Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 31, 2014 | |
Document and Entity Information [Abstract] | ' |
Entity Registrant Name | 'VORNADO REALTY TRUST |
Entity Central Index Key | '0000899689 |
Document Type | '10-Q |
Document Period End Date | 31-Mar-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q1 |
Amendment Flag | 'false |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 187,411,596 |
Entity Well Known Seasoned Issuer | 'Yes |
Entity Voluntary Filers | 'No |
Entity Current Reporting Status | 'Yes |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Real estate, at cost: | ' | ' |
Land | $4,058,317,000 | $4,068,306,000 |
Buildings and improvements | 12,477,661,000 | 12,475,556,000 |
Development costs and construction in progress | 1,410,465,000 | 1,353,121,000 |
Leasehold improvements and equipment | 133,699,000 | 132,483,000 |
Total | 18,080,142,000 | 18,029,466,000 |
Less accumulated depreciation and amortization | -3,441,223,000 | -3,381,457,000 |
Real estate, net | 14,638,919,000 | 14,648,009,000 |
Cash and cash equivalents | 1,156,727,000 | 583,290,000 |
Restricted cash | 210,184,000 | 262,440,000 |
Marketable securities | 205,042,000 | 191,917,000 |
Tenant and other receivables, net of allowance for doubtful accounts of $20,233 and $21,869 | 123,486,000 | 115,862,000 |
Real Estate Fund investments | 682,002,000 | 667,710,000 |
Mortgage and mezzanine loans receivable, net of allowance of $5,824 and $5,845 | 42,749,000 | 170,972,000 |
Receivable arising from the straight-lining of rents, net of allowance of $3,979 and $4,355 | 830,381,000 | 817,357,000 |
Deferred leasing and financing costs, net of accumulated amortization of $277,257 and $264,451 | 437,056,000 | 411,927,000 |
Identified intangible assets, net of accumulated amortization of $290,214 and $277,998 | 299,759,000 | 311,963,000 |
Assets related to discontinued operations | 207,575,000 | 314,622,000 |
Other assets | 290,544,000 | 351,488,000 |
Assets | 20,369,352,000 | 20,097,224,000 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ' | ' |
Mortgages payable | 8,913,358,000 | 8,331,993,000 |
Senior unsecured notes | 1,343,442,000 | 1,350,855,000 |
Revolving credit facility debt | 88,138,000 | 295,870,000 |
Accounts payable and accrued expenses | 457,858,000 | 422,276,000 |
Deferred revenue | 514,605,000 | 529,048,000 |
Deferred compensation plan | 121,970,000 | 116,515,000 |
Deferred tax liabilities | 1,272,000 | 1,280,000 |
Liabilities related to discontinued operations | 0 | 13,950,000 |
Other liabilities | 378,551,000 | 437,073,000 |
Total liabilities | 11,819,194,000 | 11,498,860,000 |
Commitments and contingencies | ' | ' |
Redeemable noncontrolling interests: | ' | ' |
Class A units - 11,564,839 and 11,292,038 units outstanding | 1,139,831,000 | 1,002,620,000 |
Series D cumulative redeemable preferred unit - 1 unit outstanding | 1,000,000 | 1,000,000 |
Total redeemable noncontrolling interests | 1,140,831,000 | 1,003,620,000 |
Vornado shareholders' equity: | ' | ' |
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 52,682,807 shares | 1,277,225,000 | 1,277,225,000 |
Common shares of beneficial interest: $.04 par value per share; authorized, 250,000,000 shares; issued and outstanding 187,411,596 and 187,284,688 shares | 7,474,000 | 7,469,000 |
Additional capital | 7,017,611,000 | 7,143,840,000 |
Earnings less than distributions | -1,809,609,000 | -1,734,839,000 |
Accumulated other comprehensive income | 77,626,000 | 71,537,000 |
Total Vornado shareholders' equity | 6,570,327,000 | 6,765,232,000 |
Noncontrolling interests in consolidated subsidiaries | 839,000,000 | 829,512,000 |
Total equity | 7,409,327,000 | 7,594,744,000 |
Total liabilities, redeemable noncontrolling interests and equity | 20,369,352,000 | 20,097,224,000 |
Toys R Us [Member] | ' | ' |
Real estate, at cost: | ' | ' |
Investments in partially owned entities | 75,932,000 | 83,224,000 |
All Equity Method Investees Excluding Toys [Member] | ' | ' |
Real estate, at cost: | ' | ' |
Investments in partially owned entities | $1,168,996,000 | $1,166,443,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
ASSETS | ' | ' |
Tenant and other receivables, allowance for doubtful accounts (in US dollars) | $20,233 | $21,869 |
Mortgage and mezzanine loans receivable, allowance (in US dollars) | 5,824 | 5,845 |
Receivable arising from the straight-lining of rents, allowance (in US dollars) | 3,979 | 4,355 |
Deferred leasing and financing costs, accumulated amortization (in US dollars) | 277,257 | 264,451 |
Identified intangible assets, accumulated amortization (in US dollars) | $290,214 | $277,998 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ' | ' |
Preferred shares of beneficial interest: authorized shares | 110,000,000 | 110,000,000 |
Preferred shares of beneficial interest: issued shares | 52,682,807 | 52,682,807 |
Preferred shares of beneficial interest: outstanding shares | 52,682,807 | 52,682,807 |
Common shares of beneficial interest: par value per share (in dollars per share) | $0.04 | $0.04 |
Common shares of beneficial interest: authorized shares | 250,000,000 | 250,000,000 |
Common shares of beneficial interest: issued shares | 187,411,596 | 187,284,688 |
Common shares of beneficial interest: outstanding shares | 187,411,596 | 187,284,688 |
Common Class A [Member] | ' | ' |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ' | ' |
Outstanding Partnership Units held by Third Parties | 11,564,839 | 11,292,038 |
Cumulative Redeemable Preferred Unit [Member] | ' | ' |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ' | ' |
Outstanding Partnership Units held by Third Parties | 1 | 1 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
REVENUES: | ' | ' |
Property rentals | $528,100 | $533,793 |
Tenant expense reimbursements | 86,590 | 75,964 |
Cleveland Medical Mart development project | 0 | 12,143 |
Fee and other income | 45,928 | 96,813 |
Total revenues | 660,618 | 718,713 |
EXPENSES: | ' | ' |
Operating | 273,391 | 265,747 |
Depreciation and amortization | 147,651 | 139,317 |
General and administrative | 52,158 | 51,380 |
Cleveland Medical Mart development project | 0 | 11,374 |
Impairment losses and acquisition related costs | 21,784 | 601 |
Total expenses | 494,984 | 468,419 |
Operating income | 165,634 | 250,294 |
Income from partially owned entities | 1,979 | 22,525 |
Income from Real Estate Fund | 18,148 | 16,564 |
Interest and other investment income (loss), net | 11,893 | -49,075 |
Interest and debt expense | -109,442 | -120,346 |
Net gain (loss) on disposition of wholly owned and partially owned assets | 9,635 | -36,724 |
Income before income taxes | 97,847 | 83,238 |
Income tax expense | -1,582 | -1,073 |
Income from continuing operations | 96,265 | 82,165 |
Income from discontinued operations | 1,891 | 206,762 |
Net income | 98,156 | 288,927 |
Less net income attributable to noncontrolling interests in: | ' | ' |
Consolidated subsidiaries | -11,579 | -11,286 |
Operating Partnership | -3,848 | -13,933 |
Preferred unit distributions of the Operating Partnership | -12 | -786 |
Net income attributable to Vornado | 82,717 | 262,922 |
Preferred share dividends | -20,368 | -21,702 |
Preferred share redemptions | 0 | -9,230 |
NET INCOME attributable to common shareholders | 62,349 | 231,990 |
INCOME PER COMMON SHARE - BASIC: | ' | ' |
Income from continuing operations, net (in dollars per share) | $0.32 | $0.20 |
Income from discontinued operations, net (in dollars per share) | $0.01 | $1.04 |
Net income per common share (in dollars per share) | $0.33 | $1.24 |
Weighted average shares outstanding | 187,307 | 186,752 |
INCOME PER COMMON SHARE - DILUTED: | ' | ' |
Income from continuing operations, net (in dollars per share) | $0.32 | $0.20 |
Income from discontinued operations, net (in dollars per share) | $0.01 | $1.04 |
Net income per common share (in dollars per share) | $0.33 | $1.24 |
Weighted average shares outstanding | 188,240 | 187,529 |
DIVIDENDS PER COMMON SHARE (in dollars per share) | $0.73 | $0.73 |
Toys R Us [Member] | ' | ' |
EXPENSES: | ' | ' |
Income from partially owned entities | 1,847 | 1,759 |
All Equity Method Investees Excluding Toys [Member] | ' | ' |
EXPENSES: | ' | ' |
Income from partially owned entities | $132 | $20,766 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net income | $98,156 | $288,927 |
Other comprehensive income: | ' | ' |
Change in unrealized net gain on available-for-sale securities | 13,125 | 148,789 |
Pro rata share of other comprehensive loss of nonconsolidated subsidiaries | -8,286 | -3,647 |
Change in value of interest rate swap | 1,610 | 2,523 |
Other | 1 | 533 |
Comprehensive income | 104,606 | 437,125 |
Less comprehensive income attributable to noncontrolling interests | -15,800 | -34,304 |
Comprehensive income attributable to Vornado | $88,806 | $402,821 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Equity (USD $) | Total | Real Estate Fund [Member] | All Other Except Real Estate Fund [Member] | Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interests in Consolidated Subsidiaries | Non-controlling Interests in Consolidated Subsidiaries | Non-controlling Interests in Consolidated Subsidiaries |
In Thousands, unless otherwise specified | Real Estate Fund [Member] | All Other Except Real Estate Fund [Member] | |||||||||
Beginning balance, Value at Dec. 31, 2012 | $7,904,144 | ' | ' | $1,240,278 | $7,440 | $7,195,438 | ($1,573,275) | ($18,946) | $1,053,209 | ' | ' |
Beginning balance, Shares at Dec. 31, 2012 | ' | ' | ' | 51,185 | 186,735 | ' | ' | ' | ' | ' | ' |
Net income attributable to Vornado | 262,922 | ' | ' | ' | ' | ' | 262,922 | 0 | 0 | ' | ' |
Net income attributable to noncontrolling interests in consolidated subsidiaries | 11,286 | 9,540 | ' | ' | ' | ' | ' | ' | 11,286 | ' | ' |
Dividends on common shares, Value | -136,342 | ' | ' | ' | ' | ' | -136,342 | ' | ' | ' | ' |
Dividends on preferred shares, Value | -21,702 | ' | ' | ' | ' | ' | -21,702 | ' | ' | ' | ' |
Issuance of Series L preferred shares, Shares | ' | ' | ' | 12,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of Series L preferred shares, Value | 290,710 | ' | ' | 290,710 | ' | ' | ' | ' | ' | ' | ' |
Redemption of Series F and Series H preferred shares, Shares | ' | ' | ' | -10,500 | ' | ' | ' | ' | ' | ' | ' |
Redemption of Series F and Series H preferred shares, Value | -253,269 | ' | ' | -253,269 | ' | ' | ' | ' | ' | ' | ' |
Common shares issued: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Upon redemption of Class A units, at redemption value, Shares | ' | ' | ' | ' | 162 | ' | ' | ' | ' | ' | ' |
Upon redemption of Class A units, at redemption value, Value | 13,404 | ' | ' | ' | 5 | 13,399 | ' | ' | ' | ' | ' |
Under employees' share option plan, Shares | ' | ' | ' | ' | 27 | ' | ' | ' | ' | ' | ' |
Under employees' share option plan, Value | 1,176 | ' | ' | ' | 1 | 1,175 | 0 | ' | ' | ' | ' |
Under dividend reinvestment plan, Shares | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' |
Under dividend reinvestment plan, Value | 433 | ' | ' | ' | 0 | 433 | ' | ' | ' | ' | ' |
Contributions: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions | ' | 10,251 | 14,316 | ' | ' | ' | ' | ' | ' | 10,251 | 14,316 |
Distribution: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions | ' | -43,145 | -120,051 | ' | ' | ' | ' | ' | ' | -43,145 | -120,051 |
Deferred compensation shares and options, Shares | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' |
Deferred compensation shares and options, Value | 2,208 | ' | ' | ' | 1 | 2,512 | -305 | ' | ' | ' | ' |
Change in unrealized net gain on available-for-sale securities | 148,789 | ' | ' | ' | ' | ' | ' | 148,789 | ' | ' | ' |
Pro rata share of other comprehensive loss of nonconsolidated subsidiaries | -3,647 | ' | ' | ' | ' | ' | ' | -3,647 | ' | ' | ' |
Change in value of interest rate swap | 2,523 | ' | ' | ' | ' | ' | ' | 2,523 | ' | ' | ' |
Adjustments to carry redeemable Class A units at redemption value | -44,998 | ' | ' | ' | ' | -44,998 | ' | ' | ' | ' | ' |
Redeemable noncontrolling interests' share of above adjustments | -8,299 | ' | ' | ' | ' | ' | ' | -8,299 | ' | ' | ' |
Preferred unit and share redemptions | -9,230 | ' | ' | ' | ' | ' | -9,230 | ' | ' | ' | ' |
Other | -869 | ' | ' | ' | ' | ' | -1,364 | 533 | -38 | ' | ' |
Ending balance, Value at Mar. 31, 2013 | 8,020,610 | ' | ' | 1,277,719 | 7,447 | 7,167,959 | -1,479,296 | 120,953 | 925,828 | ' | ' |
Ending balance, Shares at Mar. 31, 2013 | ' | ' | ' | 52,685 | 186,935 | ' | ' | ' | ' | ' | ' |
Beginning balance, Value at Dec. 31, 2013 | 7,594,744 | ' | ' | 1,277,225 | 7,469 | 7,143,840 | -1,734,839 | 71,537 | 829,512 | ' | ' |
Beginning balance, Shares at Dec. 31, 2013 | ' | ' | ' | 52,683 | 187,285 | ' | ' | ' | ' | ' | ' |
Net income attributable to Vornado | 82,717 | ' | ' | ' | ' | ' | 82,717 | 0 | 0 | ' | ' |
Net income attributable to noncontrolling interests in consolidated subsidiaries | 11,579 | 10,849 | ' | ' | ' | ' | ' | ' | 11,579 | ' | ' |
Dividends on common shares, Value | -136,761 | ' | ' | ' | ' | ' | -136,761 | ' | ' | ' | ' |
Dividends on preferred shares, Value | -20,368 | ' | ' | ' | ' | ' | -20,368 | ' | ' | ' | ' |
Common shares issued: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Upon redemption of Class A units, at redemption value, Shares | ' | ' | ' | ' | 55 | ' | ' | ' | ' | ' | ' |
Upon redemption of Class A units, at redemption value, Value | 5,156 | ' | ' | ' | 2 | 5,154 | ' | ' | ' | ' | ' |
Under employees' share option plan, Shares | ' | ' | ' | ' | 60 | ' | ' | ' | ' | ' | ' |
Under employees' share option plan, Value | 3,230 | ' | ' | ' | 2 | 3,228 | ' | ' | ' | ' | ' |
Under dividend reinvestment plan, Shares | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' |
Under dividend reinvestment plan, Value | 446 | ' | ' | ' | ' | 446 | ' | ' | ' | ' | ' |
Distribution: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions | ' | -1,950 | -142 | ' | ' | ' | ' | ' | ' | -1,950 | -142 |
Deferred compensation shares and options, Shares | ' | ' | ' | ' | 7 | ' | ' | ' | ' | ' | ' |
Deferred compensation shares and options, Value | 1,779 | ' | ' | ' | 1 | 2,118 | -340 | ' | ' | ' | ' |
Change in unrealized net gain on available-for-sale securities | 13,125 | ' | ' | ' | ' | ' | ' | 13,125 | ' | ' | ' |
Pro rata share of other comprehensive loss of nonconsolidated subsidiaries | -8,286 | ' | ' | ' | ' | ' | ' | -8,286 | ' | ' | ' |
Change in value of interest rate swap | 1,610 | ' | ' | ' | ' | ' | ' | 1,610 | ' | ' | ' |
Adjustments to carry redeemable Class A units at redemption value | -136,937 | ' | ' | ' | ' | -136,937 | ' | ' | ' | ' | ' |
Redeemable noncontrolling interests' share of above adjustments | -361 | ' | ' | ' | ' | ' | ' | -361 | ' | ' | ' |
Preferred unit and share redemptions | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other | -254 | ' | ' | ' | ' | -238 | -18 | 1 | 1 | ' | ' |
Ending balance, Value at Mar. 31, 2014 | $7,409,327 | ' | ' | $1,277,225 | $7,474 | $7,017,611 | ($1,809,609) | $77,626 | $839,000 | ' | ' |
Ending balance, Shares at Mar. 31, 2014 | ' | ' | ' | 52,683 | 187,412 | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash Flows from Operating Activities: | ' | ' |
Net income | $98,156 | $288,927 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization (including amortization of deferred financing costs) | 153,869 | 148,918 |
Impairment losses | 20,842 | 1,514 |
Net unrealized gain on Real Estate Fund investments | -14,169 | -13,516 |
Straight-lining of rental income | -13,236 | -18,868 |
Distributions of income from partially owned entities | 12,966 | 10,627 |
Amortization of below-market leases, net | -12,144 | -16,815 |
Other non-cash adjustments | 11,885 | 18,569 |
Net (gain) loss on disposition of wholly owned and partially owned assets | -9,635 | 36,724 |
Equity in net income of partially owned entities, including Toys R Us | -1,979 | -22,525 |
Net gains on sale of real estate | 0 | -202,329 |
Return of capital from Real Estate Fund investments | 0 | 56,664 |
Non-cash impairment loss on J.C. Penney common shares | 0 | 39,487 |
Loss from the mark-to-market of J.C. Penney derivative position | 0 | 22,540 |
Changes in operating assets and liabilities: | ' | ' |
Real Estate Fund investments | -123 | -13,668 |
Accounts receivable, net | -7,624 | 51,514 |
Prepaid assets | 53,841 | 67,814 |
Other assets | -18,297 | -15,326 |
Accounts payable and accrued expenses | 31,554 | -21,908 |
Other liabilities | 3,225 | -3,416 |
Net cash provided by operating activities | 309,131 | 414,927 |
Cash Flows from Investing Activities: | ' | ' |
Proceeds from sales of real estate and related investments | 120,270 | 499,369 |
Development costs and construction in progress | -90,653 | -35,334 |
Proceeds from repayments of mortgage and mezzanine loans receivable and other | 69,347 | 631 |
Additions to real estate | -53,103 | -57,460 |
Restricted cash | 52,256 | 14,149 |
Investments in partially owned entities | -16,633 | -39,892 |
Distributions of capital from partially owned entities | 1,277 | 5,544 |
Funding of J.C. Penney derivative collateral | 0 | -58,522 |
Proceeds from sales of marketable securities | 0 | 160,300 |
Return of J.C. Penney derivative collateral | 0 | 38,900 |
Net cash provided by investing activities | 82,761 | 527,685 |
Cash Flows from Financing Activities: | ' | ' |
Proceeds from borrowings | 600,000 | 1,499,375 |
Repayments of borrowings | -233,198 | -2,529,836 |
Dividends paid on common shares | -136,761 | -136,342 |
Debt issuance and other costs | -20,752 | -9,080 |
Dividends paid on preferred shares | -20,368 | -23,161 |
Distributions to noncontrolling interests | -10,474 | -172,142 |
Proceeds received from exercise of employee share options | 3,676 | 1,609 |
Repurchase of shares related to stock compensation agreements and/or related tax withholdings | -578 | -307 |
Proceeds from the issuance of preferred shares | 0 | 290,710 |
Purchases of outstanding preferred units and shares | 0 | -262,500 |
Contributions from noncontrolling interests | 0 | 24,566 |
Net cash provided by (used in) financing activities | 181,545 | -1,317,108 |
Net increase (decrease) in cash and cash equivalents | 573,437 | -374,496 |
Cash and cash equivalents at beginning of period | 583,290 | 960,319 |
Cash and cash equivalents at end of period | 1,156,727 | 585,823 |
Supplemental Disclosure Of Cash Flow Information: | ' | ' |
Cash payments for interest, excluding capitalized interest of $13,622 and $8,260 | 100,209 | 116,141 |
Cash payments for income taxes | 1,214 | 1,825 |
Non-cash Investing and Financing Activities: | ' | ' |
Elimination of a mortgage and mezzanine loan asset and liability | 59,375 | 0 |
Toys R Us [Member] | ' | ' |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Equity in net income of partially owned entities, including Toys R Us | -1,847 | -1,759 |
All Equity Method Investees Excluding Toys [Member] | ' | ' |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Equity in net income of partially owned entities, including Toys R Us | ($132) | ($20,766) |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parentheticals) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Cash Flows [Abstract] | ' | ' |
Cash paid for capitalized interest | $13,622 | $8,260 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2014 | |
Organization and Business [Abstract] | ' |
Organization | ' |
1. Organization | |
Vornado Realty Trust (“Vornado”) is a fully-integrated real estate investment trust (“REIT”) and conducts its business through, and substantially all of its interests in properties are held by, Vornado Realty L.P., a Delaware limited partnership (the “Operating Partnership”). Vornado is the sole general partner of, and owned approximately 93.9% of the common limited partnership interest in the Operating Partnership at March 31, 2014. All references to “we,” “us,” “our,” the “Company” and “Vornado” refer to Vornado Realty Trust and its consolidated subsidiaries, including the Operating Partnership. | |
On April 11, 2014, we announced a plan to spin off our shopping center business consisting of 81 strip shopping centers and four malls into a new publicly traded REIT (“SpinCo”). The spin-off is expected to be effectuated through a 1:2 distribution of SpinCo's shares to Vornado common shareholders and Vornado Realty L.P. common unitholders, and is intended to be treated as tax-free for U.S. federal income tax purposes. We intend to file the initial registration statement on Form 10 with the Securities and Exchange Commission (“SEC”) by the end of the second quarter of 2014 and expect the spin-off to be completed by the end of 2014. The transaction is subject to certain conditions, including the SEC declaring that SpinCo's registration statement is effective, filing and approval of SpinCo's listing application, receipt of third party consents, and formal approval and declaration of the distribution by Vornado's Board of Trustees. Vornado may, at any time and for any reason until the proposed transaction is complete, abandon the separation or modify or change its terms. | |
Vornado will retain, for disposition in the near term, 20 small retail assets which do not fit SpinCo's strategy, and the Beverly Connection and Springfield Town Center, both of which are under contract for disposition (see Note 8 – Dispositions). |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Basis of Presentation and Significant Accounting Policies [Abstract] | ' |
Basis Of Presentation | ' |
2. Basis of Presentation | |
The accompanying consolidated financial statements are unaudited and include the accounts of Vornado and its consolidated subsidiaries, including the Operating Partnership. All intercompany amounts have been eliminated. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally 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 SEC and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K, as amended, for the year ended December 31, 2013, as filed with the SEC. | |
We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three months ended March 31, 2014 are not necessarily indicative of the operating results for the full year. Certain prior year balances have been reclassified in order to conform to current year presentation. |
Recently_Issued_Accounting_Lit
Recently Issued Accounting Literature | 3 Months Ended |
Mar. 31, 2014 | |
Recently Issued Accounting Literature [Abstract] | ' |
Recently Issued Accounting Literature | ' |
3. Recently Issued Accounting Literature | |
In June 2013, the FASB issued an update (“ASU 2013-08”) to ASC Topic 946, Financial Services - Investment Companies (“Topic 946”). ASU 2013-08 amends the guidance in Topic 946 for determining whether an entity qualifies as an investment company and requires certain additional disclosures. ASU 2013-08 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2013. The adoption of this update as of January 1, 2014, did not have any impact on our real estate fund and our consolidated financial statements. | |
3. Recently Issued Accounting Literature – continued | |
In April 2014, the FASB issued an update (“ASU 2014-08”) Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity to ASC Topic 205, Presentation of Financial Statements and ASC Topic 360, Property Plant and Equipment. Under ASU 2014-08, only disposals that represent a strategic shift that has (or will have) a major effect on the entity's results and operations would qualify as discontinued operations. In addition, the ASU expands the disclosure requirements for disposals that meet the definition of a discontinued operation and requires entities to disclose information about disposals of individually significant components that do not meet the definition of discontinued operations. ASU 2014-08 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2014. We are currently evaluating the impact of ASU 2014-08 on our consolidated financial statements. |
Vornado_Capital_Partners_Real_
Vornado Capital Partners Real Estate Fund (the "Fund") | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Real Estate Fund [Abstract] | ' | ||||||||||||||||||||
Vornado Capital Partners Real Estate Fund (the "Fund") | ' | ||||||||||||||||||||
4. Vornado Capital Partners Real Estate Fund (the “Fund”) | |||||||||||||||||||||
We are the general partner and investment manager of the Fund. The Fund is accounted for under the AICPA Investment Company Guide 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. | |||||||||||||||||||||
At March 31, 2014, the Fund had nine investments with an aggregate fair value of $682,002,000, or $167,582,000 in excess of cost, and had remaining unfunded commitments of $149,186,000, of which our share was $37,297,000. Below is a summary of income from the Fund for the three months ended March 31, 2014 and 2013. | |||||||||||||||||||||
For the Three Months | |||||||||||||||||||||
(Amounts in thousands) | Ended March 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Net investment income | $ | 3,979 | $ | 3,048 | |||||||||||||||||
Net unrealized gains | 14,169 | 13,516 | |||||||||||||||||||
Income from Real Estate Fund | 18,148 | 16,564 | |||||||||||||||||||
Less (income) attributable to noncontrolling interests | -10,849 | -9,540 | |||||||||||||||||||
Income from Real Estate Fund attributable to Vornado (1) | $ | 7,299 | $ | 7,024 | |||||||||||||||||
___________________________________ | |||||||||||||||||||||
-1 | Excludes management, leasing and development fees of $704 and $849 for the three months ended March 31, 2014 and 2013, respectively, which are included as a component of "fee and other income" on our consolidated statements of income. |
Marketable_Securities_and_Deri
Marketable Securities and Derivative Instruments | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Derivative Instruments and Marketable Securities [Abstract] | ' | ||||||||||||||||||
Marketable Securities and Derivative Instruments | ' | ||||||||||||||||||
5. Marketable Securities and Derivative Instruments | |||||||||||||||||||
Below is a summary of our marketable securities portfolio as of March 31, 2014 and December 31, 2013. | |||||||||||||||||||
(Amounts in thousands) | As of March 31, 2014 | As of December 31, 2013 | |||||||||||||||||
GAAP | Unrealized | GAAP | Unrealized | ||||||||||||||||
Fair Value | Cost | Gain | Fair Value | Cost | Gain | ||||||||||||||
Equity securities: | |||||||||||||||||||
Lexington | $ | 201,496 | $ | 72,549 | $ | 128,947 | $ | 188,567 | $ | 72,549 | $ | 116,018 | |||||||
Other | 3,546 | 59 | 3,487 | 3,350 | 59 | 3,291 | |||||||||||||
$ | 205,042 | $ | 72,608 | $ | 132,434 | $ | 191,917 | $ | 72,608 | $ | 119,309 | ||||||||
On March 4, 2013, we sold 10,000,000 J.C. Penney common shares at a price of $16.03 per share, or $160,300,000 in the aggregate, resulting in a net loss of $36,800,000, which is included in “net gain (loss) on disposition of wholly owned and partially owned assets” on our consolidated statements of income. |
Mortgage_and_Mezzanine_Loans_R
Mortgage and Mezzanine Loans Receivable | 3 Months Ended |
Mar. 31, 2014 | |
Mezzanine Loans Receivable [Abstract] | ' |
Mortgage and Mezzanine Loans Receivable | ' |
6. Mortgage and Mezzanine Loans Receivable | |
In October 2012, we acquired a 25.0% participation in a mortgage and mezzanine loan on 701 Seventh Avenue. In March 2013, we transferred at par, the 25.0% participation in the mortgage loan to a third party, for $59,375,000 in cash. The transfer did not qualify for sale accounting given our continuing interest in the mezzanine loan. Accordingly, we continued to include the 25.0% participation in the mortgage loan in “mortgage and mezzanine loans receivable” and recorded a $59,375,000 liability in “other liabilities” on our consolidated balance sheet. In January 2014, the mortgage and mezzanine loans were repaid; accordingly, the $59,375,000 asset and liability were eliminated. | |
In March 2014, a $30,000,000 mezzanine loan that was scheduled to mature in January 2015 was repaid. | |
As of March 31, 2014 and December 31, 2013, the carrying amount of mortgage and mezzanine loans receivable was $42,749,000 and $170,972,000, respectively. These loans have a weighted average interest rate of 8.7% and 11.0% at March 31, 2014 and December 31, 2013, respectively, and have maturities ranging from November 2014 to May 2016. |
Investments_in_Partially_Owned
Investments in Partially Owned Entities | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||||
Investments in Partially Owned Entities | ' | |||||||||||||||||
7. Investments in Partially Owned Entities | ||||||||||||||||||
Toys “R” Us (“Toys”) | ||||||||||||||||||
As of March 31, 2014, we own 32.6% of Toys. We account for our investment in Toys under the equity method and record our share of Toys' net income or loss on a one-quarter lag basis because Toys' fiscal year ends on the Saturday nearest January 31, and our fiscal year ends on December 31. The business of Toys is highly seasonal and substantially all of Toys' net income is generated in its fourth quarter. | ||||||||||||||||||
In the fourth quarter of 2013, we wrote down our investment in Toys to its estimated fair value and disclosed that to the extent the fair value of our investment did not change, we would recognize a non-cash impairment loss equal to our share of Toys' fourth quarter net earnings in our first quarter of 2014. | ||||||||||||||||||
In the first quarter of 2014, we recognized (i) $1,847,000 of income applicable to Toys, representing management fees earned and received, and (ii) our share of the equity in earnings of Toys' fourth quarter totaling $75,196,000 and a corresponding non-cash impairment loss of the same amount. | ||||||||||||||||||
Below is a summary of Toys' latest available financial information on a purchase accounting basis: | ||||||||||||||||||
(Amounts in thousands) | Balance as of | |||||||||||||||||
Balance Sheet: | 1-Feb-14 | 2-Nov-13 | ||||||||||||||||
Assets | $ | 10,400,000 | $ | 11,756,000 | ||||||||||||||
Liabilities | 9,018,000 | 10,437,000 | ||||||||||||||||
Noncontrolling interests | 78,000 | 75,000 | ||||||||||||||||
Toys “R” Us, Inc. equity (1) | 1,304,000 | 1,244,000 | ||||||||||||||||
For the Three Months Ended | ||||||||||||||||||
Income Statement: | 1-Feb-14 | 2-Feb-13 | ||||||||||||||||
Total revenues | $ | 5,267,000 | $ | 5,770,000 | ||||||||||||||
Net income attributable to Toys | 82,500 | 241,000 | ||||||||||||||||
-1 | At March 31, 2014, the carrying amount of our investment in Toys is less than our share of Toys' equity by approximately $349,759. This basis difference results primarily from non-cash impairment losses aggregating $355,953 that we have recognized through March 31, 2014. We have allocated the basis difference primarily to Toys' real estate, which is being amortized over its remaining estimated useful life. | |||||||||||||||||
7. Investments in Partially Owned Entities – continued | ||||||||||||||||||
Alexander's, Inc. (“Alexander's”) (NYSE: ALX) | ||||||||||||||||||
As of March 31, 2014, we own 1,654,068 Alexander's common shares, or approximately 32.4% of Alexander's common equity. We manage, lease and develop Alexander's properties pursuant to agreements which expire in March of each year and are automatically renewable. As of March 31, 2014, we have a $42,492,000 receivable from Alexander's for fees under these agreements. | ||||||||||||||||||
As of March 31, 2014, the market value (“fair value” pursuant to ASC 820) of our investment in Alexander's, based on Alexander's March 31, 2014 closing share price of $360.99, was $597,102,000, or $429,978,000 in excess of the carrying amount on our consolidated balance sheet. As of March 31, 2014, the carrying amount of our investment in Alexander's, excluding amounts owed to us, exceeds our share of the equity in the net assets of Alexander's by approximately $41,873,000. The majority of this basis difference resulted from the excess of our purchase price for the Alexander's common stock acquired over the book value of Alexander's net assets. Substantially all of this basis difference was allocated, based on our estimates of the fair values of Alexander's assets and liabilities, to real estate (land and buildings). We are amortizing the basis difference related to the buildings into earnings as additional depreciation expense over their estimated useful lives. This depreciation is not material to our share of equity in Alexander's net income. The basis difference related to the land will be recognized upon disposition of our investment. | ||||||||||||||||||
Below is a summary of Alexander's latest available financial information: | ||||||||||||||||||
(Amounts in thousands) | Balance as of | |||||||||||||||||
Balance Sheet: | 31-Mar-14 | 31-Dec-13 | ||||||||||||||||
Assets | $ | 1,452,000 | $ | 1,458,000 | ||||||||||||||
Liabilities | 1,118,000 | 1,124,000 | ||||||||||||||||
Stockholders' equity | 334,000 | 334,000 | ||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||||||
Income Statement: | 2014 | 2013 | ||||||||||||||||
Total revenues | $ | 49,000 | $ | 49,000 | ||||||||||||||
Net income attributable to Alexander’s | 15,000 | 14,000 | ||||||||||||||||
LNR Property LLC (“LNR”) | ||||||||||||||||||
In January 2013, we and the other equity holders of LNR entered into a definitive agreement to sell LNR for $1.053 billion, of which our share of the net proceeds was $240,474,000. The definitive agreement provided that LNR would not (i) make any cash distributions to the equity holders, including us, through the completion of the sale, which occurred on April 19, 2013, and (ii) take any of the following actions (among others) without the purchaser's approval, the lending or advancing of any money, the acquisition of assets in excess of specified amounts, or the issuance of equity interests. Notwithstanding the terms of the definitive agreement, in accordance with GAAP, we recorded our pro rata share of LNR's earnings on a one-quarter lag basis through the date of sale, which increased the carrying amount of our investment in LNR above our share of the net sales proceeds and resulted in us recognizing a $27,231,000 “other-than-temporary” impairment loss on our investment in the three months ended March 31, 2013. | ||||||||||||||||||
7. Investments in Partially Owned Entities – continued | ||||||||||||||||||
Below are schedules summarizing our investments in, and income from, partially owned entities. | ||||||||||||||||||
Percentage | ||||||||||||||||||
(Amounts in thousands) | Ownership at | Balance as of | ||||||||||||||||
Investments: | 31-Mar-14 | 31-Mar-14 | 31-Dec-13 | |||||||||||||||
Toys ($80,062 in each period, excluding our share of | ||||||||||||||||||
Toys' other comprehensive loss/income) | 32.60% | $ | 75,932 | $ | 83,224 | |||||||||||||
Alexander’s | 32.40% | $ | 167,124 | $ | 167,785 | |||||||||||||
India real estate ventures | 4.1%-36.5% | 88,563 | 88,467 | |||||||||||||||
Partially owned office buildings (1) | Various | 628,881 | 621,294 | |||||||||||||||
Other investments (2) | Various | 284,428 | 288,897 | |||||||||||||||
$ | 1,168,996 | $ | 1,166,443 | |||||||||||||||
-1 | Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 330 Madison Avenue and others. | |||||||||||||||||
-2 | Includes interests in Independence Plaza, Monmouth Mall, 85 10th Avenue, Fashion Center Mall, 50-70 West 93rd Street and others. | |||||||||||||||||
Percentage | For the Three Months | |||||||||||||||||
(Amounts in thousands) | Ownership at | Ended March 31, | ||||||||||||||||
Our Share of Net Income (Loss): | 31-Mar-14 | 2014 | 2013 | |||||||||||||||
Toys: | 32.60% | |||||||||||||||||
Equity in net earnings | $ | 75,196 | $ | 78,542 | ||||||||||||||
Non-cash impairment losses | -75,196 | -78,542 | ||||||||||||||||
Management fees | 1,847 | 1,759 | ||||||||||||||||
$ | 1,847 | $ | 1,759 | |||||||||||||||
Alexander's: | 32.40% | |||||||||||||||||
Equity in net income | $ | 4,759 | $ | 4,589 | ||||||||||||||
Management, leasing and development fees | 1,626 | 1,487 | ||||||||||||||||
6,385 | 6,076 | |||||||||||||||||
India real estate ventures | 4.1%-36.5% | -137 | -767 | |||||||||||||||
Partially owned office buildings (1) | Various | -2,395 | -582 | |||||||||||||||
Other investments (2) | Various | -3,721 | -1,713 | |||||||||||||||
Lexington (3) | n/a | - | -979 | |||||||||||||||
LNR (see page 13 for details): | n/a | |||||||||||||||||
Equity in net income | - | 45,962 | ||||||||||||||||
Impairment loss | - | -27,231 | ||||||||||||||||
- | 18,731 | |||||||||||||||||
$ | 132 | $ | 20,766 | |||||||||||||||
-1 | Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 330 Madison Avenue and others. | |||||||||||||||||
-2 | Includes interests in Independence Plaza, Monmouth Mall, 85 10th Avenue, Fashion Center Mall, 50-70 West 93rd Street and others. | |||||||||||||||||
-3 | In the first quarter of 2013, we began accounting for our investment in Lexington as a marketable equity security - available for sale. The 2013 amount represents our share of Lexington's 2012 fourth quarter earnings which was recorded on a one-quarter lag basis. | |||||||||||||||||
7. Investments in Partially Owned Entities – continued | ||||||||||||||||||
Below is a summary of the debt of our partially owned entities as of March 31, 2014 and December 31, 2013, none of which is recourse to us. | ||||||||||||||||||
Percentage | Interest | 100% of | ||||||||||||||||
Ownership at | Rate at | Partially Owned Entities’ Debt at | ||||||||||||||||
(Amounts in thousands) | March 31, | March 31, | March 31, | December 31, | ||||||||||||||
2014 | Maturity | 2014 | 2014 | 2013 | ||||||||||||||
Toys: | ||||||||||||||||||
Notes, loans and mortgages payable | 32.60% | 2014-2021 | 7.14% | $ | 4,977,482 | $ | 5,702,247 | |||||||||||
Alexander's: | ||||||||||||||||||
Mortgages payable | 32.40% | 2015-2021 | 2.59% | $ | 1,035,022 | $ | 1,049,959 | |||||||||||
India Real Estate Ventures: | ||||||||||||||||||
TCG Urban Infrastructure Holdings mortgages | ||||||||||||||||||
payable | 25.00% | 2014-2022 | 13.23% | $ | 202,496 | $ | 199,021 | |||||||||||
Partially owned office buildings(1): | Various | 2014-2023 | 5.74% | $ | 3,632,588 | $ | 3,622,759 | |||||||||||
Other(2): | Various | 2014-2023 | 4.56% | $ | 1,705,703 | $ | 1,709,509 | |||||||||||
-1 | Includes 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 330 Madison Avenue and others. | |||||||||||||||||
-2 | Includes Independence Plaza, Monmouth Mall, Fashion Center Mall, 50-70 West 93rd Street and others. | |||||||||||||||||
Based on our ownership interest in the partially owned entities above, our pro rata share of the debt of these partially owned entities was $3,953,375,000 and $4,189,403,000 at March 31, 2014 and December 31, 2013, respectively. |
Dispositions
Dispositions | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||
Dispositions | ' | |||||||||||||
8. Dispositions | ||||||||||||||
Discontinued Operations | ||||||||||||||
On February 24, 2014, we completed the sale of Broadway Mall in Hicksville, Long Island, New York, for $94,000,000. The sale resulted in net proceeds of $92,174,000 after closing costs. | ||||||||||||||
On March 17, 2014, we entered into an agreement to sell Beverly Connection, a 335,000 square foot power shopping center in Los Angeles, California, for $260,000,000. The property is unencumbered. The sale will result in a net gain of approximately $40,000,000. The sale, which is subject to customary closing conditions, is expected to be completed in the third quarter of 2014. | ||||||||||||||
We have reclassified the revenues and expenses of the properties discussed above to “income from discontinued operations” and the related assets and liabilities to “assets related to discontinued operations” and “liabilities related to discontinued operations” for all of the periods presented in the accompanying consolidated financial statements. The net gains resulting from the sale of these properties are included in “income from discontinued operations” on our consolidated statements of income. The tables below set forth the assets and liabilities related to discontinued operations at March 31, 2014 and December 31, 2013 and their combined results of operations for the three months ended March 31, 2014 and 2013. | ||||||||||||||
Assets Related to | Liabilities Related to | |||||||||||||
(Amounts in thousands) | Discontinued Operations as of | Discontinued Operations as of | ||||||||||||
March 31, | December 31, | March 31, | December 31, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Beverly Connection | $ | 207,575 | $ | 208,458 | $ | - | $ | - | ||||||
Broadway Mall | - | 106,164 | - | 13,950 | ||||||||||
Total | $ | 207,575 | $ | 314,622 | $ | - | $ | 13,950 | ||||||
For the Three Months | ||||||||||||||
(Amounts in thousands) | Ended March 31, | |||||||||||||
2014 | 2013 | |||||||||||||
Total revenues | $ | 8,283 | $ | 25,990 | ||||||||||
Total expenses | 5,550 | 20,043 | ||||||||||||
2,733 | 5,947 | |||||||||||||
Impairment losses | -842 | -1,514 | ||||||||||||
Net gain on sale of Green Acres Mall | - | 202,275 | ||||||||||||
Net gain on sale of other real estate | - | 54 | ||||||||||||
Income from discontinued operations | $ | 1,891 | $ | 206,762 | ||||||||||
Other | ||||||||||||||
On March 2, 2014, we entered into an agreement to transfer upon completion, the redeveloped Springfield Town Center, a 1,350,000 square foot mall located in Springfield, Fairfax County, Virginia, to Pennsylvania Real Estate Investment Trust (NYSE: PEI) (“PREIT”) in exchange for $465,000,000 comprised of $340,000,000 of cash and $125,000,000 of PREIT operating partnership units. In connection therewith, we recorded a non-cash impairment loss of $20,000,000 in the first quarter of 2014, which is included in “impairment losses and acquisition related costs” on our consolidated statements of income. The redevelopment is expected to be completed in the fourth quarter of 2014. The closing will be no later than March 31, 2015. | ||||||||||||||
Identified_Intangible_Assets_a
Identified Intangible Assets and Liabilities | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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 acquired in-place and above-market leases) and liabilities (primarily acquired below-market leases) as of March 31, 2014 and December 31, 2013. | ||||||||
Balance as of | ||||||||
March 31, | December 31, | |||||||
(Amounts in thousands) | 2014 | 2013 | ||||||
Identified intangible assets: | ||||||||
Gross amount | $ | 589,973 | $ | 589,961 | ||||
Accumulated amortization | -290,214 | -277,998 | ||||||
Net | $ | 299,759 | $ | 311,963 | ||||
Identified intangible liabilities (included in deferred revenue): | ||||||||
Gross amount | $ | 850,765 | $ | 856,933 | ||||
Accumulated amortization | -367,972 | -360,398 | ||||||
Net | $ | 482,793 | $ | 496,535 | ||||
Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental income of $11,682,000 and $16,177,000 for the three months ended March 31, 2014 and 2013, respectively. Estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding years commencing January 1, 2015 is as follows: | ||||||||
(Amounts in thousands) | ||||||||
2015 | $ | 39,972 | ||||||
2016 | 38,631 | |||||||
2017 | 34,929 | |||||||
2018 | 33,309 | |||||||
2019 | 30,072 | |||||||
Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $9,325,000 and $25,213,000 for the three months ended March 31, 2014 and 2013, 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, 2015 is as follows: | ||||||||
(Amounts in thousands) | ||||||||
2015 | $ | 23,254 | ||||||
2016 | 20,237 | |||||||
2017 | 16,821 | |||||||
2018 | 12,441 | |||||||
2019 | 11,535 | |||||||
We are a tenant under ground leases for certain properties. Amortization of these acquired below-market leases, net of above-market leases resulted in an increase to rent expense of $858,000 and $1,102,000 for the three months ended March 31, 2014 and 2013, respectively. Estimated annual amortization of these below-market leases, net of above-market leases for each of the five succeeding years commencing January 1, 2015 is as follows: | ||||||||
(Amounts in thousands) | ||||||||
2015 | $ | 3,430 | ||||||
2016 | 3,430 | |||||||
2017 | 3,430 | |||||||
2018 | 3,430 | |||||||
2019 | 3,430 |
Debt
Debt | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||
Debt | ' | ||||||||||||||
10. Debt | |||||||||||||||
On January 31, 2014, we completed a $600,000,000 loan secured by our 220 Central Park South development site. The loan bears interest at LIBOR plus 2.75% (2.90% at March 31, 2014) and matures in January 2016, with three one-year extension options. | |||||||||||||||
On April 16, 2014, we completed a $350,000,000 refinancing of 909 Third Avenue, a 1.3 million square foot Manhattan office building. The seven-year interest only loan bears interest at 3.91% and matures in May 2021. We realized net proceeds of approximately $145,000,000 after repaying the existing 5.64%, $193,000,000 mortgage, defeasance costs and other closing costs. | |||||||||||||||
The following is a summary of our debt: | |||||||||||||||
Interest Rate at | Balance at | ||||||||||||||
(Amounts in thousands) | 31-Mar-14 | 31-Mar-14 | 31-Dec-13 | ||||||||||||
Mortgages Payable: | |||||||||||||||
Fixed rate | 4.56% | $ | 7,546,030 | $ | 7,563,133 | ||||||||||
Variable rate | 2.55% | 1,367,328 | 768,860 | ||||||||||||
4.25% | $ | 8,913,358 | $ | 8,331,993 | |||||||||||
Unsecured Debt: | |||||||||||||||
Senior unsecured notes | 5.67% | $ | 1,343,442 | $ | 1,350,855 | ||||||||||
Revolving credit facility debt | 1.31% | 88,138 | 295,870 | ||||||||||||
5.41% | $ | 1,431,580 | $ | 1,646,725 |
Redeemable_Noncontrolling_Inte
Redeemable Noncontrolling Interests | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Redeemable Noncontrolling Interests [Abstract] | ' | ||||
Redeemable Noncontrolling Interests | ' | ||||
11. Redeemable Noncontrolling Interests | |||||
Redeemable noncontrolling interests on our consolidated balance sheets are comprised primarily of Class A Operating Partnership units that are held by third parties, and are recorded at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to “additional capital” in our consolidated statements of changes in equity. Below is a table summarizing the activity of redeemable noncontrolling interests. | |||||
(Amounts in thousands) | |||||
Balance at December 31, 2012 | $ | 944,152 | |||
Net income | 14,719 | ||||
Other comprehensive income | 8,299 | ||||
Distributions | -8,946 | ||||
Redemption of Class A units for common shares, at redemption value | -13,404 | ||||
Adjustments to carry redeemable Class A units at redemption value | 44,998 | ||||
Other, net | 5,264 | ||||
Balance at March 31, 2013 | $ | 995,082 | |||
Balance at December 31, 2013 | $ | 1,003,620 | |||
Net income | 3,860 | ||||
Other comprehensive income | 361 | ||||
Distributions | -8,383 | ||||
Redemption of Class A units for common shares, at redemption value | -5,156 | ||||
Adjustments to carry redeemable Class A units at redemption value | 136,937 | ||||
Other, net | 9,592 | ||||
Balance at March 31, 2014 | $ | 1,140,831 | |||
As of March 31, 2014 and December 31, 2013, the aggregate redemption value of redeemable Class A units was $1,139,831,000 and $1,002,620,000, respectively. | |||||
Redeemable noncontrolling interests 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 $55,097,000 as of March 31, 2014 and December 31, 2013. | |||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||||||||||
Accumulated Other Comprehensive Income Disclosure | ' | |||||||||||||||||
12. Accumulated Other Comprehensive Income | ||||||||||||||||||
The following tables set forth the changes in accumulated other comprehensive income (loss) by component. | ||||||||||||||||||
For the Three Months Ended March 31, 2013 | ||||||||||||||||||
Securities | Pro rata share of | Interest | ||||||||||||||||
available- | nonconsolidated | rate | ||||||||||||||||
(Amounts in thousands) | Total | for-sale | subsidiaries' OCI | swap | Other | |||||||||||||
Balance as of December 31, 2012 | $ | -18,946 | $ | 19,432 | $ | 11,313 | $ | -50,065 | $ | 374 | ||||||||
OCI before reclassifications | 139,899 | 148,789 | -3,647 | 2,523 | -7,766 | |||||||||||||
Amounts reclassified from AOCI | - | - | - | - | - | |||||||||||||
Net current period OCI | 139,899 | 148,789 | -3,647 | 2,523 | -7,766 | |||||||||||||
Balance as of March 31, 2013 | $ | 120,953 | $ | 168,221 | $ | 7,666 | $ | -47,542 | $ | -7,392 | ||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||
Securities | Pro rata share of | Interest | ||||||||||||||||
available- | nonconsolidated | rate | ||||||||||||||||
(Amounts in thousands) | Total | for-sale | subsidiaries' OCI | swap | Other | |||||||||||||
Balance as of December 31, 2013 | $ | 71,537 | $ | 119,309 | $ | -11,501 | $ | -31,882 | $ | -4,389 | ||||||||
OCI before reclassifications | 6,089 | 13,125 | -8,286 | 1,610 | -360 | |||||||||||||
Amounts reclassified from AOCI | - | - | - | - | - | |||||||||||||
Net current period OCI | 6,089 | 13,125 | -8,286 | 1,610 | -360 | |||||||||||||
Balance as of March 31, 2014 | $ | 77,626 | $ | 132,434 | $ | -19,787 | $ | -30,272 | $ | -4,749 |
Variable_Interest_Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2014 | |
Variable Interest Entities [Abstract] | ' |
Variable Interest Entities (VIEs) | ' |
13. Variable Interest Entities (“VIEs”) | |
We do not have any consolidated VIEs. At March 31, 2014 and December 31, 2013, we have unconsolidated VIEs comprised of our investments in the entities that own the Warner Building and Independence Plaza. 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. As of March 31, 2014 and December 31, 2013, the net carrying amount of our investment in these entities was $148,120,000, and $152,929,000, respectively, and our maximum exposure to loss in these entities is limited to our investment. | |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
14. Fair Value Measurements | ||||||||||||||||
ASC 820, Fair Value Measurement and Disclosures defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities. Accordingly, our fair value estimates, which are made at the end of each reporting period, may be different than the amounts that may ultimately be realized upon sale or disposition of these assets. | ||||||||||||||||
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||||||||||||||||
Financial assets and liabilities that are measured at fair value on our consolidated balance sheets consist of (i) marketable securities, (ii) Real Estate Fund investments, (iii) the assets in our deferred compensation plan (for which there is a corresponding liability on our consolidated balance sheet), (iv) interest rate swaps and (v) mandatorily redeemable instruments (Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units). The tables below aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy at March 31, 2014 and December 31, 2013, respectively. | ||||||||||||||||
As of March 31, 2014 | ||||||||||||||||
(Amounts in thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Marketable securities | $ | 205,042 | $ | 205,042 | $ | - | $ | - | ||||||||
Real Estate Fund investments (75% of which is attributable to | ||||||||||||||||
noncontrolling interests) | 682,002 | - | - | 682,002 | ||||||||||||
Deferred compensation plan assets (included in other assets) | 121,970 | 54,343 | - | 67,627 | ||||||||||||
Total assets | $ | 1,009,014 | $ | 259,385 | $ | - | $ | 749,629 | ||||||||
Mandatorily redeemable instruments (included in other liabilities) | $ | 55,097 | $ | 55,097 | $ | - | $ | - | ||||||||
Interest rate swap (included in other liabilities) | 30,272 | - | 30,272 | - | ||||||||||||
Total liabilities | $ | 85,369 | $ | 55,097 | $ | 30,272 | $ | - | ||||||||
As of December 31, 2013 | ||||||||||||||||
(Amounts in thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Marketable securities | $ | 191,917 | $ | 191,917 | $ | - | $ | - | ||||||||
Real Estate Fund investments (75% of which is attributable to | ||||||||||||||||
noncontrolling interests) | 667,710 | - | - | 667,710 | ||||||||||||
Deferred compensation plan assets (included in other assets) | 116,515 | 47,733 | - | 68,782 | ||||||||||||
Total assets | $ | 976,142 | $ | 239,650 | $ | - | $ | 736,492 | ||||||||
Mandatorily redeemable instruments (included in other liabilities) | $ | 55,097 | $ | 55,097 | $ | - | $ | - | ||||||||
Interest rate swap (included in other liabilities) | 31,882 | - | 31,882 | - | ||||||||||||
Total liabilities | $ | 86,979 | $ | 55,097 | $ | 31,882 | $ | - | ||||||||
14. Fair Value Measurements – continued | ||||||||||||||||
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued | ||||||||||||||||
Real Estate Fund Investments | ||||||||||||||||
At March 31, 2014, our Real Estate Fund had nine investments with an aggregate fair value of $682,002,000, or $167,582,000 in excess of cost. These investments are classified as Level 3. We use a discounted cash flow valuation technique to estimate the fair value of each of these investments, which is updated quarterly by personnel responsible for the management of each investment and reviewed by senior management at each reporting period. The discounted cash flow valuation technique requires us to estimate cash flows for each investment over the anticipated holding period, which currently ranges from 0.3 to 6.3 years. Cash flows are derived from property rental revenue (base rents plus reimbursements) less operating expenses, real estate taxes and capital and other costs, plus projected sales proceeds in the year of exit. Property rental revenue is based on leases currently in place and our estimates for future leasing activity, which are based on current market rents for similar space plus a projected growth factor. 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 discount rate and then reduced by the property's outstanding debt, if any, to determine the fair value of the equity in each investment. Significant unobservable quantitative inputs used in determining the fair value of each investment include capitalization rates and discount rates. These rates are based on the location, type and nature of each property, and current and anticipated market conditions, which are derived from original underwriting assumptions, industry publications and from the experience of our Acquisitions and Capital Markets departments. Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these Fund investments at March 31, 2014. | ||||||||||||||||
Weighted Average | ||||||||||||||||
(based on fair | ||||||||||||||||
Unobservable Quantitative Input | Range | value of investments) | ||||||||||||||
Discount rates | 12.0% to 17.5% | 13.90% | ||||||||||||||
Terminal capitalization rates | 5.0% to 6.1% | 5.70% | ||||||||||||||
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 resulting from a change in the terminal capitalization rate, may be partially offset by a change in the discount rate. It is not possible for us to predict the effect of future economic or market conditions on our estimated fair values. | ||||||||||||||||
The table below summarizes the changes in the fair value of Fund investments that are classified as Level 3, for the three months ended March 31, 2014 and 2013. | ||||||||||||||||
Real Estate Fund Investments | ||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||||
(Amounts in thousands) | 2014 | 2013 | ||||||||||||||
Beginning balance | $ | 667,710 | $ | 600,786 | ||||||||||||
Purchases | 123 | 13,668 | ||||||||||||||
Sales/Returns | - | -56,664 | ||||||||||||||
Net unrealized gains | 14,169 | 13,516 | ||||||||||||||
Ending balance | $ | 682,002 | $ | 571,306 | ||||||||||||
14. Fair Value Measurements – continued | ||||||||||||||||
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 partnership and investment fund. The quarterly reports provide net asset values on a fair value basis which are audited by independent public accounting firms on an annual basis. The third-party administrator does not adjust these values in determining our share of the net assets and we do not adjust these values when reported in our consolidated financial statements. | ||||||||||||||||
The table below summarizes the changes in the fair value of Deferred Compensation Plan Assets that are classified as Level 3, for the three months ended March 31, 2014 and 2013. | ||||||||||||||||
Deferred Compensation Plan Assets | ||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||||
(Amounts in thousands) | 2014 | 2013 | ||||||||||||||
Beginning balance | $ | 68,782 | $ | 62,631 | ||||||||||||
Purchases | 1,644 | 2,707 | ||||||||||||||
Sales | -5,124 | -2,697 | ||||||||||||||
Realized and unrealized gain | 2,172 | 1,354 | ||||||||||||||
Other, net | 153 | 1,015 | ||||||||||||||
Ending balance | $ | 67,627 | $ | 65,010 | ||||||||||||
Fair Value Measurements on a Nonrecurring Basis | ||||||||||||||||
Assets measured at fair value on a nonrecurring basis on our consolidated balance sheets consist primarily of our investment in Toys “R” Us and real estate assets that were written-down to estimated fair value at March 31, 2014 and December 31, 2013. The fair values of these assets were determined using widely accepted valuation techniques, including (i) discounted cash flow analysis, which considers, among other things, leasing assumptions, growth rates, discount rates and terminal capitalization rates, (ii) income capitalization approach, which considers prevailing market capitalization rates, and (iii) comparable sales activity. Generally, we consider multiple valuation techniques when measuring fair values but in certain circumstances, a single valuation technique may be appropriate. The tables below aggregate the fair values of these assets by their levels in the fair value hierarchy. | ||||||||||||||||
As of March 31, 2014 | ||||||||||||||||
(Amounts in thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Real estate assets | $ | 341,660 | $ | - | $ | - | $ | 341,660 | ||||||||
Investment in Toys"R" Us | 75,932 | - | - | 75,932 | ||||||||||||
Total assets | $ | 417,592 | $ | - | $ | - | $ | 417,592 | ||||||||
As of December 31, 2013 | ||||||||||||||||
(Amounts in thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Real estate assets | $ | 354,351 | $ | - | $ | - | $ | 354,351 | ||||||||
Investment in Toys "R" Us | 83,224 | - | - | 83,224 | ||||||||||||
Total assets | $ | 437,575 | $ | - | $ | - | $ | 437,575 | ||||||||
14. Fair Value Measurements – continued | ||||||||||||||||
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), mortgage and mezzanine loans receivable and our secured and unsecured debt. Estimates of the fair value of these instruments are determined by the standard practice of modeling the contractual cash flows required under the instrument and discounting them back to their present value at the appropriate current risk adjusted interest rate, which is provided by a third-party specialist. For floating rate debt, we use forward rates derived from observable market yield curves to project the expected cash flows we would be required to make under the instrument. The fair value of cash equivalents and borrowings under our revolving credit facility is classified as Level 1, and the fair value of our mortgage and mezzanine loans receivable is classified as Level 3. The fair value of our secured and unsecured debt are classified as Level 2. The table below summarizes the carrying amounts and fair value of these financial instruments as of March 31, 2014 and December 31, 2013. | ||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
(Amounts in thousands) | Amount | Value | Amount | Value | ||||||||||||
Cash equivalents | $ | 922,872 | $ | 923,000 | $ | 295,000 | $ | 295,000 | ||||||||
Mortgage and mezzanine loans receivable | 42,749 | 43,000 | 170,972 | 171,000 | ||||||||||||
$ | 965,621 | $ | 966,000 | $ | 465,972 | $ | 466,000 | |||||||||
Debt: | ||||||||||||||||
Mortgages payable | $ | 8,913,358 | $ | 8,763,000 | $ | 8,331,993 | $ | 8,104,000 | ||||||||
Senior unsecured notes | 1,343,442 | 1,398,000 | 1,350,855 | 1,402,000 | ||||||||||||
Revolving credit facility debt | 88,138 | 88,000 | 295,870 | 296,000 | ||||||||||||
$ | 10,344,938 | $ | 10,249,000 | $ | 9,978,718 | $ | 9,802,000 |
Incentive_Compensation
Incentive Compensation | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Incentive Compensation | ' |
15. Incentive Compensation | |
Our 2010 Omnibus Share Plan (the “Plan”) provides for grants of incentive and non-qualified stock options, restricted stock, restricted Operating Partnership units and out-performance plan awards to certain of our employees and officers. We account for all stock-based compensation in accordance with ASC 718, Compensation – Stock Compensation. Stock-based compensation expense was $11,024,000 and $7,466,000 in the three months ended March 31, 2014 and 2013, respectively. | |
On January 10, 2014, the Compensation Committee approved the 2014 Outperformance Plan, a multi-year, performance-based equity compensation plan and related form of award agreement (the “2014 OPP”). Under the 2014 OPP, participants have the opportunity to earn compensation payable in the form of operating partnership units during a three-year performance measurement period, if and only if we outperform a predetermined total shareholder return (“TSR”) and/or outperform the market with respect to relative TSR. Awards under the 2014 OPP may be earned if we (i) achieve a TSR level greater than 7% per annum, or 21% over the three-year performance measurement period (the “Absolute Component”), and/or (ii) achieve a TSR above that of the SNL US REIT Index (the “Index”) over a three-year performance measurement period (the “Relative Component”). To the extent awards would be earned under the Absolute Component but we underperform the Index, such awards earned under the Absolute Component would be reduced (and potentially fully negated) based on the degree to which we underperform the Index. In certain circumstances, in the event we outperform the Index but awards would not otherwise be earned under the Absolute Component, awards may be increased under the Relative Component. To the extent awards would otherwise be earned under the Relative Component but we fail to achieve at least a 6% per annum absolute TSR, such awards earned under the Relative Component would be reduced based on our absolute TSR, with no awards being earned in the event our TSR during the applicable measurement period is 0% or negative, irrespective of the degree to which we may outperform the Index. If the designated performance objectives are achieved, OPP Units are also subject to time-based vesting requirements. Awards earned under the 2014 OPP vest 33% in year three, 33% in year four and 34% in year five. Dividends on awards earned accrue during the performance measurement period. In addition, our executive officers (for the purposes of Section 16 of the Exchange Act) are required to hold any earned OPP awards (or related equity) for at least one year following vesting. | |
Fee_and_Other_Income
Fee and Other Income | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fee and Other Income [Abstract] | ' | |||||||||||||||
Fee and Other Income | ' | |||||||||||||||
16. Fee and Other Income | ||||||||||||||||
The following table sets forth the details of fee and other income: | ||||||||||||||||
For the Three Months | ||||||||||||||||
(Amounts in thousands) | Ended March 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
BMS cleaning fees | $ | 18,956 | $ | 16,664 | ||||||||||||
Signage revenue | 9,318 | 6,481 | ||||||||||||||
Management and leasing fees | 6,214 | 5,253 | ||||||||||||||
Lease termination fees (1) | 3,793 | 59,968 | ||||||||||||||
Other income | 7,647 | 8,447 | ||||||||||||||
$ | 45,928 | $ | 96,813 | |||||||||||||
-1 | 2013 includes $59,599 of income pursuant to a settlement agreement with Stop & Shop. | |||||||||||||||
Management and leasing fees include management fees from Interstate Properties, a related party, of $134,000 and $203,000 for the three months ended March 31, 2014 and 2013, respectively. The above table excludes fee income from partially owned entities, which is typically included in “income from partially owned entities” (see Note 7 – Investments in Partially Owned Entities). |
Interest_and_Other_Investment_
Interest and Other Investment Income (Loss), Net | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Interest and Other Investment (Loss) Income, net [Abstract] | ' | ||||||||||||||||
Interest and Other Investment Income (Loss), Net | ' | ||||||||||||||||
17. Interest and Other Investment Income (Loss), Net | |||||||||||||||||
The following table sets forth the details of interest and other investment income (loss): | |||||||||||||||||
For the Three Months | |||||||||||||||||
(Amounts in thousands) | Ended March 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Mark-to-market of investments in our deferred compensation plan (1) | $ | 4,400 | $ | 3,446 | |||||||||||||
Dividends and interest on marketable securities | 3,106 | 2,770 | |||||||||||||||
Interest on mezzanine loans receivable | 2,384 | 5,077 | |||||||||||||||
Non-cash impairment loss on J.C. Penney common shares | - | -39,487 | |||||||||||||||
Loss from the mark-to-market of J.C. Penney derivative position | - | -22,540 | |||||||||||||||
Other, net | 2,003 | 1,659 | |||||||||||||||
$ | 11,893 | $ | -49,075 | ||||||||||||||
-1 | This income is entirely offset by the expense resulting from the mark-to-market of the deferred compensation plan liability, which is included in "general and administrative" expense. |
Interest_and_Debt_Expense
Interest and Debt Expense | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Interest Expense Debt [Abstract] | ' | ||||||||||
Interest And Debt Expense | ' | ||||||||||
18. Interest and Debt Expense | |||||||||||
The following table sets forth the details of interest and debt expense: | |||||||||||
For the Three Months | |||||||||||
(Amounts in thousands) | Ended March 31, | ||||||||||
2014 | 2013 | ||||||||||
Interest expense | $ | 118,252 | $ | 123,228 | |||||||
Amortization of deferred financing costs | 4,812 | 5,378 | |||||||||
Capitalized interest | -13,622 | -8,260 | |||||||||
$ | 109,442 | $ | 120,346 | ||||||||
Income_Per_Share
Income Per Share | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Income Per Share [Abstract] | ' | |||||||||||||||
Income Per Share | ' | |||||||||||||||
19. Income Per Share | ||||||||||||||||
The following table provides a reconciliation of both net income and the number of common shares used in the computation of (i) basic income per common share - which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares, and (ii) diluted income per common share - which includes the weighted average common shares and dilutive share equivalents. Dilutive share equivalents may include our Series A convertible preferred shares, employee stock options and restricted stock. | ||||||||||||||||
For the Three Months | ||||||||||||||||
(Amounts in thousands, except per share amounts) | Ended March 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Numerator: | ||||||||||||||||
Income from continuing operations, net of income attributable to noncontrolling interests | $ | 80,936 | $ | 67,986 | ||||||||||||
Income from discontinued operations, net of income attributable to noncontrolling interests | 1,781 | 194,936 | ||||||||||||||
Net income attributable to Vornado | 82,717 | 262,922 | ||||||||||||||
Preferred share dividends | -20,368 | -21,702 | ||||||||||||||
Preferred share redemptions | - | -9,230 | ||||||||||||||
Net income attributable to common shareholders | 62,349 | 231,990 | ||||||||||||||
Earnings allocated to unvested participating securities | -30 | -56 | ||||||||||||||
Numerator for basic income per share | 62,319 | 231,934 | ||||||||||||||
Impact of assumed conversions: | ||||||||||||||||
Convertible preferred share dividends | - | 28 | ||||||||||||||
Numerator for diluted income per share | $ | 62,319 | $ | 231,962 | ||||||||||||
Denominator: | ||||||||||||||||
Denominator for basic income per share – weighted average shares | 187,307 | 186,752 | ||||||||||||||
Effect of dilutive securities(1): | ||||||||||||||||
Employee stock options and restricted share awards | 933 | 727 | ||||||||||||||
Convertible preferred shares | - | 50 | ||||||||||||||
Denominator for diluted income per share – weighted average shares and assumed conversions | 188,240 | 187,529 | ||||||||||||||
INCOME PER COMMON SHARE – BASIC: | ||||||||||||||||
Income from continuing operations, net | $ | 0.32 | $ | 0.2 | ||||||||||||
Income from discontinued operations, net | 0.01 | 1.04 | ||||||||||||||
Net income per common share | $ | 0.33 | $ | 1.24 | ||||||||||||
INCOME PER COMMON SHARE – DILUTED: | ||||||||||||||||
Income from continuing operations, net | $ | 0.32 | $ | 0.2 | ||||||||||||
Income from discontinued operations, net | 0.01 | 1.04 | ||||||||||||||
Net income per common share | $ | 0.33 | $ | 1.24 | ||||||||||||
-1 | The effect of dilutive securities in the three months ended March 31, 2014 and 2013 excludes an aggregate of 11,326 and 11,997 weighted average common share equivalents, respectively, as their effect was anti-dilutive. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
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 all risk property and rental value insurance with limits of $2.0 billion per occurrence, with sub-limits for certain perils such as floods. Our California properties have earthquake insurance with coverage of $180,000,000 per occurrence, subject to a deductible in the amount of 5% of the value of the affected property, up to a $180,000,000 annual aggregate. We maintain coverage for terrorism acts with limits of $4.0 billion per occurrence and in the aggregate, including terrorism involving nuclear, biological, chemical and radiological (“NBCR”) terrorism events, as defined by the Terrorism Risk Insurance Program Reauthorization Act, which expires in December 2014. | |
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 NBCR acts. Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insurance companies and the federal government with no direct exposure to PPIC. For NBCR acts, PPIC is responsible for a deductible of $2,150,000 and 15% of the balance of a covered loss and the federal government is responsible for the remaining 85% of a covered loss. We are ultimately responsible for any loss incurred by PPIC. | |
We continue to monitor 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 loans secured by our properties which are non-recourse to us, senior unsecured notes and revolving credit agreements contain customary covenants requiring us to maintain insurance. Although we believe that we have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable 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 to have a material adverse effect on our financial position, results of operations or cash flows. | |
Each of our properties has been subjected to varying degrees of environmental assessment at various times. The environmental assessments did not reveal any material environmental contamination. However, there can be no assurance that the identification of new areas of contamination, changes in the extent or known scope of contamination, the discovery of additional sites, or changes in cleanup requirements would not result in significant costs to us. | |
Our mortgage loans are non-recourse to us. However, in certain cases we have provided guarantees or master leased tenant space. These guarantees and master leases terminate either upon the satisfaction of specified circumstances or repayment of the underlying loans. As of March 31, 2014, the aggregate dollar amount of these guarantees and master leases is approximately $420,000,000. | |
At March 31, 2014, $38,477,000 of letters of credit were outstanding under one of our revolving credit facilities. Our revolving credit facilities contain financial covenants that require us to maintain minimum interest coverage and maximum debt to market capitalization ratios, and provide for higher interest rates in the event of a decline in our ratings below Baa3/BBB. Our 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 March 31, 2014, we expect to fund additional capital to certain of our partially owned entities aggregating approximately $125,000,000. |
Segment_Information
Segment Information | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Segment Reporting [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 months ended March 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||
21. Segment Information – continued | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | For the Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||
Total | New York | Washington, DC | Properties | Toys | Other | |||||||||||||||||||||||||||
Total revenues | $ | 660,618 | $ | 371,282 | $ | 135,278 | $ | 88,805 | $ | - | $ | 65,253 | ||||||||||||||||||||
Total expenses | 494,984 | 241,999 | 89,572 | 82,231 | - | 81,182 | ||||||||||||||||||||||||||
Operating income (loss) | 165,634 | 129,283 | 45,706 | 6,574 | - | -15,929 | ||||||||||||||||||||||||||
Income (loss) from partially owned | ||||||||||||||||||||||||||||||||
entities, including Toys | 1,979 | 1,566 | -1,266 | 538 | 1,847 | -706 | ||||||||||||||||||||||||||
Income from Real Estate Fund | 18,148 | - | - | - | - | 18,148 | ||||||||||||||||||||||||||
Interest and other investment | ||||||||||||||||||||||||||||||||
income, net | 11,893 | 1,475 | 36 | 9 | - | 10,373 | ||||||||||||||||||||||||||
Interest and debt expense | -109,442 | -42,839 | -19,347 | -9,217 | - | -38,039 | ||||||||||||||||||||||||||
Net gain on disposition of wholly | ||||||||||||||||||||||||||||||||
owned and partially owned assets | 9,635 | - | - | - | - | 9,635 | ||||||||||||||||||||||||||
Income (loss) before income taxes | 97,847 | 89,485 | 25,129 | -2,096 | 1,847 | -16,518 | ||||||||||||||||||||||||||
Income tax (expense) benefit | -1,582 | -969 | 199 | -731 | - | -81 | ||||||||||||||||||||||||||
Income (loss) from continuing operations | 96,265 | 88,516 | 25,328 | -2,827 | 1,847 | -16,599 | ||||||||||||||||||||||||||
Income from discontinued operations | 1,891 | - | - | 1,714 | - | 177 | ||||||||||||||||||||||||||
Net income (loss) | 98,156 | 88,516 | 25,328 | -1,113 | 1,847 | -16,422 | ||||||||||||||||||||||||||
Less net income attributable to | ||||||||||||||||||||||||||||||||
noncontrolling interests | -15,439 | -1,405 | - | -17 | - | -14,017 | ||||||||||||||||||||||||||
Net income (loss) attributable to Vornado | 82,717 | 87,111 | 25,328 | -1,130 | 1,847 | -30,439 | ||||||||||||||||||||||||||
Interest and debt expense(2) | 170,952 | 58,068 | 22,798 | 10,351 | 38,549 | 41,186 | ||||||||||||||||||||||||||
Depreciation and amortization(2) | 196,339 | 87,587 | 36,150 | 25,328 | 26,924 | 20,350 | ||||||||||||||||||||||||||
Income tax expense (benefit)(2) | 19,831 | 1,032 | -189 | 731 | 18,077 | 180 | ||||||||||||||||||||||||||
EBITDA(1) | $ | 469,839 | $ | 233,798 | (3) | $ | 84,087 | (4) | $ | 35,280 | (5) | $ | 85,397 | $ | 31,277 | (6) | ||||||||||||||||
21. Segment Information – continued | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | For the Three Months Ended March 31, 2013 | |||||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||
Total | New York | Washington, DC | Properties | Toys | Other | |||||||||||||||||||||||||||
Total revenues | $ | 718,713 | $ | 364,801 | $ | 134,731 | $ | 142,212 | $ | - | $ | 76,969 | ||||||||||||||||||||
Total expenses | 468,419 | 242,927 | 85,197 | 48,580 | - | 91,715 | ||||||||||||||||||||||||||
Operating income (loss) | 250,294 | 121,874 | 49,534 | 93,632 | - | -14,746 | ||||||||||||||||||||||||||
Income (loss) from partially owned | ||||||||||||||||||||||||||||||||
entities, including Toys | 22,525 | 5,605 | -2,093 | 901 | 1,759 | 16,353 | ||||||||||||||||||||||||||
Income from Real Estate Fund | 16,564 | - | - | - | - | 16,564 | ||||||||||||||||||||||||||
Interest and other investment (loss) | ||||||||||||||||||||||||||||||||
income, net | -49,075 | 1,165 | 76 | 51 | - | -50,367 | ||||||||||||||||||||||||||
Interest and debt expense | -120,346 | -40,431 | -28,250 | -10,286 | - | -41,379 | ||||||||||||||||||||||||||
Net loss on disposition of wholly owned and | ||||||||||||||||||||||||||||||||
partially owned assets | -36,724 | - | - | - | - | -36,724 | ||||||||||||||||||||||||||
Income (loss) before income taxes | 83,238 | 88,213 | 19,267 | 84,298 | 1,759 | -110,299 | ||||||||||||||||||||||||||
Income tax expense | -1,073 | -272 | -378 | - | - | -423 | ||||||||||||||||||||||||||
Income (loss) from continuing operations | 82,165 | 87,941 | 18,889 | 84,298 | 1,759 | -110,722 | ||||||||||||||||||||||||||
Income (loss) from discontinued operations | 206,762 | 2,728 | - | 205,382 | - | -1,348 | ||||||||||||||||||||||||||
Net income (loss) | 288,927 | 90,669 | 18,889 | 289,680 | 1,759 | -112,070 | ||||||||||||||||||||||||||
Less net income attributable to | ||||||||||||||||||||||||||||||||
noncontrolling interests | -26,005 | -1,581 | - | -96 | - | -24,328 | ||||||||||||||||||||||||||
Net income (loss) attributable to Vornado | 262,922 | 89,088 | 18,889 | 289,584 | 1,759 | -136,398 | ||||||||||||||||||||||||||
Interest and debt expense(2) | 188,780 | 49,689 | 31,753 | 14,223 | 43,182 | 49,933 | ||||||||||||||||||||||||||
Depreciation and amortization(2) | 194,185 | 78,413 | 35,148 | 18,519 | 37,674 | 24,431 | ||||||||||||||||||||||||||
Income tax expense(2) | 60,759 | 347 | 454 | - | 59,346 | 612 | ||||||||||||||||||||||||||
EBITDA(1) | $ | 706,646 | $ | 217,537 | (3) | $ | 86,244 | (4) | $ | 322,326 | (5) | $ | 141,961 | $ | -61,422 | (6) | ||||||||||||||||
See notes on the following page. | ||||||||||||||||||||||||||||||||
21. Segment Information – continued | ||||||||||||||||||||||||||||||||
Notes to preceding tabular information: | ||||||||||||||||||||||||||||||||
-1 | EBITDA represents "Earnings Before Interest, Taxes, Depreciation and Amortization." We consider EBITDA a supplemental 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 (benefit) expense in the reconciliation of net income (loss) to EBITDA includes our share of these items from partially owned entities. | |||||||||||||||||||||||||||||||
-3 | The elements of "New York" EBITDA are summarized below. | |||||||||||||||||||||||||||||||
For the Three Months | ||||||||||||||||||||||||||||||||
Ended March 31, | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | 2014 | 2013 | ||||||||||||||||||||||||||||||
Office | $ | 157,879 | $ | 146,296 | ||||||||||||||||||||||||||||
Retail | 66,195 | 60,382 | ||||||||||||||||||||||||||||||
Alexander's | 10,430 | 10,541 | ||||||||||||||||||||||||||||||
Hotel Pennsylvania | -706 | 318 | ||||||||||||||||||||||||||||||
Total New York | $ | 233,798 | $ | 217,537 | ||||||||||||||||||||||||||||
-4 | The elements of "Washington, DC" EBITDA are summarized below. | |||||||||||||||||||||||||||||||
For the Three Months | ||||||||||||||||||||||||||||||||
Ended March 31, | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | 2014 | 2013 | ||||||||||||||||||||||||||||||
Office, excluding the Skyline Properties | $ | 67,257 | $ | 67,107 | ||||||||||||||||||||||||||||
Skyline properties | 6,499 | 8,162 | ||||||||||||||||||||||||||||||
Total Office | 73,756 | 75,269 | ||||||||||||||||||||||||||||||
Residential | 10,331 | 10,975 | ||||||||||||||||||||||||||||||
Total Washington, DC | $ | 84,087 | $ | 86,244 | ||||||||||||||||||||||||||||
-5 | The elements of "Retail Properties" EBITDA are summarized below. | |||||||||||||||||||||||||||||||
For the Three Months | ||||||||||||||||||||||||||||||||
Ended March 31, | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | 2014 | 2013 | ||||||||||||||||||||||||||||||
Strip shopping centers(a) | $ | 41,321 | $ | 103,361 | ||||||||||||||||||||||||||||
Regional malls(b) | -6,041 | 218,965 | ||||||||||||||||||||||||||||||
Total Retail properties | $ | 35,280 | $ | 322,326 | ||||||||||||||||||||||||||||
(a) | The three months ended March 31, 2013, includes $59,599 of income pursuant to a settlement agreement with Stop & Shop. | |||||||||||||||||||||||||||||||
(b) | The three months ended March 31, 2014, includes a $20,000 non-cash impairment loss on the Springfield Town Center. The three months ended March 31, 2013, includes a $202,275 net gain on sale of Green Acres Mall. | |||||||||||||||||||||||||||||||
21. Segment Information – continued | ||||||||||||||||||||||||||||||||
Notes to preceding tabular information - continued: | ||||||||||||||||||||||||||||||||
-6 | The elements of "other" EBITDA are summarized below. | |||||||||||||||||||||||||||||||
For the Three Months | ||||||||||||||||||||||||||||||||
Ended March 31, | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | 2014 | 2013 | ||||||||||||||||||||||||||||||
Our share of Real Estate Fund: | ||||||||||||||||||||||||||||||||
Income before net realized/unrealized gains | $ | 1,982 | $ | 1,462 | ||||||||||||||||||||||||||||
Net unrealized gains | 3,542 | 3,379 | ||||||||||||||||||||||||||||||
Carried interest | 1,775 | 2,183 | ||||||||||||||||||||||||||||||
Total | 7,299 | 7,024 | ||||||||||||||||||||||||||||||
Merchandise Mart Building and trade shows | 19,087 | 16,854 | ||||||||||||||||||||||||||||||
555 California Street | 12,066 | 10,629 | ||||||||||||||||||||||||||||||
India real estate ventures | 1,824 | 1,759 | ||||||||||||||||||||||||||||||
LNR(a) | - | 20,443 | ||||||||||||||||||||||||||||||
Lexington(b) | - | 6,931 | ||||||||||||||||||||||||||||||
Other investments | 4,919 | 3,117 | ||||||||||||||||||||||||||||||
45,195 | 66,757 | |||||||||||||||||||||||||||||||
Corporate general and administrative expenses(c) | -25,982 | -22,756 | ||||||||||||||||||||||||||||||
Investment income and other, net(c) | 8,073 | 11,336 | ||||||||||||||||||||||||||||||
Net gain on sale of a land parcel and residential condominiums | 9,635 | - | ||||||||||||||||||||||||||||||
Acquisition related costs | -1,784 | -601 | ||||||||||||||||||||||||||||||
Non-cash impairment loss on J.C. Penney common shares | - | -39,487 | ||||||||||||||||||||||||||||||
Loss on sale of J.C. Penney common shares | - | -36,800 | ||||||||||||||||||||||||||||||
Loss from the mark-to-market of J.C. Penney derivative position | - | -22,540 | ||||||||||||||||||||||||||||||
Merchandise Mart reduction-in-force and severance costs | - | -2,612 | ||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests in the Operating Partnership | -3,848 | -13,933 | ||||||||||||||||||||||||||||||
Preferred unit distributions of the Operating Partnership | -12 | -786 | ||||||||||||||||||||||||||||||
$ | 31,277 | $ | -61,422 | |||||||||||||||||||||||||||||
(a) | On April 19, 2013, LNR was sold for $1.053 billion. | |||||||||||||||||||||||||||||||
(b) | In the first quarter of 2013, we began accounting for our investment in Lexington as a marketable equity security - available for sale. The 2013 amount represents our share of Lexington's 2012 fourth quarter earnings which was recorded on a one-quarter lag basis. | |||||||||||||||||||||||||||||||
(c) | The amounts in these captions (for this table only) exclude income (expense) from the mark-to-market of our deferred compensation plan. | |||||||||||||||||||||||||||||||
Basis_of_Presentation_and_Sign
Basis of Presentation and Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2014 | |
Basis of Presentation and Significant Accounting Policies [Abstract] | ' |
Redeemable Noncontrolling Interests Policy [Text Block] | ' |
Redeemable noncontrolling interests on our consolidated balance sheets are comprised primarily of Class A Operating Partnership units that are held by third parties, and are recorded at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to “additional capital” in our consolidated statements of changes in equity. | |
Redeemable noncontrolling interests 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 [Policy Text Block] | ' |
In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities. Accordingly, our fair value estimates, which are made at the end of each reporting period, may be different than the amounts that may ultimately be realized upon sale or disposition of these assets. | |
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | |
Financial assets and liabilities that are measured at fair value on our consolidated balance sheets consist of (i) marketable securities, (ii) Real Estate Fund investments, (iii) the assets in our deferred compensation plan (for which there is a corresponding liability on our consolidated balance sheet), (iv) interest rate swaps and (v) mandatorily redeemable instruments (Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units). | |
Fair Value Measurements on a Nonrecurring Basis | |
Assets measured at fair value on a nonrecurring basis on our consolidated balance sheets consist primarily of our investment in Toys “R” Us and real estate assets that were written-down to estimated fair value at March 31, 2014 and December 31, 2013. The fair values of these assets were determined using widely accepted valuation techniques, including (i) discounted cash flow analysis, which considers, among other things, leasing assumptions, growth rates, discount rates and terminal capitalization rates, (ii) income capitalization approach, which considers prevailing market capitalization rates, and (iii) comparable sales activity. Generally, we consider multiple valuation techniques when measuring fair values but in certain circumstances, a single valuation technique may be appropriate. | |
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), mortgage and mezzanine loans receivable and our secured and unsecured debt. Estimates of the fair value of these instruments are determined by the standard practice of modeling the contractual cash flows required under the instrument and discounting them back to their present value at the appropriate current risk adjusted interest rate, which is provided by a third-party specialist. For floating rate debt, we use forward rates derived from observable market yield curves to project the expected cash flows we would be required to make under the instrument. The fair value of cash equivalents and borrowings under our revolving credit facility is classified as Level 1, and the fair value of our mortgage and mezzanine loans receivable is classified as Level 3. The fair value of our secured and unsecured debt are classified as Level 2. |
Vornado_Capital_Partners_Real_1
Vornado Capital Partners Real Estate Fund (the "Fund") (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Real Estate Fund [Abstract] | ' | ||||||||||||||||||||
Schedule Of Income And Loss From The Fund [Table Text Block] | ' | ||||||||||||||||||||
For the Three Months | |||||||||||||||||||||
(Amounts in thousands) | Ended March 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Net investment income | $ | 3,979 | $ | 3,048 | |||||||||||||||||
Net unrealized gains | 14,169 | 13,516 | |||||||||||||||||||
Income from Real Estate Fund | 18,148 | 16,564 | |||||||||||||||||||
Less (income) attributable to noncontrolling interests | -10,849 | -9,540 | |||||||||||||||||||
Income from Real Estate Fund attributable to Vornado (1) | $ | 7,299 | $ | 7,024 | |||||||||||||||||
___________________________________ | |||||||||||||||||||||
-1 | Excludes management, leasing and development fees of $704 and $849 for the three months ended March 31, 2014 and 2013, respectively, which are included as a component of "fee and other income" on our consolidated statements of income. |
Marketable_Securities_and_Deri1
Marketable Securities and Derivative Instruments (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Unrealized Gain (Loss) on Investments [Abstract] | ' | ||||||||||||||||||
Unrealized Gain (Loss) on Investments [Table Text Block] | ' | ||||||||||||||||||
(Amounts in thousands) | As of March 31, 2014 | As of December 31, 2013 | |||||||||||||||||
GAAP | Unrealized | GAAP | Unrealized | ||||||||||||||||
Fair Value | Cost | Gain | Fair Value | Cost | Gain | ||||||||||||||
Equity securities: | |||||||||||||||||||
Lexington | $ | 201,496 | $ | 72,549 | $ | 128,947 | $ | 188,567 | $ | 72,549 | $ | 116,018 | |||||||
Other | 3,546 | 59 | 3,487 | 3,350 | 59 | 3,291 | |||||||||||||
$ | 205,042 | $ | 72,608 | $ | 132,434 | $ | 191,917 | $ | 72,608 | $ | 119,309 |
Investments_in_Partially_Owned1
Investments in Partially Owned Entities (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ' | |||||||||||||||||
Equity Method Investments [Table Text Block] | ' | |||||||||||||||||
Percentage | ||||||||||||||||||
(Amounts in thousands) | Ownership at | Balance as of | ||||||||||||||||
Investments: | 31-Mar-14 | 31-Mar-14 | 31-Dec-13 | |||||||||||||||
Toys ($80,062 in each period, excluding our share of | ||||||||||||||||||
Toys' other comprehensive loss/income) | 32.60% | $ | 75,932 | $ | 83,224 | |||||||||||||
Alexander’s | 32.40% | $ | 167,124 | $ | 167,785 | |||||||||||||
India real estate ventures | 4.1%-36.5% | 88,563 | 88,467 | |||||||||||||||
Partially owned office buildings (1) | Various | 628,881 | 621,294 | |||||||||||||||
Other investments (2) | Various | 284,428 | 288,897 | |||||||||||||||
$ | 1,168,996 | $ | 1,166,443 | |||||||||||||||
-1 | Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 330 Madison Avenue and others. | |||||||||||||||||
-2 | Includes interests in Independence Plaza, Monmouth Mall, 85 10th Avenue, Fashion Center Mall, 50-70 West 93rd Street and others. | |||||||||||||||||
Percentage | For the Three Months | |||||||||||||||||
(Amounts in thousands) | Ownership at | Ended March 31, | ||||||||||||||||
Our Share of Net Income (Loss): | 31-Mar-14 | 2014 | 2013 | |||||||||||||||
Toys: | 32.60% | |||||||||||||||||
Equity in net earnings | $ | 75,196 | $ | 78,542 | ||||||||||||||
Non-cash impairment losses | -75,196 | -78,542 | ||||||||||||||||
Management fees | 1,847 | 1,759 | ||||||||||||||||
$ | 1,847 | $ | 1,759 | |||||||||||||||
Alexander's: | 32.40% | |||||||||||||||||
Equity in net income | $ | 4,759 | $ | 4,589 | ||||||||||||||
Management, leasing and development fees | 1,626 | 1,487 | ||||||||||||||||
6,385 | 6,076 | |||||||||||||||||
India real estate ventures | 4.1%-36.5% | -137 | -767 | |||||||||||||||
Partially owned office buildings (1) | Various | -2,395 | -582 | |||||||||||||||
Other investments (2) | Various | -3,721 | -1,713 | |||||||||||||||
Lexington (3) | n/a | - | -979 | |||||||||||||||
LNR (see page 13 for details): | n/a | |||||||||||||||||
Equity in net income | - | 45,962 | ||||||||||||||||
Impairment loss | - | -27,231 | ||||||||||||||||
- | 18,731 | |||||||||||||||||
$ | 132 | $ | 20,766 | |||||||||||||||
-1 | Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 330 Madison Avenue and others. | |||||||||||||||||
-2 | Includes interests in Independence Plaza, Monmouth Mall, 85 10th Avenue, Fashion Center Mall, 50-70 West 93rd Street and others. | |||||||||||||||||
-3 | In the first quarter of 2013, we began accounting for our investment in Lexington as a marketable equity security - available for sale. The 2013 amount represents our share of Lexington's 2012 fourth quarter earnings which was recorded on a one-quarter lag basis. | |||||||||||||||||
Schedule of debt of partially owned entities [Table Text Block] | ' | |||||||||||||||||
Percentage | Interest | 100% of | ||||||||||||||||
Ownership at | Rate at | Partially Owned Entities’ Debt at | ||||||||||||||||
(Amounts in thousands) | March 31, | March 31, | March 31, | December 31, | ||||||||||||||
2014 | Maturity | 2014 | 2014 | 2013 | ||||||||||||||
Toys: | ||||||||||||||||||
Notes, loans and mortgages payable | 32.60% | 2014-2021 | 7.14% | $ | 4,977,482 | $ | 5,702,247 | |||||||||||
Alexander's: | ||||||||||||||||||
Mortgages payable | 32.40% | 2015-2021 | 2.59% | $ | 1,035,022 | $ | 1,049,959 | |||||||||||
India Real Estate Ventures: | ||||||||||||||||||
TCG Urban Infrastructure Holdings mortgages | ||||||||||||||||||
payable | 25.00% | 2014-2022 | 13.23% | $ | 202,496 | $ | 199,021 | |||||||||||
Partially owned office buildings(1): | Various | 2014-2023 | 5.74% | $ | 3,632,588 | $ | 3,622,759 | |||||||||||
Other(2): | Various | 2014-2023 | 4.56% | $ | 1,705,703 | $ | 1,709,509 | |||||||||||
-1 | Includes 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 330 Madison Avenue and others. | |||||||||||||||||
-2 | Includes Independence Plaza, Monmouth Mall, Fashion Center Mall, 50-70 West 93rd Street and others. | |||||||||||||||||
Toys R Us [Member] | ' | |||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ' | |||||||||||||||||
Equity Method Investments [Table Text Block] | ' | |||||||||||||||||
(Amounts in thousands) | Balance as of | |||||||||||||||||
Balance Sheet: | 1-Feb-14 | 2-Nov-13 | ||||||||||||||||
Assets | $ | 10,400,000 | $ | 11,756,000 | ||||||||||||||
Liabilities | 9,018,000 | 10,437,000 | ||||||||||||||||
Noncontrolling interests | 78,000 | 75,000 | ||||||||||||||||
Toys “R” Us, Inc. equity (1) | 1,304,000 | 1,244,000 | ||||||||||||||||
For the Three Months Ended | ||||||||||||||||||
Income Statement: | 1-Feb-14 | 2-Feb-13 | ||||||||||||||||
Total revenues | $ | 5,267,000 | $ | 5,770,000 | ||||||||||||||
Net income attributable to Toys | 82,500 | 241,000 | ||||||||||||||||
-1 | At March 31, 2014, the carrying amount of our investment in Toys is less than our share of Toys' equity by approximately $349,759. This basis difference results primarily from non-cash impairment losses aggregating $355,953 that we have recognized through March 31, 2014. We have allocated the basis difference primarily to Toys' real estate, which is being amortized over its remaining estimated useful life. | |||||||||||||||||
Alexanders Inc [Member] | ' | |||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ' | |||||||||||||||||
Equity Method Investments [Table Text Block] | ' | |||||||||||||||||
(Amounts in thousands) | Balance as of | |||||||||||||||||
Balance Sheet: | 31-Mar-14 | 31-Dec-13 | ||||||||||||||||
Assets | $ | 1,452,000 | $ | 1,458,000 | ||||||||||||||
Liabilities | 1,118,000 | 1,124,000 | ||||||||||||||||
Stockholders' equity | 334,000 | 334,000 | ||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||||||
Income Statement: | 2014 | 2013 | ||||||||||||||||
Total revenues | $ | 49,000 | $ | 49,000 | ||||||||||||||
Net income attributable to Alexander’s | 15,000 | 14,000 |
Dispositions_Tables
Dispositions (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||
Schedule Of Assets And Liabilities And Results Of Operations Related To Discontinued Operations [Table Text Block] | ' | |||||||||||||
Assets Related to | Liabilities Related to | |||||||||||||
(Amounts in thousands) | Discontinued Operations as of | Discontinued Operations as of | ||||||||||||
March 31, | December 31, | March 31, | December 31, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Beverly Connection | $ | 207,575 | $ | 208,458 | $ | - | $ | - | ||||||
Broadway Mall | - | 106,164 | - | 13,950 | ||||||||||
Total | $ | 207,575 | $ | 314,622 | $ | - | $ | 13,950 | ||||||
For the Three Months | ||||||||||||||
(Amounts in thousands) | Ended March 31, | |||||||||||||
2014 | 2013 | |||||||||||||
Total revenues | $ | 8,283 | $ | 25,990 | ||||||||||
Total expenses | 5,550 | 20,043 | ||||||||||||
2,733 | 5,947 | |||||||||||||
Impairment losses | -842 | -1,514 | ||||||||||||
Net gain on sale of Green Acres Mall | - | 202,275 | ||||||||||||
Net gain on sale of other real estate | - | 54 | ||||||||||||
Income from discontinued operations | $ | 1,891 | $ | 206,762 |
Identified_Intangible_Assets_a1
Identified Intangible Assets and Intangible Liabilities (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Finite-Lived Intangible Assets [Line Items] | ' | |||||||
Schedule of Identified Intangible Assets and Intangible Liabilities [Table Text Block] | ' | |||||||
Balance as of | ||||||||
March 31, | December 31, | |||||||
(Amounts in thousands) | 2014 | 2013 | ||||||
Identified intangible assets: | ||||||||
Gross amount | $ | 589,973 | $ | 589,961 | ||||
Accumulated amortization | -290,214 | -277,998 | ||||||
Net | $ | 299,759 | $ | 311,963 | ||||
Identified intangible liabilities (included in deferred revenue): | ||||||||
Gross amount | $ | 850,765 | $ | 856,933 | ||||
Accumulated amortization | -367,972 | -360,398 | ||||||
Net | $ | 482,793 | $ | 496,535 | ||||
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] | ' | |||||||
(Amounts in thousands) | ||||||||
2015 | $ | 39,972 | ||||||
2016 | 38,631 | |||||||
2017 | 34,929 | |||||||
2018 | 33,309 | |||||||
2019 | 30,072 | |||||||
Other Identified Intangible Assets [Member] | ' | |||||||
Finite-Lived Intangible Assets [Line Items] | ' | |||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | |||||||
(Amounts in thousands) | ||||||||
2015 | $ | 23,254 | ||||||
2016 | 20,237 | |||||||
2017 | 16,821 | |||||||
2018 | 12,441 | |||||||
2019 | 11,535 | |||||||
Tenant Under Ground Leases [Member] | ' | |||||||
Finite-Lived Intangible Assets [Line Items] | ' | |||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | |||||||
(Amounts in thousands) | ||||||||
2015 | $ | 3,430 | ||||||
2016 | 3,430 | |||||||
2017 | 3,430 | |||||||
2018 | 3,430 | |||||||
2019 | 3,430 |
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||||||||
Interest Rate at | Balance at | ||||||||||||||
(Amounts in thousands) | 31-Mar-14 | 31-Mar-14 | 31-Dec-13 | ||||||||||||
Mortgages Payable: | |||||||||||||||
Fixed rate | 4.56% | $ | 7,546,030 | $ | 7,563,133 | ||||||||||
Variable rate | 2.55% | 1,367,328 | 768,860 | ||||||||||||
4.25% | $ | 8,913,358 | $ | 8,331,993 | |||||||||||
Unsecured Debt: | |||||||||||||||
Senior unsecured notes | 5.67% | $ | 1,343,442 | $ | 1,350,855 | ||||||||||
Revolving credit facility debt | 1.31% | 88,138 | 295,870 | ||||||||||||
5.41% | $ | 1,431,580 | $ | 1,646,725 |
Redeemable_Noncontrolling_Inte1
Redeemable Noncontrolling Interests (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Redeemable Noncontrolling Interests [Abstract] | ' | ||||
Summary Of Activity Of Redeemable Noncontrolling Interests [Table Text Block] | ' | ||||
(Amounts in thousands) | |||||
Balance at December 31, 2012 | $ | 944,152 | |||
Net income | 14,719 | ||||
Other comprehensive income | 8,299 | ||||
Distributions | -8,946 | ||||
Redemption of Class A units for common shares, at redemption value | -13,404 | ||||
Adjustments to carry redeemable Class A units at redemption value | 44,998 | ||||
Other, net | 5,264 | ||||
Balance at March 31, 2013 | $ | 995,082 | |||
Balance at December 31, 2013 | $ | 1,003,620 | |||
Net income | 3,860 | ||||
Other comprehensive income | 361 | ||||
Distributions | -8,383 | ||||
Redemption of Class A units for common shares, at redemption value | -5,156 | ||||
Adjustments to carry redeemable Class A units at redemption value | 136,937 | ||||
Other, net | 9,592 | ||||
Balance at March 31, 2014 | $ | 1,140,831 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||||
For the Three Months Ended March 31, 2013 | ||||||||||||||||||
Securities | Pro rata share of | Interest | ||||||||||||||||
available- | nonconsolidated | rate | ||||||||||||||||
(Amounts in thousands) | Total | for-sale | subsidiaries' OCI | swap | Other | |||||||||||||
Balance as of December 31, 2012 | $ | -18,946 | $ | 19,432 | $ | 11,313 | $ | -50,065 | $ | 374 | ||||||||
OCI before reclassifications | 139,899 | 148,789 | -3,647 | 2,523 | -7,766 | |||||||||||||
Amounts reclassified from AOCI | - | - | - | - | - | |||||||||||||
Net current period OCI | 139,899 | 148,789 | -3,647 | 2,523 | -7,766 | |||||||||||||
Balance as of March 31, 2013 | $ | 120,953 | $ | 168,221 | $ | 7,666 | $ | -47,542 | $ | -7,392 | ||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||
Securities | Pro rata share of | Interest | ||||||||||||||||
available- | nonconsolidated | rate | ||||||||||||||||
(Amounts in thousands) | Total | for-sale | subsidiaries' OCI | swap | Other | |||||||||||||
Balance as of December 31, 2013 | $ | 71,537 | $ | 119,309 | $ | -11,501 | $ | -31,882 | $ | -4,389 | ||||||||
OCI before reclassifications | 6,089 | 13,125 | -8,286 | 1,610 | -360 | |||||||||||||
Amounts reclassified from AOCI | - | - | - | - | - | |||||||||||||
Net current period OCI | 6,089 | 13,125 | -8,286 | 1,610 | -360 | |||||||||||||
Balance as of March 31, 2014 | $ | 77,626 | $ | 132,434 | $ | -19,787 | $ | -30,272 | $ | -4,749 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
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] | ' | |||||||||||||||
As of March 31, 2014 | ||||||||||||||||
(Amounts in thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Marketable securities | $ | 205,042 | $ | 205,042 | $ | - | $ | - | ||||||||
Real Estate Fund investments (75% of which is attributable to | ||||||||||||||||
noncontrolling interests) | 682,002 | - | - | 682,002 | ||||||||||||
Deferred compensation plan assets (included in other assets) | 121,970 | 54,343 | - | 67,627 | ||||||||||||
Total assets | $ | 1,009,014 | $ | 259,385 | $ | - | $ | 749,629 | ||||||||
Mandatorily redeemable instruments (included in other liabilities) | $ | 55,097 | $ | 55,097 | $ | - | $ | - | ||||||||
Interest rate swap (included in other liabilities) | 30,272 | - | 30,272 | - | ||||||||||||
Total liabilities | $ | 85,369 | $ | 55,097 | $ | 30,272 | $ | - | ||||||||
As of December 31, 2013 | ||||||||||||||||
(Amounts in thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Marketable securities | $ | 191,917 | $ | 191,917 | $ | - | $ | - | ||||||||
Real Estate Fund investments (75% of which is attributable to | ||||||||||||||||
noncontrolling interests) | 667,710 | - | - | 667,710 | ||||||||||||
Deferred compensation plan assets (included in other assets) | 116,515 | 47,733 | - | 68,782 | ||||||||||||
Total assets | $ | 976,142 | $ | 239,650 | $ | - | $ | 736,492 | ||||||||
Mandatorily redeemable instruments (included in other liabilities) | $ | 55,097 | $ | 55,097 | $ | - | $ | - | ||||||||
Interest rate swap (included in other liabilities) | 31,882 | - | 31,882 | - | ||||||||||||
Total liabilities | $ | 86,979 | $ | 55,097 | $ | 31,882 | $ | - | ||||||||
Non-financial Assets Measured at Fair Value on a Nonrecurring Basis [Table Text Block] | ' | |||||||||||||||
As of March 31, 2014 | ||||||||||||||||
(Amounts in thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Real estate assets | $ | 341,660 | $ | - | $ | - | $ | 341,660 | ||||||||
Investment in Toys"R" Us | 75,932 | - | - | 75,932 | ||||||||||||
Total assets | $ | 417,592 | $ | - | $ | - | $ | 417,592 | ||||||||
As of December 31, 2013 | ||||||||||||||||
(Amounts in thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Real estate assets | $ | 354,351 | $ | - | $ | - | $ | 354,351 | ||||||||
Investment in Toys "R" Us | 83,224 | - | - | 83,224 | ||||||||||||
Total assets | $ | 437,575 | $ | - | $ | - | $ | 437,575 | ||||||||
Schedule Of Carrying Amounts And Fair Values Of Financial Instruments [Table Text Block] | ' | |||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
(Amounts in thousands) | Amount | Value | Amount | Value | ||||||||||||
Cash equivalents | $ | 922,872 | $ | 923,000 | $ | 295,000 | $ | 295,000 | ||||||||
Mortgage and mezzanine loans receivable | 42,749 | 43,000 | 170,972 | 171,000 | ||||||||||||
$ | 965,621 | $ | 966,000 | $ | 465,972 | $ | 466,000 | |||||||||
Debt: | ||||||||||||||||
Mortgages payable | $ | 8,913,358 | $ | 8,763,000 | $ | 8,331,993 | $ | 8,104,000 | ||||||||
Senior unsecured notes | 1,343,442 | 1,398,000 | 1,350,855 | 1,402,000 | ||||||||||||
Revolving credit facility debt | 88,138 | 88,000 | 295,870 | 296,000 | ||||||||||||
$ | 10,344,938 | $ | 10,249,000 | $ | 9,978,718 | $ | 9,802,000 | |||||||||
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] | ' | |||||||||||||||
Weighted Average | ||||||||||||||||
(based on fair | ||||||||||||||||
Unobservable Quantitative Input | Range | value of investments) | ||||||||||||||
Discount rates | 12.0% to 17.5% | 13.90% | ||||||||||||||
Terminal capitalization rates | 5.0% to 6.1% | 5.70% | ||||||||||||||
Summary of Changes in Level 3 Plan Assets [Table Text Block] | ' | |||||||||||||||
Real Estate Fund Investments | ||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||||
(Amounts in thousands) | 2014 | 2013 | ||||||||||||||
Beginning balance | $ | 667,710 | $ | 600,786 | ||||||||||||
Purchases | 123 | 13,668 | ||||||||||||||
Sales/Returns | - | -56,664 | ||||||||||||||
Net unrealized gains | 14,169 | 13,516 | ||||||||||||||
Ending balance | $ | 682,002 | $ | 571,306 | ||||||||||||
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] | ' | |||||||||||||||
Deferred Compensation Plan Assets | ||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||||
(Amounts in thousands) | 2014 | 2013 | ||||||||||||||
Beginning balance | $ | 68,782 | $ | 62,631 | ||||||||||||
Purchases | 1,644 | 2,707 | ||||||||||||||
Sales | -5,124 | -2,697 | ||||||||||||||
Realized and unrealized gain | 2,172 | 1,354 | ||||||||||||||
Other, net | 153 | 1,015 | ||||||||||||||
Ending balance | $ | 67,627 | $ | 65,010 |
Fee_and_Other_Income_Tables
Fee and Other Income (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fee And Other Income Tables [Abstract] | ' | |||||||||||||||
Fee and Other Income [Table Text Block] | ' | |||||||||||||||
For the Three Months | ||||||||||||||||
(Amounts in thousands) | Ended March 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
BMS cleaning fees | $ | 18,956 | $ | 16,664 | ||||||||||||
Signage revenue | 9,318 | 6,481 | ||||||||||||||
Management and leasing fees | 6,214 | 5,253 | ||||||||||||||
Lease termination fees (1) | 3,793 | 59,968 | ||||||||||||||
Other income | 7,647 | 8,447 | ||||||||||||||
$ | 45,928 | $ | 96,813 | |||||||||||||
-1 | 2013 includes $59,599 of income pursuant to a settlement agreement with Stop & Shop. |
Interest_and_Other_Investment_1
Interest and Other Investment Income (Loss), Net (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Interest and Other Investment (Loss) Income, net [Abstract] | ' | ||||||||||||||||
Schedule Of Interest And Other Investment Income Net [Table Text Block] | ' | ||||||||||||||||
For the Three Months | |||||||||||||||||
(Amounts in thousands) | Ended March 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Mark-to-market of investments in our deferred compensation plan (1) | $ | 4,400 | $ | 3,446 | |||||||||||||
Dividends and interest on marketable securities | 3,106 | 2,770 | |||||||||||||||
Interest on mezzanine loans receivable | 2,384 | 5,077 | |||||||||||||||
Non-cash impairment loss on J.C. Penney common shares | - | -39,487 | |||||||||||||||
Loss from the mark-to-market of J.C. Penney derivative position | - | -22,540 | |||||||||||||||
Other, net | 2,003 | 1,659 | |||||||||||||||
$ | 11,893 | $ | -49,075 | ||||||||||||||
-1 | This income is entirely offset by the expense resulting from the mark-to-market of the deferred compensation plan liability, which is included in "general and administrative" expense. |
Interest_and_Debt_Expense_Tabl
Interest and Debt Expense (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Interest Expense Debt [Abstract] | ' | ||||||||||
Interest And Debt Expense [Table Text Block] | ' | ||||||||||
For the Three Months | |||||||||||
(Amounts in thousands) | Ended March 31, | ||||||||||
2014 | 2013 | ||||||||||
Interest expense | $ | 118,252 | $ | 123,228 | |||||||
Amortization of deferred financing costs | 4,812 | 5,378 | |||||||||
Capitalized interest | -13,622 | -8,260 | |||||||||
$ | 109,442 | $ | 120,346 | ||||||||
Income_Per_Share_Tables
Income Per Share (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Income Per Share [Abstract] | ' | |||||||||||||||
Schedule Of Earnings Per Share Basic And Diluted [Table Text Block] | ' | |||||||||||||||
For the Three Months | ||||||||||||||||
(Amounts in thousands, except per share amounts) | Ended March 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Numerator: | ||||||||||||||||
Income from continuing operations, net of income attributable to noncontrolling interests | $ | 80,936 | $ | 67,986 | ||||||||||||
Income from discontinued operations, net of income attributable to noncontrolling interests | 1,781 | 194,936 | ||||||||||||||
Net income attributable to Vornado | 82,717 | 262,922 | ||||||||||||||
Preferred share dividends | -20,368 | -21,702 | ||||||||||||||
Preferred share redemptions | - | -9,230 | ||||||||||||||
Net income attributable to common shareholders | 62,349 | 231,990 | ||||||||||||||
Earnings allocated to unvested participating securities | -30 | -56 | ||||||||||||||
Numerator for basic income per share | 62,319 | 231,934 | ||||||||||||||
Impact of assumed conversions: | ||||||||||||||||
Convertible preferred share dividends | - | 28 | ||||||||||||||
Numerator for diluted income per share | $ | 62,319 | $ | 231,962 | ||||||||||||
Denominator: | ||||||||||||||||
Denominator for basic income per share – weighted average shares | 187,307 | 186,752 | ||||||||||||||
Effect of dilutive securities(1): | ||||||||||||||||
Employee stock options and restricted share awards | 933 | 727 | ||||||||||||||
Convertible preferred shares | - | 50 | ||||||||||||||
Denominator for diluted income per share – weighted average shares and assumed conversions | 188,240 | 187,529 | ||||||||||||||
INCOME PER COMMON SHARE – BASIC: | ||||||||||||||||
Income from continuing operations, net | $ | 0.32 | $ | 0.2 | ||||||||||||
Income from discontinued operations, net | 0.01 | 1.04 | ||||||||||||||
Net income per common share | $ | 0.33 | $ | 1.24 | ||||||||||||
INCOME PER COMMON SHARE – DILUTED: | ||||||||||||||||
Income from continuing operations, net | $ | 0.32 | $ | 0.2 | ||||||||||||
Income from discontinued operations, net | 0.01 | 1.04 | ||||||||||||||
Net income per common share | $ | 0.33 | $ | 1.24 | ||||||||||||
-1 | The effect of dilutive securities in the three months ended March 31, 2014 and 2013 excludes an aggregate of 11,326 and 11,997 weighted average common share equivalents, respectively, as their effect was anti-dilutive. |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of Segment Information [Table Text Block] | ' | |||||||||||||||||||||||||||||||
(Amounts in thousands) | For the Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||
Total | New York | Washington, DC | Properties | Toys | Other | |||||||||||||||||||||||||||
Total revenues | $ | 660,618 | $ | 371,282 | $ | 135,278 | $ | 88,805 | $ | - | $ | 65,253 | ||||||||||||||||||||
Total expenses | 494,984 | 241,999 | 89,572 | 82,231 | - | 81,182 | ||||||||||||||||||||||||||
Operating income (loss) | 165,634 | 129,283 | 45,706 | 6,574 | - | -15,929 | ||||||||||||||||||||||||||
Income (loss) from partially owned | ||||||||||||||||||||||||||||||||
entities, including Toys | 1,979 | 1,566 | -1,266 | 538 | 1,847 | -706 | ||||||||||||||||||||||||||
Income from Real Estate Fund | 18,148 | - | - | - | - | 18,148 | ||||||||||||||||||||||||||
Interest and other investment | ||||||||||||||||||||||||||||||||
income, net | 11,893 | 1,475 | 36 | 9 | - | 10,373 | ||||||||||||||||||||||||||
Interest and debt expense | -109,442 | -42,839 | -19,347 | -9,217 | - | -38,039 | ||||||||||||||||||||||||||
Net gain on disposition of wholly | ||||||||||||||||||||||||||||||||
owned and partially owned assets | 9,635 | - | - | - | - | 9,635 | ||||||||||||||||||||||||||
Income (loss) before income taxes | 97,847 | 89,485 | 25,129 | -2,096 | 1,847 | -16,518 | ||||||||||||||||||||||||||
Income tax (expense) benefit | -1,582 | -969 | 199 | -731 | - | -81 | ||||||||||||||||||||||||||
Income (loss) from continuing operations | 96,265 | 88,516 | 25,328 | -2,827 | 1,847 | -16,599 | ||||||||||||||||||||||||||
Income from discontinued operations | 1,891 | - | - | 1,714 | - | 177 | ||||||||||||||||||||||||||
Net income (loss) | 98,156 | 88,516 | 25,328 | -1,113 | 1,847 | -16,422 | ||||||||||||||||||||||||||
Less net income attributable to | ||||||||||||||||||||||||||||||||
noncontrolling interests | -15,439 | -1,405 | - | -17 | - | -14,017 | ||||||||||||||||||||||||||
Net income (loss) attributable to Vornado | 82,717 | 87,111 | 25,328 | -1,130 | 1,847 | -30,439 | ||||||||||||||||||||||||||
Interest and debt expense(2) | 170,952 | 58,068 | 22,798 | 10,351 | 38,549 | 41,186 | ||||||||||||||||||||||||||
Depreciation and amortization(2) | 196,339 | 87,587 | 36,150 | 25,328 | 26,924 | 20,350 | ||||||||||||||||||||||||||
Income tax expense (benefit)(2) | 19,831 | 1,032 | -189 | 731 | 18,077 | 180 | ||||||||||||||||||||||||||
EBITDA(1) | $ | 469,839 | $ | 233,798 | (3) | $ | 84,087 | (4) | $ | 35,280 | (5) | $ | 85,397 | $ | 31,277 | (6) | ||||||||||||||||
(Amounts in thousands) | For the Three Months Ended March 31, 2013 | |||||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||
Total | New York | Washington, DC | Properties | Toys | Other | |||||||||||||||||||||||||||
Total revenues | $ | 718,713 | $ | 364,801 | $ | 134,731 | $ | 142,212 | $ | - | $ | 76,969 | ||||||||||||||||||||
Total expenses | 468,419 | 242,927 | 85,197 | 48,580 | - | 91,715 | ||||||||||||||||||||||||||
Operating income (loss) | 250,294 | 121,874 | 49,534 | 93,632 | - | -14,746 | ||||||||||||||||||||||||||
Income (loss) from partially owned | ||||||||||||||||||||||||||||||||
entities, including Toys | 22,525 | 5,605 | -2,093 | 901 | 1,759 | 16,353 | ||||||||||||||||||||||||||
Income from Real Estate Fund | 16,564 | - | - | - | - | 16,564 | ||||||||||||||||||||||||||
Interest and other investment (loss) | ||||||||||||||||||||||||||||||||
income, net | -49,075 | 1,165 | 76 | 51 | - | -50,367 | ||||||||||||||||||||||||||
Interest and debt expense | -120,346 | -40,431 | -28,250 | -10,286 | - | -41,379 | ||||||||||||||||||||||||||
Net loss on disposition of wholly owned and | ||||||||||||||||||||||||||||||||
partially owned assets | -36,724 | - | - | - | - | -36,724 | ||||||||||||||||||||||||||
Income (loss) before income taxes | 83,238 | 88,213 | 19,267 | 84,298 | 1,759 | -110,299 | ||||||||||||||||||||||||||
Income tax expense | -1,073 | -272 | -378 | - | - | -423 | ||||||||||||||||||||||||||
Income (loss) from continuing operations | 82,165 | 87,941 | 18,889 | 84,298 | 1,759 | -110,722 | ||||||||||||||||||||||||||
Income (loss) from discontinued operations | 206,762 | 2,728 | - | 205,382 | - | -1,348 | ||||||||||||||||||||||||||
Net income (loss) | 288,927 | 90,669 | 18,889 | 289,680 | 1,759 | -112,070 | ||||||||||||||||||||||||||
Less net income attributable to | ||||||||||||||||||||||||||||||||
noncontrolling interests | -26,005 | -1,581 | - | -96 | - | -24,328 | ||||||||||||||||||||||||||
Net income (loss) attributable to Vornado | 262,922 | 89,088 | 18,889 | 289,584 | 1,759 | -136,398 | ||||||||||||||||||||||||||
Interest and debt expense(2) | 188,780 | 49,689 | 31,753 | 14,223 | 43,182 | 49,933 | ||||||||||||||||||||||||||
Depreciation and amortization(2) | 194,185 | 78,413 | 35,148 | 18,519 | 37,674 | 24,431 | ||||||||||||||||||||||||||
Income tax expense(2) | 60,759 | 347 | 454 | - | 59,346 | 612 | ||||||||||||||||||||||||||
EBITDA(1) | $ | 706,646 | $ | 217,537 | (3) | $ | 86,244 | (4) | $ | 322,326 | (5) | $ | 141,961 | $ | -61,422 | (6) | ||||||||||||||||
See notes on the following page. | ||||||||||||||||||||||||||||||||
Notes to preceding tabular information: | ||||||||||||||||||||||||||||||||
-1 | EBITDA represents "Earnings Before Interest, Taxes, Depreciation and Amortization." We consider EBITDA a supplemental 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 (benefit) expense in the reconciliation of net income (loss) to EBITDA includes our share of these items from partially owned entities. | |||||||||||||||||||||||||||||||
-3 | The elements of "New York" EBITDA are summarized below. | |||||||||||||||||||||||||||||||
For the Three Months | ||||||||||||||||||||||||||||||||
Ended March 31, | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | 2014 | 2013 | ||||||||||||||||||||||||||||||
Office | $ | 157,879 | $ | 146,296 | ||||||||||||||||||||||||||||
Retail | 66,195 | 60,382 | ||||||||||||||||||||||||||||||
Alexander's | 10,430 | 10,541 | ||||||||||||||||||||||||||||||
Hotel Pennsylvania | -706 | 318 | ||||||||||||||||||||||||||||||
Total New York | $ | 233,798 | $ | 217,537 | ||||||||||||||||||||||||||||
-4 | The elements of "Washington, DC" EBITDA are summarized below. | |||||||||||||||||||||||||||||||
For the Three Months | ||||||||||||||||||||||||||||||||
Ended March 31, | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | 2014 | 2013 | ||||||||||||||||||||||||||||||
Office, excluding the Skyline Properties | $ | 67,257 | $ | 67,107 | ||||||||||||||||||||||||||||
Skyline properties | 6,499 | 8,162 | ||||||||||||||||||||||||||||||
Total Office | 73,756 | 75,269 | ||||||||||||||||||||||||||||||
Residential | 10,331 | 10,975 | ||||||||||||||||||||||||||||||
Total Washington, DC | $ | 84,087 | $ | 86,244 | ||||||||||||||||||||||||||||
-5 | The elements of "Retail Properties" EBITDA are summarized below. | |||||||||||||||||||||||||||||||
For the Three Months | ||||||||||||||||||||||||||||||||
Ended March 31, | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | 2014 | 2013 | ||||||||||||||||||||||||||||||
Strip shopping centers(a) | $ | 41,321 | $ | 103,361 | ||||||||||||||||||||||||||||
Regional malls(b) | -6,041 | 218,965 | ||||||||||||||||||||||||||||||
Total Retail properties | $ | 35,280 | $ | 322,326 | ||||||||||||||||||||||||||||
(a) | The three months ended March 31, 2013, includes $59,599 of income pursuant to a settlement agreement with Stop & Shop. | |||||||||||||||||||||||||||||||
(b) | The three months ended March 31, 2014, includes a $20,000 non-cash impairment loss on the Springfield Town Center. The three months ended March 31, 2013, includes a $202,275 net gain on sale of Green Acres Mall. | |||||||||||||||||||||||||||||||
Details of Other EBITDA [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Notes to preceding tabular information - continued: | ||||||||||||||||||||||||||||||||
-6 | The elements of "other" EBITDA are summarized below. | |||||||||||||||||||||||||||||||
For the Three Months | ||||||||||||||||||||||||||||||||
Ended March 31, | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | 2014 | 2013 | ||||||||||||||||||||||||||||||
Our share of Real Estate Fund: | ||||||||||||||||||||||||||||||||
Income before net realized/unrealized gains | $ | 1,982 | $ | 1,462 | ||||||||||||||||||||||||||||
Net unrealized gains | 3,542 | 3,379 | ||||||||||||||||||||||||||||||
Carried interest | 1,775 | 2,183 | ||||||||||||||||||||||||||||||
Total | 7,299 | 7,024 | ||||||||||||||||||||||||||||||
Merchandise Mart Building and trade shows | 19,087 | 16,854 | ||||||||||||||||||||||||||||||
555 California Street | 12,066 | 10,629 | ||||||||||||||||||||||||||||||
India real estate ventures | 1,824 | 1,759 | ||||||||||||||||||||||||||||||
LNR(a) | - | 20,443 | ||||||||||||||||||||||||||||||
Lexington(b) | - | 6,931 | ||||||||||||||||||||||||||||||
Other investments | 4,919 | 3,117 | ||||||||||||||||||||||||||||||
45,195 | 66,757 | |||||||||||||||||||||||||||||||
Corporate general and administrative expenses(c) | -25,982 | -22,756 | ||||||||||||||||||||||||||||||
Investment income and other, net(c) | 8,073 | 11,336 | ||||||||||||||||||||||||||||||
Net gain on sale of a land parcel and residential condominiums | 9,635 | - | ||||||||||||||||||||||||||||||
Acquisition related costs | -1,784 | -601 | ||||||||||||||||||||||||||||||
Non-cash impairment loss on J.C. Penney common shares | - | -39,487 | ||||||||||||||||||||||||||||||
Loss on sale of J.C. Penney common shares | - | -36,800 | ||||||||||||||||||||||||||||||
Loss from the mark-to-market of J.C. Penney derivative position | - | -22,540 | ||||||||||||||||||||||||||||||
Merchandise Mart reduction-in-force and severance costs | - | -2,612 | ||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests in the Operating Partnership | -3,848 | -13,933 | ||||||||||||||||||||||||||||||
Preferred unit distributions of the Operating Partnership | -12 | -786 | ||||||||||||||||||||||||||||||
$ | 31,277 | $ | -61,422 | |||||||||||||||||||||||||||||
(a) | On April 19, 2013, LNR was sold for $1.053 billion. | |||||||||||||||||||||||||||||||
(b) | In the first quarter of 2013, we began accounting for our investment in Lexington as a marketable equity security - available for sale. The 2013 amount represents our share of Lexington's 2012 fourth quarter earnings which was recorded on a one-quarter lag basis. | |||||||||||||||||||||||||||||||
(c) | The amounts in these captions (for this table only) exclude income (expense) from the mark-to-market of our deferred compensation plan. | |||||||||||||||||||||||||||||||
Organization_Details
Organization (Details) | 3 Months Ended | 0 Months Ended | |||
Mar. 31, 2014 | Apr. 11, 2014 | Apr. 11, 2014 | Apr. 11, 2014 | Apr. 11, 2014 | |
Subsequent Event [Member] | Retail Properties [Member] | Retail Properties [Member] | Retail Properties [Member] | ||
Vornado Realty Trust [Member] | Retail Segment Strip Shopping Centers [Member] | Retail Segment Regional Malls [Member] | |||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||
Properties | Properties | Properties | |||
Organization and Business [Abstract] | ' | ' | ' | ' | ' |
Common limited partnership interest in the Operating Partnership | 93.90% | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' |
Number Of Real Estate Properties | ' | ' | 20 | 81 | 4 |
Distribution of Spin Co's shares to Vornado common shareholders and Vornado Realty L.P. | ' | 0.5 | ' | ' | ' |
Vornado_Capital_Partners_Real_2
Vornado Capital Partners Real Estate Fund (the "Fund") (Narratives) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | Real Estate Fund [Member] | Vornado Realty Trust [Member] | ||
Investments | ||||
Investment Holdings [Line Items] | ' | ' | ' | ' |
Number Of Investments Made By Fund | ' | ' | 9 | ' |
Aggregate fair value of Real Estate Fund investments | $682,002 | $667,710 | $682,002 | ' |
Excess of fair value over cost | ' | ' | 167,582 | ' |
Unfunded Commitments Of Fund | ' | ' | $149,186 | $37,297 |
Vornado_Capital_Partners_Real_3
Vornado Capital Partners Real Estate Fund (the "Fund") (Details 1) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Details Of Income From Real Estate Funds [Abstract] | ' | ' |
Income from Real Estate Fund | $18,148 | $16,564 |
Less (income) attributable to noncontrolling interests | -11,579 | -11,286 |
Income From Real Estate Fund Attributable To Parent Company | 7,299 | 7,024 |
Fee And Other Income | 45,928 | 96,813 |
Real Estate Fund [Member] | ' | ' |
Details Of Income From Real Estate Funds [Abstract] | ' | ' |
Less (income) attributable to noncontrolling interests | -10,849 | -9,540 |
Fee And Other Income | 704 | 849 |
Net investment income [Member] | ' | ' |
Details Of Income From Real Estate Funds [Abstract] | ' | ' |
Income from Real Estate Fund | 3,979 | 3,048 |
Net unrealized gains [Member] | ' | ' |
Details Of Income From Real Estate Funds [Abstract] | ' | ' |
Income from Real Estate Fund | $14,169 | $13,516 |
Marketable_Securities_and_Deri2
Marketable Securities and Derivative Instruments: Derivative Instruments (Narratives) (Details) (USD $) | 3 Months Ended | 0 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 04, 2013 |
JC Penney [Member] | |||
Derivative [Line Items] | ' | ' | ' |
Sale of Stock, Number of Shares | ' | ' | 10,000,000 |
Closing share price (in dollars per share) | ' | ' | $16.03 |
Proceeds from sales of marketable securities | $0 | $160,300 | $160,300 |
Net loss on sale of common shares in J.C Penney | ' | ' | ($36,800) |
Marketable_Securities_and_Deri3
Marketable Securities and Derivative Instruments: Marketable Securities (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Fair value | $205,042 | $191,917 |
Available-for-sale Equity Securities, Amortized Cost Basis | 72,608 | 72,608 |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 132,434 | 119,309 |
Lexington Realty Trust [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Fair value | 201,496 | 188,567 |
Available-for-sale Equity Securities, Amortized Cost Basis | 72,549 | 72,549 |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 128,947 | 116,018 |
Other Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Fair value | 3,546 | 3,350 |
Available-for-sale Equity Securities, Amortized Cost Basis | 59 | 59 |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | $3,487 | $3,291 |
Mortgage_and_Mezzanine_Loans_R1
Mortgage and Mezzanine Loans Receivable (Narratives) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Jan. 31, 2014 | Oct. 31, 2012 | Mar. 31, 2014 |
NY 701 Seventh Avenue [Member] | NY 701 Seventh Avenue [Member] | NY 701 Seventh Avenue [Member] | Other Mezzanine Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Mezzanine Loan Ownership Percentage | ' | ' | ' | ' | 25.00% | ' |
Percentage Of Participation In Mortgage Interest Sold | ' | ' | 25.00% | ' | ' | ' |
Proceeds From Sale Of Participation In Mortgage Loan Receivable | ' | ' | $59,375 | ' | ' | ' |
Other assets | 290,544 | 351,488 | ' | ' | ' | ' |
Other liabilities | 378,551 | 437,073 | 59,375 | 59,375 | ' | ' |
Prepayment Of Mezzanine Loan Receivable | ' | ' | ' | ' | ' | 30,000 |
Mezzanine Loan Receivable Maturity Date | ' | ' | ' | ' | ' | 'January 2015 |
Mortgage and mezzanine loans receivable | $42,749 | $170,972 | ' | $59,375 | ' | ' |
Mezzanine Loan Receivable Weighted Average Interest Rate | 8.70% | 11.00% | ' | ' | ' | ' |
Mezzanine Loans Receiveable - Maturity Start Date | 'November 2014 | ' | ' | ' | ' | ' |
Mezzanine Loans Receiveable - Maturity End Date | 'May 2016 | ' | ' | ' | ' | ' |
Investments_in_Partially_Owned2
Investments in Partially Owned Entities (Details) (USD $) | 3 Months Ended | |||||
Mar. 31, 2014 | Feb. 01, 2014 | Mar. 31, 2013 | Feb. 02, 2013 | Dec. 31, 2013 | Nov. 02, 2013 | |
Other Financial Data For Equity Method Investments [Abstract] | ' | ' | ' | ' | ' | ' |
Income Loss From Equity Method Investments | $1,979,000 | ' | $22,525,000 | ' | ' | ' |
Toys R Us [Member] | ' | ' | ' | ' | ' | ' |
Equity Method Investments And Income From Equity Method Investments [Abstract] | ' | ' | ' | ' | ' | ' |
Investments in partially owned entities excluding our share of other comprehensive income | 80,062,000 | ' | ' | ' | 80,062,000 | ' |
Equity method ownership percentage | 32.60% | ' | ' | ' | ' | ' |
Carrying amount of investments in partially owned entities | 75,932,000 | ' | ' | ' | 83,224,000 | ' |
Non-cash impairment charges | 355,953,000 | ' | ' | ' | ' | ' |
Condensed Financial Information For Equity Method Investments [Abstract] | ' | ' | ' | ' | ' | ' |
Assets | ' | 10,400,000,000 | ' | ' | ' | 11,756,000,000 |
Liabilities | ' | 9,018,000,000 | ' | ' | ' | 10,437,000,000 |
Noncontrolling interests | ' | 78,000,000 | ' | ' | ' | 75,000,000 |
Equity | ' | 1,304,000,000 | ' | ' | ' | 1,244,000,000 |
Total revenue | ' | 5,267,000,000 | ' | 5,770,000,000 | ' | ' |
Net income attributable to investee | ' | 82,500,000 | ' | 241,000,000 | ' | ' |
Equity Method Investment, Difference Excess Of Underlying Equity Over Carrying Amount | 349,759,000 | ' | ' | ' | ' | ' |
Other Financial Data For Equity Method Investments [Abstract] | ' | ' | ' | ' | ' | ' |
Income Loss From Equity Method Investments | 1,847,000 | ' | 1,759,000 | ' | ' | ' |
Toys R Us [Member] | Equity In Net Income After Income Taxes [Member] | ' | ' | ' | ' | ' | ' |
Other Financial Data For Equity Method Investments [Abstract] | ' | ' | ' | ' | ' | ' |
Income Loss From Equity Method Investments | 75,196,000 | ' | 78,542,000 | ' | ' | ' |
Toys R Us [Member] | Management Fees [Member] | ' | ' | ' | ' | ' | ' |
Other Financial Data For Equity Method Investments [Abstract] | ' | ' | ' | ' | ' | ' |
Income Loss From Equity Method Investments | 1,847,000 | ' | 1,759,000 | ' | ' | ' |
Toys R Us [Member] | Impairment Loss [Member] | ' | ' | ' | ' | ' | ' |
Equity Method Investments And Income From Equity Method Investments [Abstract] | ' | ' | ' | ' | ' | ' |
Non-cash impairment charges | 75,196,000 | ' | ' | ' | ' | ' |
Other Financial Data For Equity Method Investments [Abstract] | ' | ' | ' | ' | ' | ' |
Income Loss From Equity Method Investments | -75,196,000 | ' | -78,542,000 | ' | ' | ' |
Alexanders Inc [Member] | ' | ' | ' | ' | ' | ' |
Equity Method Investments And Income From Equity Method Investments [Abstract] | ' | ' | ' | ' | ' | ' |
Equity method ownership percentage | 32.40% | ' | ' | ' | ' | ' |
Carrying amount of investments in partially owned entities | 167,124,000 | ' | ' | ' | 167,785,000 | ' |
Fees owed by Alexander's under management agreements | 42,492,000 | ' | ' | ' | ' | ' |
Excess of investee's carrying amount over equity in net assets | 41,873,000 | ' | ' | ' | ' | ' |
Condensed Financial Information For Equity Method Investments [Abstract] | ' | ' | ' | ' | ' | ' |
Assets | 1,452,000,000 | ' | ' | ' | 1,458,000,000 | ' |
Liabilities | 1,118,000,000 | ' | ' | ' | 1,124,000,000 | ' |
Equity | 334,000,000 | ' | ' | ' | 334,000,000 | ' |
Total revenue | 49,000,000 | ' | 49,000,000 | ' | ' | ' |
Net income attributable to investee | 15,000,000 | ' | 14,000,000 | ' | ' | ' |
Other Financial Data For Equity Method Investments [Abstract] | ' | ' | ' | ' | ' | ' |
Ownership common shares, investee (in shares) | 1,654,068 | ' | ' | ' | ' | ' |
Income Loss From Equity Method Investments | 6,385,000 | ' | 6,076,000 | ' | ' | ' |
Sale price, per share (in dollars per share) | $360.99 | ' | ' | ' | ' | ' |
Equity Method Investment Market Value | 597,102,000 | ' | ' | ' | ' | ' |
Excess of investee's fair value over carrying amount | 429,978,000 | ' | ' | ' | ' | ' |
Alexanders Inc [Member] | Equity In Net Income After Income Taxes [Member] | ' | ' | ' | ' | ' | ' |
Other Financial Data For Equity Method Investments [Abstract] | ' | ' | ' | ' | ' | ' |
Income Loss From Equity Method Investments | 4,759,000 | ' | 4,589,000 | ' | ' | ' |
Alexanders Inc [Member] | Management Leasing And Development Fees [Member] | ' | ' | ' | ' | ' | ' |
Other Financial Data For Equity Method Investments [Abstract] | ' | ' | ' | ' | ' | ' |
Income Loss From Equity Method Investments | 1,626,000 | ' | 1,487,000 | ' | ' | ' |
Lexington Realty Trust [Member] | ' | ' | ' | ' | ' | ' |
Other Financial Data For Equity Method Investments [Abstract] | ' | ' | ' | ' | ' | ' |
Income Loss From Equity Method Investments | 0 | ' | -979,000 | ' | ' | ' |
LNR [Member] | ' | ' | ' | ' | ' | ' |
Other Financial Data For Equity Method Investments [Abstract] | ' | ' | ' | ' | ' | ' |
Income Loss From Equity Method Investments | 0 | ' | 18,731,000 | ' | ' | ' |
LNR [Member] | Equity In Net Income After Income Taxes [Member] | ' | ' | ' | ' | ' | ' |
Other Financial Data For Equity Method Investments [Abstract] | ' | ' | ' | ' | ' | ' |
Income Loss From Equity Method Investments | 0 | ' | 45,962,000 | ' | ' | ' |
LNR [Member] | Impairment Loss [Member] | ' | ' | ' | ' | ' | ' |
Other Financial Data For Equity Method Investments [Abstract] | ' | ' | ' | ' | ' | ' |
Income Loss From Equity Method Investments | 0 | ' | -27,231,000 | ' | ' | ' |
India real estate ventures [Member] | ' | ' | ' | ' | ' | ' |
Equity Method Investments And Income From Equity Method Investments [Abstract] | ' | ' | ' | ' | ' | ' |
Carrying amount of investments in partially owned entities | 88,563,000 | ' | ' | ' | 88,467,000 | ' |
Other Financial Data For Equity Method Investments [Abstract] | ' | ' | ' | ' | ' | ' |
Income Loss From Equity Method Investments | -137,000 | ' | -767,000 | ' | ' | ' |
India real estate ventures [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' |
Equity Method Investments And Income From Equity Method Investments [Abstract] | ' | ' | ' | ' | ' | ' |
Equity method ownership percentage | 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% | ' | ' | ' | ' | ' |
Partially owned office buildings [Member] | ' | ' | ' | ' | ' | ' |
Equity Method Investments And Income From Equity Method Investments [Abstract] | ' | ' | ' | ' | ' | ' |
Carrying amount of investments in partially owned entities | 628,881,000 | ' | ' | ' | 621,294,000 | ' |
Other Financial Data For Equity Method Investments [Abstract] | ' | ' | ' | ' | ' | ' |
Income Loss From Equity Method Investments | -2,395,000 | ' | -582,000 | ' | ' | ' |
Other equity method investments [Member] | ' | ' | ' | ' | ' | ' |
Equity Method Investments And Income From Equity Method Investments [Abstract] | ' | ' | ' | ' | ' | ' |
Carrying amount of investments in partially owned entities | 284,428,000 | ' | ' | ' | 288,897,000 | ' |
Other Financial Data For Equity Method Investments [Abstract] | ' | ' | ' | ' | ' | ' |
Income Loss From Equity Method Investments | -3,721,000 | ' | -1,713,000 | ' | ' | ' |
All Equity Method Investees Excluding Toys [Member] | ' | ' | ' | ' | ' | ' |
Equity Method Investments And Income From Equity Method Investments [Abstract] | ' | ' | ' | ' | ' | ' |
Carrying amount of investments in partially owned entities | 1,168,996,000 | ' | ' | ' | 1,166,443,000 | ' |
Other Financial Data For Equity Method Investments [Abstract] | ' | ' | ' | ' | ' | ' |
Income Loss From Equity Method Investments | $132,000 | ' | $20,766,000 | ' | ' | ' |
Investments_in_Partially_Owned3
Investments in Partially Owned Entities (LNR) (Details) (LNR [Member], USD $) | 1 Months Ended | 3 Months Ended |
Jan. 31, 2013 | Mar. 31, 2013 | |
Schedule Of Equity Method Investments [Line Items] | ' | ' |
Sales Of Real Estate | $1,053,000,000 | ' |
Impairment loss | ' | -27,231,000 |
Vornado Realty Trust [Member] | ' | ' |
Schedule Of Equity Method Investments [Line Items] | ' | ' |
Proceeds from the sale of LNR | $240,474,000 | ' |
Investments_in_Partially_Owned4
Investments in Partially Owned Entities - Debt (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | Toys R Us [Member] | Toys R Us [Member] | Toys R Us [Member] | Toys R Us [Member] | Alexanders Inc [Member] | Alexanders Inc [Member] | Alexanders Inc [Member] | Alexanders Inc [Member] | Partially owned office buildings [Member] | Partially owned office buildings [Member] | Partially owned office buildings [Member] | Partially owned office buildings [Member] | India real estate ventures [Member] | India real estate ventures [Member] | India real estate ventures [Member] | India real estate ventures [Member] | India real estate ventures [Member] | India real estate ventures [Member] | Other equity method investments [Member] | Other equity method investments [Member] | Other equity method investments [Member] | Other equity method investments [Member] | ||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Tcg Urban Infrastructure Holdings [Member] | Tcg Urban Infrastructure Holdings [Member] | Tcg Urban Infrastructure Holdings [Member] | Tcg Urban Infrastructure Holdings [Member] | Minimum [Member] | Maximum [Member] | |||||||||||
Minimum [Member] | Maximum [Member] | |||||||||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method ownership percentage | ' | ' | 32.60% | ' | ' | ' | 32.40% | ' | ' | ' | ' | ' | ' | ' | 4.10% | 36.50% | 25.00% | ' | ' | ' | ' | ' | ' | ' |
Maturity, Range, Start | ' | ' | ' | ' | '2014 | ' | ' | ' | '2015 | ' | ' | ' | '2014 | ' | ' | ' | ' | ' | '2014 | ' | ' | ' | '2014 | ' |
Maturity, Range, End | ' | ' | ' | ' | ' | '2021 | ' | ' | ' | '2021 | ' | ' | ' | '2023 | ' | ' | ' | ' | ' | '2022 | ' | ' | ' | '2023 |
Debt Instrument, Interest Rate at Period End (in percentage) | ' | ' | 7.14% | ' | ' | ' | 2.59% | ' | ' | ' | 5.74% | ' | ' | ' | ' | ' | 13.23% | ' | ' | ' | 4.56% | ' | ' | ' |
Equity Method Investment Debt Of Partially Owned Entities | ' | ' | $4,977,482 | $5,702,247 | ' | ' | $1,035,022 | $1,049,959 | ' | ' | $3,632,588 | $3,622,759 | ' | ' | ' | ' | $202,496 | $199,021 | ' | ' | $1,705,703 | $1,709,509 | ' | ' |
Equity Method Investment Pro Rata Share Debt Of Partially Owned Entities | $3,953,375 | $4,189,403 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dispositions_Narratives_Detail
Dispositions (Narratives) (Details) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Feb. 24, 2014 | Mar. 17, 2014 | Mar. 02, 2014 | Mar. 31, 2014 | Mar. 02, 2014 |
Retail Properties Segment [Member] | Retail Properties Segment [Member] | Retail Properties Segment [Member] | Retail Properties Segment [Member] | Retail Properties Segment [Member] | |||
Retail NY Hicksville (Broadway Mall) [Member] | Retail CA Los Angeles Beverly Connection [Member] | Retail Springfield Mall [Member] | Retail Springfield Mall [Member] | Retail Springfield Mall [Member] | |||
sqft | sqft | Pennsylevenia Real Estate Investment Trust [Member] | |||||
Disposal Group Including Discontinued Operation Additional Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Gross proceeds from the sale of real estate | ' | ' | $94,000 | $260,000 | $465,000 | ' | ' |
Net proceeds from the sale of real estate | ' | ' | 92,174 | ' | ' | ' | ' |
Square Footage Of Real Estate Property | ' | ' | ' | 335,000 | 1,350,000 | ' | ' |
Net gains on sale of real estate | ' | ' | ' | 40,000 | ' | ' | ' |
Cash proceeds from the sale of real estate | ' | ' | ' | ' | 340,000 | ' | ' |
Operating Partnership Units Value Received From Buyer | ' | ' | ' | ' | ' | ' | 125,000 |
Impairment losses | $20,842 | $1,514 | ' | ' | ' | $20,000 | ' |
Dispositions_Details_1
Dispositions (Details 1) (USD $) | 3 Months Ended | 3 Months Ended | 0 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 17, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Retail Green Acres Mall [Member] | Retail Green Acres Mall [Member] | Other Real Estate [Member] | Other Real Estate [Member] | Retail Properties Segment [Member] | Retail Properties Segment [Member] | Retail Properties Segment [Member] | Retail Properties Segment [Member] | Retail Properties Segment [Member] | Retail Properties Segment [Member] | Retail Properties Segment [Member] | ||||
Retail CA Los Angeles Beverly Connection [Member] | Retail CA Los Angeles Beverly Connection [Member] | Retail CA Los Angeles Beverly Connection [Member] | Retail NY Hicksville (Broadway Mall) [Member] | Retail NY Hicksville (Broadway Mall) [Member] | ||||||||||
Disposal Group Including Discontinued Operation Unclassified Balance Sheet Disclosures Abstract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets related to discontinued operations | $207,575 | ' | $314,622 | ' | ' | ' | ' | $207,575 | $314,622 | ' | $207,575 | $208,458 | $0 | $106,164 |
Liabilities related to discontinued operations | 0 | ' | 13,950 | ' | ' | ' | ' | 0 | 13,950 | ' | 0 | 0 | 0 | 13,950 |
Discontinued Operation, Income (Loss) from Discontinued Operations Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | 8,283 | 25,990 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total expenses | 5,550 | 20,043 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from discontinued operations before gain on sale of real estate | 2,733 | 5,947 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment losses | -842 | -1,514 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net gains on sale of real estate | ' | ' | ' | 0 | 202,275 | 0 | 54 | ' | ' | 40,000 | ' | ' | ' | ' |
Income from discontinued operations | $1,891 | $206,762 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Identified_Intangible_Assets_a2
Identified Intangible Assets and Intangible Liabilities (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | Below Market Leases Net Of Above Market Leases [Member] | Below Market Leases Net Of Above Market Leases [Member] | Other Identified Intangible Assets [Member] | Other Identified Intangible Assets [Member] | Tenant Under Ground Leases [Member] | Tenant Under Ground Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Gross amount | $589,973 | $589,961 | ' | ' | ' | ' | ' | ' |
Accumulated amortization | -290,214 | -277,998 | ' | ' | ' | ' | ' | ' |
Net | 299,759 | 311,963 | ' | ' | ' | ' | ' | ' |
Gross amount | 850,765 | 856,933 | ' | ' | ' | ' | ' | ' |
Accumulated amortization | -367,972 | -360,398 | ' | ' | ' | ' | ' | ' |
Net | 482,793 | 496,535 | ' | ' | ' | ' | ' | ' |
Amortization of Intangible Assets | ' | ' | 11,682 | 16,177 | 9,325 | 25,213 | 858 | 1,102 |
2015 | ' | ' | 39,972 | ' | 23,254 | ' | 3,430 | ' |
2016 | ' | ' | 38,631 | ' | 20,237 | ' | 3,430 | ' |
2017 | ' | ' | 34,929 | ' | 16,821 | ' | 3,430 | ' |
2018 | ' | ' | 33,309 | ' | 12,441 | ' | 3,430 | ' |
2019 | ' | ' | $30,072 | ' | $11,535 | ' | $3,430 | ' |
Debt_Narratives_Details
Debt (Narratives) (Details) (USD $) | 3 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Apr. 16, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2014 | Mar. 31, 2014 | |
Notes And Mortgages Payable Fixed Rate [Member] | Notes And Mortgages Payable Fixed Rate [Member] | Notes And Mortgages Payable Fixed Rate [Member] | Notes And Mortgages Payable Fixed Rate [Member] | Notes And Mortgages Payable Variable Rate [Member] | Notes And Mortgages Payable Variable Rate [Member] | Notes And Mortgages Payable Variable Rate [Member] | Notes And Mortgages Payable Variable Rate [Member] | ||||
New York 909 Third Avenue [Member] | New York 909 Third Avenue [Member] | New York Manhattan 220 Central Park South Site [Member] | New York Manhattan 220 Central Park South Site [Member] | ||||||||
Subsequent Event [Member] | Extensions | ||||||||||
sqft | |||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgages payable | $8,913,358,000 | ' | $8,331,993,000 | $7,546,030,000 | $7,563,133,000 | $193,000,000 | ' | $1,367,328,000 | $768,860,000 | $600,000,000 | ' |
Notes And Loans Payable Refinanced Amount | ' | ' | ' | ' | ' | ' | 350,000,000 | ' | ' | ' | ' |
Debt Term | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ' |
Interest Rate, End of Period (in percentage) | ' | ' | ' | 4.56% | ' | 5.64% | 3.91% | 2.55% | ' | ' | 2.90% |
Proceeds from borrowings | $600,000,000 | $1,499,375,000 | ' | ' | ' | ' | $145,000,000 | ' | ' | ' | ' |
Square Footage Of Real Estate Property | ' | ' | ' | ' | ' | ' | 1,300,000 | ' | ' | ' | ' |
Length Of Extension Available | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' |
Number Of Extensions Available | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' |
Debt Instrument Maturity | ' | ' | ' | ' | ' | ' | 'May 2021 | ' | ' | 'January 2016 | ' |
Spread Over LIBOR (in percentage) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75% | ' |
Debt_Summary_of_Debt_Details
Debt (Summary of Debt) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Notes And Loans Payable | $8,913,358,000 | $8,331,993,000 |
Senior unsecured notes | 1,343,442,000 | 1,350,855,000 |
Revolving credit facility debt | 88,138,000 | 295,870,000 |
Notes And Mortgages Payable Fixed Rate [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes And Loans Payable | 7,546,030,000 | 7,563,133,000 |
Debt Instrument, Interest Rate at Period End (in percentage) | 4.56% | ' |
Notes And Mortgages Payable Variable Rate [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes And Loans Payable | 1,367,328,000 | 768,860,000 |
Debt Instrument, Interest Rate at Period End (in percentage) | 2.55% | ' |
Total Notes And Mortgages Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes And Loans Payable | 8,913,358,000 | 8,331,993,000 |
Debt Instrument, Interest Rate at Period End (in percentage) | 4.25% | ' |
Senior Unsecured Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior unsecured notes | 1,343,442,000 | 1,350,855,000 |
Debt Instrument, Interest Rate at Period End (in percentage) | 5.67% | ' |
Unsecured Revolving Credit Facilities [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Revolving credit facility debt | 88,138,000 | 295,870,000 |
Debt Instrument, Interest Rate at Period End (in percentage) | 1.31% | ' |
Unsecured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unsecured Debt And Revolving Credit Facility | $1,431,580,000 | $1,646,725,000 |
Debt Instrument, Interest Rate at Period End (in percentage) | 5.41% | ' |
Redeemable_Noncontrolling_Inte2
Redeemable Noncontrolling Interests (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Redeemable Noncontrolling Interests Rollforward [Abstract] | ' | ' | ' |
Reedemable Noncontrolling Interest, Beginning Balance | $1,003,620 | $944,152 | ' |
Net Income | 3,860 | 14,719 | ' |
Other comprehensive income | 361 | 8,299 | ' |
Distributions | -8,383 | -8,946 | ' |
Redemption of Class A units for common shares, at redemption value | -5,156 | -13,404 | ' |
Adjustment to carry Class A redeemable units at redemption value | 136,937 | 44,998 | ' |
Other, net | 9,592 | 5,264 | ' |
Reedemable Noncontrolling Interest, Ending Balance | 1,140,831 | 995,082 | ' |
Redeemable Noncontrolling Interests Additional Disclosure [Abstract] | ' | ' | ' |
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount | 1,139,831 | ' | 1,002,620 |
Common Class A [Member] | ' | ' | ' |
Redeemable Noncontrolling Interests Additional Disclosure [Abstract] | ' | ' | ' |
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount | 1,139,831 | ' | 1,002,620 |
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 | $55,097 | ' | $55,097 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accumulated other comprehensive (loss) income, Beginning Balance | $71,537 | ($18,946) |
OCI before reclassifications | 6,089 | 139,899 |
Amounts reclassified from AOCI | 0 | 0 |
Net current period OCI | 6,089 | 139,899 |
Accumulated other comprehensive (loss) income, Ending Balance | 77,626 | 120,953 |
Unrealized gain (loss) on securities available for sale [Member] | ' | ' |
Accumulated other comprehensive (loss) income, Beginning Balance | 119,309 | 19,432 |
OCI before reclassifications | 13,125 | 148,789 |
Amounts reclassified from AOCI | 0 | 0 |
Net current period OCI | 13,125 | 148,789 |
Accumulated other comprehensive (loss) income, Ending Balance | 132,434 | 168,221 |
Pro Rata Share Of Non Consolidated Subsidiaries Oci [Member] | ' | ' |
Accumulated other comprehensive (loss) income, Beginning Balance | -11,501 | 11,313 |
OCI before reclassifications | -8,286 | -3,647 |
Amounts reclassified from AOCI | 0 | 0 |
Net current period OCI | -8,286 | -3,647 |
Accumulated other comprehensive (loss) income, Ending Balance | -19,787 | 7,666 |
Change in value of interest rate Swap [Member] | ' | ' |
Accumulated other comprehensive (loss) income, Beginning Balance | -31,882 | -50,065 |
OCI before reclassifications | 1,610 | 2,523 |
Amounts reclassified from AOCI | 0 | 0 |
Net current period OCI | 1,610 | 2,523 |
Accumulated other comprehensive (loss) income, Ending Balance | -30,272 | -47,542 |
Other [Member] | ' | ' |
Accumulated other comprehensive (loss) income, Beginning Balance | -4,389 | 374 |
OCI before reclassifications | -360 | -7,766 |
Amounts reclassified from AOCI | 0 | 0 |
Net current period OCI | -360 | -7,766 |
Accumulated other comprehensive (loss) income, Ending Balance | ($4,749) | ($7,392) |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Variable Interest Entity [Line Items] | ' | ' |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | $148,120 | $152,929 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable Securities | $205,042 | $191,917 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable Securities | 205,042 | 191,917 |
Real Estate Fund investments | 682,002 | 667,710 |
Deferred Compensation Plan Assets | 121,970 | 116,515 |
Total assets | 1,009,014 | 976,142 |
Mandatorily redeemable instruments (included in other liabilities) | 55,097 | 55,097 |
Interest rate swap (included in other liabilities) | 30,272 | 31,882 |
Total liabilities | 85,369 | 86,979 |
Other Partners Ownership Interest In Real Estate Fund (in percentage) | 75.00% | 75.00% |
Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Real Estate, Net at Fair Value | 341,660 | 354,351 |
Investments in Partially Owned Entities at Fair Value | 75,932 | 83,224 |
Total Assets, Nonrecurring | 417,592 | 437,575 |
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 | 205,042 | 191,917 |
Real Estate Fund investments | 0 | 0 |
Deferred Compensation Plan Assets | 54,343 | 47,733 |
Total assets | 259,385 | 239,650 |
Mandatorily redeemable instruments (included in other liabilities) | 55,097 | 55,097 |
Interest rate swap (included in other liabilities) | 0 | 0 |
Total liabilities | 55,097 | 55,097 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Real Estate, Net at Fair Value | 0 | 0 |
Investments in Partially Owned Entities at Fair Value | 0 | 0 |
Total Assets, Nonrecurring | 0 | 0 |
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 | 0 | 0 |
Total assets | 0 | 0 |
Mandatorily redeemable instruments (included in other liabilities) | 0 | 0 |
Interest rate swap (included in other liabilities) | 30,272 | 31,882 |
Total liabilities | 30,272 | 31,882 |
Fair Value Inputs Level 2 Member | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Real Estate, Net at Fair Value | 0 | 0 |
Investments in Partially Owned Entities at Fair Value | 0 | 0 |
Total Assets, Nonrecurring | 0 | 0 |
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 | 682,002 | 667,710 |
Deferred Compensation Plan Assets | 67,627 | 68,782 |
Total assets | 749,629 | 736,492 |
Mandatorily redeemable instruments (included in other liabilities) | 0 | 0 |
Interest rate swap (included in other liabilities) | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Real Estate, Net at Fair Value | 341,660 | 354,351 |
Investments in Partially Owned Entities at Fair Value | 75,932 | 83,224 |
Total Assets, Nonrecurring | $417,592 | $437,575 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 1) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | Minimum [Member] | Maximum [Member] | Real Estate Fund [Member] | Real Estate Fund [Member] | Real Estate Fund [Member] | Real Estate Fund [Member] | Real Estate Fund [Member] | Deferred Compensation Plan Assets [Member] | Deferred Compensation Plan Assets [Member] | ||
Investments | Minimum [Member] | Maximum [Member] | Weighted Average [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Investments Made By Fund | ' | ' | ' | ' | 9 | ' | ' | ' | ' | ' | ' |
Real Estate Fund Nondepreciable Real Estate | $682,002 | $667,710 | ' | ' | $682,002 | ' | ' | ' | ' | ' | ' |
Excess of fair value over cost | ' | ' | ' | ' | 167,582 | ' | ' | ' | ' | ' | ' |
Unobservable Quantitative Input [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rates | ' | ' | ' | ' | ' | ' | 12.00% | 17.50% | 13.90% | ' | ' |
Terminal capitalization rates | ' | ' | ' | ' | ' | ' | 5.00% | 6.10% | 5.70% | ' | ' |
Fair Value Measurement Anticipated Investment Holding Period | ' | ' | '3 months 18 days | '6 years 3 months 18 days | ' | ' | ' | ' | ' | ' | ' |
Opening Balance - changes in Level 3 " deferred compensation plan assets" | ' | ' | ' | ' | 667,710 | 600,786 | ' | ' | ' | 68,782 | 62,631 |
Purchases | ' | ' | ' | ' | 123 | 13,668 | ' | ' | ' | 1,644 | 2,707 |
Sales/Returns | ' | ' | ' | ' | 0 | -56,664 | ' | ' | ' | -5,124 | -2,697 |
Net unrealized gains | ' | ' | ' | ' | 14,169 | 13,516 | ' | ' | ' | ' | ' |
Realized and unrealized gain | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,172 | 1,354 |
Other, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 153 | 1,015 |
Closing Balance - changes in Level 3 " deferred compensation plan assets" | ' | ' | ' | ' | $682,002 | $571,306 | ' | ' | ' | $67,627 | $65,010 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 2) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Senior unsecured notes | $1,343,442 | $1,350,855 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash equivalents | 922,872 | 295,000 |
Mortgage and mezzanine loans receivable | 42,749 | 170,972 |
Total assets | 965,621 | 465,972 |
Mortgages payable | 8,913,358 | 8,331,993 |
Senior unsecured notes | 1,343,442 | 1,350,855 |
Revolving credit facility debt | 88,138 | 295,870 |
Total debt | 10,344,938 | 9,978,718 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash equivalents | 923,000 | 295,000 |
Mortgage and mezzanine loans receivable | 43,000 | 171,000 |
Total assets | 966,000 | 466,000 |
Mortgages payable | 8,763,000 | 8,104,000 |
Senior unsecured notes | 1,398,000 | 1,402,000 |
Revolving credit facility debt | 88,000 | 296,000 |
Total debt | $10,249,000 | $9,802,000 |
Incentive_Compensation_Details
Incentive Compensation (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' |
Share Based Compensation Expense (in dollars) | $11,024 | $7,466 |
Out Performance Plan 2014 [Member] | ' | ' |
Out Performance Plan [Abstract] | ' | ' |
Duration Of Performance Measurement Period | '3 years | ' |
Award vesting in three years | 33.00% | ' |
Award vesting in four years | 33.00% | ' |
Award vesting in five years | 34.00% | ' |
Out Performance Plan 2014 [Member] | Absolute [Member] | ' | ' |
Out Performance Plan [Abstract] | ' | ' |
Required Shareholder Return Per Year | 7.00% | ' |
Required Shareholder Return Three Year | 21.00% | ' |
Out Performance Plan 2014 [Member] | Relative [Member] | ' | ' |
Out Performance Plan [Abstract] | ' | ' |
Required Shareholder Return Under Relative Component | 6.00% | ' |
Percentage Of Shareholder Return Under Which No Awards Will Be Earned | 0.00% | ' |
Fee_and_Other_Income_Details
Fee and Other Income (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Fee And Other Income [Line Items] | ' | ' |
BMS cleaning fees | $18,956 | $16,664 |
Signage Revenue | 9,318 | 6,481 |
Management and leasing fees | 6,214 | 5,253 |
Lease termination fees | 3,793 | 59,968 |
Other income | 7,647 | 8,447 |
Fee and other income | 45,928 | 96,813 |
Stop & Shop [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Gain related to litigation settlement | 59,599 | ' |
Interstate Properties [Member] | ' | ' |
Fee And Other Income [Line Items] | ' | ' |
Management and leasing fees | $134 | $203 |
Interest_and_Other_Investment_2
Interest and Other Investment Income (Loss), Net (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ' | ' |
Mark-to-market of investments in our deferred compensation plan | $4,400 | $3,446 |
Dividends and interest on marketable securities | 3,106 | 2,770 |
Interest on mezzanine loans receivable | 2,384 | 5,077 |
Non-cash impairment loss on J.C. Penney common shares | 0 | -39,487 |
Loss from the mark-to-market of J.C. Penney derivative position | 0 | -22,540 |
Other, net | 2,003 | 1,659 |
Interest and other investment (loss) income, net | $11,893 | ($49,075) |
Interest_and_Debt_Expense_Deta
Interest and Debt Expense (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Interest Expense Debt [Abstract] | ' | ' |
Interest expense | $118,252 | $123,228 |
Amortization of deferred financing costs | 4,812 | 5,378 |
Capitalized interest | -13,622 | -8,260 |
Interest and Debt Expense, Total | $109,442 | $120,346 |
Income_Per_Share_Details
Income Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Per Share [Abstract] | ' | ' |
Income from continuing operations, net of income attributable to noncontrolling interests | $80,936 | $67,986 |
Income from discontinued operations, net of income attributable to noncontrolling interests | 1,781 | 194,936 |
Net income attributable to Vornado | 82,717 | 262,922 |
Preferred share dividends | -20,368 | -21,702 |
Preferred unit and share redemptions | 0 | -9,230 |
Net income attributable to common shareholders | 62,349 | 231,990 |
Earnings allocated to unvested participating securities | -30 | -56 |
Numerator for basic income per share | 62,319 | 231,934 |
Convertible preferred share dividends | 0 | 28 |
Numerator for diluted income per share | $62,319 | $231,962 |
Denominator for basic income per share - weighted average shares | 187,307 | 186,752 |
Employee stock options and restricted share awards (in shares) | 933 | 727 |
Convertible preferred shares | 0 | 50 |
Denominator for diluted income per share - weighted average shares and assumed conversions (in shares) | 188,240 | 187,529 |
INCOME PER COMMON SHARE - BASIC: | ' | ' |
Income from continuing operations, net (in dollars per share) | $0.32 | $0.20 |
Income from discontinued operations, net (in dollars per share) | $0.01 | $1.04 |
Net income per common share (in dollars per share) | $0.33 | $1.24 |
INCOME PER COMMON SHARE - DILUTED: | ' | ' |
Income from continuing operations, net (in dollars per share) | $0.32 | $0.20 |
Income from discontinued operations, net (in dollars per share) | $0.01 | $1.04 |
Net income per common share (in dollars per share) | $0.33 | $1.24 |
Income_Per_Share_Parenthetical
Income Per Share (Parentheticals) (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Per Share [Abstract] | ' | ' |
Weighted average common share equivalents of excluded dilutive securities due to anti-dilutive effect | 11,326 | 11,997 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Loss Contingencies [Line Items] | ' |
Guarantees and master leases | $420,000 |
Outstanding letters of credit | 38,477 |
Commitment to fund additional capital to partially owned entities | 125,000 |
NBCR Losses [Member] | ' |
Loss Contingencies [Line Items] | ' |
Federal government deductible, percentage of balance of a covered loss | 85.00% |
Earthquake California Properties [Member] | ' |
Loss Contingencies [Line Items] | ' |
Insurance limit per occurrence | 180,000 |
Vornado deductible, percentage of property value | 5.00% |
Vornado deductible, annual aggregate | 180,000 |
All Risk And Rental Value [Member] | ' |
Loss Contingencies [Line Items] | ' |
Insurance limit per occurrence | 2,000,000 |
General Liability [Member] | ' |
Loss Contingencies [Line Items] | ' |
Insurance limit per occurrence | 300,000 |
Terrorism Acts [Member] | ' |
Loss Contingencies [Line Items] | ' |
Insurance limit per occurrence | 4,000,000 |
PPIC [Member] | NBCR Losses [Member] | ' |
Loss Contingencies [Line Items] | ' |
Insurance deductible | $2,150 |
Insurance Deductible Percentage Of Balance Of Covered Loss | 15.00% |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Total Revenues | $660,618 | $718,713 |
Total expenses | 494,984 | 468,419 |
Operating income | 165,634 | 250,294 |
Income from partially owned entities | 1,979 | 22,525 |
Income from real estate fund | 18,148 | 16,564 |
Interest and other investment income (loss), net | 11,893 | -49,075 |
Interest and debt expense | -109,442 | -120,346 |
Net gain on disposition of wholly owned and partially owned assets other than depreciable real estate | 9,635 | -36,724 |
Income before income taxes | 97,847 | 83,238 |
Income tax expense | -1,582 | -1,073 |
Income from continuing operations | 96,265 | 82,165 |
Income from discontinued operations | 1,891 | 206,762 |
Net income | 98,156 | 288,927 |
Less net (income) loss attributable to noncontrolling interests | -15,439 | -26,005 |
Net income attributable to Vornado | 82,717 | 262,922 |
Interest and debt expense (2) | 170,952 | 188,780 |
Depreciation and amortization (2) | 196,339 | 194,185 |
Income tax (benefit) expense (2) | 19,831 | 60,759 |
EBITDA | 469,839 | 706,646 |
New York Segment [Member] | Operating Segments [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total Revenues | 371,282 | 364,801 |
Total expenses | 241,999 | 242,927 |
Operating income | 129,283 | 121,874 |
Income from partially owned entities | 1,566 | 5,605 |
Interest and other investment income (loss), net | 1,475 | 1,165 |
Interest and debt expense | -42,839 | -40,431 |
Income before income taxes | 89,485 | 88,213 |
Income tax expense | -969 | -272 |
Income from continuing operations | 88,516 | 87,941 |
Income from discontinued operations | ' | 2,728 |
Net income | 88,516 | 90,669 |
Less net (income) loss attributable to noncontrolling interests | -1,405 | -1,581 |
Net income attributable to Vornado | 87,111 | 89,088 |
Interest and debt expense (2) | 58,068 | 49,689 |
Depreciation and amortization (2) | 87,587 | 78,413 |
Income tax (benefit) expense (2) | 1,032 | 347 |
EBITDA | 233,798 | 217,537 |
Washington DC Segment [Member] | Operating Segments [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total Revenues | 135,278 | 134,731 |
Total expenses | 89,572 | 85,197 |
Operating income | 45,706 | 49,534 |
Income from partially owned entities | -1,266 | -2,093 |
Interest and other investment income (loss), net | 36 | 76 |
Interest and debt expense | -19,347 | -28,250 |
Income before income taxes | 25,129 | 19,267 |
Income tax expense | 199 | -378 |
Income from continuing operations | 25,328 | 18,889 |
Income from discontinued operations | ' | 0 |
Net income | 25,328 | 18,889 |
Net income attributable to Vornado | 25,328 | 18,889 |
Interest and debt expense (2) | 22,798 | 31,753 |
Depreciation and amortization (2) | 36,150 | 35,148 |
Income tax (benefit) expense (2) | -189 | 454 |
EBITDA | 84,087 | 86,244 |
Retail Properties Segment [Member] | Operating Segments [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total Revenues | 88,805 | 142,212 |
Total expenses | 82,231 | 48,580 |
Operating income | 6,574 | 93,632 |
Income from partially owned entities | 538 | 901 |
Interest and other investment income (loss), net | 9 | 51 |
Interest and debt expense | -9,217 | -10,286 |
Net gain on disposition of wholly owned and partially owned assets other than depreciable real estate | 0 | ' |
Income before income taxes | -2,096 | 84,298 |
Income tax expense | -731 | 0 |
Income from continuing operations | -2,827 | 84,298 |
Income from discontinued operations | 1,714 | 205,382 |
Net income | -1,113 | 289,680 |
Less net (income) loss attributable to noncontrolling interests | -17 | -96 |
Net income attributable to Vornado | -1,130 | 289,584 |
Interest and debt expense (2) | 10,351 | 14,223 |
Depreciation and amortization (2) | 25,328 | 18,519 |
Income tax (benefit) expense (2) | 731 | 0 |
EBITDA | 35,280 | 322,326 |
Toys R Us Segment [Member] | Other Non-Operating Segments [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Income from partially owned entities | 1,847 | 1,759 |
Income before income taxes | 1,847 | 1,759 |
Income from continuing operations | 1,847 | 1,759 |
Net income | 1,847 | 1,759 |
Net income attributable to Vornado | 1,847 | 1,759 |
Interest and debt expense (2) | 38,549 | 43,182 |
Depreciation and amortization (2) | 26,924 | 37,674 |
Income tax (benefit) expense (2) | 18,077 | 59,346 |
EBITDA | 85,397 | 141,961 |
Other Segment [Member] | Other Non-Operating Segments [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total Revenues | 65,253 | 76,969 |
Total expenses | 81,182 | 91,715 |
Operating income | -15,929 | -14,746 |
Income from partially owned entities | -706 | 16,353 |
Income from real estate fund | 18,148 | 16,564 |
Interest and other investment income (loss), net | 10,373 | -50,367 |
Interest and debt expense | -38,039 | -41,379 |
Net gain on disposition of wholly owned and partially owned assets other than depreciable real estate | 9,635 | -36,724 |
Income before income taxes | -16,518 | -110,299 |
Income tax expense | -81 | -423 |
Income from continuing operations | -16,599 | -110,722 |
Income from discontinued operations | 177 | -1,348 |
Net income | -16,422 | -112,070 |
Less net (income) loss attributable to noncontrolling interests | -14,017 | -24,328 |
Net income attributable to Vornado | -30,439 | -136,398 |
Interest and debt expense (2) | 41,186 | 49,933 |
Depreciation and amortization (2) | 20,350 | 24,431 |
Income tax (benefit) expense (2) | 180 | 612 |
EBITDA | $31,277 | ($61,422) |
Segment_Information_Parentheti
Segment Information (Parentheticals) (Details) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Apr. 19, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
LNR [Member] | New York Segment [Member] | New York Segment [Member] | New York Segment [Member] | New York Segment [Member] | New York Segment [Member] | New York Segment [Member] | New York Segment [Member] | New York Segment [Member] | New York Segment [Member] | New York Segment [Member] | Washington DC Segment [Member] | Washington DC Segment [Member] | Washington DC Segment [Member] | Washington DC Segment [Member] | Washington DC Segment [Member] | Washington DC Segment [Member] | Washington DC Segment [Member] | Washington DC Segment [Member] | Washington DC Segment [Member] | Washington DC Segment [Member] | Retail Properties Segment [Member] | Retail Properties Segment [Member] | Retail Properties Segment [Member] | Retail Properties Segment [Member] | Retail Properties Segment [Member] | Retail Properties Segment [Member] | Retail Properties Segment [Member] | Retail Properties Segment [Member] | Retail Properties Segment [Member] | Other Segment [Member] | Other Segment [Member] | Other Segment [Member] | Other Segment [Member] | Other Segment [Member] | Other Segment [Member] | Other Segment [Member] | Other Segment [Member] | Other Segment [Member] | Other Segment [Member] | Other Segment [Member] | Other Segment [Member] | Other Segment [Member] | Other Segment [Member] | Other Segment [Member] | Other Segment [Member] | Other Segment [Member] | Other Segment [Member] | Other Segment [Member] | Other Segment [Member] | Other Segment [Member] | Other Segment [Member] | Other Segment [Member] | Other Segment [Member] | Other Segment [Member] | Other Segment [Member] | Other Segment [Member] | Other Segment [Member] | Other Segment [Member] | Other Segment [Member] | Other Segment [Member] | Other Segment [Member] | Other Segment [Member] | Other Segment [Member] | Other Segment [Member] | Other Segment [Member] | Other Segment [Member] | |||
Operating Segments [Member] | Operating Segments [Member] | Alexanders Inc [Member] | Alexanders Inc [Member] | Hotel Pennsylvania [Member] | Hotel Pennsylvania [Member] | Retail Properties [Member] | Retail Properties [Member] | Office Properties [Member] | Office Properties [Member] | Operating Segments [Member] | Operating Segments [Member] | Washington Dc Office Excluding Skyline Properties [Member] | Washington Dc Office Excluding Skyline Properties [Member] | Washington DC Skyline Properties [Member] | Washington DC Skyline Properties [Member] | Washington Dc Residential Property [Member] | Washington Dc Residential Property [Member] | Office Properties [Member] | Office Properties [Member] | Operating Segments [Member] | Operating Segments [Member] | Retail Segment Strip Shopping Centers [Member] | Retail Segment Strip Shopping Centers [Member] | Retail Segment Strip Shopping Centers [Member] | Retail Segment Regional Malls [Member] | Retail Segment Regional Malls [Member] | Retail Segment Regional Malls [Member] | Retail Segment Regional Malls [Member] | Other Non-Operating Segments [Member] | Other Non-Operating Segments [Member] | LNR [Member] | Merchandise Mart Other [Member] | Merchandise Mart Other [Member] | Other Properties 555 California Street [Member] | Other Properties 555 California Street [Member] | India real estate ventures [Member] | India real estate ventures [Member] | Lexington Realty Trust [Member] | Other Investments [Member] | Other Investments [Member] | Other EBITDA attributable to identifiable investments [Member] | Other EBITDA attributable to identifiable investments [Member] | Corporate General And Administrative Expenses Excluding Mark To Market Of Deferred Compensation Plan Assets And Offsetting Liability [Member] | Corporate General And Administrative Expenses Excluding Mark To Market Of Deferred Compensation Plan Assets And Offsetting Liability [Member] | Marketable Equity Securities [Member] | Investment Income And Other Excluding Mark To Market Of Deferred Compensation Plan Assets And Offsetting Liability [Member] | Investment Income And Other Excluding Mark To Market Of Deferred Compensation Plan Assets And Offsetting Liability [Member] | Net Gain On Sale Of Marketable Securities Land Parcels And Residential Condominimums [Member] | Loss On Sale Of J C Penney Common Shares [Member] | Derivative Positions in Marketable Equity Securities [Member] | Acquisition Costs [Member] | Acquisition Costs [Member] | Severance Costs [Member] | Net Income Attributable To Operating Partnership [Member] | Net Income Attributable To Operating Partnership [Member] | Preferred Unit Distributions Of The Operating Partnership [Member] | Preferred Unit Distributions Of The Operating Partnership [Member] | Income before net realized / unrealized gains (Operations) [Member] | Income before net realized / unrealized gains (Operations) [Member] | Carried Interest [Member] | Carried Interest [Member] | Unrealized Gain From Mark To Market [Member] | Unrealized Gain From Mark To Market [Member] | Our Total Share Of Real Estate Fund [Member] | Our Total Share Of Real Estate Fund [Member] | ||||
Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Litigation Settlement Income [Member] | Operating Segments [Member] | Operating Segments [Member] | Net Gain On Sale Of Real Estate [Member] | Impairment Of Development Costs [Member] | Other Non-Operating Segments [Member] | Other Non-Operating Segments [Member] | Other Non-Operating Segments [Member] | Other Non-Operating Segments [Member] | Other Non-Operating Segments [Member] | Other Non-Operating Segments [Member] | Other Non-Operating Segments [Member] | Other Non-Operating Segments [Member] | Other Non-Operating Segments [Member] | Other Non-Operating Segments [Member] | Other Non-Operating Segments [Member] | Other Non-Operating Segments [Member] | Other Non-Operating Segments [Member] | Other Non-Operating Segments [Member] | Other Non-Operating Segments [Member] | Other Non-Operating Segments [Member] | Other Non-Operating Segments [Member] | Other Non-Operating Segments [Member] | Other Non-Operating Segments [Member] | Other Non-Operating Segments [Member] | Other Non-Operating Segments [Member] | Other Non-Operating Segments [Member] | Other Non-Operating Segments [Member] | Other Non-Operating Segments [Member] | Other Non-Operating Segments [Member] | Other Non-Operating Segments [Member] | Other Non-Operating Segments [Member] | Real Estate Fund [Member] | Real Estate Fund [Member] | Real Estate Fund [Member] | Real Estate Fund [Member] | Real Estate Fund [Member] | Real Estate Fund [Member] | Real Estate Fund [Member] | Real Estate Fund [Member] | ||||||||||||
Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Other Non-Operating Segments [Member] | Other Non-Operating Segments [Member] | Other Non-Operating Segments [Member] | Other Non-Operating Segments [Member] | Other Non-Operating Segments [Member] | Other Non-Operating Segments [Member] | Other Non-Operating Segments [Member] | Other Non-Operating Segments [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Before Interest, Taxes, Depreciation, and Amortization | $469,839,000 | $706,646,000 | ' | $233,798,000 | $217,537,000 | $10,430,000 | $10,541,000 | ($706,000) | $318,000 | $66,195,000 | $60,382,000 | $157,879,000 | $146,296,000 | $84,087,000 | $86,244,000 | $67,257,000 | $67,107,000 | $6,499,000 | $8,162,000 | $10,331,000 | $10,975,000 | $73,756,000 | $75,269,000 | $35,280,000 | $322,326,000 | $41,321,000 | $103,361,000 | $59,599,000 | ($6,041,000) | $218,965,000 | $202,275,000 | $20,000,000 | $31,277,000 | ($61,422,000) | $20,443,000 | $19,087,000 | $16,854,000 | $12,066,000 | $10,629,000 | $1,824,000 | $1,759,000 | $6,931,000 | $4,919,000 | $3,117,000 | $45,195,000 | $66,757,000 | ($25,982,000) | ($22,756,000) | ($39,487,000) | $8,073,000 | $11,336,000 | $9,635,000 | ($36,800,000) | ($22,540,000) | ($1,784,000) | ($601,000) | ($2,612,000) | ($3,848,000) | ($13,933,000) | ($12,000) | ($786,000) | $1,982,000 | $1,462,000 | $1,775,000 | $2,183,000 | $3,542,000 | $3,379,000 | $7,299,000 | $7,024,000 |
Sales Of Real Estate | ' | ' | $1,053,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |