☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended: | September 30, 2023 |
☐ | 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 September 30, | ||||||||||||||
Consolidated Statements of Income (Unaudited) for the Three and Nine Months Ended September 30, | ||||||||||||||
Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30, | ||||||||||||||
Consolidated Statements of Changes in Equity (Unaudited) for the Three and Nine Months Ended September 30, | ||||||||||||||
Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, | ||||||||||||||
Consolidated Balance Sheets (Unaudited) as of September 30, | ||||||||||||||
Consolidated Statements of Income (Unaudited) for the Three and Nine Months Ended September 30, | ||||||||||||||
Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30, | ||||||||||||||
Consolidated Statements of Changes in Equity (Unaudited) for the Three and Nine Months Ended September 30, | ||||||||||||||
Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, | ||||||||||||||
Vornado Realty Trust and Vornado Realty L.P.: | ||||||||||||||
PART II. | Other Information: | |||||||||||||
Unregistered Sales of Equity Securities | ||||||||||||||
(Amounts in thousands, except unit, share, and per share amounts) | As of | ||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||
ASSETS | |||||||||||
Real estate, at cost: | |||||||||||
Land | $ | 2,457,589 | $ | 2,451,828 | |||||||
Buildings and improvements | 9,887,787 | 9,804,204 | |||||||||
Development costs and construction in progress | 1,257,886 | 933,334 | |||||||||
Leasehold improvements and equipment | 129,385 | 125,389 | |||||||||
Total | 13,732,647 | 13,314,755 | |||||||||
Less accumulated depreciation and amortization | (3,698,582) | (3,470,991) | |||||||||
Real estate, net | 10,034,065 | 9,843,764 | |||||||||
Right-of-use assets | 679,119 | 684,380 | |||||||||
Cash and cash equivalents | 1,000,362 | 889,689 | |||||||||
Restricted cash | 262,118 | 131,468 | |||||||||
Investments in U.S. Treasury bills | — | 471,962 | |||||||||
Tenant and other receivables | 88,438 | 81,170 | |||||||||
Investments in partially owned entities | 2,670,782 | 2,665,073 | |||||||||
220 Central Park South condominium units ready for sale | 40,198 | 43,599 | |||||||||
Receivable arising from the straight-lining of rents | 697,486 | 694,972 | |||||||||
Deferred leasing costs, net of accumulated amortization of $256,337 and $237,395 | 355,307 | 373,555 | |||||||||
Identified intangible assets, net of accumulated amortization of $99,770 and $98,139 | 130,086 | 139,638 | |||||||||
Other assets | 494,582 | 474,105 | |||||||||
$ | 16,452,543 | $ | 16,493,375 | ||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||||||
Mortgages payable, net | $ | 5,714,761 | $ | 5,829,018 | |||||||
Senior unsecured notes, net | 1,193,362 | 1,191,832 | |||||||||
Unsecured term loan, net | 794,212 | 793,193 | |||||||||
Unsecured revolving credit facilities | 575,000 | 575,000 | |||||||||
Lease liabilities | 728,468 | 735,969 | |||||||||
Accounts payable and accrued expenses | 452,853 | 450,881 | |||||||||
Deferred revenue | 34,083 | 39,882 | |||||||||
Deferred compensation plan | 100,485 | 96,322 | |||||||||
Other liabilities | 316,094 | 268,166 | |||||||||
Total liabilities | 9,909,318 | 9,980,263 | |||||||||
Commitments and contingencies | |||||||||||
Redeemable noncontrolling interests: | |||||||||||
Class A units - 16,927,110 and 14,416,891 units outstanding | 411,640 | 345,157 | |||||||||
Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 | |||||||||
Total redeemable noncontrolling partnership units | 415,175 | 348,692 | |||||||||
Redeemable noncontrolling interest in a consolidated subsidiary | 58,829 | 88,040 | |||||||||
Total redeemable noncontrolling interests | 474,004 | 436,732 | |||||||||
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 190,321,756 and 191,866,880 shares | 7,592 | 7,654 | |||||||||
Additional capital | 8,341,810 | 8,369,228 | |||||||||
Earnings less than distributions | (3,891,266) | (3,894,580) | |||||||||
Accumulated other comprehensive income | 170,182 | 174,967 | |||||||||
Total shareholders' equity | 5,810,777 | 5,839,728 | |||||||||
Noncontrolling interests in consolidated subsidiaries | 258,444 | 236,652 | |||||||||
Total equity | 6,069,221 | 6,076,380 | |||||||||
$ | 16,452,543 | $ | 16,493,375 |
(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 September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
REVENUES: | |||||||||||||||||||||||
Rental revenues | $ | 400,367 | $ | 409,144 | $ | 1,215,994 | $ | 1,211,621 | |||||||||||||||
Fee and other income | 50,628 | 48,287 | 153,283 | 141,434 | |||||||||||||||||||
Total revenues | 450,995 | 457,431 | 1,369,277 | 1,353,055 | |||||||||||||||||||
EXPENSES: | |||||||||||||||||||||||
Operating | (233,737) | (221,596) | (685,233) | (660,434) | |||||||||||||||||||
Depreciation and amortization | (110,349) | (134,526) | (324,076) | (370,631) | |||||||||||||||||||
General and administrative | (35,838) | (29,174) | (116,843) | (102,292) | |||||||||||||||||||
(Expense) benefit from deferred compensation plan liability | (1,631) | 600 | (7,541) | 10,138 | |||||||||||||||||||
Transaction related costs and other | (813) | (996) | (1,501) | (4,961) | |||||||||||||||||||
Total expenses | (382,368) | (385,692) | (1,135,194) | (1,128,180) | |||||||||||||||||||
Income from partially owned entities | 18,269 | 24,341 | 72,207 | 83,775 | |||||||||||||||||||
Income (loss) from real estate fund investments | 1,783 | (111) | 1,662 | 5,421 | |||||||||||||||||||
Interest and other investment income, net | 12,934 | 5,228 | 35,792 | 9,282 | |||||||||||||||||||
Income (loss) from deferred compensation plan assets | 1,631 | (600) | 7,541 | (10,138) | |||||||||||||||||||
Interest and debt expense | (88,126) | (76,774) | (261,528) | (191,523) | |||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | 56,136 | — | 64,592 | 35,384 | |||||||||||||||||||
Income before income taxes | 71,254 | 23,823 | 154,349 | 157,076 | |||||||||||||||||||
Income tax expense | (11,684) | (3,711) | (20,848) | (14,686) | |||||||||||||||||||
Net income | 59,570 | 20,112 | 133,501 | 142,390 | |||||||||||||||||||
Less net loss (income) attributable to noncontrolling interests in: | |||||||||||||||||||||||
Consolidated subsidiaries | 13,541 | 3,792 | 26,250 | (4,756) | |||||||||||||||||||
Operating Partnership | (4,736) | (606) | (8,773) | (6,382) | |||||||||||||||||||
Net income attributable to Vornado | 68,375 | 23,298 | 150,978 | 131,252 | |||||||||||||||||||
Preferred share dividends | (15,529) | (15,529) | (46,587) | (46,587) | |||||||||||||||||||
NET INCOME attributable to common shareholders | $ | 52,846 | $ | 7,769 | $ | 104,391 | $ | 84,665 | |||||||||||||||
INCOME PER COMMON SHARE - BASIC: | |||||||||||||||||||||||
Net income per common share | $ | 0.28 | $ | 0.04 | $ | 0.55 | $ | 0.44 | |||||||||||||||
Weighted average shares outstanding | 190,364 | 191,793 | 191,228 | 191,756 | |||||||||||||||||||
INCOME PER COMMON SHARE - DILUTED: | |||||||||||||||||||||||
Net income per common share | $ | 0.28 | $ | 0.04 | $ | 0.54 | $ | 0.44 | |||||||||||||||
Weighted average shares outstanding | 192,921 | 192,018 | 193,845 | 192,042 |
(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 September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income | $ | 59,570 | $ | 20,112 | $ | 133,501 | $ | 142,390 | |||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Change in fair value of consolidated interest rate hedges and other | 22,312 | 117,219 | 2,433 | 200,838 | |||||||||||||||||||
Other comprehensive (loss) income of nonconsolidated subsidiaries | (1,390) | 5,124 | (4,534) | 19,084 | |||||||||||||||||||
Comprehensive income | 80,492 | 142,455 | 131,400 | 362,312 | |||||||||||||||||||
Less comprehensive loss (income) attributable to noncontrolling interests | 6,236 | (7,279) | 17,323 | (28,348) | |||||||||||||||||||
Comprehensive income attributable to Vornado | $ | 86,728 | $ | 135,176 | $ | 148,723 | $ | 333,964 |
(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 September 30, 2023: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2023 | 48,793 | $ | 1,182,459 | 190,544 | $ | 7,601 | $ | 8,331,228 | $ | (3,938,202) | $ | 151,771 | $ | 259,673 | $ | 5,994,530 | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | — | — | — | — | — | 68,375 | — | — | 68,375 | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | (2,350) | (2,350) | |||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | 81 | 3 | 1,612 | — | — | — | 1,615 | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | 206 | 206 | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (20) | (20) | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | (1) | — | 74 | 11 | — | — | 85 | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common shares | — | — | (302) | (12) | — | (5,921) | — | — | (5,933) | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | — | (1,390) | — | (1,390) | |||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | — | 22,312 | — | 22,312 | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | — | 8,896 | — | 58 | — | 8,954 | |||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of other comprehensive income | — | — | — | — | — | — | (2,569) | 935 | (1,634) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2023 | 48,793 | $ | 1,182,459 | 190,322 | $ | 7,592 | $ | 8,341,810 | $ | (3,891,266) | $ | 170,182 | $ | 258,444 | $ | 6,069,221 |
(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 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 September 30, 2022: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | — | — | — | — | — | 23,298 | — | — | 23,298 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 967 | 967 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.53 per share) | — | — | — | — | — | (101,656) | — | — | (101,656) | |||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | 34 | 1 | 991 | — | — | — | 992 | |||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | 7 | — | 221 | — | — | — | 221 | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | 650 | 650 | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (4,548) | (4,548) | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | — | — | 155 | — | — | — | 155 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 5,124 | — | 5,124 | |||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | — | 117,219 | — | 117,219 | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | — | 21,857 | — | — | — | 21,857 | |||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of other comprehensive income | — | — | — | — | — | — | (10,465) | 2,166 | (8,299) | |||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | 1 | 1 | 2 | 8 | — | (1) | 10 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | 48,793 | $ | 1,182,459 | 191,817 | $ | 7,652 | $ | 8,362,387 | $ | (3,299,630) | $ | 185,178 | $ | 253,228 | $ | 6,691,274 |
(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 Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2023: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | 48,793 | $ | 1,182,459 | 191,867 | $ | 7,654 | $ | 8,369,228 | $ | (3,894,580) | $ | 174,967 | $ | 236,652 | $ | 6,076,380 | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | — | — | — | — | — | 150,978 | — | — | 150,978 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 2,961 | 2,961 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.375 per share) | — | — | — | — | — | (71,950) | — | — | (71,950) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (46,587) | — | — | (46,587) | |||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | 475 | 19 | 7,154 | — | — | — | 7,173 | |||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | 6 | — | 146 | — | — | — | 146 | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | 22,534 | 22,534 | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (3,831) | (3,831) | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | (2) | — | 243 | (25) | — | — | 218 | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common shares | — | — | (2,024) | (81) | — | (29,102) | — | — | (29,183) | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | — | (4,534) | — | (4,534) | |||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | — | 2,433 | — | 2,433 | |||||||||||||||||||||||||||||||||||||||||||||||
Unearned 2020 Out-Performance Plan and 2019 Performance AO LTIP awards | — | — | — | — | 20,668 | — | — | — | 20,668 | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | — | (55,629) | — | (2,530) | — | (58,159) | |||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of other comprehensive income | — | — | — | — | — | — | (154) | 128 | (26) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2023 | 48,793 | $ | 1,182,459 | 190,322 | $ | 7,592 | $ | 8,341,810 | $ | (3,891,266) | $ | 170,182 | $ | 258,444 | $ | 6,069,221 |
(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 Nine Months Ended September 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 | — | — | — | — | — | 131,252 | — | — | 131,252 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 13,236 | 13,236 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($1.59 per share) | — | — | — | — | — | (304,896) | — | — | (304,896) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (46,587) | — | — | (46,587) | |||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | 76 | 3 | 2,566 | — | — | — | 2,569 | |||||||||||||||||||||||||||||||||||||||||||||||
Under employees' share option plan | — | — | — | — | 7 | — | — | — | 7 | |||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | 19 | — | 655 | — | — | — | 655 | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | 4,903 | 4,903 | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (45,976) | (45,976) | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | (2) | — | 447 | (85) | — | — | 362 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 19,084 | — | 19,084 | |||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | — | 200,838 | — | 200,838 | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | — | 215,619 | — | — | — | 215,619 | |||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of other comprehensive income | — | — | — | — | — | — | (17,210) | 2,166 | (15,044) | |||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | 1 | — | 6 | — | 7 | 14 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | 48,793 | $ | 1,182,459 | 191,817 | $ | 7,652 | $ | 8,362,387 | $ | (3,299,630) | $ | 185,178 | $ | 253,228 | $ | 6,691,274 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||
2023 | 2022 | ||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income | $ | 133,501 | $ | 142,390 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization (including amortization of deferred financing costs) | 342,038 | 386,697 | |||||||||
Distributions of income from partially owned entities | 131,308 | 137,758 | |||||||||
Equity in net income of partially owned entities | (72,207) | (83,775) | |||||||||
Net gains on disposition of wholly owned and partially owned assets | (64,592) | (35,384) | |||||||||
Stock-based compensation expense | 33,247 | 22,887 | |||||||||
Change in deferred tax liability | 14,309 | 9,992 | |||||||||
Straight-lining of rents | (4,770) | (45,835) | |||||||||
Amortization of interest rate cap premiums | 4,225 | 66 | |||||||||
Amortization of below-market leases, net | (4,083) | (3,788) | |||||||||
Net realized and unrealized (gain) loss on real estate fund investments | (1,861) | 1,128 | |||||||||
Return of capital from real estate fund investments | 1,861 | — | |||||||||
Write-off of lease receivables deemed uncollectible | — | 782 | |||||||||
Other non-cash adjustments | 3,919 | 2,494 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Tenant and other receivables | (8,267) | (2,128) | |||||||||
Prepaid assets | (72,194) | 33,995 | |||||||||
Other assets | (72,201) | (22,706) | |||||||||
Lease liabilities | 13,191 | 11,363 | |||||||||
Accounts payable and accrued expenses | 26,023 | 6,649 | |||||||||
Other liabilities | 33,428 | (2,758) | |||||||||
Net cash provided by operating activities | 436,875 | 559,827 | |||||||||
Cash Flows from Investing Activities: | |||||||||||
Proceeds from maturities of U.S. Treasury bills | 468,598 | 349,461 | |||||||||
Development costs and construction in progress | (432,439) | (557,884) | |||||||||
Additions to real estate | (155,080) | (120,124) | |||||||||
Proceeds from sales of real estate | 123,550 | 253,958 | |||||||||
Proceeds from repayment of participation in 150 West 34th Street mortgage loan | 105,000 | — | |||||||||
Investments in partially owned entities | (43,737) | (15,046) | |||||||||
Acquisitions of real estate and other | (33,145) | (2,000) | |||||||||
Distributions of capital from partially owned entities | 18,837 | 20,566 | |||||||||
Proceeds from sale of condominium units at 220 Central Park South | 14,216 | 16,124 | |||||||||
Purchase of U.S. Treasury bills | — | (794,793) | |||||||||
Net cash provided by (used in) investing activities | 65,800 | (849,738) |
(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 Nine Months Ended September 30, | ||||||||||
2023 | 2022 | ||||||||||
Cash Flows from Financing Activities: | |||||||||||
Repayments of borrowings | $ | (119,400) | $ | (1,245,973) | |||||||
Dividends paid on common shares | (71,950) | (304,896) | |||||||||
Dividends paid on preferred shares | (46,587) | (46,587) | |||||||||
Repurchase of common shares | (29,183) | — | |||||||||
Contributions from noncontrolling interests | 18,534 | 4,903 | |||||||||
Distributions to noncontrolling interests | (9,489) | (68,716) | |||||||||
Deferred financing costs | (3,398) | (32,473) | |||||||||
Proceeds received from exercise of employee share options and other | 146 | 662 | |||||||||
Repurchase of shares related to stock compensation agreements and related tax withholdings and other | (25) | (85) | |||||||||
Proceeds from borrowings | — | 1,029,773 | |||||||||
Net cash used in financing activities | (261,352) | (663,392) | |||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | 241,323 | (953,303) | |||||||||
Cash and cash equivalents and restricted cash at beginning of period | 1,021,157 | 1,930,351 | |||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 1,262,480 | $ | 977,048 | |||||||
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | |||||||||||
Cash and cash equivalents at beginning of period | $ | 889,689 | $ | 1,760,225 | |||||||
Restricted cash at beginning of period | 131,468 | 170,126 | |||||||||
Cash and cash equivalents and restricted cash at beginning of period | $ | 1,021,157 | $ | 1,930,351 | |||||||
Cash and cash equivalents at end of period | $ | 1,000,362 | $ | 845,423 | |||||||
Restricted cash at end of period | 262,118 | 131,625 | |||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 1,262,480 | $ | 977,048 | |||||||
Supplemental Disclosure of Cash Flow Information: | |||||||||||
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums | $ | 306,001 | $ | 170,839 | |||||||
Cash payments for income taxes | $ | 8,728 | $ | 6,919 | |||||||
Non-Cash Information: | |||||||||||
Accrued capital expenditures included in accounts payable and accrued expenses | $ | 64,072 | $ | 86,844 | |||||||
Redeemable Class A unit measurement adjustment | (58,159) | 215,619 | |||||||||
Write-off of fully depreciated assets | (46,164) | (52,475) | |||||||||
Initial investment in Pier 94 joint venture upon contribution of leasehold interest | 50,090 | — | |||||||||
Decrease in assets and liabilities resulting from the deconsolidation of Pier 94: | |||||||||||
Real estate | 21,693 | — | |||||||||
Right-of-use assets | 7,081 | — | |||||||||
Lease liabilities | (20,692) | — | |||||||||
Change in fair value of consolidated interest rate hedges and other | 2,433 | 200,838 | |||||||||
Additional estimated lease liability arising from the recognition of right-of-use asset | — | 350,000 | |||||||||
Reclassification of assets held for sale (included in "other assets") | — | 64,177 | |||||||||
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | — | 30,542 |
(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 | ||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||
ASSETS | |||||||||||
Real estate, at cost: | |||||||||||
Land | $ | 2,457,589 | $ | 2,451,828 | |||||||
Buildings and improvements | 9,887,787 | 9,804,204 | |||||||||
Development costs and construction in progress | 1,257,886 | 933,334 | |||||||||
Leasehold improvements and equipment | 129,385 | 125,389 | |||||||||
Total | 13,732,647 | 13,314,755 | |||||||||
Less accumulated depreciation and amortization | (3,698,582) | (3,470,991) | |||||||||
Real estate, net | 10,034,065 | 9,843,764 | |||||||||
Right-of-use assets | 679,119 | 684,380 | |||||||||
Cash and cash equivalents | 1,000,362 | 889,689 | |||||||||
Restricted cash | 262,118 | 131,468 | |||||||||
Investments in U.S. Treasury bills | — | 471,962 | |||||||||
Tenant and other receivables | 88,438 | 81,170 | |||||||||
Investments in partially owned entities | 2,670,782 | 2,665,073 | |||||||||
220 Central Park South condominium units ready for sale | 40,198 | 43,599 | |||||||||
Receivable arising from the straight-lining of rents | 697,486 | 694,972 | |||||||||
Deferred leasing costs, net of accumulated amortization of $256,337 and $237,395 | 355,307 | 373,555 | |||||||||
Identified intangible assets, net of accumulated amortization of $99,770 and $98,139 | 130,086 | 139,638 | |||||||||
Other assets | 494,582 | 474,105 | |||||||||
$ | 16,452,543 | $ | 16,493,375 | ||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||||||
Mortgages payable, net | $ | 5,714,761 | $ | 5,829,018 | |||||||
Senior unsecured notes, net | 1,193,362 | 1,191,832 | |||||||||
Unsecured term loan, net | 794,212 | 793,193 | |||||||||
Unsecured revolving credit facilities | 575,000 | 575,000 | |||||||||
Lease liabilities | 728,468 | 735,969 | |||||||||
Accounts payable and accrued expenses | 452,853 | 450,881 | |||||||||
Deferred revenue | 34,083 | 39,882 | |||||||||
Deferred compensation plan | 100,485 | 96,322 | |||||||||
Other liabilities | 316,094 | 268,166 | |||||||||
Total liabilities | 9,909,318 | 9,980,263 | |||||||||
Commitments and contingencies | |||||||||||
Redeemable noncontrolling interests: | |||||||||||
Class A units - 16,927,110 and 14,416,891 units outstanding | 411,640 | 345,157 | |||||||||
Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 | |||||||||
Total redeemable noncontrolling partnership units | 415,175 | 348,692 | |||||||||
Redeemable noncontrolling interest in a consolidated subsidiary | 58,829 | 88,040 | |||||||||
Total redeemable noncontrolling interests | 474,004 | 436,732 | |||||||||
Partners' equity: | |||||||||||
Partners' capital | 9,531,861 | 9,559,341 | |||||||||
Earnings less than distributions | (3,891,266) | (3,894,580) | |||||||||
Accumulated other comprehensive income | 170,182 | 174,967 | |||||||||
Total partners' equity | 5,810,777 | 5,839,728 | |||||||||
Noncontrolling interests in consolidated subsidiaries | 258,444 | 236,652 | |||||||||
Total equity | 6,069,221 | 6,076,380 | |||||||||
$ | 16,452,543 | $ | 16,493,375 |
(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 September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
REVENUES: | |||||||||||||||||||||||
Rental revenues | $ | 400,367 | $ | 409,144 | $ | 1,215,994 | $ | 1,211,621 | |||||||||||||||
Fee and other income | 50,628 | 48,287 | 153,283 | 141,434 | |||||||||||||||||||
Total revenues | 450,995 | 457,431 | 1,369,277 | 1,353,055 | |||||||||||||||||||
EXPENSES: | |||||||||||||||||||||||
Operating | (233,737) | (221,596) | (685,233) | (660,434) | |||||||||||||||||||
Depreciation and amortization | (110,349) | (134,526) | (324,076) | (370,631) | |||||||||||||||||||
General and administrative | (35,838) | (29,174) | (116,843) | (102,292) | |||||||||||||||||||
(Expense) benefit from deferred compensation plan liability | (1,631) | 600 | (7,541) | 10,138 | |||||||||||||||||||
Transaction related costs and other | (813) | (996) | (1,501) | (4,961) | |||||||||||||||||||
Total expenses | (382,368) | (385,692) | (1,135,194) | (1,128,180) | |||||||||||||||||||
Income from partially owned entities | 18,269 | 24,341 | 72,207 | 83,775 | |||||||||||||||||||
Income (loss) from real estate fund investments | 1,783 | (111) | 1,662 | 5,421 | |||||||||||||||||||
Interest and other investment income, net | 12,934 | 5,228 | 35,792 | 9,282 | |||||||||||||||||||
Income (loss) from deferred compensation plan assets | 1,631 | (600) | 7,541 | (10,138) | |||||||||||||||||||
Interest and debt expense | (88,126) | (76,774) | (261,528) | (191,523) | |||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | 56,136 | — | 64,592 | 35,384 | |||||||||||||||||||
Income before income taxes | 71,254 | 23,823 | 154,349 | 157,076 | |||||||||||||||||||
Income tax expense | (11,684) | (3,711) | (20,848) | (14,686) | |||||||||||||||||||
Net income | 59,570 | 20,112 | 133,501 | 142,390 | |||||||||||||||||||
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 13,541 | 3,792 | 26,250 | (4,756) | |||||||||||||||||||
Net income attributable to Vornado Realty L.P. | 73,111 | 23,904 | 159,751 | 137,634 | |||||||||||||||||||
Preferred unit distributions | (15,558) | (15,558) | (46,673) | (46,673) | |||||||||||||||||||
NET INCOME attributable to Class A unitholders | $ | 57,553 | $ | 8,346 | $ | 113,078 | $ | 90,961 | |||||||||||||||
INCOME PER CLASS A UNIT - BASIC: | |||||||||||||||||||||||
Net income per Class A unit | $ | 0.28 | $ | 0.04 | $ | 0.55 | $ | 0.43 | |||||||||||||||
Weighted average units outstanding | 204,628 | 205,410 | 205,268 | 205,271 | |||||||||||||||||||
INCOME PER CLASS A UNIT - DILUTED: | |||||||||||||||||||||||
Net income per Class A unit | $ | 0.28 | $ | 0.04 | $ | 0.54 | $ | 0.43 | |||||||||||||||
Weighted average units outstanding | 207,185 | 205,912 | 207,885 | 205,924 |
(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 September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income | $ | 59,570 | $ | 20,112 | $ | 133,501 | $ | 142,390 | |||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Change in fair value of consolidated interest rate hedges and other | 22,312 | 117,219 | 2,433 | 200,838 | |||||||||||||||||||
Other comprehensive (loss) income of nonconsolidated subsidiaries | (1,390) | 5,124 | (4,534) | 19,084 | |||||||||||||||||||
Comprehensive income | 80,492 | 142,455 | 131,400 | 362,312 | |||||||||||||||||||
Less comprehensive loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 12,606 | 1,626 | 26,122 | (6,922) | |||||||||||||||||||
Comprehensive income attributable to Vornado Realty L.P. | $ | 93,098 | $ | 144,081 | $ | 157,522 | $ | 355,390 |
(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 September 30, 2023: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2023 | 48,793 | $ | 1,182,459 | 190,544 | $ | 8,338,829 | $ | (3,938,202) | $ | 151,771 | $ | 259,673 | $ | 5,994,530 | ||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | — | — | — | — | 73,111 | — | — | 73,111 | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | — | — | — | — | (4,736) | — | — | (4,736) | ||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | (2,350) | (2,350) | ||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (15,529) | — | — | (15,529) | ||||||||||||||||||||||||||||||||||||||||||
Class A units redeemed for common shares | — | — | 81 | 1,615 | — | — | — | 1,615 | ||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 206 | 206 | ||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (20) | (20) | ||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | (1) | 74 | 11 | — | — | 85 | ||||||||||||||||||||||||||||||||||||||||||
Repurchase of Class A units owned by Vornado | — | — | (302) | (12) | (5,921) | — | — | (5,933) | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | (1,390) | — | (1,390) | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | 22,312 | — | 22,312 | ||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | 8,896 | — | 58 | — | 8,954 | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of other comprehensive income | — | — | — | — | — | (2,569) | 935 | (1,634) | ||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2023 | 48,793 | $ | 1,182,459 | 190,322 | $ | 8,349,402 | $ | (3,891,266) | $ | 170,182 | $ | 258,444 | $ | 6,069,221 |
(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 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 September 30, 2022: | ||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | — | — | — | — | 23,904 | — | — | 23,904 | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | — | — | — | — | (606) | — | — | (606) | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 967 | 967 | ||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($0.53 per unit) | — | — | — | — | (101,656) | — | — | (101,656) | ||||||||||||||||||||||||||||||||||||||||||
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 | — | — | 34 | 992 | — | — | — | 992 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 7 | 221 | — | — | — | 221 | ||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 650 | 650 | ||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (4,548) | (4,548) | ||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | — | 155 | — | — | — | 155 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 5,124 | — | 5,124 | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | 117,219 | — | 117,219 | ||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | 21,857 | — | — | — | 21,857 | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of other comprehensive income | — | — | — | — | — | (10,465) | 2,166 | (8,299) | ||||||||||||||||||||||||||||||||||||||||||
Other | — | — | 1 | 3 | 8 | — | (1) | 10 | ||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | 48,793 | $ | 1,182,459 | 191,817 | $ | 8,370,039 | $ | (3,299,630) | $ | 185,178 | $ | 253,228 | $ | 6,691,274 |
(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 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 Nine Months Ended September 30, 2023: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | 48,793 | $ | 1,182,459 | 191,867 | $ | 8,376,882 | $ | (3,894,580) | $ | 174,967 | $ | 236,652 | $ | 6,076,380 | ||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | — | — | — | — | 159,751 | — | — | 159,751 | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | — | — | — | — | (8,773) | — | — | (8,773) | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 2,961 | 2,961 | ||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($0.375 per unit) | — | — | — | — | (71,950) | — | — | (71,950) | ||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (46,587) | — | — | (46,587) | ||||||||||||||||||||||||||||||||||||||||||
Class A units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 475 | 7,173 | — | — | — | 7,173 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 6 | 146 | — | — | — | 146 | ||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 22,534 | 22,534 | ||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (3,831) | (3,831) | ||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | (2) | 243 | (25) | — | — | 218 | ||||||||||||||||||||||||||||||||||||||||||
Repurchase of Class A units owned by Vornado | — | — | (2,024) | (81) | (29,102) | — | — | (29,183) | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | (4,534) | — | (4,534) | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | 2,433 | — | 2,433 | ||||||||||||||||||||||||||||||||||||||||||
Unearned 2020 Out-Performance Plan and 2019 Performance AO LTIP awards | — | — | — | 20,668 | — | — | — | 20,668 | ||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | (55,629) | — | (2,530) | — | (58,159) | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of other comprehensive income | — | — | — | — | — | (154) | 128 | (26) | ||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2023 | 48,793 | $ | 1,182,459 | 190,322 | $ | 8,349,402 | $ | (3,891,266) | $ | 170,182 | $ | 258,444 | $ | 6,069,221 |
(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 Nine Months Ended September 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. | — | — | — | — | 137,634 | — | — | 137,634 | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | — | — | — | — | (6,382) | — | — | (6,382) | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 13,236 | 13,236 | ||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($1.59 per unit) | — | — | — | — | (304,896) | — | — | (304,896) | ||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (46,587) | — | — | (46,587) | ||||||||||||||||||||||||||||||||||||||||||
Class A units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 76 | 2,569 | — | — | — | 2,569 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | — | — | — | 7 | — | — | — | 7 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 19 | 655 | — | — | — | 655 | ||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 4,903 | 4,903 | ||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (45,976) | (45,976) | ||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | (2) | 447 | (85) | — | — | 362 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 19,084 | — | 19,084 | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | 200,838 | — | 200,838 | ||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | 215,619 | — | — | — | 215,619 | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of other comprehensive income | — | — | — | — | — | (17,210) | 2,166 | (15,044) | ||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | 1 | 6 | — | 7 | 14 | ||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | 48,793 | $ | 1,182,459 | 191,817 | $ | 8,370,039 | $ | (3,299,630) | $ | 185,178 | $ | 253,228 | $ | 6,691,274 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||
2023 | 2022 | ||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income | $ | 133,501 | $ | 142,390 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization (including amortization of deferred financing costs) | 342,038 | 386,697 | |||||||||
Distributions of income from partially owned entities | 131,308 | 137,758 | |||||||||
Equity in net income of partially owned entities | (72,207) | (83,775) | |||||||||
Net gains on disposition of wholly owned and partially owned assets | (64,592) | (35,384) | |||||||||
Stock-based compensation expense | 33,247 | 22,887 | |||||||||
Change in deferred tax liability | 14,309 | 9,992 | |||||||||
Straight-lining of rents | (4,770) | (45,835) | |||||||||
Amortization of interest rate cap premiums | 4,225 | 66 | |||||||||
Amortization of below-market leases, net | (4,083) | (3,788) | |||||||||
Net realized and unrealized (gain) loss on real estate fund investments | (1,861) | 1,128 | |||||||||
Return of capital from real estate fund investments | 1,861 | — | |||||||||
Write-off of lease receivables deemed uncollectible | — | 782 | |||||||||
Other non-cash adjustments | 3,919 | 2,494 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Tenant and other receivables | (8,267) | (2,128) | |||||||||
Prepaid assets | (72,194) | 33,995 | |||||||||
Other assets | (72,201) | (22,706) | |||||||||
Lease liabilities | 13,191 | 11,363 | |||||||||
Accounts payable and accrued expenses | 26,023 | 6,649 | |||||||||
Other liabilities | 33,428 | (2,758) | |||||||||
Net cash provided by operating activities | 436,875 | 559,827 | |||||||||
Cash Flows from Investing Activities: | |||||||||||
Proceeds from maturities of U.S. Treasury bills | 468,598 | 349,461 | |||||||||
Development costs and construction in progress | (432,439) | (557,884) | |||||||||
Additions to real estate | (155,080) | (120,124) | |||||||||
Proceeds from sales of real estate | 123,550 | 253,958 | |||||||||
Proceeds from repayment of participation in 150 West 34th Street mortgage loan | 105,000 | — | |||||||||
Investments in partially owned entities | (43,737) | (15,046) | |||||||||
Acquisitions of real estate and other | (33,145) | (2,000) | |||||||||
Distributions of capital from partially owned entities | 18,837 | 20,566 | |||||||||
Proceeds from sale of condominium units at 220 Central Park South | 14,216 | 16,124 | |||||||||
Purchase of U.S. Treasury bills | — | (794,793) | |||||||||
Net cash provided by (used in) investing activities | 65,800 | (849,738) |
(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 Nine Months Ended September 30, | ||||||||||
2023 | 2022 | ||||||||||
Cash Flows from Financing Activities: | |||||||||||
Repayments of borrowings | $ | (119,400) | $ | (1,245,973) | |||||||
Distributions to Vornado | (71,950) | (304,896) | |||||||||
Distributions to preferred unitholders | (46,587) | (46,587) | |||||||||
Repurchase of Class A units owned by Vornado | (29,183) | — | |||||||||
Contributions from noncontrolling interests in consolidated subsidiaries | 18,534 | 4,903 | |||||||||
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (9,489) | (68,716) | |||||||||
Deferred financing costs | (3,398) | (32,473) | |||||||||
Proceeds received from exercise of Vornado stock options and other | 146 | 662 | |||||||||
Repurchase of Class A units related to stock compensation agreements and related tax withholdings and other | (25) | (85) | |||||||||
Proceeds from borrowings | — | 1,029,773 | |||||||||
Net cash used in financing activities | (261,352) | (663,392) | |||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | 241,323 | (953,303) | |||||||||
Cash and cash equivalents and restricted cash at beginning of period | 1,021,157 | 1,930,351 | |||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 1,262,480 | $ | 977,048 | |||||||
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | |||||||||||
Cash and cash equivalents at beginning of period | $ | 889,689 | $ | 1,760,225 | |||||||
Restricted cash at beginning of period | 131,468 | 170,126 | |||||||||
Cash and cash equivalents and restricted cash at beginning of period | $ | 1,021,157 | $ | 1,930,351 | |||||||
Cash and cash equivalents at end of period | $ | 1,000,362 | $ | 845,423 | |||||||
Restricted cash at end of period | 262,118 | 131,625 | |||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 1,262,480 | $ | 977,048 | |||||||
Supplemental Disclosure of Cash Flow Information: | |||||||||||
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums | $ | 306,001 | $ | 170,839 | |||||||
Cash payments for income taxes | $ | 8,728 | $ | 6,919 | |||||||
Non-Cash Information: | |||||||||||
Accrued capital expenditures included in accounts payable and accrued expenses | $ | 64,072 | $ | 86,844 | |||||||
Redeemable Class A unit measurement adjustment | (58,159) | 215,619 | |||||||||
Write-off of fully depreciated assets | (46,164) | (52,475) | |||||||||
Initial investment in Pier 94 joint venture upon contribution of leasehold interest | 50,090 | — | |||||||||
Decrease in assets and liabilities resulting from the deconsolidation of Pier 94: | |||||||||||
Real estate | 21,693 | — | |||||||||
Right-of-use assets | 7,081 | — | |||||||||
Lease liabilities | (20,692) | — | |||||||||
Change in fair value of consolidated interest rate hedges and other | 2,433 | 200,838 | |||||||||
Additional estimated lease liability arising from the recognition of right-of-use asset | — | 350,000 | |||||||||
Reclassification of assets held for sale (included in "other assets") | — | 64,177 | |||||||||
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | — | 30,542 |
(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 September 30, 2023 | For the Three Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||||||
Property rentals | $ | 376,505 | $ | 306,717 | $ | 69,788 | $ | 371,754 | $ | 303,574 | $ | 68,180 | ||||||||||||||||||||||||||
Trade shows(1) | 6,178 | — | 6,178 | 18,654 | — | 18,654 | ||||||||||||||||||||||||||||||||
Lease revenues(2) | 382,683 | 306,717 | 75,966 | 390,408 | 303,574 | 86,834 | ||||||||||||||||||||||||||||||||
Tenant services | 12,793 | 8,789 | 4,004 | 14,134 | 9,937 | 4,197 | ||||||||||||||||||||||||||||||||
Parking revenues | 4,891 | 3,950 | 941 | 4,602 | 3,820 | 782 | ||||||||||||||||||||||||||||||||
Rental revenues | 400,367 | 319,456 | 80,911 | 409,144 | 317,331 | 91,813 | ||||||||||||||||||||||||||||||||
BMS cleaning fees | 35,428 | 37,999 | (2,571) | (3) | 35,062 | 37,371 | (2,309) | (3) | ||||||||||||||||||||||||||||||
Management and leasing fees | 3,263 | 3,441 | (178) | 2,532 | 2,595 | (63) | ||||||||||||||||||||||||||||||||
Other income | 11,937 | 3,872 | 8,065 | 10,693 | 2,736 | 7,957 | ||||||||||||||||||||||||||||||||
Fee and other income | 50,628 | 45,312 | 5,316 | 48,287 | 42,702 | 5,585 | ||||||||||||||||||||||||||||||||
Total revenues | $ | 450,995 | $ | 364,768 | $ | 86,227 | $ | 457,431 | $ | 360,033 | $ | 97,398 |
(Amounts in thousands) | For the Nine Months Ended September 30, 2023 | For the Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||||||
Property rentals | $ | 1,150,387 | $ | 919,621 | $ | 230,766 | (4) | $ | 1,132,690 | $ | 921,179 | $ | 211,511 | |||||||||||||||||||||||||
Trade shows(1) | 18,008 | — | 18,008 | 29,640 | — | 29,640 | ||||||||||||||||||||||||||||||||
Lease revenues(2) | 1,168,395 | 919,621 | 248,774 | 1,162,330 | 921,179 | 241,151 | ||||||||||||||||||||||||||||||||
Tenant services | 32,366 | 23,696 | 8,670 | 35,484 | 25,481 | 10,003 | ||||||||||||||||||||||||||||||||
Parking revenues | 15,233 | 12,357 | 2,876 | 13,807 | 11,556 | 2,251 | ||||||||||||||||||||||||||||||||
Rental revenues | 1,215,994 | 955,674 | 260,320 | 1,211,621 | 958,216 | 253,405 | ||||||||||||||||||||||||||||||||
BMS cleaning fees | 105,902 | 113,431 | (7,529) | (3) | 101,752 | 108,288 | (6,536) | (3) | ||||||||||||||||||||||||||||||
Management and leasing fees | 9,970 | 10,375 | (405) | 8,167 | 8,573 | (406) | ||||||||||||||||||||||||||||||||
Other income | 37,411 | 11,573 | 25,838 | 31,515 | 7,666 | 23,849 | ||||||||||||||||||||||||||||||||
Fee and other income | 153,283 | 135,379 | 17,904 | 141,434 | 124,527 | 16,907 | ||||||||||||||||||||||||||||||||
Total revenues | $ | 1,369,277 | $ | 1,091,053 | $ | 278,224 | $ | 1,353,055 | $ | 1,082,743 | $ | 270,312 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Fixed billings | $ | 338,921 | $ | 353,040 | $ | 1,049,161 | $ | 1,025,182 | |||||||||||||||
Variable billings | 39,968 | 28,919 | 115,123 | 93,118 | |||||||||||||||||||
Total contractual operating lease billings | 378,889 | 381,959 | 1,164,284 | 1,118,300 | |||||||||||||||||||
Adjustment for straight-line rents and amortization of acquired below-market leases and other, net | 3,794 | 8,730 | 4,111 | 44,812 | |||||||||||||||||||
Less: write-off of straight-line rent and tenant receivables deemed uncollectible | — | (281) | — | (782) | |||||||||||||||||||
Lease revenues | $ | 382,683 | $ | 390,408 | $ | 1,168,395 | $ | 1,162,330 |
(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) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net realized gain (loss) on exited investments | $ | 1,861 | $ | — | $ | (245,714) | $ | (53,724) | |||||||||||||||
Net investment (loss) income | (78) | (111) | (199) | 6,549 | |||||||||||||||||||
Previously recorded unrealized loss on exited investments | — | — | 247,575 | 59,396 | |||||||||||||||||||
Net unrealized loss on held investments | — | — | — | (6,800) | |||||||||||||||||||
Income (loss) from real estate fund investments | 1,783 | (111) | 1,662 | 5,421 | |||||||||||||||||||
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (1,302) | 312 | (920) | (3,287) | |||||||||||||||||||
Income from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ | 481 | $ | 201 | $ | 742 | $ | 2,134 | |||||||||||||||
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Beginning balance | $ | — | $ | 930 | $ | — | $ | 7,730 | |||||||||||||||
Net realized gain (loss) on exited investments | 1,861 | — | (245,714) | (53,724) | |||||||||||||||||||
Dispositions | (1,861) | — | (1,861) | (5,672) | |||||||||||||||||||
Previously recorded unrealized loss on exited investments | — | — | 247,575 | 59,396 | |||||||||||||||||||
Net unrealized loss on held investments | — | — | — | (6,800) | |||||||||||||||||||
Ending balance | $ | — | $ | 930 | $ | — | $ | 930 |
(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 |
6. Investments in Partially Owned Entities |
6. Investments in Partially Owned Entities |
6. Investments in Partially Owned Entities - continued |
(Amounts in thousands) | (Amounts in thousands) | Percentage Ownership at | Balance as of | (Amounts in thousands) | Percentage Ownership as of September 30, 2023 | Balance as of | |||||||||||||||||||||
September 30, 2017 | September 30, 2017 | December 31, 2016 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||
Investments: | Investments: | Investments: | |||||||||||||||||||||||||
Fifth Avenue and Times Square JV (see page 27 for details) | Fifth Avenue and Times Square JV (see page 27 for details) | 51.5% | $ | 2,249,148 | $ | 2,272,320 | |||||||||||||||||||||
Partially owned office buildings/land(1) | Partially owned office buildings/land(1) | Various | 166,108 | 182,180 | |||||||||||||||||||||||
Alexander's (see page 28 for details): | Alexander's (see page 28 for details): | 32.4% | 91,914 | 87,796 | |||||||||||||||||||||||
Other investments(2) | Other investments(2) | Various | 163,612 | 122,777 | |||||||||||||||||||||||
Partially owned office buildings/land (1) | Various | $ | 542,778 | $ | 734,536 | $ | 2,670,782 | $ | 2,665,073 | ||||||||||||||||||
Investments in partially owned entities included in other liabilities(3): | Investments in partially owned entities included in other liabilities(3): | ||||||||||||||||||||||||||
7 West 34th Street | 7 West 34th Street | 53.0% | $ | (67,669) | $ | (65,522) | |||||||||||||||||||||
85 Tenth Avenue | 85 Tenth Avenue | 49.9% | (10,736) | (16,006) | |||||||||||||||||||||||
Alexander’s | 32.4% | 125,632 | 129,324 | $ | (78,405) | $ | (81,528) | ||||||||||||||||||||
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) | Percentage Ownership at September 30, 2023 | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Our share of net income (loss): | |||||||||||||||||||||||||||||
Fifth Avenue and Times Square JV (see page 27 for details): | |||||||||||||||||||||||||||||
Equity in net income(1) | 51.5% | $ | 10,917 | $ | 11,941 | $ | 27,057 | $ | 41,915 | ||||||||||||||||||||
Return on preferred equity, net of our share of the expense | 9,430 | 9,430 | 27,985 | 27,985 | |||||||||||||||||||||||||
20,347 | 21,371 | 55,042 | 69,900 | ||||||||||||||||||||||||||
Alexander's (see page 28 for details): | |||||||||||||||||||||||||||||
Equity in net income | 32.4% | 3,341 | 4,740 | 10,230 | 14,235 | ||||||||||||||||||||||||
Management, leasing and development fees | 1,184 | 1,170 | 4,056 | 3,352 | |||||||||||||||||||||||||
Net gain on sale of land | — | — | 16,396 | — | |||||||||||||||||||||||||
4,525 | 5,910 | 30,682 | 17,587 | ||||||||||||||||||||||||||
Partially owned office buildings(2) | Various | (7,647) | (5,286) | (16,864) | (8,974) | ||||||||||||||||||||||||
Other investments(3) | Various | 1,044 | 2,346 | 3,347 | 5,262 | ||||||||||||||||||||||||
$ | 18,269 | $ | 24,341 | $ | 72,207 | $ | 83,775 |
(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, 2023 | December 31, 2022 | ||||||||||
Identified intangible assets: | |||||||||||
Gross amount | $ | 229,856 | $ | 237,777 | |||||||
Accumulated amortization | (99,770) | (98,139) | |||||||||
Total, net | $ | 130,086 | $ | 139,638 | |||||||
Identified intangible liabilities (included in deferred revenue): | |||||||||||
Gross amount | $ | 244,396 | $ | 244,396 | |||||||
Accumulated amortization | (214,147) | (208,592) | |||||||||
Total, net | $ | 30,249 | $ | 35,804 |
(Amounts in thousands) | |||||
2024 | $ | 2,348 | |||
2025 | 935 | ||||
2026 | 292 | ||||
2027 | (154) | ||||
2028 | (43) |
(Amounts in thousands) | |||||
2024 | $ | 7,004 | |||
2025 | 5,954 | ||||
2026 | 5,760 | ||||
2027 | 5,325 | ||||
2028 | 4,166 |
(Amounts in thousands) | Weighted Average Interest Rate as of September 30, 2023(1) | Balance as of | |||||||||||||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Mortgages Payable: | |||||||||||||||||||||||
Fixed rate | 3.63% | $ | 3,568,650 | $ | 3,570,000 | ||||||||||||||||||
Variable rate(2) | 5.87% | 2,189,565 | 2,307,615 | ||||||||||||||||||||
Total | 4.48% | 5,758,215 | 5,877,615 | ||||||||||||||||||||
Deferred financing costs, net and other | (43,454) | (48,597) | |||||||||||||||||||||
Total, net | $ | 5,714,761 | $ | 5,829,018 | |||||||||||||||||||
Unsecured Debt: | |||||||||||||||||||||||
Senior unsecured notes | 3.02% | $ | 1,200,000 | $ | 1,200,000 | ||||||||||||||||||
Deferred financing costs, net and other | (6,638) | (8,168) | |||||||||||||||||||||
Senior unsecured notes, net | 1,193,362 | 1,191,832 | |||||||||||||||||||||
Unsecured term loan | 4.04% | 800,000 | 800,000 | ||||||||||||||||||||
Deferred financing costs, net and other | (5,788) | (6,807) | |||||||||||||||||||||
Unsecured term loan, net | 794,212 | 793,193 | |||||||||||||||||||||
Unsecured revolving credit facilities | 3.87% | 575,000 | 575,000 | ||||||||||||||||||||
Total, net | $ | 2,562,574 | $ | 2,560,025 |
(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 September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Beginning balance | $ | 410,276 | $ | 412,022 | $ | 348,692 | $ | 590,975 | |||||||||||||||
Net income | 4,736 | 606 | 8,773 | 6,382 | |||||||||||||||||||
Other comprehensive income | 1,634 | 8,299 | 26 | 15,044 | |||||||||||||||||||
Distributions | (29) | (7,579) | (5,658) | (22,740) | |||||||||||||||||||
Redemption of Class A units for Vornado common shares, at redemption value | (1,615) | (992) | (7,173) | (2,569) | |||||||||||||||||||
Redeemable Class A unit measurement adjustment | (8,954) | (21,857) | 58,159 | (215,619) | |||||||||||||||||||
Other, net | 9,127 | 3,575 | 12,356 | 22,601 | |||||||||||||||||||
Ending balance | $ | 415,175 | $ | 394,074 | $ | 415,175 | $ | 394,074 |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Beginning balance | $ | 70,020 | $ | 93,987 | $ | 88,040 | $ | 97,708 | |||||||||||||||
Net loss | (11,191) | (4,759) | (29,211) | (8,480) | |||||||||||||||||||
Ending balance | $ | 58,829 | $ | 89,228 | $ | 58,829 | $ | 89,228 |
(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 | ) |
(Per share/unit) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Common shares/Class A units held by Vornado: authorized 250,000,000 shares/units | $ | — | $ | 0.53 | $ | 0.375 | $ | 1.59 | |||||||||||||||
Preferred shares/units(1) | |||||||||||||||||||||||
Convertible Preferred: | |||||||||||||||||||||||
6.5% Series A: authorized 12,902 shares/units(2) | 0.8125 | 0.8125 | 2.4375 | 2.4375 | |||||||||||||||||||
Cumulative Redeemable Preferred(1)(3): | |||||||||||||||||||||||
5.40% Series L: authorized 13,800,000 shares/units | 0.3375 | 0.3375 | 1.0125 | 1.0125 | |||||||||||||||||||
5.25% Series M: authorized 13,800,000 shares/units | 0.3281 | 0.3281 | 0.9843 | 0.9843 | |||||||||||||||||||
5.25% Series N: authorized 12,000,000 shares/units | 0.3281 | 0.3281 | 0.9843 | 0.9843 | |||||||||||||||||||
4.45% Series O: authorized 12,000,000 shares/units | 0.2781 | 0.2781 | 0.8343 | 0.8343 |
We account for all equity-based compensation in accordance with ASC Topic 718, Compensation - Stock Compensation. Stock-based compensation expense, a component of "general and administrative" expense on our consolidated statements of income, was $9,665,000 and $3,886,000 for the three months ended September 30, 2023 and 2022, respectively, and $33,247,000 and $22,887,000 for the nine months ended September 30, 2023 and 2022, respectively. 2023 Omnibus Share Plan On May 18, 2023, our shareholders approved the 2023 Omnibus Share Plan (the “Plan”), which replaces the 2019 Omnibus Share Plan. Under the Plan, the Compensation Committee of Vornado’s Board of Trustees (the “Committee”) may grant incentive and non-qualified Vornado stock options, restricted Vornado common shares, restricted Operating Partnership units (“LTIP Units”), out-performance plan awards (“OPP Units”), appreciation-only long-term incentive plan units (“AO LTIP Units”), performance conditioned appreciation-only long-term incentive plan units (“Performance AO LTIP Units”), and long-term performance plan LTIP units (“LTPP Units”) to certain of our employees and officers. Awards may be granted up to a maximum of 10,800,000 shares, if all awards granted are Full Value awards, as defined in the Plan, and up to 21,600,000 shares, if all of the awards granted are Not Full Value Awards, as defined in the Plan. Full Value Awards are securities that have a value equivalent to the underlying Vornado common share or Class A unit of the Operating Partnership, such as restricted Vornado common shares or LTIP Units. Vornado stock options, AO LTIP Units and Performance AO LTIP Units are Not Full Value Awards; these securities require the payment of an exercise price. LTIP Unit and Performance AO LTIP Grant On June 29, 2023 (the “Grant Date”), the Committee granted equity awards (the “Awards”), comprised of (i) 2,394,801 LTIP Units, and (ii) 14,368,750 Performance AO LTIP Units, to a broad group of employees of the Company including its named executive officers (as identified in the Company’s proxy statement for its 2023 Annual Meeting of Shareholders). The purpose of the Awards is to further incentivize and align the award recipients with shareholder performance and to support retention of these employees. The LTIP Units are a class of units of the Operating Partnership that, following the occurrence of certain events and upon vesting, are convertible by the holder into an equivalent number of Class A Units. Class A Units of the Operating Partnership are redeemable by the holder for cash or, at the Company’s election, common shares of the Company on a one-for-one basis. The LTIP Units will vest in two equal installments on the 3rd and 4th anniversaries of the Grant Date, respectively, subject to the recipient’s continued employment with the Company as of such dates, with each vesting tranche subject to an additional one-year post-vesting transfer restriction. The LTIP Units are entitled to receive the same distributions as paid on Vornado’s common shares. The Performance AO LTIP Units are a class of Operating Partnership units and each Performance AO LTIP Unit is potentially convertible into a number of Class A Units, determined by reference to the excess of the closing market price of Vornado common shares on the NYSE on the date of conversion over $16.87. The Performance AO LTIP Units can be converted until the 10th anniversary of the Grant Date, subject to satisfaction of the vesting and performance conditions described below. The Performance AO LTIP Units will vest with respect to 20% on the 3rd anniversary of the Grant Date, and the remaining 80% will vest on the 4th anniversary of the Grant Date, subject to the recipient’s continued employment with the Company, and subject to the following performance conditions: •No Performance AO LTIP Units are earned if the Applicable Price (defined below) is less than $21.0875 per share. •At an Applicable Price of $21.0875 per share (a 25% increase above the Grant Date share price), 33% of the Performance AO LTIP Units are earned. •At an Applicable Price of $25.3050 per share (a 50% increase above the Grant Date share price), 67% of the Performance AO LTIP Units are earned. •At an Applicable Price of $29.5225 per share (a 75% increase above the Grant Date share price), 100% of the Performance AO LTIP Units are earned. Linear interpolation applies for Applicable Prices between $21.0875 and $29.5225. “Applicable Price” means the highest average consecutive 20-trading day closing share price for Vornado’s common shares during the 10 years following the Grant Date. 36 VORNADO REALTY TRUST AND VORNADO REALTY L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED (UNAUDITED) 14. Variable Interest Entities ("VIEs") |
(Amounts in thousands) | As of September 30, 2023 | ||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Deferred compensation plan assets ($27,094 included in restricted cash and $73,392 in other assets) | $ | 100,486 | $ | 54,799 | $ | — | $ | 45,687 | |||||||||||||||
Loans receivable ($53,096 included in investments in partially owned entities and $4,745 in other assets) | 57,841 | — | — | 57,841 | |||||||||||||||||||
Interest rate swaps and caps (included in other assets) | 260,747 | — | 260,747 | — | |||||||||||||||||||
Total assets | $ | 419,074 | $ | 54,799 | $ | 260,747 | $ | 103,528 | |||||||||||||||
Mandatorily redeemable instruments (included in other liabilities) | $ | 49,383 | $ | 49,383 | $ | — | $ | — | |||||||||||||||
(Amounts in thousands) | As of December 31, 2022 | ||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Investments in U.S. Treasury bills(1) | $ | 471,962 | $ | 471,962 | $ | — | $ | — | |||||||||||||||
Deferred compensation plan assets ($7,763 included in restricted cash and $88,559 in other assets) | 96,322 | 57,406 | — | 38,916 | |||||||||||||||||||
Loans receivable ($50,091 included in investments in partially owned entities and $4,306 in other assets) | 54,397 | — | — | 54,397 | |||||||||||||||||||
Interest rate swaps and caps (included in other assets) | 183,804 | — | 183,804 | — | |||||||||||||||||||
Total assets | $ | 806,485 | $ | 529,368 | $ | 183,804 | $ | 93,313 | |||||||||||||||
Mandatorily redeemable instruments (included in other liabilities) | $ | 49,383 | $ | 49,383 | $ | — | $ | — | |||||||||||||||
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Beginning balance | $ | 38,653 | $ | 44,155 | $ | 38,916 | $ | 45,016 | |||||||||||||||
Purchases | 6,022 | 522 | 6,867 | 3,469 | |||||||||||||||||||
Sales | (912) | (504) | (3,790) | (3,291) | |||||||||||||||||||
Realized and unrealized gains (losses) | 1,012 | 574 | 1,367 | (1,524) | |||||||||||||||||||
Other, net | 912 | 164 | 2,327 | 1,241 | |||||||||||||||||||
Ending balance | $ | 45,687 | $ | 44,911 | $ | 45,687 | $ | 44,911 |
(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 | $ | — |
Range | Weighted Average (based on fair value of investments) | |||||||
Unobservable Quantitative Input | September 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | ||||
Discount rates | 10.0% to 14.9% | 10.0% to 14.9% | 12.5% | 12.6% | ||||
Terminal capitalization rates | 4.7% to 5.8% | 4.3% to 5.8% | 5.4% | 5.3% |
As of | |||||||||||||||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Unobservable Quantitative Input | Range | Weighted Average (based on fair value of investments) | Range | Weighted Average (based on fair value of investments) | |||||||||||||||||||
Discount rates | 7.5% | 7.5% | 7.5% | 7.5% | |||||||||||||||||||
Terminal capitalization rates | 5.5% - 6.25% | 5.6% | 5.5% | 5.5% |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Beginning balance | $ | 56,549 | $ | 52,046 | $ | 54,397 | $ | 50,182 | |||||||||||||||
Interest accrual | 1,292 | 1,205 | 3,855 | 3,602 | |||||||||||||||||||
Paydowns | — | — | (411) | (533) | |||||||||||||||||||
Ending balance | $ | 57,841 | $ | 53,251 | $ | 57,841 | $ | 53,251 |
(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 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 |
(Amounts in thousands) | As of September 30, 2023 | As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||
Notional Amount | All-In Swapped Rate | Swap/Cap Expiration Date | Fair Value Asset | Fair Value Asset | ||||||||||||||||||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||||||||||||||||||||
555 California Street mortgage loan: | ||||||||||||||||||||||||||||||||||||||
In-place swap | $ | 840,000 | (1) | 2.29% | 05/24 | $ | 26,672 | $ | 49,888 | |||||||||||||||||||||||||||||
Forward swap (effective 05/24) | 840,000 | (1) | 6.03% | 05/26 | 6,627 | — | ||||||||||||||||||||||||||||||||
770 Broadway mortgage loan | 700,000 | 4.98% | 07/27 | 40,782 | 29,226 | |||||||||||||||||||||||||||||||||
PENN 11 mortgage loan | 500,000 | 2.22% | 03/24 | 11,305 | 26,587 | |||||||||||||||||||||||||||||||||
Unsecured revolving credit facility | 575,000 | 3.87% | 08/27 | 34,358 | 24,457 | |||||||||||||||||||||||||||||||||
Unsecured term loan(2) | 800,000 | 4.04% | (2) | 27,249 | 21,024 | |||||||||||||||||||||||||||||||||
100 West 33rd Street mortgage loan | 480,000 | 5.06% | 06/27 | 16,907 | 6,886 | |||||||||||||||||||||||||||||||||
888 Seventh Avenue mortgage loan | 200,000 | (3) | 4.76% | 09/27 | 10,293 | 6,544 | ||||||||||||||||||||||||||||||||
4 Union Square South mortgage loan | 98,650 | (4) | 3.74% | 01/25 | 3,552 | 4,050 | ||||||||||||||||||||||||||||||||
Interest rate caps: | ||||||||||||||||||||||||||||||||||||||
1290 Avenue of the Americas mortgage loan | 950,000 | (5) | 11/25 | 70,599 | 7,590 | |||||||||||||||||||||||||||||||||
One Park Avenue mortgage loan | 525,000 | (6) | 03/25 | 10,169 | 5,472 | |||||||||||||||||||||||||||||||||
Various mortgage loans | 2,234 | 2,080 | ||||||||||||||||||||||||||||||||||||
$ | 260,747 | $ | 183,804 |
Swapped Balance | All-In Swapped Rate | Unswapped Balance (bears interest at S+129) | ||||||||||||||||||
Through 10/23 | $ | 800,000 | 4.04% | $ | — | |||||||||||||||
10/23 through 07/25 | 700,000 | 4.52% | 100,000 | |||||||||||||||||
07/25 through 10/26 | 550,000 | 4.35% | 250,000 | |||||||||||||||||
10/26 through 08/27 | 50,000 | 4.03% | 750,000 |
(Amounts in thousands) | As of September 30, 2017 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Investment in PREIT | $ | 65,563 | $ | 65,563 | $ | — | $ | — |
Unobservable Quantitative Input | Range | Weighted Average (based on fair value of investments) | |||||||||||||||
Discount rates | 7.50% - | 7.52% | |||||||||||||||
Terminal capitalization rates | 4.75% - 5.50% | 4.78% |
(Amounts in thousands) | (Amounts in thousands) | As of September 30, 2017 | As of December 31, 2016 | (Amounts in thousands) | As of September 30, 2023 | As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||
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 | $ | 797,773 | $ | 798,000 | $ | 402,903 | $ | 403,000 | ||||||||||||||||||||||||
Debt: | Debt: | Debt: | ||||||||||||||||||||||||||||||||||||||||
Mortgages payable | $ | 8,204,763 | $ | 8,223,000 | $ | 8,206,680 | $ | 8,163,000 | Mortgages payable | $ | 5,758,215 | $ | 5,610,000 | $ | 5,877,615 | $ | 5,697,000 | |||||||||||||||||||||||||
Senior unsecured notes | 850,000 | 885,000 | 850,000 | 899,000 | Senior unsecured notes | 1,200,000 | 1,021,000 | 1,200,000 | 1,021,000 | |||||||||||||||||||||||||||||||||
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 | $ | 8,333,215 | (1) | $ | 8,006,000 | $ | 8,452,615 | (1) | $ | 8,093,000 |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Interest on cash and cash equivalents and restricted cash | $ | 12,643 | $ | 2,286 | $ | 30,910 | $ | 2,660 | |||||||||||||||
Interest on loans receivable | 291 | 1,396 | 1,053 | 3,215 | |||||||||||||||||||
Amortization of discount on investments in U.S. Treasury bills | — | 1,546 | 3,829 | 3,403 | |||||||||||||||||||
Other, net | — | — | — | 4 | |||||||||||||||||||
$ | 12,934 | $ | 5,228 | $ | 35,792 | $ | 9,282 |
(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 |
17. Interest and Debt Expense |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Interest expense | $ | 93,336 | $ | 76,009 | $ | 273,577 | $ | 187,552 | |||||||||||||||
Capitalized interest and debt expense | (11,205) | (4,874) | (30,011) | (12,095) | |||||||||||||||||||
Amortization of deferred financing costs | 5,995 | 5,639 | 17,962 | 16,066 | |||||||||||||||||||
$ | 88,126 | $ | 76,774 | $ | 261,528 | $ | 191,523 |
(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 |
(Amounts in thousands, except per share amounts) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income attributable to Vornado | $ | 68,375 | $ | 23,298 | $ | 150,978 | $ | 131,252 | |||||||||||||||
Preferred share dividends | (15,529) | (15,529) | (46,587) | (46,587) | |||||||||||||||||||
Net income attributable to common shareholders | 52,846 | 7,769 | 104,391 | 84,665 | |||||||||||||||||||
Earnings allocated to unvested participating securities | (1) | (4) | (2) | (14) | |||||||||||||||||||
Numerator for basic income per share | 52,845 | 7,765 | 104,389 | 84,651 | |||||||||||||||||||
Impact of assumed conversion of dilutive convertible securities | 350 | — | 1,050 | (243) | |||||||||||||||||||
Numerator for diluted income per share | $ | 53,195 | $ | 7,765 | $ | 105,439 | $ | 84,408 | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Denominator for basic income per share - weighted average shares | 190,364 | 191,793 | 191,228 | 191,756 | |||||||||||||||||||
Effect of dilutive securities(1): | |||||||||||||||||||||||
Share-based payment awards | 445 | 225 | 163 | 266 | |||||||||||||||||||
Convertible securities | 2,112 | — | 2,454 | 20 | |||||||||||||||||||
Denominator for diluted income per share - weighted average shares and assumed conversions | 192,921 | 192,018 | 193,845 | 192,042 | |||||||||||||||||||
INCOME PER COMMON SHARE - BASIC: | |||||||||||||||||||||||
Net income per common share | $ | 0.28 | $ | 0.04 | $ | 0.55 | $ | 0.44 | |||||||||||||||
INCOME PER COMMON SHARE - DILUTED: | |||||||||||||||||||||||
Net income per common share | $ | 0.28 | $ | 0.04 | $ | 0.54 | $ | 0.44 |
(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 | |||||||||||||
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 (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 | |||||||||||
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 |
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 September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||
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. | $ | 73,111 | $ | 23,904 | $ | 159,751 | $ | 137,634 | ||||||||||||||||||||||||||||||
Preferred unit distributions | Preferred unit distributions | (15,558) | (15,558) | (46,673) | (46,673) | ||||||||||||||||||||||||||||||||||
Net income attributable to Class A unitholders | Net income attributable to Class A unitholders | 57,553 | 8,346 | 113,078 | 90,961 | ||||||||||||||||||||||||||||||||||
Earnings allocated to unvested participating securities | Earnings allocated to unvested participating securities | (747) | (498) | (594) | (1,719) | ||||||||||||||||||||||||||||||||||
Numerator for basic income per Class A unit | Numerator for basic income per Class A unit | 56,806 | 7,848 | 112,484 | 89,242 | ||||||||||||||||||||||||||||||||||
Impact of assumed conversion of dilutive convertible securities | Impact of assumed conversion of dilutive convertible securities | 350 | — | 500 | (243) | ||||||||||||||||||||||||||||||||||
Numerator for diluted income per Class A unit | Numerator for diluted income per Class A unit | $ | 57,156 | $ | 7,848 | $ | 112,984 | $ | 88,999 | ||||||||||||||||||||||||||||||
Denominator: | Denominator: | ||||||||||||||||||||||||||||||||||||||
Denominator for basic income per Class A unit – weighted average units | Denominator for basic income per Class A unit – weighted average units | 204,628 | 205,410 | 205,268 | 205,271 | ||||||||||||||||||||||||||||||||||
Effect of dilutive securities(1): | Effect of dilutive securities(1): | ||||||||||||||||||||||||||||||||||||||
Share-based payment awards | Share-based payment awards | 445 | 502 | 163 | 633 | ||||||||||||||||||||||||||||||||||
Convertible securities | Convertible securities | 2,112 | — | 2,454 | 20 | ||||||||||||||||||||||||||||||||||
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 | 207,185 | 205,912 | 207,885 | 205,924 | ||||||||||||||||||||||||||||||||||
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 | $ | 0.28 | $ | 0.04 | $ | 0.55 | $ | 0.43 | ||||||||||||||||||||||||||||||
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 | $ | 0.28 | $ | 0.04 | $ | 0.54 | $ | 0.43 |
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 September 30, 2023 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 450,995 | $ | 364,768 | $ | 86,227 | |||||||||||
Operating expenses | (233,737) | (186,147) | (47,590) | ||||||||||||||
NOI - consolidated | 217,258 | 178,621 | 38,637 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (8,363) | (2,197) | (6,166) | ||||||||||||||
Add: NOI from partially owned entities | 72,100 | 69,210 | 2,890 | ||||||||||||||
NOI at share | 280,995 | 245,634 | 35,361 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (2,980) | (4,790) | 1,810 | ||||||||||||||
NOI at share - cash basis | $ | 278,015 | $ | 240,844 | $ | 37,171 |
(Amounts in thousands) | For the Three Months Ended September 30, 2022 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 457,431 | $ | 360,033 | $ | 97,398 | |||||||||||
Operating expenses | (221,596) | (182,131) | (39,465) | ||||||||||||||
NOI - consolidated | 235,835 | 177,902 | 57,933 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (14,766) | (8,691) | (6,075) | ||||||||||||||
Add: NOI from partially owned entities | 76,020 | 71,943 | 4,077 | ||||||||||||||
NOI at share | 297,089 | 241,154 | 55,935 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (1,419) | (3,462) | 2,043 | ||||||||||||||
NOI at share - cash basis | $ | 295,670 | $ | 237,692 | $ | 57,978 |
(Amounts in thousands) | For the Nine Months Ended September 30, 2023 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 1,369,277 | $ | 1,091,053 | $ | 278,224 | |||||||||||
Operating expenses | (685,233) | (550,878) | (134,355) | ||||||||||||||
NOI - consolidated | 684,044 | 540,175 | 143,869 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (38,869) | (12,224) | (26,645) | ||||||||||||||
Add: NOI from partially owned entities | 210,942 | 202,043 | 8,899 | ||||||||||||||
NOI at share | 856,117 | 729,994 | 126,123 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (3,498) | (6,554) | 3,056 | ||||||||||||||
NOI at share - cash basis | $ | 852,619 | $ | 723,440 | $ | 129,179 |
(Amounts in thousands) | For the Nine Months Ended September 30, 2022 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 1,353,055 | $ | 1,082,743 | $ | 270,312 | |||||||||||
Operating expenses | (660,434) | (536,238) | (124,196) | ||||||||||||||
NOI - consolidated | 692,621 | 546,505 | 146,116 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (51,100) | (32,708) | (18,392) | ||||||||||||||
Add: NOI from partially owned entities | 228,772 | 219,116 | 9,656 | ||||||||||||||
NOI at share | 870,293 | 732,913 | 137,380 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (8,824) | (13,626) | 4,802 | ||||||||||||||
NOI at share - cash basis | $ | 861,469 | $ | 719,287 | $ | 142,182 |
(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 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, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income | $ | 59,570 | $ | 20,112 | $ | 133,501 | $ | 142,390 | |||||||||||||||
Depreciation and amortization expense | 110,349 | 134,526 | 324,076 | 370,631 | |||||||||||||||||||
General and administrative expense | 35,838 | 29,174 | 116,843 | 102,292 | |||||||||||||||||||
Transaction related costs and other | 813 | 996 | 1,501 | 4,961 | |||||||||||||||||||
Income from partially owned entities | (18,269) | (24,341) | (72,207) | (83,775) | |||||||||||||||||||
(Income) loss from real estate fund investments | (1,783) | 111 | (1,662) | (5,421) | |||||||||||||||||||
Interest and other investment income, net | (12,934) | (5,228) | (35,792) | (9,282) | |||||||||||||||||||
Interest and debt expense | 88,126 | 76,774 | 261,528 | 191,523 | |||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | (56,136) | — | (64,592) | (35,384) | |||||||||||||||||||
Income tax expense | 11,684 | 3,711 | 20,848 | 14,686 | |||||||||||||||||||
NOI from partially owned entities | 72,100 | 76,020 | 210,942 | 228,772 | |||||||||||||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (8,363) | (14,766) | (38,869) | (51,100) | |||||||||||||||||||
NOI at share | 280,995 | 297,089 | 856,117 | 870,293 | |||||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (2,980) | (1,419) | (3,498) | (8,824) | |||||||||||||||||||
NOI at share - cash basis | $ | 278,015 | $ | 295,670 | $ | 852,619 | $ | 861,469 |
(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 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 |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Certain (income) expense items that impact net income attributable to common shareholders: | |||||||||||||||||||||||
Net gain on contribution of Pier 94 leasehold interest to joint venture | $ | (35,968) | $ | — | $ | (35,968) | $ | — | |||||||||||||||
After-tax net gain on sale of The Armory Show | (17,076) | — | (17,076) | — | |||||||||||||||||||
Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary) | 3,115 | 3,776 | 8,196 | 10,183 | |||||||||||||||||||
Our share of Alexander's, Inc. ("Alexander's") gain on sale of Rego Park III land parcel | — | — | (16,396) | — | |||||||||||||||||||
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units and ancillary amenities | — | — | (6,173) | (6,085) | |||||||||||||||||||
Other | 5,954 | 28,090 | 48 | 19,784 | |||||||||||||||||||
(43,975) | 31,866 | (67,369) | 23,882 | ||||||||||||||||||||
Noncontrolling interests' share of above adjustments | 3,974 | (2,206) | 6,224 | (1,895) | |||||||||||||||||||
Total of certain (income) expense items that impact net income attributable to common shareholders | $ | (40,001) | $ | 29,660 | $ | (61,145) | $ | 21,987 |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions: | |||||||||||||||||||||||
Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary) | $ | 3,115 | $ | 3,776 | $ | 8,196 | $ | 10,183 | |||||||||||||||
After-tax net gain on sale of 220 CPS condominium units and ancillary amenities | — | — | (6,173) | (6,085) | |||||||||||||||||||
Other | 5,330 | 1,477 | (167) | 3,840 | |||||||||||||||||||
8,445 | 5,253 | 1,856 | 7,938 | ||||||||||||||||||||
Noncontrolling interests' share of above adjustments | (691) | (364) | (143) | (550) | |||||||||||||||||||
Total of certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions, net | $ | 7,754 | $ | 4,889 | $ | 1,713 | $ | 7,388 |
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 | )% | ||
Total | New York | THE MART(1) | 555 California Street(2) | |||||||||||||||||||||||
Same store NOI at share % (decrease) increase | ||||||||||||||||||||||||||
Three months ended September 30, 2023 compared to September 30, 2022 | (3.0) | % | 4.0 | % | (54.0) | % | 2.9 | % | ||||||||||||||||||
Nine months ended September 30, 2023 compared to September 30, 2022 | 1.1 | % | 2.8 | % | (35.5) | % | 32.2 | % | ||||||||||||||||||
Same store NOI at share - cash basis % (decrease) increase | ||||||||||||||||||||||||||
Three months ended September 30, 2023 compared to September 30, 2022 | (4.7) | % | 2.1 | % | (53.7) | % | 3.7 | % | ||||||||||||||||||
Nine months ended September 30, 2023 compared to September 30, 2022 | 1.1 | % | 3.1 | % | (38.2) | % | 34.7 | % |
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%. |
(Amounts in thousands) | Notional Amount (at share) | All-In Swapped Rate | Expiration Date | Variable Rate Spread | ||||||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||||||||
555 California Street (effective 05/24) | $ | 840,000 | 6.03% | 05/26 | S+205 | |||||||||||||||||||||
Unsecured term loan(1) (effective 10/23) | 150,000 | 5.12% | 07/25 | S+129 | ||||||||||||||||||||||
Index Strike Rate | ||||||||||||||||||||||||||
Interest rate caps: | ||||||||||||||||||||||||||
1290 Avenue of the Americas (70.0% interest) (effective 11/23)(2) | $ | 665,000 | 1.00% | 11/25 | S+162 | |||||||||||||||||||||
One Park Avenue (effective 3/24) | 525,000 | 3.89% | 03/25 | S+122 | ||||||||||||||||||||||
731 Lexington Avenue office condominium (32.4% interest) | 162,000 | 6.00% | 06/24 | Prime + 0 | ||||||||||||||||||||||
640 Fifth Avenue (52.0% interest) | 259,925 | 4.00% | 05/24 | S+111 | ||||||||||||||||||||||
512 West 22nd Street (55.0% interest) | 71,088 | 4.50% | 06/25 | S+200 |
Swapped Balance | All-In Swapped Rate | Unswapped Balance (bears interest at S+129) | ||||||||||||||||||
Through 10/23 | $ | 800,000 | 4.04% | $ | — | |||||||||||||||
10/23 through 07/25 | 700,000 | 4.52% | 100,000 | |||||||||||||||||
07/25 through 10/26 | 550,000 | 4.35% | 250,000 | |||||||||||||||||
10/26 through 08/27 | 50,000 | 4.03% | 750,000 |
(Square feet in thousands) | Square Feet (in service) | |||||||||||||||||||||||||
Number of Properties | Total Portfolio | Our Share | Occupancy % | |||||||||||||||||||||||
New York: | ||||||||||||||||||||||||||
Office | 30 | (1) | 18,771 | 16,073 | 91.6 | % | ||||||||||||||||||||
Retail (includes retail properties that are in the base of our office properties) | 51 | (1) | 2,117 | 1,678 | 74.3 | % | ||||||||||||||||||||
Residential - 1,974 units(2) | 5 | (1) | 1,479 | 745 | 96.6 | % | (2) | |||||||||||||||||||
Alexander's | 5 | 2,455 | 795 | 87.3 | % | (2) | ||||||||||||||||||||
24,822 | 19,291 | 89.9 | % | |||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||
THE MART | 4 | 3,683 | 3,674 | 76.8 | % | |||||||||||||||||||||
555 California Street | 3 | 1,819 | 1,274 | 94.5 | % | |||||||||||||||||||||
Other | 11 | 2,532 | 1,197 | 91.9 | % | |||||||||||||||||||||
8,034 | 6,145 | |||||||||||||||||||||||||
Total square feet as of September 30, 2023 | 32,856 | 25,436 |
(Square feet in thousands) | Square Feet (in service) | |||||||||||||||||||||||||
Number of properties | Total Portfolio | Our Share | Occupancy % | |||||||||||||||||||||||
New York: | ||||||||||||||||||||||||||
Office | 30 | (1) | 18,724 | 16,028 | 91.9 | % | ||||||||||||||||||||
Retail (includes retail properties that are in the base of our office properties) | 56 | (1) | 2,289 | 1,851 | 74.4 | % | ||||||||||||||||||||
Residential - 1,976 units(2) | 6 | (1) | 1,499 | 766 | 96.7 | % | (2) | |||||||||||||||||||
Alexander's | 6 | 2,241 | 726 | 96.4 | % | (2) | ||||||||||||||||||||
24,753 | 19,371 | 90.4 | % | |||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||
THE MART | 4 | 3,635 | 3,626 | 81.6 | % | |||||||||||||||||||||
555 California Street | 3 | 1,819 | 1,273 | 94.7 | % | |||||||||||||||||||||
Other | 11 | 2,532 | 1,197 | 92.6 | % | |||||||||||||||||||||
7,986 | 6,096 | |||||||||||||||||||||||||
Total square feet as of December 31, 2022 | 32,739 | 25,467 |
(Square feet in thousands) | Square Feet (in service) | |||||||||||||||||||||||||
Number of Properties | Total Portfolio | Our Share | Occupancy % | |||||||||||||||||||||||
New York: | ||||||||||||||||||||||||||
Office | 30 | (1) | 18,771 | 16,073 | 91.6 | % | ||||||||||||||||||||
Retail (includes retail properties that are in the base of our office properties) | 51 | (1) | 2,117 | 1,678 | 74.3 | % | ||||||||||||||||||||
Residential - 1,974 units(2) | 5 | (1) | 1,479 | 745 | 96.6 | % | (2) | |||||||||||||||||||
Alexander's | 5 | 2,455 | 795 | 87.3 | % | (2) | ||||||||||||||||||||
24,822 | 19,291 | 89.9 | % | |||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||
THE MART | 4 | 3,683 | 3,674 | 76.8 | % | |||||||||||||||||||||
555 California Street | 3 | 1,819 | 1,274 | 94.5 | % | |||||||||||||||||||||
Other | 11 | 2,532 | 1,197 | 91.9 | % | |||||||||||||||||||||
8,034 | 6,145 | |||||||||||||||||||||||||
Total square feet as of September 30, 2023 | 32,856 | 25,436 |
(Square feet in thousands) | Square Feet (in service) | |||||||||||||||||||||||||
Number of properties | Total Portfolio | Our Share | Occupancy % | |||||||||||||||||||||||
New York: | ||||||||||||||||||||||||||
Office | 30 | (1) | 18,724 | 16,028 | 91.9 | % | ||||||||||||||||||||
Retail (includes retail properties that are in the base of our office properties) | 56 | (1) | 2,289 | 1,851 | 74.4 | % | ||||||||||||||||||||
Residential - 1,976 units(2) | 6 | (1) | 1,499 | 766 | 96.7 | % | (2) | |||||||||||||||||||
Alexander's | 6 | 2,241 | 726 | 96.4 | % | (2) | ||||||||||||||||||||
24,753 | 19,371 | 90.4 | % | |||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||
THE MART | 4 | 3,635 | 3,626 | 81.6 | % | |||||||||||||||||||||
555 California Street | 3 | 1,819 | 1,273 | 94.7 | % | |||||||||||||||||||||
Other | 11 | 2,532 | 1,197 | 92.6 | % | |||||||||||||||||||||
7,986 | 6,096 | |||||||||||||||||||||||||
Total square feet as of December 31, 2022 | 32,739 | 25,467 |
(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 | 30 | (1) | 18,771 | 16,073 | 91.6 | % | ||||||||||||||||||||
Retail (includes retail properties that are in the base of our office properties) | 51 | (1) | 2,117 | 1,678 | 74.3 | % | ||||||||||||||||||||
Residential - 1,974 units(2) | 5 | (1) | 1,479 | 745 | 96.6 | % | (2) | |||||||||||||||||||
Alexander's | 5 | 2,455 | 795 | 87.3 | % | (2) | ||||||||||||||||||||
24,822 | 19,291 | 89.9 | % | |||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||
THE MART | 4 | 3,683 | 3,674 | 76.8 | % | |||||||||||||||||||||
555 California Street | 3 | 1,819 | 1,274 | 94.5 | % | |||||||||||||||||||||
Other | 11 | 2,532 | 1,197 | 91.9 | % | |||||||||||||||||||||
8,034 | 6,145 | |||||||||||||||||||||||||
Total square feet as of September 30, 2023 | 32,856 | 25,436 |
(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 | 30 | (1) | 18,724 | 16,028 | 91.9 | % | ||||||||||||||||||||
Retail (includes retail properties that are in the base of our office properties) | 56 | (1) | 2,289 | 1,851 | 74.4 | % | ||||||||||||||||||||
Residential - 1,976 units(2) | 6 | (1) | 1,499 | 766 | 96.7 | % | (2) | |||||||||||||||||||
Alexander's | 6 | 2,241 | 726 | 96.4 | % | (2) | ||||||||||||||||||||
24,753 | 19,371 | 90.4 | % | |||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||
THE MART | 4 | 3,635 | 3,626 | 81.6 | % | |||||||||||||||||||||
555 California Street | 3 | 1,819 | 1,273 | 94.7 | % | |||||||||||||||||||||
Other | 11 | 2,532 | 1,197 | 92.6 | % | |||||||||||||||||||||
7,986 | 6,096 | |||||||||||||||||||||||||
Total square feet as of December 31, 2022 | 32,739 | 25,467 |
(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 September 30, 2023 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 450,995 | $ | 364,768 | $ | 86,227 | |||||||||||
Operating expenses | (233,737) | (186,147) | (47,590) | ||||||||||||||
NOI - consolidated | 217,258 | 178,621 | 38,637 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (8,363) | (2,197) | (6,166) | ||||||||||||||
Add: NOI from partially owned entities | 72,100 | 69,210 | 2,890 | ||||||||||||||
NOI at share | 280,995 | 245,634 | 35,361 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (2,980) | (4,790) | 1,810 | ||||||||||||||
NOI at share - cash basis | $ | 278,015 | $ | 240,844 | $ | 37,171 |
(Amounts in thousands) | For the Three Months Ended September 30, 2022 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 457,431 | $ | 360,033 | $ | 97,398 | |||||||||||
Operating expenses | (221,596) | (182,131) | (39,465) | ||||||||||||||
NOI - consolidated | 235,835 | 177,902 | 57,933 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (14,766) | (8,691) | (6,075) | ||||||||||||||
Add: NOI from partially owned entities | 76,020 | 71,943 | 4,077 | ||||||||||||||
NOI at share | 297,089 | 241,154 | 55,935 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (1,419) | (3,462) | 2,043 | ||||||||||||||
NOI at share - cash basis | $ | 295,670 | $ | 237,692 | $ | 57,978 |
(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 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, | ||||||||||
2023 | 2022 | ||||||||||
New York: | |||||||||||
Office | $ | 183,919 | $ | 174,790 | |||||||
Retail | 46,559 | 52,127 | |||||||||
Residential | 5,570 | 4,598 | |||||||||
Alexander's | 9,586 | 9,639 | |||||||||
Total New York | 245,634 | 241,154 | |||||||||
Other: | |||||||||||
THE MART(1) | 15,132 | 35,769 | |||||||||
555 California Street | 16,564 | 16,092 | |||||||||
Other investments | 3,665 | 4,074 | |||||||||
Total Other | 35,361 | 55,935 | |||||||||
NOI at share | $ | 280,995 | $ | 297,089 |
(Amounts in thousands) | For the Three Months Ended September 30, | ||||||||||
2023 | 2022 | ||||||||||
New York: | |||||||||||
Office | $ | 179,838 | $ | 174,606 | |||||||
Retail | 45,451 | 48,096 | |||||||||
Residential | 5,271 | 4,556 | |||||||||
Alexander's | 10,284 | 10,434 | |||||||||
Total New York | 240,844 | 237,692 | |||||||||
Other: | |||||||||||
THE MART(1) | 15,801 | 36,772 | |||||||||
555 California Street | 17,552 | 16,926 | |||||||||
Other investments | 3,818 | 4,280 | |||||||||
Total Other | 37,171 | 57,978 | |||||||||
NOI at share - cash basis | $ | 278,015 | $ | 295,670 |
(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 |
(Amounts in thousands) | For the Three Months Ended September 30, | ||||||||||
2023 | 2022 | ||||||||||
Net income | $ | 59,570 | $ | 20,112 | |||||||
Depreciation and amortization expense | 110,349 | 134,526 | |||||||||
General and administrative expense | 35,838 | 29,174 | |||||||||
Transaction related costs and other | 813 | 996 | |||||||||
Income from partially owned entities | (18,269) | (24,341) | |||||||||
(Income) loss from real estate fund investments | (1,783) | 111 | |||||||||
Interest and other investment income, net | (12,934) | (5,228) | |||||||||
Interest and debt expense | 88,126 | 76,774 | |||||||||
Net gains on disposition of wholly owned and partially owned assets | (56,136) | — | |||||||||
Income tax expense | 11,684 | 3,711 | |||||||||
NOI from partially owned entities | 72,100 | 76,020 | |||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (8,363) | (14,766) | |||||||||
NOI at share | 280,995 | 297,089 | |||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (2,980) | (1,419) | |||||||||
NOI at share - cash basis | $ | 278,015 | $ | 295,670 |
For the Three Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Region: | |||||||||||
New York City metropolitan area | 89 | % | 82 | % | |||||||
Chicago, IL | 5 | % | 13 | % | |||||||
San Francisco, CA | 6 | % | 5 | % | |||||||
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 | |||||||||||||||||
(Decrease) increase due to: | ||||||||||||||||||||
Rental revenues: | ||||||||||||||||||||
Acquisitions, dispositions and other | $ | (17,720) | $ | (6,055) | $ | (11,665) | ||||||||||||||
Development and redevelopment | 720 | 720 | — | |||||||||||||||||
Trade shows | (811) | — | (811) | |||||||||||||||||
Same store operations | 9,034 | 7,460 | 1,574 | |||||||||||||||||
(8,777) | 2,125 | (10,902) | ||||||||||||||||||
Fee and other income: | ||||||||||||||||||||
BMS cleaning fees | 366 | 628 | (262) | |||||||||||||||||
Management and leasing fees | 731 | 846 | (115) | |||||||||||||||||
Other income | 1,244 | 1,136 | 108 | |||||||||||||||||
2,341 | 2,610 | (269) | ||||||||||||||||||
Total (decrease) increase in revenues | $ | (6,436) | $ | 4,735 | $ | (11,171) |
(Amounts in thousands) | Total | New York | Other | |||||||||||||||||
(Decrease) increase due to: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Acquisitions, dispositions and other | $ | (11,531) | $ | (2,628) | $ | (8,903) | ||||||||||||||
Development and redevelopment | 603 | 603 | — | |||||||||||||||||
Non-reimbursable expenses | 34 | 34 | — | |||||||||||||||||
Trade shows | (186) | — | (186) | |||||||||||||||||
BMS expenses | (242) | 20 | (262) | |||||||||||||||||
Same store operations | 23,463 | 5,987 | 17,476 | |||||||||||||||||
12,141 | 4,016 | 8,125 | ||||||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||
Acquisitions, dispositions and other | (28,427) | (28,427) | — | |||||||||||||||||
Development and redevelopment | (36) | (36) | — | |||||||||||||||||
Same store operations | 4,286 | 3,941 | 345 | |||||||||||||||||
(24,177) | (24,522) | 345 | ||||||||||||||||||
General and administrative | 6,664 | 1,251 | 5,413 | |||||||||||||||||
Expense from deferred compensation plan liability | 2,231 | — | 2,231 | |||||||||||||||||
Transaction related costs and other | (183) | 514 | (697) | |||||||||||||||||
Total (decrease) increase in expenses | $ | (3,324) | $ | (18,741) | $ | 15,417 |
(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) | Percentage Ownership as of September 30, 2023 | For the Three Months Ended September 30, | |||||||||||||||
2023 | 2022 | ||||||||||||||||
Our share of net income (loss): | |||||||||||||||||
Fifth Avenue and Times Square JV: | |||||||||||||||||
Equity in net income | 51.5% | $ | 10,917 | $ | 11,941 | ||||||||||||
Return on preferred equity, net of our share of the expense | 9,430 | 9,430 | |||||||||||||||
20,347 | 21,371 | ||||||||||||||||
Partially owned office buildings(1) | Various | (7,647) | (5,286) | ||||||||||||||
Alexander's | 32.4% | 4,525 | 5,910 | ||||||||||||||
Other investments(2) | Various | 1,044 | 2,346 | ||||||||||||||
$ | 18,269 | $ | 24,341 |
(Amounts in thousands) | For the Three Months Ended September 30, | ||||||||||
2023 | 2022 | ||||||||||
Net realized gain on exited investments | $ | 1,861 | $ | — | |||||||
Net investment loss | (78) | (111) | |||||||||
Income (loss) from real estate fund investments | 1,783 | (111) | |||||||||
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (1,302) | 312 | |||||||||
Income from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ | 481 | $ | 201 | |||||||
(Amounts in thousands) | For the Three Months Ended September 30, | ||||||||||
2023 | 2022 | ||||||||||
Interest on cash and cash equivalents and restricted cash | $ | 12,643 | $ | 2,286 | |||||||
Interest on loans receivable | 291 | 1,396 | |||||||||
Amortization of discount on investments in U.S. Treasury bills | — | 1,546 | |||||||||
$ | 12,934 | $ | 5,228 |
(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) | 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 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) | Total | New York | THE MART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share for the three months ended September 30, 2023 | $ | 280,995 | $ | 245,634 | $ | 15,132 | $ | 16,564 | $ | 3,665 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Dispositions | (164) | (440) | 276 | — | — | ||||||||||||||||||||||||
Development properties | (4,724) | (4,724) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (4,774) | (1,109) | — | — | (3,665) | ||||||||||||||||||||||||
Same store NOI at share for the three months ended September 30, 2023 | $ | 271,333 | $ | 239,361 | $ | 15,408 | $ | 16,564 | $ | — | |||||||||||||||||||
NOI at share for the three months ended September 30, 2022 | $ | 297,089 | $ | 241,154 | $ | 35,769 | $ | 16,092 | $ | 4,074 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Dispositions | (5,040) | (2,748) | (2,292) | — | — | ||||||||||||||||||||||||
Development properties | (4,549) | (4,549) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (7,679) | (3,605) | — | — | (4,074) | ||||||||||||||||||||||||
Same store NOI at share for the three months ended September 30, 2022 | $ | 279,821 | $ | 230,252 | $ | 33,477 | $ | 16,092 | $ | — | |||||||||||||||||||
(Decrease) increase in same store NOI at share | $ | (8,488) | $ | 9,109 | $ | (18,069) | $ | 472 | $ | — | |||||||||||||||||||
% (decrease) increase in same store NOI at share | (3.0) | % | 4.0 | % | (54.0) | % | 2.9 | % | 0.0 | % |
(Amounts in thousands) | Total | New York | THE MART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share - cash basis for the three months ended September 30, 2023 | $ | 278,015 | $ | 240,844 | $ | 15,801 | $ | 17,552 | $ | 3,818 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Dispositions | (274) | (487) | 213 | — | — | ||||||||||||||||||||||||
Development properties | (4,131) | (4,131) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (8,379) | (4,561) | — | — | (3,818) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended September 30, 2023 | $ | 265,231 | $ | 231,665 | $ | 16,014 | $ | 17,552 | $ | — | |||||||||||||||||||
NOI at share - cash basis for the three months ended September 30, 2022 | $ | 295,670 | $ | 237,692 | $ | 36,772 | $ | 16,926 | $ | 4,280 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Dispositions | (4,857) | (2,655) | (2,202) | — | — | ||||||||||||||||||||||||
Development properties | (4,943) | (4,943) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (7,520) | (3,240) | — | — | (4,280) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended September 30, 2022 | $ | 278,350 | $ | 226,854 | $ | 34,570 | $ | 16,926 | $ | — | |||||||||||||||||||
(Decrease) increase in same store NOI at share - cash basis | $ | (13,119) | $ | 4,811 | $ | (18,556) | $ | 626 | $ | — | |||||||||||||||||||
% (decrease) increase in same store NOI at share - cash basis | (4.7) | % | 2.1 | % | (53.7) | % | 3.7 | % | 0.0 | % |
(Amounts in thousands) | For the Nine Months Ended September 30, 2023 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 1,369,277 | $ | 1,091,053 | $ | 278,224 | |||||||||||
Operating expenses | (685,233) | (550,878) | (134,355) | ||||||||||||||
NOI - consolidated | 684,044 | 540,175 | 143,869 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (38,869) | (12,224) | (26,645) | ||||||||||||||
Add: NOI from partially owned entities | 210,942 | 202,043 | 8,899 | ||||||||||||||
NOI at share | 856,117 | 729,994 | 126,123 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (3,498) | (6,554) | 3,056 | ||||||||||||||
NOI at share - cash basis | $ | 852,619 | $ | 723,440 | $ | 129,179 |
(Amounts in thousands) | For the Nine Months Ended September 30, 2022 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 1,353,055 | $ | 1,082,743 | $ | 270,312 | |||||||||||
Operating expenses | (660,434) | (536,238) | (124,196) | ||||||||||||||
NOI - consolidated | 692,621 | 546,505 | 146,116 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (51,100) | (32,708) | (18,392) | ||||||||||||||
Add: NOI from partially owned entities | 228,772 | 219,116 | 9,656 | ||||||||||||||
NOI at share | 870,293 | 732,913 | 137,380 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (8,824) | (13,626) | 4,802 | ||||||||||||||
NOI at share - cash basis | $ | 861,469 | $ | 719,287 | $ | 142,182 |
(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) | For the Nine Months Ended September 30, | ||||||||||
2023 | 2022 | ||||||||||
New York: | |||||||||||
Office | $ | 544,231 | $ | 534,641 | |||||||
Retail | 141,183 | 155,670 | |||||||||
Residential | 16,495 | 14,622 | |||||||||
Alexander's | 28,085 | 27,980 | |||||||||
Total New York | 729,994 | 732,913 | |||||||||
Other: | |||||||||||
THE MART(1) | 47,003 | 75,630 | |||||||||
555 California Street(2) | 64,840 | 49,051 | |||||||||
Other investments | 14,280 | 12,699 | |||||||||
Total Other | 126,123 | 137,380 | |||||||||
NOI at share | $ | 856,117 | $ | 870,293 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||
2023 | 2022 | ||||||||||
New York: | |||||||||||
Office | $ | 543,172 | $ | 532,759 | |||||||
Retail | 134,441 | 142,678 | |||||||||
Residential | 15,451 | 13,554 | |||||||||
Alexander's | 30,376 | 30,296 | |||||||||
Total New York | 723,440 | 719,287 | |||||||||
Other: | |||||||||||
THE MART(1) | 47,068 | 78,749 | |||||||||
555 California Street(2) | 67,554 | 50,141 | |||||||||
Other investments | 14,557 | 13,292 | |||||||||
Total Other | 129,179 | 142,182 | |||||||||
NOI at share - cash basis | $ | 852,619 | $ | 861,469 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||
2023 | 2022 | ||||||||||
Net income | $ | 133,501 | $ | 142,390 | |||||||
Depreciation and amortization expense | 324,076 | 370,631 | |||||||||
General and administrative expense | 116,843 | 102,292 | |||||||||
Transaction related costs and other | 1,501 | 4,961 | |||||||||
Income from partially owned entities | (72,207) | (83,775) | |||||||||
Income from real estate fund investments | (1,662) | (5,421) | |||||||||
Interest and other investment income, net | (35,792) | (9,282) | |||||||||
Interest and debt expense | 261,528 | 191,523 | |||||||||
Net gains on disposition of wholly owned and partially owned assets | (64,592) | (35,384) | |||||||||
Income tax expense | 20,848 | 14,686 | |||||||||
NOI from partially owned entities | 210,942 | 228,772 | |||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (38,869) | (51,100) | |||||||||
NOI at share | 856,117 | 870,293 | |||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (3,498) | (8,824) | |||||||||
NOI at share - cash basis | $ | 852,619 | $ | 861,469 |
For the Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Region: | |||||||||||
New York City metropolitan area | 88 | % | 85 | % | |||||||
Chicago, IL | 6 | % | 9 | % | |||||||
San Francisco, CA(1) | 6 | % | 6 | % | |||||||
100 | % | 100 | % |
(Amounts in thousands) | Total | New York | Other | |||||||||||||||||
(Decrease) increase due to: | ||||||||||||||||||||
Rental revenues: | ||||||||||||||||||||
Acquisitions, dispositions and other | $ | (36,584) | $ | (24,919) | $ | (11,665) | ||||||||||||||
Development and redevelopment | 789 | 789 | — | |||||||||||||||||
Trade shows | 33 | — | 33 | |||||||||||||||||
Same store operations | 40,135 | 21,588 | 18,547 | (1) | ||||||||||||||||
4,373 | (2,542) | 6,915 | ||||||||||||||||||
Fee and other income: | ||||||||||||||||||||
BMS cleaning fees | 4,150 | 5,143 | (993) | |||||||||||||||||
Management and leasing fees | 1,803 | 1,802 | 1 | |||||||||||||||||
Other income | 5,896 | 3,907 | 1,989 | |||||||||||||||||
11,849 | 10,852 | 997 | ||||||||||||||||||
Total increase in revenues | $ | 16,222 | $ | 8,310 | $ | 7,912 |
(Amounts in thousands) | Total | New York | Other | |||||||||||||||||
(Decrease) increase due to: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Acquisitions, dispositions and other | $ | (19,232) | $ | (10,329) | $ | (8,903) | ||||||||||||||
Development and redevelopment | 4,943 | 4,943 | — | |||||||||||||||||
Non-reimbursable expenses | 2,617 | 2,617 | — | |||||||||||||||||
Trade shows | 633 | — | 633 | |||||||||||||||||
BMS expenses | 2,555 | 3,548 | (993) | |||||||||||||||||
Same store operations | 33,283 | 13,861 | 19,422 | |||||||||||||||||
24,799 | 14,640 | 10,159 | ||||||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||
Acquisitions, dispositions and other | (50,117) | (50,117) | — | |||||||||||||||||
Development and redevelopment | 148 | 148 | — | |||||||||||||||||
Same store operations | 3,414 | 3,946 | (532) | |||||||||||||||||
(46,555) | (46,023) | (532) | ||||||||||||||||||
General and administrative | 14,551 | (1) | 2,035 | 12,516 | ||||||||||||||||
Expense from deferred compensation plan liability | 17,679 | — | 17,679 | |||||||||||||||||
Transaction related costs and other | (3,460) | (473) | (2,987) | |||||||||||||||||
Total increase (decrease) in expenses | $ | 7,014 | $ | (29,821) | $ | 36,835 |
(Amounts in thousands) | Percentage Ownership as of September 30, 2023 | For the Nine Months Ended September 30, | |||||||||||||||
2023 | 2022 | ||||||||||||||||
Our share of net income (loss): | |||||||||||||||||
Fifth Avenue and Times Square JV: | |||||||||||||||||
Equity in net income(1) | 51.5% | $ | 27,057 | $ | 41,915 | ||||||||||||
Return on preferred equity, net of our share of the expense | 27,985 | 27,985 | |||||||||||||||
55,042 | 69,900 | ||||||||||||||||
Alexander's(2) | 32.4% | 30,682 | 17,587 | ||||||||||||||
Partially owned office buildings(3) | Various | (16,864) | (8,974) | ||||||||||||||
Other investments(4) | Various | 3,347 | 5,262 | ||||||||||||||
$ | 72,207 | $ | 83,775 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||
2023 | 2022 | ||||||||||
Previously recorded unrealized loss on exited investments | $ | 247,575 | $ | 59,396 | |||||||
Net realized loss on exited investments | (245,714) | (53,724) | |||||||||
Net investment (loss) income | (199) | 6,549 | |||||||||
Net unrealized loss on held investments | — | (6,800) | |||||||||
Income from real estate fund investments | 1,662 | 5,421 | |||||||||
Less income attributable to noncontrolling interests in consolidated subsidiaries | (920) | (3,287) | |||||||||
Income from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ | 742 | $ | 2,134 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||
2023 | 2022 | ||||||||||
Interest on cash and cash equivalents and restricted cash | $ | 30,910 | $ | 2,660 | |||||||
Amortization of discount on investments in U.S. Treasury bills | 3,829 | 3,403 | |||||||||
Interest on loans receivable | 1,053 | 3,215 | |||||||||
Other, net | — | 4 | |||||||||
$ | 35,792 | $ | 9,282 |
(Amounts in thousands) | Total | New York | THE MART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share for the nine months ended September 30, 2023 | $ | 856,117 | $ | 729,994 | $ | 47,003 | $ | 64,840 | $ | 14,280 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Dispositions | (1,301) | (1,577) | 276 | — | — | ||||||||||||||||||||||||
Development properties | (19,864) | (19,864) | — | — | — | ||||||||||||||||||||||||
Other non-same store (income) expense, net | (12,919) | 1,361 | — | — | (14,280) | ||||||||||||||||||||||||
Same store NOI at share for the nine months ended September 30, 2023 | $ | 822,033 | $ | 709,914 | $ | 47,279 | $ | 64,840 | $ | — | |||||||||||||||||||
NOI at share for the nine months ended September 30, 2022 | $ | 870,293 | $ | 732,913 | $ | 75,630 | $ | 49,051 | $ | 12,699 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Dispositions | (12,833) | (10,541) | (2,292) | — | — | ||||||||||||||||||||||||
Development properties | (20,251) | (20,251) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (24,402) | (11,703) | — | — | (12,699) | ||||||||||||||||||||||||
Same store NOI at share for the nine months ended September 30, 2022 | $ | 812,807 | $ | 690,418 | $ | 73,338 | $ | 49,051 | $ | — | |||||||||||||||||||
Increase (decrease) in same store NOI at share | $ | 9,226 | $ | 19,496 | $ | (26,059) | $ | 15,789 | $ | — | |||||||||||||||||||
% increase (decrease) in same store NOI at share | 1.1 | % | 2.8 | % | (35.5) | % | 32.2 | % | 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 | THE MART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share - cash basis for the nine months ended September 30, 2023 | $ | 852,619 | $ | 723,440 | $ | 47,068 | $ | 67,554 | $ | 14,557 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Dispositions | (1,824) | (2,037) | 213 | — | — | ||||||||||||||||||||||||
Development properties | (17,588) | (17,588) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (20,589) | (6,032) | — | — | (14,557) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the nine months ended September 30, 2023 | $ | 812,618 | $ | 697,783 | $ | 47,281 | $ | 67,554 | $ | — | |||||||||||||||||||
NOI at share - cash basis for the nine months ended September 30, 2022 | $ | 861,469 | $ | 719,287 | $ | 78,749 | $ | 50,141 | $ | 13,292 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Dispositions | (13,302) | (11,100) | (2,202) | — | — | ||||||||||||||||||||||||
Development properties | (19,319) | (19,319) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (25,320) | (12,028) | — | — | (13,292) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the nine months ended September 30, 2022 | $ | 803,528 | $ | 676,840 | $ | 76,547 | $ | 50,141 | $ | — | |||||||||||||||||||
Increase (decrease) in same store NOI at share - cash basis | $ | 9,090 | $ | 20,943 | $ | (29,266) | $ | 17,413 | $ | — | |||||||||||||||||||
% increase (decrease) in same store NOI at share - cash basis | 1.1 | % | 3.1 | % | (38.2) | % | 34.7 | % | 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 | )% |
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) | For the Nine Months Ended September 30, | (Decrease) Increase in Cash Flow | |||||||||||||||
2023 | 2022 | ||||||||||||||||
Net cash provided by operating activities | $ | 436,875 | $ | 559,827 | $ | (122,952) | |||||||||||
Net cash provided by (used in) investing activities | 65,800 | (849,738) | 915,538 | ||||||||||||||
Net cash used in financing activities | (261,352) | (663,392) | 402,040 |
(Amounts in thousands) | For the Nine Months Ended September 30, | Increase (Decrease) in Cash Flow | |||||||||||||||
2023 | 2022 | ||||||||||||||||
Proceeds from maturities of U.S. Treasury bills | $ | 468,598 | $ | 349,461 | $ | 119,137 | |||||||||||
Development costs and construction in progress | (432,439) | (557,884) | 125,445 | ||||||||||||||
Additions to real estate | (155,080) | (120,124) | (34,956) | ||||||||||||||
Proceeds from sales of real estate | 123,550 | 253,958 | (130,408) | ||||||||||||||
Proceeds from repayment of participation in 150 West 34th Street mortgage loan | 105,000 | — | 105,000 | ||||||||||||||
Investments in partially owned entities | (43,737) | (15,046) | (28,691) | ||||||||||||||
Acquisitions of real estate and other | (33,145) | (2,000) | (31,145) | ||||||||||||||
Distributions of capital from partially owned entities | 18,837 | 20,566 | (1,729) | ||||||||||||||
Proceeds from sale of condominium units at 220 Central Park South | 14,216 | 16,124 | (1,908) | ||||||||||||||
Purchase of U.S. Treasury bills | — | (794,793) | 794,793 | ||||||||||||||
Net cash provided by (used in) investing activities | $ | 65,800 | $ | (849,738) | $ | 915,538 |
(Amounts in thousands) | For the Nine Months Ended September 30, | Increase (Decrease) in Cash Flow | |||||||||||||||
2023 | 2022 | ||||||||||||||||
Repayments of borrowings | $ | (119,400) | $ | (1,245,973) | $ | 1,126,573 | |||||||||||
Dividends paid on common shares/Distributions to Vornado | (71,950) | (304,896) | 232,946 | ||||||||||||||
Dividends paid on preferred shares/Distributions to preferred unitholders | (46,587) | (46,587) | — | ||||||||||||||
Repurchase of common shares/Class A units owned by Vornado | (29,183) | — | (29,183) | ||||||||||||||
Contributions from noncontrolling interests in consolidated subsidiaries | 18,534 | 4,903 | 13,631 | ||||||||||||||
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (9,489) | (68,716) | 59,227 | ||||||||||||||
Deferred financing costs | (3,398) | (32,473) | 29,075 | ||||||||||||||
Proceeds received from exercise of Vornado stock options and other | 146 | 662 | (516) | ||||||||||||||
Repurchase of shares/Class A units related to stock compensation agreements and related tax withholdings and other | (25) | (85) | 60 | ||||||||||||||
Proceeds from borrowings | — | 1,029,773 | (1,029,773) | ||||||||||||||
Net cash used in financing activities | $ | (261,352) | $ | (663,392) | $ | 402,040 |
(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 September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Reconciliation of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions: | |||||||||||||||||||||||
Net income attributable to common shareholders | $ | 52,846 | $ | 7,769 | $ | 104,391 | $ | 84,665 | |||||||||||||||
Per diluted share | $ | 0.28 | $ | 0.04 | $ | 0.54 | $ | 0.44 | |||||||||||||||
FFO adjustments: | |||||||||||||||||||||||
Depreciation and amortization of real property | $ | 97,809 | $ | 122,438 | $ | 287,523 | $ | 335,020 | |||||||||||||||
Real estate impairment losses | 625 | — | 625 | — | |||||||||||||||||||
Net gain on sale of real estate | (53,045) | — | (53,305) | (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 | 26,765 | 32,584 | 80,900 | 98,404 | |||||||||||||||||||
Net loss (gain) on sale of real estate | — | 6 | (16,545) | (169) | |||||||||||||||||||
72,154 | 155,028 | 299,198 | 404,901 | ||||||||||||||||||||
Noncontrolling interests' share of above adjustments | (5,900) | (10,731) | (22,156) | (28,018) | |||||||||||||||||||
FFO adjustments, net | $ | 66,254 | $ | 144,297 | $ | 277,042 | $ | 376,883 | |||||||||||||||
FFO attributable to common shareholders | $ | 119,100 | $ | 152,066 | $ | 381,433 | $ | 461,548 | |||||||||||||||
Impact of assumed conversion of dilutive convertible securities | 387 | 395 | 1,225 | 915 | |||||||||||||||||||
FFO attributable to common shareholders plus assumed conversions | $ | 119,487 | $ | 152,461 | $ | 382,658 | $ | 462,463 | |||||||||||||||
Per diluted share | $ | 0.62 | $ | 0.79 | $ | 1.97 | $ | 2.39 | |||||||||||||||
Reconciliation of weighted average shares outstanding: | |||||||||||||||||||||||
Weighted average common shares outstanding | 190,364 | 191,793 | 191,228 | 191,756 | |||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Convertible securities | 2,227 | 1,790 | 2,621 | 1,407 | |||||||||||||||||||
Share-based payment awards | 445 | 225 | 163 | 266 | |||||||||||||||||||
Denominator for FFO per diluted share | 193,036 | 193,808 | 194,012 | 193,429 |
(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) | 2023 | ||||||||||||||||||||||||||||
September 30, Balance | Weighted Average Interest Rate(1) | Effect of 1% Change in Base Rates | |||||||||||||||||||||||||||
Consolidated debt: | |||||||||||||||||||||||||||||
Fixed rate(2) | $ | 6,143,650 | 3.59% | $ | — | ||||||||||||||||||||||||
Variable rate(3) | 2,189,565 | 5.87% | 21,896 | ||||||||||||||||||||||||||
$ | 8,333,215 | 4.19% | 21,896 | ||||||||||||||||||||||||||
Pro rata share of debt of non-consolidated entities: | |||||||||||||||||||||||||||||
Fixed rate(2) | $ | 1,201,058 | 3.87% | — | |||||||||||||||||||||||||
Variable rate(4) | 1,454,011 | 6.61% | 14,540 | ||||||||||||||||||||||||||
$ | 2,655,069 | 5.37% | 14,540 | ||||||||||||||||||||||||||
Noncontrolling interests' share of consolidated subsidiaries | (6,821) | ||||||||||||||||||||||||||||
Total change in annual net income attributable to the Operating Partnership | 29,615 | ||||||||||||||||||||||||||||
Noncontrolling interests’ share of the Operating Partnership | (2,422) | ||||||||||||||||||||||||||||
Total change in annual net income attributable to Vornado | $ | 27,193 | |||||||||||||||||||||||||||
Total change in annual net income attributable to the Operating Partnership per diluted Class A unit | $ | 0.14 | |||||||||||||||||||||||||||
Total change in annual net income attributable to Vornado per diluted share | $ | 0.14 |
(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 September 30, 2023 | As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||
Notional Amount | All-In Swapped Rate | Swap/Cap Expiration Date | Fair Value Asset | Fair Value Asset | ||||||||||||||||||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||||||||||||||||||||
555 California Street mortgage loan: | ||||||||||||||||||||||||||||||||||||||
In-place swap | $ | 840,000 | (1) | 2.29% | 05/24 | $ | 26,672 | $ | 49,888 | |||||||||||||||||||||||||||||
Forward swap (effective 05/24) | 840,000 | (1) | 6.03% | 05/26 | 6,627 | — | ||||||||||||||||||||||||||||||||
770 Broadway mortgage loan | 700,000 | 4.98% | 07/27 | 40,782 | 29,226 | |||||||||||||||||||||||||||||||||
PENN 11 mortgage loan | 500,000 | 2.22% | 03/24 | 11,305 | 26,587 | |||||||||||||||||||||||||||||||||
Unsecured revolving credit facility | 575,000 | 3.87% | 08/27 | 34,358 | 24,457 | |||||||||||||||||||||||||||||||||
Unsecured term loan(2) | 800,000 | 4.04% | (2) | 27,249 | 21,024 | |||||||||||||||||||||||||||||||||
100 West 33rd Street mortgage loan | 480,000 | 5.06% | 06/27 | 16,907 | 6,886 | |||||||||||||||||||||||||||||||||
888 Seventh Avenue mortgage loan | 200,000 | (3) | 4.76% | 09/27 | 10,293 | 6,544 | ||||||||||||||||||||||||||||||||
4 Union Square South mortgage loan | 98,650 | (4) | 3.74% | 01/25 | 3,552 | 4,050 | ||||||||||||||||||||||||||||||||
Interest rate caps: | ||||||||||||||||||||||||||||||||||||||
1290 Avenue of the Americas mortgage loan | 950,000 | (5) | 11/25 | 70,599 | 7,590 | |||||||||||||||||||||||||||||||||
One Park Avenue mortgage loan | 525,000 | (6) | 03/25 | 10,169 | 5,472 | |||||||||||||||||||||||||||||||||
Various mortgage loans | 2,234 | 2,080 | ||||||||||||||||||||||||||||||||||||
$ | 260,747 | $ | 183,804 |
Swapped Balance | All-In Swapped Rate | Unswapped Balance (bears interest at S+129) | ||||||||||||||||||
Through 10/23 | $ | 800,000 | 4.04% | $ | — | |||||||||||||||
10/23 through 07/25 | 700,000 | 4.52% | 100,000 | |||||||||||||||||
07/25 through 10/26 | 550,000 | 4.35% | 250,000 | |||||||||||||||||
10/26 through 08/27 | 50,000 | 4.03% | 750,000 |
Period | Total Number of Shares Repurchased | Average Price Paid Per Share(1) | Total Number of Shares Purchased as Part of Publicly Announced Program | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program | ||||||||||||||||||||||
July 1, 2023 - July 31, 2023 | 302,200 | $ | 19.61 | 302,200 | $ | 170,857,099 | ||||||||||||||||||||
August 1, 2023 - August 31, 2023 | — | — | — | 170,857,099 | ||||||||||||||||||||||
September 1, 2023 - September 30, 2023 | — | — | — | 170,857,099 |
Exhibit Description | |||||||||||||||
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VORNADO REALTY TRUST | ||||||||
(Registrant) | ||||||||
Date: October 30, | By: | /s/ | ||||||
(duly authorized officer and principal accounting officer) |
VORNADO REALTY L.P. | ||||||||
(Registrant) | ||||||||
Date: October 30, | By: | /s/ | ||||||
Realty Trust, sole General Partner of Vornado Realty L.P. (duly authorized officer and principal accounting officer) |