☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended: |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from: | to |
Commission File Number: | 001-11954 | (Vornado Realty Trust) |
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 L.P. | Delaware | 13-3925979 | ||
(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) |
N/A |
(Former name, former address and former fiscal year, if changed since last report) |
Vornado Realty Trust: | ||||||
☑ | Large Accelerated Filer | ☐ | Accelerated Filer | |||
☐ | Non-Accelerated Filer | ☐ | Smaller Reporting Company | |||
☐ | Emerging Growth Company |
Vornado Realty L.P.: | ||||||
☐ | Large Accelerated Filer | ☐ | Accelerated Filer | |||
☑ | Non-Accelerated Filer | ☐ | Smaller Reporting Company | |||
☐ | Emerging Growth Company |
Registrant | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||
Vornado Realty Trust | 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 | 5.70% Series K | VNO/PK | New York Stock Exchange | |||
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 |
• | Note |
• | Note |
• | Note |
PART I. | Financial Information: | Page Number | ||
Consolidated Balance Sheets (Unaudited) as of | ||||
Consolidated Statements of Income (Unaudited) for the Three and | ||||
Consolidated Statements of Comprehensive Income (Unaudited) for the Three and | ||||
Consolidated Statements of Changes in Equity (Unaudited) for the Three and | ||||
Consolidated Statements of Cash Flows (Unaudited) for the | ||||
Financial Statements of Vornado Realty L.P.: | ||||
Consolidated Balance Sheets (Unaudited) as of | ||||
Consolidated Statements of Income (Unaudited) for the Three and | ||||
Consolidated Statements of Comprehensive Income (Unaudited) for the Three and | ||||
Consolidated Statements of Changes in Equity (Unaudited) for the Three and | ||||
Consolidated Statements of Cash Flows (Unaudited) for the | ||||
Vornado Realty Trust and Vornado Realty L.P.: | ||||
PART II. | Other Information: | |||
SIGNATURES |
(Amounts in thousands, except unit, share, and per share amounts) | June 30, 2019 | December 31, 2018 | September 30, 2019 | December 31, 2018 | ||||||||||
ASSETS | ||||||||||||||
Real estate, at cost: | ||||||||||||||
Land | $ | 2,609,869 | $ | 3,306,280 | $ | 2,602,039 | $ | 3,306,280 | ||||||
Buildings and improvements | 7,813,812 | 10,110,992 | 7,888,950 | 10,110,992 | ||||||||||
Development costs and construction in progress | 1,835,054 | 2,266,491 | 1,805,846 | 2,266,491 | ||||||||||
Moynihan Train Hall development expenditures | 665,226 | 445,693 | 791,703 | 445,693 | ||||||||||
Leasehold improvements and equipment | 118,428 | 108,427 | 121,164 | 108,427 | ||||||||||
Total | 13,042,389 | 16,237,883 | 13,209,702 | 16,237,883 | ||||||||||
Less accumulated depreciation and amortization | (2,894,202 | ) | (3,180,175 | ) | (2,945,107 | ) | (3,180,175 | ) | ||||||
Real estate, net | 10,148,187 | 13,057,708 | 10,264,595 | 13,057,708 | ||||||||||
Right-of-use assets | 380,214 | — | 370,604 | — | ||||||||||
Cash and cash equivalents | 922,604 | 570,916 | 1,132,491 | 570,916 | ||||||||||
Restricted cash | 154,306 | 145,989 | 113,065 | 145,989 | ||||||||||
Marketable securities | 41,081 | 152,198 | 35,751 | 152,198 | ||||||||||
Tenant and other receivables, net of allowance for doubtful accounts of $4,154 as of December 31, 2018 | 85,153 | 73,322 | ||||||||||||
Tenant and other receivables | 99,499 | 73,322 | ||||||||||||
Investments in partially owned entities | 4,025,534 | 858,113 | 4,023,820 | 858,113 | ||||||||||
Real estate fund investments | 306,596 | 318,758 | 306,596 | 318,758 | ||||||||||
220 Central Park South condominium units ready for sale | 328,786 | 99,627 | 288,135 | 99,627 | ||||||||||
Receivable arising from the straight-lining of rents, net of allowance of $1,644 as of December 31, 2018 | 749,198 | 935,131 | ||||||||||||
Deferred leasing costs, net of accumulated amortization of $187,478 and $207,529 | 357,511 | 400,313 | ||||||||||||
Identified intangible assets, net of accumulated amortization of $98,187 and $172,114 | 32,478 | 136,781 | ||||||||||||
Receivable arising from the straight-lining of rents | 743,646 | 935,131 | ||||||||||||
Deferred leasing costs, net of accumulated amortization of $191,299 and $207,529 | 360,608 | 400,313 | ||||||||||||
Identified intangible assets, net of accumulated amortization of $99,623 and $172,114 | 30,773 | 136,781 | ||||||||||||
Other assets | 382,209 | 431,938 | 446,516 | 431,938 | ||||||||||
$ | 17,913,857 | $ | 17,180,794 | $ | 18,216,099 | $ | 17,180,794 | |||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||||||||||||||
Mortgages payable, net | $ | 6,256,808 | $ | 8,167,798 | $ | 5,640,895 | $ | 8,167,798 | ||||||
Senior unsecured notes, net | 445,465 | 844,002 | 445,668 | 844,002 | ||||||||||
Unsecured term loan, net | 745,331 | 744,821 | 745,585 | 744,821 | ||||||||||
Unsecured revolving credit facilities | 80,000 | 80,000 | 655,000 | 80,000 | ||||||||||
Lease liabilities | 483,011 | — | 490,978 | — | ||||||||||
Moynihan Train Hall obligation | 665,226 | 445,693 | 791,703 | 445,693 | ||||||||||
Accounts payable and accrued expenses | 392,581 | 430,976 | 453,331 | 430,976 | ||||||||||
Deferred revenue | 66,835 | 167,730 | 62,583 | 167,730 | ||||||||||
Deferred compensation plan | 99,879 | 96,523 | 99,677 | 96,523 | ||||||||||
Other liabilities | 320,515 | 311,806 | 266,090 | 311,806 | ||||||||||
Total liabilities | 9,555,651 | 11,289,349 | 9,651,510 | 11,289,349 | ||||||||||
Commitments and contingencies | ||||||||||||||
Redeemable noncontrolling interests: | ||||||||||||||
Class A units - 13,377,956 and 12,544,477 units outstanding | 857,527 | 778,134 | ||||||||||||
Class A units - 13,346,927 and 12,544,477 units outstanding | 849,798 | 778,134 | ||||||||||||
Series D cumulative redeemable preferred units - 141,401 and 177,101 units outstanding | 4,535 | 5,428 | 4,535 | 5,428 | ||||||||||
Total redeemable noncontrolling interests | 862,062 | 783,562 | 854,333 | 783,562 | ||||||||||
Shareholders' equity: | ||||||||||||||
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 36,797,280 and 36,798,580 shares | 891,256 | 891,294 | 891,256 | 891,294 | ||||||||||
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 190,813,470 and 190,535,499 shares | 7,611 | 7,600 | ||||||||||||
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 190,850,321 and 190,535,499 shares | 7,613 | 7,600 | ||||||||||||
Additional capital | 7,845,748 | 7,725,857 | 7,872,597 | 7,725,857 | ||||||||||
Earnings less than distributions | (1,845,995 | ) | (4,167,184 | ) | (1,649,035 | ) | (4,167,184 | ) | ||||||
Accumulated other comprehensive (loss) income | (38,066 | ) | 7,664 | (47,359 | ) | 7,664 | ||||||||
Total shareholders' equity | 6,860,554 | 4,465,231 | 7,075,072 | 4,465,231 | ||||||||||
Noncontrolling interests in consolidated subsidiaries | 635,590 | 642,652 | 635,184 | 642,652 | ||||||||||
Total equity | 7,496,144 | 5,107,883 | 7,710,256 | 5,107,883 | ||||||||||
$ | 17,913,857 | $ | 17,180,794 | $ | 18,216,099 | $ | 17,180,794 |
(Amounts in thousands, except per share amounts) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||||||||
Rental revenues | $ | 421,299 | $ | 502,907 | $ | 921,176 | $ | 1,003,327 | $ | 427,638 | $ | 503,947 | $ | 1,348,814 | $ | 1,507,274 | ||||||||||||||
Fee and other income | 41,804 | 38,911 | 76,595 | 74,928 | 38,323 | 38,101 | 114,918 | 113,029 | ||||||||||||||||||||||
Total revenues | 463,103 | 541,818 | 997,771 | 1,078,255 | 465,961 | 542,048 | 1,463,732 | 1,620,303 | ||||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||||
Operating | (220,752 | ) | (235,981 | ) | (467,647 | ) | (473,583 | ) | (226,359 | ) | (235,575 | ) | (694,006 | ) | (709,158 | ) | ||||||||||||||
Depreciation and amortization | (113,035 | ) | (111,846 | ) | (229,744 | ) | (220,532 | ) | (96,437 | ) | (113,169 | ) | (326,181 | ) | (333,701 | ) | ||||||||||||||
General and administrative | (38,872 | ) | (34,427 | ) | (96,892 | ) | (76,960 | ) | (33,237 | ) | (31,977 | ) | (130,129 | ) | (108,937 | ) | ||||||||||||||
Expense from deferred compensation plan liability | (1,315 | ) | (2,077 | ) | (6,748 | ) | (1,673 | ) | (974 | ) | (1,861 | ) | (7,722 | ) | (3,534 | ) | ||||||||||||||
Transaction related costs, impairment losses and other | (101,590 | ) | (1,017 | ) | (101,739 | ) | (14,173 | ) | (1,576 | ) | (2,510 | ) | (103,315 | ) | (16,683 | ) | ||||||||||||||
Total expenses | (475,564 | ) | (385,348 | ) | (902,770 | ) | (786,921 | ) | (358,583 | ) | (385,092 | ) | (1,261,353 | ) | (1,172,013 | ) | ||||||||||||||
Income (loss) from partially owned entities | 22,873 | 8,757 | 30,193 | (1,147 | ) | |||||||||||||||||||||||||
Loss from real estate fund investments | (15,803 | ) | (28,976 | ) | (15,970 | ) | (37,783 | ) | ||||||||||||||||||||||
Income from partially owned entities | 25,946 | 7,206 | 56,139 | 6,059 | ||||||||||||||||||||||||||
Income (loss) from real estate fund investments | 2,190 | (190 | ) | (13,780 | ) | (37,973 | ) | |||||||||||||||||||||||
Interest and other investment income, net | 7,840 | 30,892 | 12,885 | 6,508 | 3,045 | 2,893 | 15,930 | 9,401 | ||||||||||||||||||||||
Income from deferred compensation plan assets | 1,315 | 2,077 | 6,748 | 1,673 | 974 | 1,861 | 7,722 | 3,534 | ||||||||||||||||||||||
Interest and debt expense | (63,029 | ) | (87,657 | ) | (165,492 | ) | (175,823 | ) | (61,448 | ) | (88,951 | ) | (226,940 | ) | (264,774 | ) | ||||||||||||||
Net gain on transfer to Fifth Avenue and Times Square JV | 2,571,099 | — | 2,571,099 | — | — | — | 2,571,099 | — | ||||||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | 111,713 | 23,559 | 332,007 | 23,559 | 309,657 | 141,269 | 641,664 | 164,828 | ||||||||||||||||||||||
Income before income taxes | 2,623,547 | 105,122 | 2,866,471 | 108,321 | 387,742 | 221,044 | 3,254,213 | 329,365 | ||||||||||||||||||||||
Income tax expense | (26,914 | ) | (467 | ) | (56,657 | ) | (3,021 | ) | (23,885 | ) | (1,943 | ) | (80,542 | ) | (4,964 | ) | ||||||||||||||
Income from continuing operations | 2,596,633 | 104,655 | 2,809,814 | 105,300 | 363,857 | 219,101 | 3,173,671 | 324,401 | ||||||||||||||||||||||
Income (loss) from discontinued operations | 60 | 683 | (77 | ) | 320 | |||||||||||||||||||||||||
(Loss) income from discontinued operations | (8 | ) | 61 | (85 | ) | 381 | ||||||||||||||||||||||||
Net income | 2,596,693 | 105,338 | 2,809,737 | 105,620 | 363,849 | 219,162 | 3,173,586 | 324,782 | ||||||||||||||||||||||
Less net (income) loss attributable to noncontrolling interests in: | ||||||||||||||||||||||||||||||
Consolidated subsidiaries | (21,451 | ) | 26,175 | (28,271 | ) | 34,449 | (5,774 | ) | (3,312 | ) | (34,045 | ) | 31,137 | |||||||||||||||||
Operating Partnership | (162,515 | ) | (7,445 | ) | (174,717 | ) | (6,321 | ) | (22,637 | ) | (12,671 | ) | (197,354 | ) | (18,992 | ) | ||||||||||||||
Net income attributable to Vornado | 2,412,727 | 124,068 | 2,606,749 | 133,748 | 335,438 | 203,179 | 2,942,187 | 336,927 | ||||||||||||||||||||||
Preferred share dividends | (12,532 | ) | (12,534 | ) | (25,066 | ) | (25,569 | ) | (12,532 | ) | (12,534 | ) | (37,598 | ) | (38,103 | ) | ||||||||||||||
Preferred share issuance costs | — | — | — | (14,486 | ) | — | — | — | (14,486 | ) | ||||||||||||||||||||
NET INCOME attributable to common shareholders | $ | 2,400,195 | $ | 111,534 | $ | 2,581,683 | $ | 93,693 | $ | 322,906 | $ | 190,645 | $ | 2,904,589 | $ | 284,338 | ||||||||||||||
INCOME PER COMMON SHARE – BASIC: | ||||||||||||||||||||||||||||||
Net income per common share | $ | 12.58 | $ | 0.59 | $ | 13.53 | $ | 0.49 | $ | 1.69 | $ | 1.00 | $ | 15.22 | $ | 1.50 | ||||||||||||||
Weighted average shares outstanding | 190,781 | 190,200 | 190,735 | 190,141 | 190,814 | 190,245 | 190,762 | 190,176 | ||||||||||||||||||||||
INCOME PER COMMON SHARE – DILUTED: | ||||||||||||||||||||||||||||||
Net income per common share | $ | 12.56 | $ | 0.58 | $ | 13.51 | $ | 0.49 | $ | 1.69 | $ | 1.00 | $ | 15.20 | $ | 1.49 | ||||||||||||||
Weighted average shares outstanding | 191,058 | 191,168 | 191,030 | 191,190 | 191,024 | 191,327 | 191,027 | 191,292 |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
Net income | $ | 2,596,693 | $ | 105,338 | $ | 2,809,737 | $ | 105,620 | $ | 363,849 | $ | 219,162 | $ | 3,173,586 | $ | 324,782 | ||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||
Other comprehensive income (loss) of nonconsolidated subsidiaries | 25 | 390 | (960 | ) | 736 | 11 | 253 | (949 | ) | 989 | ||||||||||||||||||||
(Reduction) increase in value of interest rate swaps and other | (28,512 | ) | 2,908 | (45,541 | ) | 13,166 | (9,954 | ) | 623 | (55,495 | ) | 13,789 | ||||||||||||||||||
Amount reclassified from accumulated other comprehensive loss relating to a nonconsolidated subsidiary | — | — | (2,311 | ) | — | — | — | (2,311 | ) | — | ||||||||||||||||||||
Comprehensive income | 2,568,206 | 108,636 | 2,760,925 | 119,522 | 353,906 | 220,038 | 3,114,831 | 339,560 | ||||||||||||||||||||||
Less comprehensive (income) loss attributable to noncontrolling interests | (182,160 | ) | 18,525 | (199,906 | ) | 27,269 | (27,761 | ) | (16,037 | ) | (227,667 | ) | 11,232 | |||||||||||||||||
Comprehensive income attributable to Vornado | $ | 2,386,046 | $ | 127,161 | $ | 2,561,019 | $ | 146,791 | $ | 326,145 | $ | 204,001 | $ | 2,887,164 | $ | 350,792 |
(Amounts in thousands) | Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Accumulated Other Comprehensive Loss | Non-controlling Interests in Consolidated Subsidiaries | Total Equity | Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Accumulated Other Comprehensive Loss | Non-controlling Interests in Consolidated Subsidiaries | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2019: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2019 | 36,798 | $ | 891,263 | 190,761 | $ | 7,609 | $ | 7,676,770 | $ | (4,120,265 | ) | $ | (11,385 | ) | $ | 646,900 | $ | 5,090,892 | ||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2019: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2019 | 36,797 | $ | 891,256 | 190,813 | $ | 7,611 | $ | 7,845,748 | $ | (1,845,995 | ) | $ | (38,066 | ) | $ | 635,590 | $ | 7,496,144 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | — | — | — | — | — | 2,412,727 | — | — | 2,412,727 | — | — | — | — | — | 335,438 | — | — | 335,438 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 21,451 | 21,451 | — | — | — | — | — | — | — | 5,774 | 5,774 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.66 per share) | — | — | — | — | — | (125,927 | ) | — | — | (125,927 | ) | — | — | — | — | — | (125,947 | ) | — | — | (125,947 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (12,532 | ) | — | — | (12,532 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 13 for dividends per share amounts) | — | — | — | — | — | (12,532 | ) | — | — | (12,532 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | 44 | 2 | 2,946 | — | — | — | 2,948 | — | — | 31 | 1 | 1,998 | — | — | — | 1,999 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Under employees' share option plan | — | — | 3 | — | 174 | — | — | — | 174 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | 5 | — | 361 | — | — | — | 361 | — | — | 6 | 1 | 356 | — | — | — | 357 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | 3,121 | 3,121 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (24,440 | ) | (24,440 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred shares to common shares | (1 | ) | (7 | ) | 1 | — | 7 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | 908 | 908 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | — | (6 | ) | (6 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | (7,086 | ) | (7,086 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | (1 | ) | — | 266 | — | — | — | 266 | — | — | — | — | 266 | — | — | — | 266 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 25 | — | 25 | — | — | — | — | — | — | 11 | — | 11 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Reduction in value of interest rate swaps | — | — | — | — | — | — | (28,515 | ) | — | (28,515 | ) | — | — | — | — | — | — | (9,953 | ) | — | (9,953 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to carry redeemable Class A units at redemption value | — | — | — | — | 165,225 | — | — | — | 165,225 | — | — | — | — | 24,228 | — | — | — | 24,228 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | 1,806 | — | 1,806 | — | — | — | — | — | — | 650 | — | 650 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deconsolidation of partially owned entity | — | — | — | — | — | — | — | (11,441 | ) | (11,441 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | (1 | ) | 2 | 3 | (1 | ) | 3 | — | — | — | — | 1 | 1 | (1 | ) | 4 | 5 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2019 | 36,797 | $ | 891,256 | 190,813 | $ | 7,611 | $ | 7,845,748 | $ | (1,845,995 | ) | $ | (38,066 | ) | $ | 635,590 | $ | 7,496,144 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2019 | 36,797 | $ | 891,256 | 190,850 | $ | 7,613 | $ | 7,872,597 | $ | (1,649,035 | ) | $ | (47,359 | ) | $ | 635,184 | $ | 7,710,256 |
(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 | 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 | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2018: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2018 | 36,800 | $ | 891,325 | 190,169 | $ | 7,584 | $ | 7,629,013 | $ | (4,198,088 | ) | $ | 30,258 | $ | 664,786 | $ | 5,024,878 | |||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2018: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2018 | 36,800 | $ | 891,325 | 190,238 | $ | 7,587 | $ | 7,555,993 | $ | (4,206,381 | ) | $ | 33,351 | $ | 661,712 | $ | 4,943,587 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | — | — | — | — | — | 124,068 | — | — | 124,068 | — | — | — | — | — | 203,179 | �� | — | 203,179 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | (26,175 | ) | (26,175 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 3,312 | 3,312 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.63 per share) | — | — | — | — | — | (119,830 | ) | — | — | (119,830 | ) | — | — | — | — | — | (119,862 | ) | — | — | (119,862 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (12,534 | ) | — | — | (12,534 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 13 for dividends per share amounts) | — | — | — | — | — | (12,534 | ) | — | — | (12,534 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | 58 | 2 | 3,852 | — | — | — | 3,854 | — | — | 25 | 1 | 1,842 | — | — | — | 1,843 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Under employees' share option plan | — | — | 6 | 1 | 351 | — | — | — | 352 | — | — | 16 | — | 440 | — | — | — | 440 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | 5 | — | 350 | — | — | — | 350 | — | — | 5 | 1 | 350 | — | — | — | 351 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | — | 43,653 | 43,653 | — | — | — | — | — | — | — | 1,595 | 1,595 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | 7,535 | 7,535 | — | — | — | — | — | — | — | 366 | 366 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | — | (8,336 | ) | (8,336 | ) | — | — | — | — | — | — | — | (2,419 | ) | (2,419 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | (19,751 | ) | (19,751 | ) | — | — | — | — | — | — | — | (4,972 | ) | (4,972 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred shares to common shares | (1 | ) | (31 | ) | 2 | — | 31 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | — | — | 287 | — | — | — | 287 | — | — | — | — | 286 | — | — | — | 286 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 390 | — | 390 | — | — | — | — | — | — | 253 | — | 253 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Increase in value of interest rate swaps | — | — | — | — | — | — | 2,908 | — | 2,908 | — | — | — | — | — | — | 623 | — | 623 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to carry redeemable Class A units at redemption value | — | — | — | — | (78,406 | ) | — | — | — | (78,406 | ) | — | — | — | — | 21,520 | — | — | — | 21,520 | ||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (205 | ) | — | (205 | ) | — | — | — | — | — | — | (54 | ) | — | (54 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | 546 | 3 | — | — | 549 | — | — | — | — | 1 | (4 | ) | — | (2 | ) | (5 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2018 | 36,800 | $ | 891,325 | 190,238 | $ | 7,587 | $ | 7,555,993 | $ | (4,206,381 | ) | $ | 33,351 | $ | 661,712 | $ | 4,943,587 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2018 | 36,799 | $ | 891,294 | 190,286 | $ | 7,589 | $ | 7,580,463 | $ | (4,135,602 | ) | $ | 34,173 | $ | 659,592 | $ | 5,037,509 |
(Amounts in thousands) | Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Accumulated Other Comprehensive Income (Loss) | Non- controlling Interests in Consolidated Subsidiaries | Total Equity | Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Accumulated Other Comprehensive Income (Loss) | Non- controlling Interests in Consolidated Subsidiaries | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2019: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2019: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2018 | 36,800 | $ | 891,294 | 190,535 | $ | 7,600 | $ | 7,725,857 | $ | (4,167,184 | ) | $ | 7,664 | $ | 642,652 | $ | 5,107,883 | 36,800 | $ | 891,294 | 190,535 | $ | 7,600 | $ | 7,725,857 | $ | (4,167,184 | ) | $ | 7,664 | $ | 642,652 | $ | 5,107,883 | ||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | — | — | — | — | — | 2,606,749 | — | — | 2,606,749 | — | — | — | — | — | 2,942,187 | — | — | 2,942,187 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 28,271 | 28,271 | — | — | — | — | — | — | — | 34,045 | 34,045 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($1.32 per share) | — | — | — | — | — | (251,803 | ) | — | — | (251,803 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (25,066 | ) | — | — | (25,066 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($1.98 per share) | — | — | — | — | — | (377,750 | ) | — | — | (377,750 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 13 for dividends per share amounts) | — | — | — | — | — | (37,598 | ) | — | — | (37,598 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | 92 | 4 | 6,125 | — | — | — | 6,129 | — | — | 123 | 5 | 8,123 | — | — | — | 8,128 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Under employees' share option plan | — | — | 165 | 7 | 1,338 | (8,692 | ) | — | — | (7,347 | ) | — | — | 165 | 7 | 1,338 | (8,692 | ) | — | — | (7,347 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | 10 | — | 701 | — | — | — | 701 | — | — | 16 | 1 | 1,057 | — | — | — | 1,058 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | — | 3,384 | 3,384 | — | — | — | — | — | — | — | 3,384 | 3,384 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | 4,931 | 4,931 | — | — | — | — | — | — | — | 5,839 | 5,839 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (32,204 | ) | (32,204 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | — | (6 | ) | (6 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | (39,290 | ) | (39,290 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred shares to common shares | (2 | ) | (38 | ) | 3 | — | 38 | — | — | — | — | (2 | ) | (38 | ) | 3 | — | 38 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | 8 | — | 563 | — | — | — | 563 | — | — | 8 | — | 829 | — | — | — | 829 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Amount reclassified related to a nonconsolidated subsidiary | — | — | — | — | — | — | (2,311 | ) | — | (2,311 | ) | — | — | — | — | — | — | (2,311 | ) | — | (2,311 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | — | (960 | ) | — | (960 | ) | — | — | — | — | — | — | (949 | ) | — | (949 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Reduction in value of interest rate swaps | — | — | — | — | — | — | (45,544 | ) | — | (45,544 | ) | — | — | — | — | — | — | (55,497 | ) | — | (55,497 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Unearned 2016 Out-Performance Plan awards acceleration | — | — | — | — | 11,720 | — | — | — | 11,720 | — | — | — | — | 11,720 | — | — | — | 11,720 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to carry redeemable Class A units at redemption value | — | — | — | — | 99,407 | — | — | — | 99,407 | — | — | — | — | 123,635 | — | — | — | 123,635 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | 3,082 | — | 3,082 | — | — | — | — | — | — | 3,732 | — | 3,732 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deconsolidation of partially owned entity | — | — | — | — | — | — | — | (11,441 | ) | (11,441 | ) | — | — | — | — | — | — | — | (11,441 | ) | (11,441 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Other | (1 | ) | — | — | — | (1 | ) | 1 | 3 | (3 | ) | — | (1 | ) | — | — | — | — | 2 | 2 | 1 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2019 | 36,797 | $ | 891,256 | 190,813 | $ | 7,611 | $ | 7,845,748 | $ | (1,845,995 | ) | $ | (38,066 | ) | $ | 635,590 | $ | 7,496,144 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2019 | 36,797 | $ | 891,256 | 190,850 | $ | 7,613 | $ | 7,872,597 | $ | (1,649,035 | ) | $ | (47,359 | ) | $ | 635,184 | $ | 7,710,256 |
(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 | 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 | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2018: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2018: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2017 | 36,800 | $ | 891,988 | 189,984 | $ | 7,577 | $ | 7,492,658 | $ | (4,183,253 | ) | $ | 128,682 | $ | 670,049 | $ | 5,007,701 | 36,800 | $ | 891,988 | 189,984 | $ | 7,577 | $ | 7,492,658 | $ | (4,183,253 | ) | $ | 128,682 | $ | 670,049 | $ | 5,007,701 | ||||||||||||||||||||||||||||||||||
Cumulative effect of accounting change | — | — | — | — | — | 122,893 | (108,374 | ) | — | 14,519 | — | — | — | — | — | 122,893 | (108,374 | ) | — | 14,519 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | — | — | — | — | — | 133,748 | — | — | 133,748 | — | — | — | — | — | 336,927 | — | — | 336,927 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | (34,449 | ) | (34,449 | ) | — | — | — | — | — | — | — | (31,137 | ) | (31,137 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($1.26 per share) | — | — | — | — | — | (239,594 | ) | — | — | (239,594 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (25,569 | ) | — | — | (25,569 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($1.89 per share) | — | — | — | — | — | (359,456 | ) | — | — | (359,456 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 13 for dividends per share amounts) | — | — | — | — | — | (38,103 | ) | — | — | (38,103 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred share issuance costs | — | — | — | — | — | (14,486 | ) | — | — | (14,486 | ) | — | (663 | ) | — | — | — | (14,486 | ) | — | — | (15,149 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | 176 | 7 | 12,239 | — | — | — | 12,246 | — | — | 201 | 8 | 14,081 | — | — | — | 14,089 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Under employees' share option plan | — | — | 61 | 3 | 3,783 | — | — | — | 3,786 | — | — | 77 | 3 | 4,223 | — | — | — | 4,226 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | 10 | — | 685 | — | — | — | 685 | — | — | 15 | 1 | 1,035 | — | — | — | 1,036 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | — | 45,347 | 45,347 | — | — | — | — | — | — | — | 46,942 | 46,942 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | 14,211 | 14,211 | — | — | — | — | — | — | — | 14,577 | 14,577 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | — | (10,246 | ) | (10,246 | ) | — | — | — | — | — | — | — | (12,665 | ) | (12,665 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | (23,201 | ) | (23,201 | ) | — | — | — | — | — | — | — | (28,173 | ) | (28,173 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Preferred share issuance | — | (663 | ) | — | — | — | — | — | — | (663 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred shares to common shares | (1 | ) | (31 | ) | 2 | — | 31 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | 7 | — | 585 | (121 | ) | — | — | 464 | — | — | 7 | — | 871 | (121 | ) | — | — | 750 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 736 | — | 736 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pro rata share of other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 989 | — | 989 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase in value of interest rate swaps | — | — | — | — | — | — | 13,166 | — | 13,166 | — | — | — | — | — | — | 13,789 | — | 13,789 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unearned 2015 Out-Performance Plan awards acceleration | — | — | — | — | 9,046 | — | — | — | 9,046 | — | — | — | — | 9,046 | — | — | — | 9,046 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to carry redeemable Class A units at redemption value | — | — | — | — | 36,450 | — | — | — | 36,450 | — | — | — | — | 57,970 | — | — | — | 57,970 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (859 | ) | — | (859 | ) | — | — | — | — | — | — | (913 | ) | — | (913 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | 547 | 1 | — | 1 | 549 | — | — | — | — | 548 | (3 | ) | — | (1 | ) | 544 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2018 | 36,800 | $ | 891,325 | 190,238 | $ | 7,587 | $ | 7,555,993 | $ | (4,206,381 | ) | $ | 33,351 | $ | 661,712 | $ | 4,943,587 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2018 | 36,799 | $ | 891,294 | 190,286 | $ | 7,589 | $ | 7,580,463 | $ | (4,135,602 | ) | $ | 34,173 | $ | 659,592 | $ | 5,037,509 |
(Amounts in thousands) | For the Six Months Ended June 30, | For the Nine Months Ended September 30, | ||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||
Cash Flows from Operating Activities: | ||||||||||||||
Net income | $ | 2,809,737 | $ | 105,620 | $ | 3,173,586 | $ | 324,782 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Net gain on transfer to Fifth Avenue and Times Square JV | (2,571,099 | ) | — | (2,571,099 | ) | — | ||||||||
Net gains on disposition of wholly owned and partially owned assets | (332,007 | ) | (23,559 | ) | (641,664 | ) | (164,828 | ) | ||||||
Depreciation and amortization (including amortization of deferred financing costs) | 240,866 | 233,748 | 341,951 | 353,761 | ||||||||||
Non-cash impairment loss on 608 Fifth Avenue right-of-use asset | 75,220 | — | 75,220 | — | ||||||||||
Distributions of income from partially owned entities | 66,252 | 61,782 | ||||||||||||
Equity in net income of partially owned entities | (56,139 | ) | (6,059 | ) | ||||||||||
Stock-based compensation expense | 42,174 | 20,645 | 48,045 | 26,190 | ||||||||||
Distributions of income from partially owned entities | 31,820 | 45,999 | ||||||||||||
Equity in net (income) loss of partially owned entities | (30,193 | ) | 1,147 | |||||||||||
Real estate impairment losses | 26,140 | — | 26,140 | — | ||||||||||
Prepayment penalty on redemption of senior unsecured notes due 2022 | 22,058 | — | 22,058 | — | ||||||||||
Net realized and unrealized loss on real estate fund investments | 16,162 | 30,426 | 16,162 | 33,709 | ||||||||||
Amortization of below-market leases, net | (11,168 | ) | (21,107 | ) | (15,561 | ) | (31,480 | ) | ||||||
Straight-lining of rents | 3,733 | (10,122 | ) | 8,446 | (10,279 | ) | ||||||||
(Increase) decrease in fair value of marketable securities | (1,773 | ) | 17,102 | |||||||||||
Decrease in fair value of marketable securities | 3,095 | 24,801 | ||||||||||||
Return of capital from real estate fund investments | — | 20,291 | — | 20,291 | ||||||||||
Other non-cash adjustments | 18,588 | 3,675 | 19,894 | 2,242 | ||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Real estate fund investments | (4,000 | ) | (68,950 | ) | (4,000 | ) | (68,950 | ) | ||||||
Tenant and other receivables, net | (12,759 | ) | (7,511 | ) | (28,110 | ) | (11,662 | ) | ||||||
Prepaid assets | (5,702 | ) | (19,092 | ) | (74,502 | ) | 74,322 | |||||||
Other assets | (8,498 | ) | (114,881 | ) | (10,195 | ) | (122,925 | ) | ||||||
Accounts payable and accrued expenses | (11,482 | ) | (11,036 | ) | 1,496 | (3,810 | ) | |||||||
Other liabilities | (4,965 | ) | 38,865 | (3,104 | ) | (13,849 | ) | |||||||
Net cash provided by operating activities | 292,852 | 241,260 | 397,971 | 488,038 | ||||||||||
Cash Flows from Investing Activities: | ||||||||||||||
Proceeds from transfer of interest in Fifth Avenue and Times Square JV (net of $35,562 of transaction costs and $10,899 of deconsolidated cash and restricted cash) | 1,255,756 | — | 1,248,743 | — | ||||||||||
Proceeds from sale of condominium units at 220 Central Park South | 690,734 | — | 1,039,493 | — | ||||||||||
Proceeds from redemption of 640 Fifth Avenue preferred equity | 500,000 | — | 500,000 | — | ||||||||||
Development costs and construction in progress | (289,532 | ) | (185,039 | ) | (448,281 | ) | (274,147 | ) | ||||||
Moynihan Train Hall expenditures | (205,783 | ) | — | (352,211 | ) | — | ||||||||
Proceeds from sale of real estate and related investments | 255,534 | 219,731 | ||||||||||||
Additions to real estate | (189,579 | ) | (163,546 | ) | ||||||||||
Proceeds from sales of marketable securities | 167,852 | — | 168,314 | — | ||||||||||
Additions to real estate | (120,060 | ) | (113,300 | ) | ||||||||||
Proceeds from sale of real estate and related investments | 108,512 | 44,599 | ||||||||||||
Distributions of capital from partially owned entities | 24,880 | 81,997 | 24,880 | 98,609 | ||||||||||
Investments in partially owned entities | (15,588 | ) | (26,663 | ) | (16,480 | ) | (32,728 | ) | ||||||
Acquisitions of real estate and other | (3,260 | ) | (56,500 | ) | (3,260 | ) | (500,225 | ) | ||||||
Proceeds from repayments of loans receivable | 1,395 | — | ||||||||||||
Net cash provided by (used in) investing activities | 2,113,511 | (254,906 | ) | 2,228,548 | (652,306 | ) |
(Amounts in thousands) | For the Six Months Ended June 30, | For the Nine Months Ended September 30, | ||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||
Cash Flows from Financing Activities: | ||||||||||||||
Repayments of borrowings | $ | (1,943,157 | ) | $ | (148,408 | ) | $ | (2,635,028 | ) | $ | (264,482 | ) | ||
Proceeds from borrowings | 458,955 | 189,042 | 1,107,852 | 312,763 | ||||||||||
Purchase of marketable securities in connection with defeasance of mortgage payable | (407,126 | ) | — | (407,126 | ) | — | ||||||||
Dividends paid on common shares | (251,803 | ) | (239,594 | ) | (377,750 | ) | (359,456 | ) | ||||||
Moynihan Train Hall reimbursement from Empire State Development | 205,783 | — | 352,211 | — | ||||||||||
Distributions to noncontrolling interests | (49,140 | ) | (49,338 | ) | (65,084 | ) | (63,110 | ) | ||||||
Dividends paid on preferred shares | (25,066 | ) | (30,047 | ) | (37,598 | ) | (42,582 | ) | ||||||
Prepayment penalty on redemption of senior unsecured notes due 2022 | (22,058 | ) | — | (22,058 | ) | — | ||||||||
Debt issuance costs | (13,522 | ) | (3,289 | ) | (15,328 | ) | (7,451 | ) | ||||||
Contributions from noncontrolling interests | 9,223 | 59,924 | ||||||||||||
Repurchase of shares related to stock compensation agreements and related tax withholdings and other | (8,692 | ) | (784 | ) | (8,692 | ) | (784 | ) | ||||||
Contributions from noncontrolling interests | 8,315 | 59,558 | ||||||||||||
Proceeds received from exercise of employee share options and other | 2,046 | 4,471 | 2,403 | 5,262 | ||||||||||
Redemption of preferred shares | (893 | ) | (470,000 | ) | (893 | ) | (470,000 | ) | ||||||
Debt prepayment and extinguishment costs | — | (818 | ) | — | (818 | ) | ||||||||
Net cash used in financing activities | (2,046,358 | ) | (689,207 | ) | (2,097,868 | ) | (830,734 | ) | ||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | 360,005 | (702,853 | ) | 528,651 | (995,002 | ) | ||||||||
Cash and cash equivalents and restricted cash at beginning of period | 716,905 | 1,914,812 | 716,905 | 1,914,812 | ||||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 1,076,910 | $ | 1,211,959 | $ | 1,245,556 | $ | 919,810 | ||||||
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | ||||||||||||||
Cash and cash equivalents at beginning of period | $ | 570,916 | $ | 1,817,655 | $ | 570,916 | $ | 1,817,655 | ||||||
Restricted cash at beginning of period | 145,989 | 97,157 | 145,989 | 97,157 | ||||||||||
Cash and cash equivalents and restricted cash at beginning of period | $ | 716,905 | $ | 1,914,812 | $ | 716,905 | $ | 1,914,812 | ||||||
Cash and cash equivalents at end of period | $ | 922,604 | $ | 1,090,791 | $ | 1,132,491 | $ | 772,524 | ||||||
Restricted cash at end of period | 154,306 | 121,168 | 113,065 | 147,286 | ||||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 1,076,910 | $ | 1,211,959 | $ | 1,245,556 | $ | 919,810 | ||||||
Supplemental Disclosure of Cash Flow Information: | ||||||||||||||
Cash payments for interest, excluding capitalized interest of $39,643 and $28,558 | $ | 165,022 | $ | 155,875 | ||||||||||
Cash payments for interest, excluding capitalized interest of $55,186 and $45,292 | $ | 227,310 | $ | 245,628 | ||||||||||
Cash payments for income taxes | $ | 28,697 | $ | 4,365 | $ | 47,345 | $ | 61,047 | ||||||
Non-Cash Investing and Financing Activities: | ||||||||||||||
Investments received in exchange for transfer to Fifth Avenue and Times Square JV: | ||||||||||||||
Preferred equity | $ | 2,327,750 | $ | — | $ | 2,327,750 | $ | — | ||||||
Common equity | 1,449,495 | — | 1,449,495 | — | ||||||||||
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | 647,683 | — | 825,520 | 307,552 | ||||||||||
Lease liabilities arising from the recognition of right-of-use assets | 526,866 | — | 526,866 | — | ||||||||||
Marketable securities transferred in connection with the defeasance of mortgage payable | (407,126 | ) | — | (407,126 | ) | — | ||||||||
Defeasance of mortgage payable | 390,000 | — | ||||||||||||
Defeased mortgage payable | 390,000 | — | ||||||||||||
Adjustments to carry redeemable Class A units at redemption value | 99,407 | 36,450 | 123,635 | 57,970 | ||||||||||
Accrued capital expenditures included in accounts payable and accrued expenses | 117,205 | 74,185 | ||||||||||||
Write-off of fully depreciated assets | (93,390 | ) | (38,117 | ) | (113,261 | ) | (61,120 | ) | ||||||
Accrued capital expenditures included in accounts payable and accrued expenses | 68,900 | 54,176 | ||||||||||||
Amounts related to our investment in Pennsylvania Real Estate Investment Trust reclassified from "investments in partially owned entities" and "accumulated other comprehensive (loss) income" to "marketable securities" upon conversion of operating partnership units to common shares | 54,962 | — | 54,962 | — |
(Amounts in thousands, except unit amounts) | June 30, 2019 | December 31, 2018 | September 30, 2019 | December 31, 2018 | ||||||||||
ASSETS | ||||||||||||||
Real estate, at cost: | ||||||||||||||
Land | $ | 2,609,869 | $ | 3,306,280 | $ | 2,602,039 | $ | 3,306,280 | ||||||
Buildings and improvements | 7,813,812 | 10,110,992 | 7,888,950 | 10,110,992 | ||||||||||
Development costs and construction in progress | 1,835,054 | 2,266,491 | 1,805,846 | 2,266,491 | ||||||||||
Moynihan Train Hall development expenditures | 665,226 | 445,693 | 791,703 | 445,693 | ||||||||||
Leasehold improvements and equipment | 118,428 | 108,427 | 121,164 | 108,427 | ||||||||||
Total | 13,042,389 | 16,237,883 | 13,209,702 | 16,237,883 | ||||||||||
Less accumulated depreciation and amortization | (2,894,202 | ) | (3,180,175 | ) | (2,945,107 | ) | (3,180,175 | ) | ||||||
Real estate, net | 10,148,187 | 13,057,708 | 10,264,595 | 13,057,708 | ||||||||||
Right-of-use assets | 380,214 | — | 370,604 | — | ||||||||||
Cash and cash equivalents | 922,604 | 570,916 | 1,132,491 | 570,916 | ||||||||||
Restricted cash | 154,306 | 145,989 | 113,065 | 145,989 | ||||||||||
Marketable securities | 41,081 | 152,198 | 35,751 | 152,198 | ||||||||||
Tenant and other receivables, net of allowance for doubtful accounts of $4,154 as of December 31, 2018 | 85,153 | 73,322 | ||||||||||||
Tenant and other receivables | 99,499 | 73,322 | ||||||||||||
Investments in partially owned entities | 4,025,534 | 858,113 | 4,023,820 | 858,113 | ||||||||||
Real estate fund investments | 306,596 | 318,758 | 306,596 | 318,758 | ||||||||||
220 Central Park South condominium units ready for sale | 328,786 | 99,627 | 288,135 | 99,627 | ||||||||||
Receivable arising from the straight-lining of rents, net of allowance of $1,644 as of December 31, 2018 | 749,198 | 935,131 | ||||||||||||
Deferred leasing costs, net of accumulated amortization of $187,478 and $207,529 | 357,511 | 400,313 | ||||||||||||
Identified intangible assets, net of accumulated amortization of $98,187 and $172,114 | 32,478 | 136,781 | ||||||||||||
Receivable arising from the straight-lining of rents | 743,646 | 935,131 | ||||||||||||
Deferred leasing costs, net of accumulated amortization of $191,299 and $207,529 | 360,608 | 400,313 | ||||||||||||
Identified intangible assets, net of accumulated amortization of $99,623 and $172,114 | 30,773 | 136,781 | ||||||||||||
Other assets | 382,209 | 431,938 | 446,516 | 431,938 | ||||||||||
$ | 17,913,857 | $ | 17,180,794 | $ | 18,216,099 | $ | 17,180,794 | |||||||
LIABILITIES, REDEEMABLE PARTNERSHIP UNITS AND EQUITY | ||||||||||||||
Mortgages payable, net | $ | 6,256,808 | $ | 8,167,798 | $ | 5,640,895 | $ | 8,167,798 | ||||||
Senior unsecured notes, net | 445,465 | 844,002 | 445,668 | 844,002 | ||||||||||
Unsecured term loan, net | 745,331 | 744,821 | 745,585 | 744,821 | ||||||||||
Unsecured revolving credit facilities | 80,000 | 80,000 | 655,000 | 80,000 | ||||||||||
Lease liabilities | 483,011 | — | 490,978 | — | ||||||||||
Moynihan Train Hall obligation | 665,226 | 445,693 | 791,703 | 445,693 | ||||||||||
Accounts payable and accrued expenses | 392,581 | 430,976 | 453,331 | 430,976 | ||||||||||
Deferred revenue | 66,835 | 167,730 | 62,583 | 167,730 | ||||||||||
Deferred compensation plan | 99,879 | 96,523 | 99,677 | 96,523 | ||||||||||
Other liabilities | 320,515 | 311,806 | 266,090 | 311,806 | ||||||||||
Total liabilities | 9,555,651 | 11,289,349 | 9,651,510 | 11,289,349 | ||||||||||
Commitments and contingencies | ||||||||||||||
Redeemable partnership units: | ||||||||||||||
Class A units - 13,377,956 and 12,544,477 units outstanding | 857,527 | 778,134 | ||||||||||||
Class A units - 13,346,927 and 12,544,477 units outstanding | 849,798 | 778,134 | ||||||||||||
Series D cumulative redeemable preferred units - 141,401 and 177,101 units outstanding | 4,535 | 5,428 | 4,535 | 5,428 | ||||||||||
Total redeemable partnership units | 862,062 | 783,562 | 854,333 | 783,562 | ||||||||||
Partners' equity: | ||||||||||||||
Partners' capital | 8,744,615 | 8,624,751 | 8,771,466 | 8,624,751 | ||||||||||
Earnings less than distributions | (1,845,995 | ) | (4,167,184 | ) | (1,649,035 | ) | (4,167,184 | ) | ||||||
Accumulated other comprehensive (loss) income | (38,066 | ) | 7,664 | (47,359 | ) | 7,664 | ||||||||
Total partners' equity | 6,860,554 | 4,465,231 | 7,075,072 | 4,465,231 | ||||||||||
Noncontrolling interests in consolidated subsidiaries | 635,590 | 642,652 | 635,184 | 642,652 | ||||||||||
Total equity | 7,496,144 | 5,107,883 | 7,710,256 | 5,107,883 | ||||||||||
$ | 17,913,857 | $ | 17,180,794 | $ | 18,216,099 | $ | 17,180,794 |
(Amounts in thousands, except per unit amounts) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||||||||
Rental revenues | $ | 421,299 | $ | 502,907 | $ | 921,176 | $ | 1,003,327 | $ | 427,638 | $ | 503,947 | $ | 1,348,814 | $ | 1,507,274 | ||||||||||||||
Fee and other income | 41,804 | 38,911 | 76,595 | 74,928 | 38,323 | 38,101 | 114,918 | 113,029 | ||||||||||||||||||||||
Total revenues | 463,103 | 541,818 | 997,771 | 1,078,255 | 465,961 | 542,048 | 1,463,732 | 1,620,303 | ||||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||||
Operating | (220,752 | ) | (235,981 | ) | (467,647 | ) | (473,583 | ) | (226,359 | ) | (235,575 | ) | (694,006 | ) | (709,158 | ) | ||||||||||||||
Depreciation and amortization | (113,035 | ) | (111,846 | ) | (229,744 | ) | (220,532 | ) | (96,437 | ) | (113,169 | ) | (326,181 | ) | (333,701 | ) | ||||||||||||||
General and administrative | (38,872 | ) | (34,427 | ) | (96,892 | ) | (76,960 | ) | (33,237 | ) | (31,977 | ) | (130,129 | ) | (108,937 | ) | ||||||||||||||
Expense from deferred compensation plan liability | (1,315 | ) | (2,077 | ) | (6,748 | ) | (1,673 | ) | (974 | ) | (1,861 | ) | (7,722 | ) | (3,534 | ) | ||||||||||||||
Transaction related costs, impairment losses and other | (101,590 | ) | (1,017 | ) | (101,739 | ) | (14,173 | ) | (1,576 | ) | (2,510 | ) | (103,315 | ) | (16,683 | ) | ||||||||||||||
Total expenses | (475,564 | ) | (385,348 | ) | (902,770 | ) | (786,921 | ) | (358,583 | ) | (385,092 | ) | (1,261,353 | ) | (1,172,013 | ) | ||||||||||||||
Income (loss) from partially owned entities | 22,873 | 8,757 | 30,193 | (1,147 | ) | |||||||||||||||||||||||||
Loss from real estate fund investments | (15,803 | ) | (28,976 | ) | (15,970 | ) | (37,783 | ) | ||||||||||||||||||||||
Income from partially owned entities | 25,946 | 7,206 | 56,139 | 6,059 | ||||||||||||||||||||||||||
Income (loss) from real estate fund investments | 2,190 | (190 | ) | (13,780 | ) | (37,973 | ) | |||||||||||||||||||||||
Interest and other investment income, net | 7,840 | 30,892 | 12,885 | 6,508 | 3,045 | 2,893 | 15,930 | 9,401 | ||||||||||||||||||||||
Income from deferred compensation plan assets | 1,315 | 2,077 | 6,748 | 1,673 | 974 | 1,861 | 7,722 | 3,534 | ||||||||||||||||||||||
Interest and debt expense | (63,029 | ) | (87,657 | ) | (165,492 | ) | (175,823 | ) | (61,448 | ) | (88,951 | ) | (226,940 | ) | (264,774 | ) | ||||||||||||||
Net gain on transfer to Fifth Avenue and Times Square JV | 2,571,099 | — | 2,571,099 | — | — | — | 2,571,099 | — | ||||||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | 111,713 | 23,559 | 332,007 | 23,559 | 309,657 | 141,269 | 641,664 | 164,828 | ||||||||||||||||||||||
Income before income taxes | 2,623,547 | 105,122 | 2,866,471 | 108,321 | 387,742 | 221,044 | 3,254,213 | 329,365 | ||||||||||||||||||||||
Income tax expense | (26,914 | ) | (467 | ) | (56,657 | ) | (3,021 | ) | (23,885 | ) | (1,943 | ) | (80,542 | ) | (4,964 | ) | ||||||||||||||
Income from continuing operations | 2,596,633 | 104,655 | 2,809,814 | 105,300 | 363,857 | 219,101 | 3,173,671 | 324,401 | ||||||||||||||||||||||
Income (loss) from discontinued operations | 60 | 683 | (77 | ) | 320 | |||||||||||||||||||||||||
(Loss) income from discontinued operations | (8 | ) | 61 | (85 | ) | 381 | ||||||||||||||||||||||||
Net income | 2,596,693 | 105,338 | 2,809,737 | 105,620 | 363,849 | 219,162 | 3,173,586 | 324,782 | ||||||||||||||||||||||
Less net (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (21,451 | ) | 26,175 | (28,271 | ) | 34,449 | (5,774 | ) | (3,312 | ) | (34,045 | ) | 31,137 | |||||||||||||||||
Net income attributable to Vornado Realty L.P. | 2,575,242 | 131,513 | 2,781,466 | 140,069 | 358,075 | 215,850 | 3,139,541 | 355,919 | ||||||||||||||||||||||
Preferred unit distributions | (12,573 | ) | (12,582 | ) | (25,148 | ) | (25,666 | ) | (12,574 | ) | (12,582 | ) | (37,722 | ) | (38,248 | ) | ||||||||||||||
Preferred unit issuance costs | — | — | — | (14,486 | ) | — | — | — | (14,486 | ) | ||||||||||||||||||||
NET INCOME attributable to Class A unitholders | $ | 2,562,669 | $ | 118,931 | $ | 2,756,318 | $ | 99,917 | $ | 345,501 | $ | 203,268 | $ | 3,101,819 | $ | 303,185 | ||||||||||||||
INCOME PER CLASS A UNIT – BASIC: | ||||||||||||||||||||||||||||||
Net income per Class A unit | $ | 12.58 | $ | 0.58 | $ | 13.53 | $ | 0.49 | $ | 1.69 | $ | 1.00 | $ | 15.21 | $ | 1.49 | ||||||||||||||
Weighted average units outstanding | 202,924 | 202,064 | 202,848 | 201,997 | 203,009 | 202,103 | 202,903 | 202,033 | ||||||||||||||||||||||
INCOME PER CLASS A UNIT – DILUTED: | ||||||||||||||||||||||||||||||
Net income per Class A unit | $ | 12.54 | $ | 0.58 | $ | 13.50 | $ | 0.48 | $ | 1.69 | $ | 0.99 | $ | 15.18 | $ | 1.48 | ||||||||||||||
Weighted average units outstanding | 203,480 | 203,354 | 203,391 | 203,266 | 203,550 | 203,594 | 203,416 | 203,400 |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
Net income | $ | 2,596,693 | $ | 105,338 | $ | 2,809,737 | $ | 105,620 | $ | 363,849 | $ | 219,162 | $ | 3,173,586 | $ | 324,782 | ||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||
Other comprehensive income (loss) of nonconsolidated subsidiaries | 25 | 390 | (960 | ) | 736 | 11 | 253 | (949 | ) | 989 | ||||||||||||||||||||
(Reduction) increase in value of interest rate swaps and other | (28,512 | ) | 2,908 | (45,541 | ) | 13,166 | (9,954 | ) | 623 | (55,495 | ) | 13,789 | ||||||||||||||||||
Amount reclassified from accumulated other comprehensive loss relating to a nonconsolidated subsidiary | — | — | (2,311 | ) | — | — | — | (2,311 | ) | — | ||||||||||||||||||||
Comprehensive income | 2,568,206 | 108,636 | 2,760,925 | 119,522 | 353,906 | 220,038 | 3,114,831 | 339,560 | ||||||||||||||||||||||
Less comprehensive (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (21,451 | ) | 26,175 | (28,271 | ) | 34,449 | (5,774 | ) | (3,312 | ) | (34,045 | ) | 31,137 | |||||||||||||||||
Comprehensive income attributable to Vornado Realty L.P. | $ | 2,546,755 | $ | 134,811 | $ | 2,732,654 | $ | 153,971 | $ | 348,132 | $ | 216,726 | $ | 3,080,786 | $ | 370,697 |
(Amounts in thousands) | Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Accumulated Other Comprehensive Loss | Non- controlling Interests in Consolidated Subsidiaries | Total Equity | Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Accumulated Other Comprehensive Loss | Non- controlling Interests in Consolidated Subsidiaries | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2019: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2019 | 36,798 | $ | 891,263 | 190,761 | $ | 7,684,379 | $ | (4,120,265 | ) | $ | (11,385 | ) | $ | 646,900 | $ | 5,090,892 | ||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2019: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2019 | 36,797 | $ | 891,256 | 190,813 | $ | 7,853,359 | $ | (1,845,995 | ) | $ | (38,066 | ) | $ | 635,590 | $ | 7,496,144 | ||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | — | — | — | — | 2,575,242 | — | — | 2,575,242 | — | — | — | — | 358,075 | — | — | 358,075 | ||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | — | — | — | — | (162,515 | ) | — | — | (162,515 | ) | — | — | — | — | (22,637 | ) | — | — | (22,637 | ) | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 21,451 | 21,451 | — | — | — | — | — | — | 5,774 | 5,774 | ||||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($0.66 per unit) | — | — | — | — | (125,927 | ) | — | — | (125,927 | ) | — | — | — | — | (125,947 | ) | — | — | (125,947 | ) | ||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (12,532 | ) | — | — | (12,532 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 13 for distributions per unit amounts) | — | — | — | — | (12,532 | ) | — | — | (12,532 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 44 | 2,948 | — | — | — | 2,948 | — | — | 31 | 1,999 | — | — | — | 1,999 | ||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | — | — | 3 | 174 | — | — | — | 174 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 5 | 361 | — | — | — | 361 | — | — | 6 | 357 | — | — | — | 357 | ||||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 3,121 | 3,121 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (24,440 | ) | (24,440 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | 908 | 908 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | (6 | ) | (6 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | (7,086 | ) | (7,086 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred units to Class A units | (1 | ) | (7 | ) | 1 | 7 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | (1 | ) | 266 | — | — | — | 266 | — | — | — | 266 | — | — | — | 266 | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 25 | — | 25 | — | — | — | — | — | 11 | — | 11 | ||||||||||||||||||||||||||||||||||||||||||||
Reduction in value of interest rate swaps | — | — | — | — | — | (28,515 | ) | — | (28,515 | ) | — | — | — | — | — | (9,953 | ) | — | (9,953 | ) | ||||||||||||||||||||||||||||||||||||||||
Adjustments to carry redeemable Class A units at redemption value | — | — | — | 165,225 | — | — | — | 165,225 | — | — | — | 24,228 | — | — | — | 24,228 | ||||||||||||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | 1,806 | — | 1,806 | — | — | — | — | — | 650 | — | 650 | ||||||||||||||||||||||||||||||||||||||||||||
Deconsolidation of partially owned entity | — | — | — | — | — | — | (11,441 | ) | (11,441 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | (1 | ) | 2 | 3 | (1 | ) | 3 | — | — | — | 1 | 1 | (1 | ) | 4 | 5 | |||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2019 | 36,797 | $ | 891,256 | 190,813 | $ | 7,853,359 | $ | (1,845,995 | ) | $ | (38,066 | ) | $ | 635,590 | $ | 7,496,144 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2019 | 36,797 | $ | 891,256 | 190,850 | $ | 7,880,210 | $ | (1,649,035 | ) | $ | (47,359 | ) | $ | 635,184 | $ | 7,710,256 |
(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 | 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 | Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2018: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2018 | 36,800 | $ | 891,325 | 190,169 | $ | 7,636,597 | $ | (4,198,088 | ) | $ | 30,258 | $ | 664,786 | $ | 5,024,878 | |||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2018: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2018 | 36,800 | $ | 891,325 | 190,238 | $ | 7,563,580 | $ | (4,206,381 | ) | $ | 33,351 | $ | 661,712 | $ | 4,943,587 | |||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | — | — | — | — | 131,513 | — | — | 131,513 | — | — | — | — | 215,850 | — | — | 215,850 | ||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | — | — | — | — | (7,445 | ) | — | — | (7,445 | ) | — | — | — | — | (12,671 | ) | — | — | (12,671 | ) | ||||||||||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | (26,175 | ) | (26,175 | ) | — | — | — | — | — | — | 3,312 | 3,312 | ||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($0.63 per unit) | — | — | — | — | (119,830 | ) | — | — | (119,830 | ) | — | — | — | — | (119,862 | ) | — | — | (119,862 | ) | ||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (12,534 | ) | — | — | (12,534 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 13 for distributions per unit amounts) | — | — | — | — | (12,534 | ) | — | — | (12,534 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 58 | 3,854 | — | — | — | 3,854 | — | — | 25 | 1,843 | — | — | — | 1,843 | ||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | — | — | 6 | 352 | — | — | — | 352 | — | — | 16 | 440 | — | — | — | 440 | ||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 5 | 350 | — | — | — | 350 | — | — | 5 | 351 | — | — | — | 351 | ||||||||||||||||||||||||||||||||||||||||||||
Contributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | 43,653 | 43,653 | — | — | — | — | — | — | 1,595 | 1,595 | ||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | 7,535 | 7,535 | — | — | — | — | — | — | 366 | 366 | ||||||||||||||||||||||||||||||||||||||||||||
Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | (8,336 | ) | (8,336 | ) | — | — | — | — | — | — | (2,419 | ) | (2,419 | ) | ||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | (19,751 | ) | (19,751 | ) | — | — | — | — | — | — | (4,972 | ) | (4,972 | ) | ||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred units to Class A units | (1 | ) | (31 | ) | 2 | 31 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | — | 287 | — | — | — | 287 | — | — | — | 286 | — | — | — | 286 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 390 | — | 390 | — | — | — | — | — | 253 | — | 253 | ||||||||||||||||||||||||||||||||||||||||||||
Increase in value of interest rate swaps | — | — | — | — | — | 2,908 | — | 2,908 | — | — | — | — | — | 623 | — | 623 | ||||||||||||||||||||||||||||||||||||||||||||
Adjustments to carry redeemable Class A units at redemption value | — | — | — | (78,406 | ) | — | — | — | (78,406 | ) | — | — | — | 21,520 | — | — | — | 21,520 | ||||||||||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | (205 | ) | — | (205 | ) | — | — | — | — | — | (54 | ) | — | (54 | ) | ||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | 546 | 3 | — | — | 549 | — | — | — | 1 | (4 | ) | — | (2 | ) | (5 | ) | |||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2018 | 36,800 | $ | 891,325 | 190,238 | $ | 7,563,580 | $ | (4,206,381 | ) | $ | 33,351 | $ | 661,712 | $ | 4,943,587 | |||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2018 | 36,799 | $ | 891,294 | 190,286 | $ | 7,588,052 | $ | (4,135,602 | ) | $ | 34,173 | $ | 659,592 | $ | 5,037,509 |
(Amounts in thousands) | Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Accumulated Other Comprehensive Income (Loss) | Non- controlling Interests in Consolidated Subsidiaries | Total Equity | Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Accumulated Other Comprehensive Income (Loss) | Non- controlling Interests in Consolidated Subsidiaries | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2019: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2019: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2018 | 36,800 | $ | 891,294 | 190,535 | $ | 7,733,457 | $ | (4,167,184 | ) | $ | 7,664 | $ | 642,652 | $ | 5,107,883 | 36,800 | $ | 891,294 | 190,535 | $ | 7,733,457 | $ | (4,167,184 | ) | $ | 7,664 | $ | 642,652 | $ | 5,107,883 | ||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | — | — | — | — | 2,781,466 | — | — | 2,781,466 | — | — | — | — | 3,139,541 | — | — | 3,139,541 | ||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | — | — | — | — | (174,717 | ) | — | — | (174,717 | ) | — | — | — | — | (197,354 | ) | — | — | (197,354 | ) | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 28,271 | 28,271 | — | — | — | — | — | — | 34,045 | 34,045 | ||||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($1.32 per unit) | — | — | — | — | (251,803 | ) | — | — | (251,803 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (25,066 | ) | — | — | (25,066 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($1.98 per unit) | — | — | — | — | (377,750 | ) | — | — | (377,750 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 13 for distributions per unit amounts) | — | — | — | — | (37,598 | ) | — | — | (37,598 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 92 | 6,129 | — | — | — | 6,129 | — | — | 123 | 8,128 | — | — | — | 8,128 | ||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | — | — | 165 | 1,345 | (8,692 | ) | — | — | (7,347 | ) | — | — | 165 | 1,345 | (8,692 | ) | — | — | (7,347 | ) | ||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 10 | 701 | — | — | — | 701 | — | — | 16 | 1,058 | — | — | — | 1,058 | ||||||||||||||||||||||||||||||||||||||||||||
Contributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | 3,384 | 3,384 | — | — | — | — | — | — | 3,384 | 3,384 | ||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | 4,931 | 4,931 | — | — | — | — | — | — | 5,839 | 5,839 | ||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (32,204 | ) | (32,204 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | (6 | ) | (6 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | (39,290 | ) | (39,290 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred unit issuance | (2 | ) | (38 | ) | 3 | 38 | — | — | — | — | (2 | ) | (38 | ) | 3 | 38 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | 8 | 563 | — | — | — | 563 | — | — | 8 | 829 | — | — | — | 829 | ||||||||||||||||||||||||||||||||||||||||||||
Amount reclassified related to a nonconsolidated subsidiary | — | — | — | — | — | (2,311 | ) | — | (2,311 | ) | — | — | — | — | — | (2,311 | ) | — | (2,311 | ) | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | (960 | ) | — | (960 | ) | — | — | — | — | — | (949 | ) | — | (949 | ) | ||||||||||||||||||||||||||||||||||||||||
Reduction in value of interest rate swaps | — | — | — | — | — | (45,544 | ) | — | (45,544 | ) | — | — | — | — | — | (55,497 | ) | — | (55,497 | ) | ||||||||||||||||||||||||||||||||||||||||
Unearned 2016 Out-Performance Plan awards acceleration | — | — | — | 11,720 | — | — | — | 11,720 | — | — | — | 11,720 | — | — | — | 11,720 | ||||||||||||||||||||||||||||||||||||||||||||
Adjustments to carry redeemable Class A units at redemption value | — | — | — | 99,407 | — | — | — | 99,407 | — | — | — | 123,635 | — | — | — | 123,635 | ||||||||||||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | 3,082 | — | 3,082 | — | — | — | — | — | 3,732 | — | 3,732 | ||||||||||||||||||||||||||||||||||||||||||||
Deconsolidation of partially owned entity | (11,441 | ) | (11,441 | ) | — | — | — | — | — | — | (11,441 | ) | (11,441 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Other | (1 | ) | — | — | (1 | ) | 1 | 3 | (3 | ) | — | (1 | ) | — | — | — | 2 | 2 | 1 | 5 | ||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2019 | 36,797 | $ | 891,256 | 190,813 | $ | 7,853,359 | $ | (1,845,995 | ) | $ | (38,066 | ) | $ | 635,590 | $ | 7,496,144 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2019 | 36,797 | $ | 891,256 | 190,850 | $ | 7,880,210 | $ | (1,649,035 | ) | $ | (47,359 | ) | $ | 635,184 | $ | 7,710,256 |
(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 | 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 | Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2018: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2018: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2017 | 36,800 | $ | 891,988 | 189,984 | $ | 7,500,235 | $ | (4,183,253 | ) | $ | 128,682 | $ | 670,049 | $ | 5,007,701 | 36,800 | $ | 891,988 | 189,984 | $ | 7,500,235 | $ | (4,183,253 | ) | $ | 128,682 | $ | 670,049 | $ | 5,007,701 | ||||||||||||||||||||||||||||||
Cumulative effect of accounting change | — | — | — | — | 122,893 | (108,374 | ) | — | 14,519 | — | — | — | — | 122,893 | (108,374 | ) | — | 14,519 | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | — | — | — | — | 140,069 | — | — | 140,069 | — | — | — | — | 355,919 | — | — | 355,919 | ||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | — | — | — | — | (6,321 | ) | — | — | (6,321 | ) | — | — | — | — | (18,992 | ) | — | — | (18,992 | ) | ||||||||||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | (34,449 | ) | (34,449 | ) | — | — | — | — | — | — | (31,137 | ) | (31,137 | ) | ||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($1.26 per unit) | — | — | — | — | (239,594 | ) | — | — | (239,594 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (25,569 | ) | — | — | (25,569 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($1.89 per unit) | — | — | — | — | (359,456 | ) | — | — | (359,456 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 13 for distributions per unit amounts) | — | — | — | — | (38,103 | ) | — | — | (38,103 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred unit issuance costs | — | — | — | — | (14,486 | ) | — | — | (14,486 | ) | — | (663 | ) | — | — | (14,486 | ) | — | — | (15,149 | ) | |||||||||||||||||||||||||||||||||||||||
Class A Units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 176 | 12,246 | — | — | — | 12,246 | — | — | 201 | 14,089 | — | — | — | 14,089 | ||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | — | — | 61 | 3,786 | — | — | — | 3,786 | — | — | 77 | 4,226 | — | — | — | 4,226 | ||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 10 | 685 | — | — | — | 685 | — | — | 15 | 1,036 | — | — | — | 1,036 | ||||||||||||||||||||||||||||||||||||||||||||
Contributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | 45,347 | 45,347 | — | — | — | — | — | — | 46,942 | 46,942 | ||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | 14,211 | 14,211 | — | — | — | — | — | — | 14,577 | 14,577 | ||||||||||||||||||||||||||||||||||||||||||||
Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | (10,246 | ) | (10,246 | ) | — | — | — | — | — | — | (12,665 | ) | (12,665 | ) | ||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | (23,201 | ) | (23,201 | ) | — | — | — | — | — | — | (28,173 | ) | (28,173 | ) | ||||||||||||||||||||||||||||||||||||||||
Preferred unit issuance | — | (663 | ) | — | — | — | — | — | (663 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred units to Class A units | (1 | ) | (31 | ) | 2 | 31 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | 7 | 585 | (121 | ) | — | — | 464 | — | — | 7 | 871 | (121 | ) | — | — | 750 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 736 | — | 736 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Pro rata share of other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 989 | — | 989 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase in value of interest rate swaps | — | — | — | — | — | 13,166 | — | 13,166 | — | — | — | — | — | 13,789 | — | 13,789 | ||||||||||||||||||||||||||||||||||||||||||||
Unearned 2015 Out-Performance Plan awards acceleration | — | — | — | 9,046 | — | — | — | 9,046 | — | — | — | 9,046 | — | — | — | 9,046 | ||||||||||||||||||||||||||||||||||||||||||||
Adjustments to carry redeemable Class A units at redemption value | — | — | — | 36,450 | — | — | — | 36,450 | — | — | — | 57,970 | — | — | — | 57,970 | ||||||||||||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | (859 | ) | — | (859 | ) | — | — | — | — | — | (913 | ) | — | (913 | ) | ||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | 547 | 1 | — | 1 | 549 | — | — | — | 548 | (3 | ) | — | (1 | ) | 544 | ||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2018 | 36,800 | $ | 891,325 | 190,238 | $ | 7,563,580 | $ | (4,206,381 | ) | $ | 33,351 | $ | 661,712 | $ | 4,943,587 | |||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2018 | 36,799 | $ | 891,294 | 190,286 | $ | 7,588,052 | $ | (4,135,602 | ) | $ | 34,173 | $ | 659,592 | $ | 5,037,509 |
(Amounts in thousands) | For the Six Months Ended June 30, | For the Nine Months Ended September 30, | ||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||
Cash Flows from Operating Activities: | ||||||||||||||
Net income | $ | 2,809,737 | $ | 105,620 | $ | 3,173,586 | $ | 324,782 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Net gain on transfer to Fifth Avenue and Times Square JV | (2,571,099 | ) | — | (2,571,099 | ) | — | ||||||||
Net gains on disposition of wholly owned and partially owned assets | (332,007 | ) | (23,559 | ) | (641,664 | ) | (164,828 | ) | ||||||
Depreciation and amortization (including amortization of deferred financing costs) | 240,866 | 233,748 | 341,951 | 353,761 | ||||||||||
Non-cash impairment loss on 608 Fifth Avenue right-of-use asset | 75,220 | — | 75,220 | — | ||||||||||
Distributions of income from partially owned entities | 66,252 | 61,782 | ||||||||||||
Equity in net income of partially owned entities | (56,139 | ) | (6,059 | ) | ||||||||||
Stock-based compensation expense | 42,174 | 20,645 | 48,045 | 26,190 | ||||||||||
Distributions of income from partially owned entities | 31,820 | 45,999 | ||||||||||||
Equity in net (income) loss of partially owned entities | (30,193 | ) | 1,147 | |||||||||||
Real estate impairment losses | 26,140 | — | 26,140 | — | ||||||||||
Prepayment penalty on redemption of senior unsecured notes due 2022 | 22,058 | — | 22,058 | — | ||||||||||
Net realized and unrealized loss on real estate fund investments | 16,162 | 30,426 | 16,162 | 33,709 | ||||||||||
Amortization of below-market leases, net | (11,168 | ) | (21,107 | ) | (15,561 | ) | (31,480 | ) | ||||||
Straight-lining of rents | 3,733 | (10,122 | ) | 8,446 | (10,279 | ) | ||||||||
(Increase) decrease in fair value of marketable securities | (1,773 | ) | 17,102 | |||||||||||
Decrease in fair value of marketable securities | 3,095 | 24,801 | ||||||||||||
Return of capital from real estate fund investments | — | 20,291 | — | 20,291 | ||||||||||
Other non-cash adjustments | 18,588 | 3,675 | 19,894 | 2,242 | ||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Real estate fund investments | (4,000 | ) | (68,950 | ) | (4,000 | ) | (68,950 | ) | ||||||
Tenant and other receivables, net | (12,759 | ) | (7,511 | ) | (28,110 | ) | (11,662 | ) | ||||||
Prepaid assets | (5,702 | ) | (19,092 | ) | (74,502 | ) | 74,322 | |||||||
Other assets | (8,498 | ) | (114,881 | ) | (10,195 | ) | (122,925 | ) | ||||||
Accounts payable and accrued expenses | (11,482 | ) | (11,036 | ) | 1,496 | (3,810 | ) | |||||||
Other liabilities | (4,965 | ) | 38,865 | (3,104 | ) | (13,849 | ) | |||||||
Net cash provided by operating activities | 292,852 | 241,260 | 397,971 | 488,038 | ||||||||||
Cash Flows from Investing Activities: | ||||||||||||||
Proceeds from transfer of interest in Fifth Avenue and Times Square JV (net of $35,562 of transaction costs and $10,899 of deconsolidated cash and restricted cash) | 1,255,756 | — | 1,248,743 | — | ||||||||||
Proceeds from sale of condominium units at 220 Central Park South | 690,734 | — | 1,039,493 | — | ||||||||||
Proceeds from redemption of 640 Fifth Avenue preferred equity | 500,000 | — | 500,000 | — | ||||||||||
Development costs and construction in progress | (289,532 | ) | (185,039 | ) | (448,281 | ) | (274,147 | ) | ||||||
Moynihan Train Hall expenditures | (205,783 | ) | — | (352,211 | ) | — | ||||||||
Proceeds from sale of real estate and related investments | 255,534 | 219,731 | ||||||||||||
Additions to real estate | (189,579 | ) | (163,546 | ) | ||||||||||
Proceeds from sales of marketable securities | 167,852 | — | 168,314 | — | ||||||||||
Additions to real estate | (120,060 | ) | (113,300 | ) | ||||||||||
Proceeds from sale of real estate and related investments | 108,512 | 44,599 | ||||||||||||
Distributions of capital from partially owned entities | 24,880 | 81,997 | 24,880 | 98,609 | ||||||||||
Investments in partially owned entities | (15,588 | ) | (26,663 | ) | (16,480 | ) | (32,728 | ) | ||||||
Acquisitions of real estate and other | (3,260 | ) | (56,500 | ) | (3,260 | ) | (500,225 | ) | ||||||
Proceeds from repayments of loans receivable | 1,395 | — | ||||||||||||
Net cash provided by (used in) investing activities | 2,113,511 | (254,906 | ) | 2,228,548 | (652,306 | ) |
(Amounts in thousands) | For the Six Months Ended June 30, | For the Nine Months Ended September 30, | ||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||
Cash Flows from Financing Activities: | ||||||||||||||
Repayments of borrowings | $ | (1,943,157 | ) | $ | (148,408 | ) | $ | (2,635,028 | ) | $ | (264,482 | ) | ||
Proceeds from borrowings | 458,955 | 189,042 | 1,107,852 | 312,763 | ||||||||||
Purchase of marketable securities in connection with defeasance of mortgage payable | (407,126 | ) | — | (407,126 | ) | — | ||||||||
Distributions to Vornado | (251,803 | ) | (239,594 | ) | (377,750 | ) | (359,456 | ) | ||||||
Moynihan Train Hall reimbursement from Empire State Development | 205,783 | — | 352,211 | — | ||||||||||
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (49,140 | ) | (49,338 | ) | (65,084 | ) | (63,110 | ) | ||||||
Distributions to preferred unitholders | (25,066 | ) | (30,047 | ) | (37,598 | ) | (42,582 | ) | ||||||
Prepayment penalty on redemption of senior unsecured notes due 2022 | (22,058 | ) | — | (22,058 | ) | — | ||||||||
Debt issuance costs | (13,522 | ) | (3,289 | ) | (15,328 | ) | (7,451 | ) | ||||||
Contributions from noncontrolling interests in consolidated subsidiaries | 9,223 | 59,924 | ||||||||||||
Repurchase of Class A units related to stock compensation agreements and related tax withholdings and other | (8,692 | ) | (784 | ) | (8,692 | ) | (784 | ) | ||||||
Contributions from noncontrolling interests in consolidated subsidiaries | 8,315 | 59,558 | ||||||||||||
Proceeds received from exercise of Vornado stock options and other | 2,046 | 4,471 | 2,403 | 5,262 | ||||||||||
Redemption of preferred units | (893 | ) | (470,000 | ) | (893 | ) | (470,000 | ) | ||||||
Debt prepayment and extinguishment costs | — | (818 | ) | — | (818 | ) | ||||||||
Net cash used in financing activities | (2,046,358 | ) | (689,207 | ) | (2,097,868 | ) | (830,734 | ) | ||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | 360,005 | (702,853 | ) | 528,651 | (995,002 | ) | ||||||||
Cash and cash equivalents and restricted cash at beginning of period | 716,905 | 1,914,812 | 716,905 | 1,914,812 | ||||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 1,076,910 | $ | 1,211,959 | $ | 1,245,556 | $ | 919,810 | ||||||
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | ||||||||||||||
Cash and cash equivalents at beginning of period | $ | 570,916 | $ | 1,817,655 | $ | 570,916 | $ | 1,817,655 | ||||||
Restricted cash at beginning of period | 145,989 | 97,157 | 145,989 | 97,157 | ||||||||||
Cash and cash equivalents and restricted cash at beginning of period | $ | 716,905 | $ | 1,914,812 | $ | 716,905 | $ | 1,914,812 | ||||||
Cash and cash equivalents at end of period | $ | 922,604 | $ | 1,090,791 | $ | 1,132,491 | $ | 772,524 | ||||||
Restricted cash at end of period | 154,306 | 121,168 | 113,065 | 147,286 | ||||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 1,076,910 | $ | 1,211,959 | $ | 1,245,556 | $ | 919,810 | ||||||
Supplemental Disclosure of Cash Flow Information: | ||||||||||||||
Cash payments for interest, excluding capitalized interest of $39,643 and $28,558 | $ | 165,022 | $ | 155,875 | ||||||||||
Cash payments for interest, excluding capitalized interest of $55,186 and $45,292 | $ | 227,310 | $ | 245,628 | ||||||||||
Cash payments for income taxes | $ | 28,697 | $ | 4,365 | $ | 47,345 | $ | 61,047 | ||||||
Non-Cash Investing and Financing Activities: | ||||||||||||||
Investments received in exchange for transfer to Fifth Avenue and Times Square JV: | ||||||||||||||
Preferred equity | $ | 2,327,750 | $ | — | $ | 2,327,750 | $ | — | ||||||
Common equity | 1,449,495 | — | 1,449,495 | — | ||||||||||
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | 647,683 | — | 825,520 | 307,552 | ||||||||||
Lease liabilities arising from the recognition of right-of-use assets | 526,866 | — | 526,866 | — | ||||||||||
Marketable securities transferred in connection with the defeasance of mortgage payable | (407,126 | ) | — | (407,126 | ) | — | ||||||||
Defeasance of mortgage payable | 390,000 | — | ||||||||||||
Defeased mortgage payable | 390,000 | — | ||||||||||||
Adjustments to carry redeemable Class A units at redemption value | 99,407 | 36,450 | 123,635 | 57,970 | ||||||||||
Accrued capital expenditures included in accounts payable and accrued expenses | 117,205 | 74,185 | ||||||||||||
Write-off of fully depreciated assets | (93,390 | ) | (38,117 | ) | (113,261 | ) | (61,120 | ) | ||||||
Accrued capital expenditures included in accounts payable and accrued expenses | 68,900 | 54,176 | ||||||||||||
Amounts related to our investment in Pennsylvania Real Estate Investment Trust reclassified from "investments in partially owned entities" and "accumulated other comprehensive (loss) income" to "marketable securities" upon conversion of operating partnership units to common shares | 54,962 | — | 54,962 | — |
1. | Organization |
2. | Basis of Presentation |
3. | Recently Issued Accounting Literature |
3. | Recently Issued Accounting Literature - continued |
4. | Revenue Recognition |
◦ | Revenues from the leasing of space at our properties to tenants includes (i) lease components, including fixed and variable lease payments, and nonlease components which include reimbursement of common area maintenance expenses, and (ii) reimbursement of real estate taxes and insurance expenses. As lessor, we have elected to combine the lease and nonlease components of our operating lease agreements and account for the components as a single lease component in accordance with ASC 842. Lease revenues and reimbursement of common area maintenance, real estate taxes and insurance are presented on the following page as "property rentals." Revenues derived from fixed lease payments are recognized on a straight-line basis over the non-cancelable period of the lease, together with renewal options that are reasonably certain of being exercised. We commence rental revenue recognition when the underlying asset is available for use by the lessee. Revenue derived from the reimbursement of real estate taxes, insurance expenses and common area maintenance expenses are generally recognized in the same period as the related expenses are incurred. |
◦ | Lease termination income is recognized immediately if a tenant vacates or is recognized on a straight-line basis over the shortened remaining lease term in accordance with ASC 842. |
◦ | Hotel revenue arising from the operation of Hotel Pennsylvania consists of room revenue, food and beverage revenue, and banquet revenue. Room revenue is recognized when the rooms are made available for the guest, in accordance with ASC 842. |
◦ | Trade shows revenue arising from the operation of trade shows is primarily booth rentals. This revenue is recognized upon the occurrence of the trade shows when the trade show booths are made available for use by the exhibitors, in accordance with ASC 842. |
◦ | Tenant services revenue arises from sub-metered electric, elevator, trash removal and other services provided to tenants at their request. This revenue is recognized as the services are transferred in accordance with ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"). |
4. | Revenue Recognition - continued |
(Amounts in thousands) | For the Three Months Ended June 30, 2019 | For the Three Months Ended June 30, 2018 | For the Three Months Ended September 30, 2019 | For the Three Months Ended September 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||||||||||
Property rentals | $ | 372,160 | $ | 300,925 | $ | 71,235 | $ | 450,711 | $ | 383,440 | $ | 67,271 | $ | 381,740 | $ | 308,933 | $ | 72,807 | $ | 453,789 | $ | 387,300 | $ | 66,489 | ||||||||||||||||||||||||
Hotel Pennsylvania | 25,525 | 25,525 | — | 27,082 | 27,082 | — | 24,499 | 24,499 | — | 26,088 | 26,088 | — | ||||||||||||||||||||||||||||||||||||
Trade shows | 11,547 | — | 11,547 | 11,586 | — | 11,586 | 8,104 | — | 8,104 | 8,443 | — | 8,443 | ||||||||||||||||||||||||||||||||||||
Lease revenues | 409,232 | 326,450 | 82,782 | 489,379 | 410,522 | 78,857 | 414,343 | 333,432 | 80,911 | 488,320 | 413,388 | 74,932 | ||||||||||||||||||||||||||||||||||||
Tenant services | 12,067 | 9,337 | 2,730 | 13,528 | 10,394 | 3,134 | 13,295 | 9,342 | 3,953 | 15,627 | 11,696 | 3,931 | ||||||||||||||||||||||||||||||||||||
Rental revenues | 421,299 | 335,787 | 85,512 | 502,907 | 420,916 | 81,991 | 427,638 | 342,774 | 84,864 | 503,947 | 425,084 | 78,863 | ||||||||||||||||||||||||||||||||||||
BMS cleaning fees | 32,570 | 34,944 | (2,374 | ) | (3) | 30,867 | 33,407 | (2,540 | ) | (3) | 30,677 | 32,787 | (2,110 | ) | (1) | 28,873 | 31,328 | (2,455 | ) | (1) | ||||||||||||||||||||||||||||
Management and leasing fees | 4,500 | 4,472 | 28 | 2,707 | 2,464 | 243 | 3,326 | 3,746 | (420 | ) | 4,734 | 4,439 | 295 | |||||||||||||||||||||||||||||||||||
Other income | 4,734 | 1,178 | 3,556 | 5,337 | 1,765 | 3,572 | 4,320 | 1,261 | 3,059 | 4,494 | 1,595 | 2,899 | ||||||||||||||||||||||||||||||||||||
Fee and other income | 41,804 | 40,594 | 1,210 | 38,911 | 37,636 | 1,275 | 38,323 | 37,794 | 529 | 38,101 | 37,362 | 739 | ||||||||||||||||||||||||||||||||||||
Total revenues | $ | 463,103 | $ | 376,381 | $ | 86,722 | $ | 541,818 | $ | 458,552 | $ | 83,266 | $ | 465,961 | $ | 380,568 | $ | 85,393 | $ | 542,048 | $ | 462,446 | $ | 79,602 |
(Amounts in thousands) | For the Six Months Ended June 30, 2019 | For the Six Months Ended June 30, 2018 | For the Nine Months Ended September 30, 2019 | For the Nine Months Ended September 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||||||||||
Property rentals | $ | 829,901 | $ | 686,728 | $ | 143,173 | $ | 905,142 | $ | 772,840 | $ | 132,302 | $ | 1,211,641 | $ | 995,661 | $ | 215,980 | $ | 1,358,932 | $ | 1,160,140 | $ | 198,792 | ||||||||||||||||||||||||
Hotel Pennsylvania | 38,134 | 38,134 | — | 41,754 | 41,754 | — | 62,633 | 62,633 | — | 67,842 | 67,842 | — | ||||||||||||||||||||||||||||||||||||
Trade shows | 28,503 | — | 28,503 | 30,461 | — | 30,461 | 36,607 | — | 36,607 | 38,903 | — | 38,903 | ||||||||||||||||||||||||||||||||||||
Lease revenues | 896,538 | 724,862 | 171,676 | 977,357 | 814,594 | 162,763 | 1,310,881 | 1,058,294 | 252,587 | 1,465,677 | 1,227,982 | 237,695 | ||||||||||||||||||||||||||||||||||||
Tenant services | 24,638 | 18,562 | 6,076 | 25,970 | 20,158 | 5,812 | 37,933 | 27,904 | 10,029 | 41,597 | 31,854 | 9,743 | ||||||||||||||||||||||||||||||||||||
Rental revenues | 921,176 | 743,424 | 177,752 | 1,003,327 | 834,752 | 168,575 | 1,348,814 | 1,086,198 | 262,616 | 1,507,274 | 1,259,836 | 247,438 | ||||||||||||||||||||||||||||||||||||
BMS cleaning fees | 62,355 | 66,701 | (4,346 | ) | (3) | 59,222 | 63,560 | (4,338 | ) | (3) | 93,032 | 99,488 | (6,456 | ) | (1) | 88,095 | 94,888 | (6,793 | ) | (1) | ||||||||||||||||||||||||||||
Management and leasing fees | 6,737 | 6,723 | 14 | 5,471 | 4,945 | 526 | 10,063 | 10,469 | (406 | ) | 10,205 | 9,384 | 821 | |||||||||||||||||||||||||||||||||||
Other income | 7,503 | 2,818 | 4,685 | 10,235 | 3,779 | 6,456 | 11,823 | 4,079 | 7,744 | 14,729 | 5,374 | 9,355 | ||||||||||||||||||||||||||||||||||||
Fee and other income | 76,595 | 76,242 | 353 | 74,928 | 72,284 | 2,644 | 114,918 | 114,036 | 882 | 113,029 | 109,646 | 3,383 | ||||||||||||||||||||||||||||||||||||
Total revenues | $ | 997,771 | $ | 819,666 | $ | 178,105 | $ | 1,078,255 | $ | 907,036 | $ | 171,219 | $ | 1,463,732 | $ | 1,200,234 | $ | 263,498 | $ | 1,620,303 | $ | 1,369,482 | $ | 250,821 |
5. | Real Estate Fund Investments |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||
Net investment income | $ | 459 | $ | 539 | $ | 192 | $ | 3,273 | $ | 2,190 | $ | 3,093 | $ | 2,382 | $ | 6,366 | ||||||||||||||||
Net unrealized loss on held investments | (16,262 | ) | (29,513 | ) | (16,162 | ) | (29,513 | ) | — | (3,283 | ) | (16,162 | ) | (32,796 | ) | |||||||||||||||||
Net realized loss on exited investments | — | (2 | ) | — | (913 | ) | — | — | — | (913 | ) | |||||||||||||||||||||
New York City real property transfer tax (the "Transfer Tax") | — | — | — | (10,630 | ) | (1) | — | — | — | (10,630 | ) | (1) | ||||||||||||||||||||
Loss from real estate fund investments | (15,803 | ) | (28,976 | ) | (15,970 | ) | (37,783 | ) | ||||||||||||||||||||||||
Income (loss) from real estate fund investments | 2,190 | (190 | ) | (13,780 | ) | (37,973 | ) | |||||||||||||||||||||||||
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (4,955 | ) | 29,527 | (7,692 | ) | 34,896 | (735 | ) | (558 | ) | (8,427 | ) | 34,338 | |||||||||||||||||||
(Loss) income from real estate fund investments attributable to the Operating Partnership | (20,758 | ) | 551 | (23,662 | ) | (2,887 | ) | |||||||||||||||||||||||||
Less loss (income) attributable to noncontrolling interests in the Operating Partnership | 1,316 | (34 | ) | 1,498 | 178 | |||||||||||||||||||||||||||
(Loss) income from real estate fund investments attributable to Vornado | $ | (19,442 | ) | $ | 517 | $ | (22,164 | ) | $ | (2,709 | ) | |||||||||||||||||||||
Income (loss) from real estate fund investments attributable to the Operating Partnership | 1,455 | (748 | ) | (22,207 | ) | (3,635 | ) | |||||||||||||||||||||||||
Less (income) loss attributable to noncontrolling interests in the Operating Partnership | (95 | ) | 46 | 1,403 | 224 | |||||||||||||||||||||||||||
Income (loss) from real estate fund investments attributable to Vornado | $ | 1,360 | $ | (702 | ) | $ | (20,804 | ) | $ | (3,411 | ) |
(1) | Due to the disputed additional Transfer Tax related to the March 2011 acquisition of One Park Avenue which was recorded as a result of the New York City Tax Appeals Tribunal (the "Tax Tribunal") decision in the first quarter of 2018. We appealed the Tax Tribunal's decision to the New York State Supreme Court, Appellate Division, First Department ("Appellate Division"). Our appeal was heard on April 2, 2019, and on April 25, 2019 the Appellate Division entered a unanimous decision and order that confirmed the decision of the Tax Tribunal and dismissed our appeal. On June 20, 2019, we filed a motion to reargue the Appellate Division's decision with the appellate court. |
(Amounts in thousands) | For the Six Months Ended June 30, 2019 | For the Nine Months Ended September 30, 2019 | ||||||||||||||||||||||||||||||
Total | Lexington Realty Trust | PREIT | Other | Total | Lexington Realty Trust | PREIT | Other | |||||||||||||||||||||||||
Beginning balance, December 31, 2018 | $ | 152,198 | $ | 151,630 | $ | — | $ | 568 | $ | 152,198 | $ | 151,630 | $ | — | $ | 568 | ||||||||||||||||
Sale of marketable securities | (167,852 | ) | (167,698 | ) | — | (154 | ) | (168,314 | ) | (167,698 | ) | — | (616 | ) | ||||||||||||||||||
Transfer of PREIT investment balance at Conversion Date | 54,962 | — | 54,962 | — | 54,962 | — | 54,962 | — | ||||||||||||||||||||||||
Increase (decrease) in fair value of marketable securities(1) | 1,773 | 16,068 | (14,336 | ) | 41 | |||||||||||||||||||||||||||
Ending balance, June 30, 2019 | $ | 41,081 | $ | — | $ | 40,626 | $ | 455 | ||||||||||||||||||||||||
(Decrease) increase in fair value of marketable securities(1) | (3,095 | ) | 16,068 | (19,211 | ) | 48 | ||||||||||||||||||||||||||
Ending balance, September 30, 2019 | $ | 35,751 | $ | — | $ | 35,751 | $ | — |
(1) | Included in “interest and other investment income, net” on our consolidated statements of income (see Note |
7. | Investments in Partially Owned Entities |
7. | Investments in Partially Owned Entities - continued |
7. | Investments in Partially Owned Entities - continued |
(Amounts in thousands) | Percentage Ownership at June 30, 2019 | Balance as of | Percentage Ownership at September 30, 2019 | Balance as of | ||||||||||||||
June 30, 2019 | December 31, 2018 | September 30, 2019 | December 31, 2018 | |||||||||||||||
Investments: | ||||||||||||||||||
Fifth Avenue and Times Square JV (see page 30 for details) | 51.5% | $ | 3,306,389 | $ | — | 51.5% | $ | 3,308,363 | $ | — | ||||||||
Partially owned office buildings/land(1) | Various | 469,264 | 499,005 | Various | 467,787 | 499,005 | ||||||||||||
Alexander’s | 32.4% | 103,005 | 107,983 | 32.4% | 101,228 | 107,983 | ||||||||||||
PREIT(2) | N/A | — | 59,491 | N/A | — | 59,491 | ||||||||||||
UE(3) | N/A | — | 45,344 | N/A | — | 45,344 | ||||||||||||
Other investments(4) | Various | 146,876 | 146,290 | Various | 146,442 | 146,290 | ||||||||||||
$ | 4,025,534 | $ | 858,113 | $ | 4,023,820 | $ | 858,113 | |||||||||||
Investments in partially owned entities included in other liabilities(5): | ||||||||||||||||||
330 Madison Avenue(6) | 25.0% | $ | (60,097 | ) | $ | (58,117 | ) | N/A | $ | — | $ | (58,117 | ) | |||||
7 West 34th Street | 53.0% | (53,143 | ) | (51,579 | ) | 53.0% | (52,222 | ) | (51,579 | ) | ||||||||
85 Tenth Avenue | 49.9% | (5,098 | ) | — | 49.9% | (5,814 | ) | — | ||||||||||
$ | (118,338 | ) | $ | (109,696 | ) | $ | (58,036 | ) | $ | (109,696 | ) |
(1) | Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 512 West 22nd Street, 61 Ninth Avenue and others. |
(2) | On March 12, 2019, we converted all of our PREIT operating partnership units into common shares and began accounting for our investment as a marketable security in accordance with ASC 321 (see Note 6 - Marketable Securities). |
(3) | Sold on March 4, 2019 (see page 31 for details). |
(4) | Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street and others. |
(5) | Our negative basis results from distributions in excess of our investment. |
(6) | Sold on July 11, 2019 (see page 31 for details). |
7. | Investments in Partially Owned Entities - continued |
(Amounts in thousands) | Percentage Ownership at June 30, 2019 | For the Three Months Ended June 30, | For the Six Months Ended June 30, | Percentage Ownership at September 30, 2019 | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||
Our share of net income (loss): | ||||||||||||||||||||||||||||||||||
Fifth Avenue and Times Square JV (see page 30 for details): | ||||||||||||||||||||||||||||||||||
Equity in net income | 51.5% | $ | 11,217 | $ | — | $ | 11,217 | $ | — | 51.5% | $ | 9,891 | $ | — | $ | 21,108 | $ | — | ||||||||||||||||
Return on preferred equity, net of our share of the expense | 8,586 | — | 8,586 | — | 9,545 | — | 18,131 | — | ||||||||||||||||||||||||||
19,803 | — | 19,803 | — | 19,436 | — | 39,239 | — | |||||||||||||||||||||||||||
Alexander's (see page 31 for details): | ||||||||||||||||||||||||||||||||||
Equity in net income(1) | 32.4% | 3,597 | 6,146 | 9,314 | 2,937 | 32.4% | 5,393 | 4,278 | 14,707 | 7,215 | ||||||||||||||||||||||||
Management, leasing and development fees | 1,122 | 1,021 | 2,179 | 2,229 | 1,299 | 1,149 | 3,478 | 3,378 | ||||||||||||||||||||||||||
4,719 | 7,167 | 11,493 | 5,166 | 6,692 | 5,427 | 18,185 | 10,593 | |||||||||||||||||||||||||||
Partially owned office buildings(2) | Various | (1,451 | ) | 2,002 | (1,345 | ) | (2,281 | ) | Various | (186 | ) | 735 | (1,531 | ) | (1,546 | ) | ||||||||||||||||||
Other investments(3) | Various | (198 | ) | (412 | ) | 242 | (4,032 | ) | Various | 4 | 1,044 | 246 | (2,988 | ) | ||||||||||||||||||||
$ | 22,873 | $ | 8,757 | $ | 30,193 | $ | (1,147 | ) | $ | 25,946 | $ | 7,206 | $ | 56,139 | $ | 6,059 |
(1) | The |
(2) | Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 7 West 34th Street, 330 Madison Avenue (sold on July 11, 2019), 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others. The |
(3) | Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street, 666 Fifth Avenue Office Condominium (sold on August 3, 2018), UE (sold on March 4, 2019), PREIT (accounted as a marketable security from March 12, 2019) and others. |
8. | 220 Central Park South ("220 CPS") |
9. | Dispositions |
10. | Identified Intangible Assets and Liabilities |
(Amounts in thousands) | Balance as of | Balance as of | ||||||||||||
June 30, 2019 | December 31, 2018 | September 30, 2019 | December 31, 2018 | |||||||||||
Identified intangible assets: | ||||||||||||||
Gross amount | $ | 130,665 | $ | 308,895 | $ | 130,396 | $ | 308,895 | ||||||
Accumulated amortization | (98,187 | ) | (172,114 | ) | (99,623 | ) | (172,114 | ) | ||||||
Total, net | $ | 32,478 | $ | 136,781 | $ | 30,773 | $ | 136,781 | ||||||
Identified intangible liabilities (included in deferred revenue): | ||||||||||||||
Gross amount | $ | 325,449 | $ | 503,373 | $ | 321,838 | $ | 503,373 | ||||||
Accumulated amortization | (264,493 | ) | (341,779 | ) | (265,388 | ) | (341,779 | ) | ||||||
Total, net | $ | 60,956 | $ | 161,594 | $ | 56,450 | $ | 161,594 |
(Amounts in thousands) | |||
2020 | $ | 16,643 | |
2021 | 11,934 | ||
2022 | 8,792 | ||
2023 | 6,261 | ||
2024 | 2,518 |
(Amounts in thousands) | ||||||
2020 | $ | 6,308 | $ | 6,300 | ||
2021 | 4,779 | 4,763 | ||||
2022 | 3,049 | 3,050 | ||||
2023 | 2,962 | 2,964 | ||||
2024 | 2,350 | 2,351 |
Debt |
(Amounts in thousands) | Weighted Average Interest Rate at June 30, 2019 | Balance as of | Weighted Average Interest Rate at September 30, 2019 | Balance as of | ||||||||||||||
June 30, 2019 | December 31, 2018 | September 30, 2019 | December 31, 2018 | |||||||||||||||
Mortgages Payable: | ||||||||||||||||||
Fixed rate | 3.52% | $ | 4,608,463 | $ | 5,003,465 | 3.52% | $ | 4,605,475 | $ | 5,003,465 | ||||||||
Variable rate | 4.09% | 1,683,182 | 3,212,382 | 3.65% | 1,068,196 | 3,212,382 | ||||||||||||
Total | 3.68% | 6,291,645 | 8,215,847 | 3.55% | 5,673,671 | 8,215,847 | ||||||||||||
Deferred financing costs, net and other | (34,837 | ) | (48,049 | ) | (32,776 | ) | (48,049 | ) | ||||||||||
Total, net | $ | 6,256,808 | $ | 8,167,798 | $ | 5,640,895 | $ | 8,167,798 | ||||||||||
Unsecured Debt: | ||||||||||||||||||
Senior unsecured notes | 3.50% | $ | 450,000 | $ | 850,000 | 3.50% | $ | 450,000 | $ | 850,000 | ||||||||
Deferred financing costs, net and other | (4,535 | ) | (5,998 | ) | (4,332 | ) | (5,998 | ) | ||||||||||
Senior unsecured notes, net | 445,465 | 844,002 | 445,668 | 844,002 | ||||||||||||||
Unsecured term loan | 3.87% | 750,000 | 750,000 | 3.87% | 750,000 | 750,000 | ||||||||||||
Deferred financing costs, net and other | (4,669 | ) | (5,179 | ) | (4,415 | ) | (5,179 | ) | ||||||||||
Unsecured term loan, net | 745,331 | 744,821 | 745,585 | 744,821 | ||||||||||||||
Unsecured revolving credit facilities | 3.40% | 80,000 | 80,000 | 2.96% | 655,000 | 80,000 | ||||||||||||
Total, net | $ | 1,270,796 | $ | 1,668,823 | $ | 1,846,253 | $ | 1,668,823 |
Redeemable Noncontrolling Interests/Redeemable Partnership Units |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
Beginning balance | $ | 867,085 | $ | 857,026 | $ | 783,562 | $ | 984,937 | $ | 862,062 | $ | 938,041 | $ | 783,562 | $ | 984,937 | ||||||||||||||
Net income | 162,515 | 7,445 | 174,717 | 6,321 | 22,637 | 12,671 | 197,354 | 18,992 | ||||||||||||||||||||||
Other comprehensive (loss) income | (1,806 | ) | 205 | (3,082 | ) | 859 | (650 | ) | 54 | (3,732 | ) | 913 | ||||||||||||||||||
Distributions | (8,448 | ) | (7,985 | ) | (16,936 | ) | (15,891 | ) | (8,852 | ) | (7,976 | ) | (25,788 | ) | (23,867 | ) | ||||||||||||||
Redemption of Class A units for Vornado common shares, at redemption value | (2,948 | ) | (3,854 | ) | (6,129 | ) | (12,246 | ) | (1,999 | ) | (1,843 | ) | (8,128 | ) | (14,089 | ) | ||||||||||||||
Adjustments to carry redeemable Class A units at redemption value | (165,225 | ) | 78,406 | (99,407 | ) | (36,450 | ) | (24,228 | ) | (21,520 | ) | (123,635 | ) | (57,970 | ) | |||||||||||||||
Other, net | 10,889 | 6,798 | 29,337 | 10,511 | 5,363 | 5,155 | 34,700 | 15,666 | ||||||||||||||||||||||
Ending balance | $ | 862,062 | $ | 938,041 | $ | 862,062 | $ | 938,041 | $ | 854,333 | $ | 924,582 | $ | 854,333 | $ | 924,582 |
Shareholders' Equity/Partners' Capital |
(Per share/unit) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
Shares/Units: | ||||||||||||||||||||||||||||||
Common shares/Class A units held by Vornado: authorized 250,000,000 shares/units | $ | 0.66 | $ | 0.63 | $ | 1.32 | $ | 1.26 | $ | 0.66 | $ | 0.63 | $ | 1.98 | $ | 1.89 | ||||||||||||||
Convertible Preferred(1): | ||||||||||||||||||||||||||||||
6.5% Series A: authorized 83,977 shares/units(2) | 0.8125 | 0.8125 | 1.6250 | 1.6250 | 0.8125 | 0.8125 | 2.4375 | 2.4375 | ||||||||||||||||||||||
Cumulative Redeemable Preferred(1): | ||||||||||||||||||||||||||||||
5.70% Series K: authorized 12,000,000 shares/units(3) | 0.3563 | 0.3563 | 0.7126 | 0.7126 | 0.3563 | 0.3563 | 1.0689 | 1.0689 | ||||||||||||||||||||||
5.40% Series L: authorized 12,000,000 shares/units(3) | 0.3375 | 0.3375 | 0.6750 | 0.6750 | 0.3375 | 0.3375 | 1.0125 | 1.0125 | ||||||||||||||||||||||
5.25% Series M: authorized 12,780,000 shares/units(3) | 0.3281 | 0.3281 | 0.6562 | 0.6562 | 0.3281 | 0.3281 | 0.9843 | 0.9843 |
(1) | Dividends on preferred shares and distributions on preferred units are cumulative and are payable quarterly in arrears. |
(2) | Redeemable at the option of Vornado under certain circumstances, at a redemption price of 1.9531 common shares/Class A units per Series A preferred share/unit plus accrued and unpaid dividends/distributions through the date of redemption, or convertible at any time at the option of the holder for 1.9531 common shares/ Class A units per Series A preferred share/unit. |
(3) | Redeemable at Vornado's option at a redemption price of $25.00 per share/unit, plus accrued and unpaid dividends/distributions through the date of redemption. |
(Amounts in thousands) | Total | Marketable securities | Pro rata share of nonconsolidated subsidiaries' OCI | Interest rate swaps | Other | Total | Marketable securities | Pro rata share of nonconsolidated subsidiaries' OCI | Interest rate swaps | Other | ||||||||||||||||||||||||||||
For the three months ended June 30, 2019: | ||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2019 | $ | (11,385 | ) | $ | — | $ | (43 | ) | $ | (5,270 | ) | $ | (6,072 | ) | ||||||||||||||||||||||||
For the three months ended September 30, 2019: | ||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2019 | $ | (38,066 | ) | $ | — | $ | (18 | ) | $ | (33,785 | ) | $ | (4,263 | ) | ||||||||||||||||||||||||
Net current period other comprehensive (loss) income | (26,681 | ) | — | 25 | (28,515 | ) | 1,809 | (9,293 | ) | — | 11 | (9,953 | ) | 649 | ||||||||||||||||||||||||
Balance, June 30, 2019 | $ | (38,066 | ) | $ | — | $ | (18 | ) | $ | (33,785 | ) | $ | (4,263 | ) | ||||||||||||||||||||||||
Balance, September 30, 2019 | $ | (47,359 | ) | $ | — | $ | (7 | ) | $ | (43,738 | ) | $ | (3,614 | ) | ||||||||||||||||||||||||
For the three months ended June 30, 2018: | ||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2018 | $ | 30,258 | $ | — | $ | 2,444 | $ | 36,651 | $ | (8,837 | ) | |||||||||||||||||||||||||||
For the three months ended September 30, 2018: | ||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2018 | $ | 33,351 | $ | — | $ | 2,834 | $ | 39,559 | $ | (9,042 | ) | |||||||||||||||||||||||||||
Net current period other comprehensive income (loss) | 3,093 | — | 390 | 2,908 | (205 | ) | 822 | — | 253 | 623 | (54 | ) | ||||||||||||||||||||||||||
Balance, June 30, 2018 | $ | 33,351 | $ | — | $ | 2,834 | $ | 39,559 | $ | (9,042 | ) | |||||||||||||||||||||||||||
Balance, September 30, 2018 | $ | 34,173 | $ | — | $ | 3,087 | $ | 40,182 | $ | (9,096 | ) | |||||||||||||||||||||||||||
For the six months ended June 30, 2019: | ||||||||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2019: | ||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2018 | $ | 7,664 | $ | — | $ | 3,253 | $ | 11,759 | $ | (7,348 | ) | $ | 7,664 | $ | — | $ | 3,253 | $ | 11,759 | $ | (7,348 | ) | ||||||||||||||||
Net current period other comprehensive (loss) income | (43,419 | ) | — | (960 | ) | (45,544 | ) | 3,085 | (52,712 | ) | — | (949 | ) | (55,497 | ) | 3,734 | ||||||||||||||||||||||
Amount reclassified from AOCI (1) | (2,311 | ) | — | (2,311 | ) | — | — | (2,311 | ) | — | (2,311 | ) | — | — | ||||||||||||||||||||||||
Balance, June 30, 2019 | $ | (38,066 | ) | $ | — | $ | (18 | ) | $ | (33,785 | ) | $ | (4,263 | ) | ||||||||||||||||||||||||
Balance, September 30, 2019 | $ | (47,359 | ) | $ | — | $ | (7 | ) | $ | (43,738 | ) | $ | (3,614 | ) | ||||||||||||||||||||||||
For the six months ended June 30, 2018: | ||||||||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2018: | ||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2017 | $ | 128,682 | $ | 109,554 | $ | 3,769 | $ | 23,542 | $ | (8,183 | ) | $ | 128,682 | $ | 109,554 | $ | 3,769 | $ | 23,542 | $ | (8,183 | ) | ||||||||||||||||
Cumulative effect of accounting change | (108,374 | ) | (109,554 | ) | (1,671 | ) | 2,851 | — | (108,374 | ) | (109,554 | ) | (1,671 | ) | 2,851 | — | ||||||||||||||||||||||
Net current period other comprehensive income (loss) | 13,043 | — | 736 | 13,166 | (859 | ) | 13,865 | — | 989 | 13,789 | (913 | ) | ||||||||||||||||||||||||||
Balance, June 30, 2018 | $ | 33,351 | $ | — | $ | 2,834 | $ | 39,559 | $ | (9,042 | ) | |||||||||||||||||||||||||||
Balance, September 30, 2018 | $ | 34,173 | $ | — | $ | 3,087 | $ | 40,182 | $ | (9,096 | ) |
(1) | Amount reclassified related to the conversion of our PREIT operating partnership units into common shares. |
Variable Interest Entities ("VIEs") |
Fair Value Measurements |
(Amounts in thousands) | As of June 30, 2019 | As of September 30, 2019 | ||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Marketable securities | $ | 41,081 | $ | 41,081 | $ | — | $ | — | $ | 35,751 | $ | 35,751 | $ | — | $ | — | ||||||||||||||
Real estate fund investments | 306,596 | — | — | 306,596 | 306,596 | — | — | 306,596 | ||||||||||||||||||||||
Deferred compensation plan assets ($25,133 included in restricted cash and $74,746 in other assets) | 99,879 | 77,888 | — | 21,991 | ||||||||||||||||||||||||||
Deferred compensation plan assets ($18,079 included in restricted cash and $81,599 in other assets) | 99,678 | 72,501 | — | 27,177 | ||||||||||||||||||||||||||
Interest rate swaps (included in other assets) | 9,295 | — | 9,295 | — | 5,901 | — | 5,901 | — | ||||||||||||||||||||||
Total assets | $ | 456,851 | $ | 118,969 | $ | 9,295 | $ | 328,587 | $ | 447,926 | $ | 108,252 | $ | 5,901 | $ | 333,773 | ||||||||||||||
Mandatorily redeemable instruments (included in other liabilities) | $ | 50,561 | $ | 50,561 | $ | — | $ | — | $ | 50,561 | $ | 50,561 | $ | — | $ | — | ||||||||||||||
Interest rate swaps (included in other liabilities) | 43,047 | — | 43,047 | — | 49,539 | — | 49,539 | — | ||||||||||||||||||||||
Total liabilities | $ | 93,608 | $ | 50,561 | $ | 43,047 | $ | — | $ | 100,100 | $ | 50,561 | $ | 49,539 | $ | — | ||||||||||||||
(Amounts in thousands) | As of December 31, 2018 | As of December 31, 2018 | ||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Marketable securities | $ | 152,198 | $ | 152,198 | $ | — | $ | — | $ | 152,198 | $ | 152,198 | $ | — | $ | — | ||||||||||||||
Real estate fund investments | 318,758 | — | — | 318,758 | 318,758 | — | — | 318,758 | ||||||||||||||||||||||
Deferred compensation plan assets ($8,402 included in restricted cash and $88,122 in other assets) | 96,524 | 58,716 | — | 37,808 | 96,524 | 58,716 | — | 37,808 | ||||||||||||||||||||||
Interest rate swaps (included in other assets) | 27,033 | — | 27,033 | — | 27,033 | — | 27,033 | — | ||||||||||||||||||||||
Total assets | $ | 594,513 | $ | 210,914 | $ | 27,033 | $ | 356,566 | $ | 594,513 | $ | 210,914 | $ | 27,033 | $ | 356,566 | ||||||||||||||
Mandatorily redeemable instruments (included in other liabilities) | $ | 50,561 | $ | 50,561 | $ | — | $ | — | $ | 50,561 | $ | 50,561 | $ | — | $ | — | ||||||||||||||
Interest rate swaps (included in other liabilities) | 15,236 | — | 15,236 | — | 15,236 | — | 15,236 | — | ||||||||||||||||||||||
Total liabilities | $ | 65,797 | $ | 50,561 | $ | 15,236 | $ | — | $ | 65,797 | $ | 50,561 | $ | 15,236 | $ | — |
Fair Value Measurements - continued |
Range | Weighted Average (based on fair value of investments) | Range | Weighted Average (based on fair value of investments) | |||||||||||
Unobservable Quantitative Input | June 30, 2019 | December 31, 2018 | June 30, 2019 | December 31, 2018 | September 30, 2019 | December 31, 2018 | September 30, 2019 | December 31, 2018 | ||||||
Discount rates | 10.0% to 15.0% | 10.0% to 15.0% | 13.5% | 13.4% | 10.0% to 15.0% | 10.0% to 15.0% | 13.5% | 13.4% | ||||||
Terminal capitalization rates | 5.1% to 7.6% | 5.4% to 7.7% | 5.5% | 5.7% | 5.1% to 7.6% | 5.4% to 7.7% | 5.5% | 5.7% |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
Beginning balance | $ | 322,858 | $ | 336,552 | $ | 318,758 | $ | 354,804 | $ | 306,596 | $ | 373,039 | $ | 318,758 | $ | 354,804 | ||||||||||||||
Purchases/additional fundings | — | 66,000 | 4,000 | 68,950 | — | — | 4,000 | 68,950 | ||||||||||||||||||||||
Net unrealized loss on held investments | (16,262 | ) | (29,513 | ) | (16,162 | ) | (29,513 | ) | — | (3,283 | ) | (16,162 | ) | (32,796 | ) | |||||||||||||||
Dispositions | — | — | — | (20,291 | ) | — | — | — | (20,291 | ) | ||||||||||||||||||||
Net realized loss on exited investments | — | (2 | ) | — | (913 | ) | — | — | — | (913 | ) | |||||||||||||||||||
Other, net | — | 2 | — | 2 | — | 11 | — | 13 | ||||||||||||||||||||||
Ending balance | $ | 306,596 | $ | 373,039 | $ | 306,596 | $ | 373,039 | $ | 306,596 | $ | 369,767 | $ | 306,596 | $ | 369,767 |
Fair Value Measurements - continued |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
Beginning balance | $ | 37,562 | $ | 39,485 | $ | 37,808 | $ | 40,128 | $ | 21,991 | $ | 39,870 | $ | 37,808 | $ | 40,128 | ||||||||||||||
Sales | (18,041 | ) | (1,874 | ) | (20,155 | ) | (3,509 | ) | (652 | ) | (3,304 | ) | (20,807 | ) | (6,813 | ) | ||||||||||||||
Purchases | 1,969 | 1,619 | 2,877 | 1,633 | 5,437 | 1,576 | 8,314 | 3,209 | ||||||||||||||||||||||
Realized and unrealized gains | 215 | 34 | 738 | 712 | 116 | 180 | 854 | 892 | ||||||||||||||||||||||
Other, net | 286 | 606 | 723 | 906 | 285 | 466 | 1,008 | 1,372 | ||||||||||||||||||||||
Ending balance | $ | 21,991 | $ | 39,870 | $ | 21,991 | $ | 39,870 | $ | 27,177 | $ | 38,788 | $ | 27,177 | $ | 38,788 |
(Amounts in thousands) | As of June 30, 2019 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Real estate assets | $ | 67,102 | $ | — | $ | 67,102 | $ | — | |||||||
Right-of-use assets | $ | — | $ | — | $ | — | $ | — |
As of December 31, 2018 | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Real estate assets | $ | 14,971 | $ | — | $ | — | $ | 14,971 |
(Amounts in thousands) | As of December 31, 2018 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Real estate assets | $ | 14,971 | $ | — | $ | — | $ | 14,971 |
Fair Value Measurements - continued |
(Amounts in thousands) | (Amounts in thousands) | As of June 30, 2019 | As of December 31, 2018 | (Amounts in thousands) | As of September 30, 2019 | As of December 31, 2018 | ||||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||||
Cash equivalents | Cash equivalents | $ | 749,035 | $ | 749,000 | $ | 261,981 | $ | 262,000 | Cash equivalents | $ | 979,060 | $ | 979,000 | $ | 261,981 | $ | 262,000 | ||||||||||||||
Debt: | Debt: | Debt: | ||||||||||||||||||||||||||||||
Mortgages payable | $ | 6,291,645 | $ | 6,336,000 | $ | 8,215,847 | $ | 8,179,000 | Mortgages payable | $ | 5,673,671 | $ | 5,725,000 | $ | 8,215,847 | $ | 8,179,000 | |||||||||||||||
Senior unsecured notes | 450,000 | 459,000 | 850,000 | 847,000 | Senior unsecured notes | 450,000 | 465,000 | 850,000 | 847,000 | |||||||||||||||||||||||
Unsecured term loan | 750,000 | 750,000 | 750,000 | 750,000 | Unsecured term loan | 750,000 | 750,000 | 750,000 | 750,000 | |||||||||||||||||||||||
Unsecured revolving credit facilities | 80,000 | 80,000 | 80,000 | 80,000 | Unsecured revolving credit facilities | 655,000 | 655,000 | 80,000 | 80,000 | |||||||||||||||||||||||
Total | $ | 7,571,645 | (1) | $ | 7,625,000 | $ | 9,895,847 | (1) | $ | 9,856,000 | Total | $ | 7,528,671 | (1) | $ | 7,595,000 | $ | 9,895,847 | (1) | $ | 9,856,000 |
(1) | Excludes |
Stock-based Compensation |
17. | Transaction Related Costs, Impairment Losses and Other |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
Transaction related costs | $ | 1,576 | $ | 2,510 | $ | 1,955 | $ | 3,580 | ||||||||||||||||||||||
Non-cash impairment losses, substantially 608 Fifth Avenue (see below) | $ | 101,360 | $ | — | $ | 101,360 | $ | — | — | — | 101,360 | — | ||||||||||||||||||
Transaction related costs | 230 | 1,017 | 379 | 1,070 | ||||||||||||||||||||||||||
Transfer tax(1) | — | — | — | 13,103 | — | — | — | 13,103 | ||||||||||||||||||||||
$ | 101,590 | $ | 1,017 | $ | 101,739 | $ | 14,173 | $ | 1,576 | $ | 2,510 | $ | 103,315 | $ | 16,683 |
(1) | Disputed additional Transfer Tax recorded in the first quarter 2018 related to the December 2012 acquisition of Independence Plaza. The joint venture, in which we have a 50.1% economic interest, that owns Independence Plaza recorded this expense based on the precedent established by the Tax Tribunal's decision regarding One Park Avenue (see Note 5 - Real Estate Fund Investments). |
Interest and Other Investment Income, Net |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
Increase (decrease) in fair value of marketable securities: | ||||||||||||||||||||||||||||||
(Decrease) increase in fair value of marketable securities: | ||||||||||||||||||||||||||||||
PREIT (see page 29 for details) | $ | 1,313 | $ | — | $ | (14,336 | ) | $ | — | $ | (4,875 | ) | $ | — | $ | (19,211 | ) | $ | — | |||||||||||
Lexington (see page 29 for details) | — | 15,883 | 16,068 | (16,992 | ) | — | (7,942 | ) | 16,068 | (24,934 | ) | |||||||||||||||||||
Other | (1 | ) | 1 | 41 | (110 | ) | 7 | 243 | 48 | 133 | ||||||||||||||||||||
1,312 | 15,884 | 1,773 | (17,102 | ) | (4,868 | ) | (7,699 | ) | (3,095 | ) | (24,801 | ) | ||||||||||||||||||
Interest on cash and cash equivalents and restricted cash | 2,626 | 4,487 | 4,693 | 8,044 | 4,060 | 4,306 | 8,753 | 12,370 | ||||||||||||||||||||||
Interest on loans receivable(1) | 1,635 | 6,205 | 3,241 | 6,948 | 1,604 | 2,004 | 4,845 | 8,952 | ||||||||||||||||||||||
Dividends on marketable securities | 1,313 | 3,353 | 1,313 | 6,706 | 1,312 | 3,354 | 2,625 | 10,060 | ||||||||||||||||||||||
Other, net | 954 | 963 | 1,865 | 1,912 | 937 | 928 | 2,802 | 2,820 | ||||||||||||||||||||||
$ | 7,840 | $ | 30,892 | $ | 12,885 | $ | 6,508 | $ | 3,045 | $ | 2,893 | $ | 15,930 | $ | 9,401 |
(1) | The three and nine months ended September 30, 2018 |
Interest and Debt Expense |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
Interest expense(1) | $ | 76,605 | $ | 96,377 | $ | 194,252 | $ | 191,165 | $ | 72,345 | $ | 98,841 | $ | 266,597 | $ | 290,006 | ||||||||||||||
Capitalized interest and debt expense | (19,812 | ) | (16,754 | ) | (43,137 | ) | (31,480 | ) | (16,047 | ) | (18,238 | ) | (59,184 | ) | (49,718 | ) | ||||||||||||||
Amortization of deferred financing costs | 6,236 | 8,034 | 14,377 | 16,138 | 5,150 | 8,348 | 19,527 | 24,486 | ||||||||||||||||||||||
$ | 63,029 | $ | 87,657 | $ | 165,492 | $ | 175,823 | $ | 61,448 | $ | 88,951 | $ | 226,940 | $ | 264,774 |
(1) | The |
Income Per Share/Income Per Class A Unit |
(Amounts in thousands, except per share amounts) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||||||
Income from continuing operations, net of income attributable to noncontrolling interests | $ | 2,412,671 | $ | 123,427 | $ | 2,606,821 | $ | 133,448 | $ | 335,445 | $ | 203,122 | $ | 2,942,267 | $ | 336,570 | ||||||||||||||
Income (loss) from discontinued operations, net of income attributable to noncontrolling interests | 56 | 641 | (72 | ) | 300 | |||||||||||||||||||||||||
(Loss) income from discontinued operations, net of income attributable to noncontrolling interests | (7 | ) | 57 | (80 | ) | 357 | ||||||||||||||||||||||||
Net income attributable to Vornado | 2,412,727 | 124,068 | 2,606,749 | 133,748 | 335,438 | 203,179 | 2,942,187 | 336,927 | ||||||||||||||||||||||
Preferred share dividends | (12,532 | ) | (12,534 | ) | (25,066 | ) | (25,569 | ) | (12,532 | ) | (12,534 | ) | (37,598 | ) | (38,103 | ) | ||||||||||||||
Preferred share issuance costs | — | — | — | (14,486 | ) | — | — | — | (14,486 | ) | ||||||||||||||||||||
Net income attributable to common shareholders | 2,400,195 | 111,534 | 2,581,683 | 93,693 | 322,906 | 190,645 | 2,904,589 | 284,338 | ||||||||||||||||||||||
Earnings allocated to unvested participating securities | (239 | ) | (11 | ) | (258 | ) | (22 | ) | (33 | ) | (17 | ) | (291 | ) | (33 | ) | ||||||||||||||
Numerator for basic income per share | 2,399,956 | 111,523 | 2,581,425 | 93,671 | 322,873 | 190,628 | 2,904,298 | 284,305 | ||||||||||||||||||||||
Impact of assumed conversions: | ||||||||||||||||||||||||||||||
Convertible preferred share dividends | 14 | 16 | 29 | — | 14 | 15 | 43 | 47 | ||||||||||||||||||||||
Earnings allocated to Out-Performance Plan units | — | — | 9 | 37 | — | — | 9 | 127 | ||||||||||||||||||||||
Numerator for diluted income per share | $ | 2,399,970 | $ | 111,539 | $ | 2,581,463 | $ | 93,708 | $ | 322,887 | $ | 190,643 | $ | 2,904,350 | $ | 284,479 | ||||||||||||||
Denominator: | ||||||||||||||||||||||||||||||
Denominator for basic income per share – weighted average shares | 190,781 | 190,200 | 190,735 | 190,141 | 190,814 | 190,245 | 190,762 | 190,176 | ||||||||||||||||||||||
Effect of dilutive securities(1): | ||||||||||||||||||||||||||||||
Employee stock options and restricted stock awards | 243 | 930 | 256 | 934 | 176 | 1,045 | 227 | 972 | ||||||||||||||||||||||
Convertible preferred shares | 34 | 38 | 35 | — | 34 | 37 | 35 | 38 | ||||||||||||||||||||||
Out-Performance Plan units | — | — | 4 | 115 | — | — | 3 | 106 | ||||||||||||||||||||||
Denominator for diluted income per share – weighted average shares and assumed conversions | 191,058 | 191,168 | 191,030 | 191,190 | 191,024 | 191,327 | 191,027 | 191,292 | ||||||||||||||||||||||
INCOME PER COMMON SHARE – BASIC: | ||||||||||||||||||||||||||||||
Income from continuing operations, net | $ | 12.58 | $ | 0.59 | $ | 13.53 | $ | 0.49 | $ | 1.69 | $ | 1.00 | $ | 15.22 | $ | 1.50 | ||||||||||||||
Net income per common share | $ | 12.58 | $ | 0.59 | $ | 13.53 | $ | 0.49 | $ | 1.69 | $ | 1.00 | $ | 15.22 | $ | 1.50 | ||||||||||||||
INCOME PER COMMON SHARE – DILUTED: | ||||||||||||||||||||||||||||||
Income from continuing operations, net | $ | 12.56 | $ | 0.58 | $ | 13.51 | $ | 0.49 | $ | 1.69 | $ | 1.00 | $ | 15.20 | $ | 1.49 | ||||||||||||||
Net income per common share | $ | 12.56 | $ | 0.58 | $ | 13.51 | $ | 0.49 | $ | 1.69 | $ | 1.00 | $ | 15.20 | $ | 1.49 |
(1) | The effect of dilutive securities excludes an aggregate of |
Income Per Share/Income Per Class A Unit - continued |
(Amounts in thousands, except per unit amounts) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||||||
Income from continuing operations, net of income attributable to noncontrolling interests in consolidated subsidiaries | $ | 2,575,182 | $ | 130,830 | $ | 2,781,543 | $ | 139,749 | $ | 358,083 | $ | 215,789 | $ | 3,139,626 | $ | 355,538 | ||||||||||||||
Income (loss) from discontinued operations | 60 | 683 | (77 | ) | 320 | |||||||||||||||||||||||||
(Loss) income from discontinued operations | (8 | ) | 61 | (85 | ) | 381 | ||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | 2,575,242 | 131,513 | 2,781,466 | 140,069 | 358,075 | 215,850 | 3,139,541 | 355,919 | ||||||||||||||||||||||
Preferred unit distributions | (12,573 | ) | (12,582 | ) | (25,148 | ) | (25,666 | ) | (12,574 | ) | (12,582 | ) | (37,722 | ) | (38,248 | ) | ||||||||||||||
Preferred unit issuance costs | — | — | — | (14,486 | ) | — | — | — | (14,486 | ) | ||||||||||||||||||||
Net income attributable to Class A unitholders | 2,562,669 | 118,931 | 2,756,318 | 99,917 | 345,501 | 203,268 | 3,101,819 | 303,185 | ||||||||||||||||||||||
Earnings allocated to unvested participating securities | (10,162 | ) | (772 | ) | (10,860 | ) | (1,544 | ) | (2,449 | ) | (997 | ) | (14,807 | ) | (2,259 | ) | ||||||||||||||
Numerator for basic income per Class A unit | 2,552,507 | 118,159 | 2,745,458 | 98,373 | 343,052 | 202,271 | 3,087,012 | 300,926 | ||||||||||||||||||||||
Impact of assumed conversions: | ||||||||||||||||||||||||||||||
Convertible preferred unit distributions | 14 | 16 | 29 | — | 14 | 15 | 43 | 47 | ||||||||||||||||||||||
Numerator for diluted income per Class A unit | $ | 2,552,521 | $ | 118,175 | $ | 2,745,487 | $ | 98,373 | $ | 343,066 | $ | 202,286 | $ | 3,087,055 | $ | 300,973 | ||||||||||||||
Denominator: | ||||||||||||||||||||||||||||||
Denominator for basic income per Class A unit – weighted average units | 202,924 | 202,064 | 202,848 | 201,997 | 203,009 | 202,103 | 202,903 | 202,033 | ||||||||||||||||||||||
Effect of dilutive securities(1): | ||||||||||||||||||||||||||||||
Vornado stock options, Vornado restricted stock awards, OP Units and OPPs | 522 | 1,252 | 508 | 1,269 | 507 | 1,454 | 478 | 1,329 | ||||||||||||||||||||||
Convertible preferred units | 34 | 38 | 35 | — | 34 | 37 | 35 | 38 | ||||||||||||||||||||||
Denominator for diluted income per Class A unit – weighted average units and assumed conversions | 203,480 | 203,354 | 203,391 | 203,266 | 203,550 | 203,594 | 203,416 | 203,400 | ||||||||||||||||||||||
INCOME PER CLASS A UNIT – BASIC: | ||||||||||||||||||||||||||||||
Income from continuing operations, net | $ | 12.58 | $ | 0.58 | $ | 13.53 | $ | 0.49 | $ | 1.69 | $ | 1.00 | $ | 15.21 | $ | 1.49 | ||||||||||||||
Net income per Class A unit | $ | 12.58 | $ | 0.58 | $ | 13.53 | $ | 0.49 | $ | 1.69 | $ | 1.00 | $ | 15.21 | $ | 1.49 | ||||||||||||||
INCOME PER CLASS A UNIT – DILUTED: | ||||||||||||||||||||||||||||||
Income from continuing operations, net | $ | 12.54 | $ | 0.58 | $ | 13.50 | $ | 0.48 | $ | 1.69 | $ | 0.99 | $ | 15.18 | $ | 1.48 | ||||||||||||||
Net income per Class A unit | $ | 12.54 | $ | 0.58 | $ | 13.50 | $ | 0.48 | $ | 1.69 | $ | 0.99 | $ | 15.18 | $ | 1.48 |
(1) | The effect of dilutive securities excludes an aggregate of |
Leases |
(Amounts in thousands) | As of June 30, 2019 | As of September 30, 2019 | ||||
For the remainder of 2019 | $ | 664,483 | $ | 327,246 | ||
For the year ended December 31, | ||||||
2020 | 1,278,724 | 1,263,818 | ||||
2021 | 1,250,716 | 1,241,049 | ||||
2022 | 1,182,435 | 1,174,436 | ||||
2023 | 1,056,135 | 1,060,495 | ||||
2024 | 876,527 | 885,891 | ||||
Thereafter | 4,239,951 | 4,336,649 |
(Amounts in thousands) | As of December 31, 2018 | ||
For the year ended December 31, | |||
2019 | $ | 1,547,162 | |
2020 | 1,510,097 | ||
2021 | 1,465,024 | ||
2022 | 1,407,615 | ||
2023 | 1,269,141 | ||
Thereafter | 5,832,467 |
(Amounts in thousands) | For the Three Months Ended June 30, 2019 | For the Six Months Ended June 30, 2019 | For the Three Months Ended September 30, 2019 | For the Nine Months Ended September 30, 2019 | ||||||||||
Fixed lease revenues | $ | 377,524 | $ | 807,611 | $ | 351,426 | $ | 1,159,037 | ||||||
Variable lease revenues | 31,708 | 88,927 | 62,917 | 151,844 | ||||||||||
Lease revenues | $ | 409,232 | $ | 896,538 | $ | 414,343 | $ | 1,310,881 |
(Amounts in thousands) | As of June 30, 2019 | As of September 30, 2019 | ||||
Weighted average remaining lease term (in years) | 41.33 | 40.89 | ||||
Weighted average discount rate | 4.89 | % | 4.85 | % | ||
Cash paid for operating leases | $ | 13,158 | $ | 20,289 |
(Amounts in thousands) | For the Three Months Ended June 30, 2019 | For the Six Months Ended June 30, 2019 | For the Three Months Ended September 30, 2019 | For the Nine Months Ended September 30, 2019 | ||||||||||
Fixed rent expense | $ | 8,689 | $ | 19,315 | $ | 7,237 | $ | 26,552 | ||||||
Variable rent expense | 534 | 1,154 | 472 | 1,626 | ||||||||||
Rent expense | $ | 9,223 | $ | 20,469 | $ | 7,709 | $ | 28,178 |
(Amounts in thousands) | As of June 30, 2019 | As of September 30, 2019 | ||||
For the remainder of 2019 | $ | 13,369 | $ | 6,431 | ||
For the year ended December 31, | ||||||
2020 | 28,352 | 28,739 | ||||
2021 | 28,745 | 29,133 | ||||
2022 | 29,646 | 30,033 | ||||
2023 | 30,061 | 30,448 | ||||
2024 | 30,495 | 30,882 | ||||
Thereafter | 1,037,252 | 1,046,349 | ||||
Total undiscounted cash flows | 1,197,920 | 1,202,015 | ||||
Present value discount | (714,909 | ) | (711,037 | ) | ||
Lease liabilities | $ | 483,011 | $ | 490,978 |
(Amounts in thousands) | As of December 31, 2018 | ||
For the year ended December 31, | |||
2019 | $ | 46,147 | |
2020 | 45,258 | ||
2021 | 42,600 | ||
2022 | 43,840 | ||
2023 | 44,747 | ||
Thereafter | 1,612,627 |
(Amounts in thousands) | As of June 30, 2019 | As of September 30, 2019 | ||||
For the remainder of 2019 | $ | 3,411 | $ | — | ||
For the year ended December 31, | ||||||
2020 | 10,402 | 10,402 | ||||
2021 | 7,229 | 7,229 | ||||
2022 | 7,444 | 7,444 | ||||
2023 | 7,809 | 7,809 | ||||
2024 | 8,330 | 8,330 | ||||
Thereafter | 519,048 | 519,048 |
Commitments and Contingencies |
Commitments and Contingencies - continued |
Segment Information |
(Amounts in thousands) | For the Three Months Ended June 30, 2019 | For the Three Months Ended September 30, 2019 | ||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||
Total revenues | $ | 463,103 | $ | 376,381 | $ | 86,722 | $ | 465,961 | $ | 380,568 | $ | 85,393 | ||||||||||
Operating expenses | 220,752 | 187,819 | 32,933 | 226,359 | 188,159 | 38,200 | ||||||||||||||||
NOI - consolidated | 242,351 | 188,562 | 53,789 | 239,602 | 192,409 | 47,193 | ||||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (16,416 | ) | (10,030 | ) | (6,386 | ) | (18,096 | ) | (9,574 | ) | (8,522 | ) | ||||||||||
Add: NOI from partially owned entities | 82,974 | 79,170 | 3,804 | 86,024 | 82,649 | 3,375 | ||||||||||||||||
NOI at share | 308,909 | 257,702 | 51,207 | 307,530 | 265,484 | 42,046 | ||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 9,748 | 8,437 | 1,311 | (4,037 | ) | (5,560 | ) | 1,523 | ||||||||||||||
NOI at share - cash basis | $ | 318,657 | $ | 266,139 | $ | 52,518 | $ | 303,493 | $ | 259,924 | $ | 43,569 |
(Amounts in thousands) | For the Three Months Ended June 30, 2018 | For the Three Months Ended September 30, 2018 | ||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||
Total revenues | $ | 541,818 | $ | 458,552 | $ | 83,266 | $ | 542,048 | $ | 462,446 | $ | 79,602 | ||||||||||
Operating expenses | 235,981 | 200,903 | 35,078 | 235,575 | 200,949 | 34,626 | ||||||||||||||||
NOI - consolidated | 305,837 | 257,649 | 48,188 | 306,473 | 261,497 | 44,976 | ||||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (17,160 | ) | (11,560 | ) | (5,600 | ) | (16,943 | ) | (11,348 | ) | (5,595 | ) | ||||||||||
Add: NOI from partially owned entities | 65,752 | 49,778 | 15,974 | 60,094 | 47,179 | 12,915 | ||||||||||||||||
NOI at share | 354,429 | 295,867 | 58,562 | 349,624 | 297,328 | 52,296 | ||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (12,481 | ) | (12,713 | ) | 232 | (8,743 | ) | (9,125 | ) | 382 | ||||||||||||
NOI at share - cash basis | $ | 341,948 | $ | 283,154 | $ | 58,794 | $ | 340,881 | $ | 288,203 | $ | 52,678 |
(Amounts in thousands) | For the Six Months Ended June 30, 2019 | For the Nine Months Ended September 30, 2019 | ||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||
Total revenues | $ | 997,771 | $ | 819,666 | $ | 178,105 | $ | 1,463,732 | $ | 1,200,234 | $ | 263,498 | ||||||||||
Operating expenses | 467,647 | 385,914 | 81,733 | 694,006 | 574,073 | 119,933 | ||||||||||||||||
NOI - consolidated | 530,124 | 433,752 | 96,372 | 769,726 | 626,161 | 143,565 | ||||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (33,819 | ) | (21,437 | ) | (12,382 | ) | (51,915 | ) | (31,011 | ) | (20,904 | ) | ||||||||||
Add: NOI from partially owned entities | 150,376 | 128,745 | 21,631 | 236,400 | 211,394 | 25,006 | ||||||||||||||||
NOI at share | 646,681 | 541,060 | 105,621 | 954,211 | 806,544 | 147,667 | ||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 4,567 | 1,819 | 2,748 | 530 | (3,741 | ) | 4,271 | |||||||||||||||
NOI at share - cash basis | $ | 651,248 | $ | 542,879 | $ | 108,369 | $ | 954,741 | $ | 802,803 | $ | 151,938 |
(Amounts in thousands) | For the Six Months Ended June 30, 2018 | For the Nine Months Ended September 30, 2018 | ||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||
Total revenues | $ | 1,078,255 | $ | 907,036 | $ | 171,219 | $ | 1,620,303 | $ | 1,369,482 | $ | 250,821 | ||||||||||
Operating expenses | 473,583 | 398,819 | 74,764 | 709,158 | 599,768 | 109,390 | ||||||||||||||||
NOI - consolidated | 604,672 | 508,217 | 96,455 | 911,145 | 769,714 | 141,431 | ||||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (34,472 | ) | (23,305 | ) | (11,167 | ) | (51,415 | ) | (34,653 | ) | (16,762 | ) | ||||||||||
Add: NOI from partially owned entities | 133,265 | 99,551 | 33,714 | 193,359 | 146,730 | 46,629 | ||||||||||||||||
NOI at share | 703,465 | 584,463 | 119,002 | 1,053,089 | 881,791 | 171,298 | ||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (30,429 | ) | (30,036 | ) | (393 | ) | (39,172 | ) | (39,161 | ) | (11 | ) | ||||||||||
NOI at share - cash basis | $ | 673,036 | $ | 554,427 | $ | 118,609 | $ | 1,013,917 | $ | 842,630 | $ | 171,287 |
Segment Information - continued |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
Net income | $ | 2,596,693 | $ | 105,338 | $ | 2,809,737 | $ | 105,620 | $ | 363,849 | $ | 219,162 | $ | 3,173,586 | $ | 324,782 | ||||||||||||||
Deduct: | ||||||||||||||||||||||||||||||
Net gain on transfer to Fifth Avenue and Times Square JV | (2,571,099 | ) | — | (2,571,099 | ) | — | ||||||||||||||||||||||||
(Income) loss from partially owned entities | (22,873 | ) | (8,757 | ) | (30,193 | ) | 1,147 | |||||||||||||||||||||||
Interest and other investment income, net | (7,840 | ) | (30,892 | ) | (12,885 | ) | (6,508 | ) | ||||||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | (111,713 | ) | (23,559 | ) | (332,007 | ) | (23,559 | ) | ||||||||||||||||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (16,416 | ) | (17,160 | ) | (33,819 | ) | (34,472 | ) | ||||||||||||||||||||||
(Income) loss from discontinued operations | (60 | ) | (683 | ) | 77 | (320 | ) | |||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||||
Loss from real estate fund investments | 15,803 | 28,976 | 15,970 | 37,783 | ||||||||||||||||||||||||||
Depreciation and amortization expense | 113,035 | 111,846 | 229,744 | 220,532 | 96,437 | 113,169 | 326,181 | 333,701 | ||||||||||||||||||||||
General and administrative expense | 38,872 | 34,427 | 96,892 | 76,960 | 33,237 | 31,977 | 130,129 | 108,937 | ||||||||||||||||||||||
Transaction related costs, impairment losses and other | 101,590 | 1,017 | 101,739 | 14,173 | 1,576 | 2,510 | 103,315 | 16,683 | ||||||||||||||||||||||
Income from partially owned entities | (25,946 | ) | (7,206 | ) | (56,139 | ) | (6,059 | ) | ||||||||||||||||||||||
(Income) loss from real estate fund investments | (2,190 | ) | 190 | 13,780 | 37,973 | |||||||||||||||||||||||||
Interest and other investment income, net | (3,045 | ) | (2,893 | ) | (15,930 | ) | (9,401 | ) | ||||||||||||||||||||||
Interest and debt expense | 61,448 | 88,951 | 226,940 | 264,774 | ||||||||||||||||||||||||||
Net gain on transfer to Fifth Avenue and Times Square JV | — | — | (2,571,099 | ) | — | |||||||||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | (309,657 | ) | (141,269 | ) | (641,664 | ) | (164,828 | ) | ||||||||||||||||||||||
Income tax expense | 23,885 | 1,943 | 80,542 | 4,964 | ||||||||||||||||||||||||||
Loss (income) from discontinued operations | 8 | (61 | ) | 85 | (381 | ) | ||||||||||||||||||||||||
NOI from partially owned entities | 82,974 | 65,752 | 150,376 | 133,265 | 86,024 | 60,094 | 236,400 | 193,359 | ||||||||||||||||||||||
Interest and debt expense | 63,029 | 87,657 | 165,492 | 175,823 | ||||||||||||||||||||||||||
Income tax expense | 26,914 | 467 | 56,657 | 3,021 | ||||||||||||||||||||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (18,096 | ) | (16,943 | ) | (51,915 | ) | (51,415 | ) | ||||||||||||||||||||||
NOI at share | 308,909 | 354,429 | 646,681 | 703,465 | 307,530 | 349,624 | 954,211 | 1,053,089 | ||||||||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 9,748 | (12,481 | ) | 4,567 | (30,429 | ) | ||||||||||||||||||||||||
Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (4,037 | ) | (8,743 | ) | 530 | (39,172 | ) | |||||||||||||||||||||||
NOI at share - cash basis | $ | 318,657 | $ | 341,948 | $ | 651,248 | $ | 673,036 | $ | 303,493 | $ | 340,881 | $ | 954,741 | $ | 1,013,917 |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
Certain (income) expense items that impact net income attributable to common shareholders: | ||||||||||||||||||||||||||||||
Net gains on sale of real estate (primarily our 25% interest in 330 Madison Avenue in 2019) | $ | (178,769 | ) | $ | (3,350 | ) | $ | (178,769 | ) | $ | (27,786 | ) | ||||||||||||||||||
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units | (109,035 | ) | — | (328,910 | ) | — | ||||||||||||||||||||||||
Mark-to-market decrease in Pennsylvania Real Estate Investment Trust ("PREIT") common shares (accounted for as a marketable security from March 12, 2019) | 4,875 | — | 19,211 | — | ||||||||||||||||||||||||||
Our share of (income) loss from real estate fund investments | (1,455 | ) | 748 | 22,207 | (617 | ) | ||||||||||||||||||||||||
Net gain on sale of our ownership interests in 666 Fifth Avenue Office Condominium | — | (134,032 | ) | — | (134,032 | ) | ||||||||||||||||||||||||
Mark-to-market decrease (increase) in Lexington Realty Trust ("Lexington") common shares (sold on March 1, 2019) | — | 7,942 | (16,068 | ) | 24,934 | |||||||||||||||||||||||||
Previously capitalized internal leasing costs(1) | — | (1,444 | ) | — | (3,883 | ) | ||||||||||||||||||||||||
Net gain on transfer to Fifth Avenue and Times Square retail JV, net of $11,945 attributable to noncontrolling interests | $ | (2,559,154 | ) | $ | — | $ | (2,559,154 | ) | $ | — | — | — | (2,559,154 | ) | — | |||||||||||||||
Non-cash impairment losses and related write-offs, substantially 608 Fifth Avenue | 108,592 | — | 108,592 | — | — | — | 108,592 | — | ||||||||||||||||||||||
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units | (88,921 | ) | — | (219,875 | ) | — | ||||||||||||||||||||||||
Our share of loss (income) from real estate fund investments | 20,758 | (551 | ) | 23,662 | (1,365 | ) | ||||||||||||||||||||||||
Mark-to-market (increase) decrease in Pennsylvania Real Estate Investment Trust ("PREIT") common shares (accounted for as a marketable security from March 12, 2019) | (1,313 | ) | — | 14,336 | — | |||||||||||||||||||||||||
Net gains on sale of real estate | — | (24,449 | ) | — | (24,436 | ) | ||||||||||||||||||||||||
Mark-to-market (increase) decrease in Lexington Realty Trust ("Lexington") common shares (sold on March 1, 2019) | — | (15,883 | ) | (16,068 | ) | 16,992 | ||||||||||||||||||||||||
Profit participation on the April 2018 sale of 701 Seventh Avenue | — | (5,457 | ) | — | (5,457 | ) | ||||||||||||||||||||||||
Previously capitalized internal leasing costs(1) | — | (1,358 | ) | — | (2,706 | ) | ||||||||||||||||||||||||
Our share of loss from 666 Fifth Avenue Office Condominium (49.5% interest) | — | 1,269 | — | 4,761 | ||||||||||||||||||||||||||
Net gain from sale of Urban Edge Properties ("UE") common shares (sold on March 4, 2019) | — | — | (62,395 | ) | — | — | — | (62,395 | ) | — | ||||||||||||||||||||
Prepayment penalty in connection with redemption of $400 million 5.00% senior unsecured notes due January 2022 | — | — | 22,540 | — | — | — | 22,540 | — | ||||||||||||||||||||||
Our share of disputed additional New York City transfer taxes | — | — | — | 23,503 | — | — | — | 23,503 | ||||||||||||||||||||||
Preferred share issuance costs | — | — | — | 14,486 | — | — | — | 14,486 | ||||||||||||||||||||||
Other | 2,802 | 817 | 3,954 | 6,792 | (4,811 | ) | (4,035 | ) | (857 | ) | 2,061 | |||||||||||||||||||
(2,517,236 | ) | (45,612 | ) | (2,684,408 | ) | 32,570 | (289,195 | ) | (134,171 | ) | (2,973,603 | ) | (101,334 | ) | ||||||||||||||||
Noncontrolling interests' share of above adjustments | 159,593 | 2,837 | 170,191 | (2,029 | ) | 18,913 | 8,332 | 189,386 | 6,303 | |||||||||||||||||||||
Total of certain (income) expense items that impact net income attributable to common shareholders | $ | (2,357,643 | ) | $ | (42,775 | ) | $ | (2,514,217 | ) | $ | 30,541 | $ | (270,282 | ) | $ | (125,839 | ) | $ | (2,784,217 | ) | $ | (95,031 | ) |
(1) | The three and |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions: | ||||||||||||||||||||||||||||||
After-tax net gain on sale of 220 CPS condominium units | $ | (88,921 | ) | $ | — | $ | (219,875 | ) | $ | — | $ | (109,035 | ) | $ | — | $ | (328,910 | ) | $ | — | ||||||||||
Our share of (income) loss from real estate fund investments | (1,455 | ) | 748 | 22,207 | (617 | ) | ||||||||||||||||||||||||
Previously capitalized internal leasing costs(1) | — | (1,444 | ) | — | (3,883 | ) | ||||||||||||||||||||||||
Non-cash impairment loss and related write-offs on 608 Fifth Avenue | 77,156 | — | 77,156 | — | — | — | 77,156 | — | ||||||||||||||||||||||
Our share of loss (income) from real estate fund investments | 20,758 | (551 | ) | 23,662 | (1,365 | ) | ||||||||||||||||||||||||
Profit participation on the April 2018 sale of 701 Seventh Avenue | — | (5,457 | ) | — | (5,457 | ) | ||||||||||||||||||||||||
Our share of FFO from 666 Fifth Avenue Office Condominium (49.5% interest) | — | (2,178 | ) | — | (2,041 | ) | ||||||||||||||||||||||||
Previously capitalized internal leasing costs(1) | — | (1,358 | ) | — | (2,706 | ) | ||||||||||||||||||||||||
Prepayment penalty in connection with redemption of $400 million 5.00% senior unsecured notes due January 2022 | — | — | 22,540 | — | — | — | 22,540 | — | ||||||||||||||||||||||
Our share of disputed additional New York City transfer taxes | — | — | — | 23,503 | — | — | — | 23,503 | ||||||||||||||||||||||
Preferred share issuance costs | — | — | — | 14,486 | — | — | — | 14,486 | ||||||||||||||||||||||
Other | 1,092 | 749 | 2,298 | 5,033 | (5,229 | ) | (5,389 | ) | (2,931 | ) | (7,854 | ) | ||||||||||||||||||
10,085 | (8,795 | ) | (94,219 | ) | 31,453 | (115,719 | ) | (6,085 | ) | (209,938 | ) | 25,635 | ||||||||||||||||||
Noncontrolling interests' share of above adjustments | (639 | ) | 547 | 5,996 | (1,830 | ) | 7,176 | 378 | 13,352 | (1,744 | ) | |||||||||||||||||||
Total of certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions, net | $ | 9,446 | $ | (8,248 | ) | $ | (88,223 | ) | $ | 29,623 | ||||||||||||||||||||
Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net | $ | (108,543 | ) | $ | (5,707 | ) | $ | (196,586 | ) | $ | 23,891 |
(1) | The three and |
Total | New York(1) | theMART | 555 California Street | Total | New York(1) | theMART | 555 California Street | |||||||||||||||||
Same store NOI at share % increase (decrease): | Same store NOI at share % increase (decrease): | Same store NOI at share % increase (decrease): | ||||||||||||||||||||||
Three months ended June 30, 2019 compared to June 30, 2018 | 1.2 | % | (0.7 | )% | 12.1 | % | 13.0 | % | Three months ended September 30, 2019 compared to September 30, 2018 | 0.9 | % | 0.5 | % | (2.8 | )% | 13.9 | % | |||||||
Six months ended June 30, 2019 compared to June 30, 2018 | 0.5 | % | (0.4 | )% | 4.7 | % | 10.2 | % | Nine months ended September 30, 2019 compared to September 30, 2018 | 0.6 | % | (0.2 | )% | 2.2 | % | 11.9 | % | |||||||
Three months ended June 30, 2019 compared to March 31, 2019 | 7.2 | % | 4.1 | % | 42.3 | % | 6.4 | % | Three months ended September 30, 2019 compared to June 30, 2019 | (0.8 | )% | 1.9 | % | (21.2 | )% | (1.1 | )% | |||||||
Same store NOI at share - cash basis % increase: | ||||||||||||||||||||||||
Same store NOI at share - cash basis % increase (decrease): | Same store NOI at share - cash basis % increase (decrease): | |||||||||||||||||||||||
Three months ended June 30, 2019 compared to June 30, 2018 | 4.3 | % | 2.5 | % | 15.5 | % | 12.9 | % | Three months ended September 30, 2019 compared to September 30, 2018 | 1.0 | ��% | 0.3 | % | (1.0 | )% | 17.7 | % | |||||||
Six months ended June 30, 2019 compared to June 30, 2018 | 3.7 | % | 2.6 | % | 8.9 | % | 13.9 | % | Nine months ended September 30, 2019 compared to September 30, 2018 | 2.7 | % | 1.6 | % | 5.5 | % | 15.7 | % | |||||||
Three months ended June 30, 2019 compared to March 31, 2019 | 8.3 | % | 5.5 | % | 38.1 | % | 5.8 | % | Three months ended September 30, 2019 compared to June 30, 2019 | (2.7 | )% | (0.4 | )% | (19.3 | )% | (2.2 | )% |
Increase | ||||
(1) | Excluding Hotel Pennsylvania, same store NOI at share % increase: | |||
Three months ended | % | |||
% | ||||
Three months ended | % | |||
Excluding Hotel Pennsylvania, same store NOI at share - cash basis % increase: | ||||
Three months ended | % | |||
% | ||||
Three months ended | % | |||
(Square feet in thousands) | (Square feet in thousands) | New York | (Square feet in thousands) | New York | ||||||||||||||||||||||||||||
Office | Retail | theMART | 555 California Street | Office | Retail | theMART | 555 California Street | |||||||||||||||||||||||||
Three Months Ended June 30, 2019 | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2019 | Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||
Total square feet leased | 221 | 70 | 30 | 30 | Total square feet leased | 197 | 26 | 45 | 50 | |||||||||||||||||||||||
Our share of square feet leased: | 155 | 67 | 30 | 21 | Our share of square feet leased: | 171 | 24 | 45 | 35 | |||||||||||||||||||||||
Initial rent(1) | $ | 83.54 | $ | 162.44 | $ | 63.83 | $ | 86.00 | Initial rent(1) | $ | 80.44 | $ | 145.54 | $ | 48.54 | $ | 96.54 | |||||||||||||||
Weighted average lease term (years) | 7.2 | 19.6 | 4.1 | 5.1 | Weighted average lease term (years) | 6.5 | 5.4 | 5.5 | 8.5 | |||||||||||||||||||||||
Second generation relet space: | Second generation relet space: | |||||||||||||||||||||||||||||||
Square feet | 80 | 64 | 30 | 21 | Square feet | 108 | 17 | 43 | 29 | |||||||||||||||||||||||
GAAP basis: | GAAP basis: | |||||||||||||||||||||||||||||||
Straight-line rent(2) | $ | 73.75 | $ | 173.54 | $ | 65.58 | $ | 87.22 | Straight-line rent(2) | $ | 77.33 | $ | 135.49 | $ | 46.46 | $ | 108.38 | |||||||||||||||
Prior straight-line rent | $ | 69.67 | $ | 120.22 | $ | 57.09 | $ | 65.98 | Prior straight-line rent | $ | 60.16 | $ | 117.16 | $ | 40.42 | $ | 65.87 | |||||||||||||||
Percentage increase | 5.9 | % | 44.4 | % | 14.9 | % | 32.2 | % | Percentage increase | 28.5 | % | 15.6 | % | 14.9 | % | 64.5 | % | |||||||||||||||
Cash basis: | Cash basis: | |||||||||||||||||||||||||||||||
Initial rent(1) | $ | 76.02 | $ | 152.10 | $ | 63.83 | $ | 86.00 | Initial rent(1) | $ | 78.77 | $ | 131.49 | $ | 47.87 | $ | 97.41 | |||||||||||||||
Prior escalated rent | $ | 73.57 | $ | 128.16 | $ | 60.22 | $ | 76.23 | Prior escalated rent | $ | 64.22 | $ | 123.82 | $ | 44.88 | $ | 69.94 | |||||||||||||||
Percentage increase | 3.3 | % | 18.7 | % | 6.0 | % | 12.8 | % | Percentage increase | 22.7 | % | 6.2 | % | 6.7 | % | 39.3 | % | |||||||||||||||
Tenant improvements and leasing commissions: | Tenant improvements and leasing commissions: | |||||||||||||||||||||||||||||||
Per square foot | $ | 70.76 | $ | 73.23 | $ | 6.23 | $ | 31.28 | Per square foot | $ | 85.35 | $ | 44.85 | $ | 55.67 | $ | 84.46 | |||||||||||||||
Per square foot per annum | $ | 9.83 | $ | 3.74 | $ | 1.52 | $ | 6.13 | Per square foot per annum | $ | 13.13 | $ | 8.31 | $ | 10.12 | $ | 9.94 | |||||||||||||||
Percentage of initial rent | 11.8 | % | 2.3 | % | 2.4 | % | 7.1 | % | Percentage of initial rent | 16.3 | % | 5.7 | % | 20.9 | % | 10.3 | % |
(Square feet in thousands) | (Square feet in thousands) | New York | (Square feet in thousands) | New York | ||||||||||||||||||||||||||||
Office | Retail | theMART | 555 California Street | Office | Retail | theMART | 555 California Street | |||||||||||||||||||||||||
Six Months Ended June 30, 2019 | ||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||
Total square feet leased | 617 | 118 | 189 | 92 | Total square feet leased | 814 | 144 | 234 | 141 | |||||||||||||||||||||||
Our share of square feet leased: | 505 | 110 | 189 | 64 | Our share of square feet leased: | 676 | 134 | 234 | 99 | |||||||||||||||||||||||
Initial rent(1) | $ | 78.25 | $ | 143.18 | $ | 49.41 | $ | 82.69 | Initial rent(1) | $ | 78.81 | $ | 143.61 | $ | 49.24 | $ | 87.56 | |||||||||||||||
Weighted average lease term (years) | 8.4 | 13.2 | 6.5 | 5.1 | Weighted average lease term (years) | 7.9 | 11.7 | 6.3 | 6.3 | |||||||||||||||||||||||
Second generation relet space: | Second generation relet space: | |||||||||||||||||||||||||||||||
Square feet | 391 | 102 | 187 | 64 | Square feet | 499 | 119 | 230 | 93 | |||||||||||||||||||||||
GAAP basis: | GAAP basis: | |||||||||||||||||||||||||||||||
Straight-line rent(2) | $ | 73.37 | $ | 152.41 | $ | 48.62 | $ | 85.29 | Straight-line rent(2) | $ | 74.22 | $ | 149.93 | $ | 48.22 | $ | 92.50 | |||||||||||||||
Prior straight-line rent | $ | 72.04 | $ | 118.08 | $ | 43.39 | $ | 55.25 | Prior straight-line rent | $ | 69.48 | $ | 117.94 | $ | 42.83 | $ | 58.57 | |||||||||||||||
Percentage increase | 1.8 | % | 29.1 | % | 12.1 | % | 54.4 | % | Percentage increase | 6.8 | % | 27.1 | % | 12.6 | % | 57.9 | % | |||||||||||||||
Cash basis: | Cash basis: | |||||||||||||||||||||||||||||||
Initial rent(1) | $ | 74.76 | $ | 138.37 | $ | 49.36 | $ | 82.69 | Initial rent(1) | $ | 75.62 | $ | 137.36 | $ | 49.08 | $ | 87.29 | |||||||||||||||
Prior escalated rent | $ | 73.22 | $ | 127.39 | $ | 46.48 | $ | 64.66 | Prior escalated rent | $ | 71.28 | $ | 126.86 | $ | 46.18 | $ | 66.31 | |||||||||||||||
Percentage increase | 2.1 | % | 8.6 | % | 6.2 | % | 27.9 | % | Percentage increase | 6.1 | % | 8.3 | % | 6.3 | % | 31.6 | % | |||||||||||||||
Tenant improvements and leasing commissions: | Tenant improvements and leasing commissions: | |||||||||||||||||||||||||||||||
Per square foot | $ | 82.04 | $ | 52.40 | $ | 30.58 | $ | 43.22 | Per square foot | $ | 82.88 | $ | 51.02 | $ | 35.42 | $ | 57.71 | |||||||||||||||
Per square foot per annum | $ | 9.77 | $ | 3.97 | $ | 4.70 | $ | 8.47 | Per square foot per annum | $ | 10.49 | $ | 4.36 | $ | 5.62 | $ | 9.16 | |||||||||||||||
Percentage of initial rent | 12.5 | % | 2.8 | % | 9.5 | % | 10.2 | % | Percentage of initial rent | 13.3 | % | 3.0 | % | 11.4 | % | 10.5 | % |
(1) | Represents the cash basis weighted average starting rent per square foot, which is generally indicative of market rents. Most leases include free rent and periodic step-ups in rent which are not included in the initial cash basis rent per square foot but are included in the GAAP basis straight-line rent per square foot. |
(2) | Represents the GAAP basis weighted average rent per square foot that is recognized over the term of the respective leases and includes the effect of free rent and periodic step-ups in rent. |
(Square feet in thousands) | Square Feet (in service) | Square Feet (in service) | ||||||||||||||||||||
Number of Properties | Total Portfolio | Our Share | Occupancy % | Number of Properties | Total Portfolio | Our Share | Occupancy % | |||||||||||||||
New York: | ||||||||||||||||||||||
Office | 36 | 19,948 | 16,484 | 96.7 | % | 35 | 19,060 | 16,192 | 96.8 | % | ||||||||||||
Retail (includes retail properties that are in the base of our office properties) | 71 | 2,577 | 2,104 | 94.7 | % | 69 | 2,404 | 1,959 | 95.9 | % | ||||||||||||
Residential - 1,683 units | 10 | 1,529 | 796 | 95.9 | % | |||||||||||||||||
Residential - 1,679 units | 10 | 1,526 | 793 | 96.8 | % | |||||||||||||||||
Alexander's, Inc. ("Alexander's") including 312 residential units | 7 | 2,254 | 730 | 97.3 | % | 7 | 2,254 | 730 | 99.5 | % | ||||||||||||
Hotel Pennsylvania | 1 | 1,400 | 1,400 | 1 | 1,400 | 1,400 | ||||||||||||||||
27,708 | 21,514 | 96.5 | % | 26,644 | 21,074 | 96.8 | % | |||||||||||||||
Other: | ||||||||||||||||||||||
theMART | 3 | 3,693 | 3,684 | 94.8 | % | 3 | 3,693 | 3,684 | 95.0 | % | ||||||||||||
555 California Street | 3 | 1,741 | 1,218 | 99.5 | % | 3 | 1,741 | 1,218 | 100.0 | % | ||||||||||||
Other | 10 | 2,527 | 1,192 | 93.0 | % | 10 | 2,527 | 1,192 | 92.9 | % | ||||||||||||
7,961 | 6,094 | 7,961 | 6,094 | |||||||||||||||||||
Total square feet as of June 30, 2019 | 35,669 | 27,608 | ||||||||||||||||||||
Total square feet as of September 30, 2019 | 34,605 | 27,168 |
(Square feet in thousands) | Square Feet (in service) | ||||||||||
Number of properties | Total Portfolio | Our Share | Occupancy % | ||||||||
New York: | |||||||||||
Office | 36 | 19,858 | 16,632 | 97.2 | % | ||||||
Retail (includes retail properties that are in the base of our office properties) | 71 | 2,648 | 2,419 | 97.3 | % | ||||||
Residential - 1,687 units | 10 | 1,533 | 800 | 96.6 | % | ||||||
Alexander's, including 312 residential units | 7 | 2,437 | 790 | 91.4 | % | ||||||
Hotel Pennsylvania | 1 | 1,400 | 1,400 | ||||||||
27,876 | 22,041 | 97.0 | % | ||||||||
Other: | |||||||||||
theMART | 3 | 3,694 | 3,685 | 94.7 | % | ||||||
555 California Street | 3 | 1,743 | 1,220 | 99.4 | % | ||||||
Other | 10 | 2,522 | 1,187 | 92.8 | % | ||||||
7,959 | 6,092 | ||||||||||
Total square feet as of December 31, 2018 | 35,835 | 28,133 |
(Amounts in thousands) | For the Three Months Ended June 30, 2019 | ||||||||||
Total | New York (1) | Other | |||||||||
Total revenues | $ | 463,103 | $ | 376,381 | $ | 86,722 | |||||
Operating expenses | 220,752 | 187,819 | 32,933 | ||||||||
NOI - consolidated | 242,351 | 188,562 | 53,789 | ||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (16,416 | ) | (10,030 | ) | (6,386 | ) | |||||
Add: NOI from partially owned entities | 82,974 | 79,170 | 3,804 | ||||||||
NOI at share | 308,909 | 257,702 | 51,207 | ||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 9,748 | 8,437 | 1,311 | ||||||||
NOI at share - cash basis | $ | 318,657 | $ | 266,139 | $ | 52,518 |
(Amounts in thousands) | For the Three Months Ended September 30, 2019 | ||||||||||
Total | New York (1) | Other | |||||||||
Total revenues | $ | 465,961 | $ | 380,568 | $ | 85,393 | |||||
Operating expenses | 226,359 | 188,159 | 38,200 | ||||||||
NOI - consolidated | 239,602 | 192,409 | 47,193 | ||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (18,096 | ) | (9,574 | ) | (8,522 | ) | |||||
Add: NOI from partially owned entities | 86,024 | 82,649 | 3,375 | ||||||||
NOI at share | 307,530 | 265,484 | 42,046 | ||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (4,037 | ) | (5,560 | ) | 1,523 | ||||||
NOI at share - cash basis | $ | 303,493 | $ | 259,924 | $ | 43,569 |
(1) | Reflects the transfer of 45.4% of common equity in the properties contributed to the Fifth Avenue and Times Square JV on April 18, 2019. |
(Amounts in thousands) | For the Three Months Ended June 30, 2018 | For the Three Months Ended September 30, 2018 | ||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||
Total revenues | $ | 541,818 | $ | 458,552 | $ | 83,266 | $ | 542,048 | $ | 462,446 | $ | 79,602 | ||||||||||
Operating expenses | 235,981 | 200,903 | 35,078 | 235,575 | 200,949 | 34,626 | ||||||||||||||||
NOI - consolidated | 305,837 | 257,649 | 48,188 | 306,473 | 261,497 | 44,976 | ||||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (17,160 | ) | (11,560 | ) | (5,600 | ) | (16,943 | ) | (11,348 | ) | (5,595 | ) | ||||||||||
Add: NOI from partially owned entities | 65,752 | 49,778 | 15,974 | 60,094 | 47,179 | 12,915 | ||||||||||||||||
NOI at share | 354,429 | 295,867 | 58,562 | 349,624 | 297,328 | 52,296 | ||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (12,481 | ) | (12,713 | ) | 232 | (8,743 | ) | (9,125 | ) | 382 | ||||||||||||
NOI at share - cash basis | $ | 341,948 | $ | 283,154 | $ | 58,794 | $ | 340,881 | $ | 288,203 | $ | 52,678 |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Three Months Ended September 30, | ||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||
New York: | ||||||||||||||
Office(1) | $ | 179,592 | $ | 184,867 | $ | 177,469 | $ | 184,146 | ||||||
Retail(1) | 57,063 | 87,109 | 68,159 | 92,858 | ||||||||||
Residential | 5,908 | 6,338 | 5,575 | 5,202 | ||||||||||
Alexander's | 11,108 | 11,909 | 11,269 | 10,626 | ||||||||||
Hotel Pennsylvania | 4,031 | 5,644 | 3,012 | 4,496 | ||||||||||
Total New York | 257,702 | 295,867 | 265,484 | 297,328 | ||||||||||
Other: | ||||||||||||||
theMART | 30,974 | 27,816 | 24,862 | 25,257 | ||||||||||
555 California Street | 15,358 | 13,660 | 15,265 | 13,515 | ||||||||||
Other investments(2) | 4,875 | 17,086 | 1,919 | 13,524 | ||||||||||
Total Other | 51,207 | 58,562 | 42,046 | 52,296 | ||||||||||
NOI at share | $ | 308,909 | $ | 354,429 | $ | 307,530 | $ | 349,624 |
(1) | Reflects the transfer of 45.4% of common equity in the properties contributed to the Fifth Avenue and Times Square JV on April 18, 2019. |
(2) | The three months ended |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Three Months Ended September 30, | ||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||
New York: | ||||||||||||||
Office(1) | $ | 178,806 | $ | 180,710 | $ | 174,796 | $ | 181,575 | ||||||
Retail(1) | 66,726 | 79,139 | 65,636 | 84,976 | ||||||||||
Residential | 5,303 | 5,463 | 5,057 | 5,358 | ||||||||||
Alexander's | 11,322 | 12,098 | 11,471 | 11,774 | ||||||||||
Hotel Pennsylvania | 3,982 | 5,744 | 2,964 | 4,520 | ||||||||||
Total New York | 266,139 | 283,154 | 259,924 | 288,203 | ||||||||||
Other: | ||||||||||||||
theMART | 31,984 | 27,999 | 26,588 | 26,234 | ||||||||||
555 California Street | 15,595 | 13,808 | 15,325 | 13,070 | ||||||||||
Other investments(2) | 4,939 | 16,987 | 1,656 | 13,374 | ||||||||||
Total Other | 52,518 | 58,794 | 43,569 | 52,678 | ||||||||||
NOI at share - cash basis | $ | 318,657 | $ | 341,948 | $ | 303,493 | $ | 340,881 |
(1) | Reflects the transfer of 45.4% of common equity in the properties contributed to the Fifth Avenue and Times Square JV on April 18, 2019. |
(2) | The three months ended |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Three Months Ended September 30, | ||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||
Net income | $ | 2,596,693 | $ | 105,338 | $ | 363,849 | $ | 219,162 | ||||||
Deduct: | ||||||||||||||
Net gain on transfer to Fifth Avenue and Times Square JV | (2,571,099 | ) | — | |||||||||||
Income from partially owned entities | (22,873 | ) | (8,757 | ) | ||||||||||
Interest and other investment income, net | (7,840 | ) | (30,892 | ) | ||||||||||
Net gains on disposition of wholly owned and partially owned assets | (111,713 | ) | (23,559 | ) | ||||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (16,416 | ) | (17,160 | ) | ||||||||||
Income from discontinued operations | (60 | ) | (683 | ) | ||||||||||
Add: | ||||||||||||||
Loss from real estate fund investments | 15,803 | 28,976 | ||||||||||||
Depreciation and amortization expense | 113,035 | 111,846 | 96,437 | 113,169 | ||||||||||
General and administrative expense | 38,872 | 34,427 | 33,237 | 31,977 | ||||||||||
Transaction related costs, impairment losses and other | 101,590 | 1,017 | 1,576 | 2,510 | ||||||||||
Income from partially owned entities | (25,946 | ) | (7,206 | ) | ||||||||||
(Income) loss from real estate fund investments | (2,190 | ) | 190 | |||||||||||
Interest and other investment income, net | (3,045 | ) | (2,893 | ) | ||||||||||
Interest and debt expense | 61,448 | 88,951 | ||||||||||||
Net gains on disposition of wholly owned and partially owned assets | (309,657 | ) | (141,269 | ) | ||||||||||
Income tax expense | 23,885 | 1,943 | ||||||||||||
Loss (income) from discontinued operations | 8 | (61 | ) | |||||||||||
NOI from partially owned entities | 82,974 | 65,752 | 86,024 | 60,094 | ||||||||||
Interest and debt expense | 63,029 | 87,657 | ||||||||||||
Income tax expense | 26,914 | 467 | ||||||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (18,096 | ) | (16,943 | ) | ||||||||||
NOI at share | 308,909 | 354,429 | 307,530 | 349,624 | ||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 9,748 | (12,481 | ) | |||||||||||
Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (4,037 | ) | (8,743 | ) | ||||||||||
NOI at share - cash basis | $ | 318,657 | $ | 341,948 | $ | 303,493 | $ | 340,881 |
For the Three Months Ended June 30, | For the Three Months Ended September 30, | |||||||||
2019 | 2018 | 2019 | 2018 | |||||||
Region: | ||||||||||
New York City metropolitan area | 85 | % | 88 | % | 87 | % | 88 | % | ||
Chicago, IL | 10 | % | 8 | % | 8 | % | 8 | % | ||
San Francisco, CA | 5 | % | 4 | % | 5 | % | 4 | % | ||
100 | % | 100 | % | 100 | % | 100 | % |
(Amounts in thousands) | Total | New York | Other | Total | New York | Other | ||||||||||||||||
(Decrease) increase due to: | ||||||||||||||||||||||
Rental revenues: | ||||||||||||||||||||||
Acquisitions, dispositions and other | $ | (8,679 | ) | $ | (8,621 | ) | (1) | $ | (58 | ) | $ | 5,453 | $ | 5,750 | $ | (297 | ) | |||||
Development and redevelopment | (2,978 | ) | (3,072 | ) | 94 | (8,108 | ) | (8,197 | ) | 89 | ||||||||||||
Hotel Pennsylvania | (1,493 | ) | (1,493 | ) | — | (1,371 | ) | (1,371 | ) | — | ||||||||||||
Trade shows | 355 | — | 355 | (246 | ) | — | (246 | ) | ||||||||||||||
Properties transferred to Fifth Avenue and Times Square JV | (62,630 | ) | (62,630 | ) | — | (76,383 | ) | (76,383 | ) | — | ||||||||||||
Same store operations | (6,183 | ) | (9,313 | ) | (2) | 3,130 | 4,346 | (2,109 | ) | 6,455 | ||||||||||||
(81,608 | ) | (85,129 | ) | 3,521 | (76,309 | ) | (82,310 | ) | 6,001 | |||||||||||||
Fee and other income: | ||||||||||||||||||||||
BMS cleaning fees | 1,703 | 1,537 | 166 | 1,804 | 1,459 | 345 | ||||||||||||||||
Management and leasing fees | 1,393 | 1,608 | (215 | ) | (1,408 | ) | (693 | ) | (715 | ) | ||||||||||||
Properties transferred to Fifth Avenue and Times Square JV | (232 | ) | (232 | ) | — | (300 | ) | (300 | ) | — | ||||||||||||
Other income | 29 | 45 | (16 | ) | 126 | (34 | ) | 160 | ||||||||||||||
2,893 | 2,958 | (65 | ) | 222 | 432 | (210 | ) | |||||||||||||||
Total (decrease) increase in revenues | $ | (78,715 | ) | $ | (82,171 | ) | $ | 3,456 | $ | (76,087 | ) | $ | (81,878 | ) | $ | 5,791 |
(Amounts in thousands) | (Amounts in thousands) | Total | New York | Other | (Amounts in thousands) | Total | New York | Other | ||||||||||||||||
Increase (decrease) due to: | ||||||||||||||||||||||||
(Decrease) increase due to: | (Decrease) increase due to: | |||||||||||||||||||||||
Operating: | Operating: | Operating: | ||||||||||||||||||||||
Acquisitions, dispositions and other | $ | 550 | $ | 550 | $ | — | Acquisitions, dispositions and other | $ | 270 | $ | (455 | ) | $ | 725 | ||||||||||
Development and redevelopment | (59 | ) | (250 | ) | 191 | Development and redevelopment | (2,011 | ) | (2,079 | ) | 68 | |||||||||||||
Non-reimbursable expenses | (4,181 | ) | (3,155 | ) | (1,026 | ) | Non-reimbursable expenses | (1,536 | ) | (1,417 | ) | (119 | ) | |||||||||||
Hotel Pennsylvania | 124 | 124 | — | Hotel Pennsylvania | 112 | 112 | — | |||||||||||||||||
Trade shows | 353 | — | 353 | Trade shows | 55 | — | 55 | |||||||||||||||||
BMS expenses | 933 | 933 | — | BMS expenses | 1,443 | 1,443 | — | |||||||||||||||||
Properties transferred to Fifth Avenue and Times Square JV | (15,718 | ) | (15,718 | ) | — | Properties transferred to Fifth Avenue and Times Square JV | (11,741 | ) | (11,741 | ) | — | |||||||||||||
Same store operations | 2,769 | 4,432 | (1,663 | ) | Same store operations | 4,192 | 1,347 | 2,845 | ||||||||||||||||
(15,229 | ) | (13,084 | ) | (2,145 | ) | (9,216 | ) | (12,790 | ) | 3,574 | ||||||||||||||
Depreciation and amortization: | Depreciation and amortization: | Depreciation and amortization: | ||||||||||||||||||||||
Acquisitions, dispositions and other | 1,864 | 1,864 | — | Acquisitions, dispositions and other | (671 | ) | (671 | ) | — | |||||||||||||||
Development and redevelopment | (2,908 | ) | (2,951 | ) | 43 | Development and redevelopment | (918 | ) | (978 | ) | 60 | |||||||||||||
Properties transferred to Fifth Avenue and Times Square JV | (16,051 | ) | (16,051 | ) | — | Properties transferred to Fifth Avenue and Times Square JV | (21,044 | ) | (21,044 | ) | — | |||||||||||||
Same store operations | 18,284 | 17,007 | 1,277 | Same store operations | 5,901 | 5,708 | 193 | |||||||||||||||||
1,189 | (131 | ) | 1,320 | (16,732 | ) | (16,985 | ) | 253 | ||||||||||||||||
General and administrative | General and administrative | 4,445 | (1) | 6,539 | (2,094 | ) | General and administrative | 1,260 | 3,129 | (1,869 | ) | |||||||||||||
Expense from deferred compensation plan liability | Expense from deferred compensation plan liability | (762 | ) | — | (762 | ) | Expense from deferred compensation plan liability | (887 | ) | — | (887 | ) | ||||||||||||
Transaction related costs, impairment losses and other | Transaction related costs, impairment losses and other | 100,573 | 101,360 | (2) | (787 | ) | Transaction related costs, impairment losses and other | (934 | ) | — | (934 | ) | ||||||||||||
Total increase in expenses | $ | 90,216 | $ | 94,684 | $ | (4,468 | ) | |||||||||||||||||
Total (decrease) increase in expenses | Total (decrease) increase in expenses | $ | (26,509 | ) | $ | (26,646 | ) | $ | 137 |
(Amounts in thousands) | Ownership Percentage at June 30, 2019 | For the Three Months Ended June 30, | Ownership Percentage at September 30, 2019 | For the Three Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||
Our share of net income (loss): | ||||||||||||||||||
Fifth Avenue and Times Square JV(1): | ||||||||||||||||||
Equity in net income | 51.5% | $ | 11,217 | $ | — | 51.5% | $ | 9,891 | $ | — | ||||||||
Return on preferred equity, net of our share of the expense | 8,586 | — | 9,545 | — | ||||||||||||||
19,803 | — | 19,436 | — | |||||||||||||||
Alexander's | 32.4% | 4,719 | 7,167 | 32.4% | 6,692 | 5,427 | ||||||||||||
Partially owned office buildings(2) | Various | (1,451 | ) | 2,002 | Various | (186 | ) | 735 | ||||||||||
Other investments(3) | Various | (198 | ) | (412 | ) | Various | 4 | 1,044 | ||||||||||
$ | 22,873 | $ | 8,757 | $ | 25,946 | $ | 7,206 |
(1) | The three months ended |
(2) | Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 7 West 34th Street, 330 Madison Avenue (sold on July 11, 2019), 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others. |
(3) | Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street, 666 Fifth Avenue Office Condominium (sold on August 3, 2018), UE (sold on March 4, 2019), PREIT (accounted as a marketable security from March 12, 2019) and others. |
(Amounts in thousands) | For the Three Months Ended June 30, | ||||||
2019 | 2018 | ||||||
Net investment income | $ | 459 | $ | 539 | |||
Net unrealized loss on held investments | (16,262 | ) | (29,513 | ) | |||
Net realized loss on exited investments | — | (2 | ) | ||||
Loss from real estate fund investments | (15,803 | ) | (28,976 | ) | |||
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (4,955 | ) | 29,527 | ||||
(Loss) income from real estate fund investments attributable to the Operating Partnership | (20,758 | ) | 551 | ||||
Less loss (income) attributable to noncontrolling interests in the Operating Partnership | 1,316 | (34 | ) | ||||
(Loss) income from real estate fund investments attributable to Vornado | $ | (19,442 | ) | $ | 517 |
(Amounts in thousands) | For the Three Months Ended September 30, | ||||||
2019 | 2018 | ||||||
Net investment income | $ | 2,190 | $ | 3,093 | |||
Net unrealized loss on held investments | — | (3,283 | ) | ||||
Income (loss) from real estate fund investments | 2,190 | (190 | ) | ||||
Less income attributable to noncontrolling interests in consolidated subsidiaries | (735 | ) | (558 | ) | |||
Income (loss) from real estate fund investments attributable to the Operating Partnership | 1,455 | (748 | ) | ||||
Less (income) loss attributable to noncontrolling interests in the Operating Partnership | (95 | ) | 46 | ||||
Income (loss) from real estate fund investments attributable to Vornado | $ | 1,360 | $ | (702 | ) |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Three Months Ended September 30, | ||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||
Decrease in fair value of marketable securities | $ | (4,868 | ) | $ | (7,699 | ) | ||||||||
Interest on cash and cash equivalents and restricted cash | $ | 2,626 | $ | 4,487 | 4,060 | 4,306 | ||||||||
Interest on loans receivable(1) | 1,635 | 6,205 | 1,604 | 2,004 | ||||||||||
Dividends on marketable securities | 1,313 | 3,353 | 1,312 | 3,354 | ||||||||||
Increase in fair value of marketable securities | 1,312 | 15,884 | ||||||||||||
Other, net | 954 | 963 | 937 | 928 | ||||||||||
$ | 7,840 | $ | 30,892 | $ | 3,045 | $ | 2,893 |
(1) | 2018 includes |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||
NOI at share for the three months ended June 30, 2019 | $ | 308,909 | $ | 257,702 | $ | 30,974 | $ | 15,358 | $ | 4,875 | ||||||||||
Less NOI at share from: | ||||||||||||||||||||
Acquisitions | 8 | 8 | — | — | — | |||||||||||||||
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV | (5,479 | ) | (5,479 | ) | — | — | — | |||||||||||||
Dispositions | (50 | ) | (50 | ) | — | — | — | |||||||||||||
Development properties | (11,392 | ) | (11,392 | ) | — | — | — | |||||||||||||
Lease termination income, net of write-offs of straight-line receivables and acquired below-market leases, net | 2,979 | 2,979 | — | — | — | |||||||||||||||
Other non-same store expense (income), net | 85 | 4,984 | (98 | ) | 74 | (4,875 | ) | |||||||||||||
Same store NOI at share for the three months ended June 30, 2019 | $ | 295,060 | $ | 248,752 | $ | 30,876 | $ | 15,432 | $ | — | ||||||||||
NOI at share for the three months ended June 30, 2018 | $ | 354,429 | $ | 295,867 | $ | 27,816 | $ | 13,660 | $ | 17,086 | ||||||||||
Less NOI at share from: | ||||||||||||||||||||
Acquisitions | (3 | ) | (3 | ) | — | — | — | |||||||||||||
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV | (26,365 | ) | (26,365 | ) | — | — | — | |||||||||||||
Dispositions | (309 | ) | (309 | ) | — | — | — | |||||||||||||
Development properties | (16,451 | ) | (16,451 | ) | — | — | — | |||||||||||||
Lease termination income, net of write-offs of straight-line receivables and acquired below-market leases, net | 1,984 | 1,984 | — | — | — | |||||||||||||||
Other non-same store income, net | (21,689 | ) | (4,323 | ) | (280 | ) | — | (17,086 | ) | |||||||||||
Same store NOI at share for the three months ended June 30, 2018 | $ | 291,596 | $ | 250,400 | $ | 27,536 | $ | 13,660 | $ | — | ||||||||||
Increase (decrease) in same store NOI at share for the three months ended June 30, 2019 compared to June 30, 2018 | $ | 3,464 | $ | (1,648 | ) | $ | 3,340 | $ | 1,772 | $ | — | |||||||||
% increase (decrease) in same store NOI at share | 1.2 | % | (0.7 | )% | (1) | 12.1 | % | 13.0 | % | — | % |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||
NOI at share - cash basis for the three months ended June 30, 2019 | $ | 318,657 | $ | 266,139 | $ | 31,984 | $ | 15,595 | $ | 4,939 | ||||||||||
Less NOI at share - cash basis from: | ||||||||||||||||||||
Acquisitions | 8 | 8 | — | — | — | |||||||||||||||
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV | (5,183 | ) | (5,183 | ) | — | — | — | |||||||||||||
Dispositions | (50 | ) | (50 | ) | — | — | — | |||||||||||||
Development properties | (13,005 | ) | (13,005 | ) | — | — | — | |||||||||||||
Lease termination income | (1,606 | ) | (1,606 | ) | — | — | — | |||||||||||||
Other non-same store income, net | (9,740 | ) | (4,703 | ) | (98 | ) | — | (4,939 | ) | |||||||||||
Same store NOI at share - cash basis for the three months ended June 30, 2019 | $ | 289,081 | $ | 241,600 | $ | 31,886 | $ | 15,595 | $ | — | ||||||||||
NOI at share - cash basis for the three months ended June 30, 2018 | $ | 341,948 | $ | 283,154 | $ | 27,999 | $ | 13,808 | $ | 16,987 | ||||||||||
Less NOI at share - cash basis from: | ||||||||||||||||||||
Acquisitions | (3 | ) | (3 | ) | — | — | — | |||||||||||||
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV | (24,732 | ) | (24,732 | ) | — | — | — | |||||||||||||
Dispositions | (240 | ) | (240 | ) | — | — | — | |||||||||||||
Development properties | (17,489 | ) | (17,489 | ) | — | — | — | |||||||||||||
Lease termination income | — | — | — | — | — | |||||||||||||||
Other non-same store income, net | (22,345 | ) | (4,960 | ) | (398 | ) | — | (16,987 | ) | |||||||||||
Same store NOI at share - cash basis for the three months ended June 30, 2018 | $ | 277,139 | $ | 235,730 | $ | 27,601 | $ | 13,808 | $ | — | ||||||||||
Increase in same store NOI at share - cash basis for the three months ended June 30, 2019 compared to June 30, 2018 | $ | 11,942 | $ | 5,870 | $ | 4,285 | $ | 1,787 | $ | — | ||||||||||
% increase in same store NOI at share - cash basis | 4.3 | % | 2.5 | % | (1) | 15.5 | % | 12.9 | % | — | % |
(Amounts in thousands) | For the Six Months Ended June 30, 2019 | ||||||||||
Total | New York(1) | Other | |||||||||
Total revenues | $ | 997,771 | $ | 819,666 | $ | 178,105 | |||||
Operating expenses | 467,647 | 385,914 | 81,733 | ||||||||
NOI - consolidated | 530,124 | 433,752 | 96,372 | ||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (33,819 | ) | (21,437 | ) | (12,382 | ) | |||||
Add: NOI from partially owned entities | 150,376 | 128,745 | 21,631 | ||||||||
NOI at share | 646,681 | 541,060 | 105,621 | ||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 4,567 | 1,819 | 2,748 | ||||||||
NOI at share - cash basis | $ | 651,248 | $ | 542,879 | $ | 108,369 |
(Amounts in thousands) | For the Six Months Ended June 30, 2018 | ||||||||||
Total | New York | Other | |||||||||
Total revenues | $ | 1,078,255 | $ | 907,036 | $ | 171,219 | |||||
Operating expenses | 473,583 | 398,819 | 74,764 | ||||||||
NOI - consolidated | 604,672 | 508,217 | 96,455 | ||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (34,472 | ) | (23,305 | ) | (11,167 | ) | |||||
Add: NOI from partially owned entities | 133,265 | 99,551 | 33,714 | ||||||||
NOI at share | 703,465 | 584,463 | 119,002 | ||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (30,429 | ) | (30,036 | ) | (393 | ) | |||||
NOI at share - cash basis | $ | 673,036 | $ | 554,427 | $ | 118,609 |
(Amounts in thousands) | For the Six Months Ended June 30, | ||||||
2019 | 2018 | ||||||
New York: | |||||||
Office(1) | $ | 363,132 | $ | 372,023 | |||
Retail (1) | 145,330 | 175,018 | |||||
Residential | 11,953 | 12,479 | |||||
Alexander's | 22,430 | 23,484 | |||||
Hotel Pennsylvania | (1,785 | ) | 1,459 | ||||
Total New York | 541,060 | 584,463 | |||||
Other: | |||||||
theMART | 54,497 | 54,691 | |||||
555 California Street | 29,859 | 27,171 | |||||
Other investments(2) | 21,265 | 37,140 | |||||
Total Other | 105,621 | 119,002 | |||||
NOI at share | $ | 646,681 | $ | 703,465 |
(Amounts in thousands) | For the Six Months Ended June 30, | ||||||
2019 | 2018 | ||||||
New York: | |||||||
Office(1) | $ | 363,176 | $ | 358,909 | |||
Retail(1) | 147,662 | 158,728 | |||||
Residential | 11,074 | 11,062 | |||||
Alexander's | 22,849 | 24,137 | |||||
Hotel Pennsylvania | (1,882 | ) | 1,591 | ||||
Total New York | 542,879 | 554,427 | |||||
Other: | |||||||
theMART | 56,896 | 55,078 | |||||
555 California Street | 30,340 | 26,634 | |||||
Other investments(2) | 21,133 | 36,897 | |||||
Total Other | 108,369 | 118,609 | |||||
NOI at share - cash basis | $ | 651,248 | $ | 673,036 |
(Amounts in thousands) | For the Six Months Ended June 30, | ||||||
2019 | 2018 | ||||||
Net income | $ | 2,809,737 | $ | 105,620 | |||
Deduct: | |||||||
Net gain on transfer to Fifth Avenue and Times Square JV | (2,571,099 | ) | — | ||||
(Income) loss from partially owned entities | (30,193 | ) | 1,147 | ||||
Interest and other investment income, net | (12,885 | ) | (6,508 | ) | |||
Net gains on disposition of wholly owned and partially owned assets | (332,007 | ) | (23,559 | ) | |||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (33,819 | ) | (34,472 | ) | |||
Loss (income) from discontinued operations | 77 | (320 | ) | ||||
Add: | |||||||
Loss from real estate fund investments | 15,970 | 37,783 | |||||
Depreciation and amortization expense | 229,744 | 220,532 | |||||
General and administrative expense | 96,892 | 76,960 | |||||
Transaction related costs, impairment losses and other | 101,739 | 14,173 | |||||
NOI from partially owned entities | 150,376 | 133,265 | |||||
Interest and debt expense | 165,492 | 175,823 | |||||
Income tax expense | 56,657 | 3,021 | |||||
NOI at share | 646,681 | 703,465 | |||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 4,567 | (30,429 | ) | ||||
NOI at share - cash basis | $ | 651,248 | $ | 673,036 |
For the Six Months Ended June 30, | |||||
2019 | 2018 | ||||
Region: | |||||
New York City metropolitan area | 86 | % | 88 | % | |
Chicago, IL | 9 | % | 8 | % | |
San Francisco, CA | 5 | % | 4 | % | |
100 | % | 100 | % |
(Amounts in thousands) | Total | New York | Other | |||||||||
(Decrease) increase due to: | ||||||||||||
Rental revenues: | ||||||||||||
Acquisitions, dispositions and other | $ | (10,631 | ) | $ | (10,585 | ) | (1) | $ | (46 | ) | ||
Development and redevelopment | (4,771 | ) | (4,931 | ) | 160 | |||||||
Hotel Pennsylvania | (3,362 | ) | (3,362 | ) | — | |||||||
Trade shows | (1,720 | ) | — | (1,720 | ) | |||||||
Properties transferred to Fifth Avenue and Times Square JV | (62,630 | ) | (62,630 | ) | — | |||||||
Same store operations | 963 | (9,820 | ) | (2) | 10,783 | |||||||
(82,151 | ) | (91,328 | ) | 9,177 | ||||||||
Fee and other income: | ||||||||||||
BMS cleaning fees | 3,133 | 3,141 | (8 | ) | ||||||||
Management and leasing fees | 1,266 | 1,778 | (512 | ) | ||||||||
Properties transferred to Fifth Avenue and Times Square JV | (232 | ) | (232 | ) | — | |||||||
Other income | (2,500 | ) | (729 | ) | (1,771 | ) | ||||||
1,667 | 3,958 | (2,291 | ) | |||||||||
Total (decrease) increase in revenues | $ | (80,484 | ) | $ | (87,370 | ) | $ | 6,886 |
(Amounts in thousands) | Total | New York | Other | |||||||||
Increase (decrease) due to: | ||||||||||||
Operating: | ||||||||||||
Acquisitions, dispositions and other | $ | 836 | $ | 836 | $ | — | ||||||
Development and redevelopment | (644 | ) | (1,012 | ) | 368 | |||||||
Non-reimbursable expenses | (7,773 | ) | (6,967 | ) | (806 | ) | ||||||
Hotel Pennsylvania | (108 | ) | (108 | ) | — | |||||||
Trade shows | 493 | — | 493 | |||||||||
BMS expenses | 2,629 | 2,629 | — | |||||||||
Properties transferred to Fifth Avenue and Times Square JV | (15,718 | ) | (15,718 | ) | — | |||||||
Same store operations | 14,349 | 7,435 | 6,914 | |||||||||
(5,936 | ) | (12,905 | ) | 6,969 | ||||||||
Depreciation and amortization: | ||||||||||||
Acquisitions, dispositions and other | 1,936 | 1,936 | — | |||||||||
Development and redevelopment | (4,602 | ) | (4,662 | ) | 60 | |||||||
Properties transferred to Fifth Avenue and Times Square JV | (16,051 | ) | (16,051 | ) | — | |||||||
Same store operations | 27,929 | 26,307 | 1,622 | |||||||||
9,212 | 7,530 | 1,682 | ||||||||||
General and administrative | 19,932 | (1) | 11,987 | 7,945 | ||||||||
Expense from deferred compensation plan liability | 5,075 | — | 5,075 | |||||||||
Transaction related costs, impairment losses and other | 87,566 | 88,257 | (2) | (691 | ) | |||||||
Total increase in expenses | $ | 115,849 | $ | 94,869 | $ | 20,980 |
(Amounts in thousands) | Percentage Ownership at June 30, 2019 | For the Six Months Ended June 30, | |||||||
2019 | 2018 | ||||||||
Our share of net income (loss): | |||||||||
Fifth Avenue and Times Square JV(1): | |||||||||
Equity in net income | 51.5% | $ | 11,217 | $ | — | ||||
Return on preferred equity, net of our share of the expense | 8,586 | — | |||||||
19,803 | — | ||||||||
Alexander's(2) | 32.4% | 11,493 | 5,166 | ||||||
Partially owned office buildings(3) | Various | (1,345 | ) | (2,281 | ) | ||||
Other investments(4) | Various | 242 | (4,032 | ) | |||||
$ | 30,193 | $ | (1,147 | ) |
(Amounts in thousands) | For the Six Months Ended June 30, | ||||||
2019 | 2018 | ||||||
Net investment income | $ | 192 | $ | 3,273 | |||
Net unrealized loss on held investments | (16,162 | ) | (29,513 | ) | |||
Net realized loss on exited investments | — | (913 | ) | ||||
Transfer Tax | — | (10,630 | ) | ||||
Loss from real estate fund investments | (15,970 | ) | (37,783 | ) | |||
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (7,692 | ) | 34,896 | ||||
Loss from real estate fund investments attributable to the Operating Partnership | (23,662 | ) | (2,887 | ) | |||
Less loss attributable to noncontrolling interests in the Operating Partnership | 1,498 | 178 | |||||
Loss from real estate fund investments attributable to Vornado | $ | (22,164 | ) | $ | (2,709 | ) |
(Amounts in thousands) | For the Six Months Ended June 30, | ||||||
2019 | 2018 | ||||||
Interest on cash and cash equivalents and restricted cash | $ | 4,693 | $ | 8,044 | |||
Interest on loans receivable(1) | 3,241 | 6,948 | |||||
Increase (decrease) in fair value of marketable securities(2) | 1,773 | (17,102 | ) | ||||
Dividends on marketable securities | 1,313 | 6,706 | |||||
Other, net | 1,865 | 1,912 | |||||
$ | 12,885 | $ | 6,508 |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||
NOI at share for the three months ended September 30, 2019 | $ | 307,530 | $ | 265,484 | $ | 24,862 | $ | 15,265 | $ | 1,919 | ||||||||||
Less NOI at share from: | ||||||||||||||||||||
Acquisitions | (5 | ) | (5 | ) | — | — | — | |||||||||||||
Dispositions | (650 | ) | (650 | ) | — | — | — | |||||||||||||
Development properties | (14,704 | ) | (14,704 | ) | — | — | — | |||||||||||||
Lease termination income, net of write-offs of straight-line receivables and acquired below-market leases, net | (627 | ) | (107 | ) | (520 | ) | — | — | ||||||||||||
Other non-same store (income) expense, net | (10,222 | ) | (8,410 | ) | (12 | ) | 119 | (1,919 | ) | |||||||||||
Same store NOI at share for the three months ended September 30, 2019 | $ | 281,322 | $ | 241,608 | $ | 24,330 | $ | 15,384 | $ | — | ||||||||||
NOI at share for the three months ended September 30, 2018 | $ | 349,624 | $ | 297,328 | $ | 25,257 | $ | 13,515 | $ | 13,524 | ||||||||||
Less NOI at share from: | ||||||||||||||||||||
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV | (28,972 | ) | (28,972 | ) | — | — | — | |||||||||||||
Dispositions | (3,317 | ) | (3,317 | ) | — | — | — | |||||||||||||
Development properties | (23,256 | ) | (23,242 | ) | — | (14 | ) | — | ||||||||||||
Lease termination income, net of write-offs of straight-line receivables and acquired below-market leases, net | 1,578 | 1,797 | (219 | ) | — | — | ||||||||||||||
Other non-same store (income) expense, net | (16,767 | ) | (3,248 | ) | 5 | — | (13,524 | ) | ||||||||||||
Same store NOI at share for the three months ended September 30, 2018 | $ | 278,890 | $ | 240,346 | $ | 25,043 | $ | 13,501 | $ | — | ||||||||||
Increase (decrease) in same store NOI at share for the three months ended September 30, 2019 compared to September 30, 2018 | $ | 2,432 | $ | 1,262 | $ | (713 | ) | $ | 1,883 | $ | — | |||||||||
% increase (decrease) in same store NOI at share | 0.9 | % | 0.5 | % | (1) | (2.8 | )% | 13.9 | % | — | % |
(1) | Excluding Hotel Pennsylvania, same store NOI at share increased by 1.2%. |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||
NOI at share - cash basis for the three months ended September 30, 2019 | $ | 303,493 | $ | 259,924 | $ | 26,588 | $ | 15,325 | $ | 1,656 | ||||||||||
Less NOI at share - cash basis from: | ||||||||||||||||||||
Acquisitions | (5 | ) | (5 | ) | — | — | — | |||||||||||||
Dispositions | (690 | ) | (690 | ) | — | — | — | |||||||||||||
Development properties | (20,306 | ) | (20,306 | ) | — | — | — | |||||||||||||
Lease termination income | (1,016 | ) | (157 | ) | (859 | ) | — | — | ||||||||||||
Other non-same store (income) expense, net | (11,280 | ) | (9,658 | ) | (12 | ) | 46 | (1,656 | ) | |||||||||||
Same store NOI at share - cash basis for the three months ended September 30, 2019 | $ | 270,196 | $ | 229,108 | $ | 25,717 | $ | 15,371 | $ | — | ||||||||||
NOI at share - cash basis for the three months ended September 30, 2018 | $ | 340,881 | $ | 288,203 | $ | 26,234 | $ | 13,070 | $ | 13,374 | ||||||||||
Less NOI at share - cash basis from: | ||||||||||||||||||||
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV | (27,452 | ) | (27,452 | ) | — | — | — | |||||||||||||
Dispositions | (3,370 | ) | (3,370 | ) | — | — | — | |||||||||||||
Development properties | (25,061 | ) | (25,047 | ) | — | (14 | ) | — | ||||||||||||
Lease termination income | (268 | ) | (8 | ) | (260 | ) | — | — | ||||||||||||
Other non-same store (income) expense, net | (17,319 | ) | (3,950 | ) | 5 | — | (13,374 | ) | ||||||||||||
Same store NOI at share - cash basis for the three months ended September 30, 2018 | $ | 267,411 | $ | 228,376 | $ | 25,979 | $ | 13,056 | $ | — | ||||||||||
Increase (decrease) in same store NOI at share - cash basis for the three months ended September 30, 2019 compared to September 30, 2018 | $ | 2,785 | $ | 732 | $ | (262 | ) | $ | 2,315 | $ | — | |||||||||
% increase (decrease) in same store NOI at share - cash basis | 1.0 | % | 0.3 | % | (1) | (1.0 | )% | 17.7 | % | — | % |
(1) | Excluding Hotel Pennsylvania, same store NOI at share - cash basis increased by 1.0%. |
(Amounts in thousands) | For the Nine Months Ended September 30, 2019 | ||||||||||
Total | New York(1) | Other | |||||||||
Total revenues | $ | 1,463,732 | $ | 1,200,234 | $ | 263,498 | |||||
Operating expenses | 694,006 | 574,073 | 119,933 | ||||||||
NOI - consolidated | 769,726 | 626,161 | 143,565 | ||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (51,915 | ) | (31,011 | ) | (20,904 | ) | |||||
Add: NOI from partially owned entities | 236,400 | 211,394 | 25,006 | ||||||||
NOI at share | 954,211 | 806,544 | 147,667 | ||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 530 | (3,741 | ) | 4,271 | |||||||
NOI at share - cash basis | $ | 954,741 | $ | 802,803 | $ | 151,938 |
(1) | Reflects the transfer of 45.4% of common equity in the properties contributed to the Fifth Avenue and Times Square JV on April 18, 2019. |
(Amounts in thousands) | For the Nine Months Ended September 30, 2018 | ||||||||||
Total | New York | Other | |||||||||
Total revenues | $ | 1,620,303 | $ | 1,369,482 | $ | 250,821 | |||||
Operating expenses | 709,158 | 599,768 | 109,390 | ||||||||
NOI - consolidated | 911,145 | 769,714 | 141,431 | ||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (51,415 | ) | (34,653 | ) | (16,762 | ) | |||||
Add: NOI from partially owned entities | 193,359 | 146,730 | 46,629 | ||||||||
NOI at share | 1,053,089 | 881,791 | 171,298 | ||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (39,172 | ) | (39,161 | ) | (11 | ) | |||||
NOI at share - cash basis | $ | 1,013,917 | $ | 842,630 | $ | 171,287 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||
2019 | 2018 | ||||||
New York: | |||||||
Office(1) | $ | 540,601 | $ | 556,169 | |||
Retail (1) | 213,489 | 267,876 | |||||
Residential | 17,528 | 17,681 | |||||
Alexander's | 33,699 | 34,110 | |||||
Hotel Pennsylvania | 1,227 | 5,955 | |||||
Total New York | 806,544 | 881,791 | |||||
Other: | |||||||
theMART | 79,359 | 79,948 | |||||
555 California Street | 45,124 | 40,686 | |||||
Other investments(2) | 23,184 | 50,664 | |||||
Total Other | 147,667 | 171,298 | |||||
NOI at share | $ | 954,211 | $ | 1,053,089 |
(1) | Reflects the transfer of 45.4% of common equity in the properties contributed to the Fifth Avenue and Times Square JV on April 18, 2019. |
(2) | The nine months ended September 30, 2018 includes $12,145 from 666 Fifth Avenue Office Condominium (sold on August 3, 2018), $15,349 from PREIT (accounted for as a marketable security beginning March 12, 2019) and $8,624 from UE (sold on March 4, 2019). |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||
2019 | 2018 | ||||||
New York: | |||||||
Office(1) | $ | 537,972 | $ | 540,484 | |||
Retail(1) | 213,298 | 243,704 | |||||
Residential | 16,131 | 16,420 | |||||
Alexander's | 34,320 | 35,911 | |||||
Hotel Pennsylvania | 1,082 | 6,111 | |||||
Total New York | 802,803 | 842,630 | |||||
Other: | |||||||
theMART | 83,484 | 81,312 | |||||
555 California Street | 45,665 | 39,704 | |||||
Other investments(2) | 22,789 | 50,271 | |||||
Total Other | 151,938 | 171,287 | |||||
NOI at share - cash basis | $ | 954,741 | $ | 1,013,917 |
(1) | Reflects the transfer of 45.4% of common equity in the properties contributed to the Fifth Avenue and Times Square JV on April 18, 2019. |
(2) | The nine months ended September 30, 2018 includes $12,025 from 666 Fifth Avenue Office Condominium (sold on August 3, 2018), $15,155 from PREIT (accounted for as a marketable security beginning March 12, 2019) and $8,108 from UE (sold on March 4, 2019). |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||
2019 | 2018 | ||||||
Net income | $ | 3,173,586 | $ | 324,782 | |||
Depreciation and amortization expense | 326,181 | 333,701 | |||||
General and administrative expense | 130,129 | 108,937 | |||||
Transaction related costs, impairment losses and other | 103,315 | 16,683 | |||||
Income from partially owned entities | (56,139 | ) | (6,059 | ) | |||
Loss from real estate fund investments | 13,780 | 37,973 | |||||
Interest and other investment income, net | (15,930 | ) | (9,401 | ) | |||
Interest and debt expense | 226,940 | 264,774 | |||||
Net gain on transfer to Fifth Avenue and Times Square JV | (2,571,099 | ) | — | ||||
Net gains on disposition of wholly owned and partially owned assets | (641,664 | ) | (164,828 | ) | |||
Income tax expense | 80,542 | 4,964 | |||||
Loss (income) from discontinued operations | 85 | (381 | ) | ||||
NOI from partially owned entities | 236,400 | 193,359 | |||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (51,915 | ) | (51,415 | ) | |||
NOI at share | 954,211 | 1,053,089 | |||||
Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 530 | (39,172 | ) | ||||
NOI at share - cash basis | $ | 954,741 | $ | 1,013,917 |
For the Nine Months Ended September 30, | |||||
2019 | 2018 | ||||
Region: | |||||
New York City metropolitan area | 86 | % | 88 | % | |
Chicago, IL | 9 | % | 8 | % | |
San Francisco, CA | 5 | % | 4 | % | |
100 | % | 100 | % |
(Amounts in thousands) | Total | New York | Other | |||||||||
(Decrease) increase due to: | ||||||||||||
Rental revenues: | ||||||||||||
Acquisitions, dispositions and other | $ | (5,015 | ) | $ | (4,671 | ) | $ | (344 | ) | |||
Development and redevelopment | (12,879 | ) | (13,128 | ) | 249 | |||||||
Hotel Pennsylvania | (4,733 | ) | (4,733 | ) | — | |||||||
Trade shows | (1,965 | ) | — | (1,965 | ) | |||||||
Properties transferred to Fifth Avenue and Times Square JV | (139,013 | ) | (139,013 | ) | — | |||||||
Same store operations | 5,145 | (12,093 | ) | (1) | 17,238 | |||||||
(158,460 | ) | (173,638 | ) | 15,178 | ||||||||
Fee and other income: | ||||||||||||
BMS cleaning fees | 4,937 | 4,600 | 337 | |||||||||
Management and leasing fees | (142 | ) | 1,085 | (1,227 | ) | |||||||
Properties transferred to Fifth Avenue and Times Square JV | (532 | ) | (532 | ) | — | |||||||
Other income | (2,374 | ) | (763 | ) | (1,611 | ) | ||||||
1,889 | 4,390 | (2,501 | ) | |||||||||
Total (decrease) increase in revenues | $ | (156,571 | ) | $ | (169,248 | ) | $ | 12,677 |
(1) | Includes a $5,967 reduction in income from the non-cash write-off of straight-line rent receivables related to Topshop at 478-486 Broadway in the second quarter of 2019. |
(Amounts in thousands) | Total | New York | Other | |||||||||
Increase (decrease) due to: | ||||||||||||
Operating: | ||||||||||||
Acquisitions, dispositions and other | $ | 1,980 | $ | 386 | $ | 1,594 | ||||||
Development and redevelopment | (2,655 | ) | (3,091 | ) | 436 | |||||||
Non-reimbursable expenses | (10,522 | ) | (9,487 | ) | (1,035 | ) | ||||||
Hotel Pennsylvania | 5 | 5 | — | |||||||||
Trade shows | 548 | — | 548 | |||||||||
BMS expenses | 4,073 | 4,073 | — | |||||||||
Properties transferred to Fifth Avenue and Times Square JV | (27,458 | ) | (27,458 | ) | — | |||||||
Same store operations | 18,877 | 9,877 | 9,000 | |||||||||
(15,152 | ) | (25,695 | ) | 10,543 | ||||||||
Depreciation and amortization: | ||||||||||||
Acquisitions, dispositions and other | 1,452 | 1,444 | 8 | |||||||||
Development and redevelopment | (5,523 | ) | (5,640 | ) | 117 | |||||||
Properties transferred to Fifth Avenue and Times Square JV | (37,094 | ) | (37,094 | ) | — | |||||||
Same store operations | 33,645 | 31,835 | 1,810 | |||||||||
(7,520 | ) | (9,455 | ) | 1,935 | ||||||||
General and administrative | 21,192 | (1) | 15,116 | 6,076 | ||||||||
Expense from deferred compensation plan liability | 4,188 | — | 4,188 | |||||||||
Transaction related costs, impairment losses and other | 86,632 | 88,257 | (2) | (1,625 | ) | |||||||
Total increase in expenses | $ | 89,340 | $ | 68,223 | $ | 21,117 |
(1) | 2019 includes (i) $11,055 of non-cash stock-based compensation expense for the accelerated vesting of previously issued OP Units and Vornado restricted stock due to the removal of the time-based vesting requirement for participants who have reached 65 years of age, and (ii) $8,046 of non-cash stock-based compensation expense for the time-based equity compensation granted in connection with the new leadership group announced in April 2019 (additional non-cash expense associated with these awards will be $2,401 in the fourth quarter of 2019, $9,603 in each of 2020 and 2021, $7,718 in 2022 and $2,655 in 2023). |
(2) | 2019 includes $101,360 of non-cash impairment losses, substantially 608 Fifth Avenue, partially offset by $13,103 disputed additional New York City real property transfer tax ("Transfer Tax") recorded in the first quarter of 2018 related to the December 2012 acquisition of Independence Plaza. The joint venture, in which we have a 50.1% economic interest, that owns Independence Plaza recorded this expense based on the precedent established by the New York City Tax Appeals Tribunal (the "Tax Tribunal") decision regarding One Park Avenue. See Note 5 - Real Estate Fund Investments to the unaudited consolidated financial statements in Part I, Item I of this Quarterly Report on Form 10-Q for additional information regarding this matter. |
(Amounts in thousands) | Percentage Ownership at September 30, 2019 | For the Nine Months Ended September 30, | |||||||
2019 | 2018 | ||||||||
Our share of net income (loss): | |||||||||
Fifth Avenue and Times Square JV(1): | |||||||||
Equity in net income | 51.5% | $ | 21,108 | $ | — | ||||
Return on preferred equity, net of our share of the expense | 18,131 | — | |||||||
39,239 | — | ||||||||
Alexander's(2) | 32.4% | 18,185 | 10,593 | ||||||
Partially owned office buildings(3) | Various | (1,531 | ) | (1,546 | ) | ||||
Other investments(4) | Various | 246 | (2,988 | ) | |||||
$ | 56,139 | $ | 6,059 |
(1) | The nine months ended September 30, 2019 includes our 51.5% ownership in the Fifth Avenue and Times Square JV. See Note 7 - Investments in Partially Owned Entities to the unaudited consolidated financial statements in Part I, Item I of this Quarterly Report on Form 10-Q for additional information. |
(2) | 2018 includes our $7,708 share of Alexander’s disputed additional Transfer Tax related to the November 2012 sale of Kings Plaza Regional Shopping Center. Alexander's recorded this expense based on the precedent established by the Tax Tribunal's decision regarding One Park Avenue. See Note 5 - Real Estate Fund Investments to the unaudited consolidated financial statements in Part I, Item I of this Quarterly Report on Form 10-Q for additional information regarding this matter. |
(3) | Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 7 West 34th Street, 330 Madison Avenue (sold on July 11, 2019), 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others. 2019 includes a $1,079 reduction in income from the non-cash write-off of straight-line rent receivable related to The Four Seasons Restaurant at 280 Park Avenue. 2018 includes our $4,978 share of disputed additional Transfer Tax related to the March 2011 acquisition of One Park Avenue. See Note 5 - Real Estate Fund Investments to the unaudited consolidated financial statements in Part I, Item I of this Quarterly Report on Form 10-Q for additional information regarding this matter. |
(4) | Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street, 666 Fifth Avenue Office Condominium (sold on August 3, 2018), UE (sold on March 4, 2019), PREIT (accounted as a marketable security from March 12, 2019) and others. |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||
2019 | 2018 | ||||||
Net investment income | $ | 2,382 | $ | 6,366 | |||
Net unrealized loss on held investments | (16,162 | ) | (32,796 | ) | |||
Net realized loss on exited investments | — | (913 | ) | ||||
Transfer tax | — | (10,630 | ) | ||||
Loss from real estate fund investments | (13,780 | ) | (37,973 | ) | |||
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (8,427 | ) | 34,338 | ||||
Loss from real estate fund investments attributable to the Operating Partnership | (22,207 | ) | (3,635 | ) | |||
Less loss attributable to noncontrolling interests in the Operating Partnership | 1,403 | 224 | |||||
Loss from real estate fund investments attributable to Vornado | $ | (20,804 | ) | $ | (3,411 | ) |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||
2019 | 2018 | ||||||
Interest on cash and cash equivalents and restricted cash | $ | 8,753 | $ | 12,370 | |||
Interest on loans receivable(1) | 4,845 | 8,952 | |||||
Decrease in fair value of marketable securities(2) | (3,095 | ) | (24,801 | ) | |||
Dividends on marketable securities | 2,625 | 10,060 | |||||
Other, net | 2,802 | 2,820 | |||||
$ | 15,930 | $ | 9,401 |
(1) | 2018 includes $6,707 of of profit participation in connection with an investment in a mezzanine loan which was previously repaid to us. |
(2) | 2019 includes a $19,211 decrease in the value of our investment in PREIT, partially offset by a $16,068 mark-to-market increase in fair value of our Lexington common shares through March 1, 2019, the date of sale of our investment. |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||
NOI at share for the six months ended June 30, 2019 | $ | 646,681 | $ | 541,060 | $ | 54,497 | $ | 29,859 | $ | 21,265 | ||||||||||
Less NOI at share from: | ||||||||||||||||||||
Acquisitions | (219 | ) | (219 | ) | — | — | — | |||||||||||||
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV | (5,479 | ) | (5,479 | ) | — | — | — | |||||||||||||
Dispositions | (47 | ) | (47 | ) | — | — | — | |||||||||||||
Development properties | (23,101 | ) | (23,101 | ) | — | — | — | |||||||||||||
Lease termination income, net of write-offs of straight-line receivables and acquired below-market leases, net | 4,881 | 4,881 | — | — | — | |||||||||||||||
Other non-same store (income) expense, net | (18,697 | ) | 4,424 | (1,930 | ) | 74 | (21,265 | ) | ||||||||||||
Same store NOI at share for the six months ended June 30, 2019 | $ | 604,019 | $ | 521,519 | $ | 52,567 | $ | 29,933 | $ | — | ||||||||||
NOI at share for the six months ended June 30, 2018 | $ | 703,465 | $ | 584,463 | $ | 54,691 | $ | 27,171 | $ | 37,140 | ||||||||||
Less NOI at share from: | ||||||||||||||||||||
Acquisitions | (124 | ) | (124 | ) | — | — | — | |||||||||||||
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV | (26,365 | ) | (26,365 | ) | — | — | — | |||||||||||||
Dispositions | (371 | ) | (371 | ) | — | — | — | |||||||||||||
Development properties | (30,138 | ) | (30,138 | ) | — | — | — | |||||||||||||
Lease termination income, net of write-offs of straight-line receivables and acquired below-market leases, net | 857 | 857 | — | — | — | |||||||||||||||
Other non-same store income, net | (46,492 | ) | (4,873 | ) | (4,479 | ) | — | (37,140 | ) | |||||||||||
Same store NOI at share for the six months ended June 30, 2018 | $ | 600,832 | $ | 523,449 | $ | 50,212 | $ | 27,171 | $ | — | ||||||||||
Increase (decrease) in same store NOI at share for the six months ended June 30, 2019 compared to June 30, 2018 | $ | 3,187 | $ | (1,930 | ) | $ | 2,355 | $ | 2,762 | $ | — | |||||||||
% increase (decrease) in same store NOI at share | 0.5 | % | (0.4 | )% | (1) | 4.7 | % | 10.2 | % | — | % |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||
NOI at share for the nine months ended September 30, 2019 | $ | 954,211 | $ | 806,544 | $ | 79,359 | $ | 45,124 | $ | 23,184 | ||||||||||
Less NOI at share from: | ||||||||||||||||||||
Acquisitions | (225 | ) | (225 | ) | — | — | — | |||||||||||||
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV | (5,479 | ) | (5,479 | ) | — | — | — | |||||||||||||
Dispositions | (7,277 | ) | (7,277 | ) | — | — | — | |||||||||||||
Development properties | (37,806 | ) | (37,806 | ) | — | — | — | |||||||||||||
Lease termination income, net of write-offs of straight-line receivables and acquired below-market leases, net | 4,362 | 4,882 | (520 | ) | — | — | ||||||||||||||
Other non-same store (income) expense, net | (28,711 | ) | (3,983 | ) | (1,943 | ) | 399 | (23,184 | ) | |||||||||||
Same store NOI at share for the nine months ended September 30, 2019 | $ | 879,075 | $ | 756,656 | $ | 76,896 | $ | 45,523 | $ | — | ||||||||||
NOI at share for the nine months ended September 30, 2018 | $ | 1,053,089 | $ | 881,791 | $ | 79,948 | $ | 40,686 | $ | 50,664 | ||||||||||
Less NOI at share from: | ||||||||||||||||||||
Acquisitions | (124 | ) | (124 | ) | — | — | — | |||||||||||||
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV | (55,337 | ) | (55,337 | ) | — | — | — | |||||||||||||
Dispositions | (10,288 | ) | (10,288 | ) | — | — | — | |||||||||||||
Development properties | (53,394 | ) | (53,380 | ) | — | (14 | ) | — | ||||||||||||
Lease termination income, net of write-offs of straight-line receivables and acquired below-market leases, net | 2,394 | 2,655 | (261 | ) | — | — | ||||||||||||||
Other non-same store income, net | (62,284 | ) | (7,188 | ) | (4,432 | ) | — | (50,664 | ) | |||||||||||
Same store NOI at share for the nine months ended September 30, 2018 | $ | 874,056 | $ | 758,129 | $ | 75,255 | $ | 40,672 | $ | — | ||||||||||
Increase (decrease) in same store NOI at share for the nine months ended September 30, 2019 compared to September 30, 2018 | $ | 5,019 | $ | (1,473 | ) | $ | 1,641 | $ | 4,851 | $ | — | |||||||||
% increase (decrease) in same store NOI at share | 0.6 | % | (0.2 | )% | (1) | 2.2 | % | 11.9 | % | — | % |
(1) | Excluding Hotel Pennsylvania, same store NOI at share increased by |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||
NOI at share - cash basis for the six months ended June 30, 2019 | $ | 651,248 | $ | 542,879 | $ | 56,896 | $ | 30,340 | $ | 21,133 | ||||||||||
Less NOI at share - cash basis from: | ||||||||||||||||||||
Acquisitions | (220 | ) | (220 | ) | — | — | — | |||||||||||||
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV | (5,183 | ) | (5,183 | ) | — | — | — | |||||||||||||
Dispositions | (47 | ) | (47 | ) | — | — | — | |||||||||||||
Development properties | (27,291 | ) | (27,291 | ) | — | — | — | |||||||||||||
Lease termination income | (2,035 | ) | (2,035 | ) | — | — | — | |||||||||||||
Other non-same store income, net | (28,326 | ) | (5,264 | ) | (1,929 | ) | — | (21,133 | ) | |||||||||||
Same store NOI at share - cash basis for the six months ended June 30, 2019 | $ | 588,146 | $ | 502,839 | $ | 54,967 | $ | 30,340 | $ | — | ||||||||||
NOI at share - cash basis for the six months ended June 30, 2018 | $ | 673,036 | $ | 554,427 | $ | 55,078 | $ | 26,634 | $ | 36,897 | ||||||||||
Less NOI at share - cash basis from: | ||||||||||||||||||||
Acquisitions | (124 | ) | (124 | ) | — | — | — | |||||||||||||
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV | (24,732 | ) | (24,732 | ) | — | — | — | |||||||||||||
Dispositions | (306 | ) | (306 | ) | — | — | — | |||||||||||||
Development properties | (32,434 | ) | (32,434 | ) | — | — | — | |||||||||||||
Lease termination income | (1,061 | ) | (1,061 | ) | — | — | — | |||||||||||||
Other non-same store income, net | (47,004 | ) | (5,509 | ) | (4,598 | ) | — | (36,897 | ) | |||||||||||
Same store NOI at share - cash basis for the six months ended June 30, 2018 | $ | 567,375 | $ | 490,261 | $ | 50,480 | $ | 26,634 | $ | — | ||||||||||
Increase in same store NOI at share - cash basis for the six months ended June 30, 2019 compared to June 30, 2018 | $ | 20,771 | $ | 12,578 | $ | 4,487 | $ | 3,706 | $ | — | ||||||||||
% increase in same store NOI at share - cash basis | 3.7 | % | 2.6 | % | (1) | 8.9 | % | 13.9 | % | — | % |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||
NOI at share - cash basis for the nine months ended September 30, 2019 | $ | 954,741 | $ | 802,803 | $ | 83,484 | $ | 45,665 | $ | 22,789 | ||||||||||
Less NOI at share - cash basis from: | ||||||||||||||||||||
Acquisitions | (226 | ) | (226 | ) | — | — | — | |||||||||||||
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV | (5,183 | ) | (5,183 | ) | — | — | — | |||||||||||||
Dispositions | (7,716 | ) | (7,716 | ) | — | — | — | |||||||||||||
Development properties | (47,597 | ) | (47,597 | ) | — | — | — | |||||||||||||
Lease termination income | (2,943 | ) | (2,084 | ) | (859 | ) | — | — | ||||||||||||
Other non-same store (income) expense, net | (39,399 | ) | (14,919 | ) | (1,942 | ) | 251 | (22,789 | ) | |||||||||||
Same store NOI at share - cash basis for the nine months ended September 30, 2019 | $ | 851,677 | $ | 725,078 | $ | 80,683 | $ | 45,916 | $ | — | ||||||||||
NOI at share - cash basis for the nine months ended September 30, 2018 | $ | 1,013,917 | $ | 842,630 | $ | 81,312 | $ | 39,704 | $ | 50,271 | ||||||||||
Less NOI at share - cash basis from: | ||||||||||||||||||||
Acquisitions | (124 | ) | (124 | ) | — | — | — | |||||||||||||
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV | (52,184 | ) | (52,184 | ) | — | — | — | |||||||||||||
Dispositions | (9,933 | ) | (9,933 | ) | — | — | — | |||||||||||||
Development properties | (57,495 | ) | (57,481 | ) | — | (14 | ) | — | ||||||||||||
Lease termination income | (1,491 | ) | (1,069 | ) | (422 | ) | — | — | ||||||||||||
Other non-same store income, net | (63,227 | ) | (8,524 | ) | (4,432 | ) | — | (50,271 | ) | |||||||||||
Same store NOI at share - cash basis for the nine months ended September 30, 2018 | $ | 829,463 | $ | 713,315 | $ | 76,458 | $ | 39,690 | $ | — | ||||||||||
Increase in same store NOI at share - cash basis for the nine months ended September 30, 2019 compared to September 30, 2018 | $ | 22,214 | $ | 11,763 | $ | 4,225 | $ | 6,226 | $ | — | ||||||||||
% increase in same store NOI at share - cash basis | 2.7 | % | 1.6 | % | (1) | 5.5 | % | 15.7 | % | — | % |
(1) | Excluding Hotel Pennsylvania, same store NOI at share - cash basis increased by |
(Amounts in thousands) | For the Three Months Ended June 30, 2019 | ||||||||||
Total | New York(1) | Other | |||||||||
Total revenues | $ | 463,103 | $ | 376,381 | $ | 86,722 | |||||
Operating expenses | 220,752 | 187,819 | 32,933 | ||||||||
NOI - consolidated | 242,351 | 188,562 | 53,789 | ||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (16,416 | ) | (10,030 | ) | (6,386 | ) | |||||
Add: NOI from partially owned entities | 82,974 | 79,170 | 3,804 | ||||||||
NOI at share | 308,909 | 257,702 | 51,207 | ||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 9,748 | 8,437 | 1,311 | ||||||||
NOI at share - cash basis | $ | 318,657 | $ | 266,139 | $ | 52,518 |
(Amounts in thousands) | For the Three Months Ended September 30, 2019 | ||||||||||
Total | New York | Other | |||||||||
Total revenues | $ | 465,961 | $ | 380,568 | $ | 85,393 | |||||
Operating expenses | 226,359 | 188,159 | 38,200 | ||||||||
NOI - consolidated | 239,602 | 192,409 | 47,193 | ||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (18,096 | ) | (9,574 | ) | (8,522 | ) | |||||
Add: NOI from partially owned entities | 86,024 | 82,649 | 3,375 | ||||||||
NOI at share | 307,530 | 265,484 | 42,046 | ||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (4,037 | ) | (5,560 | ) | 1,523 | ||||||
NOI at share - cash basis | $ | 303,493 | $ | 259,924 | $ | 43,569 |
(Amounts in thousands) | For the Three Months Ended March 31, 2019 | For the Three Months Ended June 30, 2019 | ||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||
Total revenues | $ | 534,668 | $ | 443,285 | $ | 91,383 | $ | 463,103 | $ | 376,381 | $ | 86,722 | ||||||||||
Operating expenses | 246,895 | 198,095 | 48,800 | 220,752 | 187,819 | 32,933 | ||||||||||||||||
NOI - consolidated | 287,773 | 245,190 | 42,583 | 242,351 | 188,562 | 53,789 | ||||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (17,403 | ) | (11,407 | ) | (5,996 | ) | (16,416 | ) | (10,030 | ) | (6,386 | ) | ||||||||||
Add: NOI from partially owned entities | 67,402 | 49,575 | 17,827 | 82,974 | 79,170 | 3,804 | ||||||||||||||||
NOI at share | 337,772 | 283,358 | 54,414 | 308,909 | 257,702 | 51,207 | ||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (5,181 | ) | (6,618 | ) | 1,437 | 9,748 | 8,437 | 1,311 | ||||||||||||||
NOI at share - cash basis | $ | 332,591 | $ | 276,740 | $ | 55,851 | $ | 318,657 | $ | 266,139 | $ | 52,518 |
(Amounts in thousands) | For the Three Months Ended | For the Three Months Ended | ||||||||||||
June 30, 2019 | March 31, 2019 | September 30, 2019 | June 30, 2019 | |||||||||||
New York: | ||||||||||||||
Office | $ | 179,592 | $ | 183,540 | $ | 177,469 | $ | 179,592 | ||||||
Retail | 57,063 | 88,267 | 68,159 | 57,063 | ||||||||||
Residential | 5,908 | 6,045 | 5,575 | 5,908 | ||||||||||
Alexander's | 11,108 | 11,322 | 11,269 | 11,108 | ||||||||||
Hotel Pennsylvania | 4,031 | (5,816 | ) | 3,012 | 4,031 | |||||||||
Total New York | 257,702 | 283,358 | 265,484 | 257,702 | ||||||||||
Other: | ||||||||||||||
theMART | 30,974 | 23,523 | 24,862 | 30,974 | ||||||||||
555 California Street | 15,358 | 14,501 | 15,265 | 15,358 | ||||||||||
Other investments | 4,875 | 16,390 | 1,919 | 4,875 | ||||||||||
Total Other | 51,207 | 54,414 | 42,046 | 51,207 | ||||||||||
NOI at share | $ | 308,909 | $ | 337,772 | $ | 307,530 | $ | 308,909 |
(Amounts in thousands) | For the Three Months Ended | For the Three Months Ended | ||||||||||||
June 30, 2019 | March 31, 2019 | September 30, 2019 | June 30, 2019 | |||||||||||
New York: | ||||||||||||||
Office | $ | 178,806 | $ | 184,370 | $ | 174,796 | $ | 178,806 | ||||||
Retail | 66,726 | 80,936 | 65,636 | 66,726 | ||||||||||
Residential | 5,303 | 5,771 | 5,057 | 5,303 | ||||||||||
Alexander's | 11,322 | 11,527 | 11,471 | 11,322 | ||||||||||
Hotel Pennsylvania | 3,982 | (5,864 | ) | 2,964 | 3,982 | |||||||||
Total New York | 266,139 | 276,740 | 259,924 | 266,139 | ||||||||||
Other: | ||||||||||||||
theMART | 31,984 | 24,912 | 26,588 | 31,984 | ||||||||||
555 California Street | 15,595 | 14,745 | 15,325 | 15,595 | ||||||||||
Other investments | 4,939 | 16,194 | 1,656 | 4,939 | ||||||||||
Total Other | 52,518 | 55,851 | 43,569 | 52,518 | ||||||||||
NOI at share - cash basis | $ | 318,657 | $ | 332,591 | $ | 303,493 | $ | 318,657 |
(Amounts in thousands) | For the Three Months Ended | For the Three Months Ended | ||||||||||||
June 30, 2019 | March 31, 2019 | September 30, 2019 | June 30, 2019 | |||||||||||
Net income | $ | 2,596,693 | $ | 213,044 | $ | 363,849 | $ | 2,596,693 | ||||||
Deduct: | ||||||||||||||
Net gain on transfer to Fifth Avenue and Times Square JV | (2,571,099 | ) | — | |||||||||||
Income from partially owned entities | (22,873 | ) | (7,320 | ) | ||||||||||
Interest and other investment income, net | (7,840 | ) | (5,045 | ) | ||||||||||
Net gains on disposition of wholly owned and partially owned assets | (111,713 | ) | (220,294 | ) | ||||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (16,416 | ) | (17,403 | ) | ||||||||||
(Income) loss from discontinued operations | (60 | ) | 137 | |||||||||||
Add: | ||||||||||||||
Loss from real estate fund investments | 15,803 | 167 | ||||||||||||
Depreciation and amortization expense | 113,035 | 116,709 | 96,437 | 113,035 | ||||||||||
General and administrative expense | 38,872 | 58,020 | 33,237 | 38,872 | ||||||||||
Transaction related costs, impairment losses and other | 101,590 | 149 | 1,576 | 101,590 | ||||||||||
Income from partially owned entities | (25,946 | ) | (22,873 | ) | ||||||||||
(Income) loss from real estate fund investments | (2,190 | ) | 15,803 | |||||||||||
Interest and other investment income, net | (3,045 | ) | (7,840 | ) | ||||||||||
Interest and debt expense | 61,448 | 63,029 | ||||||||||||
Net gain on transfer to Fifth Avenue and Times Square JV | — | (2,571,099 | ) | |||||||||||
Net gains on disposition of wholly owned and partially owned assets | (309,657 | ) | (111,713 | ) | ||||||||||
Income tax expense | 23,885 | 26,914 | ||||||||||||
Loss (income) from discontinued operations | 8 | (60 | ) | |||||||||||
NOI from partially owned entities | 82,974 | 67,402 | 86,024 | 82,974 | ||||||||||
Interest and debt expense | 63,029 | 102,463 | ||||||||||||
Income tax expense | 26,914 | 29,743 | ||||||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (18,096 | ) | (16,416 | ) | ||||||||||
NOI at share | 308,909 | 337,772 | 307,530 | 308,909 | ||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 9,748 | (5,181 | ) | |||||||||||
Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (4,037 | ) | 9,748 | |||||||||||
NOI at share - cash basis | $ | 318,657 | $ | 332,591 | $ | 303,493 | $ | 318,657 |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||
NOI at share for the three months ended June 30, 2019 | $ | 308,909 | $ | 257,702 | $ | 30,974 | $ | 15,358 | $ | 4,875 | ||||||||||
Less NOI at share from: | ||||||||||||||||||||
Acquisitions | (5 | ) | (5 | ) | — | — | — | |||||||||||||
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV | (5,479 | ) | (5,479 | ) | — | — | — | |||||||||||||
Dispositions | (50 | ) | (50 | ) | — | — | — | |||||||||||||
Development properties | (11,392 | ) | (11,392 | ) | — | — | — | |||||||||||||
Lease termination income, net of write-offs of straight-line receivables and acquired below-market leases, net | 2,979 | 2,979 | — | — | — | |||||||||||||||
Other non-same store expense (income), net | 85 | 4,984 | (98 | ) | 74 | (4,875 | ) | |||||||||||||
Same store NOI at share for the three months ended June 30, 2019 | $ | 295,047 | $ | 248,739 | $ | 30,876 | $ | 15,432 | $ | — | ||||||||||
NOI at share for the three months ended March 31, 2019 | $ | 337,772 | $ | 283,358 | $ | 23,523 | $ | 14,501 | $ | 16,390 | ||||||||||
Less NOI at share from: | ||||||||||||||||||||
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV | (30,292 | ) | (30,292 | ) | — | — | — | |||||||||||||
Dispositions | 3 | 3 | — | — | — | |||||||||||||||
Development properties | (11,460 | ) | (11,460 | ) | — | — | — | |||||||||||||
Lease termination income, net of write-offs of straight-line receivables and acquired below-market leases, net | 1,902 | 1,902 | — | — | — | |||||||||||||||
Other non-same store income, net | (22,743 | ) | (4,522 | ) | (1,831 | ) | — | (16,390 | ) | |||||||||||
Same store NOI at share for the three months ended March 31, 2019 | $ | 275,182 | $ | 238,989 | $ | 21,692 | $ | 14,501 | $ | — | ||||||||||
Increase in same store NOI at share for the three months ended June 30, 2019 compared to March 31, 2019 | $ | 19,865 | $ | 9,750 | $ | 9,184 | $ | 931 | $ | — | ||||||||||
% increase in same store NOI at share | 7.2 | % | 4.1 | % | (1) | 42.3 | % | 6.4 | % | — | % |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||
NOI at share for the three months ended September 30, 2019 | $ | 307,530 | $ | 265,484 | $ | 24,862 | $ | 15,265 | $ | 1,919 | ||||||||||
Less NOI at share from: | ||||||||||||||||||||
Acquisitions | (5 | ) | (5 | ) | — | — | — | |||||||||||||
Dispositions | (650 | ) | (650 | ) | — | — | — | |||||||||||||
Development properties | (14,704 | ) | (14,704 | ) | — | — | — | |||||||||||||
Lease termination income, net of write-offs of straight-line receivables and acquired below-market leases, net | (627 | ) | (107 | ) | (520 | ) | — | — | ||||||||||||
Other non-same store (income) expense, net | (10,220 | ) | (8,408 | ) | (12 | ) | 119 | (1,919 | ) | |||||||||||
Same store NOI at share for the three months ended September 30, 2019 | $ | 281,324 | $ | 241,610 | $ | 24,330 | $ | 15,384 | $ | — | ||||||||||
NOI at share for the three months ended June 30, 2019 | $ | 308,909 | $ | 257,702 | $ | 30,974 | $ | 15,358 | $ | 4,875 | ||||||||||
Less NOI at share from: | ||||||||||||||||||||
Acquisitions | (5 | ) | (5 | ) | — | — | — | |||||||||||||
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV | (5,479 | ) | (5,479 | ) | — | — | — | |||||||||||||
Dispositions | (3,401 | ) | (3,401 | ) | — | — | — | |||||||||||||
Development properties | (19,698 | ) | (19,698 | ) | — | — | — | |||||||||||||
Lease termination income, net of write-offs of straight-line receivables and acquired below-market leases, net | 2,933 | 2,933 | — | — | — | |||||||||||||||
Other non-same store expense (income), net | 214 | 4,983 | (98 | ) | 204 | (4,875 | ) | |||||||||||||
Same store NOI at share for the three months ended June 30, 2019 | $ | 283,473 | $ | 237,035 | $ | 30,876 | $ | 15,562 | $ | — | ||||||||||
(Decrease) increase in same store NOI at share for the three months ended September 30, 2019 compared to June 30, 2019 | $ | (2,149 | ) | $ | 4,575 | $ | (6,546 | ) | $ | (178 | ) | $ | — | |||||||
% (decrease) increase in same store NOI at share | (0.8 | )% | 1.9 | % | (1) | (21.2 | )% | (1.1 | )% | — | % |
(1) | Excluding Hotel Pennsylvania, same store NOI at share |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||
NOI at share - cash basis for the three months ended June 30, 2019 | $ | 318,657 | $ | 266,139 | $ | 31,984 | $ | 15,595 | $ | 4,939 | ||||||||||
Less NOI at share - cash basis from: | ||||||||||||||||||||
Acquisitions | (5 | ) | (5 | ) | — | — | — | |||||||||||||
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV | (5,183 | ) | (5,183 | ) | — | — | — | |||||||||||||
Dispositions | (50 | ) | (50 | ) | — | — | — | |||||||||||||
Development properties | (13,005 | ) | (13,005 | ) | — | — | — | |||||||||||||
Lease termination income | (1,606 | ) | (1,606 | ) | — | — | — | |||||||||||||
Other non-same store income, net | (9,740 | ) | (4,703 | ) | (98 | ) | — | (4,939 | ) | |||||||||||
Same store NOI at share - cash basis for the three months ended June 30, 2019 | $ | 289,068 | $ | 241,587 | $ | 31,886 | $ | 15,595 | $ | — | ||||||||||
NOI at share - cash basis for the three months ended March 31, 2019 | $ | 332,591 | $ | 276,740 | $ | 24,912 | $ | 14,745 | $ | 16,194 | ||||||||||
Less NOI at share - cash basis from: | ||||||||||||||||||||
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV | (27,722 | ) | (27,722 | ) | — | — | — | |||||||||||||
Dispositions | 2 | 2 | — | — | — | |||||||||||||||
Development properties | (14,184 | ) | (14,184 | ) | — | — | — | |||||||||||||
Lease termination income | (429 | ) | (429 | ) | — | — | — | |||||||||||||
�� | Other non-same store income, net | (23,406 | ) | (5,381 | ) | (1,831 | ) | — | (16,194 | ) | ||||||||||
Same store NOI at share - cash basis for the three months ended March 31, 2019 | $ | 266,852 | $ | 229,026 | $ | 23,081 | $ | 14,745 | $ | — | ||||||||||
Increase in same store NOI at share - cash basis for the three months ended June 30, 2019 compared to March 31, 2019 | $ | 22,216 | $ | 12,561 | $ | 8,805 | $ | 850 | $ | — | ||||||||||
% increase in same store NOI at share - cash basis | 8.3 | % | 5.5 | % | (1) | 38.1 | % | 5.8 | % | — | % |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||
NOI at share - cash basis for the three months ended September 30, 2019 | $ | 303,493 | $ | 259,924 | $ | 26,588 | $ | 15,325 | $ | 1,656 | ||||||||||
Less NOI at share - cash basis from: | ||||||||||||||||||||
Acquisitions | (5 | ) | (5 | ) | — | — | — | |||||||||||||
Dispositions | (690 | ) | (690 | ) | — | — | — | |||||||||||||
Development properties | (20,306 | ) | (20,306 | ) | — | — | — | |||||||||||||
Lease termination income | (1,016 | ) | (157 | ) | (859 | ) | — | — | ||||||||||||
Other non-same store (income) expense, net | (11,280 | ) | (9,658 | ) | (12 | ) | 46 | (1,656 | ) | |||||||||||
Same store NOI at share - cash basis for the three months ended September 30, 2019 | $ | 270,196 | $ | 229,108 | $ | 25,717 | $ | 15,371 | $ | — | ||||||||||
NOI at share - cash basis for the three months ended June 30, 2019 | $ | 318,657 | $ | 266,139 | $ | 31,984 | $ | 15,595 | $ | 4,939 | ||||||||||
Less NOI at share - cash basis from: | ||||||||||||||||||||
Acquisitions | (5 | ) | (5 | ) | — | — | — | |||||||||||||
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV | (5,183 | ) | (5,183 | ) | — | — | — | |||||||||||||
Dispositions | (3,600 | ) | (3,600 | ) | — | — | — | |||||||||||||
Development properties | (22,438 | ) | (22,438 | ) | — | — | — | |||||||||||||
Lease termination income | (247 | ) | (247 | ) | — | — | — | |||||||||||||
Other non-same store (income) expense, net | (9,613 | ) | (4,705 | ) | (98 | ) | 129 | (4,939 | ) | |||||||||||
Same store NOI at share - cash basis for the three months ended June 30, 2019 | $ | 277,571 | $ | 229,961 | $ | 31,886 | $ | 15,724 | $ | — | ||||||||||
Decrease in same store NOI at share - cash basis for the three months ended September 30, 2019 compared to June 30, 2019 | $ | (7,375 | ) | $ | (853 | ) | $ | (6,169 | ) | $ | (353 | ) | $ | — | ||||||
% decrease in same store NOI at share - cash basis | (2.7 | )% | (0.4 | )% | (1) | (19.3 | )% | (2.2 | )% | — | % |
(1) | Excluding Hotel Pennsylvania, same store NOI at share - cash basis increased by |
(Amounts in thousands) | For the Six Months Ended June 30, | Increase (Decrease) in Cash Flow | For the Nine Months Ended September 30, | (Decrease) Increase in Cash Flow | ||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
Net cash provided by operating activities | $ | 292,852 | $ | 241,260 | $ | 51,592 | $ | 397,971 | $ | 488,038 | $ | (90,067 | ) | |||||||||
Net cash provided by (used in) investing activities | 2,113,511 | (254,906 | ) | 2,368,417 | 2,228,548 | (652,306 | ) | 2,880,854 | ||||||||||||||
Net cash used in financing activities | (2,046,358 | ) | (689,207 | ) | (1,357,151 | ) | (2,097,868 | ) | (830,734 | ) | (1,267,134 | ) |
(Amounts in thousands) | For the Six Months Ended June 30, | Increase (Decrease) in Cash Flow | For the Nine Months Ended September 30, | Increase (Decrease) in Cash Flow | ||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
Proceeds from transfer of interest in Fifth Avenue and Times Square JV (net of $35,562 of transaction costs and $10,899 of deconsolidated cash and restricted cash) | $ | 1,255,756 | $ | — | $ | 1,255,756 | $ | 1,248,743 | $ | — | $ | 1,248,743 | ||||||||||
Proceeds from sale of condominium units at 220 Central Park South | 690,734 | — | 690,734 | 1,039,493 | — | 1,039,493 | ||||||||||||||||
Proceeds from redemption of 640 Fifth Avenue preferred equity | 500,000 | — | 500,000 | 500,000 | — | 500,000 | ||||||||||||||||
Development costs and construction in progress | (289,532 | ) | (185,039 | ) | (104,493 | ) | (448,281 | ) | (274,147 | ) | (174,134 | ) | ||||||||||
Moynihan Train Hall expenditures | (205,783 | ) | — | (205,783 | ) | (352,211 | ) | — | (352,211 | ) | ||||||||||||
Proceeds from sale of real estate and related investments | 255,534 | 219,731 | 35,803 | |||||||||||||||||||
Additions to real estate | (189,579 | ) | (163,546 | ) | (26,033 | ) | ||||||||||||||||
Proceeds from sales of marketable securities | 167,852 | — | 167,852 | 168,314 | — | 168,314 | ||||||||||||||||
Additions to real estate | (120,060 | ) | (113,300 | ) | (6,760 | ) | ||||||||||||||||
Proceeds from sale of real estate and related investments | 108,512 | 44,599 | 63,913 | |||||||||||||||||||
Distributions of capital from partially owned entities | 24,880 | 81,997 | (57,117 | ) | 24,880 | 98,609 | (73,729 | ) | ||||||||||||||
Investments in partially owned entities | (15,588 | ) | (26,663 | ) | 11,075 | (16,480 | ) | (32,728 | ) | 16,248 | ||||||||||||
Acquisitions of real estate and other | (3,260 | ) | (56,500 | ) | 53,240 | (3,260 | ) | (500,225 | ) | 496,965 | ||||||||||||
Proceeds from repayments of loans receivable | 1,395 | — | 1,395 | |||||||||||||||||||
Net cash provided by (used in) investing activities | $ | 2,113,511 | $ | (254,906 | ) | $ | 2,368,417 | $ | 2,228,548 | $ | (652,306 | ) | $ | 2,880,854 |
(Amounts in thousands) | For the Six Months Ended June 30, | (Decrease) Increase in Cash Flow | For the Nine Months Ended September 30, | (Decrease) Increase in Cash Flow | ||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
Repayments of borrowings | $ | (1,943,157 | ) | $ | (148,408 | ) | $ | (1,794,749 | ) | $ | (2,635,028 | ) | $ | (264,482 | ) | $ | (2,370,546 | ) | ||||
Proceeds from borrowings | 458,955 | 189,042 | 269,913 | 1,107,852 | 312,763 | 795,089 | ||||||||||||||||
Purchase of marketable securities in connection with defeasance of mortgage payable | (407,126 | ) | — | (407,126 | ) | (407,126 | ) | — | (407,126 | ) | ||||||||||||
Dividends paid on common shares/Distributions to Vornado | (251,803 | ) | (239,594 | ) | (12,209 | ) | (377,750 | ) | (359,456 | ) | (18,294 | ) | ||||||||||
Moynihan Train Hall reimbursement from Empire State Development | 205,783 | — | 205,783 | 352,211 | — | 352,211 | ||||||||||||||||
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (49,140 | ) | (49,338 | ) | 198 | (65,084 | ) | (63,110 | ) | (1,974 | ) | |||||||||||
Dividends paid on preferred shares/Distributions to preferred unitholders | (25,066 | ) | (30,047 | ) | 4,981 | (37,598 | ) | (42,582 | ) | 4,984 | ||||||||||||
Prepayment penalty on redemption of senior unsecured notes due 2022 | (22,058 | ) | — | (22,058 | ) | (22,058 | ) | — | (22,058 | ) | ||||||||||||
Debt issuance costs | (13,522 | ) | (3,289 | ) | (10,233 | ) | (15,328 | ) | (7,451 | ) | (7,877 | ) | ||||||||||
Contributions from noncontrolling interests in consolidated subsidiaries | 9,223 | 59,924 | (50,701 | ) | ||||||||||||||||||
Repurchase of shares/Class A units related to stock compensation agreements and related tax withholdings and other | (8,692 | ) | (784 | ) | (7,908 | ) | (8,692 | ) | (784 | ) | (7,908 | ) | ||||||||||
Contributions from noncontrolling interests in consolidated subsidiaries | 8,315 | 59,558 | (51,243 | ) | ||||||||||||||||||
Proceeds received from exercise of Vornado stock options and other | 2,046 | 4,471 | (2,425 | ) | 2,403 | 5,262 | (2,859 | ) | ||||||||||||||
Redemption of preferred shares/units | (893 | ) | (470,000 | ) | 469,107 | (893 | ) | (470,000 | ) | 469,107 | ||||||||||||
Debt prepayment and extinguishment costs | — | (818 | ) | 818 | — | (818 | ) | 818 | ||||||||||||||
Net cash used in financing activities | $ | (2,046,358 | ) | $ | (689,207 | ) | $ | (1,357,151 | ) | $ | (2,097,868 | ) | $ | (830,734 | ) | $ | (1,267,134 | ) |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Total | New York | theMART | 555 California Street | ||||||||||||||||||||||
Expenditures to maintain assets | $ | 53,457 | $ | 46,850 | $ | 4,822 | $ | 1,785 | $ | 75,190 | $ | 66,061 | $ | 6,720 | $ | 2,409 | ||||||||||||||
Tenant improvements | 36,080 | 31,068 | 1,806 | 3,206 | 78,738 | 67,503 | 8,021 | 3,214 | ||||||||||||||||||||||
Leasing commissions | 13,009 | 12,289 | 376 | 344 | 17,051 | 15,251 | 714 | 1,086 | ||||||||||||||||||||||
Recurring tenant improvements, leasing commissions and other capital expenditures | 102,546 | 90,207 | 7,004 | 5,335 | 170,979 | 148,815 | 15,455 | 6,709 | ||||||||||||||||||||||
Non-recurring capital expenditures | 21,505 | 19,780 | 86 | 1,639 | 26,393 | 24,588 | 166 | 1,639 | ||||||||||||||||||||||
Total capital expenditures and leasing commissions | $ | 124,051 | $ | 109,987 | $ | 7,090 | $ | 6,974 | $ | 197,372 | $ | 173,403 | $ | 15,621 | $ | 8,348 |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | Total | New York | theMART | 555 California Street | Other | ||||||||||||||||||||||||||||
Farley Office and Retail Building | $ | 106,980 | $ | 106,980 | $ | — | $ | — | $ | — | $ | 190,991 | $ | 190,991 | $ | — | $ | — | $ | — | ||||||||||||||||||
220 Central Park South | 102,926 | — | — | — | 102,926 | |||||||||||||||||||||||||||||||||
220 CPS | 142,439 | — | — | — | 142,439 | |||||||||||||||||||||||||||||||||
PENN1 | 24,584 | 24,584 | — | — | — | 34,476 | 34,476 | — | — | — | ||||||||||||||||||||||||||||
345 Montgomery Street | 9,736 | — | — | 9,736 | — | 18,844 | — | — | 18,844 | — | ||||||||||||||||||||||||||||
PENN2 | 17,404 | 17,404 | — | — | — | |||||||||||||||||||||||||||||||||
606 Broadway | 7,464 | 7,464 | — | — | — | 7,181 | 7,181 | — | — | — | ||||||||||||||||||||||||||||
1535 Broadway | 1,031 | 1,031 | — | — | — | 1,031 | 1,031 | — | — | — | ||||||||||||||||||||||||||||
Other | 36,811 | 32,387 | 1,231 | 3,193 | — | 35,915 | 30,488 | 1,610 | 3,817 | — | ||||||||||||||||||||||||||||
$ | 289,532 | $ | 172,446 | $ | 1,231 | $ | 12,929 | $ | 102,926 | $ | 448,281 | $ | 281,571 | $ | 1,610 | $ | 22,661 | $ | 142,439 |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Total | New York | theMART | 555 California Street | ||||||||||||||||||||||
Expenditures to maintain assets | $ | 43,793 | $ | 29,524 | $ | 7,436 | $ | 6,833 | $ | 66,167 | $ | 48,227 | $ | 10,232 | $ | 7,708 | ||||||||||||||
Tenant improvements | 47,985 | 36,576 | 8,489 | 2,920 | 67,972 | 49,423 | 10,855 | 7,694 | ||||||||||||||||||||||
Leasing commissions | 24,832 | 22,270 | 392 | 2,170 | 27,389 | 24,683 | 413 | 2,293 | ||||||||||||||||||||||
Recurring tenant improvements, leasing commissions and other capital expenditures | 116,610 | 88,370 | 16,317 | 11,923 | 161,528 | 122,333 | 21,500 | 17,695 | ||||||||||||||||||||||
Non-recurring capital expenditures | 20,439 | 15,242 | — | 5,197 | 28,882 | 20,579 | 82 | 8,221 | ||||||||||||||||||||||
Total capital expenditures and leasing commissions | $ | 137,049 | $ | 103,612 | $ | 16,317 | $ | 17,120 | $ | 190,410 | $ | 142,912 | $ | 21,582 | $ | 25,916 |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | Total | New York | theMART | 555 California Street | Other | ||||||||||||||||||||||||||||
220 Central Park South | $ | 152,178 | $ | — | $ | — | $ | — | $ | 152,178 | ||||||||||||||||||||||||||||
220 CPS | $ | 204,727 | $ | — | $ | — | $ | — | $ | 204,727 | ||||||||||||||||||||||||||||
606 Broadway | 8,593 | 8,593 | — | — | — | 13,141 | 13,141 | — | — | — | ||||||||||||||||||||||||||||
345 Montgomery Street | 7,575 | — | — | 7,575 | — | 10,497 | — | — | 10,497 | — | ||||||||||||||||||||||||||||
1535 Broadway | 7,558 | 7,558 | — | — | — | |||||||||||||||||||||||||||||||||
PENN2 | 4,793 | 4,793 | — | — | — | |||||||||||||||||||||||||||||||||
PENN1 | 2,565 | 2,565 | — | — | — | 3,901 | 3,901 | — | — | — | ||||||||||||||||||||||||||||
Other | 14,128 | 10,666 | 3,037 | 190 | 235 | 29,530 | 18,439 | 8,421 | 430 | 2,240 | ||||||||||||||||||||||||||||
$ | 185,039 | $ | 21,824 | $ | 3,037 | $ | 7,765 | $ | 152,413 | $ | 274,147 | $ | 47,832 | $ | 8,421 | $ | 10,927 | $ | 206,967 |
(Amounts in thousands, except per share amounts) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
Reconciliation of our net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions: | ||||||||||||||||||||||||||||||
Net income attributable to common shareholders | $ | 2,400,195 | $ | 111,534 | $ | 2,581,683 | $ | 93,693 | $ | 322,906 | $ | 190,645 | $ | 2,904,589 | $ | 284,338 | ||||||||||||||
Per diluted share | $ | 12.56 | $ | 0.58 | $ | 13.51 | $ | 0.49 | $ | 1.69 | $ | 1.00 | $ | 15.20 | $ | 1.49 | ||||||||||||||
FFO adjustments: | ||||||||||||||||||||||||||||||
Depreciation and amortization of real property | $ | 105,453 | $ | 103,599 | $ | 213,936 | $ | 204,009 | $ | 89,479 | $ | 105,015 | $ | 303,415 | $ | 309,024 | ||||||||||||||
Net gains on sale of real estate | — | (24,177 | ) | — | (24,177 | ) | (178,769 | ) | (133,961 | ) | (178,769 | ) | (158,138 | ) | ||||||||||||||||
Real estate impairment losses | 31,436 | — | 31,436 | — | — | — | 31,436 | — | ||||||||||||||||||||||
Net gain on transfer to Fifth Avenue and Times Square JV, net of $11,945 attributable to noncontrolling interests | (2,559,154 | ) | — | (2,559,154 | ) | — | — | — | (2,559,154 | ) | — | |||||||||||||||||||
Net gain from sale of UE common shares (sold on March 4, 2019) | — | — | (62,395 | ) | — | — | — | (62,395 | ) | — | ||||||||||||||||||||
(Increase) decrease in fair value of marketable securities: | ||||||||||||||||||||||||||||||
Decrease (increase) in fair value of marketable securities: | ||||||||||||||||||||||||||||||
PREIT | (1,313 | ) | — | 14,336 | — | 4,875 | — | 19,211 | — | |||||||||||||||||||||
Lexington (sold on March 1, 2019) | — | (15,883 | ) | (16,068 | ) | 16,992 | — | 7,942 | (16,068 | ) | 24,934 | |||||||||||||||||||
Other | 1 | (1 | ) | (41 | ) | 110 | (7 | ) | (243 | ) | (48 | ) | (133 | ) | ||||||||||||||||
Proportionate share of adjustments to equity in net income (loss) of partially owned entities to arrive at FFO: | ||||||||||||||||||||||||||||||
Proportionate share of adjustments to equity in net income of partially owned entities to arrive at FFO: | ||||||||||||||||||||||||||||||
Depreciation and amortization of real property | 34,631 | 25,488 | 59,621 | 53,594 | 37,696 | 23,688 | 97,317 | 77,282 | ||||||||||||||||||||||
Net gains on sale of real estate | — | (272 | ) | — | (577 | ) | — | (3,421 | ) | — | (3,998 | ) | ||||||||||||||||||
Decrease (increase) in fair value of marketable securities | 1,709 | (140 | ) | 1,697 | 1,534 | |||||||||||||||||||||||||
Decrease in fair value of marketable securities | 291 | 267 | 1,988 | 1,801 | ||||||||||||||||||||||||||
(2,387,237 | ) | 88,614 | (2,316,632 | ) | 251,485 | (46,435 | ) | (713 | ) | (2,363,067 | ) | 250,772 | ||||||||||||||||||
Noncontrolling interests' share of above adjustments | 151,357 | (5,511 | ) | 146,933 | (15,557 | ) | 3,024 | 40 | 149,957 | (15,517 | ) | |||||||||||||||||||
FFO adjustments, net | $ | (2,235,880 | ) | $ | 83,103 | $ | (2,169,699 | ) | $ | 235,928 | $ | (43,411 | ) | $ | (673 | ) | $ | (2,213,110 | ) | $ | 235,255 | |||||||||
FFO attributable to common shareholders | $ | 164,315 | $ | 194,637 | $ | 411,984 | $ | 329,621 | $ | 279,495 | $ | 189,972 | $ | 691,479 | $ | 519,593 | ||||||||||||||
Convertible preferred share dividends | 14 | 16 | 29 | 32 | 14 | 15 | 43 | 47 | ||||||||||||||||||||||
FFO attributable to common shareholders plus assumed conversions | $ | 164,329 | $ | 194,653 | $ | 412,013 | $ | 329,653 | $ | 279,509 | $ | 189,987 | $ | 691,522 | $ | 519,640 | ||||||||||||||
Per diluted share | $ | 0.86 | $ | 1.02 | $ | 2.16 | $ | 1.72 | $ | 1.46 | $ | 0.99 | $ | 3.62 | $ | 2.72 | ||||||||||||||
Reconciliation of Weighted Average Shares | ||||||||||||||||||||||||||||||
Weighted average common shares outstanding | 190,781 | 190,200 | 190,735 | 190,141 | 190,814 | 190,245 | 190,762 | 190,176 | ||||||||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||||||||||
Employee stock options and restricted share awards | 243 | 930 | 256 | 934 | 176 | 1,045 | 227 | 972 | ||||||||||||||||||||||
Convertible preferred shares | 34 | 38 | 35 | 38 | 34 | 37 | 35 | 38 | ||||||||||||||||||||||
Denominator for FFO per diluted share | 191,058 | 191,168 | 191,026 | 191,113 | 191,024 | 191,327 | 191,024 | 191,186 |
(Amounts in thousands, except per share and per unit amounts) | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||
June 30, Balance | Weighted Average Interest Rate | Effect of 1% Change In Base Rates | December 31, Balance | Weighted Average Interest Rate | 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 | $ | 1,763,182 | 4.06% | $ | 17,632 | $ | 3,292,382 | 4.31% | $ | 1,723,196 | 3.39% | $ | 17,232 | $ | 3,292,382 | 4.31% | ||||||||||||||
Fixed rate | 5,808,463 | 3.57% | — | 6,603,465 | 3.65% | 5,805,475 | 3.57% | — | 6,603,465 | 3.65% | ||||||||||||||||||||
$ | 7,571,645 | 3.68% | 17,632 | $ | 9,895,847 | 3.87% | $ | 7,528,671 | 3.53% | 17,232 | $ | 9,895,847 | 3.87% | |||||||||||||||||
Pro rata share of debt of non-consolidated entities(1)(2): | ||||||||||||||||||||||||||||||
Variable rate | $ | 1,475,815 | 4.04% | 14,758 | $ | 1,237,388 | 4.06% | $ | 1,479,819 | 3.68% | 14,798 | $ | 1,237,388 | 4.06% | ||||||||||||||||
Fixed rate | 1,452,471 | 4.02% | — | 1,382,068 | 4.19% | 1,327,368 | 4.08% | — | 1,382,068 | 4.19% | ||||||||||||||||||||
$ | 2,928,286 | 4.03% | 14,758 | $ | 2,619,456 | 4.13% | $ | 2,807,187 | 3.87% | 14,798 | $ | 2,619,456 | 4.13% | |||||||||||||||||
Noncontrolling interests' share of consolidated subsidiaries | (293 | ) | (338 | ) | ||||||||||||||||||||||||||
Total change in annual net income attributable to the Operating Partnership | 32,097 | 31,692 | ||||||||||||||||||||||||||||
Noncontrolling interests’ share of the Operating Partnership | (2,035 | ) | (2,073 | ) | ||||||||||||||||||||||||||
Total change in annual net income attributable to Vornado | $ | 30,062 | $ | 29,619 | ||||||||||||||||||||||||||
Total change in annual net income attributable to the Operating Partnership per diluted Class A unit | $ | 0.16 | $ | 0.16 | ||||||||||||||||||||||||||
Total change in annual net income attributable to Vornado per diluted share | $ | 0.17 | $ | 0.16 |
(2) | Our pro rata share of debt of non-consolidated entities as of |
EXHIBIT INDEX | ||||
Exhibit No. | ||||
— | Letter regarding Unaudited Interim Financial Information of Vornado Realty Trust | |||
— | Letter regarding Unaudited Interim Financial Information of Vornado Realty L.P. | |||
— | Rule 13a-14 (a) Certification of the Chief Executive Officer of Vornado Realty Trust | |||
— | Rule 13a-14 (a) Certification of the Chief Financial Officer of Vornado Realty Trust | |||
— | Rule 13a-14 (a) Certification of the Chief Executive Officer of Vornado Realty L.P. | |||
— | Rule 13a-14 (a) Certification of the Chief Financial Officer of Vornado Realty L.P. | |||
— | Section 1350 Certification of the Chief Executive Officer of Vornado Realty Trust | |||
— | Section 1350 Certification of the Chief Financial Officer of Vornado Realty Trust | |||
— | Section 1350 Certification of the Chief Executive Officer of Vornado Realty L.P. | |||
— | Section 1350 Certification of the Chief Financial Officer of Vornado Realty L.P. | |||
101.INS | — | XBRL Instance Document of Vornado Realty Trust and Vornado Realty L.P. - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||
101.SCH | — | XBRL Taxonomy Extension Schema of Vornado Realty Trust and Vornado Realty L.P. | ||
101.CAL | — | XBRL Taxonomy Extension Calculation Linkbase of Vornado Realty Trust and Vornado Realty L.P. | ||
101.DEF | — | XBRL Taxonomy Extension Definition Linkbase of Vornado Realty Trust and Vornado Realty L.P. | ||
101.LAB | — | XBRL Taxonomy Extension Label Linkbase of Vornado Realty Trust and Vornado Realty L.P. | ||
101.PRE | — | XBRL Taxonomy Extension Presentation Linkbase of Vornado Realty Trust and Vornado Realty L.P. | ||
VORNADO REALTY TRUST | ||
(Registrant) | ||
Date: | By: | /s/ Matthew Iocco |
Matthew Iocco, Chief Accounting Officer (duly authorized officer and principal accounting officer) |
VORNADO REALTY L.P. | ||
(Registrant) | ||
Date: | By: | /s/ Matthew Iocco |
Matthew Iocco, Chief Accounting Officer of Vornado Realty Trust, sole General Partner of Vornado Realty L.P. (duly authorized officer and principal accounting officer) |