Cover
Cover - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Jun. 30, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-K | |
Document Annual Report | true | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Dec. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-11954 | |
Entity Registrant Name | Vornado Realty Trust | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 22-1657560 | |
Entity Address, Address Line One | 888 Seventh Avenue, | |
Entity Address, City or Town | New York, | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10019 | |
City Area Code | (212) | |
Local Phone Number | 894-7000 | |
Title of 12(g) Security | Series A Convertible Preferred Shares of beneficial interest, liquidation preference $50.00 per share | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
ICFR Auditor Attestation Flag | true | |
Entity Shell Company | false | |
Entity Public Float | $ 5,074,142 | |
Entity Common Stock, Shares Outstanding | 191,866,880 | |
Documents Incorporated by Reference | Part III : Portions of Proxy Statement for Annual Meeting of Vornado Realty Trust’s Shareholders to be held on May 18, 2023. | |
Entity Central Index Key | 0000899689 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
Auditor Firm ID | 34 | |
Common Shares of beneficial interest, $.04 par value per share | New York Stock Exchange | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Shares of beneficial interest, $.04 par value per share | |
Trading Symbol | VNO | |
Security Exchange Name | NYSE | |
5.40% Series L | New York Stock Exchange | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 5.40% Series L | |
Trading Symbol | VNO/PL | |
Security Exchange Name | NYSE | |
5.25% Series M | New York Stock Exchange | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 5.25% Series M | |
Trading Symbol | VNO/PM | |
Security Exchange Name | NYSE | |
5.25% Series N | New York Stock Exchange | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 5.25% Series N | |
Trading Symbol | VNO/PN | |
Security Exchange Name | NYSE | |
4.45% Series O | New York Stock Exchange | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 4.45% Series O | |
Trading Symbol | VNO/PO | |
Security Exchange Name | NYSE | |
Vornado Realty L.P. | ||
Entity Information [Line Items] | ||
Entity File Number | 001-34482 | |
Entity Registrant Name | VORNADO REALTY LP | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 13-3925979 | |
Title of 12(g) Security | Class A Units of Limited Partnership Interest | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
ICFR Auditor Attestation Flag | true | |
Entity Shell Company | false | |
Entity Public Float | $ 319,516 | |
Entity Central Index Key | 0001040765 | |
Document Fiscal Year Focus | 2022 | |
Auditor Firm ID | 34 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Auditor [Line Items] | |
Auditor Name | DELOITTE & TOUCHE LLP |
Auditor Location | New York, New York |
Auditor Firm ID | 34 |
Vornado Realty L.P. | |
Auditor [Line Items] | |
Auditor Name | DELOITTE & TOUCHE LLP |
Auditor Location | New York, New York |
Auditor Firm ID | 34 |
Consolidated Balance Sheets (VN
Consolidated Balance Sheets (VNO) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Real estate, at cost: | ||
Land | $ 2,451,828 | $ 2,540,193 |
Buildings and improvements | 9,804,204 | 9,839,166 |
Development costs and construction in progress | 933,334 | 718,694 |
Leasehold improvements and equipment | 125,389 | 119,792 |
Total | 13,314,755 | 13,217,845 |
Less accumulated depreciation and amortization | (3,470,991) | (3,376,347) |
Real estate, net | 9,843,764 | 9,841,498 |
Right-of-use assets | 684,380 | 337,197 |
Cash and cash equivalents | 889,689 | 1,760,225 |
Restricted cash | 131,468 | 170,126 |
Investments in U.S. Treasury bills | 471,962 | 0 |
Tenant and other receivables | 81,170 | 79,661 |
Investments in partially owned entities | 2,665,073 | 3,297,389 |
Real estate fund investments | 0 | 7,730 |
220 Central Park South condominium units ready for sale | 43,599 | 57,142 |
Receivable arising from the straight-lining of rents | 694,972 | 656,318 |
Deferred leasing costs, net of accumulated amortization of $237,395 and $211,775 | 373,555 | 391,693 |
Identified intangible assets, net of accumulated amortization of $98,139 and $97,186 | 139,638 | 154,895 |
Other assets | 474,105 | 512,714 |
Assets | 16,493,375 | 17,266,588 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Mortgages payable, net | 5,829,018 | 6,053,343 |
Senior unsecured notes, net | 1,191,832 | 1,189,792 |
Unsecured term loan, net | 793,193 | 797,812 |
Unsecured revolving credit facilities | 575,000 | 575,000 |
Lease liabilities | 735,969 | 370,206 |
Accounts payable and accrued expenses | 450,881 | 613,497 |
Deferred revenue | 39,882 | 48,118 |
Deferred compensation plan | 96,322 | 110,174 |
Other liabilities | 268,166 | 304,725 |
Total liabilities | 9,980,263 | 10,062,667 |
Commitments and contingencies | ||
Redeemable noncontrolling interests: | ||
Total redeemable noncontrolling interests / partnership units | 436,732 | 688,683 |
Shareholders' / Partners' equity: | ||
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,792,902 shares | 1,182,459 | 1,182,459 |
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 191,866,880 and 191,723,608 shares | 7,654 | 7,648 |
Additional capital | 8,369,228 | 8,143,093 |
Earnings less than distributions | (3,894,580) | (3,079,320) |
Accumulated other comprehensive income (loss) | 174,967 | (17,534) |
Total Vornado shareholders' / partners equity | 5,839,728 | 6,236,346 |
Noncontrolling interests in consolidated subsidiaries | 236,652 | 278,892 |
Total equity | 6,076,380 | 6,515,238 |
Total liabilities, redeemable noncontrolling interests / partnership units and equity | 16,493,375 | 17,266,588 |
Partnership Interest | ||
Redeemable noncontrolling interests: | ||
Class A units - 14,416,891 and 14,033,438 units outstanding | 345,157 | 587,440 |
Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 |
Total redeemable noncontrolling interests / partnership units | 348,692 | 590,975 |
Subsidiaries | ||
Redeemable noncontrolling interests: | ||
Total redeemable noncontrolling interests / partnership units | $ 88,040 | $ 97,708 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) (VNO) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Deferred leasing costs, accumulated amortization | $ 237,395 | $ 211,775 |
Identified intangible assets, accumulated amortization | $ 98,139 | $ 97,186 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Preferred shares of beneficial interest: authorized shares (shares) | 110,000,000 | 110,000,000 |
Preferred shares of beneficial interest: issued shares (shares) | 48,792,902 | 48,792,902 |
Shares/Units Outstanding (shares) | 48,792,902 | 48,792,902 |
Common shares of beneficial interest: par value per share (in dollars per share) | $ 0.04 | $ 0.04 |
Common shares of beneficial interest: authorized shares (shares) | 250,000,000 | 250,000,000 |
Common shares of beneficial interest: issued shares (shares) | 191,866,880 | 191,723,608 |
Common shares of beneficial interest: outstanding shares (shares) | 191,866,880 | 191,723,608 |
Class A Unit | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Outstanding Partnership Units held by Third Parties (shares) | 14,416,891 | 14,033,438 |
Series D Cumulative Redeemable Preferred Unit | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Outstanding Partnership Units held by Third Parties (shares) | 141,400 | 141,400 |
Consolidated Statements of Inco
Consolidated Statements of Income (VNO) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
REVENUES: | |||
Total revenues | $ 1,799,995 | $ 1,589,210 | $ 1,527,951 |
EXPENSES: | |||
Operating | (873,911) | (797,315) | (789,066) |
Depreciation and amortization | (504,502) | (412,347) | (399,695) |
General and administrative | (133,731) | (134,545) | (181,509) |
Benefit (expense) from deferred compensation plan liability | 9,617 | (9,847) | (6,443) |
Impairment losses, transaction related costs and other | (31,722) | (13,815) | (174,027) |
Total expenses | (1,534,249) | (1,367,869) | (1,550,740) |
(Loss) income from partially owned entities | (461,351) | 130,517 | (329,112) |
Income (loss) from real estate fund investments | 3,541 | 11,066 | (226,327) |
Interest and other investment income (loss), net | 19,869 | 4,612 | (5,499) |
(Loss) income from deferred compensation plan assets | (9,617) | 9,847 | 6,443 |
Interest and debt expense | (279,765) | (231,096) | (229,251) |
Net gains on disposition of wholly owned and partially owned assets | 100,625 | 50,770 | 381,320 |
(Loss) income before income taxes | (360,952) | 197,057 | (425,215) |
Income tax (expense) benefit | (21,660) | 10,496 | (36,630) |
Net (loss) income | (382,612) | 207,553 | (461,845) |
Less net loss (income) attributable to noncontrolling interests in: | |||
Consolidated subsidiaries | 5,737 | (24,014) | 139,894 |
Operating Partnership | 30,376 | (7,540) | 24,946 |
Net (loss) income attributable to Vornado / Vornado Realty L.P. | (346,499) | 175,999 | (297,005) |
Preferred share dividends / unit distributions | (62,116) | (65,880) | (51,739) |
Series K preferred share / unit issuance costs | 0 | (9,033) | 0 |
NET (LOSS) INCOME attributable to common shareholders / Class A unitholders | $ (408,615) | $ 101,086 | $ (348,744) |
(LOSS) INCOME PER COMMON SHARE - BASIC: | |||
Net (loss) income per common share (in dollars per share) | $ (2.13) | $ 0.53 | $ (1.83) |
Weighted average shares outstanding, basic (in shares) | 191,775 | 191,551 | 191,146 |
(LOSS) INCOME PER COMMON SHARE - DILUTED: | |||
Net (loss) income per common share (in dollars per share) | $ (2.13) | $ 0.53 | $ (1.83) |
Weighted average shares outstanding, diluted (in shares) | 191,775 | 192,122 | 191,146 |
Rental revenues | |||
REVENUES: | |||
Total revenues | $ 1,607,685 | $ 1,424,531 | $ 1,377,635 |
Fee and other income | |||
REVENUES: | |||
Total revenues | $ 192,310 | $ 164,679 | $ 150,316 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (VNO) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net (loss) income | $ (382,612) | $ 207,553 | $ (461,845) |
Other comprehensive income (loss): | |||
Change in fair value of interest rate swaps and other | 190,493 | 51,338 | (29,971) |
Other comprehensive income (loss) of nonconsolidated subsidiaries | 18,874 | 10,275 | (14,342) |
Comprehensive (loss) income | (173,245) | 269,166 | (506,158) |
Less comprehensive loss (income) attributable to noncontrolling interests / in noncontrolling interests consolidated subsidiaries | 19,247 | (35,602) | 174,287 |
Comprehensive (loss) income attributable to Vornado / Vornado Realty L.P. | $ (153,998) | $ 233,564 | $ (331,871) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (VNO) - USD ($) $ in Thousands | Total | Real estate fund investments | Other | Series O Preferred Stock | Series K Preferred Stock | Series N Preferred Stock | Cumulative Effect, Period of Adoption, Adjustment | Preferred Shares | Preferred Shares Series O Preferred Stock | Preferred Shares Series K Preferred Stock | Preferred Shares Series N Preferred Stock | Common Shares | Additional Capital | Earnings Less Than Distributions | Earnings Less Than Distributions Series K Preferred Stock | Earnings Less Than Distributions Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive (Loss) Income | Non- controlling Interests in Consolidated Subsidiaries | Non- controlling Interests in Consolidated Subsidiaries Real estate fund investments | Non- controlling Interests in Consolidated Subsidiaries Other |
Beginning balance, shares at Dec. 31, 2019 | 36,796,000 | |||||||||||||||||||
Beginning balance, value at Dec. 31, 2019 | $ 7,310,978 | $ (16,064) | $ 891,214 | $ 7,618 | $ 7,827,697 | $ (1,954,266) | $ (16,064) | $ (40,233) | $ 578,948 | |||||||||||
Beginning balance, shares at Dec. 31, 2019 | 190,986,000 | |||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Net income (loss) attributable to Vornado / Vornado Realty L.P. | (297,005) | (297,005) | ||||||||||||||||||
Net income (loss) attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | (140,438) | (140,438) | ||||||||||||||||||
Dividends on common shares | (454,939) | (454,939) | ||||||||||||||||||
Dividends on preferred shares / Distributions to preferred unitholders (see Note 11 for dividends per share amounts) | (51,739) | (51,739) | ||||||||||||||||||
Cumulative redeemable preferred shares/units issuance, shares | 12,000,000 | |||||||||||||||||||
Cumulative redeemable preferred shares/units issuance | $ 291,182 | $ 291,182 | ||||||||||||||||||
Common shares issued: / Class A Units issued to Vornado | ||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value, shares | 236,000 | |||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | 9,266 | $ 9 | 9,257 | |||||||||||||||||
Under Vornado's employees' share option plan, shares | 69,000 | |||||||||||||||||||
Under Vornado's employees' share option plan | 3,517 | $ 3 | 3,514 | |||||||||||||||||
Under dividend reinvestment plan, shares | 47,000 | |||||||||||||||||||
Under dividend reinvestment plan | 2,345 | $ 2 | 2,343 | |||||||||||||||||
Contributions | ||||||||||||||||||||
Contributions | $ 3,389 | $ 4,305 | $ 3,389 | $ 4,305 | ||||||||||||||||
Distributions: | ||||||||||||||||||||
Distributions | $ (33,007) | $ (33,007) | ||||||||||||||||||
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, shares | (3,000) | 4,000 | ||||||||||||||||||
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, value | 0 | $ (57) | 57 | |||||||||||||||||
Deferred compensation shares / units and options, shares | 13,000 | |||||||||||||||||||
Deferred compensation shares / units and options, value | 1,169 | $ 1 | 1,305 | (137) | ||||||||||||||||
Other comprehensive income (loss) of nonconsolidated subsidiaries | (14,342) | (14,342) | ||||||||||||||||||
Change in fair value of interest rate swaps and other | (29,972) | (29,972) | ||||||||||||||||||
Unearned Out-Performance Plan awards acceleration | 10,824 | 10,824 | ||||||||||||||||||
Redeemable Class A unit measurement adjustment | 344,043 | 344,043 | ||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | 2,914 | 2,914 | ||||||||||||||||||
Other | 1,729 | (6,533) | (32) | 6,534 | 1,760 | |||||||||||||||
Ending balance, shares at Dec. 31, 2020 | 48,793,000 | |||||||||||||||||||
Ending balance, value at Dec. 31, 2020 | 6,948,155 | $ 1,182,339 | $ 7,633 | 8,192,507 | (2,774,182) | (75,099) | 414,957 | |||||||||||||
Ending balance, shares at Dec. 31, 2020 | 191,355,000 | |||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Net income (loss) attributable to Vornado / Vornado Realty L.P. | 175,999 | 175,999 | ||||||||||||||||||
Net income (loss) attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | 20,826 | 20,826 | ||||||||||||||||||
Dividends on common shares | (406,109) | (406,109) | ||||||||||||||||||
Dividends on preferred shares / Distributions to preferred unitholders (see Note 11 for dividends per share amounts) | (65,880) | (65,880) | ||||||||||||||||||
Cumulative redeemable preferred shares/units issuance, shares | 12,000,000 | |||||||||||||||||||
Cumulative redeemable preferred shares/units issuance | $ 291,153 | $ 291,153 | ||||||||||||||||||
Common shares issued: / Class A Units issued to Vornado | ||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value, shares | 350,000 | |||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | 14,576 | $ 14 | 14,562 | |||||||||||||||||
Under Vornado's employees' share option plan, shares | 1,000 | |||||||||||||||||||
Under Vornado's employees' share option plan | 22 | 22 | ||||||||||||||||||
Under dividend reinvestment plan, shares | 21,000 | |||||||||||||||||||
Under dividend reinvestment plan | 877 | $ 1 | 876 | |||||||||||||||||
Contributions | ||||||||||||||||||||
Contributions | 4,052 | 4,052 | ||||||||||||||||||
Distributions: | ||||||||||||||||||||
Distributions | (160,975) | (160,975) | ||||||||||||||||||
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, shares | 1,000 | |||||||||||||||||||
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, value | 0 | (13) | 13 | |||||||||||||||||
Deferred compensation shares / units and options, shares | (4,000) | |||||||||||||||||||
Deferred compensation shares / units and options, value | 792 | 906 | (114) | |||||||||||||||||
Other comprehensive income (loss) of nonconsolidated subsidiaries | 10,275 | 10,275 | ||||||||||||||||||
Change in fair value of interest rate swaps and other | 51,337 | 51,337 | ||||||||||||||||||
Unearned Out-Performance Plan awards acceleration | 10,283 | 10,283 | ||||||||||||||||||
Redeemable Class A unit measurement adjustment | (76,073) | (76,073) | ||||||||||||||||||
Series K cumulative redeemable preferred shares/units called for redemption, shares | (12,000,000) | |||||||||||||||||||
Series K cumulative redeemable preferred shares/units called for redemption | $ (300,000) | $ (290,967) | $ (9,033) | |||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | (4,048) | (4,048) | ||||||||||||||||||
Other | $ (24) | $ (53) | (3) | (1) | 1 | 32 | ||||||||||||||
Ending balance, shares at Dec. 31, 2021 | 48,792,902 | 48,793,000 | ||||||||||||||||||
Ending balance, value at Dec. 31, 2021 | $ 6,515,238 | $ 1,182,459 | $ 7,648 | 8,143,093 | (3,079,320) | (17,534) | 278,892 | |||||||||||||
Ending balance, shares at Dec. 31, 2021 | 191,723,608 | 191,724,000 | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Net income (loss) attributable to Vornado / Vornado Realty L.P. | $ (346,499) | (346,499) | ||||||||||||||||||
Net income (loss) attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | 3,931 | 3,931 | ||||||||||||||||||
Dividends on common shares | (406,562) | (406,562) | ||||||||||||||||||
Dividends on preferred shares / Distributions to preferred unitholders (see Note 11 for dividends per share amounts) | (62,116) | (62,116) | ||||||||||||||||||
Common shares issued: / Class A Units issued to Vornado | ||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value, shares | 117,000 | |||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | 3,524 | $ 5 | 3,519 | |||||||||||||||||
Under Vornado's employees' share option plan | 7 | 7 | ||||||||||||||||||
Under dividend reinvestment plan, shares | 28,000 | |||||||||||||||||||
Under dividend reinvestment plan | 878 | $ 1 | 877 | |||||||||||||||||
Contributions | ||||||||||||||||||||
Contributions | 5,609 | 5,609 | ||||||||||||||||||
Distributions: | ||||||||||||||||||||
Distributions | (54,388) | (54,388) | ||||||||||||||||||
Deferred compensation shares / units and options, shares | (2,000) | |||||||||||||||||||
Deferred compensation shares / units and options, value | 503 | 588 | (85) | |||||||||||||||||
Other comprehensive income (loss) of nonconsolidated subsidiaries | 18,874 | 18,874 | ||||||||||||||||||
Change in fair value of interest rate swaps and other | 190,494 | 190,494 | ||||||||||||||||||
Redeemable Class A unit measurement adjustment | 221,145 | 221,145 | ||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | (14,250) | (16,866) | 2,616 | |||||||||||||||||
Other | $ (8) | (1) | 2 | (1) | (8) | |||||||||||||||
Ending balance, shares at Dec. 31, 2022 | 48,792,902 | 48,793,000 | ||||||||||||||||||
Ending balance, value at Dec. 31, 2022 | $ 6,076,380 | $ 1,182,459 | $ 7,654 | $ 8,369,228 | $ (3,894,580) | $ 174,967 | $ 236,652 | |||||||||||||
Ending balance, shares at Dec. 31, 2022 | 191,866,880 | 191,867,000 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) (VNO) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | |||
Common shares/units, dividends (in dollars per share) | $ 2.12 | $ 2.12 | $ 2.38 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (VNO) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities: | |||
Net (loss) income | $ (382,612) | $ 207,553 | $ (461,845) |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation and amortization (including amortization of deferred financing costs) | 526,306 | 432,594 | 417,942 |
Equity in net loss (income) of partially owned entities | 461,351 | (130,517) | 329,112 |
Distributions of income from partially owned entities | 184,501 | 214,521 | 175,246 |
Net gains on disposition of wholly owned and partially owned assets | (100,625) | (50,770) | (381,320) |
Straight-lining of rents | (46,177) | 8,644 | 24,404 |
Stock-based compensation expense | 29,249 | 38,329 | 48,677 |
Real estate impairment losses | 19,098 | 7,880 | 236,286 |
Change in deferred tax liability | 14,005 | 11,243 | (96) |
Amortization of below-market leases, net | (5,178) | (9,249) | (16,878) |
Return of capital from real estate fund investments | 5,141 | 5,104 | 0 |
Net realized and unrealized loss (income) on real estate fund investments | 2,589 | (4,621) | 226,107 |
Write-off of lease receivables deemed uncollectible | 872 | 7,695 | 63,204 |
Defeasance cost in connection with refinancing of mortgage payable | 0 | 23,729 | 0 |
Non-cash gain on extinguishment of 608 Fifth Avenue lease liability | 0 | 0 | (70,260) |
Credit losses on loans receivable | 0 | 0 | 13,369 |
Decrease in fair value of marketable securities | 0 | 0 | 4,938 |
Other non-cash adjustments | 3,090 | (3,875) | 6,835 |
Changes in operating assets and liabilities: | |||
Real estate fund investments | 0 | (4,474) | (7,197) |
Tenant and other receivables | (4,437) | (187) | (5,330) |
Prepaid assets | 104,186 | 30,466 | (137,452) |
Other assets | (34,615) | (54,716) | (52,832) |
Accounts payable and accrued expenses | 5,718 | 35,856 | 14,868 |
Other liabilities | 16,482 | (3,399) | (3,538) |
Net cash provided by operating activities | 798,944 | 761,806 | 424,240 |
Cash Flows from Investing Activities: | |||
Purchase of U.S. Treasury bills | (1,066,096) | 0 | 0 |
Development costs and construction in progress | (737,999) | (585,940) | (601,920) |
Proceeds from maturities of U.S. Treasury bills | 597,499 | 0 | 0 |
Proceeds from sales of real estate | 373,264 | 100,024 | 0 |
Additions to real estate | (159,796) | (149,461) | (155,738) |
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South | 88,019 | 137,404 | 1,044,260 |
Distributions of capital from partially owned entities | 34,417 | 106,005 | 2,389 |
Investments in partially owned entities | (33,172) | (14,997) | (8,959) |
Acquisitions of real estate and other | (3,000) | (3,000) | (1,156) |
Acquisition of additional 45.0% ownership interest in One Park Avenue (inclusive of $5,806 of prorations and net working capital and net of $39,370 of cash and restricted cash balances consolidated upon acquisition) | 0 | (123,936) | 0 |
Proceeds from repayments of loan receivables | 0 | 1,554 | 0 |
Moynihan Train Hall expenditures | 0 | 0 | (395,051) |
Proceeds from sales of marketable securities | 0 | 0 | 28,375 |
Net cash used in investing activities | (906,864) | (532,347) | (87,800) |
Cash Flows from Financing Activities: | |||
Repayments of borrowings | (1,251,373) | (1,584,243) | (1,067,564) |
Proceeds from borrowings | 1,029,773 | 3,248,007 | 1,056,315 |
Dividends paid on common shares / Distributions to Vornado | (406,562) | (406,109) | (827,319) |
Distribution to noncontrolling interests / redeemable security holders and noncontrolling interests in consolidated subsidiaries | (84,699) | (190,876) | (91,514) |
Dividends paid on preferred shares / Distributions to preferred unitholders | (62,116) | (65,880) | (64,271) |
Debt issuance costs | (32,706) | (51,184) | (10,901) |
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries | 5,609 | 4,052 | 100,094 |
Proceeds received from exercise of employee share options (Vornado stock options) and other | 885 | 899 | 5,862 |
Repurchase of shares / Class A units related to stock compensation agreements and related tax withholdings and other | (85) | (1,567) | (137) |
Purchase of marketable securities in connection with defeasance of mortgage payable | 0 | (973,729) | 0 |
Redemption of preferred shares / units | 0 | (300,000) | 0 |
Proceeds from the issuance of preferred shares / units | 0 | 291,153 | 291,182 |
Moynihan Train Hall reimbursement from Empire State Development | 0 | 0 | 395,051 |
Net cash used in financing activities | (801,274) | (29,477) | (213,202) |
Net (decrease) increase in cash and cash equivalents and restricted cash | (909,194) | 199,982 | 123,238 |
Cash and cash equivalents and restricted cash at beginning of period | 1,930,351 | 1,730,369 | 1,607,131 |
Cash and cash equivalents and restricted cash at end of period | 1,021,157 | 1,930,351 | 1,730,369 |
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | |||
Cash and cash equivalents at beginning of period | 1,760,225 | 1,624,482 | 1,515,012 |
Restricted cash at beginning of period | 170,126 | 105,887 | 92,119 |
Cash and cash equivalents and restricted cash at beginning of period | 1,930,351 | 1,730,369 | 1,607,131 |
Cash and cash equivalents at end of period | 889,689 | 1,760,225 | 1,624,482 |
Restricted cash at end of period | 131,468 | 170,126 | 105,887 |
Cash and cash equivalents and restricted cash at end of period | 1,021,157 | 1,930,351 | 1,730,369 |
Supplemental Disclosure of Cash Flow Information: | |||
Cash payments for interest, excluding capitalized interest of $19,085, $38,320 and $40,855 | 252,371 | 188,587 | 210,052 |
Cash payments for income taxes | 7,947 | 9,155 | 15,105 |
Non-Cash Information: | |||
Additional estimated lease liability arising from the recognition of right-of-use asset | 350,000 | 0 | 0 |
Write-off of fully depreciated assets | (278,561) | (123,537) | (189,250) |
Redeemable Class A unit measurement adjustment | 221,145 | (76,073) | 344,043 |
Change in fair value of consolidated interest rate swaps and other | 190,494 | 51,337 | (29,972) |
Accrued capital expenditures included in accounts payable and accrued expenses | 104,750 | 291,690 | 117,641 |
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | 32,604 | 16,014 | 388,280 |
Increase in assets and liabilities resulting from the consolidation of One Park Avenue: | |||
Marketable securities transferred in connection with the defeasance of mortgage payable | 0 | (973,729) | 0 |
Defeasance of mortgage payable | 0 | 950,000 | 0 |
Reclassification of assets held for sale (included in "other assets") | 0 | 80,005 | 0 |
Decrease in assets and liabilities resulting from the deconsolidation of Moynihan Train Hall: | |||
Real estate, net | 0 | 0 | (1,291,804) |
Moynihan Train Hall Obligation | 0 | 0 | (1,291,804) |
One Park Avenue | |||
Increase in assets and liabilities resulting from the consolidation of One Park Avenue: | |||
Real estate | 0 | 566,013 | 0 |
Identified intangible assets | 0 | 139,545 | 0 |
Mortgages payable | 0 | 525,000 | 0 |
Deferred revenue | $ 0 | $ 18,884 | $ 0 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parentheticals) (VNO) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Capitalized interest | $ 19,085 | $ 38,320 | $ 40,855 |
One Park Avenue | |||
Equity method ownership percentage | 45% | ||
Working capital, net | $ 5,806 | ||
Cash and restricted cash | $ 39,370 |
Consolidated Balance Sheets (LP
Consolidated Balance Sheets (LP) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Real estate, at cost: | ||
Land | $ 2,451,828 | $ 2,540,193 |
Buildings and improvements | 9,804,204 | 9,839,166 |
Development costs and construction in progress | 933,334 | 718,694 |
Leasehold improvements and equipment | 125,389 | 119,792 |
Total | 13,314,755 | 13,217,845 |
Less accumulated depreciation and amortization | (3,470,991) | (3,376,347) |
Real estate, net | 9,843,764 | 9,841,498 |
Right-of-use assets | 684,380 | 337,197 |
Cash and cash equivalents | 889,689 | 1,760,225 |
Restricted cash | 131,468 | 170,126 |
Investments in U.S. Treasury bills | 471,962 | 0 |
Tenant and other receivables | 81,170 | 79,661 |
Investments in partially owned entities | 2,665,073 | 3,297,389 |
Real estate fund investments | 0 | 7,730 |
220 Central Park South condominium units ready for sale | 43,599 | 57,142 |
Receivable arising from the straight-lining of rents | 694,972 | 656,318 |
Deferred leasing costs, net of accumulated amortization of $237,395 and $211,775 | 373,555 | 391,693 |
Identified intangible assets, net of accumulated amortization of $98,139 and $97,186 | 139,638 | 154,895 |
Other assets | 474,105 | 512,714 |
Assets | 16,493,375 | 17,266,588 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Mortgages payable, net | 5,829,018 | 6,053,343 |
Senior unsecured notes, net | 1,191,832 | 1,189,792 |
Unsecured term loan, net | 793,193 | 797,812 |
Unsecured revolving credit facilities | 575,000 | 575,000 |
Lease liabilities | 735,969 | 370,206 |
Accounts payable and accrued expenses | 450,881 | 613,497 |
Deferred revenue | 39,882 | 48,118 |
Deferred compensation plan | 96,322 | 110,174 |
Other liabilities | 268,166 | 304,725 |
Total liabilities | 9,980,263 | 10,062,667 |
Commitments and contingencies | ||
Redeemable noncontrolling interests: | ||
Total redeemable noncontrolling interests / partnership units | 436,732 | 688,683 |
Shareholders' / Partners' equity: | ||
Earnings less than distributions | (3,894,580) | (3,079,320) |
Accumulated other comprehensive income (loss) | 174,967 | (17,534) |
Total Vornado shareholders' / partners equity | 5,839,728 | 6,236,346 |
Noncontrolling interests in consolidated subsidiaries | 236,652 | 278,892 |
Total equity | 6,076,380 | 6,515,238 |
Total liabilities, redeemable noncontrolling interests / partnership units and equity | 16,493,375 | 17,266,588 |
Partnership Interest | ||
Redeemable noncontrolling interests: | ||
Class A units - 14,416,891 and 14,033,438 units outstanding | 345,157 | 587,440 |
Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 |
Total redeemable noncontrolling interests / partnership units | 348,692 | 590,975 |
Subsidiaries | ||
Redeemable noncontrolling interests: | ||
Total redeemable noncontrolling interests / partnership units | 88,040 | 97,708 |
Vornado Realty L.P. | ||
Real estate, at cost: | ||
Land | 2,451,828 | 2,540,193 |
Buildings and improvements | 9,804,204 | 9,839,166 |
Development costs and construction in progress | 933,334 | 718,694 |
Leasehold improvements and equipment | 125,389 | 119,792 |
Total | 13,314,755 | 13,217,845 |
Less accumulated depreciation and amortization | (3,470,991) | (3,376,347) |
Real estate, net | 9,843,764 | 9,841,498 |
Right-of-use assets | 684,380 | 337,197 |
Cash and cash equivalents | 889,689 | 1,760,225 |
Restricted cash | 131,468 | 170,126 |
Investments in U.S. Treasury bills | 471,962 | 0 |
Tenant and other receivables | 81,170 | 79,661 |
Investments in partially owned entities | 2,665,073 | 3,297,389 |
Real estate fund investments | 0 | 7,730 |
220 Central Park South condominium units ready for sale | 43,599 | 57,142 |
Receivable arising from the straight-lining of rents | 694,972 | 656,318 |
Deferred leasing costs, net of accumulated amortization of $237,395 and $211,775 | 373,555 | 391,693 |
Identified intangible assets, net of accumulated amortization of $98,139 and $97,186 | 139,638 | 154,895 |
Other assets | 474,105 | 512,714 |
Assets | 16,493,375 | 17,266,588 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Mortgages payable, net | 5,829,018 | 6,053,343 |
Senior unsecured notes, net | 1,191,832 | 1,189,792 |
Unsecured term loan, net | 793,193 | 797,812 |
Unsecured revolving credit facilities | 575,000 | 575,000 |
Lease liabilities | 735,969 | 370,206 |
Accounts payable and accrued expenses | 450,881 | 613,497 |
Deferred revenue | 39,882 | 48,118 |
Deferred compensation plan | 96,322 | 110,174 |
Other liabilities | 268,166 | 304,725 |
Total liabilities | 9,980,263 | 10,062,667 |
Commitments and contingencies | ||
Redeemable noncontrolling interests: | ||
Total redeemable noncontrolling interests / partnership units | 436,732 | 688,683 |
Shareholders' / Partners' equity: | ||
Partners' capital | 9,559,341 | 9,333,200 |
Earnings less than distributions | (3,894,580) | (3,079,320) |
Accumulated other comprehensive income (loss) | 174,967 | (17,534) |
Total Vornado shareholders' / partners equity | 5,839,728 | 6,236,346 |
Noncontrolling interests in consolidated subsidiaries | 236,652 | 278,892 |
Total equity | 6,076,380 | 6,515,238 |
Total liabilities, redeemable noncontrolling interests / partnership units and equity | 16,493,375 | 17,266,588 |
Vornado Realty L.P. | Partnership Interest | ||
Redeemable noncontrolling interests: | ||
Class A units - 14,416,891 and 14,033,438 units outstanding | 345,157 | 587,440 |
Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 |
Total redeemable noncontrolling interests / partnership units | 348,692 | 590,975 |
Vornado Realty L.P. | Subsidiaries | ||
Redeemable noncontrolling interests: | ||
Total redeemable noncontrolling interests / partnership units | $ 88,040 | $ 97,708 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Parentheticals) (LP) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Deferred leasing costs, accumulated amortization | $ 237,395 | $ 211,775 |
Identified intangible assets, accumulated amortization | $ 98,139 | $ 97,186 |
Class A Unit | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Outstanding Partnership Units held by Third Parties (shares) | 14,416,891 | 14,033,438 |
Class A Unit | Vornado Realty L.P. | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Outstanding Partnership Units held by Third Parties (shares) | 14,416,891 | 14,033,438 |
Series D Cumulative Redeemable Preferred Unit | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Outstanding Partnership Units held by Third Parties (shares) | 141,400 | 141,400 |
Series D Cumulative Redeemable Preferred Unit | Vornado Realty L.P. | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Outstanding Partnership Units held by Third Parties (shares) | 141,400 |
Consolidated Statements of In_2
Consolidated Statements of Income (LP) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
REVENUES: | |||
Total revenues | $ 1,799,995 | $ 1,589,210 | $ 1,527,951 |
EXPENSES: | |||
Operating | (873,911) | (797,315) | (789,066) |
Depreciation and amortization | (504,502) | (412,347) | (399,695) |
General and administrative | (133,731) | (134,545) | (181,509) |
Benefit (expense) from deferred compensation plan liability | 9,617 | (9,847) | (6,443) |
Impairment losses, transaction related costs and other | (31,722) | (13,815) | (174,027) |
Total expenses | (1,534,249) | (1,367,869) | (1,550,740) |
(Loss) income from partially owned entities | (461,351) | 130,517 | (329,112) |
Income (loss) from real estate fund investments | 3,541 | 11,066 | (226,327) |
Interest and other investment income (loss), net | 19,869 | 4,612 | (5,499) |
(Loss) income from deferred compensation plan assets | (9,617) | 9,847 | 6,443 |
Interest and debt expense | (279,765) | (231,096) | (229,251) |
Net gains on disposition of wholly owned and partially owned assets | 100,625 | 50,770 | 381,320 |
(Loss) income before income taxes | (360,952) | 197,057 | (425,215) |
Income tax (expense) benefit | (21,660) | 10,496 | (36,630) |
Net (loss) income | (382,612) | 207,553 | (461,845) |
Consolidated subsidiaries | 5,737 | (24,014) | 139,894 |
Net income (loss) attributable to Vornado / Vornado Realty L.P. | (346,499) | 175,999 | (297,005) |
Preferred share dividends / unit distributions | (62,116) | (65,880) | (51,739) |
Series K preferred share / unit issuance costs | 0 | (9,033) | 0 |
NET (LOSS) INCOME attributable to common shareholders / Class A unitholders | (408,615) | 101,086 | (348,744) |
Vornado Realty L.P. | |||
REVENUES: | |||
Total revenues | 1,799,995 | 1,589,210 | 1,527,951 |
EXPENSES: | |||
Operating | (873,911) | (797,315) | (789,066) |
Depreciation and amortization | (504,502) | (412,347) | (399,695) |
General and administrative | (133,731) | (134,545) | (181,509) |
Benefit (expense) from deferred compensation plan liability | 9,617 | (9,847) | (6,443) |
Impairment losses, transaction related costs and other | (31,722) | (13,815) | (174,027) |
Total expenses | (1,534,249) | (1,367,869) | (1,550,740) |
(Loss) income from partially owned entities | (461,351) | 130,517 | (329,112) |
Income (loss) from real estate fund investments | 3,541 | 11,066 | (226,327) |
Interest and other investment income (loss), net | 19,869 | 4,612 | (5,499) |
(Loss) income from deferred compensation plan assets | (9,617) | 9,847 | 6,443 |
Interest and debt expense | (279,765) | (231,096) | (229,251) |
Net gains on disposition of wholly owned and partially owned assets | 100,625 | 50,770 | 381,320 |
(Loss) income before income taxes | (360,952) | 197,057 | (425,215) |
Income tax (expense) benefit | (21,660) | 10,496 | (36,630) |
Net (loss) income | (382,612) | 207,553 | (461,845) |
Consolidated subsidiaries | 5,737 | (24,014) | 139,894 |
Net income (loss) attributable to Vornado / Vornado Realty L.P. | (376,875) | 183,539 | (321,951) |
Preferred share dividends / unit distributions | (62,231) | (66,035) | (51,904) |
Series K preferred share / unit issuance costs | 0 | (9,033) | 0 |
NET (LOSS) INCOME attributable to common shareholders / Class A unitholders | $ (439,106) | $ 108,471 | $ (373,855) |
(LOSS) INCOME PER CLASS A UNIT - BASIC: | |||
Net (loss) income per Class A unit (in dollars per unit) | $ (2.15) | $ 0.52 | $ (1.86) |
Weighted average units outstanding, basic (in shares) | 205,315 | 204,728 | 203,503 |
(LOSS) INCOME PER CLASS A UNIT - DILUTED: | |||
Net (loss) income per Class A unit (in dollars per unit) | $ (2.15) | $ 0.51 | $ (1.86) |
Weighted average units outstanding, diluted (in shares) | 205,315 | 205,644 | 203,503 |
Rental revenues | |||
REVENUES: | |||
Total revenues | $ 1,607,685 | $ 1,424,531 | $ 1,377,635 |
Rental revenues | Vornado Realty L.P. | |||
REVENUES: | |||
Total revenues | 1,607,685 | 1,424,531 | 1,377,635 |
Fee and other income | |||
REVENUES: | |||
Total revenues | 192,310 | 164,679 | 150,316 |
Fee and other income | Vornado Realty L.P. | |||
REVENUES: | |||
Total revenues | $ 192,310 | $ 164,679 | $ 150,316 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (LP) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net (loss) income | $ (382,612) | $ 207,553 | $ (461,845) |
Other comprehensive income (loss): | |||
Change in fair value of interest rate swaps and other | 190,493 | 51,338 | (29,971) |
Other comprehensive income (loss) of nonconsolidated subsidiaries | 18,874 | 10,275 | (14,342) |
Comprehensive (loss) income | (173,245) | 269,166 | (506,158) |
Less comprehensive loss (income) attributable to noncontrolling interests / in noncontrolling interests consolidated subsidiaries | 19,247 | (35,602) | 174,287 |
Comprehensive (loss) income attributable to Vornado / Vornado Realty L.P. | (153,998) | 233,564 | (331,871) |
Vornado Realty L.P. | |||
Net (loss) income | (382,612) | 207,553 | (461,845) |
Other comprehensive income (loss): | |||
Change in fair value of interest rate swaps and other | 190,493 | 51,338 | (29,971) |
Other comprehensive income (loss) of nonconsolidated subsidiaries | 18,874 | 10,275 | (14,342) |
Comprehensive (loss) income | (173,245) | 269,166 | (506,158) |
Less comprehensive loss (income) attributable to noncontrolling interests / in noncontrolling interests consolidated subsidiaries | 3,121 | (24,014) | 139,894 |
Comprehensive (loss) income attributable to Vornado / Vornado Realty L.P. | $ (170,124) | $ 245,152 | $ (366,264) |
Consolidated Statements of Ch_3
Consolidated Statements of Changes in Equity (LP) - USD ($) $ in Thousands | Total | Real estate fund investments | Other | Series N Preferred Stock | 4.45% Series O | Series K Preferred Stock | Cumulative Effect, Period of Adoption, Adjustment | Preferred Shares | Preferred Shares Series N Preferred Stock | Preferred Shares 4.45% Series O | Preferred Shares Series K Preferred Stock | Earnings Less Than Distributions | Earnings Less Than Distributions Series K Preferred Stock | Earnings Less Than Distributions Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive (Loss) Income | Non- controlling Interests in Consolidated Subsidiaries | Non- controlling Interests in Consolidated Subsidiaries Real estate fund investments | Non- controlling Interests in Consolidated Subsidiaries Other | Vornado Realty L.P. | Vornado Realty L.P. Other | Vornado Realty L.P. Series N Preferred Stock | Vornado Realty L.P. 4.45% Series O | Vornado Realty L.P. Series K Preferred Stock | Vornado Realty L.P. Cumulative Effect, Period of Adoption, Adjustment | Vornado Realty L.P. Preferred Shares | Vornado Realty L.P. Preferred Shares Series N Preferred Stock | Vornado Realty L.P. Preferred Shares 4.45% Series O | Vornado Realty L.P. Preferred Shares Series K Preferred Stock | Vornado Realty L.P. Class A Units Owned by Vornado | Vornado Realty L.P. Earnings Less Than Distributions | Vornado Realty L.P. Earnings Less Than Distributions Series K Preferred Stock | Vornado Realty L.P. Earnings Less Than Distributions Cumulative Effect, Period of Adoption, Adjustment | Vornado Realty L.P. Accumulated Other Comprehensive (Loss) Income | Vornado Realty L.P. Non- controlling Interests in Consolidated Subsidiaries | Vornado Realty L.P. Non- controlling Interests in Consolidated Subsidiaries Real estate fund investments | Vornado Realty L.P. Non- controlling Interests in Consolidated Subsidiaries Other |
Beginning balance, shares at Dec. 31, 2019 | 36,796,000 | 36,796,000 | ||||||||||||||||||||||||||||||||||
Beginning balance, value at Dec. 31, 2019 | $ 7,310,978 | $ (16,064) | $ 891,214 | $ (1,954,266) | $ (16,064) | $ (40,233) | $ 578,948 | $ 7,310,978 | $ (16,064) | $ 891,214 | $ 7,835,315 | $ (1,954,266) | $ (16,064) | $ (40,233) | $ 578,948 | |||||||||||||||||||||
Beginning balance, shares at Dec. 31, 2019 | 190,986,000 | |||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Vornado / Vornado Realty L.P. | (297,005) | (297,005) | (321,951) | (321,951) | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | 24,946 | 24,946 | 24,946 | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | (140,438) | (140,438) | (140,438) | (140,438) | ||||||||||||||||||||||||||||||||
Distributions to Vornado | (454,939) | (454,939) | ||||||||||||||||||||||||||||||||||
Dividends on preferred shares / Distributions to preferred unitholders (see Note 11 for dividends per share amounts) | (51,739) | (51,739) | (51,739) | (51,739) | ||||||||||||||||||||||||||||||||
Cumulative redeemable preferred shares/units issuance, shares | 12,000,000 | 12,000,000 | ||||||||||||||||||||||||||||||||||
Cumulative redeemable preferred shares/units issuance | $ 291,182 | $ 291,182 | $ 291,182 | $ 291,182 | ||||||||||||||||||||||||||||||||
Common shares issued: / Class A Units issued to Vornado | ||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value, shares | 236,000 | |||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | 9,266 | 9,266 | $ 9,266 | |||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan, shares | 69,000 | |||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | 3,517 | 3,517 | $ 3,517 | |||||||||||||||||||||||||||||||||
Under dividend reinvestment plan, shares | 47,000 | |||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | 2,345 | 2,345 | $ 2,345 | |||||||||||||||||||||||||||||||||
Contributions | ||||||||||||||||||||||||||||||||||||
Contributions | $ 3,389 | $ 4,305 | $ 3,389 | $ 4,305 | 3,389 | $ 4,305 | $ 3,389 | $ 4,305 | ||||||||||||||||||||||||||||
Distributions: | ||||||||||||||||||||||||||||||||||||
Distributions | $ (33,007) | $ (33,007) | (33,007) | (33,007) | ||||||||||||||||||||||||||||||||
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, shares | (3,000) | (3,000) | 4,000 | |||||||||||||||||||||||||||||||||
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, value | 0 | $ (57) | 0 | $ (57) | $ 57 | |||||||||||||||||||||||||||||||
Deferred compensation shares / units and options, shares | 13,000 | |||||||||||||||||||||||||||||||||||
Deferred compensation shares / units and options, value | 1,169 | (137) | 1,169 | $ 1,306 | (137) | |||||||||||||||||||||||||||||||
Other comprehensive income (loss) of nonconsolidated subsidiaries | (14,342) | (14,342) | (14,342) | (14,342) | ||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | (29,972) | (29,972) | ||||||||||||||||||||||||||||||||||
Unearned Out-Performance Plan awards acceleration | 10,824 | 10,824 | 10,824 | |||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | 344,043 | 344,043 | 344,043 | |||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | 2,914 | 2,914 | ||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | 2,914 | 2,914 | ||||||||||||||||||||||||||||||||||
Other | 1,729 | (32) | 6,534 | 1,760 | 1,729 | (6,533) | (32) | 6,534 | 1,760 | |||||||||||||||||||||||||||
Ending balance, shares at Dec. 31, 2020 | 48,793,000 | 48,793,000 | ||||||||||||||||||||||||||||||||||
Ending balance, value at Dec. 31, 2020 | 6,948,155 | $ 1,182,339 | (2,774,182) | (75,099) | 414,957 | 6,948,155 | $ 1,182,339 | $ 8,200,140 | (2,774,182) | (75,099) | 414,957 | |||||||||||||||||||||||||
Ending balance, shares at Dec. 31, 2020 | 191,355,000 | |||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Vornado / Vornado Realty L.P. | 175,999 | 175,999 | 183,539 | 183,539 | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | (7,540) | (7,540) | (7,540) | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | 20,826 | 20,826 | 20,826 | 20,826 | ||||||||||||||||||||||||||||||||
Distributions to Vornado | (406,109) | (406,109) | ||||||||||||||||||||||||||||||||||
Dividends on preferred shares / Distributions to preferred unitholders (see Note 11 for dividends per share amounts) | (65,880) | (65,880) | (65,880) | (65,880) | ||||||||||||||||||||||||||||||||
Cumulative redeemable preferred shares/units issuance, shares | 12,000,000 | 12,000,000 | ||||||||||||||||||||||||||||||||||
Cumulative redeemable preferred shares/units issuance | $ 291,153 | $ 291,153 | $ 291,153 | $ 291,153 | ||||||||||||||||||||||||||||||||
Common shares issued: / Class A Units issued to Vornado | ||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value, shares | 350,000 | |||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | 14,576 | 14,576 | $ 14,576 | |||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan, shares | 1,000 | |||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | 22 | 22 | $ 22 | |||||||||||||||||||||||||||||||||
Under dividend reinvestment plan, shares | 21,000 | |||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | 877 | 877 | $ 877 | |||||||||||||||||||||||||||||||||
Contributions | ||||||||||||||||||||||||||||||||||||
Contributions | 4,052 | 4,052 | 4,052 | 4,052 | ||||||||||||||||||||||||||||||||
Distributions: | ||||||||||||||||||||||||||||||||||||
Distributions | (160,975) | (160,975) | (160,975) | (160,975) | ||||||||||||||||||||||||||||||||
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, shares | 1,000 | |||||||||||||||||||||||||||||||||||
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, value | 0 | (13) | 0 | (13) | $ 13 | |||||||||||||||||||||||||||||||
Deferred compensation shares / units and options, shares | (4,000) | |||||||||||||||||||||||||||||||||||
Deferred compensation shares / units and options, value | 792 | (114) | 792 | $ 906 | (114) | |||||||||||||||||||||||||||||||
Other comprehensive income (loss) of nonconsolidated subsidiaries | 10,275 | 10,275 | 10,275 | 10,275 | ||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | 51,337 | 51,337 | ||||||||||||||||||||||||||||||||||
Unearned Out-Performance Plan awards acceleration | 10,283 | 10,283 | 10,283 | |||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | (76,073) | (76,073) | (76,073) | |||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | (4,048) | (4,048) | ||||||||||||||||||||||||||||||||||
Series K cumulative redeemable preferred shares/units called for redemption, shares | 12,000,000 | (12,000,000) | ||||||||||||||||||||||||||||||||||
Series K cumulative redeemable preferred shares/units called for redemption | $ (300,000) | $ (290,967) | $ (9,033) | $ (300,000) | $ (290,967) | $ (9,033) | ||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | (4,048) | (4,048) | ||||||||||||||||||||||||||||||||||
Other | $ (24) | $ (53) | (1) | 1 | 32 | (24) | $ (53) | (3) | (1) | 1 | 32 | |||||||||||||||||||||||||
Ending balance, shares at Dec. 31, 2021 | 48,792,902 | 48,793,000 | 48,793,000 | |||||||||||||||||||||||||||||||||
Ending balance, value at Dec. 31, 2021 | $ 6,515,238 | $ 1,182,459 | (3,079,320) | (17,534) | 278,892 | 6,515,238 | $ 1,182,459 | $ 8,150,741 | (3,079,320) | (17,534) | 278,892 | |||||||||||||||||||||||||
Ending balance, shares at Dec. 31, 2021 | 191,723,608 | 191,724,000 | ||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Vornado / Vornado Realty L.P. | $ (346,499) | (346,499) | (376,875) | (376,875) | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | 30,376 | 30,376 | 30,376 | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | 3,931 | 3,931 | 3,931 | 3,931 | ||||||||||||||||||||||||||||||||
Distributions to Vornado | (406,562) | (406,562) | ||||||||||||||||||||||||||||||||||
Dividends on preferred shares / Distributions to preferred unitholders (see Note 11 for dividends per share amounts) | (62,116) | (62,116) | (62,116) | (62,116) | ||||||||||||||||||||||||||||||||
Common shares issued: / Class A Units issued to Vornado | ||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value, shares | 117,000 | |||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | 3,524 | 3,524 | $ 3,524 | |||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | 7 | 7 | $ 7 | |||||||||||||||||||||||||||||||||
Under dividend reinvestment plan, shares | 28,000 | |||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | 878 | 878 | $ 878 | |||||||||||||||||||||||||||||||||
Contributions | ||||||||||||||||||||||||||||||||||||
Contributions | 5,609 | 5,609 | 5,609 | 5,609 | ||||||||||||||||||||||||||||||||
Distributions: | ||||||||||||||||||||||||||||||||||||
Distributions | (54,388) | (54,388) | (54,388) | (54,388) | ||||||||||||||||||||||||||||||||
Deferred compensation shares / units and options, shares | (2,000) | |||||||||||||||||||||||||||||||||||
Deferred compensation shares / units and options, value | 503 | (85) | 503 | $ 588 | (85) | |||||||||||||||||||||||||||||||
Other comprehensive income (loss) of nonconsolidated subsidiaries | 18,874 | 18,874 | 18,874 | 18,874 | ||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | 190,494 | 190,494 | ||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | 221,145 | 221,145 | 221,145 | |||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | (14,250) | (16,866) | 2,616 | (14,250) | (16,866) | 2,616 | ||||||||||||||||||||||||||||||
Other | $ (8) | 2 | (1) | (8) | (8) | (1) | 2 | (1) | (8) | |||||||||||||||||||||||||||
Ending balance, shares at Dec. 31, 2022 | 48,792,902 | 48,793,000 | 48,793,000 | |||||||||||||||||||||||||||||||||
Ending balance, value at Dec. 31, 2022 | $ 6,076,380 | $ 1,182,459 | $ (3,894,580) | $ 174,967 | $ 236,652 | $ 6,076,380 | $ 1,182,459 | $ 8,376,882 | $ (3,894,580) | $ 174,967 | $ 236,652 | |||||||||||||||||||||||||
Ending balance, shares at Dec. 31, 2022 | 191,866,880 | 191,867,000 |
Consolidated Statements of Ch_4
Consolidated Statements of Changes in Equity (Parenthetical) (LP) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Common shares/units, dividends (in dollars per share) | $ 2.12 | $ 2.12 | $ 2.38 |
Vornado Realty L.P. | |||
Common shares/units, dividends (in dollars per share) | $ 2.12 | $ 2.12 | $ 2.38 |
Consolidated Statements of Ca_3
Consolidated Statements of Cash Flows (LP) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities: | |||
Net (loss) income | $ (382,612) | $ 207,553 | $ (461,845) |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation and amortization (including amortization of deferred financing costs) | 526,306 | 432,594 | 417,942 |
Equity in net loss (income) of partially owned entities | 461,351 | (130,517) | 329,112 |
Distributions of income from partially owned entities | 184,501 | 214,521 | 175,246 |
Net gains on disposition of wholly owned and partially owned assets | (100,625) | (50,770) | (381,320) |
Straight-lining of rents | (46,177) | 8,644 | 24,404 |
Stock-based compensation expense | 29,249 | 38,329 | 48,677 |
Real estate impairment losses | 19,098 | 7,880 | 236,286 |
Change in deferred tax liability | 14,005 | 11,243 | (96) |
Amortization of below-market leases, net | (5,178) | (9,249) | (16,878) |
Return of capital from real estate fund investments | 5,141 | 5,104 | 0 |
Net realized and unrealized loss (income) on real estate fund investments | 2,589 | (4,621) | 226,107 |
Write-off of lease receivables deemed uncollectible | 872 | 7,695 | 63,204 |
Defeasance cost in connection with refinancing of mortgage payable | 0 | 23,729 | 0 |
Non-cash gain on extinguishment of 608 Fifth Avenue lease liability | 0 | 0 | (70,260) |
Credit losses on loans receivable | 0 | 0 | 13,369 |
Decrease in fair value of marketable securities | 0 | 0 | 4,938 |
Other non-cash adjustments | 3,090 | (3,875) | 6,835 |
Changes in operating assets and liabilities: | |||
Real estate fund investments | 0 | (4,474) | (7,197) |
Tenant and other receivables | (4,437) | (187) | (5,330) |
Prepaid assets | 104,186 | 30,466 | (137,452) |
Other assets | (34,615) | (54,716) | (52,832) |
Accounts payable and accrued expenses | 5,718 | 35,856 | 14,868 |
Other liabilities | 16,482 | (3,399) | (3,538) |
Net cash provided by operating activities | 798,944 | 761,806 | 424,240 |
Cash Flows from Investing Activities: | |||
Purchase of U.S. Treasury bills | (1,066,096) | 0 | 0 |
Development costs and construction in progress | (737,999) | (585,940) | (601,920) |
Proceeds from maturities of U.S. Treasury bills | 597,499 | 0 | 0 |
Proceeds from sales of real estate | 373,264 | 100,024 | 0 |
Additions to real estate | (159,796) | (149,461) | (155,738) |
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South | 88,019 | 137,404 | 1,044,260 |
Distributions of capital from partially owned entities | 34,417 | 106,005 | 2,389 |
Investments in partially owned entities | (33,172) | (14,997) | (8,959) |
Acquisitions of real estate and other | (3,000) | (3,000) | (1,156) |
Acquisition of additional 45.0% ownership interest in One Park Avenue (inclusive of $5,806 of prorations and net working capital and net of $39,370 of cash and restricted cash balances consolidated upon acquisition) | 0 | (123,936) | 0 |
Proceeds from repayments of loan receivables | 0 | 1,554 | 0 |
Moynihan Train Hall expenditures | 0 | 0 | (395,051) |
Proceeds from sales of marketable securities | 0 | 0 | 28,375 |
Net cash used in investing activities | (906,864) | (532,347) | (87,800) |
Cash Flows from Financing Activities: | |||
Repayments of borrowings | (1,251,373) | (1,584,243) | (1,067,564) |
Proceeds from borrowings | 1,029,773 | 3,248,007 | 1,056,315 |
Dividends paid on common shares / Distributions to Vornado | (406,562) | (406,109) | (827,319) |
Distribution to noncontrolling interests / redeemable security holders and noncontrolling interests in consolidated subsidiaries | (84,699) | (190,876) | (91,514) |
Dividends paid on preferred shares / Distributions to preferred unitholders | (62,116) | (65,880) | (64,271) |
Debt issuance costs | (32,706) | (51,184) | (10,901) |
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries | 5,609 | 4,052 | 100,094 |
Proceeds received from exercise of employee share options (Vornado stock options) and other | 885 | 899 | 5,862 |
Repurchase of shares / Class A units related to stock compensation agreements and related tax withholdings and other | (85) | (1,567) | (137) |
Purchase of marketable securities in connection with defeasance of mortgage payable | 0 | (973,729) | 0 |
Redemption of preferred shares / units | 0 | (300,000) | 0 |
Proceeds from the issuance of preferred shares / units | 0 | 291,153 | 291,182 |
Moynihan Train Hall reimbursement from Empire State Development | 0 | 0 | 395,051 |
Net cash used in financing activities | (801,274) | (29,477) | (213,202) |
Net (decrease) increase in cash and cash equivalents and restricted cash | (909,194) | 199,982 | 123,238 |
Cash and cash equivalents and restricted cash at beginning of period | 1,930,351 | 1,730,369 | 1,607,131 |
Cash and cash equivalents and restricted cash at end of period | 1,021,157 | 1,930,351 | 1,730,369 |
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | |||
Cash and cash equivalents at beginning of period | 1,760,225 | 1,624,482 | 1,515,012 |
Restricted cash at beginning of period | 170,126 | 105,887 | 92,119 |
Cash and cash equivalents and restricted cash at beginning of period | 1,930,351 | 1,730,369 | 1,607,131 |
Cash and cash equivalents at end of period | 889,689 | 1,760,225 | 1,624,482 |
Restricted cash at end of period | 131,468 | 170,126 | 105,887 |
Cash and cash equivalents and restricted cash at end of period | 1,021,157 | 1,930,351 | 1,730,369 |
Supplemental Disclosure of Cash Flow Information: | |||
Cash payments for interest, excluding capitalized interest of $19,085, $38,320 and $40,855 | 252,371 | 188,587 | 210,052 |
Cash payments for income taxes | 7,947 | 9,155 | 15,105 |
Non-Cash Information: | |||
Additional estimated lease liability arising from the recognition of right-of-use asset | 350,000 | 0 | 0 |
Write-off of fully depreciated assets | (278,561) | (123,537) | (189,250) |
Redeemable Class A unit measurement adjustment | 221,145 | (76,073) | 344,043 |
Change in fair value of consolidated interest rate swaps and other | 190,494 | 51,337 | (29,972) |
Accrued capital expenditures included in accounts payable and accrued expenses | 104,750 | 291,690 | 117,641 |
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | 32,604 | 16,014 | 388,280 |
Increase in assets and liabilities resulting from the consolidation of One Park Avenue: | |||
Marketable securities transferred in connection with the defeasance of mortgage payable | 0 | (973,729) | 0 |
Defeasance of mortgage payable | 0 | 950,000 | 0 |
Reclassification of assets held for sale (included in "other assets") | 0 | 80,005 | 0 |
Decrease in assets and liabilities resulting from the deconsolidation of Moynihan Train Hall: | |||
Real estate, net | 0 | 0 | (1,291,804) |
Moynihan Train Hall Obligation | 0 | 0 | (1,291,804) |
One Park Avenue | |||
Increase in assets and liabilities resulting from the consolidation of One Park Avenue: | |||
Real estate | 0 | 566,013 | 0 |
Identified intangible assets | 0 | 139,545 | 0 |
Mortgages payable | 0 | 525,000 | 0 |
Deferred revenue | 0 | 18,884 | 0 |
Vornado Realty L.P. | |||
Cash Flows from Operating Activities: | |||
Net (loss) income | (382,612) | 207,553 | (461,845) |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation and amortization (including amortization of deferred financing costs) | 526,306 | 432,594 | 417,942 |
Equity in net loss (income) of partially owned entities | 461,351 | (130,517) | 329,112 |
Distributions of income from partially owned entities | 184,501 | 214,521 | 175,246 |
Net gains on disposition of wholly owned and partially owned assets | (100,625) | (50,770) | (381,320) |
Straight-lining of rents | (46,177) | 8,644 | 24,404 |
Stock-based compensation expense | 29,249 | 38,329 | 48,677 |
Real estate impairment losses | 19,098 | 7,880 | 236,286 |
Change in deferred tax liability | 14,005 | 11,243 | (96) |
Amortization of below-market leases, net | (5,178) | (9,249) | (16,878) |
Return of capital from real estate fund investments | 5,141 | 5,104 | 0 |
Net realized and unrealized loss (income) on real estate fund investments | 2,589 | (4,621) | 226,107 |
Write-off of lease receivables deemed uncollectible | 872 | 7,695 | 63,204 |
Defeasance cost in connection with refinancing of mortgage payable | 0 | 23,729 | 0 |
Non-cash gain on extinguishment of 608 Fifth Avenue lease liability | 0 | 0 | (70,260) |
Credit losses on loans receivable | 0 | 0 | 13,369 |
Decrease in fair value of marketable securities | 0 | 0 | 4,938 |
Other non-cash adjustments | 3,090 | (3,875) | 6,835 |
Changes in operating assets and liabilities: | |||
Real estate fund investments | 0 | (4,474) | (7,197) |
Tenant and other receivables | (4,437) | (187) | (5,330) |
Prepaid assets | 104,186 | 30,466 | (137,452) |
Other assets | (34,615) | (54,716) | (52,832) |
Accounts payable and accrued expenses | 5,718 | 35,856 | 14,868 |
Other liabilities | 16,482 | (3,399) | (3,538) |
Net cash provided by operating activities | 798,944 | 761,806 | 424,240 |
Cash Flows from Investing Activities: | |||
Purchase of U.S. Treasury bills | (1,066,096) | 0 | 0 |
Development costs and construction in progress | (737,999) | (585,940) | (601,920) |
Proceeds from maturities of U.S. Treasury bills | 597,499 | 0 | 0 |
Proceeds from sales of real estate | 373,264 | 100,024 | 0 |
Additions to real estate | (159,796) | (149,461) | (155,738) |
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South | 88,019 | 137,404 | 1,044,260 |
Distributions of capital from partially owned entities | 34,417 | 106,005 | 2,389 |
Investments in partially owned entities | (33,172) | (14,997) | (8,959) |
Acquisitions of real estate and other | (3,000) | (3,000) | (1,156) |
Acquisition of additional 45.0% ownership interest in One Park Avenue (inclusive of $5,806 of prorations and net working capital and net of $39,370 of cash and restricted cash balances consolidated upon acquisition) | 0 | (123,936) | 0 |
Proceeds from repayments of loan receivables | 0 | 1,554 | 0 |
Moynihan Train Hall expenditures | 0 | 0 | (395,051) |
Proceeds from sales of marketable securities | 0 | 0 | 28,375 |
Net cash used in investing activities | (906,864) | (532,347) | (87,800) |
Cash Flows from Financing Activities: | |||
Repayments of borrowings | (1,251,373) | (1,584,243) | (1,067,564) |
Proceeds from borrowings | 1,029,773 | 3,248,007 | 1,056,315 |
Dividends paid on common shares / Distributions to Vornado | (406,562) | (406,109) | (827,319) |
Distribution to noncontrolling interests / redeemable security holders and noncontrolling interests in consolidated subsidiaries | (84,699) | (190,876) | (91,514) |
Dividends paid on preferred shares / Distributions to preferred unitholders | (62,116) | (65,880) | (64,271) |
Debt issuance costs | (32,706) | (51,184) | (10,901) |
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries | 5,609 | 4,052 | 100,094 |
Proceeds received from exercise of employee share options (Vornado stock options) and other | 885 | 899 | 5,862 |
Repurchase of shares / Class A units related to stock compensation agreements and related tax withholdings and other | (85) | (1,567) | (137) |
Purchase of marketable securities in connection with defeasance of mortgage payable | 0 | (973,729) | 0 |
Redemption of preferred shares / units | 0 | (300,000) | 0 |
Proceeds from the issuance of preferred shares / units | 0 | 291,153 | 291,182 |
Moynihan Train Hall reimbursement from Empire State Development | 0 | 0 | 395,051 |
Net cash used in financing activities | (801,274) | (29,477) | (213,202) |
Net (decrease) increase in cash and cash equivalents and restricted cash | (909,194) | 199,982 | 123,238 |
Cash and cash equivalents and restricted cash at beginning of period | 1,930,351 | 1,730,369 | 1,607,131 |
Cash and cash equivalents and restricted cash at end of period | 1,021,157 | 1,930,351 | 1,730,369 |
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | |||
Cash and cash equivalents at beginning of period | 1,760,225 | 1,624,482 | 1,515,012 |
Restricted cash at beginning of period | 170,126 | 105,887 | 92,119 |
Cash and cash equivalents and restricted cash at beginning of period | 1,930,351 | 1,730,369 | 1,607,131 |
Cash and cash equivalents at end of period | 889,689 | 1,760,225 | 1,624,482 |
Restricted cash at end of period | 131,468 | 170,126 | 105,887 |
Cash and cash equivalents and restricted cash at end of period | 1,021,157 | 1,930,351 | 1,730,369 |
Supplemental Disclosure of Cash Flow Information: | |||
Cash payments for interest, excluding capitalized interest of $19,085, $38,320 and $40,855 | 252,371 | 188,587 | 210,052 |
Cash payments for income taxes | 7,947 | 9,155 | 15,105 |
Non-Cash Information: | |||
Additional estimated lease liability arising from the recognition of right-of-use asset | 350,000 | 0 | 0 |
Write-off of fully depreciated assets | (278,561) | (123,537) | (189,250) |
Redeemable Class A unit measurement adjustment | 221,145 | (76,073) | 344,043 |
Change in fair value of consolidated interest rate swaps and other | 190,494 | 51,337 | (29,972) |
Accrued capital expenditures included in accounts payable and accrued expenses | 104,750 | 291,690 | 117,641 |
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | 32,604 | 16,014 | 388,280 |
Increase in assets and liabilities resulting from the consolidation of One Park Avenue: | |||
Marketable securities transferred in connection with the defeasance of mortgage payable | 0 | (973,729) | 0 |
Defeasance of mortgage payable | 0 | 950,000 | 0 |
Reclassification of assets held for sale (included in "other assets") | 0 | 80,005 | 0 |
Vornado Realty L.P. | One Park Avenue | |||
Increase in assets and liabilities resulting from the consolidation of One Park Avenue: | |||
Real estate | 0 | 566,013 | 0 |
Identified intangible assets | 0 | 139,545 | 0 |
Mortgages payable | 0 | 525,000 | 0 |
Deferred revenue | 0 | 18,884 | 0 |
Vornado Realty L.P. | Moynihan Train Hall | |||
Decrease in assets and liabilities resulting from the deconsolidation of Moynihan Train Hall: | |||
Real estate, net | 0 | 0 | (1,291,804) |
Moynihan Train Hall Obligation | $ 0 | $ 0 | $ (1,291,804) |
Consolidated Statements of Ca_4
Consolidated Statements of Cash Flows (Parentheticals) (LP) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Capitalized interest | $ 19,085 | $ 38,320 | $ 40,855 |
Vornado Realty L.P. | |||
Capitalized interest | $ 19,085 | $ 38,320 | $ 40,855 |
One Park Avenue | |||
Equity method ownership percentage | 45% | ||
Working capital, net | $ 5,806 | ||
Cash and restricted cash | $ 39,370 | ||
One Park Avenue | Vornado Realty L.P. | |||
Equity method ownership percentage | 45% | ||
Working capital, net | $ 5,806 | ||
Cash and restricted cash | $ 39,370 |
Organization and Business
Organization and Business | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business | Organization and Business Vornado Realty Trust (“Vornado”) is a fully‑integrated real estate investment trust (“REIT”) and conducts its business through, and substantially all of its interests in properties are held by, Vornado Realty L.P. (the “Operating Partnership”), a Delaware limited partnership. Accordingly, Vornado’s cash flow and ability to pay dividends to its shareholders are dependent upon the cash flow of the Operating Partnership and the ability of its direct and indirect subsidiaries to first satisfy their obligations to creditors. Vornado is the sole general partner of and owned approximately 92% of the common limited partnership interest in the Operating Partnership as of December 31, 2022. All references to the “Company,” “we,” “us” and “our” mean, collectively, Vornado, the Operating Partnership and those subsidiaries consolidated by Vornado. We currently own all or portions of: New York: • 62 Manhattan operating properties consisting of: • 19.9 million square feet of office space in 30 of the properties; • 2.6 million square feet of street retail space in 56 of the properties; • 1,664 units in six Manhattan residential properties; • Multiple development sites, including 350 Park Avenue and the Hotel Pennsylvania site; • A 32.4% interest in Alexander’s, Inc. (“Alexander’s”) (NYSE: ALX), which owns six properties in the greater New York metropolitan area, including 731 Lexington Avenue, the 1.1 million square foot Bloomberg, L.P. headquarters building, and The Alexander, a 312-unit apartment tower in Queens; • Signage throughout the Penn District and Times Square; and • Building Maintenance Services LLC ("BMS"), a wholly owned subsidiary, which provides cleaning and security services for our buildings and third parties. Other Real Estate and Investments: • The 3.7 million square foot theMART in Chicago; • A 70% controlling interest in 555 California Street, a three-building office complex in San Francisco’s financial district aggregating 1.8 million square feet; and |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis Of Presentation And Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All inter-company amounts have been eliminated. Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which require us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. In addition, certain prior year balances have been reclassified in order to conform to the current period presentation. Recently Issued Accounting Literature In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04 establishing Accounting Standards Codification ("ASC") Topic 848, Reference Rate Reform, and in January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope (collectively, "ASC 848"). ASC 848 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASC 848 is optional and may be elected over time as reference rate reform activities occur. We have elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”) which was issued to defer the sunset date of ASC 848 to December 31, 2024. ASU 2022-06 is effective immediately for all companies. ASU 2022-06 will have no impact on the Company’s consolidated financial statements for the year ended December 31, 2022. We continue to evaluate the impact of ASC 848 and may apply other elections as applicable as additional changes in the market occur. 2. Basis of Presentation and Significant Accounting Policies - continued Recently Issued Accounting Literature - continued In August 2020, the FASB issued an update ("ASU 2020-06") Debt - Debt with Conversion and Other Options (ASC Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (ASC Subtopic 815-40). ASU 2020-06 simplifies the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock, removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and also simplifies the diluted earnings per share calculation in certain areas. ASU 2020-06 is effective for reporting periods beginning after December 15, 2021, with early adoption permitted. We adopted this update effective January 1, 2022 using the modified retrospective approach which did not have a material impact on our consolidated financial statements and disclosures. In July 2021, the FASB issued an update ("ASU 2021-05") Lessors - Certain Leases with Variable Lease Payments to ASC Topic 842, Leases ("ASC 842"). ASU 2021-05 provides additional ASC 842 classification guidance as it relates to a lessor's accounting for certain leases with variable lease payments. ASU 2021-05 requires a lessor to classify a lease with variable payments that do not depend on an index or rate as an operating lease if either a sales-type lease or direct financing lease classification would trigger a day-one loss. ASU 2021-05 is effective for reporting periods beginning after December 15, 2021, with early adoption permitted. We adopted this update effective January 1, 2022 which did not have an impact on our consolidated financial statements and disclosures. Significant Accounting Policies Real Estate: Real estate is carried at cost, net of accumulated depreciation and amortization. Betterments, major renewals and certain costs directly related to the improvement and leasing of real estate are capitalized. Maintenance and repairs are expensed as incurred. For redevelopment of existing operating properties, the net book value of the existing property under redevelopment plus the cost for the construction and improvements incurred in connection with the redevelopment, including interest and debt expense, are capitalized to the extent the capitalized costs of the property do not exceed the estimated fair value of the redeveloped property when complete. If the cost of the redeveloped property, including the net book value of the existing property, exceeds the estimated fair value of the redeveloped property, the excess is charged to expense. Depreciation is recognized on a straight-line basis over the estimated useful lives of these assets which range from 7 to 40 years. Tenant allowances are amortized on a straight-line basis over the lives of the related leases, which approximate the useful lives of the assets. Upon the acquisition of real estate, we assess whether the transaction should be accounted for as an asset acquisition or as a business combination. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. Our acquisitions of real estate generally will not meet the definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related identified intangible assets). We assess the fair value of acquired assets (including land, buildings and improvements, identified intangibles, such as acquired above and below-market leases, acquired in-place leases and tenant relationships) and acquired liabilities and we allocate the purchase price based on these assessments which are on a relative fair value basis. We assess fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known trends, and market/economic conditions. We amortize identified intangibles that have finite lives over the period they are expected to contribute directly or indirectly to the future cash flows of the property or business acquired. Our properties, including any related right-of-use ("ROU") assets and intangible assets, are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured based on the excess of the property’s carrying amount over its estimated fair value. Impairment analyses are based on information available at the time the analyses are prepared. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future rental revenues, operating expenses, capital expenditures, discount rates and capitalization rates which could differ materially from actual results. 2. Basis of Presentation and Significant Accounting Policies - continued Significant Accounting Policies - continued Partially Owned Entities: We consolidate entities in which we have a controlling financial interest. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider (i) whether the entity is a variable interest entity (“VIE”) in which we are the primary beneficiary or (ii) whether the entity is a voting interest entity in which we have a majority of the voting interests of the entity. We are deemed to be the primary beneficiary of a VIE when we have (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. We generally do not control a partially owned entity if the approval of all of the partners/members is contractually required with respect to decisions that most significantly impact the performance of the partially owned entity. This includes decisions regarding operating/capital budgets, and the placement of new or additional financing secured by the assets of the venture, among others. We account for investments under the equity method when the requirements for consolidation are not met, and we have significant influence over the operations of the investee. Equity method investments are initially recorded at cost and subsequently adjusted for our share of net income or loss and cash contributions and distributions each period. Equity investments that do not qualify for consolidation or equity method accounting are recorded at fair value in accordance with ASC Topic 321, Investments-Equity Securities ("ASC 321") or, if fair value is not readily determinable, are initially recognized at cost and subsequently remeasured if there is an orderly transaction in an identical or similar investment of the same issuer or if the investment is impaired. Investments in unconsolidated partially owned entities are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recorded when there is a decline in the fair value of an investment below its carrying value and we conclude that the decline is other-than-temporary during our intended holding period. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on information available at the time the analyses are prepared. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future rental revenues, operating expenses, capital expenditures, discount rates and capitalization rates which could differ materially from actual results. 220 Central Park South Condominium Units Ready For Sale: Our 220 Central Park South (“220 CPS”) residential condominium units are reclassified from “development costs and construction in progress” to “220 Central Park South condominium units ready for sale” upon receipt of the unit’s temporary certificate of occupancy. These units are substantially complete and ready for sale. Each unit is carried at the lower of its carrying amount or fair value less costs to sell. We have used the relative sales value method to allocate costs to individual condominium units. GAAP income is recognized when legal title transfers upon closing of the condominium unit sales and is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. As of December 31, 2022 and 2021, none of the 220 CPS condominium units ready for sale had a carrying value that exceeded fair value. Cash and Cash Equivalents: Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less and are carried at cost, which approximates fair value due to their short-term maturities. The majority of our cash and cash equivalents consists of (i) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit and (ii) Certificate of Deposits placed through an Account Registry Service. Restricted Cash: Restricted cash consists of security deposits, cash restricted for the purposes of facilitating a Section 1031 Like-Kind exchange, cash restricted in connection with our deferred compensation plan and cash escrowed under loan agreements, including for debt service, real estate taxes, property insurance and capital improvements. Investments in U.S. Treasury Bills : Treasury bills are short-term debt obligations with maturities of one year or less issued by the U.S. Treasury Department and backed by the U.S. Government. Treasury bills yield no interest, but are issued at a discount to the redemption price. We classify our investments in U.S. Treasury bills as available-for-sale debt investments. We use quoted market prices to determine the fair value of our investments in U.S. Treasury bills. Deferred Charges: Direct financing costs are deferred and amortized over the terms of the related agreements as a component of interest expense. Direct and incremental costs related to successful leasing activities are capitalized and amortized on a straight-line basis over the lives of the related leases. All other deferred charges are amortized on a straight-line basis, which approximates the effective interest rate method, in accordance with the terms of the agreements to which they relate. 2. Basis of Presentation and Significant Accounting Policies - continued Significant Accounting Policies - continued Revenue Recognition: • Rental revenues include revenues from the leasing of space at our properties to tenants, trade shows, tenant services and parking garage revenues. • Revenues from the leasing of space at our properties to tenants include (i) lease components, including fixed and variable lease payments, and nonlease components which include reimbursement of common area maintenance expenses, and (ii) reimbursement of real estate taxes and insurance expenses. As lessor, we have elected to combine the lease and nonlease components of our operating lease agreements and account for the components as a single lease component in accordance with ASC 842. • Revenues from fixed lease payments for operating leases are recognized on a straight-line basis over the non-cancelable term of the lease, together with renewal options that are reasonably certain of being exercised. We commence revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. • Revenues derived from the reimbursement of real estate taxes, insurance expenses and common area maintenance expenses are generally recognized in the same period as the related expenses are incurred. • We recognize amortization of acquired below-market leases as an increase to rental revenues and amortization of acquired above-market leases as a decrease to rental revenues over the term of the lease (see Note 8 - Identified Intangible Assets and Liabilities ). • Revenues from the operation of trade shows at our properties, primarily derived from booth rentals, are recognized when the trade show booths are made available for use by the exhibitors, in accordance with ASC 842. • Revenues derived from sub-metered electric, elevator, trash removal and other services provided to our tenants at their request are recognized as the services are transferred in accordance with ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"). • Revenues derived from the operations of our parking facilities, which charge hourly or monthly fees to provide parking services to customers, are recognized as the services are transferred in accordance with ASC 606. • We classify revenues derived from management, leasing and other contractual agreements (including BMS cleaning, engineering and security services) with third parties or with partially owned entities as “fee and other income” and recognize revenue as the services are transferred in accordance with ASC 606. We evaluate on an individual lease basis whether it is probable that we will collect substantially all amounts due from our tenants and recognize changes in the collectability assessment of our operating leases as adjustments to rental revenue. Management exercises judgment in assessing collectability of tenant receivables and considers payment history, current credit status and publicly available information about the financial condition of the tenant, the impact of COVID-19 on tenants' businesses, and other factors. Tenant receivables, including receivables arising from the straight-lining of rents, are written off when management deems that the collectability of substantially all future lease payments from a specific lease is not probable of collection, at which point, the Company will limit future rental revenues to cash received. We have made a policy election in accordance with the FASB Staff Q&A which provides relief in accounting for leases during the COVID-19 pandemic, allowing us to continue recognizing rental revenue on a straight-line basis for rent deferrals, with no impact to revenue recognition, and to recognize rent abatements as a reduction to rental revenue in the period granted. 2. Basis of Presentation and Significant Accounting Policies - continued Significant Accounting Policies - continued Income Taxes: Vornado operates in a manner intended to enable it to continue to qualify as a REIT under Sections 856‑860 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders. Vornado distributes to its shareholders 100% of its REIT taxable income and therefore, no provision for Federal income taxes is required. Dividends distributed for the year ended December 31, 2022 were characterized, for federal income tax purposes, as ordinary income under Section 199A of the Internal Revenue Code. Dividends distributed for the year ended December 31, 2021 were characterized for federal income tax purposes as 84.2% ordinary income under Section 199A of the Internal Revenue Code and 15.8% qualified dividend income (taxed as long-term capital gain). Dividends distributed for the year ended December 31, 2020 were characterized for federal income tax purposes as ordinary income under Section 199A of the Internal Revenue Code. We have elected to treat certain consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as taxable REIT subsidiaries pursuant to an amendment to the Internal Revenue Code that became effective January 1, 2001. Taxable REIT subsidiaries may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to Federal and State income tax at regular corporate tax rates. The Farley Building and our 220 CPS condominium project are held through taxable REIT subsidiaries. As of December 31, 2022 and 2021, our taxable REIT subsidiaries had deferred tax assets, net of valuation allowances, of $7,944,000 and $8,582,000, respectively, which are included in “other assets” on our consolidated balance sheets. As of December 31, 2022 and 2021, our taxable REIT subsidiaries had deferred tax liabilities of $54,597,000 and $40,591,000, respectively, which are included in "other liabilities" on our consolidated balance sheets. The deferred tax assets relate to net operating loss carry forwards and temporary differences between the book and tax basis of our assets. The deferred tax liabilities relate to temporary differences between the book and tax basis of our assets. As of December 31, 2022, our taxable REIT subsidiaries have an estimated $166,000,000 of federal net operating loss ("NOL") carryforwards and $208,000,000 of state and local NOL carryforwards, which are reduced by valuation allowances of $145,000,000 for federal NOL carryforwards and $186,000,000 for state and local NOL carryforwards. The NOL carryforwards are subject to certain limitations. For the year ended December 31, 2022, we recognized $21,660,000 of income tax expense based on a negative effective tax rate of approximately 6.0%. For the years ended December 31, 2021 and 2020, we recognized $10,496,000 of income tax benefit and $36,630,000 of income tax expense, based on negative effective tax rates of approximately 5.3% and 8.6%, respectively. Income tax (expense) benefit recorded in each of the years primarily relates to our consolidated taxable REIT subsidiaries, and certain state, local, and franchise taxes. The year ended December 31, 2022 included $13,665,000 of income tax expense resulting from book to tax differences (primarily straight-line rent adjustments and depreciation) on our investment in The Farley Building and $6,016,000 of income tax expense recognized on the sale of 220 CPS condominium units. The year ended December 31, 2021 included $27,910,000 of income tax benefit recognized by our taxable REIT subsidiaries, $10,868,000 of income tax expense resulting from book to tax differences (primarily straight-line rent adjustments and depreciation) on our investment in The Farley Building and $5,711,000 of income tax expense recognized on the sale of 220 CPS condominium units. The year ended December 31, 2020 included $49,221,000 of income tax expense recognized on the sale of 220 CPS condominium units. The Company has no uncertain tax positions recognized as of December 31, 2022 and 2021. The Operating Partnership’s partners are required to report their respective share of taxable income on their individual tax returns. The estimated taxable income attributable to Vornado common shareholders (unaudited) for the years ended December 31, 2022, 2021 and 2020 was approximately $398,644,000, $413,026,000, and $419,812,000, respectively. The book to tax differences between net (loss) income and estimated taxable income primarily result from differences in the income recognition or deductibility of depreciation and amortization, gain or loss from the sale of real estate and other capital transactions, impairment losses, straight-line rent adjustments, stock option expense and repairs expense related to the tangible property regulations. The net basis of Vornado’s assets and liabilities for tax reporting purposes is approximately $1.6 billion lower than the amounts reported in Vornado’s consolidated balance sheet as of December 31, 2022. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Below is a summary of our revenues by segment. Additional financial information related to these reportable segments for the years ended December 31, 2022, 2021 and 2020 is set forth in Note 23 - Segment Information. (Amounts in thousands) For the Year Ended December 31, 2022 Total New York Other Property rentals $ 1,510,648 $ 1,230,851 $ 279,797 Trade shows (1) 32,669 — 32,669 Lease revenues (2) 1,543,317 1,230,851 312,466 Tenant services 45,211 33,351 11,860 Parking revenues 19,157 15,979 3,178 Rental revenues 1,607,685 1,280,181 327,504 BMS cleaning fees 137,673 146,530 (8,857) (3) Management and leasing fees 11,039 11,645 (606) Other income 43,598 11,086 32,512 Fee and other income 192,310 169,261 23,049 Total revenues $ 1,799,995 $ 1,449,442 $ 350,553 ____________________ See notes on following page. (Amounts in thousands) For the Year Ended December 31, 2021 Total New York Other Property rentals $ 1,354,209 $ 1,071,816 $ 282,393 Trade shows (1) 19,482 — 19,482 Lease revenues (2) 1,373,691 1,071,816 301,875 Tenant services 37,449 26,048 11,401 Parking revenues 13,391 11,370 2,021 Rental revenues 1,424,531 1,109,234 315,297 BMS cleaning fees 119,780 126,891 (7,111) (3) Management and leasing fees 11,725 12,177 (452) Other income 33,174 9,297 23,877 Fee and other income 164,679 148,365 16,314 Total revenues $ 1,589,210 $ 1,257,599 $ 331,611 ____________________ See notes on following page. 3. Revenue Recognition - continued (Amounts in thousands) For the Year Ended December 31, 2020 Total New York Other Property rentals $ 1,323,347 $ 1,051,009 $ 272,338 Hotel Pennsylvania (4) 8,741 8,741 — Trade shows (1) 11,303 — 11,303 Lease revenues (2) 1,343,391 1,059,750 283,641 Tenant services 34,244 23,750 10,494 Rental revenues 1,377,635 1,083,500 294,135 BMS cleaning fees 105,536 112,112 (6,576) (3) Management and leasing fees 19,416 19,508 (92) Other income 25,364 6,628 18,736 Fee and other income 150,316 138,248 12,068 Total revenues $ 1,527,951 $ 1,221,748 $ 306,203 ________________________________________ (1) We cancelled trade shows at theMART beginning late March of 2020 due to the COVID-19 pandemic and resumed in the third quarter of 2021. (2) The components of lease revenues were as follows: (Amounts in thousands) For the Year Ended December 31, 2022 2021 2020 Fixed billings $ 1,376,527 $ 1,277,645 $ 1,292,174 Variable billings 122,947 108,850 126,907 Total contractual operating lease billings 1,499,474 1,386,495 1,419,081 Adjustment for straight-line rents and amortization of acquired below-market leases and other, net 44,715 (5,109) (12,486) Less: write-off of straight-line rent and tenant receivables deemed uncollectible (872) (7,695) (63,204) Lease revenues $ 1,543,317 $ 1,373,691 $ 1,343,391 (3) Represents the elimination of BMS cleaning fees related to theMART and 555 California Street which are included as income in the New York segment. (4) We permanently closed the Hotel Pennsylvania on April 5, 2021 and plan to develop an office tower on the site. |
Real Estate Fund Investments
Real Estate Fund Investments | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate Fund Investments [Abstract] | |
Real Estate Fund Investments | Real Estate Fund Investments We are the general partner and investment manager of Vornado Capital Partners Real Estate Fund (the “Fund”) and own a 25.0% interest in the Fund. The Fund had an initial eight-year term ending February 2019, which has been extended to December 2023, by which time the Fund intends to dispose of its remaining investments and wind down its business. The Fund's three-year investment period ended in July 2013. The Fund is accounted for under ASC Topic 946, Financial Services – Investment Companies (“ASC 946”) and its investments are reported on its balance sheet at fair value, with changes in value each period recognized in earnings. We consolidate the accounts of the Fund into our consolidated financial statements, retaining the fair value basis of accounting. We are the general partner and investment manager of the Crowne Plaza Times Square Hotel Joint Venture (the “Crowne Plaza Joint Venture”) and own a 57.1% interest in the joint venture which owns the 24.3% interest in the Crowne Plaza Times Square Hotel not owned by the Fund. Through our interests in the Fund and the Crowne Plaza Joint Venture, in total we own an indirect, minority 32.8% interest in the Crowne Plaza Times Square Hotel. The Crowne Plaza Joint Venture is also accounted for under ASC 946 and we consolidate the accounts of the joint venture into our consolidated financial statements, retaining the fair value basis of accounting. As of December 31, 2022, our total investment in the Crowne Plaza Times Square Hotel had a carrying value of zero on our consolidated balance sheet. On June 9, 2020, the Fund and the Crowne Plaza Joint Venture (collectively, the “Crowne Plaza Co-Investors”) defaulted on the $274,355,000 non-recourse loan on the Crowne Plaza Times Square Hotel. 4. Real Estate Fund Investments - continued In 2021, the mezzanine lender to the Crowne Plaza Co-Investors exercised its right under the loan documents and appointed an independent director to certain subsidiaries of the Crowne Plaza Co-Investors. Since then, neither we nor the Fund control Crowne Plaza Times Square Hotel nor have we or the Fund been involved in making any operating decisions relating to Crowne Plaza Times Square Hotel. In December 2022, the Fund entered into a Restructuring Support Agreement with certain subsidiaries and the lender of the loan on the Crowne Plaza Times Square Hotel, pursuant to which the independent director caused the subsidiaries to enter into a Chapter 11 bankruptcy restructuring process and the Fund agreed to work consensually with such subsidiaries and the lender to effectuate a transfer of ownership of the hotel property through a court supervised auction process, or an equitization of the secured loans held by the lender. We expect that, following the Chapter 11 restructuring, neither we nor the Fund will have any continuing ownership or other interest in the property and neither we nor the Fund will receive any proceeds or have any liability as a result of the restructuring. On May 20, 2022, 1100 Lincoln Road was conveyed to the lender pursuant to a deed-in-lieu of foreclosure agreement in exchange for a $5,672,000 payment to the Fund. From the inception of this investment through its disposition, the Fund realized a $54,255,000 net loss. As of December 31, 2022, we had two real estate fund investments through the Fund and the Crowne Plaza Joint Venture carried at zero on our consolidated balance sheet, $276,390,000 below cost, and had remaining unfunded commitments of $28,465,000, of which our share was $8,849,000. As of December 31, 2021, we had three real estate fund investments with an aggregate fair value of $7,730,000. Below is a summary of income (loss) from the Fund and the Crowne Plaza Joint Venture. (Amounts in thousands) For the Year Ended December 31, 2022 2021 2020 Previously recorded unrealized loss on exited investments $ 59,396 $ — $ — Realized (loss) income on exited investments (54,255) 1,364 — Net unrealized (loss) income on held investments (7,730) 3,257 (226,107) Net investment income (loss) 6,130 6,445 (220) Income (loss) from real estate fund investments 3,541 11,066 (226,327) Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries (1,870) (7,309) 163,213 Income (loss) from real estate fund investments net of noncontrolling interests in consolidated subsidiaries $ 1,671 $ 3,757 $ (63,114) The table below summarizes the changes in the fair value of the Fund and the Crowne Plaza Joint Venture. (Amounts in thousands) For the Year Ended December 31, 2022 2021 Beginning balance $ 7,730 $ 3,739 Previously recorded unrealized loss on exited investments 59,396 — Realized (loss) income on exited investments (54,255) 1,364 Net unrealized (loss) income on held investments (7,730) 3,257 Dispositions (5,141) (5,104) Purchases/additional fundings — 4,474 Ending balance $ — $ 7,730 |
Investments in Partially Owned
Investments in Partially Owned Entities | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Partially Owned Entities | Investments in Partially Owned Entities Fifth Avenue and Times Square JV As of December 31, 2022, we own a 51.5% common interest in a joint venture ("Fifth Avenue and Times Square JV") which owns interests in properties located at 640 Fifth Avenue, 655 Fifth Avenue, 666 Fifth Avenue, 689 Fifth Avenue, 697-703 Fifth Avenue, 1535 Broadway and 1540 Broadway (collectively, the "Properties"). The remaining 48.5% common interest in the joint venture is owned by a group of institutional investors (the "Investors"). Our 51.5% common interest in the joint venture represents an effective 51.0% interest in the Properties. The 48.5% common interest in the joint venture owned by the Investors represents an effective 47.2% interest in the Properties. We also own $1.828 billion of preferred equity security interests in certain of the properties. The preferred equity has an annual coupon of 4.25% through April 2024, increasing to 4.75% for the subsequent five years and thereafter at a formulaic rate. It can be redeemed under certain conditions on a tax deferred basis. Fifth Avenue and Times Square JV was formed in April 2019, when we contributed our interests in the Properties to the joint venture and transferred a 48.5% common interest in the joint venture to the Investors (the “Transaction”). The Transaction valued the Properties at $5.556 billion, resulting in a $2.571 billion net gain, before noncontrolling interests of $11,945,000, including a gain related to the step up in our basis of the retained portion of the assets to fair value. During 2020, Manhattan street retail suffered negative market conditions, which was further stressed by the COVID-19 pandemic, resulting in our recognition of other-than-temporary impairment losses of $413,349,000, before noncontrolling interests of $4,289,000, for the year ended December 31, 2020. While the Manhattan street retail market has since stabilized, the recovery of rental rates is likely to be further elongated and stabilize at lower levels than previously expected. These factors have resulted in a further decline in the value of our investment, which we determined was other-than-temporary based on our inability to forecast a recovery over our anticipated holding period. Accordingly, we recognized an impairment loss of $489,859,000, before noncontrolling interests of $6,822,000, for the year ended December 31, 2022 which is included in “(loss) income from partially owned entities” on our consolidated statements of income. In determining the fair value of our investment, we considered, among other factors, a discounted cash flow analysis based upon market conditions and expectations of growth. As of December 31, 2022, the carrying amount of our investment in the joint venture was less than our share of the equity in the net assets of the joint venture by approximately $864,317,000, the basis difference primarily resulting from the non-cash impairment losses discussed above. Substantially all of this basis difference was allocated, based on our estimates of the fair values of Fifth Avenue and Times Square JV’s assets and liabilities, to real estate (land and buildings). We are amortizing the basis difference related to the buildings into earnings as a reduction to depreciation expense over their estimated useful lives. We receive an annual fee for managing the Properties equal to 2% of the gross revenues from the Properties. In addition, we are entitled to a development fee of 5% of development costs, plus reimbursement of certain costs, for development projects performed by us. We are entitled to 1.5% of development costs, plus reimbursement of certain costs, as a supervisory fee for development projects not performed by us. We provide leasing services for fees calculated based on a percentage of rents, less any commissions paid to third-party real estate brokers, if applicable. We jointly provide leasing services for the retail space with Crown Retail Services LLC, and exclusively provide leasing services for the office space. We recognized property management fee income, included in "fee and other income" on our consolidated statements of income, of $4,397,000, $4,297,000 and $3,982,000 for the years ended December 31, 2022, 2021 and 2020, respectively. BMS, our wholly-owned subsidiary, supervises cleaning, security and engineering services at certain of the Properties. We recognized income for these services, included in "fee and other income" on our consolidated statements of income, of $4,571,000, $3,993,000 and $3,595,000 for the years ended December 31, 2022, 2021 and 2020, respectively. We believe, based on comparable fees charged by other real estate companies, that the fees described above are consistent with the market. On April 18, 2022, we received a $13,613,000 refund of New York City real property transfer tax that we previously paid in connection with the transfer of the Properties to Fifth Avenue and Times Square JV in April 2019. The receipt of the refund was recognized in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income for the year ended December 31, 2022. 5. Investments in Partially Owned Entities - continued Fifth Avenue and Times Square JV - continued On December 21, 2022, the 697-703 Fifth Avenue $450,000,000 non-recourse mortgage loan matured and was not repaid, at which time the lenders declared an event of default. During December 2022, $29,000,000 of property-level funds were applied by the lenders against the principal balance resulting in a $421,000,000 loan balance as of December 31, 2022. The loan bears default interest at the Prime Rate plus 1.00% (8.50% as of December 31, 2022). The Fifth Avenue and Times Square JV is in negotiations with the lenders regarding a restructuring but there can be no assurance as to the timing and ultimate resolution of these negotiations. Alexander’s, Inc As of December 31, 2022, we own 1,654,068 Alexander’s common shares, or approximately 32.4% of Alexander’s common equity. We manage, develop and lease Alexander’s properties pursuant to agreements which expire in March of each year and are automatically renewable. As of December 31, 2022 and 2021, Alexander’s owed us an aggregate of $801,000 and $879,000, respectively, pursuant to such agreements. As of December 31, 2022, the market value (“fair value” pursuant to ASC Topic 820, Fair Value Measurements ("ASC 820")) of our investment in Alexander’s, based on Alexander’s December 31, 2022 closing share price of $220.06, was $363,994,000, or $276,198,000 in excess of the carrying amount on our consolidated balance sheet. As of December 31, 2022, the carrying amount of our investment in Alexander’s, excluding amounts owed to us, exceeds our share of the equity in the net assets of Alexander’s by approximately $29,972,000. 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. Management, Development, Leasing and Other Agreements We receive an annual fee for managing Alexander’s and all of its properties equal to the sum of (i) $2,800,000, (ii) 2% of the gross revenue from the Rego Park II Shopping Center, (iii) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue, and (iv) $354,000, escalating at 3% per annum, for managing the common area of 731 Lexington Avenue. In addition, we are entitled to a development fee of 6% of development costs, as defined. We provide Alexander’s with leasing services for a fee of 3% of rent for the first ten years of a lease term, 2% of rent for the eleventh through twentieth year of a lease term and 1% of rent for the twenty-first through thirtieth year of a lease term, subject to the payment of rents by Alexander’s tenants. In the event third-party real estate brokers are used, our fee increases by 1% and we are responsible for the fees to the third-parties. We are also entitled to a commission upon the sale of any of Alexander’s assets equal to 3% of gross proceeds, as defined, for asset sales less than $50,000,000, and 1% of gross proceeds, as defined, for asset sales of $50,000,000 or more. BMS, our wholly-owned subsidiary, supervises (i) cleaning, engineering and security services at Alexander’s 731 Lexington Avenue property and (ii) security services at Alexander’s Rego Park I, Rego Park II properties and The Alexander apartment tower. During the years ended December 31, 2022, 2021 and 2020, we recognized $4,601,000, $4,234,000 and $3,613,000 of income, respectively, for these services. 330 West 34th Street land owner joint venture On August 18, 2022, the joint venture that owns the fee interest in the 330 West 34th Street land, in which we have a 34.8% interest, completed a $100,000,000 refinancing. The interest-only loan bears interest at a fixed rate of 4.55% and matures in September 2032. In connection with the refinancing, we realized net proceeds of $10,500,000. The loan replaces the previous $50,150,000 loan that bore interest at a fixed rate of 5.71%. 5. Investments in Partially Owned Entities – continued Below is a schedule of our investments in partially owned entities. (Amounts in thousands) Percentage Ownership at December 31, 2022 Balance as of December 31, 2022 2021 Investments: Fifth Avenue and Times Square JV (see page 89 51.5% $ 2,272,320 $ 2,770,633 Partially owned office buildings/land (1) Various 182,180 299,101 Alexander’s (see page 90 32.4% 87,796 91,405 Other investments (2) Various 122,777 136,250 $ 2,665,073 $ 3,297,389 Investments in partially owned entities included in other liabilities (3) : 7 West 34th Street 53.0% $ (65,522) $ (60,918) 85 Tenth Avenue 49.9% (16,006) (18,067) $ (81,528) $ (78,985) ________________________________________ (1) Includes interests in 280 Park Avenue, 650 Madison Avenue (balance reduced to zero in 2022), 512 West 22nd Street, 61 Ninth Avenue and others. (2) Includes interests in Independence Plaza, Rosslyn Plaza and others. (3) Our negative basis results from distributions in excess of our investment. Below is a schedule of (loss) income from partially owned entities. (Amounts in thousands) Percentage Ownership at December 31, 2022 For the Year Ended December 31, 2022 2021 2020 Our share of net (loss) income: Fifth Avenue and Times Square JV (see page 89 Non-cash impairment loss 51.5% $ (489,859) $ — $ (413,349) Equity in net income (1) 55,248 47,144 21,063 Return on preferred equity, net of our share of the expense 37,416 37,416 37,357 (397,195) 84,560 (354,929) Alexander's (see page 90 Equity in net income (2) 32.4% 18,439 20,116 13,326 Net gain on sale of land — 14,576 — Management, leasing and development fees 4,534 5,429 5,309 22,973 40,121 18,635 Partially owned office buildings (3) Various (110,261) 6,384 11,943 Other investments (4) Various 23,132 (548) (4,761) $ (461,351) $ 130,517 $ (329,112) ________________________________________ (1) Our share of depreciation and amortization expense in 2022 and 2021 was reduced compared to 2020 primarily due to non-cash impairment losses recognized in 2020. (2) 2020 includes our $4,846 share of write-offs of lease receivables deemed uncollectible. (3) Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue (consolidated from August 5, 2021), 7 West 34th Street, 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others. 2022 includes a $93,353 impairment loss on our investment in 650 Madison Avenue. (4) Includes interests in Independence Plaza, Rosslyn Plaza and others. 2022 includes $17,185 of net gains from dispositions of two investments. 5. Investments in Partially Owned Entities - continued Below is a summary of the debt of our partially owned entities. (Amounts in thousands) Percentage Ownership at December 31, 2022 Maturity Weighted Average Interest Rate at December 31, 2022 (1) 100% Partially Owned Entities’ Debt (2) at December 31, 2022 2021 Mortgages Payable: Partially owned office buildings (3) Various 2023-2029 4.82% $ 3,288,977 $ 3,297,999 Alexander's 32.4% 2024-2027 4.12% 1,096,544 1,096,544 Fifth Avenue and Times Square JV (4) 51.5% 2022-2024 5.55% 921,000 950,000 Other (5) Various 2023-2032 5.14% 1,377,492 1,342,162 ________________________________________ (1) Represents the interest rate in effect as of period end based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for hedging instruments, as applicable. (2) All amounts are non-recourse to us except (i) the $500,000 mortgage loan on 640 Fifth Avenue, included in the Fifth Avenue and Times Square JV, and (ii) the $300,000 mortgage loan on 7 West 34th Street. (3) Includes interests in 280 Park Avenue, 650 Madison Avenue, 7 West 34th Street, 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others. (4) Includes the 697-703 Fifth Avenue mortgage loan which was not repaid upon its December 2022 maturity, resulting in an event of default. See page 90 (5) Includes interests in Independence Plaza, Rosslyn Plaza and others. Based on our ownership interest in the partially owned entities above, our pro rata share of the debt of these partially owned entities was $2,697,226,000 and $2,699,405,000 as of December 31, 2022 and 2021, respectively. Summary of Condensed Combined Financial Information The following is a summary of condensed combined financial information for all of our partially owned entities. (Amounts in thousands) As of December 31, 2022 2021 Balance Sheet: Assets $ 12,012,000 $ 12,689,000 Liabilities 7,519,000 7,553,000 Noncontrolling interests 2,095,000 2,069,000 Equity 2,398,000 3,067,000 (Amounts in thousands) For the Year Ended December 31, 2022 2021 2020 Income Statement: Total revenue $ 1,189,000 $ 1,184,000 $ 1,163,000 Net (loss) income (404,000) 190,000 45,000 Net (loss) income attributable to the entities (483,000) 114,000 (33,000) |
220 Central Park South
220 Central Park South | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
220 Central Park South | 220 Central Park South During the year ended December 31, 2022, we closed on the sale of three condominium units and ancillary amenities at 220 CPS for net proceeds of $88,019,000 resulting in a financial statement net gain of $41,874,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with these sales, $6,016,000 of income tax expense was recognized on our consolidated statements of income. From inception to December 31, 2022, we have closed on the sale of 109 units and ancillary amenities for net proceeds of $3,094,915,000 resulting in financial statement net gains of $1,159,129,000. As of December 31, 2022, we are 97% sold. |
Dispositions
Dispositions | 12 Months Ended |
Dec. 31, 2022 | |
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | |
Dispositions | Dispositions SoHo Properties On January 13, 2022, we sold two Manhattan retail properties located at 478-482 Broadway and 155 Spring Street for $84,500,000 and realized net proceeds of $81,399,000. In connection with the sale, we recognized a net gain of $551,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. Center Building (33-00 Northern Boulevard) On June 17, 2022, we sold the Center Building, an eight-story 498,000 square foot office building located at 33‑00 Northern Boulevard in Long Island City, New York, for $172,750,000. We realized net proceeds of $58,946,000 after repayment of the existing $100,000,000 mortgage loan and closing costs. In connection with the sale, we recognized a net gain of $15,213,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. 484-486 Broadway On December 15, 2022, we sold 484-486 Broadway, a 30,000 square foot retail and residential building for $23,520,000, and realized net proceeds of $22,430,000. In connection with the sale, we recognized a net gain of $2,919,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. 40 Fulton Street On December 21, 2022, we sold 40 Fulton Street, a 251,000 square foot Manhattan office and retail building, for $101,000,000, and realized net proceeds of $96,566,000. In connection with the sale, we recognized a net gain of $31,876,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. |
Identified Intangible Assets an
Identified Intangible Assets and Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Identified Intangible Assets and Liabilities | Identified Intangible Assets and Liabilities The following summarizes our identified intangible assets (primarily above-market leases) and liabilities (primarily below-market leases). (Amounts in thousands) Balance as of December 31, 2022 2021 Identified intangible assets: Gross amount $ 237,777 $ 252,081 Accumulated amortization (98,139) (97,186) Total, net $ 139,638 $ 154,895 Identified intangible liabilities (included in deferred revenue): Gross amount $ 244,396 $ 256,065 Accumulated amortization (208,592) (212,245) Total, net $ 35,804 $ 43,820 Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental revenues of $5,178,000, $9,249,000 and $16,878,000 for the years ended December 31, 2022, 2021 and 2020, respectively. Estimated annual amortization for each of the five succeeding years commencing January 1, 2023 is below: (Amounts in thousands) 2023 $ 5,471 2024 2,352 2025 941 2026 299 2027 (148) Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $10,516,000, $7,330,000 and $6,507,000 for the years ended December 31, 2022, 2021 and 2020, respectively. Estimated annual amortization for each of the five succeeding years commencing January 1, 2023 is below: (Amounts in thousands) 2023 $ 7,948 2024 7,128 2025 6,077 2026 5,884 2027 5,449 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt Secured Debt On June 15, 2022, we completed a $480,000,000 refinancing of 100 West 33rd Street, a 1.1 million square foot building comprised of 859,000 square feet of office space and 255,000 square feet of retail space. The interest-only loan bears a rate of SOFR plus 1.65% (5.96% as of December 31, 2022) through March 2024, increasing to SOFR plus 1.85% thereafter. The interest rate on the loan was swapped to a fixed rate of 5.06% through March 2024, and 5.26% through June 2027. The loan matures in June 2027, with two one-year extension options subject to debt service coverage ratio and loan-to-value tests. The loan replaces the previous $580,000,000 loan that bore interest at LIBOR plus 1.55% and was scheduled to mature in April 2024. On June 28, 2022, we completed a $700,000,000 refinancing of 770 Broadway, a 1.2 million square foot Class A Manhattan office building. The interest-only loan bears a rate of SOFR plus 2.25% (6.48% as of December 31, 2022) and matures in July 2024 with three one-year extension options (July 2027 as fully extended). The interest rate on the loan was swapped to a fixed rate of 4.98% through July 2027. The loan replaces the previous $700,000,000 loan that bore interest at SOFR plus 1.86% and was scheduled to mature in July 2022. Unsecured Revolving Credit Facility On June 30, 2022, we amended and extended one of our two revolving credit facilities. The $1.25 billion amended facility bears interest at a rate of SOFR plus 1.15% (5.47% as of December 31, 2022). The term of the facility was extended from March 2024 to December 2027, as fully extended. The facility fee is 25 basis points. On August 16, 2022, the interest rate on the $575,000,000 drawn on the facility was swapped to a fixed interest rate of 3.88% through August 2027. Our other $1.25 billion revolving credit facility matures in April 2026, as fully extended, and bears a rate of SOFR plus 1.19% with a facility fee of 25 basis points. Unsecured Term Loan On June 30, 2022, we extended our $800,000,000 unsecured term loan from February 2024 to December 2027. The extended loan bears interest at a rate of SOFR plus 1.30% (5.62% as of December 31, 2022) and is currently swapped to a fixed rate of 4.05%. Interest Rate Hedging Activities We entered into the following interest rate swap arrangements during the year ended December 31, 2022. See Note 13 - Fair Value Measurements for further information on our consolidated hedging instruments. (Amounts in thousands) Notional Amount All-In Swapped Rate Swap Expiration Date Variable Rate Spread 770 Broadway mortgage loan $ 700,000 4.98% 07/27 S+225 Unsecured revolving credit facility 575,000 3.88% 08/27 S+115 Unsecured term loan (1)(2) 50,000 4.04% 08/27 S+130 Unsecured term loan (effective 10/23) (2) 500,000 4.39% 10/26 S+130 100 West 33rd Street mortgage loan 480,000 5.06% 06/27 S+165 888 Seventh Avenue mortgage loan (3) 200,000 4.76% 09/27 S+180 ________________________________________ (1) Together with the existing $750,000 interest rate swap arrangement expiring October 2023, the $800,000 unsecured term loan balance currently bears interest at a fixed rate of 4.05%. (2) On February 7, 2023, we entered into a forward interest rate swap arrangement for $150,000 of the $800,000 unsecured term loan, effective October 2023 and expiring July 2025. (3) The remaining $77,800 amortizing mortgage loan balance bears interest at a floating rate of SOFR plus 1.80%. 9. Debt - continued The following is a summary of our debt: (Amounts in thousands) Weighted Average Interest Rate at December 31, 2022 (1) Balance as of December 31, 2022 2021 Mortgages Payable: Fixed rate 3.63% $ 3,570,000 $ 2,190,000 Variable rate (2) 5.67% 2,307,615 3,909,215 Total 4.43% 5,877,615 6,099,215 Deferred financing costs, net and other (48,597) (45,872) Total, net $ 5,829,018 $ 6,053,343 Unsecured Debt: Senior unsecured notes 3.02% $ 1,200,000 $ 1,200,000 Deferred financing costs, net and other (8,168) (10,208) Senior unsecured notes, net 1,191,832 1,189,792 Unsecured term loan 4.05% 800,000 800,000 Deferred financing costs, net and other (6,807) (2,188) Unsecured term loan, net 793,193 797,812 Unsecured revolving credit facilities 3.88% 575,000 575,000 Total, net $ 2,560,025 $ 2,562,604 ________________________________________ (1) Represents the interest rate in effect as of period end based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for hedging instruments, as applicable. (2) As of December 31, 2022, our variable rate debt is subject to interest rate cap arrangements with a total notional amount of $1,649,120. The interest rate cap arrangements have a weighted average strike rate of 4.14% and a weighted average remaining term of nine months. These amounts exclude the forward cap we entered into in December 2022 for the $525,000 One Park Avenue mortgage loan effective upon the March 2023 expiration of the existing cap. The forward cap has a SOFR strike rate of 3.89% and expires in March 2024. The net carrying amount of properties collateralizing the above indebtedness amounted to $5.6 billion as of December 31, 2022. As of December 31, 2022, the principal maturities of mortgages payable and unsecured debt, including as-of-right extension options, for the next five years and thereafter are as follows: (Amounts in thousands) Mortgages Payable Unsecured Debt Year Ended December 31, 2023 $ 21,600 $ — 2024 396,415 — 2025 854,600 450,000 2026 525,000 400,000 2027 1,580,000 1,375,000 Thereafter 2,500,000 350,000 |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests Redeemable Noncontrolling Partnership Units Redeemable noncontrolling partnership units are primarily comprised of Class A Operating Partnership units held by third parties and are recorded at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period-to-period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership. Class A units may be tendered for redemption to the Operating Partnership for cash; Vornado, at its option, may assume that obligation and pay the holder either cash or Vornado common shares on a one-for-one basis. Because the number of Vornado common shares outstanding at all times equals the number of Class A units owned by Vornado, the redemption value of each Class A unit is equivalent to the market value of one Vornado common share, and the quarterly distribution to a Class A unitholder is equal to the quarterly dividend paid to a Vornado common shareholder. 10. Redeemable Noncontrolling Interests - continued Redeemable Noncontrolling Partnership Units - continued Below are the details of redeemable noncontrolling partnership units. (Amounts in thousands, except units and per unit amounts) Balance as of December 31, Units Outstanding as of December 31, Per Unit Preferred or Unit Series 2022 2021 2022 2021 Common: Class A units held by third parties $ 345,157 (1) $ 587,440 (2) 14,416,891 14,033,438 n/a $ 2.12 Perpetual Preferred/Redeemable Preferred: 3.25% D-17 Cumulative Redeemable (3) $ 3,535 $ 3,535 141,400 141,400 $ 25.00 $ 0.8125 ________________________________________ (1) Aggregate redemption value was based on carrying amount. (2) Aggregate redemption value was based on Vornado's year-end closing common share price. (3) Holders may tender units for redemption to the Operating Partnership for cash at their stated redemption amount; Vornado, at its option, may assume that obligation and pay the holders either cash or Vornado preferred shares on a one-for-one basis. These units are redeemable at Vornado's option at any time. Below is a table summarizing the activity of redeemable noncontrolling partnership units. (Amounts in thousands) For the Year Ended December 31, 2022 2021 Beginning balance $ 590,975 $ 511,747 Net (loss) income (30,376) 7,540 Other comprehensive income 14,250 4,048 Distributions (30,311) (29,901) Redemption of Class A units for Vornado common shares, at redemption value (3,524) (14,576) Redeemable Class A unit measurement adjustment (221,145) 76,073 Other, net 28,823 36,044 Ending balance $ 348,692 $ 590,975 Redeemable noncontrolling partnership units exclude our Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units, as they are accounted for as liabilities in accordance with ASC Topic 480, Distinguishing Liabilities and Equity . Accordingly, the fair value of these units is included as a component of "other liabilities" on our consolidated balance sheets and aggregated $49,383,000 and $49,659,000 as of December 31, 2022 and 2021, respectively. Changes in the value from period-to-period, if any, are charged to “interest and debt expense” on our consolidated statements of income. Redeemable Noncontrolling Interest in a Consolidated Subsidiary A consolidated joint venture in which we own a 95% interest is completing development of The Farley Building (the "Project"). During 2020, a historic tax credit investor (the "Tax Credit Investor") funded $92,400,000 of capital contributions and is expected to make additional capital contributions in future periods. The arrangement includes a put option whereby the joint venture may be obligated to purchase the Tax Credit Investor’s ownership interest in the Project at a future date. The put price is calculated based on a pre-determined formula. As exercise of the put option is outside of the joint venture’s control, the Tax Credit Investor’s interest, together with the put option, have been recorded to “redeemable noncontrolling interest in a consolidated subsidiary” on our consolidated balance sheets. The redeemable noncontrolling interest is recorded at the greater of the carrying amount or redemption value at the end of each reporting period. Changes in the value from period-to-period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership. There was no adjustment required for the years ended December 31, 2022 and 2021. Below is a table summarizing the activity of the redeemable noncontrolling interest in a consolidated subsidiary. For the Year Ended December 31, (Amounts in thousands) 2022 2021 Beginning balance $ 97,708 $ 94,520 Net (loss) income (9,668) 3,188 Ending balance $ 88,040 $ 97,708 |
Shareholders' Equity_Partners'
Shareholders' Equity/Partners' Capital | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Shareholders' Equity/Partners' Capital | Shareholders' Equity/Partners' Capital Common Shares (Vornado Realty Trust) As of December 31, 2022, there were 191,866,880 common shares outstanding. During 2022, we paid an aggregate of $406,562,000 of common dividends comprised of quarterly common dividends of $0.53 per share. Class A Units (Vornado Realty L.P.) As of December 31, 2022, there were 191,866,880 Class A units outstanding that were held by Vornado. These units are classified as “partners’ capital” on the consolidated balance sheets of the Operating Partnership. As of December 31, 2022, there were 14,416,891 Class A units outstanding, that were held by third parties. These units are classified outside of “partners’ capital” as “redeemable partnership units” on the consolidated balance sheets of the Operating Partnership (See Note 10 – Redeemable Noncontrolling Interests ). During 2022, the Operating Partnership paid an aggregate of $406,562,000 of distributions to Vornado comprised of quarterly common distributions of $0.53 per unit. Preferred Shares/Units The following table sets forth the details of our preferred shares of beneficial interest and the preferred units of the Operating Partnership outstanding as of December 31, 2022 and 2021. During 2022, preferred dividends were $62,116,000. (Amounts in thousands, except share/unit and per share/per unit amounts) Per Share/Unit Preferred Shares/Units Balance Shares/Units Outstanding Liquidation Annual (1) Convertible Preferred: 6.5% Series A: authorized 12,902 shares/units (2) $ 920 12,902 $ 50.00 $ 3.25 Cumulative Redeemable Preferred (3) : 5.40% Series L: authorized 13,800,000 shares/units 290,306 12,000,000 25.00 1.35 5.25% Series M: authorized 13,800,000 shares/units 308,946 12,780,000 25.00 1.3125 5.25% Series N: authorized 12,000,000 shares/units 291,134 12,000,000 25.00 1.3125 4.45% Series O: authorized 12,000,000 shares/units 291,153 12,000,000 25.00 1.1125 $ 1,182,459 48,792,902 ________________________________________ (1) Dividends on preferred shares and distributions on preferred units are cumulative and are payable quarterly in arrears. (2) Redeemable at the option of Vornado under certain circumstances, at a redemption price of 1.9531 common shares/Class A units per Series A Preferred Share/Unit plus accrued and unpaid dividends/distributions through the date of redemption, or convertible at any time at the option of the holder for 1.9531 common shares/Class A units per Series A Preferred Share/Unit. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2022 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities Unconsolidated VIEs As of December 31, 2022 and 2021, we had several unconsolidated VIEs. We do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities does not give us power over decisions that significantly affect these entities’ economic performance. We account for our investment in these entities under the equity method (see Note 5 – Investments in Partially Owned Entities ). As of December 31, 2022 and 2021, the net carrying amount of our investments in these entities was $68,223,000 and $69,435,000, respectively, and our maximum exposure to loss in these entities is limited to the carrying amount of our investments. Consolidated VIEs Our most significant consolidated VIEs are the Operating Partnership (for Vornado), the Farley joint venture and certain properties that have noncontrolling interests. These entities are VIEs because the noncontrolling interests do not have substantive kick-out or participating rights. We consolidate these entities because we control all significant business activities. As of December 31, 2022, the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $4,423,995,000 and $2,345,726,000 respectively. As of December 31, 2021, the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $4,564,621,000 and $2,517,652,000, respectively. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements ASC 820 defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities as well as certain U.S. Treasury securities that are highly liquid and are actively traded in secondary markets; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities. Accordingly, our fair value estimates, which are made at the end of each reporting period, may be different than the amounts that may ultimately be realized upon sale or disposition of these assets. Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis Financial assets and liabilities that are measured at fair value on our consolidated balance sheets consist of (i) investments in U.S. Treasury bills (classified as available-for-sale), (ii) real estate fund investments, (iii) the assets in our deferred compensation plan (for which there is a corresponding liability on our consolidated balance sheets), (iv) loans receivable for which we have elected the fair value option under ASC Subtopic 825-10, Financial Instruments ("ASC 825-10"), (v) interest rate swaps and caps and (vi) mandatorily redeemable instruments (Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units). The tables below aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy. (Amounts in thousands) As of December 31, 2022 Total Level 1 Level 2 Level 3 Investments in U.S. Treasury bills (1) $ 471,962 $ 471,962 $ — $ — Deferred compensation plan assets ($7,763 included in restricted cash and $88,559 in other assets) 96,322 57,406 — 38,916 Loans receivable ($50,091 included in investments in partially owned entities and $4,306 in other assets) 54,397 — — 54,397 Interest rate swaps and caps (included in other assets) 183,804 — 183,804 — Total assets $ 806,485 $ 529,368 $ 183,804 $ 93,313 Mandatorily redeemable instruments (included in other liabilities) $ 49,383 $ 49,383 $ — $ — (Amounts in thousands) As of December 31, 2021 Total Level 1 Level 2 Level 3 Real estate fund investments $ 7,730 $ — $ — $ 7,730 Deferred compensation plan assets ($9,104 included in restricted cash and $101,070 in other assets) 110,174 65,158 — 45,016 Loans receivable ($46,444 included in investments in partially owned entities and $3,738 in other assets) 50,182 — — 50,182 Interest rate swaps (included in other assets) 18,929 — 18,929 — Total assets $ 187,015 $ 65,158 $ 18,929 $ 102,928 Mandatorily redeemable instruments (included in other liabilities) $ 49,659 $ 49,659 $ — $ — Interest rate swaps (included in other liabilities) 32,837 — 32,837 — Total liabilities $ 82,496 $ 49,659 $ 32,837 $ — ________________________________________ (1) During the year ended December 31, 2022, we purchased $1,066,096 in U.S. Treasury bills with an aggregate par value of $1,077,000 and realized net proceeds of $600,000 from maturing U.S. Treasury bills. As of December 31, 2022, our investments in U.S. Treasury bills have an aggregate accreted cost of $473,171 and have remaining maturities of less than one year. 13. 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 that provide net asset values on a fair value basis from a third-party administrator, which are compiled from the quarterly reports provided to them from each limited partnership and investment fund. The period of time over which these underlying assets are expected to be liquidated is unknown. The third-party administrator does not adjust these values in determining our share of the net assets and we do not adjust these values when reported in our consolidated financial statements. The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3. (Amounts in thousands) For the Year Ended December 31, 2022 2021 Beginning balance $ 45,016 $ 39,928 Purchases 4,507 5,705 Sales (9,941) (4,766) Realized and unrealized (losses) gains (3,781) 2,250 Other, net 3,115 1,899 Ending balance $ 38,916 $ 45,016 Loans Receivable Loans receivable consist of loan investments in real estate related assets for which we have elected the fair value option under ASC 825-10. These investments are classified as Level 3. Significant unobservable quantitative inputs used in determining the fair value of each investment include capitalization rates and discount rates. These rates are based on the location, type and nature of each property, current and anticipated market conditions, industry publications and from the experience of our Acquisitions and Capital Markets departments. Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these loans receivable. As of December 31, Unobservable Quantitative Input 2022 2021 Discount rates 7.5% 6.5% Terminal capitalization rates 5.5% 5.0% The table below summarizes the changes in fair value of loans receivable that are classified as Level 3. For the Year Ended December 31, (Amounts in thousands) 2022 2021 Beginning balance $ 50,182 $ 47,743 Interest accrual 4,748 3,714 Paydowns (533) (1,275) Ending balance $ 54,397 $ 50,182 13. Fair Value Measurements - continued Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued Derivatives and Hedging We recognize the fair values of all derivatives in "other assets" or "other liabilities" on our consolidated balance sheets. Derivatives that are not hedges are adjusted to fair value through earnings. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the hedged asset, liability, or firm commitment through earnings, or recognized in other comprehensive income until the hedged item is recognized in earnings. Reported net income and equity may increase or decrease prospectively, depending on future levels of interest rates and other variables affecting the fair values of hedging instruments and hedged items, but will have no effect on cash flows. The following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of December 31, 2022 and 2021, respectively. (Amounts in thousands) Fair Value December 31, As of December 31, 2022 2022 2021 Notional Amount All-In Swapped Rate Swap Expiration Date Interest Rate Swaps: 555 California Street mortgage loan $ 49,888 $ 11,814 $ 840,000 (1) 2.26% 05/24 770 Broadway mortgage loan 29,226 — 700,000 4.98% 07/27 PENN 11 mortgage loan 26,587 6,565 500,000 2.22% 03/24 Unsecured revolving credit facility 24,457 — 575,000 3.88% 08/27 Unsecured term loan 14,694 (28,976) 800,000 4.05% (2) 100 West 33rd Street mortgage loan 6,886 — 480,000 5.06% 06/27 888 Seventh Avenue mortgage loan 6,544 — 200,000 (3) 4.76% 09/27 Unsecured term loan (effective October 2023) 6,330 — 500,000 4.39% 10/26 4 Union Square South mortgage loan 4,050 (3,861) 100,000 (4) 3.74% 01/25 Interest Rate Caps: 1290 Avenue of the Americas mortgage loan 7,590 411 950,000 (5) 11/23 One Park Avenue mortgage loan 5,472 — 525,000 (6) 03/24 Various mortgage loans 2,080 139 Included in other assets $ 183,804 $ 18,929 Included in other liabilities $ — $ 32,837 ________________________________________ (1) Represents our 70.0% share of the $1.2 billion mortgage loan. (2) Comprised of a $750,000 interest rate swap arrangement expiring October 2023 and a $50,000 interest rate swap arrangement expiring August 2027. (3) The remaining $77,800 amortizing mortgage loan balance bears interest at a floating rate of SOFR plus 1.80% (5.92% as of December 31, 2022). (4) Upon the sale of 33-00 Northern Boulevard in June 2022, the $100,000 corporate-level interest rate swap was reallocated and now hedges the interest rate on $100,000 of the 4 Union Square South mortgage loan through January 2025. The remaining $20,000 mortgage loan balance bears interest at a floating rate of SOFR plus 1.50% (5.62% as of December 31, 2022). (5) LIBOR cap strike rate of 4.00%. (6) SOFR cap strike rate of 4.39%. In December 2022, we entered into a forward cap for the $525,000 One Park Avenue mortgage loan effective upon the March 2023 expiration of the existing cap. The forward cap has a SOFR strike rate of 3.89% and expires in March 2024. 13. Fair Value Measurements - continued Fair Value Measurements on a Nonrecurring Basis As of December 31, 2022, we had assets measured at fair value on a nonrecurring basis on our consolidated balance sheets with an aggregate fair value of $2,352,328,000, representing real estate investments, including our investment in Fifth Avenue and Times Square JV as well as wholly owned street retail assets, that have been written down to estimated fair value for impairment purposes. These investments are classified as Level 3. Our estimate of the fair value of these assets was measured using discounted cash flow analyses based upon market conditions and expectations of growth and utilized unobservable quantitative inputs including capitalization rates and discount rates. Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these real estate assets. December 31, 2022 Unobservable Quantitative Input Range Weighted Average Discount rates 7.50% - 8.00% 7.52% Terminal capitalization rates 4.75% - 5.50% 4.78% Financial Assets and Liabilities not Measured at Fair Value Financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash equivalents (primarily money market funds, which invest in obligations of the United States government), and our secured and unsecured debt. Estimates of the fair value of these instruments are determined by the standard practice of modeling the contractual cash flows required under the instrument and discounting them back to their present value at the appropriate current risk adjusted interest rate, which is provided by a third-party specialist. For floating rate debt, we use forward rates derived from observable market yield curves to project the expected cash flows we would be required to make under the instrument. The fair value of cash equivalents and borrowings under our unsecured revolving credit facilities and unsecured term loan are classified as Level 1. The fair value of our secured debt and unsecured debt are classified as Level 2. The table below summarizes the carrying amounts and fair value of these financial instruments. (Amounts in thousands) As of December 31, 2022 As of December 31, 2021 Carrying Fair Carrying Fair Cash equivalents $ 402,903 $ 403,000 $ 1,346,684 $ 1,347,000 Debt: Mortgages payable $ 5,877,615 $ 5,697,000 $ 6,099,215 $ 6,052,000 Senior unsecured notes 1,200,000 1,021,000 1,200,000 1,230,000 Unsecured term loan 800,000 800,000 800,000 800,000 Unsecured revolving credit facilities 575,000 575,000 575,000 575,000 Total $ 8,452,615 (1) $ 8,093,000 $ 8,674,215 (1) $ 8,657,000 ________________________________________ (1) Excludes $63,572 and $58,268 of deferred financing costs, net and other as of December 31, 2022 and 2021, respectively. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation | Stock-based Compensation Vornado's 2019 Omnibus Share Plan (the “Plan") provides the Compensation Committee of Vornado's Board of Trustees (the "Committee") the ability to grant incentive and nonqualified Vornado stock options, restricted stock, restricted Operating Partnership units ("OP units"), out-performance plan awards ("OPPs"), appreciation-only long-term incentive plan units (“AO LTIP Units”), performance conditioned appreciation-only long-term incentive plan units ("Performance Conditioned AO LTIP Units") and long-term performance plan LTIP units ("LTPP Units") to certain of our employees and officers. Awards may be granted up to a maximum 5,500,000 shares, if all awards granted are Full Value awards, as defined in the Plan, and up to 11,000,000 shares, if all of the awards granted are Not Full Value Awards, as defined in the Plan. Full Value Awards are awards of securities, such as restricted shares, that, if all vesting requirements are met, do not require the payment of an exercise price or strike price to acquire the securities. Not Full Value Awards are awards of securities, such as options, that do require the payment of an exercise price or strike price. As of December 31, 2022, Vornado has approximately 2,803,000 shares available for future grants under the Plan, if all awards granted are Full Value Awards, as defined. We account for all equity-based compensation in accordance with ASC Topic 718, Compensation - Stock Compensation . Below is a summary of our stock-based compensation expense, a component of "general and administrative" expense on our consolidated statements of income. (Amounts in thousands) For the Year Ended December 31, 2022 2021 2020 OP Units $ 21,086 $ 27,698 $ 33,431 LTPP Units 5,145 — — OPPs 1,906 8,629 9,579 AO LTIP Units 430 877 3,955 Vornado stock options 296 456 656 Vornado restricted stock 292 450 649 Performance Conditioned AO LTIP Units 94 219 407 $ 29,249 $ 38,329 $ 48,677 Below is a summary of unrecognized compensation expense for the year ended December 31, 2022. (Amounts in thousands) As of Weighted-Average OP Units $ 7,834 1.4 OPPs 3,198 1.6 LTPP Units 2,702 1.8 Vornado stock options 175 1.0 Vornado restricted stock 172 1.0 AO LTIP Units 131 1.0 $ 14,212 1.5 14. Stock-based Compensation - continued LTPP Units On January 12, 2022, the Committee approved the 2022 LTPP, a multi-year, LTIP units-based performance equity compensation plan. Awards under the 2022 LTPP are bifurcated between operational performance (50%) and relative performance (50%) measurements and may be earned at specified threshold, target and maximum levels. The operational component awards may be earned based on Vornado’s 2022 operational performance in the following categories: • FFO, as adjusted per share (75% weighting); and • ESG performance metrics consisting of greenhouse emissions reductions, Global Real Estate Sustainability Benchmark ("GRESB") score and Green Building Certification (LEED) achievements (aggregate 25% weighting). Any LTTP award units tentatively earned based on Vornado’s 2022 operational performance are subject to an absolute return modifier pursuant to which such award units are subject to a potential reduction (but not increase) of up to 30% if Vornado’s aggregate total three-year shareholder return (“TSR”) for 2022-2025 is below specified levels. Awards under relative components may be earned based on Vornado’s three-year TSR, measured against the Dow Jones U.S. Real Estate Office Index (50% weighting) and a Northeast peer group custom index (50% weighting). Awards earned under the relative component of the LTPP are subject to reductions of up to 30% if Vornado’s three-year TSR is below specified levels. If the designated performance objectives are achieved, awards earned under 2022 LTPP will vest 50% in January 2025 and 50% in January 2026. In addition, the Chief Executive Officer is required to hold any earned and vested awards for three years following each such vesting date and all other award recipients are required to hold such awards for one year following each such vesting date. Dividends on awards granted under the 2022 LTPP accrue during the applicable performance period and are paid to participants if awards are ultimately earned based on the achievement of the designated performance objectives. LTPP Units, if earned, become convertible into Class A units of the Operating Partnership (and ultimately into Vornado common shares) following vesting. LTPP Units granted during the year ended December 31, 2022 had a total notional value of $17,025,000 and a fair value of $7,847,000, of which $4,033,000 was immediately expensed on the respective grant date due to acceleration of vesting for employees who are retirement eligible (have reached age 65 or age 60 with at least 20 years of service). 14. Stock-based Compensation – continued OPPs OPPs are multi-year, performance-based equity compensation plans under which participants have the opportunity to earn a class of units (“OPP units”) of the Operating Partnership if, and only if, Vornado outperforms a predetermined total shareholder return (“TSR”) and/or outperforms the market with respect to a relative TSR during the three-year or four-year performance period. OPP units, if earned, become convertible into Class A units of the Operating Partnership (and ultimately into Vornado common shares) following vesting. Below is the summary of the OPP units granted during the years December 31, 2021 and 2020. Plan Year Total Plan Percentage of Notional Grant Date Fair Value (1) OPP Units Earned 2021 $ 30,000,000 99.1 % $ 9,950,000 To be determined in 2025 2020 35,000,000 94.0 % 11,700,000 To be determined in 2023 ________________________________________ (1) During the years ended December 31, 2021 and 2020 $6,140,000 and $7,583,000, respectively, was immediately expensed on the respective grant date due to acceleration of vesting for employees who are retirement eligible (have reached age 65 or age 60 with at least 20 years of service). Vornado Stock Options Vornado stock options are granted at an exercise price equal to the average of the high and low market price of Vornado’s common shares on the NYSE on the date of grant, generally vest over four years and expire ten years from the date of grant. Compensation expense related to Vornado stock option awards is recognized on a straight-line basis over the vesting period. Below is a summary of Vornado’s stock option activity for the year ended December 31, 2022. Shares Weighted- Weighted- Aggregate Outstanding as of December 31, 2021 191,933 $ 65.27 Exercised (197) 36.72 Forfeited (1,413) 53.42 Expired (13,618) 65.86 Outstanding as of December 31, 2022 176,705 $ 65.35 4.99 $ — Options exercisable as of December 31, 2022 140,031 $ 68.25 4.48 $ — There were no Vornado stock options granted during the years ended December 31, 2022 and 2021. The fair value of each option grant is estimated on the date of grant using an option-pricing model with the following weighted-average assumptions for grants in the year ended December 31, 2020. As of December 31, 2020 Expected volatility 35% - 36% Expected life 5.0 years Risk free interest rate 0.57% - 1.76% Expected dividend yield 3.2% - 3.4% The weighted average grant date fair value per share for options granted during the year ended December 31, 2020 was $12.28. Cash received from option exercises for the years ended December 31, 2022, 2021 and 2020 was $7,000, $22,000 and $3,516,000, respectively. The total intrinsic value of options exercised during the years ended December 31, 2022, 2021 and 2020 was $842, $5,500 and $859,000, respectively. 14. Stock-based Compensation – continued Performance Conditioned AO LTIP Units Performance Conditioned AO LTIP Units are AO LTIP Units that require the achievement of certain performance conditions by a specified date or they are forfeited. The performance-based condition is met if Vornado common shares trade at or above 110% of the grant price per share for any 20 consecutive days on or before the fourth anniversary following the date of grant. If the performance conditions are not met, the awards are forfeited. If the performance conditions are met, once vested, the awards may be converted into Class A Operating Partnership units in the same manner as AO LTIP Units until ten years from the date of grant. On January 14, 2023, the outstanding Performance AO LTIPs, which were issued in 2019, were forfeited as the performance conditions were not satisfied. AO LTIP Units AO LTIP Units are a class of partnership interests in the Operating Partnership that are intended to qualify as “profits interests” for federal income tax purposes and generally only allow the recipient to realize value to the extent the fair market value of a Vornado common share exceeds the threshold level set at the time the AO LTIP Units are granted, subject to any vesting conditions applicable to the award. The threshold level is intended to be equal to 100% of the then fair market value of a Vornado common share on the date of grant. The value of vested AO LTIP Units is realized through conversion of the AO LTIP Units into Class A Operating Partnership units. AO LTIP Units have a term of ten years from the grant date. Each holder will generally receive special income allocations in respect of an AO LTIP Unit equal to 10% (or such other percentage specified in the applicable award agreement) of the income allocated in respect of a Class A Unit. Upon conversion of AO LTIP Units to Class A Units, holders will be entitled to receive in respect of each such AO LTIP Unit, on a per unit basis, a special distribution equal to 10% (or such other percentage specified in the applicable award agreement) of the distributions received by a holder of an equivalent number of Class A Units during the period from the grant date of the AO LTIP Units through the date of conversion. Below is a summary of AO LTIP Units activity for the year ended December 31, 2022. Shares Weighted- Weighted- Aggregate Outstanding as of December 31, 2021 567,739 $ 59.91 Forfeited (886) 54.16 Expired (1,189) 56.29 Outstanding as of December 31, 2022 565,664 $ 59.93 6.29 $ — Options exercisable as of December 31, 2022 437,372 $ 61.39 6.12 $ — There were no AO LTIP Units granted during the years ended December 31, 2022 and 2021. AO LTIP Units granted during the year ended December 31, 2020 had a fair value of $4,319,000. The fair value of each AO LTIP Unit granted is estimated on the date of grant using an option-pricing model with the following weighted-average assumptions for grants in the year ended December 31, 2020. As of December 31, 2020 Expected volatility 35% - 36% Expected life 5.0 years Risk free interest rate 0.57% - 1.76% Expected dividend yield 3.2% - 3.4% 14. Stock-based Compensation – continued OP Units OP Units are granted at the average of the high and low market price of Vornado’s common shares on the NYSE on the date of grant, vest ratably over four years and are subject to a taxable book-up event, as defined. Compensation expense related to OP Units is recognized ratably over the vesting period using a graded vesting attribution model. Distributions paid on unvested OP Units amounted to $2,197,000, $2,634,000 and $5,316,000 in the years ended December 31, 2022, 2021 and 2020, respectively. Below is a summary of restricted OP unit activity for the year ended December 31, 2022. Unvested Units Units Weighted-Average Unvested as of December 31, 2021 1,083,087 $ 53.99 Granted 501,169 30.82 Vested (597,292) 42.12 Forfeited (1,048) 44.25 Unvested as of December 31, 2022 985,916 49.41 OP Units granted in 2022, 2021 and 2020 had a fair value of $15,446,000, $26,194,000 and $18,013,000, respectively. The fair value of OP Units that vested during the years ended December 31, 2022, 2021 and 2020 was $25,158,000, $36,541,000 and $24,373,000, respectively Vornado Restricted Stock Vornado restricted stock awards are granted at the average of the high and low market price of Vornado’s common shares on the NYSE on the date of grant and generally vest over four years. Compensation expense related to Vornado’s restricted stock awards is recognized on a straight-line basis over the vesting period. Dividends paid on unvested Vornado restricted stock are charged directly to retained earnings and amounted to $18,000, $35,000 and $98,000 for the years ended December 31, 2022, 2021 and 2020, respectively. Below is a summary of Vornado’s restricted stock activity for the year ended December 31, 2022. Unvested Shares Shares Weighted-Average Unvested as of December 31, 2021 15,774 $ 57.82 Vested (7,069) 60.57 Forfeited (326) 54.55 Unvested as of December 31, 2022 8,379 55.64 |
Impairment Losses, Transaction
Impairment Losses, Transaction Related Costs and Other | 12 Months Ended |
Dec. 31, 2022 | |
Transaction Related Costs, Impairment Losses and Other [Abstract] | |
Impairment Losses, Transaction Related Costs and Other | Impairment losses, Transaction Related Costs and Other The following table sets forth the details of impairment losses, transaction related costs and other: (Amounts in thousands) For the Year Ended December 31, 2022 2021 2020 Real estate impairment losses (1) $ 19,098 $ 7,880 $ 236,286 Transaction related costs and other 12,624 5,935 8,001 608 Fifth Avenue lease liability extinguishment gain — — (70,260) $ 31,722 $ 13,815 $ 174,027 ________________________________________ (1) See Note 13 - Fair Value Measurements for additional information. |
Interest and Other Investment I
Interest and Other Investment Income (Loss), Net | 12 Months Ended |
Dec. 31, 2022 | |
Interest and Other Income [Abstract] | |
Interest and Other Investment Income (Loss), Net | Interest and Other Investment Income (Loss), Net The following table sets forth the details of interest and other investment income (loss), net: (Amounts in thousands) For the Year Ended December 31, 2022 2021 2020 Interest on cash and cash equivalents and restricted cash $ 7,553 $ 284 $ 5,793 Amortization of discount on investments in U.S. Treasury bills 7,075 — — Interest on loans receivable 5,006 2,517 3,384 Credit losses on loans receivable — — (13,369) Market-to-market decrease in the fair value of marketable security (sold on January 23, 2020) — — (4,938) Other, net 235 1,811 3,631 $ 19,869 $ 4,612 $ (5,499) |
Interest and Debt Expense
Interest and Debt Expense | 12 Months Ended |
Dec. 31, 2022 | |
Interest and Debt Expense [Abstract] | |
Interest And Debt Expense | Interest and Debt Expense The following table sets forth the details of interest and debt expense: (Amounts in thousands) For the Year Ended December 31, 2022 2021 2020 Interest expense (1) $ 277,046 $ 249,169 $ 251,847 Amortization of Deferred Financing Fees 21,804 20,247 18,460 Capitalized Interest & Debt Expense (19,085) (38,320) (41,056) $ 279,765 $ 231,096 $ 229,251 ________________________________________ (1) 2021 includes $23,729 of defeasance costs, of which $7,119 is attributable to noncontrolling interests, in connection with the refinancing of 1290 Avenue of the Americas, a property in which we own a 70% controlling interest. |
(Loss) Income Per Share_(Loss)
(Loss) Income Per Share/(Loss) Income Per Class A Unit | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
(Loss) Income Per Share/(Loss) Income Per Class A Unit | (Loss) Income Per Share/(Loss) Income Per Class A Unit Vornado Realty Trust The following table presents the calculations of (i) basic (loss) income per common share which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares and (ii) diluted (loss) income per common share which includes weighted average common shares outstanding and dilutive share equivalents. Unvested share-based payment awards that contain nonforfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. Earnings are allocated to participating securities, which include restricted stock awards, based on the two-class method. Our share-based payment awards, including employee stock options, OP Units, OPPs, AO LTIP Units, Performance Conditioned AO LTIP Units and LTPP Units, are included in the calculation of diluted income per share using the treasury stock method if dilutive. Our convertible securities, including our Series A convertible preferred shares, Series G-1 through G-4 convertible preferred units and Series D-13 redeemable preferred units, are reflected in diluted income per share by application of the if-converted method if dilutive. (Amounts in thousands, except per share amounts) For the Year Ended December 31, 2022 2021 2020 Numerator: Net (loss) income attributable to Vornado $ (346,499) $ 175,999 $ (297,005) Preferred share dividends (62,116) (65,880) (51,739) Series K preferred share issuance costs — (9,033) — Net (loss) income attributable to common shareholders (408,615) 101,086 (348,744) Earnings allocated to unvested participating securities (18) (34) (99) Numerator for basic (loss) income per share $ (408,633) $ 101,052 $ (348,843) Denominator: Denominator for basic (loss) income per share – weighted average shares 191,775 191,551 191,146 Effect of dilutive securities (1) : Share-based payment awards — 571 — Denominator for diluted (loss) income per share – weighted average shares and assumed conversions 191,775 192,122 191,146 (LOSS) INCOME PER COMMON SHARE - BASIC: Net (loss) income per common share $ (2.13) $ 0.53 $ (1.83) (LOSS) INCOME PER COMMON SHARE - DILUTED: Net (loss) income per common share $ (2.13) $ 0.53 $ (1.83) ________________________________________ (1) The effect of dilutive securities excluded an aggregate of 16,252, 13,835 and 14,007 weighted average common share equivalents in the years ended December 31, 2022, 2021 and 2020, respectively, as their effect was anti-dilutive. 18. (Loss) Income Per Share/(Loss) Income Per Class A Unit – continued Vornado Realty L.P. The following table presents the calculations of (i) basic (loss) income per Class A unit which includes the weighted average number of Class A units outstanding without regard to dilutive potential Class A units and (ii) diluted (loss) income per Class A unit which includes the weighted average Class A units outstanding and dilutive Class A unit equivalents. Unvested share-based payment awards that contain non-forfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. Earnings are allocated to participating securities, which include Vornado restricted stock awards and our OP Units, based on the two-class method. Our other share-based payment awards, including Vornado stock options, OPPs, AO LTIP Units, Performance Conditioned AO LTIP Units and LTPP Units, are included in the calculation of diluted income per Class A unit using the treasury stock method if dilutive. Our convertible securities, including our Series A convertible preferred units, Series G-1 through G-4 convertible preferred units and Series D-13 redeemable preferred units, are reflected in diluted income per Class A unit by application of the if-converted method if dilutive. (Amounts in thousands, except per unit amounts) For the Year Ended December 31, 2022 2021 2020 Numerator: Net (loss) income attributable to Vornado Realty L.P. $ (376,875) $ 183,539 $ (321,951) Preferred unit distributions (62,231) (66,035) (51,904) Series K preferred unit issuance costs — (9,033) — Net (loss) income attributable to Class A unitholders (439,106) 108,471 (373,855) Earnings allocated to unvested participating securities (2,215) (2,668) (5,417) Numerator for basic (loss) income per Class A unit $ (441,321) $ 105,803 $ (379,272) Denominator: Denominator for basic (loss) income per Class A unit – weighted average units 205,315 204,728 203,503 Effect of dilutive securities (1) : Share-based payment awards — 916 — Denominator for diluted (loss) income per Class A unit – weighted average units and assumed conversions 205,315 205,644 203,503 (LOSS) INCOME PER CLASS A UNIT - BASIC: Net (loss) income per Class A unit $ (2.15) $ 0.52 $ (1.86) (LOSS) INCOME PER CLASS A UNIT - DILUTED: Net (loss) income per Class A unit $ (2.15) $ 0.51 $ (1.86) ________________________________________ (1) The effect of dilutive securities excluded an aggregate of 2,712, 313 and 1,650 weighted average Class A unit equivalents for the years ended December 31, 2022, 2021 and 2020, respectively, as their effect was anti-dilutive. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | Leases As lessor We lease space to tenants under operating leases. Most of the leases provide for the payment of fixed base rent payable monthly in advance. Leases typically provide for periodic step‑ups in rent over the term of the lease and pass through to tenants their share of increases in real estate taxes and operating expenses over a base year. Certain leases also require additional variable rent payments based on a percentage of the tenants’ sales. Electricity is provided to tenants on a sub-metered basis or included in rent based on surveys and adjusted for subsequent utility rate increases. Leases also typically provide for free rent and tenant improvement allowances for all or a portion of the tenant’s initial construction costs of its premises. As of December 31, 2022, future undiscounted cash flows under non-cancelable operating leases were as follows: (Amounts in thousands) As of December 31, 2022 For the year ended December 31, 2023 $ 1,304,777 2024 1,200,544 2025 1,102,476 2026 1,053,948 2027 950,515 Thereafter 6,515,202 As lessee We have a number of ground leases which are classified as operating leases. As of December 31, 2022, our ROU assets and lease liabilities were $684,380,000 and $735,969,000, respectively. As of December 31, 2021, our ROU assets and lease liabilities were $337,197,000 and $370,206,000, respectively. In January 2022, we exercised a 25-year renewal option on our PENN 1 ground lease extending the term through June 2073. As a result of the exercise, we remeasured the related ground lease liability to include our 25-year extension option and recorded an estimated incremental right-of-use asset and lease liability of approximately $350,000,000 which is included in "right-of-use assets" and "lease liabilities", respectively, on our consolidated balance sheets. The ground lease is subject to fair market value resets every 25 years over the lease term, with the next reset occurring in June 2023. When the rate implicit in a lease is not readily determinable, the discount rate applied to measure each ROU asset and lease liability is based on our incremental borrowing rate ("IBR"). We consider the general economic environment and our credit rating and factor in various financing and asset specific adjustments to ensure the IBR is appropriate to the intended use of the underlying lease. Certain of our ground leases offer renewal options which we assess against relevant economic factors to determine whether we are reasonably certain of exercising or not exercising the option. Lease payments associated with renewal periods that we are reasonably certain will be exercised are included in the measurement of the lease liability and corresponding ROU asset. Certain of our ground leases are subject to fair market rent resets based on a percentage of the appraised value of the underlying assets at specified future dates. Fair market rent resets occurring during the lease term do not give rise to remeasurement of the related ROU assets and lease liabilities. Fair market rent resets occurring during the lease term, which may be material, will be recognized in the periods in which they are incurred as variable rent expense. The following table sets forth information related to the measurement of our lease liabilities as of December 31, 2022, 2021 and 2020: (Amounts in thousands) For the Year Ended December 31, 2022 2021 2020 Weighted average remaining lease term (in years) 48.4 44.4 44.8 Weighted average discount rate 5.54 % 4.85 % 4.91 % Cash paid for operating leases $ 21,861 $ 22,382 $ 23,932 We recognize rent expense as a component of "operating" expenses on our consolidated statements of income. Rent expense is comprised of fixed and variable lease payments. The following table sets forth the details of rent expense for the years ended December 31, 2022, 2021 and 2020: (Amounts in thousands) For the Year Ended December 31, 2022 2021 2020 Fixed rent expense $ 45,211 $ 24,901 $ 28,503 Variable rent expense 14,180 13,078 1,178 Rent expense $ 59,391 $ 37,979 $ 29,681 19. Leases - continued As lessee - continued As of December 31, 2022, future lease payments under operating ground leases were as follows: (Amounts in thousands) As of December 31, 2022 For the year ended December 31, 2023 $ 34,782 2024 46,859 2025 47,227 2026 47,616 2027 48,027 Thereafter 1,949,551 Total undiscounted cash flows 2,174,062 Present value discount (1,438,093) Lease liabilities $ 735,969 The Farley Building The future lease payments detailed above exclude the ground and building lease at The Farley Building. The consolidated joint venture, in which we own a 95% controlling interest, has a 99-year triple-net lease with Empire State Development ("ESD") for 846,000 rentable square feet of commercial space at the property, comprised of approximately 730,000 square feet of office space and approximately 116,000 square feet of restaurant and retail space. Our lease of the commercial space at the property is accounted for as a “failed sale-leaseback” as a result of us being deemed the "accounting owner" during development of the property in accordance with ASC 842-40-55 and the lease subsequently meeting "finance lease" classification pursuant to ASC 842-40-25 upon substantial completion. The lease calls for annual rent payments and fixed payments in lieu of real estate taxes ("PILOT") through June 2030. Following the fixed PILOT payment period, the PILOT is calculated in a manner consistent with buildings subject to New York City real estate taxes and assessments. As of December 31, 2022, future rent and fixed PILOT payments are $535,188,000. |
Leases | Leases As lessor We lease space to tenants under operating leases. Most of the leases provide for the payment of fixed base rent payable monthly in advance. Leases typically provide for periodic step‑ups in rent over the term of the lease and pass through to tenants their share of increases in real estate taxes and operating expenses over a base year. Certain leases also require additional variable rent payments based on a percentage of the tenants’ sales. Electricity is provided to tenants on a sub-metered basis or included in rent based on surveys and adjusted for subsequent utility rate increases. Leases also typically provide for free rent and tenant improvement allowances for all or a portion of the tenant’s initial construction costs of its premises. As of December 31, 2022, future undiscounted cash flows under non-cancelable operating leases were as follows: (Amounts in thousands) As of December 31, 2022 For the year ended December 31, 2023 $ 1,304,777 2024 1,200,544 2025 1,102,476 2026 1,053,948 2027 950,515 Thereafter 6,515,202 As lessee We have a number of ground leases which are classified as operating leases. As of December 31, 2022, our ROU assets and lease liabilities were $684,380,000 and $735,969,000, respectively. As of December 31, 2021, our ROU assets and lease liabilities were $337,197,000 and $370,206,000, respectively. In January 2022, we exercised a 25-year renewal option on our PENN 1 ground lease extending the term through June 2073. As a result of the exercise, we remeasured the related ground lease liability to include our 25-year extension option and recorded an estimated incremental right-of-use asset and lease liability of approximately $350,000,000 which is included in "right-of-use assets" and "lease liabilities", respectively, on our consolidated balance sheets. The ground lease is subject to fair market value resets every 25 years over the lease term, with the next reset occurring in June 2023. When the rate implicit in a lease is not readily determinable, the discount rate applied to measure each ROU asset and lease liability is based on our incremental borrowing rate ("IBR"). We consider the general economic environment and our credit rating and factor in various financing and asset specific adjustments to ensure the IBR is appropriate to the intended use of the underlying lease. Certain of our ground leases offer renewal options which we assess against relevant economic factors to determine whether we are reasonably certain of exercising or not exercising the option. Lease payments associated with renewal periods that we are reasonably certain will be exercised are included in the measurement of the lease liability and corresponding ROU asset. Certain of our ground leases are subject to fair market rent resets based on a percentage of the appraised value of the underlying assets at specified future dates. Fair market rent resets occurring during the lease term do not give rise to remeasurement of the related ROU assets and lease liabilities. Fair market rent resets occurring during the lease term, which may be material, will be recognized in the periods in which they are incurred as variable rent expense. The following table sets forth information related to the measurement of our lease liabilities as of December 31, 2022, 2021 and 2020: (Amounts in thousands) For the Year Ended December 31, 2022 2021 2020 Weighted average remaining lease term (in years) 48.4 44.4 44.8 Weighted average discount rate 5.54 % 4.85 % 4.91 % Cash paid for operating leases $ 21,861 $ 22,382 $ 23,932 We recognize rent expense as a component of "operating" expenses on our consolidated statements of income. Rent expense is comprised of fixed and variable lease payments. The following table sets forth the details of rent expense for the years ended December 31, 2022, 2021 and 2020: (Amounts in thousands) For the Year Ended December 31, 2022 2021 2020 Fixed rent expense $ 45,211 $ 24,901 $ 28,503 Variable rent expense 14,180 13,078 1,178 Rent expense $ 59,391 $ 37,979 $ 29,681 19. Leases - continued As lessee - continued As of December 31, 2022, future lease payments under operating ground leases were as follows: (Amounts in thousands) As of December 31, 2022 For the year ended December 31, 2023 $ 34,782 2024 46,859 2025 47,227 2026 47,616 2027 48,027 Thereafter 1,949,551 Total undiscounted cash flows 2,174,062 Present value discount (1,438,093) Lease liabilities $ 735,969 The Farley Building The future lease payments detailed above exclude the ground and building lease at The Farley Building. The consolidated joint venture, in which we own a 95% controlling interest, has a 99-year triple-net lease with Empire State Development ("ESD") for 846,000 rentable square feet of commercial space at the property, comprised of approximately 730,000 square feet of office space and approximately 116,000 square feet of restaurant and retail space. Our lease of the commercial space at the property is accounted for as a “failed sale-leaseback” as a result of us being deemed the "accounting owner" during development of the property in accordance with ASC 842-40-55 and the lease subsequently meeting "finance lease" classification pursuant to ASC 842-40-25 upon substantial completion. The lease calls for annual rent payments and fixed payments in lieu of real estate taxes ("PILOT") through June 2030. Following the fixed PILOT payment period, the PILOT is calculated in a manner consistent with buildings subject to New York City real estate taxes and assessments. As of December 31, 2022, future rent and fixed PILOT payments are $535,188,000. |
Multiemployer Benefit Plans
Multiemployer Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Multiemployer Plan, Pension, Significant [Abstract] | |
Multiemployer Benefit Plans | Multiemployer Benefit Plans Our subsidiaries make contributions to certain multiemployer defined benefit plans (“Multiemployer Pension Plans”) and health plans (“Multiemployer Health Plans”) for our union represented employees, pursuant to the respective collective bargaining agreements. Multiemployer Pension Plans Multiemployer Pension Plans differ from single-employer pension plans in that (i) contributions to multiemployer plans may be used to provide benefits to employees of other participating employers and (ii) if other participating employers fail to make their contributions, each of our participating subsidiaries may be required to bear its then pro rata share of unfunded obligations. If a participating subsidiary withdraws from a plan in which it participates, it may be subject to a withdrawal liability. As of December 31, 2022, our subsidiaries’ participation in these plans was not significant to our consolidated financial statements. In the years ended December 31, 2022, 2021 and 2020, we contributed $7,761,000, $19,851,000 and $7,049,000, respectively, towards Multiemployer Pension Plans, which is included as a component of “operating” expenses on our consolidated statements of income. During the year ended December 31, 2021, the Company funded its pension withdrawal liability in relation to the permanent closure of Hotel Pennsylvania which resulted in the Company funding more than 5% of total employer contributions to the related plan for the year. For our other Multiemployer Pension Plans, our subsidiaries’ contributions did not represent more than 5% of total employer contributions for the years ended December 31, 2022, 2021 and 2020. Multiemployer Health Plans Multiemployer Health Plans in which our subsidiaries participate provide health benefits to eligible active and retired employees. In the years ended December 31, 2022, 2021 and 2020, our subsidiaries contributed $26,514,000, $23,431,000 and $26,938,000, respectively, towards these plans, which is included as a component of “operating” expenses on our consolidated statements of income. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Insurance For our properties, we maintain general liability insurance with limits of $300,000,000 per occurrence and per property, of which $250,000,000 includes communicable disease coverage, and we maintain all risk property and rental value insurance with limits of $2.0 billion per occurrence, with sub-limits for certain perils such as flood and earthquake, excluding communicable disease coverage. Our California properties have earthquake insurance with coverage of $350,000,000 per occurrence and in the aggregate, subject to a deductible in the amount of 5% of the value of the affected property. We maintain coverage for certified terrorism acts with limits of $6.0 billion per occurrence and in the aggregate (as listed below), $1.2 billion for non-certified acts of terrorism, and $5.0 billion per occurrence and in the aggregate for terrorism involving nuclear, biological, chemical and radiological (“NBCR”) terrorism events, as defined by the Terrorism Risk Insurance Act of 2002, as amended to date and which has been extended through December 2027. Penn Plaza Insurance Company, LLC (“PPIC”), our wholly owned consolidated subsidiary, acts as a re-insurer with respect to a portion of all risk property and rental value insurance and a portion of our earthquake insurance coverage, and as a direct insurer for coverage for acts of terrorism including NBCR acts. Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insurance companies and the Federal government with no exposure to PPIC. For NBCR acts, PPIC is responsible for a deductible of $1,774,525 and 20% of the balance of a covered loss and the Federal government is responsible for the remaining portion of a covered loss. We are ultimately responsible for any loss incurred by PPIC. Certain condominiums in which we own an interest (including the Farley Condominiums) maintain insurance policies with different per occurrence and aggregate limits than our policies described above. We continue to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism and other events. However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future. We are responsible for uninsured losses and for deductibles and losses in excess of our insurance coverage, which could be material. Our debt instruments, consisting of mortgage loans secured by our properties, senior unsecured notes and revolving credit agreements contain customary covenants requiring us to maintain insurance. Although we believe that we have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future. Further, if lenders insist on greater coverage than we are able to obtain it could adversely affect our ability to finance or refinance our properties and expand our portfolio. Other Commitments and Contingencies We are from time to time involved in legal actions arising in the ordinary course of business. In our opinion, after consultation with legal counsel, the outcome of such matters is not currently expected to have a material adverse effect on our financial position, results of operations or cash flows. Each of our properties has been subjected to varying degrees of environmental assessment at various times. The environmental assessments did not reveal any material environmental contamination. However, there can be no assurance that the identification of new areas of contamination, changes in the extent or known scope of contamination, the discovery of additional sites, or changes in cleanup requirements would not result in significant costs to us. In July 2018, we leased 78,000 square feet at 345 Montgomery Street in San Francisco, CA, to a subsidiary of Regus PLC, for an initial term of 15 years. The obligations under the lease were guaranteed by Regus PLC in an amount of up to $90,000,000. The tenant purported to terminate the lease prior to space delivery. We commenced a suit on October 23, 2019 seeking to enforce the lease and the guaranty. On May 11, 2021, the court issued a final statement of decision in our favor and on January 31, 2023, the Court of Appeal affirmed the lower court’s decision. On October 9, 2020, the successor to Regus PLC filed for bankruptcy in Luxembourg. We are actively pursuing claims relating to the guaranty against the successor to Regus PLC and its parent in Luxembourg and other jurisdictions. Our mortgage loans are non-recourse to us, except for the mortgage loans secured by 640 Fifth Avenue, 7 West 34th Street and 435 Seventh Avenue, which we guaranteed and therefore are part of our tax basis. In certain cases we have provided guarantees or master leased tenant space. These guarantees and master leases terminate either upon the satisfaction of specified circumstances or repayment of the underlying loans. In addition, we have guaranteed the rent and payments in lieu of real estate taxes due to ESD, an entity of New York State, for The Farley Building. As of December 31, 2022, the aggregate dollar amount of these guarantees and master leases is approximately $1,553,000,000. 21. Commitments and Contingencies – continued Other Commitments and Contingencies - continued As of December 31, 2022, $15,273,000 of letters of credit were outstanding under one of our unsecured revolving credit facilities. Our unsecured revolving credit facilities contain financial covenants that require us to maintain minimum interest coverage and maximum debt to market capitalization ratios, and provide for higher interest rates in the event of a decline in our ratings below Baa3/BBB- (our current ratings). Our unsecured revolving credit facilities also contain customary conditions precedent to borrowing, including representations and warranties, and also contain customary events of default that could give rise to accelerated repayment, including such items as failure to pay interest or principal. Our 95% consolidated joint venture (5% is owned by Related Companies ("Related")) is completing the development of The Farley Building. In connection with the development of the property, the joint venture admitted a historic Tax Credit Investor partner. Under the terms of the historic tax credit arrangement, the joint venture is required to comply with various laws, regulations, and contractual provisions. Non-compliance with applicable requirements could result in projected tax benefits not being realized and, therefore, may require a refund or reduction of the Tax Credit Investor’s capital contributions. As of December 31, 2022, the Tax Credit Investor has made $92,400,000 in capital contributions. Vornado and Related have guaranteed certain of the joint venture’s obligations to the Tax Credit Investor. As investment manager of the Fund we are entitled to an incentive allocation after the limited partners have received a preferred return on their invested capital. The incentive allocation is subject to catch-up and clawback provisions. Accordingly, based on the December 31, 2022 fair value of the Fund assets, at liquidation we would be required to make a $26,400,000 payment to the limited partners, net of amounts owed to us, representing a clawback of previously paid incentive allocations, which would have no income statement impact as it was previously accrued. As of December 31, 2022, we expect to fund additional capital to certain of our partially owned entities aggregating approximately $10,300,000. As of December 31, 2022, we have construction commitments aggregating approximately $409,000,000. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Alexander’s, Inc. We own 32.4% of Alexander’s. Steven Roth, the Chairman of Vornado’s Board of Trustee’s and its Chief Executive Officer, is also the Chairman of the Board of Directors and Chief Executive Officer of Alexander’s. We provide various services to Alexander’s in accordance with management, development and leasing agreements. These agreements are described in Note 5 - Investments in Partially Owned Entities . Interstate Properties (“Interstate”) Interstate is a general partnership in which Mr. Roth is the managing general partner. David Mandelbaum and Russell B. Wight, Jr., Trustees of Vornado and Directors of Alexander’s, respectively, are Interstate’s two other general partners. As of December 31, 2022, Interstate and its partners beneficially owned an aggregate of approximately 7.0% of the common shares of beneficial interest of Vornado and 26.0% of Alexander’s common stock. We manage and lease the real estate assets of Interstate pursuant to a management agreement for which we receive an annual fee equal to 4% of annual base rent and percentage rent. The management agreement has a term of one year and is automatically renewable unless terminated by either of the parties on 60 days’ notice at the end of the term. We believe, based upon comparable fees charged by other real estate companies, that the management agreement terms are consistent with the market. We earned $204,000, $203,000, and $203,000 of management fees under the agreement for the years ended December 31, 2022, 2021 and 2020, respectively. Fifth Avenue and Times Square JV We provide various services to Fifth Avenue and Times Square JV in accordance with management, development, leasing and other agreements. These agreements are described in Note 5 - Investments in Partially Owned Entities . Haim Chera, Executive Vice President - Head of Retail, has an investment in Crown Acquisitions Inc. and Crown Retail Services LLC (collectively, "Crown"), companies controlled by Mr. Chera's family. Crown has a nominal minority interest in Fifth Avenue and Times Square JV. Additionally, we have other investments with Crown. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We operate in two reportable segments, New York and Other, which is based on how we manage our business. Net operating income ("NOI") at share represents total revenues less operating expenses including our share of partially owned entities. NOI at share - cash basis represents NOI at share adjusted to exclude straight-line rental income and expense, amortization of acquired below and above market leases, net and other non-cash adjustments. We consider NOI at share - cash basis to be the primary non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on NOI at share - cash basis, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. NOI at share and NOI at share - cash basis should not be considered alternatives to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies. Asset information by segment is not reported as we do not use this measure to assess segment performance or to make resource allocation decisions. Below is a summary of NOI at share and NOI at share - cash basis by segment for the years ended December 31, 2022, 2021 and 2020. (Amounts in thousands) For the Year Ended December 31, 2022 Total New York Other Total revenues $ 1,799,995 $ 1,449,442 $ 350,553 Operating expenses (873,911) (716,148) (157,763) NOI - consolidated 926,084 733,294 192,790 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (70,029) (45,566) (24,463) Add: NOI from partially owned entities 305,993 293,780 12,213 NOI at share 1,162,048 981,508 180,540 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (10,980) (18,509) 7,529 NOI at share - cash basis $ 1,151,068 $ 962,999 $ 188,069 (Amounts in thousands) For the Year Ended December 31, 2021 Total New York Other Total revenues $ 1,589,210 $ 1,257,599 $ 331,611 Operating expenses (797,315) (626,386) (170,929) NOI - consolidated 791,895 631,213 160,682 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (69,385) (38,980) (30,405) Add: NOI from partially owned entities 310,858 300,721 10,137 NOI at share 1,033,368 892,954 140,414 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other 1,318 (1,188) 2,506 NOI at share - cash basis $ 1,034,686 $ 891,766 $ 142,920 (Amounts in thousands) For the Year Ended December 31, 2020 Total New York Other Total revenues $ 1,527,951 $ 1,221,748 $ 306,203 Operating expenses (789,066) (640,531) (148,535) NOI - consolidated 738,885 581,217 157,668 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (72,801) (43,773) (29,028) Add: NOI from partially owned entities 306,495 296,447 10,048 NOI at share 972,579 833,891 138,688 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other 46,246 36,715 9,531 NOI at share - cash basis $ 1,018,825 $ 870,606 $ 148,219 23. Segment Information - continued Below is a reconciliation of net (loss) income to NOI at share for the years ended December 31, 2022, 2021 and 2020. (Amounts in thousands) For the Year Ended December 31, 2022 2021 2020 Net (loss) income $ (382,612) $ 207,553 $ (461,845) Depreciation and amortization expense 504,502 412,347 399,695 General and administrative expense 133,731 134,545 181,509 Impairment losses, transaction related costs and other 31,722 13,815 174,027 Loss (income) from partially owned entities 461,351 (130,517) 329,112 (Income) loss from real estate fund investments (3,541) (11,066) 226,327 Interest and other investment (income) loss, net (19,869) (4,612) 5,499 Interest and debt expense 279,765 231,096 229,251 Net gains on disposition of wholly owned and partially owned assets (100,625) (50,770) (381,320) Income tax expense (benefit) 21,660 (10,496) 36,630 NOI from partially owned entities 305,993 310,858 306,495 NOI attributable to noncontrolling interests in consolidated subsidiaries (70,029) (69,385) (72,801) NOI at share 1,162,048 1,033,368 972,579 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (10,980) 1,318 46,246 NOI at share - cash basis $ 1,151,068 $ 1,034,686 $ 1,018,825 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events 150 West 34th Street Loan Participation On January 9, 2023, our $105,000,000 participation in the $205,000,000 mortgage loan on 150 West 34th Street was repaid, which reduced “other assets” and “mortgages payable, net” on our consolidated balance sheets by $105,000,000 in the first quarter of 2023. The remaining $100,000,000 mortgage loan balance bears interest at SOFR plus 1.86%, subject to an interest rate cap arrangement with a SOFR strike rate of 4.10%, and matures in May 2024. 24. Subsequent Events - continued 350 Park Avenue On January 24, 2023, we and the Rudin family (“Rudin”) completed agreements with Citadel Enterprise Americas LLC (“Citadel”) and with an affiliate of Kenneth C. Griffin, Citadel’s Founder and CEO (“KG”), for a series of transactions relating to 350 Park Avenue and 40 East 52nd Street. Citadel will master lease 350 Park Avenue, a 585,000 square foot Manhattan office building, on an “as is” basis for ten years, with an initial annual net rent of $36,000,000. Per the terms of the lease, no tenant allowance or free rent is being provided. Citadel will also master lease Rudin’s adjacent property at 40 East 52nd Street (390,000 square feet). In addition, we have entered into a joint venture with Rudin (“Vornado/Rudin”) to purchase 39 East 51st Street for $40,000,000 and, upon formation of the KG joint venture described below, will combine that property with 350 Park Avenue and 40 East 52nd Street to create a premier development site (collectively, the “Site”). From October 2024 to June 2030, KG will have the option to either: • acquire a 60% interest in a joint venture with Vornado/Rudin that would value the Site at $1.2 billion ($900,000,000 to Vornado and $300,000,000 to Rudin) and build a new 1,700,000 square foot office tower (the “Project”) pursuant to East Midtown Subdistrict zoning with Vornado/Rudin as developer. KG would own 60% of the joint venture and Vornado/Rudin would own 40% (with Vornado owning 36% and Rudin owning 4% of the joint venture along with a $250,000,000 preferred equity interest in the Vornado/Rudin joint venture). ◦ at the joint venture formation, Citadel or its affiliates will execute a pre-negotiated 15-year anchor lease with renewal options for approximately 850,000 square feet (with expansion and contraction rights) at the Project for its primary office in New York City; ◦ the rent for Citadel’s space will be determined by a formula based on a percentage return (that adjusts based on the actual cost of capital) on the total Project cost; ◦ the master leases will terminate at the scheduled commencement of demolition; • or, exercise an option to purchase the Site for $1.4 billion ($1.085 billion to Vornado and $315,000,000 to Rudin), in which case Vornado/Rudin would not participate in the new development. Further, Vornado/Rudin will have the option from October 2024 to September 2030 to put the Site to KG for $1.2 billion ($900,000,000 to Vornado and $300,000,000 to Rudin). For ten years following any put option closing, unless the put option is exercised in response to KG’s request to form the joint venture or KG makes a $200,000,000 termination payment, Vornado/Rudin will have the right to invest in a joint venture with KG on the terms described above if KG proceeds with development of the Site. 2023 LTPP On January 11, 2023, the Compensation Committee approved the 2023 Long-Term Performance Plan (“2023 LTPP”), a multi-year, LTIP units-based performance equity compensation plan. Awards under the 2023 LTPP are bifurcated between operational performance (50%) and relative performance (50%) measurements and may be earned at specified threshold, target and maximum levels. The operational component awards may be earned based on Vornado’s 2023 operational performance in the following categories: • FFO, as adjusted per share (75% weighting); and • ESG performance metrics consisting of greenhouse emissions reductions, GRESB score and Green Building Certification (LEED) achievements (aggregate 25% weighting). Any LTPP award units tentatively earned based on Vornado’s 2023 operational performance are subject to an absolute return modifier pursuant to which such award units are subject to a potential reduction (but not increase) of up to 30% if Vornado’s aggregate total three-year TSR is below specified levels. Awards under relative components may be earned based on Vornado’s three-year TSR, measured against the Dow Jones U.S. Real Estate Office Index (50% weighting) and a Northeast peer group custom index (50% weighting). Awards earned under the relative component of the 2023 LTPP are subject to reductions of up to 30% if Vornado’s three-year TSR is below specified levels. If the designated performance objectives are achieved, awards earned under 2023 LTPP will vest 50% in January 2026 and 50% in January 2027. In addition, the Chief Executive Officer is required to hold any earned and vested awards for three years following each such vesting date and all other award recipients are required to hold such awards for one year following each such vesting date. Dividends on awards granted under the 2023 LTPP accrue during the applicable performance period and are paid to participants if awards are ultimately earned based on the achievement of the designated performance objectives. |
SEC Schedule III Real Estate an
SEC Schedule III Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III Real Estate and Accumulated Depreciation | COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Encumbrances (1) Initial cost to company Costs Gross amount at which Accumulated Date of construction (3) Date Life on which Land Buildings Land Buildings Total (2) New York Manhattan 1290 Avenue of the Americas $ 950,000 $ 518,244 $ 926,992 $ 269,875 $ 518,244 $ 1,196,867 $ 1,715,111 $ 478,343 1963 2007 (4) One Park Avenue 525,000 197,057 369,016 2,936 197,057 371,952 569,009 14,868 1926 2021 (4) 350 Park Avenue 400,000 265,889 363,381 64,619 265,889 428,000 693,889 170,634 1960 2006 (4) PENN 1 — — 412,169 791,704 — 1,203,873 1,203,873 402,282 1972 1998 (4) 100 West 33rd Street 480,000 331,371 361,443 78,034 331,371 439,477 770,848 178,228 1911/2009 2007 (4) 150 West 34th Street 205,000 (5) 119,657 268,509 — 119,657 268,509 388,166 50,905 1900 2015 (4) PENN 2 575,000 (6) 53,615 164,903 544,767 52,689 710,596 763,285 108,685 1968 1997 (4) 90 Park Avenue — 8,000 175,890 199,485 8,000 375,375 383,375 192,616 1964 1997 (4) 770 Broadway 700,000 52,898 95,686 192,597 52,898 288,283 341,181 142,018 1907 1998 (4) 888 Seventh Avenue 277,800 — 117,269 170,408 — 287,677 287,677 155,181 1980 1998 (4) PENN 11 500,000 40,333 85,259 135,639 40,333 220,898 261,231 102,565 1923 1997 (4) 909 Third Avenue 350,000 — 120,723 122,641 — 243,364 243,364 132,201 1969 1999 (4) 150 East 58th Street — 39,303 80,216 62,924 39,303 143,140 182,443 75,535 1969 1998 (4) 595 Madison Avenue — 62,731 62,888 79,646 62,731 142,534 205,265 58,669 1968 1999 (4) 330 West 34th Street — — 8,599 164,628 — 173,227 173,227 59,405 1925 1998 (4) 715 Lexington Avenue — — 26,903 20,218 30,086 17,035 47,121 1,925 1923 2001 (4) 4 Union Square South 120,000 24,079 55,220 12,513 24,079 67,733 91,812 28,102 1965/2004 1993 (4) The Farley Building — — 476,235 949,500 — 1,425,735 1,425,735 54,042 1912 2018 (4) 260 Eleventh Avenue — — 80,482 6,937 — 87,419 87,419 16,227 1911 2015 (4) 510 Fifth Avenue — 34,602 18,728 8,441 35,864 25,907 61,771 — 2010 (4) 606 Broadway 74,119 45,406 8,993 51,715 45,298 60,816 106,114 6,048 2016 (4) 443 Broadway — 11,187 41,186 (41,283) 2,370 8,720 11,090 — 2013 (4) 435 Seventh Avenue 95,696 19,893 19,091 2,166 19,893 21,257 41,150 11,803 2002 1997 (4) 692 Broadway — 6,053 22,908 (9,677) 3,552 15,732 19,284 — 2005 (4) 131-135 West 33rd Street — 8,315 21,312 477 8,315 21,789 30,104 3,841 2016 (4) 304 Canal Street — 3,511 12,905 (8,272) 1,771 6,373 8,144 337 1910 2014 (4) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Encumbrances (1) Initial cost to company Costs Gross amount at which Accumulated Date of construction (3) Date Life on which Land Buildings Land Buildings Total (2) New York - continued Manhattan - continued 1131 Third Avenue $ — $ 7,844 $ 7,844 $ 5,683 $ 7,844 $ 13,527 $ 21,371 $ 3,489 1997 (4) 431 Seventh Avenue — 16,700 2,751 — 16,700 2,751 19,451 1,083 2007 (4) 138-142 West 32nd Street — 9,252 9,936 2,032 9,252 11,968 21,220 2,181 1920 2015 (4) 334 Canal Street — 1,693 6,507 (1,169) 753 6,278 7,031 409 2011 (4) 966 Third Avenue — 8,869 3,631 — 8,869 3,631 12,500 847 2013 (4) 148 Spring Street — 3,200 8,112 408 3,200 8,520 11,720 3,163 2008 (4) 150 Spring Street — 3,200 5,822 327 3,200 6,149 9,349 2,273 2008 (4) 137 West 33rd Street — 6,398 1,550 — 6,398 1,550 7,948 300 1932 2015 (4) 825 Seventh Avenue — 1,483 697 3,982 1,483 4,679 6,162 1,064 1997 (4) 537 West 26th Street — 10,370 17,632 20,000 26,631 21,371 48,002 3,232 2018 (4) 339 Greenwich Street — 2,622 12,333 (10,018) 866 4,071 4,937 245 2017 (4) Hotel Pennsylvania site — 29,903 121,712 109,425 29,903 231,137 261,040 — 1919 1997 (4) Other (Including Signage) — 140,477 31,892 22,106 94,787 99,688 194,475 28,002 — (4) Total Manhattan 5,252,615 2,084,155 4,627,325 4,025,414 2,069,286 8,667,608 10,736,894 2,490,748 Other Properties Paramus, New Jersey — — — 21,224 1,033 20,191 21,224 16,823 1967 1987 (4) Total New York 5,252,615 2,084,155 4,627,325 4,046,638 2,070,319 8,687,799 10,758,118 2,507,571 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Encumbrances (1) Initial cost to company Costs Gross amount at which Accumulated Date of construction (3) Date Life on which Land Buildings Land Buildings Total (2) Other theMART theMART, Illinois $ — $ 64,528 $ 319,146 $ 441,840 $ 64,535 $ 760,979 $ 825,514 $ 383,172 1930 1998 (4) 527 West Kinzie, Illinois — 5,166 — 257 5,166 257 5,423 — 1998 Piers 92 and 94, New York — — — 23,838 — 23,838 23,838 4,339 2008 (4) Total theMART — 69,694 319,146 465,935 69,701 785,074 854,775 387,511 555 California Street, California 1,200,000 223,446 895,379 269,215 223,446 1,164,594 1,388,040 432,128 1922,1969 -1970 2007 (4) Borgata Land, Atlantic City, NJ — 83,089 — — 83,089 — 83,089 — 2010 759-771 Madison Avenue (40 East 66th Street) Residential, New York — 8,454 13,321 (8,193) 5,273 8,309 13,582 3,321 2005 (4) Annapolis, Maryland — — 9,652 — — 9,652 9,652 4,964 2005 (4) Wayne Towne Center, New Jersey — — 26,137 48,011 — 74,148 74,148 38,228 2010 (4) Other — — — 7,962 — 7,962 7,962 2,103 (4) Total Other 1,200,000 384,683 1,263,635 782,930 381,509 2,049,739 2,431,248 868,255 Leasehold improvements, equipment and other — — — 125,389 — 125,389 125,389 95,165 Total December 31, 2022 $ 6,452,615 $ 2,468,838 $ 5,890,960 $ 4,954,957 $ 2,451,828 $ 10,862,927 $ 13,314,755 $ 3,470,991 ________________________________________ (1) Represents contractual debt obligations. (2) The net basis of Vornado's assets and liabilities for tax reporting purposes is approximately $1.6 billion lower than the amounts reported for financial statement purposes. (3) Date of original construction - many properties have had substantial renovation or additional construction, see "costs capitalized subsequent to acquisition" column. (4) Depreciation of the buildings and improvements is calculated over lives ranging from the life of the lease to forty years. (5) On January 9, 2023, our $105,000 participation in the $205,000 mortgage loan on 150 West 34th Street was repaid. (6) Secured amount outstanding on revolving credit facilities. The following is a reconciliation of real estate assets and accumulated depreciation: Year Ended December 31, 2022 2021 2020 Real Estate Balance at beginning of period $ 13,217,845 $ 12,087,943 $ 13,074,012 Additions during the period: Land — 197,057 1,372 Buildings & improvements and other 711,722 1,286,474 1,127,593 13,929,567 13,571,474 14,202,977 Less: Assets sold, written-off, reclassified to ready for sale and deconsolidated 614,812 353,629 2,115,034 Balance at end of period $ 13,314,755 $ 13,217,845 $ 12,087,943 Accumulated Depreciation Balance at beginning of period $ 3,376,347 $ 3,169,446 $ 3,015,958 Depreciation expense 449,864 362,311 344,301 3,826,211 3,531,757 3,360,259 Less: Accumulated depreciation on assets sold, written-off and deconsolidated 355,220 155,410 190,813 Balance at end of period $ 3,470,991 $ 3,376,347 $ 3,169,446 |
SEC Schedule III Rollforward of
SEC Schedule III Rollforward of Real Estate Assets and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III Real Estate and Accumulated Depreciation | COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Encumbrances (1) Initial cost to company Costs Gross amount at which Accumulated Date of construction (3) Date Life on which Land Buildings Land Buildings Total (2) New York Manhattan 1290 Avenue of the Americas $ 950,000 $ 518,244 $ 926,992 $ 269,875 $ 518,244 $ 1,196,867 $ 1,715,111 $ 478,343 1963 2007 (4) One Park Avenue 525,000 197,057 369,016 2,936 197,057 371,952 569,009 14,868 1926 2021 (4) 350 Park Avenue 400,000 265,889 363,381 64,619 265,889 428,000 693,889 170,634 1960 2006 (4) PENN 1 — — 412,169 791,704 — 1,203,873 1,203,873 402,282 1972 1998 (4) 100 West 33rd Street 480,000 331,371 361,443 78,034 331,371 439,477 770,848 178,228 1911/2009 2007 (4) 150 West 34th Street 205,000 (5) 119,657 268,509 — 119,657 268,509 388,166 50,905 1900 2015 (4) PENN 2 575,000 (6) 53,615 164,903 544,767 52,689 710,596 763,285 108,685 1968 1997 (4) 90 Park Avenue — 8,000 175,890 199,485 8,000 375,375 383,375 192,616 1964 1997 (4) 770 Broadway 700,000 52,898 95,686 192,597 52,898 288,283 341,181 142,018 1907 1998 (4) 888 Seventh Avenue 277,800 — 117,269 170,408 — 287,677 287,677 155,181 1980 1998 (4) PENN 11 500,000 40,333 85,259 135,639 40,333 220,898 261,231 102,565 1923 1997 (4) 909 Third Avenue 350,000 — 120,723 122,641 — 243,364 243,364 132,201 1969 1999 (4) 150 East 58th Street — 39,303 80,216 62,924 39,303 143,140 182,443 75,535 1969 1998 (4) 595 Madison Avenue — 62,731 62,888 79,646 62,731 142,534 205,265 58,669 1968 1999 (4) 330 West 34th Street — — 8,599 164,628 — 173,227 173,227 59,405 1925 1998 (4) 715 Lexington Avenue — — 26,903 20,218 30,086 17,035 47,121 1,925 1923 2001 (4) 4 Union Square South 120,000 24,079 55,220 12,513 24,079 67,733 91,812 28,102 1965/2004 1993 (4) The Farley Building — — 476,235 949,500 — 1,425,735 1,425,735 54,042 1912 2018 (4) 260 Eleventh Avenue — — 80,482 6,937 — 87,419 87,419 16,227 1911 2015 (4) 510 Fifth Avenue — 34,602 18,728 8,441 35,864 25,907 61,771 — 2010 (4) 606 Broadway 74,119 45,406 8,993 51,715 45,298 60,816 106,114 6,048 2016 (4) 443 Broadway — 11,187 41,186 (41,283) 2,370 8,720 11,090 — 2013 (4) 435 Seventh Avenue 95,696 19,893 19,091 2,166 19,893 21,257 41,150 11,803 2002 1997 (4) 692 Broadway — 6,053 22,908 (9,677) 3,552 15,732 19,284 — 2005 (4) 131-135 West 33rd Street — 8,315 21,312 477 8,315 21,789 30,104 3,841 2016 (4) 304 Canal Street — 3,511 12,905 (8,272) 1,771 6,373 8,144 337 1910 2014 (4) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Encumbrances (1) Initial cost to company Costs Gross amount at which Accumulated Date of construction (3) Date Life on which Land Buildings Land Buildings Total (2) New York - continued Manhattan - continued 1131 Third Avenue $ — $ 7,844 $ 7,844 $ 5,683 $ 7,844 $ 13,527 $ 21,371 $ 3,489 1997 (4) 431 Seventh Avenue — 16,700 2,751 — 16,700 2,751 19,451 1,083 2007 (4) 138-142 West 32nd Street — 9,252 9,936 2,032 9,252 11,968 21,220 2,181 1920 2015 (4) 334 Canal Street — 1,693 6,507 (1,169) 753 6,278 7,031 409 2011 (4) 966 Third Avenue — 8,869 3,631 — 8,869 3,631 12,500 847 2013 (4) 148 Spring Street — 3,200 8,112 408 3,200 8,520 11,720 3,163 2008 (4) 150 Spring Street — 3,200 5,822 327 3,200 6,149 9,349 2,273 2008 (4) 137 West 33rd Street — 6,398 1,550 — 6,398 1,550 7,948 300 1932 2015 (4) 825 Seventh Avenue — 1,483 697 3,982 1,483 4,679 6,162 1,064 1997 (4) 537 West 26th Street — 10,370 17,632 20,000 26,631 21,371 48,002 3,232 2018 (4) 339 Greenwich Street — 2,622 12,333 (10,018) 866 4,071 4,937 245 2017 (4) Hotel Pennsylvania site — 29,903 121,712 109,425 29,903 231,137 261,040 — 1919 1997 (4) Other (Including Signage) — 140,477 31,892 22,106 94,787 99,688 194,475 28,002 — (4) Total Manhattan 5,252,615 2,084,155 4,627,325 4,025,414 2,069,286 8,667,608 10,736,894 2,490,748 Other Properties Paramus, New Jersey — — — 21,224 1,033 20,191 21,224 16,823 1967 1987 (4) Total New York 5,252,615 2,084,155 4,627,325 4,046,638 2,070,319 8,687,799 10,758,118 2,507,571 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Encumbrances (1) Initial cost to company Costs Gross amount at which Accumulated Date of construction (3) Date Life on which Land Buildings Land Buildings Total (2) Other theMART theMART, Illinois $ — $ 64,528 $ 319,146 $ 441,840 $ 64,535 $ 760,979 $ 825,514 $ 383,172 1930 1998 (4) 527 West Kinzie, Illinois — 5,166 — 257 5,166 257 5,423 — 1998 Piers 92 and 94, New York — — — 23,838 — 23,838 23,838 4,339 2008 (4) Total theMART — 69,694 319,146 465,935 69,701 785,074 854,775 387,511 555 California Street, California 1,200,000 223,446 895,379 269,215 223,446 1,164,594 1,388,040 432,128 1922,1969 -1970 2007 (4) Borgata Land, Atlantic City, NJ — 83,089 — — 83,089 — 83,089 — 2010 759-771 Madison Avenue (40 East 66th Street) Residential, New York — 8,454 13,321 (8,193) 5,273 8,309 13,582 3,321 2005 (4) Annapolis, Maryland — — 9,652 — — 9,652 9,652 4,964 2005 (4) Wayne Towne Center, New Jersey — — 26,137 48,011 — 74,148 74,148 38,228 2010 (4) Other — — — 7,962 — 7,962 7,962 2,103 (4) Total Other 1,200,000 384,683 1,263,635 782,930 381,509 2,049,739 2,431,248 868,255 Leasehold improvements, equipment and other — — — 125,389 — 125,389 125,389 95,165 Total December 31, 2022 $ 6,452,615 $ 2,468,838 $ 5,890,960 $ 4,954,957 $ 2,451,828 $ 10,862,927 $ 13,314,755 $ 3,470,991 ________________________________________ (1) Represents contractual debt obligations. (2) The net basis of Vornado's assets and liabilities for tax reporting purposes is approximately $1.6 billion lower than the amounts reported for financial statement purposes. (3) Date of original construction - many properties have had substantial renovation or additional construction, see "costs capitalized subsequent to acquisition" column. (4) Depreciation of the buildings and improvements is calculated over lives ranging from the life of the lease to forty years. (5) On January 9, 2023, our $105,000 participation in the $205,000 mortgage loan on 150 West 34th Street was repaid. (6) Secured amount outstanding on revolving credit facilities. The following is a reconciliation of real estate assets and accumulated depreciation: Year Ended December 31, 2022 2021 2020 Real Estate Balance at beginning of period $ 13,217,845 $ 12,087,943 $ 13,074,012 Additions during the period: Land — 197,057 1,372 Buildings & improvements and other 711,722 1,286,474 1,127,593 13,929,567 13,571,474 14,202,977 Less: Assets sold, written-off, reclassified to ready for sale and deconsolidated 614,812 353,629 2,115,034 Balance at end of period $ 13,314,755 $ 13,217,845 $ 12,087,943 Accumulated Depreciation Balance at beginning of period $ 3,376,347 $ 3,169,446 $ 3,015,958 Depreciation expense 449,864 362,311 344,301 3,826,211 3,531,757 3,360,259 Less: Accumulated depreciation on assets sold, written-off and deconsolidated 355,220 155,410 190,813 Balance at end of period $ 3,470,991 $ 3,376,347 $ 3,169,446 |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of PresentationThe accompanying consolidated financial statements include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All inter-company amounts have been eliminated. Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which require us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. |
Recently Issued Accounting Literature | Recently Issued Accounting Literature In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04 establishing Accounting Standards Codification ("ASC") Topic 848, Reference Rate Reform, and in January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope (collectively, "ASC 848"). ASC 848 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASC 848 is optional and may be elected over time as reference rate reform activities occur. We have elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”) which was issued to defer the sunset date of ASC 848 to December 31, 2024. ASU 2022-06 is effective immediately for all companies. ASU 2022-06 will have no impact on the Company’s consolidated financial statements for the year ended December 31, 2022. We continue to evaluate the impact of ASC 848 and may apply other elections as applicable as additional changes in the market occur. 2. Basis of Presentation and Significant Accounting Policies - continued Recently Issued Accounting Literature - continued In August 2020, the FASB issued an update ("ASU 2020-06") Debt - Debt with Conversion and Other Options (ASC Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (ASC Subtopic 815-40). ASU 2020-06 simplifies the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock, removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and also simplifies the diluted earnings per share calculation in certain areas. ASU 2020-06 is effective for reporting periods beginning after December 15, 2021, with early adoption permitted. We adopted this update effective January 1, 2022 using the modified retrospective approach which did not have a material impact on our consolidated financial statements and disclosures. In July 2021, the FASB issued an update ("ASU 2021-05") Lessors - Certain Leases with Variable Lease Payments to ASC Topic 842, Leases ("ASC 842"). ASU 2021-05 provides additional ASC 842 classification guidance as it relates to a lessor's accounting for certain leases with variable lease payments. ASU 2021-05 requires a lessor to classify a lease with variable payments that do not depend on an index or rate as an operating lease if either a sales-type lease or direct financing lease classification would trigger a day-one loss. ASU 2021-05 is effective for reporting periods beginning after December 15, 2021, with early adoption permitted. We adopted this update effective January 1, 2022 which did not have an impact on our consolidated financial statements and disclosures. |
Real Estate | Real Estate: Real estate is carried at cost, net of accumulated depreciation and amortization. Betterments, major renewals and certain costs directly related to the improvement and leasing of real estate are capitalized. Maintenance and repairs are expensed as incurred. For redevelopment of existing operating properties, the net book value of the existing property under redevelopment plus the cost for the construction and improvements incurred in connection with the redevelopment, including interest and debt expense, are capitalized to the extent the capitalized costs of the property do not exceed the estimated fair value of the redeveloped property when complete. If the cost of the redeveloped property, including the net book value of the existing property, exceeds the estimated fair value of the redeveloped property, the excess is charged to expense. Depreciation is recognized on a straight-line basis over the estimated useful lives of these assets which range from 7 to 40 years. Tenant allowances are amortized on a straight-line basis over the lives of the related leases, which approximate the useful lives of the assets. Upon the acquisition of real estate, we assess whether the transaction should be accounted for as an asset acquisition or as a business combination. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. Our acquisitions of real estate generally will not meet the definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related identified intangible assets). We assess the fair value of acquired assets (including land, buildings and improvements, identified intangibles, such as acquired above and below-market leases, acquired in-place leases and tenant relationships) and acquired liabilities and we allocate the purchase price based on these assessments which are on a relative fair value basis. We assess fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known trends, and market/economic conditions. We amortize identified intangibles that have finite lives over the period they are expected to contribute directly or indirectly to the future cash flows of the property or business acquired. Our properties, including any related right-of-use ("ROU") assets and intangible assets, are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured based on the excess of the property’s carrying amount over its estimated fair value. Impairment analyses are based on information available at the time the analyses are prepared. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future rental revenues, operating expenses, capital expenditures, discount rates and capitalization rates which could differ materially from actual results. Financial Services – Investment Companies (“ASC 946”) and its investments are reported on its balance sheet at fair value, with changes in value each period recognized in earnings. We consolidate the accounts of the Fund into our consolidated financial statements, retaining the fair value basis of accounting. |
Partially Owned Entities | Partially Owned Entities: We consolidate entities in which we have a controlling financial interest. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider (i) whether the entity is a variable interest entity (“VIE”) in which we are the primary beneficiary or (ii) whether the entity is a voting interest entity in which we have a majority of the voting interests of the entity. We are deemed to be the primary beneficiary of a VIE when we have (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. We generally do not control a partially owned entity if the approval of all of the partners/members is contractually required with respect to decisions that most significantly impact the performance of the partially owned entity. This includes decisions regarding operating/capital budgets, and the placement of new or additional financing secured by the assets of the venture, among others. We account for investments under the equity method when the requirements for consolidation are not met, and we have significant influence over the operations of the investee. Equity method investments are initially recorded at cost and subsequently adjusted for our share of net income or loss and cash contributions and distributions each period. Equity investments that do not qualify for consolidation or equity method accounting are recorded at fair value in accordance with ASC Topic 321, Investments-Equity Securities ("ASC 321") or, if fair value is not readily determinable, are initially recognized at cost and subsequently remeasured if there is an orderly transaction in an identical or similar investment of the same issuer or if the investment is impaired. Investments in unconsolidated partially owned entities are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recorded when there is a decline in the fair value of an investment below its carrying value and we conclude that the decline is other-than-temporary during our intended holding period. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on information available at the time the analyses are prepared. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future rental revenues, operating expenses, capital expenditures, discount rates and capitalization rates which could differ materially from actual results. |
220 Central Park South Condominium Units Ready For Sale | 220 Central Park South Condominium Units Ready For Sale: Our 220 Central Park South (“220 CPS”) residential condominium units are reclassified from “development costs and construction in progress” to “220 Central Park South condominium units ready for sale” upon receipt of the unit’s temporary certificate of occupancy. These units are substantially complete and ready for sale. Each unit is carried at the lower of its carrying amount or fair value less costs to sell. We have used the relative sales value method to allocate costs to individual condominium units. GAAP income is recognized when legal title transfers upon closing of the condominium unit sales and is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. As of December 31, 2022 and 2021, none of the 220 CPS condominium units ready for sale had a carrying value that exceeded fair value. |
Cash And Cash Equivalents | Cash and Cash Equivalents: Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less and are carried at cost, which approximates fair value due to their short-term maturities. The majority of our cash and cash equivalents consists of (i) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit and (ii) Certificate of Deposits placed through an Account Registry Service. |
Restricted Cash | Restricted Cash: Restricted cash consists of security deposits, cash restricted for the purposes of facilitating a Section 1031 Like-Kind exchange, cash restricted in connection with our deferred compensation plan and cash escrowed under loan agreements, including for debt service, real estate taxes, property insurance and capital improvements. |
Investments in U.S. Treasury Bills | Investments in U.S. Treasury Bills : Treasury bills are short-term debt obligations with maturities of one year or less issued by the U.S. Treasury Department and backed by the U.S. Government. Treasury bills yield no interest, but are issued at a discount to the redemption price. We classify our investments in U.S. Treasury bills as available-for-sale debt investments. We use quoted market prices to determine the fair value of our investments in U.S. Treasury bills. |
Deferred Charges | Deferred Charges: Direct financing costs are deferred and amortized over the terms of the related agreements as a component of interest expense. Direct and incremental costs related to successful leasing activities are capitalized and amortized on a straight-line basis over the lives of the related leases. All other deferred charges are amortized on a straight-line basis, which approximates the effective interest rate method, in accordance with the terms of the agreements to which they relate. |
Revenue Recognition | Revenue Recognition: • Rental revenues include revenues from the leasing of space at our properties to tenants, trade shows, tenant services and parking garage revenues. • Revenues from the leasing of space at our properties to tenants include (i) lease components, including fixed and variable lease payments, and nonlease components which include reimbursement of common area maintenance expenses, and (ii) reimbursement of real estate taxes and insurance expenses. As lessor, we have elected to combine the lease and nonlease components of our operating lease agreements and account for the components as a single lease component in accordance with ASC 842. • Revenues from fixed lease payments for operating leases are recognized on a straight-line basis over the non-cancelable term of the lease, together with renewal options that are reasonably certain of being exercised. We commence revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. • Revenues derived from the reimbursement of real estate taxes, insurance expenses and common area maintenance expenses are generally recognized in the same period as the related expenses are incurred. • We recognize amortization of acquired below-market leases as an increase to rental revenues and amortization of acquired above-market leases as a decrease to rental revenues over the term of the lease (see Note 8 - Identified Intangible Assets and Liabilities ). • Revenues from the operation of trade shows at our properties, primarily derived from booth rentals, are recognized when the trade show booths are made available for use by the exhibitors, in accordance with ASC 842. • Revenues derived from sub-metered electric, elevator, trash removal and other services provided to our tenants at their request are recognized as the services are transferred in accordance with ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"). • Revenues derived from the operations of our parking facilities, which charge hourly or monthly fees to provide parking services to customers, are recognized as the services are transferred in accordance with ASC 606. • We classify revenues derived from management, leasing and other contractual agreements (including BMS cleaning, engineering and security services) with third parties or with partially owned entities as “fee and other income” and recognize revenue as the services are transferred in accordance with ASC 606. We evaluate on an individual lease basis whether it is probable that we will collect substantially all amounts due from our tenants and recognize changes in the collectability assessment of our operating leases as adjustments to rental revenue. Management exercises judgment in assessing collectability of tenant receivables and considers payment history, current credit status and publicly available information about the financial condition of the tenant, the impact of COVID-19 on tenants' businesses, and other factors. Tenant receivables, including receivables arising from the straight-lining of rents, are written off when management deems that the collectability of substantially all future lease payments from a specific lease is not probable of collection, at which point, the Company will limit future rental revenues to cash received. We have made a policy election in accordance with the FASB Staff Q&A which provides relief in accounting for leases during the COVID-19 pandemic, allowing us to continue recognizing rental revenue on a straight-line basis for rent deferrals, with no impact to revenue recognition, and to recognize rent abatements as a reduction to rental revenue in the period granted. |
Income Taxes | Income Taxes: Vornado operates in a manner intended to enable it to continue to qualify as a REIT under Sections 856‑860 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders. Vornado distributes to its shareholders 100% of its REIT taxable income and therefore, no provision for Federal income taxes is required. Dividends distributed for the year ended December 31, 2022 were characterized, for federal income tax purposes, as ordinary income under Section 199A of the Internal Revenue Code. Dividends distributed for the year ended December 31, 2021 were characterized for federal income tax purposes as 84.2% ordinary income under Section 199A of the Internal Revenue Code and 15.8% qualified dividend income (taxed as long-term capital gain). Dividends distributed for the year ended December 31, 2020 were characterized for federal income tax purposes as ordinary income under Section 199A of the Internal Revenue Code. We have elected to treat certain consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as taxable REIT subsidiaries pursuant to an amendment to the Internal Revenue Code that became effective January 1, 2001. Taxable REIT subsidiaries may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to Federal and State income tax at regular corporate tax rates. The Farley Building and our 220 CPS condominium project are held through taxable REIT subsidiaries. |
Redeemable Noncontrolling Interests | Redeemable noncontrolling partnership units are primarily comprised of Class A Operating Partnership units held by third parties and are recorded at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period-to-period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership. Class A units may be tendered for redemption to the Operating Partnership for cash; Vornado, at its option, may assume that obligation and pay the holder either cash or Vornado common shares on a one-for-one basis. Because the number of Vornado common shares outstanding at all times equals the number of Class A units owned by Vornado, the redemption value of each Class A unit is equivalent to the market value of one Vornado common share, and the quarterly distribution to a Class A unitholder is equal to the quarterly dividend paid to a Vornado common shareholder. Redeemable noncontrolling partnership units exclude our Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units, as they are accounted for as liabilities in accordance with ASC Topic 480, Distinguishing Liabilities and Equity . Accordingly, the fair value of these units is included as a component of "other liabilities" on our consolidated balance sheets and aggregated $49,383,000 and $49,659,000 as of December 31, 2022 and 2021, respectively. Changes in the value from period-to-period, if any, are charged to “interest and debt expense” on our consolidated statements of income. |
Variable Interest Entities | Unconsolidated VIEsAs of December 31, 2022 and 2021, we had several unconsolidated VIEs. We do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities does not give us power over decisions that significantly affect these entities’ economic performance. We account for our investment in these entities under the equity method Consolidated VIEs Our most significant consolidated VIEs are the Operating Partnership (for Vornado), the Farley joint venture and certain properties that have noncontrolling interests. These entities are VIEs because the noncontrolling interests do not have substantive kick-out or participating rights. We consolidate these entities because we control all significant business activities. |
Fair Value Measurement | ASC 820 defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities as well as certain U.S. Treasury securities that are highly liquid and are actively traded in secondary markets; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities. Accordingly, our fair value estimates, which are made at the end of each reporting period, may be different than the amounts that may ultimately be realized upon sale or disposition of these assets. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Below is a summary of our revenues by segment. Additional financial information related to these reportable segments for the years ended December 31, 2022, 2021 and 2020 is set forth in Note 23 - Segment Information. (Amounts in thousands) For the Year Ended December 31, 2022 Total New York Other Property rentals $ 1,510,648 $ 1,230,851 $ 279,797 Trade shows (1) 32,669 — 32,669 Lease revenues (2) 1,543,317 1,230,851 312,466 Tenant services 45,211 33,351 11,860 Parking revenues 19,157 15,979 3,178 Rental revenues 1,607,685 1,280,181 327,504 BMS cleaning fees 137,673 146,530 (8,857) (3) Management and leasing fees 11,039 11,645 (606) Other income 43,598 11,086 32,512 Fee and other income 192,310 169,261 23,049 Total revenues $ 1,799,995 $ 1,449,442 $ 350,553 ____________________ See notes on following page. (Amounts in thousands) For the Year Ended December 31, 2021 Total New York Other Property rentals $ 1,354,209 $ 1,071,816 $ 282,393 Trade shows (1) 19,482 — 19,482 Lease revenues (2) 1,373,691 1,071,816 301,875 Tenant services 37,449 26,048 11,401 Parking revenues 13,391 11,370 2,021 Rental revenues 1,424,531 1,109,234 315,297 BMS cleaning fees 119,780 126,891 (7,111) (3) Management and leasing fees 11,725 12,177 (452) Other income 33,174 9,297 23,877 Fee and other income 164,679 148,365 16,314 Total revenues $ 1,589,210 $ 1,257,599 $ 331,611 ____________________ See notes on following page. 3. Revenue Recognition - continued (Amounts in thousands) For the Year Ended December 31, 2020 Total New York Other Property rentals $ 1,323,347 $ 1,051,009 $ 272,338 Hotel Pennsylvania (4) 8,741 8,741 — Trade shows (1) 11,303 — 11,303 Lease revenues (2) 1,343,391 1,059,750 283,641 Tenant services 34,244 23,750 10,494 Rental revenues 1,377,635 1,083,500 294,135 BMS cleaning fees 105,536 112,112 (6,576) (3) Management and leasing fees 19,416 19,508 (92) Other income 25,364 6,628 18,736 Fee and other income 150,316 138,248 12,068 Total revenues $ 1,527,951 $ 1,221,748 $ 306,203 ________________________________________ (1) We cancelled trade shows at theMART beginning late March of 2020 due to the COVID-19 pandemic and resumed in the third quarter of 2021. (2) The components of lease revenues were as follows: (Amounts in thousands) For the Year Ended December 31, 2022 2021 2020 Fixed billings $ 1,376,527 $ 1,277,645 $ 1,292,174 Variable billings 122,947 108,850 126,907 Total contractual operating lease billings 1,499,474 1,386,495 1,419,081 Adjustment for straight-line rents and amortization of acquired below-market leases and other, net 44,715 (5,109) (12,486) Less: write-off of straight-line rent and tenant receivables deemed uncollectible (872) (7,695) (63,204) Lease revenues $ 1,543,317 $ 1,373,691 $ 1,343,391 (3) Represents the elimination of BMS cleaning fees related to theMART and 555 California Street which are included as income in the New York segment. (4) We permanently closed the Hotel Pennsylvania on April 5, 2021 and plan to develop an office tower on the site. |
Operating Lease, Lease Income | The components of lease revenues were as follows: (Amounts in thousands) For the Year Ended December 31, 2022 2021 2020 Fixed billings $ 1,376,527 $ 1,277,645 $ 1,292,174 Variable billings 122,947 108,850 126,907 Total contractual operating lease billings 1,499,474 1,386,495 1,419,081 Adjustment for straight-line rents and amortization of acquired below-market leases and other, net 44,715 (5,109) (12,486) Less: write-off of straight-line rent and tenant receivables deemed uncollectible (872) (7,695) (63,204) Lease revenues $ 1,543,317 $ 1,373,691 $ 1,343,391 |
Real Estate Fund Investments (T
Real Estate Fund Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate Fund Investments [Abstract] | |
Schedule Of Income And Loss From The Fund | Below is a summary of income (loss) from the Fund and the Crowne Plaza Joint Venture. (Amounts in thousands) For the Year Ended December 31, 2022 2021 2020 Previously recorded unrealized loss on exited investments $ 59,396 $ — $ — Realized (loss) income on exited investments (54,255) 1,364 — Net unrealized (loss) income on held investments (7,730) 3,257 (226,107) Net investment income (loss) 6,130 6,445 (220) Income (loss) from real estate fund investments 3,541 11,066 (226,327) Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries (1,870) (7,309) 163,213 Income (loss) from real estate fund investments net of noncontrolling interests in consolidated subsidiaries $ 1,671 $ 3,757 $ (63,114) |
Summary of Changes In Fair Value of Fund and the Crowne Plaza Joint Venture | The table below summarizes the changes in the fair value of the Fund and the Crowne Plaza Joint Venture. (Amounts in thousands) For the Year Ended December 31, 2022 2021 Beginning balance $ 7,730 $ 3,739 Previously recorded unrealized loss on exited investments 59,396 — Realized (loss) income on exited investments (54,255) 1,364 Net unrealized (loss) income on held investments (7,730) 3,257 Dispositions (5,141) (5,104) Purchases/additional fundings — 4,474 Ending balance $ — $ 7,730 |
Investments in Partially Owne_2
Investments in Partially Owned Entities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Below is a schedule of our investments in partially owned entities. (Amounts in thousands) Percentage Ownership at December 31, 2022 Balance as of December 31, 2022 2021 Investments: Fifth Avenue and Times Square JV (see page 89 51.5% $ 2,272,320 $ 2,770,633 Partially owned office buildings/land (1) Various 182,180 299,101 Alexander’s (see page 90 32.4% 87,796 91,405 Other investments (2) Various 122,777 136,250 $ 2,665,073 $ 3,297,389 Investments in partially owned entities included in other liabilities (3) : 7 West 34th Street 53.0% $ (65,522) $ (60,918) 85 Tenth Avenue 49.9% (16,006) (18,067) $ (81,528) $ (78,985) ________________________________________ (1) Includes interests in 280 Park Avenue, 650 Madison Avenue (balance reduced to zero in 2022), 512 West 22nd Street, 61 Ninth Avenue and others. (2) Includes interests in Independence Plaza, Rosslyn Plaza and others. (3) Our negative basis results from distributions in excess of our investment. Below is a schedule of (loss) income from partially owned entities. (Amounts in thousands) Percentage Ownership at December 31, 2022 For the Year Ended December 31, 2022 2021 2020 Our share of net (loss) income: Fifth Avenue and Times Square JV (see page 89 Non-cash impairment loss 51.5% $ (489,859) $ — $ (413,349) Equity in net income (1) 55,248 47,144 21,063 Return on preferred equity, net of our share of the expense 37,416 37,416 37,357 (397,195) 84,560 (354,929) Alexander's (see page 90 Equity in net income (2) 32.4% 18,439 20,116 13,326 Net gain on sale of land — 14,576 — Management, leasing and development fees 4,534 5,429 5,309 22,973 40,121 18,635 Partially owned office buildings (3) Various (110,261) 6,384 11,943 Other investments (4) Various 23,132 (548) (4,761) $ (461,351) $ 130,517 $ (329,112) ________________________________________ (1) Our share of depreciation and amortization expense in 2022 and 2021 was reduced compared to 2020 primarily due to non-cash impairment losses recognized in 2020. (2) 2020 includes our $4,846 share of write-offs of lease receivables deemed uncollectible. (3) Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue (consolidated from August 5, 2021), 7 West 34th Street, 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others. 2022 includes a $93,353 impairment loss on our investment in 650 Madison Avenue. (4) Includes interests in Independence Plaza, Rosslyn Plaza and others. 2022 includes $17,185 of net gains from dispositions of two investments. 5. Investments in Partially Owned Entities - continued Below is a summary of the debt of our partially owned entities. (Amounts in thousands) Percentage Ownership at December 31, 2022 Maturity Weighted Average Interest Rate at December 31, 2022 (1) 100% Partially Owned Entities’ Debt (2) at December 31, 2022 2021 Mortgages Payable: Partially owned office buildings (3) Various 2023-2029 4.82% $ 3,288,977 $ 3,297,999 Alexander's 32.4% 2024-2027 4.12% 1,096,544 1,096,544 Fifth Avenue and Times Square JV (4) 51.5% 2022-2024 5.55% 921,000 950,000 Other (5) Various 2023-2032 5.14% 1,377,492 1,342,162 ________________________________________ (1) Represents the interest rate in effect as of period end based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for hedging instruments, as applicable. (2) All amounts are non-recourse to us except (i) the $500,000 mortgage loan on 640 Fifth Avenue, included in the Fifth Avenue and Times Square JV, and (ii) the $300,000 mortgage loan on 7 West 34th Street. (3) Includes interests in 280 Park Avenue, 650 Madison Avenue, 7 West 34th Street, 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others. (4) Includes the 697-703 Fifth Avenue mortgage loan which was not repaid upon its December 2022 maturity, resulting in an event of default. See page 90 (5) Includes interests in Independence Plaza, Rosslyn Plaza and others. Based on our ownership interest in the partially owned entities above, our pro rata share of the debt of these partially owned entities was $2,697,226,000 and $2,699,405,000 as of December 31, 2022 and 2021, respectively. Summary of Condensed Combined Financial Information The following is a summary of condensed combined financial information for all of our partially owned entities. (Amounts in thousands) As of December 31, 2022 2021 Balance Sheet: Assets $ 12,012,000 $ 12,689,000 Liabilities 7,519,000 7,553,000 Noncontrolling interests 2,095,000 2,069,000 Equity 2,398,000 3,067,000 (Amounts in thousands) For the Year Ended December 31, 2022 2021 2020 Income Statement: Total revenue $ 1,189,000 $ 1,184,000 $ 1,163,000 Net (loss) income (404,000) 190,000 45,000 Net (loss) income attributable to the entities (483,000) 114,000 (33,000) |
Identified Intangible Assets _2
Identified Intangible Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Identified Intangible Assets and Intangible Liabilities | The following summarizes our identified intangible assets (primarily above-market leases) and liabilities (primarily below-market leases). (Amounts in thousands) Balance as of December 31, 2022 2021 Identified intangible assets: Gross amount $ 237,777 $ 252,081 Accumulated amortization (98,139) (97,186) Total, net $ 139,638 $ 154,895 Identified intangible liabilities (included in deferred revenue): Gross amount $ 244,396 $ 256,065 Accumulated amortization (208,592) (212,245) Total, net $ 35,804 $ 43,820 |
Below Market Leases Net Of Above Market Leases | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of future amortization expense of intangible assets | Estimated annual amortization for each of the five succeeding years commencing January 1, 2023 is below: (Amounts in thousands) 2023 $ 5,471 2024 2,352 2025 941 2026 299 2027 (148) |
Other Identified Intangible Assets | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of future amortization expense of intangible assets | 1, 2023 is below: (Amounts in thousands) 2023 $ 7,948 2024 7,128 2025 6,077 2026 5,884 2027 5,449 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Derivative Instrument Interest Rate Hedging Activities | We entered into the following interest rate swap arrangements during the year ended December 31, 2022. See Note 13 - Fair Value Measurements for further information on our consolidated hedging instruments. (Amounts in thousands) Notional Amount All-In Swapped Rate Swap Expiration Date Variable Rate Spread 770 Broadway mortgage loan $ 700,000 4.98% 07/27 S+225 Unsecured revolving credit facility 575,000 3.88% 08/27 S+115 Unsecured term loan (1)(2) 50,000 4.04% 08/27 S+130 Unsecured term loan (effective 10/23) (2) 500,000 4.39% 10/26 S+130 100 West 33rd Street mortgage loan 480,000 5.06% 06/27 S+165 888 Seventh Avenue mortgage loan (3) 200,000 4.76% 09/27 S+180 ________________________________________ (1) Together with the existing $750,000 interest rate swap arrangement expiring October 2023, the $800,000 unsecured term loan balance currently bears interest at a fixed rate of 4.05%. (2) On February 7, 2023, we entered into a forward interest rate swap arrangement for $150,000 of the $800,000 unsecured term loan, effective October 2023 and expiring July 2025. |
Schedule of Debt | The following is a summary of our debt: (Amounts in thousands) Weighted Average Interest Rate at December 31, 2022 (1) Balance as of December 31, 2022 2021 Mortgages Payable: Fixed rate 3.63% $ 3,570,000 $ 2,190,000 Variable rate (2) 5.67% 2,307,615 3,909,215 Total 4.43% 5,877,615 6,099,215 Deferred financing costs, net and other (48,597) (45,872) Total, net $ 5,829,018 $ 6,053,343 Unsecured Debt: Senior unsecured notes 3.02% $ 1,200,000 $ 1,200,000 Deferred financing costs, net and other (8,168) (10,208) Senior unsecured notes, net 1,191,832 1,189,792 Unsecured term loan 4.05% 800,000 800,000 Deferred financing costs, net and other (6,807) (2,188) Unsecured term loan, net 793,193 797,812 Unsecured revolving credit facilities 3.88% 575,000 575,000 Total, net $ 2,560,025 $ 2,562,604 ________________________________________ (1) Represents the interest rate in effect as of period end based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for hedging instruments, as applicable. (2) As of December 31, 2022, our variable rate debt is subject to interest rate cap arrangements with a total notional amount of $1,649,120. The interest rate cap arrangements have a weighted average strike rate of 4.14% and a weighted average remaining term of nine months. These amounts exclude the forward cap we entered into in December 2022 for the $525,000 One Park Avenue mortgage loan effective upon the March 2023 expiration of the existing cap. The forward cap has a SOFR strike rate of 3.89% and expires in March 2024. |
Schedule of Maturities of Long-Term Debt | As of December 31, 2022, the principal maturities of mortgages payable and unsecured debt, including as-of-right extension options, for the next five years and thereafter are as follows: (Amounts in thousands) Mortgages Payable Unsecured Debt Year Ended December 31, 2023 $ 21,600 $ — 2024 396,415 — 2025 854,600 450,000 2026 525,000 400,000 2027 1,580,000 1,375,000 Thereafter 2,500,000 350,000 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
Operating Partnership Units Held By Third Parties | Below are the details of redeemable noncontrolling partnership units. (Amounts in thousands, except units and per unit amounts) Balance as of December 31, Units Outstanding as of December 31, Per Unit Preferred or Unit Series 2022 2021 2022 2021 Common: Class A units held by third parties $ 345,157 (1) $ 587,440 (2) 14,416,891 14,033,438 n/a $ 2.12 Perpetual Preferred/Redeemable Preferred: 3.25% D-17 Cumulative Redeemable (3) $ 3,535 $ 3,535 141,400 141,400 $ 25.00 $ 0.8125 ________________________________________ (1) Aggregate redemption value was based on carrying amount. (2) Aggregate redemption value was based on Vornado's year-end closing common share price. (3) Holders may tender units for redemption to the Operating Partnership for cash at their stated redemption amount; Vornado, at its option, may assume that obligation and pay the holders either cash or Vornado preferred shares on a one-for-one basis. These units are redeemable at Vornado's option at any time. |
Summary Of Activity Of Redeemable Noncontrolling Interests | Below is a table summarizing the activity of redeemable noncontrolling partnership units. (Amounts in thousands) For the Year Ended December 31, 2022 2021 Beginning balance $ 590,975 $ 511,747 Net (loss) income (30,376) 7,540 Other comprehensive income 14,250 4,048 Distributions (30,311) (29,901) Redemption of Class A units for Vornado common shares, at redemption value (3,524) (14,576) Redeemable Class A unit measurement adjustment (221,145) 76,073 Other, net 28,823 36,044 Ending balance $ 348,692 $ 590,975 Below is a table summarizing the activity of the redeemable noncontrolling interest in a consolidated subsidiary. For the Year Ended December 31, (Amounts in thousands) 2022 2021 Beginning balance $ 97,708 $ 94,520 Net (loss) income (9,668) 3,188 Ending balance $ 88,040 $ 97,708 |
Shareholders' Equity_Partners_2
Shareholders' Equity/Partners' Capital (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule Of Preferred Units | The following table sets forth the details of our preferred shares of beneficial interest and the preferred units of the Operating Partnership outstanding as of December 31, 2022 and 2021. During 2022, preferred dividends were $62,116,000. (Amounts in thousands, except share/unit and per share/per unit amounts) Per Share/Unit Preferred Shares/Units Balance Shares/Units Outstanding Liquidation Annual (1) Convertible Preferred: 6.5% Series A: authorized 12,902 shares/units (2) $ 920 12,902 $ 50.00 $ 3.25 Cumulative Redeemable Preferred (3) : 5.40% Series L: authorized 13,800,000 shares/units 290,306 12,000,000 25.00 1.35 5.25% Series M: authorized 13,800,000 shares/units 308,946 12,780,000 25.00 1.3125 5.25% Series N: authorized 12,000,000 shares/units 291,134 12,000,000 25.00 1.3125 4.45% Series O: authorized 12,000,000 shares/units 291,153 12,000,000 25.00 1.1125 $ 1,182,459 48,792,902 ________________________________________ (1) Dividends on preferred shares and distributions on preferred units are cumulative and are payable quarterly in arrears. (2) Redeemable at the option of Vornado under certain circumstances, at a redemption price of 1.9531 common shares/Class A units per Series A Preferred Share/Unit plus accrued and unpaid dividends/distributions through the date of redemption, or convertible at any time at the option of the holder for 1.9531 common shares/Class A units per Series A Preferred Share/Unit. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | |
Fair Value, Schedule of Assets and Liabilities Measures on Recurring Basis | The tables below aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy. (Amounts in thousands) As of December 31, 2022 Total Level 1 Level 2 Level 3 Investments in U.S. Treasury bills (1) $ 471,962 $ 471,962 $ — $ — Deferred compensation plan assets ($7,763 included in restricted cash and $88,559 in other assets) 96,322 57,406 — 38,916 Loans receivable ($50,091 included in investments in partially owned entities and $4,306 in other assets) 54,397 — — 54,397 Interest rate swaps and caps (included in other assets) 183,804 — 183,804 — Total assets $ 806,485 $ 529,368 $ 183,804 $ 93,313 Mandatorily redeemable instruments (included in other liabilities) $ 49,383 $ 49,383 $ — $ — (Amounts in thousands) As of December 31, 2021 Total Level 1 Level 2 Level 3 Real estate fund investments $ 7,730 $ — $ — $ 7,730 Deferred compensation plan assets ($9,104 included in restricted cash and $101,070 in other assets) 110,174 65,158 — 45,016 Loans receivable ($46,444 included in investments in partially owned entities and $3,738 in other assets) 50,182 — — 50,182 Interest rate swaps (included in other assets) 18,929 — 18,929 — Total assets $ 187,015 $ 65,158 $ 18,929 $ 102,928 Mandatorily redeemable instruments (included in other liabilities) $ 49,659 $ 49,659 $ — $ — Interest rate swaps (included in other liabilities) 32,837 — 32,837 — Total liabilities $ 82,496 $ 49,659 $ 32,837 $ — ________________________________________ (1) During the year ended December 31, 2022, we purchased $1,066,096 in U.S. Treasury bills with an aggregate par value of $1,077,000 and realized net proceeds of $600,000 from maturing U.S. Treasury bills. As of December 31, 2022, our investments in U.S. Treasury bills have an aggregate accreted cost of $473,171 and have remaining maturities of less than one year. |
Schedule of Carrying Amounts and Fair Values of Financial Instruments | The table below summarizes the carrying amounts and fair value of these financial instruments. (Amounts in thousands) As of December 31, 2022 As of December 31, 2021 Carrying Fair Carrying Fair Cash equivalents $ 402,903 $ 403,000 $ 1,346,684 $ 1,347,000 Debt: Mortgages payable $ 5,877,615 $ 5,697,000 $ 6,099,215 $ 6,052,000 Senior unsecured notes 1,200,000 1,021,000 1,200,000 1,230,000 Unsecured term loan 800,000 800,000 800,000 800,000 Unsecured revolving credit facilities 575,000 575,000 575,000 575,000 Total $ 8,452,615 (1) $ 8,093,000 $ 8,674,215 (1) $ 8,657,000 ________________________________________ (1) Excludes $63,572 and $58,268 of deferred financing costs, net and other as of December 31, 2022 and 2021, respectively. |
Summary of Changes In Fair Value of Real Estate Fund Investments | The table below summarizes the changes in the fair value of the Fund and the Crowne Plaza Joint Venture. (Amounts in thousands) For the Year Ended December 31, 2022 2021 Beginning balance $ 7,730 $ 3,739 Previously recorded unrealized loss on exited investments 59,396 — Realized (loss) income on exited investments (54,255) 1,364 Net unrealized (loss) income on held investments (7,730) 3,257 Dispositions (5,141) (5,104) Purchases/additional fundings — 4,474 Ending balance $ — $ 7,730 |
Schedule of Derivative Assets at Fair Value | The following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of December 31, 2022 and 2021, respectively. (Amounts in thousands) Fair Value December 31, As of December 31, 2022 2022 2021 Notional Amount All-In Swapped Rate Swap Expiration Date Interest Rate Swaps: 555 California Street mortgage loan $ 49,888 $ 11,814 $ 840,000 (1) 2.26% 05/24 770 Broadway mortgage loan 29,226 — 700,000 4.98% 07/27 PENN 11 mortgage loan 26,587 6,565 500,000 2.22% 03/24 Unsecured revolving credit facility 24,457 — 575,000 3.88% 08/27 Unsecured term loan 14,694 (28,976) 800,000 4.05% (2) 100 West 33rd Street mortgage loan 6,886 — 480,000 5.06% 06/27 888 Seventh Avenue mortgage loan 6,544 — 200,000 (3) 4.76% 09/27 Unsecured term loan (effective October 2023) 6,330 — 500,000 4.39% 10/26 4 Union Square South mortgage loan 4,050 (3,861) 100,000 (4) 3.74% 01/25 Interest Rate Caps: 1290 Avenue of the Americas mortgage loan 7,590 411 950,000 (5) 11/23 One Park Avenue mortgage loan 5,472 — 525,000 (6) 03/24 Various mortgage loans 2,080 139 Included in other assets $ 183,804 $ 18,929 Included in other liabilities $ — $ 32,837 ________________________________________ (1) Represents our 70.0% share of the $1.2 billion mortgage loan. (2) Comprised of a $750,000 interest rate swap arrangement expiring October 2023 and a $50,000 interest rate swap arrangement expiring August 2027. (3) The remaining $77,800 amortizing mortgage loan balance bears interest at a floating rate of SOFR plus 1.80% (5.92% as of December 31, 2022). (4) Upon the sale of 33-00 Northern Boulevard in June 2022, the $100,000 corporate-level interest rate swap was reallocated and now hedges the interest rate on $100,000 of the 4 Union Square South mortgage loan through January 2025. The remaining $20,000 mortgage loan balance bears interest at a floating rate of SOFR plus 1.50% (5.62% as of December 31, 2022). (5) LIBOR cap strike rate of 4.00%. (6) SOFR cap strike rate of 4.39%. In December 2022, we entered into a forward cap for the $525,000 One Park Avenue mortgage loan effective upon the March 2023 expiration of the existing cap. The forward cap has a SOFR strike rate of 3.89% and expires in March 2024. |
Schedule of Derivative Liabilities at Fair Value | The following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of December 31, 2022 and 2021, respectively. (Amounts in thousands) Fair Value December 31, As of December 31, 2022 2022 2021 Notional Amount All-In Swapped Rate Swap Expiration Date Interest Rate Swaps: 555 California Street mortgage loan $ 49,888 $ 11,814 $ 840,000 (1) 2.26% 05/24 770 Broadway mortgage loan 29,226 — 700,000 4.98% 07/27 PENN 11 mortgage loan 26,587 6,565 500,000 2.22% 03/24 Unsecured revolving credit facility 24,457 — 575,000 3.88% 08/27 Unsecured term loan 14,694 (28,976) 800,000 4.05% (2) 100 West 33rd Street mortgage loan 6,886 — 480,000 5.06% 06/27 888 Seventh Avenue mortgage loan 6,544 — 200,000 (3) 4.76% 09/27 Unsecured term loan (effective October 2023) 6,330 — 500,000 4.39% 10/26 4 Union Square South mortgage loan 4,050 (3,861) 100,000 (4) 3.74% 01/25 Interest Rate Caps: 1290 Avenue of the Americas mortgage loan 7,590 411 950,000 (5) 11/23 One Park Avenue mortgage loan 5,472 — 525,000 (6) 03/24 Various mortgage loans 2,080 139 Included in other assets $ 183,804 $ 18,929 Included in other liabilities $ — $ 32,837 ________________________________________ (1) Represents our 70.0% share of the $1.2 billion mortgage loan. (2) Comprised of a $750,000 interest rate swap arrangement expiring October 2023 and a $50,000 interest rate swap arrangement expiring August 2027. (3) The remaining $77,800 amortizing mortgage loan balance bears interest at a floating rate of SOFR plus 1.80% (5.92% as of December 31, 2022). (4) Upon the sale of 33-00 Northern Boulevard in June 2022, the $100,000 corporate-level interest rate swap was reallocated and now hedges the interest rate on $100,000 of the 4 Union Square South mortgage loan through January 2025. The remaining $20,000 mortgage loan balance bears interest at a floating rate of SOFR plus 1.50% (5.62% as of December 31, 2022). (5) LIBOR cap strike rate of 4.00%. (6) SOFR cap strike rate of 4.39%. In December 2022, we entered into a forward cap for the $525,000 One Park Avenue mortgage loan effective upon the March 2023 expiration of the existing cap. The forward cap has a SOFR strike rate of 3.89% and expires in March 2024. |
Deferred Compensation Plan Assets | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | |
Schedule of Carrying Amounts and Fair Values of Financial Instruments | The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3. (Amounts in thousands) For the Year Ended December 31, 2022 2021 Beginning balance $ 45,016 $ 39,928 Purchases 4,507 5,705 Sales (9,941) (4,766) Realized and unrealized (losses) gains (3,781) 2,250 Other, net 3,115 1,899 Ending balance $ 38,916 $ 45,016 |
Loans Receivable | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | |
Fair Value Inputs Quantitative Information | Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these loans receivable. As of December 31, Unobservable Quantitative Input 2022 2021 Discount rates 7.5% 6.5% Terminal capitalization rates 5.5% 5.0% |
Summary of Changes In Fair Value of Real Estate Fund Investments | The table below summarizes the changes in fair value of loans receivable that are classified as Level 3. For the Year Ended December 31, (Amounts in thousands) 2022 2021 Beginning balance $ 50,182 $ 47,743 Interest accrual 4,748 3,714 Paydowns (533) (1,275) Ending balance $ 54,397 $ 50,182 |
Real estate fund investments | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | |
Fair Value Inputs Quantitative Information | Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these real estate assets. December 31, 2022 Unobservable Quantitative Input Range Weighted Average Discount rates 7.50% - 8.00% 7.52% Terminal capitalization rates 4.75% - 5.50% 4.78% |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule Of Other Share Based Compensation, Activity | Below is a summary of our stock-based compensation expense, a component of "general and administrative" expense on our consolidated statements of income. (Amounts in thousands) For the Year Ended December 31, 2022 2021 2020 OP Units $ 21,086 $ 27,698 $ 33,431 LTPP Units 5,145 — — OPPs 1,906 8,629 9,579 AO LTIP Units 430 877 3,955 Vornado stock options 296 456 656 Vornado restricted stock 292 450 649 Performance Conditioned AO LTIP Units 94 219 407 $ 29,249 $ 38,329 $ 48,677 |
Schedule of Unrecognized Compensation Expense | Below is a summary of unrecognized compensation expense for the year ended December 31, 2022. (Amounts in thousands) As of Weighted-Average OP Units $ 7,834 1.4 OPPs 3,198 1.6 LTPP Units 2,702 1.8 Vornado stock options 175 1.0 Vornado restricted stock 172 1.0 AO LTIP Units 131 1.0 $ 14,212 1.5 |
Schedule Of Share Based Compensation Restricted Operating Partnership Units Earned | Below is the summary of the OPP units granted during the years December 31, 2021 and 2020. Plan Year Total Plan Percentage of Notional Grant Date Fair Value (1) OPP Units Earned 2021 $ 30,000,000 99.1 % $ 9,950,000 To be determined in 2025 2020 35,000,000 94.0 % 11,700,000 To be determined in 2023 ________________________________________ (1) During the years ended December 31, 2021 and 2020 $6,140,000 and $7,583,000, respectively, was immediately expensed on the respective grant date due to acceleration of vesting for employees who are retirement eligible (have reached age 65 or age 60 with at least 20 years of service). |
Schedule Of Share Based Compensation Stock Options Activity | Below is a summary of Vornado’s stock option activity for the year ended December 31, 2022. Shares Weighted- Weighted- Aggregate Outstanding as of December 31, 2021 191,933 $ 65.27 Exercised (197) 36.72 Forfeited (1,413) 53.42 Expired (13,618) 65.86 Outstanding as of December 31, 2022 176,705 $ 65.35 4.99 $ — Options exercisable as of December 31, 2022 140,031 $ 68.25 4.48 $ — Below is a summary of AO LTIP Units activity for the year ended December 31, 2022. Shares Weighted- Weighted- Aggregate Outstanding as of December 31, 2021 567,739 $ 59.91 Forfeited (886) 54.16 Expired (1,189) 56.29 Outstanding as of December 31, 2022 565,664 $ 59.93 6.29 $ — Options exercisable as of December 31, 2022 437,372 $ 61.39 6.12 $ — |
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions | The fair value of each option grant is estimated on the date of grant using an option-pricing model with the following weighted-average assumptions for grants in the year ended December 31, 2020. As of December 31, 2020 Expected volatility 35% - 36% Expected life 5.0 years Risk free interest rate 0.57% - 1.76% Expected dividend yield 3.2% - 3.4% As of December 31, 2020 Expected volatility 35% - 36% Expected life 5.0 years Risk free interest rate 0.57% - 1.76% Expected dividend yield 3.2% - 3.4% |
Schedule Of Share Based Compensation Restricted Operating Partnership Units Activity | Below is a summary of restricted OP unit activity for the year ended December 31, 2022. Unvested Units Units Weighted-Average Unvested as of December 31, 2021 1,083,087 $ 53.99 Granted 501,169 30.82 Vested (597,292) 42.12 Forfeited (1,048) 44.25 Unvested as of December 31, 2022 985,916 49.41 |
Schedule Of Share Based Compensation Restricted Stock And Restricted Stock Units Activity | Below is a summary of Vornado’s restricted stock activity for the year ended December 31, 2022. Unvested Shares Shares Weighted-Average Unvested as of December 31, 2021 15,774 $ 57.82 Vested (7,069) 60.57 Forfeited (326) 54.55 Unvested as of December 31, 2022 8,379 55.64 |
Impairment Losses, Transactio_2
Impairment Losses, Transaction Related Costs and Other (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Transaction Related Costs, Impairment Losses and Other [Abstract] | |
Schedule of Impairment Losses and Transaction Related Costs, Net | The following table sets forth the details of impairment losses, transaction related costs and other: (Amounts in thousands) For the Year Ended December 31, 2022 2021 2020 Real estate impairment losses (1) $ 19,098 $ 7,880 $ 236,286 Transaction related costs and other 12,624 5,935 8,001 608 Fifth Avenue lease liability extinguishment gain — — (70,260) $ 31,722 $ 13,815 $ 174,027 ________________________________________ (1) See Note 13 - Fair Value Measurements for additional information. |
Interest and Other Investment_2
Interest and Other Investment Income (Loss), Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Interest and Other Income [Abstract] | |
Schedule of Interest And Other Investment Income (Loss), Net | The following table sets forth the details of interest and other investment income (loss), net: (Amounts in thousands) For the Year Ended December 31, 2022 2021 2020 Interest on cash and cash equivalents and restricted cash $ 7,553 $ 284 $ 5,793 Amortization of discount on investments in U.S. Treasury bills 7,075 — — Interest on loans receivable 5,006 2,517 3,384 Credit losses on loans receivable — — (13,369) Market-to-market decrease in the fair value of marketable security (sold on January 23, 2020) — — (4,938) Other, net 235 1,811 3,631 $ 19,869 $ 4,612 $ (5,499) |
Interest and Debt Expense (Tabl
Interest and Debt Expense (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Interest and Debt Expense [Abstract] | |
Interest And Debt Expense | The following table sets forth the details of interest and debt expense: (Amounts in thousands) For the Year Ended December 31, 2022 2021 2020 Interest expense (1) $ 277,046 $ 249,169 $ 251,847 Amortization of Deferred Financing Fees 21,804 20,247 18,460 Capitalized Interest & Debt Expense (19,085) (38,320) (41,056) $ 279,765 $ 231,096 $ 229,251 ________________________________________ (1) 2021 includes $23,729 of defeasance costs, of which $7,119 is attributable to noncontrolling interests, in connection with the refinancing of 1290 Avenue of the Americas, a property in which we own a 70% controlling interest. |
(Loss) Income Per Share_(Loss_2
(Loss) Income Per Share/(Loss) Income Per Class A Unit (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share | |
Schedule of Earnings Per Share Basic and Diluted | Vornado Realty Trust The following table presents the calculations of (i) basic (loss) income per common share which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares and (ii) diluted (loss) income per common share which includes weighted average common shares outstanding and dilutive share equivalents. Unvested share-based payment awards that contain nonforfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. Earnings are allocated to participating securities, which include restricted stock awards, based on the two-class method. Our share-based payment awards, including employee stock options, OP Units, OPPs, AO LTIP Units, Performance Conditioned AO LTIP Units and LTPP Units, are included in the calculation of diluted income per share using the treasury stock method if dilutive. Our convertible securities, including our Series A convertible preferred shares, Series G-1 through G-4 convertible preferred units and Series D-13 redeemable preferred units, are reflected in diluted income per share by application of the if-converted method if dilutive. (Amounts in thousands, except per share amounts) For the Year Ended December 31, 2022 2021 2020 Numerator: Net (loss) income attributable to Vornado $ (346,499) $ 175,999 $ (297,005) Preferred share dividends (62,116) (65,880) (51,739) Series K preferred share issuance costs — (9,033) — Net (loss) income attributable to common shareholders (408,615) 101,086 (348,744) Earnings allocated to unvested participating securities (18) (34) (99) Numerator for basic (loss) income per share $ (408,633) $ 101,052 $ (348,843) Denominator: Denominator for basic (loss) income per share – weighted average shares 191,775 191,551 191,146 Effect of dilutive securities (1) : Share-based payment awards — 571 — Denominator for diluted (loss) income per share – weighted average shares and assumed conversions 191,775 192,122 191,146 (LOSS) INCOME PER COMMON SHARE - BASIC: Net (loss) income per common share $ (2.13) $ 0.53 $ (1.83) (LOSS) INCOME PER COMMON SHARE - DILUTED: Net (loss) income per common share $ (2.13) $ 0.53 $ (1.83) ________________________________________ (1) The effect of dilutive securities excluded an aggregate of 16,252, 13,835 and 14,007 weighted average common share equivalents in the years ended December 31, 2022, 2021 and 2020, respectively, as their effect was anti-dilutive. |
Vornado Realty L.P. | |
Earnings per share | |
Schedule of Earnings Per Share Basic and Diluted | Vornado Realty L.P. The following table presents the calculations of (i) basic (loss) income per Class A unit which includes the weighted average number of Class A units outstanding without regard to dilutive potential Class A units and (ii) diluted (loss) income per Class A unit which includes the weighted average Class A units outstanding and dilutive Class A unit equivalents. Unvested share-based payment awards that contain non-forfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. Earnings are allocated to participating securities, which include Vornado restricted stock awards and our OP Units, based on the two-class method. Our other share-based payment awards, including Vornado stock options, OPPs, AO LTIP Units, Performance Conditioned AO LTIP Units and LTPP Units, are included in the calculation of diluted income per Class A unit using the treasury stock method if dilutive. Our convertible securities, including our Series A convertible preferred units, Series G-1 through G-4 convertible preferred units and Series D-13 redeemable preferred units, are reflected in diluted income per Class A unit by application of the if-converted method if dilutive. (Amounts in thousands, except per unit amounts) For the Year Ended December 31, 2022 2021 2020 Numerator: Net (loss) income attributable to Vornado Realty L.P. $ (376,875) $ 183,539 $ (321,951) Preferred unit distributions (62,231) (66,035) (51,904) Series K preferred unit issuance costs — (9,033) — Net (loss) income attributable to Class A unitholders (439,106) 108,471 (373,855) Earnings allocated to unvested participating securities (2,215) (2,668) (5,417) Numerator for basic (loss) income per Class A unit $ (441,321) $ 105,803 $ (379,272) Denominator: Denominator for basic (loss) income per Class A unit – weighted average units 205,315 204,728 203,503 Effect of dilutive securities (1) : Share-based payment awards — 916 — Denominator for diluted (loss) income per Class A unit – weighted average units and assumed conversions 205,315 205,644 203,503 (LOSS) INCOME PER CLASS A UNIT - BASIC: Net (loss) income per Class A unit $ (2.15) $ 0.52 $ (1.86) (LOSS) INCOME PER CLASS A UNIT - DILUTED: Net (loss) income per Class A unit $ (2.15) $ 0.51 $ (1.86) ________________________________________ (1) The effect of dilutive securities excluded an aggregate of 2,712, 313 and 1,650 weighted average Class A unit equivalents for the years ended December 31, 2022, 2021 and 2020, respectively, as their effect was anti-dilutive. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lessor, Operating Lease, Payments to be Received, Maturity | As of December 31, 2022, future undiscounted cash flows under non-cancelable operating leases were as follows: (Amounts in thousands) As of December 31, 2022 For the year ended December 31, 2023 $ 1,304,777 2024 1,200,544 2025 1,102,476 2026 1,053,948 2027 950,515 Thereafter 6,515,202 |
Schedule of Amounts Included in Measurement of Lease Liability | The following table sets forth information related to the measurement of our lease liabilities as of December 31, 2022, 2021 and 2020: (Amounts in thousands) For the Year Ended December 31, 2022 2021 2020 Weighted average remaining lease term (in years) 48.4 44.4 44.8 Weighted average discount rate 5.54 % 4.85 % 4.91 % Cash paid for operating leases $ 21,861 $ 22,382 $ 23,932 |
Lessor, Operating Rent Expense | The following table sets forth the details of rent expense for the years ended December 31, 2022, 2021 and 2020: (Amounts in thousands) For the Year Ended December 31, 2022 2021 2020 Fixed rent expense $ 45,211 $ 24,901 $ 28,503 Variable rent expense 14,180 13,078 1,178 Rent expense $ 59,391 $ 37,979 $ 29,681 |
Lessee, Operating Lease, Liability, Maturity | As of December 31, 2022, future lease payments under operating ground leases were as follows: (Amounts in thousands) As of December 31, 2022 For the year ended December 31, 2023 $ 34,782 2024 46,859 2025 47,227 2026 47,616 2027 48,027 Thereafter 1,949,551 Total undiscounted cash flows 2,174,062 Present value discount (1,438,093) Lease liabilities $ 735,969 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | Below is a summary of NOI at share and NOI at share - cash basis by segment for the years ended December 31, 2022, 2021 and 2020. (Amounts in thousands) For the Year Ended December 31, 2022 Total New York Other Total revenues $ 1,799,995 $ 1,449,442 $ 350,553 Operating expenses (873,911) (716,148) (157,763) NOI - consolidated 926,084 733,294 192,790 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (70,029) (45,566) (24,463) Add: NOI from partially owned entities 305,993 293,780 12,213 NOI at share 1,162,048 981,508 180,540 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (10,980) (18,509) 7,529 NOI at share - cash basis $ 1,151,068 $ 962,999 $ 188,069 (Amounts in thousands) For the Year Ended December 31, 2021 Total New York Other Total revenues $ 1,589,210 $ 1,257,599 $ 331,611 Operating expenses (797,315) (626,386) (170,929) NOI - consolidated 791,895 631,213 160,682 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (69,385) (38,980) (30,405) Add: NOI from partially owned entities 310,858 300,721 10,137 NOI at share 1,033,368 892,954 140,414 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other 1,318 (1,188) 2,506 NOI at share - cash basis $ 1,034,686 $ 891,766 $ 142,920 (Amounts in thousands) For the Year Ended December 31, 2020 Total New York Other Total revenues $ 1,527,951 $ 1,221,748 $ 306,203 Operating expenses (789,066) (640,531) (148,535) NOI - consolidated 738,885 581,217 157,668 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (72,801) (43,773) (29,028) Add: NOI from partially owned entities 306,495 296,447 10,048 NOI at share 972,579 833,891 138,688 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other 46,246 36,715 9,531 NOI at share - cash basis $ 1,018,825 $ 870,606 $ 148,219 23. Segment Information - continued Below is a reconciliation of net (loss) income to NOI at share for the years ended December 31, 2022, 2021 and 2020. (Amounts in thousands) For the Year Ended December 31, 2022 2021 2020 Net (loss) income $ (382,612) $ 207,553 $ (461,845) Depreciation and amortization expense 504,502 412,347 399,695 General and administrative expense 133,731 134,545 181,509 Impairment losses, transaction related costs and other 31,722 13,815 174,027 Loss (income) from partially owned entities 461,351 (130,517) 329,112 (Income) loss from real estate fund investments (3,541) (11,066) 226,327 Interest and other investment (income) loss, net (19,869) (4,612) 5,499 Interest and debt expense 279,765 231,096 229,251 Net gains on disposition of wholly owned and partially owned assets (100,625) (50,770) (381,320) Income tax expense (benefit) 21,660 (10,496) 36,630 NOI from partially owned entities 305,993 310,858 306,495 NOI attributable to noncontrolling interests in consolidated subsidiaries (70,029) (69,385) (72,801) NOI at share 1,162,048 1,033,368 972,579 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (10,980) 1,318 46,246 NOI at share - cash basis $ 1,151,068 $ 1,034,686 $ 1,018,825 |
Organization and Business (Deta
Organization and Business (Details) ft² in Millions | 12 Months Ended |
Dec. 31, 2022 ft² unit property building | |
Alexander's | |
Real Estate Properties | |
Equity method ownership percentage | 32.40% |
New York | Manhattan | |
Real Estate Properties | |
Number of real estate properties | property | 62 |
New York | Manhattan | Office Building | |
Real Estate Properties | |
Number of real estate properties | property | 30 |
Square footage of real estate property (in sqft) | ft² | 19.9 |
New York | Manhattan | Retail | |
Real Estate Properties | |
Number of real estate properties | property | 56 |
Square footage of real estate property (in sqft) | ft² | 2.6 |
New York | Manhattan | Residential Properties | |
Real Estate Properties | |
Number of real estate properties | property | 6 |
Number of units in real estate property (in number of residential units) | unit | 1,664 |
New York | New York City Metropolitan Area | Alexander's | |
Real Estate Properties | |
Number of real estate properties | property | 6 |
Equity method ownership percentage | 32.40% |
New York | New York City Metropolitan Area | Alexander's | Lexington Avenue 731 | |
Real Estate Properties | |
Square footage of real estate property (in sqft) | ft² | 1.1 |
New York | New York City Metropolitan Area | Residential Properties | Alexander's | |
Real Estate Properties | |
Number of units in real estate property (in number of residential units) | unit | 312 |
Other | Chicago | The Mart, Chicago | |
Real Estate Properties | |
Square footage of real estate property (in sqft) | ft² | 3.7 |
Other | San Francisco | Office Building | 555 California Street, California | |
Real Estate Properties | |
Square footage of real estate property (in sqft) | ft² | 1.8 |
Number of buildings | building | 3 |
Other | San Francisco | Office Building | 555 California Street, California | 555 California Street, California | |
Real Estate Properties | |
Equity method ownership percentage | 70% |
Operating Partnership | |
Real Estate Properties | |
Common limited partnership interest in the Operating Partnership | 92% |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Real Estate) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Line Items] | |
Real estate and accumulated depreciation life used for depreciation | 40 years |
Minimum | |
Real Estate [Line Items] | |
Real estate and accumulated depreciation life used for depreciation | 7 years |
Maximum | |
Real Estate [Line Items] | |
Real estate and accumulated depreciation life used for depreciation | 40 years |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies (Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Contingency [Line Items] | |||
Minimum percentage of taxable income distributed as dividends | 90% | ||
Deferred tax assets, net | $ 7,944 | $ 8,582 | |
Deferred tax liabilities | 54,597 | 40,591 | |
Income tax expense (benefit) | $ 21,660 | $ (10,496) | $ 36,630 |
Effective income tax reconciliation, percent | (6.00%) | (5.30%) | (8.60%) |
Estimated taxable income net | $ 398,644 | $ 413,026 | $ 419,812 |
Net basis difference of assets and liabilities between tax basis and GAAP basis | 1,600,000 | ||
Federal Tax Authority | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | 166,000 | ||
Net operating loss carryforwards, valuation allowance | 145,000 | ||
State and Local Jurisdiction | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | 208,000 | ||
Net operating loss carryforwards, valuation allowance | 186,000 | ||
The Farley Building | |||
Income Tax Contingency [Line Items] | |||
Income tax expense (benefit) | 13,665 | 10,868 | |
220 CPS condominium units | |||
Income Tax Contingency [Line Items] | |||
Income tax expense (benefit) | 6,016 | ||
Taxable Reit Subsidiaries | |||
Income Tax Contingency [Line Items] | |||
Income tax expense (benefit) | (27,910) | ||
220 Central Park South | |||
Income Tax Contingency [Line Items] | |||
Income tax expense (benefit) | $ 6,016 | $ 5,711 | $ 49,221 |
Ordinary Income | |||
Income Tax Contingency [Line Items] | |||
Percentage of taxable income distributed | 100% | 84.20% | 100% |
Qualified Dividend | |||
Income Tax Contingency [Line Items] | |||
Percentage of taxable income distributed | 15.80% |
Revenue Recognition (Revenue by
Revenue Recognition (Revenue by Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Lease revenues | $ 1,543,317 | $ 1,373,691 | $ 1,343,391 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Total revenues | ||
Total revenues | $ 1,799,995 | 1,589,210 | 1,527,951 |
Rental revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 1,607,685 | 1,424,531 | 1,377,635 |
Lease Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenues | 1,543,317 | 1,373,691 | 1,343,391 |
Property rentals | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenues | 1,510,648 | 1,354,209 | 1,323,347 |
Hotel Pennsylvania site | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenues | 8,741 | ||
Trade shows | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenues | 32,669 | 19,482 | 11,303 |
Tenant services | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 45,211 | 37,449 | 34,244 |
Parking revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 19,157 | 13,391 | |
Fee and other income | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 192,310 | 164,679 | 150,316 |
Total revenues | 192,310 | 164,679 | 150,316 |
BMS cleaning fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 137,673 | 119,780 | 105,536 |
Management and leasing fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 11,039 | 11,725 | 19,416 |
Other income | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 43,598 | 33,174 | 25,364 |
New York | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 1,449,442 | 1,257,599 | 1,221,748 |
New York | Rental revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 1,280,181 | 1,109,234 | 1,083,500 |
New York | Lease Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenues | 1,230,851 | 1,071,816 | 1,059,750 |
New York | Property rentals | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenues | 1,230,851 | 1,071,816 | 1,051,009 |
New York | Hotel Pennsylvania site | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenues | 8,741 | ||
New York | Trade shows | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenues | 0 | 0 | 0 |
New York | Tenant services | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 33,351 | 26,048 | 23,750 |
New York | Parking revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 15,979 | 11,370 | |
New York | Fee and other income | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 169,261 | 148,365 | 138,248 |
New York | BMS cleaning fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 146,530 | 126,891 | 112,112 |
New York | Management and leasing fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 11,645 | 12,177 | 19,508 |
New York | Other income | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 11,086 | 9,297 | 6,628 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 350,553 | 331,611 | 306,203 |
Other | Rental revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 327,504 | 315,297 | 294,135 |
Other | Lease Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenues | 312,466 | 301,875 | 283,641 |
Other | Property rentals | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenues | 279,797 | 282,393 | 272,338 |
Other | Hotel Pennsylvania site | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenues | 0 | ||
Other | Trade shows | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenues | 32,669 | 19,482 | 11,303 |
Other | Tenant services | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 11,860 | 11,401 | 10,494 |
Other | Parking revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 3,178 | 2,021 | |
Other | Fee and other income | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 23,049 | 16,314 | 12,068 |
Other | BMS cleaning fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | (8,857) | (7,111) | (6,576) |
Other | Management and leasing fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | (606) | (452) | (92) |
Other | Other income | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 32,512 | $ 23,877 | $ 18,736 |
Revenue Recognition (Components
Revenue Recognition (Components of Lease Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |||
Fixed billings | $ 1,376,527 | $ 1,277,645 | $ 1,292,174 |
Variable billings | 122,947 | 108,850 | 126,907 |
Total contractual operating lease billings | 1,499,474 | 1,386,495 | 1,419,081 |
Adjustment for straight-line rents and amortization of acquired below-market leases and other, net | 44,715 | (5,109) | (12,486) |
Less: write-off of straight-line rent and tenant receivables deemed uncollectible | (872) | (7,695) | (63,204) |
Lease revenues | $ 1,543,317 | $ 1,373,691 | $ 1,343,391 |
Real Estate Fund Investments (N
Real Estate Fund Investments (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2022 USD ($) investment | May 20, 2022 USD ($) | May 20, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) investment | Dec. 31, 2020 USD ($) | Jun. 09, 2020 USD ($) | |
Investment Holdings | |||||||
Real estate fund investments | $ 0 | $ 0 | $ 7,730,000 | ||||
Return of capital from real estate fund investments | $ 5,141,000 | 5,104,000 | $ 0 | ||||
Vornado Capital Partners Real Estate Fund | |||||||
Investment Holdings | |||||||
Equity method ownership percentage | 25% | 25% | |||||
Term of the fund, years | 8 years | ||||||
Investment period for commitments of the Fund, years | 3 years | ||||||
Crowne Plaza Times Square Hotel Joint Venture | |||||||
Investment Holdings | |||||||
Debt default, amount | $ 274,355,000 | ||||||
1100 Lincoln Road | |||||||
Investment Holdings | |||||||
Return of capital from real estate fund investments | $ 5,672,000 | ||||||
Net (loss) on sale of real estate | $ 54,255,000 | ||||||
Joint Venture | Crowne Plaza Times Square Hotel Joint Venture | |||||||
Investment Holdings | |||||||
Equity method ownership percentage | 57.10% | 57.10% | |||||
Joint Venture | Crowne Plaza Time Square Hotel | Crowne Plaza Times Square Hotel Joint Venture | |||||||
Investment Holdings | |||||||
Ownership percentage by noncontrolling owners | 24.30% | 24.30% | |||||
Ownership percentage by parent | 32.80% | 32.80% | |||||
Real estate fund investments | $ 0 | $ 0 | |||||
Real estate fund investments | |||||||
Investment Holdings | |||||||
Real estate fund investments | $ 0 | 0 | $ 7,730,000 | ||||
Number of investments held by fund (investment) | investment | 2 | 3 | |||||
Fair value below cost | $ 276,390,000 | 276,390,000 | |||||
Unfunded commitments of Fund | 28,465,000 | 28,465,000 | |||||
Real estate fund investments | Vornado Realty Trust | |||||||
Investment Holdings | |||||||
Unfunded commitments of Fund | $ 8,849,000 | $ 8,849,000 |
Real Estate Fund Investments (I
Real Estate Fund Investments (Income (Loss) from the Fund and the Co-Investment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Details Of Income From Real Estate Funds | |||
Income (loss) from real estate fund investments | $ 3,541 | $ 11,066 | $ (226,327) |
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries | 5,737 | (24,014) | 139,894 |
Real estate fund investments | |||
Details Of Income From Real Estate Funds | |||
Previously recorded unrealized loss on exited investments | 59,396 | 0 | 0 |
Realized (loss) income on exited investments | (54,255) | 1,364 | 0 |
Net unrealized (loss) income on held investments | (7,730) | 3,257 | (226,107) |
Net investment income (loss) | 6,130 | 6,445 | (220) |
Income (loss) from real estate fund investments | 3,541 | 11,066 | (226,327) |
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (1,870) | (7,309) | 163,213 |
Income (loss) from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ 1,671 | $ 3,757 | $ (63,114) |
Real Estate Fund Investments (C
Real Estate Fund Investments (Changes in the Fair Value of Fund and Joint Venture) (Details) - Real estate fund investments - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 7,730 | $ 3,739 |
Previously recorded unrealized loss on exited investments | 59,396 | 0 |
Realized (loss) income on exited investments | (54,255) | 1,364 |
Net unrealized (loss) income on held investments | (7,730) | 3,257 |
Dispositions | (5,141) | (5,104) |
Purchases/additional fundings | 0 | 4,474 |
Ending balance | $ 0 | $ 7,730 |
Investments in Partially Owne_3
Investments in Partially Owned Entities (Fifth Avenue and Times Square JV) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||
Transaction property value | $ 43,599 | $ 57,142 | ||
Real estate impairment losses | $ 19,098 | 7,880 | $ 236,286 | |
Fifth Avenue and Times Square JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method ownership percentage | 51.50% | |||
Transaction property value | $ 5,556,000 | |||
Net gains on disposition of wholly owned and partially owned assets | 2,571,000 | |||
Net gain from real estate investment partnership, attributable to noncontrolling interest | $ 11,945 | |||
Real estate impairment losses | $ (489,859) | $ 0 | (413,349) | |
Impairment of real estate related to noncontrolling interest | 6,822 | $ 4,289 | ||
Basis difference in carrying amount | 864,317 | |||
Fifth Avenue and Times Square JV | Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Aggregate of preferred equity interests | $ 1,828,000 | |||
Fifth Avenue and Times Square JV | Joint Venture | Percentage For First Five Years | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Debt instrument, interest rate, stated percentage | 4.25% | |||
Fifth Avenue and Times Square JV | Joint Venture | Increase in Percentage After Fifth Anniversary | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Debt instrument, interest rate, stated percentage | 4.75% | |||
Debt term (years) | 5 years | |||
Fifth Avenue and Times Square JV | Joint Venture | Investors | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method ownership percentage | 48.50% | 48.50% | ||
Equity method investment, effective ownership percentage | 47.20% | |||
Fifth Avenue and Times Square JV | Vornado Realty Trust | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method ownership percentage | 51.50% | |||
Equity method investment, effective ownership percentage | 51% |
Investments in Partially Owne_4
Investments in Partially Owned Entities (Management, Development, Leasing and Other Agreements for Fifth Avenue and Times Square JV) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Apr. 18, 2022 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 21, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Net gains on disposition of wholly owned and partially owned assets | $ 100,625 | $ 50,770 | $ 381,320 | |||
BMS cleaning fees | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Fee income recognized by equity method investees for building maintenance services | 4,601 | 4,234 | 3,613 | |||
Majority-Owned Subsidiary, Unconsolidated | Property Management Fee | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Revenue from related parties | $ 4,397 | 4,297 | 3,982 | |||
Fifth Avenue and Times Square JV | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Property management fee agreement percentage of income | 2% | |||||
Development fee percent | 5% | |||||
Supervisory fee, percent | 1.50% | |||||
Net gains on disposition of wholly owned and partially owned assets | $ 13,613 | |||||
Non recourse loan, amount | $ 450,000 | |||||
Property level funds applied by lenders | $ 29,000 | |||||
Balance principal amount | $ 421,000 | $ 421,000 | ||||
Percentage bearing variable interest | 8.50% | 8.50% | ||||
Fifth Avenue and Times Square JV | Prime Rate | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Percentage bearing variable interest | 1% | 1% | ||||
Fifth Avenue and Times Square JV | BMS cleaning fees | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Fee income recognized by equity method investees for building maintenance services | $ 4,571 | $ 3,993 | $ 3,595 |
Investments in Partially Owne_5
Investments in Partially Owned Entities (Alexander's Inc.) (Details) - Alexander's - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Equity Method Investments And Income From Equity Method Investments | ||
Investment owned, balance, shares | 1,654,068 | |
Equity method ownership percentage | 32.40% | |
Accounts receivable, related parties | $ 801 | $ 879 |
Closing share price (in dollars per share) | $ 220.06 | |
Equity method investment fair value | $ 363,994 | |
Excess of investee's fair value over carrying amount | 276,198 | |
Excess of investee's carrying amount over equity in net assets | $ 29,972 |
Investments in Partially Owne_6
Investments in Partially Owned Entities (Management, Development, Leasing and Other Agreements for Alexander's) (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) $ / ft² | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
BMS cleaning fees | |||
Schedule of Equity Method Investments [Line Items] | |||
Fee income recognized by equity method investees for building maintenance services | $ 4,601,000 | $ 4,234,000 | $ 3,613,000 |
Alexander's | |||
Schedule of Equity Method Investments [Line Items] | |||
Management fee income | $ 2,800,000 | ||
Development fee percent | 6% | ||
Lease fee percentage of rent one to ten years | 3% | ||
Lease fee percentage of rent eleven to twenty years | 2% | ||
Lease fee percentage of rent twenty first to thirty years | 1% | ||
Percentage increase lease fee if broker used | 1% | ||
Percentage commissions on sale of assets under fifty million | 3% | ||
Asset sale commission threshold | $ 50,000,000 | ||
Percentage commissions on sale of assets over fifty million | 1% | ||
Alexander's | Rego Park 2 Property | |||
Schedule of Equity Method Investments [Line Items] | |||
Property management fee agreement percentage of income | 2% | ||
Alexander's | Lexington Avenue 731 | |||
Schedule of Equity Method Investments [Line Items] | |||
Property management fee agreement price per square foot | $ / ft² | 0.50 | ||
Alexander's | Common Area 731 Lexington Avenue | |||
Schedule of Equity Method Investments [Line Items] | |||
Management fee income | $ 354,000 | ||
Property management fee agreement escalation percentage of income | 3% |
Investments in Partially Owne_7
Investments in Partially Owned Entities (330 West 34th Street) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Aug. 18, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||
Net proceeds from sale of real estate | $ 88,019 | $ 137,404 | $ 1,044,260 | |
330 West 34th Street | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method ownership percentage | 34.80% | |||
Net proceeds from sale of real estate | $ 10,500 | |||
330 West 34th Street | Interest Rate Maturing In September 2032 | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Debt instrument, amount | $ 100,000 | |||
Debt instrument, interest rate, stated percentage | 4.55% | |||
330 West 34th Street | Interest Rate Maturing In September 2022 | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Debt instrument, amount | $ 50,150 | |||
Debt instrument, interest rate, stated percentage | 5.71% |
Investments in Partially Owne_8
Investments in Partially Owned Entities (Summary of Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Equity Method Investments [Line Items] | ||
Carrying amount of investments in partially owned entities | $ 2,665,073 | $ 3,297,389 |
Other Liabilities | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying amount of investments in partially owned entities | $ (81,528) | (78,985) |
Fifth Avenue and Times Square JV | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership percentage | 51.50% | |
Carrying amount of investments in partially owned entities | $ 2,272,320 | 2,770,633 |
Partially Owned Office Buildings/Land | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying amount of investments in partially owned entities | $ 182,180 | 299,101 |
Alexander's | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership percentage | 32.40% | |
Carrying amount of investments in partially owned entities | $ 87,796 | 91,405 |
Other investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying amount of investments in partially owned entities | $ 122,777 | 136,250 |
7 West 34th Street | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership percentage | 53% | |
7 West 34th Street | Other Liabilities | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying amount of investments in partially owned entities | $ (65,522) | (60,918) |
85 Tenth Avenue | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership percentage | 49.90% | |
85 Tenth Avenue | Other Liabilities | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying amount of investments in partially owned entities | $ (16,006) | $ (18,067) |
Investments in Partially Owne_9
Investments in Partially Owned Entities (Summary of Income (Loss) ) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Apr. 18, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||
Non-cash impairment loss | $ 19,098 | $ 7,880 | $ 236,286 | |
Equity in net income (loss) | (461,351) | 130,517 | (329,112) | |
Our share of net income (loss) | (461,351) | 130,517 | (329,112) | |
Net gains on disposition of wholly owned and partially owned assets | $ 100,625 | 50,770 | 381,320 | |
Fifth Avenue and Times Square JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method ownership percentage | 51.50% | |||
Non-cash impairment loss | $ (489,859) | 0 | (413,349) | |
Equity in net income (loss) | 55,248 | 47,144 | 21,063 | |
Return on preferred equity, net of our share of the expense | 37,416 | 37,416 | 37,357 | |
Our share of net income (loss) | $ (397,195) | 84,560 | (354,929) | |
Net gains on disposition of wholly owned and partially owned assets | $ 13,613 | |||
Alexander's | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method ownership percentage | 32.40% | |||
Equity in net income (loss) | $ 18,439 | 20,116 | 13,326 | |
Net gain on sale of land | 0 | 14,576 | 0 | |
Management, leasing and development fees | 4,534 | 5,429 | 5,309 | |
Our share of net income (loss) | 22,973 | 40,121 | 18,635 | |
Write off of rent receivable | 4,846 | |||
Partially Owned Office Buildings/Land | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Our share of net income (loss) | (110,261) | 6,384 | 11,943 | |
Other investments | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Our share of net income (loss) | 23,132 | $ (548) | $ (4,761) | |
Net gains on disposition of wholly owned and partially owned assets | 17,185 | |||
650 Madison Avenue | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Non-cash impairment loss | $ 93,353 |
Investments in Partially Own_10
Investments in Partially Owned Entities (Summary of Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
640 Fifth Avenue | ||
Schedule of Equity Method Investments [Line Items] | ||
Mortgage loans on real estate, face amount of mortgages | $ 500,000 | |
7 West 34th Street | ||
Schedule of Equity Method Investments [Line Items] | ||
Mortgage loans on real estate, face amount of mortgages | 300,000 | |
Partially Owned Properties | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment pro rata share debt of partially owned entities | $ 2,697,226 | $ 2,699,405 |
Partially Owned Office Buildings/Land | ||
Schedule of Equity Method Investments [Line Items] | ||
Debt instrument, interest rate, effective percentage | 4.82% | |
Equity method investment debt of partially owned entities | $ 3,288,977 | 3,297,999 |
Alexander's | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership percentage | 32.40% | |
Debt instrument, interest rate, effective percentage | 4.12% | |
Equity method investment debt of partially owned entities | $ 1,096,544 | 1,096,544 |
Fifth Avenue and Times Square JV | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership percentage | 51.50% | |
Debt instrument, interest rate, effective percentage | 5.55% | |
Equity method investment debt of partially owned entities | $ 921,000 | 950,000 |
Other equity method investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Debt instrument, interest rate, effective percentage | 5.14% | |
Equity method investment debt of partially owned entities | $ 1,377,492 | $ 1,342,162 |
Investments in Partially Own_11
Investments in Partially Owned Entities (Summary of Condensed Combined Financial Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Assets | $ 16,493,375 | $ 17,266,588 | |
Liabilities | 9,980,263 | 10,062,667 | |
Noncontrolling interests | 436,732 | 688,683 | |
Equity | 5,839,728 | 6,236,346 | |
Total revenues | 1,799,995 | 1,589,210 | $ 1,527,951 |
Net (loss) income | (382,612) | 207,553 | (461,845) |
Net income (loss) attributable to Vornado / Vornado Realty L.P. | (346,499) | 175,999 | (297,005) |
Partially Owned Properties | |||
Assets | 12,012,000 | 12,689,000 | |
Liabilities | 7,519,000 | 7,553,000 | |
Noncontrolling interests | 2,095,000 | 2,069,000 | |
Equity | 2,398,000 | 3,067,000 | |
Total revenues | 1,189,000 | 1,184,000 | 1,163,000 |
Net (loss) income | (404,000) | 190,000 | 45,000 |
Net income (loss) attributable to Vornado / Vornado Realty L.P. | $ (483,000) | $ 114,000 | $ (33,000) |
220 Central Park South (Details
220 Central Park South (Details) $ in Thousands | 12 Months Ended | 51 Months Ended | ||
Dec. 31, 2022 USD ($) unit | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) unit | |
Real Estate [Line Items] | ||||
Income tax expense (benefit) | $ 21,660 | $ (10,496) | $ 36,630 | |
220 Central Park South | ||||
Real Estate [Line Items] | ||||
Number of units sold | unit | 3 | 109 | ||
Cash proceeds from sale of real estate | $ 88,019 | $ 3,094,915 | ||
Net gain on sale of land | 41,874 | $ 1,159,129 | ||
Income tax expense (benefit) | $ 6,016 | $ 5,711 | $ 49,221 | |
Condominium units sold, percentage | 97% | 97% |
Dispositions (Details)
Dispositions (Details) ft² in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 21, 2022 USD ($) ft² | Dec. 15, 2022 USD ($) ft² | Jun. 17, 2022 USD ($) ft² story | Jan. 13, 2022 USD ($) property | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Acquisitions and Dispositions [Line Items] | |||||||
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South | $ 88,019 | $ 137,404 | $ 1,044,260 | ||||
Repayments of long-term debt | $ 1,251,373 | $ 1,584,243 | $ 1,067,564 | ||||
SoHo Properties | |||||||
Acquisitions and Dispositions [Line Items] | |||||||
Number of properties sold | property | 2 | ||||||
Proceeds from sale of land held-for-investment | $ 84,500 | ||||||
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South | 81,399 | ||||||
Net gain on sale of land | $ 551 | ||||||
Center Building | |||||||
Acquisitions and Dispositions [Line Items] | |||||||
Proceeds from sale of land held-for-investment | $ 172,750 | ||||||
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South | 58,946 | ||||||
Net gain on sale of land | $ 15,213 | ||||||
Number of floors | story | 8 | ||||||
Square footage of real estate property (in sqft) | ft² | 498 | ||||||
Center Building | 33‑00 Northern Boulevard Mortgage Loan | |||||||
Acquisitions and Dispositions [Line Items] | |||||||
Repayments of long-term debt | $ 100,000 | ||||||
484-486 Broadway | |||||||
Acquisitions and Dispositions [Line Items] | |||||||
Proceeds from sale of land held-for-investment | $ 23,520 | ||||||
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South | 22,430 | ||||||
Net gain on sale of land | $ 2,919 | ||||||
Square footage of real estate property (in sqft) | ft² | 30 | ||||||
40 Fulton Street Office And Retail Building | |||||||
Acquisitions and Dispositions [Line Items] | |||||||
Proceeds from sale of land held-for-investment | $ 101,000 | ||||||
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South | 96,566 | ||||||
Net gain on sale of land | $ 31,876 | ||||||
Square footage of real estate property (in sqft) | ft² | 251 |
Identified Intangible Assets _3
Identified Intangible Assets and Liabilities (Schedule of Identified Intangible Assets and Intangible Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Gross amount | $ 237,777 | $ 252,081 |
Accumulated amortization | (98,139) | (97,186) |
Total, net | 139,638 | 154,895 |
Identified intangible liabilities (included in deferred revenue): | ||
Gross amount | 244,396 | 256,065 |
Accumulated amortization | (208,592) | (212,245) |
Total, net | $ 35,804 | $ 43,820 |
Identified Intangible Assets _4
Identified Intangible Assets and Liabilities (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Below Market Leases Net Of Above Market Leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 5,178 | $ 9,249 | $ 16,878 |
Other Identified Intangible Assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 10,516 | $ 7,330 | $ 6,507 |
Identified Intangible Assets _5
Identified Intangible Assets and Liabilities (Schedule of Future Amortization Expense of Intangible Assets) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Below Market Leases Net Of Above Market Leases | |
Finite-Lived Intangible Assets [Line Items] | |
2023 | $ 5,471 |
2024 | 2,352 |
2025 | 941 |
2026 | 299 |
2027 | (148) |
Other Identified Intangible Assets | |
Finite-Lived Intangible Assets [Line Items] | |
2023 | 7,948 |
2024 | 7,128 |
2025 | 6,077 |
2026 | 5,884 |
2027 | $ 5,449 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | 12 Months Ended | |||||||
Aug. 16, 2022 USD ($) | Jun. 30, 2022 USD ($) credit_facility | Jun. 28, 2022 USD ($) ft² extension | Jun. 27, 2022 USD ($) | Jun. 15, 2022 USD ($) ft² extension | Jun. 14, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Instrument | ||||||||
Long term debt | $ 2,560,025,000 | $ 2,562,604,000 | ||||||
Collateral property, net carrying value | 5,600,000,000 | |||||||
Unsecured Debt | ||||||||
Debt Instrument | ||||||||
Long term debt | $ 793,193,000 | $ 797,812,000 | ||||||
Debt instrument, interest rate, effective percentage | 4.05% | |||||||
100 West 33rd Street | ||||||||
Debt Instrument | ||||||||
Number of extensions (extension) | extension | 2 | |||||||
Length of extension available (years) | 1 year | |||||||
Matures in June 2027 | 100 West 33rd Street | ||||||||
Debt Instrument | ||||||||
Debt instrument, amount | $ 480,000,000 | |||||||
Square footage of real estate property (in sqft) | ft² | 1,100,000 | |||||||
Matures in June 2027 | 100 West 33rd Street | Effective Through March 2024 | ||||||||
Debt Instrument | ||||||||
Swapped rate | 5.06% | |||||||
Matures in June 2027 | 100 West 33rd Street | Effective Through June 2027 | ||||||||
Debt Instrument | ||||||||
Swapped rate | 5.26% | |||||||
Matures in June 2027 | 100 West 33rd Street | Secured Overnight Financing Rate (SOFR) | ||||||||
Debt Instrument | ||||||||
Spread over variable rate (in percentage) | 1.65% | |||||||
Matures in June 2027 | 100 West 33rd Street | Secured Overnight Financing Rate through March 2024 | ||||||||
Debt Instrument | ||||||||
Spread over variable rate (in percentage) | 5.96% | |||||||
Matures in June 2027 | 100 West 33rd Street | Secured Overnight Financing Rate After March 2024 | ||||||||
Debt Instrument | ||||||||
Spread over variable rate (in percentage) | 1.85% | |||||||
Matures in June 2027 | 100 West 33rd Street | Office Building | ||||||||
Debt Instrument | ||||||||
Square footage of real estate property (in sqft) | ft² | 859,000 | |||||||
Matures in June 2027 | 100 West 33rd Street | Retail | ||||||||
Debt Instrument | ||||||||
Square footage of real estate property (in sqft) | ft² | 255,000 | |||||||
Matures in April 2024 | ||||||||
Debt Instrument | ||||||||
Debt instrument, amount | $ 580,000,000 | |||||||
Matures in April 2024 | LIBOR | ||||||||
Debt Instrument | ||||||||
Spread over variable rate (in percentage) | 1.55% | |||||||
Matures in July 2027 | 770 Broadway | ||||||||
Debt Instrument | ||||||||
Debt instrument, amount | $ 700,000,000 | |||||||
Spread over variable rate (in percentage) | 6.48% | |||||||
Number of extensions (extension) | extension | 3 | |||||||
Length of extension available (years) | 1 year | |||||||
Matures in July 2027 | 770 Broadway | Effective Through July 2027 | ||||||||
Debt Instrument | ||||||||
Swapped rate | 4.98% | |||||||
Matures in July 2027 | 770 Broadway | Secured Overnight Financing Rate (SOFR) | ||||||||
Debt Instrument | ||||||||
Spread over variable rate (in percentage) | 2.25% | |||||||
Matures in July 2027 | 770 Broadway | Office Building | ||||||||
Debt Instrument | ||||||||
Square footage of real estate property (in sqft) | ft² | 1,200,000 | |||||||
Matures in July 2022 | 770 Broadway | ||||||||
Debt Instrument | ||||||||
Debt instrument, amount | $ 700,000,000 | |||||||
Matures in July 2022 | 770 Broadway | Secured Overnight Financing Rate (SOFR) | ||||||||
Debt Instrument | ||||||||
Spread over variable rate (in percentage) | 1.86% | |||||||
Maturing in December 2027 | Unsecured Debt | ||||||||
Debt Instrument | ||||||||
Debt instrument, amount | $ 800,000,000 | |||||||
Swapped rate | 4.05% | |||||||
Debt instrument, interest rate, effective percentage | 5.62% | |||||||
Maturing in December 2027 | Revolving Credit Facility | ||||||||
Debt Instrument | ||||||||
Number of credit facilities | credit_facility | 2 | |||||||
Maximum borrowing capacity | $ 1,250,000,000 | |||||||
Facility fee, percentage | 0.25% | |||||||
Maturing in December 2027 | Effective Through August 2027 | Revolving Credit Facility | ||||||||
Debt Instrument | ||||||||
Swapped rate | 3.88% | |||||||
Long term debt | $ 575,000,000 | |||||||
Maturing in December 2027 | Secured Overnight Financing Rate (SOFR) | Unsecured Debt | ||||||||
Debt Instrument | ||||||||
Spread over variable rate (in percentage) | 1.30% | |||||||
Maturing in December 2027 | Secured Overnight Financing Rate (SOFR) | Revolving Credit Facility | ||||||||
Debt Instrument | ||||||||
Spread over variable rate (in percentage) | 1.15% | |||||||
Debt instrument, interest rate, effective percentage | 5.47% | |||||||
Maturing in April 2026 | Revolving Credit Facility | ||||||||
Debt Instrument | ||||||||
Maximum borrowing capacity | $ 1,250,000,000 | |||||||
Facility fee, percentage | 0.25% | |||||||
Maturing in April 2026 | Secured Overnight Financing Rate (SOFR) | Revolving Credit Facility | ||||||||
Debt Instrument | ||||||||
Spread over variable rate (in percentage) | 1.19% |
Debt (Interest Rate Hedging Act
Debt (Interest Rate Hedging Activities) (Details) - USD ($) | Feb. 07, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | |||
Long term debt | $ 2,560,025,000 | $ 2,562,604,000 | |
770 Broadway mortgage loan | Interest Rate Swap | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | $ 700,000,000 | ||
All-In Swapped Rate | 4.98% | ||
Derivative asset, notional amount | $ 700,000,000 | ||
770 Broadway mortgage loan | Interest Rate Swap | Designated as Hedging Instrument | Secured Overnight Financing Rate (SOFR) | |||
Derivative [Line Items] | |||
Variable Rate Spread | 2.25% | ||
Unsecured revolving credit facility | Interest Rate Swap | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | $ 575,000,000 | ||
All-In Swapped Rate | 3.88% | ||
Derivative asset, notional amount | $ 575,000,000 | ||
Unsecured revolving credit facility | Interest Rate Swap | Designated as Hedging Instrument | Secured Overnight Financing Rate (SOFR) | |||
Derivative [Line Items] | |||
Variable Rate Spread | 1.15% | ||
Unsecured term loan | Interest Rate Swap | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | $ 50,000,000 | ||
All-In Swapped Rate | 4.04% | ||
Derivative asset, notional amount | $ 50,000,000 | ||
Unsecured term loan | Interest Rate Swap | Designated as Hedging Instrument | Secured Overnight Financing Rate (SOFR) | |||
Derivative [Line Items] | |||
Variable Rate Spread | 1.30% | ||
Unsecured term loan (effective 10/23) | Interest Rate Swap | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | $ 500,000,000 | ||
All-In Swapped Rate | 4.39% | ||
Unsecured term loan (effective 10/23) | Interest Rate Swap | Designated as Hedging Instrument | Secured Overnight Financing Rate (SOFR) | |||
Derivative [Line Items] | |||
Variable Rate Spread | 1.30% | ||
100 West 33rd Street mortgage loan | Interest Rate Swap | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | $ 480,000,000 | ||
All-In Swapped Rate | 5.06% | ||
Derivative asset, notional amount | $ 480,000,000 | ||
100 West 33rd Street mortgage loan | Interest Rate Swap | Designated as Hedging Instrument | Secured Overnight Financing Rate (SOFR) | |||
Derivative [Line Items] | |||
Variable Rate Spread | 1.65% | ||
888 Seventh Avenue mortgage loan | Interest Rate Swap | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | $ 200,000,000 | ||
All-In Swapped Rate | 4.76% | ||
Derivative asset, notional amount | $ 200,000,000 | ||
Long term debt | $ 77,800,000 | ||
888 Seventh Avenue mortgage loan | Interest Rate Swap | Designated as Hedging Instrument | Secured Overnight Financing Rate (SOFR) | |||
Derivative [Line Items] | |||
Variable Rate Spread | 1.80% | ||
Unsecured Term Loan Expiring October 2023 | Interest Rate Swap | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Derivative asset, notional amount | $ 750,000,000 | ||
Unsecured term loan | Interest Rate Swap | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
All-In Swapped Rate | 4.05% | ||
Derivative asset, notional amount | $ 800,000,000 | ||
Unsecured term loan | Interest Rate Swap | Designated as Hedging Instrument | Subsequent Event | |||
Derivative [Line Items] | |||
Derivative asset, notional amount | $ 150,000 | ||
Unsecured term loan | Interest Rate Swap | Designated as Hedging Instrument | Other Assets | |||
Derivative [Line Items] | |||
Derivative asset, notional amount | $ 800,000,000 | ||
Unsecured Term Loan Portion Through October 2023 | Interest Rate Swap | Designated as Hedging Instrument | Other Assets | |||
Derivative [Line Items] | |||
All-In Swapped Rate | 4.05% |
Debt (Summary of Debt) (Details
Debt (Summary of Debt) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument | ||
Deferred financing costs, net and other | $ (63,572,000) | $ (58,268,000) |
Mortgages payable, net | 5,829,018,000 | 6,053,343,000 |
Unsecured revolving credit facilities | 575,000,000 | 575,000,000 |
Long term debt | 2,560,025,000 | 2,562,604,000 |
Interest Rate Cap | One Park Avenue mortgage loan | Designated as Hedging Instrument | ||
Debt Instrument | ||
Derivative asset, notional amount | $ 525,000,000 | |
Interest Rate Cap | One Park Avenue mortgage loan | Designated as Hedging Instrument | Secured Overnight Financing Rate (SOFR) | ||
Debt Instrument | ||
Cap strike rate | 4.39% | |
Interest Rate Cap | One Park Avenue Mortgage Loan Expiring March 2024 | Designated as Hedging Instrument | Secured Overnight Financing Rate (SOFR) | ||
Debt Instrument | ||
Cap strike rate | 3.89% | |
Mortgages Payable | ||
Debt Instrument | ||
Interest rate, end of period (in percentage) | 4.43% | |
Debt, carrying amount | $ 5,877,615,000 | 6,099,215,000 |
Deferred financing costs, net and other | (48,597,000) | (45,872,000) |
Mortgages payable, net | $ 5,829,018,000 | 6,053,343,000 |
Mortgages Payable | Fixed rate | ||
Debt Instrument | ||
Interest rate, end of period (in percentage) | 3.63% | |
Debt, carrying amount | $ 3,570,000,000 | 2,190,000,000 |
Mortgages Payable | Variable Rate | ||
Debt Instrument | ||
Interest rate, end of period (in percentage) | 5.67% | |
Debt, carrying amount | $ 2,307,615,000 | 3,909,215,000 |
Mortgages Payable | Variable Rate | Interest Rate Cap | ||
Debt Instrument | ||
Notional Amount | $ 1,649,120 | |
Cap strike rate | 4.14% | |
Weighted average remaining term | 9 months | |
Senior unsecured notes | ||
Debt Instrument | ||
Interest rate, end of period (in percentage) | 3.02% | |
Debt, carrying amount | $ 1,200,000,000 | 1,200,000,000 |
Deferred financing costs, net and other | (8,168,000) | (10,208,000) |
Long term debt | $ 1,191,832,000 | 1,189,792,000 |
Unsecured Debt | ||
Debt Instrument | ||
Interest rate, end of period (in percentage) | 4.05% | |
Debt, carrying amount | $ 800,000,000 | 800,000,000 |
Deferred financing costs, net and other | (6,807,000) | (2,188,000) |
Long term debt | $ 793,193,000 | 797,812,000 |
Unsecured revolving credit facilities | ||
Debt Instrument | ||
Interest rate, end of period (in percentage) | 3.88% | |
Unsecured revolving credit facilities | $ 575,000,000 | $ 575,000,000 |
Debt (Principal repayments requ
Debt (Principal repayments required in the next five years) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Mortgages Payable | |
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract] | |
2023 | $ 21,600 |
2024 | 396,415 |
2025 | 854,600 |
2026 | 525,000 |
2027 | 1,580,000 |
Thereafter | 2,500,000 |
Unsecured Debt | |
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract] | |
2023 | 0 |
2024 | 0 |
2025 | 450,000 |
2026 | 400,000 |
2027 | 1,375,000 |
Thereafter | $ 350,000 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interests (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Redeemable Noncontrolling Interest | |||
Redeemable noncontrolling interest, exchange ratio | 1 | ||
Fair value of Series G convertible preferred units and Series D-13 cumulative redeemable preferred units | $ 49,383 | $ 49,659 | |
The Farley Building | Joint Venture | |||
Redeemable Noncontrolling Interest | |||
Equity method ownership percentage | 95% | ||
Capital contributions | $ 92,400 |
Redeemable Noncontrolling Int_4
Redeemable Noncontrolling Interests (Details of Redeemable Noncontrolling Interest Units) (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Class A Unit | ||
Redeemable Noncontrolling Interest | ||
Class A common units, carrying amount | $ 345,157 | $ 587,440 |
Outstanding Partnership Units held by Third Parties (shares) | 14,416,891 | 14,033,438 |
Preferred or annual distribution rate (in dollars per share) | $ 2.12 | |
3.25% D-17 Cumulative Redeemable | ||
Redeemable Noncontrolling Interest | ||
Debt instrument, interest rate, stated percentage | 3.25% | |
Series D cumulative redeemable preferred, carrying amount | $ 3,535 | $ 3,535 |
Outstanding Partnership Units held by Third Parties (shares) | 141,400 | 141,400 |
Par or stated value per share | $ 25 | |
Preferred or annual distribution rate (in dollars per share) | $ 0.8125 |
Redeemable Noncontrolling Int_5
Redeemable Noncontrolling Interests (Activity of Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Redeemable Noncontrolling Interests Rollforward | |||
Beginning balance | $ 688,683 | ||
Net (loss) income | (30,376) | $ 7,540 | $ (24,946) |
Other comprehensive income | 14,250 | 4,048 | (2,914) |
Ending balance | 436,732 | 688,683 | |
Partnership Interest | |||
Redeemable Noncontrolling Interests Rollforward | |||
Beginning balance | 590,975 | 511,747 | |
Net (loss) income | (30,376) | 7,540 | |
Other comprehensive income | 14,250 | 4,048 | |
Distributions | (30,311) | (29,901) | |
Other, net | 28,823 | 36,044 | |
Ending balance | 348,692 | 590,975 | 511,747 |
Partnership Interest | Class A Unit | |||
Redeemable Noncontrolling Interests Rollforward | |||
Redemption of Class A units for Vornado common shares, at redemption value | (3,524) | (14,576) | |
Redeemable Class A unit measurement adjustment | (221,145) | 76,073 | |
Subsidiaries | |||
Redeemable Noncontrolling Interests Rollforward | |||
Beginning balance | 97,708 | 94,520 | |
Net (loss) income | (9,668) | 3,188 | |
Ending balance | $ 88,040 | $ 97,708 | $ 94,520 |
Shareholders' Equity_Partners_3
Shareholders' Equity/Partners' Capital (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Common Stock Number Of Shares Par Value And Other Disclosures | |||
Common shares / Class A units of beneficial interest: outstanding shares | 191,866,880 | 191,723,608 | |
Dividends / Distributions paid on common shares / Class A units | $ 406,562 | $ 406,109 | $ 827,319 |
Class A Unit | |||
Common Stock Number Of Shares Par Value And Other Disclosures | |||
Units outstanding | 14,416,891 | 14,033,438 | |
Vornado Realty Trust | |||
Common Stock Number Of Shares Par Value And Other Disclosures | |||
Common shares / Class A units of beneficial interest: outstanding shares | 191,866,880 | ||
Dividends / Distributions paid on common shares / Class A units | $ 406,562 | ||
Dividends per common share (usd per share) | $ 0.53 | ||
Vornado Realty L.P. | |||
Common Stock Number Of Shares Par Value And Other Disclosures | |||
Dividends / Distributions paid on common shares / Class A units | $ 406,562 | $ 406,109 | $ 827,319 |
Vornado Realty L.P. | Class A Unit | |||
Common Stock Number Of Shares Par Value And Other Disclosures | |||
Common shares / Class A units of beneficial interest: outstanding shares | 191,866,880 | ||
Dividends / Distributions paid on common shares / Class A units | $ 406,562 | ||
Dividends per common share (usd per share) | $ 0.53 | ||
Units outstanding | 14,416,891 | 14,033,438 |
Shareholders' Equity_Partners_4
Shareholders' Equity/Partners' Capital (Preferred shares of beneficial interest) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Details Of Preferred Shares Of Beneficial Interest | |||
Dividends on preferred shares / Distributions to preferred unitholders (see Note 11 for dividends per share amounts) | $ 62,116 | $ 65,880 | $ 51,739 |
Preferred shares of beneficial interest: authorized shares (shares) | 110,000,000 | 110,000,000 | |
Preferred stock, value, issued , balance | $ 1,182,459 | $ 1,182,459 | |
Preferred shares/units of beneficial interest: outstanding shares (shares) | 48,792,902 | 48,792,902 | |
6.5% Series A | Convertible Preferred Stock | |||
Details Of Preferred Shares Of Beneficial Interest | |||
Preferred stock dividend rate | 6.50% | 6.50% | |
Preferred shares of beneficial interest: authorized shares (shares) | 12,902 | 12,902 | |
Preferred stock, value, issued , balance | $ 920 | $ 920 | |
Preferred shares/units of beneficial interest: outstanding shares (shares) | 12,902 | 12,902 | |
Preferred stock, liquidation preference per share (in dollars per share/unit) | $ 50 | $ 50 | |
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | 3.25 | 3.25 | |
Preferred stock, redemption price per share (in common shares/Class A units per share/unit) | 1.9531 | 1.9531 | |
6.5% Series A | Convertible Preferred Stock | Class A Unit | |||
Details Of Preferred Shares Of Beneficial Interest | |||
Preferred stock, redemption price per share (in common shares/Class A units per share/unit) | $ 1.9531 | $ 1.9531 | |
5.40% Series L | Redeemable Preferred Stock | |||
Details Of Preferred Shares Of Beneficial Interest | |||
Preferred stock dividend rate | 5.40% | 5.40% | |
Preferred shares of beneficial interest: authorized shares (shares) | 13,800,000 | 13,800,000 | |
Preferred stock, value, issued , balance | $ 290,306 | $ 290,306 | |
Preferred shares/units of beneficial interest: outstanding shares (shares) | 12,000,000 | 12,000,000 | |
Preferred stock, liquidation preference per share (in dollars per share/unit) | $ 25 | $ 25 | |
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 1.35 | $ 1.35 | |
5.25% Series M | Redeemable Preferred Stock | |||
Details Of Preferred Shares Of Beneficial Interest | |||
Preferred stock dividend rate | 5.25% | 5.25% | |
Preferred shares of beneficial interest: authorized shares (shares) | 13,800,000 | 13,800,000 | |
Preferred stock, value, issued , balance | $ 308,946 | $ 308,946 | |
Preferred shares/units of beneficial interest: outstanding shares (shares) | 12,780,000 | 12,780,000 | |
Preferred stock, liquidation preference per share (in dollars per share/unit) | $ 25 | $ 25 | |
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 1.3125 | $ 1.3125 | |
5.25% Series N | Redeemable Preferred Stock | |||
Details Of Preferred Shares Of Beneficial Interest | |||
Preferred stock dividend rate | 5.25% | 5.25% | |
Preferred shares of beneficial interest: authorized shares (shares) | 12,000,000 | 12,000,000 | |
Preferred stock, value, issued , balance | $ 291,134 | $ 291,134 | |
Preferred shares/units of beneficial interest: outstanding shares (shares) | 12,000,000 | 12,000,000 | |
Preferred stock, liquidation preference per share (in dollars per share/unit) | $ 25 | $ 25 | |
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 1.3125 | $ 1.3125 | |
4.45% Series O | Redeemable Preferred Stock | |||
Details Of Preferred Shares Of Beneficial Interest | |||
Preferred stock dividend rate | 4.45% | 4.45% | |
Preferred shares of beneficial interest: authorized shares (shares) | 12,000,000 | 12,000,000 | |
Preferred stock, value, issued , balance | $ 291,153 | $ 291,153 | |
Preferred shares/units of beneficial interest: outstanding shares (shares) | 12,000,000 | 12,000,000 | |
Preferred stock, liquidation preference per share (in dollars per share/unit) | $ 25 | $ 25 | |
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 1.1125 | $ 1.1125 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Variable Interest Entity | ||
Assets | $ 16,493,375 | $ 17,266,588 |
Liabilities | 9,980,263 | 10,062,667 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
Assets | 68,223 | 69,435 |
Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity | ||
Assets | 4,423,995 | 4,564,621 |
Liabilities | $ 2,345,726 | $ 2,517,652 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Real estate fund investments | $ 0 | $ 7,730 | |
Purchase of U.S. Treasury bills | 1,066,096 | 0 | $ 0 |
Investments in U.S. Treasury bills | 471,962 | 0 | |
Proceeds from maturities of U.S. Treasury bills | 597,499 | 0 | $ 0 |
US Treasury Bill Securities | |||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Purchase of U.S. Treasury bills | 1,066,096 | ||
Investments in U.S. Treasury bills | 1,077,000 | ||
Proceeds from maturities of U.S. Treasury bills | 600,000 | ||
Amortized cost, current | 473,171 | ||
Recurring | |||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Real estate fund investments | 7,730 | ||
Deferred compensation plan assets (included in restricted cash and other assets) | 96,322 | 110,174 | |
Loans receivable (included in investments in partially owned entities and in other assets) | 54,397 | 50,182 | |
Interest rate swaps and caps (included in other assets) | 183,804 | 18,929 | |
Total assets | 806,485 | 187,015 | |
Mandatorily redeemable instruments (included in other liabilities) | 49,383 | 49,659 | |
Interest rate swaps (included in other liabilities) | 32,837 | ||
Total liabilities | 82,496 | ||
Recurring | US Treasury Bill Securities | |||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Investments in U.S. Treasury bills | 471,962 | ||
Recurring | Level 1 | |||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Real estate fund investments | 0 | ||
Deferred compensation plan assets (included in restricted cash and other assets) | 57,406 | 65,158 | |
Loans receivable (included in investments in partially owned entities and in other assets) | 0 | 0 | |
Interest rate swaps and caps (included in other assets) | 0 | 0 | |
Total assets | 529,368 | 65,158 | |
Mandatorily redeemable instruments (included in other liabilities) | 49,383 | 49,659 | |
Interest rate swaps (included in other liabilities) | 0 | ||
Total liabilities | 49,659 | ||
Recurring | Level 1 | US Treasury Bill Securities | |||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Investments in U.S. Treasury bills | 471,962 | ||
Recurring | Level 2 | |||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Real estate fund investments | 0 | ||
Deferred compensation plan assets (included in restricted cash and other assets) | 0 | 0 | |
Loans receivable (included in investments in partially owned entities and in other assets) | 0 | 0 | |
Interest rate swaps and caps (included in other assets) | 183,804 | 18,929 | |
Total assets | 183,804 | 18,929 | |
Mandatorily redeemable instruments (included in other liabilities) | 0 | 0 | |
Interest rate swaps (included in other liabilities) | 32,837 | ||
Total liabilities | 32,837 | ||
Recurring | Level 2 | US Treasury Bill Securities | |||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Investments in U.S. Treasury bills | 0 | ||
Recurring | Level 3 | |||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Real estate fund investments | 7,730 | ||
Deferred compensation plan assets (included in restricted cash and other assets) | 38,916 | 45,016 | |
Loans receivable (included in investments in partially owned entities and in other assets) | 54,397 | 50,182 | |
Interest rate swaps and caps (included in other assets) | 0 | 0 | |
Total assets | 93,313 | 102,928 | |
Mandatorily redeemable instruments (included in other liabilities) | 0 | 0 | |
Interest rate swaps (included in other liabilities) | 0 | ||
Total liabilities | 0 | ||
Recurring | Level 3 | US Treasury Bill Securities | |||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Investments in U.S. Treasury bills | 0 | ||
Restricted Cash | Recurring | |||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Deferred compensation plan assets (included in restricted cash and other assets) | 7,763 | 9,104 | |
Other Assets | Recurring | |||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Deferred compensation plan assets (included in restricted cash and other assets) | 88,559 | 101,070 | |
Loans receivable (included in investments in partially owned entities and in other assets) | 4,306 | 3,738 | |
Partially Owned Properties | Recurring | |||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||
Loans receivable (included in investments in partially owned entities and in other assets) | $ 50,091 | $ 46,444 |
Fair Value Measurements (Change
Fair Value Measurements (Changes in the Fair Value of Deferred Compensation Plan Assets) (Details) - Deferred Compensation Plan Assets - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 45,016 | $ 39,928 |
Purchases/additional fundings | 4,507 | 5,705 |
Sales | (9,941) | (4,766) |
Realized and unrealized (losses) gains | (3,781) | 2,250 |
Other, net | 3,115 | 1,899 |
Ending balance | $ 38,916 | $ 45,016 |
Fair Value Measurements (Unobse
Fair Value Measurements (Unobservable Quantitative Input Ratios) (Details) - Level 3 | Dec. 31, 2022 | Dec. 31, 2021 |
Discount rates | Nonrecurring | Real estate investments | Minimum | ||
Unobservable Quantitative Input | ||
Real estate, measurement input | 0.0750 | |
Discount rates | Nonrecurring | Real estate investments | Maximum | ||
Unobservable Quantitative Input | ||
Real estate, measurement input | 0.0800 | |
Discount rates | Nonrecurring | Real estate investments | Weighted Average | ||
Unobservable Quantitative Input | ||
Real estate, measurement input | 0.0752 | |
Terminal capitalization rates | Nonrecurring | Real estate investments | Minimum | ||
Unobservable Quantitative Input | ||
Real estate, measurement input | 0.0475 | |
Terminal capitalization rates | Nonrecurring | Real estate investments | Maximum | ||
Unobservable Quantitative Input | ||
Real estate, measurement input | 0.0550 | |
Terminal capitalization rates | Nonrecurring | Real estate investments | Weighted Average | ||
Unobservable Quantitative Input | ||
Real estate, measurement input | 0.0478 | |
Loans Receivable | Discount rates | Recurring | ||
Unobservable Quantitative Input | ||
Loans receivable, measurement input | 0.075 | 0.065 |
Loans Receivable | Terminal capitalization rates | Recurring | ||
Unobservable Quantitative Input | ||
Loans receivable, measurement input | 0.055 | 0.050 |
Fair Value Measurements (Chan_2
Fair Value Measurements (Changes in the Fair Value of Loans Receivable) (Details) - Loans Receivable - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | $ 50,182 | $ 47,743 |
Interest accrual | 4,748 | 3,714 |
Paydowns | (533) | (1,275) |
Ending balance | $ 54,397 | $ 50,182 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary of Derivative Instruments) (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Long term debt | $ 2,560,025,000 | $ 2,562,604,000 |
Matures in May 2028 | 555 California Street, California | Office Building | ||
Derivative [Line Items] | ||
Equity method ownership percentage | 70% | 70% |
Debt instrument, amount | $ 1,200,000,000 | $ 1,200,000,000 |
Designated as Hedging Instrument | Other Assets | ||
Derivative [Line Items] | ||
Derivative asset, fair value | 183,804,000 | 18,929,000 |
Designated as Hedging Instrument | Other Liabilities | ||
Derivative [Line Items] | ||
Derivative liability, fair value | 0 | 32,837,000 |
Designated as Hedging Instrument | 555 California Street mortgage loan | Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative asset, fair value | 49,888,000 | 11,814,000 |
Derivative asset, notional amount | $ 840,000,000 | |
All-In Swapped Rate | 2.26% | |
Designated as Hedging Instrument | 770 Broadway mortgage loan | Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative asset, fair value | $ 29,226,000 | 0 |
Derivative asset, notional amount | $ 700,000,000 | |
All-In Swapped Rate | 4.98% | |
Designated as Hedging Instrument | 770 Broadway mortgage loan | Interest Rate Swap | Secured Overnight Financing Rate (SOFR) | ||
Derivative [Line Items] | ||
Variable Rate Spread | 2.25% | |
Designated as Hedging Instrument | PENN 11 mortgage loan | Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative asset, fair value | $ 26,587,000 | 6,565,000 |
Derivative asset, notional amount | $ 500,000,000 | |
All-In Swapped Rate | 2.22% | |
Designated as Hedging Instrument | Unsecured revolving credit facility | Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative asset, fair value | $ 24,457,000 | 0 |
Derivative asset, notional amount | $ 575,000,000 | |
All-In Swapped Rate | 3.88% | |
Designated as Hedging Instrument | Unsecured revolving credit facility | Interest Rate Swap | Secured Overnight Financing Rate (SOFR) | ||
Derivative [Line Items] | ||
Variable Rate Spread | 1.15% | |
Designated as Hedging Instrument | Unsecured term loan | Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative asset, fair value | $ 14,694,000 | (28,976,000) |
Derivative asset, notional amount | $ 800,000,000 | |
All-In Swapped Rate | 4.05% | |
Designated as Hedging Instrument | Unsecured term loan | Interest Rate Swap | Other Assets | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | $ 800,000,000 | |
Designated as Hedging Instrument | 100 West 33rd Street mortgage loan | Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative asset, fair value | 6,886,000 | 0 |
Derivative asset, notional amount | $ 480,000,000 | |
All-In Swapped Rate | 5.06% | |
Designated as Hedging Instrument | 100 West 33rd Street mortgage loan | Interest Rate Swap | Secured Overnight Financing Rate (SOFR) | ||
Derivative [Line Items] | ||
Variable Rate Spread | 1.65% | |
Designated as Hedging Instrument | 888 Seventh Avenue mortgage loan | Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative asset, fair value | $ 6,544,000 | 0 |
Derivative asset, notional amount | $ 200,000,000 | |
All-In Swapped Rate | 4.76% | |
Long term debt | $ 77,800,000 | |
Rate | 5.92% | |
Designated as Hedging Instrument | 888 Seventh Avenue mortgage loan | Interest Rate Swap | Secured Overnight Financing Rate (SOFR) | ||
Derivative [Line Items] | ||
Variable Rate Spread | 1.80% | |
Designated as Hedging Instrument | Unsecured term loan (effective October 2023) | Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative asset, fair value | $ 6,330,000 | 0 |
Derivative asset, notional amount | $ 500,000,000 | |
All-In Swapped Rate | 4.39% | |
Designated as Hedging Instrument | 4 Union Square South mortgage loan | Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative asset, fair value | $ 4,050,000 | (3,861,000) |
Derivative asset, notional amount | $ 100,000,000 | |
All-In Swapped Rate | 3.74% | |
Designated as Hedging Instrument | 4 Union Square South mortgage loan | Interest Rate Swap | Other Assets | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | $ 100,000,000 | |
Designated as Hedging Instrument | 4 Union Square South mortgage loan | Interest Rate Swap | Other Assets | Floating After January 2025 | ||
Derivative [Line Items] | ||
Rate | 5.62% | |
Derivative liability, notional amount | $ 20,000,000 | |
Designated as Hedging Instrument | 4 Union Square South mortgage loan | Interest Rate Swap | Secured Overnight Financing Rate (SOFR) | Other Assets | Floating After January 2025 | ||
Derivative [Line Items] | ||
Variable Rate Spread | 1.50% | |
Designated as Hedging Instrument | 1290 Avenue of the Americas mortgage loan | Interest Rate Cap | ||
Derivative [Line Items] | ||
Derivative asset, fair value | $ 7,590,000 | 411,000 |
Derivative asset, notional amount | $ 950,000,000 | |
Designated as Hedging Instrument | 1290 Avenue of the Americas mortgage loan | Interest Rate Cap | LIBOR | ||
Derivative [Line Items] | ||
Cap strike rate | 4% | |
Designated as Hedging Instrument | One Park Avenue mortgage loan | Interest Rate Cap | ||
Derivative [Line Items] | ||
Derivative asset, fair value | $ 5,472,000 | 0 |
Derivative asset, notional amount | $ 525,000,000 | |
Designated as Hedging Instrument | One Park Avenue mortgage loan | Interest Rate Cap | Secured Overnight Financing Rate (SOFR) | ||
Derivative [Line Items] | ||
Cap strike rate | 4.39% | |
Designated as Hedging Instrument | Various mortgage loans | Interest Rate Cap | ||
Derivative [Line Items] | ||
Derivative asset, fair value | $ 2,080,000 | 139,000 |
Designated as Hedging Instrument | Unsecured Term Loan Expiring October 2023 | Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 750,000,000 | |
Designated as Hedging Instrument | Unsecured term loan | Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | $ 50,000,000 | |
All-In Swapped Rate | 4.04% | |
Designated as Hedging Instrument | Unsecured term loan | Interest Rate Swap | Secured Overnight Financing Rate (SOFR) | ||
Derivative [Line Items] | ||
Variable Rate Spread | 1.30% | |
Designated as Hedging Instrument | 33‑00 Northern Boulevard Mortgage Loan | Interest Rate Swap | Other Liabilities | Floating After January 2025 | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | $ 100,000,000 | |
Designated as Hedging Instrument | One Park Avenue Mortgage Loan Expiring March 2024 | Interest Rate Cap | Secured Overnight Financing Rate (SOFR) | ||
Derivative [Line Items] | ||
Cap strike rate | 3.89% |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||
Real estate investments | $ 0 | $ 7,730,000 |
Real estate investments | ||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||
Real estate investments | 0 | $ 7,730,000 |
Nonrecurring | Level 3 | Real estate investments | ||
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||
Real estate investments | $ 2,352,328,000 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Amounts and Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Unsecured revolving credit facilities | $ 575,000 | $ 575,000 |
Deferred financing costs, net and other | 63,572 | 58,268 |
Unsecured Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Debt, carrying amount | 800,000 | 800,000 |
Deferred financing costs, net and other | 6,807 | 2,188 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Cash equivalents, carrying amount | 402,903 | 1,346,684 |
Mortgages payable, gross | 5,877,615 | 6,099,215 |
Unsecured revolving credit facilities | 575,000 | 575,000 |
Debt, carrying amount | 8,452,615 | 8,674,215 |
Carrying Amount | Senior unsecured notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Unsecured debt, gross | 1,200,000 | 1,200,000 |
Carrying Amount | Unsecured Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Unsecured debt, gross | 800,000 | 800,000 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Debt, fair value | 8,093,000 | 8,657,000 |
Fair Value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Cash equivalents, fair value | 403,000 | 1,347,000 |
Unsecured revolving credit facilities, fair value | 575,000 | 575,000 |
Fair Value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Mortgages payable, gross | 5,697,000 | 6,052,000 |
Fair Value | Senior unsecured notes | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Unsecured debt, gross | 1,021,000 | 1,230,000 |
Fair Value | Unsecured Debt | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Unsecured debt, gross | $ 800,000 | $ 800,000 |
Stock-based Compensation (Out P
Stock-based Compensation (Out Performance Plans Narrative) (Details) - USD ($) | 12 Months Ended | |||
Jan. 12, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Full Value Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (in shares) | 2,803,000 | |||
Long-Term Performance Award 2022 | ||||
Out Performance Plan | ||||
Out of performance plan notional amount | $ 17,025,000 | |||
Grant-date fair value | 7,847,000 | |||
Share-based compensation expense | $ 4,033,000 | |||
Long-Term Performance Award 2022 | Operational | ||||
Out Performance Plan | ||||
Percentage breakdown of awards | 50% | |||
Long-Term Performance Award 2022 | Operational | Comparable FFO per Share | ||||
Out Performance Plan | ||||
Percentage breakdown of awards | 75% | |||
Long-Term Performance Award 2022 | Operational | ESG Performance Metrics | ||||
Out Performance Plan | ||||
Percentage breakdown of awards | 25% | |||
Long-Term Performance Award 2022 | Relative | ||||
Out Performance Plan | ||||
Percentage breakdown of awards | 50% | |||
Percentage reduction threshold | 30% | |||
Duration of performance measurement period | 3 years | |||
Long-Term Performance Award 2022 | Relative | SNL US Office REIT Index | ||||
Out Performance Plan | ||||
Percentage reduction threshold | 50% | |||
Long-Term Performance Award 2022 | Relative | Northeast Peer Group Custom Index | ||||
Out Performance Plan | ||||
Percentage reduction threshold | 50% | |||
Long-Term Performance Award 2022 | Absolute | ||||
Out Performance Plan | ||||
Percentage reduction threshold | 30% | |||
Award requisite service period | 1 year | |||
Long-Term Performance Award 2022 | Absolute | Chief Executive Officer | ||||
Out Performance Plan | ||||
Award requisite service period | 3 years | |||
Long-Term Performance Award 2022 | Absolute | Maximum | ||||
Out Performance Plan | ||||
Percent vested, year four | 50% | |||
Percent vested, year five | 50% | |||
OPPs | ||||
Out Performance Plan | ||||
Share-based compensation expense | $ 6,140,000 | $ 7,583,000 | ||
OPPs | Absolute | Minimum | ||||
Out Performance Plan | ||||
Duration of performance measurement period | 3 years | |||
OPPs | Absolute | Maximum | ||||
Out Performance Plan | ||||
Duration of performance measurement period | 4 years | |||
Out Performance Plan 2021 | ||||
Out Performance Plan | ||||
Out of performance plan notional amount | $ 30,000,000 | |||
Grant-date fair value | $ 9,950,000 | |||
Percentage of notional amount granted | 99.10% | |||
OPP Units Earned | To be determined in 2025 | |||
Out Performance Plan 2020 | ||||
Out Performance Plan | ||||
Out of performance plan notional amount | $ 35,000,000 | |||
Grant-date fair value | $ 11,700,000 | |||
Percentage of notional amount granted | 94% | |||
OPP Units Earned | To be determined in 2023 | |||
2019 Omnibus Share Plan | Full Value Awards | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (in shares) | 5,500,000 | |||
2019 Omnibus Share Plan | Not Full Value Awards | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (in shares) | 11,000,000 |
Stock-based Compensation (Summa
Stock-based Compensation (Summary of Share Based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 29,249 | $ 38,329 | $ 48,677 |
OP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 21,086 | 27,698 | 33,431 |
LTPP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 5,145 | 0 | 0 |
OPPs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 1,906 | 8,629 | 9,579 |
AO LTIP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 430 | 877 | 3,955 |
Vornado stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 296 | 456 | 656 |
Vornado restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 292 | 450 | 649 |
Performance Conditioned AO LTIP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 94 | $ 219 | $ 407 |
Stock-based Compensation (Sum_2
Stock-based Compensation (Summary of Unrecognized Compensation Expense) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation expense | $ 14,212 |
Weighted-Average Remaining Contractual Term | 1 year 6 months |
OP Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation expense | $ 7,834 |
Weighted-Average Remaining Contractual Term | 1 year 4 months 24 days |
OPPs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation expense | $ 3,198 |
Weighted-Average Remaining Contractual Term | 1 year 7 months 6 days |
LTPP Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation expense | $ 2,702 |
Weighted-Average Remaining Contractual Term | 1 year 9 months 18 days |
Vornado stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation expense | $ 175 |
Weighted-Average Remaining Contractual Term | 1 year |
Vornado restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation expense | $ 172 |
Weighted-Average Remaining Contractual Term | 1 year |
AO LTIP Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation expense | $ 131 |
Weighted-Average Remaining Contractual Term | 1 year |
Stock-based Compensation (Perfo
Stock-based Compensation (Performance Conditioned AO LTIP Units & Vornado Stock Options Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Proceeds received from exercise of employee share options and other | $ 885,000 | $ 899,000 | $ 5,862,000 |
Vornado stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period (years) | 4 years | ||
Stock options expiration term | 10 years | ||
Grants in period, weighted average grant date fair value (usd per share) | $ 12.28 | ||
Proceeds received from exercise of employee share options and other | $ 7,000 | 22,000 | $ 3,516,000 |
Exercises in period, intrinsic value | $ 842 | $ 5,500 | 859,000 |
Performance Conditioned AO LTIP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options expiration term | 10 years | ||
Threshold percentage to satisfy performance based condition | 110% | ||
Threshold period to satisfy performance based condition | 20 days | ||
AO LTIP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options expiration term | 10 years | ||
Threshold level, percent | 100% | ||
Special allocation | 10% | ||
Special distribution, percent | 10% | ||
Grant-date fair value | $ 4,319,000 |
Stock-based Compensation (Per_2
Stock-based Compensation (Performance Conditioned AO LTIP Units Vornado Stock Options) (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Vornado stock options | |
Shares | |
Options outstanding at beginning of period (shares) | shares | 191,933 |
Exercised (shares) | shares | (197) |
Forfeited (shares) | shares | (1,413) |
Expired (shares) | shares | (13,618) |
Options outstanding at end of period (shares) | shares | 176,705 |
Option exercisable at end of period (shares) | shares | 140,031 |
Weighted- Average Exercise Price | |
Options outstanding at beginning of period (in usd per share) | $ / shares | $ 65.27 |
Exercised (in usd per share) | $ / shares | 36.72 |
Forfeited (in usd per share) | $ / shares | 53.42 |
Expired (in usd per share) | $ / shares | 65.86 |
Options outstanding at end of period (in usd per share) | $ / shares | 65.35 |
Options exercisable at end of period (in usd per share) | $ / shares | $ 68.25 |
Weighted- Average Remaining Contractual Term | |
Options outstanding, Weighted Average Remaining Contractual Term | 4 years 11 months 26 days |
Options exercisable, Weighted Average Remaining Contractual Term | 4 years 5 months 23 days |
Aggregate Intrinsic Value | |
Options outstanding, Aggregate Intrinsic Value | $ | $ 0 |
Options exercisable, Aggregate Intrinsic Value | $ | $ 0 |
AO LTIP Units | |
Shares | |
Options outstanding at beginning of period (shares) | shares | 567,739 |
Forfeited (shares) | shares | (886) |
Expired (shares) | shares | (1,189) |
Options outstanding at end of period (shares) | shares | 565,664 |
Option exercisable at end of period (shares) | shares | 437,372 |
Weighted- Average Exercise Price | |
Options outstanding at beginning of period (in usd per share) | $ / shares | $ 59.91 |
Forfeited (in usd per share) | $ / shares | 54.16 |
Expired (in usd per share) | $ / shares | 56.29 |
Options outstanding at end of period (in usd per share) | $ / shares | 59.93 |
Options exercisable at end of period (in usd per share) | $ / shares | $ 61.39 |
Weighted- Average Remaining Contractual Term | |
Options outstanding, Weighted Average Remaining Contractual Term | 6 years 3 months 14 days |
Options exercisable, Weighted Average Remaining Contractual Term | 6 years 1 month 13 days |
Aggregate Intrinsic Value | |
Options outstanding, Aggregate Intrinsic Value | $ | $ 0 |
Options exercisable, Aggregate Intrinsic Value | $ | $ 0 |
Stock-based Compensation (Sched
Stock-based Compensation (Schedule of AO LTIP Units & Share Based Payment Award Stock Options Valuation Assumptions) (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Vornado stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility, minimum | 35% |
Expected volatility, maximum | 36% |
Expected life (years) | 5 years |
Risk free interest rate, minimum | 0.57% |
Risk free interest rate, maximum | 1.76% |
Vornado stock options | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected dividend yield (percentage) | 3.20% |
Vornado stock options | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected dividend yield (percentage) | 3.40% |
AO LTIP Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility, minimum | 35% |
Expected volatility, maximum | 36% |
Expected life (years) | 5 years |
Risk free interest rate, minimum | 0.57% |
Risk free interest rate, maximum | 1.76% |
AO LTIP Units | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected dividend yield (percentage) | 3.20% |
AO LTIP Units | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected dividend yield (percentage) | 3.40% |
Stock-based Compensation (Vorna
Stock-based Compensation (Vornado Restricted Stock or Operating Partnership Units Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
OP Units | |||
Share Based Compensation Equity Instruments Other Than Stock Options And Restricted Stock Units Summary | |||
Award vesting period (years) | 4 years | ||
Distributions, share-based compensation | $ 2,197 | $ 2,634 | $ 5,316 |
Grant-date fair value | 15,446 | 26,194 | 18,013 |
Vested in period, fair value | $ 25,158 | 36,541 | 24,373 |
Vornado Restricted Stock | |||
Share Based Compensation Equity Instruments Other Than Stock Options And Restricted Stock Units Summary | |||
Award vesting period (years) | 4 years | ||
Distributions, share-based compensation | $ 18 | 35 | 98 |
Grant-date fair value | 853 | ||
Vested in period, fair value | $ 428 | $ 567 | $ 602 |
Stock-based Compensation (Sum_3
Stock-based Compensation (Summary of Restricted Stock or Restricted Operating Partnership Units) (Details) | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
OP Units | |
Units | |
Unvested at beginning of period (shares) | shares | 1,083,087 |
Granted (shares) | shares | 501,169 |
Vested (shares) | shares | (597,292) |
Forfeited (in shares) | shares | (1,048) |
Unvested at end of period (shares) | shares | 985,916 |
Weighted-Average Grant-Date Fair Value | |
Unvested at beginning of period (in usd per share) | $ / shares | $ 53.99 |
Granted (in usd per share) | $ / shares | 30.82 |
Vested (in usd per share) | $ / shares | 42.12 |
Expired or cancelled (in usd per share) | $ / shares | 44.25 |
Unvested at end of period (in usd per share) | $ / shares | $ 49.41 |
Vornado Restricted Stock | |
Units | |
Unvested at beginning of period (shares) | shares | 15,774 |
Vested (shares) | shares | (7,069) |
Forfeited (in shares) | shares | (326) |
Unvested at end of period (shares) | shares | 8,379 |
Weighted-Average Grant-Date Fair Value | |
Unvested at beginning of period (in usd per share) | $ / shares | $ 57.82 |
Vested (in usd per share) | $ / shares | 60.57 |
Expired or cancelled (in usd per share) | $ / shares | 54.55 |
Unvested at end of period (in usd per share) | $ / shares | $ 55.64 |
Impairment Losses, Transactio_3
Impairment Losses, Transaction Related Costs and Other (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Transaction Related Costs, Impairment Losses and Other [Line Items] | |||
Real estate impairment losses | $ 19,098 | $ 7,880 | $ 236,286 |
Transaction related costs and other | 12,624 | 5,935 | 8,001 |
Impairment losses and transaction related costs, net | 31,722 | 13,815 | 174,027 |
608 Fifth Avenue | |||
Transaction Related Costs, Impairment Losses and Other [Line Items] | |||
608 Fifth Avenue lease liability extinguishment gain | $ 0 | $ 0 | $ (70,260) |
Interest and Other Investment_3
Interest and Other Investment Income (Loss), Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest and Other Income [Abstract] | |||
Interest on cash and cash equivalents and restricted cash | $ 7,553 | $ 284 | $ 5,793 |
Amortization of discount on investments in U.S. Treasury bills | 7,075 | 0 | 0 |
Interest on loans receivable | 5,006 | 2,517 | 3,384 |
Credit losses on loans receivable | 0 | 0 | (13,369) |
Market-to-market decrease in the fair value of marketable security (sold on January 23, 2020) | 0 | 0 | (4,938) |
Other, net | 235 | 1,811 | 3,631 |
Interest and other investment income, net | $ 19,869 | $ 4,612 | $ (5,499) |
Interest and Debt Expense (Deta
Interest and Debt Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest and Debt Expense [Abstract] | |||
Interest expense | $ 277,046 | $ 249,169 | $ 251,847 |
Amortization of Debt Issuance Costs | 21,804 | 20,247 | 18,460 |
Interest Costs Capitalized Adjustment | (19,085) | (38,320) | (41,056) |
Interest and debt expense | $ 279,765 | $ 231,096 | $ 229,251 |
Interest and Debt Expense - Foo
Interest and Debt Expense - Footnote (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest and Debt Expense [Abstract] | |||
Defeasance cost, noncash expense | $ 0 | $ 23,729 | $ 0 |
Defeasance cost, noncash expense attributable to noncontrolling interest | $ 7,119 | ||
Controlling interest, percentage owned | 70% |
(Loss) Income Per Share_(Loss_3
(Loss) Income Per Share/(Loss) Income Per Class A Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Numerator: | |||
Net income (loss) attributable to Vornado / Vornado Realty L.P. | $ (346,499) | $ 175,999 | $ (297,005) |
Preferred share dividends / unit distributions | (62,116) | (65,880) | (51,739) |
Preferred share / unit issuance costs | 0 | (9,033) | 0 |
NET (LOSS) INCOME attributable to common shareholders / Class A unitholders | (408,615) | 101,086 | (348,744) |
Earnings allocated to unvested participating securities | (18) | (34) | (99) |
Numerator for basic income (loss) per share / per Class A unit | $ (408,633) | $ 101,052 | $ (348,843) |
Denominator: | |||
Denominator for basic income (loss) per share - weighted average shares (in shares) | 191,775 | 191,551 | 191,146 |
Denominator for diluted income (loss) per share - weighted average shares and assumed conversions (in shares) | 191,775 | 192,122 | 191,146 |
(LOSS) INCOME PER COMMON SHARE - BASIC: | |||
Net (loss) income per common share (in dollars per share) | $ (2.13) | $ 0.53 | $ (1.83) |
(LOSS) INCOME PER COMMON SHARE - DILUTED: | |||
Net (loss) income per common share (in dollars per share) | $ (2.13) | $ 0.53 | $ (1.83) |
Share-based payment awards | |||
Denominator: | |||
Share-based payment awards and convertible securities (in shares) | 0 | 571 | 0 |
Vornado Realty L.P. | |||
Numerator: | |||
Net income (loss) attributable to Vornado / Vornado Realty L.P. | $ (376,875) | $ 183,539 | $ (321,951) |
Preferred share dividends / unit distributions | (62,231) | (66,035) | (51,904) |
Preferred share / unit issuance costs | 0 | (9,033) | 0 |
NET (LOSS) INCOME attributable to common shareholders / Class A unitholders | (439,106) | 108,471 | (373,855) |
Earnings allocated to unvested participating securities | (2,215) | (2,668) | (5,417) |
Numerator for basic income (loss) per share / per Class A unit | $ (441,321) | $ 105,803 | $ (379,272) |
Denominator: | |||
Denominator for basic income (loss) per Class A unit - weighted average units and assumed conversions | 205,315 | 204,728 | 203,503 |
Denominator for diluted income per Class A unit - weighted average units | 205,315 | 205,644 | 203,503 |
(LOSS) INCOME PER CLASS A UNIT - BASIC: | |||
Net (loss) income per Class A unit (in dollars per unit) | $ (2.15) | $ 0.52 | $ (1.86) |
(LOSS) INCOME PER CLASS A UNIT - DILUTED: | |||
Net (loss) income per Class A unit (in dollars per unit) | $ (2.15) | $ 0.51 | $ (1.86) |
Vornado Realty L.P. | Share-based payment awards | |||
Denominator: | |||
Share-based payment awards and convertible securities (in shares) | 0 | 916 | 0 |
(Loss) Income Per Share_(Loss_4
(Loss) Income Per Share/(Loss) Income Per Class A Unit (Narrative) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share | |||
Weighted average common share / class A unit equivalents of excluded dilutive securities due to anti-dilutive effect | 16,252 | 13,835 | 14,007 |
Vornado Realty L.P. | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share | |||
Weighted average common share / class A unit equivalents of excluded dilutive securities due to anti-dilutive effect | 2,712 | 313 | 1,650 |
Leases (Lessor, Operating Lease
Leases (Lessor, Operating Lease, Payments to be Received) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | |
2023 | $ 1,304,777 |
2024 | 1,200,544 |
2025 | 1,102,476 |
2026 | 1,053,948 |
2027 | 950,515 |
Thereafter | $ 6,515,202 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) ft² in Thousands, $ in Thousands | 1 Months Ended | ||
Jan. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) ft² | Dec. 31, 2021 USD ($) | |
Leases [Line Items] | |||
Right-of-use assets | $ 684,380 | $ 337,197 | |
Lease liabilities | $ 735,969 | $ 370,206 | |
Farley Building | |||
Leases [Line Items] | |||
Equity method ownership percentage | 95% | ||
Lessee, operating lease, lease not yet commenced, term (years) | 99 years | ||
Square footage of real estate property (in sqft) | ft² | 846 | ||
PILOT payments | $ 535,188 | ||
Office Building | Farley Building | |||
Leases [Line Items] | |||
Square footage of real estate property (in sqft) | ft² | 730 | ||
Retail | Farley Building | |||
Leases [Line Items] | |||
Square footage of real estate property (in sqft) | ft² | 116 | ||
PENN 1 | |||
Leases [Line Items] | |||
Term of contract | 25 years | ||
Length of extension available (years) | 25 years | ||
Finance lease, right-of-use asset | $ 350,000 | ||
Finance lease liability | $ 350,000 |
Leases (Schedule of Amounts Inc
Leases (Schedule of Amounts Included in the Measurement of Lease Liability) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Weighted average remaining lease term (in years) | 48 years 4 months 24 days | 44 years 4 months 24 days | 44 years 9 months 18 days |
Weighted average discount rate (percent) | 5.54% | 4.85% | 4.91% |
Cash paid for operating leases | $ 21,861 | $ 22,382 | $ 23,932 |
Leases (Schedule of Components
Leases (Schedule of Components of Rent Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Fixed rent expense | $ 45,211 | $ 24,901 | $ 28,503 |
Variable rent expense | 14,180 | 13,078 | 1,178 |
Rent expense | $ 59,391 | $ 37,979 | $ 29,681 |
Leases (Lessee, Operating Lease
Leases (Lessee, Operating Lease, Liability, Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2023 | $ 34,782 | |
2024 | 46,859 | |
2025 | 47,227 | |
2026 | 47,616 | |
2027 | 48,027 | |
Thereafter | 1,949,551 | |
Total undiscounted cash flows | 2,174,062 | |
Present value discount | (1,438,093) | |
Lease liabilities | $ 735,969 | $ 370,206 |
Multiemployer Benefit Plans (De
Multiemployer Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Multiemployer Benefit Plans | |||
Multiemployer plans contributions represent more than 5% of total employer contributions | false | true | false |
Multiemployer Pension Plans | |||
Multiemployer Benefit Plans | |||
Multiemployer plan, period contributions | $ 7,761 | $ 19,851 | $ 7,049 |
Multiemployer Health Plans | |||
Multiemployer Benefit Plans | |||
Multiemployer plan, period contributions | $ 26,514 | $ 23,431 | $ 26,938 |
Commitments and Contingencies (
Commitments and Contingencies (Details) ft² in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) ft² | Jul. 31, 2018 USD ($) ft² | |
Other Commitments | ||
Guarantees and master leases | $ 1,553,000,000 | |
Outstanding letters of credit | 15,273,000 | |
Clawback payment | 26,400,000 | |
Commitment to fund additional capital to partially owned entities | 10,300,000 | |
Other commitment | $ 409,000,000 | |
Farley Building | ||
Other Commitments | ||
Square footage of real estate property (in sqft) | ft² | 846 | |
Equity method ownership percentage | 95% | |
Joint Venture | Farley Building | ||
Other Commitments | ||
Equity method ownership percentage | 95% | |
Tax credit advisor capital contributions | $ 92,400,000 | |
Affiliated Entity | Farley Building | ||
Other Commitments | ||
Equity method ownership percentage | 5% | |
345 Montgomery Street | Subsidiary of Regus PLC | ||
Other Commitments | ||
Square footage of real estate property (in sqft) | ft² | 78 | |
Lessor, lease not yet commenced, term of contract (years) | 15 years | |
Regus PLC | 345 Montgomery Street | ||
Other Commitments | ||
Contractual obligation (up to) | $ 90,000,000 | |
General Liability | ||
Insurance | ||
Insurance limit per property | $ 300,000,000 | |
Insurance limit per occurrence | 300,000,000 | |
Disease Coverage | ||
Insurance | ||
Insurance limit per property | 250,000,000 | |
All Risk And Rental Value | ||
Insurance | ||
Insurance limit per occurrence | 2,000,000,000 | |
Earthquake California Properties | ||
Insurance | ||
Insurance limit per occurrence | 350,000,000 | |
Insurance maximum coverage limit in aggregate | $ 350,000,000 | |
Vornado deductible, percentage of property value | 5% | |
Terrorism Acts | ||
Insurance | ||
Insurance limit per occurrence | $ 6,000,000,000 | |
Insurance maximum coverage limit in aggregate | 6,000,000,000 | |
Non-Certified Acts of Terrorism | ||
Insurance | ||
Insurance maximum coverage limit in aggregate | 1,200,000,000 | |
NBCR | ||
Insurance | ||
Insurance limit per occurrence | 5,000,000,000 | |
Insurance maximum coverage limit in aggregate | 5,000,000,000 | |
NBCR | PPIC | ||
Insurance | ||
Insurance deductible | $ 1,774,525 | |
Insurance deductible percentage of balance of covered loss | 20% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Alexander's | |||
Related Party Transaction | |||
Percentage of affiliated entity owned by company | 32.40% | ||
Percentage of affiliated entity owned by related parties | 26% | ||
Interstate Properties | |||
Related Party Transaction | |||
Percentage of company owned by related party | 7% | ||
Related party transaction annual fee percentage | 4% | ||
Term of management agreement | 1 year | ||
Period allowed for termination of automatic renewal of management agreement | 60 days | ||
Fee and other income from related parties (in US dollars) | $ 204 | $ 203 | $ 203 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2022 segment | |
Segment Reporting [Abstract] | |
Number of reportable segments (segment) | 2 |
Segment Information (Summary of
Segment Information (Summary of NOI by Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Total revenues | $ 1,799,995 | $ 1,589,210 | $ 1,527,951 |
Operating expenses | (873,911) | (797,315) | (789,066) |
NOI - consolidated | 926,084 | 791,895 | 738,885 |
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (70,029) | (69,385) | (72,801) |
Add: NOI from partially owned entities | 305,993 | 310,858 | 306,495 |
NOI at share | 1,162,048 | 1,033,368 | 972,579 |
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (10,980) | 1,318 | 46,246 |
NOI at share - cash basis | 1,151,068 | 1,034,686 | 1,018,825 |
New York | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 1,449,442 | 1,257,599 | 1,221,748 |
Operating expenses | (716,148) | (626,386) | (640,531) |
NOI - consolidated | 733,294 | 631,213 | 581,217 |
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (45,566) | (38,980) | (43,773) |
Add: NOI from partially owned entities | 293,780 | 300,721 | 296,447 |
NOI at share | 981,508 | 892,954 | 833,891 |
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (18,509) | (1,188) | 36,715 |
NOI at share - cash basis | 962,999 | 891,766 | 870,606 |
Other | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 350,553 | 331,611 | 306,203 |
Operating expenses | (157,763) | (170,929) | (148,535) |
NOI - consolidated | 192,790 | 160,682 | 157,668 |
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (24,463) | (30,405) | (29,028) |
Add: NOI from partially owned entities | 12,213 | 10,137 | 10,048 |
NOI at share | 180,540 | 140,414 | 138,688 |
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 7,529 | 2,506 | 9,531 |
NOI at share - cash basis | $ 188,069 | $ 142,920 | $ 148,219 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Net Income to NOI) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting [Abstract] | |||
Net (loss) income | $ (382,612) | $ 207,553 | $ (461,845) |
Depreciation and amortization expense | 504,502 | 412,347 | 399,695 |
General and administrative expense | 133,731 | 134,545 | 181,509 |
Impairment losses, transaction related costs and other | 31,722 | 13,815 | 174,027 |
Loss (income) from partially owned entities | 461,351 | (130,517) | 329,112 |
(Income) loss from real estate fund investments | (3,541) | (11,066) | 226,327 |
Interest and other investment (income) loss, net | (19,869) | (4,612) | 5,499 |
Interest and debt expense | 279,765 | 231,096 | 229,251 |
Net gains on disposition of wholly owned and partially owned assets | (100,625) | (50,770) | (381,320) |
Income tax expense (benefit) | 21,660 | (10,496) | 36,630 |
NOI from partially owned entities | 305,993 | 310,858 | 306,495 |
NOI attributable to noncontrolling interests in consolidated subsidiaries | (70,029) | (69,385) | (72,801) |
NOI at share | 1,162,048 | 1,033,368 | 972,579 |
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (10,980) | 1,318 | 46,246 |
NOI at share - cash basis | $ 1,151,068 | $ 1,034,686 | $ 1,018,825 |
Subsequent Events (Details)
Subsequent Events (Details) ft² in Thousands, $ in Thousands | 12 Months Ended | ||||||
Jan. 24, 2023 USD ($) ft² | Jan. 11, 2023 | Jan. 12, 2022 | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jan. 09, 2023 USD ($) | |
Subsequent Event [Line Items] | |||||||
Payments to acquire real estate | $ 159,796 | $ 149,461 | $ 155,738 | ||||
Absolute | Share-based payment awards | |||||||
Subsequent Event [Line Items] | |||||||
Award requisite service period | 1 year | ||||||
Absolute | Share-based payment awards | Chief Executive Officer | |||||||
Subsequent Event [Line Items] | |||||||
Award requisite service period | 3 years | ||||||
Subsequent Event | Operational | Share-based payment awards | |||||||
Subsequent Event [Line Items] | |||||||
Percentage breakdown of awards | 50% | ||||||
Subsequent Event | Operational | Share-based payment awards | Comparable FFO per Share | |||||||
Subsequent Event [Line Items] | |||||||
Percentage breakdown of awards | 75% | ||||||
Subsequent Event | Operational | Share-based payment awards | ESG Performance Metrics | |||||||
Subsequent Event [Line Items] | |||||||
Percentage breakdown of awards | 25% | ||||||
Subsequent Event | Relative | Share-based payment awards | |||||||
Subsequent Event [Line Items] | |||||||
Percentage breakdown of awards | 50% | ||||||
Percentage reduction threshold | 30% | ||||||
Duration of performance measurement period | 3 years | ||||||
Subsequent Event | Relative | Share-based payment awards | Dow Jones U.S. Real Estate Office Index | |||||||
Subsequent Event [Line Items] | |||||||
Percentage of benchmark | 50% | ||||||
Subsequent Event | Relative | Share-based payment awards | Northeast Peer Group Custom Index | |||||||
Subsequent Event [Line Items] | |||||||
Percentage of benchmark | 50% | ||||||
Subsequent Event | Absolute | Share-based payment awards | |||||||
Subsequent Event [Line Items] | |||||||
Percentage reduction threshold | 30% | ||||||
Subsequent Event | Absolute | Share-based payment awards | Maximum | Vests in January 2026 | |||||||
Subsequent Event [Line Items] | |||||||
Percent vested, year four | 50% | ||||||
Subsequent Event | Absolute | Share-based payment awards | Maximum | Vests in January 2027 | |||||||
Subsequent Event [Line Items] | |||||||
Percent vested, year five | 50% | ||||||
350 Park Avenue Office Building | Subsequent Event | Citadel Enterprise Americas LLC | |||||||
Subsequent Event [Line Items] | |||||||
Square footage of real estate property (in sqft) | ft² | 585 | ||||||
Term of contract | 10 years | ||||||
Initial annual net rent | $ 36,000 | ||||||
40 East 52nd Street | Subsequent Event | Citadel Enterprise Americas LLC | |||||||
Subsequent Event [Line Items] | |||||||
Square footage of real estate property (in sqft) | ft² | 390 | ||||||
The Site | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Basis difference in carrying amount | $ 1,200,000 | ||||||
The Site | Subsequent Event | KG | |||||||
Subsequent Event [Line Items] | |||||||
Exercise of option to purchase | $ 1,200,000 | ||||||
Put option closing period | 10 years | ||||||
Termination payment | $ 200,000 | ||||||
The Site | Vornado | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Basis difference in carrying amount | 900,000 | ||||||
The Site | Vornado | Subsequent Event | KG | |||||||
Subsequent Event [Line Items] | |||||||
Exercise of option to purchase | 900,000 | ||||||
The Site | Rudin | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Basis difference in carrying amount | 300,000 | ||||||
The Site | Rudin | Subsequent Event | KG | |||||||
Subsequent Event [Line Items] | |||||||
Exercise of option to purchase | $ 300,000 | ||||||
Citadel Enterprise Americas LLC | New York City Metropolitan Area | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Square footage of real estate property (in sqft) | ft² | 850 | ||||||
Lease, term (in years) | 15 years | ||||||
Vornado and Rudin | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Equity method ownership percentage | 40% | ||||||
Vornado and Rudin | Vornado | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Equity method ownership percentage | 36% | ||||||
Vornado and Rudin | Rudin | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Equity method ownership percentage | 4% | ||||||
Vornado and Rudin | KG | Subsequent Event | Preferred Shares | |||||||
Subsequent Event [Line Items] | |||||||
Aggregate of preferred equity interests | $ 250,000 | ||||||
Vornado and Rudin | 39 East 51st Street | Subsequent Event | Rudin Management Co, Inc. | |||||||
Subsequent Event [Line Items] | |||||||
Payments to acquire real estate | $ 40,000 | ||||||
Vornado and Rudin | The Site | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Square footage of real estate property (in sqft) | ft² | 1,700 | ||||||
Exercise of option to purchase | $ 1,400,000 | ||||||
Vornado and Rudin | The Site | Vornado | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Exercise of option to purchase | 1,085,000 | ||||||
Vornado and Rudin | The Site | Rudin | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Exercise of option to purchase | $ 315,000 | ||||||
Vornado and Rudin | The Site | KG | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Option to acquire interest in joint venture, percentage | 60% | ||||||
KG | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Equity method ownership percentage | 60% | ||||||
150 West 34th Street Loan Participation | Subsequent Event | Participating Mortgages | |||||||
Subsequent Event [Line Items] | |||||||
Participation interest | $ 105,000 | ||||||
Debt instrument, amount | 205,000 | ||||||
Mortgage loan | 105,000 | ||||||
Remaining mortgage loan | $ 100,000 | ||||||
150 West 34th Street Loan Participation | Subsequent Event | Secured Overnight Financing Rate (SOFR) | Participating Mortgages | |||||||
Subsequent Event [Line Items] | |||||||
Rate | 1.86% | ||||||
150 West 34th Street Loan Participation | Subsequent Event | Maximum | Secured Overnight Financing Rate (SOFR) | Participating Mortgages | |||||||
Subsequent Event [Line Items] | |||||||
Rate | 4.10% |
SEC Schedule III Real Estate _2
SEC Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 6,452,615 | |||
Initial cost to company | ||||
Land | 2,468,838 | |||
Buildings and improvements | 5,890,960 | |||
Costs capitalized subsequent to acquisition | 4,954,957 | |||
Gross amount at which carried at close of period | ||||
Land | 2,451,828 | |||
Buildings and improvements | 10,862,927 | |||
Total | 13,314,755 | |||
Accumulated depreciation and amortization | 3,470,991 | $ 3,376,347 | $ 3,169,446 | $ 3,015,958 |
Net basis difference of assets and liabilities between tax basis and GAAP basis | $ 1,600,000 | |||
Real estate and accumulated depreciation life used for depreciation | 40 years | |||
Maximum | ||||
Gross amount at which carried at close of period | ||||
Real estate and accumulated depreciation life used for depreciation | 40 years | |||
Minimum | ||||
Gross amount at which carried at close of period | ||||
Real estate and accumulated depreciation life used for depreciation | 7 years | |||
Leasehold improvements, equipment and other | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Buildings and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 125,389 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Buildings and improvements | 125,389 | |||
Total | 125,389 | |||
Accumulated depreciation and amortization | 95,165 | |||
New York | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 5,252,615 | |||
Initial cost to company | ||||
Land | 2,084,155 | |||
Buildings and improvements | 4,627,325 | |||
Costs capitalized subsequent to acquisition | 4,046,638 | |||
Gross amount at which carried at close of period | ||||
Land | 2,070,319 | |||
Buildings and improvements | 8,687,799 | |||
Total | 10,758,118 | |||
Accumulated depreciation and amortization | 2,507,571 | |||
New York | Manhattan | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 5,252,615 | |||
Initial cost to company | ||||
Land | 2,084,155 | |||
Buildings and improvements | 4,627,325 | |||
Costs capitalized subsequent to acquisition | 4,025,414 | |||
Gross amount at which carried at close of period | ||||
Land | 2,069,286 | |||
Buildings and improvements | 8,667,608 | |||
Total | 10,736,894 | |||
Accumulated depreciation and amortization | 2,490,748 | |||
New York | Manhattan | 1290 Avenue of the Americas | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 950,000 | |||
Initial cost to company | ||||
Land | 518,244 | |||
Buildings and improvements | 926,992 | |||
Costs capitalized subsequent to acquisition | 269,875 | |||
Gross amount at which carried at close of period | ||||
Land | 518,244 | |||
Buildings and improvements | 1,196,867 | |||
Total | 1,715,111 | |||
Accumulated depreciation and amortization | 478,343 | |||
New York | Manhattan | One Park Avenue | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 525,000 | |||
Initial cost to company | ||||
Land | 197,057 | |||
Buildings and improvements | 369,016 | |||
Costs capitalized subsequent to acquisition | 2,936 | |||
Gross amount at which carried at close of period | ||||
Land | 197,057 | |||
Buildings and improvements | 371,952 | |||
Total | 569,009 | |||
Accumulated depreciation and amortization | 14,868 | |||
New York | Manhattan | 350 Park Avenue | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 400,000 | |||
Initial cost to company | ||||
Land | 265,889 | |||
Buildings and improvements | 363,381 | |||
Costs capitalized subsequent to acquisition | 64,619 | |||
Gross amount at which carried at close of period | ||||
Land | 265,889 | |||
Buildings and improvements | 428,000 | |||
Total | 693,889 | |||
Accumulated depreciation and amortization | 170,634 | |||
New York | Manhattan | PENN 1 | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Buildings and improvements | 412,169 | |||
Costs capitalized subsequent to acquisition | 791,704 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Buildings and improvements | 1,203,873 | |||
Total | 1,203,873 | |||
Accumulated depreciation and amortization | 402,282 | |||
New York | Manhattan | 100 West 33rd Street | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 480,000 | |||
Initial cost to company | ||||
Land | 331,371 | |||
Buildings and improvements | 361,443 | |||
Costs capitalized subsequent to acquisition | 78,034 | |||
Gross amount at which carried at close of period | ||||
Land | 331,371 | |||
Buildings and improvements | 439,477 | |||
Total | 770,848 | |||
Accumulated depreciation and amortization | 178,228 | |||
New York | Manhattan | 150 West 34th Street | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 205,000 | |||
Initial cost to company | ||||
Land | 119,657 | |||
Buildings and improvements | 268,509 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 119,657 | |||
Buildings and improvements | 268,509 | |||
Total | 388,166 | |||
Accumulated depreciation and amortization | 50,905 | |||
New York | Manhattan | PENN 2 | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 575,000 | |||
Initial cost to company | ||||
Land | 53,615 | |||
Buildings and improvements | 164,903 | |||
Costs capitalized subsequent to acquisition | 544,767 | |||
Gross amount at which carried at close of period | ||||
Land | 52,689 | |||
Buildings and improvements | 710,596 | |||
Total | 763,285 | |||
Accumulated depreciation and amortization | 108,685 | |||
New York | Manhattan | 90 Park Avenue | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 8,000 | |||
Buildings and improvements | 175,890 | |||
Costs capitalized subsequent to acquisition | 199,485 | |||
Gross amount at which carried at close of period | ||||
Land | 8,000 | |||
Buildings and improvements | 375,375 | |||
Total | 383,375 | |||
Accumulated depreciation and amortization | 192,616 | |||
New York | Manhattan | 770 Broadway | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 700,000 | |||
Initial cost to company | ||||
Land | 52,898 | |||
Buildings and improvements | 95,686 | |||
Costs capitalized subsequent to acquisition | 192,597 | |||
Gross amount at which carried at close of period | ||||
Land | 52,898 | |||
Buildings and improvements | 288,283 | |||
Total | 341,181 | |||
Accumulated depreciation and amortization | 142,018 | |||
New York | Manhattan | 888 Seventh Avenue | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 277,800 | |||
Initial cost to company | ||||
Land | 0 | |||
Buildings and improvements | 117,269 | |||
Costs capitalized subsequent to acquisition | 170,408 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Buildings and improvements | 287,677 | |||
Total | 287,677 | |||
Accumulated depreciation and amortization | 155,181 | |||
New York | Manhattan | PENN 11 | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 500,000 | |||
Initial cost to company | ||||
Land | 40,333 | |||
Buildings and improvements | 85,259 | |||
Costs capitalized subsequent to acquisition | 135,639 | |||
Gross amount at which carried at close of period | ||||
Land | 40,333 | |||
Buildings and improvements | 220,898 | |||
Total | 261,231 | |||
Accumulated depreciation and amortization | 102,565 | |||
New York | Manhattan | 909 Third Avenue | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 350,000 | |||
Initial cost to company | ||||
Land | 0 | |||
Buildings and improvements | 120,723 | |||
Costs capitalized subsequent to acquisition | 122,641 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Buildings and improvements | 243,364 | |||
Total | 243,364 | |||
Accumulated depreciation and amortization | 132,201 | |||
New York | Manhattan | 150 East 58th Street | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 39,303 | |||
Buildings and improvements | 80,216 | |||
Costs capitalized subsequent to acquisition | 62,924 | |||
Gross amount at which carried at close of period | ||||
Land | 39,303 | |||
Buildings and improvements | 143,140 | |||
Total | 182,443 | |||
Accumulated depreciation and amortization | 75,535 | |||
New York | Manhattan | 595 Madison Avenue | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 62,731 | |||
Buildings and improvements | 62,888 | |||
Costs capitalized subsequent to acquisition | 79,646 | |||
Gross amount at which carried at close of period | ||||
Land | 62,731 | |||
Buildings and improvements | 142,534 | |||
Total | 205,265 | |||
Accumulated depreciation and amortization | 58,669 | |||
New York | Manhattan | 330 West 34th Street | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Buildings and improvements | 8,599 | |||
Costs capitalized subsequent to acquisition | 164,628 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Buildings and improvements | 173,227 | |||
Total | 173,227 | |||
Accumulated depreciation and amortization | 59,405 | |||
New York | Manhattan | 715 Lexington Avenue | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Buildings and improvements | 26,903 | |||
Costs capitalized subsequent to acquisition | 20,218 | |||
Gross amount at which carried at close of period | ||||
Land | 30,086 | |||
Buildings and improvements | 17,035 | |||
Total | 47,121 | |||
Accumulated depreciation and amortization | 1,925 | |||
New York | Manhattan | 4 Union Square South | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 120,000 | |||
Initial cost to company | ||||
Land | 24,079 | |||
Buildings and improvements | 55,220 | |||
Costs capitalized subsequent to acquisition | 12,513 | |||
Gross amount at which carried at close of period | ||||
Land | 24,079 | |||
Buildings and improvements | 67,733 | |||
Total | 91,812 | |||
Accumulated depreciation and amortization | 28,102 | |||
New York | Manhattan | The Farley Building | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Buildings and improvements | 476,235 | |||
Costs capitalized subsequent to acquisition | 949,500 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Buildings and improvements | 1,425,735 | |||
Total | 1,425,735 | |||
Accumulated depreciation and amortization | 54,042 | |||
New York | Manhattan | 260 Eleventh Avenue | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Buildings and improvements | 80,482 | |||
Costs capitalized subsequent to acquisition | 6,937 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Buildings and improvements | 87,419 | |||
Total | 87,419 | |||
Accumulated depreciation and amortization | 16,227 | |||
New York | Manhattan | 510 Fifth Avenue | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 34,602 | |||
Buildings and improvements | 18,728 | |||
Costs capitalized subsequent to acquisition | 8,441 | |||
Gross amount at which carried at close of period | ||||
Land | 35,864 | |||
Buildings and improvements | 25,907 | |||
Total | 61,771 | |||
Accumulated depreciation and amortization | 0 | |||
New York | Manhattan | 606 Broadway | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 74,119 | |||
Initial cost to company | ||||
Land | 45,406 | |||
Buildings and improvements | 8,993 | |||
Costs capitalized subsequent to acquisition | 51,715 | |||
Gross amount at which carried at close of period | ||||
Land | 45,298 | |||
Buildings and improvements | 60,816 | |||
Total | 106,114 | |||
Accumulated depreciation and amortization | 6,048 | |||
New York | Manhattan | 443 Broadway | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 11,187 | |||
Buildings and improvements | 41,186 | |||
Costs capitalized subsequent to acquisition | (41,283) | |||
Gross amount at which carried at close of period | ||||
Land | 2,370 | |||
Buildings and improvements | 8,720 | |||
Total | 11,090 | |||
Accumulated depreciation and amortization | 0 | |||
New York | Manhattan | 435 Seventh Avenue | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 95,696 | |||
Initial cost to company | ||||
Land | 19,893 | |||
Buildings and improvements | 19,091 | |||
Costs capitalized subsequent to acquisition | 2,166 | |||
Gross amount at which carried at close of period | ||||
Land | 19,893 | |||
Buildings and improvements | 21,257 | |||
Total | 41,150 | |||
Accumulated depreciation and amortization | 11,803 | |||
New York | Manhattan | 692 Broadway | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 6,053 | |||
Buildings and improvements | 22,908 | |||
Costs capitalized subsequent to acquisition | (9,677) | |||
Gross amount at which carried at close of period | ||||
Land | 3,552 | |||
Buildings and improvements | 15,732 | |||
Total | 19,284 | |||
Accumulated depreciation and amortization | 0 | |||
New York | Manhattan | 131-135 West 33rd Street | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 8,315 | |||
Buildings and improvements | 21,312 | |||
Costs capitalized subsequent to acquisition | 477 | |||
Gross amount at which carried at close of period | ||||
Land | 8,315 | |||
Buildings and improvements | 21,789 | |||
Total | 30,104 | |||
Accumulated depreciation and amortization | 3,841 | |||
New York | Manhattan | 304 Canal Street | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 3,511 | |||
Buildings and improvements | 12,905 | |||
Costs capitalized subsequent to acquisition | (8,272) | |||
Gross amount at which carried at close of period | ||||
Land | 1,771 | |||
Buildings and improvements | 6,373 | |||
Total | 8,144 | |||
Accumulated depreciation and amortization | 337 | |||
New York | Manhattan | 1131 Third Avenue | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 7,844 | |||
Buildings and improvements | 7,844 | |||
Costs capitalized subsequent to acquisition | 5,683 | |||
Gross amount at which carried at close of period | ||||
Land | 7,844 | |||
Buildings and improvements | 13,527 | |||
Total | 21,371 | |||
Accumulated depreciation and amortization | 3,489 | |||
New York | Manhattan | 431 Seventh Avenue | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 16,700 | |||
Buildings and improvements | 2,751 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 16,700 | |||
Buildings and improvements | 2,751 | |||
Total | 19,451 | |||
Accumulated depreciation and amortization | 1,083 | |||
New York | Manhattan | 138-142 West 32nd Street | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 9,252 | |||
Buildings and improvements | 9,936 | |||
Costs capitalized subsequent to acquisition | 2,032 | |||
Gross amount at which carried at close of period | ||||
Land | 9,252 | |||
Buildings and improvements | 11,968 | |||
Total | 21,220 | |||
Accumulated depreciation and amortization | 2,181 | |||
New York | Manhattan | 334 Canal Street | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 1,693 | |||
Buildings and improvements | 6,507 | |||
Costs capitalized subsequent to acquisition | (1,169) | |||
Gross amount at which carried at close of period | ||||
Land | 753 | |||
Buildings and improvements | 6,278 | |||
Total | 7,031 | |||
Accumulated depreciation and amortization | 409 | |||
New York | Manhattan | 966 Third Avenue | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 8,869 | |||
Buildings and improvements | 3,631 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 8,869 | |||
Buildings and improvements | 3,631 | |||
Total | 12,500 | |||
Accumulated depreciation and amortization | 847 | |||
New York | Manhattan | 148 Spring Street | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 3,200 | |||
Buildings and improvements | 8,112 | |||
Costs capitalized subsequent to acquisition | 408 | |||
Gross amount at which carried at close of period | ||||
Land | 3,200 | |||
Buildings and improvements | 8,520 | |||
Total | 11,720 | |||
Accumulated depreciation and amortization | 3,163 | |||
New York | Manhattan | 150 Spring Street | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 3,200 | |||
Buildings and improvements | 5,822 | |||
Costs capitalized subsequent to acquisition | 327 | |||
Gross amount at which carried at close of period | ||||
Land | 3,200 | |||
Buildings and improvements | 6,149 | |||
Total | 9,349 | |||
Accumulated depreciation and amortization | 2,273 | |||
New York | Manhattan | 137 West 33rd Street | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 6,398 | |||
Buildings and improvements | 1,550 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 6,398 | |||
Buildings and improvements | 1,550 | |||
Total | 7,948 | |||
Accumulated depreciation and amortization | 300 | |||
New York | Manhattan | 825 Seventh Avenue | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 1,483 | |||
Buildings and improvements | 697 | |||
Costs capitalized subsequent to acquisition | 3,982 | |||
Gross amount at which carried at close of period | ||||
Land | 1,483 | |||
Buildings and improvements | 4,679 | |||
Total | 6,162 | |||
Accumulated depreciation and amortization | 1,064 | |||
New York | Manhattan | 537 West 26th Street | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 10,370 | |||
Buildings and improvements | 17,632 | |||
Costs capitalized subsequent to acquisition | 20,000 | |||
Gross amount at which carried at close of period | ||||
Land | 26,631 | |||
Buildings and improvements | 21,371 | |||
Total | 48,002 | |||
Accumulated depreciation and amortization | 3,232 | |||
New York | Manhattan | 339 Greenwich Street | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 2,622 | |||
Buildings and improvements | 12,333 | |||
Costs capitalized subsequent to acquisition | (10,018) | |||
Gross amount at which carried at close of period | ||||
Land | 866 | |||
Buildings and improvements | 4,071 | |||
Total | 4,937 | |||
Accumulated depreciation and amortization | 245 | |||
New York | Manhattan | Other (Including Signage) | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 140,477 | |||
Buildings and improvements | 31,892 | |||
Costs capitalized subsequent to acquisition | 22,106 | |||
Gross amount at which carried at close of period | ||||
Land | 94,787 | |||
Buildings and improvements | 99,688 | |||
Total | 194,475 | |||
Accumulated depreciation and amortization | 28,002 | |||
Other | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 1,200,000 | |||
Initial cost to company | ||||
Land | 384,683 | |||
Buildings and improvements | 1,263,635 | |||
Costs capitalized subsequent to acquisition | 782,930 | |||
Gross amount at which carried at close of period | ||||
Land | 381,509 | |||
Buildings and improvements | 2,049,739 | |||
Total | 2,431,248 | |||
Accumulated depreciation and amortization | 868,255 | |||
Other | Other | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Buildings and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 7,962 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Buildings and improvements | 7,962 | |||
Total | 7,962 | |||
Accumulated depreciation and amortization | 2,103 | |||
Other | Manhattan | Hotel Pennsylvania site | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 29,903 | |||
Buildings and improvements | 121,712 | |||
Costs capitalized subsequent to acquisition | 109,425 | |||
Gross amount at which carried at close of period | ||||
Land | 29,903 | |||
Buildings and improvements | 231,137 | |||
Total | 261,040 | |||
Accumulated depreciation and amortization | 0 | |||
Other | Illinois | The Mart, Chicago | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 64,528 | |||
Buildings and improvements | 319,146 | |||
Costs capitalized subsequent to acquisition | 441,840 | |||
Gross amount at which carried at close of period | ||||
Land | 64,535 | |||
Buildings and improvements | 760,979 | |||
Total | 825,514 | |||
Accumulated depreciation and amortization | 383,172 | |||
Other | Illinois | 527 West Kinzie, Chicago | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 5,166 | |||
Buildings and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 257 | |||
Gross amount at which carried at close of period | ||||
Land | 5,166 | |||
Buildings and improvements | 257 | |||
Total | 5,423 | |||
Accumulated depreciation and amortization | 0 | |||
Other | Illinois | Total theMART | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 69,694 | |||
Buildings and improvements | 319,146 | |||
Costs capitalized subsequent to acquisition | 465,935 | |||
Gross amount at which carried at close of period | ||||
Land | 69,701 | |||
Buildings and improvements | 785,074 | |||
Total | 854,775 | |||
Accumulated depreciation and amortization | 387,511 | |||
Other | California | 555 California Street, California | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 1,200,000 | |||
Initial cost to company | ||||
Land | 223,446 | |||
Buildings and improvements | 895,379 | |||
Costs capitalized subsequent to acquisition | 269,215 | |||
Gross amount at which carried at close of period | ||||
Land | 223,446 | |||
Buildings and improvements | 1,164,594 | |||
Total | 1,388,040 | |||
Accumulated depreciation and amortization | 432,128 | |||
Other | New Jersey | Paramus | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Buildings and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 21,224 | |||
Gross amount at which carried at close of period | ||||
Land | 1,033 | |||
Buildings and improvements | 20,191 | |||
Total | 21,224 | |||
Accumulated depreciation and amortization | 16,823 | |||
Other | New Jersey | Borgata Land, Atlantic City, NJ | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 83,089 | |||
Buildings and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 83,089 | |||
Buildings and improvements | 0 | |||
Total | 83,089 | |||
Accumulated depreciation and amortization | 0 | |||
Other | New Jersey | Wayne Towne Center, New Jersey | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Buildings and improvements | 26,137 | |||
Costs capitalized subsequent to acquisition | 48,011 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Buildings and improvements | 74,148 | |||
Total | 74,148 | |||
Accumulated depreciation and amortization | 38,228 | |||
Other | New York | Piers 92 and 94 | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Buildings and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 23,838 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Buildings and improvements | 23,838 | |||
Total | 23,838 | |||
Accumulated depreciation and amortization | 4,339 | |||
Other | New York | 759-771 Madison Avenue (40 East 66th Street) Residential, New York | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 8,454 | |||
Buildings and improvements | 13,321 | |||
Costs capitalized subsequent to acquisition | (8,193) | |||
Gross amount at which carried at close of period | ||||
Land | 5,273 | |||
Buildings and improvements | 8,309 | |||
Total | 13,582 | |||
Accumulated depreciation and amortization | 3,321 | |||
Other | Maryland | Annapolis, Maryland | ||||
Real Estate And Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Buildings and improvements | 9,652 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Buildings and improvements | 9,652 | |||
Total | 9,652 | |||
Accumulated depreciation and amortization | $ 4,964 |
SEC Schedule III Rollforward _2
SEC Schedule III Rollforward of Real Estate Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Real estate, balance at beginning of period | $ 13,217,845 | $ 12,087,943 | $ 13,074,012 |
Additions during the period | 13,929,567 | 13,571,474 | 14,202,977 |
Less: Assets sold, written-off, reclassified to ready for sale and deconsolidated | 614,812 | 353,629 | 2,115,034 |
Real estate, balance at end of period | 13,314,755 | 13,217,845 | 12,087,943 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
Accumulated depreciation, balance at beginning of period | 3,376,347 | 3,169,446 | 3,015,958 |
Depreciation expense | 449,864 | 362,311 | 344,301 |
Real estate accumulated depreciation | 3,826,211 | 3,531,757 | 3,360,259 |
Less: Accumulated depreciation on assets sold, written-off and deconsolidated | 355,220 | 155,410 | 190,813 |
Accumulated depreciation, balance at end of period | 3,470,991 | 3,376,347 | 3,169,446 |
Land | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Additions during the period | 0 | 197,057 | 1,372 |
Buildings & improvements and other | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Additions during the period | $ 711,722 | $ 1,286,474 | $ 1,127,593 |
Uncategorized Items - vno-20221
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |