 2,190,000 $ 2,190,000 Variable rate 1.93% 3,903,815 3,909,215 Total 2.24% 6,093,815 6,099,215 Deferred financing costs, net and other (43,122) (45,872) Total, net $ 6,050,693 $ 6,053,343 Unsecured Debt: Senior unsecured notes 3.02% $ 1,200,000 $ 1,200,000 Deferred financing costs, net and other (9,699) (10,208) Senior unsecured notes, net 1,190,301 1,189,792 Unsecured term loan 3.72% 800,000 800,000 Deferred financing costs, net and other (1,925) (2,188) Unsecured term loan, net 798,075 797,812 Unsecured revolving credit facilities 1.35% 575,000 575,000 Total, net $ 2,563,376 $ 2,562,604 |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests Redeemable Noncontrolling Partnership Units Redeemable noncontrolling partnership units 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. Below is a table summarizing the activity of redeemable noncontrolling partnership units. (Amounts in thousands) For the Three Months Ended March 31, 2022 2021 Beginning balance $ 590,975 $ 511,747 Net income 1,994 329 Other comprehensive income 5,134 886 Distributions (7,584) (7,461) Redemption of Class A units for Vornado common shares, at redemption value (717) (4,103) Redeemable Class A unit measurement adjustment 46,651 126,936 Other, net 13,305 11,859 Ending balance $ 649,758 $ 640,193 As of March 31, 2022 and December 31, 2021, the aggregate redemption value of redeemable Class A units of the Operating Partnership, which are those units held by third parties, was $646,223,000 and $587,440,000, respectively, based on Vornado's quarter-end closing common share price. 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 . Accordingly, the fair value of these units is included as a component of “other liabilities” on our consolidated balance sheets and aggregated $49,775,000 and $49,659,000 as of March 31, 2022 and December 31, 2021, 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 A 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 sheets. 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 three months ended March 31, 2022 and 2021. Below is a table summarizing the activity of the redeemable noncontrolling interest in a consolidated subsidiary. (Amounts in thousands) For the Three Months Ended March 31, 2022 2021 Beginning balance $ 97,708 $ 94,520 Net loss (305) (83) Ending balance $ 97,403 $ 94,437 |
Shareholders' Equity_Partners'
Shareholders' Equity/Partners' Capital | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Shareholders' Equity/Partners' Capital | Shareholders' Equity/Partners' Capital The following table sets forth the details of our dividends/distributions per common share/Class A unit and dividends/distributions per share/unit for each class of preferred shares/units of beneficial interest. (Per share/unit) For the Three Months Ended March 31, 2022 2021 Shares/Units: Common shares/Class A units held by Vornado: authorized 250,000,000 shares/units $ 0.53 $ 0.53 Convertible Preferred (1) : 6.5% Series A: authorized 12,902 and 13,402 shares/units (2) 0.8125 0.8125 Cumulative Redeemable Preferred (3) : 5.70% Series K: authorized 12,000,000 shares/units N/A 0.3563 5.40% Series L: authorized 13,800,000 shares/units 0.3375 0.3375 5.25% Series M: authorized 13,800,000 shares/units 0.3281 0.3281 5.25% Series N: authorized 12,000,000 shares/units 0.3281 0.3281 4.45% Series O: authorized 12,000,000 shares/units 0.2781 N/A ____________________ (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) Series L preferred shares/units are 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. Series M preferred shares/units are redeemable commencing December 2022, Series N preferred shares/units are redeemable commencing November 2025 and Series O preferred shares/units, issued in September 2021, are redeemable commencing September 2026. Series K preferred shares/units were redeemed on October 13, 2021. Accumulated Other Comprehensive Income (Loss) The following table sets forth the changes in accumulated other comprehensive income (loss) by component. (Amounts in thousands) Total Accumulated other comprehensive (loss) income of nonconsolidated subsidiaries Change in fair value of interest Other For the three months ended March 31, 2022: Balance as of December 31, 2021 $ (17,534) $ (4,063) $ (14,761) $ 1,290 Other comprehensive income (loss) 69,310 9,205 65,239 (5,134) Balance as of March 31, 2022 $ 51,776 $ 5,142 $ 50,478 $ (3,844) For the three months ended March 31, 2021: Balance as of December 31, 2020 $ (75,099) $ (14,338) $ (66,098) $ 5,337 Other comprehensive income (loss) 14,346 3,591 11,642 (887) Balance as of March 31, 2021 $ (60,753) $ (10,747) $ (54,456) $ 4,450 |
Variable Interest Entities (VIE
Variable Interest Entities (VIEs) | 3 Months Ended |
Mar. 31, 2022 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities (VIEs) | Variable Interest Entities ("VIEs") Unconsolidated VIEs As of March 31, 2022 and December 31, 2021, 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 6 – Investments in Partially Owned Entities ). As of March 31, 2022 and December 31, 2021, the net carrying amount of our investments in these entities was $68,999,000 and $69,435,000, 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 noncontrolling interests. These entities are VIEs because the noncontrolling interests do not have substantive kick-out or participating rights. We consolidate these entities because we control all significant business activities. As of March 31, 2022, the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $4,503,754,000 and $2,449,879,000, respectively. As of December 31, 2021, the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $4,564,621,000 and $2,517,652,000, respectively. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
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 as well as certain U.S. Treasury securities that are highly liquid and are actively traded in secondary markets; 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) investments in U.S. Treasury bills (classified as available-for-sale), (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 Subtopic 825-10, Financial Instruments ("ASC 825-10")), (v) interest rate swaps and caps and (vi) mandatorily redeemable instruments (Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units). The tables on the following page, aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy. 14. Fair Value Measurements - continued Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued (Amounts in thousands) As of March 31, 2022 Total Level 1 Level 2 Level 3 Investments in U.S. Treasury bills (1) $ 645,360 $ 645,360 $ — $ — Real estate fund investments 13,402 — — 13,402 Deferred compensation plan assets ($9,084 included in restricted cash and $98,086 in other assets) 107,170 62,644 — 44,526 Loans receivable ($47,372 included in investments in partially owned entities and $3,476 in other assets) 50,848 — — 50,848 Interest rate swaps and caps (included in other assets) 59,739 — 59,739 — Total assets $ 876,519 $ 708,004 $ 59,739 $ 108,776 Mandatorily redeemable instruments (included in other liabilities) $ 49,775 $ 49,775 $ — $ — Interest rate swaps (included in other liabilities) 7,737 — 7,737 — Total liabilities $ 57,512 $ 49,775 $ 7,737 $ — (Amounts in thousands) As of December 31, 2021 Total Level 1 Level 2 Level 3 Real estate fund investments $ 7,730 $ — $ — $ 7,730 Deferred compensation plan assets ($9,104 included in restricted cash and $101,070 in other assets) 110,174 65,158 — 45,016 Loans receivable ($46,444 included in investments in partially owned entities and $3,738 in other assets) 50,182 — — 50,182 Interest rate swaps and caps (included in other assets) 18,929 — 18,929 — Total assets $ 187,015 $ 65,158 $ 18,929 $ 102,928 Mandatorily redeemable instruments (included in other liabilities) $ 49,659 $ 49,659 $ — $ — Interest rate swaps (included in other liabilities) 32,837 — 32,837 — Total liabilities $ 82,496 $ 49,659 $ 32,837 $ — ____________________ (1) During the three months ended March 31, 2022, we purchased $645,920 in U.S. Treasury bills with an aggregate par value of $650,000. As of March 31, 2022, our investments in U.S. Treasury bills have an aggregate amortized cost of $646,049 and have remaining maturities of less than one year. Real Estate Fund Investments As of March 31, 2022, we had three real estate fund investments with an aggregate fair value of $13,402,000, $322,383,000 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 March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Discount rates 11.8% to 13.0% 12.0% to 15.0% 12.5% 13.2% Terminal capitalization rates 5.5% to 9.1% 5.5% to 8.8% 7.5% 7.4% 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. 14. Fair Value Measurements - continued Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued Real Estate Fund Investments - continued 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 Three Months Ended March 31, 2022 2021 Beginning balance $ 7,730 $ 3,739 Purchases/additional fundings — 494 Net unrealized income (loss) on held investments 5,672 (494) Ending balance $ 13,402 $ 3,739 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 that provide net asset values on a fair value basis from a third-party administrator, which are compiled from the quarterly reports provided to them from each limited partnership and investment fund. 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 Three Months Ended March 31, 2022 2021 Beginning balance $ 45,016 $ 39,928 Purchases 843 449 Sales (907) (145) Realized and unrealized (losses) gains (1,240) 1,293 Other, net 814 114 Ending balance $ 44,526 $ 41,639 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. 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 loans receivable. Range Weighted Average Unobservable Quantitative Input March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Discount rates 6.5% 6.5% 6.5% 6.5% Terminal capitalization rates 5.0% 5.0% 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 Three Months Ended March 31, 2022 2021 Beginning balance $ 50,182 $ 47,743 Interest accrual 1,199 841 Paydowns (533) (375) Ending balance $ 50,848 $ 48,209 14. Fair Value Measurements - continued Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued 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 hedged 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 tables summarize our consolidated derivative instruments, all of which hedge variable rate debt, as of March 31, 2022 and December 31, 2021. (Amounts in thousands) As of March 31, 2022 Variable Rate Hedged Item Fair Value Notional Amount Spread over LIBOR Interest Rate Swapped Rate Expiration Date Included in other assets: 555 California Street mortgage loan interest rate swap $ 36,322 $ 840,000 (1) L+193 2.33% 2.26% 5/24 PENN 11 mortgage loan interest rate swap 19,825 500,000 L+195 2.24% 2.23% 3/24 33-00 Northern Boulevard mortgage loan interest rate swap 296 100,000 L+180 2.11% 4.14% 1/25 Various interest rate caps 3,296 1,650,000 $ 59,739 $ 3,090,000 Included in other liabilities: Unsecured term loan interest rate swap $ 7,737 $ 750,000 (2) L+100 1.45% 3.87% 10/23 ____________________ See notes below. (Amounts in thousands) As of December 31, 2021 Variable Rate Hedged Item Fair Value Notional Amount Spread over LIBOR Interest Rate Swapped Rate Expiration Date Included in other assets: 555 California Street mortgage loan interest rate swap $ 11,814 $ 840,000 (1) L+193 2.04% 2.26% 5/24 PENN 11 mortgage loan interest rate swap 6,565 500,000 L+195 2.05% 2.23% 3/24 Various interest rate caps 550 1,650,000 $ 18,929 $ 2,990,000 Included in other liabilities: Unsecured term loan interest rate swap $ 28,976 $ 750,000 (2) L+100 1.10% 3.87% 10/23 33-00 Northern Boulevard mortgage loan interest rate swap 3,861 100,000 L+180 1.91% 4.14% 1/25 $ 32,837 $ 850,000 ____________________ (1) Represents our 70.0% share of the $1.2 billion mortgage loan. (2) Remaining $50,000 balance of our unsecured term loan bears interest at a floating rate of LIBOR plus 1.00%. 14. Fair Value Measurements - continued Fair Value Measurements on a Nonrecurring Basis There were no assets measured at fair value on a nonrecurring basis on our consolidated balance sheets as of March 31, 2022 and December 31, 2021. 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 March 31, 2022 As of December 31, 2021 Carrying Fair Carrying Fair Cash equivalents $ 588,242 $ 588,000 $ 1,346,684 $ 1,347,000 Debt: Mortgages payable $ 6,093,815 $ 5,997,000 $ 6,099,215 $ 6,052,000 Senior unsecured notes 1,200,000 1,152,000 1,200,000 1,230,000 Unsecured term loan 800,000 800,000 800,000 800,000 Unsecured revolving credit facilities 575,000 575,000 575,000 575,000 Total $ 8,668,815 (1) $ 8,524,000 $ 8,674,215 (1) $ 8,657,000 ____________________ (1) Excludes $54,746 and $58,268 of deferred financing costs, net and other as of March 31, 2022 and December 31, 2021, respectively. |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation | Stock-based Compensation We account for all equity-based compensation in accordance with ASC Topic 718, Compensation - Stock Compensation . Stock-based compensation expense, a component of "general and administrative" expense on our consolidated statements of income, was $13,155,000 and $21,225,000 for the three months ended March 31, 2022 and 2021, respectively. 2022 Long-Term Performance Award On January 12, 2022, the Compensation Committee of Vornado's Board of Trustees approved the 2022 Long-Term Performance Plan (“LTPP”), a multi-year, restricted operating partnership ("LTIP") units-based performance equity compensation plan. Awards under the 2022 LTPP are bifurcated between operational performance (50%) and relative performance (50%) measurements and may be earned at specified threshold, target and maximum levels. The operational component awards may be earned based on Vornado’s 2022 operational performance in the following categories: • FFO, as adjusted per share (75% weighting); and • ESG performance metrics consisting of greenhouse emissions reductions, Global Real Estate Sustainability Benchmark ("GRESB") score and Green Building Certification (LEED) achievements (aggregate 25% weighting). Any LTPP award units tentatively earned based on Vornado’s 2022 operational performance are subject to an absolute return modifier pursuant to which such award units are subject to a potential reduction (but not increase) of up to 30% if Vornado’s aggregate total three-year total shareholder return ("TSR") for 2022-2025 is below specified levels. Awards under relative components may be earned based on Vornado’s three three If the designated performance objectives are achieved, awards earned under 2022 LTPP will vest 50% in January 2025 and 50% in January 2026. In addition, the Chief Executive Officer is required to hold any earned and vested awards for three years following each such vesting date and all other award recipients are required to hold such awards for one year following each such vesting date. Dividends on awards granted under the 2022 LTPP accrue during the applicable performance period and are paid to participants if awards are ultimately earned based on the achievement of the designated performance objectives. |
Interest and Other Investment I
Interest and Other Investment Income, Net | 3 Months Ended |
Mar. 31, 2022 | |
Interest and Other Income [Abstract] | |
Interest and Other Investment Income, Net | Interest and Other Investment Income, Net The following table sets forth the details of interest and other investment income, net: (Amounts in thousands) For the Three Months Ended March 31, 2022 2021 Interest on loans receivable $ 825 $ 560 Amortization of discount on investments in U.S. Treasury bills 129 — Interest on cash and cash equivalents and restricted cash 64 62 Other, net — 900 $ 1,018 $ 1,522 |
Interest and Debt Expense
Interest and Debt Expense | 3 Months Ended |
Mar. 31, 2022 | |
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 Three Months Ended March 31, 2022 2021 Interest expense $ 50,801 $ 55,651 Capitalized interest and debt expense (3,520) (10,267) Amortization of deferred financing costs 4,828 4,680 $ 52,109 $ 50,064 |
Income Per Share_Income Per Cla
Income Per Share/Income Per Class A Unit | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Income Per Share/Income Per Class A Unit | Income Per Share/Income Per Class A Unit Vornado Realty Trust The following table presents the calculations of (i) basic income per common share which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares and (ii) diluted income per common share which includes weighted average common shares outstanding 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. Our share-based payment awards, including employee stock options, restricted Operating Partnership units ("OP Units"), out-performance plan awards ("OPPs"), appreciation-only long term incentive plan units ("AO LTIP Units"), Performance Conditioned AO LTIP Units and LTPP units, are included in the calculation of diluted income per share using the treasury stock method if dilutive. Our convertible securities, including our Series A convertible preferred shares, Series G-1 through G-4 convertible preferred units and Series D-13 redeemable preferred units, are reflected in diluted income per share by application of the if-converted method if dilutive. (Amounts in thousands, except per share amounts) For the Three Months Ended March 31, 2022 2021 Numerator: Net income attributable to Vornado $ 42,007 $ 20,550 Preferred share dividends (15,529) (16,467) Net income attributable to common shareholders 26,478 4,083 Earnings allocated to unvested participating securities (5) (9) Numerator for basic and diluted income per share $ 26,473 $ 4,074 Denominator: Denominator for basic income per share – weighted average shares 191,724 191,418 Effect of dilutive securities (1) : Share-based payment awards 314 613 Denominator for diluted income per share – weighted average shares and assumed conversions 192,038 192,031 INCOME PER COMMON SHARE - BASIC: Net income per common share $ 0.14 $ 0.02 INCOME PER COMMON SHARE - DILUTED: Net income per common share $ 0.14 $ 0.02 ____________________ (1) The effect of dilutive securities excluded an aggregate of 15,185 and 13,485 weighted average common share equivalents for the three months ended March 31, 2022 and 2021, respectively, as their effect was anti-dilutive. 18. Income Per Share/Income Per Class A Unit - continued Vornado Realty L.P. The following table presents the calculations of (i) basic 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 income per Class A unit which includes the weighted average Class A units outstanding 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 and our OP Units, based on the two-class method. Our other share-based payment awards, including Vornado stock options, OPPs, AO LTIP Units, Performance Conditioned AO LTIP Units and LTPP Units, are included in the calculation of diluted income per Class A unit using the treasury stock method if dilutive. Our convertible securities, including our Series A convertible preferred units, Series G-1 through G-4 convertible preferred units and Series D-13 redeemable preferred units, are reflected in diluted income per Class A unit by application of the if-converted method if dilutive. (Amounts in thousands, except per unit amounts) For the Three Months Ended March 31, 2022 2021 Numerator: Net income attributable to Vornado Realty L.P. $ 44,001 $ 20,879 Preferred unit distributions (15,558) (16,508) Net income attributable to Class A unitholders 28,443 4,371 Earnings allocated to unvested participating securities (639) (721) Numerator for basic and diluted income per Class A unit $ 27,804 $ 3,650 Denominator: Denominator for basic income per Class A unit – weighted average units 205,141 204,072 Effect of dilutive securities (1) : Share-based payment awards 755 829 Denominator for diluted income per Class A unit – weighted average units and assumed conversions 205,896 204,901 INCOME PER CLASS A UNIT - BASIC: Net income per Class A unit $ 0.14 $ 0.02 INCOME PER CLASS A UNIT - DILUTED: Net income per Class A unit $ 0.14 $ 0.02 ____________________ (1) The effect of dilutive securities excluded an aggregate of 1,327 and 615 weighted average Class A unit equivalents for the three months ended March 31, 2022 and 2021, respectively, as their effect was anti-dilutive. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Insurance For our properties, we maintain general liability insurance with limits of $300,000,000 per occurrence and per property, of which $250,000,000 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, excluding communicable disease coverage. 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 $1,799,727 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. Certain condominiums in which we own an interest (including our leasehold interest in the Farley Condominiums) own insurance policies with different per occurrence and aggregate limits than our policies described above. 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 January 2022, we exercised a 25-year renewal option on our PENN 1 ground lease extending the term through June 2073. As a result of the exercise, we remeasured the related ground lease liability to include our 25-year extension option and recorded an estimated incremental right-of-use asset and lease liability of approximately $350,000,000 which is included in "right-of-use assets" and "lease liabilities", respectively, on our consolidated balance sheets as of March 31, 2022. 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. On May 11, 2021, the court issued a final statement of decision in our favor and on July 7, 2021, the Regus subsidiary appealed the decision. 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. 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 Empire State Development, an entity of New York State, for Farley Office and Retail. As of March 31, 2022, the aggregate dollar amount of these guarantees and master leases is approximately $1,575,000,000. 19. Commitments and Contingencies - continued Other Commitments and Contingencies - continued As of March 31, 2022, $15,273,000 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 Related Companies ("Related")) is developing Farley Office and Retail. In connection with the development of the property, the joint venture admitted 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 March 31, 2022, 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 March 31, 2022 fair value of the Fund assets, at liquidation we would be required to make a $25,400,000 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 March 31, 2022, we expect to fund additional capital to certain of our partially owned entities aggregating approximately $10,300,000. As of March 31, 2022, we have construction commitments aggregating approximately $503,000,000. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
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. 20. Segment Information - continued Below is a summary of NOI at share and NOI at share - cash basis by segment for the three months ended March 31, 2022 and 2021. (Amounts in thousands) For the Three Months Ended March 31, 2022 Total New York Other Total revenues $ 442,130 $ 358,548 $ 83,582 Operating expenses (216,529) (177,535) (38,994) NOI - consolidated 225,601 181,013 44,588 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (20,035) (13,310) (6,725) Add: NOI from partially owned entities 78,692 75,964 2,728 NOI at share 284,258 243,667 40,591 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (3,130) (3,975) 845 NOI at share - cash basis $ 281,128 $ 239,692 $ 41,436 (Amounts in thousands) For the Three Months Ended March 31, 2021 Total New York Other Total revenues $ 379,977 $ 303,971 $ 76,006 Operating expenses (190,979) (160,985) (29,994) NOI - consolidated 188,998 142,986 46,012 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (17,646) (8,621) (9,025) Add: NOI from partially owned entities 78,756 76,773 1,983 NOI at share 250,108 211,138 38,970 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (1,198) (973) (225) NOI at share - cash basis $ 248,910 $ 210,165 $ 38,745 Below is a reconciliation of net income to NOI at share and NOI at share - cash basis for the three months ended March 31, 2022 and 2021. (Amounts in thousands) For the Three Months Ended March 31, 2022 2021 Net income $ 53,375 $ 26,993 Depreciation and amortization expense 117,443 95,354 General and administrative expense 41,216 44,186 Transaction related costs and other 1,005 843 Income from partially owned entities (33,714) (29,073) (Income) loss from real estate fund investments (5,674) 169 Interest and other investment income, net (1,018) (1,522) Interest and debt expense 52,109 50,064 Net gains on disposition of wholly owned and partially owned assets (6,552) — Income tax expense 7,411 1,984 NOI from partially owned entities 78,692 78,756 NOI attributable to noncontrolling interests in consolidated subsidiaries (20,035) (17,646) NOI at share 284,258 250,108 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (3,130) (1,198) NOI at share - cash basis $ 281,128 $ 248,910 |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent EventOn April 27, 2022, we entered into an agreement to sell the Center Building, an eight-story 498,000 square foot office building located at 33‑00 Northern Boulevard in Long Island City, New York, for $172,750,000. We expect to close the sale in the third quarter of 2022 and recognize a financial statement gain of approximately $15,000,000 and a tax gain of approximately $74,000,000. The sale is subject to customary closing conditions. |
Recently Issued Accounting Li_2
Recently Issued Accounting Literature (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Basis of Presentation | The accompanying consolidated financial statements are unaudited and include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC. We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the operating results for the full year. In addition, certain prior year balances have been reclassified in order to conform to the current period presentation. Our investments in U.S. Treasury bills are accounted for as available-for-sale debt investments and are recorded at fair value in "investments in U.S. Treasury bills" on our consolidated balance sheets. See Note 14 - Fair Value Measurements for information on our investments in U.S. Treasury bills. |
Recently Issued Accounting Literature | Recently Issued Accounting Literature In March 2020, the Financial Accounting Standards Board ("FASB") issued an update ("ASU 2020-04") establishing Accounting Standards Codification ("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. We have 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 August 2020, the FASB issued an update ("ASU 2020-06") Debt - Debt with Conversion and Other Options (ASC Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (ASC 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 adopted this update effective January 1, 2022 using the modified retrospective approach which did not have a material impact on our consolidated financial statements and disclosures. In July 2021, the FASB issued an update ("ASU 2021-05") Lessors - Certain Leases with Variable Lease Payments to ASC Topic 842, Leases ("ASC 842"). ASU 2021-05 provides additional ASC 842 classification guidance as it relates to a lessor's accounting for certain leases with variable lease payments. ASU 2021-05 requires a lessor to classify a lease with variable payments that do not depend on an index or rate as an operating lease if either a sales-type lease or direct financing lease classification would trigger a day-one loss. ASU 2021-05 is effective for reporting periods beginning after December 15, 2021, with early adoption permitted. We adopted this update effective January 1, 2022 which did not have an impact our consolidated financial statements and disclosures. |
Real Estate Fund Investments | The Fund is accounted for under ASC Topic 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. |
Redeemable Noncontrolling Interests | Redeemable noncontrolling partnership units are primarily comprised of Class A Operating Partnership units held by third parties and are recorded at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership. Redeemable noncontrolling 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 |
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). 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 as well as certain U.S. Treasury securities that are highly liquid and are actively traded in secondary markets; 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. |
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. These investments are classified as Level 3. |
Stock-based Compensation | We account for all equity-based compensation in accordance with ASC Topic 718, Compensation - Stock Compensation |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Revenue Sources by Segment | Below is a summary of our revenues by segment. Additional financial information related to these reportable segments for the three months ended March 31, 2022 and 2021 is set forth in Note 20 - Segment Information. (Amounts in thousands) For the Three Months Ended March 31, 2022 Total New York Other Property rentals $ 377,887 $ 307,723 $ 70,164 Trade shows (1) 5,144 — 5,144 Lease revenues (2) 383,031 307,723 75,308 Tenant services 9,889 7,411 2,478 Parking revenues 4,363 3,711 652 Rental revenues 397,283 318,845 78,438 BMS cleaning fees 32,691 34,711 (2,020) (3) Management and leasing fees 2,769 2,967 (198) Other income 9,387 2,025 7,362 Fee and other income 44,847 39,703 5,144 Total revenues $ 442,130 $ 358,548 $ 83,582 ____________________ See notes below. (Amounts in thousands) For the Three Months Ended March 31, 2021 Total New York Other Property rentals $ 332,058 $ 261,691 $ 70,367 Trade shows (1) — — — Lease revenues (2) 332,058 261,691 70,367 Tenant services 7,259 5,009 2,250 Rental revenues 339,317 266,700 72,617 BMS cleaning fees 28,477 29,948 (1,471) (3) Management and leasing fees 5,369 5,522 (153) Other income 6,814 1,801 5,013 Fee and other income 40,660 37,271 3,389 Total revenues $ 379,977 $ 303,971 $ 76,006 ____________________ (1) We cancelled trade shows at theMART beginning late March of 2020 due to the COVID-19 pandemic and resumed in the third quarter of 2021. (2) The components of lease revenues were as follows: For the Three Months Ended March 31, 2022 2021 Fixed billings $ 329,251 $ 309,860 Variable billings 32,974 31,649 Total contractual operating lease billings 362,225 341,509 Adjustment for straight-line rents and amortization of acquired below-market leases and other, net 20,806 (5,781) Less: write-off of straight-line rent and tenant receivables deemed uncollectible — (3,670) Lease revenues $ 383,031 $ 332,058 (3) Represents the elimination of theMART and 555 California Street Building Maintenance Services LLC ("BMS") cleaning fees which are included as income in the New York segment. |
Components of Fixed and Variable Lease Revenues | The components of lease revenues were as follows: For the Three Months Ended March 31, 2022 2021 Fixed billings $ 329,251 $ 309,860 Variable billings 32,974 31,649 Total contractual operating lease billings 362,225 341,509 Adjustment for straight-line rents and amortization of acquired below-market leases and other, net 20,806 (5,781) Less: write-off of straight-line rent and tenant receivables deemed uncollectible — (3,670) Lease revenues $ 383,031 $ 332,058 |
Real Estate Fund Investments (T
Real Estate Fund Investments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Real Estate Fund Investments [Abstract] | |
Schedule Of Income And Loss From The Fund | Below is a summary of income from the Fund and the Crowne Plaza Joint Venture. (Amounts in thousands) For the Three Months Ended March 31, 2022 2021 Net unrealized income (loss) on held investments $ 5,672 $ (494) Net investment income 2 325 Income (loss) from real estate fund investments 5,674 (169) Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries (3,964) 429 Income from real estate fund investments net of noncontrolling interests in consolidated subsidiaries $ 1,710 $ 260 |
Investments in Partially Owne_2
Investments in Partially Owned Entities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 Balance as of March 31, 2022 December 31, 2021 Investments: Fifth Avenue and Times Square JV (see page 22 for details): 51.5% $ 2,773,505 $ 2,770,633 Partially owned office buildings/land (1) Various 310,580 306,989 Alexander’s 32.4% 92,779 91,405 Other investments (2) Various 122,765 128,362 $ 3,299,629 $ 3,297,389 Investments in partially owned entities included in other liabilities (3) : 7 West 34th Street 53.0% $ (61,279) $ (60,918) 85 Tenth Avenue 49.9% (16,033) (18,067) $ (77,312) $ (78,985) ____________________ (1) Includes interests in 280 Park Avenue, 650 Madison 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. 6. Investments in Partially Owned Entities - continued Below is a schedule of income from partially owned entities. (Amounts in thousands) Percentage Ownership at March 31, 2022 For the Three Months Ended March 31, 2022 2021 Our share of net income: Fifth Avenue and Times Square JV (see page 22 for details): Equity in net income 51.5% $ 16,309 $ 9,606 Return on preferred equity, net of our share of the expense 9,226 9,226 25,535 18,832 Alexander's (see page 23 for details): Equity in net income 32.4% 4,671 5,729 Management, leasing and development fees 1,020 575 5,691 6,304 Partially owned office buildings (1) Various 2,477 5,972 Other investments (2) Various 11 (2,035) $ 33,714 $ 29,073 ____________________ (1) Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue (consolidated from August 5, 2021), 7 West 34th Street, 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others. (2) Includes interests in Independence Plaza, Rosslyn Plaza and others. |
Identified Intangible Assets _2
Identified Intangible Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
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 March 31, 2022 December 31, 2021 Identified intangible assets: Gross amount $ 249,276 $ 252,081 Accumulated amortization (99,663) (97,186) Total, net $ 149,613 $ 154,895 Identified intangible liabilities (included in deferred revenue): Gross amount $ 255,303 $ 256,065 Accumulated amortization (213,558) (212,245) Total, net $ 41,745 $ 43,820 |
Schedule of Future Amortization Expense of Intangible Assets | Estimated annual amortization for each of the five succeeding years commencing January 1, 2023 is below: (Amounts in thousands) Acquired below (above) market leases, net 2023 $ 5,359 2024 2,264 2025 844 2026 649 2027 (119) (Amounts in thousands) Other identified intangible assets 2023 $ 8,267 2024 7,431 2025 6,332 2026 6,193 2027 5,590 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following is a summary of our debt: (Amounts in thousands) Weighted Average Interest Rate at March 31, 2022 Balance as of March 31, 2022 December 31, 2021 Mortgages Payable: Fixed rate 2.80% $ 2,190,000 $ 2,190,000 Variable rate 1.93% 3,903,815 3,909,215 Total 2.24% 6,093,815 6,099,215 Deferred financing costs, net and other (43,122) (45,872) Total, net $ 6,050,693 $ 6,053,343 Unsecured Debt: Senior unsecured notes 3.02% $ 1,200,000 $ 1,200,000 Deferred financing costs, net and other (9,699) (10,208) Senior unsecured notes, net 1,190,301 1,189,792 Unsecured term loan 3.72% 800,000 800,000 Deferred financing costs, net and other (1,925) (2,188) Unsecured term loan, net 798,075 797,812 Unsecured revolving credit facilities 1.35% 575,000 575,000 Total, net $ 2,563,376 $ 2,562,604 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
Summary Of Activity Of Redeemable Noncontrolling Interests | Below is a table summarizing the activity of redeemable noncontrolling partnership units. (Amounts in thousands) For the Three Months Ended March 31, 2022 2021 Beginning balance $ 590,975 $ 511,747 Net income 1,994 329 Other comprehensive income 5,134 886 Distributions (7,584) (7,461) Redemption of Class A units for Vornado common shares, at redemption value (717) (4,103) Redeemable Class A unit measurement adjustment 46,651 126,936 Other, net 13,305 11,859 Ending balance $ 649,758 $ 640,193 Below is a table summarizing the activity of the redeemable noncontrolling interest in a consolidated subsidiary. (Amounts in thousands) For the Three Months Ended March 31, 2022 2021 Beginning balance $ 97,708 $ 94,520 Net loss (305) (83) Ending balance $ 97,403 $ 94,437 |
Shareholders' Equity_Partners_2
Shareholders' Equity/Partners' Capital (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Dividends | The following table sets forth the details of our dividends/distributions per common share/Class A unit and dividends/distributions per share/unit for each class of preferred shares/units of beneficial interest. (Per share/unit) For the Three Months Ended March 31, 2022 2021 Shares/Units: Common shares/Class A units held by Vornado: authorized 250,000,000 shares/units $ 0.53 $ 0.53 Convertible Preferred (1) : 6.5% Series A: authorized 12,902 and 13,402 shares/units (2) 0.8125 0.8125 Cumulative Redeemable Preferred (3) : 5.70% Series K: authorized 12,000,000 shares/units N/A 0.3563 5.40% Series L: authorized 13,800,000 shares/units 0.3375 0.3375 5.25% Series M: authorized 13,800,000 shares/units 0.3281 0.3281 5.25% Series N: authorized 12,000,000 shares/units 0.3281 0.3281 4.45% Series O: authorized 12,000,000 shares/units 0.2781 N/A ____________________ (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. |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table sets forth the changes in accumulated other comprehensive income (loss) by component. (Amounts in thousands) Total Accumulated other comprehensive (loss) income of nonconsolidated subsidiaries Change in fair value of interest Other For the three months ended March 31, 2022: Balance as of December 31, 2021 $ (17,534) $ (4,063) $ (14,761) $ 1,290 Other comprehensive income (loss) 69,310 9,205 65,239 (5,134) Balance as of March 31, 2022 $ 51,776 $ 5,142 $ 50,478 $ (3,844) For the three months ended March 31, 2021: Balance as of December 31, 2020 $ (75,099) $ (14,338) $ (66,098) $ 5,337 Other comprehensive income (loss) 14,346 3,591 11,642 (887) Balance as of March 31, 2021 $ (60,753) $ (10,747) $ (54,456) $ 4,450 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | |
Fair value, schedule of assets and liabilities measures on recurring basis | The tables on the following page, aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy. 14. Fair Value Measurements - continued Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued (Amounts in thousands) As of March 31, 2022 Total Level 1 Level 2 Level 3 Investments in U.S. Treasury bills (1) $ 645,360 $ 645,360 $ — $ — Real estate fund investments 13,402 — — 13,402 Deferred compensation plan assets ($9,084 included in restricted cash and $98,086 in other assets) 107,170 62,644 — 44,526 Loans receivable ($47,372 included in investments in partially owned entities and $3,476 in other assets) 50,848 — — 50,848 Interest rate swaps and caps (included in other assets) 59,739 — 59,739 — Total assets $ 876,519 $ 708,004 $ 59,739 $ 108,776 Mandatorily redeemable instruments (included in other liabilities) $ 49,775 $ 49,775 $ — $ — Interest rate swaps (included in other liabilities) 7,737 — 7,737 — Total liabilities $ 57,512 $ 49,775 $ 7,737 $ — (Amounts in thousands) As of December 31, 2021 Total Level 1 Level 2 Level 3 Real estate fund investments $ 7,730 $ — $ — $ 7,730 Deferred compensation plan assets ($9,104 included in restricted cash and $101,070 in other assets) 110,174 65,158 — 45,016 Loans receivable ($46,444 included in investments in partially owned entities and $3,738 in other assets) 50,182 — — 50,182 Interest rate swaps and caps (included in other assets) 18,929 — 18,929 — Total assets $ 187,015 $ 65,158 $ 18,929 $ 102,928 Mandatorily redeemable instruments (included in other liabilities) $ 49,659 $ 49,659 $ — $ — Interest rate swaps (included in other liabilities) 32,837 — 32,837 — Total liabilities $ 82,496 $ 49,659 $ 32,837 $ — ____________________ (1) During the three months ended March 31, 2022, we purchased $645,920 in U.S. Treasury bills with an aggregate par value of $650,000. As of March 31, 2022, our investments in U.S. Treasury bills have an aggregate amortized cost of $646,049 and have remaining maturities of less than one year. |
Schedule of derivative assets at fair value | The following tables summarize our consolidated derivative instruments, all of which hedge variable rate debt, as of March 31, 2022 and December 31, 2021. (Amounts in thousands) As of March 31, 2022 Variable Rate Hedged Item Fair Value Notional Amount Spread over LIBOR Interest Rate Swapped Rate Expiration Date Included in other assets: 555 California Street mortgage loan interest rate swap $ 36,322 $ 840,000 (1) L+193 2.33% 2.26% 5/24 PENN 11 mortgage loan interest rate swap 19,825 500,000 L+195 2.24% 2.23% 3/24 33-00 Northern Boulevard mortgage loan interest rate swap 296 100,000 L+180 2.11% 4.14% 1/25 Various interest rate caps 3,296 1,650,000 $ 59,739 $ 3,090,000 Included in other liabilities: Unsecured term loan interest rate swap $ 7,737 $ 750,000 (2) L+100 1.45% 3.87% 10/23 ____________________ See notes below. (Amounts in thousands) As of December 31, 2021 Variable Rate Hedged Item Fair Value Notional Amount Spread over LIBOR Interest Rate Swapped Rate Expiration Date Included in other assets: 555 California Street mortgage loan interest rate swap $ 11,814 $ 840,000 (1) L+193 2.04% 2.26% 5/24 PENN 11 mortgage loan interest rate swap 6,565 500,000 L+195 2.05% 2.23% 3/24 Various interest rate caps 550 1,650,000 $ 18,929 $ 2,990,000 Included in other liabilities: Unsecured term loan interest rate swap $ 28,976 $ 750,000 (2) L+100 1.10% 3.87% 10/23 33-00 Northern Boulevard mortgage loan interest rate swap 3,861 100,000 L+180 1.91% 4.14% 1/25 $ 32,837 $ 850,000 ____________________ (1) Represents our 70.0% share of the $1.2 billion mortgage loan. (2) Remaining $50,000 balance of our unsecured term loan bears interest at a floating rate of LIBOR plus 1.00%. |
Schedule of derivative liabilities at fair value | The following tables summarize our consolidated derivative instruments, all of which hedge variable rate debt, as of March 31, 2022 and December 31, 2021. (Amounts in thousands) As of March 31, 2022 Variable Rate Hedged Item Fair Value Notional Amount Spread over LIBOR Interest Rate Swapped Rate Expiration Date Included in other assets: 555 California Street mortgage loan interest rate swap $ 36,322 $ 840,000 (1) L+193 2.33% 2.26% 5/24 PENN 11 mortgage loan interest rate swap 19,825 500,000 L+195 2.24% 2.23% 3/24 33-00 Northern Boulevard mortgage loan interest rate swap 296 100,000 L+180 2.11% 4.14% 1/25 Various interest rate caps 3,296 1,650,000 $ 59,739 $ 3,090,000 Included in other liabilities: Unsecured term loan interest rate swap $ 7,737 $ 750,000 (2) L+100 1.45% 3.87% 10/23 ____________________ See notes below. (Amounts in thousands) As of December 31, 2021 Variable Rate Hedged Item Fair Value Notional Amount Spread over LIBOR Interest Rate Swapped Rate Expiration Date Included in other assets: 555 California Street mortgage loan interest rate swap $ 11,814 $ 840,000 (1) L+193 2.04% 2.26% 5/24 PENN 11 mortgage loan interest rate swap 6,565 500,000 L+195 2.05% 2.23% 3/24 Various interest rate caps 550 1,650,000 $ 18,929 $ 2,990,000 Included in other liabilities: Unsecured term loan interest rate swap $ 28,976 $ 750,000 (2) L+100 1.10% 3.87% 10/23 33-00 Northern Boulevard mortgage loan interest rate swap 3,861 100,000 L+180 1.91% 4.14% 1/25 $ 32,837 $ 850,000 ____________________ (1) Represents our 70.0% share of the $1.2 billion mortgage loan. (2) Remaining $50,000 balance of our unsecured term loan bears interest at a floating rate of LIBOR plus 1.00%. |
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 March 31, 2022 As of December 31, 2021 Carrying Fair Carrying Fair Cash equivalents $ 588,242 $ 588,000 $ 1,346,684 $ 1,347,000 Debt: Mortgages payable $ 6,093,815 $ 5,997,000 $ 6,099,215 $ 6,052,000 Senior unsecured notes 1,200,000 1,152,000 1,200,000 1,230,000 Unsecured term loan 800,000 800,000 800,000 800,000 Unsecured revolving credit facilities 575,000 575,000 575,000 575,000 Total $ 8,668,815 (1) $ 8,524,000 $ 8,674,215 (1) $ 8,657,000 ____________________ (1) Excludes $54,746 and $58,268 of deferred financing costs, net and other as of March 31, 2022 and December 31, 2021, 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 March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Discount rates 11.8% to 13.0% 12.0% to 15.0% 12.5% 13.2% Terminal capitalization rates 5.5% to 9.1% 5.5% to 8.8% 7.5% 7.4% |
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 Three Months Ended March 31, 2022 2021 Beginning balance $ 7,730 $ 3,739 Purchases/additional fundings — 494 Net unrealized income (loss) on held investments 5,672 (494) Ending balance $ 13,402 $ 3,739 |
Deferred Compensation Plan Assets | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | |
Schedule of changes in fair value of plan assets | 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 Three Months Ended March 31, 2022 2021 Beginning balance $ 45,016 $ 39,928 Purchases 843 449 Sales (907) (145) Realized and unrealized (losses) gains (1,240) 1,293 Other, net 814 114 Ending balance $ 44,526 $ 41,639 |
Loans Receivable | |
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 loans receivable. Range Weighted Average Unobservable Quantitative Input March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Discount rates 6.5% 6.5% 6.5% 6.5% Terminal capitalization rates 5.0% 5.0% 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 Three Months Ended March 31, 2022 2021 Beginning balance $ 50,182 $ 47,743 Interest accrual 1,199 841 Paydowns (533) (375) Ending balance $ 50,848 $ 48,209 |
Interest and Other Investment_2
Interest and Other Investment Income, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Interest and Other Income [Abstract] | |
Schedule Of Interest And Other Investment Income, Net | The following table sets forth the details of interest and other investment income, net: (Amounts in thousands) For the Three Months Ended March 31, 2022 2021 Interest on loans receivable $ 825 $ 560 Amortization of discount on investments in U.S. Treasury bills 129 — Interest on cash and cash equivalents and restricted cash 64 62 Other, net — 900 $ 1,018 $ 1,522 |
Interest and Debt Expense (Tabl
Interest and Debt Expense (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Interest and Debt Expense [Abstract] | |
Interest And Debt Expense | The following table sets forth the details of interest and debt expense: (Amounts in thousands) For the Three Months Ended March 31, 2022 2021 Interest expense $ 50,801 $ 55,651 Capitalized interest and debt expense (3,520) (10,267) Amortization of deferred financing costs 4,828 4,680 $ 52,109 $ 50,064 |
Income Per Share_Income Per C_2
Income Per Share/Income Per Class A Unit (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings per share | |
Schedule Of Earnings Per Share Basic And Diluted | Vornado Realty Trust The following table presents the calculations of (i) basic income per common share which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares and (ii) diluted income per common share which includes weighted average common shares outstanding 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. Our share-based payment awards, including employee stock options, restricted Operating Partnership units ("OP Units"), out-performance plan awards ("OPPs"), appreciation-only long term incentive plan units ("AO LTIP Units"), Performance Conditioned AO LTIP Units and LTPP units, are included in the calculation of diluted income per share using the treasury stock method if dilutive. Our convertible securities, including our Series A convertible preferred shares, Series G-1 through G-4 convertible preferred units and Series D-13 redeemable preferred units, are reflected in diluted income per share by application of the if-converted method if dilutive. (Amounts in thousands, except per share amounts) For the Three Months Ended March 31, 2022 2021 Numerator: Net income attributable to Vornado $ 42,007 $ 20,550 Preferred share dividends (15,529) (16,467) Net income attributable to common shareholders 26,478 4,083 Earnings allocated to unvested participating securities (5) (9) Numerator for basic and diluted income per share $ 26,473 $ 4,074 Denominator: Denominator for basic income per share – weighted average shares 191,724 191,418 Effect of dilutive securities (1) : Share-based payment awards 314 613 Denominator for diluted income per share – weighted average shares and assumed conversions 192,038 192,031 INCOME PER COMMON SHARE - BASIC: Net income per common share $ 0.14 $ 0.02 INCOME PER COMMON SHARE - DILUTED: Net income per common share $ 0.14 $ 0.02 ____________________ (1) The effect of dilutive securities excluded an aggregate of 15,185 and 13,485 weighted average common share equivalents for the three months ended March 31, 2022 and 2021, 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 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 income per Class A unit which includes the weighted average Class A units outstanding 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 and our OP Units, based on the two-class method. Our other share-based payment awards, including Vornado stock options, OPPs, AO LTIP Units, Performance Conditioned AO LTIP Units and LTPP Units, are included in the calculation of diluted income per Class A unit using the treasury stock method if dilutive. Our convertible securities, including our Series A convertible preferred units, Series G-1 through G-4 convertible preferred units and Series D-13 redeemable preferred units, are reflected in diluted income per Class A unit by application of the if-converted method if dilutive. (Amounts in thousands, except per unit amounts) For the Three Months Ended March 31, 2022 2021 Numerator: Net income attributable to Vornado Realty L.P. $ 44,001 $ 20,879 Preferred unit distributions (15,558) (16,508) Net income attributable to Class A unitholders 28,443 4,371 Earnings allocated to unvested participating securities (639) (721) Numerator for basic and diluted income per Class A unit $ 27,804 $ 3,650 Denominator: Denominator for basic income per Class A unit – weighted average units 205,141 204,072 Effect of dilutive securities (1) : Share-based payment awards 755 829 Denominator for diluted income per Class A unit – weighted average units and assumed conversions 205,896 204,901 INCOME PER CLASS A UNIT - BASIC: Net income per Class A unit $ 0.14 $ 0.02 INCOME PER CLASS A UNIT - DILUTED: Net income per Class A unit $ 0.14 $ 0.02 ____________________ (1) The effect of dilutive securities excluded an aggregate of 1,327 and 615 weighted average Class A unit equivalents for the three months ended March 31, 2022 and 2021, respectively, as their effect was anti-dilutive. |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | Below is a summary of NOI at share and NOI at share - cash basis by segment for the three months ended March 31, 2022 and 2021. (Amounts in thousands) For the Three Months Ended March 31, 2022 Total New York Other Total revenues $ 442,130 $ 358,548 $ 83,582 Operating expenses (216,529) (177,535) (38,994) NOI - consolidated 225,601 181,013 44,588 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (20,035) (13,310) (6,725) Add: NOI from partially owned entities 78,692 75,964 2,728 NOI at share 284,258 243,667 40,591 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (3,130) (3,975) 845 NOI at share - cash basis $ 281,128 $ 239,692 $ 41,436 (Amounts in thousands) For the Three Months Ended March 31, 2021 Total New York Other Total revenues $ 379,977 $ 303,971 $ 76,006 Operating expenses (190,979) (160,985) (29,994) NOI - consolidated 188,998 142,986 46,012 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (17,646) (8,621) (9,025) Add: NOI from partially owned entities 78,756 76,773 1,983 NOI at share 250,108 211,138 38,970 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (1,198) (973) (225) NOI at share - cash basis $ 248,910 $ 210,165 $ 38,745 Below is a reconciliation of net income to NOI at share and NOI at share - cash basis for the three months ended March 31, 2022 and 2021. (Amounts in thousands) For the Three Months Ended March 31, 2022 2021 Net income $ 53,375 $ 26,993 Depreciation and amortization expense 117,443 95,354 General and administrative expense 41,216 44,186 Transaction related costs and other 1,005 843 Income from partially owned entities (33,714) (29,073) (Income) loss from real estate fund investments (5,674) 169 Interest and other investment income, net (1,018) (1,522) Interest and debt expense 52,109 50,064 Net gains on disposition of wholly owned and partially owned assets (6,552) — Income tax expense 7,411 1,984 NOI from partially owned entities 78,692 78,756 NOI attributable to noncontrolling interests in consolidated subsidiaries (20,035) (17,646) NOI at share 284,258 250,108 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (3,130) (1,198) NOI at share - cash basis $ 281,128 $ 248,910 |
Organization (Narrative) (Detai
Organization (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2022 | |
Operating Partnership | |
Organization [Line Items] | |
Common limited partnership interest in the Operating Partnership (percent) | 92.60% |
Revenue Recognition (Revenues b
Revenue Recognition (Revenues by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Lease income | $ 383,031 | $ 332,058 |
Total revenues | 442,130 | 379,977 |
New York | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 358,548 | 303,971 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 83,582 | 76,006 |
Rental revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 397,283 | 339,317 |
Rental revenues | New York | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 318,845 | 266,700 |
Rental revenues | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 78,438 | 72,617 |
Lease revenues | ||
Disaggregation of Revenue [Line Items] | ||
Lease income | 383,031 | 332,058 |
Lease revenues | New York | ||
Disaggregation of Revenue [Line Items] | ||
Lease income | 307,723 | 261,691 |
Lease revenues | Other | ||
Disaggregation of Revenue [Line Items] | ||
Lease income | 75,308 | 70,367 |
Property rentals | ||
Disaggregation of Revenue [Line Items] | ||
Lease income | 377,887 | 332,058 |
Property rentals | New York | ||
Disaggregation of Revenue [Line Items] | ||
Lease income | 307,723 | 261,691 |
Property rentals | Other | ||
Disaggregation of Revenue [Line Items] | ||
Lease income | 70,164 | 70,367 |
Trade shows | ||
Disaggregation of Revenue [Line Items] | ||
Lease income | 5,144 | 0 |
Trade shows | New York | ||
Disaggregation of Revenue [Line Items] | ||
Lease income | 0 | 0 |
Trade shows | Other | ||
Disaggregation of Revenue [Line Items] | ||
Lease income | 5,144 | 0 |
Tenant services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 9,889 | 7,259 |
Tenant services | New York | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 7,411 | 5,009 |
Tenant services | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,478 | 2,250 |
Parking revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 4,363 | |
Parking revenues | New York | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 3,711 | |
Parking revenues | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 652 | |
Fee and other income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 44,847 | 40,660 |
Total revenues | 44,847 | 40,660 |
Fee and other income | New York | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 39,703 | 37,271 |
Fee and other income | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 5,144 | 3,389 |
BMS cleaning fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 32,691 | 28,477 |
BMS cleaning fees | New York | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 34,711 | 29,948 |
BMS cleaning fees | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | (2,020) | (1,471) |
Management and leasing fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,769 | 5,369 |
Management and leasing fees | New York | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,967 | 5,522 |
Management and leasing fees | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | (198) | (153) |
Other income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 9,387 | 6,814 |
Other income | New York | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,025 | 1,801 |
Other income | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 7,362 | $ 5,013 |
Revenue Recognition (Components
Revenue Recognition (Components of Lease Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Fixed billings | $ 329,251 | $ 309,860 |
Variable billings | 32,974 | 31,649 |
Total contractual operating lease billings | 362,225 | 341,509 |
Adjustment for straight-line rents and amortization of acquired below-market leases and other, net | 20,806 | (5,781) |
Less: write-off of straight-line rent and tenant receivables deemed uncollectible | 0 | (3,670) |
Lease revenues | $ 383,031 | $ 332,058 |
Real Estate Fund Investments (N
Real Estate Fund Investments (Narrative) (Details) $ in Thousands | Mar. 31, 2022USD ($)investment | Dec. 31, 2021USD ($)investment | Mar. 31, 2022USD ($)investment | Apr. 12, 2021USD ($) | Jun. 09, 2020USD ($) |
Investment Holdings | |||||
Aggregate fair value of Real Estate Fund investments (in US Dollars) | $ 13,402 | $ 7,730 | $ 13,402 | ||
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 | ||||
Investment fund period expiration date | 2013-07 | ||||
Investment fund, extension of term | 2023-02 | ||||
Crowne Plaza Times Square Hotel Joint Venture | |||||
Investment Holdings | |||||
Default amount | $ 274,355 | ||||
Debt instrument, interest rate, stated percentage (percent) | 4.15% | 4.15% | |||
Debt instrument, default interest, percentage | 3.00% | 3.00% | |||
Crowne Plaza Times Square Hotel Joint Venture | LIBOR | |||||
Investment Holdings | |||||
Spread over LIBOR (percent) | 3.69% | ||||
Crowne Plaza Times Square Hotel Joint Venture | Joint Venture | |||||
Investment Holdings | |||||
Equity method ownership percentage | 57.10% | 57.10% | |||
Crowne Plaza Times Square Hotel Joint Venture | Joint Venture | Crowne Plaza Time Square Hotel | |||||
Investment Holdings | |||||
Ownership percentage by noncontrolling owners | 24.30% | 24.30% | |||
1100 Lincoln Road | |||||
Investment Holdings | |||||
Default amount | $ 82,750 | ||||
Debt instrument, interest rate, stated percentage (percent) | 4.90% | 4.90% | |||
Debt instrument, default interest, percentage | 3.00% | 3.00% | |||
1100 Lincoln Road | Prime Rate | |||||
Investment Holdings | |||||
Spread over LIBOR (percent) | 1.40% | ||||
Real estate fund investments | |||||
Investment Holdings | |||||
Number of investments held by fund (investment) | investment | 3 | 3 | 3 | ||
Aggregate fair value of Real Estate Fund investments (in US Dollars) | $ 13,402 | $ 7,730 | $ 13,402 | ||
Fair value below cost | 322,383 | 322,383 | |||
Unfunded commitments of fund | 28,465 | 28,465 | |||
Real estate fund investments | Vornado Realty Trust | |||||
Investment Holdings | |||||
Unfunded commitments of fund | $ 8,849 | $ 8,849 |
Real Estate Fund Investments (I
Real Estate Fund Investments (Income from the Fund and the Co-Investment) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Investment Holdings | ||
Income (loss) from real estate fund investments | $ 5,674 | $ (169) |
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (9,374) | (6,114) |
Real estate fund investments | ||
Investment Holdings | ||
Net unrealized income (loss) on held investments | 5,672 | (494) |
Net investment income | 2 | 325 |
Income (loss) from real estate fund investments | 5,674 | (169) |
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (3,964) | 429 |
Income from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ 1,710 | $ 260 |
Investments in Partially Owne_3
Investments in Partially Owned Entities (Fifth Avenue and Times Square JV) (Details) - Fifth Avenue and Times Square JV $ in Thousands | Mar. 31, 2022USD ($) |
Schedule Of Equity Method Investments | |
Equity method ownership percentage | 51.50% |
Real estate basis difference, carrying amount | $ 384,591 |
Joint Venture | |
Schedule Of Equity Method Investments | |
Aggregate of preferred equity interests | $ 1,828,000 |
Joint Venture | Investors | |
Schedule Of Equity Method Investments | |
Equity method ownership percentage | 48.50% |
Equity method effective ownership percentage | 47.20% |
Joint Venture | Percentage For First Five Years | |
Schedule Of Equity Method Investments | |
Debt instrument, interest rate, stated percentage (percent) | 4.25% |
Joint Venture | Percentage After Fifth Anniversary | |
Schedule Of Equity Method Investments | |
Debt instrument, interest rate, stated percentage (percent) | 4.75% |
Vornado Realty Trust | |
Schedule Of Equity Method Investments | |
Equity method ownership percentage | 51.50% |
Equity method effective ownership percentage | 51.00% |
Investments in Partially Owne_4
Investments in Partially Owned Entities (Alexander's Inc.) (Details) - Alexanders Inc $ / shares in Units, $ in Thousands | Mar. 31, 2022USD ($)$ / sharesshares |
Schedule Of Equity Method Investments | |
Ownership common shares, investee (in shares) | shares | 1,654,068 |
Equity method ownership percentage | 32.40% |
Closing share price (in dollars per share) | $ / shares | $ 256.23 |
Equity method investment fair value | $ 423,822 |
Excess of investee's fair value over carrying amount | 331,043 |
Excess of investee's carrying amount over equity in net assets | $ 30,044 |
Investments in Partially Owne_5
Investments in Partially Owned Entities (Summary of Investments) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule Of Equity Method Investments | ||
Carrying amount of investments in partially owned entities | $ 3,299,629 | $ 3,297,389 |
Other liabilities | ||
Schedule Of Equity Method Investments | ||
Carrying amount of investments in partially owned entities | $ (77,312) | (78,985) |
7 West 34th Street | ||
Schedule Of Equity Method Investments | ||
Equity method ownership percentage | 53.00% | |
7 West 34th Street | Other liabilities | ||
Schedule Of Equity Method Investments | ||
Carrying amount of investments in partially owned entities | $ (61,279) | (60,918) |
85 Tenth Avenue | ||
Schedule Of Equity Method Investments | ||
Equity method ownership percentage | 49.90% | |
85 Tenth Avenue | Other liabilities | ||
Schedule Of Equity Method Investments | ||
Carrying amount of investments in partially owned entities | $ (16,033) | (18,067) |
Fifth Avenue and Times Square JV | ||
Schedule Of Equity Method Investments | ||
Equity method ownership percentage | 51.50% | |
Carrying amount of investments in partially owned entities | $ 2,773,505 | 2,770,633 |
Partially owned office buildings/land | ||
Schedule Of Equity Method Investments | ||
Carrying amount of investments in partially owned entities | $ 310,580 | 306,989 |
Alexanders Inc | ||
Schedule Of Equity Method Investments | ||
Equity method ownership percentage | 32.40% | |
Carrying amount of investments in partially owned entities | $ 92,779 | 91,405 |
Other investments | ||
Schedule Of Equity Method Investments | ||
Carrying amount of investments in partially owned entities | $ 122,765 | $ 128,362 |
Investments in Partially Owne_6
Investments in Partially Owned Entities (Summary of Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Schedule Of Equity Method Investments | ||
Our share of net income (loss) | $ 33,714 | $ 29,073 |
Fifth Avenue and Times Square JV | ||
Schedule Of Equity Method Investments | ||
Equity method ownership percentage | 51.50% | |
Equity in net income | $ 16,309 | 9,606 |
Return on preferred equity, net of our share of the expense | 9,226 | 9,226 |
Our share of net income (loss) | $ 25,535 | 18,832 |
Alexanders Inc | ||
Schedule Of Equity Method Investments | ||
Equity method ownership percentage | 32.40% | |
Equity in net income | $ 4,671 | 5,729 |
Management, leasing and development fees | 1,020 | 575 |
Our share of net income (loss) | 5,691 | 6,304 |
Partially owned office buildings/land | ||
Schedule Of Equity Method Investments | ||
Our share of net income (loss) | 2,477 | 5,972 |
Other investments | ||
Schedule Of Equity Method Investments | ||
Our share of net income (loss) | $ 11 | $ (2,035) |
220 Central Park South (220 C_2
220 Central Park South (220 CPS) (Narrative) (Details) $ in Thousands | 3 Months Ended | 42 Months Ended | |
Mar. 31, 2022USD ($)unit | Mar. 31, 2021USD ($) | Mar. 31, 2022USD ($)unit | |
Real Estate [Line Items] | |||
Income tax expense | $ 7,411 | $ 1,984 | |
220 Central Park South | |||
Real Estate [Line Items] | |||
Number of condominium units sold (unit) | unit | 1 | 107 | |
Cash proceeds from the sale of real estate | $ 15,095 | $ 3,021,991 | |
Net gain on sale of real estate | 6,001 | $ 1,123,256 | |
Income tax expense | $ 589 |
Dispositions (Narrative) (Detai
Dispositions (Narrative) (Details) $ in Thousands | Jan. 13, 2022USD ($)property | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net proceeds from sale of real estate | $ 15,095 | $ 0 | |
SoHo Properties | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of properties sold | property | 2 | ||
Proceeds from sale of real estate held-for-investment | $ 84,500 | ||
Net proceeds from sale of real estate | 81,399 | ||
Net gain on sale of real estate | $ 551 |
Identified Intangible Assets _3
Identified Intangible Assets and Liabilities (Schedule of Identified Intangible Assets and Intangible Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Gross amount | $ 249,276 | $ 252,081 |
Accumulated amortization | (99,663) | (97,186) |
Total, net | 149,613 | 154,895 |
Identified intangible liabilities (included in deferred revenue): | ||
Gross amount | 255,303 | 256,065 |
Accumulated amortization | (213,558) | (212,245) |
Total, net | $ 41,745 | $ 43,820 |
Identified Intangible Assets _4
Identified Intangible Assets and Liabilities (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Below Market Leases Net Of Above Market Leases | ||
Finite-Lived Intangible Assets and Liabilities | ||
Amortization of intangible assets | $ 917 | $ 3,166 |
Other Identified Intangible Assets | ||
Finite-Lived Intangible Assets and Liabilities | ||
Amortization of intangible assets | $ 4,125 | $ 1,326 |
Identified Intangible Assets _5
Identified Intangible Assets and Liabilities (Schedule of Future Amortization Expense of Intangible Assets) (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Below Market Leases Net Of Above Market Leases | |
Finite-Lived Intangible Assets and Liabilities | |
2023 | $ 5,359 |
2024 | 2,264 |
2025 | 844 |
2026 | 649 |
2027 | (119) |
Other Identified Intangible Assets | |
Finite-Lived Intangible Assets and Liabilities | |
2023 | 8,267 |
2024 | 7,431 |
2025 | 6,332 |
2026 | 6,193 |
2027 | $ 5,590 |
Debt (Summary of Debt) (Details
Debt (Summary of Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument | ||
Deferred financing costs, net and other | $ (54,746) | $ (58,268) |
Total, net | 6,050,693 | 6,053,343 |
Long term debt | $ 2,563,376 | 2,562,604 |
Mortgages | ||
Debt Instrument | ||
Interest rate, end of period (percent) | 2.24% | |
Long-term debt, gross | $ 6,093,815 | 6,099,215 |
Deferred financing costs, net and other | (43,122) | (45,872) |
Total, net | $ 6,050,693 | 6,053,343 |
Mortgages | Fixed Rate | ||
Debt Instrument | ||
Interest rate, end of period (percent) | 2.80% | |
Long-term debt, gross | $ 2,190,000 | 2,190,000 |
Mortgages | Variable Rate | ||
Debt Instrument | ||
Interest rate, end of period (percent) | 1.93% | |
Long-term debt, gross | $ 3,903,815 | 3,909,215 |
Senior Unsecured Notes | ||
Debt Instrument | ||
Interest rate, end of period (percent) | 3.02% | |
Long-term debt, gross | $ 1,200,000 | 1,200,000 |
Deferred financing costs, net and other | (9,699) | (10,208) |
Long term debt | $ 1,190,301 | 1,189,792 |
Unsecured term loan | ||
Debt Instrument | ||
Interest rate, end of period (percent) | 3.72% | |
Long-term debt, gross | $ 800,000 | 800,000 |
Deferred financing costs, net and other | (1,925) | (2,188) |
Long term debt | $ 798,075 | 797,812 |
Unsecured Revolving Credit Facilities | ||
Debt Instrument | ||
Interest rate, end of period (percent) | 1.35% | |
Long term debt | $ 575,000 | $ 575,000 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interests (Activity of Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Redeemable Noncontrolling Interests Rollforward | ||
Beginning balance | $ 688,683 | |
Net income (loss) | 1,994 | $ 329 |
Other comprehensive income | 5,134 | 886 |
Ending balance | 747,161 | |
Partnership Interest | ||
Redeemable Noncontrolling Interests Rollforward | ||
Beginning balance | 590,975 | 511,747 |
Net income (loss) | 1,994 | 329 |
Other comprehensive income | 5,134 | 886 |
Distributions | (7,584) | (7,461) |
Other, net | 13,305 | 11,859 |
Ending balance | 649,758 | 640,193 |
Partnership Interest | Class A Unit | ||
Redeemable Noncontrolling Interests Rollforward | ||
Redemption of Class A units for Vornado common shares, at redemption value | (717) | (4,103) |
Redeemable Class A unit measurement adjustment | 46,651 | 126,936 |
Subsidiary | ||
Redeemable Noncontrolling Interests Rollforward | ||
Beginning balance | 97,708 | 94,520 |
Net income (loss) | (305) | (83) |
Ending balance | $ 97,403 | $ 94,437 |
Redeemable Noncontrolling Int_4
Redeemable Noncontrolling Interests (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Farley Office and Retail | Joint Venture | |||
Redeemable Noncontrolling Interest | |||
Equity method ownership percentage | 95.00% | ||
Capital contributions | $ 92,400 | ||
Cumulative Redeemable Preferred Unit | |||
Redeemable Noncontrolling Interest | |||
Fair value of Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units | $ 49,775 | $ 49,659 | |
Partnership Interest | |||
Redeemable Noncontrolling Interest | |||
Redemption value of redeemable Class A units | $ 646,223 | $ 587,440 |
Shareholders' Equity_Partners_3
Shareholders' Equity/Partners' Capital (Schedule of Dividends) (Details) - $ / shares | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||
Common shares of beneficial interest: authorized shares (shares) | 250,000,000 | 250,000,000 | |
Common shares, dividends (in dollars per share) | $ 0.53 | $ 0.53 | |
Preferred shares of beneficial interest: authorized shares (shares) | 110,000,000 | 110,000,000 | |
Common Class A | |||
Class of Stock [Line Items] | |||
Common shares of beneficial interest: authorized shares (shares) | 250,000,000 | 250,000,000 | |
Common shares, dividends (in dollars per share) | $ 0.53 | $ 0.53 | |
Series A Preferred Stock | Convertible Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred stock, dividend rate, percentage (percent) | 6.50% | 6.50% | |
Preferred shares of beneficial interest: authorized shares (shares) | 12,902 | 13,402 | |
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 0.8125 | $ 0.8125 | |
Preferred stock, redemption price per share (in common shares/Class A units per share/unit) | 1.9531 | 1.9531 | |
Series A Preferred Stock | Convertible Preferred Stock | Class A Unit | |||
Class of Stock [Line Items] | |||
Preferred stock, redemption price per share (in common shares/Class A units per share/unit) | $ 1.9531 | $ 1.9531 | |
Series K Preferred Stock | Redeemable Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred stock, dividend rate, percentage (percent) | 5.70% | ||
Preferred shares of beneficial interest: authorized shares (shares) | 12,000,000 | ||
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 0.3563 | ||
Series L Preferred Stock | Redeemable Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred stock, dividend rate, percentage (percent) | 5.40% | 5.40% | |
Preferred shares of beneficial interest: authorized shares (shares) | 13,800,000 | 13,800,000 | |
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 0.3375 | $ 0.3375 | |
Preferred stock, liquidation preference per share (in dollars per share/unit) | $ 25 | $ 25 | |
Series M Preferred Stock | Redeemable Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred stock, dividend rate, percentage (percent) | 5.25% | 5.25% | |
Preferred shares of beneficial interest: authorized shares (shares) | 13,800,000 | 13,800,000 | |
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 0.3281 | $ 0.3281 | |
Series N Preferred Stock | Redeemable Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred stock, dividend rate, percentage (percent) | 5.25% | ||
Preferred shares of beneficial interest: authorized shares (shares) | 12,000,000 | 12,000,000 | |
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 0.3281 | $ 0.3281 | |
Series O Preferred Stock | Redeemable Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred stock, dividend rate, percentage (percent) | 4.45% | ||
Preferred shares of beneficial interest: authorized shares (shares) | 12,000,000 | ||
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 0.2781 |
Shareholders' Equity_Partners_4
Shareholders' Equity/Partners' Capital (AOCI by Component) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance, value | $ 6,515,238 | $ 6,948,155 |
Ending balance, value | 6,437,970 | 6,753,185 |
Total | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance, value | (17,534) | (75,099) |
Other comprehensive income (loss) | 69,310 | 14,346 |
Ending balance, value | 51,776 | (60,753) |
Accumulated other comprehensive (loss) income of nonconsolidated subsidiaries | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance, value | (4,063) | (14,338) |
Other comprehensive income (loss) | 9,205 | 3,591 |
Ending balance, value | 5,142 | (10,747) |
Change in fair value of interest rate swaps and other | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance, value | (14,761) | (66,098) |
Other comprehensive income (loss) | 65,239 | 11,642 |
Ending balance, value | 50,478 | (54,456) |
Other | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance, value | 1,290 | 5,337 |
Other comprehensive income (loss) | (5,134) | (887) |
Ending balance, value | $ (3,844) | $ 4,450 |
Variable Interest Entities (V_2
Variable Interest Entities (VIEs) (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Variable Interest Entities | ||
Assets | $ 17,492,361 | $ 17,266,588 |
Total liabilities | 10,307,230 | 10,062,667 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entities | ||
Assets | 68,999 | 69,435 |
Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entities | ||
Assets | 4,503,754 | 4,564,621 |
Total liabilities | $ 2,449,879 | $ 2,517,652 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | |||
Real estate fund investments | $ 13,402 | $ 7,730 | |
Payments to acquire short-term investments | 645,920 | $ 0 | |
Investments in U.S. Treasury bills | 645,360 | 0 | |
US Treasury Bill Securities | |||
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | |||
Payments to acquire short-term investments | 645,920 | ||
Investments in U.S. Treasury bills | 650,000 | ||
Amortized cost, current | 646,049 | ||
Recurring | |||
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | |||
Real estate fund investments | 13,402 | 7,730 | |
Deferred compensation plan assets (included in restricted cash and other assets) | 107,170 | 110,174 | |
Loans receivable (included in investments in partially owned entities and in other assets) | 50,848 | 50,182 | |
Interest rate swaps and caps (included in other assets) | 59,739 | 18,929 | |
Total assets | 876,519 | 187,015 | |
Mandatorily redeemable instruments (included in other liabilities) | 49,775 | 49,659 | |
Interest rate swaps (included in other liabilities) | 7,737 | 32,837 | |
Total liabilities | 57,512 | 82,496 | |
Recurring | US Treasury Bill Securities | |||
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | |||
Investments in U.S. Treasury bills | 645,360 | ||
Recurring | Level 1 | |||
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | |||
Real estate fund investments | 0 | 0 | |
Deferred compensation plan assets (included in restricted cash and other assets) | 62,644 | 65,158 | |
Loans receivable (included in investments in partially owned entities and in other assets) | 0 | 0 | |
Interest rate swaps and caps (included in other assets) | 0 | 0 | |
Total assets | 708,004 | 65,158 | |
Mandatorily redeemable instruments (included in other liabilities) | 49,775 | 49,659 | |
Interest rate swaps (included in other liabilities) | 0 | 0 | |
Total liabilities | 49,775 | 49,659 | |
Recurring | Level 1 | US Treasury Bill Securities | |||
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | |||
Investments in U.S. Treasury bills | 645,360 | ||
Recurring | Level 2 | |||
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | |||
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 | 0 | |
Interest rate swaps and caps (included in other assets) | 59,739 | 18,929 | |
Total assets | 59,739 | 18,929 | |
Mandatorily redeemable instruments (included in other liabilities) | 0 | 0 | |
Interest rate swaps (included in other liabilities) | 7,737 | 32,837 | |
Total liabilities | 7,737 | 32,837 | |
Recurring | Level 2 | US Treasury Bill Securities | |||
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | |||
Investments in U.S. Treasury bills | 0 | ||
Recurring | Level 3 | |||
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | |||
Real estate fund investments | 13,402 | 7,730 | |
Deferred compensation plan assets (included in restricted cash and other assets) | 44,526 | 45,016 | |
Loans receivable (included in investments in partially owned entities and in other assets) | 50,848 | 50,182 | |
Interest rate swaps and caps (included in other assets) | 0 | 0 | |
Total assets | 108,776 | 102,928 | |
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 | US Treasury Bill Securities | |||
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | |||
Investments in U.S. Treasury bills | 0 | ||
Restricted Cash | Recurring | |||
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | |||
Deferred compensation plan assets (included in restricted cash and other assets) | 9,084 | 9,104 | |
Other Assets | Recurring | |||
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | |||
Deferred compensation plan assets (included in restricted cash and other assets) | 98,086 | 101,070 | |
Loans receivable (included in investments in partially owned entities and in other assets) | 3,476 | 3,738 | |
Investments in Partially Owned Properties | Recurring | |||
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | |||
Loans receivable (included in investments in partially owned entities and in other assets) | $ 47,372 | $ 46,444 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) $ in Thousands | Mar. 31, 2022USD ($)investment | Dec. 31, 2021USD ($)investment | Mar. 31, 2022USD ($)investment |
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | |||
Real estate fund investments | $ 13,402 | $ 7,730 | $ 13,402 |
Real estate fund investments | |||
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | |||
Number of investments held by fund (investment) | investment | 3 | 3 | 3 |
Real estate fund investments | $ 13,402 | $ 7,730 | $ 13,402 |
Real estate fund investments | 322,383 | 322,383 | |
Level 3 | Real estate fund investments | |||
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | |||
Real estate fund investments | $ 322,383 | $ 322,383 |
Fair Value Measurements (Unobse
Fair Value Measurements (Unobservable Quantitative Input Ratios) (Details) - Recurring - Level 3 | Mar. 31, 2022 | Dec. 31, 2021 |
Discount Rate | Real estate fund investments | Minimum | ||
Unobservable Quantitative Input | ||
Other real estate owned, measurement input | 0.118 | 0.120 |
Discount Rate | Real estate fund investments | Maximum | ||
Unobservable Quantitative Input | ||
Other real estate owned, measurement input | 0.130 | 0.150 |
Discount Rate | Real estate fund investments | Weighted Average | ||
Unobservable Quantitative Input | ||
Other real estate owned, measurement input | 0.125 | 0.132 |
Terminal Capitalization Rate | Real estate fund investments | Minimum | ||
Unobservable Quantitative Input | ||
Other real estate owned, measurement input | 0.055 | 0.055 |
Terminal Capitalization Rate | Real estate fund investments | Maximum | ||
Unobservable Quantitative Input | ||
Other real estate owned, measurement input | 0.091 | 0.088 |
Terminal Capitalization Rate | Real estate fund investments | Weighted Average | ||
Unobservable Quantitative Input | ||
Other real estate owned, measurement input | 0.075 | 0.074 |
Loans Receivable | Discount Rate | ||
Unobservable Quantitative Input | ||
Loans receivable, measurement input | 0.065 | 0.065 |
Loans Receivable | Discount Rate | Weighted Average | ||
Unobservable Quantitative Input | ||
Loans receivable, measurement input | 0.065 | 0.065 |
Loans Receivable | Terminal Capitalization Rate | ||
Unobservable Quantitative Input | ||
Loans receivable, measurement input | 0.050 | 0.050 |
Loans Receivable | Terminal Capitalization Rate | Weighted Average | ||
Unobservable Quantitative Input | ||
Loans receivable, measurement input | 0.050 | 0.050 |
Fair Value Measurements (Change
Fair Value Measurements (Changes in the Fair Value of Real Estate Fund Investments and Deferred Compensation Plan Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Real estate fund investments | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | $ 7,730 | $ 3,739 |
Purchases/additional fundings | 0 | 494 |
Net unrealized income (loss) on held investments | 5,672 | (494) |
Ending balance | 13,402 | 3,739 |
Deferred Compensation Plan Assets | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | 45,016 | 39,928 |
Purchases/additional fundings | 843 | 449 |
Sales | (907) | (145) |
Realized and unrealized (losses) gains | (1,240) | 1,293 |
Other, net | 814 | 114 |
Ending balance | $ 44,526 | $ 41,639 |
Fair Value Measurements (Chan_2
Fair Value Measurements (Changes in the Fair Value of Loans Receivable) (Details) - Loans Receivable - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | $ 50,182 | $ 47,743 |
Interest accrual | 1,199 | 841 |
Paydowns | (533) | (375) |
Ending balance | $ 50,848 | $ 48,209 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary of Derivative Instruments) (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Matures in May 2028 | 555 California Street | Office | ||
Derivative [Line Items] | ||
Equity method ownership percentage | 70.00% | |
Debt instrument, amount | $ 1,200,000,000 | |
Interest rate swaps | Other liabilities | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value | 32,837,000 | |
Derivative Liability, Notional Amount | 850,000,000 | |
Interest rate swaps | 555 California Mortgage Loan Interest Rate Swap | Other Assets | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | $ 36,322,000 | 11,814,000 |
Derivative Asset, Notional Amount | $ 840,000,000 | $ 840,000,000 |
Derivative, Interest Rate | 2.33% | 2.04% |
Derivative, Swap Rate | 2.26% | 2.26% |
Interest rate swaps | 555 California Mortgage Loan Interest Rate Swap | Other liabilities | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative expiration date | 2024-05 | 2024-05 |
Interest rate swaps | PENN 11 mortgage loan interest rate swap | Other Assets | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | $ 19,825,000 | $ 6,565,000 |
Derivative Asset, Notional Amount | $ 500,000,000 | $ 500,000,000 |
Derivative, Interest Rate | 2.24% | 2.05% |
Derivative, Swap Rate | 2.23% | 2.23% |
Derivative expiration date | 2024-03 | 2024-03 |
Interest rate swaps | 33-00 Northern Boulevard mortgage loan interest rate swap | Other Assets | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | $ 296,000 | |
Derivative Asset, Notional Amount | $ 100,000,000 | |
Derivative, Interest Rate | 2.11% | |
Derivative, Swap Rate | 4.14% | |
Derivative expiration date | 2025-01 | |
Interest rate swaps | 33-00 Northern Boulevard mortgage loan interest rate swap | Other liabilities | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value | $ 3,861,000 | |
Derivative Liability, Notional Amount | $ 100,000,000 | |
Derivative, Interest Rate | 1.91% | |
Derivative, Swap Rate | 4.14% | |
Derivative expiration date | 2025-01 | |
Interest rate swaps | Unsecured term loan | Other liabilities | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value | $ 7,737,000 | $ 28,976,000 |
Derivative Liability, Notional Amount | $ 750,000,000 | $ 750,000,000 |
Derivative, Interest Rate | 1.45% | 1.10% |
Derivative, Swap Rate | 3.87% | 3.87% |
Derivative expiration date | 2023-10 | 2023-10 |
Interest rate swaps | LIBOR | 555 California Mortgage Loan Interest Rate Swap | Other Assets | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative, Basis Spread on Variable Rate | 0.0193% | 0.0193% |
Interest rate swaps | LIBOR | PENN 11 mortgage loan interest rate swap | Other Assets | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative, Basis Spread on Variable Rate | 0.0195% | 0.0195% |
Interest rate swaps | LIBOR | 33-00 Northern Boulevard mortgage loan interest rate swap | Other Assets | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative, Basis Spread on Variable Rate | 0.018% | |
Interest rate swaps | LIBOR | 33-00 Northern Boulevard mortgage loan interest rate swap | Other liabilities | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative, Basis Spread on Variable Rate | 0.018% | |
Interest rate swaps | LIBOR | Unsecured term loan | Other liabilities | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative, Basis Spread on Variable Rate | 0.01% | 0.01% |
Interest Rate Cap | Other Assets | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | $ 59,739,000 | $ 18,929,000 |
Derivative Asset, Notional Amount | 3,090,000,000 | 2,990,000,000 |
Interest Rate Cap | Other | Other Assets | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 3,296,000 | 550,000 |
Derivative Asset, Notional Amount | 1,650,000,000 | 1,650,000,000 |
Floating | Interest rate swaps | Unsecured term loan | Other liabilities | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Liability, Notional Amount | $ 50,000,000 | $ 50,000,000 |
Floating | Interest rate swaps | LIBOR | Unsecured term loan | Other liabilities | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative, Basis Spread on Variable Rate | 1.00% | 1.00% |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying amounts and fair value of financial instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unsecured revolving credit facilities | $ 575,000 | $ 575,000 |
Deferred financing costs, net and other | 54,746 | 58,268 |
Senior Unsecured Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, Carrying Amount | 1,200,000 | 1,200,000 |
Deferred financing costs, net and other | 9,699 | 10,208 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents, carrying amount | 588,242 | 1,346,684 |
Mortgages payable, gross | 6,093,815 | 6,099,215 |
Unsecured revolving credit facilities | 575,000 | 575,000 |
Debt, Carrying Amount | 8,668,815 | 8,674,215 |
Carrying Amount | Senior Unsecured Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unsecured debt, gross | 1,200,000 | 1,200,000 |
Carrying Amount | Unsecured Term Loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unsecured debt, gross | 800,000 | 800,000 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, Fair Value | 8,524,000 | 8,657,000 |
Fair Value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents, fair value | 588,000 | 1,347,000 |
Unsecured revolving credit facilities | 575,000 | 575,000 |
Fair Value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgages payable, gross | 5,997,000 | 6,052,000 |
Fair Value | Senior Unsecured Notes | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unsecured debt, gross | 1,152,000 | 1,230,000 |
Fair Value | Unsecured Term Loan | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unsecured debt, gross | $ 800,000 | $ 800,000 |
Stock-based Compensation (Narra
Stock-based Compensation (Narrative) (Details) - USD ($) $ in Thousands | Jan. 12, 2022 | Mar. 31, 2022 | Mar. 31, 2021 |
General and Administrative Expense | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 13,155 | $ 21,225 | |
Operational | Long-Term Performance Award 2022 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage breakdown of awards | 50.00% | ||
Operational | Long-Term Performance Award 2022 | Comparable FFO per Share | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage breakdown of awards | 75.00% | ||
Operational | Long-Term Performance Award 2022 | ESG Performance Metrics | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage breakdown of awards | 25.00% | ||
Relative | Long-Term Performance Award 2022 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage breakdown of awards | 50.00% | ||
Percentage reduction threshold | 30.00% | ||
Measurement period (years) | 3 years | ||
Relative | Long-Term Performance Award 2022 | Dow Jones U.S. Real Estate Office Index | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of benchmark | 50.00% | ||
Relative | Long-Term Performance Award 2022 | Northeast Peer Group Custom Index | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of benchmark | 50.00% | ||
Absolute | Long-Term Performance Award 2022 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage reduction threshold | 30.00% | ||
Absolute | Maximum | Long-Term Performance Award 2022 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percent vested, year four | 50.00% | ||
Percent vested, year five | 50.00% |
Interest and Other Investment_3
Interest and Other Investment Income, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest and Other Income [Abstract] | ||
Interest on loans receivable | $ 825 | $ 560 |
Amortization of discount on investments in U.S. Treasury bills | 129 | 0 |
Interest on cash and cash equivalents and restricted cash | 64 | 62 |
Other, net | 0 | 900 |
Interest and other investment income, net | $ 1,018 | $ 1,522 |
Interest and Debt Expense (Deta
Interest and Debt Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest and Debt Expense [Abstract] | ||
Interest expense | $ 50,801 | $ 55,651 |
Capitalized interest and debt expense | (3,520) | (10,267) |
Amortization of deferred financing costs | 4,828 | 4,680 |
Interest and debt expense, Total | $ 52,109 | $ 50,064 |
Income Per Share_Income Per C_3
Income Per Share/Income Per Class A Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Numerator: | ||
Net income attributable to Vornado / Vornado Realty L.P. | $ 42,007 | $ 20,550 |
Preferred share dividends / unit distributions | (15,529) | (16,467) |
NET INCOME attributable to common shareholders / Class A unitholders | 26,478 | 4,083 |
Earnings allocated to unvested participating securities | (5) | (9) |
Numerator for basic and diluted income (loss) per share / Class A unit | $ 26,473 | $ 4,074 |
Denominator: | ||
Denominator for basic income (loss) per share - weighted average shares (in shares) | 191,724 | 191,418 |
Denominator for diluted income (loss) per share - weighted average shares and assumed conversions (in shares) | 192,038 | 192,031 |
INCOME PER COMMON SHARE - BASIC: | ||
Net income per common share (in dollars per share) | $ 0.14 | $ 0.02 |
INCOME PER COMMON SHARE - DILUTED: | ||
Net income per common share (in dollars per share) | $ 0.14 | $ 0.02 |
Share-based payment awards | ||
Denominator: | ||
Effect of dilutive securities | 314 | 613 |
Vornado Realty L.P. | ||
Numerator: | ||
Net income attributable to Vornado / Vornado Realty L.P. | $ 44,001 | $ 20,879 |
Preferred share dividends / unit distributions | (15,558) | (16,508) |
NET INCOME attributable to common shareholders / Class A unitholders | 28,443 | 4,371 |
Earnings allocated to unvested participating securities | (639) | (721) |
Numerator for basic and diluted income (loss) per share / Class A unit | $ 27,804 | $ 3,650 |
Denominator: | ||
Denominator for basic income (loss) per Class A unit - weighted average units | 205,141 | 204,072 |
Denominator for diluted income (loss) per Class A unit - weighted average units and assumed conversions | 205,896 | 204,901 |
Income from continuing operations, net | ||
Net income per Class A unit (in dollars per unit) | $ 0.14 | $ 0.02 |
Income from continuing operations, net | ||
Net income per Class A unit (in dollars per unit) | $ 0.14 | $ 0.02 |
Vornado Realty L.P. | Share-based payment awards | ||
Denominator: | ||
Effect of dilutive securities | 755 | 829 |
Vornado Realty L.P. | Convertible securities | ||
Denominator: | ||
Denominator for basic income (loss) per Class A unit - weighted average units | 205,141 | 204,072 |
Denominator for diluted income (loss) per Class A unit - weighted average units and assumed conversions | 205,896 | 204,901 |
Income Per Share_Income Per C_4
Income Per Share/Income Per Class A Unit - Narrative (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share | ||
Weighted average common share / class A unit equivalents of excluded dilutive securities due to anti-dilutive effect | 15,185,000 | 13,485,000 |
Vornado Realty L.P. | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share | ||
Weighted average common share / class A unit equivalents of excluded dilutive securities due to anti-dilutive effect | 1,327,000 | 615,000 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) ft² in Thousands | 1 Months Ended | 3 Months Ended | ||
Jan. 31, 2022USD ($) | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) | Jul. 31, 2018USD ($)ft² | |
Other Commitments | ||||
Right-of-use assets | $ 687,642,000 | $ 337,197,000 | ||
Lease liabilities | 723,432,000 | $ 370,206,000 | ||
Guarantees and master leases | 1,575,000,000 | |||
Clawback payment | 25,400,000 | |||
Commitment to fund additional capital to partially owned entities | 10,300,000 | |||
Construction commitment | 503,000,000 | |||
General Liability | ||||
Insurance | ||||
Insurance limit per property | 300,000,000 | |||
Insurance limit per occurrence | 300,000,000 | |||
Disease Coverage | ||||
Insurance | ||||
Insurance limit per property | 250,000,000 | |||
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 Acts | ||||
Insurance | ||||
Insurance limit per occurrence | 5,000,000,000 | |||
Insurance maximum coverage limit in aggregate | 5,000,000,000 | |||
PPIC | NBCR Acts | ||||
Insurance | ||||
Insurance deductible | $ 1,799,727 | |||
Insurance deductible percentage of balance of covered loss | 20.00% | |||
Joint Venture | Farley Office and Retail | ||||
Other Commitments | ||||
Equity method ownership percentage | 95.00% | |||
Capital contributions | $ 92,400,000 | |||
Affiliated Entity | Farley Office and Retail | ||||
Other Commitments | ||||
Equity method ownership percentage | 5.00% | |||
345 Montgomery Street | Regus PLC | ||||
Other Commitments | ||||
Guarantor obligations, maximum exposure, undiscounted | $ 90,000,000 | |||
PENN 1 | ||||
Other Commitments | ||||
Term of contract | 25 years | |||
Length of extension available (years) | 25 years | |||
Finance lease liability | $ 350,000,000 | |||
Finance lease, right-of-use asset | $ 350,000,000 | |||
Subsidiary of Regus PLC | 345 Montgomery Street | ||||
Other Commitments | ||||
Square footage of real estate property (in sqft) | ft² | 78 | |||
Lessor, operating lease, lease not yet commenced, term of contract | 15 years | |||
Unsecured Revolving Credit Facilities | ||||
Other Commitments | ||||
Outstanding letters of credit | $ 15,273,000 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2022segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Information (Summary of
Segment Information (Summary of NOI by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Information | ||
Total revenues | $ 442,130 | $ 379,977 |
Operating expenses | (216,529) | (190,979) |
NOI - consolidated | 225,601 | 188,998 |
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (20,035) | (17,646) |
Add: NOI from partially owned entities | 78,692 | 78,756 |
NOI at share | 284,258 | 250,108 |
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (3,130) | (1,198) |
NOI at share - cash basis | 281,128 | 248,910 |
New York | ||
Segment Information | ||
Total revenues | 358,548 | 303,971 |
Operating expenses | (177,535) | (160,985) |
NOI - consolidated | 181,013 | 142,986 |
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (13,310) | (8,621) |
Add: NOI from partially owned entities | 75,964 | 76,773 |
NOI at share | 243,667 | 211,138 |
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (3,975) | (973) |
NOI at share - cash basis | 239,692 | 210,165 |
Other | ||
Segment Information | ||
Total revenues | 83,582 | 76,006 |
Operating expenses | (38,994) | (29,994) |
NOI - consolidated | 44,588 | 46,012 |
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (6,725) | (9,025) |
Add: NOI from partially owned entities | 2,728 | 1,983 |
NOI at share | 40,591 | 38,970 |
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 845 | (225) |
NOI at share - cash basis | $ 41,436 | $ 38,745 |
Segment Information (Net Income
Segment Information (Net Income to NOI Reconciliation) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting [Abstract] | ||
Net income | $ 53,375 | $ 26,993 |
Depreciation and amortization expense | 117,443 | 95,354 |
General and administrative expense | 41,216 | 44,186 |
Transaction related costs and other | 1,005 | 843 |
Income from partially owned entities | (33,714) | (29,073) |
(Income) loss from real estate fund investments | (5,674) | 169 |
Interest and other investment income, net | (1,018) | (1,522) |
Interest and debt expense | 52,109 | 50,064 |
Net gains on disposition of wholly owned and partially owned assets | (6,552) | 0 |
Income tax expense | 7,411 | 1,984 |
NOI from partially owned entities | 78,692 | 78,756 |
NOI attributable to noncontrolling interests in consolidated subsidiaries | (20,035) | (17,646) |
NOI at share | 284,258 | 250,108 |
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (3,130) | (1,198) |
NOI at share - cash basis | $ 281,128 | $ 248,910 |
Subsequent Event (Narrative) (D
Subsequent Event (Narrative) (Details) - Center Building - Forecast - Subsequent Event ft² in Thousands, $ in Thousands | 3 Months Ended |
Sep. 30, 2022USD ($)ft² | |
Subsequent Events | |
Square footage of real estate property (in sqft) | ft² | 498 |
Proceeds from sale of real estate held-for-investment | $ 172,750 |
Net gain on sale of real estate | 15,000 |
Tax gain on sale of real estate | $ 74,000 |