☑ | 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) |
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 | 5.40% Series L | VNO/PL | New York Stock Exchange | |||||||||||||||||
Vornado Realty Trust | 5.25% Series M | VNO/PM | New York Stock Exchange | |||||||||||||||||
Vornado Realty Trust | 5.25% Series N | VNO/PN | New York Stock Exchange | |||||||||||||||||
Vornado Realty Trust | 4.45% Series O | VNO/PO | New York Stock Exchange |
Vornado Realty Trust: | |||||||||||||||||
☑ | Large Accelerated Filer | ☐ | Accelerated Filer | ||||||||||||||
☐ | Non-Accelerated Filer | ☐ | Smaller Reporting Company | ||||||||||||||
☐ | Emerging Growth Company |
Vornado Realty L.P.: | |||||||||||||||||
☐ | Large Accelerated Filer | ☐ | Accelerated Filer | ||||||||||||||
☑ | Non-Accelerated Filer | ☐ | Smaller Reporting Company | ||||||||||||||
☐ | Emerging Growth Company |
PART I. | Financial Information: | Page Number | ||||||||||||
Consolidated Balance Sheets (Unaudited) as of | ||||||||||||||
Consolidated Statements of Income (Unaudited) for the Three | ||||||||||||||
Consolidated Statements of Comprehensive Income (Unaudited) for the Three | ||||||||||||||
Consolidated Statements of Changes in Equity (Unaudited) for the Three | ||||||||||||||
Consolidated Statements of Cash Flows (Unaudited) for the | ||||||||||||||
Consolidated Balance Sheets (Unaudited) as of | ||||||||||||||
Consolidated Statements of Income (Unaudited) for the Three | ||||||||||||||
Consolidated Statements of Comprehensive Income (Unaudited) for the Three | ||||||||||||||
Consolidated Statements of Changes in Equity (Unaudited) for the Three | ||||||||||||||
Consolidated Statements of Cash Flows (Unaudited) for the | ||||||||||||||
Vornado Realty Trust and Vornado Realty L.P.: | ||||||||||||||
PART II. | Other Information: | |||||||||||||
(Amounts in thousands, except unit, share, and per share amounts) | (Amounts in thousands, except unit, share, and per share amounts) | As of | (Amounts in thousands, except unit, share, and per share amounts) | As of | ||||||||||||||||||
June 30, 2021 | December 31, 2020 | March 31, 2022 | December 31, 2021 | |||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||
Real estate, at cost: | Real estate, at cost: | Real estate, at cost: | ||||||||||||||||||||
Land | Land | $ | 2,394,865 | $ | 2,420,054 | Land | $ | 2,540,193 | $ | 2,540,193 | ||||||||||||
Buildings and improvements | Buildings and improvements | 7,910,088 | 7,933,030 | Buildings and improvements | 9,956,681 | 9,839,166 | ||||||||||||||||
Development costs and construction in progress | Development costs and construction in progress | 1,832,997 | 1,604,637 | Development costs and construction in progress | 751,555 | 718,694 | ||||||||||||||||
Leasehold improvements and equipment | Leasehold improvements and equipment | 133,379 | 130,222 | Leasehold improvements and equipment | 120,979 | 119,792 | ||||||||||||||||
Total | Total | 12,271,329 | 12,087,943 | Total | 13,369,408 | 13,217,845 | ||||||||||||||||
Less accumulated depreciation and amortization | Less accumulated depreciation and amortization | (3,269,196) | (3,169,446) | Less accumulated depreciation and amortization | (3,455,145) | (3,376,347) | ||||||||||||||||
Real estate, net | Real estate, net | 9,002,133 | 8,918,497 | Real estate, net | 9,914,263 | 9,841,498 | ||||||||||||||||
Right-of-use assets | Right-of-use assets | 365,219 | 367,365 | Right-of-use assets | 687,642 | 337,197 | ||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 2,172,195 | 1,624,482 | Cash and cash equivalents | 973,858 | 1,760,225 | ||||||||||||||||
Restricted cash | Restricted cash | 145,142 | 105,887 | Restricted cash | 167,397 | 170,126 | ||||||||||||||||
Investments in U.S. Treasury bills | Investments in U.S. Treasury bills | 645,360 | — | |||||||||||||||||||
Tenant and other receivables | Tenant and other receivables | 62,294 | 77,658 | Tenant and other receivables | 83,126 | 79,661 | ||||||||||||||||
Investments in partially owned entities | Investments in partially owned entities | 3,355,401 | 3,491,107 | Investments in partially owned entities | 3,299,629 | 3,297,389 | ||||||||||||||||
Real estate fund investments | Real estate fund investments | 3,739 | 3,739 | Real estate fund investments | 13,402 | 7,730 | ||||||||||||||||
220 Central Park South condominium units ready for sale | 220 Central Park South condominium units ready for sale | 90,498 | 128,215 | 220 Central Park South condominium units ready for sale | 51,072 | 57,142 | ||||||||||||||||
Receivable arising from the straight-lining of rents | Receivable arising from the straight-lining of rents | 661,552 | 674,075 | Receivable arising from the straight-lining of rents | 677,627 | 656,318 | ||||||||||||||||
Deferred leasing costs, net of accumulated amortization of $201,522 and $196,972 | 370,169 | 372,919 | ||||||||||||||||||||
Identified intangible assets, net of accumulated amortization of $91,187 and $93,113 | 21,347 | 23,856 | ||||||||||||||||||||
Deferred leasing costs, net of accumulated amortization of $216,880 and $211,775 | Deferred leasing costs, net of accumulated amortization of $216,880 and $211,775 | 388,724 | 391,693 | |||||||||||||||||||
Identified intangible assets, net of accumulated amortization of $99,663 and $97,186 | Identified intangible assets, net of accumulated amortization of $99,663 and $97,186 | 149,613 | 154,895 | |||||||||||||||||||
Other assets | Other assets | 407,104 | 434,022 | Other assets | 440,648 | 512,714 | ||||||||||||||||
$ | 16,656,793 | $ | 16,221,822 | $ | 17,492,361 | $ | 17,266,588 | |||||||||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||||||||||||||||||||
Mortgages payable, net | Mortgages payable, net | $ | 5,547,605 | $ | 5,580,549 | Mortgages payable, net | $ | 6,050,693 | $ | 6,053,343 | ||||||||||||
Senior unsecured notes, net | Senior unsecured notes, net | 1,189,861 | 446,685 | Senior unsecured notes, net | 1,190,301 | 1,189,792 | ||||||||||||||||
Unsecured term loan, net | Unsecured term loan, net | 797,287 | 796,762 | Unsecured term loan, net | 798,075 | 797,812 | ||||||||||||||||
Unsecured revolving credit facilities | Unsecured revolving credit facilities | 575,000 | 575,000 | Unsecured revolving credit facilities | 575,000 | 575,000 | ||||||||||||||||
Lease liabilities | Lease liabilities | 400,584 | 401,008 | Lease liabilities | 723,432 | 370,206 | ||||||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses | 399,497 | 427,202 | Accounts payable and accrued expenses | 541,825 | 613,497 | ||||||||||||||||
Deferred revenue | Deferred revenue | 33,965 | 40,110 | Deferred revenue | 46,238 | 48,118 | ||||||||||||||||
Deferred compensation plan | Deferred compensation plan | 107,237 | 105,564 | Deferred compensation plan | 107,170 | 110,174 | ||||||||||||||||
Other liabilities | Other liabilities | 287,756 | 294,520 | Other liabilities | 274,496 | 304,725 | ||||||||||||||||
Total liabilities | Total liabilities | 9,338,792 | 8,667,400 | Total liabilities | 10,307,230 | 10,062,667 | ||||||||||||||||
Commitments and contingencies | Commitments and contingencies | 0 | 0 | Commitments and contingencies | 0 | 0 | ||||||||||||||||
Redeemable noncontrolling interests: | Redeemable noncontrolling interests: | Redeemable noncontrolling interests: | ||||||||||||||||||||
Class A units - 13,932,635 and 13,583,607 units outstanding | 650,236 | 507,212 | ||||||||||||||||||||
Series D cumulative redeemable preferred units - 141,401 units outstanding | 4,535 | 4,535 | ||||||||||||||||||||
Class A units - 14,259,103 and 14,033,438 units outstanding | Class A units - 14,259,103 and 14,033,438 units outstanding | 646,223 | 587,440 | |||||||||||||||||||
Series D cumulative redeemable preferred units - 141,400 units outstanding | Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 | |||||||||||||||||||
Total redeemable noncontrolling partnership units | Total redeemable noncontrolling partnership units | 654,771 | 511,747 | Total redeemable noncontrolling partnership units | 649,758 | 590,975 | ||||||||||||||||
Redeemable noncontrolling interest in a consolidated subsidiary | Redeemable noncontrolling interest in a consolidated subsidiary | 94,913 | 94,520 | Redeemable noncontrolling interest in a consolidated subsidiary | 97,403 | 97,708 | ||||||||||||||||
Total redeemable noncontrolling interests | Total redeemable noncontrolling interests | 749,684 | 606,267 | Total redeemable noncontrolling interests | 747,161 | 688,683 | ||||||||||||||||
Shareholders' equity: | Shareholders' equity: | Shareholders' equity: | ||||||||||||||||||||
Preferred shares of beneficial interest: 0 par value per share; authorized 110,000,000 shares; issued and outstanding 48,793,402 shares | 1,182,291 | 1,182,339 | ||||||||||||||||||||
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 191,560,756 and 191,354,679 shares | 7,641 | 7,633 | ||||||||||||||||||||
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,792,902 shares | Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,792,902 shares | 1,182,459 | 1,182,459 | |||||||||||||||||||
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 191,743,490 and 191,723,608 shares | Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 191,743,490 and 191,723,608 shares | 7,649 | 7,648 | |||||||||||||||||||
Additional capital | Additional capital | 8,069,033 | 8,192,507 | Additional capital | 8,097,523 | 8,143,093 | ||||||||||||||||
Earnings less than distributions | Earnings less than distributions | (2,925,161) | (2,774,182) | Earnings less than distributions | (3,154,549) | (3,079,320) | ||||||||||||||||
Accumulated other comprehensive loss | (51,437) | (75,099) | ||||||||||||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) | 51,776 | (17,534) | |||||||||||||||||||
Total shareholders' equity | Total shareholders' equity | 6,282,367 | 6,533,198 | Total shareholders' equity | 6,184,858 | 6,236,346 | ||||||||||||||||
Noncontrolling interests in consolidated subsidiaries | Noncontrolling interests in consolidated subsidiaries | 285,950 | 414,957 | Noncontrolling interests in consolidated subsidiaries | 253,112 | 278,892 | ||||||||||||||||
Total equity | Total equity | 6,568,317 | 6,948,155 | Total equity | 6,437,970 | 6,515,238 | ||||||||||||||||
$ | 16,656,793 | $ | 16,221,822 | $ | 17,492,361 | $ | 17,266,588 |
(Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | (Amounts in thousands, except per share amounts) | For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
REVENUES: | REVENUES: | REVENUES: | ||||||||||||||||||||||||||||||||||||||||||||
Rental revenues | Rental revenues | $ | 339,596 | $ | 315,194 | $ | 678,913 | $ | 716,468 | Rental revenues | $ | 397,283 | $ | 339,317 | ||||||||||||||||||||||||||||||||
Fee and other income | Fee and other income | 39,345 | 27,832 | 80,005 | 71,090 | Fee and other income | 44,847 | 40,660 | ||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 378,941 | 343,026 | 758,918 | 787,558 | Total revenues | 442,130 | 379,977 | ||||||||||||||||||||||||||||||||||||||
EXPENSES: | EXPENSES: | EXPENSES: | ||||||||||||||||||||||||||||||||||||||||||||
Operating | Operating | (190,920) | (174,425) | (381,899) | (404,432) | Operating | (216,529) | (190,979) | ||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | (89,777) | (92,805) | (185,131) | (185,598) | Depreciation and amortization | (117,443) | (95,354) | ||||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | (30,602) | (35,014) | (74,788) | (87,848) | General and administrative | (41,216) | (44,186) | ||||||||||||||||||||||||||||||||||||||
(Expense) benefit from deferred compensation plan liability | (3,378) | (6,356) | (6,623) | 4,889 | ||||||||||||||||||||||||||||||||||||||||||
(Transaction related costs and other) lease liability extinguishment gain | (106) | 69,221 | (949) | 69,150 | ||||||||||||||||||||||||||||||||||||||||||
Benefit (expense) from deferred compensation plan liability | Benefit (expense) from deferred compensation plan liability | 1,944 | (3,245) | |||||||||||||||||||||||||||||||||||||||||||
Transaction related costs and other | Transaction related costs and other | (1,005) | (843) | |||||||||||||||||||||||||||||||||||||||||||
Total expenses | Total expenses | (314,783) | (239,379) | (649,390) | (603,839) | Total expenses | (374,249) | (334,607) | ||||||||||||||||||||||||||||||||||||||
Income (loss) from partially owned entities | 31,426 | (291,873) | 60,499 | (272,770) | ||||||||||||||||||||||||||||||||||||||||||
Income from partially owned entities | Income from partially owned entities | 33,714 | 29,073 | |||||||||||||||||||||||||||||||||||||||||||
Income (loss) from real estate fund investments | Income (loss) from real estate fund investments | 5,342 | (28,042) | 5,173 | (211,505) | Income (loss) from real estate fund investments | 5,674 | (169) | ||||||||||||||||||||||||||||||||||||||
Interest and other investment income (loss), net | 1,539 | (2,893) | 3,061 | (8,797) | ||||||||||||||||||||||||||||||||||||||||||
Income (loss) from deferred compensation plan assets | 3,378 | 6,356 | 6,623 | (4,889) | ||||||||||||||||||||||||||||||||||||||||||
Interest and other investment income, net | Interest and other investment income, net | 1,018 | 1,522 | |||||||||||||||||||||||||||||||||||||||||||
(Loss) income from deferred compensation plan assets | (Loss) income from deferred compensation plan assets | (1,944) | 3,245 | |||||||||||||||||||||||||||||||||||||||||||
Interest and debt expense | Interest and debt expense | (51,894) | (58,405) | (101,958) | (117,247) | Interest and debt expense | (52,109) | (50,064) | ||||||||||||||||||||||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | Net gains on disposition of wholly owned and partially owned assets | 6,552 | — | |||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 60,786 | 28,977 | |||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | (7,411) | (1,984) | |||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 53,375 | 26,993 | |||||||||||||||||||||||||||||||||||||||||||
Less net income attributable to noncontrolling interests in: | Less net income attributable to noncontrolling interests in: | |||||||||||||||||||||||||||||||||||||||||||||
Consolidated subsidiaries | Consolidated subsidiaries | (9,374) | (6,114) | |||||||||||||||||||||||||||||||||||||||||||
Operating Partnership | Operating Partnership | (1,994) | (329) | |||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | Net income attributable to Vornado | 42,007 | 20,550 | |||||||||||||||||||||||||||||||||||||||||||
Preferred share dividends | Preferred share dividends | (15,529) | (16,467) | |||||||||||||||||||||||||||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | 25,724 | 55,695 | 25,724 | 124,284 | ||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 79,673 | (215,515) | 108,650 | (307,205) | ||||||||||||||||||||||||||||||||||||||||||
Income tax expense | (2,841) | (1,837) | (4,825) | (14,650) | ||||||||||||||||||||||||||||||||||||||||||
NET INCOME attributable to common shareholders | NET INCOME attributable to common shareholders | $ | 26,478 | $ | 4,083 | |||||||||||||||||||||||||||||||||||||||||
INCOME PER COMMON SHARE - BASIC: | INCOME PER COMMON SHARE - BASIC: | |||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 76,832 | (217,352) | 103,825 | (321,855) | ||||||||||||||||||||||||||||||||||||||||||
Less net (income) loss attributable to noncontrolling interests in: | ||||||||||||||||||||||||||||||||||||||||||||||
Consolidated subsidiaries | (8,784) | 17,768 | (14,898) | 140,155 | ||||||||||||||||||||||||||||||||||||||||||
Operating Partnership | (3,536) | 14,364 | (3,865) | 13,974 | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Vornado | 64,512 | (185,220) | 85,062 | (167,726) | ||||||||||||||||||||||||||||||||||||||||||
Preferred share dividends | (16,467) | (12,530) | (32,934) | (25,061) | ||||||||||||||||||||||||||||||||||||||||||
Net income per common share | Net income per common share | $ | 0.14 | $ | 0.02 | |||||||||||||||||||||||||||||||||||||||||
Weighted average shares outstanding | Weighted average shares outstanding | 191,724 | 191,418 | |||||||||||||||||||||||||||||||||||||||||||
NET INCOME (LOSS) attributable to common shareholders | $ | 48,045 | $ | (197,750) | $ | 52,128 | $ | (192,787) | ||||||||||||||||||||||||||||||||||||||
INCOME (LOSS) PER COMMON SHARE - BASIC: | ||||||||||||||||||||||||||||||||||||||||||||||
INCOME PER COMMON SHARE - DILUTED: | INCOME PER COMMON SHARE - DILUTED: | |||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) per common share | $ | 0.25 | $ | (1.03) | $ | 0.27 | $ | (1.01) | ||||||||||||||||||||||||||||||||||||||
Net income per common share | Net income per common share | $ | 0.14 | $ | 0.02 | |||||||||||||||||||||||||||||||||||||||||
Weighted average shares outstanding | Weighted average shares outstanding | 191,527 | 191,104 | 191,473 | 191,071 | Weighted average shares outstanding | 192,038 | 192,031 | ||||||||||||||||||||||||||||||||||||||
INCOME (LOSS) PER COMMON SHARE - DILUTED: | ||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) per common share | $ | 0.25 | $ | (1.03) | $ | 0.27 | $ | (1.01) | ||||||||||||||||||||||||||||||||||||||
Weighted average shares outstanding | 192,380 | 191,104 | 192,207 | 191,071 |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income (loss) | $ | 76,832 | $ | (217,352) | $ | 103,825 | $ | (321,855) | |||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Increase (reduction) in value of interest rate swaps and other | 8,552 | 78 | 20,193 | (45,399) | |||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | 1,468 | 0 | 5,059 | 8 | |||||||||||||||||||
Comprehensive income (loss) | 86,852 | (217,274) | 129,077 | (367,246) | |||||||||||||||||||
Less comprehensive (income) loss attributable to noncontrolling interests | (13,024) | 32,127 | (20,353) | 157,107 | |||||||||||||||||||
Comprehensive income (loss) attributable to Vornado | $ | 73,828 | $ | (185,147) | $ | 108,724 | $ | (210,139) |
(Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Net income | $ | 53,375 | $ | 26,993 | |||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||
Change in fair value of interest rate swaps and other | 65,239 | 11,641 | |||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | 9,205 | 3,591 | |||||||||||||||||||||
Comprehensive income | 127,819 | 42,225 | |||||||||||||||||||||
Less comprehensive income attributable to noncontrolling interests | (16,502) | (7,329) | |||||||||||||||||||||
Comprehensive income attributable to Vornado | $ | 111,317 | $ | 34,896 |
(Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | Non-controlling Interests in Consolidated Subsidiaries | (Amounts in thousands, except per share amounts) | Non-controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Non-controlling Interests in Consolidated Subsidiaries | Total Equity | Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Non-controlling Interests in Consolidated Subsidiaries | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | 48,793 | $ | 1,182,311 | 191,465 | $ | 7,638 | $ | 8,080,392 | $ | (2,871,681) | $ | (60,753) | $ | 415,278 | $ | 6,753,185 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | Balance as of December 31, 2021 | 48,793 | $ | 1,182,459 | 191,724 | $ | 7,648 | $ | 8,143,093 | $ | (3,079,320) | $ | (17,534) | $ | 278,892 | $ | 6,515,238 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | Net income attributable to Vornado | — | — | — | — | — | 64,512 | — | — | 64,512 | Net income attributable to Vornado | — | — | — | — | — | 42,007 | — | — | 42,007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 8,308 | 8,308 | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 9,679 | 9,679 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.53 per share) | Dividends on common shares ($0.53 per share) | — | — | — | — | — | (101,522) | — | — | (101,522) | Dividends on common shares ($0.53 per share) | — | — | — | — | — | (101,616) | — | — | (101,616) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 12 for dividends per share amounts) | Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (16,467) | — | — | (16,467) | Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (15,529) | — | — | (15,529) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | Common shares issued: | Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | Upon redemption of Class A units, at redemption value | — | — | 92 | 4 | 4,202 | — | — | — | 4,206 | Upon redemption of Class A units, at redemption value | — | — | 16 | 1 | 716 | — | — | — | 717 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under employees' share option plan | Under employees' share option plan | — | — | — | — | 6 | — | — | — | 6 | Under employees' share option plan | — | — | — | — | 7 | — | — | — | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | Under dividend reinvestment plan | — | — | 4 | — | 219 | — | — | — | 219 | Under dividend reinvestment plan | — | — | 5 | — | 212 | — | — | — | 212 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | Contributions | — | — | — | — | — | — | — | 1,547 | 1,547 | Contributions | — | — | — | — | — | — | — | 481 | 481 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | — | (139,180) | (139,180) | Distributions | — | — | — | — | — | — | — | (35,961) | (35,961) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | Deferred compensation shares and options | — | — | — | — | 225 | — | — | — | 225 | Deferred compensation shares and options | — | — | (2) | — | 146 | (85) | — | — | 61 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 1,468 | — | 1,468 | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 9,205 | — | 9,205 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase in value of interest rate swaps | — | — | — | — | — | — | 8,551 | — | 8,551 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | Change in fair value of interest rate swaps and other | — | — | — | — | — | — | 65,239 | — | 65,239 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | — | (16,012) | — | — | — | (16,012) | Redeemable Class A unit measurement adjustment | — | — | — | — | (46,651) | — | — | — | (46,651) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (704) | — | (704) | Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (5,134) | — | (5,134) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | (20) | — | (1) | 1 | (3) | 1 | (3) | (25) | Other | — | — | — | — | — | (6) | — | 21 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | 48,793 | $ | 1,182,291 | 191,561 | $ | 7,641 | $ | 8,069,033 | $ | (2,925,161) | $ | (51,437) | $ | 285,950 | $ | 6,568,317 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | Balance as of March 31, 2022 | 48,793 | $ | 1,182,459 | 191,743 | $ | 7,649 | $ | 8,097,523 | $ | (3,154,549) | $ | 51,776 | $ | 253,112 | $ | 6,437,970 |
(Amounts in thousands, except per share amounts) | Non-controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2020 | 36,796 | $ | 891,211 | 191,116 | $ | 7,624 | $ | 8,112,523 | $ | (2,091,612) | $ | (82,719) | $ | 456,185 | $ | 7,293,212 | ||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Vornado | — | — | — | — | — | (185,220) | — | — | (185,220) | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | (17,904) | (17,904) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.66 per share) | — | — | — | — | — | (126,141) | — | — | (126,141) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (12,530) | — | — | (12,530) | |||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | 22 | 1 | 823 | — | — | — | 824 | |||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | 10 | — | 368 | — | — | — | 368 | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | 1,082 | 1,082 | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (5,295) | (5,295) | |||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred shares to common shares | (2) | (47) | 4 | — | 47 | — | — | — | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | — | — | 304 | — | — | — | 304 | |||||||||||||||||||||||||||||||||||||||||||||||
Increase in value of interest rate swaps | — | — | — | — | — | — | 78 | — | 78 | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjusment | — | — | — | — | (18,291) | — | — | — | (18,291) | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (5) | — | (5) | |||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | (1) | — | — | 3 | — | (1,576) | (1,573) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2020 | 36,794 | $ | 891,164 | 191,151 | $ | 7,625 | $ | 8,095,774 | $ | (2,415,500) | $ | (82,646) | $ | 432,492 | $ | 6,928,909 |
(Amounts in thousands, except per share amounts) | Non-controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 48,793 | $ | 1,182,339 | 191,355 | $ | 7,633 | $ | 8,192,507 | $ | (2,774,182) | $ | (75,099) | $ | 414,957 | $ | 6,948,155 | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | — | — | — | — | — | 20,550 | — | — | 20,550 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 6,197 | 6,197 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.53 per share) | — | — | — | — | — | (101,467) | — | — | (101,467) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (16,467) | — | — | (16,467) | |||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | 107 | 4 | 4,099 | — | — | — | 4,103 | |||||||||||||||||||||||||||||||||||||||||||||||
Under employees' share option plan | — | — | — | — | 4 | — | — | — | 4 | |||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | 6 | — | 211 | — | — | — | 211 | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (5,877) | (5,877) | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | (3) | — | 224 | (114) | — | — | 110 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 3,591 | — | 3,591 | |||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps | — | — | — | — | — | — | 11,642 | — | 11,642 | |||||||||||||||||||||||||||||||||||||||||||||||
Unearned 2018 Out-Performance Plan awards acceleration | — | — | — | — | 10,283 | — | — | — | 10,283 | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | — | (126,936) | — | — | — | (126,936) | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (886) | — | (886) | |||||||||||||||||||||||||||||||||||||||||||||||
Other | — | (28) | — | 1 | — | (1) | (1) | 1 | (28) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | 48,793 | $ | 1,182,311 | 191,465 | $ | 7,638 | $ | 8,080,392 | $ | (2,871,681) | $ | (60,753) | $ | 415,278 | $ | 6,753,185 |
(Amounts in thousands, except per share amounts) | Non-controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 48,793 | $ | 1,182,339 | 191,355 | $ | 7,633 | $ | 8,192,507 | $ | (2,774,182) | $ | (75,099) | $ | 414,957 | $ | 6,948,155 | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | — | — | — | — | — | 85,062 | — | — | 85,062 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 14,505 | 14,505 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($1.06 per share) | — | — | — | — | — | (202,989) | — | — | (202,989) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (32,934) | — | — | (32,934) | |||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | 199 | 8 | 8,301 | — | — | — | 8,309 | |||||||||||||||||||||||||||||||||||||||||||||||
Under employees' share option plan | — | — | 0 | — | 10 | — | — | — | 10 | |||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | 10 | — | 430 | — | — | — | 430 | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | 1,547 | 1,547 | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (145,057) | (145,057) | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | (3) | — | 449 | (114) | — | — | 335 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 5,059 | — | 5,059 | |||||||||||||||||||||||||||||||||||||||||||||||
Increase in value of interest rate swaps | — | — | — | — | — | — | 20,193 | — | 20,193 | |||||||||||||||||||||||||||||||||||||||||||||||
Unearned 2018 Out-Performance Plan awards acceleration | — | — | �� | — | 10,283 | — | — | — | 10,283 | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | — | (142,948) | — | — | — | (142,948) | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (1,590) | — | (1,590) | |||||||||||||||||||||||||||||||||||||||||||||||
Other | — | (48) | — | — | 1 | (4) | — | (2) | (53) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | 48,793 | $ | 1,182,291 | 191,561 | $ | 7,641 | $ | 8,069,033 | $ | (2,925,161) | $ | (51,437) | $ | 285,950 | $ | 6,568,317 |
(Amounts in thousands, except per share amounts) | Non-controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | 36,796 | $ | 891,214 | 190,986 | $ | 7,618 | $ | 7,827,697 | $ | (1,954,266) | $ | (40,233) | $ | 578,948 | $ | 7,310,978 | ||||||||||||||||||||||||||||||||||||||||
Cumulative effect of accounting change | — | — | — | — | — | (16,064) | — | — | (16,064) | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Vornado | — | — | — | — | — | (167,726) | — | — | (167,726) | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | (140,291) | (140,291) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($1.32 per share) | — | — | — | — | — | (252,247) | — | — | (252,247) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (25,061) | — | — | (25,061) | |||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | 49 | 2 | 2,462 | — | — | — | 2,464 | |||||||||||||||||||||||||||||||||||||||||||||||
Under employees' share option plan | — | — | 69 | 3 | 3,514 | — | — | — | 3,517 | |||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | 31 | 1 | 1,749 | — | — | — | 1,750 | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | — | 3,389 | 3,389 | |||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | 2,479 | 2,479 | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (10,530) | (10,530) | |||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred shares to common shares | (2) | (50) | 4 | — | 50 | — | — | — | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | 13 | 1 | 601 | (137) | — | — | 465 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 8 | — | 8 | |||||||||||||||||||||||||||||||||||||||||||||||
Reduction in value of interest rate swaps | — | — | — | — | — | — | (45,399) | — | (45,399) | |||||||||||||||||||||||||||||||||||||||||||||||
Unearned 2017 Out-Performance Plan awards acceleration | — | — | — | — | 10,824 | — | — | — | 10,824 | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | — | 248,879 | — | — | — | 248,879 | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | 2,978 | — | 2,978 | |||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | (1) | — | (2) | 1 | — | (1,503) | (1,504) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2020 | 36,794 | $ | 891,164 | 191,151 | $ | 7,625 | $ | 8,095,774 | $ | (2,415,500) | $ | (82,646) | $ | 432,492 | $ | 6,928,909 |
(Amounts in thousands) | (Amounts in thousands) | For the Six Months Ended June 30, | (Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
Cash Flows from Operating Activities: | Cash Flows from Operating Activities: | Cash Flows from Operating Activities: | ||||||||||||||||||||
Net income (loss) | $ | 103,825 | $ | (321,855) | ||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||||
Net income | Net income | $ | 53,375 | $ | 26,993 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||
Depreciation and amortization (including amortization of deferred financing costs) | Depreciation and amortization (including amortization of deferred financing costs) | 194,225 | 193,920 | Depreciation and amortization (including amortization of deferred financing costs) | 122,271 | 100,034 | ||||||||||||||||
Distributions of income from partially owned entities | Distributions of income from partially owned entities | 109,089 | 79,436 | Distributions of income from partially owned entities | 37,778 | 61,157 | ||||||||||||||||
Equity in net (income) loss of partially owned entities | (60,499) | 272,770 | ||||||||||||||||||||
Equity in net income of partially owned entities | Equity in net income of partially owned entities | (33,714) | (29,073) | |||||||||||||||||||
Straight-lining of rents | Straight-lining of rents | (21,335) | 5,073 | |||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 27,379 | 33,468 | Stock-based compensation expense | 13,155 | 21,225 | ||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | Net gains on disposition of wholly owned and partially owned assets | (25,724) | (124,284) | Net gains on disposition of wholly owned and partially owned assets | (6,552) | — | ||||||||||||||||
Straight-lining of rents | 9,835 | 15,856 | ||||||||||||||||||||
Net unrealized (income) loss on real estate fund investments | Net unrealized (income) loss on real estate fund investments | (5,672) | 494 | |||||||||||||||||||
Amortization of below-market leases, net | Amortization of below-market leases, net | (5,717) | (9,406) | Amortization of below-market leases, net | (917) | (3,166) | ||||||||||||||||
Write-off of lease receivables deemed uncollectible | Write-off of lease receivables deemed uncollectible | 5,239 | 38,631 | Write-off of lease receivables deemed uncollectible | — | 3,670 | ||||||||||||||||
Net unrealized loss on real estate fund investments | 789 | 211,196 | ||||||||||||||||||||
Gain on extinguishment of 608 Fifth Avenue lease liability | 0 | (70,260) | ||||||||||||||||||||
Credit losses on loans receivable | 0 | 13,369 | ||||||||||||||||||||
Decrease in fair value of marketable securities | 0 | 4,938 | ||||||||||||||||||||
Other non-cash adjustments | Other non-cash adjustments | 4,225 | 4,370 | Other non-cash adjustments | 5,208 | 1,348 | ||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | ||||||||||||||||||||
Real estate fund investments | Real estate fund investments | (789) | (6,000) | Real estate fund investments | — | (494) | ||||||||||||||||
Tenant and other receivables | Tenant and other receivables | 10,477 | (28,864) | Tenant and other receivables | (3,499) | (1,077) | ||||||||||||||||
Prepaid assets | Prepaid assets | 127,958 | 3,078 | Prepaid assets | 29,451 | 48,599 | ||||||||||||||||
Other assets | Other assets | (26,262) | (12,480) | Other assets | (9,807) | (20,693) | ||||||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses | 2,243 | (26,611) | Accounts payable and accrued expenses | (7,421) | 9,842 | ||||||||||||||||
Other liabilities | Other liabilities | (3,584) | (3,557) | Other liabilities | (1,307) | 253 | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 472,709 | 267,715 | Net cash provided by operating activities | 171,014 | 224,185 | ||||||||||||||||
Cash Flows from Investing Activities: | Cash Flows from Investing Activities: | Cash Flows from Investing Activities: | ||||||||||||||||||||
Purchase of U.S. Treasury bills | Purchase of U.S. Treasury bills | (645,920) | — | |||||||||||||||||||
Development costs and construction in progress | Development costs and construction in progress | (269,376) | (319,294) | Development costs and construction in progress | (209,738) | (130,318) | ||||||||||||||||
Proceeds from sales of real estate | Proceeds from sales of real estate | 81,399 | — | |||||||||||||||||||
Additions to real estate | Additions to real estate | (30,900) | (27,410) | |||||||||||||||||||
Proceeds from sale of a condominium unit at 220 Central Park South | Proceeds from sale of a condominium unit at 220 Central Park South | 15,095 | — | |||||||||||||||||||
Investments in partially owned entities | Investments in partially owned entities | (4,571) | (4,816) | |||||||||||||||||||
Distributions of capital from partially owned entities | Distributions of capital from partially owned entities | 106,005 | 1,090 | Distributions of capital from partially owned entities | — | 106,005 | ||||||||||||||||
Additions to real estate | (90,138) | (85,252) | ||||||||||||||||||||
Proceeds from sale of condominium units at 220 Central Park South | 72,216 | 437,188 | ||||||||||||||||||||
Investments in partially owned entities | (6,357) | (3,157) | ||||||||||||||||||||
Proceeds from sales of real estate | 3,521 | 0 | ||||||||||||||||||||
Proceeds from repayments of loans receivable | 675 | 0 | ||||||||||||||||||||
Moynihan Train Hall expenditures | 0 | (183,007) | ||||||||||||||||||||
Proceeds from sales of marketable securities | 0 | 28,375 | ||||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (183,454) | (124,057) | Net cash used in investing activities | (794,635) | (56,539) |
(Amounts in thousands) | (Amounts in thousands) | For the Six Months Ended June 30, | (Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
Cash Flows from Financing Activities: | Cash Flows from Financing Activities: | Cash Flows from Financing Activities: | ||||||||||||||||||||
Proceeds from borrowings | $ | 2,298,007 | $ | 554,297 | ||||||||||||||||||
Repayments of borrowings | (1,573,443) | (11,347) | ||||||||||||||||||||
Dividends paid on common shares | Dividends paid on common shares | (202,989) | (624,627) | Dividends paid on common shares | $ | (101,616) | $ | (101,467) | ||||||||||||||
Distributions to noncontrolling interests | Distributions to noncontrolling interests | (159,926) | (54,440) | Distributions to noncontrolling interests | (43,545) | (13,338) | ||||||||||||||||
Dividends paid on preferred shares | Dividends paid on preferred shares | (32,934) | (37,593) | Dividends paid on preferred shares | (15,529) | (16,467) | ||||||||||||||||
Debt issuance costs | (32,875) | (143) | ||||||||||||||||||||
Repayments of borrowings | Repayments of borrowings | (5,400) | (358,331) | |||||||||||||||||||
Contributions from noncontrolling interests | Contributions from noncontrolling interests | 1,547 | 98,268 | Contributions from noncontrolling interests | 481 | — | ||||||||||||||||
Proceeds received from exercise of employee share options and other | Proceeds received from exercise of employee share options and other | 440 | 5,267 | Proceeds received from exercise of employee share options and other | 219 | 215 | ||||||||||||||||
Repurchase of shares related to stock compensation agreements and related tax withholdings and other | Repurchase of shares related to stock compensation agreements and related tax withholdings and other | (114) | (137) | Repurchase of shares related to stock compensation agreements and related tax withholdings and other | (85) | (113) | ||||||||||||||||
Moynihan Train Hall reimbursement from Empire State Development | 0 | 183,007 | ||||||||||||||||||||
Net cash provided by financing activities | 297,713 | 112,552 | ||||||||||||||||||||
Net increase in cash and cash equivalents and restricted cash | 586,968 | 256,210 | ||||||||||||||||||||
Proceeds from borrowings | Proceeds from borrowings | — | 350,000 | |||||||||||||||||||
Debt issuance costs | Debt issuance costs | — | (2,904) | |||||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (165,475) | (142,405) | |||||||||||||||||||
Net (decrease) increase in cash and cash equivalents and restricted cash | Net (decrease) increase in cash and cash equivalents and restricted cash | (789,096) | 25,241 | |||||||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | Cash and cash equivalents and restricted cash at beginning of period | 1,730,369 | 1,607,131 | Cash and cash equivalents and restricted cash at beginning of period | 1,930,351 | 1,730,369 | ||||||||||||||||
Cash and cash equivalents and restricted cash at end of period | Cash and cash equivalents and restricted cash at end of period | $ | 2,317,337 | $ | 1,863,341 | Cash and cash equivalents and restricted cash at end of period | $ | 1,141,255 | $ | 1,755,610 | ||||||||||||
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | Reconciliation of Cash and Cash Equivalents and Restricted Cash: | Reconciliation of Cash and Cash Equivalents and Restricted Cash: | ||||||||||||||||||||
Cash and cash equivalents at beginning of period | Cash and cash equivalents at beginning of period | $ | 1,624,482 | $ | 1,515,012 | Cash and cash equivalents at beginning of period | $ | 1,760,225 | $ | 1,624,482 | ||||||||||||
Restricted cash at beginning of period | Restricted cash at beginning of period | 105,887 | 92,119 | Restricted cash at beginning of period | 170,126 | 105,887 | ||||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | Cash and cash equivalents and restricted cash at beginning of period | $ | 1,730,369 | $ | 1,607,131 | Cash and cash equivalents and restricted cash at beginning of period | $ | 1,930,351 | $ | 1,730,369 | ||||||||||||
Cash and cash equivalents at end of period | Cash and cash equivalents at end of period | $ | 2,172,195 | $ | 1,768,459 | Cash and cash equivalents at end of period | $ | 973,858 | $ | 1,636,093 | ||||||||||||
Restricted cash at end of period | Restricted cash at end of period | 145,142 | 94,882 | Restricted cash at end of period | 167,397 | 119,517 | ||||||||||||||||
Cash and cash equivalents and restricted cash at end of period | Cash and cash equivalents and restricted cash at end of period | $ | 2,317,337 | $ | 1,863,341 | Cash and cash equivalents and restricted cash at end of period | $ | 1,141,255 | $ | 1,755,610 | ||||||||||||
Supplemental Disclosure of Cash Flow Information: | Supplemental Disclosure of Cash Flow Information: | Supplemental Disclosure of Cash Flow Information: | ||||||||||||||||||||
Cash payments for interest, excluding capitalized interest of $21,046 and $21,255 | $ | 93,376 | $ | 107,069 | ||||||||||||||||||
Cash payments for interest, excluding capitalized interest of $3,520 and $10,267 | Cash payments for interest, excluding capitalized interest of $3,520 and $10,267 | $ | 46,868 | $ | 50,394 | |||||||||||||||||
Cash payments for income taxes | Cash payments for income taxes | $ | 6,797 | $ | 9,276 | Cash payments for income taxes | $ | 2,159 | $ | 4,002 | ||||||||||||
Non-Cash Investing and Financing Activities: | Non-Cash Investing and Financing Activities: | Non-Cash Investing and Financing Activities: | ||||||||||||||||||||
Additional estimated lease liability arising from the recognition of right-of-use asset | Additional estimated lease liability arising from the recognition of right-of-use asset | $ | 350,000 | $ | — | |||||||||||||||||
Accrued capital expenditures included in accounts payable and accrued expenses | Accrued capital expenditures included in accounts payable and accrued expenses | 86,667 | 68,986 | |||||||||||||||||||
Increase in accumulated other comprehensive income due to change in fair value of consolidated interest rate swaps and other | Increase in accumulated other comprehensive income due to change in fair value of consolidated interest rate swaps and other | 65,239 | 11,641 | |||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | $ | (142,948) | $ | 248,879 | Redeemable Class A unit measurement adjustment | (46,651) | (126,936) | ||||||||||||||
Reclassification of assets held for sale (included in "other assets") | 79,210 | 0 | ||||||||||||||||||||
Accrued capital expenditures included in accounts payable and accrued expenses | 80,649 | 89,036 | ||||||||||||||||||||
Write-off of fully depreciated assets | Write-off of fully depreciated assets | (48,190) | (66,931) | Write-off of fully depreciated assets | (23,735) | (30,782) | ||||||||||||||||
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | 9,227 | 240,707 | Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | 3,024 | 2,739 |
(Amounts in thousands, except unit amounts) | As of | ||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||
ASSETS | |||||||||||
Real estate, at cost: | |||||||||||
Land | $ | 2,540,193 | $ | 2,540,193 | |||||||
Buildings and improvements | 9,956,681 | 9,839,166 | |||||||||
Development costs and construction in progress | 751,555 | 718,694 | |||||||||
Leasehold improvements and equipment | 120,979 | 119,792 | |||||||||
Total | 13,369,408 | 13,217,845 | |||||||||
Less accumulated depreciation and amortization | (3,455,145) | (3,376,347) | |||||||||
Real estate, net | 9,914,263 | 9,841,498 | |||||||||
Right-of-use assets | 687,642 | 337,197 | |||||||||
Cash and cash equivalents | 973,858 | 1,760,225 | |||||||||
Restricted cash | 167,397 | 170,126 | |||||||||
Investments in U.S. Treasury bills | 645,360 | — | |||||||||
Tenant and other receivables | 83,126 | 79,661 | |||||||||
Investments in partially owned entities | 3,299,629 | 3,297,389 | |||||||||
Real estate fund investments | 13,402 | 7,730 | |||||||||
220 Central Park South condominium units ready for sale | 51,072 | 57,142 | |||||||||
Receivable arising from the straight-lining of rents | 677,627 | 656,318 | |||||||||
Deferred leasing costs, net of accumulated amortization of $216,880 and $211,775 | 388,724 | 391,693 | |||||||||
Identified intangible assets, net of accumulated amortization of $99,663 and $97,186 | 149,613 | 154,895 | |||||||||
Other assets | 440,648 | 512,714 | |||||||||
$ | 17,492,361 | $ | 17,266,588 | ||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||||||
Mortgages payable, net | $ | 6,050,693 | $ | 6,053,343 | |||||||
Senior unsecured notes, net | 1,190,301 | 1,189,792 | |||||||||
Unsecured term loan, net | 798,075 | 797,812 | |||||||||
Unsecured revolving credit facilities | 575,000 | 575,000 | |||||||||
Lease liabilities | 723,432 | 370,206 | |||||||||
Accounts payable and accrued expenses | 541,825 | 613,497 | |||||||||
Deferred revenue | 46,238 | 48,118 | |||||||||
Deferred compensation plan | 107,170 | 110,174 | |||||||||
Other liabilities | 274,496 | 304,725 | |||||||||
Total liabilities | 10,307,230 | 10,062,667 | |||||||||
Commitments and contingencies | |||||||||||
Redeemable noncontrolling interests: | 0 | 0 | |||||||||
Class A units - 14,259,103 and 14,033,438 units outstanding | 646,223 | 587,440 | |||||||||
Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 | |||||||||
Total redeemable noncontrolling partnership units | 649,758 | 590,975 | |||||||||
Redeemable noncontrolling interest in a consolidated subsidiary | 97,403 | 97,708 | |||||||||
Total redeemable noncontrolling interests | 747,161 | 688,683 | |||||||||
Partners' equity: | |||||||||||
Partners' capital | 9,287,631 | 9,333,200 | |||||||||
Earnings less than distributions | (3,154,549) | (3,079,320) | |||||||||
Accumulated other comprehensive income (loss) | 51,776 | (17,534) | |||||||||
Total partners' equity | 6,184,858 | 6,236,346 | |||||||||
Noncontrolling interests in consolidated subsidiaries | 253,112 | 278,892 | |||||||||
Total equity | 6,437,970 | 6,515,238 | |||||||||
$ | 17,492,361 | $ | 17,266,588 | ||||||||
(Amounts in thousands, except per unit amounts) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
REVENUES: | |||||||||||||||||||||||
Rental revenues | $ | 397,283 | $ | 339,317 | |||||||||||||||||||
Fee and other income | 44,847 | 40,660 | |||||||||||||||||||||
Total revenues | 442,130 | 379,977 | |||||||||||||||||||||
EXPENSES: | |||||||||||||||||||||||
Operating | (216,529) | (190,979) | |||||||||||||||||||||
Depreciation and amortization | (117,443) | (95,354) | |||||||||||||||||||||
General and administrative | (41,216) | (44,186) | |||||||||||||||||||||
Benefit (expense) from deferred compensation plan liability | 1,944 | (3,245) | |||||||||||||||||||||
Transaction related costs and other | (1,005) | (843) | |||||||||||||||||||||
Total expenses | (374,249) | (334,607) | |||||||||||||||||||||
Income from partially owned entities | 33,714 | 29,073 | |||||||||||||||||||||
Income (loss) from real estate fund investments | 5,674 | (169) | |||||||||||||||||||||
Interest and other investment income, net | 1,018 | 1,522 | |||||||||||||||||||||
(Loss) income from deferred compensation plan assets | (1,944) | 3,245 | |||||||||||||||||||||
Interest and debt expense | (52,109) | (50,064) | |||||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | 6,552 | — | |||||||||||||||||||||
Income before income taxes | 60,786 | 28,977 | |||||||||||||||||||||
Income tax expense | (7,411) | (1,984) | |||||||||||||||||||||
Net income | 53,375 | 26,993 | |||||||||||||||||||||
Less net income attributable to noncontrolling interests in consolidated subsidiaries | (9,374) | (6,114) | |||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | 44,001 | 20,879 | |||||||||||||||||||||
Preferred unit distributions | (15,558) | (16,508) | |||||||||||||||||||||
NET INCOME attributable to Class A unitholders | $ | 28,443 | $ | 4,371 | |||||||||||||||||||
INCOME PER CLASS A UNIT - BASIC: | |||||||||||||||||||||||
Net income per Class A unit | $ | 0.14 | $ | 0.02 | |||||||||||||||||||
Weighted average units outstanding | 205,141 | 204,072 | |||||||||||||||||||||
INCOME PER CLASS A UNIT - DILUTED: | |||||||||||||||||||||||
Net income per Class A unit | $ | 0.14 | $ | 0.02 | |||||||||||||||||||
Weighted average units outstanding | 205,896 | 204,901 |
(Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Net income | $ | 53,375 | $ | 26,993 | |||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||
Change in fair value of interest rate swaps and other | 65,239 | 11,641 | |||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | 9,205 | 3,591 | |||||||||||||||||||||
Comprehensive income | 127,819 | 42,225 | |||||||||||||||||||||
Less comprehensive income attributable to noncontrolling interests in consolidated subsidiaries | (9,374) | (6,114) | |||||||||||||||||||||
Comprehensive income attributable to Vornado Realty L.P. | $ | 118,445 | $ | 36,111 |
(Amounts in thousands, except unit amounts) | As of | ||||||||||
June 30, 2021 | December 31, 2020 | ||||||||||
ASSETS | |||||||||||
Real estate, at cost: | |||||||||||
Land | $ | 2,394,865 | $ | 2,420,054 | |||||||
Buildings and improvements | 7,910,088 | 7,933,030 | |||||||||
Development costs and construction in progress | 1,832,997 | 1,604,637 | |||||||||
Leasehold improvements and equipment | 133,379 | 130,222 | |||||||||
Total | 12,271,329 | 12,087,943 | |||||||||
Less accumulated depreciation and amortization | (3,269,196) | (3,169,446) | |||||||||
Real estate, net | 9,002,133 | 8,918,497 | |||||||||
Right-of-use assets | 365,219 | 367,365 | |||||||||
Cash and cash equivalents | 2,172,195 | 1,624,482 | |||||||||
Restricted cash | 145,142 | 105,887 | |||||||||
Tenant and other receivables | 62,294 | 77,658 | |||||||||
Investments in partially owned entities | 3,355,401 | 3,491,107 | |||||||||
Real estate fund investments | 3,739 | 3,739 | |||||||||
220 Central Park South condominium units ready for sale | 90,498 | 128,215 | |||||||||
Receivable arising from the straight-lining of rents | 661,552 | 674,075 | |||||||||
Deferred leasing costs, net of accumulated amortization of $201,522 and $196,972 | 370,169 | 372,919 | |||||||||
Identified intangible assets, net of accumulated amortization of $91,187 and $93,113 | 21,347 | 23,856 | |||||||||
Other assets | 407,104 | 434,022 | |||||||||
$ | 16,656,793 | $ | 16,221,822 | ||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||||||
Mortgages payable, net | $ | 5,547,605 | $ | 5,580,549 | |||||||
Senior unsecured notes, net | 1,189,861 | 446,685 | |||||||||
Unsecured term loan, net | 797,287 | 796,762 | |||||||||
Unsecured revolving credit facilities | 575,000 | 575,000 | |||||||||
Lease liabilities | 400,584 | 401,008 | |||||||||
Accounts payable and accrued expenses | 399,497 | 427,202 | |||||||||
Deferred revenue | 33,965 | 40,110 | |||||||||
Deferred compensation plan | 107,237 | 105,564 | |||||||||
Other liabilities | 287,756 | 294,520 | |||||||||
Total liabilities | 9,338,792 | 8,667,400 | |||||||||
Commitments and contingencies | 0 | 0 | |||||||||
Redeemable noncontrolling interests: | |||||||||||
Class A units - 13,932,635 and 13,583,607 units outstanding | 650,236 | 507,212 | |||||||||
Series D cumulative redeemable preferred units - 141,401 units outstanding | 4,535 | 4,535 | |||||||||
Total redeemable noncontrolling partnership units | 654,771 | 511,747 | |||||||||
Redeemable noncontrolling interest in a consolidated subsidiary | 94,913 | 94,520 | |||||||||
Total redeemable noncontrolling interests | 749,684 | 606,267 | |||||||||
Partners' equity: | |||||||||||
Partners' capital | 9,258,965 | 9,382,479 | |||||||||
Earnings less than distributions | (2,925,161) | (2,774,182) | |||||||||
Accumulated other comprehensive loss | (51,437) | (75,099) | |||||||||
Total partners' equity | 6,282,367 | 6,533,198 | |||||||||
Noncontrolling interests in consolidated subsidiaries | 285,950 | 414,957 | |||||||||
Total equity | 6,568,317 | 6,948,155 | |||||||||
$ | 16,656,793 | $ | 16,221,822 |
(Amounts in thousands, except per unit amounts) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
REVENUES: | |||||||||||||||||||||||
Rental revenues | $ | 339,596 | $ | 315,194 | $ | 678,913 | $ | 716,468 | |||||||||||||||
Fee and other income | 39,345 | 27,832 | 80,005 | 71,090 | |||||||||||||||||||
Total revenues | 378,941 | 343,026 | 758,918 | 787,558 | |||||||||||||||||||
EXPENSES: | |||||||||||||||||||||||
Operating | (190,920) | (174,425) | (381,899) | (404,432) | |||||||||||||||||||
Depreciation and amortization | (89,777) | (92,805) | (185,131) | (185,598) | |||||||||||||||||||
General and administrative | (30,602) | (35,014) | (74,788) | (87,848) | |||||||||||||||||||
(Expense) benefit from deferred compensation plan liability | (3,378) | (6,356) | (6,623) | 4,889 | |||||||||||||||||||
(Transaction related costs and other) lease liability extinguishment gain | (106) | 69,221 | (949) | 69,150 | |||||||||||||||||||
Total expenses | (314,783) | (239,379) | (649,390) | (603,839) | |||||||||||||||||||
Income (loss) from partially owned entities | 31,426 | (291,873) | 60,499 | (272,770) | |||||||||||||||||||
Income (loss) from real estate fund investments | 5,342 | (28,042) | 5,173 | (211,505) | |||||||||||||||||||
Interest and other investment income (loss), net | 1,539 | (2,893) | 3,061 | (8,797) | |||||||||||||||||||
Income (loss) from deferred compensation plan assets | 3,378 | 6,356 | 6,623 | (4,889) | |||||||||||||||||||
Interest and debt expense | (51,894) | (58,405) | (101,958) | (117,247) | |||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | 25,724 | 55,695 | 25,724 | 124,284 | |||||||||||||||||||
Income (loss) before income taxes | 79,673 | (215,515) | 108,650 | (307,205) | |||||||||||||||||||
Income tax expense | (2,841) | (1,837) | (4,825) | (14,650) | |||||||||||||||||||
Net income (loss) | 76,832 | (217,352) | 103,825 | (321,855) | |||||||||||||||||||
Less net (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (8,784) | 17,768 | (14,898) | 140,155 | |||||||||||||||||||
Net income (loss) attributable to Vornado Realty L.P. | 68,048 | (199,584) | 88,927 | (181,700) | |||||||||||||||||||
Preferred unit distributions | (16,508) | (12,571) | (33,016) | (25,143) | |||||||||||||||||||
NET INCOME (LOSS) attributable to Class A unitholders | $ | 51,540 | $ | (212,155) | $ | 55,911 | $ | (206,843) | |||||||||||||||
INCOME (LOSS) PER CLASS A UNIT - BASIC: | |||||||||||||||||||||||
Net income (loss) per Class A unit | $ | 0.25 | $ | (1.05) | $ | 0.27 | $ | (1.05) | |||||||||||||||
Weighted average units outstanding | 204,621 | 203,512 | 204,560 | 203,441 | |||||||||||||||||||
INCOME (LOSS) PER CLASS A UNIT - DILUTED: | |||||||||||||||||||||||
Net income (loss) per Class A unit | $ | 0.25 | $ | (1.05) | $ | 0.27 | $ | (1.05) | |||||||||||||||
Weighted average units outstanding | 205,814 | 203,512 | 205,572 | 203,441 |
(Amounts in thousands, except per unit amounts) | Accumulated Other Comprehensive (Loss) Income | Non-controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | 48,793 | $ | 1,182,459 | 191,724 | $ | 8,150,741 | $ | (3,079,320) | $ | (17,534) | $ | 278,892 | $ | 6,515,238 | ||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | — | — | — | — | 44,001 | — | — | 44,001 | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | — | — | — | — | (1,994) | — | — | (1,994) | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 9,679 | 9,679 | ||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($0.53 per unit) | — | — | — | — | (101,616) | — | — | (101,616) | ||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (15,529) | — | — | (15,529) | ||||||||||||||||||||||||||||||||||||||||||
Class A units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 16 | 717 | — | — | — | 717 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | — | — | — | 7 | — | — | — | 7 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 5 | 212 | — | — | — | 212 | ||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 481 | 481 | ||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (35,961) | (35,961) | ||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | (2) | 146 | (85) | — | — | 61 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 9,205 | — | 9,205 | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | — | — | — | — | — | 65,239 | — | 65,239 | ||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | (46,651) | — | — | — | (46,651) | ||||||||||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | (5,134) | — | (5,134) | ||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | (6) | — | 21 | 15 | ||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | 48,793 | $ | 1,182,459 | 191,743 | $ | 8,105,172 | $ | (3,154,549) | $ | 51,776 | $ | 253,112 | $ | 6,437,970 |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income (loss) | $ | 76,832 | $ | (217,352) | $ | 103,825 | $ | (321,855) | |||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Increase (reduction) in value of interest rate swaps and other | 8,552 | 78 | 20,193 | (45,399) | |||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | 1,468 | 0 | 5,059 | 8 | |||||||||||||||||||
Comprehensive income (loss) | 86,852 | (217,274) | 129,077 | (367,246) | |||||||||||||||||||
Less comprehensive (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (8,784) | 17,768 | (14,898) | 140,155 | |||||||||||||||||||
Comprehensive income (loss) attributable to Vornado Realty L.P. | $ | 78,068 | $ | (199,506) | $ | 114,179 | $ | (227,091) |
(Amounts in thousands, except per unit amounts) | Accumulated Other Comprehensive Loss | Non-controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 48,793 | $ | 1,182,339 | 191,355 | $ | 8,200,140 | $ | (2,774,182) | $ | (75,099) | $ | 414,957 | $ | 6,948,155 | ||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | — | — | — | — | 20,879 | — | — | 20,879 | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | — | — | — | — | (329) | — | — | (329) | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 6,197 | 6,197 | ||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($0.53 per unit) | — | — | — | — | (101,467) | — | — | (101,467) | ||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (16,467) | — | — | (16,467) | ||||||||||||||||||||||||||||||||||||||||||
Class A units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 107 | 4,103 | — | — | — | 4,103 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | — | — | — | 4 | — | — | — | 4 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 6 | 211 | — | — | — | 211 | ||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (5,877) | (5,877) | ||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | (3) | 224 | (114) | — | — | 110 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 3,591 | — | 3,591 | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps | — | — | — | — | — | 11,642 | — | 11,642 | ||||||||||||||||||||||||||||||||||||||||||
Unearned 2018 Out-Performance Plan awards acceleration | — | — | — | 10,283 | — | — | — | 10,283 | ||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | (126,936) | — | — | — | (126,936) | ||||||||||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | (886) | — | (886) | ||||||||||||||||||||||||||||||||||||||||||
Other | — | (28) | — | 1 | (1) | (1) | 1 | (28) | ||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | 48,793 | $ | 1,182,311 | 191,465 | $ | 8,088,030 | $ | (2,871,681) | $ | (60,753) | $ | 415,278 | $ | 6,753,185 |
(Amounts in thousands, except per unit amounts) | Accumulated Other Comprehensive (Loss) Income | Non-controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | 48,793 | $ | 1,182,311 | 191,465 | $ | 8,088,030 | $ | (2,871,681) | $ | (60,753) | $ | 415,278 | $ | 6,753,185 | ||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | — | — | — | — | 68,048 | — | — | 68,048 | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | — | — | — | — | (3,536) | — | — | (3,536) | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 8,308 | 8,308 | ||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($0.53 per unit) | — | — | — | — | (101,522) | — | — | (101,522) | ||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (16,467) | — | — | (16,467) | ||||||||||||||||||||||||||||||||||||||||||
Class A units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 92 | 4,206 | — | — | — | 4,206 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | — | — | — | 6 | — | — | — | 6 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 4 | 219 | — | — | — | 219 | ||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 1,547 | 1,547 | ||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (139,180) | (139,180) | ||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | — | 225 | — | — | — | 225 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 1,468 | — | 1,468 | ||||||||||||||||||||||||||||||||||||||||||
Increase in value of interest rate swaps | — | — | — | — | — | 8,551 | — | 8,551 | ||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | (16,012) | — | — | — | (16,012) | ||||||||||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | (704) | — | (704) | ||||||||||||||||||||||||||||||||||||||||||
Other | — | (20) | — | — | (3) | 1 | (3) | (25) | ||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | 48,793 | $ | 1,182,291 | 191,561 | $ | 8,076,674 | $ | (2,925,161) | $ | (51,437) | $ | 285,950 | $ | 6,568,317 |
(Amounts in thousands, except per unit amounts) | Accumulated Other Comprehensive (Loss) Income | Non-controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2020 | 36,796 | $ | 891,211 | 191,116 | $ | 8,120,147 | $ | (2,091,612) | $ | (82,719) | $ | 456,185 | $ | 7,293,212 | ||||||||||||||||||||||||||||||||||||
Net loss attributable to Vornado Realty L.P. | — | — | — | — | (199,584) | — | — | (199,584) | ||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to redeemable partnership units | — | — | — | — | 14,364 | — | — | 14,364 | ||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | (17,904) | (17,904) | ||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($0.66 per unit) | — | — | — | — | (126,141) | — | — | (126,141) | ||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (12,530) | — | — | (12,530) | ||||||||||||||||||||||||||||||||||||||||||
Class A units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 22 | 824 | — | — | — | 824 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 10 | 368 | — | — | — | 368 | ||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 1,082 | 1,082 | ||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (5,295) | (5,295) | ||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred units to Class A units | (2) | (47) | 4 | 47 | — | — | — | 0 | ||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | — | 304 | — | — | — | 304 | ||||||||||||||||||||||||||||||||||||||||||
Increase in value of interest rate swaps | — | — | — | — | — | 78 | — | 78 | ||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | (18,291) | — | — | — | (18,291) | ||||||||||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | (5) | — | (5) | ||||||||||||||||||||||||||||||||||||||||||
Other | — | — | (1) | — | 3 | — | (1,576) | (1,573) | ||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2020 | 36,794 | $ | 891,164 | 191,151 | $ | 8,103,399 | $ | (2,415,500) | $ | (82,646) | $ | 432,492 | $ | 6,928,909 |
(Amounts in thousands, except per unit amounts) | Earnings Less Than Distributions | Accumulated Other Comprehensive (Loss) Income | Non-controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units | Class A Units Owned by Vornado | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 48,793 | $ | 1,182,339 | 191,355 | $ | 8,200,140 | $ | (2,774,182) | $ | (75,099) | $ | 414,957 | $ | 6,948,155 | ||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | — | — | — | — | 88,927 | — | — | 88,927 | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | — | — | — | — | (3,865) | — | — | (3,865) | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 14,505 | 14,505 | ||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($1.06 per unit) | — | — | — | — | (202,989) | — | — | (202,989) | ||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (32,934) | — | — | (32,934) | ||||||||||||||||||||||||||||||||||||||||||
Class A Units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 199 | 8,309 | — | — | — | 8,309 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | — | — | — | 10 | — | — | — | 10 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 10 | 430 | — | — | — | 430 | ||||||||||||||||||||||||||||||||||||||||||
Contributions | 1,547 | 1,547 | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (145,057) | (145,057) | ||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | (3) | 449 | (114) | — | — | 335 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 5,059 | — | 5,059 | ||||||||||||||||||||||||||||||||||||||||||
Increase in value of interest rate swaps | — | — | — | — | — | 20,193 | — | 20,193 | ||||||||||||||||||||||||||||||||||||||||||
Unearned 2018 Out-Performance Plan awards acceleration | — | — | — | 10,283 | — | — | — | 10,283 | ||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | (142,948) | — | — | — | (142,948) | ||||||||||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | (1,590) | — | (1,590) | ||||||||||||||||||||||||||||||||||||||||||
Other | — | (48) | — | 1 | (4) | — | (2) | (53) | ||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | 48,793 | $ | 1,182,291 | 191,561 | $ | 8,076,674 | $ | (2,925,161) | $ | (51,437) | $ | 285,950 | $ | 6,568,317 |
(Amounts in thousands, except per unit amounts) | Earnings Less Than Distributions | Accumulated Other Comprehensive (Loss) Income | Non-controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units | Class A Units Owned by Vornado | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | 36,796 | $ | 891,214 | 190,986 | $ | 7,835,315 | $ | (1,954,266) | $ | (40,233) | $ | 578,948 | $ | 7,310,978 | ||||||||||||||||||||||||||||||||||||
Cumulative effect of accounting change | — | — | — | — | (16,064) | — | — | (16,064) | ||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Vornado Realty L.P. | — | — | — | — | (181,700) | — | — | (181,700) | ||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to redeemable partnership units | — | — | — | — | 13,974 | — | — | 13,974 | ||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | (140,291) | (140,291) | ||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($1.32 per unit) | — | — | — | — | (252,247) | — | — | (252,247) | ||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (25,061) | — | — | (25,061) | ||||||||||||||||||||||||||||||||||||||||||
Class A Units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 49 | 2,464 | — | — | — | 2,464 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | — | — | 69 | 3,517 | — | — | — | 3,517 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 31 | 1,750 | — | — | — | 1,750 | ||||||||||||||||||||||||||||||||||||||||||
Contributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | 3,389 | 3,389 | ||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | 2,479 | 2,479 | ||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (10,530) | (10,530) | ||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred units to Class A units | (2) | (50) | 4 | 50 | — | — | — | 0 | ||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | 13 | 602 | (137) | — | — | 465 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 8 | — | 8 | ||||||||||||||||||||||||||||||||||||||||||
Reduction in value of interest rate swaps | — | — | — | — | — | (45,399) | — | (45,399) | ||||||||||||||||||||||||||||||||||||||||||
Unearned 2017 Out-Performance Plan awards acceleration | — | — | — | 10,824 | — | — | — | 10,824 | ||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | 248,879 | — | — | — | 248,879 | ||||||||||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | 2,978 | — | 2,978 | ||||||||||||||||||||||||||||||||||||||||||
Other | — | — | (1) | (2) | 1 | — | (1,503) | (1,504) | ||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2020 | 36,794 | $ | 891,164 | 191,151 | $ | 8,103,399 | $ | (2,415,500) | $ | (82,646) | $ | 432,492 | $ | 6,928,909 |
(Amounts in thousands) | (Amounts in thousands) | For the Six Months Ended June 30, | (Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
Cash Flows from Operating Activities: | Cash Flows from Operating Activities: | Cash Flows from Operating Activities: | ||||||||||||||||||||
Net income (loss) | $ | 103,825 | $ | (321,855) | ||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||||
Net income | Net income | $ | 53,375 | $ | 26,993 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||
Depreciation and amortization (including amortization of deferred financing costs) | Depreciation and amortization (including amortization of deferred financing costs) | 194,225 | 193,920 | Depreciation and amortization (including amortization of deferred financing costs) | 122,271 | 100,034 | ||||||||||||||||
Distributions of income from partially owned entities | Distributions of income from partially owned entities | 109,089 | 79,436 | Distributions of income from partially owned entities | 37,778 | 61,157 | ||||||||||||||||
Equity in net (income) loss of partially owned entities | (60,499) | 272,770 | ||||||||||||||||||||
Equity in net income of partially owned entities | Equity in net income of partially owned entities | (33,714) | (29,073) | |||||||||||||||||||
Straight-lining of rents | Straight-lining of rents | (21,335) | 5,073 | |||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 27,379 | 33,468 | Stock-based compensation expense | 13,155 | 21,225 | ||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | Net gains on disposition of wholly owned and partially owned assets | (25,724) | (124,284) | Net gains on disposition of wholly owned and partially owned assets | (6,552) | — | ||||||||||||||||
Straight-lining of rents | 9,835 | 15,856 | ||||||||||||||||||||
Net unrealized (income) loss on real estate fund investments | Net unrealized (income) loss on real estate fund investments | (5,672) | 494 | |||||||||||||||||||
Amortization of below-market leases, net | Amortization of below-market leases, net | (5,717) | (9,406) | Amortization of below-market leases, net | (917) | (3,166) | ||||||||||||||||
Write-off of lease receivables deemed uncollectible | Write-off of lease receivables deemed uncollectible | 5,239 | 38,631 | Write-off of lease receivables deemed uncollectible | — | 3,670 | ||||||||||||||||
Net unrealized loss on real estate fund investments | 789 | 211,196 | ||||||||||||||||||||
Gain on extinguishment of 608 Fifth Avenue lease liability | 0 | (70,260) | ||||||||||||||||||||
Credit losses on loans receivable | 0 | 13,369 | ||||||||||||||||||||
Decrease in fair value of marketable securities | 0 | 4,938 | ||||||||||||||||||||
Other non-cash adjustments | Other non-cash adjustments | 4,225 | 4,370 | Other non-cash adjustments | 5,208 | 1,348 | ||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | ||||||||||||||||||||
Real estate fund investments | Real estate fund investments | (789) | (6,000) | Real estate fund investments | — | (494) | ||||||||||||||||
Tenant and other receivables | Tenant and other receivables | 10,477 | (28,864) | Tenant and other receivables | (3,499) | (1,077) | ||||||||||||||||
Prepaid assets | Prepaid assets | 127,958 | 3,078 | Prepaid assets | 29,451 | 48,599 | ||||||||||||||||
Other assets | Other assets | (26,262) | (12,480) | Other assets | (9,807) | (20,693) | ||||||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses | 2,243 | (26,611) | Accounts payable and accrued expenses | (7,421) | 9,842 | ||||||||||||||||
Other liabilities | Other liabilities | (3,584) | (3,557) | Other liabilities | (1,307) | 253 | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 472,709 | 267,715 | Net cash provided by operating activities | 171,014 | 224,185 | ||||||||||||||||
Cash Flows from Investing Activities: | Cash Flows from Investing Activities: | Cash Flows from Investing Activities: | ||||||||||||||||||||
Purchase of U.S. Treasury bills | Purchase of U.S. Treasury bills | (645,920) | — | |||||||||||||||||||
Development costs and construction in progress | Development costs and construction in progress | (269,376) | (319,294) | Development costs and construction in progress | (209,738) | (130,318) | ||||||||||||||||
Proceeds from sales of real estate | Proceeds from sales of real estate | 81,399 | — | |||||||||||||||||||
Additions to real estate | Additions to real estate | (30,900) | (27,410) | |||||||||||||||||||
Proceeds from sale of a condominium unit at 220 Central Park South | Proceeds from sale of a condominium unit at 220 Central Park South | 15,095 | — | |||||||||||||||||||
Investments in partially owned entities | Investments in partially owned entities | (4,571) | (4,816) | |||||||||||||||||||
Distributions of capital from partially owned entities | Distributions of capital from partially owned entities | 106,005 | 1,090 | Distributions of capital from partially owned entities | — | 106,005 | ||||||||||||||||
Additions to real estate | (90,138) | (85,252) | ||||||||||||||||||||
Proceeds from sale of condominium units at 220 Central Park South | 72,216 | 437,188 | ||||||||||||||||||||
Investments in partially owned entities | (6,357) | (3,157) | ||||||||||||||||||||
Proceeds from sales of real estate | 3,521 | 0 | ||||||||||||||||||||
Proceeds from repayments of loans receivable | 675 | 0 | ||||||||||||||||||||
Moynihan Train Hall expenditures | 0 | (183,007) | ||||||||||||||||||||
Proceeds from sales of marketable securities | 0 | 28,375 | ||||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (183,454) | (124,057) | Net cash used in investing activities | (794,635) | (56,539) |
(Amounts in thousands) | (Amounts in thousands) | For the Six Months Ended June 30, | (Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
Cash Flows from Financing Activities: | Cash Flows from Financing Activities: | Cash Flows from Financing Activities: | ||||||||||||||||||||
Proceeds from borrowings | $ | 2,298,007 | $ | 554,297 | ||||||||||||||||||
Repayments of borrowings | (1,573,443) | (11,347) | ||||||||||||||||||||
Distributions to Vornado | Distributions to Vornado | (202,989) | (624,627) | Distributions to Vornado | $ | (101,616) | $ | (101,467) | ||||||||||||||
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (159,926) | (54,440) | Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (43,545) | (13,338) | ||||||||||||||||
Distributions to preferred unitholders | Distributions to preferred unitholders | (32,934) | (37,593) | Distributions to preferred unitholders | (15,529) | (16,467) | ||||||||||||||||
Debt issuance costs | (32,875) | (143) | ||||||||||||||||||||
Repayments of borrowings | Repayments of borrowings | (5,400) | (358,331) | |||||||||||||||||||
Contributions from noncontrolling interests in consolidated subsidiaries | Contributions from noncontrolling interests in consolidated subsidiaries | 1,547 | 98,268 | Contributions from noncontrolling interests in consolidated subsidiaries | 481 | — | ||||||||||||||||
Proceeds received from exercise of Vornado stock options and other | Proceeds received from exercise of Vornado stock options and other | 440 | 5,267 | Proceeds received from exercise of Vornado stock options and other | 219 | 215 | ||||||||||||||||
Repurchase of Class A units related to stock compensation agreements and related tax withholdings and other | Repurchase of Class A units related to stock compensation agreements and related tax withholdings and other | (114) | (137) | Repurchase of Class A units related to stock compensation agreements and related tax withholdings and other | (85) | (113) | ||||||||||||||||
Moynihan Train Hall reimbursement from Empire State Development | 0 | 183,007 | ||||||||||||||||||||
Net cash provided by financing activities | 297,713 | 112,552 | ||||||||||||||||||||
Net increase in cash and cash equivalents and restricted cash | 586,968 | 256,210 | ||||||||||||||||||||
Proceeds from borrowings | Proceeds from borrowings | — | 350,000 | |||||||||||||||||||
Debt issuance costs | Debt issuance costs | — | (2,904) | |||||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (165,475) | (142,405) | |||||||||||||||||||
Net (decrease) increase in cash and cash equivalents and restricted cash | Net (decrease) increase in cash and cash equivalents and restricted cash | (789,096) | 25,241 | |||||||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | Cash and cash equivalents and restricted cash at beginning of period | 1,730,369 | 1,607,131 | Cash and cash equivalents and restricted cash at beginning of period | 1,930,351 | 1,730,369 | ||||||||||||||||
Cash and cash equivalents and restricted cash at end of period | Cash and cash equivalents and restricted cash at end of period | $ | 2,317,337 | $ | 1,863,341 | Cash and cash equivalents and restricted cash at end of period | $ | 1,141,255 | $ | 1,755,610 | ||||||||||||
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | Reconciliation of Cash and Cash Equivalents and Restricted Cash: | Reconciliation of Cash and Cash Equivalents and Restricted Cash: | ||||||||||||||||||||
Cash and cash equivalents at beginning of period | Cash and cash equivalents at beginning of period | $ | 1,624,482 | $ | 1,515,012 | Cash and cash equivalents at beginning of period | $ | 1,760,225 | $ | 1,624,482 | ||||||||||||
Restricted cash at beginning of period | Restricted cash at beginning of period | 105,887 | 92,119 | Restricted cash at beginning of period | 170,126 | 105,887 | ||||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | Cash and cash equivalents and restricted cash at beginning of period | $ | 1,730,369 | $ | 1,607,131 | Cash and cash equivalents and restricted cash at beginning of period | $ | 1,930,351 | $ | 1,730,369 | ||||||||||||
Cash and cash equivalents at end of period | Cash and cash equivalents at end of period | $ | 2,172,195 | $ | 1,768,459 | Cash and cash equivalents at end of period | $ | 973,858 | $ | 1,636,093 | ||||||||||||
Restricted cash at end of period | Restricted cash at end of period | 145,142 | 94,882 | Restricted cash at end of period | 167,397 | 119,517 | ||||||||||||||||
Cash and cash equivalents and restricted cash at end of period | Cash and cash equivalents and restricted cash at end of period | $ | 2,317,337 | $ | 1,863,341 | Cash and cash equivalents and restricted cash at end of period | $ | 1,141,255 | $ | 1,755,610 | ||||||||||||
Supplemental Disclosure of Cash Flow Information: | Supplemental Disclosure of Cash Flow Information: | Supplemental Disclosure of Cash Flow Information: | ||||||||||||||||||||
Cash payments for interest, excluding capitalized interest of $21,046 and $21,255 | $ | 93,376 | $ | 107,069 | ||||||||||||||||||
Cash payments for interest, excluding capitalized interest of $3,520 and $10,267 | Cash payments for interest, excluding capitalized interest of $3,520 and $10,267 | $ | 46,868 | $ | 50,394 | |||||||||||||||||
Cash payments for income taxes | Cash payments for income taxes | $ | 6,797 | $ | 9,276 | Cash payments for income taxes | $ | 2,159 | $ | 4,002 | ||||||||||||
Non-Cash Investing and Financing Activities: | Non-Cash Investing and Financing Activities: | Non-Cash Investing and Financing Activities: | ||||||||||||||||||||
Additional estimated lease liability arising from the recognition of right-of-use asset | Additional estimated lease liability arising from the recognition of right-of-use asset | $ | 350,000 | $ | — | |||||||||||||||||
Accrued capital expenditures included in accounts payable and accrued expenses | Accrued capital expenditures included in accounts payable and accrued expenses | 86,667 | 68,986 | |||||||||||||||||||
Increase in accumulated other comprehensive income due to change in fair value of consolidated interest rate swaps and other | Increase in accumulated other comprehensive income due to change in fair value of consolidated interest rate swaps and other | 65,239 | 11,641 | |||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | $ | (142,948) | $ | 248,879 | Redeemable Class A unit measurement adjustment | (46,651) | (126,936) | ||||||||||||||
Reclassification of assets held for sale (included in "other assets") | 79,210 | 0 | ||||||||||||||||||||
Accrued capital expenditures included in accounts payable and accrued expenses | 80,649 | 89,036 | ||||||||||||||||||||
Write-off of fully depreciated assets | Write-off of fully depreciated assets | (48,190) | (66,931) | Write-off of fully depreciated assets | (23,735) | (30,782) | ||||||||||||||||
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | 9,227 | 240,707 | Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | 3,024 | 2,739 |
(Amounts in thousands) | For the Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||
Total | New York | Other | ||||||||||||||||||||||||||||||||||||
Property rentals | $ | 377,887 | $ | 307,723 | $ | 70,164 | ||||||||||||||||||||||||||||||||
Trade shows(1) | 5,144 | — | 5,144 | |||||||||||||||||||||||||||||||||||
Lease revenues(2) | 383,031 | 307,723 | 75,308 | |||||||||||||||||||||||||||||||||||
Tenant services | 9,889 | 7,411 | 2,478 | |||||||||||||||||||||||||||||||||||
Parking revenues | 4,363 | 3,711 | 652 | |||||||||||||||||||||||||||||||||||
Rental revenues | 397,283 | 318,845 | 78,438 | |||||||||||||||||||||||||||||||||||
BMS cleaning fees | 32,691 | 34,711 | (2,020) | (3) | ||||||||||||||||||||||||||||||||||
Management and leasing fees | 2,769 | 2,967 | (198) | |||||||||||||||||||||||||||||||||||
Other income | 9,387 | 2,025 | 7,362 | |||||||||||||||||||||||||||||||||||
Fee and other income | 44,847 | 39,703 | 5,144 | |||||||||||||||||||||||||||||||||||
Total revenues | $ | 442,130 | $ | 358,548 | $ | 83,582 |
(Amounts in thousands) | For the Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||
Total | New York | Other | ||||||||||||||||||||||||||||||||||||
Property rentals | $ | 332,058 | $ | 261,691 | $ | 70,367 | ||||||||||||||||||||||||||||||||
Trade shows(1) | — | — | — | |||||||||||||||||||||||||||||||||||
Lease revenues(2) | 332,058 | 261,691 | 70,367 | |||||||||||||||||||||||||||||||||||
Tenant services | 7,259 | 5,009 | 2,250 | |||||||||||||||||||||||||||||||||||
Rental revenues | 339,317 | 266,700 | 72,617 | |||||||||||||||||||||||||||||||||||
BMS cleaning fees | 28,477 | 29,948 | (1,471) | (3) | ||||||||||||||||||||||||||||||||||
Management and leasing fees | 5,369 | 5,522 | (153) | |||||||||||||||||||||||||||||||||||
Other income | 6,814 | 1,801 | 5,013 | |||||||||||||||||||||||||||||||||||
Fee and other income | 40,660 | 37,271 | 3,389 | |||||||||||||||||||||||||||||||||||
Total revenues | $ | 379,977 | $ | 303,971 | $ | 76,006 |
For the Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Fixed billings | $ | 329,251 | $ | 309,860 | |||||||||||||||||||
Variable billings | 32,974 | 31,649 | |||||||||||||||||||||
Total contractual operating lease billings | 362,225 | 341,509 | |||||||||||||||||||||
Adjustment for straight-line rents and amortization of acquired below-market leases and other, net | 20,806 | (5,781) | |||||||||||||||||||||
Less: write-off of straight-line rent and tenant receivables deemed uncollectible | — | (3,670) | |||||||||||||||||||||
Lease revenues | $ | 383,031 | $ | 332,058 |
(Amounts in thousands) | For the Three Months Ended June 30, 2021 | For the Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||||||
Property rentals(1) | $ | 330,944 | $ | 260,953 | $ | 69,991 | $ | 308,316 | $ | 241,308 | $ | 67,008 | ||||||||||||||||||||||||||
Trade shows(2) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Lease revenues(3) | 330,944 | 260,953 | 69,991 | 308,316 | 241,308 | 67,008 | ||||||||||||||||||||||||||||||||
Tenant services | 8,652 | 5,928 | 2,724 | 6,878 | 4,341 | 2,537 | ||||||||||||||||||||||||||||||||
Rental revenues | 339,596 | 266,881 | 72,715 | 315,194 | 245,649 | 69,545 | ||||||||||||||||||||||||||||||||
BMS cleaning fees | 28,083 | 29,600 | (1,517) | (4) | 21,115 | 22,405 | (1,290) | (4) | ||||||||||||||||||||||||||||||
Management and leasing fees | 3,073 | 3,088 | (15) | 1,837 | 1,701 | 136 | ||||||||||||||||||||||||||||||||
Other income | 8,189 | 1,575 | 6,614 | 4,880 | 873 | 4,007 | ||||||||||||||||||||||||||||||||
Fee and other income | 39,345 | 34,263 | 5,082 | 27,832 | 24,979 | 2,853 | ||||||||||||||||||||||||||||||||
Total revenues | $ | 378,941 | $ | 301,144 | $ | 77,797 | $ | 343,026 | $ | 270,628 | $ | 72,398 |
(Amounts in thousands) | For the Six Months Ended June 30, 2021 | For the Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||||||
Property rentals(1) | $ | 663,002 | $ | 522,644 | $ | 140,358 | $ | 679,490 | $ | 539,920 | $ | 139,570 | ||||||||||||||||||||||||||
Hotel Pennsylvania(5) | 0 | 0 | 0 | 8,741 | 8,741 | 0 | ||||||||||||||||||||||||||||||||
Trade shows(2) | 0 | 0 | 0 | 11,303 | 0 | 11,303 | ||||||||||||||||||||||||||||||||
Lease revenues(3) | 663,002 | 522,644 | 140,358 | 699,534 | 548,661 | 150,873 | ||||||||||||||||||||||||||||||||
Tenant services | 15,911 | 10,937 | 4,974 | 16,934 | 11,721 | 5,213 | ||||||||||||||||||||||||||||||||
Rental revenues | 678,913 | 533,581 | 145,332 | 716,468 | 560,382 | 156,086 | ||||||||||||||||||||||||||||||||
BMS cleaning fees | 56,560 | 59,548 | (2,988) | (4) | 53,581 | 56,834 | (3,253) | (4) | ||||||||||||||||||||||||||||||
Management and leasing fees | 8,442 | 8,610 | (168) | 4,704 | 4,575 | 129 | ||||||||||||||||||||||||||||||||
Other income | 15,003 | 3,376 | 11,627 | 12,805 | 4,452 | 8,353 | ||||||||||||||||||||||||||||||||
Fee and other income | 80,005 | 71,534 | 8,471 | 71,090 | 65,861 | 5,229 | ||||||||||||||||||||||||||||||||
Total revenues | $ | 758,918 | $ | 605,115 | $ | 153,803 | $ | 787,558 | $ | 626,243 | $ | 161,315 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Fixed billings | $ | 305,963 | $ | 322,342 | $ | 615,823 | $ | 676,656 | |||||||||||||||
Variable billings | 30,123 | 25,262 | 61,772 | 70,483 | |||||||||||||||||||
Total contractual operating lease billings | 336,086 | 347,604 | 677,595 | 747,139 | |||||||||||||||||||
Adjustment for straight-line rents and amortization of acquired below-market leases, net | (3,573) | (1,701) | (9,354) | (8,974) | |||||||||||||||||||
Less: write-off of straight-line rent and tenant receivables deemed uncollectible | (1,569) | (37,587) | (5,239) | (38,631) | |||||||||||||||||||
Lease revenues | $ | 330,944 | $ | 308,316 | $ | 663,002 | $ | 699,534 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | (Amounts in thousands) | For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 5,637 | $ | (366) | $ | 5,962 | $ | (309) | ||||||||||||||||||||||||||||||||||||||
Net unrealized loss on held investments | (295) | (27,676) | (789) | (211,196) | ||||||||||||||||||||||||||||||||||||||||||
Net unrealized income (loss) on held investments | Net unrealized income (loss) on held investments | $ | 5,672 | $ | (494) | |||||||||||||||||||||||||||||||||||||||||
Net investment income | Net investment income | 2 | 325 | |||||||||||||||||||||||||||||||||||||||||||
Income (loss) from real estate fund investments | Income (loss) from real estate fund investments | 5,342 | (28,042) | 5,173 | (211,505) | Income (loss) from real estate fund investments | 5,674 | (169) | ||||||||||||||||||||||||||||||||||||||
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries | Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (3,703) | 21,953 | (3,274) | 149,258 | Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (3,964) | 429 | ||||||||||||||||||||||||||||||||||||||
Income (loss) from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ | 1,639 | $ | (6,089) | $ | 1,899 | $ | (62,247) | ||||||||||||||||||||||||||||||||||||||
Income from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | Income from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ | 1,710 | $ | 260 |
(Amounts in thousands) | (Amounts in thousands) | Percentage Ownership at June 30, 2021 | Balance as of | (Amounts in thousands) | Percentage Ownership at March 31, 2022 | Balance as of | ||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | March 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||
Investments: | Investments: | Investments: | ||||||||||||||||||||||||||||||||
Fifth Avenue and Times Square JV (see page 27 for details): | 51.5% | $ | 2,776,891 | $ | 2,798,413 | |||||||||||||||||||||||||||||
Fifth Avenue and Times Square JV (see page 22 for details): | Fifth Avenue and Times Square JV (see page 22 for details): | 51.5% | $ | 2,773,505 | $ | 2,770,633 | ||||||||||||||||||||||||||||
Partially owned office buildings/land(1) | Partially owned office buildings/land(1) | Various | 361,463 | 473,285 | Partially owned office buildings/land(1) | Various | 310,580 | 306,989 | ||||||||||||||||||||||||||
Alexander’s | Alexander’s | 32.4% | 83,892 | 82,902 | Alexander’s | 32.4% | 92,779 | 91,405 | ||||||||||||||||||||||||||
Other investments(2) | Other investments(2) | Various | 133,155 | 136,507 | Other investments(2) | Various | 122,765 | 128,362 | ||||||||||||||||||||||||||
$ | 3,355,401 | $ | 3,491,107 | $ | 3,299,629 | $ | 3,297,389 | |||||||||||||||||||||||||||
Investments in partially owned entities included in other liabilities(3): | Investments in partially owned entities included in other liabilities(3): | Investments in partially owned entities included in other liabilities(3): | ||||||||||||||||||||||||||||||||
7 West 34th Street | 7 West 34th Street | 53.0% | $ | (58,214) | $ | (55,340) | 7 West 34th Street | 53.0% | $ | (61,279) | $ | (60,918) | ||||||||||||||||||||||
85 Tenth Avenue | 85 Tenth Avenue | 49.9% | (18,780) | (13,080) | 85 Tenth Avenue | 49.9% | (16,033) | (18,067) | ||||||||||||||||||||||||||
$ | (76,994) | $ | (68,420) | $ | (77,312) | $ | (78,985) |
(Amounts in thousands) | Percentage Ownership at June 30, 2021 | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Our share of net income (loss): | |||||||||||||||||||||||||||||
Fifth Avenue and Times Square JV (see page 27 for details): | |||||||||||||||||||||||||||||
Equity in net income(1) | 51.5% | $ | 10,037 | $ | 441 | $ | 19,643 | $ | 5,937 | ||||||||||||||||||||
Return on preferred equity, net of our share of the expense | 9,329 | 9,330 | 18,555 | 18,496 | |||||||||||||||||||||||||
Non-cash impairment loss | 0 | (306,326) | 0 | (306,326) | |||||||||||||||||||||||||
19,366 | (296,555) | 38,198 | (281,893) | ||||||||||||||||||||||||||
Alexander's (see page 28 for details): | |||||||||||||||||||||||||||||
Equity in net income | 32.4% | 8,325 | 3,929 | 14,054 | 5,345 | ||||||||||||||||||||||||
Management, leasing and development fees | 1,962 | 1,222 | 2,537 | 2,482 | |||||||||||||||||||||||||
10,287 | 5,151 | 16,591 | 7,827 | ||||||||||||||||||||||||||
Partially owned office buildings(2) | Various | 3,758 | 810 | 9,730 | 2,132 | ||||||||||||||||||||||||
Other investments(3) | Various | (1,985) | (1,279) | (4,020) | (836) | ||||||||||||||||||||||||
$ | 31,426 | $ | (291,873) | $ | 60,499 | $ | (272,770) |
(Amounts in thousands) | Percentage Ownership at March 31, 2022 | For the Three Months Ended March 31, | |||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||
Our share of net income: | |||||||||||||||||||||||||||||
Fifth Avenue and Times Square JV (see page 22 for details): | |||||||||||||||||||||||||||||
Equity in net income | 51.5% | $ | 16,309 | $ | 9,606 | ||||||||||||||||||||||||
Return on preferred equity, net of our share of the expense | 9,226 | 9,226 | |||||||||||||||||||||||||||
25,535 | 18,832 | ||||||||||||||||||||||||||||
Alexander's (see page 23 for details): | |||||||||||||||||||||||||||||
Equity in net income | 32.4% | 4,671 | 5,729 | ||||||||||||||||||||||||||
Management, leasing and development fees | 1,020 | 575 | |||||||||||||||||||||||||||
5,691 | 6,304 | ||||||||||||||||||||||||||||
Partially owned office buildings(1) | Various | 2,477 | 5,972 | ||||||||||||||||||||||||||
Other investments(2) | Various | 11 | (2,035) | ||||||||||||||||||||||||||
$ | 33,714 | $ | 29,073 |
(Amounts in thousands) | (Amounts in thousands) | Balance as of | (Amounts in thousands) | Balance as of | ||||||||||||||||||
June 30, 2021 | December 31, 2020 | March 31, 2022 | December 31, 2021 | |||||||||||||||||||
Identified intangible assets: | Identified intangible assets: | Identified intangible assets: | ||||||||||||||||||||
Gross amount | Gross amount | $ | 112,534 | $ | 116,969 | Gross amount | $ | 249,276 | $ | 252,081 | ||||||||||||
Accumulated amortization | Accumulated amortization | (91,187) | (93,113) | Accumulated amortization | (99,663) | (97,186) | ||||||||||||||||
Total, net | Total, net | $ | 21,347 | $ | 23,856 | Total, net | $ | 149,613 | $ | 154,895 | ||||||||||||
Identified intangible liabilities (included in deferred revenue): | Identified intangible liabilities (included in deferred revenue): | Identified intangible liabilities (included in deferred revenue): | ||||||||||||||||||||
Gross amount | Gross amount | $ | 237,388 | $ | 273,902 | Gross amount | $ | 255,303 | $ | 256,065 | ||||||||||||
Accumulated amortization | Accumulated amortization | (207,941) | (238,541) | Accumulated amortization | (213,558) | (212,245) | ||||||||||||||||
Total, net | Total, net | $ | 29,447 | $ | 35,361 | Total, net | $ | 41,745 | $ | 43,820 |
(Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | Acquired below (above) market leases, net | |||||||
2022 | $ | 9,149 | ||||||||
2023 | 2023 | 6,654 | 2023 | $ | 5,359 | |||||
2024 | 2024 | 2,906 | 2024 | 2,264 | ||||||
2025 | 2025 | 1,478 | 2025 | 844 | ||||||
2026 | 2026 | 818 | 2026 | 649 | ||||||
2027 | 2027 | (119) |
(Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | Other identified intangible assets | |||||||
2022 | $ | 3,706 | ||||||||
2023 | 2023 | 3,624 | 2023 | $ | 8,267 | |||||
2024 | 2024 | 3,010 | 2024 | 7,431 | ||||||
2025 | 2025 | 2,136 | 2025 | 6,332 | ||||||
2026 | 2026 | 1,984 | 2026 | 6,193 | ||||||
2027 | 2027 | 5,590 |
(Amounts in thousands) | (Amounts in thousands) | Weighted Average Interest Rate at June 30, 2021 | Balance as of | (Amounts in thousands) | Weighted Average Interest Rate at March 31, 2022 | Balance as of | ||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | March 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||
Mortgages Payable: | Mortgages Payable: | Mortgages Payable: | ||||||||||||||||||||||||||||||||
Fixed rate | Fixed rate | 3.09% | $ | 3,140,000 | $ | 3,012,643 | Fixed rate | 2.80% | $ | 2,190,000 | $ | 2,190,000 | ||||||||||||||||||||||
Variable rate | Variable rate | 1.78% | 2,445,015 | 2,595,815 | Variable rate | 1.93% | 3,903,815 | 3,909,215 | ||||||||||||||||||||||||||
Total | Total | 2.52% | 5,585,015 | 5,608,458 | Total | 2.24% | 6,093,815 | 6,099,215 | ||||||||||||||||||||||||||
Deferred financing costs, net and other | Deferred financing costs, net and other | (37,410) | (27,909) | Deferred financing costs, net and other | (43,122) | (45,872) | ||||||||||||||||||||||||||||
Total, net | Total, net | $ | 5,547,605 | $ | 5,580,549 | Total, net | $ | 6,050,693 | $ | 6,053,343 | ||||||||||||||||||||||||
Unsecured Debt: | Unsecured Debt: | Unsecured Debt: | ||||||||||||||||||||||||||||||||
Senior unsecured notes | Senior unsecured notes | 3.02% | $ | 1,200,000 | $ | 450,000 | Senior unsecured notes | 3.02% | $ | 1,200,000 | $ | 1,200,000 | ||||||||||||||||||||||
Deferred financing costs, net and other | Deferred financing costs, net and other | (10,139) | (3,315) | Deferred financing costs, net and other | (9,699) | (10,208) | ||||||||||||||||||||||||||||
Senior unsecured notes, net | Senior unsecured notes, net | 1,189,861 | 446,685 | Senior unsecured notes, net | 1,190,301 | 1,189,792 | ||||||||||||||||||||||||||||
Unsecured term loan | Unsecured term loan | 3.70% | 800,000 | 800,000 | Unsecured term loan | 3.72% | 800,000 | 800,000 | ||||||||||||||||||||||||||
Deferred financing costs, net and other | Deferred financing costs, net and other | (2,713) | (3,238) | Deferred financing costs, net and other | (1,925) | (2,188) | ||||||||||||||||||||||||||||
Unsecured term loan, net | Unsecured term loan, net | 797,287 | 796,762 | Unsecured term loan, net | 798,075 | 797,812 | ||||||||||||||||||||||||||||
Unsecured revolving credit facilities | Unsecured revolving credit facilities | 1.00% | 575,000 | 575,000 | Unsecured revolving credit facilities | 1.35% | 575,000 | 575,000 | ||||||||||||||||||||||||||
Total, net | Total, net | $ | 2,562,148 | $ | 1,818,447 | Total, net | $ | 2,563,376 | $ | 2,562,604 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | (Amounts in thousands) | For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 640,193 | $ | 623,799 | $ | 511,747 | $ | 888,915 | Beginning balance | $ | 590,975 | $ | 511,747 | ||||||||||||||||||||||||||||||||
Net income (loss) | 3,536 | (14,364) | 3,865 | (13,974) | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 704 | 5 | 1,590 | (2,978) | ||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 1,994 | 329 | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | 5,134 | 886 | |||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | (7,408) | (9,100) | (14,869) | (17,998) | Distributions | (7,584) | (7,461) | ||||||||||||||||||||||||||||||||||||||
Redemption of Class A units for Vornado common shares, at redemption value | Redemption of Class A units for Vornado common shares, at redemption value | (4,206) | (824) | (8,309) | (2,464) | Redemption of Class A units for Vornado common shares, at redemption value | (717) | (4,103) | ||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | 16,012 | 18,291 | 142,948 | (248,879) | Redeemable Class A unit measurement adjustment | 46,651 | 126,936 | ||||||||||||||||||||||||||||||||||||||
Other, net | Other, net | 5,940 | 6,997 | 17,799 | 22,182 | Other, net | 13,305 | 11,859 | ||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 654,771 | $ | 624,804 | $ | 654,771 | $ | 624,804 | Ending balance | $ | 649,758 | $ | 640,193 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 97,708 | $ | 94,520 | |||||||||||||||||||||||||||||||||||||||||
Net loss | Net loss | (305) | (83) | |||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 94,437 | $ | 0 | $ | 94,520 | $ | 0 | ||||||||||||||||||||||||||||||||||||||
Net income | 476 | 136 | 393 | 136 | ||||||||||||||||||||||||||||||||||||||||||
Contributions | 0 | 92,400 | 0 | 92,400 | ||||||||||||||||||||||||||||||||||||||||||
Other, net | 0 | 1,576 | 0 | 1,576 | ||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 94,913 | $ | 94,112 | $ | 94,913 | $ | 94,112 | Ending balance | $ | 97,403 | $ | 94,437 |
(Per share/unit) | (Per share/unit) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | (Per share/unit) | For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Shares/Units: | Shares/Units: | Shares/Units: | ||||||||||||||||||||||||||||||||||||||||||||
Common shares/Class A units held by Vornado: authorized 250,000,000 shares/units | Common shares/Class A units held by Vornado: authorized 250,000,000 shares/units | $ | 0.53 | $ | 0.66 | $ | 1.06 | $ | 1.32 | Common shares/Class A units held by Vornado: authorized 250,000,000 shares/units | $ | 0.53 | $ | 0.53 | ||||||||||||||||||||||||||||||||
Convertible Preferred(1): | Convertible Preferred(1): | Convertible Preferred(1): | ||||||||||||||||||||||||||||||||||||||||||||
6.5% Series A: authorized 13,402 and 13,694 shares/units(2) | 0.8125 | 0.8125 | 1.6250 | 1.6250 | ||||||||||||||||||||||||||||||||||||||||||
Cumulative Redeemable Preferred(1): | ||||||||||||||||||||||||||||||||||||||||||||||
6.5% Series A: authorized 12,902 and 13,402 shares/units(2) | 6.5% Series A: authorized 12,902 and 13,402 shares/units(2) | 0.8125 | 0.8125 | |||||||||||||||||||||||||||||||||||||||||||
Cumulative Redeemable Preferred(3): | Cumulative Redeemable Preferred(3): | |||||||||||||||||||||||||||||||||||||||||||||
5.70% Series K: authorized 12,000,000 shares/units | 5.70% Series K: authorized 12,000,000 shares/units | 0.3563 | 0.3563 | 0.7126 | 0.7126 | 5.70% Series K: authorized 12,000,000 shares/units | N/A | 0.3563 | ||||||||||||||||||||||||||||||||||||||
5.40% Series L: authorized 13,800,000 shares/units | 5.40% Series L: authorized 13,800,000 shares/units | 0.3375 | 0.3375 | 0.6750 | 0.6750 | 5.40% Series L: authorized 13,800,000 shares/units | 0.3375 | 0.3375 | ||||||||||||||||||||||||||||||||||||||
5.25% Series M: authorized 13,800,000 shares/units | 5.25% Series M: authorized 13,800,000 shares/units | 0.3281 | 0.3281 | 0.6562 | 0.6562 | 5.25% Series M: authorized 13,800,000 shares/units | 0.3281 | 0.3281 | ||||||||||||||||||||||||||||||||||||||
5.25% Series N: authorized 12,000,000 shares/units | 5.25% Series N: authorized 12,000,000 shares/units | 0.3281 | N/A | 0.6562 | N/A | 5.25% Series N: authorized 12,000,000 shares/units | 0.3281 | 0.3281 | ||||||||||||||||||||||||||||||||||||||
4.45% Series O: authorized 12,000,000 shares/units | 4.45% Series O: authorized 12,000,000 shares/units | 0.2781 | N/A |
(Amounts in thousands) For the three months ended June 30, 2021: | Total | Accumulated other comprehensive (loss) income of nonconsolidated subsidiaries | Interest rate swaps | Other | |||||||||||||||||||
Balance as of March 31, 2021 | $ | (60,753) | $ | (10,747) | $ | (54,456) | $ | 4,450 | |||||||||||||||
Other comprehensive income (loss) | 9,316 | 1,468 | 8,551 | (703) | |||||||||||||||||||
Balance as of June 30, 2021 | $ | (51,437) | $ | (9,279) | $ | (45,905) | $ | 3,747 | |||||||||||||||
For the three months ended June 30, 2020: | |||||||||||||||||||||||
Balance as of March 31, 2020 | $ | (82,719) | $ | 12 | $ | (81,603) | $ | (1,128) | |||||||||||||||
Other comprehensive income (loss) | 73 | 0 | 78 | (5) | |||||||||||||||||||
Balance as of June 30, 2020 | $ | (82,646) | $ | 12 | $ | (81,525) | $ | (1,133) | |||||||||||||||
For the six months ended June 30, 2021: | |||||||||||||||||||||||
Balance as of December 31, 2020 | $ | (75,099) | $ | (14,338) | $ | (66,098) | $ | 5,337 | |||||||||||||||
Other comprehensive income (loss) | 23,662 | 5,059 | 20,193 | (1,590) | |||||||||||||||||||
Balance as of June 30, 2021 | $ | (51,437) | $ | (9,279) | $ | (45,905) | $ | 3,747 | |||||||||||||||
For the six months ended June 30, 2020: | |||||||||||||||||||||||
Balance as of December 31, 2019 | $ | (40,233) | $ | 4 | $ | (36,126) | $ | (4,111) | |||||||||||||||
Other comprehensive (loss) income | (42,413) | 8 | (45,399) | 2,978 | |||||||||||||||||||
Balance as of June 30, 2020 | $ | (82,646) | $ | 12 | $ | (81,525) | $ | (1,133) | |||||||||||||||
(Amounts in thousands) | Total | Accumulated other comprehensive (loss) income of nonconsolidated subsidiaries | Change in fair value of interest rate swaps and other | Other | |||||||||||||||||||
For the three months ended March 31, 2022: | |||||||||||||||||||||||
Balance as of December 31, 2021 | $ | (17,534) | $ | (4,063) | $ | (14,761) | $ | 1,290 | |||||||||||||||
Other comprehensive income (loss) | 69,310 | 9,205 | 65,239 | (5,134) | |||||||||||||||||||
Balance as of March 31, 2022 | $ | 51,776 | $ | 5,142 | $ | 50,478 | $ | (3,844) | |||||||||||||||
For the three months ended March 31, 2021: | |||||||||||||||||||||||
Balance as of December 31, 2020 | $ | (75,099) | $ | (14,338) | $ | (66,098) | $ | 5,337 | |||||||||||||||
Other comprehensive income (loss) | 14,346 | 3,591 | 11,642 | (887) | |||||||||||||||||||
Balance as of March 31, 2021 | $ | (60,753) | $ | (10,747) | $ | (54,456) | $ | 4,450 | |||||||||||||||
(Amounts in thousands) | (Amounts in thousands) | As of June 30, 2021 | (Amounts in thousands) | As of March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||
Investments in U.S. Treasury bills (1) | Investments in U.S. Treasury bills (1) | $ | 645,360 | $ | 645,360 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
Real estate fund investments | Real estate fund investments | $ | 3,739 | $ | 0 | $ | 0 | $ | 3,739 | Real estate fund investments | 13,402 | — | — | 13,402 | ||||||||||||||||||||||||||||||||
Deferred compensation plan assets ($4,968 included in restricted cash and $102,270 in other assets) | 107,238 | 62,383 | 0 | 44,855 | ||||||||||||||||||||||||||||||||||||||||||
Loans receivable ($44,716 included in investments in partially owned entities and $4,060 in other assets) | 48,776 | 0 | 0 | 48,776 | ||||||||||||||||||||||||||||||||||||||||||
Deferred compensation plan assets ($9,084 included in restricted cash and $98,086 in other assets) | Deferred compensation plan assets ($9,084 included in restricted cash and $98,086 in other assets) | 107,170 | 62,644 | — | 44,526 | |||||||||||||||||||||||||||||||||||||||||
Loans receivable ($47,372 included in investments in partially owned entities and $3,476 in other assets) | Loans receivable ($47,372 included in investments in partially owned entities and $3,476 in other assets) | 50,848 | — | — | 50,848 | |||||||||||||||||||||||||||||||||||||||||
Interest rate swaps and caps (included in other assets) | Interest rate swaps and caps (included in other assets) | 4,994 | 0 | 4,994 | 0 | Interest rate swaps and caps (included in other assets) | 59,739 | — | 59,739 | — | ||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 164,747 | $ | 62,383 | $ | 4,994 | $ | 97,370 | Total assets | $ | 876,519 | $ | 708,004 | $ | 59,739 | $ | 108,776 | ||||||||||||||||||||||||||||
Mandatorily redeemable instruments (included in other liabilities) | Mandatorily redeemable instruments (included in other liabilities) | $ | 50,267 | $ | 50,267 | $ | 0 | $ | 0 | Mandatorily redeemable instruments (included in other liabilities) | $ | 49,775 | $ | 49,775 | $ | — | $ | — | ||||||||||||||||||||||||||||
Interest rate swaps (included in other liabilities) | Interest rate swaps (included in other liabilities) | 50,818 | 0 | 50,818 | 0 | Interest rate swaps (included in other liabilities) | 7,737 | — | 7,737 | — | ||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | $ | 101,085 | $ | 50,267 | $ | 50,818 | $ | 0 | Total liabilities | $ | 57,512 | $ | 49,775 | $ | 7,737 | $ | — | ||||||||||||||||||||||||||||
(Amounts in thousands) | (Amounts in thousands) | As of December 31, 2020 | (Amounts in thousands) | As of December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||
Real estate fund investments | Real estate fund investments | $ | 3,739 | $ | 0 | $ | 0 | $ | 3,739 | Real estate fund investments | $ | 7,730 | $ | — | $ | — | $ | 7,730 | ||||||||||||||||||||||||||||
Deferred compensation plan assets ($10,813 included in restricted cash and $94,751 in other assets) | 105,564 | 65,636 | 0 | 39,928 | ||||||||||||||||||||||||||||||||||||||||||
Loans receivable ($43,008 included in investments in partially owned entities and $4,735 in other assets) | 47,743 | 0 | 0 | 47,743 | ||||||||||||||||||||||||||||||||||||||||||
Deferred compensation plan assets ($9,104 included in restricted cash and $101,070 in other assets) | Deferred compensation plan assets ($9,104 included in restricted cash and $101,070 in other assets) | 110,174 | 65,158 | — | 45,016 | |||||||||||||||||||||||||||||||||||||||||
Loans receivable ($46,444 included in investments in partially owned entities and $3,738 in other assets) | Loans receivable ($46,444 included in investments in partially owned entities and $3,738 in other assets) | 50,182 | — | — | 50,182 | |||||||||||||||||||||||||||||||||||||||||
Interest rate swaps and caps (included in other assets) | Interest rate swaps and caps (included in other assets) | 17 | 0 | 17 | 0 | Interest rate swaps and caps (included in other assets) | 18,929 | — | 18,929 | — | ||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 157,063 | $ | 65,636 | $ | 17 | $ | 91,410 | Total assets | $ | 187,015 | $ | 65,158 | $ | 18,929 | $ | 102,928 | ||||||||||||||||||||||||||||
Mandatorily redeemable instruments (included in other liabilities) | Mandatorily redeemable instruments (included in other liabilities) | $ | 50,002 | $ | 50,002 | $ | 0 | $ | 0 | Mandatorily redeemable instruments (included in other liabilities) | $ | 49,659 | $ | 49,659 | $ | — | $ | — | ||||||||||||||||||||||||||||
Interest rate swaps (included in other liabilities) | Interest rate swaps (included in other liabilities) | 66,033 | 0 | 66,033 | 0 | Interest rate swaps (included in other liabilities) | 32,837 | — | 32,837 | — | ||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | $ | 116,035 | $ | 50,002 | $ | 66,033 | $ | 0 | Total liabilities | $ | 82,496 | $ | 49,659 | $ | 32,837 | $ | — |
Range | Weighted Average (based on fair value of assets) | Range | Weighted Average (based on fair value of assets) | |||||||||||||||||||||||||||||||||||||||||||
Unobservable Quantitative Input | Unobservable Quantitative Input | June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | Unobservable Quantitative Input | March 31, 2022 | December 31, 2021 | March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||
Discount rates | Discount rates | 7.2% to 15.0% | 7.6% to 15.0% | 11.8% | 12.7% | Discount rates | 11.8% to 13.0% | 12.0% to 15.0% | 12.5% | 13.2% | ||||||||||||||||||||||||||||||||||||
Terminal capitalization rates | Terminal capitalization rates | 5.3% to 10.6% | 5.5% to 10.3% | 7.8% | 7.9% | Terminal capitalization rates | 5.5% to 9.1% | 5.5% to 8.8% | 7.5% | 7.4% |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | (Amounts in thousands) | For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 3,739 | $ | 45,129 | $ | 3,739 | $ | 222,649 | Beginning balance | $ | 7,730 | $ | 3,739 | ||||||||||||||||||||||||||||||||
Purchases/additional fundings | Purchases/additional fundings | 295 | 0 | 789 | 6,000 | Purchases/additional fundings | — | 494 | ||||||||||||||||||||||||||||||||||||||
Net unrealized loss on held investments | (295) | (27,676) | (789) | (211,196) | ||||||||||||||||||||||||||||||||||||||||||
Net unrealized income (loss) on held investments | Net unrealized income (loss) on held investments | 5,672 | (494) | |||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 3,739 | $ | 17,453 | $ | 3,739 | $ | 17,453 | Ending balance | $ | 13,402 | $ | 3,739 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | (Amounts in thousands) | For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 41,639 | $ | 30,568 | $ | 39,928 | $ | 32,435 | Beginning balance | $ | 45,016 | $ | 39,928 | ||||||||||||||||||||||||||||||||
Purchases | Purchases | 2,564 | 5,656 | 3,013 | 6,949 | Purchases | 843 | 449 | ||||||||||||||||||||||||||||||||||||||
Sales | Sales | (544) | (357) | (689) | (2,832) | Sales | (907) | (145) | ||||||||||||||||||||||||||||||||||||||
Realized and unrealized gains (losses) | 969 | 38 | 2,262 | (1,191) | ||||||||||||||||||||||||||||||||||||||||||
Realized and unrealized (losses) gains | Realized and unrealized (losses) gains | (1,240) | 1,293 | |||||||||||||||||||||||||||||||||||||||||||
Other, net | Other, net | 227 | 267 | 341 | 811 | Other, net | 814 | 114 | ||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 44,855 | $ | 36,172 | $ | 44,855 | $ | 36,172 | Ending balance | $ | 44,526 | $ | 41,639 |
Range | Weighted Average (based on fair value of investments) | Range | Weighted Average (based on fair value of investments) | |||||||||||||||||||||||||||||||||||||||||||
Unobservable Quantitative Input | Unobservable Quantitative Input | June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | Unobservable Quantitative Input | March 31, 2022 | December 31, 2021 | March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||
Discount rates | Discount rates | 6.5% | 6.5% | 6.5% | 6.5% | Discount rates | 6.5% | 6.5% | 6.5% | 6.5% | ||||||||||||||||||||||||||||||||||||
Terminal capitalization rates | Terminal capitalization rates | 5.0% | 5.0% | 5.0% | 5.0% | Terminal capitalization rates | 5.0% | 5.0% | 5.0% | 5.0% |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | (Amounts in thousands) | For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 48,209 | $ | 51,990 | $ | 47,743 | $ | 59,251 | Beginning balance | $ | 50,182 | $ | 47,743 | ||||||||||||||||||||||||||||||||
Credit losses | 0 | (6,108) | 0 | (13,369) | ||||||||||||||||||||||||||||||||||||||||||
Interest accrual | Interest accrual | 867 | 793 | 1,708 | 793 | Interest accrual | 1,199 | 841 | ||||||||||||||||||||||||||||||||||||||
Paydowns | Paydowns | (300) | 0 | (675) | 0 | Paydowns | (533) | (375) | ||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 48,776 | $ | 46,675 | $ | 48,776 | $ | 46,675 | Ending balance | $ | 50,848 | $ | 48,209 |
(Amounts in thousands) | (Amounts in thousands) | As of June 30, 2021 | (Amounts in thousands) | As of March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Rate | Variable Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedged Item | Hedged Item | Fair Value | Notional Amount | Spread over LIBOR | Interest Rate | Swapped Rate | Expiration Date | Hedged Item | Fair Value | Notional Amount | Spread over LIBOR | Interest Rate | Swapped Rate | Expiration Date | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Included in other assets: | Included in other assets: | Included in other assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
555 California Street mortgage loan interest rate swap | 555 California Street mortgage loan interest rate swap | $ | 3,041 | $ | 840,000 | (2) | L+193 | 2.01% | 2.26% | 5/24 | 555 California Street mortgage loan interest rate swap | $ | 36,322 | $ | 840,000 | (1) | L+193 | 2.33% | 2.26% | 5/24 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PENN 11 mortgage loan interest rate swap | PENN 11 mortgage loan interest rate swap | 1,858 | 500,000 | L+275 | 2.83% | 3.03% | 3/24 | PENN 11 mortgage loan interest rate swap | 19,825 | 500,000 | L+195 | 2.24% | 2.23% | 3/24 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
33-00 Northern Boulevard mortgage loan interest rate swap | 33-00 Northern Boulevard mortgage loan interest rate swap | 296 | 100,000 | L+180 | 2.11% | 4.14% | 1/25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Various interest rate caps | Various interest rate caps | 95 | 175,000 | Various interest rate caps | 3,296 | 1,650,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 4,994 | $ | 1,515,000 | $ | 59,739 | $ | 3,090,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Included in other liabilities: | Included in other liabilities: | Included in other liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured term loan interest rate swap | Unsecured term loan interest rate swap | $ | 44,732 | $ | 750,000 | (4) | L+100 | 1.10% | 3.87% | 10/23 | Unsecured term loan interest rate swap | $ | 7,737 | $ | 750,000 | (2) | L+100 | 1.45% | 3.87% | 10/23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
33-00 Northern Boulevard mortgage loan interest rate swap | 6,086 | 100,000 | L+180 | 1.89% | 4.14% | 1/25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 50,818 | $ | 850,000 |
(Amounts in thousands) | As of December 31, 2021 | |||||||||||||||||||||||||||||||||||||
Variable Rate | ||||||||||||||||||||||||||||||||||||||
Hedged Item | Fair Value | Notional Amount | Spread over LIBOR | Interest Rate | Swapped Rate | Expiration Date | ||||||||||||||||||||||||||||||||
Included in other assets: | ||||||||||||||||||||||||||||||||||||||
555 California Street mortgage loan interest rate swap | $ | 11,814 | $ | 840,000 | (1) | L+193 | 2.04% | 2.26% | 5/24 | |||||||||||||||||||||||||||||
PENN 11 mortgage loan interest rate swap | 6,565 | 500,000 | L+195 | 2.05% | 2.23% | 3/24 | ||||||||||||||||||||||||||||||||
Various interest rate caps | 550 | 1,650,000 | ||||||||||||||||||||||||||||||||||||
$ | 18,929 | $ | 2,990,000 | |||||||||||||||||||||||||||||||||||
Included in other liabilities: | ||||||||||||||||||||||||||||||||||||||
Unsecured term loan interest rate swap | $ | 28,976 | $ | 750,000 | (2) | L+100 | 1.10% | 3.87% | 10/23 | |||||||||||||||||||||||||||||
33-00 Northern Boulevard mortgage loan interest rate swap | 3,861 | 100,000 | L+180 | 1.91% | 4.14% | 1/25 | ||||||||||||||||||||||||||||||||
$ | 32,837 | $ | 850,000 |
(Amounts in thousands) | As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||
Variable Rate | ||||||||||||||||||||||||||||||||||||||
Hedged Item | Fair Value | Notional Amount | Spread over LIBOR | Interest Rate | Swapped Rate | Expiration Date | ||||||||||||||||||||||||||||||||
Included in other assets: | ||||||||||||||||||||||||||||||||||||||
Various interest rate caps | $ | 17 | $ | 175,000 | ||||||||||||||||||||||||||||||||||
Included in other liabilities: | ||||||||||||||||||||||||||||||||||||||
Unsecured term loan interest rate swap | $ | 57,723 | $ | 750,000 | (1) | L+100 | 1.15% | 3.87% | 10/23 | |||||||||||||||||||||||||||||
33-00 Northern Boulevard mortgage loan interest rate swap | 8,310 | 100,000 | L+180 | 1.95% | 4.14% | 1/25 | ||||||||||||||||||||||||||||||||
$ | 66,033 | $ | 850,000 |
(Amounts in thousands) | As of December 31, 2020 | ||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Real estate assets | $ | 191,116 | $ | 0 | $ | 0 | $ | 191,116 |
(Amounts in thousands) | (Amounts in thousands) | As of June 30, 2021 | As of December 31, 2020 | (Amounts in thousands) | As of March 31, 2022 | As of December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | Cash equivalents | $ | 1,770,459 | $ | 1,770,000 | $ | 1,476,427 | $ | 1,476,000 | Cash equivalents | $ | 588,242 | $ | 588,000 | $ | 1,346,684 | $ | 1,347,000 | ||||||||||||||||||||||||||||||||||
Debt: | Debt: | Debt: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages payable | $ | 5,585,015 | $ | 5,586,000 | $ | 5,608,458 | $ | 5,612,000 | Mortgages payable | $ | 6,093,815 | $ | 5,997,000 | $ | 6,099,215 | $ | 6,052,000 | |||||||||||||||||||||||||||||||||||
Senior unsecured notes | 1,200,000 | 1,247,000 | 450,000 | 476,000 | Senior unsecured notes | 1,200,000 | 1,152,000 | 1,200,000 | 1,230,000 | |||||||||||||||||||||||||||||||||||||||||||
Unsecured term loan | 800,000 | 800,000 | 800,000 | 800,000 | Unsecured term loan | 800,000 | 800,000 | 800,000 | 800,000 | |||||||||||||||||||||||||||||||||||||||||||
Unsecured revolving credit facilities | 575,000 | 575,000 | 575,000 | 575,000 | Unsecured revolving credit facilities | 575,000 | 575,000 | 575,000 | 575,000 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 8,160,015 | (1) | $ | 8,208,000 | $ | 7,433,458 | (1) | $ | 7,463,000 | Total | $ | 8,668,815 | (1) | $ | 8,524,000 | $ | 8,674,215 | (1) | $ | 8,657,000 |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
608 Fifth Avenue lease liability extinguishment gain | $ | 0 | $ | 70,260 | $ | 0 | $ | 70,260 | |||||||||||||||
Transaction related costs and other | (106) | (1,039) | (949) | (1,110) | |||||||||||||||||||
$ | (106) | $ | 69,221 | $ | (949) | $ | 69,150 |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Interest on loans receivable | $ | 558 | $ | 810 | $ | 1,118 | $ | 2,236 | |||||||||||||||
Interest on cash and cash equivalents and restricted cash | 78 | 1,498 | 140 | 5,464 | |||||||||||||||||||
Credit losses on loans receivable | 0 | (6,108) | 0 | (13,369) | |||||||||||||||||||
Market-to-market decrease in the fair value of marketable security (sold on January 23, 2020) | 0 | 0 | 0 | (4,938) | |||||||||||||||||||
Other, net | 903 | 907 | 1,803 | 1,810 | |||||||||||||||||||
Total | $ | 1,539 | $ | (2,893) | $ | 3,061 | $ | (8,797) |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Interest expense | $ | 58,259 | $ | 63,545 | $ | 113,910 | $ | 130,180 | |||||||||||||||
Capitalized interest and debt expense | (10,779) | (9,446) | (21,046) | (21,501) | |||||||||||||||||||
Amortization of deferred financing costs | 4,414 | 4,306 | 9,094 | 8,568 | |||||||||||||||||||
$ | 51,894 | $ | 58,405 | $ | 101,958 | $ | 117,247 |
(Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Interest on loans receivable | $ | 825 | $ | 560 | |||||||||||||||||||
Amortization of discount on investments in U.S. Treasury bills | 129 | — | |||||||||||||||||||||
Interest on cash and cash equivalents and restricted cash | 64 | 62 | |||||||||||||||||||||
Other, net | — | 900 | |||||||||||||||||||||
$ | 1,018 | $ | 1,522 |
(Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Interest expense | $ | 50,801 | $ | 55,651 | |||||||||||||||||||
Capitalized interest and debt expense | (3,520) | (10,267) | |||||||||||||||||||||
Amortization of deferred financing costs | 4,828 | 4,680 | |||||||||||||||||||||
$ | 52,109 | $ | 50,064 |
(Amounts in thousands, except per share amounts) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income (loss) attributable to Vornado | $ | 64,512 | $ | (185,220) | $ | 85,062 | $ | (167,726) | |||||||||||||||
Preferred share dividends | (16,467) | (12,530) | (32,934) | (25,061) | |||||||||||||||||||
Net income (loss) attributable to common shareholders | 48,045 | (197,750) | 52,128 | (192,787) | |||||||||||||||||||
Earnings allocated to unvested participating securities | (9) | (18) | (18) | (69) | |||||||||||||||||||
Numerator for basic and diluted income (loss) per share | $ | 48,036 | $ | (197,768) | $ | 52,110 | $ | (192,856) | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Denominator for basic income (loss) per share – weighted average shares | 191,527 | 191,104 | 191,473 | 191,071 | |||||||||||||||||||
Effect of dilutive securities(1): | |||||||||||||||||||||||
Out-Performance Plan units | 830 | 0 | 719 | 0 | |||||||||||||||||||
AO LTIP units | 18 | 0 | 11 | 0 | |||||||||||||||||||
Employee stock options and restricted stock awards | 5 | 0 | 4 | 0 | |||||||||||||||||||
Denominator for diluted income (loss) per share – weighted average shares and assumed conversions | 192,380 | 191,104 | 192,207 | 191,071 | |||||||||||||||||||
INCOME (LOSS) PER COMMON SHARE - BASIC: | |||||||||||||||||||||||
Net income (loss) per common share | $ | 0.25 | $ | (1.03) | $ | 0.27 | $ | (1.01) | |||||||||||||||
INCOME (LOSS) PER COMMON SHARE - DILUTED: | |||||||||||||||||||||||
Net income (loss) per common share | $ | 0.25 | $ | (1.03) | $ | 0.27 | $ | (1.01) |
(Amounts in thousands, except per share amounts) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income attributable to Vornado | $ | 42,007 | $ | 20,550 | |||||||||||||||||||
Preferred share dividends | (15,529) | (16,467) | |||||||||||||||||||||
Net income attributable to common shareholders | 26,478 | 4,083 | |||||||||||||||||||||
Earnings allocated to unvested participating securities | (5) | (9) | |||||||||||||||||||||
Numerator for basic and diluted income per share | $ | 26,473 | $ | 4,074 | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Denominator for basic income per share – weighted average shares | 191,724 | 191,418 | |||||||||||||||||||||
Effect of dilutive securities(1): | |||||||||||||||||||||||
Share-based payment awards | 314 | 613 | |||||||||||||||||||||
Denominator for diluted income per share – weighted average shares and assumed conversions | 192,038 | 192,031 | |||||||||||||||||||||
INCOME PER COMMON SHARE - BASIC: | |||||||||||||||||||||||
Net income per common share | $ | 0.14 | $ | 0.02 | |||||||||||||||||||
INCOME PER COMMON SHARE - DILUTED: | |||||||||||||||||||||||
Net income per common share | $ | 0.14 | $ | 0.02 |
(Amounts in thousands, except per unit amounts) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income (loss) attributable to Vornado Realty L.P. | $ | 68,048 | $ | (199,584) | $ | 88,927 | $ | (181,700) | |||||||||||||||
Preferred unit distributions | (16,508) | (12,571) | (33,016) | (25,143) | |||||||||||||||||||
Net income (loss) attributable to Class A unitholders | 51,540 | (212,155) | 55,911 | (206,843) | |||||||||||||||||||
Earnings allocated to unvested participating securities | (664) | (1,439) | (1,385) | (6,357) | |||||||||||||||||||
Numerator for basic and diluted income (loss) per Class A unit | $ | 50,876 | $ | (213,594) | $ | 54,526 | $ | (213,200) | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Denominator for basic income (loss) per Class A unit – weighted average units | 204,621 | 203,512 | 204,560 | 203,441 | |||||||||||||||||||
Effect of dilutive securities(1): | |||||||||||||||||||||||
Vornado stock options, Vornado restricted stock awards, OP Units, AO LTIP Units and OPPs | 1,193 | 0 | 1,012 | 0 | |||||||||||||||||||
Denominator for diluted income (loss) per Class A unit – weighted average units and assumed conversions | 205,814 | 203,512 | 205,572 | 203,441 | |||||||||||||||||||
INCOME (LOSS) PER CLASS A UNIT - BASIC: | |||||||||||||||||||||||
Net income (loss) per Class A unit | $ | 0.25 | $ | (1.05) | $ | 0.27 | $ | (1.05) | |||||||||||||||
INCOME (LOSS) PER CLASS A UNIT - DILUTED: | |||||||||||||||||||||||
Net income (loss) per Class A unit | $ | 0.25 | $ | (1.05) | $ | 0.27 | $ | (1.05) |
(Amounts in thousands, except per unit amounts) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | $ | 44,001 | $ | 20,879 | |||||||||||||||||||
Preferred unit distributions | (15,558) | (16,508) | |||||||||||||||||||||
Net income attributable to Class A unitholders | 28,443 | 4,371 | |||||||||||||||||||||
Earnings allocated to unvested participating securities | (639) | (721) | |||||||||||||||||||||
Numerator for basic and diluted income per Class A unit | $ | 27,804 | $ | 3,650 | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Denominator for basic income per Class A unit – weighted average units | 205,141 | 204,072 | |||||||||||||||||||||
Effect of dilutive securities(1): | |||||||||||||||||||||||
Share-based payment awards | 755 | 829 | |||||||||||||||||||||
Denominator for diluted income per Class A unit – weighted average units and assumed conversions | 205,896 | 204,901 | |||||||||||||||||||||
INCOME PER CLASS A UNIT - BASIC: | |||||||||||||||||||||||
Net income per Class A unit | $ | 0.14 | $ | 0.02 | |||||||||||||||||||
INCOME PER CLASS A UNIT - DILUTED: | |||||||||||||||||||||||
Net income per Class A unit | $ | 0.14 | $ | 0.02 |
(Amounts in thousands) | For the Three Months Ended March 31, 2022 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 442,130 | $ | 358,548 | $ | 83,582 | |||||||||||
Operating expenses | (216,529) | (177,535) | (38,994) | ||||||||||||||
NOI - consolidated | 225,601 | 181,013 | 44,588 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (20,035) | (13,310) | (6,725) | ||||||||||||||
Add: NOI from partially owned entities | 78,692 | 75,964 | 2,728 | ||||||||||||||
NOI at share | 284,258 | 243,667 | 40,591 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (3,130) | (3,975) | 845 | ||||||||||||||
NOI at share - cash basis | $ | 281,128 | $ | 239,692 | $ | 41,436 |
(Amounts in thousands) | For the Three Months Ended March 31, 2021 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 379,977 | $ | 303,971 | $ | 76,006 | |||||||||||
Operating expenses | (190,979) | (160,985) | (29,994) | ||||||||||||||
NOI - consolidated | 188,998 | 142,986 | 46,012 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (17,646) | (8,621) | (9,025) | ||||||||||||||
Add: NOI from partially owned entities | 78,756 | 76,773 | 1,983 | ||||||||||||||
NOI at share | 250,108 | 211,138 | 38,970 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (1,198) | (973) | (225) | ||||||||||||||
NOI at share - cash basis | $ | 248,910 | $ | 210,165 | $ | 38,745 |
(Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Net income | $ | 53,375 | $ | 26,993 | |||||||||||||||||||
Depreciation and amortization expense | 117,443 | 95,354 | |||||||||||||||||||||
General and administrative expense | 41,216 | 44,186 | |||||||||||||||||||||
Transaction related costs and other | 1,005 | 843 | |||||||||||||||||||||
Income from partially owned entities | (33,714) | (29,073) | |||||||||||||||||||||
(Income) loss from real estate fund investments | (5,674) | 169 | |||||||||||||||||||||
Interest and other investment income, net | (1,018) | (1,522) | |||||||||||||||||||||
Interest and debt expense | 52,109 | 50,064 | |||||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | (6,552) | — | |||||||||||||||||||||
Income tax expense | 7,411 | 1,984 | |||||||||||||||||||||
NOI from partially owned entities | 78,692 | 78,756 | |||||||||||||||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (20,035) | (17,646) | |||||||||||||||||||||
NOI at share | 284,258 | 250,108 | |||||||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (3,130) | (1,198) | |||||||||||||||||||||
NOI at share - cash basis | $ | 281,128 | $ | 248,910 |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income (loss) | $ | 76,832 | $ | (217,352) | $ | 103,825 | $ | (321,855) | |||||||||||||||
Depreciation and amortization expense | 89,777 | 92,805 | 185,131 | 185,598 | |||||||||||||||||||
General and administrative expense | 30,602 | 35,014 | 74,788 | 87,848 | |||||||||||||||||||
Transaction related costs and other (lease liability extinguishment gain) | 106 | (69,221) | 949 | (69,150) | |||||||||||||||||||
(Income) loss from partially owned entities | (31,426) | 291,873 | (60,499) | 272,770 | |||||||||||||||||||
(Income) loss from real estate fund investments | (5,342) | 28,042 | (5,173) | 211,505 | |||||||||||||||||||
Interest and other investment (income) loss, net | (1,539) | 2,893 | (3,061) | 8,797 | |||||||||||||||||||
Interest and debt expense | 51,894 | 58,405 | 101,958 | 117,247 | |||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | (25,724) | (55,695) | (25,724) | (124,284) | |||||||||||||||||||
Income tax expense | 2,841 | 1,837 | 4,825 | 14,650 | |||||||||||||||||||
NOI from partially owned entities | 77,235 | 69,487 | 155,991 | 151,368 | |||||||||||||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (15,689) | (15,448) | (33,335) | (30,941) | |||||||||||||||||||
NOI at share | 249,567 | 222,640 | 499,675 | 503,553 | |||||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 846 | 34,190 | (352) | 37,266 | |||||||||||||||||||
NOI at share - cash basis | $ | 250,413 | $ | 256,830 | $ | 499,323 | $ | 540,819 |
(Amounts in thousands) | For the Three Months Ended June 30, 2021 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 378,941 | $ | 301,144 | $ | 77,797 | |||||||||||
Operating expenses | (190,920) | (156,033) | (34,887) | ||||||||||||||
NOI - consolidated | 188,021 | 145,111 | 42,910 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (15,689) | (8,473) | (7,216) | ||||||||||||||
Add: NOI from partially owned entities | 77,235 | 74,400 | 2,835 | ||||||||||||||
NOI at share | 249,567 | 211,038 | 38,529 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 846 | 541 | 305 | ||||||||||||||
NOI at share - cash basis | $ | 250,413 | $ | 211,579 | $ | 38,834 |
(Amounts in thousands) | For the Three Months Ended June 30, 2020 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 343,026 | $ | 270,628 | $ | 72,398 | |||||||||||
Operating expenses | (174,425) | (140,207) | (34,218) | ||||||||||||||
NOI - consolidated | 168,601 | 130,421 | 38,180 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (15,448) | (8,504) | (6,944) | ||||||||||||||
Add: NOI from partially owned entities | 69,487 | 67,051 | 2,436 | ||||||||||||||
NOI at share | 222,640 | 188,968 | 33,672 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 34,190 | 32,943 | 1,247 | ||||||||||||||
NOI at share - cash basis | $ | 256,830 | $ | 221,911 | $ | 34,919 |
(Amounts in thousands) | For the Six Months Ended June 30, 2021 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 758,918 | $ | 605,115 | $ | 153,803 | |||||||||||
Operating expenses | (381,899) | (317,018) | (64,881) | ||||||||||||||
NOI - consolidated | 377,019 | 288,097 | 88,922 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (33,335) | (17,094) | (16,241) | ||||||||||||||
Add: NOI from partially owned entities | 155,991 | 151,173 | 4,818 | ||||||||||||||
NOI at share | 499,675 | 422,176 | 77,499 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (352) | (432) | 80 | ||||||||||||||
NOI at share - cash basis | $ | 499,323 | $ | 421,744 | $ | 77,579 |
(Amounts in thousands) | For the Six Months Ended June 30, 2020 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 787,558 | $ | 626,243 | $ | 161,315 | |||||||||||
Operating expenses | (404,432) | (323,238) | (81,194) | ||||||||||||||
NOI - consolidated | 383,126 | 303,005 | 80,121 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (30,941) | (16,937) | (14,004) | ||||||||||||||
Add: NOI from partially owned entities | 151,368 | 145,459 | 5,909 | ||||||||||||||
NOI at share | 503,553 | 431,527 | 72,026 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 37,266 | 34,049 | 3,217 | ||||||||||||||
NOI at share - cash basis | $ | 540,819 | $ | 465,576 | $ | 75,243 |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Certain (income) expense items that impact net income (loss) attributable to common shareholders: | |||||||||||||||||||||||
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units | $ | (22,208) | $ | (49,005) | $ | (22,208) | $ | (108,916) | |||||||||||||||
Hotel Pennsylvania loss (temporarily closed on April 1, 2020, permanently closed on April 5, 2021) | 4,992 | 5,133 | 13,982 | 17,526 | |||||||||||||||||||
Our share of (income) loss from real estate fund investments | (1,639) | 6,089 | (1,899) | 62,247 | |||||||||||||||||||
Non-cash impairment loss on our investment in Fifth Avenue and Times Square JV, net of $467 attributable to noncontrolling interests | — | 305,859 | — | 305,859 | |||||||||||||||||||
608 Fifth Avenue non-cash lease liability extinguishment gain | — | (70,260) | — | (70,260) | |||||||||||||||||||
Credit losses on loans receivable resulting from a new GAAP accounting standard effective January 1, 2020 | — | 6,108 | — | 13,369 | |||||||||||||||||||
Mark-to-market decrease in Pennsylvania Real Estate Investment Trust common shares (sold on January 23, 2020) | — | — | — | 4,938 | |||||||||||||||||||
Other | (3,869) | 2,019 | (3,675) | 9,915 | |||||||||||||||||||
(22,724) | 205,943 | (13,800) | 234,678 | ||||||||||||||||||||
Noncontrolling interests' share of above adjustments | 1,483 | (12,556) | 922 | (14,307) | |||||||||||||||||||
Total of certain (income) expense items that impact net income (loss) attributable to common shareholders | $ | (21,241) | $ | 193,387 | $ | (12,878) | $ | 220,371 |
(Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Certain expense (income) items that impact net income attributable to common shareholders: | |||||||||||||||||||||||
Hotel Pennsylvania loss | $ | 8,929 | $ | 8,990 | |||||||||||||||||||
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units | (5,412) | — | |||||||||||||||||||||
Deferred tax liability on our investment in Farley Office and Retail (held through a taxable REIT subsidiary) | 3,173 | — | |||||||||||||||||||||
Other | (1,100) | (66) | |||||||||||||||||||||
5,590 | 8,924 | ||||||||||||||||||||||
Noncontrolling interests' share of above adjustments | (386) | (561) | |||||||||||||||||||||
Total of certain expense (income) items that impact net income attributable to common shareholders | $ | 5,204 | $ | 8,363 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | (Amounts in thousands) | For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions: | Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions: | 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 | After-tax net gain on sale of 220 CPS condominium units | $ | (22,208) | $ | (49,005) | $ | (22,208) | $ | (108,916) | After-tax net gain on sale of 220 CPS condominium units | $ | (5,412) | $ | — | ||||||||||||||||||||||||||||||||
Hotel Pennsylvania loss (temporarily closed on April 1, 2020, permanently closed on April 5, 2021) | 2,211 | 2,479 | 8,439 | 12,304 | ||||||||||||||||||||||||||||||||||||||||||
Our share of (income) loss from real estate fund investments | (1,639) | 6,089 | (1,899) | 62,247 | ||||||||||||||||||||||||||||||||||||||||||
608 Fifth Avenue non-cash lease liability extinguishment gain | — | (70,260) | — | (70,260) | ||||||||||||||||||||||||||||||||||||||||||
Credit losses on loans receivable resulting from a new GAAP accounting standard effective January 1, 2020 | — | 6,108 | — | 13,369 | ||||||||||||||||||||||||||||||||||||||||||
Deferred tax liability on our investment in Farley Office and Retail (held through a taxable REIT subsidiary) | Deferred tax liability on our investment in Farley Office and Retail (held through a taxable REIT subsidiary) | 3,173 | — | |||||||||||||||||||||||||||||||||||||||||||
Other | Other | 381 | 2,459 | 764 | 6,664 | Other | (549) | 6,351 | ||||||||||||||||||||||||||||||||||||||
(21,255) | (102,130) | (14,904) | (84,592) | (2,788) | 6,351 | |||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of above adjustments | Noncontrolling interests' share of above adjustments | 1,052 | 6,265 | 653 | 5,196 | Noncontrolling interests' share of above adjustments | 193 | (399) | ||||||||||||||||||||||||||||||||||||||
Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net | Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net | $ | (20,203) | $ | (95,865) | $ | (14,251) | $ | (79,396) | Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net | $ | (2,595) | $ | 5,952 |
Total | New York | theMART | 555 California Street | |||||||||||||||||||||||
Same store NOI at share % increase (decrease): | ||||||||||||||||||||||||||
Three months ended June 30, 2021 compared to June 30, 2020 | 13.6 | % | 14.9 | % | 3.4 | % | 8.9 | % | ||||||||||||||||||
Six months ended June 30, 2021 compared to June 30, 2020 | 1.3 | % | 1.5 | % | (5.1) | % | 6.7 | % | ||||||||||||||||||
Same store NOI at share - cash basis % increase (decrease) | ||||||||||||||||||||||||||
Three months ended June 30, 2021 compared to June 30, 2020 | 0.5 | % | (0.2) | % | 9.8 | % | (0.3) | % | ||||||||||||||||||
Six months ended June 30, 2021 compared to June 30, 2020 | (3.6) | % | (3.7) | % | (6.8) | % | 1.6 | % | ||||||||||||||||||
Three months ended March 31, 2022 compared to March 31, 2021 | Total | New York | theMART | 555 California Street | ||||||||||||||||||||||
Same store NOI at share % increase | 3.1 | % | 2.5 | % | 10.0 | % | 3.2 | % | ||||||||||||||||||
Same store NOI at share - cash basis % increase | 5.8 | % | 5.0 | % | 14.6 | % | 5.3 | % | ||||||||||||||||||
(Square feet in thousands) | (Square feet in thousands) | Square Feet (in service) | (Square feet in thousands) | Square Feet (in service) | ||||||||||||||||||||||||||||||||||||||||||||||||
Number of Properties | Total Portfolio | Our Share | Occupancy % | Number of Properties | Total Portfolio | Our Share | Occupancy % | |||||||||||||||||||||||||||||||||||||||||||||
New York: | New York: | New York: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Office | 33 | 18,542 | 15,509 | 91.1 | % | Office | 32 | (1) | 19,462 | 16,767 | 92.1 | % | |||||||||||||||||||||||||||||||||||||||
Retail (includes retail properties that are in the base of our office properties) | Retail (includes retail properties that are in the base of our office properties) | 65 | 2,225 | 1,748 | 77.3 | % | Retail (includes retail properties that are in the base of our office properties) | 58 | (1) | 2,213 | 1,781 | 80.4 | % | |||||||||||||||||||||||||||||||||||||||
Residential - 1,994 units(1) | 9 | 1,523 | 791 | 92.1 | % | (1) | ||||||||||||||||||||||||||||||||||||||||||||||
Residential - 1,983 units(2) | Residential - 1,983 units(2) | 7 | (1) | 1,510 | 777 | 96.4 | % | (2) | ||||||||||||||||||||||||||||||||||||||||||||
Alexander's | Alexander's | 7 | 2,219 | 719 | 95.2 | % | (1) | Alexander's | 6 | 2,218 | 719 | 96.2 | % | (2) | ||||||||||||||||||||||||||||||||||||||
24,509 | 18,767 | 90.0 | % | 25,403 | 20,044 | 91.2 | % | |||||||||||||||||||||||||||||||||||||||||||||
Other: | Other: | Other: | ||||||||||||||||||||||||||||||||||||||||||||||||||
theMART | theMART | 4 | 3,692 | 3,683 | 89.1 | % | theMART | 4 | 3,635 | 3,626 | 88.9 | % | ||||||||||||||||||||||||||||||||||||||||
555 California Street | 555 California Street | 3 | 1,740 | 1,219 | 97.8 | % | 555 California Street | 3 | 1,818 | 1,273 | 94.2 | % | ||||||||||||||||||||||||||||||||||||||||
Other | Other | 11 | 2,489 | 1,154 | 92.5 | % | Other | 11 | 2,489 | 1,154 | 92.9 | % | ||||||||||||||||||||||||||||||||||||||||
7,921 | 6,056 | 7,942 | 6,053 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total square feet as of June 30, 2021 | 32,430 | 24,823 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total square feet as of March 31, 2022 | Total square feet as of March 31, 2022 | 33,345 | 26,097 |
(Square feet in thousands) | (Square feet in thousands) | Square Feet (in service) | (Square feet in thousands) | Square Feet (in service) | ||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties | Total Portfolio | Our Share | Occupancy % | Number of properties | Total Portfolio | Our Share | Occupancy % | |||||||||||||||||||||||||||||||||||||||||||||
New York: | New York: | New York: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Office | 33 | 18,361 | 15,413 | 93.4 | % | Office | 32 | (1) | 19,442 | 16,757 | 92.2 | % | |||||||||||||||||||||||||||||||||||||||
Retail (includes retail properties that are in the base of our office properties) | Retail (includes retail properties that are in the base of our office properties) | 65 | 2,275 | 1,805 | 78.8 | % | Retail (includes retail properties that are in the base of our office properties) | 60 | (1) | 2,267 | 1,825 | 80.7 | % | |||||||||||||||||||||||||||||||||||||||
Residential - 1,995 units(1) | 9 | 1,526 | 793 | 84.9 | % | (1) | ||||||||||||||||||||||||||||||||||||||||||||||
Residential - 1,986 units(2) | Residential - 1,986 units(2) | 8 | (1) | 1,518 | 785 | 96.4 | % | (2) | ||||||||||||||||||||||||||||||||||||||||||||
Alexander's | Alexander's | 7 | 2,366 | 766 | 98.5 | % | (1) | Alexander's | 6 | 2,218 | 719 | 95.6 | % | (2) | ||||||||||||||||||||||||||||||||||||||
24,528 | 18,777 | 92.2 | % | 25,445 | 20,086 | 91.3 | % | |||||||||||||||||||||||||||||||||||||||||||||
Other: | Other: | Other: | ||||||||||||||||||||||||||||||||||||||||||||||||||
theMART | theMART | 4 | 3,692 | 3,683 | 89.5 | % | theMART | 4 | 3,692 | 3,683 | 88.9 | % | ||||||||||||||||||||||||||||||||||||||||
555 California Street | 555 California Street | 3 | 1,741 | 1,218 | 98.4 | % | 555 California Street | 3 | 1,818 | 1,273 | 93.8 | % | ||||||||||||||||||||||||||||||||||||||||
Other | Other | 11 | 2,489 | 1,154 | 92.8 | % | Other | 11 | 2,489 | 1,154 | 92.8 | % | ||||||||||||||||||||||||||||||||||||||||
7,922 | 6,055 | 7,999 | 6,110 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total square feet as of December 31, 2020 | 32,450 | 24,832 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total square feet as of December 31, 2021 | Total square feet as of December 31, 2021 | 33,444 | 26,196 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended June 30, 2021 | (Amounts in thousands) | For the Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 378,941 | $ | 301,144 | $ | 77,797 | Total revenues | $ | 442,130 | $ | 358,548 | $ | 83,582 | ||||||||||||||||||||
Operating expenses | Operating expenses | (190,920) | (156,033) | (34,887) | Operating expenses | (216,529) | (177,535) | (38,994) | ||||||||||||||||||||||||||
NOI - consolidated | NOI - consolidated | 188,021 | 145,111 | 42,910 | NOI - consolidated | 225,601 | 181,013 | 44,588 | ||||||||||||||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (15,689) | (8,473) | (7,216) | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (20,035) | (13,310) | (6,725) | ||||||||||||||||||||||||||
Add: NOI from partially owned entities | Add: NOI from partially owned entities | 77,235 | 74,400 | 2,835 | Add: NOI from partially owned entities | 78,692 | 75,964 | 2,728 | ||||||||||||||||||||||||||
NOI at share | NOI at share | 249,567 | 211,038 | 38,529 | NOI at share | 284,258 | 243,667 | 40,591 | ||||||||||||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 846 | 541 | 305 | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (3,130) | (3,975) | 845 | ||||||||||||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 250,413 | $ | 211,579 | $ | 38,834 | NOI at share - cash basis | $ | 281,128 | $ | 239,692 | $ | 41,436 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended June 30, 2020 | (Amounts in thousands) | For the Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 343,026 | $ | 270,628 | $ | 72,398 | Total revenues | $ | 379,977 | $ | 303,971 | $ | 76,006 | ||||||||||||||||||||
Operating expenses | Operating expenses | (174,425) | (140,207) | (34,218) | Operating expenses | (190,979) | (160,985) | (29,994) | ||||||||||||||||||||||||||
NOI - consolidated | NOI - consolidated | 168,601 | 130,421 | 38,180 | NOI - consolidated | 188,998 | 142,986 | 46,012 | ||||||||||||||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (15,448) | (8,504) | (6,944) | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (17,646) | (8,621) | (9,025) | ||||||||||||||||||||||||||
Add: NOI from partially owned entities | Add: NOI from partially owned entities | 69,487 | 67,051 | 2,436 | Add: NOI from partially owned entities | 78,756 | 76,773 | 1,983 | ||||||||||||||||||||||||||
NOI at share | NOI at share | 222,640 | 188,968 | 33,672 | NOI at share | 250,108 | 211,138 | 38,970 | ||||||||||||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 34,190 | 32,943 | 1,247 | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (1,198) | (973) | (225) | ||||||||||||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 256,830 | $ | 221,911 | $ | 34,919 | NOI at share - cash basis | $ | 248,910 | $ | 210,165 | $ | 38,745 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended June 30, | (Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
New York: | New York: | New York: | ||||||||||||||||||||
Office | Office | $ | 164,050 | $ | 161,444 | Office | $ | 177,809 | $ | 166,635 | ||||||||||||
Retail | Retail | 39,213 | 21,841 | Retail | 52,105 | 36,702 | ||||||||||||||||
Residential | Residential | 4,239 | 5,868 | Residential | 4,774 | 4,456 | ||||||||||||||||
Alexander's | Alexander's | 9,069 | 8,331 | Alexander's | 8,979 | 10,489 | ||||||||||||||||
Hotel Pennsylvania | Hotel Pennsylvania | (5,533) | (8,516) | Hotel Pennsylvania | — | (7,144) | ||||||||||||||||
Total New York | Total New York | 211,038 | 188,968 | Total New York | 243,667 | 211,138 | ||||||||||||||||
Other: | Other: | Other: | ||||||||||||||||||||
theMART | theMART | 18,412 | 17,803 | theMART | 19,914 | 18,107 | ||||||||||||||||
555 California Street | 555 California Street | 16,038 | 14,837 | 555 California Street | 16,235 | 16,064 | ||||||||||||||||
Other investments | Other investments | 4,079 | 1,032 | Other investments | 4,442 | 4,799 | ||||||||||||||||
Total Other | Total Other | 38,529 | 33,672 | Total Other | 40,591 | 38,970 | ||||||||||||||||
NOI at share | NOI at share | $ | 249,567 | $ | 222,640 | NOI at share | $ | 284,258 | $ | 250,108 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended June 30, | (Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
New York: | New York: | New York: | ||||||||||||||||||||
Office | Office | $ | 167,322 | $ | 175,438 | Office | $ | 177,827 | $ | 167,096 | ||||||||||||
Retail | Retail | 36,214 | 38,913 | Retail | 47,393 | 34,876 | ||||||||||||||||
Residential | Residential | 3,751 | 5,504 | Residential | 4,689 | 4,011 | ||||||||||||||||
Alexander's | Alexander's | 9,848 | 10,581 | Alexander's | 9,783 | 11,349 | ||||||||||||||||
Hotel Pennsylvania | Hotel Pennsylvania | (5,556) | (8,525) | Hotel Pennsylvania | — | (7,167) | ||||||||||||||||
Total New York | Total New York | 211,579 | 221,911 | Total New York | 239,692 | 210,165 | ||||||||||||||||
Other: | Other: | Other: | ||||||||||||||||||||
theMART | theMART | 19,501 | 17,765 | theMART | 20,436 | 17,840 | ||||||||||||||||
555 California Street | 555 California Street | 14,952 | 15,005 | 555 California Street | 16,360 | 15,855 | ||||||||||||||||
Other investments | Other investments | 4,381 | 2,149 | Other investments | 4,640 | 5,050 | ||||||||||||||||
Total Other | Total Other | 38,834 | 34,919 | Total Other | 41,436 | 38,745 | ||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 250,413 | $ | 256,830 | NOI at share - cash basis | $ | 281,128 | $ | 248,910 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended June 30, | (Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
Net income (loss) | $ | 76,832 | $ | (217,352) | ||||||||||||||||||
Net income | Net income | $ | 53,375 | $ | 26,993 | |||||||||||||||||
Depreciation and amortization expense | Depreciation and amortization expense | 89,777 | 92,805 | Depreciation and amortization expense | 117,443 | 95,354 | ||||||||||||||||
General and administrative expense | General and administrative expense | 30,602 | 35,014 | General and administrative expense | 41,216 | 44,186 | ||||||||||||||||
Transaction related costs and other (lease liability extinguishment gain) | 106 | (69,221) | ||||||||||||||||||||
(Income) loss from partially owned entities | (31,426) | 291,873 | ||||||||||||||||||||
Transaction related costs and other | Transaction related costs and other | 1,005 | 843 | |||||||||||||||||||
Income from partially owned entities | Income from partially owned entities | (33,714) | (29,073) | |||||||||||||||||||
(Income) loss from real estate fund investments | (Income) loss from real estate fund investments | (5,342) | 28,042 | (Income) loss from real estate fund investments | (5,674) | 169 | ||||||||||||||||
Interest and other investment (income) loss, net | (1,539) | 2,893 | ||||||||||||||||||||
Interest and other investment income, net | Interest and other investment income, net | (1,018) | (1,522) | |||||||||||||||||||
Interest and debt expense | Interest and debt expense | 51,894 | 58,405 | Interest and debt expense | 52,109 | 50,064 | ||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | Net gains on disposition of wholly owned and partially owned assets | (25,724) | (55,695) | Net gains on disposition of wholly owned and partially owned assets | (6,552) | — | ||||||||||||||||
Income tax expense | Income tax expense | 2,841 | 1,837 | Income tax expense | 7,411 | 1,984 | ||||||||||||||||
NOI from partially owned entities | NOI from partially owned entities | 77,235 | 69,487 | NOI from partially owned entities | 78,692 | 78,756 | ||||||||||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | NOI attributable to noncontrolling interests in consolidated subsidiaries | (15,689) | (15,448) | NOI attributable to noncontrolling interests in consolidated subsidiaries | (20,035) | (17,646) | ||||||||||||||||
NOI at share | NOI at share | 249,567 | 222,640 | NOI at share | 284,258 | 250,108 | ||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 846 | 34,190 | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (3,130) | (1,198) | ||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 250,413 | $ | 256,830 | NOI at share - cash basis | $ | 281,128 | $ | 248,910 |
For the Three Months Ended June 30, | For the Three Months Ended March 31, | |||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
Region: | Region: | Region: | ||||||||||||||||||||
New York City metropolitan area | New York City metropolitan area | 86 | % | 85 | % | New York City metropolitan area | 87 | % | 86 | % | ||||||||||||
Chicago, IL | Chicago, IL | 7 | % | 8 | % | Chicago, IL | 7 | % | 7 | % | ||||||||||||
San Francisco, CA | San Francisco, CA | 7 | % | 7 | % | San Francisco, CA | 6 | % | 7 | % | ||||||||||||
100 | % | 100 | % | 100 | % | 100 | % |
(Amounts in thousands) | Total | New York | Other | ||||||||||||||
Increase (decrease) due to: | |||||||||||||||||
Rental revenues: | |||||||||||||||||
Acquisitions, dispositions and other | $ | 9,419 | $ | 9,419 | $ | — | |||||||||||
Development and redevelopment | 22,710 | 22,710 | — | ||||||||||||||
Trade shows(1) | 5,144 | — | 5,144 | ||||||||||||||
Same store operations | 20,693 | 20,016 | 677 | ||||||||||||||
57,966 | 52,145 | 5,821 | |||||||||||||||
Fee and other income: | |||||||||||||||||
BMS cleaning fees | 4,214 | 4,763 | (549) | ||||||||||||||
Management and leasing fees | (2,600) | (2,555) | (45) | ||||||||||||||
Other income | 2,573 | 224 | 2,349 | ||||||||||||||
4,187 | 2,432 | 1,755 | |||||||||||||||
Total increase in revenues | $ | 62,153 | $ | 54,577 | $ | 7,576 |
(Amounts in thousands) | Total | New York | Other | ||||||||||||||
Increase (decrease) due to: | |||||||||||||||||
Operating: | |||||||||||||||||
Acquisitions, dispositions and other | $ | 2,430 | $ | 2,430 | $ | — | |||||||||||
Development and redevelopment | 5,661 | 5,336 | 325 | ||||||||||||||
Non-reimbursable expenses | 5,724 | 5,460 | 264 | ||||||||||||||
Trade shows(1) | 1,996 | — | 1,996 | ||||||||||||||
Hotel Pennsylvania(2) | (7,367) | (7,367) | — | ||||||||||||||
BMS expenses | 4,720 | 5,270 | (550) | ||||||||||||||
Same store operations | 12,386 | 5,421 | 6,965 | ||||||||||||||
25,550 | 16,550 | 9,000 | |||||||||||||||
Depreciation and amortization: | |||||||||||||||||
Acquisitions, dispositions and other | 11,481 | 11,481 | — | ||||||||||||||
Development and redevelopment | 12,299 | 12,299 | — | ||||||||||||||
Same store operations | (1,691) | (2,298) | 607 | ||||||||||||||
22,089 | 21,482 | 607 | |||||||||||||||
General and administrative | (2,970) | (2,078) | (892) | ||||||||||||||
Benefit from deferred compensation plan liability | (5,189) | — | (5,189) | ||||||||||||||
Transaction related costs and other | 162 | 575 | (413) | ||||||||||||||
Total increase in expenses | $ | 39,642 | $ | 36,529 | $ | 3,113 |
(Amounts in thousands) | Total | New York | Other | |||||||||||||||||
(Decrease) increase due to: | ||||||||||||||||||||
Rental revenues: | ||||||||||||||||||||
Acquisitions, dispositions and other | $ | (6,496) | $ | (6,345) | $ | (151) | ||||||||||||||
Development and redevelopment | (2,191) | (2,191) | — | |||||||||||||||||
Hotel Pennsylvania | 74 | 74 | — | |||||||||||||||||
Trade shows | — | — | — | |||||||||||||||||
Same store operations | 33,015 | 29,694 | 3,321 | |||||||||||||||||
24,402 | 21,232 | 3,170 | ||||||||||||||||||
Fee and other income: | ||||||||||||||||||||
BMS cleaning fees | 6,968 | 7,195 | (227) | |||||||||||||||||
Management and leasing fees | 1,236 | 1,387 | (151) | |||||||||||||||||
Other income | 3,309 | 702 | 2,607 | |||||||||||||||||
11,513 | 9,284 | 2,229 | ||||||||||||||||||
Total increase in revenues | $ | 35,915 | $ | 30,516 | $ | 5,399 |
(Amounts in thousands) | Total | New York | Other | ||||||||||||||||||||
Increase (decrease) due to: | |||||||||||||||||||||||
Operating: | |||||||||||||||||||||||
Acquisitions, dispositions and other | $ | 1,710 | $ | 1,710 | $ | — | |||||||||||||||||
Development and redevelopment | (1,259) | (1,259) | — | ||||||||||||||||||||
Non-reimbursable expenses | 759 | 1,339 | (580) | ||||||||||||||||||||
Hotel Pennsylvania | (2,354) | (2,354) | — | ||||||||||||||||||||
Trade shows | (1,905) | — | (1,905) | ||||||||||||||||||||
BMS expenses | 4,530 | 4,757 | (227) | ||||||||||||||||||||
Same store operations | 15,014 | 11,633 | 3,381 | ||||||||||||||||||||
16,495 | 15,826 | 669 | |||||||||||||||||||||
Depreciation and amortization: | |||||||||||||||||||||||
Acquisitions, dispositions and other | 86 | 86 | — | ||||||||||||||||||||
Development and redevelopment | (1,289) | (1,289) | — | ||||||||||||||||||||
Same store operations | (1,825) | (548) | (1,277) | ||||||||||||||||||||
(3,028) | (1,751) | (1,277) | |||||||||||||||||||||
General and administrative | (4,412) | (1) | (849) | (3,563) | |||||||||||||||||||
Benefit from deferred compensation plan liability | (2,978) | — | (2,978) | ||||||||||||||||||||
(Transaction related costs and other) lease liability extinguishment gain | 69,327 | 69,879 | (2) | (552) | |||||||||||||||||||
Total increase (decrease) in expenses | $ | 75,404 | $ | 83,105 | $ | (7,701) |
(Amounts in thousands) | (Amounts in thousands) | Percentage Ownership at June 30, 2021 | For the Three Months Ended June 30, | (Amounts in thousands) | Percentage Ownership at March 31, 2022 | For the Three Months Ended March 31, | ||||||||||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Our share of net income (loss): | ||||||||||||||||||||||||||||||||||
Our share of net income: | Our share of net income: | |||||||||||||||||||||||||||||||||
Fifth Avenue and Times Square JV: | Fifth Avenue and Times Square JV: | Fifth Avenue and Times Square JV: | ||||||||||||||||||||||||||||||||
Equity in net income | Equity in net income | 51.5% | $ | 10,037 | $ | 441 | Equity in net income | 51.5% | $ | 16,309 | $ | 9,606 | ||||||||||||||||||||||
Return on preferred equity, net of our share of the expense | Return on preferred equity, net of our share of the expense | 9,329 | 9,330 | Return on preferred equity, net of our share of the expense | 9,226 | 9,226 | ||||||||||||||||||||||||||||
Non-cash impairment loss | — | (306,326) | ||||||||||||||||||||||||||||||||
19,366 | (296,555) | 25,535 | 18,832 | |||||||||||||||||||||||||||||||
Alexander's | Alexander's | 32.4% | 10,287 | 5,151 | Alexander's | 32.4% | 5,691 | 6,304 | ||||||||||||||||||||||||||
Partially owned office buildings | Partially owned office buildings | Various | 3,758 | 810 | Partially owned office buildings | Various | 2,477 | 5,972 | ||||||||||||||||||||||||||
Other investments | Other investments | (1,985) | (1,279) | Other investments | 11 | (2,035) | ||||||||||||||||||||||||||||
$ | 31,426 | $ | (291,873) | $ | 33,714 | $ | 29,073 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended June 30, | (Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
Net investment income (loss) | $ | 5,637 | $ | (366) | ||||||||||||||||||
Net unrealized loss on held investments | (295) | (27,676) | ||||||||||||||||||||
Net unrealized income (loss) on held investments | Net unrealized income (loss) on held investments | $ | 5,672 | $ | (494) | |||||||||||||||||
Net investment income | Net investment income | 2 | 325 | |||||||||||||||||||
Income (loss) from real estate fund investments | Income (loss) from real estate fund investments | 5,342 | (28,042) | Income (loss) from real estate fund investments | 5,674 | (169) | ||||||||||||||||
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries | Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (3,703) | 21,953 | Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (3,964) | 429 | ||||||||||||||||
Income (loss) from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ | 1,639 | $ | (6,089) | ||||||||||||||||||
Income from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | Income from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ | 1,710 | $ | 260 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended June 30, | (Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
Interest on loans receivable | Interest on loans receivable | $ | 558 | $ | 810 | Interest on loans receivable | $ | 825 | $ | 560 | ||||||||||||
Amortization of discount on investments in U.S. Treasury bills | Amortization of discount on investments in U.S. Treasury bills | 129 | — | |||||||||||||||||||
Interest on cash and cash equivalents and restricted cash | Interest on cash and cash equivalents and restricted cash | 78 | 1,498 | Interest on cash and cash equivalents and restricted cash | 64 | 62 | ||||||||||||||||
Credit losses on loans receivable | — | (6,108) | ||||||||||||||||||||
Other, net | Other, net | — | 900 | |||||||||||||||||||
$ | 1,018 | $ | 1,522 | |||||||||||||||||||
Other, net | 903 | 907 | ||||||||||||||||||||
Total | $ | 1,539 | $ | (2,893) |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||||||||||||||
NOI at share for the three months ended June 30, 2021 | $ | 249,567 | $ | 211,038 | $ | 18,412 | $ | 16,038 | $ | 4,079 | ||||||||||||||||||||||
Less NOI at share from: | ||||||||||||||||||||||||||||||||
Development properties | (7,773) | (7,773) | — | — | — | |||||||||||||||||||||||||||
Hotel Pennsylvania (temporarily closed on April 1, 2020, permanently closed on April 5, 2021) | 5,533 | 5,533 | — | — | — | |||||||||||||||||||||||||||
Other non-same store income, net | (5,074) | (995) | — | — | (4,079) | |||||||||||||||||||||||||||
Same store NOI at share for the three months ended June 30, 2021 | $ | 242,253 | $ | 207,803 | $ | 18,412 | $ | 16,038 | $ | — | ||||||||||||||||||||||
NOI at share for the three months ended June 30, 2020 | $ | 222,640 | $ | 188,968 | $ | 17,803 | $ | 14,837 | $ | 1,032 | ||||||||||||||||||||||
Less NOI at share from: | ||||||||||||||||||||||||||||||||
Development properties | (7,578) | (7,578) | — | — | — | |||||||||||||||||||||||||||
Hotel Pennsylvania (temporarily closed on April 1, 2020, permanently closed on April 5, 2021) | 8,516 | 8,516 | — | — | — | |||||||||||||||||||||||||||
Other non-same store income, net | (10,261) | (9,120) | — | (109) | (1,032) | |||||||||||||||||||||||||||
Same store NOI at share for the three months ended June 30, 2020 | $ | 213,317 | $ | 180,786 | $ | 17,803 | $ | 14,728 | $ | — | ||||||||||||||||||||||
Increase in same store NOI at share | $ | 28,936 | $ | 27,017 | $ | 609 | $ | 1,310 | $ | — | ||||||||||||||||||||||
% increase in same store NOI at share | 13.6 | % | 14.9 | % | 3.4 | % | 8.9 | % | — | % | ||||||||||||||||||||||
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||||||||||||||
NOI at share - cash basis for the three months ended June 30, 2021 | $ | 250,413 | $ | 211,579 | $ | 19,501 | $ | 14,952 | $ | 4,381 | ||||||||||||||||||||||
Less NOI at share - cash basis from: | ||||||||||||||||||||||||||||||||
Development properties | (7,465) | (7,465) | — | — | — | |||||||||||||||||||||||||||
Hotel Pennsylvania (temporarily closed on April 1, 2020, permanently closed on April 5, 2021) | 5,556 | 5,556 | — | — | — | |||||||||||||||||||||||||||
Other non-same store income, net | (5,488) | (1,107) | — | — | (4,381) | |||||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended June 30, 2021 | $ | 243,016 | $ | 208,563 | $ | 19,501 | $ | 14,952 | $ | — | ||||||||||||||||||||||
NOI at share - cash basis for the three months ended June 30, 2020 | $ | 256,830 | $ | 221,911 | $ | 17,765 | $ | 15,005 | $ | 2,149 | ||||||||||||||||||||||
Less NOI at share - cash basis from: | ||||||||||||||||||||||||||||||||
Development properties | (9,623) | (9,623) | — | — | — | |||||||||||||||||||||||||||
Hotel Pennsylvania (temporarily closed on April 1, 2020, permanently closed on April 5, 2021) | 8,525 | 8,525 | — | — | — | |||||||||||||||||||||||||||
Other non-same store income, net | (14,021) | (11,869) | — | (3) | (2,149) | |||||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended June 30, 2020 | $ | 241,711 | $ | 208,944 | $ | 17,765 | $ | 15,002 | $ | — | ||||||||||||||||||||||
Increase (decrease) in same store NOI at share - cash basis | $ | 1,305 | $ | (381) | $ | 1,736 | $ | (50) | $ | — | ||||||||||||||||||||||
% increase (decrease) in same store NOI at share - cash basis | 0.5 | % | (0.2) | % | 9.8 | % | (0.3) | % | — | % | ||||||||||||||||||||||
(Amounts in thousands) | For the Six Months Ended June 30, 2021 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 758,918 | $ | 605,115 | $ | 153,803 | |||||||||||
Operating expenses | (381,899) | (317,018) | (64,881) | ||||||||||||||
NOI - consolidated | 377,019 | 288,097 | 88,922 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (33,335) | (17,094) | (16,241) | ||||||||||||||
Add: NOI from partially owned entities | 155,991 | 151,173 | 4,818 | ||||||||||||||
NOI at share | 499,675 | 422,176 | 77,499 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (352) | (432) | 80 | ||||||||||||||
NOI at share - cash basis | $ | 499,323 | $ | 421,744 | $ | 77,579 |
(Amounts in thousands) | For the Six Months Ended June 30, 2020 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 787,558 | $ | 626,243 | $ | 161,315 | |||||||||||
Operating expenses | (404,432) | (323,238) | (81,194) | ||||||||||||||
NOI - consolidated | 383,126 | 303,005 | 80,121 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (30,941) | (16,937) | (14,004) | ||||||||||||||
Add: NOI from partially owned entities | 151,368 | 145,459 | 5,909 | ||||||||||||||
NOI at share | 503,553 | 431,527 | 72,026 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 37,266 | 34,049 | 3,217 | ||||||||||||||
NOI at share - cash basis | $ | 540,819 | $ | 465,576 | $ | 75,243 |
(Amounts in thousands) | For the Six Months Ended June 30, | ||||||||||
2021 | 2020 | ||||||||||
New York: | |||||||||||
Office(1) | $ | 330,685 | $ | 344,649 | |||||||
Retail(2) | 75,915 | 73,859 | |||||||||
Residential | 8,695 | 12,068 | |||||||||
Alexander's | 19,558 | 18,823 | |||||||||
Hotel Pennsylvania | (12,677) | (17,872) | |||||||||
Total New York | 422,176 | 431,527 | |||||||||
Other: | |||||||||||
theMART | 36,519 | 38,916 | |||||||||
555 California Street | 32,102 | 30,068 | |||||||||
Other investments | 8,878 | 3,042 | |||||||||
Total Other | 77,499 | 72,026 | |||||||||
NOI at share | $ | 499,675 | $ | 503,553 |
(Amounts in thousands) | For the Six Months Ended June 30, | ||||||||||
2021 | 2020 | ||||||||||
New York: | |||||||||||
Office(1) | $ | 334,418 | $ | 362,473 | |||||||
Retail(2) | 71,090 | 87,954 | |||||||||
Residential | 7,762 | 11,363 | |||||||||
Alexander's | 21,197 | 21,675 | |||||||||
Hotel Pennsylvania | (12,723) | (17,889) | |||||||||
Total New York | 421,744 | 465,576 | |||||||||
Other: | |||||||||||
theMART | 37,341 | 40,470 | |||||||||
555 California Street | 30,807 | 30,440 | |||||||||
Other investments | 9,431 | 4,333 | |||||||||
Total Other | 77,579 | 75,243 | |||||||||
NOI at share - cash basis | $ | 499,323 | $ | 540,819 |
(Amounts in thousands) | For the Six Months Ended June 30, | ||||||||||
2021 | 2020 | ||||||||||
Net income (loss) | $ | 103,825 | $ | (321,855) | |||||||
Depreciation and amortization expense | 185,131 | 185,598 | |||||||||
General and administrative expense | 74,788 | 87,848 | |||||||||
Transaction related costs and other (lease liability extinguishment gain) | 949 | (69,150) | |||||||||
(Income) loss from partially owned entities | (60,499) | 272,770 | |||||||||
(Income) loss from real estate fund investments | (5,173) | 211,505 | |||||||||
Interest and other investment (income) loss, net | (3,061) | 8,797 | |||||||||
Interest and debt expense | 101,958 | 117,247 | |||||||||
Net gains on disposition of wholly owned and partially owned assets | (25,724) | (124,284) | |||||||||
Income tax expense | 4,825 | 14,650 | |||||||||
NOI from partially owned entities | 155,991 | 151,368 | |||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (33,335) | (30,941) | |||||||||
NOI at share | 499,675 | 503,553 | |||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (352) | 37,266 | |||||||||
NOI at share - cash basis | $ | 499,323 | $ | 540,819 |
For the Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Region: | |||||||||||
New York City metropolitan area | 86 | % | 86 | % | |||||||
Chicago, IL | 7 | % | 8 | % | |||||||
San Francisco, CA | 7 | % | 6 | % | |||||||
100 | % | 100 | % |
(Amounts in thousands) | Total | New York | Other | |||||||||||||||||
(Decrease) increase due to: | ||||||||||||||||||||
Rental revenues: | ||||||||||||||||||||
Acquisitions, dispositions and other | $ | (13,364) | $ | (13,356) | $ | (8) | ||||||||||||||
Development and redevelopment | (14,762) | (14,762) | — | |||||||||||||||||
Hotel Pennsylvania(1) | (9,444) | (9,444) | — | |||||||||||||||||
Trade shows(2) | (11,303) | — | (11,303) | |||||||||||||||||
Same store operations | 11,318 | 10,761 | 557 | |||||||||||||||||
(37,555) | (26,801) | (10,754) | ||||||||||||||||||
Fee and other income: | ||||||||||||||||||||
BMS cleaning fees | 2,979 | 2,714 | 265 | |||||||||||||||||
Management and leasing fees | 3,738 | 4,035 | (297) | |||||||||||||||||
Other income | 2,198 | (1,076) | 3,274 | |||||||||||||||||
8,915 | 5,673 | 3,242 | ||||||||||||||||||
Total decrease in revenues | $ | (28,640) | $ | (21,128) | $ | (7,512) |
(Amounts in thousands) | Total | New York | Other | |||||||||||||||||
Increase (decrease) due to: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Acquisitions, dispositions and other | $ | 440 | $ | 440 | $ | — | ||||||||||||||
Development and redevelopment | (8,035) | (8,035) | — | |||||||||||||||||
Non-reimbursable expenses | 3,491 | 3,623 | (132) | |||||||||||||||||
Hotel Pennsylvania(1) | (14,084) | (14,084) | — | |||||||||||||||||
Trade shows(2) | (12,774) | — | (12,774) | |||||||||||||||||
BMS expenses | 179 | (86) | 265 | |||||||||||||||||
Same store operations | 8,250 | 11,922 | (3,672) | |||||||||||||||||
(22,533) | (6,220) | (16,313) | ||||||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||
Acquisitions, dispositions and other | 122 | 122 | — | |||||||||||||||||
Development and redevelopment | (5,582) | (5,582) | — | |||||||||||||||||
Same store operations | 4,993 | 6,649 | (1,656) | |||||||||||||||||
(467) | 1,189 | (1,656) | ||||||||||||||||||
General and administrative | (13,060) | (3) | (4,025) | (9,035) | ||||||||||||||||
Expense from deferred compensation plan liability | 11,512 | — | 11,512 | |||||||||||||||||
(Transaction related costs and other) lease liability extinguishment gain | 70,099 | 69,879 | (4) | 220 | ||||||||||||||||
Total increase (decrease) in expenses | $ | 45,551 | $ | 60,823 | $ | (15,272) |
(Amounts in thousands) | Percentage Ownership at June 30, 2021 | For the Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | ||||||||||||||||
Our share of net income (loss): | |||||||||||||||||
Fifth Avenue and Times Square JV: | |||||||||||||||||
Equity in net income(1) | 51.5% | $ | 19,643 | $ | 5,937 | ||||||||||||
Return on preferred equity, net of our share of the expense | 18,555 | 18,496 | |||||||||||||||
Non-cash impairment loss | — | (306,326) | |||||||||||||||
38,198 | (281,893) | ||||||||||||||||
Alexander's(2) | 32.4% | 16,591 | 7,827 | ||||||||||||||
Partially owned office buildings(3) | Various | 9,730 | 2,132 | ||||||||||||||
Other investments(4) | (4,020) | (836) | |||||||||||||||
$ | 60,499 | $ | (272,770) |
(Amounts in thousands) | For the Six Months Ended June 30, | ||||||||||
2021 | 2020 | ||||||||||
Net investment income (loss) | $ | 5,962 | $ | (309) | |||||||
Net unrealized loss on held investments | (789) | (211,196) | |||||||||
Income (loss) from real estate fund investments | 5,173 | (211,505) | |||||||||
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (3,274) | 149,258 | |||||||||
Income (loss) from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ | 1,899 | $ | (62,247) |
(Amounts in thousands) | For the Six Months Ended June 30, | ||||||||||
2021 | 2020 | ||||||||||
Interest on loans receivable | $ | 1,118 | $ | 2,236 | |||||||
Interest on cash and cash equivalents and restricted cash | 140 | 5,464 | |||||||||
Credit losses on loans receivable | — | (13,369) | |||||||||
Market-to-market decrease in the fair value of marketable security (sold on January 23, 2020) | — | (4,938) | |||||||||
Other, net | 1,803 | 1,810 | |||||||||
$ | 3,061 | $ | (8,797) |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||||||||||||||
NOI at share for the six months ended June 30, 2021 | $ | 499,675 | $ | 422,176 | $ | 36,519 | $ | 32,102 | $ | 8,878 | ||||||||||||||||||||||
Less NOI at share from: | ||||||||||||||||||||||||||||||||
Development properties | (14,060) | (14,060) | — | — | — | |||||||||||||||||||||||||||
Hotel Pennsylvania (temporarily closed on April 1, 2020, permanently closed on April 5, 2021) | 12,677 | 12,677 | — | — | — | |||||||||||||||||||||||||||
Other non-same store (income) expense, net | (10,223) | (1,346) | — | 1 | (8,878) | |||||||||||||||||||||||||||
Same store NOI at share for the six months ended June 30, 2021 | $ | 488,069 | $ | 419,447 | $ | 36,519 | $ | 32,103 | $ | — | ||||||||||||||||||||||
NOI at share for the six months ended June 30, 2020 | $ | 503,553 | $ | 431,527 | $ | 38,916 | $ | 30,068 | $ | 3,042 | ||||||||||||||||||||||
Less NOI at share from: | ||||||||||||||||||||||||||||||||
Development properties | (20,750) | (20,750) | — | — | — | |||||||||||||||||||||||||||
Hotel Pennsylvania (temporarily closed on April 1, 2020, permanently closed on April 5, 2021) | 17,872 | 17,872 | — | |||||||||||||||||||||||||||||
Other non-same store (income) expense, net | (19,000) | (15,543) | (422) | 7 | (3,042) | |||||||||||||||||||||||||||
Same store NOI at share for the six months ended June 30, 2020 | $ | 481,675 | $ | 413,106 | $ | 38,494 | $ | 30,075 | $ | — | ||||||||||||||||||||||
Increase (decrease) in same store NOI at share | $ | 6,394 | $ | 6,341 | $ | (1,975) | $ | 2,028 | $ | — | ||||||||||||||||||||||
% increase (decrease) in same store NOI at share | 1.3 | % | 1.5 | % | (5.1) | % | 6.7 | % | — | % | ||||||||||||||||||||||
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share for the three months ended March 31, 2022 | $ | 284,258 | $ | 243,667 | $ | 19,914 | $ | 16,235 | $ | 4,442 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Change in ownership interest in One Park Avenue | (5,956) | (5,956) | — | — | — | ||||||||||||||||||||||||
Dispositions | 78 | 78 | — | — | — | ||||||||||||||||||||||||
Development properties | (20,860) | (20,860) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (6,454) | (2,012) | — | — | (4,442) | ||||||||||||||||||||||||
Same store NOI at share for the three months ended March 31, 2022 | $ | 251,066 | $ | 214,917 | $ | 19,914 | $ | 16,235 | $ | — | |||||||||||||||||||
NOI at share for the three months ended March 31, 2021 | $ | 250,108 | $ | 211,138 | $ | 18,107 | $ | 16,064 | $ | 4,799 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Dispositions | 741 | 741 | — | — | — | ||||||||||||||||||||||||
Development properties | (7,839) | (7,514) | — | (325) | — | ||||||||||||||||||||||||
Hotel Pennsylvania | 7,144 | 7,144 | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (6,694) | (1,895) | — | — | (4,799) | ||||||||||||||||||||||||
Same store NOI at share for the three months ended March 31, 2021 | $ | 243,460 | $ | 209,614 | $ | 18,107 | $ | 15,739 | $ | — | |||||||||||||||||||
Increase in same store NOI at share | $ | 7,606 | $ | 5,303 | $ | 1,807 | $ | 496 | $ | — | |||||||||||||||||||
% increase in same store NOI at share | 3.1 | % | 2.5 | % | 10.0 | % | 3.2 | % | 0.0 | % |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||||||||||||||
NOI at share - cash basis for the six months ended June 30, 2021 | $ | 499,323 | $ | 421,744 | $ | 37,341 | $ | 30,807 | $ | 9,431 | ||||||||||||||||||||||
Less NOI at share - cash basis from: | ||||||||||||||||||||||||||||||||
Development properties | (14,732) | (14,732) | — | — | — | |||||||||||||||||||||||||||
Hotel Pennsylvania (temporarily closed on April 1, 2020, permanently closed on April 5, 2021) | 12,723 | 12,723 | — | — | — | |||||||||||||||||||||||||||
Other non-same store (income) expense, net | (11,111) | (1,681) | — | 1 | (9,431) | |||||||||||||||||||||||||||
Same store NOI at share - cash basis for the six months ended June 30, 2021 | $ | 486,203 | $ | 418,054 | $ | 37,341 | $ | 30,808 | $ | — | ||||||||||||||||||||||
NOI at share - cash basis for the six months ended June 30, 2020 | $ | 540,819 | $ | 465,576 | $ | 40,470 | $ | 30,440 | $ | 4,333 | ||||||||||||||||||||||
Less NOI at share - cash basis from: | ||||||||||||||||||||||||||||||||
Development properties | (26,791) | (26,791) | — | — | — | |||||||||||||||||||||||||||
Hotel Pennsylvania (temporarily closed on April 1, 2020, permanently closed on April 5, 2021) | 17,889 | 17,889 | — | — | — | |||||||||||||||||||||||||||
Other non-same store income, net | (27,579) | (22,718) | (422) | (106) | (4,333) | |||||||||||||||||||||||||||
Same store NOI at share - cash basis for the six months ended June 30, 2020 | $ | 504,338 | $ | 433,956 | $ | 40,048 | $ | 30,334 | $ | — | ||||||||||||||||||||||
(Decrease) increase in same store NOI at share - cash basis | $ | (18,135) | $ | (15,902) | $ | (2,707) | $ | 474 | $ | — | ||||||||||||||||||||||
% (decrease) increase in same store NOI at share - cash basis | (3.6) | % | (3.7) | % | (6.8) | % | 1.6 | % | — | % | ||||||||||||||||||||||
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share - cash basis for the three months ended March 31, 2022 | $ | 281,128 | $ | 239,692 | $ | 20,436 | $ | 16,360 | $ | 4,640 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Change in ownership interest in One Park Avenue | (4,779) | (4,779) | — | — | — | ||||||||||||||||||||||||
Dispositions | 75 | 75 | — | — | — | ||||||||||||||||||||||||
Development properties | (13,929) | (13,929) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (7,094) | (2,454) | — | — | (4,640) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended March 31, 2022 | $ | 255,401 | $ | 218,605 | $ | 20,436 | $ | 16,360 | $ | — | |||||||||||||||||||
NOI at share - cash basis for the three months ended March 31, 2021 | $ | 248,910 | $ | 210,165 | $ | 17,840 | $ | 15,855 | $ | 5,050 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Dispositions | 1,353 | 1,353 | — | — | — | ||||||||||||||||||||||||
Development properties | (8,794) | (8,469) | — | (325) | — | ||||||||||||||||||||||||
Hotel Pennsylvania | 7,167 | 7,167 | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (7,167) | (2,117) | — | — | (5,050) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended March 31, 2021 | $ | 241,469 | $ | 208,099 | $ | 17,840 | $ | 15,530 | $ | — | |||||||||||||||||||
Increase in same store NOI at share - cash basis | $ | 13,932 | $ | 10,506 | $ | 2,596 | $ | 830 | $ | — | |||||||||||||||||||
% increase in same store NOI at share - cash basis | 5.8 | % | 5.0 | % | 14.6 | % | 5.3 | % | 0.0 | % |
(Amounts in thousands) | (Amounts in thousands) | For the Six Months Ended June 30, | Increase (Decrease) in Cash Flow | (Amounts in thousands) | For the Three Months Ended March 31, | Decrease in Cash Flow | ||||||||||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | $ | 472,709 | $ | 267,715 | $ | 204,994 | Net cash provided by operating activities | $ | 171,014 | $ | 224,185 | $ | (53,171) | ||||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (183,454) | (124,057) | (59,397) | Net cash used in investing activities | (794,635) | (56,539) | (738,096) | ||||||||||||||||||||||||||
Net cash provided by financing activities | 297,713 | 112,552 | 185,161 | |||||||||||||||||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (165,475) | (142,405) | (23,070) |
(Amounts in thousands) | (Amounts in thousands) | For the Six Months Ended June 30, | Increase (Decrease) in Cash Flow | (Amounts in thousands) | For the Three Months Ended March 31, | Increase (Decrease) in Cash Flow | ||||||||||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Purchase of U.S. Treasury bills | Purchase of U.S. Treasury bills | $ | (645,920) | $ | — | $ | (645,920) | |||||||||||||||||||||||||||
Development costs and construction in progress | Development costs and construction in progress | $ | (269,376) | $ | (319,294) | $ | 49,918 | Development costs and construction in progress | (209,738) | (130,318) | (79,420) | |||||||||||||||||||||||
Proceeds from sales of real estate | Proceeds from sales of real estate | 81,399 | — | 81,399 | ||||||||||||||||||||||||||||||
Additions to real estate | Additions to real estate | (30,900) | (27,410) | (3,490) | ||||||||||||||||||||||||||||||
Proceeds from sale of a condominium unit at 220 Central Park South | Proceeds from sale of a condominium unit at 220 Central Park South | 15,095 | — | 15,095 | ||||||||||||||||||||||||||||||
Investments in partially owned entities | Investments in partially owned entities | (4,571) | (4,816) | 245 | ||||||||||||||||||||||||||||||
Distributions of capital from partially owned entities | Distributions of capital from partially owned entities | 106,005 | 1,090 | 104,915 | Distributions of capital from partially owned entities | — | 106,005 | (106,005) | ||||||||||||||||||||||||||
Additions to real estate | (90,138) | (85,252) | (4,886) | |||||||||||||||||||||||||||||||
Proceeds from sale of condominium units at 220 Central Park South | 72,216 | 437,188 | (364,972) | |||||||||||||||||||||||||||||||
Investments in partially owned entities | (6,357) | (3,157) | (3,200) | |||||||||||||||||||||||||||||||
Proceeds from sales of real estate | 3,521 | — | 3,521 | |||||||||||||||||||||||||||||||
Proceeds from repayments of loans receivable | 675 | — | 675 | |||||||||||||||||||||||||||||||
Moynihan Train Hall expenditures | — | (183,007) | 183,007 | |||||||||||||||||||||||||||||||
Proceeds from sales of marketable securities | — | 28,375 | (28,375) | |||||||||||||||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | $ | (183,454) | $ | (124,057) | $ | (59,397) | Net cash used in investing activities | $ | (794,635) | $ | (56,539) | $ | (738,096) |
(Amounts in thousands) | (Amounts in thousands) | For the Six Months Ended June 30, | Increase (Decrease) in Cash Flow | (Amounts in thousands) | For the Three Months Ended March 31, | Increase (Decrease) in Cash Flow | ||||||||||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Proceeds from borrowings | $ | 2,298,007 | $ | 554,297 | $ | 1,743,710 | ||||||||||||||||||||||||||||
Repayments of borrowings | (1,573,443) | (11,347) | (1,562,096) | |||||||||||||||||||||||||||||||
Dividends paid on common shares/Distributions to Vornado | Dividends paid on common shares/Distributions to Vornado | (202,989) | (624,627) | 421,638 | Dividends paid on common shares/Distributions to Vornado | $ | (101,616) | $ | (101,467) | $ | (149) | |||||||||||||||||||||||
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (159,926) | (54,440) | (105,486) | Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (43,545) | (13,338) | (30,207) | ||||||||||||||||||||||||||
Dividends paid on preferred shares/Distributions to preferred unitholders | Dividends paid on preferred shares/Distributions to preferred unitholders | (32,934) | (37,593) | 4,659 | Dividends paid on preferred shares/Distributions to preferred unitholders | (15,529) | (16,467) | 938 | ||||||||||||||||||||||||||
Debt issuance costs | (32,875) | (143) | (32,732) | |||||||||||||||||||||||||||||||
Repayments of borrowings | Repayments of borrowings | (5,400) | (358,331) | 352,931 | ||||||||||||||||||||||||||||||
Contributions from noncontrolling interests in consolidated subsidiaries | Contributions from noncontrolling interests in consolidated subsidiaries | 1,547 | 98,268 | (96,721) | Contributions from noncontrolling interests in consolidated subsidiaries | 481 | — | 481 | ||||||||||||||||||||||||||
Proceeds received from exercise of Vornado stock options and other | Proceeds received from exercise of Vornado stock options and other | 440 | 5,267 | (4,827) | Proceeds received from exercise of Vornado stock options and other | 219 | 215 | 4 | ||||||||||||||||||||||||||
Repurchase of shares/Class A units related to stock compensation agreements and related tax withholdings and other | Repurchase of shares/Class A units related to stock compensation agreements and related tax withholdings and other | (114) | (137) | 23 | Repurchase of shares/Class A units related to stock compensation agreements and related tax withholdings and other | (85) | (113) | 28 | ||||||||||||||||||||||||||
Moynihan Train Hall reimbursement from Empire State Development | — | 183,007 | (183,007) | |||||||||||||||||||||||||||||||
Net cash provided by financing activities | $ | 297,713 | $ | 112,552 | $ | 185,161 | ||||||||||||||||||||||||||||
Proceeds from borrowings | Proceeds from borrowings | — | 350,000 | (350,000) | ||||||||||||||||||||||||||||||
Debt issuance costs | Debt issuance costs | — | (2,904) | 2,904 | ||||||||||||||||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | $ | (165,475) | $ | (142,405) | $ | (23,070) |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | |||||||||||||||||||
Expenditures to maintain assets | $ | 36,056 | $ | 29,076 | $ | 2,820 | $ | 4,160 | |||||||||||||||
Tenant improvements | 46,644 | 41,804 | 3,709 | 1,131 | |||||||||||||||||||
Leasing commissions | 13,082 | 5,991 | 271 | 6,820 | |||||||||||||||||||
Recurring tenant improvements, leasing commissions and other capital expenditures | 95,782 | 76,871 | 6,800 | 12,111 | |||||||||||||||||||
Non-recurring capital expenditures | 6,213 | 6,155 | 58 | — | |||||||||||||||||||
Total capital expenditures and leasing commissions | $ | 101,995 | $ | 83,026 | $ | 6,858 | $ | 12,111 | |||||||||||||||
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||||||||||||
Farley Office and Retail | $ | 115,432 | $ | 115,432 | $ | — | $ | — | $ | — | |||||||||||||||||||
PENN 1 | 81,924 | 81,924 | — | — | — | ||||||||||||||||||||||||
PENN 2 | 31,259 | 31,259 | — | — | — | ||||||||||||||||||||||||
220 CPS | 13,764 | — | — | — | 13,764 | ||||||||||||||||||||||||
345 Montgomery Street | 2,860 | — | — | 2,860 | — | ||||||||||||||||||||||||
Other | 24,137 | 23,694 | 443 | — | — | ||||||||||||||||||||||||
$ | 269,376 | $ | 252,309 | $ | 443 | $ | 2,860 | $ | 13,764 |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | |||||||||||||||||||
Expenditures to maintain assets | $ | 34,335 | $ | 28,900 | $ | 4,443 | $ | 992 | |||||||||||||||
Tenant improvements | 35,756 | 30,001 | 3,624 | 2,131 | |||||||||||||||||||
Leasing commissions | 15,360 | 11,415 | 3,173 | 772 | |||||||||||||||||||
Recurring tenant improvements, leasing commissions and other capital expenditures | 85,451 | 70,316 | 11,240 | 3,895 | |||||||||||||||||||
Non-recurring capital expenditures | 11,772 | 11,767 | 5 | — | |||||||||||||||||||
Total capital expenditures and leasing commissions | $ | 97,223 | $ | 82,083 | $ | 11,245 | $ | 3,895 | |||||||||||||||
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||||||||||||
Farley Office and Retail | $ | 127,998 | $ | 127,998 | $ | — | $ | — | $ | — | |||||||||||||||||||
220 CPS | 62,450 | — | — | — | 62,450 | ||||||||||||||||||||||||
PENN 1 | 48,565 | 48,565 | — | — | — | ||||||||||||||||||||||||
PENN 2 | 44,810 | 44,810 | — | — | — | ||||||||||||||||||||||||
345 Montgomery Street | 9,775 | — | — | 9,775 | — | ||||||||||||||||||||||||
Other | 25,696 | 23,877 | 1,808 | — | 11 | ||||||||||||||||||||||||
$ | 319,294 | $ | 245,250 | $ | 1,808 | $ | 9,775 | $ | 62,461 |
(Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | (Amounts in thousands, except per share amounts) | For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Reconciliation of net income (loss) attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions: | ||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | 48,045 | $ | (197,750) | $ | 52,128 | $ | (192,787) | ||||||||||||||||||||||||||||||||||||||
Reconciliation of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions: | Reconciliation of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions: | |||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to common shareholders | Net income attributable to common shareholders | $ | 26,478 | $ | 4,083 | |||||||||||||||||||||||||||||||||||||||||
Per diluted share | Per diluted share | $ | 0.25 | $ | (1.03) | $ | 0.27 | $ | (1.01) | Per diluted share | $ | 0.14 | $ | 0.02 | ||||||||||||||||||||||||||||||||
FFO adjustments: | FFO adjustments: | FFO adjustments: | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization of real property | Depreciation and amortization of real property | $ | 82,396 | $ | 85,179 | $ | 170,115 | $ | 170,315 | Depreciation and amortization of real property | $ | 105,962 | $ | 87,719 | ||||||||||||||||||||||||||||||||
Decrease in fair value of marketable securities | — | — | — | 4,938 | ||||||||||||||||||||||||||||||||||||||||||
Proportionate share of adjustments to equity in net income (loss) of partially owned entities to arrive at FFO: | ||||||||||||||||||||||||||||||||||||||||||||||
Net gain on sale of real estate | Net gain on sale of real estate | (551) | — | |||||||||||||||||||||||||||||||||||||||||||
Proportionate share of adjustments to equity in net income 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 | Depreciation and amortization of real property | 34,846 | 39,736 | 69,704 | 80,159 | Depreciation and amortization of real property | 32,139 | 34,858 | ||||||||||||||||||||||||||||||||||||||
Net gain on sale of real estate | (3,052) | — | (3,052) | — | ||||||||||||||||||||||||||||||||||||||||||
(Increase) decrease in fair value of marketable securities | (1,216) | (565) | (1,405) | 3,126 | ||||||||||||||||||||||||||||||||||||||||||
Non-cash impairment loss on our investment in Fifth Avenue and Times Square JV, net of $467 of noncontrolling interests | — | 305,859 | — | 305,859 | ||||||||||||||||||||||||||||||||||||||||||
Increase in fair value of marketable securities | Increase in fair value of marketable securities | — | (189) | |||||||||||||||||||||||||||||||||||||||||||
112,974 | 430,209 | 235,362 | 564,397 | 137,550 | 122,388 | |||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of above adjustments | Noncontrolling interests' share of above adjustments | (7,666) | (29,215) | (15,741) | (38,019) | Noncontrolling interests' share of above adjustments | (9,506) | (8,075) | ||||||||||||||||||||||||||||||||||||||
FFO adjustments, net | FFO adjustments, net | $ | 105,308 | $ | 400,994 | $ | 219,621 | $ | 526,378 | FFO adjustments, net | $ | 128,044 | $ | 114,313 | ||||||||||||||||||||||||||||||||
FFO attributable to common shareholders | FFO attributable to common shareholders | $ | 153,353 | $ | 203,244 | $ | 271,749 | $ | 333,591 | FFO attributable to common shareholders | $ | 154,522 | $ | 118,396 | ||||||||||||||||||||||||||||||||
Convertible preferred share dividends | 11 | 12 | 22 | 25 | ||||||||||||||||||||||||||||||||||||||||||
Impact of assumed conversion of dilutive convertible securities | Impact of assumed conversion of dilutive convertible securities | 386 | 11 | |||||||||||||||||||||||||||||||||||||||||||
FFO attributable to common shareholders plus assumed conversions | FFO attributable to common shareholders plus assumed conversions | $ | 153,364 | $ | 203,256 | $ | 271,771 | $ | 333,616 | FFO attributable to common shareholders plus assumed conversions | $ | 154,908 | $ | 118,407 | ||||||||||||||||||||||||||||||||
Per diluted share | Per diluted share | $ | 0.80 | $ | 1.06 | $ | 1.41 | $ | 1.75 | Per diluted share | $ | 0.80 | $ | 0.62 | ||||||||||||||||||||||||||||||||
Reconciliation of weighted average shares outstanding: | Reconciliation of weighted average shares outstanding: | Reconciliation of weighted average shares outstanding: | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding | Weighted average common shares outstanding | 191,527 | 191,104 | 191,473 | 191,071 | Weighted average common shares outstanding | 191,724 | 191,418 | ||||||||||||||||||||||||||||||||||||||
Effect of dilutive securities: | Effect of dilutive securities: | Effect of dilutive securities: | ||||||||||||||||||||||||||||||||||||||||||||
Out-Performance Plan units | 830 | — | 719 | — | ||||||||||||||||||||||||||||||||||||||||||
Convertible preferred shares | 26 | 28 | 26 | 29 | ||||||||||||||||||||||||||||||||||||||||||
AO LTIP units | 18 | — | 11 | 5 | ||||||||||||||||||||||||||||||||||||||||||
Employee stock options and restricted stock awards | 5 | — | 4 | 2 | ||||||||||||||||||||||||||||||||||||||||||
Convertible securities | Convertible securities | 1,136 | (1) | 26 | ||||||||||||||||||||||||||||||||||||||||||
Share-based payment awards | Share-based payment awards | 314 | 613 | |||||||||||||||||||||||||||||||||||||||||||
Denominator for FFO per diluted share | Denominator for FFO per diluted share | 192,406 | 191,132 | 192,233 | 191,107 | Denominator for FFO per diluted share | 193,174 | 192,057 |
(Amounts in thousands, except per share and per unit amounts) | 2021 | 2020 | |||||||||||||||||||||||||||
June 30, Balance | Weighted Average Interest Rate | Effect of 1% Change in Base Rates | December 31, Balance | Weighted Average Interest Rate | |||||||||||||||||||||||||
Consolidated debt: | |||||||||||||||||||||||||||||
Variable rate | $ | 3,070,015 | 1.62% | $ | 30,700 | $ | 3,220,815 | 1.83% | |||||||||||||||||||||
Fixed rate | 5,090,000 | 3.19% | — | 4,212,643 | 3.70% | ||||||||||||||||||||||||
$ | 8,160,015 | 2.60% | 30,700 | $ | 7,433,458 | 2.89% | |||||||||||||||||||||||
Pro rata share of debt of non-consolidated entities: | |||||||||||||||||||||||||||||
Variable rate | $ | 1,545,141 | 1.65% | 15,451 | $ | 1,384,710 | (1) | 1.80% | |||||||||||||||||||||
Fixed rate | 1,454,932 | 3.73% | — | 1,488,464 | 3.76% | ||||||||||||||||||||||||
$ | 3,000,073 | 2.66% | 15,451 | $ | 2,873,174 | 2.81% | |||||||||||||||||||||||
Noncontrolling interests' share of consolidated subsidiaries | (3,971) | ||||||||||||||||||||||||||||
Total change in annual net income attributable to the Operating Partnership | 42,180 | ||||||||||||||||||||||||||||
Noncontrolling interests’ share of the Operating Partnership | (2,860) | ||||||||||||||||||||||||||||
Total change in annual net income attributable to Vornado | $ | 39,320 | |||||||||||||||||||||||||||
Total change in annual net income attributable to the Operating Partnership per diluted Class A unit | $ | 0.21 | |||||||||||||||||||||||||||
Total change in annual net income attributable to Vornado per diluted share | $ | 0.20 |
(Amounts in thousands, except per share and per unit amounts) | 2022 | 2021 | |||||||||||||||||||||||||||
March 31, Balance | Weighted Average Interest Rate | Effect of 1% Change in Base Rates | December 31, Balance | Weighted Average Interest Rate | |||||||||||||||||||||||||
Consolidated debt: | |||||||||||||||||||||||||||||
Variable rate | $ | 4,528,815 | 1.85% | $ | 45,288 | $ | 4,534,215 | 1.59% | |||||||||||||||||||||
Fixed rate | 4,140,000 | 3.06% | — | 4,140,000 | 3.06% | ||||||||||||||||||||||||
$ | 8,668,815 | 2.43% | 45,288 | $ | 8,674,215 | 2.29% | |||||||||||||||||||||||
Pro rata share of debt of non-consolidated entities: | |||||||||||||||||||||||||||||
Variable rate | $ | 1,268,884 | 1.99% | 12,689 | $ | 1,267,224 | 1.78% | ||||||||||||||||||||||
Fixed rate | 1,432,075 | 3.72% | — | 1,432,181 | 3.72% | ||||||||||||||||||||||||
$ | 2,700,959 | 2.91% | 12,689 | $ | 2,699,405 | 2.81% | |||||||||||||||||||||||
Noncontrolling interests' share of consolidated subsidiaries | (6,821) | ||||||||||||||||||||||||||||
Total change in annual net income attributable to the Operating Partnership | 51,156 | ||||||||||||||||||||||||||||
Noncontrolling interests’ share of the Operating Partnership | (3,535) | ||||||||||||||||||||||||||||
Total change in annual net income attributable to Vornado | $ | 47,621 | |||||||||||||||||||||||||||
Total change in annual net income attributable to the Operating Partnership per Class A unit | $ | 0.25 | |||||||||||||||||||||||||||
Total change in annual net income attributable to Vornado per common share | $ | 0.25 |
(Amounts in thousands) | (Amounts in thousands) | As of June 30, 2021 | (Amounts in thousands) | As of March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Rate | Variable Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedged Item | Hedged Item | Fair Value | Notional Amount | Spread over LIBOR | Interest Rate | Swapped Rate | Expiration Date | Hedged Item | Fair Value | Notional Amount | Spread over LIBOR | Interest Rate | Swapped Rate | Expiration Date | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Included in other assets: | Included in other assets: | Included in other assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
555 California Street mortgage loan interest rate swap | 555 California Street mortgage loan interest rate swap | $ | 3,041 | $ | 840,000 | (2) | L+193 | 2.01% | 2.26% | 5/24 | 555 California Street mortgage loan interest rate swap | $ | 36,322 | $ | 840,000 | (1) | L+193 | 2.33% | 2.26% | 5/24 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PENN 11 mortgage loan interest rate swap | PENN 11 mortgage loan interest rate swap | 1,858 | 500,000 | L+275 | 2.83% | 3.03% | 3/24 | PENN 11 mortgage loan interest rate swap | 19,825 | 500,000 | L+195 | 2.24% | 2.23% | 3/24 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
33-00 Northern Boulevard mortgage loan interest rate swap | 33-00 Northern Boulevard mortgage loan interest rate swap | 296 | 100,000 | L+180 | 2.11% | 4.14% | 1/25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Various interest rate caps | Various interest rate caps | 95 | 175,000 | Various interest rate caps | 3,296 | 1,650,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 4,994 | $ | 1,515,000 | $ | 59,739 | $ | 3,090,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Included in other liabilities: | Included in other liabilities: | Included in other liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured term loan interest rate swap | Unsecured term loan interest rate swap | $ | 44,732 | $ | 750,000 | (4) | L+100 | 1.10% | 3.87% | 10/23 | Unsecured term loan interest rate swap | $ | 7,737 | $ | 750,000 | (2) | L+100 | 1.45% | 3.87% | 10/23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
33-00 Northern Boulevard mortgage loan interest rate swap | 6,086 | 100,000 | L+180 | 1.89% | 4.14% | 1/25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 50,818 | $ | 850,000 |
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 | — | The following financial information from Vornado Realty Trust and Vornado Realty L.P. Quarterly Report on Form 10-Q for the quarter ended | ||||||||||||
104 | — | The cover page from the Vornado Realty Trust and Vornado Realty L.P. Quarterly Report on Form 10-Q for the quarter ended | ||||||||||||
___________________________ | ||||||||||||||
** | Management contract or compensatory agreement | |||||||||||||
*** | Filed herewith | |||||||||||||
VORNADO REALTY TRUST | ||||||||
(Registrant) | ||||||||
Date: | By: | /s/ | ||||||
(duly authorized officer and principal accounting officer) |
VORNADO REALTY L.P. | ||||||||
(Registrant) | ||||||||
Date: | By: | /s/ | ||||||