Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 31, 2015 | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | VORNADO REALTY TRUST |
Entity Central Index Key | 899689 |
Document Type | 10-Q |
Document Period End Date | 31-Mar-15 |
Document Fiscal Year Focus | 2015 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | FALSE |
Current Fiscal Year End Date | -19 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 188,272,702 |
Entity Well Known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Trading Symbol | vno |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Real estate, at cost: | ||
Land | $3,914,401 | $3,861,913 |
Buildings and improvements | 11,881,228 | 11,705,749 |
Development costs and construction in progress | 1,157,180 | 1,128,037 |
Leasehold improvements and equipment | 127,534 | 126,659 |
Total | 17,080,343 | 16,822,358 |
Less accumulated depreciation and amortization | -3,248,078 | -3,161,633 |
Real estate, net | 13,832,265 | 13,660,725 |
Cash and cash equivalents | 1,067,568 | 1,198,477 |
Restricted cash | 198,672 | 176,204 |
Marketable securities | 184,991 | 206,323 |
Tenant and other receivables, net of allowance for doubtful accounts of $12,456 and $12,210 | 110,477 | 109,998 |
Investments in partially owned entities | 1,408,214 | 1,246,496 |
Real estate fund investments | 554,426 | 513,973 |
Receivable arising from the straight-lining of rents, net of allowance of $3,083 and $3,188 | 816,661 | 787,271 |
Deferred leasing and financing costs, net of accumulated amortization of $289,589 and $281,109 | 478,507 | 475,158 |
Identified intangible assets, net of accumulated amortization of $200,330 and 199,821 | 229,579 | 225,155 |
Assets related to discontinued operations | 35,342 | 2,238,474 |
Other assets | 344,349 | 410,066 |
Assets | 19,261,051 | 21,248,320 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Mortgages payable | 8,316,793 | 8,263,165 |
Senior unsecured notes | 847,332 | 1,347,159 |
Revolving credit facility debt | 400,000 | 0 |
Accounts payable and accrued expenses | 432,970 | 447,745 |
Deferred revenue | 346,026 | 358,613 |
Deferred compensation plan | 121,530 | 117,284 |
Liabilities related to discontinued operations | 11,354 | 1,511,362 |
Other liabilities | 436,608 | 375,830 |
Total liabilities | 10,912,613 | 12,421,158 |
Commitments and contingencies | ||
Redeemable noncontrolling interests: | ||
Class A units - 11,640,982 and 11,356,550 units outstanding | 1,303,790 | 1,336,780 |
Series D cumulative redeemable preferred units - 1 unit outstanding | 1,000 | 1,000 |
Total redeemable noncontrolling interests | 1,304,790 | 1,337,780 |
Vornado shareholders' equity: | ||
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 52,678,939 shares | 1,277,014 | 1,277,026 |
Common shares of beneficial interest: $.04 par value per share; authorized 250,000,000 shares; issued and outstanding 188,272,702 and 187,887,498 shares | 7,509 | 7,493 |
Additional capital | 6,935,205 | 6,873,025 |
Earnings less than distributions | -2,006,439 | -1,505,385 |
Accumulated other comprehensive income | 72,609 | 93,267 |
Total Vornado shareholders' equity | 6,285,898 | 6,745,426 |
Noncontrolling interests in consolidated subsidiaries | 757,750 | 743,956 |
Total equity | 7,043,648 | 7,489,382 |
Total liabilities, redeemable noncontrolling interests and equity | $19,261,051 | $21,248,320 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
ASSETS | ||
Tenant and other receivables, allowance for doubtful accounts (in US dollars) | $12,456 | $12,210 |
Receivable arising from the straight-lining of rents, allowance (in US dollars) | 3,083 | 3,188 |
Deferred leasing and financing costs, accumulated amortization (in US dollars) | 289,589 | 281,109 |
Identified intangible assets, accumulated amortization (in US dollars) | $200,330 | $199,821 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Preferred Stock, Par Value Per Share | $0 | $0 |
Preferred shares of beneficial interest: authorized shares | 110,000,000 | 110,000,000 |
Preferred shares of beneficial interest: issued shares | 52,678,939 | 52,678,939 |
Preferred shares of beneficial interest: outstanding shares | 52,678,939 | 52,678,939 |
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 | 188,272,702 | 187,887,498 |
Common shares of beneficial interest: outstanding shares | 188,272,702 | 187,887,498 |
Common Class A [Member] | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Outstanding Partnership Units held by Third Parties | 11,640,982 | 11,356,550 |
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, 2015 | Mar. 31, 2014 |
REVENUES: | ||
Property rentals | $500,274 | $467,140 |
Tenant expense reimbursements | 66,921 | 59,301 |
Fee and other income | 39,607 | 35,940 |
Total revenues | 606,802 | 562,381 |
EXPENSES: | ||
Operating | 254,493 | 236,561 |
Depreciation and amortization | 124,122 | 131,792 |
General and administrative | 58,492 | 47,502 |
Acquisition and transaction related costs | 1,981 | 1,285 |
Total expenses | 439,088 | 417,140 |
Operating income | 167,714 | 145,241 |
(Loss) income from partially owned entities | -2,405 | 1,979 |
Income from real estate fund investments | 24,089 | 18,148 |
Interest and other investment income, net | 10,792 | 11,850 |
Interest and debt expense | -91,674 | -96,312 |
Net gain on disposition of wholly owned and partially owned assets | 1,860 | 9,635 |
Income before income taxes | 110,376 | 90,541 |
Income tax expense | -971 | -851 |
Income from continuing operations | 109,405 | 89,690 |
Income from discontinued operations | 15,841 | 8,466 |
Net income | 125,246 | 98,156 |
Less net income attributable to noncontrolling interests in: | ||
Consolidated subsidiaries | -15,882 | -11,579 |
Operating Partnership | -5,287 | -3,860 |
Net income attributable to Vornado | 104,077 | 82,717 |
Preferred share dividends | -19,484 | -20,368 |
NET INCOME attributable to common shareholders | $84,593 | $62,349 |
INCOME PER COMMON SHARE - BASIC: | ||
Income from continuing operations, net (in dollars per share) | $0.37 | $0.29 |
Income from discontinued operations, net (in dollars per share) | $0.08 | $0.04 |
Net income per common share (in dollars per share) | $0.45 | $0.33 |
Weighted average shares outstanding | 187,999 | 187,307 |
INCOME PER COMMON SHARE - DILUTED: | ||
Income from continuing operations, net (in dollars per share) | $0.37 | $0.29 |
Income from discontinued operations, net (in dollars per share) | $0.08 | $0.04 |
Net income per common share (in dollars per share) | $0.45 | $0.33 |
Weighted average shares outstanding | 189,336 | 188,240 |
DIVIDENDS PER COMMON SHARE (in dollars per share) | $0.63 | $0.73 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net income | $125,246 | $98,156 |
Other comprehensive income (loss): | ||
Change in unrealized net (loss) gain on available-for-sale securities | -21,332 | 13,125 |
Pro rata share of other comprehensive income (loss) of nonconsolidated subsidiaries | 157 | -8,286 |
Change in value of interest rate swap and other | -771 | 1,611 |
Comprehensive income | 103,300 | 104,606 |
Less comprehensive income attributable to noncontrolling interests | -19,881 | -15,800 |
Comprehensive income attributable to Vornado | $83,419 | $88,806 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Equity (USD $) | Total | Real estate fund investments | All other except real estate fund investments | 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 investments | All other except real estate fund investments | |||||||||
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 | |||||||||
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 | 0 | |||||||
Under dividend reinvestment plan, Shares | 5 | ||||||||||
Under dividend reinvestment plan, Value | 446 | 0 | 446 | ||||||||
Distribution: | |||||||||||
Distributions | -8,383 | -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 (loss) gain on available-for-sale securities | 13,125 | 13,125 | |||||||||
Pro rata share of other comprehensive income (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 | |||||||||
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 | |||||||||
Beginning balance, Value at Dec. 31, 2014 | 7,489,382 | 1,277,026 | 7,493 | 6,873,025 | -1,505,385 | 93,267 | 743,956 | ||||
Beginning balance, Shares at Dec. 31, 2014 | 52,679 | 187,887 | |||||||||
Net income attributable to Vornado | 104,077 | 104,077 | |||||||||
Net income attributable to noncontrolling interests in consolidated subsidiaries | 15,882 | 13,539 | 15,882 | ||||||||
Distribution of Urban Edge Properties | -464,603 | -464,262 | -341 | ||||||||
Dividends on common shares, Value | -118,447 | -118,447 | |||||||||
Dividends on preferred shares, Value | -19,484 | -19,484 | |||||||||
Common shares issued: | |||||||||||
Upon redemption of Class A units, at redemption value, Shares | 210 | ||||||||||
Upon redemption of Class A units, at redemption value, Value | 23,493 | 8 | 23,485 | ||||||||
Under employees' share option plan, Shares | 165 | ||||||||||
Under employees' share option plan, Value | 9,100 | 7 | 11,672 | -2,579 | |||||||
Under dividend reinvestment plan, Shares | 3 | ||||||||||
Under dividend reinvestment plan, Value | 338 | 338 | |||||||||
Contributions: | |||||||||||
Contributions | 51,350 | 51,350 | |||||||||
Distribution: | |||||||||||
Distributions | -7,280 | -52,882 | -125 | -52,882 | -125 | ||||||
Conversion Of Series A preferred shares to common shares, Shares | 1 | ||||||||||
Conversion of Series A preferred shares to common shares, Value | -12 | 12 | |||||||||
Deferred compensation shares and options, Shares | 7 | ||||||||||
Deferred compensation shares and options, Value | 966 | 1 | 1,324 | -359 | |||||||
Change in unrealized net (loss) gain on available-for-sale securities | -21,332 | -21,332 | |||||||||
Pro rata share of other comprehensive income (loss) of nonconsolidated subsidiaries | 157 | 157 | |||||||||
Change in value of interest rate swap | -776 | -776 | |||||||||
Adjustments to carry redeemable Class A units at redemption value | 25,349 | 25,349 | |||||||||
Redeemable noncontrolling interests' share of above adjustments | 1,288 | 1,288 | |||||||||
Other | -85 | 5 | -90 | ||||||||
Ending balance, Value at Mar. 31, 2015 | $7,043,648 | $1,277,014 | $7,509 | $6,935,205 | ($2,006,439) | $72,609 | $757,750 | ||||
Ending balance, Shares at Mar. 31, 2015 | 52,679 | 188,273 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash Flows from Operating Activities: | ||
Net income | $125,246,000 | $98,156,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization (including amortization of deferred financing costs) | 131,112,000 | 153,869,000 |
Return of capital from real estate fund investments | 72,208,000 | 0 |
Net gains on sale of real estate and other | -32,243,000 | 0 |
Straight-lining of rental income | -29,474,000 | -13,236,000 |
Net realized and unrealized gains on real estate fund investments | -17,639,000 | -14,169,000 |
Distributions of income from partially owned entities | 15,874,000 | 12,966,000 |
Other non-cash adjustments | 15,865,000 | 11,885,000 |
Amortization of below-market leases, net | -12,754,000 | -12,144,000 |
(Loss) income from partially owned entities | 2,405,000 | -1,979,000 |
Net gain on disposition of wholly owned and partially owned assets | -1,860,000 | -9,635,000 |
Impairment losses | 256,000 | 20,842,000 |
Changes in operating assets and liabilities: | ||
Real estate fund investments | -95,022,000 | -123,000 |
Accounts receivable, net | 975,000 | -7,624,000 |
Prepaid assets | 62,658,000 | 53,841,000 |
Other assets | -13,093,000 | -18,297,000 |
Accounts payable and accrued expenses | -12,691,000 | 31,554,000 |
Other liabilities | -17,307,000 | 3,225,000 |
Net cash provided by operating activities | 194,516,000 | 309,131,000 |
Cash Flows from Investing Activities: | ||
Proceeds from sales of real estate and related investments | 334,725,000 | 120,270,000 |
Development costs and construction in progress | -88,052,000 | -90,653,000 |
Additions to real estate | -54,466,000 | -53,103,000 |
Acquisitions of real estate and other | -49,878,000 | 0 |
Investments in partially owned entities | -23,912,000 | -16,633,000 |
Proceeds from repayments of mortgage and mezzanine loans receivable and other | 16,763,000 | 69,347,000 |
Distributions of capital from partially owned entities | 13,409,000 | 1,277,000 |
Restricted cash | 1,282,000 | 52,256,000 |
Net cash provided by investing activities | 149,871,000 | 82,761,000 |
Cash Flows from Financing Activities: | ||
Repayments of borrowings | -907,431,000 | -233,198,000 |
Proceeds from borrowings | 800,000,000 | 600,000,000 |
Cash included in the spin-off of Urban Edge Properties | -225,000,000 | 0 |
Dividends paid on common shares | -118,447,000 | -136,761,000 |
Distributions to noncontrolling interests | -60,287,000 | -10,474,000 |
Contributions from noncontrolling interests | 51,350,000 | 0 |
Dividends paid on preferred shares | -19,484,000 | -20,368,000 |
Proceeds received from exercise of employee share options | 12,018,000 | 3,676,000 |
Debt issuance costs | -5,076,000 | -20,752,000 |
Repurchase of shares related to stock compensation agreements and/or related tax withholdings | -2,939,000 | -578,000 |
Net cash (used in) provided by financing activities | -475,296,000 | 181,545,000 |
Net (decrease) increase in cash and cash equivalents | -130,909,000 | 573,437,000 |
Cash and cash equivalents at beginning of period | 1,198,477,000 | 583,290,000 |
Cash and cash equivalents at end of period | 1,067,568,000 | 1,156,727,000 |
Supplemental Disclosure Of Cash Flow Information: | ||
Cash payments for interest, excluding capitalized interest of $8,479 and $13,622 | 91,702,000 | 100,209,000 |
Cash payments for income taxes | 2,175,000 | 1,214,000 |
Non-cash distribution of Urban Edge Properties: | ||
Assets | 1,722,263,000 | 0 |
Liabilities | -1,482,660,000 | 0 |
Equity | -239,603,000 | 0 |
Transfer of interest in real estate to Pennsylvania Real Estate Investment Trust | -145,313,000 | 0 |
Accrued capital expenditures included in accounts payable and accrued expenses | 87,232,000 | 74,424,000 |
Financing assumed in acquisitions | 62,000,000 | 0 |
Adjustments to carry redeemable Class A units at redemption value | 25,349,000 | -136,937,000 |
Receipt of security deposits included in restricted cash and other liabilities | 42,346,000 | 0 |
Write-off of fully depreciated assets | -18,790,000 | -67,204,000 |
Elimination of a mortgage and mezzanine loan asset and liability | 0 | 59,375,000 |
Acquisitions [Member] | ||
Non-cash distribution of Urban Edge Properties: | ||
Like-kind exchange of real estate | 57,722,000 | 0 |
Dispositions [Member] | ||
Non-cash distribution of Urban Edge Properties: | ||
Like-kind exchange of real estate | ($38,822,000) | $0 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parentheticals) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Cash Flows [Abstract] | ||
Cash paid for capitalized interest | $8,479 | $13,622 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2015 | |
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, 2015. All references to “we,” “us,” “our,” the “Company” and “Vornado” refer to Vornado Realty Trust and its consolidated subsidiaries, including the Operating Partnership. | |
On January 15, 2015, we completed the spin-off of substantially all of our retail segment comprised of 79 strip shopping centers, three malls, a warehouse park and $225,000,000 of cash to Urban Edge Properties (“UE”) (NYSE: UE). As part of this transaction, we retained 5,717,184 UE operating partnership units (5.4% ownership interest). We are providing transition services to UE for an initial period of up to two years, including information technology, human resources, tax and financial reporting. UE is providing us with leasing and property management services for (i) the Monmouth Mall, (ii) certain small retail properties that we plan to sell, and (iii) our affiliate, Alexander's, Inc. (NYSE: ALX), Rego Park retail assets. Steven Roth, our Chairman and Chief Executive Officer is a member of the Board of Trustees of UE. The spin-off distribution was effected by Vornado distributing one UE common share for every two Vornado common shares. Beginning in the first quarter of 2015, the historical financial results of UE are reflected in our consolidated financial statements as discontinued operations for all periods presented. |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
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, 2014, 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, 2015 are not necessarily indicative of the operating results for the full year. | |
Certain prior year balances have been reclassified in order to conform to the current period presentation. Beginning in the three months ended March 31, 2015, the Company classified signage revenue within “property rentals”. For the three months ended March 31, 2014, $9,300,000 related to signage revenue has been reclassified from “fee and other income” to “property rentals” to conform to the current period presentation. | |
Recently_Issued_Accounting_Lit
Recently Issued Accounting Literature | 3 Months Ended |
Mar. 31, 2015 | |
Recently Issued Accounting Literature [Abstract] | |
Recently Issued Accounting Literature | 3. Recently Issued Accounting Literature |
In April 2014, the Financial Accounting Standards Board (“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, ASU 2014-08 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 began after December 15, 2014. Upon adoption of this standard on January 1, 2015, individual properties sold in the ordinary course of business are not expected to qualify as discontinued operations. The financial results of UE and certain other retail assets are reflected in our consolidated financial statements as discontinued operations for all periods presented (see Note 8 – Dispositions). | |
In May 2014, the FASB issued an update ("ASU 2014-09") establishing ASC Topic 606, Revenue from Contracts with Customers. ASU 2014-09 establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. ASU 2014-09 requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. ASU 2014-09 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2016. We are currently evaluating the impact of the adoption of ASU 2014-09 on our consolidated financial statements. | |
In June 2014, the FASB issued an update (“ASU 2014-12”) to ASC Topic 718, Compensation – Stock Compensation. ASU 2014-12 requires an entity to treat performance targets that can be met after the requisite service period of a share based award has ended, as a performance condition that affects vesting. ASU 2014-12 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2015. We are currently evaluating the impact of the adoption of ASU 2014-12 on our consolidated financial statements. | |
In February 2015, the FASB issued an update (“ASU 2015-02”) Amendments to the Consolidation Analysis to ASC Topic 810, Consolidation. ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the amendments: (i) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities, (ii) eliminate the presumption that a general partner should consolidate a limited partnership, (iii) affect the consolidated analysis of reporting entities that are involved with VIEs, and (iv) provide a scope exception for certain entities. ASU 2015-02 is effective for interim and annual reporting periods beginning after December 15, 2015. We are currently evaluating the impact of the adoption of ASU 2015-02 on our consolidated financial statements. | |
In April 2015, the FASB issued an update (“ASU 2015-03”) Simplifying the Presentation of Debt Issuance Costs to ASC Topic 835, Interest. ASU 2015-03 requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability to which they relate, consistent with debt discounts, as opposed to being presented as assets. ASU 2015-03 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2015. The adoption of this update on January 1, 2016 will not have a material impact on our consolidated financial statements. | |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | 4. Acquisitions |
On January 20, 2015, we and one of the Fund's limited partners co-invested with the Fund to buy out the Fund's joint venture partner's 57% interest in the Crowne Plaza Times Square Hotel (see Note 5 – Vornado Capital Partners Real Estate Fund). | |
On March 18, 2015, we acquired the Center Building, a 437,000 square foot office building, located at 33-00 Northern Boulevard in Long Island City, New York, for $142,000,000, including the assumption of an existing $62,000,000, 4.43% mortgage maturing in October 2018. | |
As of March 31, 2015, we have made a $25,000,000 non-refundable deposit related to an agreement to acquire a property in the Penn Plaza submarket in Manhattan for $355,000,000. | |
On April 8, 2015, we made an $11,000,000 refundable contribution to a joint venture, in which we will have a 55% interest. The joint venture plans to develop a 173,000 square foot Class-A office building, located on the western side of the High Line at 510 West 22nd Street. |
Vornado_Capital_Partners_Real_
Vornado Capital Partners Real Estate Fund (the "Fund") | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Real Estate Fund [Abstract] | |||||||||||||||||||||
Vornado Capital Partners Real Estate Fund (the "Fund") | 5. Vornado Capital Partners Real Estate Fund (the “Fund”) | ||||||||||||||||||||
We are the general partner and investment manager of the Fund, which has an eight-year term and a three-year investment period that ended in July 2013. During the investment period, the Fund was our exclusive investment vehicle for all investments that fit within its investment parameters, as defined. The Fund is accounted for under ASC 946, Financial Services – Investment Companies 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. | |||||||||||||||||||||
On January 20, 2015, we and one of the Fund's limited partners co-invested with the Fund to buy out the Fund's joint venture partner's 57% interest in the Crowne Plaza Times Square Hotel (the “Co-Investment”). The purchase price for the 57% interest was approximately $95,000,000 (our share $39,000,000) which valued the property at approximately $480,000,000. The property is encumbered by a newly placed $310,000,000 mortgage loan bearing interest at LIBOR plus 2.80% which matures in December 2018 with a one-year extension option. Our aggregate ownership interest in the property increased to 33% from 11%. The Co-Investment is included as a component of “real estate fund investments” on our consolidated balance sheets. | |||||||||||||||||||||
On March 25, 2015, the Fund completed the sale of 520 Broadway in Santa Monica, CA for $91,650,000. The Fund realized a $24,705,000 net gain over the holding period. | |||||||||||||||||||||
At March 31, 2015, we had six investments with an aggregate fair value of $554,426,000, or $169,832,000 in excess of cost, and had remaining unfunded commitments of $102,324,000, of which our share was $25,581,000. Below is a summary of income from the Fund for the three months ended March 31, 2015 and 2014. | |||||||||||||||||||||
For the Three Months | |||||||||||||||||||||
(Amounts in thousands) | Ended March 31, | ||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Net investment income | $ | 6,450 | $ | 3,979 | |||||||||||||||||
Net realized gains on exited investments | 24,705 | - | |||||||||||||||||||
Previously recorded unrealized gains on exited investments | -23,279 | - | |||||||||||||||||||
Net unrealized gains on held investments | 16,213 | 14,169 | |||||||||||||||||||
Income from real estate fund investments | 24,089 | 18,148 | |||||||||||||||||||
Less income attributable to noncontrolling interests | -13,539 | -10,849 | |||||||||||||||||||
Income from real estate fund investments attributable to Vornado (1) | $ | 10,550 | $ | 7,299 | |||||||||||||||||
___________________________________ | |||||||||||||||||||||
-1 | Excludes property management, leasing and development fees of $704 and $618 for the three months ended March 31, 2015 and 2014, respectively, which are included as a component of "fee and other income" on our consolidated statements of income. |
Marketable_Securities
Marketable Securities | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Marketable Securities [Abstract] | |||||||||||||||||||
Marketable Securities | 6. Marketable Securities | ||||||||||||||||||
Below is a summary of our marketable securities portfolio as of March 31, 2015 and December 31, 2014. | |||||||||||||||||||
(Amounts in thousands) | As of March 31, 2015 | As of December 31, 2014 | |||||||||||||||||
GAAP | Unrealized | GAAP | Unrealized | ||||||||||||||||
Fair Value | Cost | Gain | Fair Value | Cost | Gain | ||||||||||||||
Equity securities: | |||||||||||||||||||
Lexington Realty Trust | $ | 181,550 | $ | 72,549 | $ | 109,001 | $ | 202,789 | $ | 72,549 | $ | 130,240 | |||||||
Other | 3,441 | - | 3,441 | 3,534 | - | 3,534 | |||||||||||||
$ | 184,991 | $ | 72,549 | $ | 112,442 | $ | 206,323 | $ | 72,549 | $ | 133,774 |
Investments_in_Partially_Owned
Investments in Partially Owned Entities | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
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, 2015, we own 32.6% of Toys. We have not guaranteed any of Toys' obligations and are not committed to provide any support to Toys. Pursuant to ASC 323-10-35-20, we discontinued applying the equity method for our Toys' investment when the carrying amount was reduced to zero in the third quarter of 2014. We will resume application of the equity method if, during the period the equity method has been suspended, our share of unrecognized net income exceeds our share of unrecognized net losses. | |||||||||||||||||||||
In the first quarter of 2014, we recognized our share of Toys' fourth quarter net income of $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: | 31-Jan-15 | 1-Nov-14 | |||||||||||||||||||
Assets | $ | 9,958,000 | $ | 11,267,000 | |||||||||||||||||
Liabilities | 9,014,000 | 10,377,000 | |||||||||||||||||||
Noncontrolling interests | 85,000 | 82,000 | |||||||||||||||||||
Toys “R” Us, Inc. equity (1) | 859,000 | 808,000 | |||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||
Income Statement: | 31-Jan-15 | 1-Feb-14 | |||||||||||||||||||
Total revenues | $ | 4,983,000 | $ | 5,267,000 | |||||||||||||||||
Net income attributable to Toys | 193,700 | 82,500 | |||||||||||||||||||
-1 | At March 31, 2015, the carrying amount of our investment in Toys is less than our share of Toys' equity by approximately $279,936. This basis difference results primarily from non-cash impairment losses aggregating $355,953 that we have recognized through March 31, 2015. We have allocated the basis difference primarily to Toys' real estate, which is being amortized over its remaining estimated useful life. | ||||||||||||||||||||
Alexander's, Inc. (“Alexander's”) (NYSE: ALX) | |||||||||||||||||||||
As of March 31, 2015, 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, 2015, the market value (“fair value” pursuant to ASC 820) of our investment in Alexander's, based on Alexander's March 31, 2015 closing share price of $456.58, was $755,214,000, or $623,071,000 in excess of the carrying amount on our consolidated balance sheet. As of March 31, 2015, the carrying amount of our investment in Alexander's exceeds our share of the equity in the net assets of Alexander's by approximately $41,048,000. 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. | |||||||||||||||||||||
7. Investments in Partially Owned Entities - continued | |||||||||||||||||||||
Alexander's, Inc. (“Alexander's”) (NYSE: ALX) - continued | |||||||||||||||||||||
Below is a summary of Alexander's latest available financial information: | |||||||||||||||||||||
(Amounts in thousands) | Balance as of | ||||||||||||||||||||
Balance Sheet: | 31-Mar-15 | 31-Dec-14 | |||||||||||||||||||
Assets | $ | 1,433,000 | $ | 1,423,000 | |||||||||||||||||
Liabilities | 1,084,000 | 1,075,000 | |||||||||||||||||||
Stockholders' equity | 349,000 | 348,000 | |||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||
Income Statement: | 2015 | 2014 | |||||||||||||||||||
Total revenues | $ | 52,000 | $ | 49,000 | |||||||||||||||||
Net income attributable to Alexander’s | 18,000 | 15,000 | |||||||||||||||||||
Urban Edge Properties (“UE”) (NYSE: UE) | |||||||||||||||||||||
As part of our spin-off of substantially all of our retail segment to UE on January 15, 2015 (see Note 1 – Organization), we retained 5,717,184 UE operating partnership units, representing a 5.4% ownership interest in UE. We account for our investment in UE under the equity method and will recognize our share of UE's earnings on a one-quarter lag basis. We are providing transition services to UE for an initial period of up to two years, including information technology, human resources, tax and financial reporting. UE is providing us with leasing and property management services for (i) the Monmouth Mall, (ii) certain small retail properties that we plan to sell, and (iii) our affiliate, Alexander's, Rego Park retail assets. | |||||||||||||||||||||
Pennsylvania Real Estate Investment Trust (“PREIT”) (NYSE: PEI) | |||||||||||||||||||||
On March 31, 2015, we transferred the redeveloped Springfield Town Center, a 1,350,000 square foot mall located in Springfield, Fairfax County, Virginia, to PREIT Associates, L.P., which is the operating partnership of PREIT, in exchange for $485,313,000; comprised of $340,000,000 of cash and 6,250,000 PREIT operating partnership units (valued at $145,313,000 or $23.25 per PREIT unit) (See Note 8 – Dispositions). $19,000,000 of tenant improvements and allowances was credited to PREIT as a closing adjustment. As a result of this transaction, we own an 8.1% interest in PREIT. We account for our investment in PREIT under the equity method and will recognize our share of PREIT's earnings on a one-quarter lag basis. | |||||||||||||||||||||
7. Investments in Partially Owned Entities – continued | |||||||||||||||||||||
Below are schedules summarizing our investments in, and (loss) income from, partially owned entities. | |||||||||||||||||||||
Percentage | |||||||||||||||||||||
(Amounts in thousands) | Ownership at | Balance as of | |||||||||||||||||||
Investments: | 31-Mar-15 | 31-Mar-15 | 31-Dec-14 | ||||||||||||||||||
Partially owned office buildings (1) | Various | $ | 766,074 | $ | 760,749 | ||||||||||||||||
PREIT Associates | 8.10% | 144,681 | - | ||||||||||||||||||
Alexander’s | 32.40% | 132,143 | 131,616 | ||||||||||||||||||
India real estate ventures | 4.1%-36.5% | 67,159 | 76,752 | ||||||||||||||||||
Urban Edge | 5.40% | 25,206 | - | ||||||||||||||||||
Toys | 32.60% | - | - | ||||||||||||||||||
Other investments (2) | Various | 272,951 | 277,379 | ||||||||||||||||||
$ | 1,408,214 | $ | 1,246,496 | ||||||||||||||||||
-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 Tenth 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 (Loss) Income: | 31-Mar-15 | 2015 | 2014 | ||||||||||||||||||
Partially owned office buildings (1) | Various | $ | -9,296 | $ | -2,395 | ||||||||||||||||
Alexander's: | |||||||||||||||||||||
Equity in net income | 32.40% | 5,594 | 4,759 | ||||||||||||||||||
Management, leasing and development fees | 2,097 | 1,626 | |||||||||||||||||||
7,691 | 6,385 | ||||||||||||||||||||
Toys: | |||||||||||||||||||||
Equity in net income | 32.60% | - | 75,196 | ||||||||||||||||||
Non-cash impairment losses | - | -75,196 | |||||||||||||||||||
Management fees | 1,454 | 1,847 | |||||||||||||||||||
1,454 | 1,847 | ||||||||||||||||||||
Urban Edge (2) | 5.40% | 584 | - | ||||||||||||||||||
India real estate ventures | 4.1%-36.5% | -109 | -137 | ||||||||||||||||||
Other investments (3) | Various | -2,729 | -3,721 | ||||||||||||||||||
$ | -2,405 | $ | 1,979 | ||||||||||||||||||
-1 | Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 330 Madison Avenue and others. | ||||||||||||||||||||
-2 | Represents fees earned pursuant to our transition services agreement with UE. | ||||||||||||||||||||
-3 | Includes interests in Independence Plaza, Monmouth Mall, 85 Tenth Avenue, Fashion Center Mall, 50-70 West 93rd Street and others. |
Dispositions
Dispositions | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||
Discontinued Operations | 8. Dispositions | ||||||||||
Discontinued Operations | |||||||||||
On January 15, 2015, we completed the spin-off of substantially all of our retail segment comprised of 79 strip shopping centers, three malls, a warehouse park and $225,000,000 of cash to UE (NYSE: UE) (see Note 1 – Organization). | |||||||||||
On March 13, 2015, we sold our lease position in Geary Street, CA for $34,189,000, which resulted in a net gain of $21,376,000. | |||||||||||
On March 31, 2015, we transferred the redeveloped Springfield Town Center, a 1,350,000 square foot mall located in Springfield, Fairfax County, Virginia, to PREIT (see Note 7 – Investments in Partially Owned Entities). The financial statement gain was $7,823,000, of which $7,192,000 was recognized in the first quarter of 2015 and the remaining $631,000 was deferred based on our ownership interest in PREIT. On March 31, 2018, we will be entitled to additional consideration of 50% of the increase in the value of Springfield Town Center, if any, over $465,000,000, calculated utilizing a 5.5% capitalization rate. In the first quarter of 2014, we recorded a non-cash impairment loss of $20,000,000 on Springfield Town Center which is included in “income from discontinued operations” on our consolidated statements of income. | |||||||||||
During the first quarter of 2015, we sold five residual retail properties, in separate transactions, for an aggregate of $10,731,000, which resulted in net gains of $3,675,000. | |||||||||||
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, 2015 and December 31, 2014 and their combined results of operations and cash flows for the three months ended March 31, 2015 and 2014. | |||||||||||
Balance as of | |||||||||||
(Amounts in thousands) | March 31, | December 31, | |||||||||
2015 | 2014 | ||||||||||
Assets related to discontinued operations: | |||||||||||
Real estate, net | $ | 27,199 | $ | 2,028,677 | |||||||
Other assets | 8,143 | 209,797 | |||||||||
$ | 35,342 | $ | 2,238,474 | ||||||||
Liabilities related to discontinued operations: | |||||||||||
Mortgages payable | - | 1,288,535 | |||||||||
Other liabilities (primarily deferred revenue in 2014) | 11,354 | 222,827 | |||||||||
$ | 11,354 | $ | 1,511,362 | ||||||||
For the Three Months | |||||||||||
(Amounts in thousands) | Ended March 31, | ||||||||||
2015 | 2014 | ||||||||||
Income from discontinued operations | |||||||||||
Total revenues | $ | 19,958 | $ | 106,563 | |||||||
Total expenses | 13,373 | 76,025 | |||||||||
6,585 | 30,538 | ||||||||||
Net gain on sale of lease position in Geary Street, CA | 21,376 | - | |||||||||
Net gains on sale of real estate | 10,867 | - | |||||||||
Transaction related costs | -22,645 | -499 | |||||||||
Impairment losses | -256 | -20,842 | |||||||||
Pretax income from discontinued operations | 15,927 | 9,197 | |||||||||
Income tax expense | -86 | -731 | |||||||||
Income from discontinued operations | $ | 15,841 | $ | 8,466 | |||||||
Cash flows related to discontinued operations: | |||||||||||
Cash flows from operating activities | $ | -36,672 | $ | 15,535 | |||||||
Cash flows from investing activities | 310,069 | -30,397 |
Identified_Intangible_Assets_a
Identified Intangible Assets and Liabilities | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Identified Intangible Assets and Liabilities [Abstract] | ||||||||
Identified Intangible Assets and Intangible 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, 2015 and December 31, 2014. | ||||||||
Balance as of | ||||||||
March 31, | December 31, | |||||||
(Amounts in thousands) | 2015 | 2014 | ||||||
Identified intangible assets: | ||||||||
Gross amount | $ | 429,909 | $ | 424,976 | ||||
Accumulated amortization | -200,330 | -199,821 | ||||||
Net | $ | 229,579 | $ | 225,155 | ||||
Identified intangible liabilities (included in deferred revenue): | ||||||||
Gross amount | $ | 620,891 | $ | 657,976 | ||||
Accumulated amortization | -304,929 | -329,775 | ||||||
Net | $ | 315,962 | $ | 328,201 | ||||
Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental income of $12,450,000 and $9,712,000 for the three months ended March 31, 2015 and 2014, 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, 2016 is as follows: | ||||||||
(Amounts in thousands) | ||||||||
2016 | $ | 36,804 | ||||||
2017 | 34,829 | |||||||
2018 | 33,546 | |||||||
2019 | 23,514 | |||||||
2020 | 21,505 | |||||||
Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $6,185,000 and $8,891,000 for the three months ended March 31, 2015 and 2014, 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, 2016 is as follows: | ||||||||
(Amounts in thousands) | ||||||||
2016 | $ | 22,523 | ||||||
2017 | 17,692 | |||||||
2018 | 13,373 | |||||||
2019 | 11,425 | |||||||
2020 | 10,651 | |||||||
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 $458,000 for the three months ended March 31, 2015 and 2014. Estimated annual amortization of these below-market leases, net of above-market leases for each of the five succeeding years commencing January 1, 2016 is as follows: | ||||||||
(Amounts in thousands) | ||||||||
2016 | $ | 1,832 | ||||||
2017 | 1,832 | |||||||
2018 | 1,832 | |||||||
2019 | 1,832 | |||||||
2020 | 1,832 |
Debt
Debt | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||
Debt | 10. Debt | ||||||||||||||
On January 1, 2015, we redeemed all of the $500,000,000 principal amount of our outstanding 4.25% senior unsecured notes, which were scheduled to mature on April 1, 2015, at a redemption price of 100% of the principal amount plus accrued interest through December 31, 2014. | |||||||||||||||
On April 1, 2015, we completed a $308,000,000 refinancing of RiverHouse Apartments, a three building, 1,670 unit rental complex located in Arlington, VA. The loan is interest-only at LIBOR plus 1.28% and matures in 2025. We realized net proceeds of approximately $43,000,000. The property was previously encumbered by a 5.43%, $195,000,000 mortgage maturing in April 2015 and a $64,000,000 mortgage at LIBOR plus 1.53% maturing in 2018. | |||||||||||||||
The following is a summary of our debt: | |||||||||||||||
Interest Rate at | Balance at | ||||||||||||||
(Amounts in thousands) | 31-Mar-15 | 31-Mar-15 | 31-Dec-14 | ||||||||||||
Mortgages Payable: | |||||||||||||||
Fixed rate | 4.46% | $ | 6,553,924 | $ | 6,499,396 | ||||||||||
Variable rate | 2.21% | 1,762,869 | 1,763,769 | ||||||||||||
3.99% | $ | 8,316,793 | $ | 8,263,165 | |||||||||||
Unsecured Debt: | |||||||||||||||
Senior unsecured notes | 3.68% | $ | 847,332 | $ | 1,347,159 | ||||||||||
Revolving credit facility debt | 1.23% | 400,000 | - | ||||||||||||
3.39% | $ | 1,247,332 | $ | 1,347,159 |
Redeemable_Noncontrolling_Inte
Redeemable Noncontrolling Interests | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
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, 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 | |||
Balance at December 31, 2014 | $ | 1,337,780 | |||
Net income | 5,287 | ||||
Other comprehensive loss | -1,288 | ||||
Distributions | -7,280 | ||||
Redemption of Class A units for common shares, at redemption value | -23,493 | ||||
Adjustments to carry redeemable Class A units at redemption value | -25,349 | ||||
Other, net | 19,133 | ||||
Balance at March 31, 2015 | $ | 1,304,790 | |||
As of March 31, 2015 and December 31, 2014, the aggregate redemption value of redeemable Class A units was $1,303,790,000 and $1,336,780,000, 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, 2015 and December 31, 2014. Changes in the value from period to period, if any, are charged to “interest and debt expense” on our consolidated statements of income. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income ("AOCI") | 3 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ||||||||||||||||||
Accumulated Other Comprehensive Income Disclosure [Text Block] | 12. Accumulated Other Comprehensive Income (“AOCI”) | |||||||||||||||||
The following tables set forth the changes in accumulated other comprehensive income (loss) by component. | ||||||||||||||||||
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 | ||||||||
For the Three Months Ended March 31, 2015 | ||||||||||||||||||
Securities | Pro rata share of | Interest | ||||||||||||||||
available- | nonconsolidated | rate | ||||||||||||||||
(Amounts in thousands) | Total | for-sale | subsidiaries' OCI | swap | Other | |||||||||||||
Balance as of December 31, 2014 | $ | 93,267 | $ | 133,774 | $ | -8,992 | $ | -25,803 | $ | -5,712 | ||||||||
OCI before reclassifications | -20,658 | -21,332 | 157 | -776 | 1,293 | |||||||||||||
Amounts reclassified from AOCI | - | - | - | - | - | |||||||||||||
Net current period OCI | -20,658 | -21,332 | 157 | -776 | 1,293 | |||||||||||||
Balance as of March 31, 2015 | $ | 72,609 | $ | 112,442 | $ | -8,835 | $ | -26,579 | $ | -4,419 | ||||||||
Variable_Interest_Entities_VIE
Variable Interest Entities ("VIEs") | 3 Months Ended |
Mar. 31, 2015 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities ("VIEs") | 13. Variable Interest Entities (“VIEs”) |
At March 31, 2015 and December 31, 2014, we have unconsolidated VIEs comprised of our investments in the entities that own One Park Avenue, Independence Plaza and the Warner Building. 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, 2015 and December 31, 2014, the net carrying amounts of our investment in these entities were $286,876,000 and $286,783,000, respectively, and our maximum exposure to loss in these entities is limited to our investment. We did not have any consolidated VIEs as of March 31, 2015 and December 31, 2014. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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) mandatorily redeemable instruments (Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units), and (v) an interest rate swap. The tables below aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy at March 31, 2015 and December 31, 2014, respectively. | ||||||||||||||||
As of March 31, 2015 | ||||||||||||||||
(Amounts in thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Marketable securities | $ | 184,991 | $ | 184,991 | $ | - | $ | - | ||||||||
Real estate fund investments (75% of which is attributable to | ||||||||||||||||
noncontrolling interests) | 554,426 | - | - | 554,426 | ||||||||||||
Deferred compensation plan assets (included in other assets) | 121,530 | 56,694 | - | 64,836 | ||||||||||||
Total assets | $ | 860,947 | $ | 241,685 | $ | - | $ | 619,262 | ||||||||
Mandatorily redeemable instruments (included in other liabilities) | $ | 55,097 | $ | 55,097 | $ | - | $ | - | ||||||||
Interest rate swap (included in other liabilities) | 26,574 | - | 26,574 | - | ||||||||||||
Total liabilities | $ | 81,671 | $ | 55,097 | $ | 26,574 | $ | - | ||||||||
As of December 31, 2014 | ||||||||||||||||
(Amounts in thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Marketable securities | $ | 206,323 | $ | 206,323 | $ | - | $ | - | ||||||||
Real estate fund investments (75% of which is attributable to | ||||||||||||||||
noncontrolling interests) | 513,973 | - | - | 513,973 | ||||||||||||
Deferred compensation plan assets (included in other assets) | 117,284 | 53,969 | - | 63,315 | ||||||||||||
Total assets | $ | 837,580 | $ | 260,292 | $ | - | $ | 577,288 | ||||||||
Mandatorily redeemable instruments (included in other liabilities) | $ | 55,097 | $ | 55,097 | $ | - | $ | - | ||||||||
Interest rate swap (included in other liabilities) | 25,797 | - | 25,797 | - | ||||||||||||
Total liabilities | $ | 80,894 | $ | 55,097 | $ | 25,797 | $ | - | ||||||||
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, 2015, we had six investments with an aggregate fair value of $554,426,000, or $169,832,000 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 0.8 to 5.8 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 real estate fund investments at March 31, 2015 and December 31, 2014. | ||||||||||||||||
Weighted Average | ||||||||||||||||
Range | (based on fair value of investments) | |||||||||||||||
Unobservable Quantitative Input | 31-Mar-15 | 31-Dec-14 | 31-Mar-15 | 31-Dec-14 | ||||||||||||
Discount rates | 12.0% to 14.5% | 12.0% to 17.5% | 13.40% | 13.70% | ||||||||||||
Terminal capitalization rates | 4.8% to 6.5% | 4.7% to 6.5% | 5.50% | 5.30% | ||||||||||||
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 real estate fund investments that are classified as Level 3, for the three months ended March 31, 2015 and 2014. | ||||||||||||||||
Real Estate Fund Investments | ||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||||
(Amounts in thousands) | 2015 | 2014 | ||||||||||||||
Beginning balance | $ | 513,973 | $ | 667,710 | ||||||||||||
Purchases | 95,000 | 123 | ||||||||||||||
Dispositions / Distributions | -72,186 | - | ||||||||||||||
Net unrealized gains | 16,213 | 14,169 | ||||||||||||||
Net realized gains | 1,426 | - | ||||||||||||||
Ending balance | $ | 554,426 | $ | 682,002 | ||||||||||||
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, 2015 and 2014. | ||||||||||||||||
Deferred Compensation Plan Assets | ||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||||
(Amounts in thousands) | 2015 | 2014 | ||||||||||||||
Beginning balance | $ | 63,315 | $ | 68,782 | ||||||||||||
Purchases | 624 | 1,644 | ||||||||||||||
Sales | -438 | -5,124 | ||||||||||||||
Realized and unrealized gain | 1,335 | 2,172 | ||||||||||||||
Other, net | - | 153 | ||||||||||||||
Ending balance | $ | 64,836 | $ | 67,627 | ||||||||||||
Fair Value Measurements on a Nonrecurring Basis | ||||||||||||||||
Assets measured at fair value on a nonrecurring basis on our consolidated balance sheets consist primarily of real estate assets required to be measured for impairment at December 31, 2014. The fair value of our real estate assets was 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. | ||||||||||||||||
As of December 31, 2014 | ||||||||||||||||
(Amounts in thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Real estate assets | $ | 4,848 | $ | - | $ | - | $ | 4,848 | ||||||||
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, 2015 and December 31, 2014. | ||||||||||||||||
As of March 31, 2015 | As of December 31, 2014 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
(Amounts in thousands) | Amount | Value | Amount | Value | ||||||||||||
Cash equivalents | $ | 526,218 | $ | 526,000 | $ | 749,418 | $ | 749,000 | ||||||||
Mortgage and mezzanine loans receivable | - | - | 16,748 | 17,000 | ||||||||||||
$ | 526,218 | $ | 526,000 | $ | 766,166 | $ | 766,000 | |||||||||
Debt: | ||||||||||||||||
Mortgages payable | $ | 8,316,793 | $ | 8,334,000 | $ | 8,263,165 | $ | 8,224,000 | ||||||||
Senior unsecured notes | 847,332 | 898,000 | 1,347,159 | 1,385,000 | ||||||||||||
Revolving credit facility debt | 400,000 | 400,000 | - | - | ||||||||||||
$ | 9,564,125 | $ | 9,632,000 | $ | 9,610,324 | $ | 9,609,000 |
Incentive_Compensation
Incentive Compensation | 3 Months Ended |
Mar. 31, 2015 | |
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 $20,142,000 and $11,024,000 in the three months ended March 31, 2015 and 2014, respectively. | |
Fee_and_Other_Income
Fee and Other Income | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
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, | |||||||||
2015 | 2014 | |||||||||
BMS cleaning fees | $ | 22,633 | $ | 18,956 | ||||||
Management and leasing fees | 4,192 | 5,828 | ||||||||
Lease termination fees | 3,747 | 3,577 | ||||||||
Other income | 9,035 | 7,579 | ||||||||
$ | 39,607 | $ | 35,940 | |||||||
Management and leasing fees include management fees from Interstate Properties, a related party, of $139,000 and $134,000 for the three months ended March 31, 2015 and 2014, respectively. The above table excludes fee income from partially owned entities, which is typically included in “(loss) income from partially owned entities” (see Note 7 – Investments in Partially Owned Entities). |
Interest_and_Other_Investment_
Interest and Other Investment Income, Net | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Interest and Other Investment Income, Net [Abstract] | |||||||||||||||||
Interest and Other Investment Income, Net | 17. Interest and Other Investment Income, Net | ||||||||||||||||
The following table sets forth the details of interest and other investment income: | |||||||||||||||||
For the Three Months | |||||||||||||||||
(Amounts in thousands) | Ended March 31, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Dividends and interest on marketable securities | $ | 3,203 | $ | 3,106 | |||||||||||||
Mark-to-market of investments in our deferred compensation plan (1) | 2,859 | 4,400 | |||||||||||||||
Interest on mezzanine loans receivable | 1,674 | 2,384 | |||||||||||||||
Other, net | 3,056 | 1,960 | |||||||||||||||
$ | 10,792 | $ | 11,850 | ||||||||||||||
-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, 2015 | |||||||||||
Interest Expense Debt [Abstract] | |||||||||||
Interest And Debt Expense [Text Block] | 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, | ||||||||||
2015 | 2014 | ||||||||||
Interest expense | $ | 95,328 | $ | 105,512 | |||||||
Amortization of deferred financing costs | 7,456 | 4,422 | |||||||||
Capitalized interest and debt expense | -11,110 | -13,622 | |||||||||
$ | 91,674 | $ | 96,312 | ||||||||
Income_Per_Share
Income Per Share | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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 share awards. | ||||||||||||||||
For the Three Months | ||||||||||||||||
(Amounts in thousands, except per share amounts) | Ended March 31, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Numerator: | ||||||||||||||||
Income from continuing operations, net of income attributable | ||||||||||||||||
to noncontrolling interests | $ | 89,166 | $ | 74,743 | ||||||||||||
Income from discontinued operations, net of income attributable | ||||||||||||||||
to noncontrolling interests | 14,911 | 7,974 | ||||||||||||||
Net income attributable to Vornado | 104,077 | 82,717 | ||||||||||||||
Preferred share dividends | -19,484 | -20,368 | ||||||||||||||
Net income attributable to common shareholders | 84,593 | 62,349 | ||||||||||||||
Earnings allocated to unvested participating securities | -19 | -30 | ||||||||||||||
Numerator for diluted income per share | $ | 84,574 | $ | 62,319 | ||||||||||||
Denominator: | ||||||||||||||||
Denominator for basic income per share – weighted average shares | 187,999 | 187,307 | ||||||||||||||
Effect of dilutive securities(1): | ||||||||||||||||
Employee stock options and restricted share awards | 1,337 | 933 | ||||||||||||||
Denominator for diluted income per share – weighted average | ||||||||||||||||
shares and assumed conversions | 189,336 | 188,240 | ||||||||||||||
INCOME PER COMMON SHARE – BASIC: | ||||||||||||||||
Income from continuing operations, net | $ | 0.37 | $ | 0.29 | ||||||||||||
Income from discontinued operations, net | 0.08 | 0.04 | ||||||||||||||
Net income per common share | $ | 0.45 | $ | 0.33 | ||||||||||||
INCOME PER COMMON SHARE – DILUTED: | ||||||||||||||||
Income from continuing operations, net | $ | 0.37 | $ | 0.29 | ||||||||||||
Income from discontinued operations, net | 0.08 | 0.04 | ||||||||||||||
Net income per common share | $ | 0.45 | $ | 0.33 | ||||||||||||
-1 | The effect of dilutive securities in the three months ended March 31, 2015 and 2014 excludes an aggregate of 11,488 and 11,326 weighted average common share equivalents, respectively, as their effect was anti-dilutive. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
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, and $2.0 billion per occurrence and in the aggregate for terrorism involving nuclear, biological, chemical and radiological (“NBCR”) terrorism events, as defined by Terrorism Risk Insurance Program Reauthorization Act, which expires in December 2020. | |
Penn Plaza Insurance Company, LLC (“PPIC”), our wholly owned consolidated subsidiary, acts as a re-insurer with respect to a portion of all risk property and rental value insurance and a portion of our earthquake insurance coverage, and as a direct insurer for coverage for NBCR acts. Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insurance companies and the Federal government with no exposure to PPIC. For NBCR acts, PPIC is responsible for a deductible of $2,480,000 and 15% of the balance of a covered loss (16% effective January 1, 2016) and the Federal government is responsible for the remaining 85% of a covered loss (84% effective January 1, 2016). 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, 2015, the aggregate dollar amount of these guarantees and master leases is approximately $349,000,000. | |
At March 31, 2015, $39,632,000 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, 2015, we expect to fund additional capital to certain of our partially owned entities aggregating approximately $78,000,000. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||
Segment Information | 21. Segment Information | ||||||||||||||||||||||||||||
As a result of the spin-off of substantially all of our Retail Properties segment (see Note 8 - Dispositions), the remaining retail properties no longer meet the criteria to be a separate reportable segment. In addition, as a result of our investment in Toys being reduced to zero, we suspended equity method accounting for our investment in Toys (see Note 7 - Investments in Partially Owned Entities) and the Toys segment no longer meets the criteria to be a separate reportable segment. Accordingly, effective January 1, 2015, the Retail Properties segment and Toys have been reclassified to the Other segment. We have also reclassified the prior period segment financial results to conform to the current period presentation. 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, 2015 and 2014. | |||||||||||||||||||||||||||||
(Amounts in thousands) | For the Three Months Ended March 31, 2015 | ||||||||||||||||||||||||||||
Total | New York | Washington, DC | Other | ||||||||||||||||||||||||||
Total revenues | $ | 606,802 | $ | 399,513 | $ | 133,968 | $ | 73,321 | |||||||||||||||||||||
Total expenses | 439,088 | 252,760 | 92,997 | 93,331 | |||||||||||||||||||||||||
Operating income (loss) | 167,714 | 146,753 | 40,971 | -20,010 | |||||||||||||||||||||||||
(Loss) income from partially owned entities | -2,405 | -5,663 | 131 | 3,127 | |||||||||||||||||||||||||
Income from real estate fund investments | 24,089 | - | - | 24,089 | |||||||||||||||||||||||||
Interest and other investment income, net | 10,792 | 1,862 | 13 | 8,917 | |||||||||||||||||||||||||
Interest and debt expense | -91,674 | -45,351 | -18,160 | -28,163 | |||||||||||||||||||||||||
Net gain on disposition of wholly owned and partially | |||||||||||||||||||||||||||||
owned assets | 1,860 | - | - | 1,860 | |||||||||||||||||||||||||
Income (loss) before income taxes | 110,376 | 97,601 | 22,955 | -10,180 | |||||||||||||||||||||||||
Income tax (expense) benefit | -971 | -943 | 674 | -702 | |||||||||||||||||||||||||
Income (loss) from continuing operations | 109,405 | 96,658 | 23,629 | -10,882 | |||||||||||||||||||||||||
Income from discontinued operations | 15,841 | - | - | 15,841 | |||||||||||||||||||||||||
Net income | 125,246 | 96,658 | 23,629 | 4,959 | |||||||||||||||||||||||||
Less net income attributable to noncontrolling interests | -21,169 | -1,506 | - | -19,663 | |||||||||||||||||||||||||
Net income (loss) attributable to Vornado | 104,077 | 95,152 | 23,629 | -14,704 | |||||||||||||||||||||||||
Interest and debt expense(2) | 114,675 | 58,667 | 21,512 | 34,496 | |||||||||||||||||||||||||
Depreciation and amortization(2) | 156,450 | 94,124 | 40,752 | 21,574 | |||||||||||||||||||||||||
Income tax (benefit) expense (2) | -739 | 1,002 | -2,636 | 895 | |||||||||||||||||||||||||
EBITDA(1) | $ | 374,463 | $ | 248,945 | (3) | $ | 83,257 | (4) | $ | 42,261 | (5) | ||||||||||||||||||
21. Segment Information – continued | |||||||||||||||||||||||||||||
(Amounts in thousands) | For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||
Total | New York | Washington, DC | Other | ||||||||||||||||||||||||||
Total revenues | $ | 562,381 | $ | 361,184 | $ | 135,278 | $ | 65,919 | |||||||||||||||||||||
Total expenses | 417,140 | 237,734 | 89,572 | 89,834 | |||||||||||||||||||||||||
Operating income (loss) | 145,241 | 123,450 | 45,706 | -23,915 | |||||||||||||||||||||||||
Income (loss) from partially owned entities | 1,979 | 1,566 | -1,266 | 1,679 | |||||||||||||||||||||||||
Income from real estate fund investments | 18,148 | - | - | 18,148 | |||||||||||||||||||||||||
Interest and other investment income, net | 11,850 | 1,441 | 36 | 10,373 | |||||||||||||||||||||||||
Interest and debt expense | -96,312 | -42,839 | -19,347 | -34,126 | |||||||||||||||||||||||||
Net gain on disposition of wholly owned and partially | |||||||||||||||||||||||||||||
owned assets | 9,635 | - | - | 9,635 | |||||||||||||||||||||||||
Income (loss) before income taxes | 90,541 | 83,618 | 25,129 | -18,206 | |||||||||||||||||||||||||
Income tax (expense) benefit | -851 | -969 | 199 | -81 | |||||||||||||||||||||||||
Income (loss) from continuing operations | 89,690 | 82,649 | 25,328 | -18,287 | |||||||||||||||||||||||||
Income from discontinued operations | 8,466 | 5,867 | - | 2,599 | |||||||||||||||||||||||||
Net income (loss) | 98,156 | 88,516 | 25,328 | -15,688 | |||||||||||||||||||||||||
Less net income attributable to noncontrolling interests | -15,439 | -1,405 | - | -14,034 | |||||||||||||||||||||||||
Net income (loss) attributable to Vornado | 82,717 | 87,111 | 25,328 | -29,722 | |||||||||||||||||||||||||
Interest and debt expense(2) | 170,952 | 58,068 | 22,798 | 90,086 | |||||||||||||||||||||||||
Depreciation and amortization(2) | 196,339 | 87,587 | 36,150 | 72,602 | |||||||||||||||||||||||||
Income tax expense (benefit)(2) | 19,831 | 1,032 | -189 | 18,988 | |||||||||||||||||||||||||
EBITDA(1) | $ | 469,839 | $ | 233,798 | (3) | $ | 84,087 | (4) | $ | 151,954 | (5) | ||||||||||||||||||
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 non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on a multiple of EBITDA, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. EBITDA should not be considered a substitute for net income. EBITDA may not be comparable to similarly titled measures employed by other companies. | ||||||||||||||||||||||||||||
-2 | Interest and debt expense, depreciation and amortization and income tax expense (benefit) in the reconciliation of net income (loss) to EBITDA includes our share of these items from partially owned entities. | ||||||||||||||||||||||||||||
-3 | The elements of "New York" EBITDA are summarized below. | ||||||||||||||||||||||||||||
For the Three Months | |||||||||||||||||||||||||||||
Ended March 31, | |||||||||||||||||||||||||||||
(Amounts in thousands) | 2015 | 2014 | |||||||||||||||||||||||||||
Office | $ | 159,359 | $ | 157,879 | |||||||||||||||||||||||||
Retail | 81,305 | 66,195 | |||||||||||||||||||||||||||
Alexander's | 10,407 | 10,430 | |||||||||||||||||||||||||||
Hotel Pennsylvania | -2,126 | -706 | |||||||||||||||||||||||||||
Total New York | $ | 248,945 | $ | 233,798 | |||||||||||||||||||||||||
-4 | The elements of "Washington, DC" EBITDA are summarized below. | ||||||||||||||||||||||||||||
For the Three Months | |||||||||||||||||||||||||||||
Ended March 31, | |||||||||||||||||||||||||||||
(Amounts in thousands) | 2015 | 2014 | |||||||||||||||||||||||||||
Office, excluding the Skyline Properties | $ | 67,385 | $ | 67,257 | |||||||||||||||||||||||||
Skyline properties | 6,055 | 6,499 | |||||||||||||||||||||||||||
Total Office | 73,440 | 73,756 | |||||||||||||||||||||||||||
Residential | 9,817 | 10,331 | |||||||||||||||||||||||||||
Total Washington, DC | $ | 83,257 | $ | 84,087 | |||||||||||||||||||||||||
21. Segment Information – continued | |||||||||||||||||||||||||||||
Notes to preceding tabular information - continued: | |||||||||||||||||||||||||||||
-5 | The elements of "other" EBITDA are summarized below. | ||||||||||||||||||||||||||||
For the Three Months | |||||||||||||||||||||||||||||
Ended March 31, | |||||||||||||||||||||||||||||
(Amounts in thousands) | 2015 | 2014 | |||||||||||||||||||||||||||
Our share of Real Estate Fund: | |||||||||||||||||||||||||||||
Income before net realized/unrealized gains | $ | 1,614 | $ | 1,982 | |||||||||||||||||||||||||
Net realized/unrealized gains on investments | 5,548 | 3,542 | |||||||||||||||||||||||||||
Carried interest | 3,388 | 1,775 | |||||||||||||||||||||||||||
Total | 10,550 | 7,299 | |||||||||||||||||||||||||||
The Mart and trade shows | 21,041 | 19,087 | |||||||||||||||||||||||||||
555 California Street | 12,401 | 12,066 | |||||||||||||||||||||||||||
India real estate ventures | 1,841 | 1,824 | |||||||||||||||||||||||||||
Our share of Toys "R" Us(a) | - | 83,550 | |||||||||||||||||||||||||||
Other investments | 9,109 | 9,447 | |||||||||||||||||||||||||||
54,942 | 133,273 | ||||||||||||||||||||||||||||
Corporate general and administrative expenses(b) | -35,942 | -25,982 | |||||||||||||||||||||||||||
Investment income and other, net(b) | 8,762 | 8,073 | |||||||||||||||||||||||||||
Urban Edge Properties and residual retail properties discontinued operations(c) | 19,907 | 32,100 | |||||||||||||||||||||||||||
Acquisition and transaction related costs | -1,981 | -1,285 | |||||||||||||||||||||||||||
Net gain on sale of residential condominiums and a land parcel | 1,860 | 9,635 | |||||||||||||||||||||||||||
Net income attributable to noncontrolling interests in the Operating Partnership | -5,287 | -3,860 | |||||||||||||||||||||||||||
$ | 42,261 | $ | 151,954 | ||||||||||||||||||||||||||
(a) | As a result of our investment being reduced to zero, we suspended equity method accounting in the third quarter of 2014 (see Note 7 - Investments in Partially Owned Entities). The three months ended March 31, 2014 includes an impairment loss of $75,196. | ||||||||||||||||||||||||||||
(b) | The amounts in these captions (for this table only) exclude income/expense from the mark-to-market of our deferred compensation plan of $2,859 and $4,400 for the three months ended March 31, 2015 and 2014, respectively. The three months ended March 31, 2015 include $8,817 from the acceleration of the recognition of compensation expense related to 2013-2015 Out-Performance Plans due to the modification of the vesting criteria of awards such that they will fully vest at age 65. The accelerated expense will result in lower general and administrative expense for the remainder of 2015 of $2,600 and $6,217 thereafter. | ||||||||||||||||||||||||||||
(c) | The three months ended March 31, 2015 and 2014, include $22,645 and $499, respectively, of transaction costs related to the spin-off of our strip shopping centers and malls (see Note 1 - Organization). | ||||||||||||||||||||||||||||
Basis_of_Presentation_and_Sign
Basis of Presentation and Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2015 | |
Basis of Presentation and Significant Accounting Policies [Abstract] | |
Real Estate [Policy Text Block] | The Fund is accounted for under ASC 946, Financial Services – Investment Companies and its investments are reported on its balance sheet at fair value, with changes in value each period recognized in earnings. We consolidate the accounts of the Fund into our consolidated financial statements, retaining the fair value basis of accounting. |
Redeemable Noncontrolling Interests Policy [Text Block] | Redeemable 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) mandatorily redeemable instruments (Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units), and (v) an interest rate swap. | |
Fair Value Measurements on a Nonrecurring Basis | |
Assets measured at fair value on a nonrecurring basis on our consolidated balance sheets consist primarily of real estate assets required to be measured for impairment at December 31, 2014. The fair value of our real estate assets was 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. | |
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, 2015 | |||||||||||||||||||||
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, | ||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Net investment income | $ | 6,450 | $ | 3,979 | |||||||||||||||||
Net realized gains on exited investments | 24,705 | - | |||||||||||||||||||
Previously recorded unrealized gains on exited investments | -23,279 | - | |||||||||||||||||||
Net unrealized gains on held investments | 16,213 | 14,169 | |||||||||||||||||||
Income from real estate fund investments | 24,089 | 18,148 | |||||||||||||||||||
Less income attributable to noncontrolling interests | -13,539 | -10,849 | |||||||||||||||||||
Income from real estate fund investments attributable to Vornado (1) | $ | 10,550 | $ | 7,299 | |||||||||||||||||
___________________________________ | |||||||||||||||||||||
-1 | Excludes property management, leasing and development fees of $704 and $618 for the three months ended March 31, 2015 and 2014, respectively, which are included as a component of "fee and other income" on our consolidated statements of income. |
Marketable_Securities_Tables
Marketable Securities (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Unrealized Gain (Loss) on Investments [Abstract] | |||||||||||||||||||
Unrealized Gain (Loss) on Investments [Table Text Block] | (Amounts in thousands) | As of March 31, 2015 | As of December 31, 2014 | ||||||||||||||||
GAAP | Unrealized | GAAP | Unrealized | ||||||||||||||||
Fair Value | Cost | Gain | Fair Value | Cost | Gain | ||||||||||||||
Equity securities: | |||||||||||||||||||
Lexington Realty Trust | $ | 181,550 | $ | 72,549 | $ | 109,001 | $ | 202,789 | $ | 72,549 | $ | 130,240 | |||||||
Other | 3,441 | - | 3,441 | 3,534 | - | 3,534 | |||||||||||||
$ | 184,991 | $ | 72,549 | $ | 112,442 | $ | 206,323 | $ | 72,549 | $ | 133,774 |
Investments_in_Partially_Owned1
Investments in Partially Owned Entities (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
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-15 | 31-Mar-15 | 31-Dec-14 | ||||||||||||||||||
Partially owned office buildings (1) | Various | $ | 766,074 | $ | 760,749 | ||||||||||||||||
PREIT Associates | 8.10% | 144,681 | - | ||||||||||||||||||
Alexander’s | 32.40% | 132,143 | 131,616 | ||||||||||||||||||
India real estate ventures | 4.1%-36.5% | 67,159 | 76,752 | ||||||||||||||||||
Urban Edge | 5.40% | 25,206 | - | ||||||||||||||||||
Toys | 32.60% | - | - | ||||||||||||||||||
Other investments (2) | Various | 272,951 | 277,379 | ||||||||||||||||||
$ | 1,408,214 | $ | 1,246,496 | ||||||||||||||||||
-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 Tenth 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 (Loss) Income: | 31-Mar-15 | 2015 | 2014 | ||||||||||||||||||
Partially owned office buildings (1) | Various | $ | -9,296 | $ | -2,395 | ||||||||||||||||
Alexander's: | |||||||||||||||||||||
Equity in net income | 32.40% | 5,594 | 4,759 | ||||||||||||||||||
Management, leasing and development fees | 2,097 | 1,626 | |||||||||||||||||||
7,691 | 6,385 | ||||||||||||||||||||
Toys: | |||||||||||||||||||||
Equity in net income | 32.60% | - | 75,196 | ||||||||||||||||||
Non-cash impairment losses | - | -75,196 | |||||||||||||||||||
Management fees | 1,454 | 1,847 | |||||||||||||||||||
1,454 | 1,847 | ||||||||||||||||||||
Urban Edge (2) | 5.40% | 584 | - | ||||||||||||||||||
India real estate ventures | 4.1%-36.5% | -109 | -137 | ||||||||||||||||||
Other investments (3) | Various | -2,729 | -3,721 | ||||||||||||||||||
$ | -2,405 | $ | 1,979 | ||||||||||||||||||
-1 | Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 330 Madison Avenue and others. | ||||||||||||||||||||
-2 | Represents fees earned pursuant to our transition services agreement with UE. | ||||||||||||||||||||
-3 | Includes interests in Independence Plaza, Monmouth Mall, 85 Tenth Avenue, 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: | 31-Jan-15 | 1-Nov-14 | |||||||||||||||||||
Assets | $ | 9,958,000 | $ | 11,267,000 | |||||||||||||||||
Liabilities | 9,014,000 | 10,377,000 | |||||||||||||||||||
Noncontrolling interests | 85,000 | 82,000 | |||||||||||||||||||
Toys “R” Us, Inc. equity (1) | 859,000 | 808,000 | |||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||
Income Statement: | 31-Jan-15 | 1-Feb-14 | |||||||||||||||||||
Total revenues | $ | 4,983,000 | $ | 5,267,000 | |||||||||||||||||
Net income attributable to Toys | 193,700 | 82,500 | |||||||||||||||||||
-1 | At March 31, 2015, the carrying amount of our investment in Toys is less than our share of Toys' equity by approximately $279,936. This basis difference results primarily from non-cash impairment losses aggregating $355,953 that we have recognized through March 31, 2015. 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-15 | 31-Dec-14 | |||||||||||||||||||
Assets | $ | 1,433,000 | $ | 1,423,000 | |||||||||||||||||
Liabilities | 1,084,000 | 1,075,000 | |||||||||||||||||||
Stockholders' equity | 349,000 | 348,000 | |||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||
Income Statement: | 2015 | 2014 | |||||||||||||||||||
Total revenues | $ | 52,000 | $ | 49,000 | |||||||||||||||||
Net income attributable to Alexander’s | 18,000 | 15,000 |
Dispositions_Tables
Dispositions (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||
Long Term Debt Maturities Future Repayments Of Principal [Table Text Block] | Balance as of | ||||||||||
(Amounts in thousands) | March 31, | December 31, | |||||||||
2015 | 2014 | ||||||||||
Assets related to discontinued operations: | |||||||||||
Real estate, net | $ | 27,199 | $ | 2,028,677 | |||||||
Other assets | 8,143 | 209,797 | |||||||||
$ | 35,342 | $ | 2,238,474 | ||||||||
Liabilities related to discontinued operations: | |||||||||||
Mortgages payable | - | 1,288,535 | |||||||||
Other liabilities (primarily deferred revenue in 2014) | 11,354 | 222,827 | |||||||||
$ | 11,354 | $ | 1,511,362 | ||||||||
For the Three Months | |||||||||||
(Amounts in thousands) | Ended March 31, | ||||||||||
2015 | 2014 | ||||||||||
Income from discontinued operations | |||||||||||
Total revenues | $ | 19,958 | $ | 106,563 | |||||||
Total expenses | 13,373 | 76,025 | |||||||||
6,585 | 30,538 | ||||||||||
Net gain on sale of lease position in Geary Street, CA | 21,376 | - | |||||||||
Net gains on sale of real estate | 10,867 | - | |||||||||
Transaction related costs | -22,645 | -499 | |||||||||
Impairment losses | -256 | -20,842 | |||||||||
Pretax income from discontinued operations | 15,927 | 9,197 | |||||||||
Income tax expense | -86 | -731 | |||||||||
Income from discontinued operations | $ | 15,841 | $ | 8,466 | |||||||
Cash flows related to discontinued operations: | |||||||||||
Cash flows from operating activities | $ | -36,672 | $ | 15,535 | |||||||
Cash flows from investing activities | 310,069 | -30,397 |
Identified_Intangible_Assets_a1
Identified Intangible Assets and Intangible Liabilities (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Finite-Lived Intangible Assets and Liabilities [Line Items] | ||||||||
Schedule of Identified Intangible Assets and Intangible Liabilities (Table) | Balance as of | |||||||
March 31, | December 31, | |||||||
(Amounts in thousands) | 2015 | 2014 | ||||||
Identified intangible assets: | ||||||||
Gross amount | $ | 429,909 | $ | 424,976 | ||||
Accumulated amortization | -200,330 | -199,821 | ||||||
Net | $ | 229,579 | $ | 225,155 | ||||
Identified intangible liabilities (included in deferred revenue): | ||||||||
Gross amount | $ | 620,891 | $ | 657,976 | ||||
Accumulated amortization | -304,929 | -329,775 | ||||||
Net | $ | 315,962 | $ | 328,201 | ||||
Below Market Leases Net Of Above Market Leases [Member] | ||||||||
Finite-Lived Intangible Assets and Liabilities [Line Items] | ||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (Amounts in thousands) | |||||||
2016 | $ | 36,804 | ||||||
2017 | 34,829 | |||||||
2018 | 33,546 | |||||||
2019 | 23,514 | |||||||
2020 | 21,505 | |||||||
Other Identified Intangible Assets [Member] | ||||||||
Finite-Lived Intangible Assets and Liabilities [Line Items] | ||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (Amounts in thousands) | |||||||
2016 | $ | 22,523 | ||||||
2017 | 17,692 | |||||||
2018 | 13,373 | |||||||
2019 | 11,425 | |||||||
2020 | 10,651 | |||||||
Tenant Under Ground Leases [Member] | ||||||||
Finite-Lived Intangible Assets and Liabilities [Line Items] | ||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (Amounts in thousands) | |||||||
2016 | $ | 1,832 | ||||||
2017 | 1,832 | |||||||
2018 | 1,832 | |||||||
2019 | 1,832 | |||||||
2020 | 1,832 |
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||
Schedule of Debt | Interest Rate at | Balance at | |||||||||||||
(Amounts in thousands) | 31-Mar-15 | 31-Mar-15 | 31-Dec-14 | ||||||||||||
Mortgages Payable: | |||||||||||||||
Fixed rate | 4.46% | $ | 6,553,924 | $ | 6,499,396 | ||||||||||
Variable rate | 2.21% | 1,762,869 | 1,763,769 | ||||||||||||
3.99% | $ | 8,316,793 | $ | 8,263,165 | |||||||||||
Unsecured Debt: | |||||||||||||||
Senior unsecured notes | 3.68% | $ | 847,332 | $ | 1,347,159 | ||||||||||
Revolving credit facility debt | 1.23% | 400,000 | - | ||||||||||||
3.39% | $ | 1,247,332 | $ | 1,347,159 |
Redeemable_Noncontrolling_Inte1
Redeemable Noncontrolling Interests (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Redeemable Noncontrolling Interests [Abstract] | |||||
Summary Of Activity Of Redeemable Noncontrolling Interests | (Amounts in thousands) | ||||
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 | |||
Balance at December 31, 2014 | $ | 1,337,780 | |||
Net income | 5,287 | ||||
Other comprehensive loss | -1,288 | ||||
Distributions | -7,280 | ||||
Redemption of Class A units for common shares, at redemption value | -23,493 | ||||
Adjustments to carry redeemable Class A units at redemption value | -25,349 | ||||
Other, net | 19,133 | ||||
Balance at March 31, 2015 | $ | 1,304,790 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income ("AOCI") (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | 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 | ||||||||
For the Three Months Ended March 31, 2015 | ||||||||||||||||||
Securities | Pro rata share of | Interest | ||||||||||||||||
available- | nonconsolidated | rate | ||||||||||||||||
(Amounts in thousands) | Total | for-sale | subsidiaries' OCI | swap | Other | |||||||||||||
Balance as of December 31, 2014 | $ | 93,267 | $ | 133,774 | $ | -8,992 | $ | -25,803 | $ | -5,712 | ||||||||
OCI before reclassifications | -20,658 | -21,332 | 157 | -776 | 1,293 | |||||||||||||
Amounts reclassified from AOCI | - | - | - | - | - | |||||||||||||
Net current period OCI | -20,658 | -21,332 | 157 | -776 | 1,293 | |||||||||||||
Balance as of March 31, 2015 | $ | 72,609 | $ | 112,442 | $ | -8,835 | $ | -26,579 | $ | -4,419 | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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, 2015 | |||||||||||||||
(Amounts in thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Marketable securities | $ | 184,991 | $ | 184,991 | $ | - | $ | - | ||||||||
Real estate fund investments (75% of which is attributable to | ||||||||||||||||
noncontrolling interests) | 554,426 | - | - | 554,426 | ||||||||||||
Deferred compensation plan assets (included in other assets) | 121,530 | 56,694 | - | 64,836 | ||||||||||||
Total assets | $ | 860,947 | $ | 241,685 | $ | - | $ | 619,262 | ||||||||
Mandatorily redeemable instruments (included in other liabilities) | $ | 55,097 | $ | 55,097 | $ | - | $ | - | ||||||||
Interest rate swap (included in other liabilities) | 26,574 | - | 26,574 | - | ||||||||||||
Total liabilities | $ | 81,671 | $ | 55,097 | $ | 26,574 | $ | - | ||||||||
As of December 31, 2014 | ||||||||||||||||
(Amounts in thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Marketable securities | $ | 206,323 | $ | 206,323 | $ | - | $ | - | ||||||||
Real estate fund investments (75% of which is attributable to | ||||||||||||||||
noncontrolling interests) | 513,973 | - | - | 513,973 | ||||||||||||
Deferred compensation plan assets (included in other assets) | 117,284 | 53,969 | - | 63,315 | ||||||||||||
Total assets | $ | 837,580 | $ | 260,292 | $ | - | $ | 577,288 | ||||||||
Mandatorily redeemable instruments (included in other liabilities) | $ | 55,097 | $ | 55,097 | $ | - | $ | - | ||||||||
Interest rate swap (included in other liabilities) | 25,797 | - | 25,797 | - | ||||||||||||
Total liabilities | $ | 80,894 | $ | 55,097 | $ | 25,797 | $ | - | ||||||||
Non-financial Assets Measured at Fair Value on a Nonrecurring Basis [Table Text Block] | As of December 31, 2014 | |||||||||||||||
(Amounts in thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Real estate assets | $ | 4,848 | $ | - | $ | - | $ | 4,848 | ||||||||
Schedule Of Carrying Amounts And Fair Values Of Financial Instruments [Table Text Block] | As of March 31, 2015 | As of December 31, 2014 | ||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
(Amounts in thousands) | Amount | Value | Amount | Value | ||||||||||||
Cash equivalents | $ | 526,218 | $ | 526,000 | $ | 749,418 | $ | 749,000 | ||||||||
Mortgage and mezzanine loans receivable | - | - | 16,748 | 17,000 | ||||||||||||
$ | 526,218 | $ | 526,000 | $ | 766,166 | $ | 766,000 | |||||||||
Debt: | ||||||||||||||||
Mortgages payable | $ | 8,316,793 | $ | 8,334,000 | $ | 8,263,165 | $ | 8,224,000 | ||||||||
Senior unsecured notes | 847,332 | 898,000 | 1,347,159 | 1,385,000 | ||||||||||||
Revolving credit facility debt | 400,000 | 400,000 | - | - | ||||||||||||
$ | 9,564,125 | $ | 9,632,000 | $ | 9,610,324 | $ | 9,609,000 | |||||||||
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 | ||||||||||||||||
Range | (based on fair value of investments) | |||||||||||||||
Unobservable Quantitative Input | 31-Mar-15 | 31-Dec-14 | 31-Mar-15 | 31-Dec-14 | ||||||||||||
Discount rates | 12.0% to 14.5% | 12.0% to 17.5% | 13.40% | 13.70% | ||||||||||||
Terminal capitalization rates | 4.8% to 6.5% | 4.7% to 6.5% | 5.50% | 5.30% | ||||||||||||
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) | 2015 | 2014 | ||||||||||||||
Beginning balance | $ | 513,973 | $ | 667,710 | ||||||||||||
Purchases | 95,000 | 123 | ||||||||||||||
Dispositions / Distributions | -72,186 | - | ||||||||||||||
Net unrealized gains | 16,213 | 14,169 | ||||||||||||||
Net realized gains | 1,426 | - | ||||||||||||||
Ending balance | $ | 554,426 | $ | 682,002 | ||||||||||||
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) | 2015 | 2014 | ||||||||||||||
Beginning balance | $ | 63,315 | $ | 68,782 | ||||||||||||
Purchases | 624 | 1,644 | ||||||||||||||
Sales | -438 | -5,124 | ||||||||||||||
Realized and unrealized gain | 1,335 | 2,172 | ||||||||||||||
Other, net | - | 153 | ||||||||||||||
Ending balance | $ | 64,836 | $ | 67,627 |
Fee_and_Other_Income_Tables
Fee and Other Income (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Fee And Other Income Tables [Abstract] | ||||||||||
Fee and Other Income (Table) | For the Three Months | |||||||||
(Amounts in thousands) | Ended March 31, | |||||||||
2015 | 2014 | |||||||||
BMS cleaning fees | $ | 22,633 | $ | 18,956 | ||||||
Management and leasing fees | 4,192 | 5,828 | ||||||||
Lease termination fees | 3,747 | 3,577 | ||||||||
Other income | 9,035 | 7,579 | ||||||||
$ | 39,607 | $ | 35,940 | |||||||
Interest_and_Other_Investment_1
Interest and Other Investment Income, Net (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Interest and Other Investment Income, Net [Abstract] | |||||||||||||||||
Schedule Of Interest And Other Investment Income Net [Table Text Block] | For the Three Months | ||||||||||||||||
(Amounts in thousands) | Ended March 31, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Dividends and interest on marketable securities | $ | 3,203 | $ | 3,106 | |||||||||||||
Mark-to-market of investments in our deferred compensation plan (1) | 2,859 | 4,400 | |||||||||||||||
Interest on mezzanine loans receivable | 1,674 | 2,384 | |||||||||||||||
Other, net | 3,056 | 1,960 | |||||||||||||||
$ | 10,792 | $ | 11,850 | ||||||||||||||
-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, 2015 | |||||||||||
Interest Expense Debt [Abstract] | |||||||||||
Interest And Debt Expense [Table Text Block] | For the Three Months | ||||||||||
(Amounts in thousands) | Ended March 31, | ||||||||||
2015 | 2014 | ||||||||||
Interest expense | $ | 95,328 | $ | 105,512 | |||||||
Amortization of deferred financing costs | 7,456 | 4,422 | |||||||||
Capitalized interest and debt expense | -11,110 | -13,622 | |||||||||
$ | 91,674 | $ | 96,312 | ||||||||
Income_Per_Share_Tables
Income Per Share (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Income Per Share [Abstract] | ||||||||||||||||
Schedule Of Earnings Per Share Basic And Diluted [Text Block] | For the Three Months | |||||||||||||||
(Amounts in thousands, except per share amounts) | Ended March 31, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Numerator: | ||||||||||||||||
Income from continuing operations, net of income attributable | ||||||||||||||||
to noncontrolling interests | $ | 89,166 | $ | 74,743 | ||||||||||||
Income from discontinued operations, net of income attributable | ||||||||||||||||
to noncontrolling interests | 14,911 | 7,974 | ||||||||||||||
Net income attributable to Vornado | 104,077 | 82,717 | ||||||||||||||
Preferred share dividends | -19,484 | -20,368 | ||||||||||||||
Net income attributable to common shareholders | 84,593 | 62,349 | ||||||||||||||
Earnings allocated to unvested participating securities | -19 | -30 | ||||||||||||||
Numerator for diluted income per share | $ | 84,574 | $ | 62,319 | ||||||||||||
Denominator: | ||||||||||||||||
Denominator for basic income per share – weighted average shares | 187,999 | 187,307 | ||||||||||||||
Effect of dilutive securities(1): | ||||||||||||||||
Employee stock options and restricted share awards | 1,337 | 933 | ||||||||||||||
Denominator for diluted income per share – weighted average | ||||||||||||||||
shares and assumed conversions | 189,336 | 188,240 | ||||||||||||||
INCOME PER COMMON SHARE – BASIC: | ||||||||||||||||
Income from continuing operations, net | $ | 0.37 | $ | 0.29 | ||||||||||||
Income from discontinued operations, net | 0.08 | 0.04 | ||||||||||||||
Net income per common share | $ | 0.45 | $ | 0.33 | ||||||||||||
INCOME PER COMMON SHARE – DILUTED: | ||||||||||||||||
Income from continuing operations, net | $ | 0.37 | $ | 0.29 | ||||||||||||
Income from discontinued operations, net | 0.08 | 0.04 | ||||||||||||||
Net income per common share | $ | 0.45 | $ | 0.33 | ||||||||||||
-1 | The effect of dilutive securities in the three months ended March 31, 2015 and 2014 excludes an aggregate of 11,488 and 11,326 weighted average common share equivalents, respectively, as their effect was anti-dilutive. |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||
Schedule of Segment Information | |||||||||||||||||||||||||||||
(Amounts in thousands) | For the Three Months Ended March 31, 2015 | ||||||||||||||||||||||||||||
Total | New York | Washington, DC | Other | ||||||||||||||||||||||||||
Total revenues | $ | 606,802 | $ | 399,513 | $ | 133,968 | $ | 73,321 | |||||||||||||||||||||
Total expenses | 439,088 | 252,760 | 92,997 | 93,331 | |||||||||||||||||||||||||
Operating income (loss) | 167,714 | 146,753 | 40,971 | -20,010 | |||||||||||||||||||||||||
(Loss) income from partially owned entities | -2,405 | -5,663 | 131 | 3,127 | |||||||||||||||||||||||||
Income from real estate fund investments | 24,089 | - | - | 24,089 | |||||||||||||||||||||||||
Interest and other investment income, net | 10,792 | 1,862 | 13 | 8,917 | |||||||||||||||||||||||||
Interest and debt expense | -91,674 | -45,351 | -18,160 | -28,163 | |||||||||||||||||||||||||
Net gain on disposition of wholly owned and partially | |||||||||||||||||||||||||||||
owned assets | 1,860 | - | - | 1,860 | |||||||||||||||||||||||||
Income (loss) before income taxes | 110,376 | 97,601 | 22,955 | -10,180 | |||||||||||||||||||||||||
Income tax (expense) benefit | -971 | -943 | 674 | -702 | |||||||||||||||||||||||||
Income (loss) from continuing operations | 109,405 | 96,658 | 23,629 | -10,882 | |||||||||||||||||||||||||
Income from discontinued operations | 15,841 | - | - | 15,841 | |||||||||||||||||||||||||
Net income | 125,246 | 96,658 | 23,629 | 4,959 | |||||||||||||||||||||||||
Less net income attributable to noncontrolling interests | -21,169 | -1,506 | - | -19,663 | |||||||||||||||||||||||||
Net income (loss) attributable to Vornado | 104,077 | 95,152 | 23,629 | -14,704 | |||||||||||||||||||||||||
Interest and debt expense(2) | 114,675 | 58,667 | 21,512 | 34,496 | |||||||||||||||||||||||||
Depreciation and amortization(2) | 156,450 | 94,124 | 40,752 | 21,574 | |||||||||||||||||||||||||
Income tax (benefit) expense (2) | -739 | 1,002 | -2,636 | 895 | |||||||||||||||||||||||||
EBITDA(1) | $ | 374,463 | $ | 248,945 | (3) | $ | 83,257 | (4) | $ | 42,261 | (5) | ||||||||||||||||||
(Amounts in thousands) | For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||
Total | New York | Washington, DC | Other | ||||||||||||||||||||||||||
Total revenues | $ | 562,381 | $ | 361,184 | $ | 135,278 | $ | 65,919 | |||||||||||||||||||||
Total expenses | 417,140 | 237,734 | 89,572 | 89,834 | |||||||||||||||||||||||||
Operating income (loss) | 145,241 | 123,450 | 45,706 | -23,915 | |||||||||||||||||||||||||
Income (loss) from partially owned entities | 1,979 | 1,566 | -1,266 | 1,679 | |||||||||||||||||||||||||
Income from real estate fund investments | 18,148 | - | - | 18,148 | |||||||||||||||||||||||||
Interest and other investment income, net | 11,850 | 1,441 | 36 | 10,373 | |||||||||||||||||||||||||
Interest and debt expense | -96,312 | -42,839 | -19,347 | -34,126 | |||||||||||||||||||||||||
Net gain on disposition of wholly owned and partially | |||||||||||||||||||||||||||||
owned assets | 9,635 | - | - | 9,635 | |||||||||||||||||||||||||
Income (loss) before income taxes | 90,541 | 83,618 | 25,129 | -18,206 | |||||||||||||||||||||||||
Income tax (expense) benefit | -851 | -969 | 199 | -81 | |||||||||||||||||||||||||
Income (loss) from continuing operations | 89,690 | 82,649 | 25,328 | -18,287 | |||||||||||||||||||||||||
Income from discontinued operations | 8,466 | 5,867 | - | 2,599 | |||||||||||||||||||||||||
Net income (loss) | 98,156 | 88,516 | 25,328 | -15,688 | |||||||||||||||||||||||||
Less net income attributable to noncontrolling interests | -15,439 | -1,405 | - | -14,034 | |||||||||||||||||||||||||
Net income (loss) attributable to Vornado | 82,717 | 87,111 | 25,328 | -29,722 | |||||||||||||||||||||||||
Interest and debt expense(2) | 170,952 | 58,068 | 22,798 | 90,086 | |||||||||||||||||||||||||
Depreciation and amortization(2) | 196,339 | 87,587 | 36,150 | 72,602 | |||||||||||||||||||||||||
Income tax expense (benefit)(2) | 19,831 | 1,032 | -189 | 18,988 | |||||||||||||||||||||||||
EBITDA(1) | $ | 469,839 | $ | 233,798 | (3) | $ | 84,087 | (4) | $ | 151,954 | (5) | ||||||||||||||||||
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 non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on a multiple of EBITDA, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. EBITDA should not be considered a substitute for net income. EBITDA may not be comparable to similarly titled measures employed by other companies. | ||||||||||||||||||||||||||||
-2 | Interest and debt expense, depreciation and amortization and income tax expense (benefit) in the reconciliation of net income (loss) to EBITDA includes our share of these items from partially owned entities. | ||||||||||||||||||||||||||||
-3 | The elements of "New York" EBITDA are summarized below. | ||||||||||||||||||||||||||||
For the Three Months | |||||||||||||||||||||||||||||
Ended March 31, | |||||||||||||||||||||||||||||
(Amounts in thousands) | 2015 | 2014 | |||||||||||||||||||||||||||
Office | $ | 159,359 | $ | 157,879 | |||||||||||||||||||||||||
Retail | 81,305 | 66,195 | |||||||||||||||||||||||||||
Alexander's | 10,407 | 10,430 | |||||||||||||||||||||||||||
Hotel Pennsylvania | -2,126 | -706 | |||||||||||||||||||||||||||
Total New York | $ | 248,945 | $ | 233,798 | |||||||||||||||||||||||||
-4 | The elements of "Washington, DC" EBITDA are summarized below. | ||||||||||||||||||||||||||||
For the Three Months | |||||||||||||||||||||||||||||
Ended March 31, | |||||||||||||||||||||||||||||
(Amounts in thousands) | 2015 | 2014 | |||||||||||||||||||||||||||
Office, excluding the Skyline Properties | $ | 67,385 | $ | 67,257 | |||||||||||||||||||||||||
Skyline properties | 6,055 | 6,499 | |||||||||||||||||||||||||||
Total Office | 73,440 | 73,756 | |||||||||||||||||||||||||||
Residential | 9,817 | 10,331 | |||||||||||||||||||||||||||
Total Washington, DC | $ | 83,257 | $ | 84,087 | |||||||||||||||||||||||||
Details of Other EBITDA | |||||||||||||||||||||||||||||
Notes to preceding tabular information - continued: | |||||||||||||||||||||||||||||
-5 | The elements of "other" EBITDA are summarized below. | ||||||||||||||||||||||||||||
For the Three Months | |||||||||||||||||||||||||||||
Ended March 31, | |||||||||||||||||||||||||||||
(Amounts in thousands) | 2015 | 2014 | |||||||||||||||||||||||||||
Our share of Real Estate Fund: | |||||||||||||||||||||||||||||
Income before net realized/unrealized gains | $ | 1,614 | $ | 1,982 | |||||||||||||||||||||||||
Net realized/unrealized gains on investments | 5,548 | 3,542 | |||||||||||||||||||||||||||
Carried interest | 3,388 | 1,775 | |||||||||||||||||||||||||||
Total | 10,550 | 7,299 | |||||||||||||||||||||||||||
The Mart and trade shows | 21,041 | 19,087 | |||||||||||||||||||||||||||
555 California Street | 12,401 | 12,066 | |||||||||||||||||||||||||||
India real estate ventures | 1,841 | 1,824 | |||||||||||||||||||||||||||
Our share of Toys "R" Us(a) | - | 83,550 | |||||||||||||||||||||||||||
Other investments | 9,109 | 9,447 | |||||||||||||||||||||||||||
54,942 | 133,273 | ||||||||||||||||||||||||||||
Corporate general and administrative expenses(b) | -35,942 | -25,982 | |||||||||||||||||||||||||||
Investment income and other, net(b) | 8,762 | 8,073 | |||||||||||||||||||||||||||
Urban Edge Properties and residual retail properties discontinued operations(c) | 19,907 | 32,100 | |||||||||||||||||||||||||||
Acquisition and transaction related costs | -1,981 | -1,285 | |||||||||||||||||||||||||||
Net gain on sale of residential condominiums and a land parcel | 1,860 | 9,635 | |||||||||||||||||||||||||||
Net income attributable to noncontrolling interests in the Operating Partnership | -5,287 | -3,860 | |||||||||||||||||||||||||||
$ | 42,261 | $ | 151,954 | ||||||||||||||||||||||||||
(a) | As a result of our investment being reduced to zero, we suspended equity method accounting in the third quarter of 2014 (see Note 7 - Investments in Partially Owned Entities). The three months ended March 31, 2014 includes an impairment loss of $75,196. | ||||||||||||||||||||||||||||
(b) | The amounts in these captions (for this table only) exclude income/expense from the mark-to-market of our deferred compensation plan of $2,859 and $4,400 for the three months ended March 31, 2015 and 2014, respectively. The three months ended March 31, 2015 include $8,817 from the acceleration of the recognition of compensation expense related to 2013-2015 Out-Performance Plans due to the modification of the vesting criteria of awards such that they will fully vest at age 65. The accelerated expense will result in lower general and administrative expense for the remainder of 2015 of $2,600 and $6,217 thereafter. | ||||||||||||||||||||||||||||
(c) | The three months ended March 31, 2015 and 2014, include $22,645 and $499, respectively, of transaction costs related to the spin-off of our strip shopping centers and malls (see Note 1 - Organization). | ||||||||||||||||||||||||||||
Organization_Details
Organization (Details) (USD $) | 3 Months Ended | 0 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Jan. 15, 2015 | |
Organization and Business [Abstract] | |||
Common limited partnership interest in the Operating Partnership | 93.90% | ||
Real Estate Properties [Line Items] | |||
Cash Considerations Transferred During Spin Off (in US Dollars) | $225,000,000 | $0 | |
Maximum [Member] | |||
Real Estate Properties [Line Items] | |||
Duration Of Administrative Services | 2 years | ||
Vornado Realty Trust [Member] | |||
Real Estate Properties [Line Items] | |||
Number of shares/units convered during spin off for 1 share of UE | 2 | ||
Urban Edge Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Cash Considerations Transferred During Spin Off (in US Dollars) | 225,000,000 | ||
Partnership Units received during spin off | 5,717,184 | ||
Number of new shares issued during spin off for every 2 shares/units of Vornado and Vornado L.P. | 1 | ||
Equity method ownership percentage | 5.40% | ||
Urban Edge Properties [Member] | Retail Segment Strip Shopping Centers [Member] | |||
Real Estate Properties [Line Items] | |||
Number Of Real Estate Properties | 79 | ||
Urban Edge Properties [Member] | Retail Segment Regional Malls [Member] | |||
Real Estate Properties [Line Items] | |||
Number Of Real Estate Properties | 3 | ||
Warehouse [Member] | Urban Edge Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number Of Real Estate Properties | 1 |
Basis_of_Presentation_Details
Basis of Presentation (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Property Plant And Equipment [Line Items] | |
Reclassification of signage revenue from fee and other income to property rentals | $9,300 |
Acquisitions_Narratives_Detail
Acquisitions (Narratives) (Details) (USD $) | 0 Months Ended | |||||
Mar. 02, 2015 | Mar. 18, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jan. 20, 2015 | Apr. 08, 2015 | |
sqft | LimitedPartners | sqft | ||||
Business Acquisition [Line Items] | ||||||
Mortgages payable | $8,316,793,000 | $8,263,165,000 | ||||
Real Estate Fund [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number Of Limited Partners | 1 | |||||
Office Building [Member] | Joint Venture [Member] | Subsequent Event [Member] | 510 West 22nd Street [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Equity method ownership percentage | 55.00% | |||||
Square Footage Of Real Estate Property | 173,000 | |||||
Refundable Deposit | 11,000,000 | |||||
New York Segment [Member] | Retail Properties [Member] | Penn Plaza Submaket [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Acquisition Cost Of Acquired Entity | 355,000,000 | |||||
Non Refundable Deposit | 25,000,000 | |||||
Center Building [Member] | New York Segment [Member] | Office Building [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Square Footage Of Real Estate Property | 437,000 | |||||
Business Acquisition Cost Of Acquired Entity | 142,000,000 | |||||
Mortgages payable | $62,000,000 | |||||
Interest Rate, End of Period (in percentage) | 4.43% | |||||
Debt Instrument Maturity | Oct-18 | |||||
Crowne Plaza Time Square Hotel [Member] | Real Estate Fund Joint Venture [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Equity method ownership percentage | 57.00% |
Vornado_Capital_Partners_Real_2
Vornado Capital Partners Real Estate Fund (the "Fund") (Narratives) (Details) (USD $) | 3 Months Ended | 0 Months Ended | 35 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Jan. 20, 2015 | Mar. 25, 2015 | Dec. 31, 2014 | |
Investments | |||||
Investment Holdings [Line Items] | |||||
Aggregate fair value of Real Estate Fund investments (in US Dollars) | $554,426,000 | $513,973,000 | |||
Mortgages payable (in US Dollars) | 8,316,793,000 | 8,263,165,000 | |||
Real Estate Fund [Member] | |||||
Investment Holdings [Line Items] | |||||
Aggregate fair value of Real Estate Fund investments (in US Dollars) | 554,426,000 | ||||
Net realized gain on sale of investment | 24,705,000 | 0 | |||
Number Of Limited Partners | 1 | ||||
Term of the Fund, years | 8 years | ||||
Investment period for commitments of the Fund, years | 3 years | ||||
Number Of Investments Held By Fund | 6 | ||||
Excess of fair value over cost | 169,832,000 | ||||
Unfunded Commitments Of Fund | 102,324,000 | ||||
Vornado Realty Trust [Member] | |||||
Investment Holdings [Line Items] | |||||
Unfunded Commitments Of Fund | 25,581,000 | ||||
Crowne Plaza Time Square Hotel [Member] | |||||
Investment Holdings [Line Items] | |||||
Equity method ownership percentage | 33.00% | 11.00% | |||
Crowne Plaza Time Square Hotel [Member] | Real Estate Fund Joint Venture [Member] | |||||
Investment Holdings [Line Items] | |||||
Equity method ownership percentage | 57.00% | ||||
Aggregate fair value of Real Estate Fund investments (in US Dollars) | 480,000,000 | ||||
Mortgages payable (in US Dollars) | 310,000,000 | ||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||
Spread Over LIBOR (in percentage) | 2.80% | ||||
Debt Instrument Maturity | Dec-18 | ||||
Length Of Extension Available | 1 year | ||||
Business Acquisition Cost Of Acquired Entity | 95,000,000 | ||||
Crowne Plaza Time Square Hotel [Member] | Vornado Realty Trust [Member] | |||||
Investment Holdings [Line Items] | |||||
Business Acquisition Cost Of Acquired Entity | 39,000,000 | ||||
520 Broadway [Member] | Real Estate Fund [Member] | |||||
Investment Holdings [Line Items] | |||||
Net realized gain on sale of investment | 24,705,000 | ||||
Proceeds from sale of real estate | $91,650,000 |
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, 2015 | Mar. 31, 2014 |
Details Of Income From Real Estate Funds [Abstract] | ||
Income from real estate fund investments | $24,089 | $18,148 |
Less income attributable to noncontrolling interests | -15,882 | -11,579 |
Fee And Other Income | 39,607 | 35,940 |
Real Estate Fund [Member] | ||
Details Of Income From Real Estate Funds [Abstract] | ||
Net investment income | 6,450 | 3,979 |
Net realized gains on exited investments | 24,705 | 0 |
Previously recorded unrealized gains on exited investments | -23,279 | 0 |
Net unrealized gains on held investments | 16,213 | 14,169 |
Income from real estate fund investments | 24,089 | 18,148 |
Less income attributable to noncontrolling interests | -13,539 | -10,849 |
Income From Real Estate Fund Attributable To Vornado | 10,550 | 7,299 |
Fee And Other Income | $704 | $618 |
Marketable_Securities_Details
Marketable Securities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Equity Securities | $184,991 | $206,323 |
Available-for-sale Equity Securities, Amortized Cost Basis | 72,549 | 72,549 |
Available-for-sale Securities, Gross Unrealized Gain | 112,442 | 133,774 |
Lexington Realty Trust [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Equity Securities | 181,550 | 202,789 |
Available-for-sale Equity Securities, Amortized Cost Basis | 72,549 | 72,549 |
Available-for-sale Securities, Gross Unrealized Gain | 109,001 | 130,240 |
Other Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Equity Securities | 3,441 | 3,534 |
Available-for-sale Equity Securities, Amortized Cost Basis | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Gain | $3,441 | $3,534 |
Investments_in_Partially_Owned2
Investments in Partially Owned Entities (Details) (USD $) | 3 Months Ended | ||||||
Mar. 31, 2015 | Jan. 31, 2015 | Mar. 31, 2014 | Feb. 01, 2014 | Dec. 31, 2014 | Nov. 01, 2014 | Sep. 30, 2014 | |
Equity Method Investments And Income From Equity Method Investments [Abstract] | |||||||
Carrying amount of investments in partially owned entities | $1,408,214,000 | $1,246,496,000 | |||||
Comprehensive Income Net of Tax | 83,419,000 | 88,806,000 | |||||
Income (Loss) From Equity Method Investments | -2,405,000 | 1,979,000 | |||||
Impairment Losses | 256,000 | 20,842,000 | |||||
Toys R Us [Member] | |||||||
Equity Method Investments And Income From Equity Method Investments [Abstract] | |||||||
Equity method ownership percentage | 32.60% | ||||||
Equity in net income | 75,196,000 | ||||||
Carrying amount of investments in partially owned entities | 0 | 0 | 0 | ||||
Income (Loss) From Equity Method Investments | 1,454,000 | 1,847,000 | |||||
Non-cash impairment losses | 355,953,000 | ||||||
Condensed Financial Information For Equity Method Investments [Abstract] | |||||||
Assets | 9,958,000,000 | 11,267,000,000 | |||||
Liabilities | 9,014,000,000 | 10,377,000,000 | |||||
Noncontrolling interests | 85,000,000 | 82,000,000 | |||||
Equity | 859,000,000 | 808,000,000 | |||||
Total revenue | 4,983,000,000 | 5,267,000,000 | |||||
Net income attributable to investee | 193,700,000 | 82,500,000 | |||||
Equity Method Investment, Difference Excess Of Underlying Equity Over Carrying Amount | 279,936,000 | ||||||
Toys R Us [Member] | Equity In Net Income After Income Taxes [Member] | |||||||
Equity Method Investments And Income From Equity Method Investments [Abstract] | |||||||
Income (Loss) From Equity Method Investments | 0 | 75,196,000 | |||||
Toys R Us [Member] | Management Fees [Member] | |||||||
Equity Method Investments And Income From Equity Method Investments [Abstract] | |||||||
Income (Loss) From Equity Method Investments | 1,454,000 | 1,847,000 | |||||
Toys R Us [Member] | Impairment Loss [Member] | |||||||
Equity Method Investments And Income From Equity Method Investments [Abstract] | |||||||
Income (Loss) From Equity Method Investments | 0 | -75,196,000 | |||||
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 | 132,143,000 | 131,616,000 | |||||
Excess of investee's carrying amount over equity in net assets | 41,048,000 | ||||||
Income (Loss) From Equity Method Investments | 7,691,000 | 6,385,000 | |||||
Condensed Financial Information For Equity Method Investments [Abstract] | |||||||
Assets | 1,433,000,000 | 1,423,000,000 | |||||
Liabilities | 1,084,000,000 | 1,075,000,000 | |||||
Equity | 349,000,000 | 348,000,000 | |||||
Total revenue | 52,000,000 | 49,000,000 | |||||
Net income attributable to investee | 18,000,000 | 15,000,000 | |||||
Alexanders Inc [Member] | Equity In Net Income After Income Taxes [Member] | |||||||
Equity Method Investments And Income From Equity Method Investments [Abstract] | |||||||
Income (Loss) From Equity Method Investments | 5,594,000 | 4,759,000 | |||||
Alexanders Inc [Member] | Management Leasing And Development Fees [Member] | |||||||
Equity Method Investments And Income From Equity Method Investments [Abstract] | |||||||
Income (Loss) From Equity Method Investments | 2,097,000 | 1,626,000 | |||||
India real estate ventures [Member] | |||||||
Equity Method Investments And Income From Equity Method Investments [Abstract] | |||||||
Carrying amount of investments in partially owned entities | 67,159,000 | 76,752,000 | |||||
Income (Loss) From Equity Method Investments | -109,000 | -137,000 | |||||
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 | 766,074,000 | 760,749,000 | |||||
Income (Loss) From Equity Method Investments | -9,296,000 | -2,395,000 | |||||
Urban Edge Properties [Member] | |||||||
Equity Method Investments And Income From Equity Method Investments [Abstract] | |||||||
Equity method ownership percentage | 5.40% | ||||||
Carrying amount of investments in partially owned entities | 25,206,000 | 0 | |||||
Income (Loss) From Equity Method Investments | 584,000 | 0 | |||||
PREIT Associates [Member] | |||||||
Equity Method Investments And Income From Equity Method Investments [Abstract] | |||||||
Equity method ownership percentage | 8.10% | ||||||
Carrying amount of investments in partially owned entities | 144,681,000 | 0 | |||||
Other equity method investments [Member] | |||||||
Equity Method Investments And Income From Equity Method Investments [Abstract] | |||||||
Carrying amount of investments in partially owned entities | 272,951,000 | 277,379,000 | |||||
Income (Loss) From Equity Method Investments | ($2,729,000) | ($3,721,000) |
Investments_in_Partially_Owned3
Investments in Partially Owned Entities (Alexander's Inc.) (Details) (Alexanders Inc [Member], USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Alexanders Inc [Member] | |||
Equity Method Investments And Income From Equity Method Investments [Abstract] | |||
Ownership common shares, investee (in shares) | 1,654,068 | ||
Equity method ownership percentage | 32.40% | ||
Closing share price (in dollars per share) | $456.58 | ||
Equity Method Investment Market Value | $755,214,000 | ||
Excess of investee's fair value over carrying amount | 623,071,000 | ||
Excess of investee's carrying amount over equity in net assets | 41,048,000 | ||
Condensed Financial Information For Equity Method Investments [Abstract] | |||
Assets | 1,433,000,000 | 1,423,000,000 | |
Liabilities | 1,084,000,000 | 1,075,000,000 | |
Equity | 349,000,000 | 348,000,000 | |
Total revenue | 52,000,000 | 49,000,000 | |
Net income attributable to investee | $18,000,000 | $15,000,000 |
Investments_in_Partially_Owned4
Investments in Partially Owned Entities (Urban Edge Properties and PREIT Associates L.P.) (Details) (USD $) | 0 Months Ended | |
Jan. 15, 2015 | Mar. 31, 2015 | |
Urban Edge Properties [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Operating Partnership Units Received From Buyer | 5,717,184 | |
Equity method ownership percentage | 5.40% | |
Pennsylavenia Real Estate Investment Trust [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Equity method ownership percentage | 8.10% | |
Payments for tenant improvements and allowances | $19,000,000 | |
Pennsylavenia Real Estate Investment Trust [Member] | Retail Springfield Mall [Member] | Retail Segment Regional Malls [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Operating Partnership Units Received From Buyer | 6,250,000 | |
Square Footage Of Real Estate Property | 1,350,000 | |
Gross proceeds from sale of real estate | 485,313,000 | |
Cash Proceeds from sale of real estate | 340,000,000 | |
Operating Partnership Units Value | 145,313,000 | |
Operating Partnership Unis Value Per Unit | $23.25 | |
Payments for tenant improvements and allowances | $19,000,000 |
Dispositions_Narratives_Detail
Dispositions (Narratives) (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Jan. 15, 2015 | Mar. 31, 2018 | Mar. 13, 2015 | |
Disposal Group Including Discontinued Operation Additional Disclosures [Abstract] | ||||||
Cash Considerations Transferred During Spin Off (in US Dollars) | $225,000,000 | $0 | ||||
Gain on sale of interest in leases | 21,376,000 | 0 | ||||
Net gains on sale of real estate | 10,867,000 | 0 | ||||
Impairment Losses | 256,000 | 20,842,000 | ||||
Pennsylavenia Real Estate Investment Trust [Member] | ||||||
Disposal Group Including Discontinued Operation Additional Disclosures [Abstract] | ||||||
Net gains on sale of real estate | 631,000 | |||||
Urban Edge Properties [Member] | ||||||
Disposal Group Including Discontinued Operation Additional Disclosures [Abstract] | ||||||
Cash Considerations Transferred During Spin Off (in US Dollars) | 225,000,000 | |||||
Retail Segment Strip Shopping Centers [Member] | Urban Edge Properties [Member] | ||||||
Disposal Group Including Discontinued Operation Additional Disclosures [Abstract] | ||||||
Number Of Real Estate Properties | 79 | |||||
Retail Segment Regional Malls [Member] | Urban Edge Properties [Member] | ||||||
Disposal Group Including Discontinued Operation Additional Disclosures [Abstract] | ||||||
Number Of Real Estate Properties | 3 | |||||
Warehouse [Member] | Urban Edge Properties [Member] | ||||||
Disposal Group Including Discontinued Operation Additional Disclosures [Abstract] | ||||||
Number Of Real Estate Properties | 1 | |||||
Retail Springfield Mall [Member] | Retail Segment Regional Malls [Member] | ||||||
Disposal Group Including Discontinued Operation Additional Disclosures [Abstract] | ||||||
Net gains on sale of real estate | 7,192,000 | 7,823,000 | ||||
Impairment Losses | 20,000,000 | |||||
Retail Springfield Mall [Member] | Retail Segment Regional Malls [Member] | Scenario Forecast [Member] | ||||||
Disposal Group Including Discontinued Operation Additional Disclosures [Abstract] | ||||||
Additional Consideration Receivable Percent | 50.00% | |||||
Additional Consideration Theshold, Value | 465,000,000 | |||||
Capitalization rate | 5.50% | |||||
Retail Springfield Mall [Member] | Retail Segment Regional Malls [Member] | Pennsylavenia Real Estate Investment Trust [Member] | ||||||
Disposal Group Including Discontinued Operation Additional Disclosures [Abstract] | ||||||
Square Footage Of Real Estate Property | 1,350,000 | 1,350,000 | ||||
Gross proceeds from the sale of real estate | 485,313,000 | |||||
Cash Proceeds from sale of real estate | 340,000,000 | |||||
Geary Street, CA [Member] | ||||||
Disposal Group Including Discontinued Operation Additional Disclosures [Abstract] | ||||||
Proceeds from Sale of interest in leases | 34,189,000 | |||||
Gain on sale of interest in leases | 21,376,000 | |||||
Retail Properties Segment [Member] | ||||||
Disposal Group Including Discontinued Operation Additional Disclosures [Abstract] | ||||||
Number Of Real Estate Properties Sold | 5 | |||||
Cash Proceeds from sale of real estate | 10,731,000 | |||||
Net gains on sale of real estate | $3,675,000 |
Dispositions_Details_1
Dispositions (Details 1) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Disposal Group Including Discontinued Operation Unclassified Balance Sheet Disclosures Abstract | |||
Real Estate, Net | $27,199 | $2,028,677 | |
Other Assets | 8,143 | 209,797 | |
Assets related to discontinued operations | 35,342 | 2,238,474 | |
Mortgages Payable | 0 | 1,288,535 | |
Other liabilities (primarily deferred revenue in 2014) | 11,354 | 222,827 | |
Liabilities related to discontinued operations | 11,354 | 1,511,362 | |
Discontinued Operation, Income (Loss) from Discontinued Operations Disclosure [Abstract] | |||
Total revenues | 19,958 | 106,563 | |
Total expenses | 13,373 | 76,025 | |
Income from discontinued operations before gain on sale of real estate | 6,585 | 30,538 | |
Net gain on sale of lease position in Geary Street, CA | 21,376 | 0 | |
Net gains on sale of real estate | 10,867 | 0 | |
Transaction related costs | -22,645 | -499 | |
Impairment losses | -256 | -20,842 | |
Pretax income from discontinued operations | 15,927 | 9,197 | |
Income tax expense | -86 | -731 | |
Income from discontinued operations | 15,841 | 8,466 | |
Cash flows related to discontinued operations: | |||
Cash flows from operating activities, discontinued operations | -36,672 | 15,535 | |
Cash flows from investing activities, discontinued operations | $310,069 | ($30,397) |
Identified_Intangible_Assets_a2
Identified Intangible Assets and Intangible Liabilities (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Finite-Lived Intangible Assets and Liabilities [Line Items] | |||
Gross amount | $429,909 | $424,976 | |
Accumulated amortization | -200,330 | -199,821 | |
Net | 229,579 | 225,155 | |
Gross amount | 620,891 | 657,976 | |
Accumulated amortization | -304,929 | -329,775 | |
Net | 315,962 | 328,201 | |
Below Market Leases Net Of Above Market Leases [Member] | |||
Finite-Lived Intangible Assets and Liabilities [Line Items] | |||
Amortization of Intangible Assets | 12,450 | 9,712 | |
2016 | 36,804 | ||
2017 | 34,829 | ||
2018 | 33,546 | ||
2019 | 23,514 | ||
2020 | 21,505 | ||
Other Identified Intangible Assets [Member] | |||
Finite-Lived Intangible Assets and Liabilities [Line Items] | |||
Amortization of Intangible Assets | 6,185 | 8,891 | |
2016 | 22,523 | ||
2017 | 17,692 | ||
2018 | 13,373 | ||
2019 | 11,425 | ||
2020 | 10,651 | ||
Tenant Under Ground Leases [Member] | |||
Finite-Lived Intangible Assets and Liabilities [Line Items] | |||
Amortization of Intangible Assets | 458 | 458 | |
2016 | 1,832 | ||
2017 | 1,832 | ||
2018 | 1,832 | ||
2019 | 1,832 | ||
2020 | $1,832 |
Debt_Narratives_Details
Debt (Narratives) (Details) (USD $) | 3 Months Ended | 1 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Apr. 30, 2015 | Jan. 31, 2015 | Dec. 31, 2014 | |
Properties | |||||
ResidentialUnits | |||||
Debt Instrument [Line Items] | |||||
Proceeds from borrowings | $800,000,000 | $600,000,000 | |||
Mortgages payable (in US Dollars) | 8,316,793,000 | 8,263,165,000 | |||
Washington DC River House Apartments [Member] | Mortgages Maturing April 2015 [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate, End of Period (in percentage) | 5.43% | ||||
Debt Instrument Maturity | Apr-15 | ||||
Mortgages payable (in US Dollars) | 195,000,000 | ||||
Washington DC River House Apartments [Member] | Mortgages Maturing 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||
Spread Over LIBOR (in percentage) | 1.53% | ||||
Debt Instrument Maturity | 2018 | ||||
Mortgages payable (in US Dollars) | 64,000,000 | ||||
Washington DC River House Apartments [Member] | Subsequent Event [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes And Loans Payable Refinanced Amount (in US Dollars) | 308,000,000 | ||||
Number Of Apartment Buildings | 3 | ||||
Number Of Units | 1,670 | ||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||
Spread Over LIBOR (in percentage) | 1.28% | ||||
Debt Instrument Maturity | 2025 | ||||
Proceeds from borrowings | 43,000,000 | ||||
Senior Unsecured Notes 4.25% [Member] | |||||
Debt Instrument [Line Items] | |||||
Redemption of senior unsecured notes | $500,000,000 | ||||
Interest Rate, End of Period (in percentage) | 4.25% | ||||
Debt Instrument, Maturity Date | 1-Apr-15 | ||||
Redemption Price, Percentage of Principal Amount Redeemed | 100.00% |
Debt_Summary_of_Debt_Details
Debt (Summary of Debt) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Mortgages payable (in US Dollars) | $8,316,793,000 | $8,263,165,000 |
Senior unsecured notes | 847,332,000 | 1,347,159,000 |
Revolving credit facility debt | 400,000,000 | 0 |
Notes And Mortgages Payable Fixed Rate [Member] | ||
Debt Instrument [Line Items] | ||
Mortgages payable (in US Dollars) | 6,553,924,000 | 6,499,396,000 |
Interest Rate, End of Period (in percentage) | 4.46% | |
Notes And Mortgages Payable Variable Rate [Member] | ||
Debt Instrument [Line Items] | ||
Mortgages payable (in US Dollars) | 1,762,869,000 | 1,763,769,000 |
Interest Rate, End of Period (in percentage) | 2.21% | |
Total Notes And Mortgages Payable [Member] | ||
Debt Instrument [Line Items] | ||
Mortgages payable (in US Dollars) | 8,316,793,000 | 8,263,165,000 |
Interest Rate, End of Period (in percentage) | 3.99% | |
Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 847,332,000 | 1,347,159,000 |
Interest Rate, End of Period (in percentage) | 3.68% | |
Unsecured Revolving Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Revolving credit facility debt | 400,000,000 | 0 |
Interest Rate, End of Period (in percentage) | 1.23% | |
Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt And Revolving Credit Facility | $1,247,332,000 | $1,347,159,000 |
Interest Rate, End of Period (in percentage) | 3.39% |
Redeemable_Noncontrolling_Inte2
Redeemable Noncontrolling Interests (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Redeemable Noncontrolling Interest Units Table [Abstract] | |||
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount | $1,303,790 | $1,336,780 | |
Redeemable Noncontrolling Interests Rollforward [Abstract] | |||
Reedemable Noncontrolling Interest, Beginning Balance | 1,337,780 | 1,003,620 | |
Net income | 5,287 | 3,860 | |
Other comprehensive income (loss) | -1,288 | 361 | |
Distributions | -7,280 | -8,383 | |
Other, net | 19,133 | 9,592 | |
Reedemable Noncontrolling Interest, Ending Balance | 1,304,790 | 1,140,831 | |
Common Class A [Member] | |||
Redeemable Noncontrolling Interest Units Table [Abstract] | |||
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount | 1,303,790 | 1,336,780 | |
Redeemable Noncontrolling Interests Rollforward [Abstract] | |||
Redemption of Class A units for common shares, at redemption value | -23,493 | -5,156 | |
Adjustment to carry Class A redeemable units at redemption value | -25,349 | 136,937 | |
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 ("AOCI") (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated other comprehensive (loss) income, Beginning Balance | $93,267 | $71,537 |
OCI before reclassifications | -20,658 | 6,089 |
Amounts reclassified from AOCI | 0 | 0 |
Net current period OCI | -20,658 | 6,089 |
Accumulated other comprehensive (loss) income, Ending Balance | 72,609 | 77,626 |
Interest rate Swap [Member] | ||
Accumulated other comprehensive (loss) income, Beginning Balance | -25,803 | -31,882 |
OCI before reclassifications | -776 | 1,610 |
Amounts reclassified from AOCI | 0 | 0 |
Net current period OCI | -776 | 1,610 |
Accumulated other comprehensive (loss) income, Ending Balance | -26,579 | -30,272 |
Securities available for sale [Member] | ||
Accumulated other comprehensive (loss) income, Beginning Balance | 133,774 | 119,309 |
OCI before reclassifications | -21,332 | 13,125 |
Amounts reclassified from AOCI | 0 | 0 |
Net current period OCI | -21,332 | 13,125 |
Accumulated other comprehensive (loss) income, Ending Balance | 112,442 | 132,434 |
Pro Rata Share Of Non Consolidated Subsidiaries Oci [Member] | ||
Accumulated other comprehensive (loss) income, Beginning Balance | -8,992 | -11,501 |
OCI before reclassifications | 157 | -8,286 |
Amounts reclassified from AOCI | 0 | 0 |
Net current period OCI | 157 | -8,286 |
Accumulated other comprehensive (loss) income, Ending Balance | -8,835 | -19,787 |
Other [Member] | ||
Accumulated other comprehensive (loss) income, Beginning Balance | -5,712 | -4,389 |
OCI before reclassifications | 1,293 | -360 |
Amounts reclassified from AOCI | 0 | 0 |
Net current period OCI | 1,293 | -360 |
Accumulated other comprehensive (loss) income, Ending Balance | ($4,419) | ($4,749) |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2015 |
In Thousands, unless otherwise specified | ||
Consolidated Variable Interest Entities [Member] | Independence Plaza And Warner Building [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net | $0 | |
Consolidated Variable Interest Entities [Member] | One Park Avenue, Independence Plaza, And Warner Building [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net | 0 | |
Non Consolidated Variable Interest Entities [Member] | Independence Plaza And Warner Building [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 286,783 | |
Non Consolidated Variable Interest Entities [Member] | One Park Avenue, Independence Plaza, And Warner Building [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | $286,876 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narratives) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Real estate fund investments | $554,426 | $513,973 |
Real Estate Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Number Of Investments Held By Fund | 6 | |
Real estate fund investments | 554,426 | |
Excess of fair value over cost | $169,832 | |
Real Estate Fund [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Measurement Anticipated Investment Holding Period | 0 years 9 months 18 days | |
Real Estate Fund [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Measurement Anticipated Investment Holding Period | 5 years 9 months 18 days |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | $184,991 | $206,323 |
Real Estate Fund Nondepreciable Real Estate | 554,426 | 513,973 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 184,991 | 206,323 |
Real Estate Fund Nondepreciable Real Estate | 554,426 | 513,973 |
Deferred Compensation Plan Assets | 121,530 | 117,284 |
Total assets | 860,947 | 837,580 |
Mandatorily redeemable instruments (included in other liabilities) | 55,097 | 55,097 |
Interest rate swap (included in other liabilities) | 26,574 | 25,797 |
Total liabilities | 81,671 | 80,894 |
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 | 4,848 | |
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 | 184,991 | 206,323 |
Real Estate Fund Nondepreciable Real Estate | 0 | 0 |
Deferred Compensation Plan Assets | 56,694 | 53,969 |
Total assets | 241,685 | 260,292 |
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 | |
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 Nondepreciable Real Estate | 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) | 26,574 | 25,797 |
Total liabilities | 26,574 | 25,797 |
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 | |
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 Nondepreciable Real Estate | 554,426 | 513,973 |
Deferred Compensation Plan Assets | 64,836 | 63,315 |
Total assets | 619,262 | 577,288 |
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 | $4,848 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Real Estate Fund [Member] | |||
Unobservable Quantitative Input [Abstract] | |||
Opening Balance - changes in Level 3 " deferred compensation plan assets" | $513,973 | $667,710 | 667,710 |
Purchases | 95,000 | 123 | |
Sales/Dispositions/Distributions | -72,186 | 0 | |
Net unrealized gains | 16,213 | 14,169 | |
Net realized gains | 1,426 | 0 | |
Closing Balance - changes in Level 3 " deferred compensation plan assets" | 554,426 | 682,002 | |
Real Estate Fund [Member] | Minimum [Member] | |||
Unobservable Quantitative Input [Abstract] | |||
Discount rates | 12.00% | 12.00% | |
Capitalization rate | 4.80% | 4.70% | |
Fair Value Measurement Anticipated Investment Holding Period | 0 years 9 months 18 days | ||
Real Estate Fund [Member] | Maximum [Member] | |||
Unobservable Quantitative Input [Abstract] | |||
Discount rates | 14.50% | 17.50% | |
Capitalization rate | 6.50% | 6.50% | |
Fair Value Measurement Anticipated Investment Holding Period | 5 years 9 months 18 days | ||
Real Estate Fund [Member] | Weighted Average [Member] | |||
Unobservable Quantitative Input [Abstract] | |||
Discount rates | 13.40% | 13.70% | |
Capitalization rate | 5.50% | 5.30% | |
Deferred Compensation Plan Assets [Member] | |||
Unobservable Quantitative Input [Abstract] | |||
Opening Balance - changes in Level 3 " deferred compensation plan assets" | 63,315 | 68,782 | 68,782 |
Purchases | 624 | 1,644 | |
Sales/Dispositions/Distributions | -438 | -5,124 | |
Realized and unrealized gain (loss) | 1,335 | 2,172 | |
Other, net | 0 | -153 | |
Closing Balance - changes in Level 3 " deferred compensation plan assets" | $64,836 | $67,627 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 2) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior unsecured notes | $847,332 | $1,347,159 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 526,218 | 749,418 |
Mortgage and mezzanine loans receivable | 0 | 16,748 |
Total assets | 526,218 | 766,166 |
Mortgages payable | 8,316,793 | 8,263,165 |
Senior unsecured notes | 847,332 | 1,347,159 |
Revolving credit facility debt | 400,000 | 0 |
Total debt | 9,564,125 | 9,610,324 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 526,000 | 749,000 |
Mortgage and mezzanine loans receivable | 0 | 17,000 |
Total assets | 526,000 | 766,000 |
Mortgages payable | 8,334,000 | 8,224,000 |
Senior unsecured notes | 898,000 | 1,385,000 |
Revolving credit facility debt | 400,000 | 0 |
Total debt | $9,632,000 | $9,609,000 |
Incentive_Compensation_Narrati
Incentive Compensation (Narratives) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share Based Compensation Expense | $20,142 | $11,024 |
Fee_and_Other_Income_Details
Fee and Other Income (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Fee And Other Income [Line Items] | ||
BMS cleaning fees | $22,633 | $18,956 |
Management and leasing fees | 4,192 | 5,828 |
Lease termination fees | 3,747 | 3,577 |
Other income | 9,035 | 7,579 |
Fee and other income | 39,607 | 35,940 |
Interstate Properties [Member] | ||
Fee And Other Income [Line Items] | ||
Management and leasing fees | $139 | $134 |
Interest_and_Other_Investment_2
Interest and Other Investment Income, Net (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Dividends and interest on marketable securities | $3,203 | $3,106 |
Mark-to-market of investments in our deferred compensation plan | 2,859 | 4,400 |
Interest on mezzanine loans receivable | 1,674 | 2,384 |
Other, net | 3,056 | 1,960 |
Interest and other investment (loss) income, net | $10,792 | $11,850 |
Interest_and_Debt_Expense_Deta
Interest and Debt Expense (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Interest Expense Debt [Abstract] | ||
Interest expense | $95,328 | $105,512 |
Amortization of deferred financing costs | 7,456 | 4,422 |
Capitalized interest and debt expenses | -11,110 | -13,622 |
Interest and Debt Expense, Total | $91,674 | $96,312 |
Income_Per_Share_Details
Income Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Per Share [Abstract] | ||
Income from continuing operations, net of income attributable to noncontrolling interests | $89,166 | $74,743 |
Income from discontinued operations, net of income attributable to noncontrolling interests | 14,911 | 7,974 |
Net income attributable to Vornado | 104,077 | 82,717 |
Preferred share dividends | -19,484 | -20,368 |
Net income attributable to common shareholders | 84,593 | 62,349 |
Earnings allocated to unvested participating securities | -19 | -30 |
Numerator for diluted income per share | $84,574 | $62,319 |
Denominator for basic income per share - weighted average shares (in shares) | 187,999 | 187,307 |
Employee stock options and restricted share awards (in shares) | 1,337 | 933 |
Denominator for diluted income per share - weighted average shares and assumed conversions (in shares) | 189,336 | 188,240 |
INCOME PER COMMON SHARE - BASIC: | ||
Income from continuing operations, net (in dollars per share) | $0.37 | $0.29 |
Income from discontinued operations, net (in dollars per share) | $0.08 | $0.04 |
Net income per common share (in dollars per share) | $0.45 | $0.33 |
INCOME PER COMMON SHARE - DILUTED: | ||
Income from continuing operations, net (in dollars per share) | $0.37 | $0.29 |
Income from discontinued operations, net (in dollars per share) | $0.08 | $0.04 |
Net income per common share (in dollars per share) | $0.45 | $0.33 |
Income_Per_Share_Parenthetical
Income Per Share (Parentheticals) (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Per Share [Abstract] | ||
Weighted average common share equivalents of excluded dilutive securities due to anti-dilutive effect | 11,488 | 11,326 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Jan. 01, 2016 | |
Loss Contingencies [Line Items] | ||
Guarantees and master leases | $349,000,000 | |
Outstanding letters of credit | 39,632,000 | |
Commitment to fund additional capital to partially owned entities | 78,000,000 | |
NBCR Losses [Member] | ||
Loss Contingencies [Line Items] | ||
Insurance limit per occurrence | 2,000,000,000 | |
Federal government deductible, percentage of balance of a covered loss | 85.00% | |
NBCR Losses [Member] | Subsequent Event [Member] | ||
Loss Contingencies [Line Items] | ||
Federal government deductible, percentage of balance of a covered loss | 84.00% | |
Earthquake California Properties [Member] | ||
Loss Contingencies [Line Items] | ||
Insurance limit per occurrence | 180,000,000 | |
Vornado deductible, percentage of property value | 5.00% | |
Vornado deductible, annual aggregate | 180,000,000 | |
All Risk And Rental Value [Member] | ||
Loss Contingencies [Line Items] | ||
Insurance limit per occurrence | 2,000,000,000 | |
General Liability [Member] | ||
Loss Contingencies [Line Items] | ||
Insurance limit per occurrence | 300,000,000 | |
Terrorism Acts [Member] | ||
Loss Contingencies [Line Items] | ||
Insurance limit per occurrence | 4,000,000,000 | |
Insurance Coverage End Date | Dec-20 | |
PPIC [Member] | NBCR Losses [Member] | ||
Loss Contingencies [Line Items] | ||
Insurance deductible | $2,480,000 | |
Insurance Deductible Percentage Of Balance Of Covered Loss | 15.00% | |
PPIC [Member] | NBCR Losses [Member] | Subsequent Event [Member] | ||
Loss Contingencies [Line Items] | ||
Insurance Deductible Percentage Of Balance Of Covered Loss | 16.00% |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Total Revenues | $606,802 | $562,381 |
Total expenses | 439,088 | 417,140 |
Operating income (loss) | 167,714 | 145,241 |
(Loss) income from partially owned entities, including Toys | -2,405 | 1,979 |
Income from real estate fund investments | 24,089 | 18,148 |
Interest and other investment income, net | 10,792 | 11,850 |
Interest and debt expense | -91,674 | -96,312 |
Net gain on disposition of wholly owned and partially owned assets | 1,860 | 9,635 |
Income (loss) before income taxes | 110,376 | 90,541 |
Income tax expense | -971 | -851 |
Income (loss) from continuing operations | 109,405 | 89,690 |
Income from discontinued operations | 15,841 | 8,466 |
Net income (loss) | 125,246 | 98,156 |
Less net income attributable to noncontrolling interests | -21,169 | -15,439 |
Net income attributable to Vornado | 104,077 | 82,717 |
Interest and debt expense (2) | 114,675 | 170,952 |
Depreciation and amortization (2) | 156,450 | 196,339 |
Income tax (benefit) expense (2) | -739 | 19,831 |
EBITDA | 374,463 | 469,839 |
New York Segment [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 399,513 | 361,184 |
Total expenses | 252,760 | 237,734 |
Operating income (loss) | 146,753 | 123,450 |
(Loss) income from partially owned entities, including Toys | -5,663 | 1,566 |
Interest and other investment income, net | 1,862 | 1,441 |
Interest and debt expense | -45,351 | -42,839 |
Income (loss) before income taxes | 97,601 | 83,618 |
Income tax expense | -943 | -969 |
Income (loss) from continuing operations | 96,658 | 82,649 |
Income from discontinued operations | 5,867 | |
Net income (loss) | 96,658 | 88,516 |
Less net income attributable to noncontrolling interests | -1,506 | -1,405 |
Net income attributable to Vornado | 95,152 | 87,111 |
Interest and debt expense (2) | 58,667 | 58,068 |
Depreciation and amortization (2) | 94,124 | 87,587 |
Income tax (benefit) expense (2) | 1,002 | 1,032 |
EBITDA | 248,945 | 233,798 |
Washington DC Segment [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 133,968 | 135,278 |
Total expenses | 92,997 | 89,572 |
Operating income (loss) | 40,971 | 45,706 |
(Loss) income from partially owned entities, including Toys | 131 | -1,266 |
Interest and other investment income, net | 13 | 36 |
Interest and debt expense | -18,160 | -19,347 |
Income (loss) before income taxes | 22,955 | 25,129 |
Income tax expense | 674 | 199 |
Income (loss) from continuing operations | 23,629 | 25,328 |
Net income (loss) | 23,629 | 25,328 |
Net income attributable to Vornado | 23,629 | 25,328 |
Interest and debt expense (2) | 21,512 | 22,798 |
Depreciation and amortization (2) | 40,752 | 36,150 |
Income tax (benefit) expense (2) | -2,636 | -189 |
EBITDA | 83,257 | 84,087 |
Other Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 73,321 | 65,919 |
Total expenses | 93,331 | 89,834 |
Operating income (loss) | -20,010 | -23,915 |
(Loss) income from partially owned entities, including Toys | 3,127 | 1,679 |
Income from real estate fund investments | 24,089 | 18,148 |
Interest and other investment income, net | 8,917 | 10,373 |
Interest and debt expense | -28,163 | -34,126 |
Net gain on disposition of wholly owned and partially owned assets | 1,860 | 9,635 |
Income (loss) before income taxes | -10,180 | -18,206 |
Income tax expense | -702 | -81 |
Income (loss) from continuing operations | -10,882 | -18,287 |
Income from discontinued operations | 15,841 | 2,599 |
Net income (loss) | 4,959 | -15,688 |
Less net income attributable to noncontrolling interests | -19,663 | -14,034 |
Net income attributable to Vornado | -14,704 | -29,722 |
Interest and debt expense (2) | 34,496 | 90,086 |
Depreciation and amortization (2) | 21,574 | 72,602 |
Income tax (benefit) expense (2) | 895 | 18,988 |
EBITDA | $42,261 | $151,954 |
Segment_Information_Parentheti
Segment Information (Parentheticals) (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | $374,463,000 | $469,839,000 | ||
Carrying amount of investments in partially owned entitiies | 1,408,214,000 | 1,246,496,000 | ||
Impairment losses | 256,000 | 20,842,000 | ||
Mark-to-market of investments in our deferred compensation plan | 2,859,000 | 4,400,000 | ||
Transaction Costs Spin Off | 22,645,000 | 499,000 | ||
Out Performance Plan [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Additional Expense From Acceleration Of Vesting | 8,817,000 | |||
Revised Age Limit For Awards Vesting Criteria | 65 years | |||
Our share of Toys "R" Us [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Carrying amount of investments in partially owned entitiies | 0 | |||
Impairment losses | 75,196,000 | |||
Corporate General And Administrative Expenses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Mark-to-market of investments in our deferred compensation plan | 2,859,000 | 4,400,000 | ||
Corporate General And Administrative Expenses For Remainder Of 2015 | 2,600,000 | |||
Corporate General And Administrative Expenses After 2015 | 6,217,000 | |||
Retail Segment Strip Shopping Centers [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Transaction Costs Spin Off | 22,645,000 | 499,000 | ||
New York Segment [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 248,945,000 | 233,798,000 | ||
New York Segment [Member] | Alexanders Inc [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 10,407,000 | 10,430,000 | ||
New York Segment [Member] | Hotel Pennsylvania [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | -2,126,000 | -706,000 | ||
New York Segment [Member] | Retail Properties [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 81,305,000 | 66,195,000 | ||
New York Segment [Member] | Office [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 159,359,000 | 157,879,000 | ||
Washington DC Segment [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 83,257,000 | 84,087,000 | ||
Washington DC Segment [Member] | Washington Dc Office Excluding Skyline Properties [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 67,385,000 | 67,257,000 | ||
Washington DC Segment [Member] | Washington DC Skyline Properties [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 6,055,000 | 6,499,000 | ||
Washington DC Segment [Member] | Washington Dc Residential Property [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 9,817,000 | 10,331,000 | ||
Washington DC Segment [Member] | Office [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 73,440,000 | 73,756,000 | ||
Other Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 42,261,000 | 151,954,000 | ||
Other Segment [Member] | Real Estate Fund [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 10,550,000 | 7,299,000 | ||
Other Segment [Member] | Merchandise Mart Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 21,041,000 | 19,087,000 | ||
Other Segment [Member] | Other Properties 555 California Street [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 12,401,000 | 12,066,000 | ||
Other Segment [Member] | India real estate ventures [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 1,841,000 | 1,824,000 | ||
Other Segment [Member] | Our share of Toys "R" Us [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 0 | 83,550,000 | ||
Other Segment [Member] | Other Investments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 9,109,000 | 9,447,000 | ||
Other Segment [Member] | Corporate General And Administrative Expenses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | -35,942,000 | -25,982,000 | ||
Other Segment [Member] | Investment Income and other, net [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 8,762,000 | 8,073,000 | ||
Other Segment [Member] | Urban Edge Properties And Residual Retail Properties Discontinued Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 19,907,000 | 32,100,000 | ||
Other Segment [Member] | Acquisition and transaction related costs [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | -1,981,000 | -1,285,000 | ||
Other Segment [Member] | Net Gain On Sale Of Marketable Securities Land Parcels And Residential Condominimums [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 1,860,000 | 9,635,000 | ||
Other Segment [Member] | Net income attributable to noncontrolling interests in the Operating Partnership [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | -5,287,000 | -3,860,000 | ||
Other Segment [Member] | Other EBITDA attributable to identifiable investments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 54,942,000 | 133,273,000 | ||
Other Segment [Member] | Income before net realized / unrealized gains (Operations) [Member] | Real Estate Fund [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 1,614,000 | 1,982,000 | ||
Other Segment [Member] | Carried Interest [Member] | Real Estate Fund [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | 3,388,000 | 1,775,000 | ||
Other Segment [Member] | Unrealized Gain From Mark To Market [Member] | Real Estate Fund [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings Before Interest, Taxes, Depreciation, and Amortization | $5,548,000 | $3,542,000 |