Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2016shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | VORNADO REALTY LP |
Entity Central Index Key | 1,040,765 |
Document Type | 10-Q |
Document Period End Date | Jun. 30, 2016 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 0 |
Entity Well Known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Trading Symbol |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Real estate, at cost: | ||
Land | $ 4,154,201 | $ 4,164,799 |
Buildings and improvements | 12,541,161 | 12,582,671 |
Development costs and construction in progress | 1,302,108 | 1,226,637 |
Leasehold improvements and equipment | 112,096 | 116,030 |
Total | 18,109,566 | 18,090,137 |
Less accumulated depreciation and amortization | (3,374,867) | (3,418,267) |
Real estate, net | 14,734,699 | 14,671,870 |
Cash and cash equivalents | 1,644,067 | 1,835,707 |
Restricted cash | 94,628 | 107,799 |
Marketable securities | 194,489 | 150,997 |
Tenant and other receivables, net of allowance for doubtful accounts of $11,260 and $11,908 | 95,623 | 98,062 |
Investments in partially owned entities | 1,499,792 | 1,550,422 |
Real estate fund investments | 524,150 | 574,761 |
Receivable arising from the straight-lining of rents, net of allowance of $2,489 and $2,751 | 991,953 | 931,245 |
Deferred leasing costs, net of accumulated amortization of $227,015 and $218,239 | 462,649 | 480,421 |
Identified intangible assets, net of accumulated amortization of $194,463 and $187,360 | 210,010 | 227,901 |
Assets related to discontinued operations | 8,678 | 37,020 |
Other assets | 612,992 | 477,088 |
Assets | 21,073,730 | 21,143,293 |
LIABILITIES, REDEEMABLE PARTNERSHIP UNITS AND EQUITY | ||
Mortgages payable, net | 9,746,818 | 9,513,713 |
Senior unsecured notes, net | 844,868 | 844,159 |
Unsecured revolving credit facilities | 115,630 | 550,000 |
Unsecured term loan, net | 371,455 | 183,138 |
Accounts payable and accrued expenses | 480,094 | 443,955 |
Deferred revenue | 314,367 | 346,119 |
Deferred compensation plan | 119,292 | 117,475 |
Liabilities related to discontinued operations | 8,104 | 12,470 |
Other liabilities | 480,030 | 426,965 |
Total liabilities | 12,480,658 | 12,437,994 |
Commitments and contingencies | ||
Redeemable partnership units: | ||
Class A units - 12,385,829 and 12,242,820 units outstanding | 1,240,069 | 1,223,793 |
Series D cumulative redeemable preferred units - 177,101 units outstanding | 5,428 | 5,428 |
Total redeemable partnership units | 1,245,497 | 1,229,221 |
Equity: | ||
Partners' capital | 8,420,056 | 8,417,454 |
Earnings less than distributions | (1,898,505) | (1,766,780) |
Accumulated other comprehensive income | 72,556 | 46,921 |
Total Vornado Realty L.P. equity | 6,594,107 | 6,697,595 |
Noncontrolling interests in consolidated subsidiaries | 753,468 | 778,483 |
Total equity | 7,347,575 | 7,476,078 |
Total liabilities, redeemable partnership units and equity | $ 21,073,730 | $ 21,143,293 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Tenant and other receivables, allowance for doubtful accounts (in US dollars) | $ 11,260 | $ 11,908 |
Receivable arising from the straight-lining of rents, allowance (in US dollars) | 2,489 | 2,751 |
Deferred leasing costs, accumulated amortization (in US dollars) | 227,015 | 218,239 |
Identified intangible assets, accumulated amortization (in US dollars) | $ 194,463 | $ 187,360 |
Common Class A [Member] | ||
LIABILITIES, REDEEMABLE PARTNERSHIP UNITS AND EQUITY | ||
Redeemable partnership units Outstanding | 12,385,829 | 12,242,820 |
Series D Cumulative Redeemable Preferred Unit [Member] | ||
LIABILITIES, REDEEMABLE PARTNERSHIP UNITS AND EQUITY | ||
Redeemable partnership units Outstanding | 177,101 | 177,101 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
REVENUES: | ||||
Property rentals | $ 527,178 | $ 514,843 | $ 1,046,670 | $ 1,015,117 |
Tenant expense reimbursements | 60,841 | 62,215 | 120,416 | 129,136 |
Fee and other income | 33,689 | 39,230 | 67,659 | 78,837 |
Total revenues | 621,708 | 616,288 | 1,234,745 | 1,223,090 |
EXPENSES: | ||||
Operating | 245,138 | 242,690 | 501,487 | 497,183 |
Depreciation and amortization | 141,313 | 136,957 | 284,270 | 261,079 |
General and administrative | 45,564 | 39,189 | 94,268 | 97,681 |
Impairment loss and acquisition and transaction related costs | 2,879 | 4,061 | 168,186 | 6,042 |
Total expenses | 434,894 | 422,897 | 1,048,211 | 861,985 |
Operating income | 186,814 | 193,391 | 186,534 | 361,105 |
Income (loss) from partially owned entities | 642 | (5,641) | (3,598) | (8,384) |
Income from real estate fund investments | 16,389 | 26,368 | 27,673 | 50,457 |
Interest and other investment income, net | 10,236 | 5,666 | 13,754 | 16,458 |
Interest and debt expense | (105,576) | (92,092) | (206,065) | (183,766) |
Net gain on disposition of wholly owned and partially owned assets | 159,511 | 0 | 160,225 | 1,860 |
Income before income taxes | 268,016 | 127,692 | 178,523 | 237,730 |
Income tax (expense) benefit | (2,109) | 88,072 | (4,940) | 87,101 |
Income from continuing operations | 265,907 | 215,764 | 173,583 | 324,831 |
Income (loss) from discontinued operations | 2,475 | (364) | 3,191 | 15,815 |
Net income | 268,382 | 215,400 | 176,774 | 340,646 |
Less net income attributable to noncontrolling interests in consolidated subsidiaries | (13,025) | (19,186) | (22,703) | (35,068) |
Net income attributable to Vornado Realty L.P. | 255,357 | 196,214 | 154,071 | 305,578 |
Preferred unit distributions | (20,412) | (20,414) | (40,824) | (39,910) |
NET INCOME attributable to Class A unitholders | $ 234,945 | $ 175,800 | $ 113,247 | $ 265,668 |
INCOME PER CLASS A UNIT - BASIC: | ||||
Income from continuing operations, net (in dollars per share) | $ 1.16 | $ 0.88 | $ 0.54 | $ 1.25 |
Income from discontinued operations, net (in dollars per share) | 0.01 | 0 | 0.02 | 0.08 |
Net income per Class A unit (in dollars per share) | $ 1.17 | $ 0.88 | $ 0.56 | $ 1.33 |
Weighted average units outstanding | 200,369 | 199,038 | 200,220 | 198,857 |
INCOME PER CLASS A UNIT - DILUTED: | ||||
Income from continuing operations, net (in dollars per share) | $ 1.15 | $ 0.87 | $ 0.54 | $ 1.23 |
Income from discontinued operations, net (in dollars per share) | 0.01 | 0 | 0.01 | 0.08 |
Net income per Class A unit (in dollars per share) | $ 1.16 | $ 0.87 | $ 0.55 | $ 1.31 |
Weighted average shares outstanding | 201,975 | 200,833 | 201,821 | 200,833 |
DISTRIBUTIONS PER CLASS A UNIT (in dollars per share) | $ 0.63 | $ 0.63 | $ 1.26 | $ 1.26 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net income | $ 268,382 | $ 215,400 | $ 176,774 | $ 340,646 |
Other comprehensive income (loss): | ||||
Increase (reduction) in unrealized net gain on available-for-sale securities | 28,019 | (25,000) | 39,113 | (46,332) |
Pro rata share of other comprehensive loss of nonconsolidated subsidiaries | (628) | (1,191) | (622) | (1,034) |
(Reduction) increase in value of interest rate swaps and other | (6,976) | 2,848 | (11,171) | 2,077 |
Comprehensive income | 288,797 | 192,057 | 204,094 | 295,357 |
Less comprehensive income attributable to noncontrolling interests in consolidated subsidiaries | (13,025) | (19,186) | (22,703) | (35,068) |
Comprehensive income attributable to Vornado Realty L.P. | $ 275,772 | $ 172,871 | $ 181,391 | $ 260,289 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Thousands | Total | Real estate fund investments | Other | Preferred Units | Class A Units Owned By Vornado [Member] | Earnings Less Than Distributions | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interests in Consolidated Subsidiaries | Non-controlling Interests in Consolidated SubsidiariesReal estate fund investments | Non-controlling Interests in Consolidated SubsidiariesOther |
Beginning balance, Units at Dec. 31, 2014 | 52,679 | 187,887 | ||||||||
Beginning balance, Value at Dec. 31, 2014 | $ 7,489,382 | $ 1,277,026 | $ 6,880,518 | $ (1,505,385) | $ 93,267 | $ 743,956 | ||||
Net income attributable to Vornado Realty L.P. | 305,578 | 305,578 | ||||||||
Net income attributable to redeemable partnership units | (15,485) | (15,485) | ||||||||
Net income attributable to noncontrolling interests in consolidated subsidiaries | 35,068 | $ 29,411 | 35,068 | |||||||
Distribution of Urban Edge properties | (464,603) | (464,262) | (341) | |||||||
Distributions to Vornado | (237,160) | (237,160) | ||||||||
Distributions to preferred unitholders | (39,849) | (39,849) | ||||||||
Class A Units issued to Vornado: | ||||||||||
Upon redemption of redeemable Class A units, at redemption value, Shares | 400 | |||||||||
Upon redemption of redeemable Class A units, at redemption value, Value | 43,278 | $ 43,278 | ||||||||
Under Vornado's employees' share option plan, Shares | 195 | |||||||||
Under Vornado's employees' share option plan, Value | 10,400 | $ 12,979 | (2,579) | |||||||
Under Vornado's dividend reinvestment plan, Shares | 7 | |||||||||
Under Vornado's dividend reinvestment plan, Value | 701 | $ 701 | ||||||||
Contributions: | ||||||||||
Contributions | 51,725 | $ 51,725 | ||||||||
Distributions: | ||||||||||
Distributions | (14,734) | (62,495) | $ (255) | (62,495) | $ (255) | |||||
Conversion of Series A preferred units to Class A units, Shares | (1) | 1 | ||||||||
Conversion of Series A preferred units to Class A units, Value | $ (16) | $ 16 | ||||||||
Deferred compensation units and options, Units | 7 | |||||||||
Deferred compensation units and options, Value | 1,295 | $ 1,654 | (359) | |||||||
Increase (reduction) in unrealized net gain on available-for-sale securities | (46,332) | (46,332) | ||||||||
Pro rata share of other comprehensive loss of nonconsolidated subsidiaries | (1,034) | (1,034) | ||||||||
Increase (reduction) in value of interest rate swap | 2,073 | 2,073 | ||||||||
Adjustments to carry redeemable Class A units at redemption value | 229,521 | $ 229,521 | ||||||||
Redeemable partnership units' share of above adjustments | 2,635 | 2,635 | ||||||||
Other | 867 | 955 | 4 | (92) | ||||||
Ending balance, Units at Jun. 30, 2015 | 52,678 | 188,497 | ||||||||
Ending balance, Value at Jun. 30, 2015 | 7,305,310 | $ 1,277,010 | $ 7,168,667 | (1,958,546) | 50,613 | 767,566 | ||||
Beginning balance, Units at Dec. 31, 2015 | 52,677 | 188,577 | ||||||||
Beginning balance, Value at Dec. 31, 2015 | 7,476,078 | $ 1,276,954 | $ 7,140,500 | (1,766,780) | 46,921 | 778,483 | ||||
Net income attributable to Vornado Realty L.P. | 154,071 | 154,071 | ||||||||
Net income attributable to redeemable partnership units | (7,044) | (7,044) | ||||||||
Net income attributable to noncontrolling interests in consolidated subsidiaries | 22,703 | 14,818 | 22,703 | |||||||
Distributions to Vornado | (237,832) | (237,832) | ||||||||
Distributions to preferred unitholders | (40,727) | (40,727) | ||||||||
Class A Units issued to Vornado: | ||||||||||
Upon redemption of redeemable Class A units, at redemption value, Shares | 195 | |||||||||
Upon redemption of redeemable Class A units, at redemption value, Value | 18,208 | $ 18,208 | ||||||||
Under Vornado's employees' share option plan, Shares | 38 | |||||||||
Under Vornado's employees' share option plan, Value | 3,093 | $ 3,093 | ||||||||
Under Vornado's dividend reinvestment plan, Shares | 8 | |||||||||
Under Vornado's dividend reinvestment plan, Value | 717 | $ 717 | ||||||||
Contributions: | ||||||||||
Contributions | 19,674 | 19,674 | ||||||||
Distributions: | ||||||||||
Distributions | (15,763) | $ (56,533) | $ (10,970) | $ (56,533) | $ (10,970) | |||||
Deferred compensation units and options, Units | 7 | |||||||||
Deferred compensation units and options, Value | 768 | $ 954 | (186) | |||||||
Increase (reduction) in unrealized net gain on available-for-sale securities | 39,113 | 39,113 | ||||||||
Pro rata share of other comprehensive loss of nonconsolidated subsidiaries | (622) | (622) | ||||||||
Increase (reduction) in value of interest rate swap | (11,170) | (11,170) | ||||||||
Adjustments to carry redeemable Class A units at redemption value | (20,369) | (20,369) | ||||||||
Redeemable partnership units' share of above adjustments | (1,685) | (1,685) | ||||||||
Other | 102 | $ (1) | (7) | (1) | 111 | |||||
Other, Shares | 1 | |||||||||
Ending balance, Units at Jun. 30, 2016 | 52,677 | 188,826 | ||||||||
Ending balance, Value at Jun. 30, 2016 | $ 7,347,575 | $ 1,276,954 | $ 7,143,102 | $ (1,898,505) | $ 72,556 | $ 753,468 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash Flows from Operating Activities: | ||
Net income | $ 176,774 | $ 340,646 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization (including amortization of deferred financing costs) | 299,541 | 272,942 |
Real estate impairment losses | 160,700 | 256 |
Net gain on disposition of wholly owned and partially owned assets | (160,225) | (1,860) |
Straight-lining of rental income | (83,883) | (64,121) |
Return of capital from real estate fund investments | 71,888 | 83,443 |
Distributions of income from partially owned entities | 46,500 | 37,821 |
Amortization of below-market leases, net | (29,811) | (26,132) |
Other non-cash adjustments | 23,049 | 26,569 |
Net realized and unrealized gains on real estate fund investments | (21,277) | (41,857) |
Loss from partially owned entities | 3,598 | 7,636 |
Net gains on sale of real estate and other | (2,210) | (32,243) |
Reversal of allowance for deferred tax assets | 0 | (90,030) |
Changes in operating assets and liabilities: | ||
Real estate fund investments | 0 | (95,000) |
Tenant and other receivables, net | 2,358 | (5,051) |
Prepaid assets | (131,927) | (138,473) |
Other assets | (29,303) | (46,858) |
Accounts payable and accrued expenses | 6,634 | (26,440) |
Other liabilities | (9,113) | (16,632) |
Net cash provided by operating activities | 323,293 | 184,616 |
Cash Flows from Investing Activities: | ||
Development costs and construction in progress | (277,214) | (200,970) |
Additions to real estate | (170,265) | (137,528) |
Proceeds from sales of real estate and related investments | 130,249 | 334,725 |
Investments in partially owned entities | (90,659) | (137,465) |
Distributions of capital from partially owned entities | 87,977 | 29,666 |
Acquisitions of real estate and other | (46,807) | (381,001) |
Net deconsolidation of 7 West 34th Street | (42,000) | 0 |
Investments in loans receivable and other | (11,700) | (23,919) |
Restricted cash | (7,483) | 25,118 |
Purchases of marketable securities | (4,379) | 0 |
Proceeds from sales and repayments of mortgage and mezzanine loans receivable and other | 22 | 16,772 |
Net cash used in investing activities | (432,259) | (474,602) |
Cash Flows from Financing Activities: | ||
Proceeds from borrowings | 1,325,246 | 1,746,460 |
Repayments of borrowings | (1,032,115) | (1,607,574) |
Distributions to Vornado | (237,832) | (237,160) |
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (83,266) | (77,447) |
Distributions to preferred unitholders | (40,727) | (39,849) |
Debt issuance and other costs | (29,478) | (14,053) |
Contributions from noncontrolling interests in consolidated subsidiaries | 11,874 | 51,725 |
Proceeds received from exercise of Vornado stock options | 3,810 | 13,683 |
Repurchase of Class A units related to equity compensation agreements and related tax withholdings and other | (186) | (2,939) |
Cash included in the spin-off of Urban Edge Properties | 0 | (225,000) |
Net cash used in financing activities | (82,674) | (392,154) |
Net decrease in cash and cash equivalents | (191,640) | (682,140) |
Cash and cash equivalents at beginning of period | 1,835,707 | 1,198,477 |
Cash and cash equivalents at end of period | 1,644,067 | 516,337 |
Supplemental Disclosure Of Cash Flow Information: | ||
Cash payments for interest, excluding capitalized interest of $13,918 and $17,550 | 181,432 | 178,461 |
Cash payments for income taxes | 5,003 | 6,584 |
Non-Cash Investing and Financing Activities: | ||
Write-off of fully depreciated assets | (220,654) | (81,027) |
Accrued capital expenditures included in accounts payable and accrued expenses | 144,079 | 70,672 |
Change in unrealized net gain (loss) on securities available-for-sale | 39,113 | (46,332) |
Adjustments to carry redeemable Class A units at redemption value | (20,369) | 229,521 |
Decrease in assets and liabilities resulting from the deconsolidation of investments that were previously consolidated | ||
Real estate, net | (122,047) | 0 |
Mortgages payable, net | (290,418) | 0 |
Non-cash distribution of Urban Edge Properties: | ||
Assets | 0 | 1,722,263 |
Liabilities | 0 | (1,482,660) |
Equity | 0 | (239,603) |
Transfer of interest in real estate to Pennsylvania Real Estate Investment Trust | 0 | (145,313) |
Financing assumed in acquisitions | 0 | 62,000 |
Acquisitions [Member] | ||
Non-cash distribution of Urban Edge Properties: | ||
Like-kind exchange of real estate | 46,698 | 62,355 |
Dispositions [Member] | ||
Non-cash distribution of Urban Edge Properties: | ||
Like-kind exchange of real estate | $ (29,639) | $ (38,822) |
Consolidated Statements of Cas8
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Cash Flows [Abstract] | ||
Capitalized interest | $ 13,918 | $ 17,550 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2016 | |
Organization [Abstract] | |
Organization | 1. Organization Vornado Realty L.P. ( the “ Operating Partnership ” and/or the “Company” ) is a Delaware limited partnership. Vornado Realty Trust (“Vornado”) is the sole general partner of, and owned approximately 93.6 % of the common limited partnership interest in, the Operating Partnership at June 30, 2016 . All references to “we,” “us,” “our,” the “Company” and “ Operating Partn ership ” refer to Vornado Realty L.P. and its consolidated subsidiaries. |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
Basis of Presentation [Abstract] | |
Basis Of Presentation | 2 . Basis of Presentation The accompanying consolidated financial statements are unaudited and include the accounts of Vornado Realty L.P. and its consolidated subsidiaries . A ll inter - company amounts have been eliminated. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures n ormally 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, as amended, for the y ear ended December 31, 2015 , 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, 2016 are not necessarily indicative of the operating results for the full year . |
Recently Issued Accounting Lite
Recently Issued Accounting Literature | 6 Months Ended |
Jun. 30, 2016 | |
Recently Issued Accounting Literature [Abstract] | |
Recently Issued Accounting Literature | 3 . Recently Issue d Accounting Literature In May 2014, the Financial Accounting Standards Board (“ FASB ”) issued an update ("ASU 2014-09") establishing Accounting Standards Codification (“ ASC ”) Topic 606, Revenue from Contracts with Customers (“ASC 606”) . ASU 2014-09 establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. ASU 2014-09 requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. In August 2015, the FASB issued an update (“ASU 2015 -14”) to ASC 606, Deferral of the Effective Date , which defers the adoption of ASU 2014-09 to interim and annual reporting periods in fiscal years that begin after December 15, 2017 . In March 2016, the FASB issued an update (“ASU 2016-08”) to ASC 606, Pri ncipal versus Agent Considerations (Reporting Revenue Gross versus Net) , which clarifies the implementation guidance on principal versus agent considerations in the new revenue recognition standard pursuant to ASU 2014-09. In April 2016, the FASB issued a n update (“ASU 2016-10”) to ASC 606, Identifying Performance Obligations and Licensing , which clarifies guidance related to identifying performance obligations and licensing implementation guidance contained in ASU 2014-09. In May 2016, the FASB issued an update (“ASU 2016-12”) to ASC 606, Narrow-Scope Improvements and Practical Expedients , which amends certain aspects of the new revenue recognition standard pursuant to ASU 2014-09. We are currently evaluating the impac t of the adoption of these ASUs on o ur consolidated financial statements. In June 2014, the FASB issued an update (“ASU 2014-12”) to ASC Topic 718, Compensation – Stock Compensation (“ASC 718”) . ASU 2014-12 requires an entity to treat performance targets that can be met after the requisite service period of a share based award has ended, as a performance condition that affects vesting. ASU 2014-12 is effective for interim and annual reporting periods in fiscal years that began after December 15, 2015. The adoption of this update as of January 1, 2016, did not have any impact on our consolidated financial statements. In February 2015, the FASB issued an update (“ASU 2015-02”) Amendments to the Consolidation Analysis to ASC Topic 810, Consolidation . ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the amendments: (i) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities, (ii) eliminate the presumption that a general partner should consolidate a limited partnership, (iii) affect the consolidation analysis of reporting entities that are involved with VIEs, and (iv) provide a scope exception for certain entities. ASU 2015-02 is effective for interim and annual reporting periods beginn ing after December 15, 2015. The adoption of this update on January 1, 2016 resulted in the identification of additional VIEs, but did not have an impact on our consolidated financial statements other than additional disclosures (see Note 13 - Var iab le Interest Entities ) . In January 2016, the FASB issued an update (“ASU 2016-01”) Recognition and Measurement of Financial Assets and Financial Liabilities to ASC Topic 825, Financial Instruments . ASU 2016-01 amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the requirement to measure certain equity investments at fair value with changes in fair value recognized in net income. ASU 2016-01 is effective for interim and annual reporting periods in fiscal years begi nning after December 15, 2017. We are currently evaluating the impact of the adoption of ASU 2016-01 on our consolidated financial statements. In February 2016, the FASB issued (“ASU 2016-02”) Leases , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. ASU 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase. Lessees are required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months. Leases with a term of 12 months or less will be a ccounted for similar to existing guidance for operating leases. Lessees will recognize expense based on the effective interest method for finance leases or on a straight-line basis for operating leases. The new standard requires lessors to account for le ases using an approach that is substantially equivalent to existing guidance. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2 016-02 on our consolidated financial statements. In March 2016, the FASB issued an update (“ASU 2016-09”) Improvements to Employee Share-Based Payment Accounting to ASC 718. ASU 2016-09 amends several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We are currently evaluating the impact of the adoption of ASU 2016-09 on our consolidated financial statements. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2016 | |
Acquisitions [Abstract] | |
Acquisitions | 4 . Acquisitions On May 20, 2016, we contributed $19,650,000 for a 50.0% equity interest in a joint venture that will develop a 33,000 square foot office and retail buil ding, located on Houston Street in Manhattan . The development cost of this project is estimated to be approximately $104,000,000. At closing, the joint venture obtained a $65,000,000 construction loan, of which approximately $22,100,000 was outstanding at June 30, 2016. The loan , which bears interest at LIBOR plus 3.00 % (3.47% at June 30, 2016) , matures in May 2019 with two one-y ear extension options. Because this joint venture is a VIE and we determined we are the primary beneficiary, we consolidate the accounts of this joint venture from the date of our investment. |
Real Estate Fund Investments
Real Estate Fund Investments | 6 Months Ended |
Jun. 30, 2016 | |
Real Estate Fund Investments [Abstract] | |
Real Estate Fund Investments | 5. Real Estate Fund Investments We are the general partner and investment manager of Vornado Capital Partners Real Estate Fund ( the “ Fund ”), which has an eight-year term and a three-year investment period that ended in July 2013. During the investment period, the Fund was our exclusive investment vehicle for all investments that fit within its investment parameters, as defined . The Fund is accounted for under ASC 946, Financial Services – Investment Companies (“ASC 946”) and its investments are reported on its balance sheet at fair value, with changes in value each period recognized in earnings. We consolidate the accounts of the Fund into our consolidated financial statements, retaining the fair value basis of accounting. We are also the g eneral partner and investment manager of Crowne Plaza Times Square Hotel Co-Investment (the “Co-Investment”), which owns a 24.7% interest in the Crowne Plaza Times Square Hotel. The Fund owns the remaining 75.3% interest. The Co-Investment is also accoun ted for under ASC 946. We consolidate the accounts of the Co-Investment into our consolidated financial statements, retaining the fair value basis of accounting. At June 30, 2016 , we had six real estate fund investments with an aggregate fair val ue of $ 524,150 ,000 , or $215,215,000 in excess of cost, and had remaining unfunded commitments of $1 17 , 907 ,000 , of which our share was $ 34 ,5 22 ,000 . Below is a summary of income from the Fund and the Co-Investment for the three and six months ended June 30, 2016 and 2015 . (Amounts in thousands) For the Three Months Ended For the Six Months Ended June 30, June 30, 2016 2015 2016 2015 Net investment income $ 1,723 $ 2,150 $ 6,396 $ 8,600 Net realized gains on exited investments - 886 14,676 25,591 Previously recorded unrealized gain on exited investment - - (14,254) (23,279) Net unrealized gains on held investments 14,666 23,332 20,855 39,545 Income from real estate fund investments 16,389 26,368 27,673 50,457 Less income attributable to noncontrolling interests (8,845) (15,872) (14,818) (29,411) Income from real estate fund investments attributable to Vornado Realty L.P. (1) $ 7,544 $ 10,496 $ 12,855 $ 21,046 (1) Excludes management, leasing and development fees of $935 and $633 for the three months ended June 30, 2016 and 2015, respectively, and $1,695 and $1,337 for the six months ended June 30, 2016 and 2015, respectively, which are included as a component of "fee and other income" in our consolidated statements of income. |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2016 | |
Marketable Securities [Abstract] | |
Marketable Securities | 6. Marketable Securities Below is a summary of our marketable securities portfolio as of June 30, 2016 and December 31, 2015 . (Amounts in thousands) As of June 30, 2016 As of December 31, 2015 GAAP Unrealized GAAP Unrealized Fair Value Cost Gain Fair Value Cost Gain Equity securities: Lexington Realty Trust $ 186,721 $ 72,549 $ 114,172 $ 147,752 $ 72,549 $ 75,203 Other 7,768 4,379 3,389 3,245 - 3,245 $ 194,489 $ 76,928 $ 117,561 $ 150,997 $ 72,549 $ 78,448 |
Investments in Partially Owned
Investments in Partially Owned Entities | 6 Months Ended |
Jun. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Partially Owned Entities | for details): Equity in net income 32.4 % $ 6,812 $ 5,447 $ 13,749 $ 11,041 Management, leasing and development fees 1,688 1,876 3,413 3,973 8,500 7,323 17,162 15,014 UE (see page ##PRS |
Dispositions
Dispositions | 6 Months Ended |
Jun. 30, 2016 | |
Dispositions [Abstract] | |
Dispositions | Discontinued Operations The tables below set forth the assets and liabilities related to discontinued operations at June 30, 2016 and December 31, 2015 and their combined results of operations and cash flows for the three and six months ended June 30, 2016 and 2015 . (Amounts in thousands) Balance as of June 30, 2016 December 31, 2015 Assets related to discontinued operations: Real estate, net $ 3,111 $ 29,561 Other assets 5,567 7,459 $ 8,678 $ 37,020 Liabilities related to discontinued operations: Other liabilities $ 8,104 $ 12,470 (Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 Income (loss) from discontinued operations: Total revenues $ 947 $ 1,983 $ 2,129 $ 22,279 Total expenses 682 2,020 1,148 15,393 265 (37) 981 6,886 Net gains on sale of real estate 2,210 - 2,210 10,867 UE spin-off transaction related costs - (327) - (22,972) Net gain on sale of lease position in Geary Street, CA - - - 21,376 Impairment losses - - - (256) Pretax income from discontinued operations 2,475 (364) 3,191 15,901 Income tax expense - - - (86) Income (loss) from discontinued operations $ 2,475 $ (364) $ 3,191 $ 15,815 (Amounts in thousands) For the Six Months Ended June 30, 2016 2015 Cash flows related to discontinued operations: Cash flows from operating activities $ (4,685) $ (35,738) Cash flows from investing activities - 310,069 |
Identified Intangible Assets an
Identified Intangible Assets and Liabilities | 6 Months Ended |
Jun. 30, 2016 | |
Identified Intangible Assets and Liabilities [Abstract] | |
Identified Intangible Assets and Liabilities | 9. Identified Intangible Assets and Liabilities The following summarizes our identified intangible assets (primarily above-market leases) and liabilities (primarily acquired below-market leases) as of June 30, 2016 and December 31, 2015 . (Amounts in thousands) Balance as of June 30, 2016 December 31, 2015 Identified intangible assets: Gross amount $ 404,473 $ 415,261 Accumulated amortization (194,463) (187,360) Net $ 210,010 $ 227,901 Identified intangible liabilities (included in deferred revenue): Gross amount $ 600,722 $ 643,488 Accumulated amortization (311,197) (325,340) Net $ 289,525 $ 318,148 Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental income of $ 12,301 ,000 and $ 13,378 ,000 for the three months ended June 30, 2016 and 2015 , respectively, and $ 29,808 ,000 and $ 25,828 ,000 for the six months ended June 30, 2016 and 2015 , respectively. Estimated annual amortization of acquired bel ow - market leases, net of acquired above-market leases, for each of the five succeeding years commencing January 1, 2017 is as follows: (Amounts in thousands) 2017 $ 45,361 2018 44,101 2019 31,937 2020 23,365 2021 18,287 Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $ 8,066 ,000 and $ 5,309 ,000 for the three months ended June 30, 2016 and 2015 , respectively, and $ 15,859 ,000 and $ 11,494 ,000 for the six months ended June 30, 2016 and 2015 , respectively. Estimated annual amortization of all other identified intangible assets including acquired in-place leases , customer relationships, and third party contracts for each of the five succeeding years commencing January 1, 2017 is as follows: (Amounts in thousands) 2017 $ 24,795 2018 20,541 2019 16,202 2020 12,404 2021 11,032 We are a tenant under ground leases for certain properties. Amortization of these acquired below-market leases, net of above-market leases , resulted in an in crease to rent expense of $ 458 ,000 and $ 458 ,000 for the three months ended June 30, 2016 and 2015 , respectively, and $ 916 ,000 and $ 916 ,000 for the six months ended June 30, 2016 and 2015 . Estimated annual amortization of these below-market leases , net of above-market leases , for each of the five succeeding years commencing January 1, 2017 is as follows: (Amounts in thousands) 2017 $ 1,832 2018 1,832 2019 1,832 2020 1,832 2021 1,832 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt | 10. Debt On February 8, 2016, we completed a $700,000,000 refinancing of 770 Broadway, a 1,158,000 square foot Manhattan office building. The five-year loan is interest only at LIBOR plus 1.75 %, (2.21% at June 30, 2016 ) which was swapped for four and a half years to a fixed rate of 2.56%. The Company realized net proceeds of approximately $330,000,000. The property was previously encumbered by a 5.65%, $353,000, 000 mortgage which matured in March 2016. On March 15, 2016, we notified the servicer of the $678,000,000 mortgage loan on the Skyline properties in Virginia that cash flow will be insufficient to service the debt and pay other property related costs and expenses and that we were not willing to fund additional cash shortfalls. Accordingly, at our request, the loan has been transferred to the special servicer. Consequently, based on our shortened estimated holding period for the underlying assets, we concluded that the excess of carrying amount o ver our estimate of fair value was not recoverable and recognized a $ 160,700,000 non-cash impairment loss in the first quarter of 2016. The Company’s estimate of fair value was derived from a discounted cash flow model based upon market conditions a nd expectations of growth and utilized unobservable quantitative inputs including a capitalization rate of 8.0% and a discount rate of 8.2%. In the second quarter of 2016, cash flow became insufficient to service the debt and w e ceased making debt service payments . Pursuant to the loan agreement , the loan is in default, causing the loan to be immediately due and payable, and is subject to incremental default interest which increased the weighted average interest rate from 2.97% to 4.51% while the outstand ing balance remains unpaid. For the three and six months ended June 30, 2016 , we accrued $ 2,711,000 of default interest expense . We continue to negotiate with the special servicer. T here can be n o assurance as to the timing or ultimate resolution of th is matter . The following is a summary of our debt : (Amounts in thousands) Interest Rate at Balance at June 30, 2016 June 30, 2016 December 31, 2015 Mortgages Payable: Fixed rate 4.17 % $ 6,571,398 $ 6,356,634 Variable rate 2.28 % 3,281,935 3,258,204 Total 3.54 % 9,853,333 9,614,838 Deferred financing costs, net and other (106,515) (101,125) Total, net $ 9,746,818 $ 9,513,713 Unsecured Debt: Senior unsecured notes 3.68 % $ 850,000 $ 850,000 Deferred financing costs, net and other (5,132) (5,841) Senior unsecured notes, net 844,868 844,159 Unsecured term loan 1.61 % 375,000 187,500 Deferred financing costs, net and other (3,545) (4,362) Unsecured term loan, net 371,455 183,138 Unsecured revolving credit facilities 1.51 % 115,630 550,000 Total, net $ 1,331,953 $ 1,577,297 |
Redeemable Partnership Units
Redeemable Partnership Units | 6 Months Ended |
Jun. 30, 2016 | |
Redeemable Partnership Units [Abstract] | |
Redeemable Partnership Units | 11. Red eemable Partnership Units Redeemable partnership units on our consolidated balance sheets are comprised primarily of Class A 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 “ partners’ capital” on our consolidated balance sheets. Below is a table summarizing the activity of our redeemable partnership units . (Amounts in thousands) Balance at December 31, 2014 $ 1,337,780 Net income 15,485 Other comprehensive loss (2,635) Distributions (14,734) Redemption of Class A units, at redemption value (43,278) Adjustments to carry redeemable Class A units at redemption value (229,521) Issuance of Series D-17 Preferred Units 4,427 Other, net 25,370 Balance at June 30, 2015 $ 1,092,894 Balance at December 31, 2015 $ 1,229,221 Net income 7,044 Other comprehensive income 1,685 Distributions (15,763) Redemption of Class A units, at redemption value (18,208) Adjustments to carry redeemable Class A units at redemption value 20,369 Other, net 21,149 Balance at June 30, 2016 $ 1,245,497 As of June 30, 2016 and December 31, 2015 , the aggregate redemption value of redeemable Class A units , which are those units held by third partie s , was $ 1,240,069 ,000 and $ 1,223,793 ,000 , respectively. Red eemable 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 480, Distinguishing Liabilities and Equity , because of their possible settlement by issuing a variable number of Vornado common shares. Accordingly, the fair value of these units is included as a component of “other liabilities” on our consolidated balance sheets and aggregated $ 50,561 ,000 as of June 30, 2016 and December 31, 2015 . Changes in the value from period to period , if any, are charged to “ interest and debt expense ” i n our consolidated statements of income . |
Accumulated Other Compreshensiv
Accumulated Other Compreshensive Income ("AOCI") | 6 Months Ended |
Jun. 30, 2016 | |
Accumulated Other Comprehensive Income ("AOCI") [Abstract] | |
Accumulated Other Comprehensive Income ("AOCI") [Text Block] | 12. Accumulated Other Comprehensive Income (“AOCI”) The following tables set forth the changes in accumulated other comprehensive income by component. (Amounts in thousands) Securities Pro rata share of Interest available- nonconsolidated rate Total for-sale subsidiaries' OCI swaps Other For the Three Months Ended June 30, 2016 Balance as of March 31, 2016 $ 53,399 $ 89,542 $ (9,313) $ (23,563) $ (3,267) OCI before reclassifications 19,157 28,019 (628) (6,975) (1,259) Amounts reclassified from AOCI - - - - - Net current period OCI 19,157 28,019 (628) (6,975) (1,259) Balance as of June 30, 2016 $ 72,556 $ 117,561 $ (9,941) $ (30,538) $ (4,526) For the Three Months Ended June 30, 2015 Balance as of March 31, 2015 $ 72,609 $ 112,442 $ (8,835) $ (26,579) $ (4,419) OCI before reclassifications (21,996) (25,000) (1,191) 2,849 1,346 Amounts reclassified from AOCI - - - - - Net current period OCI (21,996) (25,000) (1,191) 2,849 1,346 Balance as of June 30, 2015 $ 50,613 $ 87,442 $ (10,026) $ (23,730) $ (3,073) For the Six Months Ended June 30, 2016 Balance as of December 31, 2015 $ 46,921 $ 78,448 $ (9,319) $ (19,368) $ (2,840) OCI before reclassifications 25,635 39,113 (622) (11,170) (1,686) Amounts reclassified from AOCI - - - - - Net current period OCI 25,635 39,113 (622) (11,170) (1,686) Balance as of June 30, 2016 $ 72,556 $ 117,561 $ (9,941) $ (30,538) $ (4,526) For the Six Months Ended June 30, 2015 Balance as of December 31, 2014 $ 93,267 $ 133,774 $ (8,992) $ (25,803) $ (5,712) OCI before reclassifications (42,654) (46,332) (1,034) 2,073 2,639 Amounts reclassified from AOCI - - - - - Net current period OCI (42,654) (46,332) (1,034) 2,073 2,639 Balance as of June 30, 2015 $ 50,613 $ 87,442 $ (10,026) $ (23,730) $ (3,073) |
Variable Interest Entities ("VI
Variable Interest Entities ("VIEs") | 6 Months Ended |
Jun. 30, 2016 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities ("VIEs") | 13. Variable Interest Entities At June 30, 2016 and December 31, 2015, we have several unconsolidated VIEs . We do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities does not give us power over decisions that significantly affect these entities’ economic performance. We account for our investment in these entities under the equity method (see Note 7 – Investments in Partially Owned Entities ). As of June 30, 2016 and December 31, 2015, the net carrying amounts of our investment in these entities were $ 394,866,000 and $ 379,939,000 , respectively, and our maximum exposure to loss in these entities, is limited to our investments. We adopted ASU 2015-02 on January 1, 2016 which resulted in the identification of several VIEs at June 30, 2016 . Prior to the adoption of ASU 2015-02, these entities were consolidated under the voting interest model. Our most significant consolidated VIEs are our real estate fund investment s and certain properties that have non-controlling interests. These entities are VIEs because the non-controlling interests do not have substantive kick-out or participating rights. We consolidate these entities because we control all significant business activities. As of June 30, 2016, the total assets and liabilities of these consolid ated VIEs are $3 ,951 ,152 ,000 and $2 ,472 ,407 ,000 respectively. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 14. Fair Value Measurements ASC 820 defines fair v alue and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted pri ces (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of o bservable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities. Accordingly, our fair value estimates, which are made at the end of each reporting period, may be different than the amounts that may ultimately be realized upon sale or disposition of thes e assets. Financial Assets and Li abilities Measured at Fair Value on a Recurring Basis Financial assets and liabilities t hat are measured at fair value o n our consolidated balance sheets consist of (i) marketable securities, (ii) r eal e state f und inv estments , (iii) the assets in our deferred compensation plan (for which there is a corresponding liability on our consolidated balance sheet) , (iv) mandatorily redeemable instruments (Series G-1 through G-4 convertible preferred units and Series D-13 cumul ative redeemable preferred units) , and (v) interest rate swaps . The tables below aggregate the fair values of these financial assets and liabilities by their level s in the fair value hierarchy as of June 30, 2016 and December 3 1, 2015 , respectively. (Amounts in thousands) As of June 30, 2016 Total Level 1 Level 2 Level 3 Marketable securities $ 194,489 $ 194,489 $ - $ - Real estate fund investments 524,150 - - 524,150 Deferred compensation plan assets (included in other assets) 119,292 59,152 - 60,140 Total assets $ 837,931 $ 253,641 $ - $ 584,290 Mandatorily redeemable instruments (included in other liabilities) $ 50,561 $ 50,561 $ - $ - Interest rate swaps (included in other liabilities) 31,900 - 31,900 - Total liabilities $ 82,461 $ 50,561 $ 31,900 $ - (Amounts in thousands) As of December 31, 2015 Total Level 1 Level 2 Level 3 Marketable securities $ 150,997 $ 150,997 $ - $ - Real estate fund investments 574,761 - - 574,761 Deferred compensation plan assets (included in other assets) 117,475 58,289 - 59,186 Total assets $ 843,233 $ 209,286 $ - $ 633,947 Mandatorily redeemable instruments (included in other liabilities) $ 50,561 $ 50,561 $ - $ - Interest rate swaps (included in other liabilities) 19,600 - 19,600 - Total liabilities $ 70,161 $ 50,561 $ 19,600 $ - Financial Assets and Li abilities Measured at Fair Value on a Recurring Basis - continued Real Estate Fund Investments At June 30, 2016 , we had six real estate fund investments with an aggregate fair value of $ 524,150 ,000, or $215,215,000 in excess of cost. These investments are classified as Level 3. We use a discounted cash flow valuation technique to estimate the fair value of each of these investments, which is update d quarterly by personnel responsible for the management of each investment and reviewed by senior management at each reporting period. The discounted cash flow valuation technique requires us to estimate cash flows for each investment over the anticipated holding period, which currently ranges from 1.0 to 4.5 years. Cash flows are derived from property rental revenue (base rents plus reimbursements) less operating expenses, real estate taxes and capital and other costs, plus projected sales proceeds in th e year of exit. Property rental revenue is based on leases currently in place and our estimates for future leasing activity, which are based on current market rents for similar space plus a projected growth factor. Similarly, estimated operating expenses and real estate taxes are based on amounts incurred in the current period plus a projected growth factor for future periods. Anticipated sales proceeds at the end of an investment’s expected holding period are determined based on the net cash flow of the investment in the year of exit, divided by a terminal capitalization rate, less estimated selling costs. The fair value of each property is calculated by discounting the future cash flows (including the projected sales proceeds), using an appropriate d iscount rate and then reduced by the property’s outstanding debt, if any, to determine the fair value of the equity in each investment. Significant unobservable quantitative inputs used in determining the fair value of each investment include capitalizatio n rates and discount rates. These rates are based on the location, type and nature of each property, and current and anticipated market conditions, industry publications and from the experience of our Acquisitions and Capital Markets departments. Signifi cant unobservable quantitative inputs in the table below were utilized in determining the fair value of these real estate fund investments at June 30, 2016 and December 31, 2015 . Weighted Average Range (based on fair value of investments) Unobservable Quantitative Input June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 Discount rates 12.0% to 14.9% 12.0% to 14.9% 13.7% 13.6% Terminal capitalization rates 4.8% to 6.1% 4.8% to 6.1% 5.5% 5.5% The above inputs are subject to change based on changes in economic and market conditions and/or changes in use or timing of exit. Changes in discount rates and terminal capitalization rates result in increases or decreases in the fair values of these investments. The discount rates encompass, among other things, uncertainties in the valuation models with respect to terminal capitalization rates and the amount and timing of cash flows. Therefore, a change in the fair value of these investments resulti ng from a change in the terminal capitalization rate, may be partially offset by a change in the discount rate. It is not possible for us to predict the effect of future economic or market conditions on our estimated fair values. The table below summar izes the changes in the fair value of real estate fund i nvestments that are classified as Level 3, for the three and six months ended June 30, 2016 and 2015 . (Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 Beginning balance $ 566,696 $ 554,426 $ 574,761 $ 513,973 Purchases - - - 95,000 Dispositions / distributions (57,212) (11,235) (71,888) (83,421) Net unrealized gains 14,666 23,332 20,855 39,545 Net realized gains - 886 422 2,312 Other, net - (1,433) - (1,433) Ending balance $ 524,150 $ 565,976 $ 524,150 $ 565,976 Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued Deferred Compensation Plan Assets Deferred compensation plan assets that are classified as Level 3 consist of investments in limited partnerships and investment funds, which are managed by third parties. We receive quarterly financial reports from a third-party administrator, which are compiled from the quarterly reports provided to them from each limited partner ship and investment fund. The quarterly reports provide net asset values on a fair value basis which are audited by independent public accounting firms on an annual basis. The third-party administrator does not adjust these values in determining our shar e of the net assets and we do not adjust these values when reported in our consolidated financial statements. The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3, for the three and six months ended June 30, 2016 and 2015 . (Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 Beginning balance $ 57,184 $ 64,836 $ 59,186 $ 63,315 Purchases 1,106 5,607 2,272 6,231 Sales (779) (4,655) (2,151) (5,093) Realized and unrealized gain 2,219 1,387 312 2,722 Other, net 410 493 521 493 Ending balance $ 60,140 $ 67,668 $ 60,140 $ 67,668 Financial Assets and Liabilities not Measured at Fair Value Financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash equivalents (primarily money market funds, which invest in obligations of the United States government), and our secured and unsecured debt. Estimates of the fair value of these instruments are determined by the standard practice of modeling the contractual cash flows required under the instrument and discounting them back to their present value at the appropriate current risk adjusted interest rate, which is provided by a third-party specialist. For floating rate debt, we use forward rates derived from observable market yield curve s to project the expected cash flows we would be required to make under the instrument. The fair 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 and unsecured debt is c lassifie d as Level 2 . The table below summarizes the carrying amounts and fair value of these financial instruments as of June 30, 2016 and December 31, 2015 . (Amounts in thousands) As of June 30, 2016 As of December 31, 2015 Carrying Fair Carrying Fair Amount Value Amount Value Cash equivalents $ 1,134,521 $ 1,135,000 $ 1,295,980 $ 1,296,000 Debt: Mortgages payable $ 9,853,333 $ 9,277,000 $ 9,614,838 $ 9,306,000 Senior unsecured notes 850,000 894,000 850,000 868,000 Unsecured term loan 375,000 375,000 187,500 188,000 Unsecured revolving credit facilities 115,630 116,000 550,000 550,000 Total $ 11,193,963 (1) $ 10,662,000 $ 11,202,338 (1) $ 10,912,000 (1) Excludes $115,192 and $111,328 of deferred financing costs, net and other as of June 30, 2016 and December 31, 2015, respectively. |
Incentive Compensation
Incentive Compensation | 6 Months Ended |
Jun. 30, 2016 | |
Incentive Compensation [Abstract] | |
Incentive Compensation | 15 . Incentive Compensation Vornado’s 2010 Omnibus Share Plan (the “Plan”) provides for grants of incentive and non-qualified Vornado stock options, restricted stock , restricted partnership units and O ut- P erformance P lan a wards to certain of Vornado’s employees and officers. We account for all equity -based compensa tion in accordance with ASC 718 . Equity -based compensation expense was $ 7,215,000 and $ 6,685,000 for the three months ended June 30, 2016 and 2015 , respectively, and $ 21,786,000 and $ 26,827,000 for the six months ended June 30, 2016 and 2015 , respectively . |
Fee and Other Income
Fee and Other Income | 6 Months Ended |
Jun. 30, 2016 | |
Fee and Other Income [Abstract] | |
Fee and Other Income | 16 . Fee and Othe r Income The following table sets forth the details of fee and other income: (Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 BMS cleaning fees $ 18,794 $ 21,741 $ 36,940 $ 44,374 Management and leasing fees 4,604 4,274 9,403 8,466 Lease termination fees 3,199 2,893 5,604 6,640 Other income 7,092 10,322 15,712 19,357 $ 33,689 $ 39,230 $ 67,659 $ 78,837 Management and leasing fees include management fees from Interstate Properties, a related party, of $ 128,000 and $ 132,000 for the three months ended June 30, 2016 and 2015 , and $ 262,000 and $ 271,000 for the six months ended June 30, 2016 and 2015 , respectively . The above table excludes fee income from partially owned entities, which is included in “ income (loss) from partially owned entities” (see Note 7 – Investments in Partially Owned Entities ). |
Interest and Other Investment I
Interest and Other Investment Income, Net | 6 Months Ended |
Jun. 30, 2016 | |
Interest and Other Investment Income, Net [Abstract] | |
Interest and Other Investment Income, Net | 17 . Interest and Other Investment Income , N et The following table sets forth the details of interest and other investment income , net : (Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 Dividends on marketable securities $ 3,230 $ 3,202 $ 6,445 $ 6,405 Mark-to-market income (loss) of investments in our deferred compensation plan (1) 4,359 (609) 2,421 2,250 Interest on loans receivable 748 1,135 1,496 3,959 Other, net 1,899 1,938 3,392 3,844 $ 10,236 $ 5,666 $ 13,754 $ 16,458 (1) This income (loss) is entirely offset by the income (expense) resulting from the mark-to-market of the deferred compensation plan liability, which is included in "general and administrative" expense. |
Interest and Debt Expense
Interest and Debt Expense | 6 Months Ended |
Jun. 30, 2016 | |
Interest and Debt Expense [Abstract] | |
Interest And Debt Expense | 18 . 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, 2016 2015 2016 2015 Interest expense $ 104,435 $ 96,297 $ 204,730 $ 191,625 Amortization of deferred financing costs 8,508 7,497 17,773 14,953 Capitalized interest and debt expense (7,367) (11,702) (16,438) (22,812) $ 105,576 $ 92,092 $ 206,065 $ 183,766 |
Income Per Class A Unit
Income Per Class A Unit | 6 Months Ended |
Jun. 30, 2016 | |
Income Per Share [Abstract] | |
Income Per Share | 19. Income Per Class A Unit The following table provides a reconciliation of both net income and the number of Class A units used in the computation of (i) basic income per Class A unit - which includes the weighted average number of Class A units outstanding without regard to dilutive potential Class A units, and (ii) diluted income per Class A unit - which includes the weighted average Class A units and dilutive unit equivalents. Dilutive unit equivalents may include our Series A convertible prefe rred units, Vornado stock options and restricted unit awards. (Amounts in thousands, except per unit amounts) For the Three Months Ended For the Six Months Ended June 30, June 30, 2016 2015 2016 2015 Numerator: Income from continuing operations, net of income attributable to noncontrolling interests $ 252,882 $ 196,578 $ 150,880 $ 289,763 Income (loss) from discontinued operations 2,475 (364) 3,191 15,815 Net income attributable to Vornado Realty L.P. 255,357 196,214 154,071 305,578 Preferred unit distributions (20,412) (20,414) (40,824) (39,910) Net income attributable to Class A unitholders 234,945 175,800 113,247 265,668 Earnings allocated to unvested participating securities (1,059) (1,183) (1,412) (1,781) Numerator for basic income per Class A unit 233,886 174,617 111,835 263,887 Impact of assumed conversions: Convertible preferred unit distributions 22 23 - 47 Numerator for diluted income per Class A unit $ 233,908 $ 174,640 $ 111,835 $ 263,934 Denominator: Denominator for basic income per Class A unit – weighted average units 200,369 199,038 200,220 198,857 Effect of dilutive securities (1) : Vornado stock options and restricted unit awards 1,564 1,750 1,601 1,930 Convertible preferred units 42 45 - 46 Denominator for diluted income per Class A unit – weighted average units and assumed conversions 201,975 200,833 201,821 200,833 INCOME PER CLASS A UNIT – BASIC: Income from continuing operations, net $ 1.16 $ 0.88 $ 0.54 $ 1.25 Income from discontinued operations, net 0.01 - 0.02 0.08 Net income per Class A unit $ 1.17 $ 0.88 $ 0.56 $ 1.33 INCOME PER CLASS A UNIT – DILUTED: Income from continuing operations, net $ 1.15 $ 0.87 $ 0.54 $ 1.23 Income from discontinued operations, net 0.01 - 0.01 0.08 Net income per Class A unit $ 1.16 $ 0.87 $ 0.55 $ 1.31 (1) The effect of dilutive securities for the three months ended June 30, 2016 and 2015 excludes an aggregate of 187 and 148 weighted average Class A unit equivalents, respectively, and 231 and 151 weighted average Class A unit equivalents for the six months ended June 30, 2016 and 2015, respectively, as their effect was anti-dilutive. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 20. Commitments and Contingencies Insurance We maintain general liability insurance with limits of $300,000,000 per occurrence and per property, and all risk property and rental value insurance with limits of $2.0 billion per occurrence, with sub-limits for certain perils such as flood and earthquake. Our California properties have earthquake insurance with coverage of $180,000,000 per occurrence and in the annual aggregate, subject to a deductible in the amount of 5% of the value of the affect ed property. We maintain coverage for terrorism acts with limits of $4.0 billion per occurrence and in the aggregate, and $2.0 billion per occurrence and in the aggregate for terrorism involving nuclear, biological, chemical and radiological (“NBCR”) terro rism events, as defined by Terrorism Risk Insurance Program Reauthorization Act of 2015, which expires in December 2020. Penn Plaza Insurance Company, LLC (“PPIC”), our wholly owned consolidated subsidiary, acts as a re-insurer with respect to a portion of all risk property and rental value 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 responsib le for a deductible of $2,400,000 per occurrence and 16% of the balance of a covered loss and the Federal government is responsible for the remaining 84% of a covered loss. We are ultimately responsible for any loss incurred by PPIC. We continue to monit or the state of the insurance market and the scope and costs of coverage for acts of terrorism. However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future. Our debt instruments, consisting of mortgage loa ns secured by our properties which are non-recourse to us, senior unsecured notes and revolving credit agreements contain customary covenants requiring us to maintain insurance. Although we believe that we have adequate insurance coverage for purposes of t hese 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 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 expected t o 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 m aterial 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 woul d not result in significant costs to us. Generally, o ur mortgage loans are non-recourse to us. However, in certain cases we have provided guarantees or master leased tenant space. These guarantees and master leases terminate either upon the satisfaction of specifi ed circumstances or repayment of the underlying loans. As of June 30, 2016 , the aggregate dollar amount of these guarantees and master leases is approximately $857,000,000 . At June 30, 2016 , $38,576,000 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 t o market capitalization ratios, and provide for higher interest rates in the event of a decline in our ratings below Baa3/BBB. Our unsecured revolving credit facilities also contain customary conditions precedent to borrowing, including representations and warranties, and also contain customary events of default that could give rise to accelerated repayment, including such items as failure to pay interest or principal. As of June 30, 2016 , we expect to fund additional capital to certain of our partially owned entities aggregating approximately $70,000,000 . As of June 30, 2016 , we have construction commitments aggregating approximately $721,173,000 . |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2016 | |
Segment Information [Abstract] | |
Segment Information | 21. Segment Information Below is a summary of net income and a reconciliation of net income to EBITDA (1) by segment for the three and six months ended June 30, 2016 and 2015 . (Amounts in thousands) For the Three Months Ended June 30, 2016 Total New York Washington, DC Other Total revenues $ 621,708 $ 425,770 $ 127,468 $ 68,470 Total expenses 434,894 268,135 89,106 77,653 Operating income (loss) 186,814 157,635 38,362 (9,183) Income (loss) from partially owned entities 642 (1,001) (2,958) 4,601 Income from real estate fund investments 16,389 - - 16,389 Interest and other investment income, net 10,236 1,214 34 8,988 Interest and debt expense (105,576) (56,395) (19,817) (29,364) Net gain on disposition of wholly owned and partially owned assets 159,511 159,511 - - Income (loss) before income taxes 268,016 260,964 15,621 (8,569) Income tax expense (2,109) (816) (318) (975) Income (loss) from continuing operations 265,907 260,148 15,303 (9,544) Income from discontinued operations 2,475 - - 2,475 Net income (loss) 268,382 260,148 15,303 (7,069) Less net income attributable to noncontrolling interests in consolidated subsidiaries (13,025) (3,397) - (9,628) Net income (loss) attributable to Vornado Realty L.P. 255,357 256,751 15,303 (16,697) Interest and debt expense (2) 127,799 71,171 22,641 33,987 Depreciation and amortization (2) 173,352 111,314 39,305 22,733 Income tax expense (2) 4,704 889 2,205 1,610 EBITDA (1) $ 561,212 $ 440,125 (3) $ 79,454 (4) $ 41,633 (5) (Amounts in thousands) For the Three Months Ended June 30, 2015 Total New York Washington, DC Other Total revenues $ 616,288 $ 414,262 $ 134,856 $ 67,170 Total expenses 422,897 250,298 98,661 73,938 Operating income (loss) 193,391 163,964 36,195 (6,768) (Loss) income from partially owned entities (5,641) 3,176 (1,805) (7,012) Income from real estate fund investments 26,368 - - 26,368 Interest and other investment income, net 5,666 1,892 13 3,761 Interest and debt expense (92,092) (47,173) (17,483) (27,436) Income (loss) before income taxes 127,692 121,859 16,920 (11,087) Income tax benefit (expense) 88,072 (1,095) (466) 89,633 Income from continuing operations 215,764 120,764 16,454 78,546 Loss from discontinued operations (364) - - (364) Net income 215,400 120,764 16,454 78,182 Less net income attributable to noncontrolling interests in consolidated subsidiaries (19,186) (2,552) - (16,634) Net income attributable to Vornado Realty L.P. 196,214 118,212 16,454 61,548 Interest and debt expense (2) 115,073 61,057 20,891 33,125 Depreciation and amortization (2) 163,245 95,567 47,803 19,875 Income tax (benefit) expense (2) (87,653) 1,152 486 (89,291) EBITDA (1) $ 386,879 $ 275,988 (3) $ 85,634 (4) $ 25,257 (5) (Amounts in thousands) For the Six Months Ended June 30, 2016 Total New York Washington, DC Other Total revenues $ 1,234,745 $ 836,595 $ 255,480 $ 142,670 Total expenses 1,048,211 537,730 345,671 164,810 Operating income (loss) 186,534 298,865 (90,191) (22,140) (Loss) income from partially owned entities (3,598) (4,564) (5,001) 5,967 Income from real estate fund investments 27,673 - - 27,673 Interest and other investment income, net 13,754 2,329 92 11,333 Interest and debt expense (206,065) (110,981) (35,752) (59,332) Net gain on disposition of wholly owned and partially owned assets 160,225 159,511 - 714 Income (loss) before income taxes 178,523 345,160 (130,852) (35,785) Income tax expense (4,940) (1,775) (582) (2,583) Income (loss) from continuing operations 173,583 343,385 (131,434) (38,368) Income from discontinued operations 3,191 - - 3,191 Net income (loss) 176,774 343,385 (131,434) (35,177) Less net income attributable to noncontrolling interests in consolidated subsidiaries (22,703) (6,826) - (15,877) Net income (loss) attributable to Vornado Realty L.P. 154,071 336,559 (131,434) (51,054) Interest and debt expense (2) 253,919 142,369 42,047 69,503 Depreciation and amortization (2) 348,163 219,717 81,986 46,460 Income tax expense (2) 7,965 1,979 2,470 3,516 EBITDA (1) $ 764,118 $ 700,624 (3) $ (4,931) (4) $ 68,425 (5) (Amounts in thousands) For the Six Months Ended June 30, 2015 Total New York Washington, DC Other Total revenues $ 1,223,090 $ 813,775 $ 268,824 $ 140,491 Total expenses 861,985 503,058 191,658 167,269 Operating income (loss) 361,105 310,717 77,166 (26,778) Loss from partially owned entities (8,384) (2,487) (1,674) (4,223) Income from real estate fund investments 50,457 - - 50,457 Interest and other investment income, net 16,458 3,754 26 12,678 Interest and debt expense (183,766) (92,524) (35,643) (55,599) Net gain on disposition of wholly owned and partially owned assets 1,860 - - 1,860 Income (loss) before income taxes 237,730 219,460 39,875 (21,605) Income tax benefit (expense) 87,101 (2,038) 208 88,931 Income from continuing operations 324,831 217,422 40,083 67,326 Income from discontinued operations 15,815 - - 15,815 Net income 340,646 217,422 40,083 83,141 Less net income attributable to noncontrolling interests in consolidated subsidiaries (35,068) (4,058) - (31,010) Net income attributable to Vornado Realty L.P. 305,578 213,364 40,083 52,131 Interest and debt expense (2) 229,748 119,724 42,403 67,621 Depreciation and amortization (2) 319,695 189,691 88,555 41,449 Income tax (benefit) expense (2) (88,392) 2,154 (2,150) (88,396) EBITDA (1) $ 766,629 $ 524,933 (3) $ 168,891 (4) $ 72,805 (5) See notes on the following pages. Notes to preceding tabular information: (1) EBITDA represents "Earnings Before Interest, Taxes, Depreciation and Amortization." We consider EBITDA a non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on a multiple of EBITDA, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. EBITDA should not be considered a substitute for net income. EBITDA may not be comparable to similarly titled measures employed by other companies. (2) Interest and debt expense, depreciation and amortization and income tax expense (benefit) in the reconciliation of net income (loss) to EBITDA includes our share of these items from partially owned entities. (3) The elements of "New York" EBITDA are summarized below. (Amounts in thousands) For the Three Months Ended For the Six Months Ended June 30, June 30, 2016 2015 2016 2015 Office (a) $ 163,060 $ 165,031 $ 315,789 $ 319,340 Retail 95,615 86,151 188,938 167,456 Residential 6,337 5,709 12,687 10,759 Alexander's 11,805 10,241 23,374 20,648 Hotel Pennsylvania 3,797 8,856 325 6,730 280,614 275,988 541,113 524,933 Gain on sale of 47% ownership interest in 7 West 34th Street 159,511 - 159,511 - Total New York $ 440,125 $ 275,988 $ 700,624 $ 524,933 (a) The three and six months ended June 30, 2015 include $3,304 and $6,844, respectively, of EBITDA from 20 Broad Street which was sold in December 2015. Excluding these items, EBITDA was $161,727 and $312,496, respectively. (4) The elements of "Washington, DC" EBITDA are summarized below. (Amounts in thousands) For the Three Months Ended For the Six Months Ended June 30, June 30, 2016 2015 2016 2015 Office, excluding the Skyline properties (a) $ 63,757 $ 68,509 $ 124,573 $ 135,878 Skyline properties 4,863 6,984 9,955 13,039 Skyline properties impairment loss - - (160,700) - Total Office 68,620 75,493 (26,172) 148,917 Residential 10,834 10,141 21,241 19,974 Total Washington, DC $ 79,454 $ 85,634 $ (4,931) $ 168,891 (a) The three and six months ended June 30, 2015 include $2,067 and $3,990, respectively, of EBITDA from 1750 Pennsylvania Avenue which was sold in September 2015. Excluding these items, EBITDA was $66,442 and $131,888, respectively. Notes to preceding tabular information - continued: (5) The elements of "Other" EBITDA are summarized below. (Amounts in thousands) For the Three Months Ended For the Six Months Ended June 30, June 30, 2016 2015 2016 2015 Our share of real estate fund investments: Income before net realized/unrealized gains $ 1,526 $ 2,671 $ 3,757 $ 4,285 Net realized/unrealized gains on investments 3,890 4,916 5,451 10,464 Carried interest 2,128 2,909 3,647 6,297 Total 7,544 10,496 12,855 21,046 theMART (including trade shows) 25,965 22,144 48,993 43,185 555 California Street 12,117 12,831 23,732 25,232 India real estate ventures 430 375 1,749 2,216 Other investments 14,741 9,424 27,063 16,183 60,797 55,270 114,392 107,862 Corporate general and administrative expenses (a) (b) (24,239) (23,760) (54,845) (59,702) Investment income and other, net (a) 5,471 6,561 12,446 15,323 Acquisition and transaction related costs (2,879) (4,061) (7,486) (6,042) UE and residual retail properties discontinued operations (c) 2,483 1,540 3,204 23,797 Our share of impairment loss on India real estate ventures - (14,806) - (14,806) Our share of gains on sale of real estate of partially owned entities - 4,513 - 4,513 Net gain on sale of residential condominiums - - 714 1,860 $ 41,633 $ 25,257 $ 68,425 $ 72,805 (a) The amounts in these captions (for this table only) exclude the results of the mark-to-market of our deferred compensation plan of $4,359 of income and $609 of loss for the three months ended June 30, 2016 and 2015, respectively, and $2,421 and $2,250 of income for the six months ended June 30, 2016 and 2015, respectively. (b) The six months ended June 30, 2015 includes a cumulative catch up of $4,542 from the acceleration of recognition of compensation expense related to the modification of the 2012-2014 Out-Performance Plans. (c) The three and six months ended June 30, 2015 include $327 and $22,972, respectively, of transaction costs related to the spin-off of our strip shopping centers and malls. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 22. Subsequent Events On August 1, 2016, Vornado announced that it is redeeming all of its outstanding 6.875% Series J Cumulative Redeemable Preferred Shares on September 1, 2016 at a redemption price of $25.00 per share, or $246,250,000 in the aggregate, plus accrued and unpaid dividends through the date of redemption. Accordingly, we will be redeeming all of our 6.875% Series J Cumulative Redeemable Preferred Units on the same date and at the same price. |
Basis of Presentation (Policy)
Basis of Presentation (Policy) | 6 Months Ended |
Jun. 30, 2016 | |
Basis of Presentation [Abstract] | |
Basis of Presentation [Policy Text Block] | The accompanying consolidated financial statements are unaudited and include the accounts of Vornado Realty L.P. and its consolidated subsidiaries . A ll inter - company amounts have been eliminated. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures n ormally 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, as amended, for the y ear ended December 31, 2015 , 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, 2016 are not necessarily indicative of the operating results for the full year . |
Recently Issued Accounting Literature [Policy Text Block] | 3 . Recently Issue d Accounting Literature In May 2014, the Financial Accounting Standards Board (“ FASB ”) issued an update ("ASU 2014-09") establishing Accounting Standards Codification (“ ASC ”) Topic 606, Revenue from Contracts with Customers (“ASC 606”) . ASU 2014-09 establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. ASU 2014-09 requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. In August 2015, the FASB issued an update (“ASU 2015 -14”) to ASC 606, Deferral of the Effective Date , which defers the adoption of ASU 2014-09 to interim and annual reporting periods in fiscal years that begin after December 15, 2017 . In March 2016, the FASB issued an update (“ASU 2016-08”) to ASC 606, Pri ncipal versus Agent Considerations (Reporting Revenue Gross versus Net) , which clarifies the implementation guidance on principal versus agent considerations in the new revenue recognition standard pursuant to ASU 2014-09. In April 2016, the FASB issued a n update (“ASU 2016-10”) to ASC 606, Identifying Performance Obligations and Licensing , which clarifies guidance related to identifying performance obligations and licensing implementation guidance contained in ASU 2014-09. In May 2016, the FASB issued an update (“ASU 2016-12”) to ASC 606, Narrow-Scope Improvements and Practical Expedients , which amends certain aspects of the new revenue recognition standard pursuant to ASU 2014-09. We are currently evaluating the impac t of the adoption of these ASUs on o ur consolidated financial statements. In June 2014, the FASB issued an update (“ASU 2014-12”) to ASC Topic 718, Compensation – Stock Compensation (“ASC 718”) . ASU 2014-12 requires an entity to treat performance targets that can be met after the requisite service period of a share based award has ended, as a performance condition that affects vesting. ASU 2014-12 is effective for interim and annual reporting periods in fiscal years that began after December 15, 2015. The adoption of this update as of January 1, 2016, did not have any impact on our consolidated financial statements. In February 2015, the FASB issued an update (“ASU 2015-02”) Amendments to the Consolidation Analysis to ASC Topic 810, Consolidation . ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the amendments: (i) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities, (ii) eliminate the presumption that a general partner should consolidate a limited partnership, (iii) affect the consolidation analysis of reporting entities that are involved with VIEs, and (iv) provide a scope exception for certain entities. ASU 2015-02 is effective for interim and annual reporting periods beginn ing after December 15, 2015. The adoption of this update on January 1, 2016 resulted in the identification of additional VIEs, but did not have an impact on our consolidated financial statements other than additional disclosures (see Note 13 - Var iab le Interest Entities ) . In January 2016, the FASB issued an update (“ASU 2016-01”) Recognition and Measurement of Financial Assets and Financial Liabilities to ASC Topic 825, Financial Instruments . ASU 2016-01 amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the requirement to measure certain equity investments at fair value with changes in fair value recognized in net income. ASU 2016-01 is effective for interim and annual reporting periods in fiscal years begi nning after December 15, 2017. We are currently evaluating the impact of the adoption of ASU 2016-01 on our consolidated financial statements. In February 2016, the FASB issued (“ASU 2016-02”) Leases , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. ASU 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase. Lessees are required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months. Leases with a term of 12 months or less will be a ccounted for similar to existing guidance for operating leases. Lessees will recognize expense based on the effective interest method for finance leases or on a straight-line basis for operating leases. The new standard requires lessors to account for le ases using an approach that is substantially equivalent to existing guidance. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2 016-02 on our consolidated financial statements. In March 2016, the FASB issued an update (“ASU 2016-09”) Improvements to Employee Share-Based Payment Accounting to ASC 718. ASU 2016-09 amends several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We are currently evaluating the impact of the adoption of ASU 2016-09 on our consolidated financial statements. |
Real Estate Fund Investments [Policy Text Block] | The Fund is accounted for under ASC 946, Financial Services – Investment Companies (“ASC 946”) and its investments are reported on its balance sheet at fair value, with changes in value each period recognized in earnings. We consolidate the accounts of the Fund into our consolidated financial statements, retaining the fair value basis of accounting. |
Redeemable Noncontrolling Interests [Policy Text Block] | Redeemable partnership units on our consolidated balance sheets are comprised primarily of Class A 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 “ partners’ capital” on our consolidated balance sheets. Red eemable 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 480, Distinguishing Liabilities and Equity , because of their possible settlement by issuing a variable number of Vornado common shares. |
Fair Value Measurement [Policy Text Block] | In determining fair value, we utilize valuation techniques that maximize the use of o bservable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities. Accordingly, our fair value estimates, which are made at the end of each reporting period, may be different than the amounts that may ultimately be realized upon sale or disposition of thes e assets. Financial Assets and Li abilities Measured at Fair Value on a Recurring Basis Financial assets and liabilities t hat are measured at fair value o n our consolidated balance sheets consist of (i) marketable securities, (ii) r eal e state f und inv estments , (iii) the assets in our deferred compensation plan (for which there is a corresponding liability on our consolidated balance sheet) , (iv) mandatorily redeemable instruments (Series G-1 through G-4 convertible preferred units and Series D-13 cumul ative redeemable preferred units) , and (v) interest rate swaps . Financial Assets and Liabilities not Measured at Fair Value Financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash equivalents (primarily money market funds, which invest in obligations of the United States government), and our secured and unsecured debt. Estimates of the fair value of these instruments are determined by the standard practice of modeling the contractual cash flows required under the instrument and discounting them back to their present value at the appropriate current risk adjusted interest rate, which is provided by a third-party specialist. For floating rate debt, we use forward rates derived from observable market yield curve s to project the expected cash flows we would be required to make under the instrument. The fair 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 and unsecured debt is c lassifie d as Level 2 . |
Real Estate Fund Investments (T
Real Estate Fund Investments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Real Estate Fund Investments [Abstract] | |
Schedule Of Income And Loss From The Fund [Table Text Block] | Below is a summary of income from the Fund and the Co-Investment for the three and six months ended June 30, 2016 and 2015 . (Amounts in thousands) For the Three Months Ended For the Six Months Ended June 30, June 30, 2016 2015 2016 2015 Net investment income $ 1,723 $ 2,150 $ 6,396 $ 8,600 Net realized gains on exited investments - 886 14,676 25,591 Previously recorded unrealized gain on exited investment - - (14,254) (23,279) Net unrealized gains on held investments 14,666 23,332 20,855 39,545 Income from real estate fund investments 16,389 26,368 27,673 50,457 Less income attributable to noncontrolling interests (8,845) (15,872) (14,818) (29,411) Income from real estate fund investments attributable to Vornado Realty L.P. (1) $ 7,544 $ 10,496 $ 12,855 $ 21,046 (1) Excludes management, leasing and development fees of $935 and $633 for the three months ended June 30, 2016 and 2015, respectively, and $1,695 and $1,337 for the six months ended June 30, 2016 and 2015, respectively, which are included as a component of "fee and other income" in our consolidated statements of income. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Marketable Securities [Abstract] | |
Marketable Securities [Table Text Block] | Below is a summary of our marketable securities portfolio as of June 30, 2016 and December 31, 2015 . (Amounts in thousands) As of June 30, 2016 As of December 31, 2015 GAAP Unrealized GAAP Unrealized Fair Value Cost Gain Fair Value Cost Gain Equity securities: Lexington Realty Trust $ 186,721 $ 72,549 $ 114,172 $ 147,752 $ 72,549 $ 75,203 Other 7,768 4,379 3,389 3,245 - 3,245 $ 194,489 $ 76,928 $ 117,561 $ 150,997 $ 72,549 $ 78,448 |
Investments in Partially Owne34
Investments in Partially Owned Entities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Schedule Of Equity Method Investments [Line Items] | |
Equity Method Investments [Table Text Block] | for details): Equity in net income 32.4 % $ 6,812 $ 5,447 $ 13,749 $ 11,041 Management, leasing and development fees 1,688 1,876 3,413 3,973 8,500 7,323 17,162 15,014 UE (see page ##PRS |
Dispositions (Tables)
Dispositions (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Dispositions [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The tables below set forth the assets and liabilities related to discontinued operations at June 30, 2016 and December 31, 2015 and their combined results of operations and cash flows for the three and six months ended June 30, 2016 and 2015 . (Amounts in thousands) Balance as of June 30, 2016 December 31, 2015 Assets related to discontinued operations: Real estate, net $ 3,111 $ 29,561 Other assets 5,567 7,459 $ 8,678 $ 37,020 Liabilities related to discontinued operations: Other liabilities $ 8,104 $ 12,470 (Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 Income (loss) from discontinued operations: Total revenues $ 947 $ 1,983 $ 2,129 $ 22,279 Total expenses 682 2,020 1,148 15,393 265 (37) 981 6,886 Net gains on sale of real estate 2,210 - 2,210 10,867 UE spin-off transaction related costs - (327) - (22,972) Net gain on sale of lease position in Geary Street, CA - - - 21,376 Impairment losses - - - (256) Pretax income from discontinued operations 2,475 (364) 3,191 15,901 Income tax expense - - - (86) Income (loss) from discontinued operations $ 2,475 $ (364) $ 3,191 $ 15,815 (Amounts in thousands) For the Six Months Ended June 30, 2016 2015 Cash flows related to discontinued operations: Cash flows from operating activities $ (4,685) $ (35,738) Cash flows from investing activities - 310,069 |
Identified Intangible Assets 36
Identified Intangible Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Identified Intangible Assets and Intangible Liabilities [Table Text Block] | The following summarizes our identified intangible assets (primarily above-market leases) and liabilities (primarily acquired below-market leases) as of June 30, 2016 and December 31, 2015 . (Amounts in thousands) Balance as of June 30, 2016 December 31, 2015 Identified intangible assets: Gross amount $ 404,473 $ 415,261 Accumulated amortization (194,463) (187,360) Net $ 210,010 $ 227,901 Identified intangible liabilities (included in deferred revenue): Gross amount $ 600,722 $ 643,488 Accumulated amortization (311,197) (325,340) Net $ 289,525 $ 318,148 |
Below Market Leases Net Of Above Market Leases [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Estimated annual amortization of acquired bel ow - market leases, net of acquired above-market leases, for each of the five succeeding years commencing January 1, 2017 is as follows: (Amounts in thousands) 2017 $ 45,361 2018 44,101 2019 31,937 2020 23,365 2021 18,287 |
Other Identified Intangible Assets [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Estimated annual amortization of all other identified intangible assets including acquired in-place leases , customer relationships, and third party contracts for each of the five succeeding years commencing January 1, 2017 is as follows: (Amounts in thousands) 2017 $ 24,795 2018 20,541 2019 16,202 2020 12,404 2021 11,032 |
Tenant Under Ground Leases [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Estimated annual amortization of these below-market leases , net of above-market leases , for each of the five succeeding years commencing January 1, 2017 is as follows: (Amounts in thousands) 2017 $ 1,832 2018 1,832 2019 1,832 2020 1,832 2021 1,832 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | The following is a summary of our debt : (Amounts in thousands) Interest Rate at Balance at June 30, 2016 June 30, 2016 December 31, 2015 Mortgages Payable: Fixed rate 4.17 % $ 6,571,398 $ 6,356,634 Variable rate 2.28 % 3,281,935 3,258,204 Total 3.54 % 9,853,333 9,614,838 Deferred financing costs, net and other (106,515) (101,125) Total, net $ 9,746,818 $ 9,513,713 Unsecured Debt: Senior unsecured notes 3.68 % $ 850,000 $ 850,000 Deferred financing costs, net and other (5,132) (5,841) Senior unsecured notes, net 844,868 844,159 Unsecured term loan 1.61 % 375,000 187,500 Deferred financing costs, net and other (3,545) (4,362) Unsecured term loan, net 371,455 183,138 Unsecured revolving credit facilities 1.51 % 115,630 550,000 Total, net $ 1,331,953 $ 1,577,297 |
Redeemable Partnership Units (T
Redeemable Partnership Units (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Redeemable Partnership Units [Abstract] | |
Summary Of Activity Of Redeemable Partnership Units [Table Text Block] | Below is a table summarizing the activity of our redeemable partnership units . (Amounts in thousands) Balance at December 31, 2014 $ 1,337,780 Net income 15,485 Other comprehensive loss (2,635) Distributions (14,734) Redemption of Class A units, at redemption value (43,278) Adjustments to carry redeemable Class A units at redemption value (229,521) Issuance of Series D-17 Preferred Units 4,427 Other, net 25,370 Balance at June 30, 2015 $ 1,092,894 Balance at December 31, 2015 $ 1,229,221 Net income 7,044 Other comprehensive income 1,685 Distributions (15,763) Redemption of Class A units, at redemption value (18,208) Adjustments to carry redeemable Class A units at redemption value 20,369 Other, net 21,149 Balance at June 30, 2016 $ 1,245,497 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income ("AOCI") (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Accumulated Other Comprehensive Income ("AOCI") [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following tables set forth the changes in accumulated other comprehensive income by component. (Amounts in thousands) Securities Pro rata share of Interest available- nonconsolidated rate Total for-sale subsidiaries' OCI swaps Other For the Three Months Ended June 30, 2016 Balance as of March 31, 2016 $ 53,399 $ 89,542 $ (9,313) $ (23,563) $ (3,267) OCI before reclassifications 19,157 28,019 (628) (6,975) (1,259) Amounts reclassified from AOCI - - - - - Net current period OCI 19,157 28,019 (628) (6,975) (1,259) Balance as of June 30, 2016 $ 72,556 $ 117,561 $ (9,941) $ (30,538) $ (4,526) For the Three Months Ended June 30, 2015 Balance as of March 31, 2015 $ 72,609 $ 112,442 $ (8,835) $ (26,579) $ (4,419) OCI before reclassifications (21,996) (25,000) (1,191) 2,849 1,346 Amounts reclassified from AOCI - - - - - Net current period OCI (21,996) (25,000) (1,191) 2,849 1,346 Balance as of June 30, 2015 $ 50,613 $ 87,442 $ (10,026) $ (23,730) $ (3,073) For the Six Months Ended June 30, 2016 Balance as of December 31, 2015 $ 46,921 $ 78,448 $ (9,319) $ (19,368) $ (2,840) OCI before reclassifications 25,635 39,113 (622) (11,170) (1,686) Amounts reclassified from AOCI - - - - - Net current period OCI 25,635 39,113 (622) (11,170) (1,686) Balance as of June 30, 2016 $ 72,556 $ 117,561 $ (9,941) $ (30,538) $ (4,526) For the Six Months Ended June 30, 2015 Balance as of December 31, 2014 $ 93,267 $ 133,774 $ (8,992) $ (25,803) $ (5,712) OCI before reclassifications (42,654) (46,332) (1,034) 2,073 2,639 Amounts reclassified from AOCI - - - - - Net current period OCI (42,654) (46,332) (1,034) 2,073 2,639 Balance as of June 30, 2015 $ 50,613 $ 87,442 $ (10,026) $ (23,730) $ (3,073) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Schedule of Fair Values of Financial Assets and Liabilities by Levels [Table Text Block] | The tables below aggregate the fair values of these financial assets and liabilities by their level s in the fair value hierarchy as of June 30, 2016 and December 3 1, 2015 , respectively. (Amounts in thousands) As of June 30, 2016 Total Level 1 Level 2 Level 3 Marketable securities $ 194,489 $ 194,489 $ - $ - Real estate fund investments 524,150 - - 524,150 Deferred compensation plan assets (included in other assets) 119,292 59,152 - 60,140 Total assets $ 837,931 $ 253,641 $ - $ 584,290 Mandatorily redeemable instruments (included in other liabilities) $ 50,561 $ 50,561 $ - $ - Interest rate swaps (included in other liabilities) 31,900 - 31,900 - Total liabilities $ 82,461 $ 50,561 $ 31,900 $ - (Amounts in thousands) As of December 31, 2015 Total Level 1 Level 2 Level 3 Marketable securities $ 150,997 $ 150,997 $ - $ - Real estate fund investments 574,761 - - 574,761 Deferred compensation plan assets (included in other assets) 117,475 58,289 - 59,186 Total assets $ 843,233 $ 209,286 $ - $ 633,947 Mandatorily redeemable instruments (included in other liabilities) $ 50,561 $ 50,561 $ - $ - Interest rate swaps (included in other liabilities) 19,600 - 19,600 - Total liabilities $ 70,161 $ 50,561 $ 19,600 $ - |
Schedule Of Carrying Amounts And Fair Values Of Financial Instruments [Table Text Block] | The table below summarizes the carrying amounts and fair value of these financial instruments as of June 30, 2016 and December 31, 2015 . (Amounts in thousands) As of June 30, 2016 As of December 31, 2015 Carrying Fair Carrying Fair Amount Value Amount Value Cash equivalents $ 1,134,521 $ 1,135,000 $ 1,295,980 $ 1,296,000 Debt: Mortgages payable $ 9,853,333 $ 9,277,000 $ 9,614,838 $ 9,306,000 Senior unsecured notes 850,000 894,000 850,000 868,000 Unsecured term loan 375,000 375,000 187,500 188,000 Unsecured revolving credit facilities 115,630 116,000 550,000 550,000 Total $ 11,193,963 (1) $ 10,662,000 $ 11,202,338 (1) $ 10,912,000 (1) Excludes $115,192 and $111,328 of deferred financing costs, net and other as of June 30, 2016 and December 31, 2015, respectively. |
Real Estate Fund [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | Signifi cant unobservable quantitative inputs in the table below were utilized in determining the fair value of these real estate fund investments at June 30, 2016 and December 31, 2015 . Weighted Average Range (based on fair value of investments) Unobservable Quantitative Input June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 Discount rates 12.0% to 14.9% 12.0% to 14.9% 13.7% 13.6% Terminal capitalization rates 4.8% to 6.1% 4.8% to 6.1% 5.5% 5.5% |
Summary of Changes in Level 3 Plan Assets [Table Text Block] | The table below summar izes the changes in the fair value of real estate fund i nvestments that are classified as Level 3, for the three and six months ended June 30, 2016 and 2015 . (Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 Beginning balance $ 566,696 $ 554,426 $ 574,761 $ 513,973 Purchases - - - 95,000 Dispositions / distributions (57,212) (11,235) (71,888) (83,421) Net unrealized gains 14,666 23,332 20,855 39,545 Net realized gains - 886 422 2,312 Other, net - (1,433) - (1,433) Ending balance $ 524,150 $ 565,976 $ 524,150 $ 565,976 |
Deferred Compensation Plan Assets [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Summary of Changes in Level 3 Plan Assets [Table Text Block] | The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3, for the three and six months ended June 30, 2016 and 2015 . (Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 Beginning balance $ 57,184 $ 64,836 $ 59,186 $ 63,315 Purchases 1,106 5,607 2,272 6,231 Sales (779) (4,655) (2,151) (5,093) Realized and unrealized gain 2,219 1,387 312 2,722 Other, net 410 493 521 493 Ending balance $ 60,140 $ 67,668 $ 60,140 $ 67,668 |
Fee and Other Income (Tables)
Fee and Other Income (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fee And Other Income Tables [Abstract] | |
Fee and Other Income (Table) | The following table sets forth the details of fee and other income: (Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 BMS cleaning fees $ 18,794 $ 21,741 $ 36,940 $ 44,374 Management and leasing fees 4,604 4,274 9,403 8,466 Lease termination fees 3,199 2,893 5,604 6,640 Other income 7,092 10,322 15,712 19,357 $ 33,689 $ 39,230 $ 67,659 $ 78,837 |
Interest and Other Investment42
Interest and Other Investment Income, Net (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Interest and Other Investment Income, Net [Abstract] | |
Interest And Other Investment Income, Net [Table Text Block] | The following table sets forth the details of interest and other investment income , net : (Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 Dividends on marketable securities $ 3,230 $ 3,202 $ 6,445 $ 6,405 Mark-to-market income (loss) of investments in our deferred compensation plan (1) 4,359 (609) 2,421 2,250 Interest on loans receivable 748 1,135 1,496 3,959 Other, net 1,899 1,938 3,392 3,844 $ 10,236 $ 5,666 $ 13,754 $ 16,458 (1) This income (loss) is entirely offset by the income (expense) resulting from the mark-to-market of the deferred compensation plan liability, which is included in "general and administrative" expense. |
Interest and Debt Expense (Tabl
Interest and Debt Expense (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Interest and Debt Expense [Abstract] | |
Interest And Debt Expense [Table Text Block] | 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, 2016 2015 2016 2015 Interest expense $ 104,435 $ 96,297 $ 204,730 $ 191,625 Amortization of deferred financing costs 8,508 7,497 17,773 14,953 Capitalized interest and debt expense (7,367) (11,702) (16,438) (22,812) $ 105,576 $ 92,092 $ 206,065 $ 183,766 |
Income Per Class A Unit (Tables
Income Per Class A Unit (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Income Per Share [Abstract] | |
Schedule Of Earnings Per Share Basic And Diluted [Text Block] | The following table provides a reconciliation of both net income and the number of Class A units used in the computation of (i) basic income per Class A unit - which includes the weighted average number of Class A units outstanding without regard to dilutive potential Class A units, and (ii) diluted income per Class A unit - which includes the weighted average Class A units and dilutive unit equivalents. Dilutive unit equivalents may include our Series A convertible prefe rred units, Vornado stock options and restricted unit awards. (Amounts in thousands, except per unit amounts) For the Three Months Ended For the Six Months Ended June 30, June 30, 2016 2015 2016 2015 Numerator: Income from continuing operations, net of income attributable to noncontrolling interests $ 252,882 $ 196,578 $ 150,880 $ 289,763 Income (loss) from discontinued operations 2,475 (364) 3,191 15,815 Net income attributable to Vornado Realty L.P. 255,357 196,214 154,071 305,578 Preferred unit distributions (20,412) (20,414) (40,824) (39,910) Net income attributable to Class A unitholders 234,945 175,800 113,247 265,668 Earnings allocated to unvested participating securities (1,059) (1,183) (1,412) (1,781) Numerator for basic income per Class A unit 233,886 174,617 111,835 263,887 Impact of assumed conversions: Convertible preferred unit distributions 22 23 - 47 Numerator for diluted income per Class A unit $ 233,908 $ 174,640 $ 111,835 $ 263,934 Denominator: Denominator for basic income per Class A unit – weighted average units 200,369 199,038 200,220 198,857 Effect of dilutive securities (1) : Vornado stock options and restricted unit awards 1,564 1,750 1,601 1,930 Convertible preferred units 42 45 - 46 Denominator for diluted income per Class A unit – weighted average units and assumed conversions 201,975 200,833 201,821 200,833 INCOME PER CLASS A UNIT – BASIC: Income from continuing operations, net $ 1.16 $ 0.88 $ 0.54 $ 1.25 Income from discontinued operations, net 0.01 - 0.02 0.08 Net income per Class A unit $ 1.17 $ 0.88 $ 0.56 $ 1.33 INCOME PER CLASS A UNIT – DILUTED: Income from continuing operations, net $ 1.15 $ 0.87 $ 0.54 $ 1.23 Income from discontinued operations, net 0.01 - 0.01 0.08 Net income per Class A unit $ 1.16 $ 0.87 $ 0.55 $ 1.31 (1) The effect of dilutive securities for the three months ended June 30, 2016 and 2015 excludes an aggregate of 187 and 148 weighted average Class A unit equivalents, respectively, and 231 and 151 weighted average Class A unit equivalents for the six months ended June 30, 2016 and 2015, respectively, as their effect was anti-dilutive. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Information [Abstract] | |
Schedule of Segment Information [Table Text Block] | Below is a summary of net income and a reconciliation of net income to EBITDA (1) by segment for the three and six months ended June 30, 2016 and 2015 . (Amounts in thousands) For the Three Months Ended June 30, 2016 Total New York Washington, DC Other Total revenues $ 621,708 $ 425,770 $ 127,468 $ 68,470 Total expenses 434,894 268,135 89,106 77,653 Operating income (loss) 186,814 157,635 38,362 (9,183) Income (loss) from partially owned entities 642 (1,001) (2,958) 4,601 Income from real estate fund investments 16,389 - - 16,389 Interest and other investment income, net 10,236 1,214 34 8,988 Interest and debt expense (105,576) (56,395) (19,817) (29,364) Net gain on disposition of wholly owned and partially owned assets 159,511 159,511 - - Income (loss) before income taxes 268,016 260,964 15,621 (8,569) Income tax expense (2,109) (816) (318) (975) Income (loss) from continuing operations 265,907 260,148 15,303 (9,544) Income from discontinued operations 2,475 - - 2,475 Net income (loss) 268,382 260,148 15,303 (7,069) Less net income attributable to noncontrolling interests in consolidated subsidiaries (13,025) (3,397) - (9,628) Net income (loss) attributable to Vornado Realty L.P. 255,357 256,751 15,303 (16,697) Interest and debt expense (2) 127,799 71,171 22,641 33,987 Depreciation and amortization (2) 173,352 111,314 39,305 22,733 Income tax expense (2) 4,704 889 2,205 1,610 EBITDA (1) $ 561,212 $ 440,125 (3) $ 79,454 (4) $ 41,633 (5) (Amounts in thousands) For the Three Months Ended June 30, 2015 Total New York Washington, DC Other Total revenues $ 616,288 $ 414,262 $ 134,856 $ 67,170 Total expenses 422,897 250,298 98,661 73,938 Operating income (loss) 193,391 163,964 36,195 (6,768) (Loss) income from partially owned entities (5,641) 3,176 (1,805) (7,012) Income from real estate fund investments 26,368 - - 26,368 Interest and other investment income, net 5,666 1,892 13 3,761 Interest and debt expense (92,092) (47,173) (17,483) (27,436) Income (loss) before income taxes 127,692 121,859 16,920 (11,087) Income tax benefit (expense) 88,072 (1,095) (466) 89,633 Income from continuing operations 215,764 120,764 16,454 78,546 Loss from discontinued operations (364) - - (364) Net income 215,400 120,764 16,454 78,182 Less net income attributable to noncontrolling interests in consolidated subsidiaries (19,186) (2,552) - (16,634) Net income attributable to Vornado Realty L.P. 196,214 118,212 16,454 61,548 Interest and debt expense (2) 115,073 61,057 20,891 33,125 Depreciation and amortization (2) 163,245 95,567 47,803 19,875 Income tax (benefit) expense (2) (87,653) 1,152 486 (89,291) EBITDA (1) $ 386,879 $ 275,988 (3) $ 85,634 (4) $ 25,257 (5) (Amounts in thousands) For the Six Months Ended June 30, 2016 Total New York Washington, DC Other Total revenues $ 1,234,745 $ 836,595 $ 255,480 $ 142,670 Total expenses 1,048,211 537,730 345,671 164,810 Operating income (loss) 186,534 298,865 (90,191) (22,140) (Loss) income from partially owned entities (3,598) (4,564) (5,001) 5,967 Income from real estate fund investments 27,673 - - 27,673 Interest and other investment income, net 13,754 2,329 92 11,333 Interest and debt expense (206,065) (110,981) (35,752) (59,332) Net gain on disposition of wholly owned and partially owned assets 160,225 159,511 - 714 Income (loss) before income taxes 178,523 345,160 (130,852) (35,785) Income tax expense (4,940) (1,775) (582) (2,583) Income (loss) from continuing operations 173,583 343,385 (131,434) (38,368) Income from discontinued operations 3,191 - - 3,191 Net income (loss) 176,774 343,385 (131,434) (35,177) Less net income attributable to noncontrolling interests in consolidated subsidiaries (22,703) (6,826) - (15,877) Net income (loss) attributable to Vornado Realty L.P. 154,071 336,559 (131,434) (51,054) Interest and debt expense (2) 253,919 142,369 42,047 69,503 Depreciation and amortization (2) 348,163 219,717 81,986 46,460 Income tax expense (2) 7,965 1,979 2,470 3,516 EBITDA (1) $ 764,118 $ 700,624 (3) $ (4,931) (4) $ 68,425 (5) (Amounts in thousands) For the Six Months Ended June 30, 2015 Total New York Washington, DC Other Total revenues $ 1,223,090 $ 813,775 $ 268,824 $ 140,491 Total expenses 861,985 503,058 191,658 167,269 Operating income (loss) 361,105 310,717 77,166 (26,778) Loss from partially owned entities (8,384) (2,487) (1,674) (4,223) Income from real estate fund investments 50,457 - - 50,457 Interest and other investment income, net 16,458 3,754 26 12,678 Interest and debt expense (183,766) (92,524) (35,643) (55,599) Net gain on disposition of wholly owned and partially owned assets 1,860 - - 1,860 Income (loss) before income taxes 237,730 219,460 39,875 (21,605) Income tax benefit (expense) 87,101 (2,038) 208 88,931 Income from continuing operations 324,831 217,422 40,083 67,326 Income from discontinued operations 15,815 - - 15,815 Net income 340,646 217,422 40,083 83,141 Less net income attributable to noncontrolling interests in consolidated subsidiaries (35,068) (4,058) - (31,010) Net income attributable to Vornado Realty L.P. 305,578 213,364 40,083 52,131 Interest and debt expense (2) 229,748 119,724 42,403 67,621 Depreciation and amortization (2) 319,695 189,691 88,555 41,449 Income tax (benefit) expense (2) (88,392) 2,154 (2,150) (88,396) EBITDA (1) $ 766,629 $ 524,933 (3) $ 168,891 (4) $ 72,805 (5) See notes on the following pages. Notes to preceding tabular information: (1) EBITDA represents "Earnings Before Interest, Taxes, Depreciation and Amortization." We consider EBITDA a non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on a multiple of EBITDA, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. EBITDA should not be considered a substitute for net income. EBITDA may not be comparable to similarly titled measures employed by other companies. (2) Interest and debt expense, depreciation and amortization and income tax expense (benefit) in the reconciliation of net income (loss) to EBITDA includes our share of these items from partially owned entities. (3) The elements of "New York" EBITDA are summarized below. (Amounts in thousands) For the Three Months Ended For the Six Months Ended June 30, June 30, 2016 2015 2016 2015 Office (a) $ 163,060 $ 165,031 $ 315,789 $ 319,340 Retail 95,615 86,151 188,938 167,456 Residential 6,337 5,709 12,687 10,759 Alexander's 11,805 10,241 23,374 20,648 Hotel Pennsylvania 3,797 8,856 325 6,730 280,614 275,988 541,113 524,933 Gain on sale of 47% ownership interest in 7 West 34th Street 159,511 - 159,511 - Total New York $ 440,125 $ 275,988 $ 700,624 $ 524,933 (a) The three and six months ended June 30, 2015 include $3,304 and $6,844, respectively, of EBITDA from 20 Broad Street which was sold in December 2015. Excluding these items, EBITDA was $161,727 and $312,496, respectively. (4) The elements of "Washington, DC" EBITDA are summarized below. (Amounts in thousands) For the Three Months Ended For the Six Months Ended June 30, June 30, 2016 2015 2016 2015 Office, excluding the Skyline properties (a) $ 63,757 $ 68,509 $ 124,573 $ 135,878 Skyline properties 4,863 6,984 9,955 13,039 Skyline properties impairment loss - - (160,700) - Total Office 68,620 75,493 (26,172) 148,917 Residential 10,834 10,141 21,241 19,974 Total Washington, DC $ 79,454 $ 85,634 $ (4,931) $ 168,891 (a) The three and six months ended June 30, 2015 include $2,067 and $3,990, respectively, of EBITDA from 1750 Pennsylvania Avenue which was sold in September 2015. Excluding these items, EBITDA was $66,442 and $131,888, respectively. |
Details of Other EBITDA [Table Text Block] | Notes to preceding tabular information - continued: (5) The elements of "Other" EBITDA are summarized below. (Amounts in thousands) For the Three Months Ended For the Six Months Ended June 30, June 30, 2016 2015 2016 2015 Our share of real estate fund investments: Income before net realized/unrealized gains $ 1,526 $ 2,671 $ 3,757 $ 4,285 Net realized/unrealized gains on investments 3,890 4,916 5,451 10,464 Carried interest 2,128 2,909 3,647 6,297 Total 7,544 10,496 12,855 21,046 theMART (including trade shows) 25,965 22,144 48,993 43,185 555 California Street 12,117 12,831 23,732 25,232 India real estate ventures 430 375 1,749 2,216 Other investments 14,741 9,424 27,063 16,183 60,797 55,270 114,392 107,862 Corporate general and administrative expenses (a) (b) (24,239) (23,760) (54,845) (59,702) Investment income and other, net (a) 5,471 6,561 12,446 15,323 Acquisition and transaction related costs (2,879) (4,061) (7,486) (6,042) UE and residual retail properties discontinued operations (c) 2,483 1,540 3,204 23,797 Our share of impairment loss on India real estate ventures - (14,806) - (14,806) Our share of gains on sale of real estate of partially owned entities - 4,513 - 4,513 Net gain on sale of residential condominiums - - 714 1,860 $ 41,633 $ 25,257 $ 68,425 $ 72,805 (a) The amounts in these captions (for this table only) exclude the results of the mark-to-market of our deferred compensation plan of $4,359 of income and $609 of loss for the three months ended June 30, 2016 and 2015, respectively, and $2,421 and $2,250 of income for the six months ended June 30, 2016 and 2015, respectively. (b) The six months ended June 30, 2015 includes a cumulative catch up of $4,542 from the acceleration of recognition of compensation expense related to the modification of the 2012-2014 Out-Performance Plans. (c) The three and six months ended June 30, 2015 include $327 and $22,972, respectively, of transaction costs related to the spin-off of our strip shopping centers and malls. |
Organization (Details)
Organization (Details) | 6 Months Ended |
Jun. 30, 2016 | |
Real Estate Properties [Line Items] | |
Common limited partnership interest in the Operating Partnership | 93.60% |
Acquisitions (Narratives) (Deta
Acquisitions (Narratives) (Details) | May 20, 2016USD ($)ft² | Jun. 30, 2016USD ($)Extensions | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | |||
Mortgages payable, net | $ 9,746,818,000 | $ 9,513,713,000 | |
Real Estate Fund Joint Venture [Member] | |||
Business Acquisition [Line Items] | |||
Equity method ownership percentage | 75.30% | ||
Houston Street [Member] | Joint Venture [Member] | |||
Business Acquisition [Line Items] | |||
Square Footage Of Real Estate Property | ft² | 33,000 | ||
Business Acquisition Cost Of Acquired Entity | $ 19,650,000 | ||
Interest Rate, End of Period (in percentage) | 3.47% | ||
Equity method ownership percentage | 50.00% | ||
Estimated Development Cost | $ 104,000,000 | ||
Mortgages payable, net | $ 65,000,000 | $ 22,100,000 | |
Spread Over LIBOR (in percentage) | 3.00% | ||
Number Of Extensions Available | Extensions | 2 | ||
Length Of Extension Available | 1 year |
Real Estate Fund Investments (N
Real Estate Fund Investments (Narratives) (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016USD ($)Investments | Dec. 31, 2015USD ($) | |
Investment Holdings [Line Items] | ||
Aggregate fair value of Real Estate Fund investments (in US Dollars) | $ 524,150 | $ 574,761 |
Real Estate Fund Joint Venture [Member] | ||
Investment Holdings [Line Items] | ||
Equity method ownership percentage | 75.30% | |
Co Investment [Member] | ||
Investment Holdings [Line Items] | ||
Equity method ownership percentage | 24.70% | |
Real Estate Fund [Member] | ||
Investment Holdings [Line Items] | ||
Aggregate fair value of Real Estate Fund investments (in US Dollars) | $ 524,150 | |
Term of the Fund, years | 8 years | |
Investment period for commitments of the Fund, years | 3 years | |
Number Of Investments Held By Fund | Investments | 6 | |
Excess of fair value over cost | $ 215,215 | |
Unfunded Commitments Of Real Estate Investments | 117,907 | |
Vornado Realty Trust [Member] | ||
Investment Holdings [Line Items] | ||
Unfunded Commitments Of Real Estate Investments | $ 34,522 |
Real Estate Fund Investments (D
Real Estate Fund Investments (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Details Of Income From Real Estate Funds [Abstract] | ||||
Income from real estate fund investments | $ 16,389 | $ 26,368 | $ 27,673 | $ 50,457 |
Less income attributable to noncontrolling interests | (13,025) | (19,186) | (22,703) | (35,068) |
Fee And Other Income | 33,689 | 39,230 | 67,659 | 78,837 |
Real Estate Fund [Member] | ||||
Details Of Income From Real Estate Funds [Abstract] | ||||
Net investment income | 1,723 | 2,150 | 6,396 | 8,600 |
Net realized gains on exited investments | 0 | 886 | 14,676 | 25,591 |
Previously recorded unrealized gains on exited investments | 0 | 0 | (14,254) | (23,279) |
Net unrealized gains on held investments | 14,666 | 23,332 | 20,855 | 39,545 |
Income from real estate fund investments | 16,389 | 26,368 | 27,673 | 50,457 |
Less income attributable to noncontrolling interests | (8,845) | (15,872) | (14,818) | (29,411) |
Income from real estate fund investments attributable to Vornado Realty L.P. | 7,544 | 10,496 | 12,855 | 21,046 |
Fee And Other Income | $ 935 | $ 633 | $ 1,695 | $ 1,337 |
Marketable Securities (Details)
Marketable Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Equity Securities | $ 194,489 | $ 150,997 |
Available-for-sale Equity Securities, Amortized Cost Basis | 76,928 | 72,549 |
Available-for-sale Securities, Gross Unrealized Gain | 117,561 | 78,448 |
Lexington Realty Trust [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Equity Securities | 186,721 | 147,752 |
Available-for-sale Equity Securities, Amortized Cost Basis | 72,549 | 72,549 |
Available-for-sale Securities, Gross Unrealized Gain | 114,172 | 75,203 |
Other Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Equity Securities | 7,768 | 3,245 |
Available-for-sale Equity Securities, Amortized Cost Basis | 4,379 | 0 |
Available-for-sale Securities, Gross Unrealized Gain | $ 3,389 | $ 3,245 |
Investments in Partially Owne51
Investments in Partially Owned Entities (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Equity Method Investments And Income From Equity Method Investments [Abstract] | |||||
Carrying amount of investments in partially owned entitiies | $ 1,499,792,000 | $ 1,499,792,000 | $ 1,550,422,000 | ||
Our share of Net Income (Loss) | 642,000 | $ (5,641,000) | (3,598,000) | $ (8,384,000) | |
Other liabilities | $ 480,030,000 | $ 480,030,000 | 426,965,000 | ||
7 West 34th Street [Member] | |||||
Equity Method Investments And Income From Equity Method Investments [Abstract] | |||||
Equity method ownership percentage | 53.00% | 53.00% | |||
Carrying amount of investments in partially owned entitiies | 0 | ||||
Deferred gain | $ 43,813,000 | $ 43,813,000 | |||
Sale of ownership (percent) | 47.00% | 47.00% | |||
Other liabilities | $ (43,160,000) | $ (43,160,000) | |||
Alexanders Inc [Member] | |||||
Equity Method Investments And Income From Equity Method Investments [Abstract] | |||||
Equity method ownership percentage | 32.40% | 32.40% | |||
Equity in net income or earnings | $ 6,812,000 | 5,447,000 | $ 13,749,000 | 11,041,000 | |
Management, leasing and development fees | 1,688,000 | 1,876,000 | 3,413,000 | 3,973,000 | |
Carrying amount of investments in partially owned entitiies | 129,795,000 | 129,795,000 | 133,568,000 | ||
Our share of Net Income (Loss) | 8,500,000 | 7,323,000 | 17,162,000 | 15,014,000 | |
India real estate ventures [Member] | |||||
Equity Method Investments And Income From Equity Method Investments [Abstract] | |||||
Carrying amount of investments in partially owned entitiies | 45,139,000 | 45,139,000 | 48,310,000 | ||
Our share of Net Income (Loss) | $ (1,934,000) | (16,567,000) | $ (2,620,000) | (16,676,000) | |
India real estate ventures [Member] | Minimum [Member] | |||||
Equity Method Investments And Income From Equity Method Investments [Abstract] | |||||
Equity method ownership percentage | 4.10% | 4.10% | |||
India real estate ventures [Member] | Maximum [Member] | |||||
Equity Method Investments And Income From Equity Method Investments [Abstract] | |||||
Equity method ownership percentage | 36.50% | 36.50% | |||
Partially owned office buildings [Member] | |||||
Equity Method Investments And Income From Equity Method Investments [Abstract] | |||||
Carrying amount of investments in partially owned entitiies | $ 811,984,000 | $ 811,984,000 | 909,782,000 | ||
Our share of Net Income (Loss) | $ (12,462,000) | (3,238,000) | $ (26,711,000) | (12,534,000) | |
Urban Edge Properties [Member] | |||||
Equity Method Investments And Income From Equity Method Investments [Abstract] | |||||
Equity method ownership percentage | 5.40% | 5.40% | |||
Equity in net income or earnings | $ 1,071,000 | 404,000 | $ 1,947,000 | 404,000 | |
Management, leasing and development fees | 209,000 | 500,000 | 418,000 | 1,084,000 | |
Carrying amount of investments in partially owned entitiies | 23,868,000 | 23,868,000 | 25,351,000 | ||
Our share of Net Income (Loss) | $ 1,280,000 | 904,000 | $ 2,365,000 | 1,488,000 | |
PREIT Associates [Member] | |||||
Equity Method Investments And Income From Equity Method Investments [Abstract] | |||||
Equity method ownership percentage | 8.00% | 8.00% | |||
Carrying amount of investments in partially owned entitiies | $ 125,822,000 | $ 125,822,000 | 133,375,000 | ||
Our share of Net Income (Loss) | (527,000) | (364,000) | (4,815,000) | (364,000) | |
Other equity method investments [Member] | |||||
Equity Method Investments And Income From Equity Method Investments [Abstract] | |||||
Carrying amount of investments in partially owned entitiies | 363,184,000 | 363,184,000 | $ 300,036,000 | ||
Our share of Net Income (Loss) | $ 5,785,000 | $ 6,301,000 | $ 11,021,000 | $ 4,688,000 |
Investments in Partially Owne52
Investments in Partially Owned Entities (Alexander's Inc.) (Details) - Alexanders Inc [Member] $ / shares in Units, $ in Thousands | Jun. 30, 2016USD ($)$ / sharesshares |
Equity Method Investments And Income From Equity Method Investments [Abstract] | |
Ownership common shares, investee (in shares) | shares | 1,654,068 |
Equity method ownership percentage | 32.40% |
Closing share price (in dollars per share) | $ / shares | $ 409.23 |
Equity Method Investment Market Value | $ 676,894 |
Excess of investee's fair value over carrying amount | 547,099 |
Excess of investee's carrying amount over equity in net assets | $ 39,786 |
Investments in Partially Owne53
Investments in Partially Owned Entities (Urban Edge Properties and PREIT Associates L.P.) (Details) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($)$ / sharesshares | |
Pennsylvania Real Estate Investment Trust [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Operating Partnership Units Received From Buyer | shares | 6,250,000 |
Equity method ownership percentage | 8.00% |
Closing share price (in dollars per share) | $ / shares | $ 21.45 |
Equity Method Investment fair Value | $ 134,063 |
Excess of investee's fair value over carrying amount | 8,241 |
Excess of investee's carrying amount over equity in net assets | $ 64,712 |
Urban Edge Properties [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Operating Partnership Units Received From Buyer | shares | 5,717,184 |
Equity method ownership percentage | 5.40% |
Closing share price (in dollars per share) | $ / shares | $ 29.86 |
Equity Method Investment fair Value | $ 170,715 |
Excess of investee's fair value over carrying amount | $ 146,847 |
Investments in Partially Owne54
Investments in Partially Owned Entities (One Park, NY Mezzanine Loan) (Details) ft² in Thousands | Mar. 17, 2016USD ($)Extensions | Mar. 07, 2016USD ($)ft² | Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($) |
Schedule Of Equity Method Investments [Line Items] | ||||
Notes And Loans Payable | $ 9,746,818,000 | $ 9,513,713,000 | ||
One Park Avenue [Member] | Joint Venture [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Equity method ownership percentage | 55.00% | |||
One Park Avenue [Member] | Joint Venture [Member] | Office Building [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Square Footage Of Real Estate Property | ft² | 947 | |||
One Park Avenue [Member] | Joint Venture [Member] | Mortgage loan at 4.995% Matures 2016 [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Notes And Loans Payable | $ 250,000,000 | |||
Interest Rate, End of Period (in percentage) | 4.995% | |||
One Park Avenue [Member] | Joint Venture [Member] | Mortgage Loan at 2.19% Maturing March 2021 [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Notes And Loans Payable | $ 300,000,000 | |||
Interest Rate, End of Period (in percentage) | 2.21% | |||
One Park Avenue [Member] | Joint Venture [Member] | Mortgage Loan at 2.19% Maturing March 2021 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Spread Over LIBOR (in percentage) | 1.75% | |||
Mezzanine Loan New York [Member] | Vornado Realty Trust [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Our share of remaining commitment | $ 2,650,000 | |||
Mezzanine Loan New York [Member] | Joint Venture [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Equity method ownership percentage | 33.30% | |||
Notes And Loans Payable | $ 142,050,000 | |||
Remaining committment | 7,950,000 | |||
Subordinated Debt | $ 350,000,000 | |||
Mezzanine Loan New York [Member] | Joint Venture [Member] | Mezzanine Loan Maturing November 2016 [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Number Of Extensions Available | Extensions | 2 | |||
Length Of Extension Available | 3 months | |||
Interest Rate, End of Period (in percentage) | 9.32% | |||
Mezzanine Loan New York [Member] | Joint Venture [Member] | Mezzanine Loan Maturing November 2016 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Spread Over LIBOR (in percentage) | 8.875% |
Investments in Partially Owne55
Investments in Partially Owned Entities (Warner Building,280 Park Avenue,7West 34th Street) (Details) | May 27, 2016USD ($) | May 16, 2016USD ($)ft² | May 11, 2016USD ($)ft²Extensions | May 06, 2016USD ($)ft² | Jun. 30, 2016USD ($) |
Schedule Of Equity Method Investments [Line Items] | |||||
Notes And Loans Payable | $ 9,746,818,000 | ||||
Net gain on sale | 2,210,000 | ||||
Gain on sale, recognized | 160,225,000 | ||||
The Warner Building [Member] | Mortgage Loan at 3.65% matures 2023 | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Notes And Loans Payable | $ 293,000,000 | ||||
Interest Rate, End of Period (in percentage) | 3.65% | 6.26% | |||
Debt Instrument Maturity | May 2,016 | ||||
Fixed interest rate, duration | 2 years | ||||
The Warner Building [Member] | Joint Venture [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Notes And Loans Payable | $ 273,000,000 | ||||
Equity method ownership percentage | 55.00% | ||||
Square Footage Of Real Estate Property | ft² | 621,000 | ||||
Debt amortization, duration | 30 years | ||||
280 Park Avenue [Member] | Mortgage Loan at 2.45% matures 2019 | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Interest Rate, End of Period (in percentage) | 2.45% | ||||
Spread Over LIBOR (in percentage) | 2.00% | ||||
Number Of Extensions Available | Extensions | 4 | ||||
Length Of Extension Available | 1 year | ||||
Term of loan | 3 years | ||||
280 Park Avenue [Member] | Joint Venture [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Notes And Loans Payable | $ 900,000,000 | $ 721,000,000 | |||
Equity method ownership percentage | 50.00% | ||||
Square Footage Of Real Estate Property | ft² | 1,250,000 | ||||
Interest Rate, End of Period (in percentage) | 6.35% | ||||
Debt Instrument Maturity | Jun 2,016 | ||||
7 West 34th Street [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity method ownership percentage | 53.00% | ||||
Deferred gain | $ 43,813,000 | ||||
7 West 34th Street [Member] | Joint Venture [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity method ownership percentage | 53.00% | ||||
Ownership sold, percentage | 47.00% | ||||
Value of property | $ 561,000,000 | ||||
Net proceeds from sale | 127,382,000 | ||||
Net gain on sale | 203,324,000 | ||||
Gain on sale, recognized | 159,511,000 | ||||
Deferred gain | 43,813,000 | ||||
Net gain, Total | $ 90,017,000 | ||||
7 West 34th Street [Member] | Joint Venture [Member] | Mortgage Loan at 3.65% matures 2026 | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Notes And Loans Payable | $ 300,000,000 | ||||
Square Footage Of Real Estate Property | ft² | 477,000 | ||||
Interest Rate, End of Period (in percentage) | 3.65% | ||||
Term of loan | 10 years |
Dispositions (Details 1)
Dispositions (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Dispositions [Abstract] | |||||
Real Estate, Net | $ 3,111 | $ 3,111 | $ 29,561 | ||
Other Assets | 5,567 | 5,567 | 7,459 | ||
Assets related to discontinued operations | 8,678 | 8,678 | 37,020 | ||
Other Liabilities | 8,104 | 8,104 | 12,470 | ||
Liabilities related to discontinued operations | 8,104 | 8,104 | $ 12,470 | ||
Income (loss) from discontinued operations: | |||||
Total revenues | 947 | $ 1,983 | 2,129 | $ 22,279 | |
Total expenses | 682 | 2,020 | 1,148 | 15,393 | |
Income (loss) from discontinued operations before gain on sale of real estate | 265 | (37) | 981 | 6,886 | |
Net gains on sale of real estate | 2,210 | 0 | 2,210 | 10,867 | |
UE spin off transaction related costs | 0 | (327) | 0 | (22,972) | |
Net gain on sale of lease position in Geary Street, CA | 0 | 0 | 0 | 21,376 | |
Impairment losses | 0 | 0 | 0 | (256) | |
Pretax income from discontinued operations | 2,475 | (364) | 3,191 | 15,901 | |
Income tax expense | 0 | 0 | 0 | (86) | |
Income (loss) from discontinued operations | 2,475 | (364) | 3,191 | 15,815 | |
Cash flows related to discontinued Operations: | |||||
Cash flows from operating activities | (4,685) | (35,738) | |||
Cash flows from investing activities | 0 | 310,069 | |||
Washington DC Segment [Member] | |||||
Income (loss) from discontinued operations: | |||||
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 | |
New York Segment [Member] | |||||
Income (loss) from discontinued operations: | |||||
Income (loss) from discontinued operations | $ 0 | $ 0 | $ 0 | $ 0 |
Identified Intangible Assets 57
Identified Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Gross amount | $ 404,473 | $ 404,473 | $ 415,261 | ||
Accumulated amortization | (194,463) | (194,463) | (187,360) | ||
Net | 210,010 | 210,010 | 227,901 | ||
Gross amount | 600,722 | 600,722 | 643,488 | ||
Accumulated amortization | (311,197) | (311,197) | (325,340) | ||
Net | 289,525 | 289,525 | $ 318,148 | ||
Below Market Leases Net Of Above Market Leases [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of Intangible Assets | 12,301 | $ 13,378 | 29,808 | $ 25,828 | |
2,017 | 45,361 | 45,361 | |||
2,018 | 44,101 | 44,101 | |||
2,019 | 31,937 | 31,937 | |||
2,020 | 23,365 | 23,365 | |||
2,021 | 18,287 | 18,287 | |||
Other Identified Intangible Assets [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of Intangible Assets | 8,066 | 5,309 | 15,859 | 11,494 | |
2,017 | 24,795 | 24,795 | |||
2,018 | 20,541 | 20,541 | |||
2,019 | 16,202 | 16,202 | |||
2,020 | 12,404 | 12,404 | |||
2,021 | 11,032 | 11,032 | |||
Tenant Under Ground Leases [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of Intangible Assets | 458 | $ 458 | 916 | $ 916 | |
2,017 | 1,832 | 1,832 | |||
2,018 | 1,832 | 1,832 | |||
2,019 | 1,832 | 1,832 | |||
2,020 | 1,832 | 1,832 | |||
2,021 | $ 1,832 | $ 1,832 |
Debt (Narratives) (Details)
Debt (Narratives) (Details) ft² in Thousands | Feb. 08, 2016USD ($)ft² | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Mar. 15, 2016USD ($) | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | |||||||
Mortgages payable, net | $ 9,746,818,000 | $ 9,746,818,000 | $ 9,513,713,000 | ||||
Net proceeds from borrowings | 1,325,246,000 | $ 1,746,460,000 | |||||
Asset Impairment Charges | $ 160,700,000 | $ 256,000 | |||||
Skyline Properties [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Asset Impairment Charges | $ 160,700,000 | ||||||
Capitalization rate | 8.00% | ||||||
Discount rates | 8.20% | ||||||
Weighted Average interest rate | 4.51% | 2.97% | 4.51% | ||||
Default interest paid | $ 2,711,000 | ||||||
Skyline Properties [Member] | Mortgage Special Servicer [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Mortgages payable, gross | $ 678,000,000 | ||||||
Secured Debt [Member] | 770 Broadway [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest Rate, End of Period (in percentage) | 2.21% | 2.21% | |||||
Notes And Loans Payable Refinanced Amount (in US Dollars) | $ 700,000,000 | ||||||
Debt Instrument, Description of Variable Rate Basis | Libor | ||||||
Square Footage Of Real Estate Property | ft² | 1,158 | ||||||
Debt Term | 5 years | ||||||
Net proceeds from borrowings | $ 330,000,000 | ||||||
Secured Debt [Member] | 770 Broadway [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Spread Over LIBOR (in percentage) | 1.75% | ||||||
Secured Debt [Member] | 770 Broadway [Member] | Fixed Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest Rate, End of Period (in percentage) | 2.56% | ||||||
Debt Term | 4 years 6 months | ||||||
Secured Debt [Member] | 770 Broadway [Member] | Mortgage Maturing March 2016 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest Rate, End of Period (in percentage) | 5.65% | ||||||
Mortgages payable, net | $ 353,000,000 |
Debt (Summary of Debt) (Details
Debt (Summary of Debt) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Deferred financing costs, net and other | $ (115,192) | $ (111,328) |
Total, net | 9,746,818 | 9,513,713 |
Senior unsecured notes, net | 844,868 | 844,159 |
Unsecured term loan, net | 371,455 | 183,138 |
Unsecured revolving credit facilities | 115,630 | 550,000 |
Unsecured Debt And Revolving Credit Facility | 1,331,953 | 1,577,297 |
Mortgages Payable [Member] | ||
Debt Instrument [Line Items] | ||
Mortgages payable, gross | 9,853,333 | 9,614,838 |
Deferred financing costs, net and other | (106,515) | (101,125) |
Total, net | $ 9,746,818 | 9,513,713 |
Interest Rate, End of Period (in percentage) | 3.54% | |
Mortgages Payable [Member] | Fixed Rate [Member] | ||
Debt Instrument [Line Items] | ||
Mortgages payable, gross | $ 6,571,398 | 6,356,634 |
Interest Rate, End of Period (in percentage) | 4.17% | |
Mortgages Payable [Member] | Variable Rate [Member] | ||
Debt Instrument [Line Items] | ||
Mortgages payable, gross | $ 3,281,935 | 3,258,204 |
Interest Rate, End of Period (in percentage) | 2.28% | |
Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Deferred financing costs, net and other | $ (5,132) | (5,841) |
Unsecured debt, gross | $ 850,000 | 850,000 |
Interest Rate, End of Period (in percentage) | 3.68% | |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Deferred financing costs, net and other | $ (3,545) | (4,362) |
Unsecured debt, gross | $ 375,000 | 187,500 |
Interest Rate, End of Period (in percentage) | 1.61% | |
Unsecured Revolving Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured revolving credit facilities | $ 115,630 | $ 550,000 |
Interest Rate, End of Period (in percentage) | 1.51% |
Redeemable Partnership Units (D
Redeemable Partnership Units (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Redeemable Noncontrolling Interest Units Table [Abstract] | |||
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount | $ 1,240,069 | $ 1,223,793 | |
Redeemable Noncontrolling Interests Rollforward [Abstract] | |||
Reedemable Noncontrolling Interest, Balance At December 31 | 1,229,221 | $ 1,337,780 | |
Net income | 7,044 | 15,485 | |
Other comprehensive income (loss) | 1,685 | (2,635) | |
Distributions | (15,763) | (14,734) | |
Other, net | 21,149 | 25,370 | |
Reedemable Noncontrolling Interest, Balance At June 30 | 1,245,497 | 1,092,894 | |
Common Class A [Member] | |||
Redeemable Noncontrolling Interest Units Table [Abstract] | |||
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount | 1,240,069 | 1,223,793 | |
Redeemable Noncontrolling Interests Rollforward [Abstract] | |||
Redemption of Class A units, at redemption value | (18,208) | (43,278) | |
Adjustments to carry redeemable Class A units at redemption value | 20,369 | (229,521) | |
Series D17 Cumulative Redeemable Preferred Unit [Member] | |||
Redeemable Noncontrolling Interests Rollforward [Abstract] | |||
Issuance of Series D-17 Preferred Units | $ 4,427 | ||
Cumulative Redeemable Preferred Unit [Member] | |||
Redeemable Noncontrolling Interests Additional Disclosure [Abstract] | |||
Fair value of Series G convertible preferred units and Series D-13 cumulative redeemable preferred units | $ 50,561 | $ 50,561 |
Accumulated Other Comprehensi61
Accumulated Other Comprehensive Income - ("AOCI") (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Accumulated other comprehensive income (loss), Beginning Balance | $ 53,399 | $ 72,609 | $ 46,921 | $ 93,267 |
OCI before reclassifications | 19,157 | (21,996) | 25,635 | (42,654) |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Net current period OCI | 19,157 | (21,996) | 25,635 | (42,654) |
Accumulated other comprehensive income (loss), Ending Balance | 72,556 | 50,613 | 72,556 | 50,613 |
Interest rate Swaps [Member] | ||||
Accumulated other comprehensive income (loss), Beginning Balance | (23,563) | (26,579) | (19,368) | (25,803) |
OCI before reclassifications | (6,975) | 2,849 | (11,170) | 2,073 |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Net current period OCI | (6,975) | 2,849 | (11,170) | 2,073 |
Accumulated other comprehensive income (loss), Ending Balance | (30,538) | (23,730) | (30,538) | (23,730) |
Securities available for sale [Member] | ||||
Accumulated other comprehensive income (loss), Beginning Balance | 89,542 | 112,442 | 78,448 | 133,774 |
OCI before reclassifications | 28,019 | (25,000) | 39,113 | (46,332) |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Net current period OCI | 28,019 | (25,000) | 39,113 | (46,332) |
Accumulated other comprehensive income (loss), Ending Balance | 117,561 | 87,442 | 117,561 | 87,442 |
Pro Rata Share Of Non Consolidated Subsidiaries Oci [Member] | ||||
Accumulated other comprehensive income (loss), Beginning Balance | (9,313) | (8,835) | (9,319) | (8,992) |
OCI before reclassifications | (628) | (1,191) | (622) | (1,034) |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Net current period OCI | (628) | (1,191) | (622) | (1,034) |
Accumulated other comprehensive income (loss), Ending Balance | (9,941) | (10,026) | (9,941) | (10,026) |
Other [Member] | ||||
Accumulated other comprehensive income (loss), Beginning Balance | (3,267) | (4,419) | (2,840) | (5,712) |
OCI before reclassifications | (1,259) | 1,346 | (1,686) | 2,639 |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Net current period OCI | (1,259) | 1,346 | (1,686) | 2,639 |
Accumulated other comprehensive income (loss), Ending Balance | $ (4,526) | $ (3,073) | $ (4,526) | $ (3,073) |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Non Consolidated Variable Interest Entities [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | $ 394,866 | $ 379,939 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narratives) (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016USD ($)Investments | Dec. 31, 2015USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Real estate fund investments | $ 524,150 | $ 574,761 |
Real Estate Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Number Of Investments Held By Fund | Investments | 6 | |
Real estate fund investments | $ 524,150 | |
Excess of fair value over cost | $ 215,215 | |
Real Estate Fund [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Measurement Anticipated Investment Holding Period | 1 year | |
Real Estate Fund [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Measurement Anticipated Investment Holding Period | 4 years 6 months |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | $ 194,489 | $ 150,997 |
Real estate fund investments | 524,150 | 574,761 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 194,489 | 150,997 |
Real estate fund investments | 524,150 | 574,761 |
Deferred compensation plan assets (included in other assets) | 119,292 | 117,475 |
Total assets | 837,931 | 843,233 |
Mandatorily redeemable instruments (included in other liabilities) | 50,561 | 50,561 |
Interest rate swaps (included in other liabilities) | 31,900 | 19,600 |
Total liabilities | 82,461 | 70,161 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 194,489 | 150,997 |
Real estate fund investments | 0 | 0 |
Deferred compensation plan assets (included in other assets) | 59,152 | 58,289 |
Total assets | 253,641 | 209,286 |
Mandatorily redeemable instruments (included in other liabilities) | 50,561 | 50,561 |
Interest rate swaps (included in other liabilities) | 0 | 0 |
Total liabilities | 50,561 | 50,561 |
Fair Value Inputs Level 2 Member | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 0 | 0 |
Real estate fund investments | 0 | 0 |
Deferred compensation plan assets (included in other assets) | 0 | 0 |
Total assets | 0 | 0 |
Mandatorily redeemable instruments (included in other liabilities) | 0 | 0 |
Interest rate swaps (included in other liabilities) | 31,900 | 19,600 |
Total liabilities | 31,900 | 19,600 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 0 | 0 |
Real estate fund investments | 524,150 | 574,761 |
Deferred compensation plan assets (included in other assets) | 60,140 | 59,186 |
Total assets | 584,290 | 633,947 |
Mandatorily redeemable instruments (included in other liabilities) | 0 | 0 |
Interest rate swaps (included in other liabilities) | 0 | 0 |
Total liabilities | $ 0 | $ 0 |
Fair Value Measurements (Deta65
Fair Value Measurements (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Real Estate Fund [Member] | |||||
Unobservable Quantitative Input [Abstract] | |||||
Beginning balance | $ 566,696 | $ 554,426 | $ 574,761 | $ 513,973 | $ 513,973 |
Purchases | 0 | 0 | 0 | 95,000 | |
Sales/Dispositions/distributions | (57,212) | (11,235) | (71,888) | (83,421) | |
Net unrealized gains | 14,666 | 23,332 | 20,855 | 39,545 | |
Net realized gains | 0 | 886 | 422 | 2,312 | |
Other, net | 0 | (1,433) | 0 | (1,433) | |
Ending balance | 524,150 | 565,976 | $ 524,150 | 565,976 | $ 574,761 |
Real Estate Fund [Member] | Minimum [Member] | |||||
Unobservable Quantitative Input [Abstract] | |||||
Discount rates | 12.00% | 12.00% | |||
Capitalization rate | 4.80% | 4.80% | |||
Real Estate Fund [Member] | Maximum [Member] | |||||
Unobservable Quantitative Input [Abstract] | |||||
Discount rates | 14.90% | 14.90% | |||
Capitalization rate | 6.10% | 6.10% | |||
Real Estate Fund [Member] | Weighted Average [Member] | |||||
Unobservable Quantitative Input [Abstract] | |||||
Discount rates | 13.70% | 13.60% | |||
Capitalization rate | 5.50% | 5.50% | |||
Deferred Compensation Plan Assets [Member] | |||||
Unobservable Quantitative Input [Abstract] | |||||
Beginning balance | 57,184 | 64,836 | $ 59,186 | 63,315 | $ 63,315 |
Purchases | 1,106 | 5,607 | 2,272 | 6,231 | |
Sales/Dispositions/distributions | (779) | (4,655) | (2,151) | (5,093) | |
Realized and unrealized gain | 2,219 | 1,387 | 312 | 2,722 | |
Other, net | 410 | 493 | 521 | 493 | |
Ending balance | $ 60,140 | $ 67,668 | $ 60,140 | $ 67,668 | $ 59,186 |
Fair Value Measurements (Deta66
Fair Value Measurements (Details 2) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unsecured Debt, Total | $ 844,868 | $ 844,159 |
Deferred financing costs, net and other | 115,192 | 111,328 |
Senior Unsecured Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior unsecured notes | 850,000 | 850,000 |
Deferred financing costs, net and other | 5,132 | 5,841 |
Unsecured Term Loan [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior unsecured notes | 375,000 | 187,500 |
Deferred financing costs, net and other | 3,545 | 4,362 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 1,134,521 | 1,295,980 |
Mortgages payable, gross | 9,853,333 | 9,614,838 |
Unsecured revolving credit facilities | 115,630 | 550,000 |
Total debt | 11,193,963 | 11,202,338 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Senior Unsecured Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unsecured Debt, Total | 850,000 | 850,000 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Unsecured Term Loan [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior unsecured notes | 375,000 | 187,500 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 1,135,000 | 1,296,000 |
Mortgages payable, gross | 9,277,000 | 9,306,000 |
Unsecured revolving credit facilities | 116,000 | 550,000 |
Total debt | 10,662,000 | 10,912,000 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Senior Unsecured Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unsecured Debt, Total | 894,000 | 868,000 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Unsecured Term Loan [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior unsecured notes | $ 375,000 | $ 188,000 |
Incentive Compensation Narrativ
Incentive Compensation Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share Based Compensation Expense | $ 7,215 | $ 6,685 | $ 21,786 | $ 26,827 |
Fee and Other Income (Details)
Fee and Other Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Fee And Other Income [Line Items] | ||||
BMS cleaning fees | $ 18,794 | $ 21,741 | $ 36,940 | $ 44,374 |
Management and leasing fees | 4,604 | 4,274 | 9,403 | 8,466 |
Lease termination fees | 3,199 | 2,893 | 5,604 | 6,640 |
Other income | 7,092 | 10,322 | 15,712 | 19,357 |
Fee and other income | 33,689 | 39,230 | 67,659 | 78,837 |
Interstate Properties [Member] | ||||
Fee And Other Income [Line Items] | ||||
Management and leasing fees | $ 128 | $ 132 | $ 262 | $ 271 |
Interest and Other Investment69
Interest and Other Investment Income, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Interest and Other Investment Income, Net [Abstract] | ||||
Dividends on marketable securities | $ 3,230 | $ 3,202 | $ 6,445 | $ 6,405 |
Mark-to-market income (loss) of investments in our deferred compensation plan | 4,359 | (609) | 2,421 | 2,250 |
Interest on loans receivable | 748 | 1,135 | 1,496 | 3,959 |
Other, net | 1,899 | 1,938 | 3,392 | 3,844 |
Interest and other investment income, net | $ 10,236 | $ 5,666 | $ 13,754 | $ 16,458 |
Interest and Debt Expense (Deta
Interest and Debt Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Interest and Debt Expense [Abstract] | ||||
Interest expense | $ 104,435 | $ 96,297 | $ 204,730 | $ 191,625 |
Amortization of deferred financing costs | 8,508 | 7,497 | 17,773 | 14,953 |
Capitalized interest and debt expense | (7,367) | (11,702) | (16,438) | (22,812) |
Interest and Debt Expense, Total | $ 105,576 | $ 92,092 | $ 206,065 | $ 183,766 |
Income Per Class A Unit (Detail
Income Per Class A Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Per Share [Abstract] | ||||
Income from continuing operations, net of income attributable to noncontrolling interests | $ 252,882 | $ 196,578 | $ 150,880 | $ 289,763 |
Income (loss) from discontinued operations | 2,475 | (364) | 3,191 | 15,815 |
Net income attributable to Vornado Realty L.P. | 255,357 | 196,214 | 154,071 | 305,578 |
Preferred unit distributions | (20,412) | (20,414) | (40,824) | (39,910) |
Net income attributable to Class A unitholders | 234,945 | 175,800 | 113,247 | 265,668 |
Earnings allocated to unvested participating securities | (1,059) | (1,183) | (1,412) | (1,781) |
Numerator for basic income per Class A unit | 233,886 | 174,617 | 111,835 | 263,887 |
Convertible preferred unit distributions | 22 | 23 | 0 | 47 |
Numerator for diluted income per Class A unit | $ 233,908 | $ 174,640 | $ 111,835 | $ 263,934 |
Denominator for basic income per Class A unit - weighted average units (in shares) | 200,369 | 199,038 | 200,220 | 198,857 |
Effect of dilutive securities - Vornado stock options and restricted unit awards (in Units) | 1,564 | 1,750 | 1,601 | 1,930 |
Effect of dilutive securities - Convertible preferred units (in Units) | 42 | 45 | 0 | 46 |
Denominator for diluted income per Class A unit - weighted average units and assumed conversions (in shares) | 201,975 | 200,833 | 201,821 | 200,833 |
INCOME PER CLASS A UNIT - BASIC: | ||||
Income from continuing operations, net (in dollars per share) | $ 1.16 | $ 0.88 | $ 0.54 | $ 1.25 |
Income from discontinued operations, net (in dollars per share) | 0.01 | 0 | 0.02 | 0.08 |
Net income per Class A unit (in dollars per share) | 1.17 | 0.88 | 0.56 | 1.33 |
INCOME PER CLASS A UNIT - DILUTED: | ||||
Income from continuing operations, net (in dollars per share) | 1.15 | 0.87 | 0.54 | 1.23 |
Income from discontinued operations, net (in dollars per share) | 0.01 | 0 | 0.01 | 0.08 |
Net income per Class A unit (in dollars per share) | $ 1.16 | $ 0.87 | $ 0.55 | $ 1.31 |
Income Per Class A Unit (Parent
Income Per Class A Unit (Parentheticals) (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Per Share [Abstract] | ||||
Weighted average Class A Unit equivalents of excluded dilutive securities due to anti-dilutive effect | 187 | 148 | 231 | 151 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Loss Contingencies [Line Items] | |
Guarantees and master leases | $ 857,000,000 |
Outstanding letters of credit | 38,576,000 |
Commitment To Fund Additional Capital To Partially Owned Entities | 70,000,000 |
Construction Committment | 721,173,000 |
NBCR Losses [Member] | |
Loss Contingencies [Line Items] | |
Insurance limit per occurrence | 2,000,000,000 |
Insurance Limit Aggregate Value | $ 2,000,000,000 |
Federal government deductible, percentage of balance of a covered loss | 84.00% |
Earthquake California Properties [Member] | |
Loss Contingencies [Line Items] | |
Insurance limit per occurrence | $ 180,000,000 |
Vornado deductible, percentage of property value | 5.00% |
All Risk And Rental Value [Member] | |
Loss Contingencies [Line Items] | |
Insurance limit per occurrence | $ 2,000,000,000 |
General Liability [Member] | |
Loss Contingencies [Line Items] | |
Insurance limit per occurrence | 300,000,000 |
Insurance Limit Per Property | 300,000,000 |
Terrorism Acts [Member] | |
Loss Contingencies [Line Items] | |
Insurance limit per occurrence | $ 4,000,000,000 |
Insurance Coverage End Date | December 2,020 |
Insurance Limit Aggregate Value | $ 4,000,000,000 |
PPIC [Member] | NBCR Losses [Member] | |
Loss Contingencies [Line Items] | |
Insurance deductible | $ 2,400,000 |
Insurance Deductible Percentage Of Balance Of Covered Loss | 16.00% |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Segment Information [Line Items] | ||||
Total revenues | $ 621,708 | $ 616,288 | $ 1,234,745 | $ 1,223,090 |
Total expenses | 434,894 | 422,897 | 1,048,211 | 861,985 |
Operating income | 186,814 | 193,391 | 186,534 | 361,105 |
Income (loss) from partially owned entities | 642 | (5,641) | (3,598) | (8,384) |
Income from real estate fund investments | 16,389 | 26,368 | 27,673 | 50,457 |
Interest and other investment income, net | 10,236 | 5,666 | 13,754 | 16,458 |
Interest and debt expense | (105,576) | (92,092) | (206,065) | (183,766) |
Net gain on disposition of wholly owned and partially owned assets | 159,511 | 0 | 160,225 | 1,860 |
Income (loss) before income taxes | 268,016 | 127,692 | 178,523 | 237,730 |
Income tax expense | (2,109) | 88,072 | (4,940) | 87,101 |
Income (loss) from continuing operations | 265,907 | 215,764 | 173,583 | 324,831 |
Income (loss) from discontinued operations | 2,475 | (364) | 3,191 | 15,815 |
Net income | 268,382 | 215,400 | 176,774 | 340,646 |
Less net income attributable to noncontrolling interests in consolidated subsidiaries | (13,025) | (19,186) | (22,703) | (35,068) |
Net income attributable to Vornado Realty L.P. | 255,357 | 196,214 | 154,071 | 305,578 |
Interest and debt expense | 127,799 | 115,073 | 253,919 | 229,748 |
Depreciation and amortization | 173,352 | 163,245 | 348,163 | 319,695 |
Income tax (benefit) expense | 4,704 | (87,653) | 7,965 | (88,392) |
EBITDA | 561,212 | 386,879 | 764,118 | 766,629 |
New York Segment [Member] | ||||
Segment Information [Line Items] | ||||
Total revenues | 425,770 | 414,262 | 836,595 | 813,775 |
Total expenses | 268,135 | 250,298 | 537,730 | 503,058 |
Operating income | 157,635 | 163,964 | 298,865 | 310,717 |
Income (loss) from partially owned entities | (1,001) | 3,176 | (4,564) | (2,487) |
Income from real estate fund investments | 0 | 0 | 0 | 0 |
Interest and other investment income, net | 1,214 | 1,892 | 2,329 | 3,754 |
Interest and debt expense | (56,395) | (47,173) | (110,981) | (92,524) |
Net gain on disposition of wholly owned and partially owned assets | 159,511 | 159,511 | 0 | |
Income (loss) before income taxes | 260,964 | 121,859 | 345,160 | 219,460 |
Income tax expense | (816) | (1,095) | (1,775) | (2,038) |
Income (loss) from continuing operations | 260,148 | 120,764 | 343,385 | 217,422 |
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 |
Net income | 260,148 | 120,764 | 343,385 | 217,422 |
Less net income attributable to noncontrolling interests in consolidated subsidiaries | (3,397) | (2,552) | (6,826) | (4,058) |
Net income attributable to Vornado Realty L.P. | 256,751 | 118,212 | 336,559 | 213,364 |
Interest and debt expense | 71,171 | 61,057 | 142,369 | 119,724 |
Depreciation and amortization | 111,314 | 95,567 | 219,717 | 189,691 |
Income tax (benefit) expense | 889 | 1,152 | 1,979 | 2,154 |
EBITDA | 440,125 | 275,988 | 700,624 | 524,933 |
Washington DC Segment [Member] | ||||
Segment Information [Line Items] | ||||
Total revenues | 127,468 | 134,856 | 255,480 | 268,824 |
Total expenses | 89,106 | 98,661 | 345,671 | 191,658 |
Operating income | 38,362 | 36,195 | (90,191) | 77,166 |
Income (loss) from partially owned entities | (2,958) | (1,805) | (5,001) | (1,674) |
Income from real estate fund investments | 0 | 0 | 0 | 0 |
Interest and other investment income, net | 34 | 13 | 92 | 26 |
Interest and debt expense | (19,817) | (17,483) | (35,752) | (35,643) |
Net gain on disposition of wholly owned and partially owned assets | 0 | 0 | 0 | |
Income (loss) before income taxes | 15,621 | 16,920 | (130,852) | 39,875 |
Income tax expense | (318) | (466) | (582) | 208 |
Income (loss) from continuing operations | 15,303 | 16,454 | (131,434) | 40,083 |
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 |
Net income | 15,303 | 16,454 | (131,434) | 40,083 |
Less net income attributable to noncontrolling interests in consolidated subsidiaries | 0 | 0 | 0 | 0 |
Net income attributable to Vornado Realty L.P. | 15,303 | 16,454 | (131,434) | 40,083 |
Interest and debt expense | 22,641 | 20,891 | 42,047 | 42,403 |
Depreciation and amortization | 39,305 | 47,803 | 81,986 | 88,555 |
Income tax (benefit) expense | 2,205 | 486 | 2,470 | (2,150) |
EBITDA | 79,454 | 85,634 | (4,931) | 168,891 |
Other Segment [Member] | ||||
Segment Information [Line Items] | ||||
Total revenues | 68,470 | 67,170 | 142,670 | 140,491 |
Total expenses | 77,653 | 73,938 | 164,810 | 167,269 |
Operating income | (9,183) | (6,768) | (22,140) | (26,778) |
Income (loss) from partially owned entities | 4,601 | (7,012) | 5,967 | (4,223) |
Income from real estate fund investments | 16,389 | 26,368 | 27,673 | 50,457 |
Interest and other investment income, net | 8,988 | 3,761 | 11,333 | 12,678 |
Interest and debt expense | (29,364) | (27,436) | (59,332) | (55,599) |
Net gain on disposition of wholly owned and partially owned assets | 0 | 714 | 1,860 | |
Income (loss) before income taxes | (8,569) | (11,087) | (35,785) | (21,605) |
Income tax expense | (975) | 89,633 | (2,583) | 88,931 |
Income (loss) from continuing operations | (9,544) | 78,546 | (38,368) | 67,326 |
Income (loss) from discontinued operations | 2,475 | (364) | 3,191 | 15,815 |
Net income | (7,069) | 78,182 | (35,177) | 83,141 |
Less net income attributable to noncontrolling interests in consolidated subsidiaries | (9,628) | (16,634) | (15,877) | (31,010) |
Net income attributable to Vornado Realty L.P. | (16,697) | 61,548 | (51,054) | 52,131 |
Interest and debt expense | 33,987 | 33,125 | 69,503 | 67,621 |
Depreciation and amortization | 22,733 | 19,875 | 46,460 | 41,449 |
Income tax (benefit) expense | 1,610 | (89,291) | 3,516 | (88,396) |
EBITDA | $ 41,633 | $ 25,257 | $ 68,425 | $ 72,805 |
Segment Information (Parentheti
Segment Information (Parentheticals) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | $ 561,212 | $ 386,879 | $ 764,118 | $ 766,629 |
Mark-to-market income (loss) of investments in our deferred compensation plan | 4,359 | (609) | 2,421 | 2,250 |
Additional Expense From Acceleration Of Vesting | 4,542 | |||
Transaction Costs Spin Off | 0 | 327 | 0 | 22,972 |
New York Segment [Member] | ||||
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 440,125 | 275,988 | 700,624 | 524,933 |
New York Segment [Member] | Alexanders Inc [Member] | ||||
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 11,805 | 10,241 | 23,374 | 20,648 |
New York Segment [Member] | Hotel Pennsylvania [Member] | ||||
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 3,797 | 8,856 | 325 | 6,730 |
New York Segment [Member] | Residential Properties [Member] | ||||
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 6,337 | 5,709 | 12,687 | 10,759 |
New York Segment [Member] | Retail Properties [Member] | ||||
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 95,615 | 86,151 | 188,938 | 167,456 |
New York Segment [Member] | Office [Member] | ||||
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 163,060 | 165,031 | 315,789 | 319,340 |
New York Segment [Member] | 20 Broad Street [Member] | ||||
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 3,304 | 6,844 | ||
New York Segment [Member] | 20 Broad Street [Member] | Operating Segments [Member] | ||||
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 161,727 | |||
New York Segment [Member] | New York Segment Excluding 20 Broad Street [Member] | Operating Segments [Member] | ||||
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 312,496 | |||
New York Segment [Member] | Net gain on sale of 7 west 34th street | ||||
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 159,511 | 0 | 159,511 | 0 |
New York Segment [Member] | Total | ||||
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 280,614 | 275,988 | 541,113 | 524,933 |
Washington DC Segment [Member] | ||||
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 79,454 | 85,634 | (4,931) | 168,891 |
Washington DC Segment [Member] | Washington Dc Office Excluding Skyline Properties [Member] | ||||
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 63,757 | 68,509 | 124,573 | 135,878 |
Washington DC Segment [Member] | Skyline Properties [Member] | ||||
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 4,863 | 6,984 | 9,955 | 13,039 |
Washington DC Segment [Member] | Skyline Properties [Member] | Impairment Loss [Member] | ||||
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 0 | 0 | (160,700) | 0 |
Washington DC Segment [Member] | Residential Properties [Member] | ||||
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 10,834 | 10,141 | 21,241 | 19,974 |
Washington DC Segment [Member] | Office [Member] | ||||
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 68,620 | 75,493 | (26,172) | 148,917 |
Washington DC Segment [Member] | 1750 Pennsylvania Avenue [Member] | ||||
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 2,067 | 3,990 | ||
Washington DC Segment [Member] | 1750 Pennsylvania Avenue [Member] | Operating Segments [Member] | ||||
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 66,442 | 131,888 | ||
Other Segment [Member] | ||||
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 41,633 | 25,257 | 68,425 | 72,805 |
Other Segment [Member] | Real Estate Fund Investment [Member] | ||||
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 7,544 | 10,496 | 12,855 | 21,046 |
Other Segment [Member] | The Mart (including trade shows) [Member] | ||||
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 25,965 | 22,144 | 48,993 | 43,185 |
Other Segment [Member] | 555 California Street [Member] | ||||
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 12,117 | 12,831 | 23,732 | 25,232 |
Other Segment [Member] | India real estate ventures [Member] | ||||
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 430 | 375 | 1,749 | 2,216 |
Other Segment [Member] | Other Investments [Member] | ||||
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 14,741 | 9,424 | 27,063 | 16,183 |
Other Segment [Member] | Corporate General And Administrative Expenses [Member] | ||||
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | (24,239) | (23,760) | (54,845) | (59,702) |
Other Segment [Member] | Investment Income and other, net [Member] | ||||
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 5,471 | 6,561 | 12,446 | 15,323 |
Other Segment [Member] | Our share of impairment loss on India real estate ventures [Member] | ||||
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | (14,806) | (14,806) | ||
Other Segment [Member] | UE and residual retail properties discontinued operations [Member] | ||||
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 2,483 | 1,540 | 3,204 | 23,797 |
Other Segment [Member] | Acquisition and transaction related costs [Member] | ||||
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | (2,879) | (4,061) | (7,486) | (6,042) |
Other Segment [Member] | Net gain on sale of residential condominiums [Member] | ||||
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 0 | 0 | 714 | 1,860 |
Other Segment [Member] | Our share of gains on sale of real estate [Member] | ||||
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 4,513 | 4,513 | ||
Other Segment [Member] | Other EBITDA attributable to identifiable investments [Member] | ||||
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 60,797 | 55,270 | 114,392 | 107,862 |
Other Segment [Member] | Income before net realized/unrealized gains [Member] | Real Estate Fund Investment [Member] | ||||
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 1,526 | 2,671 | 3,757 | 4,285 |
Other Segment [Member] | Net unrealized/realized gains on investments [Member] | Real Estate Fund Investment [Member] | ||||
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 3,890 | 4,916 | 5,451 | 10,464 |
Other Segment [Member] | Carried Interest [Member] | Real Estate Fund Investment [Member] | ||||
Segment Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | $ 2,128 | $ 2,909 | $ 3,647 | $ 6,297 |
Subsequent Events (Details 1)
Subsequent Events (Details 1) - Subsequent Event [Member] $ / shares in Units, $ in Thousands | Aug. 01, 2016USD ($)$ / shares |
Series J Preferred Stock [Member] | |
Subsequent Events [Line Items] | |
Dividend Percentage | 6.875% |
Redemption Price Per Share | $ / shares | $ 25 |
Redemption Price Aggregate | $ | $ 246,250 |
Series J Cumulative Redeemable Preferred Units [Member] | |
Subsequent Events [Line Items] | |
Dividend Percentage | 6.875% |