☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended: | June 30, 2022 |
☐ | TRANSITION REPORT PURSUANT TOSECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the | to |
001-11954 | ||||||||
Commission File Number: | 001-34482 | (Vornado Realty L.P.) |
Vornado Realty Trust | Maryland | 22-1657560 | ||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |||||||||||||
Vornado Realty | ||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |||||||||||||
888 Seventh Avenue, | New York, | New York | 10019 | ||||||||
(Address of principal executive offices) (Zip Code) |
(212) | 894-7000 | ||||
(Registrants’ telephone number, including area code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||||||||
Common Shares of beneficial interest, $.04 par value per share | VNO | New York Stock Exchange | ||||||||||||||||||
Cumulative Redeemable Preferred Shares of beneficial interest, liquidation preference $25.00 per share: | ||||||||||||||||||||
Vornado Realty Trust | 5.40% Series L | VNO/PL | New York Stock Exchange | |||||||||||||||||
Vornado Realty Trust | 5.25% Series M | VNO/PM | New York Stock Exchange | |||||||||||||||||
Vornado Realty Trust | 5.25% Series N | VNO/PN | New York Stock Exchange | |||||||||||||||||
Vornado Realty Trust | 4.45% Series O | VNO/PO | New York Stock Exchange |
Vornado Realty Trust: | |||||||||||||||||
☑ | Large Accelerated Filer | ☐ | Accelerated Filer | ||||||||||||||
☐ | Non-Accelerated Filer | ☐ | Smaller Reporting Company | ||||||||||||||
☐ | |||||||||||||||||
Vornado Realty L.P.: | |||||||||||||||||
☐ | Large Accelerated Filer | ☐ | Accelerated Filer | ||||||||||||||
☑ | Non-Accelerated Filer | ☐ | Smaller Reporting Company | ||||||||||||||
☐ | Emerging Growth Company |
PART I. | Financial Information: | Page Number | ||||||||||||
Consolidated Balance Sheets (Unaudited) as of | ||||||||||||||
Consolidated Statements of Income (Unaudited) for the Three and | ||||||||||||||
Consolidated Statements of Comprehensive Income (Unaudited) for the Three and | ||||||||||||||
Consolidated Statements of Changes in Equity (Unaudited) for the | ||||||||||||||
Consolidated Statements of Cash Flows (Unaudited) for the | ||||||||||||||
Consolidated Balance Sheets (Unaudited) as of | ||||||||||||||
Consolidated Statements of Income (Unaudited) for the Three and | ||||||||||||||
Consolidated Statements of Comprehensive Income (Unaudited) for the Three and | ||||||||||||||
Consolidated Statements of Changes in Equity (Unaudited) for the | ||||||||||||||
Consolidated Statements of Cash Flows (Unaudited) for the | ||||||||||||||
Vornado Realty Trust and Vornado Realty L.P.: | ||||||||||||||
PART II. | Other Information: | |||||||||||||
(Amounts in thousands, except unit, share, and per share amounts) | As of | ||||||||||
June 30, 2022 | December 31, 2021 | ||||||||||
ASSETS | |||||||||||
Real estate, at cost: | |||||||||||
Land | $ | 2,493,688 | $ | 2,540,193 | |||||||
Buildings and improvements | 10,054,872 | 9,839,166 | |||||||||
Development costs and construction in progress | 711,250 | 718,694 | |||||||||
Leasehold improvements and equipment | 122,151 | 119,792 | |||||||||
Total | 13,381,961 | 13,217,845 | |||||||||
Less accumulated depreciation and amortization | (3,532,984) | (3,376,347) | |||||||||
Real estate, net | 9,848,977 | 9,841,498 | |||||||||
Right-of-use assets | 685,962 | 337,197 | |||||||||
Cash and cash equivalents | 988,398 | 1,760,225 | |||||||||
Restricted cash | 127,920 | 170,126 | |||||||||
Investments in U.S. Treasury bills | 494,045 | — | |||||||||
Tenant and other receivables | 76,769 | 79,661 | |||||||||
Investments in partially owned entities | 3,270,229 | 3,297,389 | |||||||||
Real estate fund investments | 930 | 7,730 | |||||||||
220 Central Park South condominium units ready for sale | 51,072 | 57,142 | |||||||||
Receivable arising from the straight-lining of rents | 687,782 | 656,318 | |||||||||
Deferred leasing costs, net of accumulated amortization of $226,196 and $211,775 | 378,484 | 391,693 | |||||||||
Identified intangible assets, net of accumulated amortization of $93,180 and $97,186 | 144,597 | 154,895 | |||||||||
Other assets | 397,256 | 512,714 | |||||||||
$ | 17,152,421 | $ | 17,266,588 | ||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||||||
Mortgages payable, net | $ | 5,834,275 | $ | 6,053,343 | |||||||
Senior unsecured notes, net | 1,190,812 | 1,189,792 | |||||||||
Unsecured term loan, net | 792,644 | 797,812 | |||||||||
Unsecured revolving credit facilities | 575,000 | 575,000 | |||||||||
Lease liabilities | 727,641 | 370,206 | |||||||||
Accounts payable and accrued expenses | 463,333 | 613,497 | |||||||||
Deferred revenue | 43,904 | 48,118 | |||||||||
Deferred compensation plan | 96,202 | 110,174 | |||||||||
Other liabilities | 271,788 | 304,725 | |||||||||
Total liabilities | 9,995,599 | 10,062,667 | |||||||||
Commitments and contingencies | 0 | 0 | |||||||||
Redeemable noncontrolling interests: | |||||||||||
Class A units - 14,287,741 and 14,033,438 units outstanding | 408,487 | 587,440 | |||||||||
Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 | |||||||||
Total redeemable noncontrolling partnership units | 412,022 | 590,975 | |||||||||
Redeemable noncontrolling interest in a consolidated subsidiary | 93,987 | 97,708 | |||||||||
Total redeemable noncontrolling interests | 506,009 | 688,683 | |||||||||
Shareholders' equity: | |||||||||||
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,792,902 shares | 1,182,459 | 1,182,459 | |||||||||
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 191,775,059 and 191,723,608 shares | 7,650 | 7,648 | |||||||||
Additional capital | 8,339,161 | 8,143,093 | |||||||||
Earnings less than distributions | (3,205,751) | (3,079,320) | |||||||||
Accumulated other comprehensive income (loss) | 73,300 | (17,534) | |||||||||
Total shareholders' equity | 6,396,819 | 6,236,346 | |||||||||
Noncontrolling interests in consolidated subsidiaries | 253,994 | 278,892 | |||||||||
Total equity | 6,650,813 | 6,515,238 | |||||||||
$ | 17,152,421 | $ | 17,266,588 |
(Amounts in thousands, except unit, share, and per share amounts) | September 30, 2017 | December 31, 2016 | |||||
ASSETS | |||||||
Real estate, at cost: | |||||||
Land | $ | 3,124,971 | $ | 3,130,825 | |||
Buildings and improvements | 9,824,618 | 9,684,144 | |||||
Development costs and construction in progress | 1,536,290 | 1,278,941 | |||||
Leasehold improvements and equipment | 96,820 | 93,910 | |||||
Total | 14,582,699 | 14,187,820 | |||||
Less accumulated depreciation and amortization | (2,805,160 | ) | (2,581,514 | ) | |||
Real estate, net | 11,777,539 | 11,606,306 | |||||
Cash and cash equivalents | 1,282,230 | 1,501,027 | |||||
Restricted cash | 103,553 | 95,032 | |||||
Marketable securities | 193,145 | 203,704 | |||||
Tenant and other receivables, net of allowance for doubtful accounts of $5,539 and $6,708 | 54,769 | 61,069 | |||||
Investments in partially owned entities | 1,064,982 | 1,378,254 | |||||
Real estate fund investments | 351,750 | 462,132 | |||||
Receivable arising from the straight-lining of rents, net of allowance of $1,215 and $2,227 | 917,827 | 885,167 | |||||
Deferred leasing costs, net of accumulated amortization of $186,041 and $170,952 | 354,573 | 354,997 | |||||
Identified intangible assets, net of accumulated amortization $144,683 and $194,422 | 166,198 | 189,668 | |||||
Assets related to discontinued operations | 1,774 | 3,568,613 | |||||
Other assets | 573,780 | 508,878 | |||||
$ | 16,842,120 | $ | 20,814,847 | ||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||
Mortgages payable, net | $ | 8,131,606 | $ | 8,113,248 | |||
Senior unsecured notes, net | 846,641 | 845,577 | |||||
Unsecured term loan, net | 373,354 | 372,215 | |||||
Unsecured revolving credit facilities | — | 115,630 | |||||
Accounts payable and accrued expenses | 412,100 | 397,134 | |||||
Deferred revenue | 240,377 | 276,276 | |||||
Deferred compensation plan | 106,244 | 121,183 | |||||
Liabilities related to discontinued operations | 3,602 | 1,259,443 | |||||
Other liabilities | 469,919 | 417,199 | |||||
Total liabilities | 10,583,843 | 11,917,905 | |||||
Commitments and contingencies | |||||||
Redeemable noncontrolling interests: | |||||||
Class A units - 12,555,623 and 12,197,162 units outstanding | 965,276 | 1,273,018 | |||||
Series D cumulative redeemable preferred units - 177,101 units outstanding | 5,428 | 5,428 | |||||
Total redeemable noncontrolling interests | 970,704 | 1,278,446 | |||||
Vornado's shareholders' equity: | |||||||
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 42,823,428 and 42,824,829 shares | 1,038,011 | 1,038,055 | |||||
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 189,877,859 and 189,100,876 shares | 7,571 | 7,542 | |||||
Additional capital | 7,501,823 | 7,153,332 | |||||
Earnings less than distributions | (4,098,127 | ) | (1,419,382 | ) | |||
Accumulated other comprehensive income | 121,801 | 118,972 | |||||
Total Vornado shareholders' equity | 4,571,079 | 6,898,519 | |||||
Noncontrolling interests in consolidated subsidiaries | 716,494 | 719,977 | |||||
Total equity | 5,287,573 | 7,618,496 | |||||
$ | 16,842,120 | $ | 20,814,847 |
(Amounts in thousands, except per share amounts) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
REVENUES: | |||||||||||||||||||||||
Rental revenues | $ | 405,194 | $ | 339,596 | $ | 802,477 | $ | 678,913 | |||||||||||||||
Fee and other income | 48,300 | 39,345 | 93,147 | 80,005 | |||||||||||||||||||
Total revenues | 453,494 | 378,941 | 895,624 | 758,918 | |||||||||||||||||||
EXPENSES: | |||||||||||||||||||||||
Operating | (222,309) | (190,920) | (438,838) | (381,899) | |||||||||||||||||||
Depreciation and amortization | (118,662) | (89,777) | (236,105) | (185,131) | |||||||||||||||||||
General and administrative | (31,902) | (30,602) | (73,118) | (74,788) | |||||||||||||||||||
Benefit (expense) from deferred compensation plan liability | 7,594 | (3,378) | 9,538 | (6,623) | |||||||||||||||||||
Transaction related costs and other | (2,960) | (106) | (3,965) | (949) | |||||||||||||||||||
Total expenses | (368,239) | (314,783) | (742,488) | (649,390) | |||||||||||||||||||
Income from partially owned entities | 25,720 | 31,426 | 59,434 | 60,499 | |||||||||||||||||||
(Loss) income from real estate fund investments | (142) | 5,342 | 5,532 | 5,173 | |||||||||||||||||||
Interest and other investment income, net | 3,036 | 1,539 | 4,054 | 3,061 | |||||||||||||||||||
(Loss) income from deferred compensation plan assets | (7,594) | 3,378 | (9,538) | 6,623 | |||||||||||||||||||
Interest and debt expense | (62,640) | (51,894) | (114,749) | (101,958) | |||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | 28,832 | 25,724 | 35,384 | 25,724 | |||||||||||||||||||
Income before income taxes | 72,467 | 79,673 | 133,253 | 108,650 | |||||||||||||||||||
Income tax expense | (3,564) | (2,841) | (10,975) | (4,825) | |||||||||||||||||||
Net income | 68,903 | 76,832 | 122,278 | 103,825 | |||||||||||||||||||
Less net loss (income) attributable to noncontrolling interests in: | |||||||||||||||||||||||
Consolidated subsidiaries | 826 | (8,784) | (8,548) | (14,898) | |||||||||||||||||||
Operating Partnership | (3,782) | (3,536) | (5,776) | (3,865) | |||||||||||||||||||
Net income attributable to Vornado | 65,947 | 64,512 | 107,954 | 85,062 | |||||||||||||||||||
Preferred share dividends | (15,529) | (16,467) | (31,058) | (32,934) | |||||||||||||||||||
NET INCOME attributable to common shareholders | $ | 50,418 | $ | 48,045 | $ | 76,896 | $ | 52,128 | |||||||||||||||
INCOME PER COMMON SHARE - BASIC: | |||||||||||||||||||||||
Net income per common share | $ | 0.26 | $ | 0.25 | $ | 0.40 | $ | 0.27 | |||||||||||||||
Weighted average shares outstanding | 191,750 | 191,527 | 191,737 | 191,473 | |||||||||||||||||||
INCOME PER COMMON SHARE - DILUTED: | |||||||||||||||||||||||
Net income per common share | $ | 0.26 | $ | 0.25 | $ | 0.40 | $ | 0.27 | |||||||||||||||
Weighted average shares outstanding | 192,039 | 192,380 | 192,047 | 192,207 |
(Amounts in thousands, except per share amounts) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
REVENUES: | |||||||||||||||
Property rentals | $ | 432,062 | $ | 411,153 | $ | 1,275,597 | $ | 1,238,903 | |||||||
Tenant expense reimbursements | 63,401 | 60,957 | 174,091 | 162,831 | |||||||||||
Fee and other income | 33,292 | 30,643 | 98,212 | 88,034 | |||||||||||
Total revenues | 528,755 | 502,753 | 1,547,900 | 1,489,768 | |||||||||||
EXPENSES: | |||||||||||||||
Operating | 225,226 | 213,762 | 661,585 | 626,546 | |||||||||||
Depreciation and amortization | 104,972 | 105,877 | 315,223 | 316,383 | |||||||||||
General and administrative | 36,261 | 33,584 | 122,161 | 112,593 | |||||||||||
Acquisition and transaction related costs | 61 | 1,069 | 1,073 | 6,697 | |||||||||||
Total expenses | 366,520 | 354,292 | 1,100,042 | 1,062,219 | |||||||||||
Operating income | 162,235 | 148,461 | 447,858 | 427,549 | |||||||||||
(Loss) income from partially owned entities | (41,801 | ) | 3,811 | 5,578 | 3,892 | ||||||||||
(Loss) income from real estate fund investments | (6,308 | ) | 1,077 | (1,649 | ) | 28,750 | |||||||||
Interest and other investment income, net | 9,306 | 6,459 | 27,800 | 20,121 | |||||||||||
Interest and debt expense | (85,068 | ) | (79,721 | ) | (252,581 | ) | (250,034 | ) | |||||||
Net gains on disposition of wholly owned and partially owned assets | — | — | 501 | 160,225 | |||||||||||
Income before income taxes | 38,364 | 80,087 | 227,507 | 390,503 | |||||||||||
Income tax expense | (1,188 | ) | (4,563 | ) | (2,429 | ) | (8,921 | ) | |||||||
Income from continuing operations | 37,176 | 75,524 | 225,078 | 381,582 | |||||||||||
(Loss) income from discontinued operations | (47,930 | ) | 25,080 | (14,501 | ) | (104,204 | ) | ||||||||
Net (loss) income | (10,754 | ) | 100,604 | 210,577 | 277,378 | ||||||||||
Less net (income) loss attributable to noncontrolling interests in: | |||||||||||||||
Consolidated subsidiaries | (4,022 | ) | (3,658 | ) | (18,436 | ) | (26,361 | ) | |||||||
Operating Partnership | 1,878 | (4,366 | ) | (9,057 | ) | (11,410 | ) | ||||||||
Net (loss) income attributable to Vornado | (12,898 | ) | 92,580 | 183,084 | 239,607 | ||||||||||
Preferred share dividends | (16,128 | ) | (19,047 | ) | (48,386 | ) | (59,774 | ) | |||||||
Preferred share issuance costs (Series J redemption) | — | (7,408 | ) | — | (7,408 | ) | |||||||||
NET (LOSS) INCOME attributable to common shareholders | $ | (29,026 | ) | $ | 66,125 | $ | 134,698 | $ | 172,425 | ||||||
(LOSS) INCOME PER COMMON SHARE – BASIC: | |||||||||||||||
Income from continuing operations, net | $ | 0.09 | $ | 0.23 | $ | 0.78 | $ | 1.43 | |||||||
(Loss) income from discontinued operations, net | (0.24 | ) | 0.12 | (0.07 | ) | (0.52 | ) | ||||||||
Net (loss) income per common share | $ | (0.15 | ) | $ | 0.35 | $ | 0.71 | $ | 0.91 | ||||||
Weighted average shares outstanding | 189,593 | 188,901 | 189,401 | 188,778 | |||||||||||
(LOSS) INCOME PER COMMON SHARE – DILUTED: | |||||||||||||||
Income from continuing operations, net | $ | 0.09 | $ | 0.23 | $ | 0.78 | $ | 1.42 | |||||||
(Loss) income from discontinued operations, net | (0.24 | ) | 0.12 | (0.07 | ) | (0.51 | ) | ||||||||
Net (loss) income per common share | $ | (0.15 | ) | $ | 0.35 | $ | 0.71 | $ | 0.91 | ||||||
Weighted average shares outstanding | 190,847 | 190,048 | 191,257 | 190,086 | |||||||||||
DIVIDENDS PER COMMON SHARE | $ | 0.60 | $ | 0.63 | $ | 2.02 | $ | 1.89 |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income | $ | 68,903 | $ | 76,832 | $ | 122,278 | $ | 103,825 | |||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||
Change in fair value of interest rate swaps and other | 18,380 | 8,552 | 83,619 | 20,193 | |||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | 4,755 | 1,468 | 13,960 | 5,059 | |||||||||||||||||||
Comprehensive income | 92,038 | 86,852 | 219,857 | 129,077 | |||||||||||||||||||
Less comprehensive income attributable to noncontrolling interests | (4,567) | (13,024) | (21,069) | (20,353) | |||||||||||||||||||
Comprehensive income attributable to Vornado | $ | 87,471 | $ | 73,828 | $ | 198,788 | $ | 108,724 |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net (loss) income | $ | (10,754 | ) | $ | 100,604 | $ | 210,577 | $ | 277,378 | ||||||
Other comprehensive income (loss): | |||||||||||||||
Increase (reduction) in unrealized net gain on available-for-sale securities | 5,656 | 3,685 | (10,559 | ) | 42,798 | ||||||||||
Pro rata share of amounts reclassified from accumulated other comprehensive income of a nonconsolidated subsidiary | (646 | ) | — | 8,622 | — | ||||||||||
Pro rata share of other comprehensive loss of nonconsolidated subsidiaries | (626 | ) | (915 | ) | (1,657 | ) | (1,537 | ) | |||||||
Increase (reduction) in value of interest rate swaps and other | 1,973 | 7,689 | 6,611 | (3,482 | ) | ||||||||||
Comprehensive (loss) income | (4,397 | ) | 111,063 | 213,594 | 315,157 | ||||||||||
Less comprehensive income attributable to noncontrolling interests | (2,539 | ) | (8,665 | ) | (27,681 | ) | (40,097 | ) | |||||||
Comprehensive (loss) income attributable to Vornado | $ | (6,936 | ) | $ | 102,398 | $ | 185,913 | $ | 275,060 |
(Amounts in thousands, except per share amounts) | Non-controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2022: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | 48,793 | $ | 1,182,459 | 191,743 | $ | 7,649 | $ | 8,097,523 | $ | (3,154,549) | $ | 51,776 | $ | 253,112 | $ | 6,437,970 | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | — | — | — | — | — | 65,947 | — | — | 65,947 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 2,590 | 2,590 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.53 per share) | — | — | — | — | — | (101,624) | — | — | (101,624) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (15,529) | — | — | (15,529) | |||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | 26 | 1 | 859 | — | — | — | 860 | |||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | 7 | — | 222 | — | — | — | 222 | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | 3,772 | 3,772 | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (5,467) | (5,467) | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | — | — | 146 | — | — | — | 146 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 4,755 | — | 4,755 | |||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | — | — | — | — | — | — | 18,380 | — | 18,380 | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | — | 240,413 | — | — | — | 240,413 | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (1,611) | — | (1,611) | |||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | (1) | — | (2) | 4 | — | (13) | (11) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | 48,793 | $ | 1,182,459 | 191,775 | $ | 7,650 | $ | 8,339,161 | $ | (3,205,751) | $ | 73,300 | $ | 253,994 | $ | 6,650,813 |
(Amounts in thousands) | ||||||||||||||||||||||||||||||||||
Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Accumulated Other Comprehensive Income | Non-controlling Interests in Consolidated Subsidiaries | Total Equity | ||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||
Balance, December 31, 2016 | 42,825 | $ | 1,038,055 | 189,101 | $ | 7,542 | $ | 7,153,332 | $ | (1,419,382 | ) | $ | 118,972 | $ | 719,977 | $ | 7,618,496 | |||||||||||||||||
Net income attributable to Vornado | — | — | — | — | — | 183,084 | — | — | 183,084 | |||||||||||||||||||||||||
Net income attributable to noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 18,436 | 18,436 | |||||||||||||||||||||||||
Dividends on common shares | — | — | — | — | — | (382,552 | ) | — | — | (382,552 | ) | |||||||||||||||||||||||
Dividends on preferred shares | — | — | — | — | — | (48,386 | ) | — | — | (48,386 | ) | |||||||||||||||||||||||
Common shares issued: | ||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | 349 | 14 | 34,550 | — | — | — | 34,564 | |||||||||||||||||||||||||
Under employees' share option plan | — | — | 409 | 15 | 23,877 | — | — | — | 23,892 | |||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | 12 | — | 1,119 | — | — | — | 1,119 | |||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | 1,044 | 1,044 | |||||||||||||||||||||||||
Distributions: | ||||||||||||||||||||||||||||||||||
JBG SMITH Properties | — | — | — | — | — | (2,430,427 | ) | — | — | (2,430,427 | ) | |||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | — | (20,851 | ) | (20,851 | ) | |||||||||||||||||||||||
Other | — | — | — | — | — | — | — | (1,815 | ) | (1,815 | ) | |||||||||||||||||||||||
Conversion of Series A preferred shares to common shares | (2 | ) | (44 | ) | 2 | — | 44 | — | — | — | — | |||||||||||||||||||||||
Deferred compensation shares and options | — | — | 1 | — | 1,975 | (418 | ) | — | — | 1,557 | ||||||||||||||||||||||||
Reduction in unrealized net gain on available-for-sale securities | — | — | — | — | — | — | (10,559 | ) | — | (10,559 | ) | |||||||||||||||||||||||
Pro rata share of amounts reclassified related to a nonconsolidated subsidiary | — | — | — | — | — | — | 8,622 | — | 8,622 | |||||||||||||||||||||||||
Pro rata share of other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | — | (1,657 | ) | — | (1,657 | ) | |||||||||||||||||||||||
Increase in value of interest rate swaps | — | — | — | — | — | — | 6,611 | — | 6,611 | |||||||||||||||||||||||||
Adjustments to carry redeemable Class A units at redemption value | — | — | — | — | 286,928 | — | — | — | 286,928 | |||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | — | — | �� | — | — | — | (188 | ) | — | (188 | ) | |||||||||||||||||||||||
Other | — | — | 4 | — | (2 | ) | (46 | ) | — | (297 | ) | (345 | ) | |||||||||||||||||||||
Balance, September 30, 2017 | 42,823 | $ | 1,038,011 | 189,878 | $ | 7,571 | $ | 7,501,823 | $ | (4,098,127 | ) | $ | 121,801 | $ | 716,494 | $ | 5,287,573 |
(Amounts in thousands, except per share amounts) | Accumulated Other Comprehensive (Loss) Income | Non-controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2021: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | 48,793 | $ | 1,182,311 | 191,465 | $ | 7,638 | $ | 8,080,392 | $ | (2,871,681) | $ | (60,753) | $ | 415,278 | $ | 6,753,185 | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | — | — | — | — | — | 64,512 | — | — | 64,512 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 8,308 | 8,308 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.53 per share) | — | — | — | — | — | (101,522) | — | — | (101,522) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (16,467) | — | — | (16,467) | |||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | 92 | 4 | 4,202 | — | — | — | 4,206 | |||||||||||||||||||||||||||||||||||||||||||||||
Under employees' share option plan | — | — | — | — | 6 | — | — | — | 6 | |||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | 4 | — | 219 | — | — | — | 219 | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | 1,547 | 1,547 | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (139,180) | (139,180) | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | — | — | 225 | — | — | — | 225 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 1,468 | — | 1,468 | |||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps | — | — | — | — | — | — | 8,551 | — | 8,551 | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | — | (16,012) | — | — | — | (16,012) | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (704) | — | (704) | |||||||||||||||||||||||||||||||||||||||||||||||
Other | — | (20) | — | (1) | 1 | (3) | 1 | (3) | (25) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | 48,793 | $ | 1,182,291 | 191,561 | $ | 7,641 | $ | 8,069,033 | $ | (2,925,161) | $ | (51,437) | $ | 285,950 | $ | 6,568,317 |
(Amounts in thousands) | Additional Capital | Earnings Less Than Distributions | Accumulated Other Comprehensive Income | Non- controlling Interests in Consolidated Subsidiaries | Total Equity | |||||||||||||||||||||||||||||
Preferred Shares | Common Shares | |||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||
Balance, December 31, 2015 | 52,677 | $ | 1,276,954 | 188,577 | $ | 7,521 | $ | 7,132,979 | $ | (1,766,780 | ) | $ | 46,921 | $ | 778,483 | $ | 7,476,078 | |||||||||||||||||
Net income attributable to Vornado | — | — | — | — | — | 239,607 | — | — | 239,607 | |||||||||||||||||||||||||
Net income attributable to noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 26,361 | 26,361 | |||||||||||||||||||||||||
Dividends on common shares | — | — | — | — | — | (356,863 | ) | — | — | (356,863 | ) | |||||||||||||||||||||||
Dividends on preferred shares | — | — | — | — | — | (59,774 | ) | — | — | (59,774 | ) | |||||||||||||||||||||||
Redemption of Series J preferred shares | (9,850 | ) | (238,842 | ) | — | — | — | (7,408 | ) | — | — | (246,250 | ) | |||||||||||||||||||||
Common shares issued: | ||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | 293 | 12 | 28,114 | — | — | — | 28,126 | |||||||||||||||||||||||||
Under employees' share option plan | — | — | 106 | 4 | 5,936 | — | — | — | 5,940 | |||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | 12 | — | 1,080 | — | — | — | 1,080 | |||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | 19,699 | 19,699 | |||||||||||||||||||||||||
Distributions: | ||||||||||||||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | — | (59,843 | ) | (59,843 | ) | |||||||||||||||||||||||
Other | — | — | — | — | — | — | — | (11,631 | ) | (11,631 | ) | |||||||||||||||||||||||
Deferred compensation shares and options | — | — | 7 | 1 | 1,370 | (186 | ) | — | — | 1,185 | ||||||||||||||||||||||||
Increase in unrealized net gain on available-for-sale securities | — | — | — | — | — | — | 42,798 | — | 42,798 | |||||||||||||||||||||||||
Pro rata share of other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | — | (1,537 | ) | — | (1,537 | ) | |||||||||||||||||||||||
Reduction in value of interest rate swaps | — | — | — | — | — | — | (3,482 | ) | — | (3,482 | ) | |||||||||||||||||||||||
Adjustments to carry redeemable Class A units at redemption value | — | — | — | — | (30,260 | ) | — | — | — | (30,260 | ) | |||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (2,326 | ) | — | (2,326 | ) | |||||||||||||||||||||||
Other | — | (1 | ) | (1 | ) | (1 | ) | 1 | (7 | ) | — | 86 | 78 | |||||||||||||||||||||
Balance, September 30, 2016 | 42,827 | $ | 1,038,111 | 188,994 | $ | 7,537 | $ | 7,139,220 | $ | (1,951,411 | ) | $ | 82,374 | $ | 753,155 | $ | 7,068,986 |
(Amounts in thousands, except per share amounts) | Non-controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2022: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | 48,793 | $ | 1,182,459 | 191,724 | $ | 7,648 | $ | 8,143,093 | $ | (3,079,320) | $ | (17,534) | $ | 278,892 | $ | 6,515,238 | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | — | — | — | — | — | 107,954 | — | — | 107,954 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 12,269 | 12,269 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($1.06 per share) | — | — | — | — | — | (203,240) | — | — | (203,240) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (31,058) | — | — | (31,058) | |||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | 42 | 2 | 1,575 | — | — | — | 1,577 | |||||||||||||||||||||||||||||||||||||||||||||||
Under employees' share option plan | — | — | — | — | 7 | — | — | — | 7 | |||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | 12 | — | 434 | — | — | — | 434 | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | 4,253 | 4,253 | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (41,428) | (41,428) | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | (2) | — | 292 | (85) | — | — | 207 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 13,960 | — | 13,960 | |||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | — | — | — | — | — | — | 83,619 | — | 83,619 | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | — | 193,762 | — | — | — | 193,762 | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (6,745) | — | (6,745) | |||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | (1) | — | (2) | (2) | — | 8 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | 48,793 | $ | 1,182,459 | 191,775 | $ | 7,650 | $ | 8,339,161 | $ | (3,205,751) | $ | 73,300 | $ | 253,994 | $ | 6,650,813 |
(Amounts in thousands, except per share amounts) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Less Than Distributions | Accumulated Other Comprehensive (Loss) Income | Non-controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares | Common Shares | Additional Capital | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2021: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 48,793 | $ | 1,182,339 | 191,355 | $ | 7,633 | $ | 8,192,507 | $ | (2,774,182) | $ | (75,099) | $ | 414,957 | $ | 6,948,155 | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | — | — | — | — | — | 85,062 | — | — | 85,062 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 14,505 | 14,505 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($1.06 per share) | — | — | — | — | — | (202,989) | — | — | (202,989) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (32,934) | — | — | (32,934) | |||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | 199 | 8 | 8,301 | — | — | — | 8,309 | |||||||||||||||||||||||||||||||||||||||||||||||
Under employees' share option plan | — | — | — | — | 10 | — | — | — | 10 | |||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | 10 | — | 430 | — | — | — | 430 | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | 1,547 | 1,547 | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (145,057) | (145,057) | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | (3) | — | 449 | (114) | — | — | 335 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 5,059 | — | 5,059 | |||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps | — | — | — | — | — | — | 20,193 | — | 20,193 | |||||||||||||||||||||||||||||||||||||||||||||||
Unearned 2018 Out-Performance Plan awards acceleration | — | — | — | — | 10,283 | — | — | — | 10,283 | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | — | (142,948) | — | — | — | (142,948) | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (1,590) | — | (1,590) | |||||||||||||||||||||||||||||||||||||||||||||||
Other | — | (48) | — | — | 1 | (4) | — | (2) | (53) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | 48,793 | $ | 1,182,291 | 191,561 | $ | 7,641 | $ | 8,069,033 | $ | (2,925,161) | $ | (51,437) | $ | 285,950 | $ | 6,568,317 |
(Amounts in thousands) | For the Six Months Ended June 30, | ||||||||||
2022 | 2021 | ||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income | $ | 122,278 | $ | 103,825 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization (including amortization of deferred financing costs) | 246,532 | 194,225 | |||||||||
Distributions of income from partially owned entities | 95,494 | 109,089 | |||||||||
Equity in net income of partially owned entities | (59,434) | (60,499) | |||||||||
Straight-lining of rents | (36,679) | 9,835 | |||||||||
Net gains on disposition of wholly owned and partially owned assets | (35,384) | (25,724) | |||||||||
Stock-based compensation expense | 19,001 | 27,379 | |||||||||
Change in deferred tax liability | 6,457 | 1,192 | |||||||||
Amortization of below-market leases, net | (2,404) | (5,717) | |||||||||
Net realized and unrealized loss on real estate fund investments | 1,128 | 789 | |||||||||
Write-off of lease receivables deemed uncollectible | 501 | 5,239 | |||||||||
Other non-cash adjustments | 1,929 | 3,033 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Real estate fund investments | — | (789) | |||||||||
Tenant and other receivables | 2,388 | 10,477 | |||||||||
Prepaid assets | 94,235 | 127,958 | |||||||||
Other assets | (13,455) | (26,262) | |||||||||
Accounts payable and accrued expenses | (15,283) | 2,243 | |||||||||
Other liabilities | 3,321 | (3,584) | |||||||||
Net cash provided by operating activities | 430,625 | 472,709 | |||||||||
Cash Flows from Investing Activities: | |||||||||||
Purchase of U.S. Treasury bills | (794,793) | — | |||||||||
Development costs and construction in progress | (418,748) | (269,376) | |||||||||
Proceeds from maturities of U.S. Treasury bills | 299,668 | — | |||||||||
Proceeds from sales of real estate | 253,958 | 3,521 | |||||||||
Additions to real estate | (70,046) | (90,138) | |||||||||
Proceeds from sale of condominium units at 220 Central Park South | 16,124 | 72,216 | |||||||||
Investments in partially owned entities | (11,091) | (6,357) | |||||||||
Distributions of capital from partially owned entities | 10,066 | 106,005 | |||||||||
Acquisitions of real estate and other | (1,000) | — | |||||||||
Proceeds from repayments of loan receivables | — | 675 | |||||||||
Net cash used in investing activities | (715,862) | (183,454) |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||
2017 | 2016 | ||||||
Cash Flows from Operating Activities: | |||||||
Net income | $ | 210,577 | $ | 277,378 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization (including amortization of deferred financing costs) | 407,539 | 446,040 | |||||
Return of capital from real estate fund investments | 80,294 | 71,888 | |||||
Distributions of income from partially owned entities | 65,097 | 56,853 | |||||
Other non-cash adjustments | 43,921 | 33,971 | |||||
Straight-lining of rents | (37,752 | ) | (118,798 | ) | |||
Amortization of below-market leases, net | (35,446 | ) | (41,676 | ) | |||
Net realized and unrealized losses (gains) on real estate fund investments | 18,537 | (16,513 | ) | ||||
Equity in net income of partially owned entities | (6,013 | ) | (529 | ) | |||
Net gains on sale of real estate and other | (3,797 | ) | (5,074 | ) | |||
Net gains on disposition of wholly owned and partially owned assets | (501 | ) | (160,225 | ) | |||
Real estate impairment losses | — | 161,165 | |||||
Changes in operating assets and liabilities: | |||||||
Tenant and other receivables, net | 5,485 | 613 | |||||
Prepaid assets | (70,949 | ) | (58,998 | ) | |||
Other assets | (27,065 | ) | (64,200 | ) | |||
Accounts payable and accrued expenses | 27,609 | 4,793 | |||||
Other liabilities | (15,911 | ) | (14,274 | ) | |||
Net cash provided by operating activities | 661,625 | 572,414 | |||||
Cash Flows from Investing Activities: | |||||||
Distributions of capital from partially owned entities | 347,776 | 102,836 | |||||
Development costs and construction in progress | (274,716 | ) | (426,641 | ) | |||
Additions to real estate | (207,759 | ) | (261,971 | ) | |||
Repayment of JBG SMITH Properties loan receivable | 115,630 | — | |||||
Investments in partially owned entities | (33,578 | ) | (112,797 | ) | |||
Acquisitions of real estate and other | (11,841 | ) | (91,100 | ) | |||
Proceeds from sales of real estate and related investments | 9,543 | 167,673 | |||||
Proceeds from repayments of mortgage loans receivable | 650 | 33 | |||||
Net deconsolidation of 7 West 34th Street | — | (48,000 | ) | ||||
Investments in loans receivable and other | — | (11,700 | ) | ||||
Purchases of marketable securities | — | (4,379 | ) | ||||
Net cash used in investing activities | (54,295 | ) | (686,046 | ) |
(Amounts in thousands) | For the Six Months Ended June 30, | ||||||||||
2022 | 2021 | ||||||||||
Cash Flows from Financing Activities: | |||||||||||
Repayments of borrowings | $ | (1,240,573) | $ | (1,573,443) | |||||||
Proceeds from borrowings | 1,029,773 | 2,298,007 | |||||||||
Dividends paid on common shares | (203,240) | (202,989) | |||||||||
Distributions to noncontrolling interests | (56,589) | (159,926) | |||||||||
Debt issuance costs | (31,718) | (32,875) | |||||||||
Dividends paid on preferred shares | (31,058) | (32,934) | |||||||||
Contributions from noncontrolling interests | 4,253 | 1,547 | |||||||||
Proceeds received from exercise of employee share options and other | 441 | 440 | |||||||||
Repurchase of shares related to stock compensation agreements and related tax withholdings and other | (85) | (114) | |||||||||
Net cash (used in) provided by financing activities | (528,796) | 297,713 | |||||||||
Net (decrease) increase in cash and cash equivalents and restricted cash | (814,033) | 586,968 | |||||||||
Cash and cash equivalents and restricted cash at beginning of period | 1,930,351 | 1,730,369 | |||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 1,116,318 | $ | 2,317,337 | |||||||
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | |||||||||||
Cash and cash equivalents at beginning of period | $ | 1,760,225 | $ | 1,624,482 | |||||||
Restricted cash at beginning of period | 170,126 | 105,887 | |||||||||
Cash and cash equivalents and restricted cash at beginning of period | $ | 1,930,351 | $ | 1,730,369 | |||||||
Cash and cash equivalents at end of period | $ | 988,398 | $ | 2,172,195 | |||||||
Restricted cash at end of period | 127,920 | 145,142 | |||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 1,116,318 | $ | 2,317,337 | |||||||
Supplemental Disclosure of Cash Flow Information: | |||||||||||
Cash payments for interest, excluding capitalized interest of $7,221 and $21,046 | $ | 107,367 | $ | 93,376 | |||||||
Cash payments for income taxes | $ | 5,064 | $ | 6,797 | |||||||
Non-Cash Investing and Financing Activities: | |||||||||||
Additional estimated lease liability arising from the recognition of right-of-use asset | $ | 350,000 | $ | — | |||||||
Redeemable Class A unit measurement adjustment | 193,762 | (142,948) | |||||||||
Accrued capital expenditures included in accounts payable and accrued expenses | 86,639 | 80,649 | |||||||||
Increase in accumulated other comprehensive income due to change in fair value of consolidated interest rate swaps and other | 83,619 | 20,193 | |||||||||
Write-off of fully depreciated assets | (31,996) | (48,190) | |||||||||
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | 3,024 | 9,227 | |||||||||
Reclassification of assets held for sale (included in "other assets") | — | 79,210 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||
2017 | 2016 | ||||||
Cash Flows from Financing Activities: | |||||||
Cash and cash equivalents and restricted cash included in the spin-off of JBG SMITH Properties ($275,000 plus The Bartlett financing proceeds less transaction costs and other mortgage items) | $ | (416,237 | ) | $ | — | ||
Dividends paid on common shares | (382,552 | ) | (356,863 | ) | |||
Proceeds from borrowings | 229,042 | 2,000,604 | |||||
Repayments of borrowings | (177,109 | ) | (1,591,554 | ) | |||
Dividends paid on preferred shares | (48,386 | ) | (64,006 | ) | |||
Distributions to noncontrolling interests | (48,329 | ) | (95,055 | ) | |||
Proceeds received from exercise of employee share options | 25,011 | 7,020 | |||||
Debt issuance and other costs | (2,944 | ) | (30,846 | ) | |||
Contributions from noncontrolling interests | 1,044 | 11,900 | |||||
Repurchase of shares related to stock compensation agreements and related tax withholdings and other | (418 | ) | (186 | ) | |||
Redemption of preferred shares | — | (246,250 | ) | ||||
Net cash used in financing activities | (820,878 | ) | (365,236 | ) | |||
Net decrease in cash and cash equivalents and restricted cash | (213,548 | ) | (478,868 | ) | |||
Cash and cash equivalents and restricted cash at beginning of period | 1,599,331 | 1,943,515 | |||||
Cash and cash equivalents and restricted cash at end of period | $ | 1,385,783 | $ | 1,464,647 | |||
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | |||||||
Cash and cash equivalents at beginning of period | $ | 1,501,027 | $ | 1,835,707 | |||
Restricted cash at beginning of period | 95,032 | 99,943 | |||||
Restricted cash included in discontinued operations at beginning of period | 3,272 | 7,865 | |||||
Cash and cash equivalents and restricted cash at beginning of period | $ | 1,599,331 | $ | 1,943,515 | |||
Cash and cash equivalents at end of period | $ | 1,282,230 | $ | 1,352,697 | |||
Restricted cash at end of period | 103,553 | 108,976 | |||||
Restricted cash included in discontinued operations at end of period | — | 2,974 | |||||
Cash and cash equivalents and restricted cash at end of period | $ | 1,385,783 | $ | 1,464,647 | |||
Supplemental Disclosure of Cash Flow Information: | |||||||
Cash payments for interest, excluding capitalized interest of $31,243 and $21,297 | $ | 257,173 | $ | 275,979 | |||
Cash payments for income taxes | $ | 5,292 | $ | 7,602 | |||
Non-Cash Investing and Financing Activities: | |||||||
Non-cash distribution to JBG SMITH Properties: | |||||||
Assets | $ | 3,432,738 | $ | — | |||
Liabilities | (1,414,186 | ) | — | ||||
Equity | (2,018,552 | ) | — | ||||
Adjustments to carry redeemable Class A units at redemption value | 286,928 | (30,260 | ) | ||||
Loan receivable established upon the spin-off of JBG SMITH Properties | 115,630 | — | |||||
Accrued capital expenditures included in accounts payable and accrued expenses | 69,033 | 129,704 | |||||
Write-off of fully depreciated assets | (41,458 | ) | (283,496 | ) | |||
(Reduction) increase in unrealized net gain on available-for-sale securities | (10,559 | ) | 42,798 | ||||
Decrease in assets and liabilities resulting from the deconsolidation of investments that were previously consolidated: | |||||||
Real estate, net | — | (122,047 | ) | ||||
Mortgage payable, net | — | (290,418 | ) |
(Amounts in thousands, except unit amounts) | As of | ||||||||||
June 30, 2022 | December 31, 2021 | ||||||||||
ASSETS | |||||||||||
Real estate, at cost: | |||||||||||
Land | $ | 2,493,688 | $ | 2,540,193 | |||||||
Buildings and improvements | 10,054,872 | 9,839,166 | |||||||||
Development costs and construction in progress | 711,250 | 718,694 | |||||||||
Leasehold improvements and equipment | 122,151 | 119,792 | |||||||||
Total | 13,381,961 | 13,217,845 | |||||||||
Less accumulated depreciation and amortization | (3,532,984) | (3,376,347) | |||||||||
Real estate, net | 9,848,977 | 9,841,498 | |||||||||
Right-of-use assets | 685,962 | 337,197 | |||||||||
Cash and cash equivalents | 988,398 | 1,760,225 | |||||||||
Restricted cash | 127,920 | 170,126 | |||||||||
Investments in U.S. Treasury bills | 494,045 | — | |||||||||
Tenant and other receivables | 76,769 | 79,661 | |||||||||
Investments in partially owned entities | 3,270,229 | 3,297,389 | |||||||||
Real estate fund investments | 930 | 7,730 | |||||||||
220 Central Park South condominium units ready for sale | 51,072 | 57,142 | |||||||||
Receivable arising from the straight-lining of rents | 687,782 | 656,318 | |||||||||
Deferred leasing costs, net of accumulated amortization of $226,196 and $211,775 | 378,484 | 391,693 | |||||||||
Identified intangible assets, net of accumulated amortization of $93,180 and $97,186 | 144,597 | 154,895 | |||||||||
Other assets | 397,256 | 512,714 | |||||||||
$ | 17,152,421 | $ | 17,266,588 | ||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||||||
Mortgages payable, net | $ | 5,834,275 | $ | 6,053,343 | |||||||
Senior unsecured notes, net | 1,190,812 | 1,189,792 | |||||||||
Unsecured term loan, net | 792,644 | 797,812 | |||||||||
Unsecured revolving credit facilities | 575,000 | 575,000 | |||||||||
Lease liabilities | 727,641 | 370,206 | |||||||||
Accounts payable and accrued expenses | 463,333 | 613,497 | |||||||||
Deferred revenue | 43,904 | 48,118 | |||||||||
Deferred compensation plan | 96,202 | 110,174 | |||||||||
Other liabilities | 271,788 | 304,725 | |||||||||
Total liabilities | 9,995,599 | 10,062,667 | |||||||||
Commitments and contingencies | |||||||||||
Redeemable noncontrolling interests: | 0 | 0 | |||||||||
Class A units - 14,287,741 and 14,033,438 units outstanding | 408,487 | 587,440 | |||||||||
Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 | |||||||||
Total redeemable noncontrolling partnership units | 412,022 | 590,975 | |||||||||
Redeemable noncontrolling interest in a consolidated subsidiary | 93,987 | 97,708 | |||||||||
Total redeemable noncontrolling interests | 506,009 | 688,683 | |||||||||
Partners' equity: | |||||||||||
Partners' capital | 9,529,270 | 9,333,200 | |||||||||
Earnings less than distributions | (3,205,751) | (3,079,320) | |||||||||
Accumulated other comprehensive income (loss) | 73,300 | (17,534) | |||||||||
Total partners' equity | 6,396,819 | 6,236,346 | |||||||||
Noncontrolling interests in consolidated subsidiaries | 253,994 | 278,892 | |||||||||
Total equity | 6,650,813 | 6,515,238 | |||||||||
$ | 17,152,421 | $ | 17,266,588 | ||||||||
(Amounts in thousands, except unit amounts) | September 30, 2017 | December 31, 2016 | |||||
ASSETS | |||||||
Real estate, at cost: | |||||||
Land | $ | 3,124,971 | $ | 3,130,825 | |||
Buildings and improvements | 9,824,618 | 9,684,144 | |||||
Development costs and construction in progress | 1,536,290 | 1,278,941 | |||||
Leasehold improvements and equipment | 96,820 | 93,910 | |||||
Total | 14,582,699 | 14,187,820 | |||||
Less accumulated depreciation and amortization | (2,805,160 | ) | (2,581,514 | ) | |||
Real estate, net | 11,777,539 | 11,606,306 | |||||
Cash and cash equivalents | 1,282,230 | 1,501,027 | |||||
Restricted cash | 103,553 | 95,032 | |||||
Marketable securities | 193,145 | 203,704 | |||||
Tenant and other receivables, net of allowance for doubtful accounts of $5,539 and $6,708 | 54,769 | 61,069 | |||||
Investments in partially owned entities | 1,064,982 | 1,378,254 | |||||
Real estate fund investments | 351,750 | 462,132 | |||||
Receivable arising from the straight-lining of rents, net of allowance of $1,215 and $2,227 | 917,827 | 885,167 | |||||
Deferred leasing costs, net of accumulated amortization of $186,041 and $170,952 | 354,573 | 354,997 | |||||
Identified intangible assets, net of accumulated amortization $144,683 and $194,422 | 166,198 | 189,668 | |||||
Assets related to discontinued operations | 1,774 | 3,568,613 | |||||
Other assets | 573,780 | 508,878 | |||||
$ | 16,842,120 | $ | 20,814,847 | ||||
LIABILITIES, REDEEMABLE PARTNERSHIP UNITS AND EQUITY | |||||||
Mortgages payable, net | $ | 8,131,606 | $ | 8,113,248 | |||
Senior unsecured notes, net | 846,641 | 845,577 | |||||
Unsecured term loan, net | 373,354 | 372,215 | |||||
Unsecured revolving credit facilities | — | 115,630 | |||||
Accounts payable and accrued expenses | 412,100 | 397,134 | |||||
Deferred revenue | 240,377 | 276,276 | |||||
Deferred compensation plan | 106,244 | 121,183 | |||||
Liabilities related to discontinued operations | 3,602 | 1,259,443 | |||||
Other liabilities | 469,919 | 417,199 | |||||
Total liabilities | 10,583,843 | 11,917,905 | |||||
Commitments and contingencies | |||||||
Redeemable partnership units: | |||||||
Class A units - 12,555,623 and 12,197,162 units outstanding | 965,276 | 1,273,018 | |||||
Series D cumulative redeemable preferred units - 177,101 units outstanding | 5,428 | 5,428 | |||||
Total redeemable partnership units | 970,704 | 1,278,446 | |||||
Equity: | |||||||
Partners' capital | 8,547,405 | 8,198,929 | |||||
Earnings less than distributions | (4,098,127 | ) | (1,419,382 | ) | |||
Accumulated other comprehensive income | 121,801 | 118,972 | |||||
Total Vornado Realty L.P. equity | 4,571,079 | 6,898,519 | |||||
Noncontrolling interests in consolidated subsidiaries | 716,494 | 719,977 | |||||
Total equity | 5,287,573 | 7,618,496 | |||||
$ | 16,842,120 | $ | 20,814,847 |
(Amounts in thousands, except per unit amounts) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
REVENUES: | |||||||||||||||||||||||
Rental revenues | $ | 405,194 | $ | 339,596 | $ | 802,477 | $ | 678,913 | |||||||||||||||
Fee and other income | 48,300 | 39,345 | 93,147 | 80,005 | |||||||||||||||||||
Total revenues | 453,494 | 378,941 | 895,624 | 758,918 | |||||||||||||||||||
EXPENSES: | |||||||||||||||||||||||
Operating | (222,309) | (190,920) | (438,838) | (381,899) | |||||||||||||||||||
Depreciation and amortization | (118,662) | (89,777) | (236,105) | (185,131) | |||||||||||||||||||
General and administrative | (31,902) | (30,602) | (73,118) | (74,788) | |||||||||||||||||||
Benefit (expense) from deferred compensation plan liability | 7,594 | (3,378) | 9,538 | (6,623) | |||||||||||||||||||
Transaction related costs and other | (2,960) | (106) | (3,965) | (949) | |||||||||||||||||||
Total expenses | (368,239) | (314,783) | (742,488) | (649,390) | |||||||||||||||||||
Income from partially owned entities | 25,720 | 31,426 | 59,434 | 60,499 | |||||||||||||||||||
(Loss) income from real estate fund investments | (142) | 5,342 | 5,532 | 5,173 | |||||||||||||||||||
Interest and other investment income, net | 3,036 | 1,539 | 4,054 | 3,061 | |||||||||||||||||||
(Loss) income from deferred compensation plan assets | (7,594) | 3,378 | (9,538) | 6,623 | |||||||||||||||||||
Interest and debt expense | (62,640) | (51,894) | (114,749) | (101,958) | |||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | 28,832 | 25,724 | 35,384 | 25,724 | |||||||||||||||||||
Income before income taxes | 72,467 | 79,673 | 133,253 | 108,650 | |||||||||||||||||||
Income tax expense | (3,564) | (2,841) | (10,975) | (4,825) | |||||||||||||||||||
Net income | 68,903 | 76,832 | 122,278 | 103,825 | |||||||||||||||||||
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 826 | (8,784) | (8,548) | (14,898) | |||||||||||||||||||
Net income attributable to Vornado Realty L.P. | 69,729 | 68,048 | 113,730 | 88,927 | |||||||||||||||||||
Preferred unit distributions | (15,557) | (16,508) | (31,115) | (33,016) | |||||||||||||||||||
NET INCOME attributable to Class A unitholders | $ | 54,172 | $ | 51,540 | $ | 82,615 | $ | 55,911 | |||||||||||||||
INCOME PER CLASS A UNIT - BASIC: | |||||||||||||||||||||||
Net income per Class A unit | $ | 0.26 | $ | 0.25 | $ | 0.40 | $ | 0.27 | |||||||||||||||
Weighted average units outstanding | 205,259 | 204,621 | 205,200 | 204,560 | |||||||||||||||||||
INCOME PER CLASS A UNIT - DILUTED: | |||||||||||||||||||||||
Net income per Class A unit | $ | 0.26 | $ | 0.25 | $ | 0.39 | $ | 0.27 | |||||||||||||||
Weighted average units outstanding | 205,930 | 205,814 | 205,922 | 205,572 |
(Amounts in thousands, except per unit amounts) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
REVENUES: | |||||||||||||||
Property rentals | $ | 432,062 | $ | 411,153 | $ | 1,275,597 | $ | 1,238,903 | |||||||
Tenant expense reimbursements | 63,401 | 60,957 | 174,091 | 162,831 | |||||||||||
Fee and other income | 33,292 | 30,643 | 98,212 | 88,034 | |||||||||||
Total revenues | 528,755 | 502,753 | 1,547,900 | 1,489,768 | |||||||||||
EXPENSES: | |||||||||||||||
Operating | 225,226 | 213,762 | 661,585 | 626,546 | |||||||||||
Depreciation and amortization | 104,972 | 105,877 | 315,223 | 316,383 | |||||||||||
General and administrative | 36,261 | 33,584 | 122,161 | 112,593 | |||||||||||
Acquisition and transaction related costs | 61 | 1,069 | 1,073 | 6,697 | |||||||||||
Total expenses | 366,520 | 354,292 | 1,100,042 | 1,062,219 | |||||||||||
Operating income | 162,235 | 148,461 | 447,858 | 427,549 | |||||||||||
(Loss) income from partially owned entities | (41,801 | ) | 3,811 | 5,578 | 3,892 | ||||||||||
(Loss) income from real estate fund investments | (6,308 | ) | 1,077 | (1,649 | ) | 28,750 | |||||||||
Interest and other investment income, net | 9,306 | 6,459 | 27,800 | 20,121 | |||||||||||
Interest and debt expense | (85,068 | ) | (79,721 | ) | (252,581 | ) | (250,034 | ) | |||||||
Net gains on disposition of wholly owned and partially owned assets | — | — | 501 | 160,225 | |||||||||||
Income before income taxes | 38,364 | 80,087 | 227,507 | 390,503 | |||||||||||
Income tax expense | (1,188 | ) | (4,563 | ) | (2,429 | ) | (8,921 | ) | |||||||
Income from continuing operations | 37,176 | 75,524 | 225,078 | 381,582 | |||||||||||
(Loss) income from discontinued operations | (47,930 | ) | 25,080 | (14,501 | ) | (104,204 | ) | ||||||||
Net (loss) income | (10,754 | ) | 100,604 | 210,577 | 277,378 | ||||||||||
Less net income attributable to noncontrolling interests in consolidated subsidiaries | (4,022 | ) | (3,658 | ) | (18,436 | ) | (26,361 | ) | |||||||
Net (loss) income attributable to Vornado Realty L.P. | (14,776 | ) | 96,946 | 192,141 | 251,017 | ||||||||||
Preferred unit distributions | (16,176 | ) | (19,096 | ) | (48,531 | ) | (59,920 | ) | |||||||
Preferred unit issuance costs (Series J redemption) | — | (7,408 | ) | — | (7,408 | ) | |||||||||
NET (LOSS) INCOME attributable to Class A unitholders | $ | (30,952 | ) | $ | 70,442 | $ | 143,610 | $ | 183,689 | ||||||
(LOSS) INCOME PER CLASS A UNIT – BASIC: | |||||||||||||||
Income from continuing operations, net | $ | 0.08 | $ | 0.22 | $ | 0.77 | $ | 1.43 | |||||||
(Loss) income from discontinued operations, net | (0.24 | ) | 0.13 | (0.07 | ) | (0.52 | ) | ||||||||
Net (loss) income per Class A unit | $ | (0.16 | ) | $ | 0.35 | $ | 0.70 | $ | 0.91 | ||||||
Weighted average units outstanding | 201,300 | 200,458 | 201,093 | 200,300 | |||||||||||
(LOSS) INCOME PER CLASS A UNIT – DILUTED: | |||||||||||||||
Income from continuing operations, net | $ | 0.08 | $ | 0.22 | $ | 0.76 | $ | 1.42 | |||||||
(Loss) income from discontinued operations, net | (0.24 | ) | 0.13 | (0.07 | ) | (0.52 | ) | ||||||||
Net (loss) income per Class A unit | $ | (0.16 | ) | $ | 0.35 | $ | 0.69 | $ | 0.90 | ||||||
Weighted average units outstanding | 203,113 | 202,141 | 203,311 | 201,932 | |||||||||||
DISTRIBUTIONS PER CLASS A UNIT | $ | 0.60 | $ | 0.63 | $ | 2.02 | $ | 1.89 |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income | $ | 68,903 | $ | 76,832 | $ | 122,278 | $ | 103,825 | |||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||
Change in fair value of interest rate swaps and other | 18,380 | 8,552 | 83,619 | 20,193 | |||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | 4,755 | 1,468 | 13,960 | 5,059 | |||||||||||||||||||
Comprehensive income | 92,038 | 86,852 | 219,857 | 129,077 | |||||||||||||||||||
Less comprehensive loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 826 | (8,784) | (8,548) | (14,898) | |||||||||||||||||||
Comprehensive income attributable to Vornado Realty L.P. | $ | 92,864 | $ | 78,068 | $ | 211,309 | $ | 114,179 |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net (loss) income | $ | (10,754 | ) | $ | 100,604 | $ | 210,577 | $ | 277,378 | ||||||
Other comprehensive income (loss): | |||||||||||||||
Increase (reduction) in unrealized net gain on available-for-sale securities | 5,656 | 3,685 | (10,559 | ) | 42,798 | ||||||||||
Pro rata share of amounts reclassified from accumulated other comprehensive income of a nonconsolidated subsidiary | (646 | ) | — | 8,622 | — | ||||||||||
Pro rata share of other comprehensive loss of nonconsolidated subsidiaries | (626 | ) | (915 | ) | (1,657 | ) | (1,537 | ) | |||||||
Increase (reduction) in value of interest rate swaps and other | 1,973 | 7,689 | 6,611 | (3,482 | ) | ||||||||||
Comprehensive (loss) income | (4,397 | ) | 111,063 | 213,594 | 315,157 | ||||||||||
Less comprehensive income attributable to noncontrolling interests in consolidated subsidiaries | (4,022 | ) | (3,658 | ) | (18,436 | ) | (26,361 | ) | |||||||
Comprehensive (loss) income attributable to Vornado L.P. | $ | (8,419 | ) | $ | 107,405 | $ | 195,158 | $ | 288,796 |
(Amounts in thousands, except per unit amounts) | Accumulated Other Comprehensive Income | Non-controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2022: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | 48,793 | $ | 1,182,459 | 191,743 | $ | 8,105,172 | $ | (3,154,549) | $ | 51,776 | $ | 253,112 | $ | 6,437,970 | ||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | — | — | — | — | 69,729 | — | — | 69,729 | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | — | — | — | — | (3,782) | — | — | (3,782) | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 2,590 | 2,590 | ||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($0.53 per unit) | — | — | — | — | (101,624) | — | — | (101,624) | ||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (15,529) | — | — | (15,529) | ||||||||||||||||||||||||||||||||||||||||||
Class A units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 26 | 860 | — | — | — | 860 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 7 | 222 | — | — | — | 222 | ||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 3,772 | 3,772 | ||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (5,467) | (5,467) | ||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | — | 146 | — | — | — | 146 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 4,755 | — | 4,755 | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | — | — | — | — | — | 18,380 | — | 18,380 | ||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | 240,413 | — | — | — | 240,413 | ||||||||||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | (1,611) | — | (1,611) | ||||||||||||||||||||||||||||||||||||||||||
Other | — | — | (1) | (2) | 4 | — | (13) | (11) | ||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | 48,793 | $ | 1,182,459 | 191,775 | $ | 8,346,811 | $ | (3,205,751) | $ | 73,300 | $ | 253,994 | $ | 6,650,813 |
(Amounts in thousands) | ||||||||||||||||||||||||||||||
Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Accumulated Other Comprehensive Income | Non- controlling Interests in Consolidated Subsidiaries | Total Equity | |||||||||||||||||||||||||
Units | Amount | Units | Amount | |||||||||||||||||||||||||||
Balance, December 31, 2016 | 42,825 | $ | 1,038,055 | 189,101 | $ | 7,160,874 | $ | (1,419,382 | ) | $ | 118,972 | $ | 719,977 | $ | 7,618,496 | |||||||||||||||
Net income attributable to Vornado Realty L.P. | — | — | — | — | 192,141 | — | — | 192,141 | ||||||||||||||||||||||
Net income attributable to redeemable partnership units | — | — | — | — | (9,057 | ) | — | — | (9,057 | ) | ||||||||||||||||||||
Net income attributable to noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 18,436 | 18,436 | ||||||||||||||||||||||
Distributions to Vornado | — | — | — | — | (382,552 | ) | — | — | (382,552 | ) | ||||||||||||||||||||
Distributions to preferred unitholders | — | — | — | — | (48,386 | ) | — | — | (48,386 | ) | ||||||||||||||||||||
Class A Units issued to Vornado: | ||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 349 | 34,564 | — | — | — | 34,564 | ||||||||||||||||||||||
Under Vornado's employees' share option plan | — | — | 409 | 23,892 | — | — | — | 23,892 | ||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 12 | 1,119 | — | — | — | 1,119 | ||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 1,044 | 1,044 | ||||||||||||||||||||||
Distributions: | ||||||||||||||||||||||||||||||
JBG SMITH Properties | — | — | — | — | (2,430,427 | ) | — | — | (2,430,427 | ) | ||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | (20,851 | ) | (20,851 | ) | ||||||||||||||||||||
Other | — | — | — | — | — | — | (1,815 | ) | (1,815 | ) | ||||||||||||||||||||
Conversion of Series A preferred units to Class A units | (2 | ) | (44 | ) | 2 | 44 | — | — | — | — | ||||||||||||||||||||
Deferred compensation units and options | — | — | 1 | 1,975 | (418 | ) | — | — | 1,557 | |||||||||||||||||||||
Reduction in unrealized net gain on available-for-sale securities | — | — | — | — | — | (10,559 | ) | — | (10,559 | ) | ||||||||||||||||||||
Pro rata share of amounts reclassified related to a nonconsolidated subsidiary | — | — | — | — | — | 8,622 | — | 8,622 | ||||||||||||||||||||||
Pro rata share of other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | (1,657 | ) | — | (1,657 | ) | ||||||||||||||||||||
Increase in value of interest rate swaps | — | — | — | — | — | 6,611 | — | 6,611 | ||||||||||||||||||||||
Adjustments to carry redeemable Class A units at redemption value | — | — | — | 286,928 | — | — | — | 286,928 | ||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | (188 | ) | — | (188 | ) | ||||||||||||||||||||
Other | — | — | 4 | (2 | ) | (46 | ) | — | (297 | ) | (345 | ) | ||||||||||||||||||
Balance, September 30, 2017 | 42,823 | $ | 1,038,011 | 189,878 | $ | 7,509,394 | $ | (4,098,127 | ) | $ | 121,801 | $ | 716,494 | $ | 5,287,573 |
(Amounts in thousands, except per unit amounts) | Accumulated Other Comprehensive (Loss) Income | Non-controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2021: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | 48,793 | $ | 1,182,311 | 191,465 | $ | 8,088,030 | $ | (2,871,681) | $ | (60,753) | $ | 415,278 | $ | 6,753,185 | ||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | — | — | — | — | 68,048 | — | — | 68,048 | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | — | — | — | — | (3,536) | — | — | (3,536) | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 8,308 | 8,308 | ||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($0.53 per unit) | — | — | — | — | (101,522) | — | — | (101,522) | ||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (16,467) | — | — | (16,467) | ||||||||||||||||||||||||||||||||||||||||||
Class A units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 92 | 4,206 | — | — | — | 4,206 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | — | — | — | 6 | — | — | — | 6 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 4 | 219 | — | — | — | 219 | ||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 1,547 | 1,547 | ||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (139,180) | (139,180) | ||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | — | 225 | — | — | — | 225 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 1,468 | — | 1,468 | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps | — | — | — | — | — | 8,551 | — | 8,551 | ||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | (16,012) | — | — | — | (16,012) | ||||||||||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | (704) | — | (704) | ||||||||||||||||||||||||||||||||||||||||||
Other | — | (20) | — | — | (3) | 1 | (3) | (25) | ||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | 48,793 | $ | 1,182,291 | 191,561 | $ | 8,076,674 | $ | (2,925,161) | $ | (51,437) | $ | 285,950 | $ | 6,568,317 |
(Amounts in thousands) | ||||||||||||||||||||||||||||||
Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Accumulated Other Comprehensive Income | Non- controlling Interests in Consolidated Subsidiaries | Total Equity | |||||||||||||||||||||||||
Units | Amount | Units | Amount | |||||||||||||||||||||||||||
Balance, December 31, 2015 | 52,677 | $ | 1,276,954 | 188,577 | $ | 7,140,500 | $ | (1,766,780 | ) | $ | 46,921 | $ | 778,483 | $ | 7,476,078 | |||||||||||||||
Net income attributable to Vornado Realty L.P. | — | — | — | — | 251,017 | — | — | 251,017 | ||||||||||||||||||||||
Net income attributable to redeemable partnership units | — | — | — | — | (11,410 | ) | — | — | (11,410 | ) | ||||||||||||||||||||
Net income attributable to noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 26,361 | 26,361 | ||||||||||||||||||||||
Distributions to Vornado | — | — | — | — | (356,863 | ) | — | — | (356,863 | ) | ||||||||||||||||||||
Distributions to preferred unitholders | — | — | — | — | (59,774 | ) | — | — | (59,774 | ) | ||||||||||||||||||||
Redemption of Series J preferred units | (9,850 | ) | (238,842 | ) | — | — | (7,408 | ) | — | — | (246,250 | ) | ||||||||||||||||||
Class A Units issued to Vornado: | ||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 293 | 28,126 | — | — | — | 28,126 | ||||||||||||||||||||||
Under Vornado's employees' share option plan | — | — | 106 | 5,940 | — | — | — | 5,940 | ||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 12 | 1,080 | — | — | — | 1,080 | ||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 19,699 | 19,699 | ||||||||||||||||||||||
Distributions: | ||||||||||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | (59,843 | ) | (59,843 | ) | ||||||||||||||||||||
Other | — | — | — | — | — | — | (11,631 | ) | (11,631 | ) | ||||||||||||||||||||
Deferred compensation units and options | — | — | 7 | 1,371 | (186 | ) | — | — | 1,185 | |||||||||||||||||||||
Increase in unrealized net gain on available-for-sale securities | — | — | — | — | — | 42,798 | — | 42,798 | ||||||||||||||||||||||
Pro rata share of other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | (1,537 | ) | — | (1,537 | ) | ||||||||||||||||||||
Reduction in value of interest rate swaps | — | — | — | — | — | (3,482 | ) | — | (3,482 | ) | ||||||||||||||||||||
Adjustments to carry redeemable Class A units at redemption value | — | — | — | (30,260 | ) | — | — | — | (30,260 | ) | ||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | (2,326 | ) | — | (2,326 | ) | ||||||||||||||||||||
Other | — | (1 | ) | (1 | ) | — | (7 | ) | — | 86 | 78 | |||||||||||||||||||
Balance, September 30, 2016 | 42,827 | $ | 1,038,111 | 188,994 | $ | 7,146,757 | $ | (1,951,411 | ) | $ | 82,374 | $ | 753,155 | $ | 7,068,986 |
(Amounts in thousands, except per unit amounts) | Accumulated Other Comprehensive (Loss) Income | Non-controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2022: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | 48,793 | $ | 1,182,459 | 191,724 | $ | 8,150,741 | $ | (3,079,320) | $ | (17,534) | $ | 278,892 | $ | 6,515,238 | ||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | — | — | — | — | 113,730 | — | — | 113,730 | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | — | — | — | — | (5,776) | — | — | (5,776) | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 12,269 | 12,269 | ||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($1.06 per unit) | — | — | — | — | (203,240) | — | — | (203,240) | ||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (31,058) | — | — | (31,058) | ||||||||||||||||||||||||||||||||||||||||||
Class A units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 42 | 1,577 | — | — | — | 1,577 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | — | — | — | 7 | — | — | — | 7 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 12 | 434 | — | — | — | 434 | ||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 4,253 | 4,253 | ||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (41,428) | (41,428) | ||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | (2) | 292 | (85) | — | — | 207 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 13,960 | — | 13,960 | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | — | — | — | — | — | 83,619 | — | 83,619 | ||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | 193,762 | — | — | — | 193,762 | ||||||||||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | (6,745) | — | (6,745) | ||||||||||||||||||||||||||||||||||||||||||
Other | — | — | (1) | (2) | (2) | — | 8 | 4 | ||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | 48,793 | $ | 1,182,459 | 191,775 | $ | 8,346,811 | $ | (3,205,751) | $ | 73,300 | $ | 253,994 | $ | 6,650,813 |
(Amounts in thousands, except per unit amounts) | Earnings Less Than Distributions | Accumulated Other Comprehensive (Loss) Income | Non-controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units | Class A Units Owned by Vornado | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2021: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 48,793 | $ | 1,182,339 | 191,355 | $ | 8,200,140 | $ | (2,774,182) | $ | (75,099) | $ | 414,957 | $ | 6,948,155 | ||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | — | — | — | — | 88,927 | — | — | 88,927 | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | — | — | — | — | (3,865) | — | — | (3,865) | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 14,505 | 14,505 | ||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($1.06 per unit) | — | — | — | — | (202,989) | — | — | (202,989) | ||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (32,934) | — | — | (32,934) | ||||||||||||||||||||||||||||||||||||||||||
Class A Units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 199 | 8,309 | — | — | — | 8,309 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | — | — | — | 10 | — | — | — | 10 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 10 | 430 | — | — | — | 430 | ||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 1,547 | 1,547 | ||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (145,057) | (145,057) | ||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | (3) | 449 | (114) | — | — | 335 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 5,059 | — | 5,059 | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps | — | — | — | — | — | 20,193 | — | 20,193 | ||||||||||||||||||||||||||||||||||||||||||
Unearned 2018 Out-Performance Plan awards acceleration | — | — | — | 10,283 | — | — | — | 10,283 | ||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | (142,948) | — | — | — | (142,948) | ||||||||||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | (1,590) | — | (1,590) | ||||||||||||||||||||||||||||||||||||||||||
Other | — | (48) | — | 1 | (4) | — | (2) | (53) | ||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | 48,793 | $ | 1,182,291 | 191,561 | $ | 8,076,674 | $ | (2,925,161) | $ | (51,437) | $ | 285,950 | $ | 6,568,317 |
(Amounts in thousands) | For the Six Months Ended June 30, | ||||||||||
2022 | 2021 | ||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income | $ | 122,278 | $ | 103,825 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization (including amortization of deferred financing costs) | 246,532 | 194,225 | |||||||||
Distributions of income from partially owned entities | 95,494 | 109,089 | |||||||||
Equity in net income of partially owned entities | (59,434) | (60,499) | |||||||||
Straight-lining of rents | (36,679) | 9,835 | |||||||||
Net gains on disposition of wholly owned and partially owned assets | (35,384) | (25,724) | |||||||||
Stock-based compensation expense | 19,001 | 27,379 | |||||||||
Change in deferred tax liability | 6,457 | 1,192 | |||||||||
Amortization of below-market leases, net | (2,404) | (5,717) | |||||||||
Net realized and unrealized loss on real estate fund investments | 1,128 | 789 | |||||||||
Write-off of lease receivables deemed uncollectible | 501 | 5,239 | |||||||||
Other non-cash adjustments | 1,929 | 3,033 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Real estate fund investments | — | (789) | |||||||||
Tenant and other receivables | 2,388 | 10,477 | |||||||||
Prepaid assets | 94,235 | 127,958 | |||||||||
Other assets | (13,455) | (26,262) | |||||||||
Accounts payable and accrued expenses | (15,283) | 2,243 | |||||||||
Other liabilities | 3,321 | (3,584) | |||||||||
Net cash provided by operating activities | 430,625 | 472,709 | |||||||||
Cash Flows from Investing Activities: | |||||||||||
Purchase of U.S. Treasury bills | (794,793) | — | |||||||||
Development costs and construction in progress | (418,748) | (269,376) | |||||||||
Proceeds from maturities of U.S. Treasury bills | 299,668 | — | |||||||||
Proceeds from sales of real estate | 253,958 | 3,521 | |||||||||
Additions to real estate | (70,046) | (90,138) | |||||||||
Proceeds from sale of condominium units at 220 Central Park South | 16,124 | 72,216 | |||||||||
Investments in partially owned entities | (11,091) | (6,357) | |||||||||
Distributions of capital from partially owned entities | 10,066 | 106,005 | |||||||||
Acquisitions of real estate and other | (1,000) | — | |||||||||
Proceeds from repayments of loan receivables | — | 675 | |||||||||
Net cash used in investing activities | (715,862) | (183,454) |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||
2017 | 2016 | ||||||
Cash Flows from Operating Activities: | |||||||
Net income | $ | 210,577 | $ | 277,378 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization (including amortization of deferred financing costs) | 407,539 | 446,040 | |||||
Return of capital from real estate fund investments | 80,294 | 71,888 | |||||
Distributions of income from partially owned entities | 65,097 | 56,853 | |||||
Other non-cash adjustments | 43,921 | 33,971 | |||||
Straight-lining of rents | (37,752 | ) | (118,798 | ) | |||
Amortization of below-market leases, net | (35,446 | ) | (41,676 | ) | |||
Net realized and unrealized losses (gains) on real estate fund investments | 18,537 | (16,513 | ) | ||||
Equity in net income of partially owned entities | (6,013 | ) | (529 | ) | |||
Net gains on sale of real estate and other | (3,797 | ) | (5,074 | ) | |||
Net gains on disposition of wholly owned and partially owned assets | (501 | ) | (160,225 | ) | |||
Real estate impairment losses | — | 161,165 | |||||
Changes in operating assets and liabilities: | |||||||
Tenant and other receivables, net | 5,485 | 613 | |||||
Prepaid assets | (70,949 | ) | (58,998 | ) | |||
Other assets | (27,065 | ) | (64,200 | ) | |||
Accounts payable and accrued expenses | 27,609 | 4,793 | |||||
Other liabilities | (15,911 | ) | (14,274 | ) | |||
Net cash provided by operating activities | 661,625 | 572,414 | |||||
Cash Flows from Investing Activities: | |||||||
Distributions of capital from partially owned entities | 347,776 | 102,836 | |||||
Development costs and construction in progress | (274,716 | ) | (426,641 | ) | |||
Additions to real estate | (207,759 | ) | (261,971 | ) | |||
Repayment of JBG SMITH Properties loan receivable | 115,630 | — | |||||
Investments in partially owned entities | (33,578 | ) | (112,797 | ) | |||
Acquisitions of real estate and other | (11,841 | ) | (91,100 | ) | |||
Proceeds from sales of real estate and related investments | 9,543 | 167,673 | |||||
Proceeds from repayments of mortgage loans receivable | 650 | 33 | |||||
Net deconsolidation of 7 West 34th Street | — | (48,000 | ) | ||||
Investments in loans receivable and other | — | (11,700 | ) | ||||
Purchases of marketable securities | — | (4,379 | ) | ||||
Net cash used in investing activities | (54,295 | ) | (686,046 | ) |
(Amounts in thousands) | For the Six Months Ended June 30, | ||||||||||
2022 | 2021 | ||||||||||
Cash Flows from Financing Activities: | |||||||||||
Repayments of borrowings | $ | (1,240,573) | $ | (1,573,443) | |||||||
Proceeds from borrowings | 1,029,773 | 2,298,007 | |||||||||
Distributions to Vornado | (203,240) | (202,989) | |||||||||
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (56,589) | (159,926) | |||||||||
Debt issuance costs | (31,718) | (32,875) | |||||||||
Distributions to preferred unitholders | (31,058) | (32,934) | |||||||||
Contributions from noncontrolling interests in consolidated subsidiaries | 4,253 | 1,547 | |||||||||
Proceeds received from exercise of Vornado stock options and other | 441 | 440 | |||||||||
Repurchase of Class A units related to stock compensation agreements and related tax withholdings and other | (85) | (114) | |||||||||
Net cash (used in) provided by financing activities | (528,796) | 297,713 | |||||||||
Net (decrease) increase in cash and cash equivalents and restricted cash | (814,033) | 586,968 | |||||||||
Cash and cash equivalents and restricted cash at beginning of period | 1,930,351 | 1,730,369 | |||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 1,116,318 | $ | 2,317,337 | |||||||
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | |||||||||||
Cash and cash equivalents at beginning of period | $ | 1,760,225 | $ | 1,624,482 | |||||||
Restricted cash at beginning of period | 170,126 | 105,887 | |||||||||
Cash and cash equivalents and restricted cash at beginning of period | $ | 1,930,351 | $ | 1,730,369 | |||||||
Cash and cash equivalents at end of period | $ | 988,398 | $ | 2,172,195 | |||||||
Restricted cash at end of period | 127,920 | 145,142 | |||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 1,116,318 | $ | 2,317,337 | |||||||
Supplemental Disclosure of Cash Flow Information: | |||||||||||
Cash payments for interest, excluding capitalized interest of $7,221 and $21,046 | $ | 107,367 | $ | 93,376 | |||||||
Cash payments for income taxes | $ | 5,064 | $ | 6,797 | |||||||
Non-Cash Investing and Financing Activities: | |||||||||||
Additional estimated lease liability arising from the recognition of right-of-use asset | $ | 350,000 | $ | — | |||||||
Redeemable Class A unit measurement adjustment | 193,762 | (142,948) | |||||||||
Accrued capital expenditures included in accounts payable and accrued expenses | 86,639 | 80,649 | |||||||||
Increase in accumulated other comprehensive income due to change in fair value of consolidated interest rate swaps and other | 83,619 | 20,193 | |||||||||
Write-off of fully depreciated assets | (31,996) | (48,190) | |||||||||
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | 3,024 | 9,227 | |||||||||
Reclassification of assets held for sale (included in "other assets") | — | 79,210 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||
2017 | 2016 | ||||||
Cash Flows from Financing Activities: | |||||||
Cash and cash equivalents and restricted cash included in the spin-off of JBG SMITH Properties ($275,000 plus The Bartlett financing proceeds less transaction costs and other mortgage items) | $ | (416,237 | ) | $ | — | ||
Distributions to Vornado | (382,552 | ) | (356,863 | ) | |||
Proceeds from borrowings | 229,042 | 2,000,604 | |||||
Repayments of borrowings | (177,109 | ) | (1,591,554 | ) | |||
Distributions to preferred unitholders | (48,386 | ) | (64,006 | ) | |||
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (48,329 | ) | (95,055 | ) | |||
Proceeds received from exercise of Vornado stock options | 25,011 | 7,020 | |||||
Debt issuance and other costs | (2,944 | ) | (30,846 | ) | |||
Contributions from noncontrolling interests in consolidated subsidiaries | 1,044 | 11,900 | |||||
Repurchase of Class A units related to stock compensation agreements and related tax withholdings and other | (418 | ) | (186 | ) | |||
Redemption of preferred units | — | (246,250 | ) | ||||
Net cash used in financing activities | (820,878 | ) | (365,236 | ) | |||
Net decrease in cash and cash equivalents and restricted cash | (213,548 | ) | (478,868 | ) | |||
Cash and cash equivalents and restricted cash at beginning of period | 1,599,331 | 1,943,515 | |||||
Cash and cash equivalents and restricted cash at end of period | $ | 1,385,783 | $ | 1,464,647 | |||
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | |||||||
Cash and cash equivalents at beginning of period | $ | 1,501,027 | $ | 1,835,707 | |||
Restricted cash at beginning of period | 95,032 | 99,943 | |||||
Restricted cash included in discontinued operations at beginning of period | 3,272 | 7,865 | |||||
Cash and cash equivalents and restricted cash at beginning of period | $ | 1,599,331 | $ | 1,943,515 | |||
Cash and cash equivalents at end of period | $ | 1,282,230 | $ | 1,352,697 | |||
Restricted cash at end of period | 103,553 | 108,976 | |||||
Restricted cash included in discontinued operations at end of period | — | 2,974 | |||||
Cash and cash equivalents and restricted cash at end of period | $ | 1,385,783 | $ | 1,464,647 | |||
Supplemental Disclosure of Cash Flow Information: | |||||||
Cash payments for interest, excluding capitalized interest of $31,243 and $21,297 | $ | 257,173 | $ | 275,979 | |||
Cash payments for income taxes | $ | 5,292 | $ | 7,602 | |||
Non-Cash Investing and Financing Activities: | |||||||
Non-cash distribution to JBG SMITH Properties: | |||||||
Assets | $ | 3,432,738 | $ | — | |||
Liabilities | (1,414,186 | ) | — | ||||
Equity | (2,018,552 | ) | — | ||||
Adjustments to carry redeemable Class A units at redemption value | 286,928 | (30,260 | ) | ||||
Loan receivable established upon the spin-off of JBG SMITH Properties | 115,630 | — | |||||
Accrued capital expenditures included in accounts payable and accrued expenses | 69,033 | 129,704 | |||||
Write-off of fully depreciated assets | (41,458 | ) | (283,496 | ) | |||
(Reduction) increase in unrealized net gain on available-for-sale securities | (10,559 | ) | 42,798 | ||||
Decrease in assets and liabilities resulting from the deconsolidation of investments that were previously consolidated: | |||||||
Real estate, net | — | (122,047 | ) | ||||
Mortgage payable, net | — | (290,418 | ) |
1. Organization |
2. Basis of Presentation |
(Amounts in thousands) | For the Three Months Ended June 30, 2022 | For the Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||||||
Property rentals | $ | 383,049 | $ | 309,882 | $ | 73,167 | $ | 330,944 | $ | 260,953 | $ | 69,991 | ||||||||||||||||||||||||||
Trade shows(1) | 5,842 | — | 5,842 | — | — | — | ||||||||||||||||||||||||||||||||
Lease revenues(2) | 388,891 | 309,882 | 79,009 | 330,944 | 260,953 | 69,991 | ||||||||||||||||||||||||||||||||
Tenant services | 11,461 | 8,133 | 3,328 | 8,652 | 5,928 | 2,724 | ||||||||||||||||||||||||||||||||
Parking revenues | 4,842 | 4,025 | 817 | — | — | — | ||||||||||||||||||||||||||||||||
Rental revenues | 405,194 | 322,040 | 83,154 | 339,596 | 266,881 | 72,715 | ||||||||||||||||||||||||||||||||
BMS cleaning fees | 33,999 | 36,206 | (2,207) | (3) | 28,083 | 29,600 | (1,517) | (3) | ||||||||||||||||||||||||||||||
Management and leasing fees | 2,866 | 3,011 | (145) | 3,073 | 3,088 | (15) | ||||||||||||||||||||||||||||||||
Other income | 11,435 | 2,905 | 8,530 | 8,189 | 1,575 | 6,614 | ||||||||||||||||||||||||||||||||
Fee and other income | 48,300 | 42,122 | 6,178 | 39,345 | 34,263 | 5,082 | ||||||||||||||||||||||||||||||||
Total revenues | $ | 453,494 | $ | 364,162 | $ | 89,332 | $ | 378,941 | $ | 301,144 | $ | 77,797 |
(Amounts in thousands) | For the Six Months Ended June 30, 2022 | For the Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||||||
Property rentals | $ | 760,936 | $ | 617,605 | $ | 143,331 | $ | 663,002 | $ | 522,644 | $ | 140,358 | ||||||||||||||||||||||||||
Trade shows(1) | 10,986 | — | 10,986 | — | — | — | ||||||||||||||||||||||||||||||||
Lease revenues(2) | 771,922 | 617,605 | 154,317 | 663,002 | 522,644 | 140,358 | ||||||||||||||||||||||||||||||||
Tenant services | 21,350 | 15,544 | 5,806 | 15,911 | 10,937 | 4,974 | ||||||||||||||||||||||||||||||||
Parking revenues | 9,205 | 7,736 | 1,469 | — | — | — | ||||||||||||||||||||||||||||||||
Rental revenues | 802,477 | 640,885 | 161,592 | 678,913 | 533,581 | 145,332 | ||||||||||||||||||||||||||||||||
BMS cleaning fees | 66,690 | 70,917 | (4,227) | (3) | 56,560 | 59,548 | (2,988) | (3) | ||||||||||||||||||||||||||||||
Management and leasing fees | 5,635 | 5,978 | (343) | 8,442 | 8,610 | (168) | ||||||||||||||||||||||||||||||||
Other income | 20,822 | 4,930 | 15,892 | 15,003 | 3,376 | 11,627 | ||||||||||||||||||||||||||||||||
Fee and other income | 93,147 | 81,825 | 11,322 | 80,005 | 71,534 | 8,471 | ||||||||||||||||||||||||||||||||
Total revenues | $ | 895,624 | $ | 722,710 | $ | 172,914 | $ | 758,918 | $ | 605,115 | $ | 153,803 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Fixed billings | $ | 342,891 | $ | 305,963 | $ | 672,142 | $ | 615,823 | |||||||||||||||
Variable billings | 31,225 | 30,123 | 64,199 | 61,772 | |||||||||||||||||||
Total contractual operating lease billings | 374,116 | 336,086 | 736,341 | 677,595 | |||||||||||||||||||
Adjustment for straight-line rents and amortization of acquired below-market leases and other, net | 15,276 | (3,573) | 36,082 | (9,354) | |||||||||||||||||||
Less: write-off of straight-line rent and tenant receivables deemed uncollectible | (501) | (1,569) | (501) | (5,239) | |||||||||||||||||||
Lease revenues | $ | 388,891 | $ | 330,944 | $ | 771,922 | $ | 663,002 |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Previously recorded unrealized loss on exited investments | $ | 53,724 | $ | — | $ | 59,396 | $ | — | |||||||||||||||
Realized loss on exited investments | (53,724) | — | (53,724) | — | |||||||||||||||||||
Net unrealized loss on held investments | (6,800) | (295) | (6,800) | (789) | |||||||||||||||||||
Net investment income | 6,658 | 5,637 | 6,660 | 5,962 | |||||||||||||||||||
(Loss) income from real estate fund investments | (142) | 5,342 | 5,532 | 5,173 | |||||||||||||||||||
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 365 | (3,703) | (3,599) | (3,274) | |||||||||||||||||||
Income from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ | 223 | $ | 1,639 | $ | 1,933 | $ | 1,899 | |||||||||||||||
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net investment income | $ | 6,028 | $ | 5,841 | $ | 16,888 | $ | 12,237 | ||||||||
Net realized gains on exited investments | 35,620 | — | 35,861 | 14,676 | ||||||||||||
Previously recorded unrealized gains on exited investment | (36,736 | ) | — | (25,538 | ) | (14,254 | ) | |||||||||
Net unrealized (loss) gain on held investments | (11,220 | ) | (4,764 | ) | (28,860 | ) | 16,091 | |||||||||
(Loss) income from real estate fund investments | (6,308 | ) | 1,077 | (1,649 | ) | 28,750 | ||||||||||
Less income attributable to noncontrolling interests in consolidated subsidiaries | (1,486 | ) | (270 | ) | (9,684 | ) | (15,088 | ) | ||||||||
(Loss) income from real estate fund investments attributable to the Operating Partnership (1) | (7,794 | ) | 807 | (11,333 | ) | 13,662 | ||||||||||
Less loss (income) attributable to noncontrolling interests in the Operating Partnership | 485 | (49 | ) | 706 | (843 | ) | ||||||||||
(Loss) income from real estate fund investments attributable to Vornado | $ | (7,309 | ) | $ | 758 | $ | (10,627 | ) | $ | 12,819 |
(Amounts in thousands) | As of September 30, 2017 | As of December 31, 2016 | |||||||||||||||||||||
Fair Value | GAAP Cost | Unrealized Gain | Fair Value | GAAP Cost | Unrealized Gain | ||||||||||||||||||
Equity securities: | |||||||||||||||||||||||
Lexington Realty Trust | $ | 188,753 | $ | 72,549 | $ | 116,204 | $ | 199,465 | $ | 72,549 | $ | 126,916 | |||||||||||
Other | 4,392 | 650 | 3,742 | 4,239 | 650 | 3,589 | |||||||||||||||||
$ | 193,145 | $ | 73,199 | $ | 119,946 | $ | 203,704 | $ | 73,199 | $ | 130,505 |
(Amounts in thousands) | Percentage Ownership at June 30, 2022 | Balance as of | |||||||||||||||
June 30, 2022 | December 31, 2021 | ||||||||||||||||
Investments: | |||||||||||||||||
Fifth Avenue and Times Square JV (see page 26 for details): | 51.5% | $ | 2,771,041 | $ | 2,770,633 | ||||||||||||
Partially owned office buildings/land(1) | Various | 282,057 | 306,989 | ||||||||||||||
Alexander’s | 32.4% | 91,544 | 91,405 | ||||||||||||||
Other investments(2) | Various | 125,587 | 128,362 | ||||||||||||||
$ | 3,270,229 | $ | 3,297,389 | ||||||||||||||
Investments in partially owned entities included in other liabilities(3): | |||||||||||||||||
7 West 34th Street | 53.0% | $ | (63,394) | $ | (60,918) | ||||||||||||
85 Tenth Avenue | 49.9% | (16,070) | (18,067) | ||||||||||||||
$ | (79,464) | $ | (78,985) |
6. Investments in Partially Owned Entities |
(Amounts in thousands) | Percentage Ownership at June 30, 2022 | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
Our share of net income (loss): | |||||||||||||||||||||||||||||
Fifth Avenue and Times Square JV (see page 26 for details): | |||||||||||||||||||||||||||||
Equity in net income | 51.5% | $ | 13,665 | $ | 10,037 | $ | 29,974 | $ | 19,643 | ||||||||||||||||||||
Return on preferred equity, net of our share of the expense | 9,329 | 9,329 | 18,555 | 18,555 | |||||||||||||||||||||||||
22,994 | 19,366 | 48,529 | 38,198 | ||||||||||||||||||||||||||
Alexander's (see page 27 for details): | |||||||||||||||||||||||||||||
Equity in net income(1) | 32.4% | 4,824 | 8,325 | 9,495 | 14,054 | ||||||||||||||||||||||||
Management, leasing and development fees | 1,162 | 1,962 | 2,182 | 2,537 | |||||||||||||||||||||||||
5,986 | 10,287 | 11,677 | 16,591 | ||||||||||||||||||||||||||
Partially owned office buildings(2) | Various | (3,584) | 3,758 | (1,107) | 9,730 | ||||||||||||||||||||||||
Other investments(3) | Various | 324 | (1,985) | 335 | (4,020) | ||||||||||||||||||||||||
$ | 25,720 | $ | 31,426 | $ | 59,434 | $ | 60,499 |
(Amounts in thousands) | Balance as of | ||||||||||
June 30, 2022 | December 31, 2021 | ||||||||||
Identified intangible assets: | |||||||||||
Gross amount | $ | 237,777 | $ | 252,081 | |||||||
Accumulated amortization | (93,180) | (97,186) | |||||||||
Total, net | $ | 144,597 | $ | 154,895 | |||||||
Identified intangible liabilities (included in deferred revenue): | |||||||||||
Gross amount | $ | 244,396 | $ | 256,065 | |||||||
Accumulated amortization | (204,831) | (212,245) | |||||||||
Total, net | $ | 39,565 | $ | 43,820 |
(Amounts in thousands) | Acquired below (above) market leases, net | ||||
2023 | $ | 5,440 | |||
2024 | 2,364 | ||||
2025 | 953 | ||||
2026 | 311 | ||||
2027 | (136) |
(Amounts in thousands) | Other identified intangible assets | ||||
2023 | $ | 7,948 | |||
2024 | 7,128 | ||||
2025 | 6,077 | ||||
2026 | 5,884 | ||||
2027 | 5,449 |
(Amounts in thousands) | Percentage Ownership at | Balance as of | ||||||||
September 30, 2017 | September 30, 2017 | December 31, 2016 | ||||||||
Investments: | ||||||||||
Partially owned office buildings/land (1) | Various | $ | 542,778 | $ | 734,536 | |||||
Alexander’s | 32.4% | 125,632 | 129,324 | |||||||
PREIT | 8.0% | 66,477 | 122,883 | |||||||
UE | 4.5% | 46,542 | 24,523 | |||||||
Other investments (2) | Various | 283,553 | 366,988 | |||||||
$ | 1,064,982 | $ | 1,378,254 | |||||||
330 Madison Avenue(3) | 25.0% | $ | (53,237 | ) | $ | — | ||||
7 West 34th Street (4) | 53.0% | (46,013 | ) | (43,022 | ) | |||||
$ | (99,250 | ) | $ | (43,022 | ) |
(Amounts in thousands) | Weighted Average Interest Rate at June 30, 2022 | Balance as of | |||||||||||||||
June 30, 2022 | December 31, 2021 | ||||||||||||||||
Mortgages Payable: | |||||||||||||||||
Fixed rate | 3.10% | $ | 2,540,000 | $ | 2,190,000 | ||||||||||||
Variable rate | 2.96% | 3,348,415 | (1) | 3,909,215 | |||||||||||||
Total | 3.02% | 5,888,415 | 6,099,215 | ||||||||||||||
Deferred financing costs, net and other | (54,140) | (45,872) | |||||||||||||||
Total, net | $ | 5,834,275 | $ | 6,053,343 | |||||||||||||
Unsecured Debt: | |||||||||||||||||
Senior unsecured notes | 3.02% | $ | 1,200,000 | $ | 1,200,000 | ||||||||||||
Deferred financing costs, net and other | (9,188) | (10,208) | |||||||||||||||
Senior unsecured notes, net | 1,190,812 | 1,189,792 | |||||||||||||||
Unsecured term loan | 3.98% | 800,000 | 800,000 | ||||||||||||||
Deferred financing costs, net and other | (7,356) | (2,188) | |||||||||||||||
Unsecured term loan, net | 792,644 | 797,812 | |||||||||||||||
Unsecured revolving credit facilities | 2.68% | 575,000 | 575,000 | ||||||||||||||
Total, net | $ | 2,558,456 | $ | 2,562,604 |
(Amounts in thousands) | Percentage Ownership at September 30, 2017 | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||
Our share of net (loss) income: | ||||||||||||||||||
PREIT (see page 23 for details): | ||||||||||||||||||
Non-cash impairment loss | 8.0% | $ | (44,465 | ) | $ | — | $ | (44,465 | ) | $ | — | |||||||
Equity in net earnings | (5,283 | ) | 52 | (9,015 | ) | (4,763 | ) | |||||||||||
(49,748 | ) | 52 | (53,480 | ) | (4,763 | ) | ||||||||||||
Alexander's (see page 23 for details): | ||||||||||||||||||
Equity in net earnings | 32.4% | 6,510 | 6,891 | 20,092 | 20,640 | |||||||||||||
Management, leasing and development fees | 1,335 | 1,894 | 4,351 | 5,307 | ||||||||||||||
7,845 | 8,785 | 24,443 | 25,947 | |||||||||||||||
UE (see page 23 for details): | ||||||||||||||||||
Net gain resulting from UE operating partnership unit issuances | 4.5% | 5,200 | — | 21,100 | — | |||||||||||||
Equity in net earnings | 708 | 1,949 | 4,693 | 3,896 | ||||||||||||||
Management fees | 100 | 209 | 518 | 627 | ||||||||||||||
6,008 | 2,158 | 26,311 | 4,523 | |||||||||||||||
Partially owned office buildings/land(1) | Various | (5,551 | ) | (8,642 | ) | (23,508 | ) | (29,882 | ) | |||||||||
Other investments(2) | Various | (355 | ) | 1,458 | 31,812 | 8,067 | ||||||||||||
$ | (41,801 | ) | $ | 3,811 | $ | 5,578 | $ | 3,892 |
(Amounts in thousands) | Balance as of | ||||||
September 30, 2017 | December 31, 2016 | ||||||
Assets related to discontinued operations: | |||||||
Real estate, net | $ | — | $ | 3,222,720 | |||
Other assets | 1,774 | 345,893 | |||||
$ | 1,774 | $ | 3,568,613 | ||||
Liabilities related to discontinued operations: | |||||||
Mortgages payable, net | $ | — | $ | 1,165,015 | |||
Other liabilities | 3,602 | 94,428 | |||||
$ | 3,602 | $ | 1,259,443 |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(Loss) income from discontinued operations: | |||||||||||||||
Total revenues | $ | 25,747 | $ | 134,912 | $ | 260,969 | $ | 392,108 | |||||||
Total expenses | 21,708 | 109,506 | 211,930 | 331,377 | |||||||||||
4,039 | 25,406 | 49,039 | 60,731 | ||||||||||||
JBG SMITH Properties spin-off transaction costs | (53,581 | ) | (2,739 | ) | (67,045 | ) | (4,597 | ) | |||||||
Net gains on sale of real estate and a lease position | 1,530 | 2,864 | 3,797 | 5,074 | |||||||||||
Income (loss) from partially owned assets | 93 | 316 | 435 | (3,363 | ) | ||||||||||
Impairment losses | — | (465 | ) | — | (161,165 | ) | |||||||||
Pretax (loss) income from discontinued operations | (47,919 | ) | 25,382 | (13,774 | ) | (103,320 | ) | ||||||||
Income tax expense | (11 | ) | (302 | ) | (727 | ) | (884 | ) | |||||||
(Loss) income from discontinued operations | $ | (47,930 | ) | $ | 25,080 | $ | (14,501 | ) | $ | (104,204 | ) |
(Amounts in thousands) | For the Nine Months Ended September 30, | |||||||
2017 | 2016 | |||||||
Cash flows related to discontinued operations: | ||||||||
Cash flows from operating activities | $ | 39,581 | $ | 107,797 | ||||
Cash flows from investing activities | (48,377 | ) | (176,374 | ) |
(Amounts in thousands) | Balance as of | ||||||
September 30, 2017 | December 31, 2016 | ||||||
Identified intangible assets: | |||||||
Gross amount | $ | 310,881 | $ | 384,090 | |||
Accumulated amortization | (144,683 | ) | (194,422 | ) | |||
Total, net | $ | 166,198 | $ | 189,668 | |||
Identified intangible liabilities (included in deferred revenue): | |||||||
Gross amount | $ | 544,956 | $ | 550,454 | |||
Accumulated amortization | (326,661 | ) | (298,238 | ) | |||
Total, net | $ | 218,295 | $ | 252,216 |
(Amounts in thousands) | |||||
2018 | $ | 42,556 | |||
2019 | 30,820 | ||||
2020 | 22,185 | ||||
2021 | 17,370 | ||||
2022 | 14,271 |
(Amounts in thousands) | |||||
2018 | $ | 19,510 | |||
2019 | 15,229 | ||||
2020 | 12,020 | ||||
2021 | 11,041 | ||||
2022 | 9,433 |
(Amounts in thousands) | |||||
2018 | $ | 1,747 | |||
2019 | 1,747 | ||||
2020 | 1,747 | ||||
2021 | 1,747 | ||||
2022 | 1,747 |
(Amounts in thousands) | Balance as of | ||||||||
Interest Rate at September 30, 2017 | September 30, 2017 | December 31, 2016 | |||||||
Mortgages Payable: | |||||||||
Fixed rate | 3.65% | $ | 5,466,886 | $ | 5,479,547 | ||||
Variable rate | 3.12% | 2,737,877 | 2,727,133 | ||||||
Total | 3.47% | 8,204,763 | 8,206,680 | ||||||
Deferred financing costs, net and other | (73,157 | ) | (93,432 | ) | |||||
Total, net | $ | 8,131,606 | $ | 8,113,248 | |||||
Unsecured Debt: | |||||||||
Senior unsecured notes | 3.68% | $ | 850,000 | $ | 850,000 | ||||
Deferred financing costs, net and other | (3,359 | ) | (4,423 | ) | |||||
Senior unsecured notes, net | 846,641 | 845,577 | |||||||
Unsecured term loan | 2.39% | 375,000 | 375,000 | ||||||
Deferred financing costs, net and other | (1,646 | ) | (2,785 | ) | |||||
Unsecured term loan, net | 373,354 | 372,215 | |||||||
Unsecured revolving credit facilities | —% | — | 115,630 | ||||||
Total, net | $ | 1,219,995 | $ | 1,333,422 |
Redeemable Noncontrolling |
(Amounts in thousands) | |||||
Balance as of December 31, 2015 | $ | 1,229,221 | |||
Net income | 11,410 | ||||
Other comprehensive income | 2,326 | ||||
Distributions | (23,582 | ) | |||
Redemption of Class A units for common shares/units, at redemption value | (28,126 | ) | |||
Adjustments to carry redeemable Class A units at redemption value | 30,260 | ||||
Other, net | 26,814 | ||||
Balance as of September 30, 2016 | $ | 1,248,323 | |||
Balance as of December 31, 2016 | $ | 1,278,446 | |||
Net income | 9,057 | ||||
Other comprehensive income | 188 | ||||
Distributions | (25,663 | ) | |||
Redemption of Class A units for common shares/units, at redemption value | (34,564 | ) | |||
Adjustments to carry redeemable Class A units at redemption value (including $224,069 attributable to the spin-off of JBGS) | (286,928 | ) | |||
Other, net | 30,168 | ||||
Balance as of September 30, 2017 | $ | 970,704 |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Beginning balance | $ | 649,758 | $ | 640,193 | $ | 590,975 | $ | 511,747 | |||||||||||||||
Net income | 3,782 | 3,536 | 5,776 | 3,865 | |||||||||||||||||||
Other comprehensive income | 1,611 | 704 | 6,745 | 1,590 | |||||||||||||||||||
Distributions | (7,577) | (7,408) | (15,161) | (14,869) | |||||||||||||||||||
Redemption of Class A units for Vornado common shares, at redemption value | (860) | (4,206) | (1,577) | (8,309) | |||||||||||||||||||
Redeemable Class A unit measurement adjustment | (240,413) | 16,012 | (193,762) | 142,948 | |||||||||||||||||||
Other, net | 5,721 | 5,940 | 19,026 | 17,799 | |||||||||||||||||||
Ending balance | $ | 412,022 | $ | 654,771 | $ | 412,022 | $ | 654,771 |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Beginning balance | $ | 97,403 | $ | 94,437 | $ | 97,708 | $ | 94,520 | |||||||||||||||
Net (loss) income | (3,416) | 476 | (3,721) | 393 | |||||||||||||||||||
Ending balance | $ | 93,987 | $ | 94,913 | $ | 93,987 | $ | 94,913 |
(Per share/unit) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Shares/Units: | |||||||||||||||||||||||
Common shares/Class A units held by Vornado: authorized 250,000,000 shares/units | $ | 0.53 | $ | 0.53 | $ | 1.06 | $ | 1.06 | |||||||||||||||
Convertible Preferred(1): | |||||||||||||||||||||||
6.5% Series A: authorized 12,902 and 13,402 shares/units(2) | 0.8125 | 0.8125 | 1.6250 | 1.6250 | |||||||||||||||||||
Cumulative Redeemable Preferred(1)(3): | |||||||||||||||||||||||
5.70% Series K: authorized 12,000,000 shares/units | N/A | 0.3563 | N/A | 0.7126 | |||||||||||||||||||
5.40% Series L: authorized 13,800,000 shares/units | 0.3375 | 0.3375 | 0.6750 | 0.6750 | |||||||||||||||||||
5.25% Series M: authorized 13,800,000 shares/units | 0.3281 | 0.3281 | 0.6562 | 0.6562 | |||||||||||||||||||
5.25% Series N: authorized 12,000,000 shares/units | 0.3281 | 0.3281 | 0.6562 | 0.6562 | |||||||||||||||||||
4.45% Series O: authorized 12,000,000 shares/units | 0.2781 | N/A | 0.5562 | N/A |
(Amounts in thousands) | Total | Securities available- for-sale | Pro rata share of nonconsolidated subsidiaries' OCI | Interest rate swaps | Other | ||||||||||||||
For the Three Months Ended September 30, 2017 | |||||||||||||||||||
Balance as of June 30, 2017 | $ | 115,839 | $ | 114,290 | $ | (3,821 | ) | $ | 12,702 | $ | (7,332 | ) | |||||||
OCI before reclassifications | 6,608 | 5,656 | (626 | ) | 1,976 | (398 | ) | ||||||||||||
Amounts reclassified from AOCI | (646 | ) | — | (646 | ) | (1) | — | — | |||||||||||
Net current period OCI | 5,962 | 5,656 | (1,272 | ) | 1,976 | (398 | ) | ||||||||||||
Balance as of September 30, 2017 | $ | 121,801 | $ | 119,946 | $ | (5,093 | ) | $ | 14,678 | $ | (7,730 | ) | |||||||
For the Three Months Ended September 30, 2016 | |||||||||||||||||||
Balance as of June 30, 2016 | $ | 72,556 | $ | 117,561 | $ | (9,941 | ) | $ | (30,538 | ) | $ | (4,526 | ) | ||||||
OCI before reclassifications | 9,818 | 3,685 | (915 | ) | 7,688 | (640 | ) | ||||||||||||
Amounts reclassified from AOCI | — | — | — | — | — | ||||||||||||||
Net current period OCI | 9,818 | 3,685 | (915 | ) | 7,688 | (640 | ) | ||||||||||||
Balance as of September 30, 2016 | $ | 82,374 | $ | 121,246 | $ | (10,856 | ) | $ | (22,850 | ) | $ | (5,166 | ) | ||||||
For the Nine Months Ended September 30, 2017 | |||||||||||||||||||
Balance as of December 31, 2016 | $ | 118,972 | $ | 130,505 | $ | (12,058 | ) | $ | 8,066 | $ | (7,541 | ) | |||||||
OCI before reclassifications | (5,793 | ) | (10,559 | ) | (1,657 | ) | 6,612 | (189 | ) | ||||||||||
Amounts reclassified from AOCI | 8,622 | — | 8,622 | (1) | — | — | |||||||||||||
Net current period OCI | 2,829 | (10,559 | ) | 6,965 | 6,612 | (189 | ) | ||||||||||||
Balance as of September 30, 2017 | $ | 121,801 | $ | 119,946 | $ | (5,093 | ) | $ | 14,678 | $ | (7,730 | ) | |||||||
For the Nine Months Ended September 30, 2016 | |||||||||||||||||||
Balance as of December 31, 2015 | $ | 46,921 | $ | 78,448 | $ | (9,319 | ) | $ | (19,368 | ) | $ | (2,840 | ) | ||||||
OCI before reclassifications | 35,453 | 42,798 | (1,537 | ) | (3,482 | ) | (2,326 | ) | |||||||||||
Amounts reclassified from AOCI | — | — | — | — | — | ||||||||||||||
Net current period OCI | 35,453 | 42,798 | (1,537 | ) | (3,482 | ) | (2,326 | ) | |||||||||||
Balance as of September 30, 2016 | $ | 82,374 | $ | 121,246 | $ | (10,856 | ) | $ | (22,850 | ) | $ | (5,166 | ) |
(Amounts in thousands) | Total | Accumulated other comprehensive income (loss) of nonconsolidated subsidiaries | Change in fair value of interest rate swaps and other | Other | |||||||||||||||||||
For the three months ended June 30, 2022: | |||||||||||||||||||||||
Balance as of March 31, 2022 | $ | 51,776 | $ | 5,142 | $ | 50,478 | $ | (3,844) | |||||||||||||||
Other comprehensive income (loss) | 21,524 | 4,755 | 18,380 | (1,611) | |||||||||||||||||||
Balance as of June 30, 2022 | $ | 73,300 | $ | 9,897 | $ | 68,858 | $ | (5,455) | |||||||||||||||
For the three months ended June 30, 2021: | |||||||||||||||||||||||
Balance as of March 31, 2021 | $ | (60,753) | $ | (10,747) | $ | (54,456) | $ | 4,450 | |||||||||||||||
Other comprehensive income (loss) | 9,316 | 1,468 | 8,551 | (703) | |||||||||||||||||||
Balance as of June 30, 2021 | $ | (51,437) | $ | (9,279) | $ | (45,905) | $ | 3,747 | |||||||||||||||
For the six months ended June 30, 2022: | |||||||||||||||||||||||
Balance as of December 31, 2021 | $ | (17,534) | $ | (4,063) | $ | (14,761) | $ | 1,290 | |||||||||||||||
Other comprehensive income (loss) | 90,834 | 13,960 | 83,619 | (6,745) | |||||||||||||||||||
Balance as of June 30, 2022 | $ | 73,300 | $ | 9,897 | $ | 68,858 | $ | (5,455) | |||||||||||||||
For the six months ended June 30, 2021: | |||||||||||||||||||||||
Balance as of December 31, 2020 | $ | (75,099) | $ | (14,338) | $ | (66,098) | $ | 5,337 | |||||||||||||||
Other comprehensive income (loss) | 23,662 | 5,059 | 20,193 | (1,590) | |||||||||||||||||||
Balance as of June 30, 2021 | $ | (51,437) | $ | (9,279) | $ | (45,905) | $ | 3,747 |
13. Variable Interest Entities ("VIEs") |
(Amounts in thousands) | As of September 30, 2017 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Marketable securities | $ | 193,145 | $ | 193,145 | $ | — | $ | — | |||||||
Real estate fund investments | 351,750 | — | — | 351,750 | |||||||||||
Deferred compensation plan assets ($2,501 included in restricted cash and $103,743 in other assets) | 106,244 | 56,960 | — | 49,284 | |||||||||||
Interest rate swaps (included in other assets) | 20,880 | — | 20,880 | — | |||||||||||
Total assets | $ | 672,019 | $ | 250,105 | $ | 20,880 | $ | 401,034 | |||||||
Mandatorily redeemable instruments (included in other liabilities) | $ | 50,561 | $ | 50,561 | $ | — | $ | — | |||||||
Interest rate swap (included in other liabilities) | 3,090 | — | 3,090 | — | |||||||||||
Total liabilities | $ | 53,651 | $ | 50,561 | $ | 3,090 | $ | — | |||||||
As of December 31, 2016 | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Marketable securities | $ | 203,704 | $ | 203,704 | $ | — | $ | — | |||||||
Real estate fund investments | 462,132 | — | — | 462,132 | |||||||||||
Deferred compensation plan assets ($4,187 included in restricted cash and $116,996 in other assets) | 121,183 | 63,739 | — | 57,444 | |||||||||||
Interest rate swaps (included in other assets) | 21,816 | — | 21,816 | — | |||||||||||
Total assets | $ | 808,835 | $ | 267,443 | $ | 21,816 | $ | 519,576 | |||||||
Mandatorily redeemable instruments (included in other liabilities) | $ | 50,561 | $ | 50,561 | $ | — | $ | — | |||||||
Interest rate swap (included in other liabilities) | 10,122 | — | 10,122 | — | |||||||||||
Total liabilities | $ | 60,683 | $ | 50,561 | $ | 10,122 | $ | — |
(Amounts in thousands) | As of June 30, 2022 | ||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Investments in U.S. Treasury bills (1) | $ | 494,045 | $ | 494,045 | $ | — | $ | — | |||||||||||||||
Real estate fund investments | 930 | — | — | 930 | |||||||||||||||||||
Deferred compensation plan assets ($5,040 included in restricted cash and $91,162 in other assets) | 96,202 | 52,047 | — | 44,155 | |||||||||||||||||||
Loans receivable ($48,299 included in investments in partially owned entities and $3,747 in other assets) | 52,046 | — | — | 52,046 | |||||||||||||||||||
Interest rate swaps and caps (included in other assets) | 74,039 | — | 74,039 | — | |||||||||||||||||||
Total assets | $ | 717,262 | $ | 546,092 | $ | 74,039 | $ | 97,131 | |||||||||||||||
Mandatorily redeemable instruments (included in other liabilities) | $ | 49,383 | $ | 49,383 | $ | — | $ | — | |||||||||||||||
Interest rate swaps (included in other liabilities) | 1,756 | — | 1,756 | — | |||||||||||||||||||
Total liabilities | $ | 51,139 | $ | 49,383 | $ | 1,756 | $ | — | |||||||||||||||
(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 and caps (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 | $ | — |
Range | Weighted Average (based on fair value of investments) | Range | Weighted Average (based on fair value of assets) | ||||||||||||||||||||||||||||
Unobservable Quantitative Input | September 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | Unobservable Quantitative Input | June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Discount rates | 10.0% to 14.9% | 10.0% to 14.9% | 12.5% | 12.6% | Discount rates | 12.0% to 13.0% | 12.0% to 15.0% | 12.6% | 13.2% | ||||||||||||||||||||||
Terminal capitalization rates | 4.7% to 5.8% | 4.3% to 5.8% | 5.4% | 5.3% | Terminal capitalization rates | 5.5% to 9.4% | 5.5% to 8.8% | 7.6% | 7.4% |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Beginning balance | $ | 455,692 | $ | 524,150 | $ | 462,132 | $ | 574,761 | |||||||
Dispositions/distributions | (91,606 | ) | — | (91,606 | ) | (71,888 | ) | ||||||||
Net unrealized (loss) gain on held investments | (11,220 | ) | (4,764 | ) | (28,860 | ) | 16,091 | ||||||||
Net realized gains on exited investments | 35,620 | — | 35,861 | 14,676 | |||||||||||
Previously recorded unrealized gains on exited investment | (36,736 | ) | — | (25,538 | ) | (14,254 | ) | ||||||||
Other, net | — | — | (239 | ) | — | ||||||||||
Ending balance | $ | 351,750 | $ | 519,386 | $ | 351,750 | $ | 519,386 |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Beginning balance | $ | 13,402 | $ | 3,739 | $ | 7,730 | $ | 3,739 | |||||||||||||||
Previously recorded unrealized loss on exited investments | 53,724 | — | 59,396 | — | |||||||||||||||||||
Realized loss on exited investments | (53,724) | — | (53,724) | — | |||||||||||||||||||
Net unrealized loss on held investments | (6,800) | (295) | (6,800) | (789) | |||||||||||||||||||
Dispositions | (5,672) | — | (5,672) | — | |||||||||||||||||||
Purchases/additional fundings | — | 295 | — | 789 | |||||||||||||||||||
Ending balance | $ | 930 | $ | 3,739 | $ | 930 | $ | 3,739 |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Beginning balance | $ | 44,526 | $ | 41,639 | $ | 45,016 | $ | 39,928 | |||||||||||||||
Purchases | 2,104 | 2,564 | 2,947 | 3,013 | |||||||||||||||||||
Sales | (1,880) | (544) | (2,787) | (689) | |||||||||||||||||||
Realized and unrealized (losses) gains | (858) | 969 | (2,098) | 2,262 | |||||||||||||||||||
Other, net | 263 | 227 | 1,077 | 341 | |||||||||||||||||||
Ending balance | $ | 44,155 | $ | 44,855 | $ | 44,155 | $ | 44,855 |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Beginning balance | $ | 49,849 | $ | 60,140 | $ | 57,444 | $ | 59,186 | |||||||
Purchases | 2,176 | 1,251 | 3,989 | 3,523 | |||||||||||
Sales | (3,810 | ) | (3,737 | ) | (15,922 | ) | (5,888 | ) | |||||||
Realized and unrealized gains (losses) | 246 | (1,055 | ) | 2,151 | (743 | ) | |||||||||
Other, net | 823 | 316 | 1,622 | 837 | |||||||||||
Ending balance | $ | 49,284 | $ | 56,915 | $ | 49,284 | $ | 56,915 |
Range | Weighted Average (based on fair value of investments) | ||||||||||||||||||||||
Unobservable Quantitative Input | June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||
Discount rates | 6.5% | 6.5% | 6.5% | 6.5% | |||||||||||||||||||
Terminal capitalization rates | 5.0% | 5.0% | 5.0% | 5.0% |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Beginning balance | $ | 50,848 | $ | 48,209 | $ | 50,182 | $ | 47,743 | |||||||||||||||
Interest accrual | 1,198 | 867 | 2,397 | 1,708 | |||||||||||||||||||
Paydowns | — | (300) | (533) | (675) | |||||||||||||||||||
Ending balance | $ | 52,046 | $ | 48,776 | $ | 52,046 | $ | 48,776 |
(Amounts in thousands) | As of September 30, 2017 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Investment in PREIT | $ | 65,563 | $ | 65,563 | $ | — | $ | — |
(Amounts in thousands) | As of June 30, 2022 | |||||||||||||||||||||||||||||||||||||
Variable Rate | ||||||||||||||||||||||||||||||||||||||
Hedged Item | Fair Value | Notional Amount | Spread over LIBOR/SOFR | Interest Rate | Swapped Rate | Expiration Date | ||||||||||||||||||||||||||||||||
Included in other assets: | ||||||||||||||||||||||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||||||||||||||||||||
555 California Street mortgage loan | $ | 42,763 | $ | 840,000 | (1) | L+193 | 3.26% | 2.26% | 5/24 | |||||||||||||||||||||||||||||
PENN 11 mortgage loan | 23,609 | 500,000 | L+195 | 3.07% | 2.23% | 3/24 | ||||||||||||||||||||||||||||||||
Unsecured term loan | 2,497 | 750,000 | (2) | S+130 | 2.83% | 4.05% | 10/23 | |||||||||||||||||||||||||||||||
4 Union Square South mortgage loan | 1,613 | 100,000 | (3) | L+140 | 2.46% | 3.74% | 1/25 | |||||||||||||||||||||||||||||||
Various interest rate caps | 3,557 | 1,650,000 | ||||||||||||||||||||||||||||||||||||
$ | 74,039 | $ | 3,840,000 | |||||||||||||||||||||||||||||||||||
Included in other liabilities: | ||||||||||||||||||||||||||||||||||||||
770 Broadway mortgage loan interest rate swap | $ | 1,756 | $ | 350,000 | (4) | S+225 | 3.75% | 5.11% | 7/27 | |||||||||||||||||||||||||||||
(Amounts in thousands) | As of December 31, 2021 | |||||||||||||||||||||||||||||||||||||
Variable Rate | ||||||||||||||||||||||||||||||||||||||
Hedged Item | Fair Value | Notional Amount | Spread over LIBOR | Interest Rate | Swapped Rate | Expiration Date | ||||||||||||||||||||||||||||||||
Included in other assets: | ||||||||||||||||||||||||||||||||||||||
555 California Street mortgage loan interest rate swap | $ | 11,814 | $ | 840,000 | (1) | L+193 | 2.04% | 2.26% | 5/24 | |||||||||||||||||||||||||||||
PENN 11 mortgage loan interest rate swap | 6,565 | 500,000 | L+195 | 2.05% | 2.23% | 3/24 | ||||||||||||||||||||||||||||||||
Various interest rate caps | 550 | 1,650,000 | ||||||||||||||||||||||||||||||||||||
$ | 18,929 | $ | 2,990,000 | |||||||||||||||||||||||||||||||||||
Included in other liabilities: | ||||||||||||||||||||||||||||||||||||||
Unsecured term loan interest rate swap | $ | 28,976 | $ | 750,000 | (2) | L+100 | 1.10% | 3.87% | 10/23 | |||||||||||||||||||||||||||||
33-00 Northern Boulevard mortgage loan interest rate swap | 3,861 | 100,000 | (3) | L+180 | 1.91% | 4.14% | 1/25 | |||||||||||||||||||||||||||||||
$ | 32,837 | $ | 850,000 |
(Amounts in thousands) | (Amounts in thousands) | As of September 30, 2017 | As of December 31, 2016 | (Amounts in thousands) | As of June 30, 2022 | As of December 31, 2021 | ||||||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||||||||||||||
Cash equivalents | Cash equivalents | $ | 1,013,282 | $ | 1,013,282 | $ | 1,307,105 | $ | 1,307,105 | Cash equivalents | $ | 504,097 | $ | 504,000 | $ | 1,346,684 | $ | 1,347,000 | ||||||||||||||||||||||||
Debt: | Debt: | Debt: | ||||||||||||||||||||||||||||||||||||||||
Mortgages payable | $ | 8,204,763 | $ | 8,223,000 | $ | 8,206,680 | $ | 8,163,000 | Mortgages payable | $ | 5,888,415 | $ | 5,779,000 | $ | 6,099,215 | $ | 6,052,000 | |||||||||||||||||||||||||
Senior unsecured notes | 850,000 | 885,000 | 850,000 | 899,000 | Senior unsecured notes | 1,200,000 | 1,087,000 | 1,200,000 | 1,230,000 | |||||||||||||||||||||||||||||||||
Unsecured term loan | 375,000 | 375,000 | 375,000 | 375,000 | Unsecured term loan | 800,000 | 800,000 | 800,000 | 800,000 | |||||||||||||||||||||||||||||||||
Unsecured revolving credit facilities | — | — | 115,630 | 116,000 | Unsecured revolving credit facilities | 575,000 | 575,000 | 575,000 | 575,000 | |||||||||||||||||||||||||||||||||
Total | $ | 9,429,763 | (1) | $ | 9,483,000 | $ | 9,547,310 | (1) | $ | 9,553,000 | Total | $ | 8,463,415 | (1) | $ | 8,241,000 | $ | 8,674,215 | (1) | $ | 8,657,000 |
15. Stock-based Compensation |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Amortization of discount on investments in U.S. Treasury bills | $ | 1,728 | $ | — | $ | 1,857 | $ | — | |||||||||||||||
Interest on loans receivable | 994 | 558 | 1,819 | 1,118 | |||||||||||||||||||
Interest on cash and cash equivalents and restricted cash | 310 | 78 | 374 | 140 | |||||||||||||||||||
Other, net | 4 | 903 | 4 | 1,803 | |||||||||||||||||||
$ | 3,036 | $ | 1,539 | $ | 4,054 | $ | 3,061 |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Interest expense | $ | 60,742 | $ | 58,259 | $ | 111,543 | $ | 113,910 | |||||||||||||||
Capitalized interest and debt expense | (3,701) | (10,779) | (7,221) | (21,046) | |||||||||||||||||||
Amortization of deferred financing costs | 5,599 | 4,414 | 10,427 | 9,094 | |||||||||||||||||||
$ | 62,640 | $ | 51,894 | $ | 114,749 | $ | 101,958 |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
BMS cleaning fees | $ | 26,429 | $ | 24,532 | $ | 75,925 | $ | 68,656 | |||||||
Management and leasing fees | 2,330 | 1,935 | 7,382 | 5,694 | |||||||||||
Lease termination fees | 991 | 1,819 | 5,947 | 7,123 | |||||||||||
Other income | 3,542 | 2,357 | 8,958 | 6,561 | |||||||||||
$ | 33,292 | $ | 30,643 | $ | 98,212 | $ | 88,034 |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Dividends on marketable securities | $ | 3,309 | $ | 3,354 | $ | 9,923 | $ | 9,799 | |||||||
Mark-to-market income of investments in our deferred compensation plan (1) | 1,975 | 204 | 5,233 | 2,625 | |||||||||||
Interest on loans receivable | 754 | 754 | 3,599 | 2,250 | |||||||||||
Other, net | 3,268 | 2,147 | 9,045 | 5,447 | |||||||||||
$ | 9,306 | $ | 6,459 | $ | 27,800 | $ | 20,121 |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Interest expense | $ | 89,675 | $ | 79,648 | $ | 263,037 | $ | 247,172 | |||||||
Amortization of deferred financing costs | 7,977 | 7,906 | 24,523 | 24,372 | |||||||||||
Capitalized interest and debt expense | (12,584 | ) | (7,833 | ) | (34,979 | ) | (21,510 | ) | |||||||
$ | 85,068 | $ | 79,721 | $ | 252,581 | $ | 250,034 |
18. |
(Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | (Amounts in thousands, except per share amounts) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
Numerator: | Numerator: | Numerator: | |||||||||||||||||||||||||||||||||||||
Income from continuing operations, net of income attributable to noncontrolling interests | $ | 32,050 | $ | 69,037 | $ | 196,684 | $ | 337,339 | |||||||||||||||||||||||||||||||
(Loss) income from discontinued operations, net of income attributable to noncontrolling interests | (44,948 | ) | 23,543 | (13,600 | ) | (97,732 | ) | ||||||||||||||||||||||||||||||||
Net income attributable to Vornado | Net income attributable to Vornado | $ | 65,947 | $ | 64,512 | $ | 107,954 | $ | 85,062 | ||||||||||||||||||||||||||||||
Preferred share dividends | Preferred share dividends | (15,529) | (16,467) | (31,058) | (32,934) | ||||||||||||||||||||||||||||||||||
Net income attributable to common shareholders | Net income attributable to common shareholders | 50,418 | 48,045 | 76,896 | 52,128 | ||||||||||||||||||||||||||||||||||
Earnings allocated to unvested participating securities | Earnings allocated to unvested participating securities | (5) | (9) | (10) | (18) | ||||||||||||||||||||||||||||||||||
Numerator for basic income per share | Numerator for basic income per share | 50,413 | 48,036 | 76,886 | 52,110 | ||||||||||||||||||||||||||||||||||
Impact of assumed conversion of dilutive convertible securities | Impact of assumed conversion of dilutive convertible securities | (380) | — | (257) | — | ||||||||||||||||||||||||||||||||||
Numerator for diluted income per share | Numerator for diluted income per share | $ | 50,033 | $ | 48,036 | $ | 76,629 | $ | 52,110 | ||||||||||||||||||||||||||||||
Denominator: | Denominator: | ||||||||||||||||||||||||||||||||||||||
Denominator for basic income per share – weighted average shares | Denominator for basic income per share – weighted average shares | 191,750 | 191,527 | 191,737 | 191,473 | ||||||||||||||||||||||||||||||||||
Effect of dilutive securities(1): | Effect of dilutive securities(1): | ||||||||||||||||||||||||||||||||||||||
Share-based payment awards | Share-based payment awards | 261 | 853 | 289 | 734 | ||||||||||||||||||||||||||||||||||
Convertible securities | Convertible securities | 28 | — | 21 | — | ||||||||||||||||||||||||||||||||||
Denominator for diluted income per share – weighted average shares and assumed conversions | Denominator for diluted income per share – weighted average shares and assumed conversions | 192,039 | 192,380 | 192,047 | 192,207 | ||||||||||||||||||||||||||||||||||
INCOME PER COMMON SHARE - BASIC: | INCOME PER COMMON SHARE - BASIC: | ||||||||||||||||||||||||||||||||||||||
Net (loss) income attributable to Vornado | (12,898 | ) | 92,580 | 183,084 | 239,607 | ||||||||||||||||||||||||||||||||||
Preferred share dividends | (16,128 | ) | (19,047 | ) | (48,386 | ) | (59,774 | ) | |||||||||||||||||||||||||||||||
Net income per common share | Net income per common share | $ | 0.26 | $ | 0.25 | $ | 0.40 | $ | 0.27 | ||||||||||||||||||||||||||||||
INCOME PER COMMON SHARE - DILUTED: | INCOME PER COMMON SHARE - DILUTED: | ||||||||||||||||||||||||||||||||||||||
Preferred share issuance costs (Series J redemption) | — | (7,408 | ) | — | (7,408 | ) | |||||||||||||||||||||||||||||||||
Net (loss) income attributable to common shareholders | (29,026 | ) | 66,125 | 134,698 | 172,425 | ||||||||||||||||||||||||||||||||||
Earnings allocated to unvested participating securities | (9 | ) | (13 | ) | (37 | ) | (43 | ) | |||||||||||||||||||||||||||||||
Numerator for basic (loss) income per share | (29,035 | ) | 66,112 | 134,661 | 172,382 | ||||||||||||||||||||||||||||||||||
Impact of assumed conversions: | |||||||||||||||||||||||||||||||||||||||
Earnings allocated to Out-Performance Plan units | — | — | 195 | 96 | |||||||||||||||||||||||||||||||||||
Numerator for diluted (loss) income per share | $ | (29,035 | ) | $ | 66,112 | $ | 134,856 | $ | 172,478 | ||||||||||||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||||||||||||||||
Denominator for basic (loss) income per share – weighted average shares | 189,593 | 188,901 | 189,401 | 188,778 | |||||||||||||||||||||||||||||||||||
Effect of dilutive securities(1): | |||||||||||||||||||||||||||||||||||||||
Employee stock options and restricted share awards | 1,254 | 1,147 | 1,553 | 1,067 | |||||||||||||||||||||||||||||||||||
Out-Performance Plan units | — | — | 303 | 241 | |||||||||||||||||||||||||||||||||||
Denominator for diluted (loss) income per share – weighted average shares and assumed conversions | 190,847 | 190,048 | 191,257 | 190,086 | |||||||||||||||||||||||||||||||||||
(LOSS) INCOME PER COMMON SHARE – BASIC: | |||||||||||||||||||||||||||||||||||||||
Income from continuing operations, net | $ | 0.09 | $ | 0.23 | $ | 0.78 | $ | 1.43 | |||||||||||||||||||||||||||||||
(Loss) income from discontinued operations, net | (0.24 | ) | 0.12 | (0.07 | ) | (0.52 | ) | ||||||||||||||||||||||||||||||||
Net (loss) income per common share | $ | (0.15 | ) | $ | 0.35 | $ | 0.71 | $ | 0.91 | ||||||||||||||||||||||||||||||
(LOSS) INCOME PER COMMON SHARE – DILUTED: | |||||||||||||||||||||||||||||||||||||||
Income from continuing operations, net | $ | 0.09 | $ | 0.23 | $ | 0.78 | $ | 1.42 | |||||||||||||||||||||||||||||||
(Loss) income from discontinued operations, net | (0.24 | ) | 0.12 | (0.07 | ) | (0.51 | ) | ||||||||||||||||||||||||||||||||
Net (loss) income per common share | $ | (0.15 | ) | $ | 0.35 | $ | 0.71 | $ | 0.91 | ||||||||||||||||||||||||||||||
Net income per common share | Net income per common share | $ | 0.26 | $ | 0.25 | $ | 0.40 | $ | 0.27 |
18. |
(Amounts in thousands, except per unit amounts) | (Amounts in thousands, except per unit amounts) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | (Amounts in thousands, except per unit amounts) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
Numerator: | Numerator: | Numerator: | |||||||||||||||||||||||||||||||||||||
Income from continuing operations, net of income attributable to noncontrolling interests | $ | 33,154 | $ | 71,866 | $ | 206,642 | $ | 355,221 | |||||||||||||||||||||||||||||||
(Loss) income from discontinued operations | (47,930 | ) | 25,080 | (14,501 | ) | (104,204 | ) | ||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | Net income attributable to Vornado Realty L.P. | $ | 69,729 | $ | 68,048 | $ | 113,730 | $ | 88,927 | ||||||||||||||||||||||||||||||
Preferred unit distributions | Preferred unit distributions | (15,557) | (16,508) | (31,115) | (33,016) | ||||||||||||||||||||||||||||||||||
Net income attributable to Class A unitholders | Net income attributable to Class A unitholders | 54,172 | 51,540 | 82,615 | 55,911 | ||||||||||||||||||||||||||||||||||
Earnings allocated to unvested participating securities | Earnings allocated to unvested participating securities | (582) | (664) | (1,221) | (1,385) | ||||||||||||||||||||||||||||||||||
Numerator for basic income per Class A unit | Numerator for basic income per Class A unit | 53,590 | 50,876 | 81,394 | 54,526 | ||||||||||||||||||||||||||||||||||
Impact of assumed conversion of dilutive convertible securities | Impact of assumed conversion of dilutive convertible securities | (380) | — | (257) | — | ||||||||||||||||||||||||||||||||||
Numerator for diluted income per Class A unit | Numerator for diluted income per Class A unit | $ | 53,210 | $ | 50,876 | $ | 81,137 | $ | 54,526 | ||||||||||||||||||||||||||||||
Denominator: | Denominator: | ||||||||||||||||||||||||||||||||||||||
Denominator for basic income per Class A unit – weighted average units | Denominator for basic income per Class A unit – weighted average units | 205,259 | 204,621 | 205,200 | 204,560 | ||||||||||||||||||||||||||||||||||
Effect of dilutive securities(1): | Effect of dilutive securities(1): | ||||||||||||||||||||||||||||||||||||||
Share-based payment awards | Share-based payment awards | 643 | 1,193 | 701 | 1,012 | ||||||||||||||||||||||||||||||||||
Convertible securities | Convertible securities | 28 | — | 21 | — | ||||||||||||||||||||||||||||||||||
Denominator for diluted income per Class A unit – weighted average units and assumed conversions | Denominator for diluted income per Class A unit – weighted average units and assumed conversions | 205,930 | 205,814 | 205,922 | 205,572 | ||||||||||||||||||||||||||||||||||
INCOME PER CLASS A UNIT - BASIC: | INCOME PER CLASS A UNIT - BASIC: | ||||||||||||||||||||||||||||||||||||||
Net (loss) income attributable to Vornado Realty L.P. | (14,776 | ) | 96,946 | 192,141 | 251,017 | ||||||||||||||||||||||||||||||||||
Preferred unit distributions | (16,176 | ) | (19,096 | ) | (48,531 | ) | (59,920 | ) | |||||||||||||||||||||||||||||||
Net income per Class A unit | Net income per Class A unit | $ | 0.26 | $ | 0.25 | $ | 0.40 | $ | 0.27 | ||||||||||||||||||||||||||||||
INCOME PER CLASS A UNIT - DILUTED: | INCOME PER CLASS A UNIT - DILUTED: | ||||||||||||||||||||||||||||||||||||||
Preferred unit issuance costs (Series J redemption) | — | (7,408 | ) | — | (7,408 | ) | |||||||||||||||||||||||||||||||||
Net (loss) income attributable to Class A unitholders | (30,952 | ) | 70,442 | 143,610 | 183,689 | ||||||||||||||||||||||||||||||||||
Earnings allocated to unvested participating securities | (740 | ) | (589 | ) | (2,499 | ) | (2,001 | ) | |||||||||||||||||||||||||||||||
Numerator for basic and diluted (loss) income per Class A unit | $ | (31,692 | ) | $ | 69,853 | $ | 141,111 | $ | 181,688 | ||||||||||||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||||||||||||||||
Denominator for basic (loss) income per Class A unit – weighted average units | 201,300 | 200,458 | 201,093 | 200,300 | |||||||||||||||||||||||||||||||||||
Effect of dilutive securities(1): | |||||||||||||||||||||||||||||||||||||||
Vornado stock options and restricted unit awards | 1,813 | 1,683 | 2,218 | 1,632 | |||||||||||||||||||||||||||||||||||
Denominator for diluted (loss) income per Class A unit – weighted average units and assumed conversions | 203,113 | 202,141 | 203,311 | 201,932 | |||||||||||||||||||||||||||||||||||
(LOSS) INCOME PER CLASS A UNIT – BASIC: | |||||||||||||||||||||||||||||||||||||||
Income from continuing operations, net | $ | 0.08 | $ | 0.22 | $ | 0.77 | $ | 1.43 | |||||||||||||||||||||||||||||||
(Loss) income from discontinued operations, net | (0.24 | ) | 0.13 | (0.07 | ) | (0.52 | ) | ||||||||||||||||||||||||||||||||
Net (loss) income per Class A unit | $ | (0.16 | ) | $ | 0.35 | $ | 0.70 | $ | 0.91 | ||||||||||||||||||||||||||||||
(LOSS) INCOME PER CLASS A UNIT – DILUTED: | |||||||||||||||||||||||||||||||||||||||
Income from continuing operations, net | $ | 0.08 | $ | 0.22 | $ | 0.76 | $ | 1.42 | |||||||||||||||||||||||||||||||
(Loss) income from discontinued operations, net | (0.24 | ) | 0.13 | (0.07 | ) | (0.52 | ) | ||||||||||||||||||||||||||||||||
Net (loss) income per Class A unit | $ | (0.16 | ) | $ | 0.35 | $ | 0.69 | $ | 0.90 | ||||||||||||||||||||||||||||||
Net income per Class A unit | Net income per Class A unit | $ | 0.26 | $ | 0.25 | $ | 0.39 | $ | 0.27 |
VORNADO REALTY TRUST AND VORNADO REALTY L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED (UNAUDITED) 19. Commitments and Contingencies |
20. Segment Information |
(Amounts in thousands) | For the Three Months Ended June 30, 2022 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 453,494 | $ | 364,162 | $ | 89,332 | |||||||||||
Operating expenses | (222,309) | (176,572) | (45,737) | ||||||||||||||
NOI - consolidated | 231,185 | 187,590 | 43,595 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (16,299) | (10,707) | (5,592) | ||||||||||||||
Add: NOI from partially owned entities | 74,060 | 71,209 | 2,851 | ||||||||||||||
NOI at share | 288,946 | 248,092 | 40,854 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (4,275) | (6,189) | 1,914 | ||||||||||||||
NOI at share - cash basis | $ | 284,671 | $ | 241,903 | $ | 42,768 |
(Amounts in thousands) | For the Three Months Ended June 30, 2021 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 378,941 | $ | 301,144 | $ | 77,797 | |||||||||||
Operating expenses | (190,920) | (156,033) | (34,887) | ||||||||||||||
NOI - consolidated | 188,021 | 145,111 | 42,910 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (15,689) | (8,473) | (7,216) | ||||||||||||||
Add: NOI from partially owned entities | 77,235 | 74,400 | 2,835 | ||||||||||||||
NOI at share | 249,567 | 211,038 | 38,529 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 846 | 541 | 305 | ||||||||||||||
NOI at share - cash basis | $ | 250,413 | $ | 211,579 | $ | 38,834 |
(Amounts in thousands) | For the Six Months Ended June 30, 2022 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 895,624 | $ | 722,710 | $ | 172,914 | |||||||||||
Operating expenses | (438,838) | (354,107) | (84,731) | ||||||||||||||
NOI - consolidated | 456,786 | 368,603 | 88,183 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (36,334) | (24,017) | (12,317) | ||||||||||||||
Add: NOI from partially owned entities | 152,752 | 147,173 | 5,579 | ||||||||||||||
NOI at share | 573,204 | 491,759 | 81,445 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (7,405) | (10,164) | 2,759 | ||||||||||||||
NOI at share - cash basis | $ | 565,799 | $ | 481,595 | $ | 84,204 |
(Amounts in thousands) | For the Six Months Ended June 30, 2021 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 758,918 | $ | 605,115 | $ | 153,803 | |||||||||||
Operating expenses | (381,899) | (317,018) | (64,881) | ||||||||||||||
NOI - consolidated | 377,019 | 288,097 | 88,922 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (33,335) | (17,094) | (16,241) | ||||||||||||||
Add: NOI from partially owned entities | 155,991 | 151,173 | 4,818 | ||||||||||||||
NOI at share | 499,675 | 422,176 | 77,499 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (352) | (432) | 80 | ||||||||||||||
NOI at share - cash basis | $ | 499,323 | $ | 421,744 | $ | 77,579 |
(Amounts in thousands) | For the Three Months Ended September 30, 2017 | |||||||||||
Total | New York | Other | ||||||||||
Total revenues | $ | 528,755 | $ | 453,609 | $ | 75,146 | ||||||
Total expenses | 366,520 | 284,976 | 81,544 | |||||||||
Operating income (loss) | 162,235 | 168,633 | (6,398 | ) | ||||||||
(Loss) income from partially owned entities | (41,801 | ) | 1,411 | (43,212 | ) | |||||||
Loss from real estate fund investments | (6,308 | ) | — | (6,308 | ) | |||||||
Interest and other investment income, net | 9,306 | 1,413 | 7,893 | |||||||||
Interest and debt expense | (85,068 | ) | (61,529 | ) | (23,539 | ) | ||||||
Income (loss) before income taxes | 38,364 | 109,928 | (71,564 | ) | ||||||||
Income tax expense | (1,188 | ) | (1,087 | ) | (101 | ) | ||||||
Income (loss) from continuing operations | 37,176 | 108,841 | (71,665 | ) | ||||||||
Loss from discontinued operations | (47,930 | ) | — | (47,930 | ) | |||||||
Net (loss) income | (10,754 | ) | 108,841 | (119,595 | ) | |||||||
Less net income attributable to noncontrolling interests in consolidated subsidiaries | (4,022 | ) | (2,552 | ) | (1,470 | ) | ||||||
Net (loss) income attributable to the Operating Partnership | (14,776 | ) | 106,289 | (121,065 | ) | |||||||
Interest and debt expense(2) | 113,438 | 84,907 | 28,531 | |||||||||
Depreciation and amortization(2) | 136,621 | 104,799 | 31,822 | |||||||||
Income tax expense (2) | 1,462 | 1,182 | 280 | |||||||||
EBITDA(1) | 236,745 | 297,177 | (3) | (60,432 | ) | (4) | ||||||
Acquisition and transaction related costs, including $53,581 for the spin-off of JBGS | 53,642 | — | 53,642 | |||||||||
Impairment loss on investment in PREIT | 44,465 | — | 44,465 | |||||||||
General and administrative expenses less $1,975 mark-to-market of our deferred compensation plan | 35,495 | 9,479 | 26,016 | |||||||||
Non-cash adjustments for straight-line rental income and expense and amortization of acquired below and above market leases, net(2) | (23,304 | ) | (21,435 | ) | (1,869 | ) | ||||||
Our share of net realized/unrealized losses from our real estate fund investments | 10,394 | — | 10,394 | |||||||||
Net gain resulting from UE operating partnership unit issuances | (5,200 | ) | — | (5,200 | ) | |||||||
Real estate impairment losses(2) | 4,354 | — | 4,354 | |||||||||
Net gains on sale of real estate and other(2) | (1,547 | ) | — | (1,547 | ) | |||||||
Our share of Alexander's EBITDA (excluding management, leasing and development fees) | (12,207 | ) | (12,207 | ) | — | |||||||
Dividends received from Alexander's | 7,030 | 7,030 | — | |||||||||
Our share of PREIT EBITDA | (3,731 | ) | — | (3,731 | ) | |||||||
Distributions received from PREIT | 1,361 | — | 1,361 | |||||||||
Our share of UE EBITDA (excluding management fees) | (2,513 | ) | — | (2,513 | ) | |||||||
Distributions received from UE | 1,257 | — | 1,257 | |||||||||
NOI(1) | $ | 346,241 | $ | 280,044 | (3) | $ | 66,197 | (4) |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income | $ | 68,903 | $ | 76,832 | $ | 122,278 | $ | 103,825 | |||||||||||||||
Depreciation and amortization expense | 118,662 | 89,777 | 236,105 | 185,131 | |||||||||||||||||||
General and administrative expense | 31,902 | 30,602 | 73,118 | 74,788 | |||||||||||||||||||
Transaction related costs and other | 2,960 | 106 | 3,965 | 949 | |||||||||||||||||||
Income from partially owned entities | (25,720) | (31,426) | (59,434) | (60,499) | |||||||||||||||||||
Loss (income) from real estate fund investments | 142 | (5,342) | (5,532) | (5,173) | |||||||||||||||||||
Interest and other investment income, net | (3,036) | (1,539) | (4,054) | (3,061) | |||||||||||||||||||
Interest and debt expense | 62,640 | 51,894 | 114,749 | 101,958 | |||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | (28,832) | (25,724) | (35,384) | (25,724) | |||||||||||||||||||
Income tax expense | 3,564 | 2,841 | 10,975 | 4,825 | |||||||||||||||||||
NOI from partially owned entities | 74,060 | 77,235 | 152,752 | 155,991 | |||||||||||||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (16,299) | (15,689) | (36,334) | (33,335) | |||||||||||||||||||
NOI at share | 288,946 | 249,567 | 573,204 | 499,675 | |||||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (4,275) | 846 | (7,405) | (352) | |||||||||||||||||||
NOI at share - cash basis | $ | 284,671 | $ | 250,413 | $ | 565,799 | $ | 499,323 |
(Amounts in thousands) | For the Three Months Ended September 30, 2016 | |||||||||||
Total | New York | Other | ||||||||||
Total revenues | $ | 502,753 | $ | 432,869 | $ | 69,884 | ||||||
Total expenses | 354,292 | 280,689 | 73,603 | |||||||||
Operating income (loss) | 148,461 | 152,180 | (3,719 | ) | ||||||||
Income (loss) from partially owned entities | 3,811 | (579 | ) | 4,390 | ||||||||
Income from real estate fund investments | 1,077 | — | 1,077 | |||||||||
Interest and other investment income, net | 6,459 | 1,355 | 5,104 | |||||||||
Interest and debt expense | (79,721 | ) | (51,212 | ) | (28,509 | ) | ||||||
Income (loss) before income taxes | 80,087 | 101,744 | (21,657 | ) | ||||||||
Income tax expense | (4,563 | ) | (2,356 | ) | (2,207 | ) | ||||||
Income (loss) from continuing operations | 75,524 | 99,388 | (23,864 | ) | ||||||||
Income from discontinued operations | 25,080 | — | 25,080 | |||||||||
Net income | 100,604 | 99,388 | 1,216 | |||||||||
Less net income attributable to noncontrolling interests in consolidated subsidiaries | (3,658 | ) | (2,985 | ) | (673 | ) | ||||||
Net income attributable to the Operating Partnership | 96,946 | 96,403 | 543 | |||||||||
Interest and debt expense(2) | 122,979 | 66,314 | 56,665 | |||||||||
Depreciation and amortization(2) | 172,980 | 111,731 | 61,249 | |||||||||
Income tax expense(2) | 5,102 | 2,445 | 2,657 | |||||||||
EBITDA(1) | 398,007 | 276,893 | (3) | 121,114 | (4) | |||||||
Non-cash adjustments for straight-line rental income and expense and amortization of acquired below and above market leases, net(2) | (46,500 | ) | (35,199 | ) | (11,301 | ) | ||||||
General and administrative expenses less $204 mark-to-market of our deferred compensation plan | 40,238 | 9,783 | 30,455 | |||||||||
Net gains on sale of real estate and other(2) | (5,386 | ) | — | (5,386 | ) | |||||||
Acquisition and transaction related costs, including $2,739 for the spin-off of JBGS | 3,808 | — | 3,808 | |||||||||
Real estate impairment losses(2) | 1,599 | — | 1,599 | |||||||||
Our share of net realized/unrealized losses from our real estate fund investments | 99 | — | 99 | |||||||||
Our share of Alexander's EBITDA (excluding management, leasing and development fees) | (11,506 | ) | (11,506 | ) | — | |||||||
Dividends received from Alexander's | 6,617 | 6,617 | — | |||||||||
Our share of PREIT EBITDA | (3,070 | ) | — | (3,070 | ) | |||||||
Distributions received from PREIT | 1,342 | — | 1,342 | |||||||||
Our share of UE EBITDA (excluding management fees) | (2,514 | ) | — | (2,514 | ) | |||||||
Distributions received from UE | 1,143 | — | 1,143 | |||||||||
NOI(1) | $ | 383,877 | $ | 246,588 | (3) | $ | 137,289 | (4) |
(Amounts in thousands) | For the Nine Months Ended September 30, 2017 | |||||||||||
Total | New York | Other | ||||||||||
Total revenues | $ | 1,547,900 | $ | 1,316,710 | $ | 231,190 | ||||||
Total expenses | 1,100,042 | 845,632 | 254,410 | |||||||||
Operating income (loss) | 447,858 | 471,078 | (23,220 | ) | ||||||||
Income (loss) from partially owned entities | 5,578 | (954 | ) | 6,532 | ||||||||
Loss from real estate fund investments | (1,649 | ) | — | (1,649 | ) | |||||||
Interest and other investment income, net | 27,800 | 4,384 | 23,416 | |||||||||
Interest and debt expense | (252,581 | ) | (179,851 | ) | (72,730 | ) | ||||||
Net gain on disposition of wholly owned and partially owned assets | 501 | — | 501 | |||||||||
Income (loss) before income taxes | 227,507 | 294,657 | (67,150 | ) | ||||||||
Income tax expense | (2,429 | ) | (324 | ) | (2,105 | ) | ||||||
Income (loss) from continuing operations | 225,078 | 294,333 | (69,255 | ) | ||||||||
Loss from discontinued operations | (14,501 | ) | — | (14,501 | ) | |||||||
Net income (loss) | 210,577 | 294,333 | (83,756 | ) | ||||||||
Less net income attributable to noncontrolling interests in consolidated subsidiaries | (18,436 | ) | (8,041 | ) | (10,395 | ) | ||||||
Net income (loss) attributable to the Operating Partnership | 192,141 | 286,292 | (94,151 | ) | ||||||||
Interest and debt expense(2) | 348,350 | 239,032 | 109,318 | |||||||||
Depreciation and amortization(2) | 476,406 | 328,058 | 148,348 | |||||||||
Income tax expense(2) | 4,180 | 540 | 3,640 | |||||||||
EBITDA(1) | 1,021,077 | 853,922 | (3) | 167,155 | (4) | |||||||
General and administrative expenses less $5,233 mark-to-market of our deferred compensation plan | 131,365 | 31,630 | 99,735 | |||||||||
Non-cash adjustments for straight-line rental income and expense and amortization of acquired below and above market leases, net(2) | (73,125 | ) | (58,797 | ) | (14,328 | ) | ||||||
Acquisition and transaction related costs, including $67,045 for the spin-off of JBGS | 68,118 | — | 68,118 | |||||||||
Impairment loss on investment in PREIT | 44,465 | — | 44,465 | |||||||||
Net gains on sale of real estate and other(2) | (21,507 | ) | — | (21,507 | ) | |||||||
Net gains resulting from UE operating partnership unit issuances | (21,100 | ) | — | (21,100 | ) | |||||||
Our share of net realized/unrealized losses from our real estate fund investments | 18,802 | — | 18,802 | |||||||||
Net gain on repayment of our Suffolk Downs JV debt investments | (11,373 | ) | — | (11,373 | ) | |||||||
Real estate impairment losses(2) | 7,572 | — | 7,572 | |||||||||
Our share of Alexander's EBITDA (excluding management, leasing and development fees) | (35,511 | ) | (35,511 | ) | — | |||||||
Dividends received from Alexander's | 21,090 | 21,090 | — | |||||||||
Our share of PREIT EBITDA | (15,439 | ) | — | (15,439 | ) | |||||||
Distributions received from PREIT | 3,929 | — | 3,929 | |||||||||
Our share of UE EBITDA (excluding management fees) | (9,694 | ) | — | (9,694 | ) | |||||||
Distributions received from UE | 3,773 | — | 3,773 | |||||||||
NOI(1) | $ | 1,132,442 | $ | 812,334 | (3) | $ | 320,108 | (4) |
(Amounts in thousands) | For the Nine Months Ended September 30, 2016 | |||||||||||
Total | New York | Other | ||||||||||
Total revenues | $ | 1,489,768 | $ | 1,269,464 | $ | 220,304 | ||||||
Total expenses | 1,062,219 | 818,419 | 243,800 | |||||||||
Operating income (loss) | 427,549 | 451,045 | (23,496 | ) | ||||||||
Income (loss) from partially owned entities | 3,892 | (5,143 | ) | 9,035 | ||||||||
Income from real estate fund investments | 28,750 | — | 28,750 | |||||||||
Interest and other investment income, net | 20,121 | 3,684 | 16,437 | |||||||||
Interest and debt expense | (250,034 | ) | (162,193 | ) | (87,841 | ) | ||||||
Net gains on disposition of wholly owned and partially owned assets | 160,225 | 159,511 | 714 | |||||||||
Income (loss) before income taxes | 390,503 | 446,904 | (56,401 | ) | ||||||||
Income tax expense | (8,921 | ) | (4,131 | ) | (4,790 | ) | ||||||
Income (loss) from continuing operations | 381,582 | 442,773 | (61,191 | ) | ||||||||
Loss from discontinued operations | (104,204 | ) | — | (104,204 | ) | |||||||
Net income (loss) | 277,378 | 442,773 | (165,395 | ) | ||||||||
Less net income attributable to noncontrolling interests in consolidated subsidiaries | (26,361 | ) | (9,811 | ) | (16,550 | ) | ||||||
Net income (loss) attributable to the Operating Partnership | 251,017 | 432,962 | (181,945 | ) | ||||||||
Interest and debt expense(2) | 376,898 | 208,683 | 168,215 | |||||||||
Depreciation and amortization(2) | 521,143 | 331,448 | 189,695 | |||||||||
Income tax expense(2) | 13,067 | 4,424 | 8,643 | |||||||||
EBITDA(1) | 1,162,125 | 977,517 | (3) | 184,608 | (4) | |||||||
Net gains on sale of real estate and other(2) | (168,140 | ) | (159,511 | ) | (8,629 | ) | ||||||
Real estate impairment losses(2) | 166,701 | — | 166,701 | |||||||||
Non-cash adjustments for straight-line rental income and expense and amortization of acquired below and above market leases, net(2) | (152,023 | ) | (114,217 | ) | (37,806 | ) | ||||||
General and administrative expenses less $2,625 mark-to-market of our deferred compensation plan | 132,085 | 27,557 | 104,528 | |||||||||
Acquisition and transaction related costs, including $4,597 for the spin-off of JBGS | 11,319 | — | 11,319 | |||||||||
Our share of net realized/unrealized gains from our real estate fund investments | (8,741 | ) | — | (8,741 | ) | |||||||
Our share of Alexander's EBITDA (excluding management, leasing and development fees) | (34,880 | ) | (34,880 | ) | — | |||||||
Dividends received from Alexander's | 19,849 | 19,849 | — | |||||||||
Our share of PREIT EBITDA | (8,537 | ) | — | (8,537 | ) | |||||||
Distributions received from PREIT | 3,906 | — | 3,906 | |||||||||
Our share of UE EBITDA (excluding management fees) | (7,539 | ) | — | (7,539 | ) | |||||||
Distributions received from UE | 3,430 | — | 3,430 | |||||||||
NOI(1) | $ | 1,119,555 | $ | 716,315 | (3) | $ | 403,240 | (4) |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||
Office | $ | 183,162 | $ | 164,150 | (a) | $ | 522,566 | $ | 484,735 | (a) | ||||||||
Retail | 90,316 | 91,061 | (a) | 269,762 | 272,083 | (a) | ||||||||||||
Residential | 5,981 | 6,214 | 18,450 | 18,901 | ||||||||||||||
Alexander's | 12,207 | 11,506 | 35,511 | 34,880 | ||||||||||||||
Hotel Pennsylvania | 5,511 | 3,962 | 7,633 | 4,287 | ||||||||||||||
Total New York EBITDA, as adjusted | 297,177 | 276,893 | 853,922 | 814,886 | ||||||||||||||
Certain items that impact EBITDA: | ||||||||||||||||||
Net gain on sale of 47% ownership interest in 7 West 34th Street | — | — | — | 159,511 | ||||||||||||||
EBITDA from sold properties | — | — | — | 3,120 | ||||||||||||||
Total of certain items that impact EBITDA | — | — | — | 162,631 | ||||||||||||||
Total New York EBITDA | $ | 297,177 | $ | 276,893 | $ | 853,922 | $ | 977,517 |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||
Office | $ | 179,505 | $ | 157,643 | (a) | $ | 523,531 | $ | 459,509 | (a) | ||||||||
Retail | 81,839 | 72,178 | (a) | 241,667 | 211,611 | (a) | ||||||||||||
Residential | 5,418 | 5,525 | 16,300 | 16,724 | ||||||||||||||
Alexander's | 7,030 | 6,617 | 21,090 | 19,849 | ||||||||||||||
Hotel Pennsylvania | 6,252 | 4,625 | 9,746 | 6,390 | ||||||||||||||
Total New York NOI, as adjusted | 280,044 | 246,588 | 812,334 | 714,083 | ||||||||||||||
NOI from sold properties | — | — | — | 2,232 | ||||||||||||||
Total New York NOI | $ | 280,044 | $ | 246,588 | $ | 812,334 | $ | 716,315 |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||
theMART (including trade shows) | $ | 24,165 | $ | 21,696 | $ | 72,471 | $ | 70,689 | |||||||||
555 California Street | 11,643 | 11,405 | 35,870 | 35,137 | |||||||||||||
Other investments | 11,379 | 20,388 | 36,318 | 57,092 | |||||||||||||
Corporate general and administrative expenses(a) | (22,730 | ) | (21,519 | ) | (78,952 | ) | (76,364 | ) | |||||||||
Investment income and other, net(a) | 5,910 | 6,871 | 24,079 | 19,317 | |||||||||||||
Other EBITDA, as adjusted | 30,367 | 38,841 | 89,786 | 105,871 | |||||||||||||
Certain items that impact EBITDA: | |||||||||||||||||
JBGS which is treated as a discontinued operation: | |||||||||||||||||
Transaction costs | (53,581 | ) | (2,739 | ) | (67,045 | ) | (4,597 | ) | |||||||||
Operating results through July 17, 2017 spin-off | 13,038 | 75,307 | 153,449 | 214,604 | |||||||||||||
(40,543 | ) | 72,568 | 86,404 | 210,007 | |||||||||||||
Impairment loss on investment in PREIT | (44,465 | ) | — | (44,465 | ) | — | |||||||||||
(Loss) income from real estate fund investments, net | (7,794 | ) | 807 | (11,333 | ) | 13,662 | |||||||||||
Net gain resulting from UE operating partnership unit issuances | 5,200 | — | 21,100 | — | |||||||||||||
Our share of net gain on sale of Suffolk Downs | — | — | 15,314 | — | |||||||||||||
Net gain on repayment of Suffolk Downs JV debt investments | — | — | 11,373 | — | |||||||||||||
Skyline properties impairment loss | — | — | — | (160,700 | ) | ||||||||||||
Other | (3,197 | ) | 8,898 | (1,024 | ) | 15,768 | |||||||||||
Total of certain items that impact EBITDA | (90,799 | ) | 82,273 | 77,369 | 78,737 | ||||||||||||
Other EBITDA | $ | (60,432 | ) | $ | 121,114 | $ | 167,155 | $ | 184,608 |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||
theMART (including trade shows) | $ | 25,422 | $ | 21,758 | $ | 74,859 | $ | 70,914 | |||||||||
555 California Street | 11,013 | 9,899 | 33,647 | 24,010 | |||||||||||||
Other investments | 7,589 | 21,381 | 15,138 | 44,482 | |||||||||||||
Investment income and other, net(a) | 5,910 | 6,871 | 24,079 | 19,317 | |||||||||||||
Other NOI, as adjusted | 49,934 | 59,909 | 147,723 | 158,723 | |||||||||||||
Certain items that impact NOI: | |||||||||||||||||
JBGS operating results through July 17, 2017 spin-off | 12,971 | 72,919 | 160,634 | 233,310 | |||||||||||||
Our share of real estate fund investments | 2,600 | 2,555 | 7,469 | 6,313 | |||||||||||||
Other | 692 | 1,906 | 4,282 | 4,894 | |||||||||||||
Total of certain items that impact NOI | 16,263 | 77,380 | 172,385 | 244,517 | |||||||||||||
Other NOI | $ | 66,197 | $ | 137,289 | $ | 320,108 | $ | 403,240 |
Total Return(1) | |||||||||||
Vornado | Office REIT | MSCI | |||||||||
Three-month | 2.3 | % | (0.7 | )% | 0.9 | % | |||||
Nine-month | (6.7 | )% | 1.9 | % | 3.6 | % | |||||
One-year | (3.1 | )% | 2.5 | % | 0.5 | % | |||||
Three-year | 14.0 | % | 30.3 | % | 31.9 | % | |||||
Five-year | 52.0 | % | 53.7 | % | 58.0 | % | |||||
Ten-year | 38.9 | % | 47.0 | % | 75.6 | % |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Certain (income) expense items that impact net income attributable to common shareholders: | |||||||||||||||||||||||
Net gain on sale of the Center Building (33-00 Northern Boulevard, Long Island City, NY) | $ | (15,213) | $ | — | $ | (15,213) | $ | — | |||||||||||||||
Refund of New York City transfer taxes related to the April 2019 transfer to Fifth Avenue and Times Square JV | (13,613) | — | (13,613) | — | |||||||||||||||||||
Hotel Pennsylvania loss | 8,931 | 4,992 | 17,860 | 13,982 | |||||||||||||||||||
Deferred tax liability on our investment in Farley Office and Retail (held through a taxable REIT subsidiary) | 3,234 | — | 6,407 | — | |||||||||||||||||||
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium unit(s) and ancillary amenities | (673) | (22,208) | (6,085) | (22,208) | |||||||||||||||||||
Other | 3,760 | (5,508) | 2,660 | (5,574) | |||||||||||||||||||
(13,574) | (22,724) | (7,984) | (13,800) | ||||||||||||||||||||
Noncontrolling interests' share of above adjustments | 559 | 1,483 | 297 | 922 | |||||||||||||||||||
Total of certain (income) expense items that impact net income attributable to common shareholders | $ | (13,015) | $ | (21,241) | $ | (7,687) | $ | (12,878) |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions: | |||||||||||||||||||||||
Deferred tax liability on our investment in Farley Office and Retail (held through a taxable REIT subsidiary) | $ | 3,234 | $ | — | $ | 6,407 | $ | — | |||||||||||||||
After-tax net gain on sale of 220 CPS condominium unit(s) and ancillary amenities | (673) | (22,208) | (6,085) | (22,208) | |||||||||||||||||||
Other | 2,912 | 953 | 2,363 | 7,304 | |||||||||||||||||||
5,473 | (21,255) | 2,685 | (14,904) | ||||||||||||||||||||
Noncontrolling interests' share of above adjustments | (379) | 1,052 | (186) | 653 | |||||||||||||||||||
Total of certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions, net | $ | 5,094 | $ | (20,203) | $ | 2,499 | $ | (14,251) |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Certain items that impact net (loss) income attributable to common shareholders: | |||||||||||||||
JBG SMITH Properties which is treated as a discontinued operation: | |||||||||||||||
Transaction costs | $ | (53,581 | ) | $ | (2,739 | ) | $ | (67,045 | ) | $ | (4,597 | ) | |||
Operating results through July 17, 2017 spin-off | 3,950 | 29,489 | 47,752 | 66,714 | |||||||||||
(49,631 | ) | 26,750 | (19,293 | ) | 62,117 | ||||||||||
Impairment loss on investment in Pennsylvania REIT | (44,465 | ) | — | (44,465 | ) | — | |||||||||
(Loss) income from real estate fund investments, net | (7,794 | ) | 807 | (11,333 | ) | 13,662 | |||||||||
Net gain resulting from Urban Edge Properties operating partnership unit issuances | 5,200 | — | 21,100 | — | |||||||||||
Our share of write-off of deferred financing costs | (3,819 | ) | — | (3,819 | ) | — | |||||||||
Preferred share issuance costs (Series J redemption) | — | (7,408 | ) | — | (7,408 | ) | |||||||||
Our share of net gain on sale of Suffolk Downs | — | — | 15,314 | — | |||||||||||
Net gain on repayment of Suffolk Downs JV debt investments | — | — | 11,373 | — | |||||||||||
Skyline properties impairment loss | — | — | — | (160,700 | ) | ||||||||||
Net gain on sale of 47% ownership interest in 7 West 34th Street | — | — | — | 159,511 | |||||||||||
Other | (3,197 | ) | (851 | ) | (1,024 | ) | (10,699 | ) | |||||||
(103,706 | ) | 19,298 | (32,147 | ) | 56,483 | ||||||||||
Noncontrolling interests' share of above adjustments | 6,451 | (1,183 | ) | 1,407 | (3,430 | ) | |||||||||
Total of certain items that impact net (loss) income attributable to common shareholders, net | $ | (97,255 | ) | $ | 18,115 | $ | (30,740 | ) | $ | 53,053 |
Certain items that impact FFO: | |||||||||||||||
JBG SMITH Properties which is treated as a discontinued operation: | |||||||||||||||
Transaction costs | $ | (53,581 | ) | $ | (2,739 | ) | $ | (67,045 | ) | $ | (4,597 | ) | |||
Operating results through July 17, 2017 spin-off | 10,148 | 61,699 | 122,201 | 169,141 | |||||||||||
(43,433 | ) | 58,960 | 55,156 | 164,544 | |||||||||||
Impairment loss on investment in Pennsylvania REIT | (44,465 | ) | — | (44,465 | ) | — | |||||||||
(Loss) income from real estate fund investments, net | (7,794 | ) | 807 | (11,333 | ) | 13,662 | |||||||||
Net gain resulting from Urban Edge Properties operating partnership unit issuances | 5,200 | — | 21,100 | — | |||||||||||
Our share of write-off of deferred financing costs | (3,819 | ) | — | (3,819 | ) | — | |||||||||
Preferred share issuance costs (Series J redemption) | — | (7,408 | ) | — | (7,408 | ) | |||||||||
Net gain on repayment of our Suffolk Downs JV debt investments | — | — | 11,373 | — | |||||||||||
Other | (390 | ) | 171 | 856 | (130 | ) | |||||||||
(94,701 | ) | 52,530 | 28,868 | 170,668 | |||||||||||
Noncontrolling interests' share of above adjustments | 5,890 | (3,220 | ) | (1,782 | ) | (10,877 | ) | ||||||||
Total of certain items that impact FFO, net | $ | (88,811 | ) | $ | 49,310 | $ | 27,086 | $ | 159,791 |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Certain items that impact net (loss) income attributable to Class A unitholders: | |||||||||||||||
JBG SMITH Properties which is treated as a discontinued operation: | |||||||||||||||
Transaction costs | $ | (53,581 | ) | $ | (2,739 | ) | $ | (67,045 | ) | $ | (4,597 | ) | |||
Operating results through July 17, 2017 spin-off | 3,950 | 29,489 | 47,752 | 66,714 | |||||||||||
(49,631 | ) | 26,750 | (19,293 | ) | 62,117 | ||||||||||
Impairment loss on investment in Pennsylvania REIT | (44,465 | ) | — | (44,465 | ) | — | |||||||||
(Loss) income from real estate fund investments, net | (7,794 | ) | 807 | (11,333 | ) | 13,662 | |||||||||
Net gain resulting from Urban Edge Properties operating partnership unit issuances | 5,200 | — | 21,100 | — | |||||||||||
Our share of write-off of deferred financing costs | (3,819 | ) | — | (3,819 | ) | — | |||||||||
Preferred unit issuance costs (Series J redemption) | — | (7,408 | ) | — | (7,408 | ) | |||||||||
Our share of net gain on sale of Suffolk Downs | — | — | 15,314 | — | |||||||||||
Net gain on repayment of Suffolk Downs JV debt investments | — | — | 11,373 | — | |||||||||||
Skyline properties impairment loss | — | — | — | (160,700 | ) | ||||||||||
Net gain on sale of 47% ownership interest in 7 West 34th Street | — | — | — | 159,511 | |||||||||||
Other | (3,197 | ) | (851 | ) | (1,024 | ) | (10,699 | ) | |||||||
Total of certain items that impact net (loss) income attributable to Class A unitholders | $ | (103,706 | ) | $ | 19,298 | $ | (32,147 | ) | $ | 56,483 |
New York | theMART | 555 California Street | |||||||
Same store EBITDA % increase (decrease) : | |||||||||
Three months ended September 30, 2017 compared to September 30, 2016 | 5.0 | % | (1) | 11.3 | % | 1.7 | % | ||
Nine months ended September 30, 2017 compared to September 30, 2016 | 2.7 | % | (1) | 3.4 | % | (2) | (0.2 | )% | |
Three months ended September 30, 2017 compared to June 30, 2017 | 4.8 | % | (1) | (1.1 | )% | (4.1 | )% | ||
Same store NOI % increase (decrease): | |||||||||
Three months ended September 30, 2017 compared to September 30, 2016 | 13.8 | % | (1) | 17.0 | % | 13.2 | % | ||
Nine months ended September 30, 2017 compared to September 30, 2016 | 13.2 | % | (1) | 5.8 | % | (2) | 37.9 | % | |
Three months ended September 30, 2017 compared to June 30, 2017 | 3.9 | % | (1) | 1.6 | % | (2.2 | )% | ||
EBITDA | NOI | ||||||
(1) | Excluding Hotel Pennsylvania - same store % increase: | ||||||
Three months ended September 30, 2017 compared to September 30, 2016 | 4.5 | % | 13.4 | % | |||
Nine months ended September 30, 2017 compared to September 30, 2016 | 2.3 | % | 12.8 | % | |||
Three months ended September 30, 2017 compared to June 30, 2017 | 5.3 | % | 4.4 | % | |||
(2) | The nine months ended September 30, 2017 includes a $2,000,000 reversal of an expense accrued in 2015. Excluding this amount, same store EBITDA increased by 6.2% and same store NOI increased by 8.9%. |
Total | New York | theMART | 555 California Street | |||||||||||||||||||||||
Same store NOI at share % increase | ||||||||||||||||||||||||||
Three months ended June 30, 2022 compared to June 30, 2021 | 7.1 | % | 7.1 | % | 8.3 | % | 6.1 | % | ||||||||||||||||||
Six months ended June 30, 2022 compared to June 30, 2021 | 5.3 | % | 5.0 | % | 9.2 | % | 4.6 | % | ||||||||||||||||||
Same store NOI at share - cash basis % increase | ||||||||||||||||||||||||||
Three months ended June 30, 2022 compared to June 30, 2021 | 8.4 | % | 7.7 | % | 10.5 | % | 14.9 | % | ||||||||||||||||||
Six months ended June 30, 2022 compared to June 30, 2021 | 7.3 | % | 6.6 | % | 12.4 | % | 10.0 | % |
(Square feet in thousands) | Square Feet (in service) | |||||||||||||||||||||||||
Number of Properties | Total Portfolio | Our Share | Occupancy % | |||||||||||||||||||||||
New York: | ||||||||||||||||||||||||||
Office | 31 | (1) | 18,971 | 16,275 | 92.1 | % | ||||||||||||||||||||
Retail (includes retail properties that are in the base of our office properties) | 58 | (1) | 2,307 | 1,866 | 76.3 | % | ||||||||||||||||||||
Residential - 1,983 units(2) | 7 | (1) | 1,511 | 778 | 97.6 | % | (2) | |||||||||||||||||||
Alexander's | 6 | 2,241 | 727 | 96.2 | % | (2) | ||||||||||||||||||||
25,030 | 19,646 | 90.8 | % | |||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||
theMART | 4 | 3,635 | 3,626 | 88.6 | % | |||||||||||||||||||||
555 California Street | 3 | 1,818 | 1,273 | 94.2 | % | |||||||||||||||||||||
Other | 11 | 2,489 | 1,154 | 92.7 | % | |||||||||||||||||||||
7,942 | 6,053 | |||||||||||||||||||||||||
Total square feet as of June 30, 2022 | 32,972 | 25,699 |
(Square feet in thousands) | Square Feet (in service) | |||||||||||||||||||||||||
Number of properties | Total Portfolio | Our Share | Occupancy % | |||||||||||||||||||||||
New York: | ||||||||||||||||||||||||||
Office | 32 | (1) | 19,442 | 16,757 | 92.2 | % | ||||||||||||||||||||
Retail (includes retail properties that are in the base of our office properties) | 60 | (1) | 2,267 | 1,825 | 80.7 | % | ||||||||||||||||||||
Residential - 1,986 units(2) | 8 | (1) | 1,518 | 785 | 97.0 | % | (2) | |||||||||||||||||||
Alexander's | 6 | 2,218 | 719 | 95.6 | % | (2) | ||||||||||||||||||||
25,445 | 20,086 | 91.3 | % | |||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||
theMART | 4 | 3,692 | 3,683 | 88.9 | % | |||||||||||||||||||||
555 California Street | 3 | 1,818 | 1,273 | 93.8 | % | |||||||||||||||||||||
Other | 11 | 2,489 | 1,154 | 92.8 | % | |||||||||||||||||||||
7,999 | 6,110 | |||||||||||||||||||||||||
Total square feet as of December 31, 2021 | 33,444 | 26,196 |
(Square feet in thousands) | Square Feet (in service) | |||||||||||||||||||||||||
Number of Properties | Total Portfolio | Our Share | Occupancy % | |||||||||||||||||||||||
New York: | ||||||||||||||||||||||||||
Office | 31 | (1) | 18,971 | 16,275 | 92.1 | % | ||||||||||||||||||||
Retail (includes retail properties that are in the base of our office properties) | 58 | (1) | 2,307 | 1,866 | 76.3 | % | ||||||||||||||||||||
Residential - 1,983 units(2) | 7 | (1) | 1,511 | 778 | 97.6 | % | (2) | |||||||||||||||||||
Alexander's | 6 | 2,241 | 727 | 96.2 | % | (2) | ||||||||||||||||||||
25,030 | 19,646 | 90.8 | % | |||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||
theMART | 4 | 3,635 | 3,626 | 88.6 | % | |||||||||||||||||||||
555 California Street | 3 | 1,818 | 1,273 | 94.2 | % | |||||||||||||||||||||
Other | 11 | 2,489 | 1,154 | 92.7 | % | |||||||||||||||||||||
7,942 | 6,053 | |||||||||||||||||||||||||
Total square feet as of June 30, 2022 | 32,972 | 25,699 |
(Square feet in thousands) | Square Feet (in service) | |||||||||||||||||||||||||
Number of properties | Total Portfolio | Our Share | Occupancy % | |||||||||||||||||||||||
New York: | ||||||||||||||||||||||||||
Office | 32 | (1) | 19,442 | 16,757 | 92.2 | % | ||||||||||||||||||||
Retail (includes retail properties that are in the base of our office properties) | 60 | (1) | 2,267 | 1,825 | 80.7 | % | ||||||||||||||||||||
Residential - 1,986 units(2) | 8 | (1) | 1,518 | 785 | 97.0 | % | (2) | |||||||||||||||||||
Alexander's | 6 | 2,218 | 719 | 95.6 | % | (2) | ||||||||||||||||||||
25,445 | 20,086 | 91.3 | % | |||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||
theMART | 4 | 3,692 | 3,683 | 88.9 | % | |||||||||||||||||||||
555 California Street | 3 | 1,818 | 1,273 | 93.8 | % | |||||||||||||||||||||
Other | 11 | 2,489 | 1,154 | 92.8 | % | |||||||||||||||||||||
7,999 | 6,110 | |||||||||||||||||||||||||
Total square feet as of December 31, 2021 | 33,444 | 26,196 |
(Square feet in thousands) | New York | |||||||||||||||
Office | Retail | theMART | 555 California Street | |||||||||||||
Three Months Ended September 30, 2017 | ||||||||||||||||
Total square feet leased | 452 | 51 | 36 | 61 | ||||||||||||
Our share of square feet leased: | 405 | 38 | 36 | 43 | ||||||||||||
Initial rent(1) | $ | 83.09 | $ | 346.34 | $ | 54.11 | $ | 71.77 | ||||||||
Weighted average lease term (years) | 9.9 | 6.1 | 5.4 | 7.8 | ||||||||||||
Second generation relet space: | ||||||||||||||||
Square feet | 322 | 22 | 22 | — | ||||||||||||
GAAP basis: | ||||||||||||||||
Straight-line rent(2) | $ | 81.46 | $ | 89.13 | $ | 62.79 | $ | — | ||||||||
Prior straight-line rent | $ | 72.79 | $ | 112.10 | $ | 46.03 | $ | — | ||||||||
Percentage increase (decrease) | 11.9 | % | (20.5 | )% | (3) | 36.4 | % | — | % | |||||||
Cash basis: | ||||||||||||||||
Initial rent(1) | $ | 83.64 | $ | 87.36 | $ | 61.02 | $ | — | ||||||||
Prior escalated rent | $ | 75.21 | $ | 85.19 | $ | 49.56 | $ | — | ||||||||
Percentage increase | 11.2 | % | 2.5 | % | 23.1 | % | — | % | ||||||||
Tenant improvements and leasing commissions: | ||||||||||||||||
Per square foot | $ | 84.69 | $ | 232.54 | $ | 30.18 | $ | 131.32 | ||||||||
Per square foot per annum | $ | 8.55 | $ | 38.12 | $ | 5.59 | $ | 16.83 | ||||||||
Percentage of initial rent | 10.2 | % | 11.0 | % | 10.3 | % | 23.5 | % |
Nine Months Ended September 30, 2017 | ||||||||||||||||
Total square feet leased | 1,548 | 87 | 227 | 132 | ||||||||||||
Our share of square feet leased: | 1,188 | 68 | 227 | 93 | ||||||||||||
Initial rent(1) | $ | 79.35 | $ | 278.05 | $ | 48.37 | $ | 79.98 | ||||||||
Weighted average lease term (years) | 8.4 | 6.0 | 6.9 | 9.4 | ||||||||||||
Second generation relet space: | ||||||||||||||||
Square feet | 813 | 44 | 207 | 46 | ||||||||||||
GAAP basis: | ||||||||||||||||
Straight-line rent(2) | $ | 73.89 | $ | 158.51 | $ | 48.53 | $ | 95.09 | ||||||||
Prior straight-line rent | $ | 64.62 | $ | 140.76 | $ | 37.45 | $ | 80.30 | ||||||||
Percentage increase | 14.3 | % | 12.6 | % | 29.6 | % | 18.4 | % | ||||||||
Cash basis: | ||||||||||||||||
Initial rent(1) | $ | 75.52 | $ | 150.88 | $ | 48.27 | $ | 86.49 | ||||||||
Prior escalated rent | $ | 68.23 | $ | 131.03 | $ | 39.83 | $ | 78.67 | ||||||||
Percentage increase | 10.7 | % | 15.1 | % | 21.2 | % | 9.9 | % | ||||||||
Tenant improvements and leasing commissions: | ||||||||||||||||
Per square foot | $ | 74.59 | $ | 156.88 | $ | 42.22 | $ | 111.81 | ||||||||
Per square foot per annum | $ | 8.88 | $ | 26.15 | $ | 6.12 | $ | 11.89 | ||||||||
Percentage of initial rent | 11.1 | % | 9.4 | % | 12.7 | % | 14.9 | % |
(Square feet in thousands) | Square Feet (in service) | |||||||||||||||||||||||||
Number of Properties | Total Portfolio | Our Share | Occupancy % | |||||||||||||||||||||||
New York: | ||||||||||||||||||||||||||
Office | 31 | (1) | 18,971 | 16,275 | 92.1 | % | ||||||||||||||||||||
Retail (includes retail properties that are in the base of our office properties) | 58 | (1) | 2,307 | 1,866 | 76.3 | % | ||||||||||||||||||||
Residential - 1,983 units(2) | 7 | (1) | 1,511 | 778 | 97.6 | % | (2) | |||||||||||||||||||
Alexander's | 6 | 2,241 | 727 | 96.2 | % | (2) | ||||||||||||||||||||
25,030 | 19,646 | 90.8 | % | |||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||
theMART | 4 | 3,635 | 3,626 | 88.6 | % | |||||||||||||||||||||
555 California Street | 3 | 1,818 | 1,273 | 94.2 | % | |||||||||||||||||||||
Other | 11 | 2,489 | 1,154 | 92.7 | % | |||||||||||||||||||||
7,942 | 6,053 | |||||||||||||||||||||||||
Total square feet as of June 30, 2022 | 32,972 | 25,699 |
(Square feet in thousands) | Square Feet (in service) | ||||||||||
Number of Properties | Total Portfolio | Our Share | Occupancy % | ||||||||
New York: | |||||||||||
Office | 37 | 20,242 | 16,968 | 97.0 | % | ||||||
Retail | 72 | 2,709 | 2,473 | 95.7 | % | ||||||
Residential - 1,696 units | 11 | 1,568 | 835 | 94.4 | % | ||||||
Alexander's, including 312 residential units | 7 | 2,437 | 790 | 99.3 | % | ||||||
Hotel Pennsylvania | 1 | 1,400 | 1,400 | ||||||||
28,356 | 22,466 | 96.9 | % | ||||||||
Other: | |||||||||||
theMART | 3 | 3,689 | 3,680 | 98.7 | % | ||||||
555 California Street | 3 | 1,740 | 1,218 | 94.2 | % | ||||||
Rosslyn Plaza Office and Residential - 197 units | 6 | 690 | 313 | 65.9 | % | ||||||
Other | 4 | 1,836 | 877 | 99.8 | % | ||||||
7,955 | 6,088 | ||||||||||
Total square feet as of September 30, 2017 | 36,311 | 28,554 |
(Square feet in thousands) | Square Feet (in service) | |||||||||||||||||||||||||
Number of properties | Total Portfolio | Our Share | Occupancy % | |||||||||||||||||||||||
New York: | ||||||||||||||||||||||||||
Office | 32 | (1) | 19,442 | 16,757 | 92.2 | % | ||||||||||||||||||||
Retail (includes retail properties that are in the base of our office properties) | 60 | (1) | 2,267 | 1,825 | 80.7 | % | ||||||||||||||||||||
Residential - 1,986 units(2) | 8 | (1) | 1,518 | 785 | 97.0 | % | (2) | |||||||||||||||||||
Alexander's | 6 | 2,218 | 719 | 95.6 | % | (2) | ||||||||||||||||||||
25,445 | 20,086 | 91.3 | % | |||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||
theMART | 4 | 3,692 | 3,683 | 88.9 | % | |||||||||||||||||||||
555 California Street | 3 | 1,818 | 1,273 | 93.8 | % | |||||||||||||||||||||
Other | 11 | 2,489 | 1,154 | 92.8 | % | |||||||||||||||||||||
7,999 | 6,110 | |||||||||||||||||||||||||
Total square feet as of December 31, 2021 | 33,444 | 26,196 |
(Square feet in thousands) | Square Feet (in service) | ||||||||||
Number of properties | Total Portfolio | Our Share | Occupancy % | ||||||||
New York: | |||||||||||
Office | 36 | 20,227 | 16,962 | 96.3 | % | ||||||
Retail | 70 | 2,672 | 2,464 | 97.1 | % | ||||||
Residential - 1,692 units | 11 | 1,559 | 826 | 95.7 | % | ||||||
Alexander's, including 312 residential units | 7 | 2,437 | 790 | 99.8 | % | ||||||
Hotel Pennsylvania | 1 | 1,400 | 1,400 | ||||||||
28,295 | 22,442 | 96.5 | % | ||||||||
Other: | |||||||||||
theMART | 3 | 3,671 | 3,662 | 98.9 | % | ||||||
555 California Street | 3 | 1,738 | 1,217 | 92.4 | % | ||||||
Rosslyn Plaza Office and Residential - 196 units | 6 | 746 | 339 | 64.0 | % | ||||||
Other | 4 | 1,811 | 850 | 99.8 | % | ||||||
7,966 | 6,068 | ||||||||||
Total square feet as of December 31, 2016 | 36,261 | 28,510 |
(Amounts in thousands) | For the Three Months Ended June 30, 2022 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 453,494 | $ | 364,162 | $ | 89,332 | |||||||||||
Operating expenses | (222,309) | (176,572) | (45,737) | ||||||||||||||
NOI - consolidated | 231,185 | 187,590 | 43,595 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (16,299) | (10,707) | (5,592) | ||||||||||||||
Add: NOI from partially owned entities | 74,060 | 71,209 | 2,851 | ||||||||||||||
NOI at share | 288,946 | 248,092 | 40,854 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (4,275) | (6,189) | 1,914 | ||||||||||||||
NOI at share - cash basis | $ | 284,671 | $ | 241,903 | $ | 42,768 |
(Amounts in thousands) | For the Three Months Ended June 30, 2021 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 378,941 | $ | 301,144 | $ | 77,797 | |||||||||||
Operating expenses | (190,920) | (156,033) | (34,887) | ||||||||||||||
NOI - consolidated | 188,021 | 145,111 | 42,910 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (15,689) | (8,473) | (7,216) | ||||||||||||||
Add: NOI from partially owned entities | 77,235 | 74,400 | 2,835 | ||||||||||||||
NOI at share | 249,567 | 211,038 | 38,529 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 846 | 541 | 305 | ||||||||||||||
NOI at share - cash basis | $ | 250,413 | $ | 211,579 | $ | 38,834 |
(Amounts in thousands) | For the Three Months Ended September 30, 2017 | |||||||||||
Total | New York | Other | ||||||||||
Total revenues | $ | 528,755 | $ | 453,609 | $ | 75,146 | ||||||
Total expenses | 366,520 | 284,976 | 81,544 | |||||||||
Operating income (loss) | 162,235 | 168,633 | (6,398 | ) | ||||||||
(Loss) income from partially owned entities | (41,801 | ) | 1,411 | (43,212 | ) | |||||||
Loss from real estate fund investments | (6,308 | ) | — | (6,308 | ) | |||||||
Interest and other investment income, net | 9,306 | 1,413 | 7,893 | |||||||||
Interest and debt expense | (85,068 | ) | (61,529 | ) | (23,539 | ) | ||||||
Income (loss) before income taxes | 38,364 | 109,928 | (71,564 | ) | ||||||||
Income tax expense | (1,188 | ) | (1,087 | ) | (101 | ) | ||||||
Income (loss) from continuing operations | 37,176 | 108,841 | (71,665 | ) | ||||||||
Loss from discontinued operations | (47,930 | ) | — | (47,930 | ) | |||||||
Net (loss) income | (10,754 | ) | 108,841 | (119,595 | ) | |||||||
Less net income attributable to noncontrolling interests in consolidated subsidiaries | (4,022 | ) | (2,552 | ) | (1,470 | ) | ||||||
Net (loss) income attributable to the Operating Partnership | (14,776 | ) | 106,289 | (121,065 | ) | |||||||
Interest and debt expense(2) | 113,438 | 84,907 | 28,531 | |||||||||
Depreciation and amortization(2) | 136,621 | 104,799 | 31,822 | |||||||||
Income tax expense (2) | 1,462 | 1,182 | 280 | |||||||||
EBITDA(1) | 236,745 | 297,177 | (3) | (60,432 | ) | (4) | ||||||
Acquisition and transaction related costs, including $53,581 for the spin-off of JBGS | 53,642 | — | 53,642 | |||||||||
Impairment loss on investment in PREIT | 44,465 | — | 44,465 | |||||||||
General and administrative expenses less $1,975 mark-to-market of our deferred compensation plan | 35,495 | 9,479 | 26,016 | |||||||||
Non-cash adjustments for straight-line rental income and expense and amortization of acquired below and above market leases, net(2) | (23,304 | ) | (21,435 | ) | (1,869 | ) | ||||||
Our share of net realized/unrealized losses from our real estate fund investments | 10,394 | — | 10,394 | |||||||||
Net gain resulting from UE operating partnership unit issuances | (5,200 | ) | — | (5,200 | ) | |||||||
Real estate impairment losses(2) | 4,354 | — | 4,354 | |||||||||
Net gains on sale of real estate and other(2) | (1,547 | ) | — | (1,547 | ) | |||||||
Our share of Alexander's EBITDA (excluding management, leasing and development fees) | (12,207 | ) | (12,207 | ) | — | |||||||
Dividends received from Alexander's | 7,030 | 7,030 | — | |||||||||
Our share of PREIT EBITDA | (3,731 | ) | — | (3,731 | ) | |||||||
Distributions received from PREIT | 1,361 | — | 1,361 | |||||||||
Our share of UE EBITDA (excluding management fees) | (2,513 | ) | — | (2,513 | ) | |||||||
Distributions received from UE | 1,257 | — | 1,257 | |||||||||
NOI(1) | $ | 346,241 | $ | 280,044 | (3) | $ | 66,197 | (4) |
(Amounts in thousands) | For the Three Months Ended June 30, | ||||||||||
2022 | 2021 | ||||||||||
New York: | |||||||||||
Office | $ | 182,042 | $ | 164,050 | |||||||
Retail | 51,438 | 39,213 | |||||||||
Residential | 5,250 | 4,239 | |||||||||
Alexander's | 9,362 | 9,069 | |||||||||
Hotel Pennsylvania(1) | — | (5,533) | |||||||||
Total New York | 248,092 | 211,038 | |||||||||
Other: | |||||||||||
theMART | 19,947 | 18,412 | |||||||||
555 California Street | 16,724 | 16,038 | |||||||||
Other investments | 4,183 | 4,079 | |||||||||
Total Other | 40,854 | 38,529 | |||||||||
NOI at share | $ | 288,946 | $ | 249,567 |
(Amounts in thousands) | For the Three Months Ended June 30, | ||||||||||
2022 | 2021 | ||||||||||
New York: | |||||||||||
Office | $ | 180,326 | $ | 167,322 | |||||||
Retail | 47,189 | 36,214 | |||||||||
Residential | 4,309 | 3,751 | |||||||||
Alexander's | 10,079 | 9,848 | |||||||||
Hotel Pennsylvania(1) | — | (5,556) | |||||||||
Total New York | 241,903 | 211,579 | |||||||||
Other: | |||||||||||
theMART | 21,541 | 19,501 | |||||||||
555 California Street | 16,855 | 14,952 | |||||||||
Other investments | 4,372 | 4,381 | |||||||||
Total Other | 42,768 | 38,834 | |||||||||
NOI at share - cash basis | $ | 284,671 | $ | 250,413 |
(Amounts in thousands) | For the Three Months Ended June 30, | ||||||||||
2022 | 2021 | ||||||||||
Net income | $ | 68,903 | $ | 76,832 | |||||||
Depreciation and amortization expense | 118,662 | 89,777 | |||||||||
General and administrative expense | 31,902 | 30,602 | |||||||||
Transaction related costs and other | 2,960 | 106 | |||||||||
Income from partially owned entities | (25,720) | (31,426) | |||||||||
Loss (income) from real estate fund investments | 142 | (5,342) | |||||||||
Interest and other investment income, net | (3,036) | (1,539) | |||||||||
Interest and debt expense | 62,640 | 51,894 | |||||||||
Net gains on disposition of wholly owned and partially owned assets | (28,832) | (25,724) | |||||||||
Income tax expense | 3,564 | 2,841 | |||||||||
NOI from partially owned entities | 74,060 | 77,235 | |||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (16,299) | (15,689) | |||||||||
NOI at share | 288,946 | 249,567 | |||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (4,275) | 846 | |||||||||
NOI at share - cash basis | $ | 284,671 | $ | 250,413 |
(Amounts in thousands) | For the Three Months Ended September 30, 2016 | |||||||||||
Total | New York | Other | ||||||||||
Total revenues | $ | 502,753 | $ | 432,869 | $ | 69,884 | ||||||
Total expenses | 354,292 | 280,689 | 73,603 | |||||||||
Operating income (loss) | 148,461 | 152,180 | (3,719 | ) | ||||||||
Income (loss) from partially owned entities | 3,811 | (579 | ) | 4,390 | ||||||||
Income from real estate fund investments | 1,077 | — | 1,077 | |||||||||
Interest and other investment income, net | 6,459 | 1,355 | 5,104 | |||||||||
Interest and debt expense | (79,721 | ) | (51,212 | ) | (28,509 | ) | ||||||
Income (loss) before income taxes | 80,087 | 101,744 | (21,657 | ) | ||||||||
Income tax expense | (4,563 | ) | (2,356 | ) | (2,207 | ) | ||||||
Income (loss) from continuing operations | 75,524 | 99,388 | (23,864 | ) | ||||||||
Income from discontinued operations | 25,080 | — | 25,080 | |||||||||
Net income | 100,604 | 99,388 | 1,216 | |||||||||
Less net income attributable to noncontrolling interests in consolidated subsidiaries | (3,658 | ) | (2,985 | ) | (673 | ) | ||||||
Net income attributable to the Operating Partnership | 96,946 | 96,403 | 543 | |||||||||
Interest and debt expense(2) | 122,979 | 66,314 | 56,665 | |||||||||
Depreciation and amortization(2) | 172,980 | 111,731 | 61,249 | |||||||||
Income tax expense(2) | 5,102 | 2,445 | 2,657 | |||||||||
EBITDA(1) | 398,007 | 276,893 | (3) | 121,114 | (4) | |||||||
Non-cash adjustments for straight-line rental income and expense and amortization of acquired below and above market leases, net(2) | (46,500 | ) | (35,199 | ) | (11,301 | ) | ||||||
General and administrative expenses less $204 mark-to-market of our deferred compensation plan | 40,238 | 9,783 | 30,455 | |||||||||
Net gains on sale of real estate and other(2) | (5,386 | ) | — | (5,386 | ) | |||||||
Acquisition and transaction related costs, including $2,739 for the spin-off of JBGS | 3,808 | — | 3,808 | |||||||||
Real estate impairment losses(2) | 1,599 | — | 1,599 | |||||||||
Our share of net realized/unrealized losses from our real estate fund investments | 99 | — | 99 | |||||||||
Our share of Alexander's EBITDA (excluding management, leasing and development fees) | (11,506 | ) | (11,506 | ) | — | |||||||
Dividends received from Alexander's | 6,617 | 6,617 | — | |||||||||
Our share of PREIT EBITDA | (3,070 | ) | — | (3,070 | ) | |||||||
Distributions received from PREIT | 1,342 | — | 1,342 | |||||||||
Our share of UE EBITDA (excluding management fees) | (2,514 | ) | — | (2,514 | ) | |||||||
Distributions received from UE | 1,143 | — | 1,143 | |||||||||
NOI(1) | $ | 383,877 | $ | 246,588 | (3) | $ | 137,289 | (4) |
(Amounts in thousands) | For the Three Months Ended September 30, | ||||||||
2017 | 2016 | ||||||||
Office | $ | 183,162 | $ | 164,150 | (a) | ||||
Retail | 90,316 | 91,061 | (a) | ||||||
Residential | 5,981 | 6,214 | |||||||
Alexander's | 12,207 | 11,506 | |||||||
Hotel Pennsylvania | 5,511 | 3,962 | |||||||
Total New York EBITDA | $ | 297,177 | $ | 276,893 |
(Amounts in thousands) | For the Three Months Ended September 30, | ||||||||
2017 | 2016 | ||||||||
Office | $ | 179,505 | $ | 157,643 | (a) | ||||
Retail | 81,839 | 72,178 | (a) | ||||||
Residential | 5,418 | 5,525 | |||||||
Alexander's | 7,030 | 6,617 | |||||||
Hotel Pennsylvania | 6,252 | 4,625 | |||||||
Total New York NOI, as adjusted | $ | 280,044 | $ | 246,588 |
(Amounts in thousands) | For the Three Months Ended September 30, | |||||||
2017 | 2016 | |||||||
theMART (including trade shows) | $ | 24,165 | $ | 21,696 | ||||
555 California Street | 11,643 | 11,405 | ||||||
Other investments | 11,379 | 20,388 | ||||||
Corporate general and administrative expenses(a) | (22,730 | ) | (21,519 | ) | ||||
Investment income and other, net(a) | 5,910 | 6,871 | ||||||
Other EBITDA, as adjusted | 30,367 | 38,841 | ||||||
Certain items that impact EBITDA: | ||||||||
JBG SMITH Properties which is treated as a discontinued operation: | ||||||||
Transaction costs | (53,581 | ) | (2,739 | ) | ||||
Operating results through July 17, 2017 spin-off | 13,038 | 75,307 | ||||||
(40,543 | ) | 72,568 | ||||||
Impairment loss on investment in Pennsylvania REIT | (44,465 | ) | — | |||||
(Loss) income from real estate fund investments, net | (7,794 | ) | 807 | |||||
Net gain resulting from UE Properties operating partnership unit issuances | 5,200 | — | ||||||
Other | (3,197 | ) | 8,898 | |||||
Total of certain items that impact EBITDA | (90,799 | ) | 82,273 | |||||
Other EBITDA | $ | (60,432 | ) | $ | 121,114 |
(Amounts in thousands) | For the Three Months Ended September 30, | |||||||
2017 | 2016 | |||||||
theMART (including trade shows) | $ | 25,422 | $ | 21,758 | ||||
555 California Street | 11,013 | 9,899 | ||||||
Other investments | 7,589 | 21,381 | ||||||
Investment income and other, net(a) | 5,910 | 6,871 | ||||||
Other NOI, as adjusted | 49,934 | 59,909 | ||||||
Certain items that impact NOI: | ||||||||
JBG SMITH Properties operating results through July 17, 2017 spin-off | 12,971 | 72,919 | ||||||
Our share of real estate fund investments | 2,600 | 2,555 | ||||||
Other | 692 | 1,906 | ||||||
Total of certain items that impact NOI | 16,263 | 77,380 | ||||||
Other NOI | $ | 66,197 | $ | 137,289 |
For the Three Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Region: | |||||||||||
New York City metropolitan area | 87 | % | 86 | % | |||||||
Chicago, IL | 7 | % | 7 | % | |||||||
San Francisco, CA | 6 | % | 7 | % | |||||||
100 | % | 100 | % |
For the Three Months Ended September 30, | |||||
2017 | 2016 | ||||
Region: | |||||
New York City metropolitan area | 89 | % | 89 | % | |
Chicago, IL | 7 | % | 7 | % | |
San Francisco, CA | 4 | % | 4 | % | |
100 | % | 100 | % |
(Amounts in thousands) | Total | New York | Other | ||||||||||||||
Increase (decrease) due to: | |||||||||||||||||
Rental revenues: | |||||||||||||||||
Acquisitions, dispositions and other | $ | 6,158 | $ | 6,158 | $ | — | |||||||||||
Development and redevelopment | 22,381 | 22,381 | — | ||||||||||||||
Trade shows(1) | 5,842 | — | 5,842 | ||||||||||||||
Same store operations | 31,217 | 26,620 | 4,597 | ||||||||||||||
65,598 | 55,159 | 10,439 | |||||||||||||||
Fee and other income: | |||||||||||||||||
BMS cleaning fees | 5,916 | 6,606 | (690) | ||||||||||||||
Management and leasing fees | (207) | (77) | (130) | ||||||||||||||
Other income | 3,246 | 1,330 | 1,916 | ||||||||||||||
8,955 | 7,859 | 1,096 | |||||||||||||||
Total increase in revenues | $ | 74,553 | $ | 63,018 | $ | 11,535 |
(Amounts in thousands) | Total | New York | Other | ||||||||
Increase (decrease) due to: | |||||||||||
Property rentals: | |||||||||||
Acquisitions, dispositions and other | $ | 3,228 | $ | 3,002 | $ | 226 | |||||
Development and redevelopment | 89 | (93 | ) | 182 | |||||||
Hotel Pennsylvania | 3,215 | 3,215 | — | ||||||||
Trade shows | 497 | — | 497 | ||||||||
Same store operations | 13,880 | 10,901 | 2,979 | ||||||||
20,909 | 17,025 | 3,884 | |||||||||
Tenant expense reimbursements: | |||||||||||
Acquisitions, dispositions and other | (680 | ) | (680 | ) | — | ||||||
Development and redevelopment | 309 | (37 | ) | 346 | |||||||
Same store operations | 2,815 | 1,737 | 1,078 | ||||||||
2,444 | 1,020 | 1,424 | |||||||||
Fee and other income: | |||||||||||
BMS cleaning fees | 1,896 | 2,904 | (1,008 | ) | |||||||
Management and leasing fees | 396 | 354 | 42 | ||||||||
Lease termination fees | (830 | ) | (239 | ) | (591 | ) | |||||
Other income | 1,187 | (324 | ) | 1,511 | |||||||
2,649 | 2,695 | (46 | ) | ||||||||
Total increase in revenues | $ | 26,002 | $ | 20,740 | $ | 5,262 |
(Amounts in thousands) | Total | New York | Other | ||||||||||||||
Increase (decrease) due to: | |||||||||||||||||
Operating: | |||||||||||||||||
Acquisitions, dispositions and other | $ | 1,538 | $ | 1,538 | $ | — | |||||||||||
Development and redevelopment | 8,653 | 8,376 | 277 | ||||||||||||||
Non-reimbursable expenses | 7,964 | 9,881 | (1,917) | ||||||||||||||
Trade shows(1) | 3,654 | — | 3,654 | ||||||||||||||
Hotel Pennsylvania(2) | (6,335) | (6,335) | — | ||||||||||||||
BMS expenses | 5,629 | 6,318 | (689) | ||||||||||||||
Same store operations | 10,286 | 761 | 9,525 | ||||||||||||||
31,389 | 20,539 | 10,850 | |||||||||||||||
Depreciation and amortization: | |||||||||||||||||
Acquisitions, dispositions and other | 12,812 | 12,812 | — | ||||||||||||||
Development and redevelopment | 12,669 | 12,669 | — | ||||||||||||||
Same store operations | 3,404 | 2,305 | 1,099 | ||||||||||||||
28,885 | 27,786 | 1,099 | |||||||||||||||
General and administrative | 1,300 | 278 | 1,022 | ||||||||||||||
Benefit from deferred compensation plan liability | (10,972) | — | (10,972) | ||||||||||||||
Transaction related costs and other | 2,854 | 804 | 2,050 | ||||||||||||||
Total increase in expenses | $ | 53,456 | $ | 49,407 | $ | 4,049 |
(Amounts in thousands) | Total | New York | Other | ||||||||||
(Decrease) increase due to: | |||||||||||||
Operating: | |||||||||||||
Acquisitions, dispositions and other | $ | (786 | ) | $ | (786 | ) | $ | — | |||||
Development and redevelopment | 453 | 75 | 378 | ||||||||||
Non-reimbursable expenses, including bad debt reserves | (1,459 | ) | (2,040 | ) | 581 | ||||||||
Hotel Pennsylvania | 1,607 | 1,607 | — | ||||||||||
Trade shows | 270 | — | 270 | ||||||||||
BMS expenses | 1,586 | 2,502 | (916 | ) | |||||||||
Same store operations | 9,793 | 6,729 | 3,064 | ||||||||||
11,464 | 8,087 | 3,377 | |||||||||||
Depreciation and amortization: | |||||||||||||
Acquisitions, dispositions and other | 117 | 117 | — | ||||||||||
Development and redevelopment | (159 | ) | (24 | ) | (135 | ) | |||||||
Same store operations | (863 | ) | (3,589 | ) | 2,726 | ||||||||
(905 | ) | (3,496 | ) | 2,591 | |||||||||
General and administrative: | |||||||||||||
Mark-to-market of deferred compensation plan liability | 1,771 | — | 1,771 | (1) | |||||||||
Same store operations | 906 | (304 | ) | 1,210 | |||||||||
2,677 | (304 | ) | 2,981 | ||||||||||
Acquisition and transaction related costs | (1,008 | ) | — | (1,008 | ) | ||||||||
Total increase in expenses | $ | 12,228 | $ | 4,287 | $ | 7,941 |
(Amounts in thousands, except per share amounts) | Percentage Ownership at | For the Three Months Ended September 30, | ||||||||
September 30, 2017 | 2017 | 2016 | ||||||||
Our Share of Net (Loss) Income: | ||||||||||
Pennsylvania Real Estate Investment Trust ("PREIT")(1) | 8.0% | $ | (49,748 | ) | $ | 52 | ||||
Alexander's | 32.4% | 7,845 | 8,785 | |||||||
Urban Edge Properties ("UE")(2) | 4.5% | 6,008 | 2,158 | |||||||
Partially owned office buildings/land (3) | Various | (5,551 | ) | (8,642 | ) | |||||
Other investments(4) | Various | (355 | ) | 1,458 | ||||||
$ | (41,801 | ) | $ | 3,811 |
(Amounts in thousands) | Percentage Ownership at June 30, 2022 | For the Three Months Ended June 30, | |||||||||||||||
2022 | 2021 | ||||||||||||||||
Our share of net income (loss): | |||||||||||||||||
Fifth Avenue and Times Square JV: | |||||||||||||||||
Equity in net income | 51.5% | $ | 13,665 | $ | 10,037 | ||||||||||||
Return on preferred equity, net of our share of the expense | 9,329 | 9,329 | |||||||||||||||
22,994 | 19,366 | ||||||||||||||||
Alexander's(1) | 32.4% | 5,986 | 10,287 | ||||||||||||||
Partially owned office buildings(2) | Various | (3,584) | 3,758 | ||||||||||||||
Other investments(3) | 324 | (1,985) | |||||||||||||||
$ | 25,720 | $ | 31,426 |
(1)2021 includes our $2,956 share of the net gain on the sale of a land parcel in the Bronx, New York. (2)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. (3)Includes interests in Independence Plaza, Rosslyn Plaza and others. |
(Amounts in thousands) | For the Three Months Ended June 30, | ||||||||||
2022 | 2021 | ||||||||||
Previously recorded unrealized loss on exited investments | $ | 53,724 | $ | — | |||||||
Realized loss on exited investments | (53,724) | — | |||||||||
Net unrealized loss on held investments | (6,800) | (295) | |||||||||
Net investment income | 6,658 | 5,637 | |||||||||
(Loss) income from real estate fund investments | (142) | 5,342 | |||||||||
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 365 | (3,703) | |||||||||
Income from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ | 223 | $ | 1,639 | |||||||
(Amounts in thousands) | For the Three Months Ended September 30, | ||||||
2017 | 2016 | ||||||
Net investment income | $ | 6,028 | $ | 5,841 | |||
Net realized gains on exited investments | 35,620 | — | |||||
Previously recorded unrealized gains on exited investment | (36,736 | ) | — | ||||
Net unrealized loss on held investments | (11,220 | ) | (4,764 | ) | |||
(Loss) income from real estate fund investments | (6,308 | ) | 1,077 | ||||
Less income attributable to noncontrolling interests in consolidated subsidiaries | (1,486 | ) | (270 | ) | |||
(Loss) income from real estate fund investments attributable to the Operating Partnership (1) | (7,794 | ) | 807 | ||||
Less loss (income) attributable to noncontrolling interests in the Operating Partnership | 485 | (49 | ) | ||||
(Loss) income from real estate fund investments attributable to Vornado | $ | (7,309 | ) | $ | 758 |
(Amounts in thousands) | For the Three Months Ended June 30, | ||||||||||
2022 | 2021 | ||||||||||
Amortization of discount on investments in U.S. Treasury bills | $ | 1,728 | $ | — | |||||||
Interest on loans receivable | 994 | 558 | |||||||||
Interest on cash and cash equivalents and restricted cash | 310 | 78 | |||||||||
Other, net | 4 | 903 | |||||||||
$ | 3,036 | $ | 1,539 |
(Amounts in thousands) | For the Three Months Ended September 30, | ||||||
2017 | 2016 | ||||||
Total revenues | $ | 25,747 | $ | 134,912 | |||
Total expenses | 21,708 | 109,506 | |||||
4,039 | 25,406 | ||||||
JBG SMITH Properties spin-off transaction costs | (53,581 | ) | (2,739 | ) | |||
Net gains on sale of real estate and a lease position | 1,530 | 2,864 | |||||
Income from partially owned assets | 93 | 316 | |||||
Impairment losses | — | (465 | ) | ||||
Pretax (loss) income from discontinued operations | (47,919 | ) | 25,382 | ||||
Income tax expense | (11 | ) | (302 | ) | |||
(Loss) income from discontinued operations | $ | (47,930 | ) | $ | 25,080 |
(Amounts in thousands) | New York | theMART | 555 California Street | |||||||||
EBITDA for the three months ended September 30, 2017 | $ | 297,177 | $ | 24,165 | $ | 11,643 | ||||||
Add-back: | ||||||||||||
Non-property level overhead expenses included above | 9,479 | 1,859 | — | |||||||||
Less EBITDA from: | ||||||||||||
Acquisitions | (5,454 | ) | 42 | — | ||||||||
Dispositions | (15 | ) | — | — | ||||||||
Development properties placed into and out of service | (6,228 | ) | — | — | ||||||||
Other non-operating income, net | (1,076 | ) | — | — | ||||||||
Same store EBITDA for the three months ended September 30, 2017 | $ | 293,883 | $ | 26,066 | $ | 11,643 | ||||||
EBITDA for the three months ended September 30, 2016 | $ | 276,893 | $ | 21,696 | $ | 11,405 | ||||||
Add-back: | ||||||||||||
Non-property level overhead expenses included above | 9,783 | 1,720 | 55 | |||||||||
Less EBITDA from: | ||||||||||||
Acquisitions | (205 | ) | — | — | ||||||||
Dispositions | 19 | — | — | |||||||||
Development properties placed into and out of service | (7,967 | ) | — | 226 | ||||||||
Other non-operating loss (income), net | 1,285 | — | (239 | ) | ||||||||
Same store EBITDA for the three months ended September 30, 2016 | $ | 279,808 | $ | 23,416 | $ | 11,447 | ||||||
Increase in same store EBITDA for the three months ended September 30, 2017 compared to September 30, 2016 | $ | 14,075 | $ | 2,650 | $ | 196 | ||||||
% increase in same store EBITDA | 5.0 | % | (1) | 11.3 | % | 1.7 | % |
(Amounts in thousands) | New York | theMART | 555 California Street | |||||||||
NOI for the three months ended September 30, 2017 | $ | 280,044 | $ | 25,422 | $ | 11,013 | ||||||
Less NOI from: | ||||||||||||
Acquisitions | (3,682 | ) | 42 | — | ||||||||
Dispositions | (15 | ) | — | — | ||||||||
Development properties placed into and out of service | (1,779 | ) | — | — | ||||||||
Other non-operating income, net | (6,022 | ) | — | — | ||||||||
Same store NOI for the three months ended September 30, 2017 | $ | 268,546 | $ | 25,464 | $ | 11,013 | ||||||
NOI for the three months ended September 30, 2016 | $ | 246,588 | $ | 21,758 | $ | 9,899 | ||||||
Less NOI from: | ||||||||||||
Dispositions | 19 | — | — | |||||||||
Development properties placed into and out of service | (1,950 | ) | — | 226 | ||||||||
Other non-operating income, net | (8,769 | ) | — | (397 | ) | |||||||
Same store NOI for the three months ended September 30, 2016 | $ | 235,888 | $ | 21,758 | $ | 9,728 | ||||||
Increase in same store NOI for the three months ended September 30, 2017 compared to September 30, 2016 | $ | 32,658 | $ | 3,706 | $ | 1,285 | ||||||
% increase in same store NOI | 13.8 | % | (1) | 17.0 | % | 13.2 | % |
(Amounts in thousands) | For the Nine Months Ended September 30, 2017 | |||||||||||
Total | New York | Other | ||||||||||
Total revenues | $ | 1,547,900 | $ | 1,316,710 | $ | 231,190 | ||||||
Total expenses | 1,100,042 | 845,632 | 254,410 | |||||||||
Operating income (loss) | 447,858 | 471,078 | (23,220 | ) | ||||||||
Income (loss) from partially owned entities | 5,578 | (954 | ) | 6,532 | ||||||||
Loss from real estate fund investments | (1,649 | ) | — | (1,649 | ) | |||||||
Interest and other investment income, net | 27,800 | 4,384 | 23,416 | |||||||||
Interest and debt expense | (252,581 | ) | (179,851 | ) | (72,730 | ) | ||||||
Net gain on disposition of wholly owned and partially owned assets | 501 | — | 501 | |||||||||
Income (loss) before income taxes | 227,507 | 294,657 | (67,150 | ) | ||||||||
Income tax expense | (2,429 | ) | (324 | ) | (2,105 | ) | ||||||
Income (loss) from continuing operations | 225,078 | 294,333 | (69,255 | ) | ||||||||
Loss from discontinued operations | (14,501 | ) | — | (14,501 | ) | |||||||
Net income (loss) | 210,577 | 294,333 | (83,756 | ) | ||||||||
Less net income attributable to noncontrolling interests in consolidated subsidiaries | (18,436 | ) | (8,041 | ) | (10,395 | ) | ||||||
Net income (loss) attributable to the Operating Partnership | 192,141 | 286,292 | (94,151 | ) | ||||||||
Interest and debt expense(2) | 348,350 | 239,032 | 109,318 | |||||||||
Depreciation and amortization(2) | 476,406 | 328,058 | 148,348 | |||||||||
Income tax expense(2) | 4,180 | 540 | 3,640 | |||||||||
EBITDA(1) | 1,021,077 | 853,922 | (3) | 167,155 | (4) | |||||||
General and administrative expenses less $5,233 mark-to-market of our deferred compensation plan | 131,365 | 31,630 | 99,735 | |||||||||
Non-cash adjustments for straight-line rental income and expense and amortization of acquired below and above market leases, net(2) | (73,125 | ) | (58,797 | ) | (14,328 | ) | ||||||
Acquisition and transaction related costs, including $67,045 for the spin-off of JBGS | 68,118 | — | 68,118 | |||||||||
Impairment loss on investment in PREIT | 44,465 | — | 44,465 | |||||||||
Net gains on sale of real estate and other(2) | (21,507 | ) | — | (21,507 | ) | |||||||
Net gains resulting from UE operating partnership unit issuances | (21,100 | ) | — | (21,100 | ) | |||||||
Our share of net realized/unrealized losses from our real estate fund investments | 18,802 | — | 18,802 | |||||||||
Net gain on repayment of our Suffolk Downs JV debt investments | (11,373 | ) | — | (11,373 | ) | |||||||
Real estate impairment losses(2) | 7,572 | — | 7,572 | |||||||||
Our share of Alexander's EBITDA (excluding management, leasing and development fees) | (35,511 | ) | (35,511 | ) | — | |||||||
Dividends received from Alexander's | 21,090 | 21,090 | — | |||||||||
Our share of PREIT EBITDA | (15,439 | ) | — | (15,439 | ) | |||||||
Distributions received from PREIT | 3,929 | — | 3,929 | |||||||||
Our share of UE EBITDA (excluding management fees) | (9,694 | ) | — | (9,694 | ) | |||||||
Distributions received from UE | 3,773 | — | 3,773 | |||||||||
NOI(1) | $ | 1,132,442 | $ | 812,334 | (3) | $ | 320,108 | (4) |
(Amounts in thousands) | For the Nine Months Ended September 30, 2016 | |||||||||||
Total | New York | Other | ||||||||||
Total revenues | $ | 1,489,768 | $ | 1,269,464 | $ | 220,304 | ||||||
Total expenses | 1,062,219 | 818,419 | 243,800 | |||||||||
Operating income (loss) | 427,549 | 451,045 | (23,496 | ) | ||||||||
Income (loss) from partially owned entities | 3,892 | (5,143 | ) | 9,035 | ||||||||
Income from real estate fund investments | 28,750 | — | 28,750 | |||||||||
Interest and other investment income, net | 20,121 | 3,684 | 16,437 | |||||||||
Interest and debt expense | (250,034 | ) | (162,193 | ) | (87,841 | ) | ||||||
Net gains on disposition of wholly owned and partially owned assets | 160,225 | 159,511 | 714 | |||||||||
Income (loss) before income taxes | 390,503 | 446,904 | (56,401 | ) | ||||||||
Income tax expense | (8,921 | ) | (4,131 | ) | (4,790 | ) | ||||||
Income (loss) from continuing operations | 381,582 | 442,773 | (61,191 | ) | ||||||||
Loss from discontinued operations | (104,204 | ) | — | (104,204 | ) | |||||||
Net income (loss) | 277,378 | 442,773 | (165,395 | ) | ||||||||
Less net income attributable to noncontrolling interests in consolidated subsidiaries | (26,361 | ) | (9,811 | ) | (16,550 | ) | ||||||
Net income (loss) attributable to the Operating Partnership | 251,017 | 432,962 | (181,945 | ) | ||||||||
Interest and debt expense(2) | 376,898 | 208,683 | 168,215 | |||||||||
Depreciation and amortization(2) | 521,143 | 331,448 | 189,695 | |||||||||
Income tax expense(2) | 13,067 | 4,424 | 8,643 | |||||||||
EBITDA(1) | 1,162,125 | 977,517 | (3) | 184,608 | (4) | |||||||
Net gains on sale of real estate and other(2) | (168,140 | ) | (159,511 | ) | (8,629 | ) | ||||||
Real estate impairment losses(2) | 166,701 | — | 166,701 | |||||||||
Non-cash adjustments for straight-line rental income and expense and amortization of acquired below and above market leases, net(2) | (152,023 | ) | (114,217 | ) | (37,806 | ) | ||||||
General and administrative expenses less $2,625 mark-to-market of our deferred compensation plan | 132,085 | 27,557 | 104,528 | |||||||||
Acquisition and transaction related costs, including $4,597 for the spin-off of JBGS | 11,319 | — | 11,319 | |||||||||
Our share of net realized/unrealized gains from our real estate fund investments | (8,741 | ) | — | (8,741 | ) | |||||||
Our share of Alexander's EBITDA (excluding management, leasing and development fees) | (34,880 | ) | (34,880 | ) | — | |||||||
Dividends received from Alexander's | 19,849 | 19,849 | — | |||||||||
Our share of PREIT EBITDA | (8,537 | ) | — | (8,537 | ) | |||||||
Distributions received from PREIT | 3,906 | — | 3,906 | |||||||||
Our share of UE EBITDA (excluding management fees) | (7,539 | ) | — | (7,539 | ) | |||||||
Distributions received from UE | 3,430 | — | 3,430 | |||||||||
NOI(1) | $ | 1,119,555 | $ | 716,315 | (3) | $ | 403,240 | (4) |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||
2017 | 2016 | ||||||||
Office | $ | 522,566 | $ | 484,735 | (a) | ||||
Retail | 269,762 | 272,083 | (a) | ||||||
Residential | 18,450 | 18,901 | |||||||
Alexander's | 35,511 | 34,880 | |||||||
Hotel Pennsylvania | 7,633 | 4,287 | |||||||
Total New York EBITDA, as adjusted | 853,922 | 814,886 | |||||||
Certain items that impact EBITDA | |||||||||
Net gain on sale of 47% ownership interest in 7 West 34th Street | — | 159,511 | |||||||
EBITDA from sold properties | — | 3,120 | |||||||
Total of certain items that impact EBITDA | — | 162,631 | |||||||
Total of New York EBITDA | $ | 853,922 | $ | 977,517 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||
2017 | 2016 | ||||||||
Office | $ | 523,531 | $ | 459,509 | (a) | ||||
Retail | 241,667 | 211,611 | (a) | ||||||
Residential | 16,300 | 16,724 | |||||||
Alexander's | 21,090 | 19,849 | |||||||
Hotel Pennsylvania | 9,746 | 6,390 | |||||||
Total New York NOI, as adjusted | 812,334 | 714,083 | |||||||
NOI from sold properties | — | 2,232 | |||||||
Total New York NOI | $ | 812,334 | $ | 716,315 |
(Amounts in thousands) | For the Nine Months Ended September 30, | |||||||
2017 | 2016 | |||||||
theMART (including trade shows) | $ | 72,471 | $ | 70,689 | ||||
555 California Street | 35,870 | 35,137 | ||||||
Other investments | 36,318 | 57,092 | ||||||
Corporate general and administrative expenses(a) | (78,952 | ) | (76,364 | ) | ||||
Investment income and other, net(a) | 24,079 | 19,317 | ||||||
Other EBITDA, as adjusted | 89,786 | 105,871 | ||||||
Certain items that impact EBITDA: | ||||||||
JBG SMITH Properties which is treated as a discontinued operation: | ||||||||
Transaction costs | (67,045 | ) | (4,597 | ) | ||||
Operating results through July 17, 2017 spin-off | 153,449 | 214,604 | ||||||
86,404 | 210,007 | |||||||
Impairment loss on investment in Pennsylvania REIT | (44,465 | ) | — | |||||
(Loss) income from real estate fund investments, net | (11,333 | ) | 13,662 | |||||
Net gain resulting from Urban Edge Properties operating partnership unit issuances | 21,100 | — | ||||||
Our share of net gain on sale of Suffolk Downs | 15,314 | — | ||||||
Net gain on repayment of Suffolk Downs JV debt investments | 11,373 | — | ||||||
Skyline properties impairment loss | — | (160,700 | ) | |||||
Other | (1,024 | ) | 15,768 | |||||
Total of certain items that impact EBITDA | 77,369 | 78,737 | ||||||
Other EBITDA | $ | 167,155 | $ | 184,608 |
(Amounts in thousands) | For the Nine Months Ended September 30, | |||||||
2017 | 2016 | |||||||
theMART (including trade shows) | $ | 74,859 | $ | 70,914 | ||||
555 California Street | 33,647 | 24,010 | ||||||
Other investments | 15,138 | 44,482 | ||||||
Investment income and other, net(a) | 24,079 | 19,317 | ||||||
Other NOI, as adjusted | 147,723 | 158,723 | ||||||
Certain items that impact NOI: | ||||||||
JBG SMITH Properties operating results through July 17, 2017 spin-off | 160,634 | 233,310 | ||||||
Our share of real estate fund investments | 7,469 | 6,313 | ||||||
Other | 4,282 | 4,894 | ||||||
Total of certain items that impact EBITDA | 172,385 | 244,517 | ||||||
Other NOI | $ | 320,108 | $ | 403,240 |
For the Nine Months Ended September 30, | |||||
2017 | 2016 | ||||
Region: | |||||
New York City metropolitan area | 88 | % | 88 | % | |
Chicago, IL | 8 | % | 8 | % | |
San Francisco, CA | 4 | % | 4 | % | |
100 | % | 100 | % |
(Amounts in thousands) | Total | New York | Other | |||||||||
Increase (decrease) due to: | ||||||||||||
Property rentals: | ||||||||||||
Acquisitions, dispositions and other | $ | 8,399 | $ | 8,173 | $ | 226 | ||||||
Development and redevelopment | 689 | (64 | ) | 753 | ||||||||
Hotel Pennsylvania | 6,218 | 6,218 | — | |||||||||
Trade shows | 1,684 | — | 1,684 | |||||||||
Same store operations | 19,704 | 13,628 | 6,076 | |||||||||
36,694 | 27,955 | 8,739 | ||||||||||
Tenant expense reimbursements: | ||||||||||||
Acquisitions, dispositions and other | (2,673 | ) | (2,673 | ) | — | |||||||
Development and redevelopment | 1,672 | (37 | ) | 1,709 | ||||||||
Same store operations | 12,261 | 10,916 | 1,345 | |||||||||
11,260 | 8,206 | 3,054 | ||||||||||
Fee and other income: | ||||||||||||
BMS cleaning fees | 7,267 | 9,577 | (2,310 | ) | ||||||||
Management and leasing fees | 1,690 | 1,453 | 237 | |||||||||
Lease termination fees | (1,177 | ) | (615 | ) | (562 | ) | ||||||
Other income | 2,398 | 670 | 1,728 | |||||||||
10,178 | 11,085 | (907 | ) | |||||||||
Total increase in revenues | $ | 58,132 | $ | 47,246 | $ | 10,886 |
(Amounts in thousands) | Total | New York | Other | ||||||||||
(Decrease) increase due to: | |||||||||||||
Operating: | |||||||||||||
Acquisitions, dispositions and other | $ | (3,784 | ) | $ | (3,784 | ) | $ | — | |||||
Development and redevelopment | 843 | 72 | 771 | ||||||||||
Non-reimbursable expenses, including bad debt reserves | (3,463 | ) | (4,311 | ) | 848 | ||||||||
Hotel Pennsylvania | 2,874 | 2,874 | — | ||||||||||
Trade shows | 361 | — | 361 | ||||||||||
BMS expenses | 6,900 | 9,118 | (2,218 | ) | |||||||||
Same store operations | 31,308 | 23,288 | 8,020 | ||||||||||
35,039 | 27,257 | 7,782 | |||||||||||
Depreciation and amortization: | |||||||||||||
Acquisitions, dispositions and other | (175 | ) | (175 | ) | — | ||||||||
Development and redevelopment | (349 | ) | (24 | ) | (325 | ) | |||||||
Same store operations | (636 | ) | (3,918 | ) | 3,282 | ||||||||
(1,160 | ) | (4,117 | ) | 2,957 | |||||||||
General and administrative: | |||||||||||||
Mark-to-market of deferred compensation plan liability | 2,608 | — | 2,608 | (1) | |||||||||
Same store operations | 6,960 | 4,073 | 2,887 | ||||||||||
9,568 | 4,073 | 5,495 | |||||||||||
Acquisition and transaction related costs | (5,624 | ) | — | (5,624 | ) | ||||||||
Total increase in expenses | $ | 37,823 | $ | 27,213 | $ | 10,610 |
(Amounts in thousands, except per share amounts) | Percentage Ownership at | For the Nine Months Ended September 30, | ||||||||
September 30, 2017 | 2017 | 2016 | ||||||||
Our Share of Net (Loss) Income: | ||||||||||
PREIT(1) | 8.0% | $ | (53,480 | ) | $ | (4,763 | ) | |||
UE(2) | 4.5% | 26,311 | 4,523 | |||||||
Alexander's | 32.4% | 24,443 | 25,947 | |||||||
Partially owned office buildings/land (3) | Various | (23,508 | ) | (29,882 | ) | |||||
Other investments(4) | Various | 31,812 | 8,067 | |||||||
$ | 5,578 | $ | 3,892 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||
2017 | 2016 | ||||||
Net investment income | $ | 16,888 | $ | 12,237 | |||
Net realized gains on exited investments | 35,861 | 14,676 | |||||
Previously recorded unrealized gains on exited investment | (25,538 | ) | (14,254 | ) | |||
Net unrealized (loss) gain on held investments | (28,860 | ) | 16,091 | ||||
(Loss) income from real estate fund investments | (1,649 | ) | 28,750 | ||||
Less income attributable to noncontrolling interests in consolidated subsidiaries | (9,684 | ) | (15,088 | ) | |||
(Loss) income from real estate fund investments attributable to the Operating Partnership (1) | (11,333 | ) | 13,662 | ||||
Less loss (income) attributable to noncontrolling interests in the Operating Partnership | 706 | (843 | ) | ||||
(Loss) income from real estate fund investments attributable to Vornado | $ | (10,627 | ) | $ | 12,819 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||
2017 | 2016 | ||||||
Total revenues | $ | 260,969 | $ | 392,108 | |||
Total expenses | 211,930 | 331,377 | |||||
49,039 | 60,731 | ||||||
JBG SMITH Properties spin-off transaction costs | (67,045 | ) | (4,597 | ) | |||
Net gains on sale of real estate and a lease position | 3,797 | 5,074 | |||||
Income (loss) from partially owned assets | 435 | (3,363 | ) | ||||
Impairment losses | — | (161,165 | ) | ||||
Pretax loss from discontinued operations | (13,774 | ) | (103,320 | ) | |||
Income tax expense | (727 | ) | (884 | ) | |||
Loss from discontinued operations | $ | (14,501 | ) | $ | (104,204 | ) |
(Amounts in thousands) | New York | theMART | 555 California Street | |||||||||
EBITDA for the nine months ended September 30, 2017 | $ | 853,922 | $ | 72,471 | $ | 35,870 | ||||||
Add-back: | ||||||||||||
Non-property level overhead expenses included above | 31,630 | 5,632 | — | |||||||||
Less EBITDA from: | ||||||||||||
Acquisitions | (15,211 | ) | 210 | — | ||||||||
Dispositions | (619 | ) | — | — | ||||||||
Development properties placed into and out of service | (18,966 | ) | — | — | ||||||||
Other non-operating income, net | (3,963 | ) | (19 | ) | — | |||||||
Same store EBITDA for the nine months ended September 30, 2017 | $ | 846,793 | $ | 78,294 | $ | 35,870 | ||||||
EBITDA for the nine months ended September 30, 2016 | $ | 977,517 | $ | 70,689 | $ | 35,137 | ||||||
Add-back: | ||||||||||||
Non-property level overhead expenses included above | 27,557 | 5,064 | 244 | |||||||||
Less EBITDA from: | ||||||||||||
Acquisitions | (60 | ) | — | — | ||||||||
Dispositions, including net gains on sale | (162,512 | ) | — | — | ||||||||
Development properties placed into and out of service | (24,343 | ) | — | 782 | ||||||||
Other non-operating loss (income), net | 6,424 | — | (238 | ) | ||||||||
Same store EBITDA for the nine months ended September 30, 2016 | $ | 824,583 | $ | 75,753 | $ | 35,925 | ||||||
Increase (decrease) in same store EBITDA for the nine months ended September 30, 2017 compared to September 30, 2016 | $ | 22,210 | $ | 2,541 | $ | (55 | ) | |||||
% increase (decrease) in same store EBITDA | 2.7 | % | (1) | 3.4 | % | (2) | (0.2 | )% |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share for the three months ended June 30, 2022 | $ | 288,946 | $ | 248,092 | $ | 19,947 | $ | 16,724 | $ | 4,183 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Change in ownership interest in One Park Avenue | (5,308) | (5,308) | — | — | — | ||||||||||||||||||||||||
Dispositions | (1,628) | (1,628) | — | — | — | ||||||||||||||||||||||||
Development properties | (21,667) | (21,667) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (5,476) | (1,293) | — | — | (4,183) | ||||||||||||||||||||||||
Same store NOI at share for the three months ended June 30, 2022 | $ | 254,867 | $ | 218,196 | $ | 19,947 | $ | 16,724 | $ | — | |||||||||||||||||||
NOI at share for the three months ended June 30, 2021 | $ | 249,567 | $ | 211,038 | $ | 18,412 | $ | 16,038 | $ | 4,079 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Dispositions | (2,038) | (2,038) | — | — | — | ||||||||||||||||||||||||
Development properties | (9,066) | (8,789) | — | (277) | — | ||||||||||||||||||||||||
Hotel Pennsylvania | 5,533 | 5,533 | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (6,102) | (2,023) | — | — | (4,079) | ||||||||||||||||||||||||
Same store NOI at share for the three months ended June 30, 2021 | $ | 237,894 | $ | 203,721 | $ | 18,412 | $ | 15,761 | $ | — | |||||||||||||||||||
Increase in same store NOI at share | $ | 16,973 | $ | 14,475 | $ | 1,535 | $ | 963 | $ | — | |||||||||||||||||||
% increase in same store NOI at share | 7.1 | % | 7.1 | % | 8.3 | % | 6.1 | % | 0.0 | % |
(Amounts in thousands) | New York | theMART | 555 California Street | |||||||||
NOI for the nine months ended September 30, 2017 | $ | 812,334 | $ | 74,859 | $ | 33,647 | ||||||
Less NOI from: | ||||||||||||
Acquisitions | (13,230 | ) | 210 | — | ||||||||
Dispositions | (619 | ) | — | — | ||||||||
Development properties placed into and out of service | (5,022 | ) | — | — | ||||||||
Other non-operating income, net | (22,492 | ) | (31 | ) | — | |||||||
Same store NOI for the nine months ended September 30, 2017 | $ | 770,971 | $ | 75,038 | $ | 33,647 | ||||||
NOI for the nine months ended September 30, 2016 | $ | 716,315 | $ | 70,914 | $ | 24,010 | ||||||
Less NOI from: | ||||||||||||
Acquisitions | (13 | ) | — | — | ||||||||
Dispositions | (2,113 | ) | — | — | ||||||||
Development properties placed into and out of service | (5,947 | ) | — | 782 | ||||||||
Other non-operating income, net | (27,428 | ) | — | (396 | ) | |||||||
Same store NOI for the nine months ended September 30, 2016 | $ | 680,814 | $ | 70,914 | $ | 24,396 | ||||||
Increase in same store NOI for the nine months ended September 30, 2017 compared to September 30, 2016 | $ | 90,157 | $ | 4,124 | $ | 9,251 | ||||||
% increase in same store NOI | 13.2 | % | (1) | 5.8 | % | (2) | 37.9 | % |
(Amounts in thousands) | New York | ||
Net income attributable to the Operating Partnership for the three months ended June 30, 2017 | $ | 96,180 | |
Interest and debt expense | 78,202 | ||
Depreciation and amortization | 110,449 | ||
Income tax expense | (869 | ) | |
EBITDA for the three months ended June 30, 2017 | $ | 283,962 |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share - cash basis for the three months ended June 30, 2022 | $ | 284,671 | $ | 241,903 | $ | 21,541 | $ | 16,855 | $ | 4,372 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Change in ownership interest in One Park Avenue | (3,830) | (3,830) | — | — | — | ||||||||||||||||||||||||
Dispositions | (1,715) | (1,715) | — | — | — | ||||||||||||||||||||||||
Development properties | (14,657) | (14,657) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (5,971) | (1,599) | — | — | (4,372) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended June 30, 2022 | $ | 258,498 | $ | 220,102 | $ | 21,541 | $ | 16,855 | $ | — | |||||||||||||||||||
NOI at share - cash basis for the three months ended June 30, 2021 | $ | 250,413 | $ | 211,579 | $ | 19,501 | $ | 14,952 | $ | 4,381 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Dispositions | (2,200) | (2,200) | — | — | — | ||||||||||||||||||||||||
Development properties | (8,785) | (8,508) | — | (277) | — | ||||||||||||||||||||||||
Hotel Pennsylvania | 5,556 | 5,556 | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (6,516) | (2,135) | — | — | (4,381) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended June 30, 2021 | $ | 238,468 | $ | 204,292 | $ | 19,501 | $ | 14,675 | $ | — | |||||||||||||||||||
Increase in same store NOI at share - cash basis | $ | 20,030 | $ | 15,810 | $ | 2,040 | $ | 2,180 | $ | — | |||||||||||||||||||
% increase in same store NOI at share - cash basis | 8.4 | % | 7.7 | % | 10.5 | % | 14.9 | % | 0.0 | % |
(Amounts in thousands) | New York | theMART | 555 California Street | |||||||||
EBITDA for the three months ended September 30, 2017 | $ | 297,177 | $ | 24,165 | $ | 11,643 | ||||||
Add-back: | ||||||||||||
Non-property level overhead expenses included above | 9,479 | 1,859 | — | |||||||||
Less EBITDA from: | ||||||||||||
Acquisitions | (226 | ) | 42 | — | ||||||||
Dispositions | (15 | ) | — | — | ||||||||
Development properties placed into and out of service | (6,228 | ) | — | — | ||||||||
Other non-operating income, net | (1,308 | ) | — | — | ||||||||
Same store EBITDA for the three months ended September 30, 2017 | $ | 298,879 | $ | 26,066 | $ | 11,643 | ||||||
EBITDA for the three months ended June 30, 2017 | $ | 283,962 | $ | 24,122 | $ | 12,144 | ||||||
Add-back: | ||||||||||||
Non-property level overhead expenses included above | 9,908 | 2,063 | — | |||||||||
Less EBITDA from: | ||||||||||||
Acquisitions | (164 | ) | 169 | — | ||||||||
Dispositions | (164 | ) | — | — | ||||||||
Development properties placed into and out of service | (7,571 | ) | — | — | ||||||||
Other non-operating income, net | (900 | ) | — | — | ||||||||
Same store EBITDA for the three months ended June 30, 2017 | $ | 285,071 | $ | 26,354 | $ | 12,144 | ||||||
Increase (decrease) in same store EBITDA for the three months ended September 30, 2017 compared to June 30, 2017 | $ | 13,808 | $ | (288 | ) | $ | (501 | ) | ||||
% increase (decrease) in same store EBITDA | 4.8 | % | (1) | (1.1 | )% | (4.1 | )% |
(Amounts in thousands) | For the Six Months Ended June 30, 2022 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 895,624 | $ | 722,710 | $ | 172,914 | |||||||||||
Operating expenses | (438,838) | (354,107) | (84,731) | ||||||||||||||
NOI - consolidated | 456,786 | 368,603 | 88,183 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (36,334) | (24,017) | (12,317) | ||||||||||||||
Add: NOI from partially owned entities | 152,752 | 147,173 | 5,579 | ||||||||||||||
NOI at share | 573,204 | 491,759 | 81,445 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (7,405) | (10,164) | 2,759 | ||||||||||||||
NOI at share - cash basis | $ | 565,799 | $ | 481,595 | $ | 84,204 |
(Amounts in thousands) | For the Six Months Ended June 30, 2021 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 758,918 | $ | 605,115 | $ | 153,803 | |||||||||||
Operating expenses | (381,899) | (317,018) | (64,881) | ||||||||||||||
NOI - consolidated | 377,019 | 288,097 | 88,922 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (33,335) | (17,094) | (16,241) | ||||||||||||||
Add: NOI from partially owned entities | 155,991 | 151,173 | 4,818 | ||||||||||||||
NOI at share | 499,675 | 422,176 | 77,499 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (352) | (432) | 80 | ||||||||||||||
NOI at share - cash basis | $ | 499,323 | $ | 421,744 | $ | 77,579 |
(Amounts in thousands) | For the Six Months Ended June 30, | ||||||||||
2022 | 2021 | ||||||||||
New York: | |||||||||||
Office | $ | 359,851 | $ | 330,685 | |||||||
Retail | 103,543 | 75,915 | |||||||||
Residential | 10,024 | 8,695 | |||||||||
Alexander's | 18,341 | 19,558 | |||||||||
Hotel Pennsylvania(1) | — | (12,677) | |||||||||
Total New York | 491,759 | 422,176 | |||||||||
Other: | |||||||||||
theMART | 39,861 | 36,519 | |||||||||
555 California Street | 32,959 | 32,102 | |||||||||
Other investments | 8,625 | 8,878 | |||||||||
Total Other | 81,445 | 77,499 | |||||||||
NOI at share | $ | 573,204 | $ | 499,675 |
(Amounts in thousands) | For the Six Months Ended June 30, | ||||||||||
2022 | 2021 | ||||||||||
New York: | |||||||||||
Office | $ | 358,153 | $ | 334,418 | |||||||
Retail | 94,582 | 71,090 | |||||||||
Residential | 8,998 | 7,762 | |||||||||
Alexander's | 19,862 | 21,197 | |||||||||
Hotel Pennsylvania(1) | — | (12,723) | |||||||||
Total New York | 481,595 | 421,744 | |||||||||
Other: | |||||||||||
theMART | 41,977 | 37,341 | |||||||||
555 California Street | 33,215 | 30,807 | |||||||||
Other investments | 9,012 | 9,431 | |||||||||
Total Other | 84,204 | 77,579 | |||||||||
NOI at share - cash basis | $ | 565,799 | $ | 499,323 |
(Amounts in thousands) | For the Six Months Ended June 30, | ||||||||||
2022 | 2021 | ||||||||||
Net income | $ | 122,278 | $ | 103,825 | |||||||
Depreciation and amortization expense | 236,105 | 185,131 | |||||||||
General and administrative expense | 73,118 | 74,788 | |||||||||
Transaction related costs and other | 3,965 | 949 | |||||||||
Income from partially owned entities | (59,434) | (60,499) | |||||||||
Income from real estate fund investments | (5,532) | (5,173) | |||||||||
Interest and other investment income, net | (4,054) | (3,061) | |||||||||
Interest and debt expense | 114,749 | 101,958 | |||||||||
Net gains on disposition of wholly owned and partially owned assets | (35,384) | (25,724) | |||||||||
Income tax expense | 10,975 | 4,825 | |||||||||
NOI from partially owned entities | 152,752 | 155,991 | |||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (36,334) | (33,335) | |||||||||
NOI at share | 573,204 | 499,675 | |||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (7,405) | (352) | |||||||||
NOI at share - cash basis | $ | 565,799 | $ | 499,323 |
For the Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Region: | |||||||||||
New York City metropolitan area | 87 | % | 86 | % | |||||||
Chicago, IL | 7 | % | 7 | % | |||||||
San Francisco, CA | 6 | % | 7 | % | |||||||
100 | % | 100 | % |
(Amounts in thousands) | Total | New York | Other | |||||||||||||||||
Increase (decrease) due to: | ||||||||||||||||||||
Rental revenues: | ||||||||||||||||||||
Acquisitions, dispositions and other | $ | 14,824 | $ | 14,824 | $ | — | ||||||||||||||
Development and redevelopment | 45,090 | 45,090 | — | |||||||||||||||||
Trade shows(1) | 10,986 | — | 10,986 | |||||||||||||||||
Same store operations | 52,664 | 47,390 | 5,274 | |||||||||||||||||
123,564 | 107,304 | 16,260 | ||||||||||||||||||
Fee and other income: | ||||||||||||||||||||
BMS cleaning fees | 10,130 | 11,369 | (1,239) | |||||||||||||||||
Management and leasing fees | (2,807) | (2,632) | (175) | |||||||||||||||||
Other income | 5,819 | 1,554 | 4,265 | |||||||||||||||||
13,142 | 10,291 | 2,851 | ||||||||||||||||||
Total increase in revenues | $ | 136,706 | $ | 117,595 | $ | 19,111 |
(Amounts in thousands) | Total | New York | Other | |||||||||||||||||
Increase (decrease) due to: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Acquisitions, dispositions and other | $ | 4,114 | $ | 4,114 | $ | — | ||||||||||||||
Development and redevelopment | 14,316 | 13,714 | 602 | |||||||||||||||||
Non-reimbursable expenses | 13,692 | 15,344 | (1,652) | |||||||||||||||||
Trade shows(1) | 5,650 | — | 5,650 | |||||||||||||||||
Hotel Pennsylvania(2) | (13,702) | (13,702) | — | |||||||||||||||||
BMS expenses | 10,359 | 11,597 | (1,238) | |||||||||||||||||
Same store operations | 22,510 | 6,022 | 16,488 | |||||||||||||||||
56,939 | 37,089 | 19,850 | ||||||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||
Acquisitions, dispositions and other | 24,059 | 24,059 | — | |||||||||||||||||
Development and redevelopment | 24,969 | 24,969 | — | |||||||||||||||||
Same store operations | 1,946 | 240 | 1,706 | |||||||||||||||||
50,974 | 49,268 | 1,706 | ||||||||||||||||||
General and administrative | (1,670) | (1,800) | 130 | |||||||||||||||||
Benefit from deferred compensation plan liability | (16,161) | — | (16,161) | |||||||||||||||||
Transaction related costs and other | 3,016 | 1,379 | 1,637 | |||||||||||||||||
Total increase in expenses | $ | 93,098 | $ | 85,936 | $ | 7,162 |
New York | theMART | 555 California Street | ||||||||||
NOI for the three months ended September 30, 2017 | $ | 280,044 | $ | 25,422 | $ | 11,013 | ||||||
Less NOI from: | ||||||||||||
Acquisitions | (76 | ) | 42 | — | ||||||||
Dispositions | (15 | ) | — | — | ||||||||
Development properties placed into and out of service | (1,779 | ) | — | — | ||||||||
Other non-operating income, net | (6,247 | ) | — | — | ||||||||
Same store NOI for the three months ended September 30, 2017 | $ | 271,927 | $ | 25,464 | $ | 11,013 | ||||||
NOI for the three months ended June 30, 2017 | $ | 270,515 | $ | 24,901 | $ | 11,259 | ||||||
Less NOI from: | ||||||||||||
Acquisitions | (63 | ) | 170 | — | ||||||||
Dispositions | (164 | ) | — | — | ||||||||
Development properties placed into and out of service | (1,774 | ) | — | — | ||||||||
Other non-operating income, net | (6,773 | ) | — | — | ||||||||
Same store NOI for the three months ended June 30, 2017 | $ | 261,741 | $ | 25,071 | $ | 11,259 | ||||||
Increase (decrease) in same store NOI for the three months ended September 30, 2017 compared to June 30, 2017 | $ | 10,186 | $ | 393 | $ | (246 | ) | |||||
% increase (decrease) in same store NOI | 3.9 | % | (1) | 1.6 | % | (2.2 | )% |
(Amounts in thousands) | Percentage Ownership at June 30, 2022 | For the Six Months Ended June 30, | |||||||||||||||
2022 | 2021 | ||||||||||||||||
Our share of net income (loss): | |||||||||||||||||
Fifth Avenue and Times Square JV: | |||||||||||||||||
Equity in net income | 51.5% | $ | 29,974 | $ | 19,643 | ||||||||||||
Return on preferred equity, net of our share of the expense | 18,555 | 18,555 | |||||||||||||||
48,529 | 38,198 | ||||||||||||||||
Alexander's(1) | 32.4% | 11,677 | 16,591 | ||||||||||||||
Partially owned office buildings(2) | Various | (1,107) | 9,730 | ||||||||||||||
Other investments(3) | Various | 335 | (4,020) | ||||||||||||||
$ | 59,434 | $ | 60,499 |
(Amounts in thousands) | For the Six Months Ended June 30, | ||||||||||
2022 | 2021 | ||||||||||
Previously recorded unrealized loss on exited investments | $ | 59,396 | $ | — | |||||||
Realized loss on exited investments | (53,724) | — | |||||||||
Net investment income | 6,660 | 5,962 | |||||||||
Net unrealized loss on held investments | (6,800) | (789) | |||||||||
Income from real estate fund investments | 5,532 | 5,173 | |||||||||
Less income attributable to noncontrolling interests in consolidated subsidiaries | (3,599) | (3,274) | |||||||||
Income from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | 1,933 | 1,899 |
(Amounts in thousands) | For the Six Months Ended June 30, | ||||||||||
2022 | 2021 | ||||||||||
Interest on loans receivable | $ | 1,819 | $ | 1,118 | |||||||
Amortization of discount on investments in U.S. Treasury bills | 1,857 | — | |||||||||
Interest on cash and cash equivalents and restricted cash | 374 | 140 | |||||||||
Other, net | 4 | 1,803 | |||||||||
$ | 4,054 | $ | 3,061 |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share for the six months ended June 30, 2022 | $ | 573,204 | $ | 491,759 | $ | 39,861 | $ | 32,959 | $ | 8,625 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Change in ownership interest in One Park Avenue | (11,263) | (11,263) | — | — | — | ||||||||||||||||||||||||
Dispositions | (3,435) | (3,435) | — | — | — | ||||||||||||||||||||||||
Development properties | (42,527) | (42,527) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (11,761) | (3,136) | — | — | (8,625) | ||||||||||||||||||||||||
Same store NOI at share for the six months ended June 30, 2022 | $ | 504,218 | $ | 431,398 | $ | 39,861 | $ | 32,959 | $ | — | |||||||||||||||||||
NOI at share for the six months ended June 30, 2021 | $ | 499,675 | $ | 422,176 | $ | 36,519 | $ | 32,102 | $ | 8,878 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Dispositions | (3,912) | (3,912) | — | — | — | ||||||||||||||||||||||||
Development properties | (16,906) | (16,304) | — | (602) | — | ||||||||||||||||||||||||
Hotel Pennsylvania (permanently closed on April 5, 2021) | 12,677 | 12,677 | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (12,795) | (3,917) | — | — | (8,878) | ||||||||||||||||||||||||
Same store NOI at share for the six months ended June 30, 2021 | $ | 478,739 | $ | 410,720 | $ | 36,519 | $ | 31,500 | $ | — | |||||||||||||||||||
Increase in same store NOI at share | $ | 25,479 | $ | 20,678 | $ | 3,342 | $ | 1,459 | $ | — | |||||||||||||||||||
% increase in same store NOI at share | 5.3 | % | 5.0 | % | 9.2 | % | 4.6 | % | 0.0 | % |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share - cash basis for the six months ended June 30, 2022 | $ | 565,799 | $ | 481,595 | $ | 41,977 | $ | 33,215 | $ | 9,012 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Change in ownership interest in One Park Avenue | (8,609) | (8,609) | — | — | — | ||||||||||||||||||||||||
Dispositions | (3,645) | (3,645) | — | — | — | ||||||||||||||||||||||||
Development properties | (28,586) | (28,586) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (12,902) | (3,890) | — | — | (9,012) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the six months ended June 30, 2022 | $ | 512,057 | $ | 436,865 | $ | 41,977 | $ | 33,215 | $ | — | |||||||||||||||||||
NOI at share - cash basis for the six months ended June 30, 2021 | $ | 499,323 | $ | 421,744 | $ | 37,341 | $ | 30,807 | $ | 9,431 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Dispositions | (3,360) | (3,360) | — | — | — | ||||||||||||||||||||||||
Development properties | (17,579) | (16,977) | — | (602) | — | ||||||||||||||||||||||||
Hotel Pennsylvania (permanently closed on April 5, 2021) | 12,723 | 12,723 | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (13,682) | (4,251) | — | — | (9,431) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the six months ended June 30, 2021 | $ | 477,425 | $ | 409,879 | $ | 37,341 | $ | 30,205 | $ | — | |||||||||||||||||||
Increase in same store NOI at share - cash basis | $ | 34,632 | $ | 26,986 | $ | 4,636 | $ | 3,010 | $ | — | |||||||||||||||||||
% increase in same store NOI at share - cash basis | 7.3 | % | 6.6 | % | 12.4 | % | 10.0 | % | 0.0 | % |
(Amounts in thousands) | For the Six Months Ended June 30, | Decrease in Cash Flow | |||||||||||||||
2022 | 2021 | ||||||||||||||||
Net cash provided by operating activities | $ | 430,625 | $ | 472,709 | $ | (42,084) | |||||||||||
Net cash used in investing activities | (715,862) | (183,454) | (532,408) | ||||||||||||||
Net cash (used in) provided by financing activities | (528,796) | 297,713 | (826,509) |
(Amounts in thousands) | For the Six Months Ended June 30, | Increase (Decrease) in Cash Flow | |||||||||||||||
2022 | 2021 | ||||||||||||||||
Purchase of U.S. Treasury bills | $ | (794,793) | $ | — | $ | (794,793) | |||||||||||
Development costs and construction in progress | (418,748) | (269,376) | (149,372) | ||||||||||||||
Proceeds from maturities of U.S. Treasury bills | 299,668 | — | 299,668 | ||||||||||||||
Proceeds from sales of real estate | 253,958 | 3,521 | 250,437 | ||||||||||||||
Additions to real estate | (70,046) | (90,138) | 20,092 | ||||||||||||||
Proceeds from sale of condominium units at 220 Central Park South | 16,124 | 72,216 | (56,092) | ||||||||||||||
Investments in partially owned entities | (11,091) | (6,357) | (4,734) | ||||||||||||||
Distributions of capital from partially owned entities | 10,066 | 106,005 | (95,939) | ||||||||||||||
Acquisitions of real estate and other | (1,000) | — | (1,000) | ||||||||||||||
Proceeds from repayments of loan receivables | — | 675 | (675) | ||||||||||||||
Net cash used in investing activities | $ | (715,862) | $ | (183,454) | $ | (532,408) |
(Amounts in thousands) | For the Six Months Ended June 30, | Increase (Decrease) in Cash Flow | |||||||||||||||
2022 | 2021 | ||||||||||||||||
Repayments of borrowings | $ | (1,240,573) | $ | (1,573,443) | $ | 332,870 | |||||||||||
Proceeds from borrowings | 1,029,773 | 2,298,007 | (1,268,234) | ||||||||||||||
Dividends paid on common shares/Distributions to Vornado | (203,240) | (202,989) | (251) | ||||||||||||||
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (56,589) | (159,926) | 103,337 | ||||||||||||||
Debt issuance costs | (31,718) | (32,875) | 1,157 | ||||||||||||||
Dividends paid on preferred shares/Distributions to preferred unitholders | (31,058) | (32,934) | 1,876 | ||||||||||||||
Contributions from noncontrolling interests in consolidated subsidiaries | 4,253 | 1,547 | 2,706 | ||||||||||||||
Proceeds received from exercise of Vornado stock options and other | 441 | 440 | 1 | ||||||||||||||
Repurchase of shares/Class A units related to stock compensation agreements and related tax withholdings and other | (85) | (114) | 29 | ||||||||||||||
Net cash (used in) provided by financing activities | $ | (528,796) | $ | 297,713 | $ | (826,509) |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||
Expenditures to maintain assets | $ | 80,195 | $ | 62,199 | $ | 6,202 | $ | 4,601 | $ | 7,193 | ||||||||||
Tenant improvements | 75,367 | 33,251 | 7,516 | 3,454 | 31,146 | |||||||||||||||
Leasing commissions | 24,199 | 16,690 | 1,094 | 770 | 5,645 | |||||||||||||||
Non-recurring capital expenditures | 62,292 | 50,717 | 988 | 6,403 | 4,184 | |||||||||||||||
Total capital expenditures and leasing commissions (accrual basis) | 242,053 | 162,857 | 15,800 | 15,228 | 48,168 | |||||||||||||||
Adjustments to reconcile to cash basis: | ||||||||||||||||||||
Expenditures in the current period applicable to prior periods | 106,038 | 62,948 | 7,992 | 9,777 | 25,321 | |||||||||||||||
Expenditures to be made in future periods for the current period | (113,704 | ) | (71,138 | ) | (7,172 | ) | 4,373 | (39,767 | ) | |||||||||||
Total capital expenditures and leasing commissions (cash basis) | $ | 234,387 | $ | 154,667 | $ | 16,620 | $ | 29,378 | $ | 33,722 | (1) | |||||||||
Tenant improvements and leasing commissions: | ||||||||||||||||||||
Per square foot per annum | $ | 9.30 | $ | 9.56 | $ | 6.12 | $ | 11.89 | n/a | |||||||||||
Percentage of initial rent | 11.1 | % | 10.6 | % | 12.7 | % | 14.9 | % | n/a |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||
220 Central Park South | $ | 196,063 | $ | — | $ | — | $ | — | $ | 196,063 | ||||||||||
606 Broadway | 11,796 | 11,796 | — | — | — | |||||||||||||||
315/345 Montgomery Street | 9,603 | — | — | 9,603 | — | |||||||||||||||
90 Park Avenue | 6,831 | 6,831 | — | — | — | |||||||||||||||
Penn Plaza | 6,303 | 6,303 | — | — | — | |||||||||||||||
theMART | 6,163 | — | 6,163 | — | — | |||||||||||||||
304 Canal Street | 3,627 | 3,627 | — | — | — | |||||||||||||||
Other | 34,330 | 5,709 | 509 | — | 28,112 | (1) | ||||||||||||||
$ | 274,716 | $ | 34,266 | $ | 6,672 | $ | 9,603 | $ | 224,175 |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||
Expenditures to maintain assets | $ | 68,381 | $ | 39,001 | $ | 10,092 | $ | 5,208 | $ | 14,080 | ||||||||||
Tenant improvements | 62,556 | 48,175 | 2,542 | 3,201 | 8,638 | |||||||||||||||
Leasing commissions | 30,462 | 26,214 | 354 | 951 | 2,943 | |||||||||||||||
Non-recurring capital expenditures | 27,503 | 20,224 | 182 | 874 | 6,223 | |||||||||||||||
Total capital expenditures and leasing commissions (accrual basis) | 188,902 | 133,614 | 13,170 | 10,234 | 31,884 | |||||||||||||||
Adjustments to reconcile to cash basis: | ||||||||||||||||||||
Expenditures in the current period applicable to prior periods | 199,260 | 100,542 | 25,335 | 9,209 | 64,174 | |||||||||||||||
Expenditures to be made in future periods for the current period | (80,348 | ) | (63,919 | ) | 2,139 | (5,018 | ) | (13,550 | ) | |||||||||||
Total capital expenditures and leasing commissions (cash basis) | $ | 307,814 | $ | 170,237 | $ | 40,644 | $ | 14,425 | $ | 82,508 | (1) | |||||||||
Tenant improvements and leasing commissions: | ||||||||||||||||||||
Per square foot per annum | $ | 6.88 | $ | 7.02 | $ | 4.04 | $ | 7.49 | n/a | |||||||||||
Percentage of initial rent | 9.0 | % | 8.9 | % | 7.9 | % | 9.5 | % | n/a |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||
220 Central Park South | $ | 213,170 | $ | — | $ | — | $ | — | $ | 213,170 | ||||||||||
90 Park Avenue | 28,288 | 28,288 | — | — | — | |||||||||||||||
640 Fifth Avenue | 23,415 | 23,415 | — | — | — | |||||||||||||||
theMart | 21,613 | — | 21,613 | — | — | |||||||||||||||
Penn Plaza | 10,195 | 10,195 | — | — | — | |||||||||||||||
Wayne Towne Center | 7,910 | — | — | — | 7,910 | |||||||||||||||
330 West 34th Street | 3,968 | 3,968 | — | — | — | |||||||||||||||
Other | 118,082 | 8,165 | 769 | 879 | 108,269 | (1) | ||||||||||||||
$ | 426,641 | $ | 74,031 | $ | 22,382 | $ | 879 | $ | 329,349 |
(Amounts in thousands, except per share amounts) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Reconciliation of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions: | |||||||||||||||||||||||
Net income attributable to common shareholders | $ | 50,418 | $ | 48,045 | $ | 76,896 | $ | 52,128 | |||||||||||||||
Per diluted share | $ | 0.26 | $ | 0.25 | $ | 0.40 | $ | 0.27 | |||||||||||||||
FFO adjustments: | |||||||||||||||||||||||
Depreciation and amortization of real property | $ | 106,620 | $ | 82,396 | $ | 212,582 | $ | 170,115 | |||||||||||||||
Net gain on sale of real estate | (27,803) | — | (28,354) | — | |||||||||||||||||||
Proportionate share of adjustments to equity in net income of partially owned entities to arrive at FFO: | |||||||||||||||||||||||
Depreciation and amortization of real property | 33,681 | 34,846 | 65,820 | 69,704 | |||||||||||||||||||
Net gain on sale of real estate | (175) | (3,052) | (175) | (3,052) | |||||||||||||||||||
Increase in fair value of marketable securities | — | (1,216) | — | (1,405) | |||||||||||||||||||
112,323 | 112,974 | 249,873 | 235,362 | ||||||||||||||||||||
Noncontrolling interests' share of above adjustments | (7,781) | (7,666) | (17,287) | (15,741) | |||||||||||||||||||
FFO adjustments, net | $ | 104,542 | $ | 105,308 | $ | 232,586 | $ | 219,621 | |||||||||||||||
FFO attributable to common shareholders | $ | 154,960 | $ | 153,353 | $ | 309,482 | $ | 271,749 | |||||||||||||||
Impact of assumed conversion of dilutive convertible securities | 5 | 11 | 515 | 22 | |||||||||||||||||||
FFO attributable to common shareholders plus assumed conversions | $ | 154,965 | $ | 153,364 | $ | 309,997 | $ | 271,771 | |||||||||||||||
Per diluted share | $ | 0.80 | $ | 0.80 | $ | 1.60 | $ | 1.41 | |||||||||||||||
Reconciliation of weighted average shares outstanding: | |||||||||||||||||||||||
Weighted average common shares outstanding | 191,750 | 191,527 | 191,737 | 191,473 | |||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Convertible securities | 1,412 | (1) | 26 | 1,271 | (1) | 26 | |||||||||||||||||
Share-based payment awards | 261 | 853 | 289 | 734 | |||||||||||||||||||
Denominator for FFO per diluted share | 193,423 | 192,406 | 193,297 | 192,233 |
(Amounts in thousands, except per share amounts) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Reconciliation of our net (loss) income to FFO: | |||||||||||||||
Net (loss) income attributable to common shareholders | $ | (29,026 | ) | $ | 66,125 | $ | 134,698 | $ | 172,425 | ||||||
Per diluted share | $ | (0.15 | ) | $ | 0.35 | $ | 0.71 | $ | 0.91 | ||||||
FFO adjustments: | |||||||||||||||
Depreciation and amortization of real property | $ | 102,953 | $ | 130,892 | $ | 361,949 | $ | 398,231 | |||||||
Net gains on sale of real estate | (1,530 | ) | — | (3,797 | ) | (161,721 | ) | ||||||||
Real estate impairment losses | — | — | — | 160,700 | |||||||||||
Proportionate share of adjustments to equity in net (loss) income of partially owned entities to arrive at FFO: | |||||||||||||||
Depreciation and amortization of real property | 31,997 | 40,281 | 108,753 | 117,635 | |||||||||||
Net gains on sale of real estate | 8 | (2,522 | ) | (17,184 | ) | (2,841 | ) | ||||||||
Real estate impairment losses | 4,329 | 1,134 | 7,547 | 5,536 | |||||||||||
137,757 | 169,785 | 457,268 | 517,540 | ||||||||||||
Noncontrolling interests' share of above adjustments | (8,572 | ) | (10,403 | ) | (28,444 | ) | (31,872 | ) | |||||||
FFO adjustments, net | $ | 129,185 | $ | 159,382 | $ | 428,824 | $ | 485,668 | |||||||
FFO attributable to common shareholders | $ | 100,159 | $ | 225,507 | $ | 563,522 | $ | 658,093 | |||||||
Convertible preferred share dividends | 19 | 22 | 59 | 65 | |||||||||||
Earnings allocated to Out-Performance Plan units | — | — | 850 | 722 | |||||||||||
FFO attributable to common shareholders plus assumed conversions | $ | 100,178 | $ | 225,529 | $ | 564,431 | $ | 658,880 | |||||||
Per diluted share | $ | 0.52 | $ | 1.19 | $ | 2.95 | $ | 3.47 | |||||||
Reconciliation of Weighted Average Shares | |||||||||||||||
Weighted average common shares outstanding | 189,593 | 188,901 | 189,401 | 188,778 | |||||||||||
Effect of dilutive securities: | |||||||||||||||
Employee stock options and restricted share awards | 1,254 | 1,147 | 1,553 | 1,067 | |||||||||||
Convertible preferred shares | 46 | 42 | 47 | 42 | |||||||||||
Out-Performance Plan units | — | — | 303 | 242 | |||||||||||
Denominator for FFO per diluted share | 190,893 | 190,090 | 191,304 | 190,129 |
(Amounts in thousands, except per share and per unit amounts) | 2022 | 2021 | |||||||||||||||||||||||||||
June 30, Balance | Weighted Average Interest Rate | Effect of 1% Change in Base Rates | December 31, Balance | Weighted Average Interest Rate | |||||||||||||||||||||||||
Consolidated debt: | |||||||||||||||||||||||||||||
Variable rate | $ | 3,973,415 | (1) | 2.92% | $ | 39,734 | $ | 4,534,215 | 1.59% | ||||||||||||||||||||
Fixed rate | 4,490,000 | 3.24% | — | 4,140,000 | 3.06% | ||||||||||||||||||||||||
$ | 8,463,415 | 3.09% | 39,734 | $ | 8,674,215 | 2.29% | |||||||||||||||||||||||
Pro rata share of debt of non-consolidated entities: | |||||||||||||||||||||||||||||
Variable rate | $ | 1,269,568 | 2.90% | 12,696 | $ | 1,267,224 | 1.78% | ||||||||||||||||||||||
Fixed rate | 1,430,097 | 3.73% | — | 1,432,181 | 3.72% | ||||||||||||||||||||||||
$ | 2,699,665 | 3.34% | 12,696 | $ | 2,699,405 | 2.81% | |||||||||||||||||||||||
Noncontrolling interests' share of consolidated subsidiaries | (6,821) | ||||||||||||||||||||||||||||
Total change in annual net income attributable to the Operating Partnership | 45,609 | ||||||||||||||||||||||||||||
Noncontrolling interests’ share of the Operating Partnership | (3,161) | ||||||||||||||||||||||||||||
Total change in annual net income attributable to Vornado | $ | 42,448 | |||||||||||||||||||||||||||
Total change in annual net income attributable to the Operating Partnership per Class A unit | $ | 0.22 | |||||||||||||||||||||||||||
Total change in annual net income attributable to Vornado per common share | $ | 0.22 |
(Amounts in thousands, except per share and per unit amounts) | 2017 | 2016 | |||||||||||||
September 30, Balance | Weighted Average Interest Rate | Effect of 1% Change In Base Rates | December 31, Balance | Weighted Average Interest Rate | |||||||||||
Consolidated debt: | |||||||||||||||
Variable rate | $ | 3,112,877 | 3.03% | $ | 31,129 | $ | 3,217,763 | 2.45% | |||||||
Fixed rate | 6,316,886 | 3.65% | — | 6,329,547 | 3.65% | ||||||||||
$ | 9,429,763 | 3.45% | 31,129 | $ | 9,547,310 | 3.25% | |||||||||
Pro rata share of debt of non-consolidated entities (non-recourse): | |||||||||||||||
Variable rate – excluding Toys "R" Us, Inc. | $ | 1,378,765 | 3.02% | 13,788 | $ | 1,092,326 | 2.50% | ||||||||
Variable rate – Toys "R" Us, Inc. | 1,248,970 | 6.91% | 12,490 | 1,162,072 | 6.05% | ||||||||||
Fixed rate - excluding Toys "R" Us, Inc. | 2,088,979 | 5.03% | — | 1,969,918 | 5.15% | ||||||||||
Fixed rate - Toys "R" Us, Inc. | 466,313 | 10.45% | — | 671,181 | 9.42% | ||||||||||
$ | 5,183,027 | 5.44% | 26,278 | $ | 4,895,497 | 5.36% | |||||||||
Noncontrolling interests' share of consolidated subsidiaries | (1,438 | ) | |||||||||||||
Total change in annual net income attributable to the Operating Partnership | 55,969 | ||||||||||||||
Noncontrolling interests’ share of the Operating Partnership | (3,481 | ) | |||||||||||||
Total change in annual net income attributable to Vornado | $ | 52,488 | |||||||||||||
Total change in annual net income attributable to the Operating Partnership per diluted Class A unit | $ | 0.28 | |||||||||||||
Total change in annual net income attributable to Vornado per diluted share | $ | 0.27 |
(Amounts in thousands) | As of June 30, 2022 | |||||||||||||||||||||||||||||||||||||
Variable Rate | ||||||||||||||||||||||||||||||||||||||
Hedged Item | Fair Value | Notional Amount | Spread over LIBOR | Interest Rate | Swapped Rate | Expiration Date | ||||||||||||||||||||||||||||||||
Included in other assets: | ||||||||||||||||||||||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||||||||||||||||||||
555 California Street mortgage loan | $ | 42,763 | $ | 840,000 | (1) | L+193 | 3.26% | 2.26% | 5/24 | |||||||||||||||||||||||||||||
PENN 11 mortgage loan | 23,609 | 500,000 | L+195 | 3.07% | 2.23% | 3/24 | ||||||||||||||||||||||||||||||||
Unsecured term loan | 2,497 | 750,000 | (2) | S+130 | 2.83% | 4.05% | 10/23 | |||||||||||||||||||||||||||||||
4 Union Square South mortgage loan | 1,613 | 100,000 | (3) | L+140 | 2.46% | 3.74% | 1/25 | |||||||||||||||||||||||||||||||
Various interest rate caps | 3,557 | 1,650,000 | ||||||||||||||||||||||||||||||||||||
$ | 74,039 | $ | 3,840,000 | |||||||||||||||||||||||||||||||||||
Included in other liabilities: | ||||||||||||||||||||||||||||||||||||||
770 Broadway mortgage loan interest rate swap | $ | 1,756 | $ | 350,000 | (4) | S+225 | 3.75% | 5.11% | 7/27 | |||||||||||||||||||||||||||||
EXHIBIT INDEX | |||||||||||||||
Exhibit No. | |||||||||||||||
— | * | ||||||||||||||
— | Second Amended and Restated Term Loan Agreement dated as of June 30, 2022, among Vornado Realty L.P., as Borrower, Vornado Realty Trust as General Partner, the Banks listed on the signature pages thereof, and JPMorgan Chase Bank N.A., as Administrative Agent for the Banks | * | |||||||||||||
— | Amendment No. 1 to Second Amended and Restated Revolving Credit Agreement dated as of June 30, 2022, among Vornado Realty L.P., as Borrower, the Banks listed on signature pages thereof, and JPMorgan Chase Bank N.A., as Administrative Agent for the Banks | * | |||||||||||||
— | Third Amended and Restated Revolving Credit Agreement dated as of June 30, 2022, among Vornado Realty L.P., as Borrower, Vornado Realty Trust as General Partner, the Banks listed on the signature pages thereof, and JPMorgan Chase Bank N.A., as Administrative Agent for the Banks | * | |||||||||||||
— | Letter regarding Unaudited Interim Financial Information of Vornado Realty Trust | ||||||||||||||
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* | |||||||||||||||
VORNADO REALTY TRUST | ||||||||
(Registrant) | ||||||||
Date: August 1, 2022 | By: | |||||||
(duly authorized officer and principal accounting officer) |
VORNADO REALTY L.P. | ||||||||
(Registrant) | ||||||||
Date: August 1, 2022 | By: | |||||||
Realty Trust, sole General Partner of Vornado Realty L.P. (duly authorized officer and principal accounting officer) |