Cover
Cover | 6 Months Ended |
Jun. 30, 2024 shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 2024 |
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 | 190,505,371 |
Entity Central Index Key | 0000899689 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Common Shares of beneficial interest, $.04 par value per share | |
Entity Information [Line Items] | |
Title of 12(b) Security | Common Shares of beneficial interest, $.04 par value per share |
Entity Trading Symbol | VNO |
Security Exchange Name | NYSE |
5.40% Series L | |
Entity Information [Line Items] | |
Title of 12(b) Security | 5.40% Series L |
Entity Trading Symbol | VNO/PL |
Security Exchange Name | NYSE |
5.25% Series M | |
Entity Information [Line Items] | |
Title of 12(b) Security | 5.25% Series M |
Entity Trading Symbol | VNO/PM |
Security Exchange Name | NYSE |
5.25% Series N | |
Entity Information [Line Items] | |
Title of 12(b) Security | 5.25% Series N |
Entity Trading Symbol | VNO/PN |
Security Exchange Name | NYSE |
4.45% Series O | |
Entity Information [Line Items] | |
Title of 12(b) Security | 4.45% Series O |
Entity Trading Symbol | VNO/PO |
Security Exchange Name | NYSE |
Vornado Realty L.P. | |
Entity Information [Line Items] | |
Entity File Number | 001-34482 |
Entity Registrant Name | VORNADO REALTY LP |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 13-3925979 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Central Index Key | 0001040765 |
Document Fiscal Year Focus | 2024 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Real estate, at cost: | ||
Land | $ 2,434,209 | $ 2,436,221 |
Buildings and improvements | 10,228,821 | 9,952,954 |
Development costs and construction in progress | 1,156,060 | 1,281,076 |
Leasehold improvements and equipment | 133,755 | 130,953 |
Total | 13,952,845 | 13,801,204 |
Less accumulated depreciation and amortization | (3,899,475) | (3,752,827) |
Real estate, net | 10,053,370 | 10,048,377 |
Right-of-use assets | 678,670 | 680,044 |
Cash and cash equivalents | 872,609 | 997,002 |
Restricted cash | 244,245 | 264,582 |
Tenant and other receivables | 71,213 | 69,543 |
Investments in partially owned entities | 2,711,080 | 2,610,558 |
Receivable arising from the straight-lining of rents | 706,157 | 701,666 |
Deferred leasing costs, net of accumulated amortization of $259,944 and $249,347 | 354,395 | 355,010 |
Identified intangible assets, net of accumulated amortization of $77,549 and $98,589 | 122,414 | 127,082 |
Other assets | 396,028 | 333,801 |
Assets | 16,210,181 | 16,187,665 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Mortgages payable, net | 5,672,086 | 5,688,020 |
Senior unsecured notes, net | 1,194,894 | 1,193,873 |
Unsecured term loan, net | 795,254 | 794,559 |
Unsecured revolving credit facilities | 575,000 | 575,000 |
Lease liabilities | 741,762 | 732,859 |
Accounts payable and accrued expenses | 363,457 | 411,044 |
Deferred revenue | 30,805 | 32,199 |
Deferred compensation plan | 108,553 | 105,245 |
Other liabilities | 316,906 | 311,132 |
Total liabilities | 9,798,717 | 9,843,931 |
Commitments and contingencies | ||
Redeemable noncontrolling interests: | ||
Total redeemable noncontrolling interests | 593,465 | 638,448 |
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 190,505,371 and 190,390,703 shares | 7,599 | 7,594 |
Additional capital | 8,314,657 | 8,263,291 |
Earnings less than distributions | (3,983,194) | (4,009,395) |
Accumulated other comprehensive income | 104,779 | 65,115 |
Total shareholders' / partners' equity | 5,626,300 | 5,509,064 |
Noncontrolling interests in consolidated subsidiaries | 191,699 | 196,222 |
Total equity | 5,817,999 | 5,705,286 |
Total liabilities, redeemable noncontrolling interests / partnership units and equity | 16,210,181 | 16,187,665 |
Partnership Interest | ||
Redeemable noncontrolling interests: | ||
Class A units - 17,160,821 and 17,000,030 units outstanding | 451,158 | 480,251 |
Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 |
Total redeemable noncontrolling interests | 454,693 | 483,786 |
Redeemable noncontrolling interest in a consolidated subsidiary | ||
Redeemable noncontrolling interests: | ||
Total redeemable noncontrolling interests | $ 138,772 | $ 154,662 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
ASSETS | ||
Deferred leasing costs, accumulated amortization | $ 259,944 | $ 249,347 |
Identified intangible assets, accumulated amortization | $ 77,549 | $ 98,589 |
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 (in shares) | 110,000,000 | 110,000,000 |
Preferred shares of beneficial interest: issued shares (in shares) | 48,792,902 | 48,792,902 |
Preferred shares of beneficial interest: outstanding shares (in 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 (in shares) | 250,000,000 | 250,000,000 |
Common shares of beneficial interest: issued shares (in shares) | 190,505,371 | 190,390,703 |
Common shares of beneficial interest: outstanding shares (in shares) | 190,505,371 | 190,390,703 |
Class A Unit | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Outstanding partnership units held by third parties (in shares) | 17,160,821 | 17,000,030 |
Cumulative Redeemable Preferred Unit | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Outstanding partnership units held by third parties (in shares) | 141,400 | 141,400 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
REVENUES: | ||||
Total revenues | $ 450,266 | $ 472,359 | $ 886,641 | $ 918,282 |
EXPENSES: | ||||
Operating | (229,380) | (222,723) | (455,604) | (451,496) |
Depreciation and amortization | (109,774) | (107,162) | (218,433) | (213,727) |
General and administrative | (38,475) | (39,410) | (76,372) | (81,005) |
Expense from deferred compensation plan liability | (1,398) | (2,182) | (5,918) | (5,910) |
Transaction related costs and other | (3,361) | (30) | (4,014) | (688) |
Total expenses | (382,388) | (371,507) | (760,341) | (752,826) |
Income from partially owned entities | 47,949 | 37,272 | 64,228 | 53,938 |
Interest and other investment income, net | 10,511 | 13,153 | 22,235 | 22,737 |
Income from deferred compensation plan assets | 1,398 | 2,182 | 5,918 | 5,910 |
Interest and debt expense | (98,401) | (87,165) | (188,879) | (173,402) |
Net gains on disposition of wholly owned and partially owned assets | 16,048 | 936 | 16,048 | 8,456 |
Income before income taxes | 45,383 | 67,230 | 45,850 | 83,095 |
Income tax expense | (5,284) | (4,497) | (12,024) | (9,164) |
Net income | 40,099 | 62,733 | 33,826 | 73,931 |
Less net loss (income) attributable to noncontrolling interests in: | ||||
Consolidated subsidiaries | 13,890 | 2,781 | 25,872 | 12,709 |
Operating Partnership | (3,200) | (3,608) | (2,414) | (4,037) |
Net income | 50,789 | 61,906 | 57,284 | 82,603 |
Preferred dividends | (15,529) | (15,529) | (31,058) | (31,058) |
NET INCOME | $ 35,260 | $ 46,377 | $ 26,226 | $ 51,545 |
INCOME PER COMMON SHARE - BASIC: | ||||
Net (loss) income per common share (in dollars per share) | $ 0.19 | $ 0.24 | $ 0.14 | $ 0.27 |
Weighted average shares outstanding, basic (in shares) | 190,492 | 191,468 | 190,460 | 191,668 |
INCOME PER COMMON SHARE - DILUTED: | ||||
Net (loss) income per common share (in dollars per share) | $ 0.18 | $ 0.24 | $ 0.13 | $ 0.27 |
Weighted average shares outstanding, diluted (in shares) | 194,405 | 194,804 | 194,518 | 194,364 |
Rental revenues | ||||
REVENUES: | ||||
Total revenues | $ 393,595 | $ 418,834 | $ 782,873 | $ 815,627 |
Fee and other income | ||||
REVENUES: | ||||
Total revenues | $ 56,671 | $ 53,525 | $ 103,768 | $ 102,655 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 40,099 | $ 62,733 | $ 33,826 | $ 73,931 |
Other comprehensive income (loss): | ||||
Change in fair value of consolidated interest rate hedges and other | 1,192 | 61,657 | 49,401 | (19,879) |
Other comprehensive (loss) income of nonconsolidated subsidiaries | (1,685) | 185 | (2,227) | (3,144) |
Comprehensive income | 39,606 | 124,575 | 81,000 | 50,908 |
Less comprehensive loss (income) attributable to noncontrolling interests | 10,067 | (4,751) | 15,991 | 11,087 |
Comprehensive income (loss) attributable to Vornado / Vornado Realty L.P. | $ 49,673 | $ 119,824 | $ 96,991 | $ 61,995 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Accumulated Other Comprehensive Income | Non-controlling Interests in Consolidated Subsidiaries |
Beginning balance (in shares) at Dec. 31, 2022 | 48,793,000 | ||||||
Beginning balance at Dec. 31, 2022 | $ 6,076,380 | $ 1,182,459 | $ 7,654 | $ 8,369,228 | $ (3,894,580) | $ 174,967 | $ 236,652 |
Beginning balance (in shares) at Dec. 31, 2022 | 191,867,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 82,603 | 82,603 | |||||
Net income (loss) attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | 5,311 | 5,311 | |||||
Dividends on common shares | (71,950) | (71,950) | |||||
Dividends on preferred shares (see Note 10 for dividends per share amounts) | (31,058) | (31,058) | |||||
Common shares issued: | |||||||
Common shares issued upon redemption of Class A units, at redemption value / Upon redemption of redeemable Class A units, at redemption value (in shares) | 394,000 | ||||||
Common shares issued upon redemption of Class A units, at redemption value / Upon redemption of redeemable Class A units, at redemption value | 5,558 | $ 16 | 5,542 | ||||
Under dividend reinvestment plan (in shares) | 6,000 | ||||||
Under Vornado's dividend reinvestment plan | 146 | 146 | |||||
Contributions | 22,328 | 22,328 | |||||
Distributions | (3,811) | (3,811) | |||||
Repurchase of common shares / Repurchase of Class A units owned (in shares) | (1,722,000) | ||||||
Repurchase of common shares / Repurchase of Class A units owned | (23,250) | $ (69) | (23,181) | ||||
Deferred compensation shares and options (in shares) | (1,000) | ||||||
Deferred compensation shares and options | 133 | 169 | (36) | ||||
Other comprehensive income (loss) of nonconsolidated subsidiaries | (3,144) | (3,144) | |||||
Change in fair value of consolidated interest rate hedges and other | (19,879) | (19,879) | |||||
Redeemable Class A unit measurement adjustment | (67,113) | (64,525) | (2,588) | ||||
Unearned 2020 Out-Performance Plan and 2019 Performance AO LTIP awards | 20,668 | 20,668 | |||||
Operating Partnership / Redeemable partnership units | 1,608 | 1,608 | |||||
Consolidated subsidiaries | 0 | 807 | (807) | ||||
Ending balance (in shares) at Jun. 30, 2023 | 48,793,000 | ||||||
Ending balance at Jun. 30, 2023 | 5,994,530 | $ 1,182,459 | $ 7,601 | 8,331,228 | (3,938,202) | 151,771 | 259,673 |
Ending balance (in shares) at Jun. 30, 2023 | 190,544,000 | ||||||
Beginning balance (in shares) at Mar. 31, 2023 | 48,793,000 | ||||||
Beginning balance at Mar. 31, 2023 | 5,932,658 | $ 1,182,459 | $ 7,654 | 8,367,349 | (3,961,392) | 95,562 | 241,026 |
Beginning balance (in shares) at Mar. 31, 2023 | 191,881,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 61,906 | 61,906 | |||||
Net income (loss) attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | 5,995 | 5,995 | |||||
Dividends on preferred shares (see Note 10 for dividends per share amounts) | (15,529) | (15,529) | |||||
Common shares issued: | |||||||
Common shares issued upon redemption of Class A units, at redemption value / Upon redemption of redeemable Class A units, at redemption value (in shares) | 385,000 | ||||||
Common shares issued upon redemption of Class A units, at redemption value / Upon redemption of redeemable Class A units, at redemption value | 5,371 | $ 16 | 5,355 | ||||
Contributions | 16,200 | 16,200 | |||||
Distributions | (3,000) | (3,000) | |||||
Repurchase of common shares / Repurchase of Class A units owned (in shares) | (1,722,000) | ||||||
Repurchase of common shares / Repurchase of Class A units owned | (23,250) | $ (69) | (23,181) | ||||
Deferred compensation shares and options | 79 | 85 | (6) | ||||
Other comprehensive income (loss) of nonconsolidated subsidiaries | 185 | 185 | |||||
Change in fair value of consolidated interest rate hedges and other | 61,657 | 61,657 | |||||
Redeemable Class A unit measurement adjustment | (43,270) | (41,561) | (1,709) | ||||
Operating Partnership / Redeemable partnership units | (4,472) | (4,472) | |||||
Consolidated subsidiaries | 0 | 548 | (548) | ||||
Ending balance (in shares) at Jun. 30, 2023 | 48,793,000 | ||||||
Ending balance at Jun. 30, 2023 | $ 5,994,530 | $ 1,182,459 | $ 7,601 | 8,331,228 | (3,938,202) | 151,771 | 259,673 |
Ending balance (in shares) at Jun. 30, 2023 | 190,544,000 | ||||||
Beginning balance (in shares) at Dec. 31, 2023 | 48,792,902 | 48,793,000 | |||||
Beginning balance at Dec. 31, 2023 | $ 5,705,286 | $ 1,182,459 | $ 7,594 | 8,263,291 | (4,009,395) | 65,115 | 196,222 |
Beginning balance (in shares) at Dec. 31, 2023 | 190,390,703 | 190,391,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | $ 57,284 | 57,284 | |||||
Net income (loss) attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | (9,982) | (9,982) | |||||
Dividends on preferred shares (see Note 10 for dividends per share amounts) | (31,058) | (31,058) | |||||
Common shares issued: | |||||||
Common shares issued upon redemption of Class A units, at redemption value / Upon redemption of redeemable Class A units, at redemption value (in shares) | 115,000 | ||||||
Common shares issued upon redemption of Class A units, at redemption value / Upon redemption of redeemable Class A units, at redemption value | 3,040 | $ 5 | 3,035 | ||||
Contributions | 1,758 | 1,758 | |||||
Distributions | (185) | (185) | |||||
Other comprehensive income (loss) of nonconsolidated subsidiaries | (2,227) | (2,227) | |||||
Change in fair value of consolidated interest rate hedges and other | 49,401 | 49,401 | |||||
Redeemable Class A unit measurement adjustment | 48,143 | 48,186 | (43) | ||||
Operating Partnership / Redeemable partnership units | (3,582) | (3,582) | |||||
Consolidated subsidiaries | 0 | (3,885) | 3,885 | ||||
Other (in shares) | (1,000) | ||||||
Other | $ 121 | 145 | (25) | 1 | |||
Ending balance (in shares) at Jun. 30, 2024 | 48,792,902 | 48,793,000 | |||||
Ending balance at Jun. 30, 2024 | $ 5,817,999 | $ 1,182,459 | $ 7,599 | 8,314,657 | (3,983,194) | 104,779 | 191,699 |
Ending balance (in shares) at Jun. 30, 2024 | 190,505,371 | 190,505,000 | |||||
Beginning balance (in shares) at Mar. 31, 2024 | 48,793,000 | ||||||
Beginning balance at Mar. 31, 2024 | $ 5,734,168 | $ 1,182,459 | $ 7,598 | 8,261,568 | (4,018,454) | 105,916 | 195,081 |
Beginning balance (in shares) at Mar. 31, 2024 | 190,483,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 50,789 | 50,789 | |||||
Net income (loss) attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | (5,487) | (5,487) | |||||
Dividends on preferred shares (see Note 10 for dividends per share amounts) | (15,529) | (15,529) | |||||
Common shares issued: | |||||||
Common shares issued upon redemption of Class A units, at redemption value / Upon redemption of redeemable Class A units, at redemption value (in shares) | 22,000 | ||||||
Common shares issued upon redemption of Class A units, at redemption value / Upon redemption of redeemable Class A units, at redemption value | 551 | $ 1 | 550 | ||||
Contributions | 1,488 | 1,488 | |||||
Distributions | (107) | (107) | |||||
Other comprehensive income (loss) of nonconsolidated subsidiaries | (1,685) | (1,685) | |||||
Change in fair value of consolidated interest rate hedges and other | 1,192 | 1,192 | |||||
Redeemable Class A unit measurement adjustment | 52,518 | 52,539 | (21) | ||||
Operating Partnership / Redeemable partnership units | 100 | 100 | |||||
Consolidated subsidiaries | 0 | (723) | 723 | ||||
Other | $ 1 | 1 | |||||
Ending balance (in shares) at Jun. 30, 2024 | 48,792,902 | 48,793,000 | |||||
Ending balance at Jun. 30, 2024 | $ 5,817,999 | $ 1,182,459 | $ 7,599 | $ 8,314,657 | $ (3,983,194) | $ 104,779 | $ 191,699 |
Ending balance (in shares) at Jun. 30, 2024 | 190,505,371 | 190,505,000 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) | 6 Months Ended |
Jun. 30, 2023 $ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Common shares, dividends (in dollars per share) | $ 0.375 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash Flows from Operating Activities: | ||
Net income | $ 33,826 | $ 73,931 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization (including amortization of deferred financing costs) | 229,797 | 225,694 |
Equity in net income of partially owned entities | (64,228) | (53,938) |
Distributions of income from partially owned entities | 54,618 | 88,902 |
Amortization of interest rate cap premiums | 22,720 | 2,167 |
Stock-based compensation expense | 16,269 | 23,582 |
Net gains on disposition of wholly owned and partially owned assets | (16,048) | (8,456) |
Change in deferred tax liability | 5,879 | 5,600 |
Straight-lining of rents | (4,372) | (694) |
Amortization of below-market leases, net | (1,910) | (2,727) |
Other non-cash adjustments | 6,304 | 4,912 |
Changes in operating assets and liabilities: | ||
Tenant and other receivables | (2,840) | (6,380) |
Prepaid assets | (6,965) | (18,433) |
Other assets | (48,272) | 10,696 |
Lease liabilities | 8,903 | 8,727 |
Accounts payable and accrued expenses | (13,074) | (2,651) |
Other liabilities | 5,557 | 23,809 |
Net cash provided by operating activities | 226,164 | 374,741 |
Cash Flows from Investing Activities: | ||
Development costs and construction in progress | (138,076) | (289,792) |
Additions to real estate | (112,578) | (100,126) |
Investments in partially owned entities | (90,051) | (37,222) |
Proceeds from sale of condominium units at 220 Central Park South | 31,605 | 14,216 |
Proceeds from sales of real estate | 2,000 | 6,363 |
Proceeds from maturities of U.S. Treasury bills | 0 | 468,598 |
Proceeds from repayment of participation in 150 West 34th Street mortgage loan | 0 | 105,000 |
Distributions of capital from partially owned entities | 0 | 18,481 |
Acquisitions of real estate and other | 0 | (33,145) |
Net cash (used in) provided by investing activities | (307,100) | 152,373 |
Cash Flows from Financing Activities: | ||
Repayments of borrowings | (95,696) | (115,800) |
Proceeds from borrowings | 75,000 | 0 |
Dividends paid on preferred shares | (31,058) | (31,058) |
Deferred financing costs | (13,649) | (3,078) |
Contributions from noncontrolling interests | 1,758 | 18,328 |
Distributions to noncontrolling interests | (242) | (9,440) |
Dividends paid on common shares | 0 | (71,950) |
Repurchase of common shares | 0 | 23,250 |
Other financing activity, net | 93 | 110 |
Net cash used in financing activities | (63,794) | (236,138) |
Net (decrease) increase in cash and cash equivalents and restricted cash | (144,730) | 290,976 |
Cash and cash equivalents and restricted cash at beginning of period | 1,261,584 | 1,021,157 |
Cash and cash equivalents and restricted cash at end of period | 1,116,854 | 1,312,133 |
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | ||
Cash and cash equivalents at beginning of period | 997,002 | 889,689 |
Restricted cash at beginning of period | 264,582 | 131,468 |
Cash and cash equivalents and restricted cash at beginning of period | 1,261,584 | 1,021,157 |
Cash and cash equivalents at end of period | 872,609 | 1,133,693 |
Restricted cash at end of period | 244,245 | 178,440 |
Cash and cash equivalents and restricted cash at end of period | 1,116,854 | 1,312,133 |
Supplemental Disclosure of Cash Flow Information: | ||
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums | 152,212 | 164,356 |
Cash payments for income taxes | 4,436 | 4,746 |
Non-Cash Information: | ||
Change in fair value of consolidated interest rate hedges and other | 49,401 | (19,879) |
Redeemable Class A unit measurement adjustment | 48,143 | (67,113) |
Write-off of fully depreciated assets | (47,840) | (26,443) |
Accrued capital expenditures included in accounts payable and accrued expenses | 25,997 | 74,852 |
Reclassification of assets held for sale (included in "other assets") | 15,224 | 96,106 |
Accrual of 1290 Avenue of the Americas 1.00% SOFR interest rate cap up-front payment (30% attributable to noncontrolling interests) (paid on July 3, 2023) | $ 0 | $ 63,100 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) | Jun. 30, 2023 |
Interest rate cap up-front payment | 1% |
Noncontrolling Interest | |
Attributable to noncontrolling interests | 30% |
CONSOLIDATED BALANCE SHEETS_2
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Real estate, at cost: | ||
Land | $ 2,434,209 | $ 2,436,221 |
Buildings and improvements | 10,228,821 | 9,952,954 |
Development costs and construction in progress | 1,156,060 | 1,281,076 |
Leasehold improvements and equipment | 133,755 | 130,953 |
Total | 13,952,845 | 13,801,204 |
Less accumulated depreciation and amortization | (3,899,475) | (3,752,827) |
Real estate, net | 10,053,370 | 10,048,377 |
Right-of-use assets | 678,670 | 680,044 |
Cash and cash equivalents | 872,609 | 997,002 |
Restricted cash | 244,245 | 264,582 |
Tenant and other receivables | 71,213 | 69,543 |
Investments in partially owned entities | 2,711,080 | 2,610,558 |
Receivable arising from the straight-lining of rents | 706,157 | 701,666 |
Deferred leasing costs, net of accumulated amortization of $259,944 and $249,347 | 354,395 | 355,010 |
Identified intangible assets, net of accumulated amortization of $77,549 and $98,589 | 122,414 | 127,082 |
Other assets | 396,028 | 333,801 |
Assets | 16,210,181 | 16,187,665 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Mortgages payable, net | 5,672,086 | 5,688,020 |
Senior unsecured notes, net | 1,194,894 | 1,193,873 |
Unsecured term loan, net | 795,254 | 794,559 |
Unsecured revolving credit facilities | 575,000 | 575,000 |
Lease liabilities | 741,762 | 732,859 |
Accounts payable and accrued expenses | 363,457 | 411,044 |
Deferred revenue | 30,805 | 32,199 |
Deferred compensation plan | 108,553 | 105,245 |
Other liabilities | 316,906 | 311,132 |
Total liabilities | 9,798,717 | 9,843,931 |
Commitments and contingencies | ||
Redeemable noncontrolling interests: | ||
Total redeemable noncontrolling interests | 593,465 | 638,448 |
Partners' equity: | ||
Earnings less than distributions | (3,983,194) | (4,009,395) |
Accumulated other comprehensive income | 104,779 | 65,115 |
Total shareholders' / partners' equity | 5,626,300 | 5,509,064 |
Noncontrolling interests in consolidated subsidiaries | 191,699 | 196,222 |
Total equity | 5,817,999 | 5,705,286 |
Total liabilities, redeemable noncontrolling interests / partnership units and equity | 16,210,181 | 16,187,665 |
Partnership Interest | ||
Redeemable noncontrolling interests: | ||
Class A units - 17,160,821 and 17,000,030 units outstanding | 451,158 | 480,251 |
Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 |
Total redeemable noncontrolling interests | 454,693 | 483,786 |
Redeemable noncontrolling interest in a consolidated subsidiary | ||
Redeemable noncontrolling interests: | ||
Total redeemable noncontrolling interests | 138,772 | 154,662 |
Vornado Realty L.P. | ||
Real estate, at cost: | ||
Land | 2,434,209 | 2,436,221 |
Buildings and improvements | 10,228,821 | 9,952,954 |
Development costs and construction in progress | 1,156,060 | 1,281,076 |
Leasehold improvements and equipment | 133,755 | 130,953 |
Total | 13,952,845 | 13,801,204 |
Less accumulated depreciation and amortization | (3,899,475) | (3,752,827) |
Real estate, net | 10,053,370 | 10,048,377 |
Right-of-use assets | 678,670 | 680,044 |
Cash and cash equivalents | 872,609 | 997,002 |
Restricted cash | 244,245 | 264,582 |
Tenant and other receivables | 71,213 | 69,543 |
Investments in partially owned entities | 2,711,080 | 2,610,558 |
Receivable arising from the straight-lining of rents | 706,157 | 701,666 |
Deferred leasing costs, net of accumulated amortization of $259,944 and $249,347 | 354,395 | 355,010 |
Identified intangible assets, net of accumulated amortization of $77,549 and $98,589 | 122,414 | 127,082 |
Other assets | 396,028 | 333,801 |
Assets | 16,210,181 | 16,187,665 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Mortgages payable, net | 5,672,086 | 5,688,020 |
Senior unsecured notes, net | 1,194,894 | 1,193,873 |
Unsecured term loan, net | 795,254 | 794,559 |
Unsecured revolving credit facilities | 575,000 | 575,000 |
Lease liabilities | 741,762 | 732,859 |
Accounts payable and accrued expenses | 363,457 | 411,044 |
Deferred revenue | 30,805 | 32,199 |
Deferred compensation plan | 108,553 | 105,245 |
Other liabilities | 316,906 | 311,132 |
Total liabilities | 9,798,717 | 9,843,931 |
Commitments and contingencies | ||
Redeemable noncontrolling interests: | ||
Total redeemable noncontrolling interests | 593,465 | 638,448 |
Partners' equity: | ||
Partners' capital | 9,504,715 | 9,453,344 |
Earnings less than distributions | (3,983,194) | (4,009,395) |
Accumulated other comprehensive income | 104,779 | 65,115 |
Total shareholders' / partners' equity | 5,626,300 | 5,509,064 |
Noncontrolling interests in consolidated subsidiaries | 191,699 | 196,222 |
Total equity | 5,817,999 | 5,705,286 |
Total liabilities, redeemable noncontrolling interests / partnership units and equity | 16,210,181 | 16,187,665 |
Vornado Realty L.P. | Partnership Interest | ||
Redeemable noncontrolling interests: | ||
Class A units - 17,160,821 and 17,000,030 units outstanding | 451,158 | 480,251 |
Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 |
Total redeemable noncontrolling interests | 454,693 | 483,786 |
Vornado Realty L.P. | Redeemable noncontrolling interest in a consolidated subsidiary | ||
Redeemable noncontrolling interests: | ||
Total redeemable noncontrolling interests | $ 138,772 | $ 154,662 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
ASSETS | ||
Deferred leasing costs, accumulated amortization | $ 259,944 | $ 249,347 |
Identified intangible assets, accumulated amortization | $ 77,549 | $ 98,589 |
Class A Unit | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Outstanding partnership units held by third parties (in shares) | 17,160,821 | 17,000,030 |
Cumulative Redeemable Preferred Unit | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Outstanding partnership units held by third parties (in shares) | 141,400 | 141,400 |
Vornado Realty L.P. | ||
ASSETS | ||
Deferred leasing costs, accumulated amortization | $ 259,944 | $ 249,347 |
Identified intangible assets, accumulated amortization | $ 77,549 | $ 98,589 |
Vornado Realty L.P. | Class A Unit | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Outstanding partnership units held by third parties (in shares) | 17,160,821 | 17,000,030 |
Vornado Realty L.P. | Cumulative Redeemable Preferred Unit | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Outstanding partnership units held by third parties (in shares) | 141,400 | 141,400 |
CONSOLIDATED STATEMENTS OF IN_2
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
REVENUES: | ||||
Total revenues | $ 450,266 | $ 472,359 | $ 886,641 | $ 918,282 |
EXPENSES: | ||||
Operating | (229,380) | (222,723) | (455,604) | (451,496) |
Depreciation and amortization | (109,774) | (107,162) | (218,433) | (213,727) |
General and administrative | (38,475) | (39,410) | (76,372) | (81,005) |
Expense from deferred compensation plan liability | (1,398) | (2,182) | (5,918) | (5,910) |
Transaction related costs and other | (3,361) | (30) | (4,014) | (688) |
Total expenses | (382,388) | (371,507) | (760,341) | (752,826) |
Income from partially owned entities | 47,949 | 37,272 | 64,228 | 53,938 |
Interest and other investment income, net | 10,511 | 13,153 | 22,235 | 22,737 |
Income from deferred compensation plan assets | 1,398 | 2,182 | 5,918 | 5,910 |
Interest and debt expense | (98,401) | (87,165) | (188,879) | (173,402) |
Net gains on disposition of wholly owned and partially owned assets | 16,048 | 936 | 16,048 | 8,456 |
Income before income taxes | 45,383 | 67,230 | 45,850 | 83,095 |
Income tax expense | (5,284) | (4,497) | (12,024) | (9,164) |
Net income | 40,099 | 62,733 | 33,826 | 73,931 |
Less net loss attributable to noncontrolling interests in consolidated subsidiaries | 13,890 | 2,781 | 25,872 | 12,709 |
Net income | 50,789 | 61,906 | 57,284 | 82,603 |
Preferred dividends/distributions | (15,529) | (15,529) | (31,058) | (31,058) |
NET INCOME | 35,260 | 46,377 | 26,226 | 51,545 |
Rental revenues | ||||
REVENUES: | ||||
Total revenues | 393,595 | 418,834 | 782,873 | 815,627 |
Fee and other income | ||||
REVENUES: | ||||
Total revenues | 56,671 | 53,525 | 103,768 | 102,655 |
Vornado Realty L.P. | ||||
REVENUES: | ||||
Total revenues | 450,266 | 472,359 | 886,641 | 918,282 |
EXPENSES: | ||||
Operating | (229,380) | (222,723) | (455,604) | (451,496) |
Depreciation and amortization | (109,774) | (107,162) | (218,433) | (213,727) |
General and administrative | (38,475) | (39,410) | (76,372) | (81,005) |
Expense from deferred compensation plan liability | (1,398) | (2,182) | (5,918) | (5,910) |
Transaction related costs and other | (3,361) | (30) | (4,014) | (688) |
Total expenses | (382,388) | (371,507) | (760,341) | (752,826) |
Income from partially owned entities | 47,949 | 37,272 | 64,228 | 53,938 |
Interest and other investment income, net | 10,511 | 13,153 | 22,235 | 22,737 |
Income from deferred compensation plan assets | 1,398 | 2,182 | 5,918 | 5,910 |
Interest and debt expense | (98,401) | (87,165) | (188,879) | (173,402) |
Net gains on disposition of wholly owned and partially owned assets | 16,048 | 936 | 16,048 | 8,456 |
Income before income taxes | 45,383 | 67,230 | 45,850 | 83,095 |
Income tax expense | (5,284) | (4,497) | (12,024) | (9,164) |
Net income | 40,099 | 62,733 | 33,826 | 73,931 |
Less net loss attributable to noncontrolling interests in consolidated subsidiaries | 13,890 | 2,781 | 25,872 | 12,709 |
Net income | 53,989 | 65,514 | 59,698 | 86,640 |
Preferred dividends/distributions | (15,557) | (15,557) | (31,115) | (31,115) |
NET INCOME | $ 38,432 | $ 49,957 | $ 28,583 | $ 55,525 |
INCOME PER CLASS A UNIT - BASIC: | ||||
Net income (loss) per Class A unit (in dollars per unit) | $ 0.19 | $ 0.24 | $ 0.14 | $ 0.27 |
Weighted average units outstanding, basic (in shares) | 204,960 | 205,411 | 204,917 | 205,606 |
INCOME PER CLASS A UNIT - DILUTED: | ||||
Net income (loss) per Class A unit (in dollars per unit) | $ 0.18 | $ 0.24 | $ 0.13 | $ 0.27 |
Weighted average units outstanding, diluted (in shares) | 208,873 | 208,747 | 208,975 | 208,302 |
Vornado Realty L.P. | Rental revenues | ||||
REVENUES: | ||||
Total revenues | $ 393,595 | $ 418,834 | $ 782,873 | $ 815,627 |
Vornado Realty L.P. | Fee and other income | ||||
REVENUES: | ||||
Total revenues | $ 56,671 | $ 53,525 | $ 103,768 | $ 102,655 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net income | $ 40,099 | $ 62,733 | $ 33,826 | $ 73,931 |
Other comprehensive income (loss): | ||||
Change in fair value of consolidated interest rate hedges and other | 1,192 | 61,657 | 49,401 | (19,879) |
Other comprehensive (loss) income of nonconsolidated subsidiaries | (1,685) | 185 | (2,227) | (3,144) |
Comprehensive income | 39,606 | 124,575 | 81,000 | 50,908 |
Less comprehensive loss attributable to noncontrolling interests in consolidated subsidiaries | 10,067 | (4,751) | 15,991 | 11,087 |
Comprehensive income (loss) attributable to Vornado / Vornado Realty L.P. | 49,673 | 119,824 | 96,991 | 61,995 |
Vornado Realty L.P. | ||||
Net income | 40,099 | 62,733 | 33,826 | 73,931 |
Other comprehensive income (loss): | ||||
Change in fair value of consolidated interest rate hedges and other | 1,192 | 61,657 | 49,401 | (19,879) |
Other comprehensive (loss) income of nonconsolidated subsidiaries | (1,685) | 185 | (2,227) | (3,144) |
Comprehensive income | 39,606 | 124,575 | 81,000 | 50,908 |
Less comprehensive loss attributable to noncontrolling interests in consolidated subsidiaries | 13,167 | 3,329 | 21,987 | 13,516 |
Comprehensive income (loss) attributable to Vornado / Vornado Realty L.P. | $ 52,773 | $ 127,904 | $ 102,987 | $ 64,424 |
CONSOLIDATED STATEMENTS OF CH_3
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Preferred Stock | Earnings Less Than Distributions | Accumulated Other Comprehensive Income | Non-controlling Interests in Consolidated Subsidiaries | Vornado Realty L.P. | Vornado Realty L.P. Preferred Stock | Vornado Realty L.P. Class A Units Owned by Vornado | Vornado Realty L.P. Earnings Less Than Distributions | Vornado Realty L.P. Accumulated Other Comprehensive Income | Vornado Realty L.P. Non-controlling Interests in Consolidated Subsidiaries |
Beginning balance (in shares) at Dec. 31, 2022 | 48,793,000 | 48,793,000 | |||||||||
Beginning balance at Dec. 31, 2022 | $ 6,076,380 | $ 1,182,459 | $ (3,894,580) | $ 174,967 | $ 236,652 | $ 6,076,380 | $ 1,182,459 | $ 8,376,882 | $ (3,894,580) | $ 174,967 | $ 236,652 |
Beginning balance (in shares) at Dec. 31, 2022 | 191,867,000 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 82,603 | 82,603 | 86,640 | 86,640 | |||||||
Net (income) loss attributable to redeemable partnership units | (4,037) | (4,037) | (4,037) | ||||||||
Net income (loss) attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | 5,311 | 5,311 | 5,311 | 5,311 | |||||||
Distributions to Vornado | (71,950) | (71,950) | |||||||||
Dividends on preferred shares (see Note 10 for dividends per share amounts) | (31,058) | (31,058) | (31,058) | (31,058) | |||||||
Class A units issued to Vornado: | |||||||||||
Class A units redeemed for common shares/ Upon redemption of redeemable Class A units, at redemption value (in shares) | 394,000 | ||||||||||
Class A units redeemed for common shares/ Upon redemption of redeemable Class A units, at redemption value | 5,558 | 5,558 | $ 5,558 | ||||||||
Under Vornado's dividend reinvestment plan (in shares) | 6,000 | ||||||||||
Under Vornado's dividend reinvestment plan | 146 | 146 | $ 146 | ||||||||
Contributions | 22,328 | 22,328 | 22,328 | 22,328 | |||||||
Distributions | (3,811) | (3,811) | (3,811) | (3,811) | |||||||
Repurchase of common shares / Repurchase of Class A units owned (in shares) | (1,722,000) | ||||||||||
Repurchase of common shares / Repurchase of Class A units owned | (23,250) | (23,181) | (23,250) | $ (69) | (23,181) | ||||||
Deferred compensation units and options (in shares) | (1,000) | ||||||||||
Deferred compensation shares and options | 133 | (36) | 133 | $ 169 | (36) | ||||||
Other comprehensive income (loss) of nonconsolidated subsidiaries | (3,144) | (3,144) | (3,144) | (3,144) | |||||||
Change in fair value of consolidated interest rate hedges and other | (19,879) | (19,879) | (19,879) | (19,879) | |||||||
Redeemable Class A unit measurement adjustment | (67,113) | (2,588) | (67,113) | (64,525) | (2,588) | ||||||
Unearned 2020 Out-Performance Plan and 2019 Performance AO LTIP awards | 20,668 | 20,668 | 20,668 | ||||||||
Operating Partnership / Redeemable partnership units | 1,608 | 1,608 | 1,608 | 1,608 | |||||||
Consolidated subsidiaries | 0 | 807 | (807) | 0 | 807 | (807) | |||||
Ending balance (in shares) at Jun. 30, 2023 | 48,793,000 | 48,793,000 | |||||||||
Ending balance at Jun. 30, 2023 | 5,994,530 | $ 1,182,459 | (3,938,202) | 151,771 | 259,673 | 5,994,530 | $ 1,182,459 | $ 8,338,829 | (3,938,202) | 151,771 | 259,673 |
Ending balance (in shares) at Jun. 30, 2023 | 190,544,000 | ||||||||||
Beginning balance (in shares) at Mar. 31, 2023 | 48,793,000 | 48,793,000 | |||||||||
Beginning balance at Mar. 31, 2023 | 5,932,658 | $ 1,182,459 | (3,961,392) | 95,562 | 241,026 | 5,932,658 | $ 1,182,459 | $ 8,375,003 | (3,961,392) | 95,562 | 241,026 |
Beginning balance (in shares) at Mar. 31, 2023 | 191,881,000 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 61,906 | 61,906 | 65,514 | 65,514 | |||||||
Net (income) loss attributable to redeemable partnership units | (3,608) | (3,608) | (3,608) | ||||||||
Net income (loss) attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | 5,995 | 5,995 | 5,995 | 5,995 | |||||||
Dividends on preferred shares (see Note 10 for dividends per share amounts) | (15,529) | (15,529) | (15,529) | (15,529) | |||||||
Class A units issued to Vornado: | |||||||||||
Class A units redeemed for common shares/ Upon redemption of redeemable Class A units, at redemption value (in shares) | 385,000 | ||||||||||
Class A units redeemed for common shares/ Upon redemption of redeemable Class A units, at redemption value | 5,371 | 5,371 | $ 5,371 | ||||||||
Contributions | 16,200 | 16,200 | 16,200 | 16,200 | |||||||
Distributions | (3,000) | (3,000) | (3,000) | (3,000) | |||||||
Repurchase of common shares / Repurchase of Class A units owned (in shares) | (1,722,000) | ||||||||||
Repurchase of common shares / Repurchase of Class A units owned | (23,250) | (23,181) | (23,250) | $ (69) | (23,181) | ||||||
Deferred compensation shares and options | 79 | (6) | 79 | 85 | (6) | ||||||
Other comprehensive income (loss) of nonconsolidated subsidiaries | 185 | 185 | 185 | 185 | |||||||
Change in fair value of consolidated interest rate hedges and other | 61,657 | 61,657 | 61,657 | 61,657 | |||||||
Redeemable Class A unit measurement adjustment | (43,270) | (1,709) | (43,270) | (41,561) | (1,709) | ||||||
Operating Partnership / Redeemable partnership units | (4,472) | (4,472) | (4,472) | (4,472) | |||||||
Consolidated subsidiaries | 0 | 548 | (548) | 0 | 548 | (548) | |||||
Ending balance (in shares) at Jun. 30, 2023 | 48,793,000 | 48,793,000 | |||||||||
Ending balance at Jun. 30, 2023 | $ 5,994,530 | $ 1,182,459 | (3,938,202) | 151,771 | 259,673 | 5,994,530 | $ 1,182,459 | $ 8,338,829 | (3,938,202) | 151,771 | 259,673 |
Ending balance (in shares) at Jun. 30, 2023 | 190,544,000 | ||||||||||
Beginning balance (in shares) at Dec. 31, 2023 | 48,792,902 | 48,793,000 | 48,793,000 | ||||||||
Beginning balance at Dec. 31, 2023 | $ 5,705,286 | $ 1,182,459 | (4,009,395) | 65,115 | 196,222 | 5,705,286 | $ 1,182,459 | $ 8,270,885 | (4,009,395) | 65,115 | 196,222 |
Beginning balance (in shares) at Dec. 31, 2023 | 190,390,703 | 190,391,000 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | $ 57,284 | 57,284 | 59,698 | 59,698 | |||||||
Net (income) loss attributable to redeemable partnership units | (2,414) | (2,414) | (2,414) | ||||||||
Net income (loss) attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | (9,982) | (9,982) | (9,982) | (9,982) | |||||||
Dividends on preferred shares (see Note 10 for dividends per share amounts) | (31,058) | (31,058) | (31,058) | (31,058) | |||||||
Class A units issued to Vornado: | |||||||||||
Class A units redeemed for common shares/ Upon redemption of redeemable Class A units, at redemption value (in shares) | 115,000 | ||||||||||
Class A units redeemed for common shares/ Upon redemption of redeemable Class A units, at redemption value | 3,040 | 3,040 | $ 3,040 | ||||||||
Contributions | 1,758 | 1,758 | 1,758 | 1,758 | |||||||
Distributions | (185) | (185) | (185) | (185) | |||||||
Other comprehensive income (loss) of nonconsolidated subsidiaries | (2,227) | (2,227) | (2,227) | (2,227) | |||||||
Change in fair value of consolidated interest rate hedges and other | 49,401 | 49,401 | 49,401 | 49,401 | |||||||
Redeemable Class A unit measurement adjustment | 48,143 | (43) | 48,143 | $ 48,186 | (43) | ||||||
Operating Partnership / Redeemable partnership units | (3,582) | (3,582) | (3,582) | (3,582) | |||||||
Consolidated subsidiaries | 0 | (3,885) | 3,885 | 0 | (3,885) | 3,885 | |||||
Other (in shares) | (1,000) | ||||||||||
Other | $ 121 | (25) | 1 | 121 | $ 145 | (25) | 1 | ||||
Ending balance (in shares) at Jun. 30, 2024 | 48,792,902 | 48,793,000 | 48,793,000 | ||||||||
Ending balance at Jun. 30, 2024 | $ 5,817,999 | $ 1,182,459 | (3,983,194) | 104,779 | 191,699 | 5,817,999 | $ 1,182,459 | $ 8,322,256 | (3,983,194) | 104,779 | 191,699 |
Ending balance (in shares) at Jun. 30, 2024 | 190,505,371 | 190,505,000 | |||||||||
Beginning balance (in shares) at Mar. 31, 2024 | 48,793,000 | 48,793,000 | |||||||||
Beginning balance at Mar. 31, 2024 | $ 5,734,168 | $ 1,182,459 | (4,018,454) | 105,916 | 195,081 | 5,734,168 | $ 1,182,459 | $ 8,269,166 | (4,018,454) | 105,916 | 195,081 |
Beginning balance (in shares) at Mar. 31, 2024 | 190,483,000 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 50,789 | 50,789 | 53,989 | 53,989 | |||||||
Net (income) loss attributable to redeemable partnership units | (3,200) | (3,200) | (3,200) | ||||||||
Net income (loss) attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | (5,487) | (5,487) | (5,487) | (5,487) | |||||||
Dividends on preferred shares (see Note 10 for dividends per share amounts) | (15,529) | (15,529) | (15,529) | (15,529) | |||||||
Class A units issued to Vornado: | |||||||||||
Class A units redeemed for common shares/ Upon redemption of redeemable Class A units, at redemption value (in shares) | 22,000 | ||||||||||
Class A units redeemed for common shares/ Upon redemption of redeemable Class A units, at redemption value | 551 | 551 | $ 551 | ||||||||
Contributions | 1,488 | 1,488 | 1,488 | 1,488 | |||||||
Distributions | (107) | (107) | (107) | (107) | |||||||
Other comprehensive income (loss) of nonconsolidated subsidiaries | (1,685) | (1,685) | (1,685) | (1,685) | |||||||
Change in fair value of consolidated interest rate hedges and other | 1,192 | 1,192 | 1,192 | 1,192 | |||||||
Redeemable Class A unit measurement adjustment | 52,518 | (21) | 52,518 | 52,539 | (21) | ||||||
Operating Partnership / Redeemable partnership units | 100 | 100 | 100 | 100 | |||||||
Consolidated subsidiaries | 0 | (723) | 723 | 0 | (723) | 723 | |||||
Other | $ 1 | 1 | 1 | 1 | |||||||
Ending balance (in shares) at Jun. 30, 2024 | 48,792,902 | 48,793,000 | 48,793,000 | ||||||||
Ending balance at Jun. 30, 2024 | $ 5,817,999 | $ 1,182,459 | $ (3,983,194) | $ 104,779 | $ 191,699 | $ 5,817,999 | $ 1,182,459 | $ 8,322,256 | $ (3,983,194) | $ 104,779 | $ 191,699 |
Ending balance (in shares) at Jun. 30, 2024 | 190,505,371 | 190,505,000 |
CONSOLIDATED STATEMENTS OF CH_4
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) | 6 Months Ended |
Jun. 30, 2023 $ / shares | |
Class A common units, dividends (in dollars per share) | $ 0.375 |
Vornado Realty L.P. | |
Class A common units, dividends (in dollars per share) | $ 0.375 |
CONSOLIDATED STATEMENTS OF CA_3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash Flows from Operating Activities: | ||
Net income | $ 33,826 | $ 73,931 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization (including amortization of deferred financing costs) | 229,797 | 225,694 |
Equity in net income of partially owned entities | (64,228) | (53,938) |
Distributions of income from partially owned entities | 54,618 | 88,902 |
Amortization of interest rate cap premiums | 22,720 | 2,167 |
Stock-based compensation expense | 16,269 | 23,582 |
Net gains on disposition of wholly owned and partially owned assets | (16,048) | (8,456) |
Change in deferred tax liability | 5,879 | 5,600 |
Straight-lining of rents | (4,372) | (694) |
Amortization of below-market leases, net | (1,910) | (2,727) |
Other non-cash adjustments | 6,304 | 4,912 |
Changes in operating assets and liabilities: | ||
Tenant and other receivables | (2,840) | (6,380) |
Prepaid assets | (6,965) | (18,433) |
Other assets | (48,272) | 10,696 |
Lease liabilities | 8,903 | 8,727 |
Accounts payable and accrued expenses | (13,074) | (2,651) |
Other liabilities | 5,557 | 23,809 |
Net cash provided by operating activities | 226,164 | 374,741 |
Cash Flows from Investing Activities: | ||
Development costs and construction in progress | (138,076) | (289,792) |
Additions to real estate | (112,578) | (100,126) |
Investments in partially owned entities | (90,051) | (37,222) |
Proceeds from sale of condominium units at 220 Central Park South | 31,605 | 14,216 |
Proceeds from sales of real estate | 2,000 | 6,363 |
Proceeds from maturities of U.S. Treasury bills | 0 | 468,598 |
Proceeds from repayment of participation in 150 West 34th Street mortgage loan | 0 | 105,000 |
Distributions of capital from partially owned entities | 0 | 18,481 |
Acquisitions of real estate and other | 0 | (33,145) |
Net cash (used in) provided by investing activities | (307,100) | 152,373 |
Cash Flows from Financing Activities: | ||
Repayments of borrowings | (95,696) | (115,800) |
Proceeds from borrowings | 75,000 | 0 |
Dividends paid on preferred shares | (31,058) | (31,058) |
Deferred financing costs | (13,649) | (3,078) |
Contributions from noncontrolling interests in consolidated subsidiaries | 1,758 | 18,328 |
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (242) | (9,440) |
Distributions to Vornado | 0 | (71,950) |
Repurchase of Class A units owned by Vornado | 0 | (23,250) |
Other financing activity, net | 93 | 110 |
Net cash used in financing activities | (63,794) | (236,138) |
Net (decrease) increase in cash and cash equivalents and restricted cash | (144,730) | 290,976 |
Cash and cash equivalents and restricted cash at beginning of period | 1,261,584 | 1,021,157 |
Cash and cash equivalents and restricted cash at end of period | 1,116,854 | 1,312,133 |
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | ||
Cash and cash equivalents at beginning of period | 997,002 | 889,689 |
Restricted cash at beginning of period | 264,582 | 131,468 |
Cash and cash equivalents and restricted cash at beginning of period | 1,261,584 | 1,021,157 |
Cash and cash equivalents at end of period | 872,609 | 1,133,693 |
Restricted cash at end of period | 244,245 | 178,440 |
Cash and cash equivalents and restricted cash at end of period | 1,116,854 | 1,312,133 |
Supplemental Disclosure of Cash Flow Information: | ||
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums | 152,212 | 164,356 |
Cash payments for income taxes | 4,436 | 4,746 |
Non-Cash Information: | ||
Change in fair value of consolidated interest rate hedges and other | 49,401 | (19,879) |
Redeemable Class A unit measurement adjustment | 48,143 | (67,113) |
Write-off of fully depreciated assets | (47,840) | (26,443) |
Accrued capital expenditures included in accounts payable and accrued expenses | 25,997 | 74,852 |
Accrual of 1290 Avenue of the Americas 1.00% SOFR interest rate cap up-front payment (30% attributable to noncontrolling interests) (paid on July 3, 2023) | 0 | 63,100 |
Vornado Realty L.P. | ||
Cash Flows from Operating Activities: | ||
Net income | 33,826 | 73,931 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization (including amortization of deferred financing costs) | 229,797 | 225,694 |
Equity in net income of partially owned entities | (64,228) | (53,938) |
Distributions of income from partially owned entities | 54,618 | 88,902 |
Amortization of interest rate cap premiums | 22,720 | 2,167 |
Stock-based compensation expense | 16,269 | 23,582 |
Net gains on disposition of wholly owned and partially owned assets | (16,048) | (8,456) |
Change in deferred tax liability | 5,879 | 5,600 |
Straight-lining of rents | (4,372) | (694) |
Amortization of below-market leases, net | (1,910) | (2,727) |
Other non-cash adjustments | 6,304 | 4,912 |
Changes in operating assets and liabilities: | ||
Tenant and other receivables | (2,840) | (6,380) |
Prepaid assets | (6,965) | (18,433) |
Other assets | (48,272) | 10,696 |
Lease liabilities | 8,903 | 8,727 |
Accounts payable and accrued expenses | (13,074) | (2,651) |
Other liabilities | 5,557 | 23,809 |
Net cash provided by operating activities | 226,164 | 374,741 |
Cash Flows from Investing Activities: | ||
Development costs and construction in progress | (138,076) | (289,792) |
Additions to real estate | (112,578) | (100,126) |
Investments in partially owned entities | (90,051) | (37,222) |
Proceeds from sale of condominium units at 220 Central Park South | 31,605 | 14,216 |
Proceeds from sales of real estate | 2,000 | 6,363 |
Proceeds from maturities of U.S. Treasury bills | 0 | 468,598 |
Proceeds from repayment of participation in 150 West 34th Street mortgage loan | 0 | 105,000 |
Distributions of capital from partially owned entities | 0 | 18,481 |
Acquisitions of real estate and other | 0 | (33,145) |
Net cash (used in) provided by investing activities | (307,100) | 152,373 |
Cash Flows from Financing Activities: | ||
Repayments of borrowings | (95,696) | (115,800) |
Proceeds from borrowings | 75,000 | 0 |
Dividends paid on preferred shares | (31,058) | (31,058) |
Deferred financing costs | (13,649) | (3,078) |
Contributions from noncontrolling interests in consolidated subsidiaries | 1,758 | 18,328 |
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (242) | (9,440) |
Distributions to Vornado | 0 | (71,950) |
Repurchase of Class A units owned by Vornado | 0 | (23,250) |
Other financing activity, net | 93 | 110 |
Net cash used in financing activities | (63,794) | (236,138) |
Net (decrease) increase in cash and cash equivalents and restricted cash | (144,730) | 290,976 |
Cash and cash equivalents and restricted cash at beginning of period | 1,261,584 | 1,021,157 |
Cash and cash equivalents and restricted cash at end of period | 1,116,854 | 1,312,133 |
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | ||
Cash and cash equivalents at beginning of period | 997,002 | 889,689 |
Restricted cash at beginning of period | 264,582 | 131,468 |
Cash and cash equivalents and restricted cash at beginning of period | 1,261,584 | 1,021,157 |
Cash and cash equivalents at end of period | 872,609 | 1,133,693 |
Restricted cash at end of period | 244,245 | 178,440 |
Cash and cash equivalents and restricted cash at end of period | 1,116,854 | 1,312,133 |
Supplemental Disclosure of Cash Flow Information: | ||
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums | 152,212 | 164,356 |
Cash payments for income taxes | 4,436 | 4,746 |
Non-Cash Information: | ||
Change in fair value of consolidated interest rate hedges and other | 49,401 | (19,879) |
Redeemable Class A unit measurement adjustment | 48,143 | (67,113) |
Write-off of fully depreciated assets | (47,840) | (26,443) |
Accrued capital expenditures included in accounts payable and accrued expenses | 25,997 | 74,852 |
Reclassification of assets held for sale (included in "other assets") | 15,224 | 96,106 |
Accrual of 1290 Avenue of the Americas 1.00% SOFR interest rate cap up-front payment (30% attributable to noncontrolling interests) (paid on July 3, 2023) | $ 0 | $ 63,100 |
CONSOLIDATED STATEMENTS OF CA_4
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) | Jun. 30, 2023 |
Interest rate cap up-front payment | 1% |
Vornado Realty L.P. | |
Interest rate cap up-front payment | 1% |
Attributable to noncontrolling interests | 30% |
Organization
Organization | 6 Months Ended |
Jun. 30, 2024 | |
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. (the “Operating Partnership”), a Delaware limited partnership. Vornado is the sole general partner of and owned approximately 90.9% of the common limited partnership interest in the Operating Partnership as of June 30, 2024. 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 | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023, 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 and six months ended June 30, 2024 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. |
Recently Issued Accounting Lite
Recently Issued Accounting Literature | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recently Issued Accounting Literature | Recently Issued Accounting Literature In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. The update also requires disclosure regarding the chief operating decision maker and expands the interim segment disclosure requirements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of ASU 2023-07 on our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of ASU 2023-09 on our consolidated financial statements. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2024 | |
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 and six months ended June 30, 2024 and 2023 is set forth in Note 18 - Segment Information. (Amounts in thousands) For the Three Months Ended June 30, 2024 For the Three Months Ended June 30, 2023 Total New York Other Total New York Other Property rentals $ 372,186 $ 302,780 $ 69,406 $ 397,053 $ 305,182 $ 91,871 (1) Trade shows 7,061 — 7,061 6,782 — 6,782 Lease revenues (2) 379,247 302,780 76,467 403,835 305,182 98,653 Tenant services 9,604 6,373 3,231 9,804 7,325 2,479 Parking revenues 4,744 3,750 994 5,195 4,195 1,000 Rental revenues 393,595 312,903 80,692 418,834 316,702 102,132 BMS cleaning fees 38,465 40,689 (2,224) (3) 35,146 37,754 (2,608) (3) Management and leasing fees 6,709 6,911 (202) 3,658 3,761 (103) Other income 11,497 7,075 4,422 14,721 4,254 10,467 Fee and other income 56,671 54,675 1,996 53,525 45,769 7,756 Total revenues $ 450,266 $ 367,578 $ 82,688 $ 472,359 $ 362,471 $ 109,888 ____________________ See notes below. (Amounts in thousands) For the Six Months Ended June 30, 2024 For the Six Months Ended June 30, 2023 Total New York Other Total New York Other Property rentals $ 742,069 $ 604,311 $ 137,758 $ 773,882 $ 612,904 $ 160,978 (1) Trade shows 12,777 — 12,777 11,830 — 11,830 Lease revenues (2) 754,846 604,311 150,535 785,712 612,904 172,808 Tenant services 18,632 12,920 5,712 19,573 14,907 4,666 Parking revenues 9,395 7,407 1,988 10,342 8,407 1,935 Rental revenues 782,873 624,638 158,235 815,627 636,218 179,409 BMS cleaning fees 74,245 79,329 (5,084) (3) 70,474 75,432 (4,958) (3) Management and leasing fees 9,320 9,623 (303) 6,707 6,934 (227) Other income 20,203 12,222 7,981 25,474 7,701 17,773 Fee and other income 103,768 101,174 2,594 102,655 90,067 12,588 Total revenues $ 886,641 $ 725,812 $ 160,829 $ 918,282 $ 726,285 $ 191,997 ____________________ (1) 2023 includes the receipt of a $21,350 tenant settlement, of which $6,405 is attributable to noncontrolling interests. (2) The components of lease revenues were as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Fixed billings $ 340,166 $ 362,326 $ 671,180 $ 710,240 Variable billings 39,465 37,216 80,518 75,155 Total contractual operating lease billings 379,631 399,542 751,698 785,395 Adjustment for straight-line rents and amortization of acquired below-market leases and other, net (384) 4,293 3,148 317 Lease revenues $ 379,247 $ 403,835 $ 754,846 $ 785,712 (3) Represents the elimination of Building Maintenance Services LLC ("BMS") cleaning fees related to THE MART and 555 California Street which are included as income in the New York segment. |
Investments in Partially Owned
Investments in Partially Owned Entities | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024, 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 aggregate liquidation preference of preferred equity interests in certain of the Properties. The preferred equity had 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. Fifth Avenue and Times Square JV operates pursuant to a limited partnership agreement (the “Partnership Agreement”) among VRLP, a wholly owned subsidiary of VRLP (“Vornado GP”) and the Investors. Vornado GP is the general partner of Fifth Avenue and Times Square JV. VRLP is jointly and severally liable with Vornado GP for Vornado GP’s obligations under the Partnership Agreement. Pursuant to the Partnership Agreement and the organizational documents of the entities owning the Properties, the Investors or directors of the entities owning the Properties appointed by the Investors, as the case may be, have the right to approve annual business plans and budgets for the Properties and certain other specified major decisions with respect to the Properties and Fifth Avenue and Times Square JV. The Partnership Agreement affords the Investors the right to remove and replace Vornado GP in the event Vornado GP or certain of its affiliates commit fraud or other bad acts in connection with Fifth Avenue and Times Square JV, become bankrupt or insolvent, or default on certain of their respective obligations under the Partnership Agreement (subject to notice and cure periods in certain circumstances). The Partnership Agreement includes (i) remedies for the failure of any partner to make a required capital contribution for necessary expenses and (ii) liquidity provisions, including transfer rights subject to mutual rights of first offer and a mutual buy-sell, customary for similar partnerships. Subject to certain limitations, either party may transfer more than 50% or control of its respective interests in Fifth Avenue and Times Square JV or exercise a buy-sell on a Property-by-Property basis (with only one property subject to a buy-sell at any time), and commencing April 18, 2029, either party may exercise a buy-sell on multiple properties concurrently. In the event the buy-sell is exercised with respect to any Property in which VRLP holds preferred equity and VRLP is the selling partner in the buy-sell, VRLP may elect whether or not to include its preferred equity in the buy-sell for the Property to be sold. As of June 30, 2024, 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 $833,048,000, the basis difference primarily resulting from non-cash impairment losses recognized in prior periods. 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. On June 10, 2024, the Fifth Avenue and Times Square JV completed a $400,000,000 refinancing of 640 Fifth Avenue. The non-recourse loan matures in July 2029, bears interest at a fixed rate of 7.47% and amortizes at $7,000,000 per annum. The loan replaces the previous $500,000,000 loan, which the joint venture paid down by $100,000,000. The previous loan was fully recourse to the Operating Partnership and bore interest at SOFR plus 1.11%. Alexander's, Inc. ("Alexander's") (NYSE: ALX) As of June 30, 2024, 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. In addition, wholly owned subsidiaries of Vornado provide cleaning, engineering, security, and garage management services to certain Alexander’s properties. As of June 30, 2024, 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 June 30, 2024 closing share price of $224.86, was $371,934,000, or $292,336,000 in excess of the carrying amount on our consolidated balance sheets. As of June 30, 2024, 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 $29,320,000. 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. 5. Investments in Partially Owned Entities - continued Alexander's - continued We provide Alexander’s with leasing services for a fee of 3% of rent for the first ten years of a lease term, 2% of rent for the eleventh through the twentieth year of a lease term, and 1% of rent for the twenty-first through thirtieth year of a lease term, subject to the payment of rents by tenants. Under the agreements in effect prior to May 1, 2024, in the event third-party real estate brokers were used, the fees due to us increased by 1% and we were responsible for the payment of fees to the third-party real estate brokers (“Third-Party Lease Commissions”). On May 1, 2024, our Board of Trustees approved amendments to the leasing agreements, subject to applicable consents from Alexander’s lenders, pursuant to which Alexander’s is directly responsible for any Third-Party Lease Commissions and, in such circumstances, our fee is 33% of the applicable Third-Party Lease Commissions. On May 3, 2024, Alexander’s and Bloomberg L.P. reached an agreement to extend the leases covering approximately 947,000 square feet at 731 Lexington Avenue that were scheduled to expire in February 2029 for a term of eleven years to February 2040. In connection with the lease amendments discussed above, Alexander’s paid a leasing commission to a third-party real estate broker and paid us a $5,500,000 leasing commission override. 50-70 West 93rd Street On May 13, 2024, we sold our 49.9% interest in 50-70 West 93rd Street to our joint venture partner. We received net proceeds of $2,000,000 after deducting our share of the existing $83,500,000 mortgage loan, which was scheduled to mature in December 2024, resulting in a net gain of $873,000. The net gain is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. 280 Park Avenue On April 4, 2024, a joint venture, in which we have a 50% interest, amended and extended the $1,075,000,000 mortgage loan on 280 Park Avenue. The maturity date on the amended loan was extended to September 2026, with options to fully extend to September 2028, subject to certain conditions. The interest rate on the amended loan remains at SOFR plus 1.78%. On July 8, 2024, the joint venture swapped the interest rate to a fixed rate of 5.84% through September 2028. Additionally, on April 4, 2024, the joint venture amended and extended the $125,000,000 mezzanine loan, and subsequently repaid the loan for $62,500,000. In connection with the repayment of the mezzanine loan, we recognized our $31,215,000 share of the debt extinguishment gain which is included in “income from partially owned entities” on our consolidated statements of income. Below is a schedule summarizing our investments in partially owned entities. (Amounts in thousands) Percentage Ownership as of June 30, 2024 Balance as of June 30, 2024 December 31, 2023 Investments: Fifth Avenue and Times Square JV (see page 24 51.5% $ 2,253,658 $ 2,242,972 Partially owned office buildings/land (1) Various 196,772 118,558 Alexander's (see page 24 32.4% 79,598 87,510 Other investments (2) Various 181,052 161,518 $ 2,711,080 $ 2,610,558 Investments in partially owned entities included in other liabilities (3) : 7 West 34th Street 53.0% $ (72,564) $ (69,899) 85 Tenth Avenue 49.9% (15,691) (11,330) $ (88,255) $ (81,229) ____________________ (1) Includes interests in 280 Park Avenue, 512 West 22nd Street, 61 Ninth Avenue and others. (2) Includes interests in Independence Plaza, Sunset Pier 94 Joint Venture (“Pier 94 JV”), Rosslyn Plaza and others. (3) Our negative basis results from distributions in excess of our investment. 5. Investments in Partially Owned Entities - continued Below is a schedule of income from partially owned entities. (Amounts in thousands) Percentage Ownership as of June 30, 2024 For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Our share of net income (loss): Fifth Avenue and Times Square JV (see page 24 Equity in net income (1) 51.5% $ 10,427 $ 5,941 $ 19,718 $ 16,140 Return on preferred equity, net of our share of the expense 10,258 9,329 19,586 18,555 20,685 15,270 39,304 34,695 Alexander's (see page 24 Equity in net income 32.4% 2,649 3,318 7,803 6,889 Management, leasing and development fees 1,185 1,699 2,365 2,872 Net gain on sale of land — 16,396 — 16,396 3,834 21,413 10,168 26,157 Partially owned office buildings (2)(3) Various 21,297 (254) 10,894 (9,217) Other investments (4) Various 2,133 843 3,862 2,303 $ 47,949 $ 37,272 $ 64,228 $ 53,938 ____________________ (1) 2023 includes a $5,120 accrual of default interest which was forgiven by the lender as part of the restructuring of the 697-703 Fifth Avenue loan which is being amortized over the remaining term of the restructured loan, reducing future interest expense. (2) Includes interests in 280 Park Avenue, 7 West 34th Street, 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others. (3) 2024 includes our $31,215 share of the debt extinguishment gain from the repayment of the 280 Park Avenue mezzanine loan. See page 25 (4) Includes interests in Independence Plaza, Rosslyn Plaza and others. |
Dispositions
Dispositions | 6 Months Ended |
Jun. 30, 2024 | |
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | |
Dispositions | Dispositions 220 Central Park South During the three and six months ended June 30, 2024, we closed on the sale of two condominium units at 220 Central Park South (“220 CPS”) for net proceeds of $31,605,000, resulting in a financial statement net gain of $15,175,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with these sales, $2,106,000 of income tax expense was recognized on our consolidated statements of income. Four units remain unsold, with a carrying value of $20,227,000 which is included in "other assets” on our consolidated balance sheets. |
Identified Intangible Assets an
Identified Intangible Assets and Liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Identified Intangible Assets and Liabilities | Identified Intangible Assets and Liabilities The following summarizes our identified intangible assets (primarily in-place and above-market leases) and liabilities (primarily below-market leases). (Amounts in thousands) Balance as of June 30, 2024 December 31, 2023 Identified intangible assets: Gross amount $ 199,963 $ 225,671 Accumulated amortization (77,549) (98,589) Total, net $ 122,414 $ 127,082 Identified intangible liabilities (included in deferred revenue): Gross amount $ 151,016 $ 206,771 Accumulated amortization (125,404) (178,282) Total, net $ 25,612 $ 28,489 Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental revenues of $1,217,000 and $1,360,000 for the three months ended June 30, 2024 and 2023, respectively, and $1,910,000 and $2,727,000 for the six months ended June 30, 2024 and 2023, respectively. Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $1,989,000 and $1,985,000 for the three months ended June 30, 2024 and 2023, respectively, and $3,700,000 and $3,972,000 for the six months ended June 30, 2024 and 2023, respectively. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Debt 435 Seventh Avenue On April 9, 2024, we completed a $75,000,000 refinancing of 435 Seventh Avenue, of which $37,500,000 is recourse to the Operating Partnership. The interest-only loan bears a rate of SOFR plus 2.10% and matures in April 2028. The interest rate on the loan was swapped to a fixed rate of 6.96% through April 2026. The loan replaces the previous $95,696,000 fully recourse loan, which bore interest at SOFR plus 1.41%. Unsecured Revolving Credit Facility On May 3, 2024, we extended one of our two unsecured revolving credit facilities to April 2029 (as fully extended). The new $915,000,000 facility replaced the $1.25 billion facility that was due to mature in April 2026. The new facility currently bears interest at a rate of SOFR plus 1.20% with a facility fee of 25 basis points. Our $1.25 billion revolving credit facility matures in December 2027 (as fully extended) and has an interest rate of SOFR plus 1.15% and a facility fee of 25 basis points. The following is a summary of our debt: (Amounts in thousands) Weighted Average Interest Rate as of June 30, 2024 (1) Balance as of June 30, 2024 December 31, 2023 Mortgages Payable: Fixed rate (2) 4.62% $ 4,592,300 $ 4,518,200 Variable rate (3) 6.17% 1,116,619 1,211,415 Total 4.93% 5,708,919 5,729,615 Deferred financing costs, net and other (36,833) (41,595) Total, net $ 5,672,086 $ 5,688,020 Unsecured Debt: Senior unsecured notes 3.02% $ 1,200,000 $ 1,200,000 Deferred financing costs, net and other (5,106) (6,127) Senior unsecured notes, net 1,194,894 1,193,873 Unsecured term loan 4.79% 800,000 800,000 Deferred financing costs, net and other (4,746) (5,441) Unsecured term loan, net 795,254 794,559 Unsecured revolving credit facilities 3.88% 575,000 575,000 Total, net $ 2,565,148 $ 2,563,432 ____________________ (1) Represents the interest rate in effect as of period end based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for hedging instruments, as applicable. See Note 14 - Fair Value Measurements for further information on our consolidated hedging instruments. (2) Includes variable rate mortgages with interest rates fixed by interest rate swap arrangements and the $950,000 1290 Avenue of the Americas mortgage loan which is subject to a 1.00% SOFR interest rate cap arrangement. (3) Includes variable rate mortgages subject to interest rate cap arrangements, except for the 1290 Avenue of the Americas mortgage loan discussed above. As of June 30, 2024, $1,034,119 of our variable rate debt is subject to interest rate cap arrangements. The interest rate cap arrangements have a weighted average SOFR strike rate of 4.74% and a weighted average remaining term of ten months. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 6 Months Ended |
Jun. 30, 2024 | |
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. Class A units may be tendered for redemption to the Operating Partnership for cash; Vornado, at its option, may assume that obligation and pay the holder either cash or Vornado common shares on a one-for-one basis. Because the number of Vornado common shares outstanding at all times equals the number of Class A units owned by Vornado, the redemption value of each Class A unit is equivalent to the market value of one Vornado common share, and a distribution made to a Class A unitholder is equal to the dividend paid to a Vornado common shareholder. Below is a table summarizing the activity of redeemable noncontrolling partnership units. (Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Beginning balance $ 495,967 $ 351,743 $ 483,786 $ 348,692 Net income 3,200 3,608 2,414 4,037 Other comprehensive (loss) income (100) 4,472 3,582 (1,608) Distributions (29) (28) (57) (5,629) Redemption of Class A units for Vornado common shares, at redemption value (551) (5,371) (3,040) (5,558) Redeemable Class A unit measurement adjustment (52,518) 43,270 (48,143) 67,113 Other, net 8,724 12,582 16,151 3,229 Ending balance $ 454,693 $ 410,276 $ 454,693 $ 410,276 As of June 30, 2024 and December 31, 2023, the aggregate redemption value of redeemable Class A units of the Operating Partnership, which are those units held by third parties, was $451,158,000 and $480,251,000, 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 $49,383,000 and $49,386,000 as of June 30, 2024 and December 31, 2023, 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 hold a 95% interest, developed and owns the Farley Building (the "Farley Project"). As of June 30, 2024, a historic tax credit investor (the "Tax Credit Investor") has funded $205,068,000 of capital contributions to the Farley Project in connection with the development. The arrangement includes a put option whereby the joint venture may be obligated to purchase the Tax Credit Investor’s ownership interest in the Farley 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 and six months ended June 30, 2024 and 2023. Below is a table summarizing the activity of the redeemable noncontrolling interest in a consolidated subsidiary. (Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Beginning balance $ 147,175 $ 78,796 $ 154,662 $ 88,040 Net loss (8,403) (8,776) (15,890) (18,020) Ending balance $ 138,772 $ 70,020 $ 138,772 $ 70,020 |
Shareholders' Equity_Partners'
Shareholders' Equity/Partners' Capital | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Common shares/Class A units held by Vornado: authorized 250,000,000 shares/units $ — $ — $ — $ 0.375 Preferred shares/units (1) : Convertible preferred: 6.5% Series A: authorized 12,902 shares/units (2) 0.8125 0.8125 1.6250 1.6250 Cumulative redeemable preferred (3) : 5.40% Series L: authorized 13,800,000 shares/units 0.3375 0.3375 0.6750 0.6750 5.25% Series M: authorized 13,800,000 shares/units 0.3281 0.3281 0.6562 0.6562 5.25% Series N: authorized 12,000,000 shares/units 0.3281 0.3281 0.6562 0.6562 4.45% Series O: authorized 12,000,000 shares/units 0.2781 0.2781 0.5562 0.5562 ____________________ (1) Preferred share dividends/preferred unit distributions 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 and Series M 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 N preferred shares/units are redeemable commencing November 2025 and Series O preferred shares/units are redeemable commencing September 2026, each at a redemption price of $25.00 per share/unit. We anticipate that we will pay a common share dividend for 2024 in the fourth quarter, subject to approval by our Board of Trustees. Share Repurchase Program In April 2023, our Board of Trustees authorized a share repurchase plan under which Vornado is authorized to repurchase up to $200,000,000 of its outstanding common shares. To the extent Vornado repurchases any of its common shares, in order to fund the common share repurchase and maintain the one-to-one ratio of the number of Vornado common shares outstanding and the number of Class A units owned by Vornado, the Operating Partnership will repurchase from Vornado an equal number of its Class A units at the same price. Share repurchases may be made from time to time in the open market, through privately negotiated transactions or through other means as permitted by federal securities laws, including through block trades, accelerated share repurchase transactions and/or trading plans intended to qualify under Rule 10b5-1. The timing, manner, price and amount of any repurchases will be determined in Vornado’s discretion depending on business, economic and market conditions, corporate and regulatory requirements, prevailing prices for Vornado’s common shares, alternative uses for capital and other considerations. The program does not have an expiration date and may be suspended or discontinued at any time and does not obligate Vornado to make any repurchases of its common shares. During the three and six months ended June 30, 2024, no shares were repurchased. In total, Vornado has repurchased 2,024,495 common shares at an average price per share of $14.40. The Operating Partnership repurchased Class A units from Vornado equivalent to the number and price of common shares repurchased by Vornado. As of June 30, 2024, $170,857,000 remained available and authorized for repurchases. |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation | Stock-based Compensation Vornado’s 2023 Omnibus Share Plan provides the Compensation Committee of Vornado’s Board of Trustees the ability to grant incentive and non-qualified Vornado stock options, restricted Vornado common shares, restricted Operating Partnership units (“LTIP Units”), out-performance plan awards (“OPP Units”), appreciation-only long-term incentive plan units (“AO LTIP Units”), performance conditioned appreciation-only long-term incentive plan units (“Performance AO LTIP Units”), and long-term performance plan units (“LTPP Units”) to certain of our employees and officers. Below is a summary of our stock-based compensation expense, a component of “general and administrative” expense on our consolidated statements of income. (Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 LTIP Units $ 4,431 $ 6,561 $ 7,649 $ 12,869 Performance AO LTIP Units 3,480 4,449 6,943 4,449 LTPP Units 629 533 1,259 4,457 OPP Units 210 209 418 1,574 Other — 116 — 233 $ 8,750 $ 11,868 $ 16,269 $ 23,582 |
Income Per Share_Income Per Cla
Income Per Share/Income Per Class A Unit | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Income Per Share/Income Per Class A Unit | Income Per Share/Income Per Class A Unit Vornado Realty Trust Basic net income per common share is computed by dividing (i) net income attributable to common stockholders after allocation of dividends and undistributed earnings to participating securities by (ii) the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the dilutive impact of potential common shares and is computed after allocation of earnings to participating securities. Vornado’s participating securities include unvested restricted common shares. Employee stock options, OPP Units, AO LTIP Units, Performance AO LTIP Units and LTPP Units are included in the calculation of diluted income per share using the treasury stock method, if the effect is dilutive. Series A convertible preferred shares, Series G-1 through G-4 convertible preferred units, and Series D-13 redeemable preferred units, are included in the calculation of diluted income per share using the if-converted method, if the effect is dilutive. Net income is allocated to redeemable Class A units of the Operating Partnership on a one-for-one basis with Vornado common shares. As such, redemption of these units for Vornado common shares would not have a dilutive effect on income per common share. (Amounts in thousands, except per share amounts) For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Numerator: Net income attributable to Vornado $ 50,789 $ 61,906 $ 57,284 $ 82,603 Preferred share dividends (15,529) (15,529) (31,058) (31,058) Net income attributable to common shareholders 35,260 46,377 26,226 51,545 Distributions and earnings allocated to unvested participating securities — (1) — (1) Numerator for basic income per common share $ 35,260 $ 46,376 $ 26,226 $ 51,544 Impact of assumed conversion of dilutive convertible securities — 377 — 700 Numerator for diluted income per common share $ 35,260 $ 46,753 $ 26,226 $ 52,244 Denominator: Denominator for basic income per common share - weighted average shares 190,492 191,468 190,460 191,668 Effect of dilutive securities (1) : Share-based payment awards 3,913 32 4,058 23 Convertible securities — 3,304 — 2,673 Denominator for diluted income per common share - weighted average shares and assumed conversions 194,405 194,804 194,518 194,364 INCOME PER COMMON SHARE: Basic $ 0.19 $ 0.24 $ 0.14 $ 0.27 Diluted $ 0.18 $ 0.24 $ 0.13 $ 0.27 _____________________________________ (1) The calculation of diluted income per share for the three and six months ended June 30, 2024 excluded 1,955 and 1,915 potential common share equivalents of our convertible securities, respectively, as their inclusion would be antidilutive. 12. Income Per Share/Income Per Class A Unit - continued Vornado Realty L.P. Basic net income per Class A unit is computed by dividing (i) net income attributable to Class A unitholders after allocation of distributions and undistributed earnings to participating securities by (ii) the weighted average number of Class A units outstanding for the period. Diluted earnings per unit reflects the dilutive impact of potential Class A units and is computed after allocation of earnings to participating securities. VRLP’s participating securities include unvested LTIP Units and LTPP Units for which the applicable performance vesting conditions were satisfied. Equity awards subject to market and/or performance vesting conditions, including Vornado stock options, OPP Units, AO LTIP Units, Performance AO LTIP Units and LTPP Units, are included in the calculation of diluted income per Class A unit using the treasury stock method, if the effect is dilutive. Convertible securities, including Series A convertible preferred units, Series G-1 through G-4 convertible preferred units, and Series D-13 redeemable preferred units, are included in the calculation of diluted income per Class A unit using the if-converted method, if the effect is dilutive. (Amounts in thousands, except per unit amounts) For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Numerator: Net income attributable to Vornado Realty L.P. $ 53,989 $ 65,514 $ 59,698 $ 86,640 Preferred unit distributions (15,557) (15,557) (31,115) (31,115) Net income attributable to Class A unitholders 38,432 49,957 28,583 55,525 Distributions and earnings allocated to participating securities (494) (204) (372) (228) Numerator for basic income per Class A unit $ 37,938 $ 49,753 $ 28,211 $ 55,297 Impact of assumed conversion of dilutive potential Class A units — 377 — 700 Numerator for diluted income per Class A unit $ 37,938 $ 50,130 $ 28,211 $ 55,997 Denominator: Denominator for basic income per Class A unit – weighted average units 204,960 205,411 204,917 205,606 Effect of dilutive securities (1) : Unit-based payment awards 3,913 32 4,058 23 Convertible securities — 3,304 — 2,673 Denominator for diluted income per Class A unit – weighted average units and assumed conversions 208,873 208,747 208,975 208,302 INCOME PER CLASS A UNIT: Basic $ 0.19 $ 0.24 $ 0.14 $ 0.27 Diluted $ 0.18 $ 0.24 $ 0.13 $ 0.27 ____________________ (1) |
Variable Interest Entities ("VI
Variable Interest Entities ("VIEs") | 6 Months Ended |
Jun. 30, 2024 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities ("VIEs") | Variable Interest Entities ("VIEs") Unconsolidated VIEs As of June 30, 2024 and December 31, 2023, we had 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 5 – Investments in Partially Owned Entities ). As of June 30, 2024 and December 31, 2023, the carrying amount of assets related to our unconsolidated VIEs was $252,546,000 and $109,220,000, respectively, included in “investments in partially owned entities” on our consolidated balance sheets. Our maximum exposure to loss from our unconsolidated VIEs as of June 30, 2024 and December 31, 2023 was $295,396,000 and $196,394,000, respectively, which includes our completion guarantee provided to the lender of the Pier 94 JV. Consolidated VIEs Our most significant consolidated VIEs are the Operating Partnership (for Vornado), the Farley Project 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 June 30, 2024, the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $4,876,146,000 and $2,736,207,000, respectively. As of December 31, 2023, the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $4,901,150,000 and $2,735,826,000, respectively. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
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. 14. Fair Value Measurements - continued 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) the assets in our deferred compensation plan (for which there is a corresponding liability on our consolidated balance sheets), (ii) loans receivable (for which we have elected the fair value option under ASC Subtopic 825-10, Financial Instruments ("ASC 825-10")), (iii) interest rate swaps and caps and (iv) mandatorily redeemable instruments (Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units). The tables below aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy. (Amounts in thousands) As of June 30, 2024 Total Level 1 Level 2 Level 3 Deferred compensation plan assets ($4,840 included in restricted cash and $103,713 in other assets) $ 108,553 $ 60,595 $ — $ 47,958 Loans receivable (included in investments in partially owned entities) 32,984 — — 32,984 Interest rate swaps and caps designated as a hedge (included in other assets) 158,305 — 158,305 — Interest rate caps not designated as a hedge (included in other assets) 6,860 — 6,860 — Total assets $ 306,702 $ 60,595 $ 165,165 $ 80,942 Mandatorily redeemable instruments (included in other liabilities) $ 49,383 $ 49,383 $ — $ — Sold interest rate caps not designated as a hedge (included in other liabilities) 6,842 — 6,842 — Interest rate swaps designated as a hedge (included in other liabilities) 369 — 369 — Total liabilities $ 56,594 $ 49,383 $ 7,211 $ — (Amounts in thousands) As of December 31, 2023 Total Level 1 Level 2 Level 3 Deferred compensation plan assets ($26,363 included in restricted cash and $78,883 in other assets) $ 105,246 $ 58,956 $ — $ 46,290 Loans receivable (included in investments in partially owned entities) 32,984 — — 32,984 Interest rate swaps and caps designated as a hedge (included in other assets) 138,772 — 138,772 — Interest rate caps not designated as a hedge (included in other assets) 4,154 — 4,154 — Total assets $ 281,156 $ 58,956 $ 142,926 $ 79,274 Mandatorily redeemable instruments (included in other liabilities) $ 49,386 $ 49,386 $ — $ — Interest rate swaps designated as a hedge (included in other liabilities) 7,239 — 7,239 — Sold interest rate caps not designated as a hedge (included in other liabilities) 4,092 — 4,092 — Total liabilities $ 60,717 $ 49,386 $ 11,331 $ — 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 June 30, 2024 For the Six Months Ended June 30, 2024 Beginning balance $ 48,544 $ 46,290 Purchases 424 1,542 Sales (1,387) (3,263) Realized and unrealized (losses) gains (1,010) 1,262 Other, net 1,387 2,127 Ending balance $ 47,958 $ 47,958 14. Fair Value Measurements - continued Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued Derivatives and Hedging We use derivative instruments principally to reduce our exposure to interest rate increases. We do not enter into or hold derivative instruments for speculative trading purposes. We recognize the fair values of all derivatives in "other assets" or "other liabilities" on our consolidated balance sheets. Changes in the fair value of our cash flow hedges are 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 hedging instruments and hedged items, but will have no effect on cash flows. Cash payments and receipts related to our interest rate hedges are classified as operating activities and included within our disclosure of cash paid for interest on our consolidated statements of cash flows, consistent with the classification of the hedged interest payments. The following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of June 30, 2024 and December 31, 2023. (Amounts in thousands) As of June 30, 2024 As of December 31, 2023 Notional Amount All-In Swapped Rate Swap/Cap Expiration Date Fair Value Asset Fair Value Liability Fair Value Asset Fair Value Liability Interest rate swaps: 555 California Street mortgage loan $ 840,000 (1) 6.03% 05/26 $ 8,331 $ — $ 15,494 (2) $ 6,091 770 Broadway mortgage loan 700,000 4.98% 07/27 29,934 — 20,306 — PENN 11 mortgage loan 500,000 (3) 6.28% 10/25 3,485 — 4,702 1,148 Unsecured revolving credit facility 575,000 3.88% 08/27 25,373 — 17,064 — Unsecured term loan 700,000 4.53% (4) 18,349 — 11,089 — 100 West 33rd Street mortgage loan 480,000 5.26% 06/27 11,498 — 3,550 — 888 Seventh Avenue mortgage loan 200,000 (5) 4.76% 09/27 7,431 — 4,340 — 4 Union Square South mortgage loan 97,300 (6) 3.74% 01/25 1,440 — 2,327 — 435 Seventh Avenue mortgage loan (7) 75,000 6.96% 04/26 — 369 — — Interest rate caps: 1290 Avenue of the Americas mortgage loan 950,000 (8) 11/25 47,621 — 53,784 — One Park Avenue mortgage loan 525,000 (9) 03/25 4,422 — 5,297 — Various mortgage loans 421 — 819 — $ 158,305 $ 369 $ 138,772 $ 7,239 ____________________ (1) Represents our 70.0% share of the $1.2 billion mortgage loan. (2) Represents the fair value of the interest rate swap arrangement that expired in May 2024. (3) In January 2024, we entered into an interest rate swap arrangement for $250,000 of the $500,000 PENN 11 mortgage loan. Together with the existing swap arrangement the loan will bear interest at an all-in swapped rate of 6.28% through October 2025. (4) Represents the aggregate fair value of various interest rate swap arrangements to hedge interest payments on our unsecured term loan, which matures in December 2027. The impact of these interest rate swap arrangements is detailed below: Swapped Balance All-In Swapped Rate Unswapped Balance (bears interest at S+130) 10/23 through 07/25 700,000 4.53% 100,000 07/25 through 10/26 550,000 4.36% 250,000 10/26 through 08/27 50,000 4.04% 750,000 (5) The remaining $59,800 mortgage loan balance bears interest at a floating rate of SOFR plus 1.80% (7.13% as of June 30, 2024). (6) The remaining $22,700 mortgage loan balance bears interest at a floating rate of SOFR plus 1.50% (6.83% as of June 30, 2024). (7) Entered into in May 2024. (8) SOFR cap strike rate of 1.00%. In connection with the arrangement, we made a $63,100 up-front payment in November 2023, of which $18,930 was attributable to noncontrolling interests. (9) SOFR cap strike rate of 3.89%. 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 June 30, 2024. As of December 31, 2023, we had $76,570,000 of assets measured at fair value on a nonrecurring basis, comprised of $55,097,000 of consolidated real estate assets and $21,473,000 of investments in partially owned entities. These assets were written down to estimated fair value for impairment purposes and were classified as Level 3 investments. The fair values of these assets were measured using discounted cash flow analyses and the significant unobservable quantitative inputs in the table below. As of December 31, 2023 Unobservable Quantitative Input Range Weighted Average Discount rates 7.50% - 8.00% 7.99% Terminal capitalization rates 5.50% 5.50% 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. The fair values of these instruments are estimated using discounted cash flow analyses 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 June 30, 2024 As of December 31, 2023 Carrying Fair Carrying Fair Cash equivalents $ 720,167 $ 720,000 $ 825,720 $ 826,000 Debt: Mortgages payable $ 5,708,919 $ 5,532,000 $ 5,729,615 $ 5,569,000 Senior unsecured notes 1,200,000 1,090,000 1,200,000 1,069,000 Unsecured term loan 800,000 800,000 800,000 800,000 Unsecured revolving credit facilities 575,000 575,000 575,000 575,000 Total $ 8,283,919 (1) $ 7,997,000 $ 8,304,615 (1) $ 8,013,000 ____________________ (1) Excludes $46,685 and $53,163 of deferred financing costs, net and other as of June 30, 2024 and December 31, 2023, respectively. |
Interest and Other Investment I
Interest and Other Investment Income, Net | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Interest on cash and cash equivalents and restricted cash $ 10,596 $ 12,593 $ 22,285 $ 18,267 Loss from real estate fund investments (85) (102) (50) (121) Amortization of discount on investments in U.S. Treasury bills — 384 — 3,829 Interest on loans receivable — 278 — 762 $ 10,511 $ 13,153 $ 22,235 $ 22,737 |
Interest and Debt Expense
Interest and Debt Expense | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Interest expense $ 93,976 $ 89,420 $ 180,153 $ 178,074 Capitalized interest and debt expense (12,794) (9,949) (25,358) (18,806) Amortization of interest rate cap premiums 11,206 1,740 22,720 2,167 Amortization of deferred financing costs 6,013 5,954 11,364 11,967 $ 98,401 $ 87,165 $ 188,879 $ 173,402 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
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 $275,000,000 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 $2,112,753 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 the Farley Condominiums) maintain 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 the second of three 25-year renewal options on our PENN 1 ground lease. The first renewal option period commenced June 2023 and, together with the second option exercise, extends the lease term through June 2073. The ground lease is subject to fair market value resets at each 25-year renewal period. The rent reset process for the June 2023 renewal period is currently ongoing and the timing is uncertain. The final fair market value determination may be materially higher or lower than our January 2022 estimate. We may, from time to time, enter into guarantees including, but not limited to, payment guarantees to lenders of unconsolidated joint ventures for tax purposes, completion guarantees for development and redevelopment projects, and guarantees to fund leasing costs. These agreements terminate either upon the satisfaction of specified obligations or repayment of the underlying loans. As of June 30, 2024, the aggregate dollar amount of these guarantees was approximately $574,500,000, primarily comprised of payment guarantees for the mortgage loans secured by 7 West 34th Street and 435 Seventh Avenue, and the completion guarantee provided to the lender of the Pier 94 JV. Other than these loans, our mortgage loans are non-recourse to us. As of June 30, 2024, $30,233,000 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 the credit rating assigned to our senior unsecured notes. 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. 17. Commitments and Contingencies - continued Other Commitments and Contingencies - continued Our 95% consolidated joint venture (5% is owned by Related Companies ("Related")) developed and owns the Farley Building. 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 June 30, 2024, the Tax Credit Investor has made $205,068,000 in capital contributions. Vornado and Related have guaranteed certain of the joint venture’s obligations to the Tax Credit Investor. 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. As of June 30, 2024, our share of unfunded commitments to the Fund was $5,769,000. As of June 30, 2024, we had construction commitments aggregating approximately $45,819,000. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2024 | |
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, accruals for ground rent resets yet to be determined, 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. Below is a summary of NOI at share and NOI at share - cash basis by segment for the three and six months ended June 30, 2024 and 2023. (Amounts in thousands) For the Three Months Ended June 30, 2024 Total New York Other Total revenues $ 450,266 $ 367,578 $ 82,688 Operating expenses (229,380) (188,947) (40,433) NOI - consolidated 220,886 178,631 42,255 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (9,013) (2,196) (6,817) Add: NOI from partially owned entities 68,298 65,718 2,580 NOI at share 280,171 242,153 38,018 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (581) (4,319) 3,738 NOI at share - cash basis $ 279,590 $ 237,834 $ 41,756 (Amounts in thousands) For the Three Months Ended June 30, 2023 Total New York Other Total revenues $ 472,359 $ 362,471 $ 109,888 Operating expenses (222,723) (176,410) (46,313) NOI - consolidated 249,636 186,061 63,575 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (18,742) (5,204) (13,538) Add: NOI from partially owned entities 70,745 67,509 3,236 NOI at share 301,639 248,366 53,273 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (5,570) (6,797) 1,227 NOI at share - cash basis $ 296,069 $ 241,569 $ 54,500 18. Segment Information - continued (Amounts in thousands) For the Six Months Ended June 30, 2024 Total New York Other Total revenues $ 886,641 $ 725,812 $ 160,829 Operating expenses (455,604) (377,225) (78,379) NOI - consolidated 431,037 348,587 82,450 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (20,409) (6,732) (13,677) Add: NOI from partially owned entities 138,667 133,427 5,240 NOI at share 549,295 475,282 74,013 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (2,092) (6,654) 4,562 NOI at share - cash basis $ 547,203 $ 468,628 $ 78,575 (Amounts in thousands) For the Six Months Ended June 30, 2023 Total New York Other Total revenues $ 918,282 $ 726,285 $ 191,997 Operating expenses (451,496) (364,731) (86,765) NOI - consolidated 466,786 361,554 105,232 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (30,506) (10,027) (20,479) Add: NOI from partially owned entities 138,842 132,833 6,009 NOI at share 575,122 484,360 90,762 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (518) (1,764) 1,246 NOI at share - cash basis $ 574,604 $ 482,596 $ 92,008 Below is a reconciliation of net income to NOI at share and NOI at share - cash basis for the three and six months ended June 30, 2024 and 2023. (Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Net income $ 40,099 $ 62,733 $ 33,826 $ 73,931 Depreciation and amortization expense 109,774 107,162 218,433 213,727 General and administrative expense 38,475 39,410 76,372 81,005 Transaction related costs and other 3,361 30 4,014 688 Income from partially owned entities (47,949) (37,272) (64,228) (53,938) Interest and other investment income, net (10,511) (13,153) (22,235) (22,737) Interest and debt expense 98,401 87,165 188,879 173,402 Net gains on disposition of wholly owned and partially owned assets (16,048) (936) (16,048) (8,456) Income tax expense 5,284 4,497 12,024 9,164 NOI from partially owned entities 68,298 70,745 138,667 138,842 NOI attributable to noncontrolling interests in consolidated subsidiaries (9,013) (18,742) (20,409) (30,506) NOI at share 280,171 301,639 549,295 575,122 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (581) (5,570) (2,092) (518) NOI at share - cash basis $ 279,590 $ 296,069 $ 547,203 $ 574,604 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events 666 Fifth Avenue (Fifth Avenue and Times Square JV) On August 2, 2024, the Fifth Avenue and Times Square JV entered into an agreement to sell UNIQLO the portion of its U.S. flagship store at 666 Fifth Avenue owned by the retail joint venture for $350,000,000. The joint venture owns the fee condominium interest in 17,295 square feet (6,477 square feet at grade) of UNIQLO’s 90,732 square foot store. In conjunction with the closing, the pass-through leases between the office condominium owner and the retail joint venture will be terminated. The joint venture will continue to own 23,832 square feet of retail space (7,416 square feet at grade) at 666 Fifth Avenue consisting of the Abercrombie & Fitch and Tissot stores. All of the estimated $340,000,000 of net proceeds from the sale are expected to be used to partially repay Vornado’s $390,000,000 of preferred equity on the asset. The sale is subject to customary closing conditions and the concurrent closing by UNIQLO of its separate transaction with the office condominium owner for the remainder of its store and is expected to close once the formation of the new condominium interests are completed, anticipated to occur by the first quarter of 2025. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net income | $ 50,789 | $ 61,906 | $ 57,284 | $ 82,603 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Recently Issued Accounting Li_2
Recently Issued Accounting Literature (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023, 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 and six months ended June 30, 2024 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. |
Recently Issued Accounting Literature | Recently Issued Accounting Literature In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. The update also requires disclosure regarding the chief operating decision maker and expands the interim segment disclosure requirements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of ASU 2023-07 on our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of ASU 2023-09 on our consolidated financial statements. |
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. Class A units may be tendered for redemption to the Operating Partnership for cash; Vornado, at its option, may assume that obligation and pay the holder either cash or Vornado common shares on a one-for-one basis. Because the number of Vornado common shares outstanding at all times equals the number of Class A units owned by Vornado, the redemption value of each Class A unit is equivalent to the market value of one Vornado common share, and a distribution made to a Class A unitholder is equal to the dividend paid to a Vornado common shareholder. Redeemable noncontrolling partnership units exclude our Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units, as they are accounted for as liabilities in accordance with ASC Topic 480, Distinguishing Liabilities and Equity |
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. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenues by Segment | Below is a summary of our revenues by segment. Additional financial information related to these reportable segments for the three and six months ended June 30, 2024 and 2023 is set forth in Note 18 - Segment Information. (Amounts in thousands) For the Three Months Ended June 30, 2024 For the Three Months Ended June 30, 2023 Total New York Other Total New York Other Property rentals $ 372,186 $ 302,780 $ 69,406 $ 397,053 $ 305,182 $ 91,871 (1) Trade shows 7,061 — 7,061 6,782 — 6,782 Lease revenues (2) 379,247 302,780 76,467 403,835 305,182 98,653 Tenant services 9,604 6,373 3,231 9,804 7,325 2,479 Parking revenues 4,744 3,750 994 5,195 4,195 1,000 Rental revenues 393,595 312,903 80,692 418,834 316,702 102,132 BMS cleaning fees 38,465 40,689 (2,224) (3) 35,146 37,754 (2,608) (3) Management and leasing fees 6,709 6,911 (202) 3,658 3,761 (103) Other income 11,497 7,075 4,422 14,721 4,254 10,467 Fee and other income 56,671 54,675 1,996 53,525 45,769 7,756 Total revenues $ 450,266 $ 367,578 $ 82,688 $ 472,359 $ 362,471 $ 109,888 ____________________ See notes below. (Amounts in thousands) For the Six Months Ended June 30, 2024 For the Six Months Ended June 30, 2023 Total New York Other Total New York Other Property rentals $ 742,069 $ 604,311 $ 137,758 $ 773,882 $ 612,904 $ 160,978 (1) Trade shows 12,777 — 12,777 11,830 — 11,830 Lease revenues (2) 754,846 604,311 150,535 785,712 612,904 172,808 Tenant services 18,632 12,920 5,712 19,573 14,907 4,666 Parking revenues 9,395 7,407 1,988 10,342 8,407 1,935 Rental revenues 782,873 624,638 158,235 815,627 636,218 179,409 BMS cleaning fees 74,245 79,329 (5,084) (3) 70,474 75,432 (4,958) (3) Management and leasing fees 9,320 9,623 (303) 6,707 6,934 (227) Other income 20,203 12,222 7,981 25,474 7,701 17,773 Fee and other income 103,768 101,174 2,594 102,655 90,067 12,588 Total revenues $ 886,641 $ 725,812 $ 160,829 $ 918,282 $ 726,285 $ 191,997 ____________________ (1) 2023 includes the receipt of a $21,350 tenant settlement, of which $6,405 is attributable to noncontrolling interests. (2) The components of lease revenues were as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Fixed billings $ 340,166 $ 362,326 $ 671,180 $ 710,240 Variable billings 39,465 37,216 80,518 75,155 Total contractual operating lease billings 379,631 399,542 751,698 785,395 Adjustment for straight-line rents and amortization of acquired below-market leases and other, net (384) 4,293 3,148 317 Lease revenues $ 379,247 $ 403,835 $ 754,846 $ 785,712 (3) Represents the elimination of Building Maintenance Services LLC ("BMS") cleaning fees related to THE MART and 555 California Street which are included as income in the New York segment. |
Schedule of Components of Lease Revenues | (2) The components of lease revenues were as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Fixed billings $ 340,166 $ 362,326 $ 671,180 $ 710,240 Variable billings 39,465 37,216 80,518 75,155 Total contractual operating lease billings 379,631 399,542 751,698 785,395 Adjustment for straight-line rents and amortization of acquired below-market leases and other, net (384) 4,293 3,148 317 Lease revenues $ 379,247 $ 403,835 $ 754,846 $ 785,712 |
Investments in Partially Owne_2
Investments in Partially Owned Entities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Investments in Partially Owned Entities | Below is a schedule summarizing our investments in partially owned entities. (Amounts in thousands) Percentage Ownership as of June 30, 2024 Balance as of June 30, 2024 December 31, 2023 Investments: Fifth Avenue and Times Square JV (see page 24 51.5% $ 2,253,658 $ 2,242,972 Partially owned office buildings/land (1) Various 196,772 118,558 Alexander's (see page 24 32.4% 79,598 87,510 Other investments (2) Various 181,052 161,518 $ 2,711,080 $ 2,610,558 Investments in partially owned entities included in other liabilities (3) : 7 West 34th Street 53.0% $ (72,564) $ (69,899) 85 Tenth Avenue 49.9% (15,691) (11,330) $ (88,255) $ (81,229) ____________________ (1) Includes interests in 280 Park Avenue, 512 West 22nd Street, 61 Ninth Avenue and others. (2) Includes interests in Independence Plaza, Sunset Pier 94 Joint Venture (“Pier 94 JV”), Rosslyn Plaza and others. (3) Our negative basis results from distributions in excess of our investment. 5. Investments in Partially Owned Entities - continued Below is a schedule of income from partially owned entities. (Amounts in thousands) Percentage Ownership as of June 30, 2024 For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Our share of net income (loss): Fifth Avenue and Times Square JV (see page 24 Equity in net income (1) 51.5% $ 10,427 $ 5,941 $ 19,718 $ 16,140 Return on preferred equity, net of our share of the expense 10,258 9,329 19,586 18,555 20,685 15,270 39,304 34,695 Alexander's (see page 24 Equity in net income 32.4% 2,649 3,318 7,803 6,889 Management, leasing and development fees 1,185 1,699 2,365 2,872 Net gain on sale of land — 16,396 — 16,396 3,834 21,413 10,168 26,157 Partially owned office buildings (2)(3) Various 21,297 (254) 10,894 (9,217) Other investments (4) Various 2,133 843 3,862 2,303 $ 47,949 $ 37,272 $ 64,228 $ 53,938 ____________________ (1) 2023 includes a $5,120 accrual of default interest which was forgiven by the lender as part of the restructuring of the 697-703 Fifth Avenue loan which is being amortized over the remaining term of the restructured loan, reducing future interest expense. (2) Includes interests in 280 Park Avenue, 7 West 34th Street, 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others. (3) 2024 includes our $31,215 share of the debt extinguishment gain from the repayment of the 280 Park Avenue mezzanine loan. See page 25 (4) Includes interests in Independence Plaza, Rosslyn Plaza and others. |
Identified Intangible Assets _2
Identified Intangible Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Schedule of Identified Intangible Assets and Intangible Liabilities | The following summarizes our identified intangible assets (primarily in-place and above-market leases) and liabilities (primarily below-market leases). (Amounts in thousands) Balance as of June 30, 2024 December 31, 2023 Identified intangible assets: Gross amount $ 199,963 $ 225,671 Accumulated amortization (77,549) (98,589) Total, net $ 122,414 $ 127,082 Identified intangible liabilities (included in deferred revenue): Gross amount $ 151,016 $ 206,771 Accumulated amortization (125,404) (178,282) Total, net $ 25,612 $ 28,489 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following is a summary of our debt: (Amounts in thousands) Weighted Average Interest Rate as of June 30, 2024 (1) Balance as of June 30, 2024 December 31, 2023 Mortgages Payable: Fixed rate (2) 4.62% $ 4,592,300 $ 4,518,200 Variable rate (3) 6.17% 1,116,619 1,211,415 Total 4.93% 5,708,919 5,729,615 Deferred financing costs, net and other (36,833) (41,595) Total, net $ 5,672,086 $ 5,688,020 Unsecured Debt: Senior unsecured notes 3.02% $ 1,200,000 $ 1,200,000 Deferred financing costs, net and other (5,106) (6,127) Senior unsecured notes, net 1,194,894 1,193,873 Unsecured term loan 4.79% 800,000 800,000 Deferred financing costs, net and other (4,746) (5,441) Unsecured term loan, net 795,254 794,559 Unsecured revolving credit facilities 3.88% 575,000 575,000 Total, net $ 2,565,148 $ 2,563,432 ____________________ (1) Represents the interest rate in effect as of period end based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for hedging instruments, as applicable. See Note 14 - Fair Value Measurements for further information on our consolidated hedging instruments. (2) Includes variable rate mortgages with interest rates fixed by interest rate swap arrangements and the $950,000 1290 Avenue of the Americas mortgage loan which is subject to a 1.00% SOFR interest rate cap arrangement. (3) Includes variable rate mortgages subject to interest rate cap arrangements, except for the 1290 Avenue of the Americas mortgage loan discussed above. As of June 30, 2024, $1,034,119 of our variable rate debt is subject to interest rate cap arrangements. The interest rate cap arrangements have a weighted average SOFR strike rate of 4.74% and a weighted average remaining term of ten months. |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Noncontrolling Interest [Abstract] | |
Schedule 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 June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Beginning balance $ 495,967 $ 351,743 $ 483,786 $ 348,692 Net income 3,200 3,608 2,414 4,037 Other comprehensive (loss) income (100) 4,472 3,582 (1,608) Distributions (29) (28) (57) (5,629) Redemption of Class A units for Vornado common shares, at redemption value (551) (5,371) (3,040) (5,558) Redeemable Class A unit measurement adjustment (52,518) 43,270 (48,143) 67,113 Other, net 8,724 12,582 16,151 3,229 Ending balance $ 454,693 $ 410,276 $ 454,693 $ 410,276 Below is a table summarizing the activity of the redeemable noncontrolling interest in a consolidated subsidiary. (Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Beginning balance $ 147,175 $ 78,796 $ 154,662 $ 88,040 Net loss (8,403) (8,776) (15,890) (18,020) Ending balance $ 138,772 $ 70,020 $ 138,772 $ 70,020 |
Shareholders' Equity_Partners_2
Shareholders' Equity/Partners' Capital (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Common shares/Class A units held by Vornado: authorized 250,000,000 shares/units $ — $ — $ — $ 0.375 Preferred shares/units (1) : Convertible preferred: 6.5% Series A: authorized 12,902 shares/units (2) 0.8125 0.8125 1.6250 1.6250 Cumulative redeemable preferred (3) : 5.40% Series L: authorized 13,800,000 shares/units 0.3375 0.3375 0.6750 0.6750 5.25% Series M: authorized 13,800,000 shares/units 0.3281 0.3281 0.6562 0.6562 5.25% Series N: authorized 12,000,000 shares/units 0.3281 0.3281 0.6562 0.6562 4.45% Series O: authorized 12,000,000 shares/units 0.2781 0.2781 0.5562 0.5562 ____________________ (1) Preferred share dividends/preferred unit distributions 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 and Series M 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 N preferred shares/units are redeemable commencing November 2025 and Series O preferred shares/units are redeemable commencing September 2026, each at a redemption price of $25.00 per share/unit. |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of our Stock-Based Compensation Expense | Below is a summary of our stock-based compensation expense, a component of “general and administrative” expense on our consolidated statements of income. (Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 LTIP Units $ 4,431 $ 6,561 $ 7,649 $ 12,869 Performance AO LTIP Units 3,480 4,449 6,943 4,449 LTPP Units 629 533 1,259 4,457 OPP Units 210 209 418 1,574 Other — 116 — 233 $ 8,750 $ 11,868 $ 16,269 $ 23,582 |
Income Per Share_Income Per C_2
Income Per Share/Income Per Class A Unit (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings per share | |
Schedule Of Earnings Per Share Basic And Diluted | (Amounts in thousands, except per share amounts) For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Numerator: Net income attributable to Vornado $ 50,789 $ 61,906 $ 57,284 $ 82,603 Preferred share dividends (15,529) (15,529) (31,058) (31,058) Net income attributable to common shareholders 35,260 46,377 26,226 51,545 Distributions and earnings allocated to unvested participating securities — (1) — (1) Numerator for basic income per common share $ 35,260 $ 46,376 $ 26,226 $ 51,544 Impact of assumed conversion of dilutive convertible securities — 377 — 700 Numerator for diluted income per common share $ 35,260 $ 46,753 $ 26,226 $ 52,244 Denominator: Denominator for basic income per common share - weighted average shares 190,492 191,468 190,460 191,668 Effect of dilutive securities (1) : Share-based payment awards 3,913 32 4,058 23 Convertible securities — 3,304 — 2,673 Denominator for diluted income per common share - weighted average shares and assumed conversions 194,405 194,804 194,518 194,364 INCOME PER COMMON SHARE: Basic $ 0.19 $ 0.24 $ 0.14 $ 0.27 Diluted $ 0.18 $ 0.24 $ 0.13 $ 0.27 _____________________________________ (1) The calculation of diluted income per share for the three and six months ended June 30, 2024 excluded 1,955 and 1,915 potential common share equivalents of our convertible securities, respectively, as their inclusion would be antidilutive. |
Vornado Realty L.P. | |
Earnings per share | |
Schedule Of Earnings Per Share Basic And Diluted | (Amounts in thousands, except per unit amounts) For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Numerator: Net income attributable to Vornado Realty L.P. $ 53,989 $ 65,514 $ 59,698 $ 86,640 Preferred unit distributions (15,557) (15,557) (31,115) (31,115) Net income attributable to Class A unitholders 38,432 49,957 28,583 55,525 Distributions and earnings allocated to participating securities (494) (204) (372) (228) Numerator for basic income per Class A unit $ 37,938 $ 49,753 $ 28,211 $ 55,297 Impact of assumed conversion of dilutive potential Class A units — 377 — 700 Numerator for diluted income per Class A unit $ 37,938 $ 50,130 $ 28,211 $ 55,997 Denominator: Denominator for basic income per Class A unit – weighted average units 204,960 205,411 204,917 205,606 Effect of dilutive securities (1) : Unit-based payment awards 3,913 32 4,058 23 Convertible securities — 3,304 — 2,673 Denominator for diluted income per Class A unit – weighted average units and assumed conversions 208,873 208,747 208,975 208,302 INCOME PER CLASS A UNIT: Basic $ 0.19 $ 0.24 $ 0.14 $ 0.27 Diluted $ 0.18 $ 0.24 $ 0.13 $ 0.27 ____________________ (1) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Aggregate the Fair Values of these Financial Assets and Liabilities | The tables below aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy. (Amounts in thousands) As of June 30, 2024 Total Level 1 Level 2 Level 3 Deferred compensation plan assets ($4,840 included in restricted cash and $103,713 in other assets) $ 108,553 $ 60,595 $ — $ 47,958 Loans receivable (included in investments in partially owned entities) 32,984 — — 32,984 Interest rate swaps and caps designated as a hedge (included in other assets) 158,305 — 158,305 — Interest rate caps not designated as a hedge (included in other assets) 6,860 — 6,860 — Total assets $ 306,702 $ 60,595 $ 165,165 $ 80,942 Mandatorily redeemable instruments (included in other liabilities) $ 49,383 $ 49,383 $ — $ — Sold interest rate caps not designated as a hedge (included in other liabilities) 6,842 — 6,842 — Interest rate swaps designated as a hedge (included in other liabilities) 369 — 369 — Total liabilities $ 56,594 $ 49,383 $ 7,211 $ — (Amounts in thousands) As of December 31, 2023 Total Level 1 Level 2 Level 3 Deferred compensation plan assets ($26,363 included in restricted cash and $78,883 in other assets) $ 105,246 $ 58,956 $ — $ 46,290 Loans receivable (included in investments in partially owned entities) 32,984 — — 32,984 Interest rate swaps and caps designated as a hedge (included in other assets) 138,772 — 138,772 — Interest rate caps not designated as a hedge (included in other assets) 4,154 — 4,154 — Total assets $ 281,156 $ 58,956 $ 142,926 $ 79,274 Mandatorily redeemable instruments (included in other liabilities) $ 49,386 $ 49,386 $ — $ — Interest rate swaps designated as a hedge (included in other liabilities) 7,239 — 7,239 — Sold interest rate caps not designated as a hedge (included in other liabilities) 4,092 — 4,092 — Total liabilities $ 60,717 $ 49,386 $ 11,331 $ — |
Schedule of Changes in Fair Value of Deferred Compensation Plan Assets | The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3. (Amounts in thousands) For the Three Months Ended June 30, 2024 For the Six Months Ended June 30, 2024 Beginning balance $ 48,544 $ 46,290 Purchases 424 1,542 Sales (1,387) (3,263) Realized and unrealized (losses) gains (1,010) 1,262 Other, net 1,387 2,127 Ending balance $ 47,958 $ 47,958 |
Schedule of Derivative Assets at Fair Value | The following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of June 30, 2024 and December 31, 2023. (Amounts in thousands) As of June 30, 2024 As of December 31, 2023 Notional Amount All-In Swapped Rate Swap/Cap Expiration Date Fair Value Asset Fair Value Liability Fair Value Asset Fair Value Liability Interest rate swaps: 555 California Street mortgage loan $ 840,000 (1) 6.03% 05/26 $ 8,331 $ — $ 15,494 (2) $ 6,091 770 Broadway mortgage loan 700,000 4.98% 07/27 29,934 — 20,306 — PENN 11 mortgage loan 500,000 (3) 6.28% 10/25 3,485 — 4,702 1,148 Unsecured revolving credit facility 575,000 3.88% 08/27 25,373 — 17,064 — Unsecured term loan 700,000 4.53% (4) 18,349 — 11,089 — 100 West 33rd Street mortgage loan 480,000 5.26% 06/27 11,498 — 3,550 — 888 Seventh Avenue mortgage loan 200,000 (5) 4.76% 09/27 7,431 — 4,340 — 4 Union Square South mortgage loan 97,300 (6) 3.74% 01/25 1,440 — 2,327 — 435 Seventh Avenue mortgage loan (7) 75,000 6.96% 04/26 — 369 — — Interest rate caps: 1290 Avenue of the Americas mortgage loan 950,000 (8) 11/25 47,621 — 53,784 — One Park Avenue mortgage loan 525,000 (9) 03/25 4,422 — 5,297 — Various mortgage loans 421 — 819 — $ 158,305 $ 369 $ 138,772 $ 7,239 ____________________ (1) Represents our 70.0% share of the $1.2 billion mortgage loan. (2) Represents the fair value of the interest rate swap arrangement that expired in May 2024. (3) In January 2024, we entered into an interest rate swap arrangement for $250,000 of the $500,000 PENN 11 mortgage loan. Together with the existing swap arrangement the loan will bear interest at an all-in swapped rate of 6.28% through October 2025. (4) Represents the aggregate fair value of various interest rate swap arrangements to hedge interest payments on our unsecured term loan, which matures in December 2027. The impact of these interest rate swap arrangements is detailed below: Swapped Balance All-In Swapped Rate Unswapped Balance (bears interest at S+130) 10/23 through 07/25 700,000 4.53% 100,000 07/25 through 10/26 550,000 4.36% 250,000 10/26 through 08/27 50,000 4.04% 750,000 (5) The remaining $59,800 mortgage loan balance bears interest at a floating rate of SOFR plus 1.80% (7.13% as of June 30, 2024). (6) The remaining $22,700 mortgage loan balance bears interest at a floating rate of SOFR plus 1.50% (6.83% as of June 30, 2024). (7) Entered into in May 2024. (8) SOFR cap strike rate of 1.00%. In connection with the arrangement, we made a $63,100 up-front payment in November 2023, of which $18,930 was attributable to noncontrolling interests. (9) SOFR cap strike rate of 3.89%. |
Schedule of Derivative Liabilities at Fair Value | The following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of June 30, 2024 and December 31, 2023. (Amounts in thousands) As of June 30, 2024 As of December 31, 2023 Notional Amount All-In Swapped Rate Swap/Cap Expiration Date Fair Value Asset Fair Value Liability Fair Value Asset Fair Value Liability Interest rate swaps: 555 California Street mortgage loan $ 840,000 (1) 6.03% 05/26 $ 8,331 $ — $ 15,494 (2) $ 6,091 770 Broadway mortgage loan 700,000 4.98% 07/27 29,934 — 20,306 — PENN 11 mortgage loan 500,000 (3) 6.28% 10/25 3,485 — 4,702 1,148 Unsecured revolving credit facility 575,000 3.88% 08/27 25,373 — 17,064 — Unsecured term loan 700,000 4.53% (4) 18,349 — 11,089 — 100 West 33rd Street mortgage loan 480,000 5.26% 06/27 11,498 — 3,550 — 888 Seventh Avenue mortgage loan 200,000 (5) 4.76% 09/27 7,431 — 4,340 — 4 Union Square South mortgage loan 97,300 (6) 3.74% 01/25 1,440 — 2,327 — 435 Seventh Avenue mortgage loan (7) 75,000 6.96% 04/26 — 369 — — Interest rate caps: 1290 Avenue of the Americas mortgage loan 950,000 (8) 11/25 47,621 — 53,784 — One Park Avenue mortgage loan 525,000 (9) 03/25 4,422 — 5,297 — Various mortgage loans 421 — 819 — $ 158,305 $ 369 $ 138,772 $ 7,239 ____________________ (1) Represents our 70.0% share of the $1.2 billion mortgage loan. (2) Represents the fair value of the interest rate swap arrangement that expired in May 2024. (3) In January 2024, we entered into an interest rate swap arrangement for $250,000 of the $500,000 PENN 11 mortgage loan. Together with the existing swap arrangement the loan will bear interest at an all-in swapped rate of 6.28% through October 2025. (4) Represents the aggregate fair value of various interest rate swap arrangements to hedge interest payments on our unsecured term loan, which matures in December 2027. The impact of these interest rate swap arrangements is detailed below: Swapped Balance All-In Swapped Rate Unswapped Balance (bears interest at S+130) 10/23 through 07/25 700,000 4.53% 100,000 07/25 through 10/26 550,000 4.36% 250,000 10/26 through 08/27 50,000 4.04% 750,000 (5) The remaining $59,800 mortgage loan balance bears interest at a floating rate of SOFR plus 1.80% (7.13% as of June 30, 2024). (6) The remaining $22,700 mortgage loan balance bears interest at a floating rate of SOFR plus 1.50% (6.83% as of June 30, 2024). (7) Entered into in May 2024. (8) SOFR cap strike rate of 1.00%. In connection with the arrangement, we made a $63,100 up-front payment in November 2023, of which $18,930 was attributable to noncontrolling interests. (9) SOFR cap strike rate of 3.89%. |
Schedule of Fair Value Inputs Quantitative Information | The fair values of these assets were measured using discounted cash flow analyses and the significant unobservable quantitative inputs in the table below. As of December 31, 2023 Unobservable Quantitative Input Range Weighted Average Discount rates 7.50% - 8.00% 7.99% Terminal capitalization rates 5.50% 5.50% |
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 June 30, 2024 As of December 31, 2023 Carrying Fair Carrying Fair Cash equivalents $ 720,167 $ 720,000 $ 825,720 $ 826,000 Debt: Mortgages payable $ 5,708,919 $ 5,532,000 $ 5,729,615 $ 5,569,000 Senior unsecured notes 1,200,000 1,090,000 1,200,000 1,069,000 Unsecured term loan 800,000 800,000 800,000 800,000 Unsecured revolving credit facilities 575,000 575,000 575,000 575,000 Total $ 8,283,919 (1) $ 7,997,000 $ 8,304,615 (1) $ 8,013,000 ____________________ (1) Excludes $46,685 and $53,163 of deferred financing costs, net and other as of June 30, 2024 and December 31, 2023, respectively. |
Interest and Other Investment_2
Interest and Other Investment Income, Net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Interest on cash and cash equivalents and restricted cash $ 10,596 $ 12,593 $ 22,285 $ 18,267 Loss from real estate fund investments (85) (102) (50) (121) Amortization of discount on investments in U.S. Treasury bills — 384 — 3,829 Interest on loans receivable — 278 — 762 $ 10,511 $ 13,153 $ 22,235 $ 22,737 |
Interest and Debt Expense (Tabl
Interest and Debt Expense (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Interest and Debt Expense [Abstract] | |
Schedule of Interest And Debt Expense | The following table sets forth the details of interest and debt expense: (Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Interest expense $ 93,976 $ 89,420 $ 180,153 $ 178,074 Capitalized interest and debt expense (12,794) (9,949) (25,358) (18,806) Amortization of interest rate cap premiums 11,206 1,740 22,720 2,167 Amortization of deferred financing costs 6,013 5,954 11,364 11,967 $ 98,401 $ 87,165 $ 188,879 $ 173,402 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 and six months ended June 30, 2024 and 2023. (Amounts in thousands) For the Three Months Ended June 30, 2024 Total New York Other Total revenues $ 450,266 $ 367,578 $ 82,688 Operating expenses (229,380) (188,947) (40,433) NOI - consolidated 220,886 178,631 42,255 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (9,013) (2,196) (6,817) Add: NOI from partially owned entities 68,298 65,718 2,580 NOI at share 280,171 242,153 38,018 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (581) (4,319) 3,738 NOI at share - cash basis $ 279,590 $ 237,834 $ 41,756 (Amounts in thousands) For the Three Months Ended June 30, 2023 Total New York Other Total revenues $ 472,359 $ 362,471 $ 109,888 Operating expenses (222,723) (176,410) (46,313) NOI - consolidated 249,636 186,061 63,575 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (18,742) (5,204) (13,538) Add: NOI from partially owned entities 70,745 67,509 3,236 NOI at share 301,639 248,366 53,273 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (5,570) (6,797) 1,227 NOI at share - cash basis $ 296,069 $ 241,569 $ 54,500 18. Segment Information - continued (Amounts in thousands) For the Six Months Ended June 30, 2024 Total New York Other Total revenues $ 886,641 $ 725,812 $ 160,829 Operating expenses (455,604) (377,225) (78,379) NOI - consolidated 431,037 348,587 82,450 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (20,409) (6,732) (13,677) Add: NOI from partially owned entities 138,667 133,427 5,240 NOI at share 549,295 475,282 74,013 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (2,092) (6,654) 4,562 NOI at share - cash basis $ 547,203 $ 468,628 $ 78,575 (Amounts in thousands) For the Six Months Ended June 30, 2023 Total New York Other Total revenues $ 918,282 $ 726,285 $ 191,997 Operating expenses (451,496) (364,731) (86,765) NOI - consolidated 466,786 361,554 105,232 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (30,506) (10,027) (20,479) Add: NOI from partially owned entities 138,842 132,833 6,009 NOI at share 575,122 484,360 90,762 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (518) (1,764) 1,246 NOI at share - cash basis $ 574,604 $ 482,596 $ 92,008 Below is a reconciliation of net income to NOI at share and NOI at share - cash basis for the three and six months ended June 30, 2024 and 2023. (Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Net income $ 40,099 $ 62,733 $ 33,826 $ 73,931 Depreciation and amortization expense 109,774 107,162 218,433 213,727 General and administrative expense 38,475 39,410 76,372 81,005 Transaction related costs and other 3,361 30 4,014 688 Income from partially owned entities (47,949) (37,272) (64,228) (53,938) Interest and other investment income, net (10,511) (13,153) (22,235) (22,737) Interest and debt expense 98,401 87,165 188,879 173,402 Net gains on disposition of wholly owned and partially owned assets (16,048) (936) (16,048) (8,456) Income tax expense 5,284 4,497 12,024 9,164 NOI from partially owned entities 68,298 70,745 138,667 138,842 NOI attributable to noncontrolling interests in consolidated subsidiaries (9,013) (18,742) (20,409) (30,506) NOI at share 280,171 301,639 549,295 575,122 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (581) (5,570) (2,092) (518) NOI at share - cash basis $ 279,590 $ 296,069 $ 547,203 $ 574,604 |
Organization (Details)
Organization (Details) | 6 Months Ended |
Jun. 30, 2024 | |
Operating Partnership | |
Organization [Line Items] | |
Common limited partnership interest in the operating partnership | 90.90% |
Revenue Recognition (Schedule o
Revenue Recognition (Schedule of Revenues by Segment ) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Total revenues | Total revenues | Total revenues | Total revenues |
Lease income | $ 379,247 | $ 403,835 | $ 754,846 | $ 785,712 |
Total revenues | 450,266 | 472,359 | 886,641 | 918,282 |
Loss contingency, damages awarded, value | 21,350 | 21,350 | ||
Non-controlling Interests in Consolidated Subsidiaries | ||||
Disaggregation of Revenue [Line Items] | ||||
Loss contingency, damages awarded, value | 6,405 | 6,405 | ||
Rental revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 393,595 | 418,834 | 782,873 | 815,627 |
Lease revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income | 379,247 | 403,835 | 754,846 | 785,712 |
Property rentals | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income | 372,186 | 397,053 | 742,069 | 773,882 |
Trade shows | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income | 7,061 | 6,782 | 12,777 | 11,830 |
Tenant services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 9,604 | 9,804 | 18,632 | 19,573 |
Parking revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4,744 | 5,195 | 9,395 | 10,342 |
Fee and other income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 56,671 | 53,525 | 103,768 | 102,655 |
Total revenues | 56,671 | 53,525 | 103,768 | 102,655 |
BMS cleaning fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 38,465 | 35,146 | 74,245 | 70,474 |
Management and leasing fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 6,709 | 3,658 | 9,320 | 6,707 |
Other income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 11,497 | 14,721 | 20,203 | 25,474 |
New York | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 367,578 | 362,471 | 725,812 | 726,285 |
New York | Rental revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 312,903 | 316,702 | 624,638 | 636,218 |
New York | Lease revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income | 302,780 | 305,182 | 604,311 | 612,904 |
New York | Property rentals | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income | 302,780 | 305,182 | 604,311 | 612,904 |
New York | Trade shows | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income | 0 | 0 | 0 | 0 |
New York | Tenant services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 6,373 | 7,325 | 12,920 | 14,907 |
New York | Parking revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 3,750 | 4,195 | 7,407 | 8,407 |
New York | Fee and other income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 54,675 | 45,769 | 101,174 | 90,067 |
New York | BMS cleaning fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 40,689 | 37,754 | 79,329 | 75,432 |
New York | Management and leasing fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 6,911 | 3,761 | 9,623 | 6,934 |
New York | Other income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 7,075 | 4,254 | 12,222 | 7,701 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 82,688 | 109,888 | 160,829 | 191,997 |
Other | Rental revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 80,692 | 102,132 | 158,235 | 179,409 |
Other | Lease revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income | 76,467 | 98,653 | 150,535 | 172,808 |
Other | Property rentals | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income | 69,406 | 91,871 | 137,758 | 160,978 |
Other | Trade shows | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income | 7,061 | 6,782 | 12,777 | 11,830 |
Other | Tenant services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 3,231 | 2,479 | 5,712 | 4,666 |
Other | Parking revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 994 | 1,000 | 1,988 | 1,935 |
Other | Fee and other income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,996 | 7,756 | 2,594 | 12,588 |
Other | BMS cleaning fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | (2,224) | (2,608) | (5,084) | (4,958) |
Other | Management and leasing fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | (202) | (103) | (303) | (227) |
Other | Other income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 4,422 | $ 10,467 | $ 7,981 | $ 17,773 |
Revenue Recognition (Schedule_2
Revenue Recognition (Schedule of Components of Lease Revenues) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | ||||
Fixed billings | $ 340,166 | $ 362,326 | $ 671,180 | $ 710,240 |
Variable billings | 39,465 | 37,216 | 80,518 | 75,155 |
Total contractual operating lease billings | 379,631 | 399,542 | 751,698 | 785,395 |
Adjustment for straight-line rents and amortization of acquired below-market leases and other, net | (384) | 4,293 | 3,148 | 317 |
Lease revenues | $ 379,247 | $ 403,835 | $ 754,846 | $ 785,712 |
Investments in Partially Owne_3
Investments in Partially Owned Entities (Fifth Avenue and Times Square JV) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||||
Jun. 10, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 09, 2024 | Dec. 31, 2023 | |
Schedule Of Equity Method Investments | |||||
Loans payable | $ 5,672,086 | $ 5,688,020 | |||
Repayments of long-term debt | $ 95,696 | $ 115,800 | |||
Fifth Avenue and Times Square JV | |||||
Schedule Of Equity Method Investments | |||||
Equity method ownership percentage | 51.50% | ||||
Fifth Avenue and Times Square JV | JV | |||||
Schedule Of Equity Method Investments | |||||
Aggregate of preferred equity interests | $ 1,828,000 | ||||
Transfer threshold | 50% | ||||
Real estate basis difference, carrying amount | $ 833,048 | ||||
Fifth Avenue and Times Square JV | JV | Percentage For First Five Years | |||||
Schedule Of Equity Method Investments | |||||
Stated rate | 4.25% | ||||
Fifth Avenue and Times Square JV | JV | Percentage After Fifth Anniversary | |||||
Schedule Of Equity Method Investments | |||||
Stated rate | 4.75% | ||||
Debt term | 5 years | ||||
Fifth Avenue and Times Square JV | JV | Investors | |||||
Schedule Of Equity Method Investments | |||||
Equity method ownership percentage | 48.50% | ||||
Equity method effective ownership percentage | 47.20% | ||||
Fifth Avenue and Times Square JV | JV | Vornado Realty Trust | |||||
Schedule Of Equity Method Investments | |||||
Equity method ownership percentage | 51.50% | ||||
Equity method effective ownership percentage | 51% | ||||
640 Fifth Avenue | Office and Retail Building | Maturing In July 2029 | Nonrecourse | |||||
Schedule Of Equity Method Investments | |||||
Stated rate | 7.47% | ||||
Loans payable | $ 400,000 | ||||
640 Fifth Avenue | Office and Retail Building | Maturing In May 2024 | Recourse | Participating Mortgages | |||||
Schedule Of Equity Method Investments | |||||
Loans payable | $ 7,000 | $ 500,000 | |||
Basis spread on variable rate | 1.11% | ||||
Repayments of long-term debt | $ 100,000 |
Investments in Partially Owne_4
Investments in Partially Owned Entities (Alexander's Inc.) (Details) - Alexander's $ / shares in Units, ft² in Thousands, $ in Thousands | May 03, 2024 USD ($) ft² | May 01, 2024 | Apr. 30, 2024 | Jun. 30, 2024 USD ($) $ / shares shares |
Schedule Of Equity Method Investments | ||||
Equity method ownership percentage | 32.40% | |||
Equity Method Investee | ||||
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 | $ 224.86 | |||
Equity method investment fair value | $ 371,934 | |||
Excess of investee's fair value over carrying amount | 292,336 | |||
Excess of investee's carrying amount over equity in net assets | $ 29,320 | |||
Lease fee percentage of rent one to ten years | 3% | |||
Lease fee percentage of rent eleven to twenty years | 2% | |||
Lease fee percentage of rent twenty first to thirty years | 1% | |||
Percentage increase lease fee if broker used | 1% | |||
Percentage of third-party lease commission | 33% | |||
Equity Method Investee | Bloomberg L.P | ||||
Schedule Of Equity Method Investments | ||||
Square footage of real estate property (in sqft) | ft² | 947 | |||
Lease commission override | $ 5,500 | |||
Lease, term | 11 years |
Investments in Partially Owne_5
Investments in Partially Owned Entities (50-70 West 93rd Street) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
May 13, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | |
Schedule Of Equity Method Investments | |||
Proceeds from sale of condominium units at 220 Central Park South | $ 31,605 | $ 14,216 | |
Residential Building | 50-70 West 93rd Street | |||
Schedule Of Equity Method Investments | |||
Ownership percentage | 49.90% | ||
Proceeds from sale of condominium units at 220 Central Park South | $ 2,000 | ||
Net gain on sale of land | 873 | ||
Residential Building | 50-70 West 93rd Street | Participating Mortgages | |||
Schedule Of Equity Method Investments | |||
Debt amount | $ 83,500 |
Investments in Partially Owne_6
Investments in Partially Owned Entities (280 Park Avenue) (Details) - 280 Park Avenue - JV - USD ($) | Apr. 04, 2024 | Jul. 08, 2024 |
Schedule Of Equity Method Investments | ||
Equity method ownership percentage | 50% | |
280 Park Avenue | Mortgages Payable: | ||
Schedule Of Equity Method Investments | ||
Debt amount | $ 1,075,000,000 | |
Basis spread on variable rate | 1.78% | |
280 Park Avenue | Mortgages Payable: | Subsequent Event | ||
Schedule Of Equity Method Investments | ||
Stated rate | 5.84% | |
Mezzanine Loan | Mortgages Payable: | ||
Schedule Of Equity Method Investments | ||
Debt amount | $ 125,000,000 | |
Repaid on loan | 62,500,000 | |
Gain on extinguishment of debt | $ 31,215,000 |
Investments in Partially Owne_7
Investments in Partially Owned Entities (Schedule of Investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Apr. 04, 2024 | Dec. 31, 2023 |
Schedule Of Equity Method Investments | |||
Carrying amount of investments in partially owned entities | $ 2,711,080 | $ 2,610,558 | |
Other liabilities | |||
Schedule Of Equity Method Investments | |||
Carrying amount of investments in partially owned entities | $ (88,255) | (81,229) | |
Fifth Avenue and Times Square JV | |||
Schedule Of Equity Method Investments | |||
Interest | 51.50% | ||
Carrying amount of investments in partially owned entities | $ 2,253,658 | 2,242,972 | |
Partially owned office buildings/land | |||
Schedule Of Equity Method Investments | |||
Carrying amount of investments in partially owned entities | $ 196,772 | 118,558 | |
Alexander's | |||
Schedule Of Equity Method Investments | |||
Interest | 32.40% | ||
Carrying amount of investments in partially owned entities | $ 79,598 | 87,510 | |
Other investments | |||
Schedule Of Equity Method Investments | |||
Carrying amount of investments in partially owned entities | $ 181,052 | 161,518 | |
7 West 34th Street | |||
Schedule Of Equity Method Investments | |||
Interest | 53% | ||
7 West 34th Street | Other liabilities | |||
Schedule Of Equity Method Investments | |||
Carrying amount of investments in partially owned entities | $ (72,564) | (69,899) | |
85 Tenth Avenue | |||
Schedule Of Equity Method Investments | |||
Interest | 49.90% | ||
85 Tenth Avenue | Other liabilities | |||
Schedule Of Equity Method Investments | |||
Carrying amount of investments in partially owned entities | $ (15,691) | $ (11,330) | |
280 Park Avenue | JV | |||
Schedule Of Equity Method Investments | |||
Interest | 50% |
Investments in Partially Owne_8
Investments in Partially Owned Entities (Schedule of Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Schedule Of Equity Method Investments | ||||
Equity in net income | $ 64,228 | $ 53,938 | ||
Distributions of income from partially owned entities | 54,618 | 88,902 | ||
Our share of net income (loss) | $ 47,949 | $ 37,272 | $ 64,228 | 53,938 |
Fifth Avenue and Times Square JV | ||||
Schedule Of Equity Method Investments | ||||
Interest | 51.50% | 51.50% | ||
Equity in net income | $ 10,427 | 5,941 | $ 19,718 | 16,140 |
Distributions of income from partially owned entities | 10,258 | 9,329 | 19,586 | 18,555 |
Our share of net income (loss) | $ 20,685 | 15,270 | $ 39,304 | 34,695 |
Default accrual interest amount | 5,120 | 5,120 | ||
Alexander's | ||||
Schedule Of Equity Method Investments | ||||
Interest | 32.40% | 32.40% | ||
Equity in net income | $ 2,649 | 3,318 | $ 7,803 | 6,889 |
Management, leasing and development fees | 1,185 | 1,699 | 2,365 | 2,872 |
Net gain on sale of land | 0 | 16,396 | 0 | 16,396 |
Our share of net income (loss) | 3,834 | 21,413 | 10,168 | 26,157 |
Partially owned office buildings | ||||
Schedule Of Equity Method Investments | ||||
Our share of net income (loss) | 21,297 | (254) | 10,894 | (9,217) |
Gain on extinguishment of debt | 31,215 | 31,215 | ||
Other investments | ||||
Schedule Of Equity Method Investments | ||||
Our share of net income (loss) | $ 2,133 | $ 843 | $ 3,862 | $ 2,303 |
Dispositions (Details)
Dispositions (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2024 USD ($) property | Jun. 30, 2024 USD ($) property | Jun. 30, 2023 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from sale of condominium units at 220 Central Park South | $ 31,605 | $ 14,216 | |
Sold | 220 Central Park South | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of properties sold | property | 2 | 2 | |
Proceeds from sale of condominium units at 220 Central Park South | $ 31,605 | $ 31,605 | |
Net gain on sale of land | $ 15,175 | 15,175 | |
Continued operation, tax effect of gain (loss) from disposal of not discontinued operations | $ 2,106 | ||
Number of properties unsold | property | 4 | ||
Unsold carrying amount | $ 20,227 |
Identified Intangible Assets _3
Identified Intangible Assets and Liabilities (Schedule of Identified Intangible Assets and Intangible Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Gross amount | $ 199,963 | $ 225,671 |
Accumulated amortization | (77,549) | (98,589) |
Total, net | 122,414 | 127,082 |
Identified intangible liabilities (included in deferred revenue): | ||
Gross amount | 151,016 | 206,771 |
Accumulated amortization | (125,404) | (178,282) |
Total, net | $ 25,612 | $ 28,489 |
Identified Intangible Assets _4
Identified Intangible Assets and Liabilities (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Below Market Leases Net Of Above Market Leases | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 1,217 | $ 1,360 | $ 1,910 | $ 2,727 |
Other Identified Intangible Assets | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 1,989 | $ 1,985 | $ 3,700 | $ 3,972 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | May 03, 2024 USD ($) credit_facility | Apr. 09, 2024 USD ($) | Apr. 08, 2024 USD ($) | May 02, 2024 USD ($) |
435 Seventh Avenue | Mortgages Payable: | ||||
Debt Instrument | ||||
Debt amount | $ 75,000,000 | $ 95,696,000 | ||
Basis spread on variable rate | 2.10% | 1.41% | ||
Swapped rate | 6.96% | |||
435 Seventh Avenue | Mortgages Payable: | Recourse | ||||
Debt Instrument | ||||
Debt amount | $ 37,500,000 | |||
Unsecured Revolving Credit Facility, Maturing April 2026 | Line of Credit | Revolving Credit Facility | ||||
Debt Instrument | ||||
Basis spread on variable rate | 1.20% | |||
Number of credit facilities | credit_facility | 2 | |||
Maximum borrowing capacity | $ 1,250,000,000 | |||
Facility fee (percent) | 0.25% | |||
Unsecured Revolving Credit Facility, Maturing December 2027 | Line of Credit | Revolving Credit Facility | ||||
Debt Instrument | ||||
Basis spread on variable rate | 1.15% | |||
Maximum borrowing capacity | $ 1,250,000,000 | |||
Facility fee (percent) | 0.25% | |||
Unsecured Revolving Credit Facility, Maturing April 2029 | Line of Credit | Revolving Credit Facility | ||||
Debt Instrument | ||||
Maximum borrowing capacity | $ 915,000,000 |
Debt (Schedule of Debt) (Detail
Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Debt Instrument | ||
Deferred financing costs, net and other | $ (46,685) | $ (53,163) |
Total, net | 5,672,086 | 5,688,020 |
Long term debt | $ 2,565,148 | 2,563,432 |
Mortgages Payable: | ||
Debt Instrument | ||
Interest rate, end of period | 4.93% | |
Long-term debt, gross | $ 5,708,919 | 5,729,615 |
Deferred financing costs, net and other | (36,833) | (41,595) |
Total, net | $ 5,672,086 | 5,688,020 |
Mortgages Payable: | Fixed rate | ||
Debt Instrument | ||
Interest rate, end of period | 4.62% | |
Long-term debt, gross | $ 4,592,300 | 4,518,200 |
Mortgages Payable: | Fixed rate | Interest Rate Cap | ||
Debt Instrument | ||
Derivative, notional amount | $ 950,000 | |
Cap strike rate | 1% | |
Mortgages Payable: | Variable rate | ||
Debt Instrument | ||
Interest rate, end of period | 6.17% | |
Long-term debt, gross | $ 1,116,619 | 1,211,415 |
Mortgages Payable: | Variable rate | Interest Rate Cap | ||
Debt Instrument | ||
Derivative, notional amount | $ 1,034,119 | |
Cap strike rate | 4.74% | |
Derivative, average remaining maturity | 10 months | |
Unsecured Debt: | ||
Debt Instrument | ||
Interest rate, end of period | 3.02% | |
Long-term debt, gross | $ 1,200,000 | 1,200,000 |
Deferred financing costs, net and other | (5,106) | (6,127) |
Long term debt | $ 1,194,894 | 1,193,873 |
Unsecured term loan | ||
Debt Instrument | ||
Interest rate, end of period | 4.79% | |
Long-term debt, gross | $ 800,000 | 800,000 |
Deferred financing costs, net and other | (4,746) | (5,441) |
Long term debt | $ 795,254 | 794,559 |
Unsecured revolving credit facilities | ||
Debt Instrument | ||
Interest rate, end of period | 3.88% | |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Redeemable Noncontrolling Interests Rollforward | ||||
Beginning balance | $ 638,448 | |||
Net income (loss) | $ 3,200 | $ 3,608 | 2,414 | $ 4,037 |
Other comprehensive (loss) income | 0 | 0 | 0 | 0 |
Ending balance | 593,465 | 593,465 | ||
Partnership Interest | ||||
Redeemable Noncontrolling Interests Rollforward | ||||
Beginning balance | 495,967 | 351,743 | 483,786 | 348,692 |
Net income (loss) | 3,200 | 3,608 | 2,414 | 4,037 |
Other comprehensive (loss) income | (100) | 4,472 | 3,582 | (1,608) |
Distributions | (29) | (28) | (57) | (5,629) |
Other, net | 8,724 | 12,582 | 16,151 | 3,229 |
Ending balance | 454,693 | 410,276 | 454,693 | 410,276 |
Partnership Interest | Class A Unit | ||||
Redeemable Noncontrolling Interests Rollforward | ||||
Redemption of Class A units for Vornado common shares, at redemption value | (551) | (5,371) | (3,040) | (5,558) |
Redeemable Class A unit measurement adjustment | (52,518) | 43,270 | (48,143) | 67,113 |
Subsidiary | ||||
Redeemable Noncontrolling Interests Rollforward | ||||
Beginning balance | 147,175 | 78,796 | 154,662 | 88,040 |
Net income (loss) | (8,403) | (8,776) | (15,890) | (18,020) |
Ending balance | $ 138,772 | $ 70,020 | $ 138,772 | $ 70,020 |
Redeemable Noncontrolling Int_4
Redeemable Noncontrolling Interests (Narrative) (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
Redeemable Noncontrolling Interest | ||
Exchange ratio | 1 | |
Fair value conversion ratio | 1 | |
The Farley Building | JV | ||
Redeemable Noncontrolling Interest | ||
Equity method ownership percentage | 95% | |
Capital contributions | $ 205,068 | |
Cumulative Redeemable Preferred Unit | ||
Redeemable Noncontrolling Interest | ||
Mandatorily redeemable instruments (included in other liabilities) | 49,383 | $ 49,386 |
Partnership Interest | ||
Redeemable Noncontrolling Interest | ||
Redemption value of redeemable class A units | 451,158 | 480,251 |
Partnership Interest | Class A Units | ||
Redeemable Noncontrolling Interest | ||
Redemption value of redeemable class A units | $ 451,158 | $ 480,251 |
Shareholders' Equity_Partners_3
Shareholders' Equity/Partners' Capital (Schedule of Dividends) (Details) - $ / shares | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Class of Stock [Line Items] | |||||
Common shares of beneficial interest: authorized shares (in shares) | 250,000,000 | 250,000,000 | 250,000,000 | ||
Common shares, dividends (in dollars per share) | $ 0.375 | ||||
Preferred shares of beneficial interest: authorized shares (in shares) | 110,000,000 | 110,000,000 | 110,000,000 | ||
Common Class A | |||||
Class of Stock [Line Items] | |||||
Common shares of beneficial interest: authorized shares (in shares) | 250,000,000 | 250,000,000 | 250,000,000 | 250,000,000 | |
Common shares, dividends (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0.375 | |
Series A Preferred Stock | Convertible Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred stock, dividend rate, percentage | 6.50% | 6.50% | 6.50% | 6.50% | |
Preferred shares of beneficial interest: authorized shares (in shares) | 12,902 | 12,902 | 12,902 | 12,902 | |
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 0.8125 | $ 0.8125 | $ 1.6250 | $ 1.6250 | |
Preferred stock, redemption price per share (in common shares/class A units per share/unit) | 1.9531 | 1.9531 | 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 | $ 1.9531 | $ 1.9531 | |
Series L Preferred Stock | Redeemable Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred stock, dividend rate, percentage | 5.40% | 5.40% | 5.40% | 5.40% | |
Preferred shares of beneficial interest: authorized shares (in shares) | 13,800,000 | 13,800,000 | 13,800,000 | 13,800,000 | |
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 0.3375 | $ 0.3375 | $ 0.6750 | $ 0.6750 | |
Preferred stock, liquidation preference per share (in dollars per share/unit) | $ 25 | $ 25 | $ 25 | $ 25 | |
Series M Preferred Stock | Redeemable Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred stock, dividend rate, percentage | 5.25% | 5.25% | 5.25% | 5.25% | |
Preferred shares of beneficial interest: authorized shares (in shares) | 13,800,000 | 13,800,000 | 13,800,000 | 13,800,000 | |
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 0.3281 | $ 0.3281 | $ 0.6562 | $ 0.6562 | |
Preferred stock, liquidation preference per share (in dollars per share/unit) | $ 25 | $ 25 | $ 25 | $ 25 | |
Series N Preferred Stock | Redeemable Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred stock, dividend rate, percentage | 5.25% | 5.25% | 5.25% | 5.25% | |
Preferred shares of beneficial interest: authorized shares (in shares) | 12,000,000 | 12,000,000 | 12,000,000 | 12,000,000 | |
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 0.3281 | $ 0.3281 | $ 0.6562 | $ 0.6562 | |
Preferred stock, liquidation preference per share (in dollars per share/unit) | $ 25 | $ 25 | $ 25 | $ 25 | |
Series O Preferred Stock | Redeemable Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred stock, dividend rate, percentage | 4.45% | 4.45% | 4.45% | 4.45% | |
Preferred shares of beneficial interest: authorized shares (in shares) | 12,000,000 | 12,000,000 | 12,000,000 | 12,000,000 | |
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 0.2781 | $ 0.2781 | $ 0.5562 | $ 0.5562 | |
Preferred stock, liquidation preference per share (in dollars per share/unit) | $ 25 | $ 25 | $ 25 | $ 25 |
Shareholders' Equity_Partners_4
Shareholders' Equity/Partners' Capital (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2024 | Apr. 26, 2023 | |
Equity, Class of Treasury Stock [Line Items] | |||
Stock repurchase program, authorized amount (up to) | $ 200,000,000 | ||
Common shares outstanding ratio to class A units ratio | 100% | ||
Common Shares | |||
Equity, Class of Treasury Stock [Line Items] | |||
Shares repurchase program (in shares) | 2,024,495 | 2,024,495 | |
Average price per share (in dollars per share) | $ 14.40 | $ 14.40 | |
Stock repurchase program, remaining authorized repurchase amount | $ 170,857,000 | $ 170,857,000 |
Stock-based Compensation (Detai
Stock-based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 8,750 | $ 11,868 | $ 16,269 | $ 23,582 |
LTIP Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 4,431 | 6,561 | 7,649 | 12,869 |
Performance AO LTIP Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 3,480 | 4,449 | 6,943 | 4,449 |
LTPP Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 629 | 533 | 1,259 | 4,457 |
OPP Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 210 | 209 | 418 | 1,574 |
Other | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 0 | $ 116 | $ 0 | $ 233 |
Income Per Share_Income Per C_3
Income Per Share/Income Per Class A Unit - Narrative (Details) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Net income allocation | 1 |
Income Per Share_Income Per C_4
Income Per Share/Income Per Class A Unit - Schedule Of Earnings Per Share Basic And Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net Income (Loss) Attributable to Parent [Abstract] | ||||
Net income | $ 50,789 | $ 61,906 | $ 57,284 | $ 82,603 |
Preferred dividends/distributions | (15,529) | (15,529) | (31,058) | (31,058) |
NET INCOME | 35,260 | 46,377 | 26,226 | 51,545 |
Distributions and earnings allocated to unvested participating securities | 0 | (1) | 0 | (1) |
Numerator for basic income per common share/unit | 35,260 | 46,376 | 26,226 | 51,544 |
Impact of assumed conversion of dilutive convertible securities | 0 | 377 | 0 | 700 |
Numerator for diluted income per common share/unit | $ 35,260 | $ 46,753 | $ 26,226 | $ 52,244 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Denominator for basic (loss) income per share - weighted average shares (in shares) | 190,492,000 | 191,468,000 | 190,460,000 | 191,668,000 |
Share-based awards (in shares) | 3,913,000 | 32,000 | 4,058,000 | 23,000 |
Convertible securities (in shares) | 0 | 3,304,000 | 0 | 2,673,000 |
Denominator for diluted (loss) income per share - weighted average shares and assumed conversions (in shares) | 194,405,000 | 194,804,000 | 194,518,000 | 194,364,000 |
INCOME PER COMMON SHARE: | ||||
Basic (in dollars per share) | $ 0.19 | $ 0.24 | $ 0.14 | $ 0.27 |
Diluted (in dollars per share) | $ 0.18 | $ 0.24 | $ 0.13 | $ 0.27 |
Convertible Common Stock | ||||
INCOME PER CLASS A UNIT: | ||||
Weighted average common share / class A unit equivalents of excluded dilutive securities due to anti-dilutive effect (in shares) | 1,955 | 1,915 | ||
Vornado Realty L.P. | ||||
Net Income (Loss) Attributable to Parent [Abstract] | ||||
Net income | $ 53,989 | $ 65,514 | $ 59,698 | $ 86,640 |
Preferred dividends/distributions | (15,557) | (15,557) | (31,115) | (31,115) |
NET INCOME | 38,432 | 49,957 | 28,583 | 55,525 |
Distributions and earnings allocated to unvested participating securities | (494) | (204) | (372) | (228) |
Numerator for basic income per common share/unit | 37,938 | 49,753 | 28,211 | 55,297 |
Impact of assumed conversion of dilutive convertible securities | 0 | 377 | 0 | 700 |
Numerator for diluted income per common share/unit | $ 37,938 | $ 50,130 | $ 28,211 | $ 55,997 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Denominator for basic (loss) income (loss) per Class A unit – weighted average units (in shares) | 204,960,000 | 205,411,000 | 204,917,000 | 205,606,000 |
Share-based awards (in shares) | 3,913,000 | 32,000 | 4,058,000 | 23,000 |
Convertible securities (in shares) | 0 | 3,304,000 | 0 | 2,673,000 |
Denominator for diluted (loss) income per Class A unit – weighted average units and assumed conversions (in shares) | 208,873,000 | 208,747,000 | 208,975,000 | 208,302,000 |
INCOME PER CLASS A UNIT: | ||||
Basic (in dollars per unit) | $ 0.19 | $ 0.24 | $ 0.14 | $ 0.27 |
Diluted (in dollars per unit) | $ 0.18 | $ 0.24 | $ 0.13 | $ 0.27 |
Vornado Realty L.P. | Convertible Common Stock | ||||
INCOME PER CLASS A UNIT: | ||||
Weighted average common share / class A unit equivalents of excluded dilutive securities due to anti-dilutive effect (in shares) | 1,955 | 1,915 |
Variable Interest Entities ("_2
Variable Interest Entities ("VIEs") (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Variable Interest Entities | ||
Assets | $ 16,210,181 | $ 16,187,665 |
Total liabilities | 9,798,717 | 9,843,931 |
Unconsolidated VIEs | ||
Variable Interest Entities | ||
Assets | 252,546 | 109,220 |
Guarantor obligations, maximum exposure, undiscounted | 295,396 | 196,394 |
Consolidated VIEs | ||
Variable Interest Entities | ||
Assets | 4,876,146 | 4,901,150 |
Total liabilities | $ 2,736,207 | $ 2,735,826 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Designated as Hedging Instrument | ||
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | ||
Interest rate swaps and caps designated as a hedge (included in other liabilities) | $ 369 | |
Fair Value Liability | $ 7,239 | |
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) | 108,553 | 105,246 |
Loans receivable (included in investments in partially owned entities and in other assets) | 32,984 | 32,984 |
Total assets | 306,702 | 281,156 |
Mandatorily redeemable instruments (included in other liabilities) | 49,383 | 49,386 |
Total liabilities | 56,594 | 60,717 |
Recurring | Designated as Hedging Instrument | ||
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | ||
Interest rate swaps and caps | 158,305 | 138,772 |
Interest rate swaps and caps designated as a hedge (included in other liabilities) | 369 | 7,239 |
Recurring | Not Designated as Hedging Instrument | ||
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | ||
Interest rate swaps and caps | 6,860 | 4,154 |
Interest rate swaps and caps designated as a hedge (included in other liabilities) | 6,842 | 4,092 |
Recurring | Level 1 | ||
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) | 60,595 | 58,956 |
Loans receivable (included in investments in partially owned entities and in other assets) | 0 | 0 |
Total assets | 60,595 | 58,956 |
Mandatorily redeemable instruments (included in other liabilities) | 49,383 | 49,386 |
Total liabilities | 49,383 | 49,386 |
Recurring | Level 1 | Designated as Hedging Instrument | ||
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | ||
Interest rate swaps and caps | 0 | 0 |
Interest rate swaps and caps designated as a hedge (included in other liabilities) | 0 | 0 |
Recurring | Level 1 | Not Designated as Hedging Instrument | ||
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | ||
Interest rate swaps and caps | 0 | 0 |
Interest rate swaps and caps designated as a hedge (included in other liabilities) | 0 | 0 |
Recurring | Level 2 | ||
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) | 0 | 0 |
Loans receivable (included in investments in partially owned entities and in other assets) | 0 | 0 |
Total assets | 165,165 | 142,926 |
Mandatorily redeemable instruments (included in other liabilities) | 0 | 0 |
Total liabilities | 7,211 | 11,331 |
Recurring | Level 2 | Designated as Hedging Instrument | ||
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | ||
Interest rate swaps and caps | 158,305 | 138,772 |
Interest rate swaps and caps designated as a hedge (included in other liabilities) | 369 | 7,239 |
Recurring | Level 2 | Not Designated as Hedging Instrument | ||
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | ||
Interest rate swaps and caps | 6,860 | 4,154 |
Interest rate swaps and caps designated as a hedge (included in other liabilities) | 6,842 | 4,092 |
Recurring | Level 3 | ||
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) | 47,958 | 46,290 |
Loans receivable (included in investments in partially owned entities and in other assets) | 32,984 | 32,984 |
Total assets | 80,942 | 79,274 |
Mandatorily redeemable instruments (included in other liabilities) | 0 | 0 |
Total liabilities | 0 | 0 |
Recurring | Level 3 | Designated as Hedging Instrument | ||
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | ||
Interest rate swaps and caps | 0 | 0 |
Interest rate swaps and caps designated as a hedge (included in other liabilities) | 0 | 0 |
Recurring | Level 3 | Not Designated as Hedging Instrument | ||
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | ||
Interest rate swaps and caps | 0 | 0 |
Interest rate swaps and caps designated as a hedge (included in other liabilities) | 0 | 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) | 4,840 | 26,363 |
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) | $ 103,713 | $ 78,883 |
Fair Value Measurements (Change
Fair Value Measurements (Changes in the Fair Value of Deferred Compensation Plan Assets) (Details) - Deferred Compensation Plan Assets - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2024 | Jun. 30, 2024 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 48,544 | $ 46,290 |
Purchases | 424 | 1,542 |
Sales | (1,387) | (3,263) |
Realized and unrealized (losses) gains | (1,010) | 1,262 |
Other, net | 1,387 | 2,127 |
Ending balance | $ 47,958 | $ 47,958 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Derivative Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jan. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Derivative [Line Items] | ||||
Long term debt | $ 2,565,148 | $ 2,563,432 | ||
Rate | 1% | |||
Matures in May 2028 | 555 California Street | Office | ||||
Derivative [Line Items] | ||||
Equity method ownership percentage | 70% | 70% | ||
Debt amount | $ 1,200,000 | $ 1,200,000 | ||
Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Fair Value Asset | 158,305 | 138,772 | ||
Fair Value Liability | 7,239 | |||
Interest rate swaps and caps designated as a hedge (included in other liabilities) | 369 | |||
Designated as Hedging Instrument | Recurring | ||||
Derivative [Line Items] | ||||
Interest rate swaps and caps designated as a hedge (included in other liabilities) | 369 | 7,239 | ||
Designated as Hedging Instrument | Level 2 | Recurring | ||||
Derivative [Line Items] | ||||
Interest rate swaps and caps designated as a hedge (included in other liabilities) | $ 369 | 7,239 | ||
Designated as Hedging Instrument | Interest rate swaps | ||||
Derivative [Line Items] | ||||
Derivative, Average Fixed Interest Rate | 1.30% | |||
Designated as Hedging Instrument | 555 California Street mortgage loan | Interest rate swaps | ||||
Derivative [Line Items] | ||||
Notional amount and swapped balance | $ 840,000 | |||
All-In Swapped Rate | 6.03% | |||
Fair Value Asset | $ 8,331 | 15,494 | ||
Fair Value Liability | 0 | 6,091 | ||
Designated as Hedging Instrument | 770 Broadway mortgage loan | Interest rate swaps | ||||
Derivative [Line Items] | ||||
Notional amount and swapped balance | $ 700,000 | |||
All-In Swapped Rate | 4.98% | |||
Fair Value Asset | $ 29,934 | 20,306 | ||
Fair Value Liability | 0 | 0 | ||
Designated as Hedging Instrument | PENN 11 mortgage loan | Interest rate swaps | ||||
Derivative [Line Items] | ||||
Notional amount and swapped balance | $ 500,000 | |||
All-In Swapped Rate | 6.28% | |||
Fair Value Asset | $ 3,485 | 4,702 | ||
Fair Value Liability | 0 | 1,148 | ||
Designated as Hedging Instrument | Unsecured revolving credit facility | Interest rate swaps | ||||
Derivative [Line Items] | ||||
Notional amount and swapped balance | $ 575,000 | |||
All-In Swapped Rate | 3.88% | |||
Fair Value Asset | $ 25,373 | 17,064 | ||
Fair Value Liability | 0 | 0 | ||
Designated as Hedging Instrument | Unsecured term loan | Interest rate swaps | ||||
Derivative [Line Items] | ||||
Notional amount and swapped balance | $ 700,000 | |||
All-In Swapped Rate | 4.53% | |||
Fair Value Asset | $ 18,349 | 11,089 | ||
Fair Value Liability | 0 | 0 | ||
Designated as Hedging Instrument | 100 West 33rd Street mortgage loan | Interest rate swaps | ||||
Derivative [Line Items] | ||||
Notional amount and swapped balance | $ 480,000 | |||
All-In Swapped Rate | 5.26% | |||
Fair Value Asset | $ 11,498 | 3,550 | ||
Fair Value Liability | 0 | 0 | ||
Designated as Hedging Instrument | 888 Seventh Avenue mortgage loan | Interest rate swaps | ||||
Derivative [Line Items] | ||||
Notional amount and swapped balance | $ 200,000 | |||
All-In Swapped Rate | 4.76% | |||
Fair Value Asset | $ 7,431 | 4,340 | ||
Fair Value Liability | 0 | 0 | ||
Long term debt | $ 59,800 | |||
Derivative, basis spread on variable rate | 1.80% | |||
Rate | 7.13% | |||
Designated as Hedging Instrument | 4 Union Square South mortgage loan | Interest rate swaps | ||||
Derivative [Line Items] | ||||
Notional amount and swapped balance | $ 97,300 | |||
All-In Swapped Rate | 3.74% | |||
Fair Value Asset | $ 1,440 | 2,327 | ||
Fair Value Liability | 0 | 0 | ||
Long term debt | $ 22,700 | |||
Derivative, basis spread on variable rate | 1.50% | |||
Rate | 6.83% | |||
Designated as Hedging Instrument | 435 Seventh Avenue mortgage loan | Interest rate swaps | ||||
Derivative [Line Items] | ||||
Notional amount and swapped balance | $ 75,000 | |||
All-In Swapped Rate | 6.96% | |||
Fair Value Asset | $ 0 | 0 | ||
Fair Value Liability | 369 | 0 | ||
Designated as Hedging Instrument | 1290 Avenue of the Americas mortgage loan | Interest Rate Cap | ||||
Derivative [Line Items] | ||||
Notional amount and swapped balance | 950,000 | |||
Fair Value Asset | 47,621 | 53,784 | ||
Fair Value Liability | $ 0 | 0 | ||
Cap strike rate | 1% | |||
Premium paid in connection with the purchase of cap arrangement | $ 63,100 | |||
Designated as Hedging Instrument | 1290 Avenue of the Americas mortgage loan | Interest Rate Cap | Non-controlling Interests in Consolidated Subsidiaries | ||||
Derivative [Line Items] | ||||
Premium paid in connection with the purchase of cap arrangement | 18,930 | |||
Designated as Hedging Instrument | One Park Avenue mortgage loan | Interest Rate Cap | ||||
Derivative [Line Items] | ||||
Notional amount and swapped balance | 525,000 | |||
Fair Value Asset | 4,422 | 5,297 | ||
Fair Value Liability | $ 0 | 0 | ||
Cap strike rate | 3.89% | |||
Designated as Hedging Instrument | Various mortgage loans | Interest Rate Cap | ||||
Derivative [Line Items] | ||||
Fair Value Asset | $ 421 | 819 | ||
Fair Value Liability | 0 | 0 | ||
Designated as Hedging Instrument | PENN 11 mortgage loan, Interest rate swap | Interest rate swaps | ||||
Derivative [Line Items] | ||||
Notional amount and swapped balance | $ 250,000 | |||
Designated as Hedging Instrument | PENN 11 mortgage loan, In-Place Swap | Interest rate swaps | ||||
Derivative [Line Items] | ||||
All-In Swapped Rate | 6.28% | |||
Long term debt | $ 500,000 | |||
Designated as Hedging Instrument | Unsecured Term Loan Expiring July 2025 | Interest rate swaps | ||||
Derivative [Line Items] | ||||
Notional amount and swapped balance | $ 700,000 | |||
All-In Swapped Rate | 4.53% | |||
Unswapped Balance | $ 100,000 | |||
Designated as Hedging Instrument | Unsecured Term Loan Expiring October 2026 | Interest rate swaps | ||||
Derivative [Line Items] | ||||
Notional amount and swapped balance | $ 550,000 | |||
All-In Swapped Rate | 4.36% | |||
Unswapped Balance | $ 250,000 | |||
Designated as Hedging Instrument | Unsecured Term Loan Expiring August 2027 | Interest rate swaps | ||||
Derivative [Line Items] | ||||
Notional amount and swapped balance | $ 50,000 | |||
All-In Swapped Rate | 4.04% | |||
Unswapped Balance | $ 750,000 | |||
Not Designated as Hedging Instrument | Recurring | ||||
Derivative [Line Items] | ||||
Interest rate swaps and caps designated as a hedge (included in other liabilities) | 6,842 | 4,092 | ||
Not Designated as Hedging Instrument | Level 2 | Recurring | ||||
Derivative [Line Items] | ||||
Interest rate swaps and caps designated as a hedge (included in other liabilities) | $ 6,842 | $ 4,092 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - Nonrecurring - Fair Value - Level 3 $ in Thousands | Dec. 31, 2023 USD ($) |
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | |
Fair value investment | $ 76,570 |
Consolidated Real Estate Assets | |
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | |
Fair value investment | 55,097 |
Investments in Partially Owned Entities | |
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | |
Fair value investment | $ 21,473 |
Fair Value Measurements (Unobse
Fair Value Measurements (Unobservable Quantitative Input Ratios) (Details) - Nonrecurring - Level 3 | Dec. 31, 2023 |
Discount rates | Minimum | |
Unobservable Quantitative Input | |
Other real estate owned, measurement input | 0.0750 |
Discount rates | Maximum | |
Unobservable Quantitative Input | |
Other real estate owned, measurement input | 0.0800 |
Discount rates | Weighted Average | |
Unobservable Quantitative Input | |
Other real estate owned, measurement input | 0.0799 |
Terminal capitalization rates | |
Unobservable Quantitative Input | |
Other real estate owned, measurement input | 0.0550 |
Terminal capitalization rates | Weighted Average | |
Unobservable Quantitative Input | |
Other real estate owned, measurement input | 0.0550 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Amounts and Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unsecured revolving credit facilities | $ 575,000 | $ 575,000 |
Deferred financing costs, net and other | 46,685 | 53,163 |
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 | 5,106 | 6,127 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 720,167 | 825,720 |
Mortgages payable | 5,708,919 | 5,729,615 |
Unsecured revolving credit facilities | 575,000 | 575,000 |
Debt, carrying amount | 8,283,919 | 8,304,615 |
Carrying Amount | Senior unsecured notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unsecured term loan | 1,200,000 | 1,200,000 |
Carrying Amount | Unsecured term loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unsecured term loan | 800,000 | 800,000 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 7,997,000 | 8,013,000 |
Fair Value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 720,000 | 826,000 |
Unsecured revolving credit facilities | 575,000 | 575,000 |
Fair Value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgages payable | 5,532,000 | 5,569,000 |
Fair Value | Senior unsecured notes | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unsecured term loan | 1,090,000 | 1,069,000 |
Fair Value | Unsecured term loan | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unsecured term loan | $ 800,000 | $ 800,000 |
Interest and Other Investment_3
Interest and Other Investment Income, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Interest and Other Income [Abstract] | ||||
Interest on cash and cash equivalents and restricted cash | $ 10,596 | $ 12,593 | $ 22,285 | $ 18,267 |
Loss from real estate fund investments | (85) | (102) | (50) | (121) |
Amortization of discount on investments in U.S. Treasury bills | 0 | 384 | 0 | 3,829 |
Interest on loans receivable | 0 | 278 | 0 | 762 |
Interest and other investment income, net | $ 10,511 | $ 13,153 | $ 22,235 | $ 22,737 |
Interest and Debt Expense (Deta
Interest and Debt Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Interest and Debt Expense [Abstract] | ||||
Interest expense | $ 93,976 | $ 89,420 | $ 180,153 | $ 178,074 |
Capitalized interest and debt expense | (12,794) | (9,949) | (25,358) | (18,806) |
Amortization of interest rate cap premiums | 11,206 | 1,740 | 22,720 | 2,167 |
Amortization of deferred financing costs | 6,013 | 5,954 | 11,364 | 11,967 |
Interest and debt expense, Total | $ 98,401 | $ 87,165 | $ 188,879 | $ 173,402 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 1 Months Ended | 6 Months Ended |
Jan. 31, 2022 renewal_option | Jun. 30, 2024 USD ($) | |
Loss Contingencies | ||
Fair value reset renewal period | 25 years | |
Guarantees and master leases | $ 574,500,000 | |
Construction commitment | $ 45,819,000 | |
Farley Office and Retail | JV | ||
Loss Contingencies | ||
Equity method ownership percentage | 95% | |
Capital contributions | $ 205,068,000 | |
Farley Office and Retail | Affiliated Entity | ||
Loss Contingencies | ||
Equity method ownership percentage | 5% | |
Vornado Capital Partners Real Estate Fund | JV | ||
Loss Contingencies | ||
Equity method ownership percentage | 25% | |
Unfunded commitments of fund | $ 5,769,000 | |
Unsecured revolving credit facilities | ||
Loss Contingencies | ||
Outstanding letters of credit | 30,233,000 | |
PENN 1 | ||
Loss Contingencies | ||
Number of renewal options | renewal_option | 3 | |
Term of contract | 25 years | |
General Liability | ||
Loss Contingencies | ||
Insurance limit per property | 300,000,000 | |
Insurance limit per occurrence | 300,000,000 | |
Disease Coverage | ||
Loss Contingencies | ||
Insurance limit per property | 275,000,000 | |
All Risk And Rental Value | ||
Loss Contingencies | ||
Insurance limit per occurrence | 2,000,000,000 | |
Earthquake California Properties | ||
Loss Contingencies | ||
Insurance limit per occurrence | 350,000,000 | |
Insurance maximum coverage limit in aggregate | $ 350,000,000 | |
Registrant deductible percentage of property value | 5% | |
Terrorism Acts | ||
Loss Contingencies | ||
Insurance limit per occurrence | $ 6,000,000,000 | |
Insurance maximum coverage limit in aggregate | 6,000,000,000 | |
Non-Certified Acts of Terrorism | ||
Loss Contingencies | ||
Insurance maximum coverage limit in aggregate | 1,200,000,000 | |
NBCR Acts | ||
Loss Contingencies | ||
Insurance limit per occurrence | 5,000,000,000 | |
Insurance maximum coverage limit in aggregate | 5,000,000,000 | |
NBCR Acts | PPIC | ||
Loss Contingencies | ||
Insurance deductible | $ 2,112,753 | |
Insurance deductible percentage of balance of covered loss | 20% |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2024 segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Information (Schedule o
Segment Information (Schedule of NOI by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Information | ||||
Total revenues | $ 450,266 | $ 472,359 | $ 886,641 | $ 918,282 |
Operating expenses | (229,380) | (222,723) | (455,604) | (451,496) |
NOI - consolidated | 220,886 | 249,636 | 431,037 | 466,786 |
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (9,013) | (18,742) | (20,409) | (30,506) |
Add: NOI from partially owned entities | 68,298 | 70,745 | 138,667 | 138,842 |
NOI at share | 280,171 | 301,639 | 549,295 | 575,122 |
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (581) | (5,570) | (2,092) | (518) |
NOI at share - cash basis | 279,590 | 296,069 | 547,203 | 574,604 |
New York | ||||
Segment Information | ||||
Total revenues | 367,578 | 362,471 | 725,812 | 726,285 |
Operating expenses | (188,947) | (176,410) | (377,225) | (364,731) |
NOI - consolidated | 178,631 | 186,061 | 348,587 | 361,554 |
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (2,196) | (5,204) | (6,732) | (10,027) |
Add: NOI from partially owned entities | 65,718 | 67,509 | 133,427 | 132,833 |
NOI at share | 242,153 | 248,366 | 475,282 | 484,360 |
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (4,319) | (6,797) | (6,654) | (1,764) |
NOI at share - cash basis | 237,834 | 241,569 | 468,628 | 482,596 |
Other | ||||
Segment Information | ||||
Total revenues | 82,688 | 109,888 | 160,829 | 191,997 |
Operating expenses | (40,433) | (46,313) | (78,379) | (86,765) |
NOI - consolidated | 42,255 | 63,575 | 82,450 | 105,232 |
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (6,817) | (13,538) | (13,677) | (20,479) |
Add: NOI from partially owned entities | 2,580 | 3,236 | 5,240 | 6,009 |
NOI at share | 38,018 | 53,273 | 74,013 | 90,762 |
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 3,738 | 1,227 | 4,562 | 1,246 |
NOI at share - cash basis | $ 41,756 | $ 54,500 | $ 78,575 | $ 92,008 |
Segment Information (Net Income
Segment Information (Net Income to NOI Reconciliation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting [Abstract] | ||||
Net income | $ 40,099 | $ 62,733 | $ 33,826 | $ 73,931 |
Depreciation and amortization expense | 109,774 | 107,162 | 218,433 | 213,727 |
General and administrative expense | 38,475 | 39,410 | 76,372 | 81,005 |
Transaction related costs and other | 3,361 | 30 | 4,014 | 688 |
Income from partially owned entities | (47,949) | (37,272) | (64,228) | (53,938) |
Interest and other investment income, net | (10,511) | (13,153) | (22,235) | (22,737) |
Interest and debt expense | 98,401 | 87,165 | 188,879 | 173,402 |
Net gains on disposition of wholly owned and partially owned assets | (16,048) | (936) | (16,048) | (8,456) |
Income tax expense | 5,284 | 4,497 | 12,024 | 9,164 |
NOI from partially owned entities | 68,298 | 70,745 | 138,667 | 138,842 |
NOI attributable to noncontrolling interests in consolidated subsidiaries | (9,013) | (18,742) | (20,409) | (30,506) |
NOI at share | 280,171 | 301,639 | 549,295 | 575,122 |
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (581) | (5,570) | (2,092) | (518) |
NOI at share - cash basis | $ 279,590 | $ 296,069 | $ 547,203 | $ 574,604 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands | 6 Months Ended | |||
Aug. 02, 2024 USD ($) ft² | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Aug. 03, 2024 ft² | |
Subsequent Events | ||||
Net proceeds from sale of real estate | $ | $ 31,605 | $ 14,216 | ||
Subsequent Event | 666 Fifth Avenue | ||||
Subsequent Events | ||||
Square footage of real estate property (in sqft) | 90,732 | |||
Subsequent Event | 666 Fifth Avenue | Forecast | ||||
Subsequent Events | ||||
Proceeds from Sale, Real Estate, Held-for-Investment, Net | $ | $ 340,000 | |||
Subsequent Event | 666 Fifth Avenue | Forecast | ||||
Subsequent Events | ||||
Preferred Equity Asset | $ | $ 390,000 | |||
Subsequent Event | JV | 666 Fifth Avenue | ||||
Subsequent Events | ||||
Square footage of real estate property (in sqft) | 17,295 | |||
Subsequent Event | JV | 666 Fifth Avenue | Forecast | ||||
Subsequent Events | ||||
Net proceeds from sale of real estate | $ | $ 350,000 | |||
Subsequent Event | JV | 666 Fifth Avenue, At Grade | ||||
Subsequent Events | ||||
Square footage of real estate property (in sqft) | 6,477 | |||
Subsequent Event | JV | 666 Fifth Avenue | 666 Fifth Avenue | Forecast | ||||
Subsequent Events | ||||
Square footage of real estate property (in sqft) | 23,832 | |||
Subsequent Event | JV | 666 Fifth Avenue | 666 Fifth Avenue, At Grade | Forecast | ||||
Subsequent Events | ||||
Square footage of real estate property (in sqft) | 7,416 |