☑ | 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 and | ||||||||||||||
Consolidated Statements of Comprehensive Income (Unaudited) for the Three and | ||||||||||||||
Consolidated Statements of Changes in Equity (Unaudited) for the Three and | ||||||||||||||
Consolidated Statements of Cash Flows (Unaudited) for the | ||||||||||||||
Consolidated Balance Sheets (Unaudited) as of | ||||||||||||||
Consolidated Statements of Income (Unaudited) for the Three and | ||||||||||||||
Consolidated Statements of Comprehensive Income (Unaudited) for the Three and | ||||||||||||||
Consolidated Statements of Changes in Equity (Unaudited) for the Three and | ||||||||||||||
Consolidated Statements of Cash Flows (Unaudited) for the | ||||||||||||||
Vornado Realty Trust and Vornado Realty L.P.: | ||||||||||||||
PART II. | Other Information: | |||||||||||||
(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, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||
Real estate, at cost: | Real estate, at cost: | Real estate, at cost: | ||||||||||||||||||||
Land | Land | $ | 2,493,688 | $ | 2,540,193 | Land | $ | 2,477,956 | $ | 2,540,193 | ||||||||||||
Buildings and improvements | Buildings and improvements | 10,054,872 | 9,839,166 | Buildings and improvements | 10,015,452 | 9,839,166 | ||||||||||||||||
Development costs and construction in progress | Development costs and construction in progress | 711,250 | 718,694 | Development costs and construction in progress | 802,272 | 718,694 | ||||||||||||||||
Leasehold improvements and equipment | Leasehold improvements and equipment | 122,151 | 119,792 | Leasehold improvements and equipment | 122,948 | 119,792 | ||||||||||||||||
Total | Total | 13,381,961 | 13,217,845 | Total | 13,418,628 | 13,217,845 | ||||||||||||||||
Less accumulated depreciation and amortization | Less accumulated depreciation and amortization | (3,532,984) | (3,376,347) | Less accumulated depreciation and amortization | (3,606,986) | (3,376,347) | ||||||||||||||||
Real estate, net | Real estate, net | 9,848,977 | 9,841,498 | Real estate, net | 9,811,642 | 9,841,498 | ||||||||||||||||
Right-of-use assets | Right-of-use assets | 685,962 | 337,197 | Right-of-use assets | 685,298 | 337,197 | ||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 988,398 | 1,760,225 | Cash and cash equivalents | 845,423 | 1,760,225 | ||||||||||||||||
Restricted cash | Restricted cash | 127,920 | 170,126 | Restricted cash | 131,625 | 170,126 | ||||||||||||||||
Investments in U.S. Treasury bills | Investments in U.S. Treasury bills | 494,045 | — | Investments in U.S. Treasury bills | 445,165 | — | ||||||||||||||||
Tenant and other receivables | Tenant and other receivables | 76,769 | 79,661 | Tenant and other receivables | 81,004 | 79,661 | ||||||||||||||||
Investments in partially owned entities | Investments in partially owned entities | 3,270,229 | 3,297,389 | Investments in partially owned entities | 3,250,197 | 3,297,389 | ||||||||||||||||
Real estate fund investments | Real estate fund investments | 930 | 7,730 | Real estate fund investments | 930 | 7,730 | ||||||||||||||||
220 Central Park South condominium units ready for sale | 220 Central Park South condominium units ready for sale | 51,072 | 57,142 | 220 Central Park South condominium units ready for sale | 78,590 | 57,142 | ||||||||||||||||
Receivable arising from the straight-lining of rents | Receivable arising from the straight-lining of rents | 687,782 | 656,318 | Receivable arising from the straight-lining of rents | 692,733 | 656,318 | ||||||||||||||||
Deferred leasing costs, net of accumulated amortization of $226,196 and $211,775 | 378,484 | 391,693 | ||||||||||||||||||||
Identified intangible assets, net of accumulated amortization of $93,180 and $97,186 | 144,597 | 154,895 | ||||||||||||||||||||
Deferred leasing costs, net of accumulated amortization of $233,001 and $211,775 | Deferred leasing costs, net of accumulated amortization of $233,001 and $211,775 | 380,221 | 391,693 | |||||||||||||||||||
Identified intangible assets, net of accumulated amortization of $95,661 and $97,186 | Identified intangible assets, net of accumulated amortization of $95,661 and $97,186 | 142,116 | 154,895 | |||||||||||||||||||
Other assets | Other assets | 397,256 | 512,714 | Other assets | 630,730 | 512,714 | ||||||||||||||||
$ | 17,152,421 | $ | 17,266,588 | $ | 17,175,674 | $ | 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 | $ | 5,834,275 | $ | 6,053,343 | Mortgages payable, net | $ | 5,831,769 | $ | 6,053,343 | ||||||||||||
Senior unsecured notes, net | Senior unsecured notes, net | 1,190,812 | 1,189,792 | Senior unsecured notes, net | 1,191,322 | 1,189,792 | ||||||||||||||||
Unsecured term loan, net | Unsecured term loan, net | 792,644 | 797,812 | Unsecured term loan, net | 792,847 | 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 | 727,641 | 370,206 | Lease liabilities | 731,674 | 370,206 | ||||||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses | 463,333 | 613,497 | Accounts payable and accrued expenses | 475,151 | 613,497 | ||||||||||||||||
Deferred revenue | Deferred revenue | 43,904 | 48,118 | Deferred revenue | 41,879 | 48,118 | ||||||||||||||||
Deferred compensation plan | Deferred compensation plan | 96,202 | 110,174 | Deferred compensation plan | 95,681 | 110,174 | ||||||||||||||||
Other liabilities | Other liabilities | 271,788 | 304,725 | Other liabilities | 265,775 | 304,725 | ||||||||||||||||
Total liabilities | Total liabilities | 9,995,599 | 10,062,667 | Total liabilities | 10,001,098 | 10,062,667 | ||||||||||||||||
Commitments and contingencies | Commitments and contingencies | 0 | 0 | Commitments and contingencies | ||||||||||||||||||
Redeemable noncontrolling interests: | Redeemable noncontrolling interests: | Redeemable noncontrolling interests: | ||||||||||||||||||||
Class A units - 14,287,741 and 14,033,438 units outstanding | 408,487 | 587,440 | ||||||||||||||||||||
Class A units - 14,253,759 and 14,033,438 units outstanding | Class A units - 14,253,759 and 14,033,438 units outstanding | 390,539 | 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 | Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 | ||||||||||||||||
Total redeemable noncontrolling partnership units | Total redeemable noncontrolling partnership units | 412,022 | 590,975 | Total redeemable noncontrolling partnership units | 394,074 | 590,975 | ||||||||||||||||
Redeemable noncontrolling interest in a consolidated subsidiary | Redeemable noncontrolling interest in a consolidated subsidiary | 93,987 | 97,708 | Redeemable noncontrolling interest in a consolidated subsidiary | 89,228 | 97,708 | ||||||||||||||||
Total redeemable noncontrolling interests | Total redeemable noncontrolling interests | 506,009 | 688,683 | Total redeemable noncontrolling interests | 483,302 | 688,683 | ||||||||||||||||
Shareholders' equity: | Shareholders' equity: | Shareholders' equity: | ||||||||||||||||||||
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 | Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,792,902 shares | 1,182,459 | 1,182,459 | ||||||||||||||||
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 191,775,059 and 191,723,608 shares | 7,650 | 7,648 | ||||||||||||||||||||
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 191,816,684 and 191,723,608 shares | Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 191,816,684 and 191,723,608 shares | 7,652 | 7,648 | |||||||||||||||||||
Additional capital | Additional capital | 8,339,161 | 8,143,093 | Additional capital | 8,362,387 | 8,143,093 | ||||||||||||||||
Earnings less than distributions | Earnings less than distributions | (3,205,751) | (3,079,320) | Earnings less than distributions | (3,299,630) | (3,079,320) | ||||||||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) | 73,300 | (17,534) | Accumulated other comprehensive income (loss) | 185,178 | (17,534) | ||||||||||||||||
Total shareholders' equity | Total shareholders' equity | 6,396,819 | 6,236,346 | Total shareholders' equity | 6,438,046 | 6,236,346 | ||||||||||||||||
Noncontrolling interests in consolidated subsidiaries | Noncontrolling interests in consolidated subsidiaries | 253,994 | 278,892 | Noncontrolling interests in consolidated subsidiaries | 253,228 | 278,892 | ||||||||||||||||
Total equity | Total equity | 6,650,813 | 6,515,238 | Total equity | 6,691,274 | 6,515,238 | ||||||||||||||||
$ | 17,152,421 | $ | 17,266,588 | $ | 17,175,674 | $ | 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 September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
REVENUES: | REVENUES: | REVENUES: | ||||||||||||||||||||||||||||||||||||||||||||
Rental revenues | Rental revenues | $ | 405,194 | $ | 339,596 | $ | 802,477 | $ | 678,913 | Rental revenues | $ | 409,144 | $ | 369,203 | $ | 1,211,621 | $ | 1,048,116 | ||||||||||||||||||||||||||||
Fee and other income | Fee and other income | 48,300 | 39,345 | 93,147 | 80,005 | Fee and other income | 48,287 | 40,009 | 141,434 | 120,014 | ||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 453,494 | 378,941 | 895,624 | 758,918 | Total revenues | 457,431 | 409,212 | 1,353,055 | 1,168,130 | ||||||||||||||||||||||||||||||||||||
EXPENSES: | EXPENSES: | EXPENSES: | ||||||||||||||||||||||||||||||||||||||||||||
Operating | Operating | (222,309) | (190,920) | (438,838) | (381,899) | Operating | (221,596) | (212,699) | (660,434) | (594,598) | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | (118,662) | (89,777) | (236,105) | (185,131) | Depreciation and amortization | (134,526) | (100,867) | (370,631) | (285,998) | ||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | (31,902) | (30,602) | (73,118) | (74,788) | General and administrative | (29,174) | (25,553) | (102,292) | (100,341) | ||||||||||||||||||||||||||||||||||||
Benefit (expense) from deferred compensation plan liability | Benefit (expense) from deferred compensation plan liability | 7,594 | (3,378) | 9,538 | (6,623) | Benefit (expense) from deferred compensation plan liability | 600 | (799) | 10,138 | (7,422) | ||||||||||||||||||||||||||||||||||||
Transaction related costs and other | Transaction related costs and other | (2,960) | (106) | (3,965) | (949) | Transaction related costs and other | (996) | (9,681) | (4,961) | (10,630) | ||||||||||||||||||||||||||||||||||||
Total expenses | Total expenses | (368,239) | (314,783) | (742,488) | (649,390) | Total expenses | (385,692) | (349,599) | (1,128,180) | (998,989) | ||||||||||||||||||||||||||||||||||||
Income from partially owned entities | Income from partially owned entities | 25,720 | 31,426 | 59,434 | 60,499 | Income from partially owned entities | 24,341 | 26,269 | 83,775 | 86,768 | ||||||||||||||||||||||||||||||||||||
(Loss) income from real estate fund investments | (Loss) income from real estate fund investments | (142) | 5,342 | 5,532 | 5,173 | (Loss) income from real estate fund investments | (111) | (66) | 5,421 | 5,107 | ||||||||||||||||||||||||||||||||||||
Interest and other investment income, net | Interest and other investment income, net | 3,036 | 1,539 | 4,054 | 3,061 | Interest and other investment income, net | 5,228 | 633 | 9,282 | 3,694 | ||||||||||||||||||||||||||||||||||||
(Loss) income from deferred compensation plan assets | (Loss) income from deferred compensation plan assets | (7,594) | 3,378 | (9,538) | 6,623 | (Loss) income from deferred compensation plan assets | (600) | 799 | (10,138) | 7,422 | ||||||||||||||||||||||||||||||||||||
Interest and debt expense | Interest and debt expense | (62,640) | (51,894) | (114,749) | (101,958) | Interest and debt expense | (76,774) | (50,946) | (191,523) | (152,904) | ||||||||||||||||||||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | Net gains on disposition of wholly owned and partially owned assets | 28,832 | 25,724 | 35,384 | 25,724 | Net gains on disposition of wholly owned and partially owned assets | — | 10,087 | 35,384 | 35,811 | ||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 72,467 | 79,673 | 133,253 | 108,650 | Income before income taxes | 23,823 | 46,389 | 157,076 | 155,039 | ||||||||||||||||||||||||||||||||||||
Income tax expense | (3,564) | (2,841) | (10,975) | (4,825) | ||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | Income tax (expense) benefit | (3,711) | 25,376 | (14,686) | 20,551 | |||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 68,903 | 76,832 | 122,278 | 103,825 | Net income | 20,112 | 71,765 | 142,390 | 175,590 | ||||||||||||||||||||||||||||||||||||
Less net loss (income) attributable to noncontrolling interests in: | Less net loss (income) attributable to noncontrolling interests in: | Less net loss (income) attributable to noncontrolling interests in: | ||||||||||||||||||||||||||||||||||||||||||||
Consolidated subsidiaries | Consolidated subsidiaries | 826 | (8,784) | (8,548) | (14,898) | Consolidated subsidiaries | 3,792 | (5,425) | (4,756) | (20,323) | ||||||||||||||||||||||||||||||||||||
Operating Partnership | Operating Partnership | (3,782) | (3,536) | (5,776) | (3,865) | Operating Partnership | (606) | (2,818) | (6,382) | (6,683) | ||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | Net income attributable to Vornado | 65,947 | 64,512 | 107,954 | 85,062 | Net income attributable to Vornado | 23,298 | 63,522 | 131,252 | 148,584 | ||||||||||||||||||||||||||||||||||||
Preferred share dividends | Preferred share dividends | (15,529) | (16,467) | (31,058) | (32,934) | Preferred share dividends | (15,529) | (16,800) | (46,587) | (49,734) | ||||||||||||||||||||||||||||||||||||
Series K preferred share issuance costs | Series K preferred share issuance costs | — | (9,033) | — | (9,033) | |||||||||||||||||||||||||||||||||||||||||
NET INCOME attributable to common shareholders | NET INCOME attributable to common shareholders | $ | 50,418 | $ | 48,045 | $ | 76,896 | $ | 52,128 | NET INCOME attributable to common shareholders | $ | 7,769 | $ | 37,689 | $ | 84,665 | $ | 89,817 | ||||||||||||||||||||||||||||
INCOME PER COMMON SHARE - BASIC: | INCOME PER COMMON SHARE - BASIC: | INCOME PER COMMON SHARE - BASIC: | ||||||||||||||||||||||||||||||||||||||||||||
Net income per common share | Net income per common share | $ | 0.26 | $ | 0.25 | $ | 0.40 | $ | 0.27 | Net income per common share | $ | 0.04 | $ | 0.20 | $ | 0.44 | $ | 0.47 | ||||||||||||||||||||||||||||
Weighted average shares outstanding | Weighted average shares outstanding | 191,750 | 191,527 | 191,737 | 191,473 | Weighted average shares outstanding | 191,793 | 191,577 | 191,756 | 191,508 | ||||||||||||||||||||||||||||||||||||
INCOME PER COMMON SHARE - DILUTED: | INCOME PER COMMON SHARE - DILUTED: | INCOME PER COMMON SHARE - DILUTED: | ||||||||||||||||||||||||||||||||||||||||||||
Net income per common share | Net income per common share | $ | 0.26 | $ | 0.25 | $ | 0.40 | $ | 0.27 | Net income per common share | $ | 0.04 | $ | 0.20 | $ | 0.44 | $ | 0.47 | ||||||||||||||||||||||||||||
Weighted average shares outstanding | Weighted average shares outstanding | 192,039 | 192,380 | 192,047 | 192,207 | Weighted average shares outstanding | 192,018 | 192,041 | 192,042 | 192,151 |
(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 September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 68,903 | $ | 76,832 | $ | 122,278 | $ | 103,825 | Net income | $ | 20,112 | $ | 71,765 | $ | 142,390 | $ | 175,590 | ||||||||||||||||||||||||||||
Other comprehensive income: | Other comprehensive income: | Other comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | Change in fair value of interest rate swaps and other | 18,380 | 8,552 | 83,619 | 20,193 | Change in fair value of interest rate swaps and other | 117,219 | 5,362 | 200,838 | 25,555 | ||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | Other comprehensive income of nonconsolidated subsidiaries | 4,755 | 1,468 | 13,960 | 5,059 | Other comprehensive income of nonconsolidated subsidiaries | 5,124 | 1,322 | 19,084 | 6,381 | ||||||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | 92,038 | 86,852 | 219,857 | 129,077 | Comprehensive income | 142,455 | 78,449 | 362,312 | 207,526 | ||||||||||||||||||||||||||||||||||||
Less comprehensive income attributable to noncontrolling interests | Less comprehensive income attributable to noncontrolling interests | (4,567) | (13,024) | (21,069) | (20,353) | Less comprehensive income attributable to noncontrolling interests | (7,279) | (8,669) | (28,348) | (29,022) | ||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to Vornado | Comprehensive income attributable to Vornado | $ | 87,471 | $ | 73,828 | $ | 198,788 | $ | 108,724 | Comprehensive income attributable to Vornado | $ | 135,176 | $ | 69,780 | $ | 333,964 | $ | 178,504 |
(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 Income | Accumulated Other Comprehensive 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, 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2022: | For the Three Months Ended September 30, 2022: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | Balance as of June 30, 2022 | 48,793 | $ | 1,182,459 | 191,775 | $ | 7,650 | $ | 8,339,161 | $ | (3,205,751) | $ | 73,300 | $ | 253,994 | $ | 6,650,813 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | Net income attributable to Vornado | — | — | — | — | — | 65,947 | — | — | 65,947 | Net income attributable to Vornado | — | — | — | — | — | 23,298 | — | — | 23,298 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 2,590 | 2,590 | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 967 | 967 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.53 per share) | Dividends on common shares ($0.53 per share) | — | — | — | — | — | (101,624) | — | — | (101,624) | Dividends on common shares ($0.53 per share) | — | — | — | — | — | (101,656) | — | — | (101,656) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 12 for dividends per share amounts) | Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (15,529) | — | — | (15,529) | 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 | — | — | 26 | 1 | 859 | — | — | — | 860 | Upon redemption of Class A units, at redemption value | — | — | 34 | 1 | 991 | — | — | — | 992 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | Under dividend reinvestment plan | — | — | 7 | — | 222 | — | — | — | 222 | Under dividend reinvestment plan | — | — | 7 | — | 221 | — | — | — | 221 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | Contributions | — | — | — | — | — | — | — | 3,772 | 3,772 | Contributions | — | — | — | — | — | — | — | 650 | 650 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | — | (5,467) | (5,467) | Distributions | — | — | — | — | — | — | — | (4,548) | (4,548) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | Deferred compensation shares and options | — | — | — | — | 146 | — | — | — | 146 | Deferred compensation shares and options | — | — | — | — | 155 | — | — | — | 155 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 4,755 | — | 4,755 | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 5,124 | — | 5,124 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | Change in fair value of interest rate swaps and other | — | — | — | — | — | — | 18,380 | — | 18,380 | Change in fair value of interest rate swaps and other | — | — | — | — | — | — | 117,219 | — | 117,219 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | — | 240,413 | — | — | — | 240,413 | Redeemable Class A unit measurement adjustment | — | — | — | — | 21,857 | — | — | — | 21,857 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (1,611) | — | (1,611) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of above adjustments | Noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (10,465) | 2,166 | (8,299) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | — | (1) | — | (2) | 4 | — | (13) | (11) | Other | — | — | 1 | 1 | 2 | 8 | — | (1) | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | 48,793 | $ | 1,182,459 | 191,775 | $ | 7,650 | $ | 8,339,161 | $ | (3,205,751) | $ | 73,300 | $ | 253,994 | $ | 6,650,813 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | Balance as of September 30, 2022 | 48,793 | $ | 1,182,459 | 191,817 | $ | 7,652 | $ | 8,362,387 | $ | (3,299,630) | $ | 185,178 | $ | 253,228 | $ | 6,691,274 |
(Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | Accumulated Other Comprehensive (Loss) Income | Non-controlling Interests in Consolidated Subsidiaries | (Amounts in thousands, except per share amounts) | Accumulated Other Comprehensive Loss | Non-controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Total Equity | Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Non-controlling Interests in Consolidated Subsidiaries | Shares | Amount | Shares | Amount | Non-controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2021: | For the Three Months Ended September 30, 2021: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | Net income attributable to Vornado | — | — | — | — | — | 64,512 | — | — | 64,512 | Net income attributable to Vornado | — | — | — | — | — | 63,522 | — | — | 63,522 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | — | — | — | — | 4,299 | 4,299 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) | — | — | — | — | — | (101,527) | — | — | (101,527) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) | — | — | — | — | — | (16,800) | — | — | (16,800) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series O cumulative redeemable preferred shares issuance | Series O cumulative redeemable preferred shares issuance | 12,000 | 291,195 | — | — | — | — | — | — | 291,195 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | 114 | 5 | 4,744 | — | — | — | 4,749 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under employees' share option plan | — | — | — | — | 6 | — | — | — | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | Under dividend reinvestment plan | — | — | 4 | — | 219 | — | — | — | 219 | Under dividend reinvestment plan | — | — | 6 | 1 | 223 | — | — | — | 224 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | Contributions | — | — | — | — | — | — | — | 1,547 | 1,547 | Contributions | — | — | — | — | — | — | — | 1,110 | 1,110 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | — | (139,180) | (139,180) | Distributions | — | — | — | — | — | — | — | (5,877) | (5,877) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred shares to common shares | Conversion of Series A preferred shares to common shares | — | (13) | 1 | — | 13 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | Deferred compensation shares and options | — | — | — | — | 225 | — | — | — | 225 | Deferred compensation shares and options | — | — | (1) | — | 226 | — | — | — | 226 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 1,468 | — | 1,468 | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 1,322 | — | 1,322 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps | Change in fair value of interest rate swaps | — | — | — | — | — | — | 8,551 | — | 8,551 | Change in fair value of interest rate swaps | — | — | — | — | — | — | 5,360 | — | 5,360 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | — | (16,012) | — | — | — | (16,012) | Redeemable Class A unit measurement adjustment | — | — | — | — | 64,100 | — | — | — | 64,100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series K cumulative redeemable preferred shares called for redemption | Series K cumulative redeemable preferred shares called for redemption | (12,000) | (290,967) | — | — | — | (9,033) | — | — | (300,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (704) | — | (704) | Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (426) | — | (426) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | (20) | — | (1) | 1 | (3) | 1 | (3) | (25) | Other | — | (7) | — | (1) | (2) | — | 2 | 39 | 31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 September 30, 2021 | Balance as of September 30, 2021 | 48,793 | $ | 1,182,499 | 191,681 | $ | 7,646 | $ | 8,138,337 | $ | (2,988,999) | $ | (45,179) | $ | 285,521 | $ | 6,579,825 |
(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 Six Months Ended June 30, 2022: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2022: | For the Nine Months Ended September 30, 2022: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 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 | — | — | — | — | — | 107,954 | — | — | 107,954 | Net income attributable to Vornado | — | — | — | — | — | 131,252 | — | — | 131,252 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 12,269 | 12,269 | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 13,236 | 13,236 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($1.06 per share) | — | — | — | — | — | (203,240) | — | — | (203,240) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($1.59 per share) | Dividends on common shares ($1.59 per share) | — | — | — | — | — | (304,896) | — | — | (304,896) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 12 for dividends per share amounts) | Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (31,058) | — | — | (31,058) | Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (46,587) | — | — | (46,587) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | 42 | 2 | 1,575 | — | — | — | 1,577 | Upon redemption of Class A units, at redemption value | — | — | 76 | 3 | 2,566 | — | — | — | 2,569 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under employees' share option plan | Under employees' share option plan | — | — | — | — | 7 | — | — | — | 7 | Under employees' share option plan | — | — | — | — | 7 | — | — | — | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | Under dividend reinvestment plan | — | — | 12 | — | 434 | — | — | — | 434 | Under dividend reinvestment plan | — | — | 19 | — | 655 | — | — | — | 655 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | Contributions | — | — | — | — | — | — | — | 4,253 | 4,253 | Contributions | — | — | — | — | — | — | — | 4,903 | 4,903 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | — | (41,428) | (41,428) | Distributions | — | — | — | — | — | — | — | (45,976) | (45,976) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | Deferred compensation shares and options | — | — | (2) | — | 292 | (85) | — | — | 207 | Deferred compensation shares and options | — | — | (2) | — | 447 | (85) | — | — | 362 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 13,960 | — | 13,960 | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 19,084 | — | 19,084 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | Change in fair value of interest rate swaps and other | — | — | — | — | — | — | 83,619 | — | 83,619 | Change in fair value of interest rate swaps and other | — | — | — | — | — | — | 200,838 | — | 200,838 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | — | 193,762 | — | — | — | 193,762 | Redeemable Class A unit measurement adjustment | — | — | — | — | 215,619 | — | — | — | 215,619 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (6,745) | — | (6,745) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of above adjustments | Noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (17,210) | 2,166 | (15,044) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | — | (1) | — | (2) | (2) | — | 8 | 4 | Other | — | — | — | 1 | — | 6 | — | 7 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | 48,793 | $ | 1,182,459 | 191,775 | $ | 7,650 | $ | 8,339,161 | $ | (3,205,751) | $ | 73,300 | $ | 253,994 | $ | 6,650,813 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | Balance as of September 30, 2022 | 48,793 | $ | 1,182,459 | 191,817 | $ | 7,652 | $ | 8,362,387 | $ | (3,299,630) | $ | 185,178 | $ | 253,228 | $ | 6,691,274 |
(Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Less Than Distributions | Accumulated Other Comprehensive (Loss) Income | Non-controlling Interests in Consolidated Subsidiaries | Earnings Less Than Distributions | Accumulated Other Comprehensive Loss | Non-controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares | Common Shares | Additional Capital | Total Equity | Preferred Shares | Common Shares | Additional Capital | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Non-controlling Interests in Consolidated Subsidiaries | Shares | Amount | Shares | Amount | Non-controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2021: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2021: | For the Nine Months Ended September 30, 2021: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 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 | 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 | Net income attributable to Vornado | — | — | — | — | — | 85,062 | — | — | 85,062 | Net income attributable to Vornado | — | — | — | — | — | 148,584 | — | — | 148,584 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 14,505 | 14,505 | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 18,804 | 18,804 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($1.06 per share) | — | — | — | — | — | (202,989) | — | — | (202,989) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($1.59 per share) | Dividends on common shares ($1.59 per share) | — | — | — | — | — | (304,516) | — | — | (304,516) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 12 for dividends per share amounts) | Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (32,934) | — | — | (32,934) | Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (49,734) | — | — | (49,734) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series O cumulative redeemable preferred shares issuance | Series O cumulative redeemable preferred shares issuance | 12,000 | 291,195 | — | — | — | — | — | — | 291,195 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | 199 | 8 | 8,301 | — | — | — | 8,309 | Upon redemption of Class A units, at redemption value | — | — | 313 | 13 | 13,045 | — | — | — | 13,058 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under employees' share option plan | Under employees' share option plan | — | — | — | — | 10 | — | — | — | 10 | Under employees' share option plan | — | — | — | — | 10 | — | — | — | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | Under dividend reinvestment plan | — | — | 10 | — | 430 | — | — | — | 430 | Under dividend reinvestment plan | — | — | 16 | 1 | 653 | — | — | — | 654 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | Contributions | — | — | — | — | — | — | — | 1,547 | 1,547 | Contributions | — | — | — | — | — | — | — | 2,657 | 2,657 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | — | (145,057) | (145,057) | Distributions | — | — | — | — | — | — | — | (150,934) | (150,934) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred shares to common shares | Conversion of Series A preferred shares to common shares | — | (13) | 1 | — | 13 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | Deferred compensation shares and options | — | — | (3) | — | 449 | (114) | — | — | 335 | Deferred compensation shares and options | — | — | (4) | — | 675 | (114) | — | — | 561 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 5,059 | — | 5,059 | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 6,381 | — | 6,381 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps | Change in fair value of interest rate swaps | — | — | — | — | — | — | 20,193 | — | 20,193 | Change in fair value of interest rate swaps | — | — | — | — | — | — | 25,553 | — | 25,553 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unearned 2018 Out-Performance Plan awards acceleration | Unearned 2018 Out-Performance Plan awards acceleration | — | — | — | — | 10,283 | — | — | — | 10,283 | Unearned 2018 Out-Performance Plan awards acceleration | — | — | — | — | 10,283 | — | — | — | 10,283 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | — | (142,948) | — | — | — | (142,948) | Redeemable Class A unit measurement adjustment | — | — | — | — | (78,848) | — | — | — | (78,848) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series K cumulative redeemable preferred shares called for redemption | Series K cumulative redeemable preferred shares called for redemption | (12,000) | (290,967) | — | — | — | (9,033) | — | — | (300,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (1,590) | — | (1,590) | Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (2,016) | — | (2,016) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | (48) | — | — | 1 | (4) | — | (2) | (53) | Other | — | (55) | — | (1) | (1) | (4) | 2 | 37 | (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 September 30, 2021 | Balance as of September 30, 2021 | 48,793 | $ | 1,182,499 | 191,681 | $ | 7,646 | $ | 8,138,337 | $ | (2,988,999) | $ | (45,179) | $ | 285,521 | $ | 6,579,825 |
(Amounts in thousands) | (Amounts in thousands) | For the Six Months Ended June 30, | (Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Cash Flows from Operating Activities: | Cash Flows from Operating Activities: | Cash Flows from Operating Activities: | ||||||||||||||||||||
Net income | Net income | $ | 122,278 | $ | 103,825 | Net income | $ | 142,390 | $ | 175,590 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | 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) | 246,532 | 194,225 | Depreciation and amortization (including amortization of deferred financing costs) | 386,697 | 299,749 | ||||||||||||||||
Distributions of income from partially owned entities | Distributions of income from partially owned entities | 95,494 | 109,089 | Distributions of income from partially owned entities | 137,758 | 171,367 | ||||||||||||||||
Equity in net income of partially owned entities | Equity in net income of partially owned entities | (59,434) | (60,499) | Equity in net income of partially owned entities | (83,775) | (86,768) | ||||||||||||||||
Straight-lining of rents | Straight-lining of rents | (36,679) | 9,835 | Straight-lining of rents | (45,835) | 11,651 | ||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | Net gains on disposition of wholly owned and partially owned assets | (35,384) | (25,724) | Net gains on disposition of wholly owned and partially owned assets | (35,384) | (35,811) | ||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 19,001 | 27,379 | Stock-based compensation expense | 22,887 | 32,889 | ||||||||||||||||
Change in deferred tax liability | Change in deferred tax liability | 6,457 | 1,192 | Change in deferred tax liability | 9,992 | 2,497 | ||||||||||||||||
Amortization of below-market leases, net | Amortization of below-market leases, net | (2,404) | (5,717) | Amortization of below-market leases, net | (3,788) | (7,939) | ||||||||||||||||
Net realized and unrealized loss on real estate fund investments | Net realized and unrealized loss on real estate fund investments | 1,128 | 789 | Net realized and unrealized loss on real estate fund investments | 1,128 | 789 | ||||||||||||||||
Write-off of lease receivables deemed uncollectible | Write-off of lease receivables deemed uncollectible | 501 | 5,239 | Write-off of lease receivables deemed uncollectible | 782 | 7,219 | ||||||||||||||||
Real estate impairment losses | Real estate impairment losses | — | 7,880 | |||||||||||||||||||
Other non-cash adjustments | Other non-cash adjustments | 1,929 | 3,033 | Other non-cash adjustments | 2,560 | (5,046) | ||||||||||||||||
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) | Real estate fund investments | — | (789) | ||||||||||||||||
Tenant and other receivables | Tenant and other receivables | 2,388 | 10,477 | Tenant and other receivables | (2,128) | (12,092) | ||||||||||||||||
Prepaid assets | Prepaid assets | 94,235 | 127,958 | Prepaid assets | 33,995 | (44,731) | ||||||||||||||||
Other assets | Other assets | (13,455) | (26,262) | Other assets | (22,706) | (77,508) | ||||||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses | (15,283) | 2,243 | Accounts payable and accrued expenses | 6,649 | 43,067 | ||||||||||||||||
Other liabilities | Other liabilities | 3,321 | (3,584) | Other liabilities | 8,605 | (3,911) | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 430,625 | 472,709 | Net cash provided by operating activities | 559,827 | 478,103 | ||||||||||||||||
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 | (794,793) | — | Purchase of U.S. Treasury bills | (794,793) | — | ||||||||||||||||
Development costs and construction in progress | Development costs and construction in progress | (418,748) | (269,376) | Development costs and construction in progress | (557,884) | (444,645) | ||||||||||||||||
Proceeds from maturities of U.S. Treasury bills | Proceeds from maturities of U.S. Treasury bills | 299,668 | — | Proceeds from maturities of U.S. Treasury bills | 349,461 | — | ||||||||||||||||
Proceeds from sales of real estate | Proceeds from sales of real estate | 253,958 | 3,521 | Proceeds from sales of real estate | 253,958 | 100,024 | ||||||||||||||||
Additions to real estate | Additions to real estate | (70,046) | (90,138) | Additions to real estate | (120,124) | (113,374) | ||||||||||||||||
Proceeds from sale of condominium units at 220 Central Park South | 16,124 | 72,216 | ||||||||||||||||||||
Distributions of capital from partially owned entities | Distributions of capital from partially owned entities | 20,566 | 106,005 | |||||||||||||||||||
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South | Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South | 16,124 | 97,683 | |||||||||||||||||||
Investments in partially owned entities | Investments in partially owned entities | (11,091) | (6,357) | Investments in partially owned entities | (15,046) | (12,366) | ||||||||||||||||
Distributions of capital from partially owned entities | 10,066 | 106,005 | ||||||||||||||||||||
Acquisitions of real estate and other | Acquisitions of real estate and other | (1,000) | — | Acquisitions of real estate and other | (2,000) | (3,000) | ||||||||||||||||
Acquisition of additional 45.0% ownership interest in One Park Avenue (inclusive of $5,806 of prorations and net working capital and net of $39,370 of cash and restricted cash balances consolidated upon acquisition) | Acquisition of additional 45.0% ownership interest in One Park Avenue (inclusive of $5,806 of prorations and net working capital and net of $39,370 of cash and restricted cash balances consolidated upon acquisition) | — | (123,936) | |||||||||||||||||||
Proceeds from repayments of loan receivables | Proceeds from repayments of loan receivables | — | 675 | Proceeds from repayments of loan receivables | — | 975 | ||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (715,862) | (183,454) | Net cash used in investing activities | (849,738) | (392,634) |
(Amounts in thousands) | (Amounts in thousands) | For the Six Months Ended June 30, | (Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Cash Flows from Financing Activities: | Cash Flows from Financing Activities: | Cash Flows from Financing Activities: | ||||||||||||||||||||
Repayments of borrowings | Repayments of borrowings | $ | (1,240,573) | $ | (1,573,443) | Repayments of borrowings | $ | (1,245,973) | $ | (1,578,843) | ||||||||||||
Proceeds from borrowings | Proceeds from borrowings | 1,029,773 | 2,298,007 | Proceeds from borrowings | 1,029,773 | 2,298,007 | ||||||||||||||||
Dividends paid on common shares | Dividends paid on common shares | (203,240) | (202,989) | Dividends paid on common shares | (304,896) | (304,516) | ||||||||||||||||
Distributions to noncontrolling interests | Distributions to noncontrolling interests | (56,589) | (159,926) | Distributions to noncontrolling interests | (68,716) | (173,356) | ||||||||||||||||
Dividends paid on preferred shares | Dividends paid on preferred shares | (46,587) | (49,400) | |||||||||||||||||||
Debt issuance costs | Debt issuance costs | (31,718) | (32,875) | Debt issuance costs | (32,473) | (33,935) | ||||||||||||||||
Dividends paid on preferred shares | (31,058) | (32,934) | ||||||||||||||||||||
Contributions from noncontrolling interests | Contributions from noncontrolling interests | 4,253 | 1,547 | Contributions from noncontrolling interests | 4,903 | 2,657 | ||||||||||||||||
Proceeds received from exercise of employee share options and other | Proceeds received from exercise of employee share options and other | 441 | 440 | Proceeds received from exercise of employee share options and other | 662 | 664 | ||||||||||||||||
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 | (85) | (114) | Repurchase of shares related to stock compensation agreements and related tax withholdings and other | (85) | (114) | ||||||||||||||||
Proceeds from the issuance of preferred shares | Proceeds from the issuance of preferred shares | — | 291,195 | |||||||||||||||||||
Net cash (used in) provided by financing activities | Net cash (used in) provided by financing activities | (528,796) | 297,713 | Net cash (used in) provided by financing activities | (663,392) | 452,359 | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents and restricted cash | Net (decrease) increase in cash and cash equivalents and restricted cash | (814,033) | 586,968 | Net (decrease) increase in cash and cash equivalents and restricted cash | (953,303) | 537,828 | ||||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | 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 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 | $ | 1,116,318 | $ | 2,317,337 | Cash and cash equivalents and restricted cash at end of period | $ | 977,048 | $ | 2,268,197 | ||||||||||||
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 | $ | 1,760,225 | $ | 1,624,482 | 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 | 170,126 | 105,887 | 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 | $ | 1,930,351 | $ | 1,730,369 | 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 | $ | 988,398 | $ | 2,172,195 | Cash and cash equivalents at end of period | $ | 845,423 | $ | 2,128,964 | ||||||||||||
Restricted cash at end of period | Restricted cash at end of period | 127,920 | 145,142 | Restricted cash at end of period | 131,625 | 139,233 | ||||||||||||||||
Cash and cash equivalents and restricted cash at end of period | Cash and cash equivalents and restricted cash at end of period | $ | 1,116,318 | $ | 2,317,337 | Cash and cash equivalents and restricted cash at end of period | $ | 977,048 | $ | 2,268,197 | ||||||||||||
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 $7,221 and $21,046 | $ | 107,367 | $ | 93,376 | ||||||||||||||||||
Cash payments for interest, excluding capitalized interest of $12,095 and $31,785 | Cash payments for interest, excluding capitalized interest of $12,095 and $31,785 | $ | 170,839 | $ | 137,937 | |||||||||||||||||
Cash payments for income taxes | Cash payments for income taxes | $ | 5,064 | $ | 6,797 | Cash payments for income taxes | $ | 6,919 | $ | 8,426 | ||||||||||||
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 | $ | — | Additional estimated lease liability arising from the recognition of right-of-use asset | $ | 350,000 | $ | — | ||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | 193,762 | (142,948) | Redeemable Class A unit measurement adjustment | 215,619 | (78,848) | ||||||||||||||||
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 | 200,838 | 25,555 | |||||||||||||||||||
Accrued capital expenditures included in accounts payable and accrued expenses | Accrued capital expenditures included in accounts payable and accrued expenses | 86,639 | 80,649 | Accrued capital expenditures included in accounts payable and accrued expenses | 86,844 | 120,635 | ||||||||||||||||
Increase in accumulated other comprehensive income due to change in fair value of consolidated interest rate swaps and other | 83,619 | 20,193 | ||||||||||||||||||||
Reclassification of assets held for sale (included in "other assets") | Reclassification of assets held for sale (included in "other assets") | 64,177 | 79,421 | |||||||||||||||||||
Write-off of fully depreciated assets | Write-off of fully depreciated assets | (31,996) | (48,190) | Write-off of fully depreciated assets | (52,475) | (78,353) | ||||||||||||||||
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" | 3,024 | 9,227 | Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | 30,542 | 11,767 | ||||||||||||||||
Reclassification of assets held for sale (included in "other assets") | — | 79,210 | ||||||||||||||||||||
Increase in assets and liabilities resulting from the consolidation of One Park Avenue: | Increase in assets and liabilities resulting from the consolidation of One Park Avenue: | |||||||||||||||||||||
Real estate | Real estate | — | 566,013 | |||||||||||||||||||
Identified intangible assets | Identified intangible assets | — | 139,545 | |||||||||||||||||||
Mortgages payable | Mortgages payable | — | 525,000 | |||||||||||||||||||
Deferred revenue | Deferred revenue | — | 18,884 | |||||||||||||||||||
Reclassification of Series K cumulative redeemable preferred shares to liabilities upon call for redemption | Reclassification of Series K cumulative redeemable preferred shares to liabilities upon call for redemption | — | 300,000 |
(Amounts in thousands, except unit amounts) | (Amounts in thousands, except unit amounts) | As of | (Amounts in thousands, except unit amounts) | As of | ||||||||||||||||||
June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||
Real estate, at cost: | Real estate, at cost: | Real estate, at cost: | ||||||||||||||||||||
Land | Land | $ | 2,493,688 | $ | 2,540,193 | Land | $ | 2,477,956 | $ | 2,540,193 | ||||||||||||
Buildings and improvements | Buildings and improvements | 10,054,872 | 9,839,166 | Buildings and improvements | 10,015,452 | 9,839,166 | ||||||||||||||||
Development costs and construction in progress | Development costs and construction in progress | 711,250 | 718,694 | Development costs and construction in progress | 802,272 | 718,694 | ||||||||||||||||
Leasehold improvements and equipment | Leasehold improvements and equipment | 122,151 | 119,792 | Leasehold improvements and equipment | 122,948 | 119,792 | ||||||||||||||||
Total | Total | 13,381,961 | 13,217,845 | Total | 13,418,628 | 13,217,845 | ||||||||||||||||
Less accumulated depreciation and amortization | Less accumulated depreciation and amortization | (3,532,984) | (3,376,347) | Less accumulated depreciation and amortization | (3,606,986) | (3,376,347) | ||||||||||||||||
Real estate, net | Real estate, net | 9,848,977 | 9,841,498 | Real estate, net | 9,811,642 | 9,841,498 | ||||||||||||||||
Right-of-use assets | Right-of-use assets | 685,962 | 337,197 | Right-of-use assets | 685,298 | 337,197 | ||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 988,398 | 1,760,225 | Cash and cash equivalents | 845,423 | 1,760,225 | ||||||||||||||||
Restricted cash | Restricted cash | 127,920 | 170,126 | Restricted cash | 131,625 | 170,126 | ||||||||||||||||
Investments in U.S. Treasury bills | Investments in U.S. Treasury bills | 494,045 | — | Investments in U.S. Treasury bills | 445,165 | — | ||||||||||||||||
Tenant and other receivables | Tenant and other receivables | 76,769 | 79,661 | Tenant and other receivables | 81,004 | 79,661 | ||||||||||||||||
Investments in partially owned entities | Investments in partially owned entities | 3,270,229 | 3,297,389 | Investments in partially owned entities | 3,250,197 | 3,297,389 | ||||||||||||||||
Real estate fund investments | Real estate fund investments | 930 | 7,730 | Real estate fund investments | 930 | 7,730 | ||||||||||||||||
220 Central Park South condominium units ready for sale | 220 Central Park South condominium units ready for sale | 51,072 | 57,142 | 220 Central Park South condominium units ready for sale | 78,590 | 57,142 | ||||||||||||||||
Receivable arising from the straight-lining of rents | Receivable arising from the straight-lining of rents | 687,782 | 656,318 | Receivable arising from the straight-lining of rents | 692,733 | 656,318 | ||||||||||||||||
Deferred leasing costs, net of accumulated amortization of $226,196 and $211,775 | 378,484 | 391,693 | ||||||||||||||||||||
Identified intangible assets, net of accumulated amortization of $93,180 and $97,186 | 144,597 | 154,895 | ||||||||||||||||||||
Deferred leasing costs, net of accumulated amortization of $233,001 and $211,775 | Deferred leasing costs, net of accumulated amortization of $233,001 and $211,775 | 380,221 | 391,693 | |||||||||||||||||||
Identified intangible assets, net of accumulated amortization of $95,661 and $97,186 | Identified intangible assets, net of accumulated amortization of $95,661 and $97,186 | 142,116 | 154,895 | |||||||||||||||||||
Other assets | Other assets | 397,256 | 512,714 | Other assets | 630,730 | 512,714 | ||||||||||||||||
$ | 17,152,421 | $ | 17,266,588 | $ | 17,175,674 | $ | 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 | $ | 5,834,275 | $ | 6,053,343 | Mortgages payable, net | $ | 5,831,769 | $ | 6,053,343 | ||||||||||||
Senior unsecured notes, net | Senior unsecured notes, net | 1,190,812 | 1,189,792 | Senior unsecured notes, net | 1,191,322 | 1,189,792 | ||||||||||||||||
Unsecured term loan, net | Unsecured term loan, net | 792,644 | 797,812 | Unsecured term loan, net | 792,847 | 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 | 727,641 | 370,206 | Lease liabilities | 731,674 | 370,206 | ||||||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses | 463,333 | 613,497 | Accounts payable and accrued expenses | 475,151 | 613,497 | ||||||||||||||||
Deferred revenue | Deferred revenue | 43,904 | 48,118 | Deferred revenue | 41,879 | 48,118 | ||||||||||||||||
Deferred compensation plan | Deferred compensation plan | 96,202 | 110,174 | Deferred compensation plan | 95,681 | 110,174 | ||||||||||||||||
Other liabilities | Other liabilities | 271,788 | 304,725 | Other liabilities | 265,775 | 304,725 | ||||||||||||||||
Total liabilities | Total liabilities | 9,995,599 | 10,062,667 | Total liabilities | 10,001,098 | 10,062,667 | ||||||||||||||||
Commitments and contingencies | Commitments and contingencies | Commitments and contingencies | ||||||||||||||||||||
Redeemable noncontrolling interests: | Redeemable noncontrolling interests: | 0 | 0 | Redeemable noncontrolling interests: | ||||||||||||||||||
Class A units - 14,287,741 and 14,033,438 units outstanding | 408,487 | 587,440 | ||||||||||||||||||||
Class A units - 14,253,759 and 14,033,438 units outstanding | Class A units - 14,253,759 and 14,033,438 units outstanding | 390,539 | 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 | Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 | ||||||||||||||||
Total redeemable noncontrolling partnership units | Total redeemable noncontrolling partnership units | 412,022 | 590,975 | Total redeemable noncontrolling partnership units | 394,074 | 590,975 | ||||||||||||||||
Redeemable noncontrolling interest in a consolidated subsidiary | Redeemable noncontrolling interest in a consolidated subsidiary | 93,987 | 97,708 | Redeemable noncontrolling interest in a consolidated subsidiary | 89,228 | 97,708 | ||||||||||||||||
Total redeemable noncontrolling interests | Total redeemable noncontrolling interests | 506,009 | 688,683 | Total redeemable noncontrolling interests | 483,302 | 688,683 | ||||||||||||||||
Partners' equity: | Partners' equity: | Partners' equity: | ||||||||||||||||||||
Partners' capital | Partners' capital | 9,529,270 | 9,333,200 | Partners' capital | 9,552,498 | 9,333,200 | ||||||||||||||||
Earnings less than distributions | Earnings less than distributions | (3,205,751) | (3,079,320) | Earnings less than distributions | (3,299,630) | (3,079,320) | ||||||||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) | 73,300 | (17,534) | Accumulated other comprehensive income (loss) | 185,178 | (17,534) | ||||||||||||||||
Total partners' equity | Total partners' equity | 6,396,819 | 6,236,346 | Total partners' equity | 6,438,046 | 6,236,346 | ||||||||||||||||
Noncontrolling interests in consolidated subsidiaries | Noncontrolling interests in consolidated subsidiaries | 253,994 | 278,892 | Noncontrolling interests in consolidated subsidiaries | 253,228 | 278,892 | ||||||||||||||||
Total equity | Total equity | 6,650,813 | 6,515,238 | Total equity | 6,691,274 | 6,515,238 | ||||||||||||||||
$ | 17,152,421 | $ | 17,266,588 | $ | 17,175,674 | $ | 17,266,588 |
(Amounts in thousands, except per unit amounts) | (Amounts in thousands, except per unit amounts) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | (Amounts in thousands, except per unit amounts) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
REVENUES: | REVENUES: | REVENUES: | ||||||||||||||||||||||||||||||||||||||||||||
Rental revenues | Rental revenues | $ | 405,194 | $ | 339,596 | $ | 802,477 | $ | 678,913 | Rental revenues | $ | 409,144 | $ | 369,203 | $ | 1,211,621 | $ | 1,048,116 | ||||||||||||||||||||||||||||
Fee and other income | Fee and other income | 48,300 | 39,345 | 93,147 | 80,005 | Fee and other income | 48,287 | 40,009 | 141,434 | 120,014 | ||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 453,494 | 378,941 | 895,624 | 758,918 | Total revenues | 457,431 | 409,212 | 1,353,055 | 1,168,130 | ||||||||||||||||||||||||||||||||||||
EXPENSES: | EXPENSES: | EXPENSES: | ||||||||||||||||||||||||||||||||||||||||||||
Operating | Operating | (222,309) | (190,920) | (438,838) | (381,899) | Operating | (221,596) | (212,699) | (660,434) | (594,598) | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | (118,662) | (89,777) | (236,105) | (185,131) | Depreciation and amortization | (134,526) | (100,867) | (370,631) | (285,998) | ||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | (31,902) | (30,602) | (73,118) | (74,788) | General and administrative | (29,174) | (25,553) | (102,292) | (100,341) | ||||||||||||||||||||||||||||||||||||
Benefit (expense) from deferred compensation plan liability | Benefit (expense) from deferred compensation plan liability | 7,594 | (3,378) | 9,538 | (6,623) | Benefit (expense) from deferred compensation plan liability | 600 | (799) | 10,138 | (7,422) | ||||||||||||||||||||||||||||||||||||
Transaction related costs and other | Transaction related costs and other | (2,960) | (106) | (3,965) | (949) | Transaction related costs and other | (996) | (9,681) | (4,961) | (10,630) | ||||||||||||||||||||||||||||||||||||
Total expenses | Total expenses | (368,239) | (314,783) | (742,488) | (649,390) | Total expenses | (385,692) | (349,599) | (1,128,180) | (998,989) | ||||||||||||||||||||||||||||||||||||
Income from partially owned entities | Income from partially owned entities | 25,720 | 31,426 | 59,434 | 60,499 | Income from partially owned entities | 24,341 | 26,269 | 83,775 | 86,768 | ||||||||||||||||||||||||||||||||||||
(Loss) income from real estate fund investments | (Loss) income from real estate fund investments | (142) | 5,342 | 5,532 | 5,173 | (Loss) income from real estate fund investments | (111) | (66) | 5,421 | 5,107 | ||||||||||||||||||||||||||||||||||||
Interest and other investment income, net | Interest and other investment income, net | 3,036 | 1,539 | 4,054 | 3,061 | Interest and other investment income, net | 5,228 | 633 | 9,282 | 3,694 | ||||||||||||||||||||||||||||||||||||
(Loss) income from deferred compensation plan assets | (Loss) income from deferred compensation plan assets | (7,594) | 3,378 | (9,538) | 6,623 | (Loss) income from deferred compensation plan assets | (600) | 799 | (10,138) | 7,422 | ||||||||||||||||||||||||||||||||||||
Interest and debt expense | Interest and debt expense | (62,640) | (51,894) | (114,749) | (101,958) | Interest and debt expense | (76,774) | (50,946) | (191,523) | (152,904) | ||||||||||||||||||||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | Net gains on disposition of wholly owned and partially owned assets | 28,832 | 25,724 | 35,384 | 25,724 | Net gains on disposition of wholly owned and partially owned assets | — | 10,087 | 35,384 | 35,811 | ||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 72,467 | 79,673 | 133,253 | 108,650 | Income before income taxes | 23,823 | 46,389 | 157,076 | 155,039 | ||||||||||||||||||||||||||||||||||||
Income tax expense | (3,564) | (2,841) | (10,975) | (4,825) | ||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | Income tax (expense) benefit | (3,711) | 25,376 | (14,686) | 20,551 | |||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 68,903 | 76,832 | 122,278 | 103,825 | Net income | 20,112 | 71,765 | 142,390 | 175,590 | ||||||||||||||||||||||||||||||||||||
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries | Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 826 | (8,784) | (8,548) | (14,898) | Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 3,792 | (5,425) | (4,756) | (20,323) | ||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | Net income attributable to Vornado Realty L.P. | 69,729 | 68,048 | 113,730 | 88,927 | Net income attributable to Vornado Realty L.P. | 23,904 | 66,340 | 137,634 | 155,267 | ||||||||||||||||||||||||||||||||||||
Preferred unit distributions | Preferred unit distributions | (15,557) | (16,508) | (31,115) | (33,016) | Preferred unit distributions | (15,558) | (16,842) | (46,673) | (49,858) | ||||||||||||||||||||||||||||||||||||
Series K preferred unit issuance costs | Series K preferred unit issuance costs | — | (9,033) | — | (9,033) | |||||||||||||||||||||||||||||||||||||||||
NET INCOME attributable to Class A unitholders | NET INCOME attributable to Class A unitholders | $ | 54,172 | $ | 51,540 | $ | 82,615 | $ | 55,911 | NET INCOME attributable to Class A unitholders | $ | 8,346 | $ | 40,465 | $ | 90,961 | $ | 96,376 | ||||||||||||||||||||||||||||
INCOME PER CLASS A UNIT - BASIC: | INCOME PER CLASS A UNIT - BASIC: | INCOME PER CLASS A UNIT - BASIC: | ||||||||||||||||||||||||||||||||||||||||||||
Net income per Class A unit | Net income per Class A unit | $ | 0.26 | $ | 0.25 | $ | 0.40 | $ | 0.27 | Net income per Class A unit | $ | 0.04 | $ | 0.19 | $ | 0.43 | $ | 0.46 | ||||||||||||||||||||||||||||
Weighted average units outstanding | Weighted average units outstanding | 205,259 | 204,621 | 205,200 | 204,560 | Weighted average units outstanding | 205,410 | 204,864 | 205,271 | 204,663 | ||||||||||||||||||||||||||||||||||||
INCOME PER CLASS A UNIT - DILUTED: | INCOME PER CLASS A UNIT - DILUTED: | INCOME PER CLASS A UNIT - DILUTED: | ||||||||||||||||||||||||||||||||||||||||||||
Net income per Class A unit | Net income per Class A unit | $ | 0.26 | $ | 0.25 | $ | 0.39 | $ | 0.27 | Net income per Class A unit | $ | 0.04 | $ | 0.19 | $ | 0.43 | $ | 0.46 | ||||||||||||||||||||||||||||
Weighted average units outstanding | Weighted average units outstanding | 205,930 | 205,814 | 205,922 | 205,572 | Weighted average units outstanding | 205,912 | 205,703 | 205,924 | 205,616 |
(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 September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 68,903 | $ | 76,832 | $ | 122,278 | $ | 103,825 | Net income | $ | 20,112 | $ | 71,765 | $ | 142,390 | $ | 175,590 | ||||||||||||||||||||||||||||
Other comprehensive income: | Other comprehensive income: | Other comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | Change in fair value of interest rate swaps and other | 18,380 | 8,552 | 83,619 | 20,193 | Change in fair value of interest rate swaps and other | 117,219 | 5,362 | 200,838 | 25,555 | ||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | Other comprehensive income of nonconsolidated subsidiaries | 4,755 | 1,468 | 13,960 | 5,059 | Other comprehensive income of nonconsolidated subsidiaries | 5,124 | 1,322 | 19,084 | 6,381 | ||||||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | 92,038 | 86,852 | 219,857 | 129,077 | Comprehensive income | 142,455 | 78,449 | 362,312 | 207,526 | ||||||||||||||||||||||||||||||||||||
Less comprehensive loss (income) attributable to noncontrolling interests in consolidated subsidiaries | Less comprehensive loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 826 | (8,784) | (8,548) | (14,898) | Less comprehensive loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 1,626 | (5,425) | (6,922) | (20,323) | ||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to Vornado Realty L.P. | Comprehensive income attributable to Vornado Realty L.P. | $ | 92,864 | $ | 78,068 | $ | 211,309 | $ | 114,179 | Comprehensive income attributable to Vornado Realty L.P. | $ | 144,081 | $ | 73,024 | $ | 355,390 | $ | 187,203 |
(Amounts in thousands, except per unit amounts) | (Amounts in thousands, except per unit amounts) | Accumulated Other Comprehensive Income | Non-controlling Interests in Consolidated Subsidiaries | (Amounts in thousands, except per unit amounts) | Accumulated Other Comprehensive Income | Non-controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Total Equity | Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | Non-controlling Interests in Consolidated Subsidiaries | Units | Amount | Units | Amount | Non-controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2022: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | 48,793 | $ | 1,182,459 | 191,743 | $ | 8,105,172 | $ | (3,154,549) | $ | 51,776 | $ | 253,112 | $ | 6,437,970 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2022: | For the Three Months Ended September 30, 2022: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | Balance as of June 30, 2022 | 48,793 | $ | 1,182,459 | 191,775 | $ | 8,346,811 | $ | (3,205,751) | $ | 73,300 | $ | 253,994 | $ | 6,650,813 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | Net income attributable to Vornado Realty L.P. | — | — | — | — | 69,729 | — | — | 69,729 | Net income attributable to Vornado Realty L.P. | — | — | — | — | 23,904 | — | — | 23,904 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | Net income attributable to redeemable partnership units | — | — | — | — | (3,782) | — | — | (3,782) | Net income attributable to redeemable partnership units | — | — | — | — | (606) | — | — | (606) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 2,590 | 2,590 | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 967 | 967 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($0.53 per unit) | Distributions to Vornado ($0.53 per unit) | — | — | — | — | (101,624) | — | — | (101,624) | Distributions to Vornado ($0.53 per unit) | — | — | — | — | (101,656) | — | — | (101,656) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (15,529) | — | — | (15,529) | Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (15,529) | — | — | (15,529) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A units issued to Vornado: | Class A units issued to Vornado: | Class A units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | Upon redemption of redeemable Class A units, at redemption value | — | — | 26 | 860 | — | — | — | 860 | Upon redemption of redeemable Class A units, at redemption value | — | — | 34 | 992 | — | — | — | 992 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | Under Vornado's dividend reinvestment plan | — | — | 7 | 222 | — | — | — | 222 | Under Vornado's dividend reinvestment plan | — | — | 7 | 221 | — | — | — | 221 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | Contributions | — | — | — | — | — | — | 3,772 | 3,772 | Contributions | — | — | — | — | — | — | 650 | 650 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | (5,467) | (5,467) | Distributions | — | — | — | — | — | — | (4,548) | (4,548) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | Deferred compensation units and options | — | — | — | 146 | — | — | — | 146 | Deferred compensation units and options | — | — | — | 155 | — | — | — | 155 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 4,755 | — | 4,755 | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 5,124 | — | 5,124 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | Change in fair value of interest rate swaps and other | — | — | — | — | — | 18,380 | — | 18,380 | Change in fair value of interest rate swaps and other | — | — | — | — | — | 117,219 | — | 117,219 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | 240,413 | — | — | — | 240,413 | Redeemable Class A unit measurement adjustment | — | — | — | 21,857 | — | — | — | 21,857 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | (1,611) | — | (1,611) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of above adjustments | Noncontrolling interests' share of above adjustments | — | — | — | — | — | (10,465) | 2,166 | (8,299) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | — | (1) | (2) | 4 | — | (13) | (11) | Other | — | — | 1 | 3 | 8 | — | (1) | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | 48,793 | $ | 1,182,459 | 191,775 | $ | 8,346,811 | $ | (3,205,751) | $ | 73,300 | $ | 253,994 | $ | 6,650,813 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | Balance as of September 30, 2022 | 48,793 | $ | 1,182,459 | 191,817 | $ | 8,370,039 | $ | (3,299,630) | $ | 185,178 | $ | 253,228 | $ | 6,691,274 |
(Amounts in thousands, except per unit amounts) | (Amounts in thousands, except per unit amounts) | Accumulated Other Comprehensive (Loss) Income | Non-controlling Interests in Consolidated Subsidiaries | (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 | Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | Non-controlling Interests in Consolidated Subsidiaries | Units | Amount | Units | Amount | Non-controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2021: | For the Three Months Ended September 30, 2021: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | Net income attributable to Vornado Realty L.P. | — | — | — | — | 68,048 | — | — | 68,048 | Net income attributable to Vornado Realty L.P. | — | — | — | — | 66,340 | — | — | 66,340 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | Net income attributable to redeemable partnership units | — | — | — | — | (3,536) | — | — | (3,536) | Net income attributable to redeemable partnership units | — | — | — | — | (2,818) | — | — | (2,818) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | — | — | — | 4,299 | 4,299 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($0.53 per unit) | Distributions to Vornado ($0.53 per unit) | — | — | — | — | (101,522) | — | — | (101,522) | Distributions to Vornado ($0.53 per unit) | — | — | — | — | (101,527) | — | — | (101,527) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (16,467) | — | — | (16,467) | Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (16,800) | — | — | (16,800) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series O cumulative redeemable preferred units issuance | Series O cumulative redeemable preferred units issuance | 12,000 | 291,195 | — | — | — | — | — | 291,195 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A units issued to Vornado: | Class A units issued to Vornado: | Class A units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | Upon redemption of redeemable Class A units, at redemption value | — | — | 92 | 4,206 | — | — | — | 4,206 | Upon redemption of redeemable Class A units, at redemption value | — | — | 114 | 4,749 | — | — | — | 4,749 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | — | — | — | 6 | — | — | — | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | Under Vornado's dividend reinvestment plan | — | — | 4 | 219 | — | — | — | 219 | Under Vornado's dividend reinvestment plan | — | — | 6 | 224 | — | — | — | 224 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | Contributions | — | — | — | — | — | — | 1,547 | 1,547 | Contributions | — | — | — | — | — | — | 1,110 | 1,110 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | (139,180) | (139,180) | Distributions | — | — | — | — | — | — | (5,877) | (5,877) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred units to Class A units | Conversion of Series A preferred units to Class A units | — | (13) | 1 | 13 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | Deferred compensation units and options | — | — | — | 225 | — | — | — | 225 | Deferred compensation units and options | — | — | (1) | 226 | — | — | — | 226 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 1,468 | — | 1,468 | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 1,322 | — | 1,322 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps | Change in fair value of interest rate swaps | — | — | — | — | — | 8,551 | — | 8,551 | Change in fair value of interest rate swaps | — | — | — | — | — | 5,360 | — | 5,360 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | (16,012) | — | — | — | (16,012) | Redeemable Class A unit measurement adjustment | — | — | — | 64,100 | — | — | — | 64,100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series K cumulative redeemable preferred units called for redemption | Series K cumulative redeemable preferred units called for redemption | (12,000) | (290,967) | — | — | (9,033) | — | — | (300,000) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | Redeemable partnership units' share of above adjustments | — | — | — | — | — | (704) | — | (704) | Redeemable partnership units' share of above adjustments | — | — | — | — | — | (426) | — | (426) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | (20) | — | — | (3) | 1 | (3) | (25) | Other | — | (7) | — | (3) | — | 2 | 39 | 31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | Balance as of September 30, 2021 | 48,793 | $ | 1,182,499 | 191,681 | $ | 8,145,983 | $ | (2,988,999) | $ | (45,179) | $ | 285,521 | $ | 6,579,825 |
(Amounts in thousands, except per unit amounts) | (Amounts in thousands, except per unit amounts) | Accumulated Other Comprehensive (Loss) Income | Non-controlling Interests in Consolidated Subsidiaries | (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 | Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | Non-controlling Interests in Consolidated Subsidiaries | Units | Amount | Units | Amount | Non-controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2022: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2022: | For the Nine Months Ended September 30, 2022: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | 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 | 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. | Net income attributable to Vornado Realty L.P. | — | — | — | — | 113,730 | — | — | 113,730 | Net income attributable to Vornado Realty L.P. | — | — | — | — | 137,634 | — | — | 137,634 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | Net income attributable to redeemable partnership units | — | — | — | — | (5,776) | — | — | (5,776) | Net income attributable to redeemable partnership units | — | — | — | — | (6,382) | — | — | (6,382) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 12,269 | 12,269 | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 13,236 | 13,236 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($1.06 per unit) | — | — | — | — | (203,240) | — | — | (203,240) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($1.59 per unit) | Distributions to Vornado ($1.59 per unit) | — | — | — | — | (304,896) | — | — | (304,896) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (31,058) | — | — | (31,058) | Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (46,587) | — | — | (46,587) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A units issued to Vornado: | Class A units issued to Vornado: | Class A units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | Upon redemption of redeemable Class A units, at redemption value | — | — | 42 | 1,577 | — | — | — | 1,577 | Upon redemption of redeemable Class A units, at redemption value | — | — | 76 | 2,569 | — | — | — | 2,569 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | Under Vornado's employees' share option plan | — | — | — | 7 | — | — | — | 7 | Under Vornado's employees' share option plan | — | — | — | 7 | — | — | — | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | Under Vornado's dividend reinvestment plan | — | — | 12 | 434 | — | — | — | 434 | Under Vornado's dividend reinvestment plan | — | — | 19 | 655 | — | — | — | 655 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | Contributions | — | — | — | — | — | — | 4,253 | 4,253 | Contributions | — | — | — | — | — | — | 4,903 | 4,903 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | (41,428) | (41,428) | Distributions | — | — | — | — | — | — | (45,976) | (45,976) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | Deferred compensation units and options | — | — | (2) | 292 | (85) | — | — | 207 | Deferred compensation units and options | — | — | (2) | 447 | (85) | — | — | 362 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 13,960 | — | 13,960 | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 19,084 | — | 19,084 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | Change in fair value of interest rate swaps and other | — | — | — | — | — | 83,619 | — | 83,619 | Change in fair value of interest rate swaps and other | — | — | — | — | — | 200,838 | — | 200,838 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | 193,762 | — | — | — | 193,762 | Redeemable Class A unit measurement adjustment | — | — | — | 215,619 | — | — | — | 215,619 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | (6,745) | — | (6,745) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of above adjustments | Noncontrolling interests' share of above adjustments | — | — | — | — | — | (17,210) | 2,166 | (15,044) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | — | (1) | (2) | (2) | — | 8 | 4 | Other | — | — | — | 1 | 6 | — | 7 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | 48,793 | $ | 1,182,459 | 191,775 | $ | 8,346,811 | $ | (3,205,751) | $ | 73,300 | $ | 253,994 | $ | 6,650,813 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | Balance as of September 30, 2022 | 48,793 | $ | 1,182,459 | 191,817 | $ | 8,370,039 | $ | (3,299,630) | $ | 185,178 | $ | 253,228 | $ | 6,691,274 |
(Amounts in thousands, except per unit amounts) | (Amounts in thousands, except per unit amounts) | Earnings Less Than Distributions | Accumulated Other Comprehensive (Loss) Income | Non-controlling Interests in Consolidated Subsidiaries | (Amounts in thousands, except per unit amounts) | Earnings Less Than Distributions | Accumulated Other Comprehensive Loss | Non-controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units | Class A Units Owned by Vornado | Total Equity | Preferred Units | Class A Units Owned by Vornado | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | Earnings Less Than Distributions | Accumulated Other Comprehensive (Loss) Income | Non-controlling Interests in Consolidated Subsidiaries | Units | Amount | Units | Amount | Earnings Less Than Distributions | Accumulated Other Comprehensive Loss | Non-controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2021: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2021: | For the Nine Months Ended September 30, 2021: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 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 | 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. | Net income attributable to Vornado Realty L.P. | — | — | — | — | 88,927 | — | — | 88,927 | Net income attributable to Vornado Realty L.P. | — | — | — | — | 155,267 | — | — | 155,267 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | Net income attributable to redeemable partnership units | — | — | — | — | (3,865) | — | — | (3,865) | Net income attributable to redeemable partnership units | — | — | — | — | (6,683) | — | — | (6,683) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 14,505 | 14,505 | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 18,804 | 18,804 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($1.06 per unit) | — | — | — | — | (202,989) | — | — | (202,989) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($1.59 per unit) | Distributions to Vornado ($1.59 per unit) | — | — | — | — | (304,516) | — | — | (304,516) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (32,934) | — | — | (32,934) | Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (49,734) | — | — | (49,734) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series O cumulative redeemable preferred units issuance | Series O cumulative redeemable preferred units issuance | 12,000 | 291,195 | — | — | — | — | — | 291,195 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Units issued to Vornado: | Class A Units issued to Vornado: | Class A Units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | Upon redemption of redeemable Class A units, at redemption value | — | — | 199 | 8,309 | — | — | — | 8,309 | Upon redemption of redeemable Class A units, at redemption value | — | — | 313 | 13,058 | — | — | — | 13,058 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | Under Vornado's employees' share option plan | — | — | — | 10 | — | — | — | 10 | Under Vornado's employees' share option plan | — | — | — | 10 | — | — | — | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | Under Vornado's dividend reinvestment plan | — | — | 10 | 430 | — | — | — | 430 | Under Vornado's dividend reinvestment plan | — | — | 16 | 654 | — | — | — | 654 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | Contributions | — | — | — | — | — | — | 1,547 | 1,547 | Contributions | — | — | — | — | — | — | 2,657 | 2,657 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | (145,057) | (145,057) | Distributions | — | — | — | — | — | — | (150,934) | (150,934) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred units to Class A units | Conversion of Series A preferred units to Class A units | — | (13) | 1 | 13 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | Deferred compensation units and options | — | — | (3) | 449 | (114) | — | — | 335 | Deferred compensation units and options | — | — | (4) | 675 | (114) | — | — | 561 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 5,059 | — | 5,059 | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 6,381 | — | 6,381 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps | Change in fair value of interest rate swaps | — | — | — | — | — | 20,193 | — | 20,193 | Change in fair value of interest rate swaps | — | — | — | — | — | 25,553 | — | 25,553 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unearned 2018 Out-Performance Plan awards acceleration | Unearned 2018 Out-Performance Plan awards acceleration | — | — | — | 10,283 | — | — | — | 10,283 | Unearned 2018 Out-Performance Plan awards acceleration | — | — | — | 10,283 | — | — | — | 10,283 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | (142,948) | — | — | — | (142,948) | Redeemable Class A unit measurement adjustment | — | — | — | (78,848) | — | — | — | (78,848) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series K cumulative redeemable preferred units called for redemption | Series K cumulative redeemable preferred units called for redemption | (12,000) | (290,967) | — | — | (9,033) | — | — | (300,000) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | Redeemable partnership units' share of above adjustments | — | — | — | — | — | (1,590) | — | (1,590) | Redeemable partnership units' share of above adjustments | — | — | — | — | — | (2,016) | — | (2,016) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | (48) | — | 1 | (4) | — | (2) | (53) | Other | — | (55) | — | (2) | (4) | 2 | 37 | (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | Balance as of September 30, 2021 | 48,793 | $ | 1,182,499 | 191,681 | $ | 8,145,983 | $ | (2,988,999) | $ | (45,179) | $ | 285,521 | $ | 6,579,825 |
(Amounts in thousands) | (Amounts in thousands) | For the Six Months Ended June 30, | (Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Cash Flows from Operating Activities: | Cash Flows from Operating Activities: | Cash Flows from Operating Activities: | ||||||||||||||||||||
Net income | Net income | $ | 122,278 | $ | 103,825 | Net income | $ | 142,390 | $ | 175,590 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | 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) | 246,532 | 194,225 | Depreciation and amortization (including amortization of deferred financing costs) | 386,697 | 299,749 | ||||||||||||||||
Distributions of income from partially owned entities | Distributions of income from partially owned entities | 95,494 | 109,089 | Distributions of income from partially owned entities | 137,758 | 171,367 | ||||||||||||||||
Equity in net income of partially owned entities | Equity in net income of partially owned entities | (59,434) | (60,499) | Equity in net income of partially owned entities | (83,775) | (86,768) | ||||||||||||||||
Straight-lining of rents | Straight-lining of rents | (36,679) | 9,835 | Straight-lining of rents | (45,835) | 11,651 | ||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | Net gains on disposition of wholly owned and partially owned assets | (35,384) | (25,724) | Net gains on disposition of wholly owned and partially owned assets | (35,384) | (35,811) | ||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 19,001 | 27,379 | Stock-based compensation expense | 22,887 | 32,889 | ||||||||||||||||
Change in deferred tax liability | Change in deferred tax liability | 6,457 | 1,192 | Change in deferred tax liability | 9,992 | 2,497 | ||||||||||||||||
Amortization of below-market leases, net | Amortization of below-market leases, net | (2,404) | (5,717) | Amortization of below-market leases, net | (3,788) | (7,939) | ||||||||||||||||
Net realized and unrealized loss on real estate fund investments | Net realized and unrealized loss on real estate fund investments | 1,128 | 789 | Net realized and unrealized loss on real estate fund investments | 1,128 | 789 | ||||||||||||||||
Write-off of lease receivables deemed uncollectible | Write-off of lease receivables deemed uncollectible | 501 | 5,239 | Write-off of lease receivables deemed uncollectible | 782 | 7,219 | ||||||||||||||||
Real estate impairment losses | Real estate impairment losses | — | 7,880 | |||||||||||||||||||
Other non-cash adjustments | Other non-cash adjustments | 1,929 | 3,033 | Other non-cash adjustments | 2,560 | (5,046) | ||||||||||||||||
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) | Real estate fund investments | — | (789) | ||||||||||||||||
Tenant and other receivables | Tenant and other receivables | 2,388 | 10,477 | Tenant and other receivables | (2,128) | (12,092) | ||||||||||||||||
Prepaid assets | Prepaid assets | 94,235 | 127,958 | Prepaid assets | 33,995 | (44,731) | ||||||||||||||||
Other assets | Other assets | (13,455) | (26,262) | Other assets | (22,706) | (77,508) | ||||||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses | (15,283) | 2,243 | Accounts payable and accrued expenses | 6,649 | 43,067 | ||||||||||||||||
Other liabilities | Other liabilities | 3,321 | (3,584) | Other liabilities | 8,605 | (3,911) | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 430,625 | 472,709 | Net cash provided by operating activities | 559,827 | 478,103 | ||||||||||||||||
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 | (794,793) | — | Purchase of U.S. Treasury bills | (794,793) | — | ||||||||||||||||
Development costs and construction in progress | Development costs and construction in progress | (418,748) | (269,376) | Development costs and construction in progress | (557,884) | (444,645) | ||||||||||||||||
Proceeds from maturities of U.S. Treasury bills | Proceeds from maturities of U.S. Treasury bills | 299,668 | — | Proceeds from maturities of U.S. Treasury bills | 349,461 | — | ||||||||||||||||
Proceeds from sales of real estate | Proceeds from sales of real estate | 253,958 | 3,521 | Proceeds from sales of real estate | 253,958 | 100,024 | ||||||||||||||||
Additions to real estate | Additions to real estate | (70,046) | (90,138) | Additions to real estate | (120,124) | (113,374) | ||||||||||||||||
Proceeds from sale of condominium units at 220 Central Park South | 16,124 | 72,216 | ||||||||||||||||||||
Distributions of capital from partially owned entities | Distributions of capital from partially owned entities | 20,566 | 106,005 | |||||||||||||||||||
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South | Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South | 16,124 | 97,683 | |||||||||||||||||||
Investments in partially owned entities | Investments in partially owned entities | (11,091) | (6,357) | Investments in partially owned entities | (15,046) | (12,366) | ||||||||||||||||
Distributions of capital from partially owned entities | 10,066 | 106,005 | ||||||||||||||||||||
Acquisitions of real estate and other | Acquisitions of real estate and other | (1,000) | — | Acquisitions of real estate and other | (2,000) | (3,000) | ||||||||||||||||
Acquisition of additional 45.0% ownership interest in One Park Avenue (inclusive of $5,806 of prorations and net working capital and net of $39,370 of cash and restricted cash balances consolidated upon acquisition) | Acquisition of additional 45.0% ownership interest in One Park Avenue (inclusive of $5,806 of prorations and net working capital and net of $39,370 of cash and restricted cash balances consolidated upon acquisition) | — | (123,936) | |||||||||||||||||||
Proceeds from repayments of loan receivables | Proceeds from repayments of loan receivables | — | 675 | Proceeds from repayments of loan receivables | — | 975 | ||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (715,862) | (183,454) | Net cash used in investing activities | (849,738) | (392,634) |
(Amounts in thousands) | (Amounts in thousands) | For the Six Months Ended June 30, | (Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Cash Flows from Financing Activities: | Cash Flows from Financing Activities: | Cash Flows from Financing Activities: | ||||||||||||||||||||
Repayments of borrowings | Repayments of borrowings | $ | (1,240,573) | $ | (1,573,443) | Repayments of borrowings | $ | (1,245,973) | $ | (1,578,843) | ||||||||||||
Proceeds from borrowings | Proceeds from borrowings | 1,029,773 | 2,298,007 | Proceeds from borrowings | 1,029,773 | 2,298,007 | ||||||||||||||||
Distributions to Vornado | Distributions to Vornado | (203,240) | (202,989) | Distributions to Vornado | (304,896) | (304,516) | ||||||||||||||||
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (56,589) | (159,926) | Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (68,716) | (173,356) | ||||||||||||||||
Distributions to preferred unitholders | Distributions to preferred unitholders | (46,587) | (49,400) | |||||||||||||||||||
Debt issuance costs | Debt issuance costs | (31,718) | (32,875) | Debt issuance costs | (32,473) | (33,935) | ||||||||||||||||
Distributions to preferred unitholders | (31,058) | (32,934) | ||||||||||||||||||||
Contributions from noncontrolling interests in consolidated subsidiaries | Contributions from noncontrolling interests in consolidated subsidiaries | 4,253 | 1,547 | Contributions from noncontrolling interests in consolidated subsidiaries | 4,903 | 2,657 | ||||||||||||||||
Proceeds received from exercise of Vornado stock options and other | Proceeds received from exercise of Vornado stock options and other | 441 | 440 | Proceeds received from exercise of Vornado stock options and other | 662 | 664 | ||||||||||||||||
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 | (85) | (114) | Repurchase of Class A units related to stock compensation agreements and related tax withholdings and other | (85) | (114) | ||||||||||||||||
Proceeds from the issuance of preferred units | Proceeds from the issuance of preferred units | — | 291,195 | |||||||||||||||||||
Net cash (used in) provided by financing activities | Net cash (used in) provided by financing activities | (528,796) | 297,713 | Net cash (used in) provided by financing activities | (663,392) | 452,359 | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents and restricted cash | Net (decrease) increase in cash and cash equivalents and restricted cash | (814,033) | 586,968 | Net (decrease) increase in cash and cash equivalents and restricted cash | (953,303) | 537,828 | ||||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | 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 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 | $ | 1,116,318 | $ | 2,317,337 | Cash and cash equivalents and restricted cash at end of period | $ | 977,048 | $ | 2,268,197 | ||||||||||||
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 | $ | 1,760,225 | $ | 1,624,482 | 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 | 170,126 | 105,887 | 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 | $ | 1,930,351 | $ | 1,730,369 | 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 | $ | 988,398 | $ | 2,172,195 | Cash and cash equivalents at end of period | $ | 845,423 | $ | 2,128,964 | ||||||||||||
Restricted cash at end of period | Restricted cash at end of period | 127,920 | 145,142 | Restricted cash at end of period | 131,625 | 139,233 | ||||||||||||||||
Cash and cash equivalents and restricted cash at end of period | Cash and cash equivalents and restricted cash at end of period | $ | 1,116,318 | $ | 2,317,337 | Cash and cash equivalents and restricted cash at end of period | $ | 977,048 | $ | 2,268,197 | ||||||||||||
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 $7,221 and $21,046 | $ | 107,367 | $ | 93,376 | ||||||||||||||||||
Cash payments for interest, excluding capitalized interest of $12,095 and $31,785 | Cash payments for interest, excluding capitalized interest of $12,095 and $31,785 | $ | 170,839 | $ | 137,937 | |||||||||||||||||
Cash payments for income taxes | Cash payments for income taxes | $ | 5,064 | $ | 6,797 | Cash payments for income taxes | $ | 6,919 | $ | 8,426 | ||||||||||||
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 | $ | — | Additional estimated lease liability arising from the recognition of right-of-use asset | $ | 350,000 | $ | — | ||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | 193,762 | (142,948) | Redeemable Class A unit measurement adjustment | 215,619 | (78,848) | ||||||||||||||||
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 | 200,838 | 25,555 | |||||||||||||||||||
Accrued capital expenditures included in accounts payable and accrued expenses | Accrued capital expenditures included in accounts payable and accrued expenses | 86,639 | 80,649 | Accrued capital expenditures included in accounts payable and accrued expenses | 86,844 | 120,635 | ||||||||||||||||
Increase in accumulated other comprehensive income due to change in fair value of consolidated interest rate swaps and other | 83,619 | 20,193 | ||||||||||||||||||||
Reclassification of assets held for sale (included in "other assets") | Reclassification of assets held for sale (included in "other assets") | 64,177 | 79,421 | |||||||||||||||||||
Write-off of fully depreciated assets | Write-off of fully depreciated assets | (31,996) | (48,190) | Write-off of fully depreciated assets | (52,475) | (78,353) | ||||||||||||||||
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" | 3,024 | 9,227 | Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | 30,542 | 11,767 | ||||||||||||||||
Reclassification of assets held for sale (included in "other assets") | — | 79,210 | ||||||||||||||||||||
Increase in assets and liabilities resulting from the consolidation of One Park Avenue: | Increase in assets and liabilities resulting from the consolidation of One Park Avenue: | |||||||||||||||||||||
Real estate | Real estate | — | 566,013 | |||||||||||||||||||
Identified intangible assets | Identified intangible assets | — | 139,545 | |||||||||||||||||||
Mortgages payable | Mortgages payable | — | 525,000 | |||||||||||||||||||
Deferred revenue | Deferred revenue | — | 18,884 | |||||||||||||||||||
Reclassification of Series K cumulative redeemable preferred units to liabilities upon call for redemption | Reclassification of Series K cumulative redeemable preferred units to liabilities upon call for redemption | — | 300,000 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended June 30, 2022 | For the Three Months Ended June 30, 2021 | (Amounts in thousands) | For the Three Months Ended September 30, 2022 | For the Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property rentals | Property rentals | $ | 383,049 | $ | 309,882 | $ | 73,167 | $ | 330,944 | $ | 260,953 | $ | 69,991 | Property rentals | $ | 371,754 | $ | 303,574 | $ | 68,180 | $ | 345,235 | $ | 273,197 | $ | 72,038 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Trade shows(1) | Trade shows(1) | 5,842 | — | 5,842 | — | — | — | Trade shows(1) | 18,654 | — | 18,654 | 12,605 | — | 12,605 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease revenues(2) | Lease revenues(2) | 388,891 | 309,882 | 79,009 | 330,944 | 260,953 | 69,991 | Lease revenues(2) | 390,408 | 303,574 | 86,834 | 357,840 | 273,197 | 84,643 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tenant services | Tenant services | 11,461 | 8,133 | 3,328 | 8,652 | 5,928 | 2,724 | Tenant services | 14,134 | 9,937 | 4,197 | 11,363 | 7,565 | 3,798 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parking revenues | Parking revenues | 4,842 | 4,025 | 817 | — | — | — | Parking revenues | 4,602 | 3,820 | 782 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental revenues | Rental revenues | 405,194 | 322,040 | 83,154 | 339,596 | 266,881 | 72,715 | Rental revenues | 409,144 | 317,331 | 91,813 | 369,203 | 280,762 | 88,441 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BMS cleaning fees | BMS cleaning fees | 33,999 | 36,206 | (2,207) | (3) | 28,083 | 29,600 | (1,517) | (3) | BMS cleaning fees | 35,062 | 37,371 | (2,309) | (3) | 30,827 | 32,630 | (1,803) | (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management and leasing fees | Management and leasing fees | 2,866 | 3,011 | (145) | 3,073 | 3,088 | (15) | Management and leasing fees | 2,532 | 2,595 | (63) | 2,509 | 2,680 | (171) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 11,435 | 2,905 | 8,530 | 8,189 | 1,575 | 6,614 | Other income | 10,693 | 2,736 | 7,957 | 6,673 | 571 | 6,102 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee and other income | Fee and other income | 48,300 | 42,122 | 6,178 | 39,345 | 34,263 | 5,082 | Fee and other income | 48,287 | 42,702 | 5,585 | 40,009 | 35,881 | 4,128 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 453,494 | $ | 364,162 | $ | 89,332 | $ | 378,941 | $ | 301,144 | $ | 77,797 | Total revenues | $ | 457,431 | $ | 360,033 | $ | 97,398 | $ | 409,212 | $ | 316,643 | $ | 92,569 |
(Amounts in thousands) | (Amounts in thousands) | For the Six Months Ended June 30, 2022 | For the Six Months Ended June 30, 2021 | (Amounts in thousands) | For the Nine Months Ended September 30, 2022 | For the Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property rentals | Property rentals | $ | 760,936 | $ | 617,605 | $ | 143,331 | $ | 663,002 | $ | 522,644 | $ | 140,358 | Property rentals | $ | 1,132,690 | $ | 921,179 | $ | 211,511 | $ | 1,008,237 | $ | 795,841 | $ | 212,396 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Trade shows(1) | Trade shows(1) | 10,986 | — | 10,986 | — | — | — | Trade shows(1) | 29,640 | — | 29,640 | 12,605 | — | 12,605 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease revenues(2) | Lease revenues(2) | 771,922 | 617,605 | 154,317 | 663,002 | 522,644 | 140,358 | Lease revenues(2) | 1,162,330 | 921,179 | 241,151 | 1,020,842 | 795,841 | 225,001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tenant services | Tenant services | 21,350 | 15,544 | 5,806 | 15,911 | 10,937 | 4,974 | Tenant services | 35,484 | 25,481 | 10,003 | 27,274 | 18,502 | 8,772 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parking revenues | Parking revenues | 9,205 | 7,736 | 1,469 | — | — | — | Parking revenues | 13,807 | 11,556 | 2,251 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental revenues | Rental revenues | 802,477 | 640,885 | 161,592 | 678,913 | 533,581 | 145,332 | Rental revenues | 1,211,621 | 958,216 | 253,405 | 1,048,116 | 814,343 | 233,773 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BMS cleaning fees | BMS cleaning fees | 66,690 | 70,917 | (4,227) | (3) | 56,560 | 59,548 | (2,988) | (3) | BMS cleaning fees | 101,752 | 108,288 | (6,536) | (3) | 87,387 | 92,178 | (4,791) | (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management and leasing fees | Management and leasing fees | 5,635 | 5,978 | (343) | 8,442 | 8,610 | (168) | Management and leasing fees | 8,167 | 8,573 | (406) | 10,951 | 11,290 | (339) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 20,822 | 4,930 | 15,892 | 15,003 | 3,376 | 11,627 | Other income | 31,515 | 7,666 | 23,849 | 21,676 | 3,947 | 17,729 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee and other income | Fee and other income | 93,147 | 81,825 | 11,322 | 80,005 | 71,534 | 8,471 | Fee and other income | 141,434 | 124,527 | 16,907 | 120,014 | 107,415 | 12,599 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 895,624 | $ | 722,710 | $ | 172,914 | $ | 758,918 | $ | 605,115 | $ | 153,803 | Total revenues | $ | 1,353,055 | $ | 1,082,743 | $ | 270,312 | $ | 1,168,130 | $ | 921,758 | $ | 246,372 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Fixed billings | Fixed billings | $ | 342,891 | $ | 305,963 | $ | 672,142 | $ | 615,823 | Fixed billings | $ | 353,040 | $ | 329,499 | $ | 1,025,182 | $ | 945,322 | ||||||||||||||||||||||||||||
Variable billings | Variable billings | 31,225 | 30,123 | 64,199 | 61,772 | Variable billings | 28,919 | 29,008 | 93,118 | 90,780 | ||||||||||||||||||||||||||||||||||||
Total contractual operating lease billings | Total contractual operating lease billings | 374,116 | 336,086 | 736,341 | 677,595 | Total contractual operating lease billings | 381,959 | 358,507 | 1,118,300 | 1,036,102 | ||||||||||||||||||||||||||||||||||||
Adjustment for straight-line rents and amortization of acquired below-market leases and other, net | Adjustment for straight-line rents and amortization of acquired below-market leases and other, net | 15,276 | (3,573) | 36,082 | (9,354) | Adjustment for straight-line rents and amortization of acquired below-market leases and other, net | 8,730 | 1,313 | 44,812 | (8,041) | ||||||||||||||||||||||||||||||||||||
Less: write-off of straight-line rent and tenant receivables deemed uncollectible | Less: write-off of straight-line rent and tenant receivables deemed uncollectible | (501) | (1,569) | (501) | (5,239) | Less: write-off of straight-line rent and tenant receivables deemed uncollectible | (281) | (1,980) | (782) | (7,219) | ||||||||||||||||||||||||||||||||||||
Lease revenues | Lease revenues | $ | 388,891 | $ | 330,944 | $ | 771,922 | $ | 663,002 | Lease revenues | $ | 390,408 | $ | 357,840 | $ | 1,162,330 | $ | 1,020,842 |
(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 September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Net investment (loss) income | Net investment (loss) income | $ | (111) | $ | (66) | $ | 6,549 | $ | 5,896 | |||||||||||||||||||||||||||||||||||||
Previously recorded unrealized loss on exited investments | Previously recorded unrealized loss on exited investments | $ | 53,724 | $ | — | $ | 59,396 | $ | — | Previously recorded unrealized loss on exited investments | — | — | 59,396 | — | ||||||||||||||||||||||||||||||||
Realized loss on exited investments | Realized loss on exited investments | (53,724) | — | (53,724) | — | Realized loss on exited investments | — | — | (53,724) | — | ||||||||||||||||||||||||||||||||||||
Net unrealized loss on held investments | Net unrealized loss on held investments | (6,800) | (295) | (6,800) | (789) | Net unrealized loss on held investments | — | — | (6,800) | (789) | ||||||||||||||||||||||||||||||||||||
Net investment income | 6,658 | 5,637 | 6,660 | 5,962 | ||||||||||||||||||||||||||||||||||||||||||
(Loss) income from real estate fund investments | (Loss) income from real estate fund investments | (142) | 5,342 | 5,532 | 5,173 | (Loss) income from real estate fund investments | (111) | (66) | 5,421 | 5,107 | ||||||||||||||||||||||||||||||||||||
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries | Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 365 | (3,703) | (3,599) | (3,274) | Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 312 | 360 | (3,287) | (2,914) | ||||||||||||||||||||||||||||||||||||
Income from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ | 223 | $ | 1,639 | $ | 1,933 | $ | 1,899 | ||||||||||||||||||||||||||||||||||||||
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 | $ | 201 | $ | 294 | $ | 2,134 | $ | 2,193 |
Percentage Ownership at September 30, 2022 | Balance as of | |||||||||||||||||||||||||||||||||
(Amounts in thousands) | (Amounts in thousands) | Percentage Ownership at June 30, 2022 | Balance as of | (Amounts in thousands) | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||
Investments: | Investments: | Investments: | ||||||||||||||||||||||||||||||||
Fifth Avenue and Times Square JV (see page 26 for details): | Fifth Avenue and Times Square JV (see page 26 for details): | 51.5% | $ | 2,771,041 | $ | 2,770,633 | Fifth Avenue and Times Square JV (see page 26 for details): | 51.5% | $ | 2,765,475 | $ | 2,770,633 | ||||||||||||||||||||||
Partially owned office buildings/land(1) | Partially owned office buildings/land(1) | Various | 282,057 | 306,989 | Partially owned office buildings/land(1) | Various | 271,634 | 298,415 | ||||||||||||||||||||||||||
Alexander’s | Alexander’s | 32.4% | 91,544 | 91,405 | Alexander’s | 32.4% | 91,278 | 91,405 | ||||||||||||||||||||||||||
Other investments(2) | Other investments(2) | Various | 125,587 | 128,362 | Other investments(2) | Various | 121,810 | 136,936 | ||||||||||||||||||||||||||
$ | 3,270,229 | $ | 3,297,389 | $ | 3,250,197 | $ | 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% | $ | (63,394) | $ | (60,918) | 7 West 34th Street | 53.0% | $ | (63,124) | $ | (60,918) | ||||||||||||||||||||||
85 Tenth Avenue | 85 Tenth Avenue | 49.9% | (16,070) | (18,067) | 85 Tenth Avenue | 49.9% | (16,884) | (18,067) | ||||||||||||||||||||||||||
$ | (79,464) | $ | (78,985) | $ | (80,008) | $ | (78,985) |
(Amounts in thousands) | (Amounts in thousands) | Percentage Ownership at June 30, 2022 | For the Three Months Ended June 30, | For the Six Months Ended June 30, | (Amounts in thousands) | Percentage Ownership at September 30, 2022 | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Our share of net income (loss): | Our share of net income (loss): | Our share of net income (loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fifth Avenue and Times Square JV (see page 26 for details): | Fifth Avenue and Times Square JV (see page 26 for details): | Fifth Avenue and Times Square JV (see page 26 for details): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in net income | Equity in net income | 51.5% | $ | 13,665 | $ | 10,037 | $ | 29,974 | $ | 19,643 | Equity in net income | 51.5% | $ | 11,941 | $ | 12,671 | $ | 41,915 | $ | 32,314 | ||||||||||||||||||||||||||||||||||||||
Return on preferred equity, net of our share of the expense | Return on preferred equity, net of our share of the expense | 9,329 | 9,329 | 18,555 | 18,555 | Return on preferred equity, net of our share of the expense | 9,430 | 9,430 | 27,985 | 27,985 | ||||||||||||||||||||||||||||||||||||||||||||||||
22,994 | 19,366 | 48,529 | 38,198 | 21,371 | 22,101 | 69,900 | 60,299 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Alexander's (see page 27 for details): | Alexander's (see page 27 for details): | Alexander's (see page 27 for details): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in net income(1) | Equity in net income(1) | 32.4% | 4,824 | 8,325 | 9,495 | 14,054 | Equity in net income(1) | 32.4% | 4,740 | 3,710 | 14,235 | 17,764 | ||||||||||||||||||||||||||||||||||||||||||||||
Management, leasing and development fees | Management, leasing and development fees | 1,162 | 1,962 | 2,182 | 2,537 | Management, leasing and development fees | 1,170 | 1,085 | 3,352 | 3,622 | ||||||||||||||||||||||||||||||||||||||||||||||||
5,986 | 10,287 | 11,677 | 16,591 | 5,910 | 4,795 | 17,587 | 21,386 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Partially owned office buildings(2) | Partially owned office buildings(2) | Various | (3,584) | 3,758 | (1,107) | 9,730 | Partially owned office buildings(2) | Various | (4,732) | 418 | (8,080) | 8,395 | ||||||||||||||||||||||||||||||||||||||||||||||
Other investments(3) | Other investments(3) | Various | 324 | (1,985) | 335 | (4,020) | Other investments(3) | Various | 1,792 | (1,045) | 4,368 | (3,312) | ||||||||||||||||||||||||||||||||||||||||||||||
$ | 25,720 | $ | 31,426 | $ | 59,434 | $ | 60,499 | $ | 24,341 | $ | 26,269 | $ | 83,775 | $ | 86,768 |
(Amounts in thousands) | (Amounts in thousands) | Balance as of | (Amounts in thousands) | Balance as of | ||||||||||||||||||
June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
Identified intangible assets: | Identified intangible assets: | Identified intangible assets: | ||||||||||||||||||||
Gross amount | Gross amount | $ | 237,777 | $ | 252,081 | Gross amount | $ | 237,777 | $ | 252,081 | ||||||||||||
Accumulated amortization | Accumulated amortization | (93,180) | (97,186) | Accumulated amortization | (95,661) | (97,186) | ||||||||||||||||
Total, net | Total, net | $ | 144,597 | $ | 154,895 | Total, net | $ | 142,116 | $ | 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 | $ | 244,396 | $ | 256,065 | Gross amount | $ | 244,396 | $ | 256,065 | ||||||||||||
Accumulated amortization | Accumulated amortization | (204,831) | (212,245) | Accumulated amortization | (206,711) | (212,245) | ||||||||||||||||
Total, net | Total, net | $ | 39,565 | $ | 43,820 | Total, net | $ | 37,685 | $ | 43,820 |
(Amounts in thousands) | (Amounts in thousands) | Acquired below (above) market leases, net | (Amounts in thousands) | Acquired below (above) market leases, net | ||||||
2023 | 2023 | $ | 5,440 | 2023 | $ | 5,471 | ||||
2024 | 2024 | 2,364 | 2024 | 2,352 | ||||||
2025 | 2025 | 953 | 2025 | 941 | ||||||
2026 | 2026 | 311 | 2026 | 299 | ||||||
2027 | 2027 | (136) | 2027 | (148) |
(Amounts in thousands) | Other identified intangible assets | ||||
2023 | $ | 7,948 | |||
2024 | 7,128 | ||||
2025 | 6,077 | ||||
2026 | 5,884 | ||||
2027 | 5,449 |
(Amounts in thousands) | Notional Amount | All-In Swapped Rate | Swap Expiration Date | Variable Rate Spread | ||||||||||||||||||||||
770 Broadway mortgage loan | $ | 700,000 | 4.98% | 07/27 | S+225 | |||||||||||||||||||||
Unsecured revolving credit facility | 575,000 | 3.88% | 08/27 | S+115 | ||||||||||||||||||||||
Unsecured term loan(1) | 50,000 | 4.04% | 08/27 | S+130 | ||||||||||||||||||||||
Unsecured term loan (effective 10/23) | 500,000 | 4.39% | 10/26 | S+130 | ||||||||||||||||||||||
100 West 33rd Street mortgage loan | 480,000 | 5.06% | 06/27 | S+165 | ||||||||||||||||||||||
888 Seventh Avenue mortgage loan(2) | 200,000 | 4.66% | 09/27 | L+170 |
(Amounts in thousands) | (Amounts in thousands) | Weighted Average Interest Rate at June 30, 2022 | Balance as of | (Amounts in thousands) | Weighted Average Interest Rate at September 30, 2022(1) | Balance as of | ||||||||||||||||||||||||||||
June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||
Mortgages Payable: | Mortgages Payable: | Mortgages Payable: | ||||||||||||||||||||||||||||||||
Fixed rate | Fixed rate | 3.10% | $ | 2,540,000 | $ | 2,190,000 | Fixed rate | 3.62% | $ | 3,570,000 | $ | 2,190,000 | ||||||||||||||||||||||
Variable rate | Variable rate | 2.96% | 3,348,415 | (1) | 3,909,215 | Variable rate | 4.35% | 2,313,015 | 3,909,215 | |||||||||||||||||||||||||
Total | Total | 3.02% | 5,888,415 | 6,099,215 | Total | 3.91% | 5,883,015 | 6,099,215 | ||||||||||||||||||||||||||
Deferred financing costs, net and other | Deferred financing costs, net and other | (54,140) | (45,872) | Deferred financing costs, net and other | (51,246) | (45,872) | ||||||||||||||||||||||||||||
Total, net | Total, net | $ | 5,834,275 | $ | 6,053,343 | Total, net | $ | 5,831,769 | $ | 6,053,343 | ||||||||||||||||||||||||
Unsecured Debt: | Unsecured Debt: | Unsecured Debt: | ||||||||||||||||||||||||||||||||
Senior unsecured notes | Senior unsecured notes | 3.02% | $ | 1,200,000 | $ | 1,200,000 | Senior unsecured notes | 3.02% | $ | 1,200,000 | $ | 1,200,000 | ||||||||||||||||||||||
Deferred financing costs, net and other | Deferred financing costs, net and other | (9,188) | (10,208) | Deferred financing costs, net and other | (8,678) | (10,208) | ||||||||||||||||||||||||||||
Senior unsecured notes, net | Senior unsecured notes, net | 1,190,812 | 1,189,792 | Senior unsecured notes, net | 1,191,322 | 1,189,792 | ||||||||||||||||||||||||||||
Unsecured term loan | Unsecured term loan | 3.98% | 800,000 | 800,000 | Unsecured term loan | 4.05% | 800,000 | 800,000 | ||||||||||||||||||||||||||
Deferred financing costs, net and other | Deferred financing costs, net and other | (7,356) | (2,188) | Deferred financing costs, net and other | (7,153) | (2,188) | ||||||||||||||||||||||||||||
Unsecured term loan, net | Unsecured term loan, net | 792,644 | 797,812 | Unsecured term loan, net | 792,847 | 797,812 | ||||||||||||||||||||||||||||
Unsecured revolving credit facilities | Unsecured revolving credit facilities | 2.68% | 575,000 | 575,000 | Unsecured revolving credit facilities | 3.88% | 575,000 | 575,000 | ||||||||||||||||||||||||||
Total, net | Total, net | $ | 2,558,456 | $ | 2,562,604 | Total, net | $ | 2,559,169 | $ | 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 September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 649,758 | $ | 640,193 | $ | 590,975 | $ | 511,747 | Beginning balance | $ | 412,022 | $ | 654,771 | $ | 590,975 | $ | 511,747 | ||||||||||||||||||||||||||||
Net income | Net income | 3,782 | 3,536 | 5,776 | 3,865 | Net income | 606 | 2,818 | 6,382 | 6,683 | ||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | 1,611 | 704 | 6,745 | 1,590 | Other comprehensive income | 8,299 | 426 | 15,044 | 2,016 | ||||||||||||||||||||||||||||||||||||
Distributions | Distributions | (7,577) | (7,408) | (15,161) | (14,869) | Distributions | (7,579) | (7,553) | (22,740) | (22,422) | ||||||||||||||||||||||||||||||||||||
Redemption of Class A units for Vornado common shares, at redemption value | Redemption of Class A units for Vornado common shares, at redemption value | (860) | (4,206) | (1,577) | (8,309) | Redemption of Class A units for Vornado common shares, at redemption value | (992) | (4,749) | (2,569) | (13,058) | ||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | (240,413) | 16,012 | (193,762) | 142,948 | Redeemable Class A unit measurement adjustment | (21,857) | (64,100) | (215,619) | 78,848 | ||||||||||||||||||||||||||||||||||||
Other, net | Other, net | 5,721 | 5,940 | 19,026 | 17,799 | Other, net | 3,575 | 13,036 | 22,601 | 30,835 | ||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 412,022 | $ | 654,771 | $ | 412,022 | $ | 654,771 | Ending balance | $ | 394,074 | $ | 594,649 | $ | 394,074 | $ | 594,649 |
(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 September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 97,403 | $ | 94,437 | $ | 97,708 | $ | 94,520 | Beginning balance | $ | 93,987 | $ | 94,913 | $ | 97,708 | $ | 94,520 | ||||||||||||||||||||||||||||
Net (loss) income | Net (loss) income | (3,416) | 476 | (3,721) | 393 | Net (loss) income | (4,759) | 1,126 | (8,480) | 1,519 | ||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 93,987 | $ | 94,913 | $ | 93,987 | $ | 94,913 | Ending balance | $ | 89,228 | $ | 96,039 | $ | 89,228 | $ | 96,039 |
(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 September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 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 | $ | 0.53 | $ | 1.06 | $ | 1.06 | Common shares/Class A units held by Vornado: authorized 250,000,000 shares/units | $ | 0.53 | $ | 0.53 | $ | 1.59 | $ | 1.59 | ||||||||||||||||||||||||||||
Convertible Preferred(1): | Convertible Preferred(1): | Convertible Preferred(1): | ||||||||||||||||||||||||||||||||||||||||||||
6.5% Series A: authorized 12,902 and 13,402 shares/units(2) | 0.8125 | 0.8125 | 1.6250 | 1.6250 | ||||||||||||||||||||||||||||||||||||||||||
6.5% Series A: authorized 12,902 shares/units(2) | 6.5% Series A: authorized 12,902 shares/units(2) | 0.8125 | 0.8125 | 2.4375 | 2.4375 | |||||||||||||||||||||||||||||||||||||||||
Cumulative Redeemable Preferred(1)(3): | Cumulative Redeemable Preferred(1)(3): | Cumulative Redeemable Preferred(1)(3): | ||||||||||||||||||||||||||||||||||||||||||||
5.70% Series K: authorized 12,000,000 shares/units | 5.70% Series K: authorized 12,000,000 shares/units | N/A | 0.3563 | N/A | 0.7126 | 5.70% Series K: authorized 12,000,000 shares/units | N/A | 0.3563 | N/A | 1.0689 | ||||||||||||||||||||||||||||||||||||
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 | 1.0125 | 1.0125 | ||||||||||||||||||||||||||||||||||||
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 | 0.9843 | 0.9843 | ||||||||||||||||||||||||||||||||||||
5.25% Series N: authorized 12,000,000 shares/units | 5.25% Series N: authorized 12,000,000 shares/units | 0.3281 | 0.3281 | 0.6562 | 0.6562 | 5.25% Series N: authorized 12,000,000 shares/units | 0.3281 | 0.3281 | 0.9843 | 0.9843 | ||||||||||||||||||||||||||||||||||||
4.45% Series O: authorized 12,000,000 shares/units | 4.45% Series O: authorized 12,000,000 shares/units | 0.2781 | N/A | 0.5562 | N/A | 4.45% Series O: authorized 12,000,000 shares/units | 0.2781 | 0.0278 | 0.8343 | 0.0278 |
(Amounts in thousands) | (Amounts in thousands) | Total | Accumulated other comprehensive income (loss) of nonconsolidated subsidiaries | Change in fair value of interest rate swaps and other | Other | (Amounts in thousands) | Total | Accumulated other comprehensive income (loss) of nonconsolidated subsidiaries | Change in fair value of interest rate swaps and other | Other | ||||||||||||||||||||||||||||||||||||
For the three months ended June 30, 2022: | ||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | $ | 51,776 | $ | 5,142 | $ | 50,478 | $ | (3,844) | ||||||||||||||||||||||||||||||||||||||
For the three months ended September 30, 2022: | For the three months ended September 30, 2022: | |||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | Balance as of June 30, 2022 | $ | 73,300 | $ | 9,897 | $ | 68,858 | $ | (5,455) | |||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | 21,524 | 4,755 | 18,380 | (1,611) | Other comprehensive income (loss) | 111,878 | 5,124 | 117,219 | (10,465) | ||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | $ | 73,300 | $ | 9,897 | $ | 68,858 | $ | (5,455) | ||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | Balance as of September 30, 2022 | $ | 185,178 | $ | 15,021 | $ | 186,077 | $ | (15,920) | |||||||||||||||||||||||||||||||||||||
For the three months ended June 30, 2021: | ||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | $ | (60,753) | $ | (10,747) | $ | (54,456) | $ | 4,450 | ||||||||||||||||||||||||||||||||||||||
For the three months ended September 30, 2021: | For the three months ended September 30, 2021: | |||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | Balance as of June 30, 2021 | $ | (51,437) | $ | (9,279) | $ | (45,905) | $ | 3,747 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | 9,316 | 1,468 | 8,551 | (703) | Other comprehensive income (loss) | 6,258 | 1,322 | 5,360 | (424) | ||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | $ | (51,437) | $ | (9,279) | $ | (45,905) | $ | 3,747 | ||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | Balance as of September 30, 2021 | $ | (45,179) | $ | (7,957) | $ | (40,545) | $ | 3,323 | |||||||||||||||||||||||||||||||||||||
For the six months ended June 30, 2022: | ||||||||||||||||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2022: | For the nine months ended September 30, 2022: | |||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | Balance as of December 31, 2021 | $ | (17,534) | $ | (4,063) | $ | (14,761) | $ | 1,290 | Balance as of December 31, 2021 | $ | (17,534) | $ | (4,063) | $ | (14,761) | $ | 1,290 | ||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | 90,834 | 13,960 | 83,619 | (6,745) | Other comprehensive income (loss) | 202,712 | 19,084 | 200,838 | (17,210) | ||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | $ | 73,300 | $ | 9,897 | $ | 68,858 | $ | (5,455) | ||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | Balance as of September 30, 2022 | $ | 185,178 | $ | 15,021 | $ | 186,077 | $ | (15,920) | |||||||||||||||||||||||||||||||||||||
For the six months ended June 30, 2021: | ||||||||||||||||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2021: | For the nine months ended September 30, 2021: | |||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | Balance as of December 31, 2020 | $ | (75,099) | $ | (14,338) | $ | (66,098) | $ | 5,337 | Balance as of December 31, 2020 | $ | (75,099) | $ | (14,338) | $ | (66,098) | $ | 5,337 | ||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | 23,662 | 5,059 | 20,193 | (1,590) | Other comprehensive income (loss) | 29,920 | 6,381 | 25,553 | (2,014) | ||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | $ | (51,437) | $ | (9,279) | $ | (45,905) | $ | 3,747 | ||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | Balance as of September 30, 2021 | $ | (45,179) | $ | (7,957) | $ | (40,545) | $ | 3,323 |
(Amounts in thousands) | (Amounts in thousands) | As of June 30, 2022 | (Amounts in thousands) | As of September 30, 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) | $ | 494,045 | $ | 494,045 | $ | — | $ | — | Investments in U.S. Treasury bills (1) | $ | 445,165 | $ | 445,165 | $ | — | $ | — | ||||||||||||||||||||||||||||
Real estate fund investments | Real estate fund investments | 930 | — | — | 930 | Real estate fund investments | 930 | — | — | 930 | ||||||||||||||||||||||||||||||||||||
Deferred compensation plan assets ($5,040 included in restricted cash and $91,162 in other assets) | 96,202 | 52,047 | — | 44,155 | ||||||||||||||||||||||||||||||||||||||||||
Loans receivable ($48,299 included in investments in partially owned entities and $3,747 in other assets) | 52,046 | — | — | 52,046 | ||||||||||||||||||||||||||||||||||||||||||
Deferred compensation plan assets ($6,434 included in restricted cash and $89,247 in other assets) | Deferred compensation plan assets ($6,434 included in restricted cash and $89,247 in other assets) | 95,681 | 50,770 | — | 44,911 | |||||||||||||||||||||||||||||||||||||||||
Loans receivable ($49,227 included in investments in partially owned entities and $4,024 in other assets) | Loans receivable ($49,227 included in investments in partially owned entities and $4,024 in other assets) | 53,251 | — | — | 53,251 | |||||||||||||||||||||||||||||||||||||||||
Interest rate swaps and caps (included in other assets) | Interest rate swaps and caps (included in other assets) | 74,039 | — | 74,039 | — | Interest rate swaps and caps (included in other assets) | 189,891 | — | 189,891 | — | ||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 717,262 | $ | 546,092 | $ | 74,039 | $ | 97,131 | Total assets | $ | 784,918 | $ | 495,935 | $ | 189,891 | $ | 99,092 | ||||||||||||||||||||||||||||
Mandatorily redeemable instruments (included in other liabilities) | Mandatorily redeemable instruments (included in other liabilities) | $ | 49,383 | $ | 49,383 | $ | — | $ | — | Mandatorily redeemable instruments (included in other liabilities) | $ | 49,383 | $ | 49,383 | $ | — | $ | — | ||||||||||||||||||||||||||||
Interest rate swaps (included in other liabilities) | 1,756 | — | 1,756 | — | ||||||||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | $ | 51,139 | $ | 49,383 | $ | 1,756 | $ | — | Total liabilities | $ | 49,383 | $ | 49,383 | $ | — | $ | — | ||||||||||||||||||||||||||||
(Amounts in thousands) | (Amounts in thousands) | As of December 31, 2021 | (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 | $ | 7,730 | $ | — | $ | — | $ | 7,730 | Real estate fund investments | $ | 7,730 | $ | — | $ | — | $ | 7,730 | ||||||||||||||||||||||||||||
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 | 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 | 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) | 18,929 | — | 18,929 | — | Interest rate swaps and caps (included in other assets) | 18,929 | — | 18,929 | — | ||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 187,015 | $ | 65,158 | $ | 18,929 | $ | 102,928 | Total assets | $ | 187,015 | $ | 65,158 | $ | 18,929 | $ | 102,928 | ||||||||||||||||||||||||||||
Mandatorily redeemable instruments (included in other liabilities) | Mandatorily redeemable instruments (included in other liabilities) | $ | 49,659 | $ | 49,659 | $ | — | $ | — | 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) | 32,837 | — | 32,837 | — | Interest rate swaps (included in other liabilities) | 32,837 | — | 32,837 | — | ||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | $ | 82,496 | $ | 49,659 | $ | 32,837 | $ | — | 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, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | Unobservable Quantitative Input | September 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||
Discount rates | Discount rates | 12.0% to 13.0% | 12.0% to 15.0% | 12.6% | 13.2% | Discount rates | 12.0% to 13.0% | 12.0% to 15.0% | 12.6% | 13.2% | ||||||||||||||||||||||||||||||||||||
Terminal capitalization rates | Terminal capitalization rates | 5.5% to 9.4% | 5.5% to 8.8% | 7.6% | 7.4% | Terminal capitalization rates | 5.5% to 9.5% | 5.5% to 8.8% | 7.7% | 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 September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 13,402 | $ | 3,739 | $ | 7,730 | $ | 3,739 | Beginning balance | $ | 930 | $ | 3,739 | $ | 7,730 | $ | 3,739 | ||||||||||||||||||||||||||||
Previously recorded unrealized loss on exited investments | Previously recorded unrealized loss on exited investments | 53,724 | — | 59,396 | — | Previously recorded unrealized loss on exited investments | — | — | 59,396 | — | ||||||||||||||||||||||||||||||||||||
Realized loss on exited investments | Realized loss on exited investments | (53,724) | — | (53,724) | — | Realized loss on exited investments | — | — | (53,724) | — | ||||||||||||||||||||||||||||||||||||
Net unrealized loss on held investments | Net unrealized loss on held investments | (6,800) | (295) | (6,800) | (789) | Net unrealized loss on held investments | — | — | (6,800) | (789) | ||||||||||||||||||||||||||||||||||||
Dispositions | Dispositions | (5,672) | — | (5,672) | — | Dispositions | — | — | (5,672) | — | ||||||||||||||||||||||||||||||||||||
Purchases/additional fundings | Purchases/additional fundings | — | 295 | — | 789 | Purchases/additional fundings | — | — | — | 789 | ||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 930 | $ | 3,739 | $ | 930 | $ | 3,739 | Ending balance | $ | 930 | $ | 3,739 | $ | 930 | $ | 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 September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 44,526 | $ | 41,639 | $ | 45,016 | $ | 39,928 | Beginning balance | $ | 44,155 | $ | 44,855 | $ | 45,016 | $ | 39,928 | ||||||||||||||||||||||||||||
Purchases | Purchases | 2,104 | 2,564 | 2,947 | 3,013 | Purchases | 522 | 2,154 | 3,469 | 5,167 | ||||||||||||||||||||||||||||||||||||
Sales | Sales | (1,880) | (544) | (2,787) | (689) | Sales | (504) | (1,547) | (3,291) | (2,236) | ||||||||||||||||||||||||||||||||||||
Realized and unrealized (losses) gains | (858) | 969 | (2,098) | 2,262 | ||||||||||||||||||||||||||||||||||||||||||
Realized and unrealized gains (losses) | Realized and unrealized gains (losses) | 574 | (69) | (1,524) | 2,193 | |||||||||||||||||||||||||||||||||||||||||
Other, net | Other, net | 263 | 227 | 1,077 | 341 | Other, net | 164 | 1,176 | 1,241 | 1,517 | ||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 44,155 | $ | 44,855 | $ | 44,155 | $ | 44,855 | Ending balance | $ | 44,911 | $ | 46,569 | $ | 44,911 | $ | 46,569 |
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, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | Unobservable Quantitative Input | September 30, 2022 | December 31, 2021 | September 30, 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) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Beginning balance | $ | 50,848 | $ | 48,209 | $ | 50,182 | $ | 47,743 | |||||||||||||||
Interest accrual | 1,198 | 867 | 2,397 | 1,708 | |||||||||||||||||||
Paydowns | — | (300) | (533) | (675) | |||||||||||||||||||
Ending balance | $ | 52,046 | $ | 48,776 | $ | 52,046 | $ | 48,776 |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Beginning balance | $ | 52,046 | $ | 48,776 | $ | 50,182 | $ | 47,743 | |||||||||||||||
Interest accrual | 1,205 | 894 | 3,602 | 2,602 | |||||||||||||||||||
Paydowns | — | (300) | (533) | (975) | |||||||||||||||||||
Ending balance | $ | 53,251 | $ | 49,370 | $ | 53,251 | $ | 49,370 |
(Amounts in thousands) | As of June 30, 2022 | |||||||||||||||||||||||||||||||||||||
Variable Rate | ||||||||||||||||||||||||||||||||||||||
Hedged Item | Fair Value | Notional Amount | Spread over LIBOR/SOFR | Interest Rate | Swapped Rate | Expiration Date | ||||||||||||||||||||||||||||||||
Included in other assets: | ||||||||||||||||||||||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||||||||||||||||||||
555 California Street mortgage loan | $ | 42,763 | $ | 840,000 | (1) | L+193 | 3.26% | 2.26% | 5/24 | |||||||||||||||||||||||||||||
PENN 11 mortgage loan | 23,609 | 500,000 | L+195 | 3.07% | 2.23% | 3/24 | ||||||||||||||||||||||||||||||||
Unsecured term loan | 2,497 | 750,000 | (2) | S+130 | 2.83% | 4.05% | 10/23 | |||||||||||||||||||||||||||||||
4 Union Square South mortgage loan | 1,613 | 100,000 | (3) | L+140 | 2.46% | 3.74% | 1/25 | |||||||||||||||||||||||||||||||
Various interest rate caps | 3,557 | 1,650,000 | ||||||||||||||||||||||||||||||||||||
$ | 74,039 | $ | 3,840,000 | |||||||||||||||||||||||||||||||||||
Included in other liabilities: | ||||||||||||||||||||||||||||||||||||||
770 Broadway mortgage loan interest rate swap | $ | 1,756 | $ | 350,000 | (4) | S+225 | 3.75% | 5.11% | 7/27 | |||||||||||||||||||||||||||||
(Amounts in thousands) | As of December 31, 2021 | |||||||||||||||||||||||||||||||||||||
Variable Rate | ||||||||||||||||||||||||||||||||||||||
Hedged Item | Fair Value | Notional Amount | Spread over LIBOR | Interest Rate | Swapped Rate | Expiration Date | ||||||||||||||||||||||||||||||||
Included in other assets: | ||||||||||||||||||||||||||||||||||||||
555 California Street mortgage loan interest rate swap | $ | 11,814 | $ | 840,000 | (1) | L+193 | 2.04% | 2.26% | 5/24 | |||||||||||||||||||||||||||||
PENN 11 mortgage loan interest rate swap | 6,565 | 500,000 | L+195 | 2.05% | 2.23% | 3/24 | ||||||||||||||||||||||||||||||||
Various interest rate caps | 550 | 1,650,000 | ||||||||||||||||||||||||||||||||||||
$ | 18,929 | $ | 2,990,000 | |||||||||||||||||||||||||||||||||||
Included in other liabilities: | ||||||||||||||||||||||||||||||||||||||
Unsecured term loan interest rate swap | $ | 28,976 | $ | 750,000 | (2) | L+100 | 1.10% | 3.87% | 10/23 | |||||||||||||||||||||||||||||
33-00 Northern Boulevard mortgage loan interest rate swap | 3,861 | 100,000 | (3) | L+180 | 1.91% | 4.14% | 1/25 | |||||||||||||||||||||||||||||||
$ | 32,837 | $ | 850,000 |
(Amounts in thousands) | Fair Value Asset (Liability) as of | As of September 30, 2022 | ||||||||||||||||||||||||||||||
September 30, 2022 | December 31, 2021 | Notional Amount | All-In Swapped Rate | Swap Expiration Date | ||||||||||||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||||||||||||||
555 California Street mortgage loan | $ | 53,160 | $ | 11,814 | $ | 840,000 | (1) | 2.26% | 05/24 | |||||||||||||||||||||||
770 Broadway mortgage loan | 32,010 | — | 700,000 | 4.98% | 07/27 | |||||||||||||||||||||||||||
PENN 11 mortgage loan | 28,555 | 6,565 | 500,000 | 2.23% | 03/24 | |||||||||||||||||||||||||||
Unsecured revolving credit facility | 26,759 | — | 575,000 | 3.88% | 08/27 | |||||||||||||||||||||||||||
Unsecured term loan | 13,706 | (28,976) | 800,000 | 4.05% | (2) | |||||||||||||||||||||||||||
Unsecured term loan (effective October 2023) | 8,864 | — | 500,000 | 4.39% | 10/26 | |||||||||||||||||||||||||||
100 West 33rd Street mortgage loan | 8,053 | — | 480,000 | 5.06% | 06/27 | |||||||||||||||||||||||||||
888 Seventh Avenue mortgage loan | 7,231 | — | 200,000 | (3) | 4.66% | 09/27 | ||||||||||||||||||||||||||
4 Union Square South mortgage loan | 3,960 | (3,861) | 100,000 | (4) | 3.74% | 01/25 | ||||||||||||||||||||||||||
Interest rate caps: | ||||||||||||||||||||||||||||||||
1290 Avenue of the Americas mortgage loan | 6,304 | 411 | 950,000 | (5) | 11/23 | |||||||||||||||||||||||||||
Various mortgage loans | 1,289 | 139 | ||||||||||||||||||||||||||||||
Included in other assets | $ | 189,891 | $ | 18,929 | ||||||||||||||||||||||||||||
Included in other liabilities | $ | — | $ | 32,837 |
(Amounts in thousands) | (Amounts in thousands) | As of June 30, 2022 | As of December 31, 2021 | (Amounts in thousands) | As of September 30, 2022 | As of December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | Cash equivalents | $ | 504,097 | $ | 504,000 | $ | 1,346,684 | $ | 1,347,000 | Cash equivalents | $ | 440,151 | $ | 440,000 | $ | 1,346,684 | $ | 1,347,000 | ||||||||||||||||||||||||||||||||||
Debt: | Debt: | Debt: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages payable | $ | 5,888,415 | $ | 5,779,000 | $ | 6,099,215 | $ | 6,052,000 | Mortgages payable | $ | 5,883,015 | $ | 5,697,000 | $ | 6,099,215 | $ | 6,052,000 | |||||||||||||||||||||||||||||||||||
Senior unsecured notes | 1,200,000 | 1,087,000 | 1,200,000 | 1,230,000 | Senior unsecured notes | 1,200,000 | 1,024,000 | 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 | $ | 8,463,415 | (1) | $ | 8,241,000 | $ | 8,674,215 | (1) | $ | 8,657,000 | Total | $ | 8,458,015 | (1) | $ | 8,096,000 | $ | 8,674,215 | (1) | $ | 8,657,000 |
(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 September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Interest on cash and cash equivalents and restricted cash | Interest on cash and cash equivalents and restricted cash | $ | 2,286 | $ | 67 | $ | 2,660 | $ | 207 | |||||||||||||||||||||||||||||||||||||
Amortization of discount on investments in U.S. Treasury bills | Amortization of discount on investments in U.S. Treasury bills | $ | 1,728 | $ | — | $ | 1,857 | $ | — | Amortization of discount on investments in U.S. Treasury bills | 1,546 | — | 3,403 | — | ||||||||||||||||||||||||||||||||
Interest on loans receivable | Interest on loans receivable | 994 | 558 | 1,819 | 1,118 | Interest on loans receivable | 1,396 | 561 | 3,215 | 1,679 | ||||||||||||||||||||||||||||||||||||
Interest on cash and cash equivalents and restricted cash | 310 | 78 | 374 | 140 | ||||||||||||||||||||||||||||||||||||||||||
Other, net | Other, net | 4 | 903 | 4 | 1,803 | Other, net | — | 5 | 4 | 1,808 | ||||||||||||||||||||||||||||||||||||
$ | 3,036 | $ | 1,539 | $ | 4,054 | $ | 3,061 | $ | 5,228 | $ | 633 | $ | 9,282 | $ | 3,694 |
(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 September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | $ | 60,742 | $ | 58,259 | $ | 111,543 | $ | 113,910 | Interest expense | $ | 76,009 | $ | 57,028 | $ | 187,552 | $ | 170,938 | ||||||||||||||||||||||||||||
Capitalized interest and debt expense | Capitalized interest and debt expense | (3,701) | (10,779) | (7,221) | (21,046) | Capitalized interest and debt expense | (4,874) | (10,739) | (12,095) | (31,785) | ||||||||||||||||||||||||||||||||||||
Amortization of deferred financing costs | Amortization of deferred financing costs | 5,599 | 4,414 | 10,427 | 9,094 | Amortization of deferred financing costs | 5,639 | 4,657 | 16,066 | 13,751 | ||||||||||||||||||||||||||||||||||||
$ | 62,640 | $ | 51,894 | $ | 114,749 | $ | 101,958 | $ | 76,774 | $ | 50,946 | $ | 191,523 | $ | 152,904 |
(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 September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Numerator: | Numerator: | Numerator: | ||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | Net income attributable to Vornado | $ | 65,947 | $ | 64,512 | $ | 107,954 | $ | 85,062 | Net income attributable to Vornado | $ | 23,298 | $ | 63,522 | $ | 131,252 | $ | 148,584 | ||||||||||||||||||||||||||||
Preferred share dividends | Preferred share dividends | (15,529) | (16,467) | (31,058) | (32,934) | Preferred share dividends | (15,529) | (16,800) | (46,587) | (49,734) | ||||||||||||||||||||||||||||||||||||
Series K preferred share issuance costs | Series K preferred share issuance costs | — | (9,033) | — | (9,033) | |||||||||||||||||||||||||||||||||||||||||
Net income attributable to common shareholders | Net income attributable to common shareholders | 50,418 | 48,045 | 76,896 | 52,128 | Net income attributable to common shareholders | 7,769 | 37,689 | 84,665 | 89,817 | ||||||||||||||||||||||||||||||||||||
Earnings allocated to unvested participating securities | Earnings allocated to unvested participating securities | (5) | (9) | (10) | (18) | Earnings allocated to unvested participating securities | (4) | (8) | (14) | (26) | ||||||||||||||||||||||||||||||||||||
Numerator for basic income per share | Numerator for basic income per share | 50,413 | 48,036 | 76,886 | 52,110 | Numerator for basic income per share | 7,765 | 37,681 | 84,651 | 89,791 | ||||||||||||||||||||||||||||||||||||
Impact of assumed conversion of dilutive convertible securities | Impact of assumed conversion of dilutive convertible securities | (380) | — | (257) | — | Impact of assumed conversion of dilutive convertible securities | — | — | (243) | — | ||||||||||||||||||||||||||||||||||||
Numerator for diluted income per share | Numerator for diluted income per share | $ | 50,033 | $ | 48,036 | $ | 76,629 | $ | 52,110 | Numerator for diluted income per share | $ | 7,765 | $ | 37,681 | $ | 84,408 | $ | 89,791 | ||||||||||||||||||||||||||||
Denominator: | Denominator: | Denominator: | ||||||||||||||||||||||||||||||||||||||||||||
Denominator for basic income per share – weighted average shares | Denominator for basic income per share – weighted average shares | 191,750 | 191,527 | 191,737 | 191,473 | Denominator for basic income per share – weighted average shares | 191,793 | 191,577 | 191,756 | 191,508 | ||||||||||||||||||||||||||||||||||||
Effect of dilutive securities(1): | Effect of dilutive securities(1): | Effect of dilutive securities(1): | ||||||||||||||||||||||||||||||||||||||||||||
Share-based payment awards | Share-based payment awards | 261 | 853 | 289 | 734 | Share-based payment awards | 225 | 464 | 266 | 643 | ||||||||||||||||||||||||||||||||||||
Convertible securities | Convertible securities | 28 | — | 21 | — | Convertible securities | — | — | 20 | — | ||||||||||||||||||||||||||||||||||||
Denominator for diluted income per share – weighted average shares and assumed conversions | Denominator for diluted income per share – weighted average shares and assumed conversions | 192,039 | 192,380 | 192,047 | 192,207 | Denominator for diluted income per share – weighted average shares and assumed conversions | 192,018 | 192,041 | 192,042 | 192,151 | ||||||||||||||||||||||||||||||||||||
INCOME PER COMMON SHARE - BASIC: | INCOME PER COMMON SHARE - BASIC: | INCOME PER COMMON SHARE - BASIC: | ||||||||||||||||||||||||||||||||||||||||||||
Net income per common share | Net income per common share | $ | 0.26 | $ | 0.25 | $ | 0.40 | $ | 0.27 | Net income per common share | $ | 0.04 | $ | 0.20 | $ | 0.44 | $ | 0.47 | ||||||||||||||||||||||||||||
INCOME PER COMMON SHARE - DILUTED: | INCOME PER COMMON SHARE - DILUTED: | INCOME PER COMMON SHARE - DILUTED: | ||||||||||||||||||||||||||||||||||||||||||||
Net income per common share | Net income per common share | $ | 0.26 | $ | 0.25 | $ | 0.40 | $ | 0.27 | Net income per common share | $ | 0.04 | $ | 0.20 | $ | 0.44 | $ | 0.47 |
(Amounts in thousands, except per unit amounts) | (Amounts in thousands, except per unit amounts) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | (Amounts in thousands, except per unit amounts) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Numerator: | Numerator: | Numerator: | ||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | Net income attributable to Vornado Realty L.P. | $ | 69,729 | $ | 68,048 | $ | 113,730 | $ | 88,927 | Net income attributable to Vornado Realty L.P. | $ | 23,904 | $ | 66,340 | $ | 137,634 | $ | 155,267 | ||||||||||||||||||||||||||||
Preferred unit distributions | Preferred unit distributions | (15,557) | (16,508) | (31,115) | (33,016) | Preferred unit distributions | (15,558) | (16,842) | (46,673) | (49,858) | ||||||||||||||||||||||||||||||||||||
Series K preferred unit issuance costs | Series K preferred unit issuance costs | — | (9,033) | — | (9,033) | |||||||||||||||||||||||||||||||||||||||||
Net income attributable to Class A unitholders | Net income attributable to Class A unitholders | 54,172 | 51,540 | 82,615 | 55,911 | Net income attributable to Class A unitholders | 8,346 | 40,465 | 90,961 | 96,376 | ||||||||||||||||||||||||||||||||||||
Earnings allocated to unvested participating securities | Earnings allocated to unvested participating securities | (582) | (664) | (1,221) | (1,385) | Earnings allocated to unvested participating securities | (498) | (649) | (1,719) | (2,034) | ||||||||||||||||||||||||||||||||||||
Numerator for basic income per Class A unit | Numerator for basic income per Class A unit | 53,590 | 50,876 | 81,394 | 54,526 | Numerator for basic income per Class A unit | 7,848 | 39,816 | 89,242 | 94,342 | ||||||||||||||||||||||||||||||||||||
Impact of assumed conversion of dilutive convertible securities | Impact of assumed conversion of dilutive convertible securities | (380) | — | (257) | — | Impact of assumed conversion of dilutive convertible securities | — | — | (243) | — | ||||||||||||||||||||||||||||||||||||
Numerator for diluted income per Class A unit | Numerator for diluted income per Class A unit | $ | 53,210 | $ | 50,876 | $ | 81,137 | $ | 54,526 | Numerator for diluted income per Class A unit | $ | 7,848 | $ | 39,816 | $ | 88,999 | $ | 94,342 | ||||||||||||||||||||||||||||
Denominator: | Denominator: | Denominator: | ||||||||||||||||||||||||||||||||||||||||||||
Denominator for basic income per Class A unit – weighted average units | Denominator for basic income per Class A unit – weighted average units | 205,259 | 204,621 | 205,200 | 204,560 | Denominator for basic income per Class A unit – weighted average units | 205,410 | 204,864 | 205,271 | 204,663 | ||||||||||||||||||||||||||||||||||||
Effect of dilutive securities(1): | Effect of dilutive securities(1): | Effect of dilutive securities(1): | ||||||||||||||||||||||||||||||||||||||||||||
Share-based payment awards | Share-based payment awards | 643 | 1,193 | 701 | 1,012 | Share-based payment awards | 502 | 839 | 633 | 953 | ||||||||||||||||||||||||||||||||||||
Convertible securities | Convertible securities | 28 | — | 21 | — | Convertible securities | — | — | 20 | — | ||||||||||||||||||||||||||||||||||||
Denominator for diluted income per Class A unit – weighted average units and assumed conversions | Denominator for diluted income per Class A unit – weighted average units and assumed conversions | 205,930 | 205,814 | 205,922 | 205,572 | Denominator for diluted income per Class A unit – weighted average units and assumed conversions | 205,912 | 205,703 | 205,924 | 205,616 | ||||||||||||||||||||||||||||||||||||
INCOME PER CLASS A UNIT - BASIC: | INCOME PER CLASS A UNIT - BASIC: | INCOME PER CLASS A UNIT - BASIC: | ||||||||||||||||||||||||||||||||||||||||||||
Net income per Class A unit | Net income per Class A unit | $ | 0.26 | $ | 0.25 | $ | 0.40 | $ | 0.27 | Net income per Class A unit | $ | 0.04 | $ | 0.19 | $ | 0.43 | $ | 0.46 | ||||||||||||||||||||||||||||
INCOME PER CLASS A UNIT - DILUTED: | INCOME PER CLASS A UNIT - DILUTED: | INCOME PER CLASS A UNIT - DILUTED: | ||||||||||||||||||||||||||||||||||||||||||||
Net income per Class A unit | Net income per Class A unit | $ | 0.26 | $ | 0.25 | $ | 0.39 | $ | 0.27 | Net income per Class A unit | $ | 0.04 | $ | 0.19 | $ | 0.43 | $ | 0.46 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended June 30, 2022 | (Amounts in thousands) | For the Three Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 453,494 | $ | 364,162 | $ | 89,332 | Total revenues | $ | 457,431 | $ | 360,033 | $ | 97,398 | ||||||||||||||||||||
Operating expenses | Operating expenses | (222,309) | (176,572) | (45,737) | Operating expenses | (221,596) | (182,131) | (39,465) | ||||||||||||||||||||||||||
NOI - consolidated | NOI - consolidated | 231,185 | 187,590 | 43,595 | NOI - consolidated | 235,835 | 177,902 | 57,933 | ||||||||||||||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (16,299) | (10,707) | (5,592) | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (14,766) | (8,691) | (6,075) | ||||||||||||||||||||||||||
Add: NOI from partially owned entities | Add: NOI from partially owned entities | 74,060 | 71,209 | 2,851 | Add: NOI from partially owned entities | 76,020 | 71,943 | 4,077 | ||||||||||||||||||||||||||
NOI at share | NOI at share | 288,946 | 248,092 | 40,854 | NOI at share | 297,089 | 241,154 | 55,935 | ||||||||||||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (4,275) | (6,189) | 1,914 | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (1,419) | (3,462) | 2,043 | ||||||||||||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 284,671 | $ | 241,903 | $ | 42,768 | NOI at share - cash basis | $ | 295,670 | $ | 237,692 | $ | 57,978 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended June 30, 2021 | (Amounts in thousands) | For the Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 378,941 | $ | 301,144 | $ | 77,797 | Total revenues | $ | 409,212 | $ | 316,643 | $ | 92,569 | ||||||||||||||||||||
Operating expenses | Operating expenses | (190,920) | (156,033) | (34,887) | Operating expenses | (212,699) | (151,276) | (61,423) | ||||||||||||||||||||||||||
NOI - consolidated | NOI - consolidated | 188,021 | 145,111 | 42,910 | NOI - consolidated | 196,513 | 165,367 | 31,146 | ||||||||||||||||||||||||||
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 | (16,886) | (9,747) | (7,139) | ||||||||||||||||||||||||||
Add: NOI from partially owned entities | Add: NOI from partially owned entities | 77,235 | 74,400 | 2,835 | Add: NOI from partially owned entities | 75,644 | 73,219 | 2,425 | ||||||||||||||||||||||||||
NOI at share | NOI at share | 249,567 | 211,038 | 38,529 | NOI at share | 255,271 | 228,839 | 26,432 | ||||||||||||||||||||||||||
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 | 1,922 | 783 | 1,139 | ||||||||||||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 250,413 | $ | 211,579 | $ | 38,834 | NOI at share - cash basis | $ | 257,193 | $ | 229,622 | $ | 27,571 |
(Amounts in thousands) | (Amounts in thousands) | For the Six Months Ended June 30, 2022 | (Amounts in thousands) | For the Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 895,624 | $ | 722,710 | $ | 172,914 | Total revenues | $ | 1,353,055 | $ | 1,082,743 | $ | 270,312 | ||||||||||||||||||||
Operating expenses | Operating expenses | (438,838) | (354,107) | (84,731) | Operating expenses | (660,434) | (536,238) | (124,196) | ||||||||||||||||||||||||||
NOI - consolidated | NOI - consolidated | 456,786 | 368,603 | 88,183 | NOI - consolidated | 692,621 | 546,505 | 146,116 | ||||||||||||||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (36,334) | (24,017) | (12,317) | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (51,100) | (32,708) | (18,392) | ||||||||||||||||||||||||||
Add: NOI from partially owned entities | Add: NOI from partially owned entities | 152,752 | 147,173 | 5,579 | Add: NOI from partially owned entities | 228,772 | 219,116 | 9,656 | ||||||||||||||||||||||||||
NOI at share | NOI at share | 573,204 | 491,759 | 81,445 | NOI at share | 870,293 | 732,913 | 137,380 | ||||||||||||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (7,405) | (10,164) | 2,759 | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (8,824) | (13,626) | 4,802 | ||||||||||||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 565,799 | $ | 481,595 | $ | 84,204 | NOI at share - cash basis | $ | 861,469 | $ | 719,287 | $ | 142,182 |
(Amounts in thousands) | (Amounts in thousands) | For the Six Months Ended June 30, 2021 | (Amounts in thousands) | For the Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 758,918 | $ | 605,115 | $ | 153,803 | Total revenues | $ | 1,168,130 | $ | 921,758 | $ | 246,372 | ||||||||||||||||||||
Operating expenses | Operating expenses | (381,899) | (317,018) | (64,881) | Operating expenses | (594,598) | (468,294) | (126,304) | ||||||||||||||||||||||||||
NOI - consolidated | NOI - consolidated | 377,019 | 288,097 | 88,922 | NOI - consolidated | 573,532 | 453,464 | 120,068 | ||||||||||||||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (33,335) | (17,094) | (16,241) | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (50,221) | (26,841) | (23,380) | ||||||||||||||||||||||||||
Add: NOI from partially owned entities | Add: NOI from partially owned entities | 155,991 | 151,173 | 4,818 | Add: NOI from partially owned entities | 231,635 | 224,392 | 7,243 | ||||||||||||||||||||||||||
NOI at share | NOI at share | 499,675 | 422,176 | 77,499 | NOI at share | 754,946 | 651,015 | 103,931 | ||||||||||||||||||||||||||
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 | (352) | (432) | 80 | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 1,570 | 351 | 1,219 | ||||||||||||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 499,323 | $ | 421,744 | $ | 77,579 | NOI at share - cash basis | $ | 756,516 | $ | 651,366 | $ | 105,150 |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income | $ | 68,903 | $ | 76,832 | $ | 122,278 | $ | 103,825 | |||||||||||||||
Depreciation and amortization expense | 118,662 | 89,777 | 236,105 | 185,131 | |||||||||||||||||||
General and administrative expense | 31,902 | 30,602 | 73,118 | 74,788 | |||||||||||||||||||
Transaction related costs and other | 2,960 | 106 | 3,965 | 949 | |||||||||||||||||||
Income from partially owned entities | (25,720) | (31,426) | (59,434) | (60,499) | |||||||||||||||||||
Loss (income) from real estate fund investments | 142 | (5,342) | (5,532) | (5,173) | |||||||||||||||||||
Interest and other investment income, net | (3,036) | (1,539) | (4,054) | (3,061) | |||||||||||||||||||
Interest and debt expense | 62,640 | 51,894 | 114,749 | 101,958 | |||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | (28,832) | (25,724) | (35,384) | (25,724) | |||||||||||||||||||
Income tax expense | 3,564 | 2,841 | 10,975 | 4,825 | |||||||||||||||||||
NOI from partially owned entities | 74,060 | 77,235 | 152,752 | 155,991 | |||||||||||||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (16,299) | (15,689) | (36,334) | (33,335) | |||||||||||||||||||
NOI at share | 288,946 | 249,567 | 573,204 | 499,675 | |||||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (4,275) | 846 | (7,405) | (352) | |||||||||||||||||||
NOI at share - cash basis | $ | 284,671 | $ | 250,413 | $ | 565,799 | $ | 499,323 |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income | $ | 20,112 | $ | 71,765 | $ | 142,390 | $ | 175,590 | |||||||||||||||
Depreciation and amortization expense | 134,526 | 100,867 | 370,631 | 285,998 | |||||||||||||||||||
General and administrative expense | 29,174 | 25,553 | 102,292 | 100,341 | |||||||||||||||||||
Transaction related costs and other | 996 | 9,681 | 4,961 | 10,630 | |||||||||||||||||||
Income from partially owned entities | (24,341) | (26,269) | (83,775) | (86,768) | |||||||||||||||||||
Loss (income) from real estate fund investments | 111 | 66 | (5,421) | (5,107) | |||||||||||||||||||
Interest and other investment income, net | (5,228) | (633) | (9,282) | (3,694) | |||||||||||||||||||
Interest and debt expense | 76,774 | 50,946 | 191,523 | 152,904 | |||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | — | (10,087) | (35,384) | (35,811) | |||||||||||||||||||
Income tax expense (benefit) | 3,711 | (25,376) | 14,686 | (20,551) | |||||||||||||||||||
NOI from partially owned entities | 76,020 | 75,644 | 228,772 | 231,635 | |||||||||||||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (14,766) | (16,886) | (51,100) | (50,221) | |||||||||||||||||||
NOI at share | 297,089 | 255,271 | 870,293 | 754,946 | |||||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (1,419) | 1,922 | (8,824) | 1,570 | |||||||||||||||||||
NOI at share - cash basis | $ | 295,670 | $ | 257,193 | $ | 861,469 | $ | 756,516 |
(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 September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Certain (income) expense items that impact net income attributable to common shareholders: | ||||||||||||||||||||||||||||||||||||||||||||||
Certain expense (income) items that impact net income attributable to common shareholders: | Certain expense (income) items that impact net income attributable to common shareholders: | |||||||||||||||||||||||||||||||||||||||||||||
Hotel Pennsylvania loss | Hotel Pennsylvania loss | $ | 26,613 | $ | 6,492 | $ | 44,473 | $ | 20,474 | |||||||||||||||||||||||||||||||||||||
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) | 3,776 | 1,688 | 10,183 | 1,688 | |||||||||||||||||||||||||||||||||||||||||
Tax benefit recognized by our taxable REIT subsidiaries | Tax benefit recognized by our taxable REIT subsidiaries | — | (27,910) | — | (27,910) | |||||||||||||||||||||||||||||||||||||||||
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium unit(s) and ancillary amenities | After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium unit(s) and ancillary amenities | — | (8,815) | (6,085) | (31,023) | |||||||||||||||||||||||||||||||||||||||||
Net gain on sale of the Center Building (33-00 Northern Boulevard, Long Island City, NY) | Net gain on sale of the Center Building (33-00 Northern Boulevard, Long Island City, NY) | $ | (15,213) | $ | — | $ | (15,213) | $ | — | Net gain on sale of the Center Building (33-00 Northern Boulevard, Long Island City, NY) | — | — | (15,213) | — | ||||||||||||||||||||||||||||||||
Refund of New York City transfer taxes related to the April 2019 transfer to Fifth Avenue and Times Square JV | Refund of New York City transfer taxes related to the April 2019 transfer to Fifth Avenue and Times Square JV | (13,613) | — | (13,613) | — | Refund of New York City transfer taxes related to the April 2019 transfer to Fifth Avenue and Times Square JV | — | — | (13,613) | — | ||||||||||||||||||||||||||||||||||||
Hotel Pennsylvania loss | 8,931 | 4,992 | 17,860 | 13,982 | ||||||||||||||||||||||||||||||||||||||||||
Deferred tax liability on our investment in Farley Office and Retail (held through a taxable REIT subsidiary) | 3,234 | — | 6,407 | — | ||||||||||||||||||||||||||||||||||||||||||
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium unit(s) and ancillary amenities | (673) | (22,208) | (6,085) | (22,208) | ||||||||||||||||||||||||||||||||||||||||||
Other | Other | 3,760 | (5,508) | 2,660 | (5,574) | Other | 1,477 | 15,664 | 4,137 | 10,090 | ||||||||||||||||||||||||||||||||||||
(13,574) | (22,724) | (7,984) | (13,800) | 31,866 | (12,881) | 23,882 | (26,681) | |||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of above adjustments | Noncontrolling interests' share of above adjustments | 559 | 1,483 | 297 | 922 | Noncontrolling interests' share of above adjustments | (2,206) | 1,118 | (1,895) | 2,040 | ||||||||||||||||||||||||||||||||||||
Total of certain (income) expense items that impact net income attributable to common shareholders | $ | (13,015) | $ | (21,241) | $ | (7,687) | $ | (12,878) | ||||||||||||||||||||||||||||||||||||||
Total of certain expense (income) items that impact net income attributable to common shareholders | Total of certain expense (income) items that impact net income attributable to common shareholders | $ | 29,660 | $ | (11,763) | $ | 21,987 | $ | (24,641) |
(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 September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions: | Certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions: | Certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions: | ||||||||||||||||||||||||||||||||||||||||||||
Deferred tax liability on our investment in Farley Office and Retail (held through a taxable REIT subsidiary) | Deferred tax liability on our investment in Farley Office and Retail (held through a taxable REIT subsidiary) | $ | 3,234 | $ | — | $ | 6,407 | $ | — | Deferred tax liability on our investment in Farley Office and Retail (held through a taxable REIT subsidiary) | $ | 3,776 | $ | 1,688 | $ | 10,183 | $ | 1,688 | ||||||||||||||||||||||||||||
Tax benefit recognized by our taxable REIT subsidiaries | Tax benefit recognized by our taxable REIT subsidiaries | — | (27,910) | — | (27,910) | |||||||||||||||||||||||||||||||||||||||||
After-tax net gain on sale of 220 CPS condominium unit(s) and ancillary amenities | After-tax net gain on sale of 220 CPS condominium unit(s) and ancillary amenities | (673) | (22,208) | (6,085) | (22,208) | After-tax net gain on sale of 220 CPS condominium unit(s) and ancillary amenities | — | (8,815) | (6,085) | (31,023) | ||||||||||||||||||||||||||||||||||||
Other | Other | 2,912 | 953 | 2,363 | 7,304 | Other | 1,477 | 11,394 | 3,840 | 18,698 | ||||||||||||||||||||||||||||||||||||
5,473 | (21,255) | 2,685 | (14,904) | 5,253 | (23,643) | 7,938 | (38,547) | |||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of above adjustments | Noncontrolling interests' share of above adjustments | (379) | 1,052 | (186) | 653 | Noncontrolling interests' share of above adjustments | (364) | 1,570 | (550) | 2,223 | ||||||||||||||||||||||||||||||||||||
Total of certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions, net | Total of certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions, net | $ | 5,094 | $ | (20,203) | $ | 2,499 | $ | (14,251) | Total of certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions, net | $ | 4,889 | $ | (22,073) | $ | 7,388 | $ | (36,324) |
Total | New York | theMART | 555 California Street | |||||||||||||||||||||||
Same store NOI at share % increase | ||||||||||||||||||||||||||
Three months ended June 30, 2022 compared to June 30, 2021 | 7.1 | % | 7.1 | % | 8.3 | % | 6.1 | % | ||||||||||||||||||
Six months ended June 30, 2022 compared to June 30, 2021 | 5.3 | % | 5.0 | % | 9.2 | % | 4.6 | % | ||||||||||||||||||
Same store NOI at share - cash basis % increase | ||||||||||||||||||||||||||
Three months ended June 30, 2022 compared to June 30, 2021 | 8.4 | % | 7.7 | % | 10.5 | % | 14.9 | % | ||||||||||||||||||
Six months ended June 30, 2022 compared to June 30, 2021 | 7.3 | % | 6.6 | % | 12.4 | % | 10.0 | % |
Total | New York | theMART(1) | 555 California Street | |||||||||||||||||||||||
Same store NOI at share % increase (decrease) | ||||||||||||||||||||||||||
Three months ended September 30, 2022 compared to September 30, 2021 | 11.7 | % | (0.8) | % | 456.2 | % | 1.3 | % | ||||||||||||||||||
Nine months ended September 30, 2022 compared to September 30, 2021 | 7.4 | % | 3.0 | % | 76.1 | % | 3.5 | % | ||||||||||||||||||
Same store NOI at share - cash basis % increase | ||||||||||||||||||||||||||
Three months ended September 30, 2022 compared to September 30, 2021 | 13.8 | % | 1.1 | % | 325.8 | % | 16.7 | % | ||||||||||||||||||
Nine months ended September 30, 2022 compared to September 30, 2021 | 9.4 | % | 4.6 | % | 71.3 | % | 12.2 | % |
(Amounts in thousands) | Notional Amount | All-In Swapped Rate | Swap Expiration Date | Variable Rate Spread | ||||||||||||||||||||||
770 Broadway mortgage loan | $ | 700,000 | 4.98% | 07/27 | S+225 | |||||||||||||||||||||
Unsecured revolving credit facility | 575,000 | 3.88% | 08/27 | S+115 | ||||||||||||||||||||||
Unsecured term loan(1) | 50,000 | 4.04% | 08/27 | S+130 | ||||||||||||||||||||||
Unsecured term loan (effective 10/23) | 500,000 | 4.39% | 10/26 | S+130 | ||||||||||||||||||||||
100 West 33rd Street mortgage loan | 480,000 | 5.06% | 06/27 | S+165 | ||||||||||||||||||||||
888 Seventh Avenue mortgage loan(2) | 200,000 | 4.66% | 09/27 | L+170 |
(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 | 31 | (1) | 18,971 | 16,275 | 92.1 | % | Office | 31 | (1) | 18,970 | 16,275 | 91.8 | % | ||||||||||||||||||||||||||||||||||||||
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) | 58 | (1) | 2,307 | 1,866 | 76.3 | % | Retail (includes retail properties that are in the base of our office properties) | 58 | (1) | 2,307 | 1,867 | 74.4 | % | ||||||||||||||||||||||||||||||||||||||
Residential - 1,983 units(2) | Residential - 1,983 units(2) | 7 | (1) | 1,511 | 778 | 97.6 | % | (2) | Residential - 1,983 units(2) | 7 | (1) | 1,511 | 778 | 96.8 | % | (2) | ||||||||||||||||||||||||||||||||||||
Alexander's | Alexander's | 6 | 2,241 | 727 | 96.2 | % | (2) | Alexander's | 6 | 2,241 | 726 | 96.3 | % | (2) | ||||||||||||||||||||||||||||||||||||||
25,030 | 19,646 | 90.8 | % | 25,029 | 19,646 | 90.3 | % | |||||||||||||||||||||||||||||||||||||||||||||
Other: | Other: | Other: | ||||||||||||||||||||||||||||||||||||||||||||||||||
theMART | theMART | 4 | 3,635 | 3,626 | 88.6 | % | theMART | 4 | 3,637 | 3,628 | 87.3 | % | ||||||||||||||||||||||||||||||||||||||||
555 California Street | 555 California Street | 3 | 1,818 | 1,273 | 94.2 | % | 555 California Street | 3 | 1,819 | 1,273 | 94.7 | % | ||||||||||||||||||||||||||||||||||||||||
Other | Other | 11 | 2,489 | 1,154 | 92.7 | % | Other | 11 | 2,532 | 1,197 | 92.7 | % | ||||||||||||||||||||||||||||||||||||||||
7,942 | 6,053 | 7,988 | 6,098 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total square feet as of June 30, 2022 | 32,972 | 25,699 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total square feet as of September 30, 2022 | Total square feet as of September 30, 2022 | 33,017 | 25,744 |
(Square feet in thousands) | Square Feet (in service) | |||||||||||||||||||||||||
Number of properties | Total Portfolio | Our Share | Occupancy % | |||||||||||||||||||||||
New York: | ||||||||||||||||||||||||||
Office | 32 | (1) | 19,442 | 16,757 | 92.2 | % | ||||||||||||||||||||
Retail (includes retail properties that are in the base of our office properties) | 60 | (1) | 2,267 | 1,825 | 80.7 | % | ||||||||||||||||||||
Residential - 1,986 units(2) | 8 | (1) | 1,518 | 785 | 97.0 | % | (2) | |||||||||||||||||||
Alexander's | 6 | 2,218 | 719 | 95.6 | % | (2) | ||||||||||||||||||||
25,445 | 20,086 | 91.3 | % | |||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||
theMART | 4 | 3,692 | 3,683 | 88.9 | % | |||||||||||||||||||||
555 California Street | 3 | 1,818 | 1,273 | 93.8 | % | |||||||||||||||||||||
Other | 11 | 2,489 | 1,154 | 92.8 | % | |||||||||||||||||||||
7,999 | 6,110 | |||||||||||||||||||||||||
Total square feet as of December 31, 2021 | 33,444 | 26,196 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended June 30, 2022 | (Amounts in thousands) | For the Three Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 453,494 | $ | 364,162 | $ | 89,332 | Total revenues | $ | 457,431 | $ | 360,033 | $ | 97,398 | ||||||||||||||||||||
Operating expenses | Operating expenses | (222,309) | (176,572) | (45,737) | Operating expenses | (221,596) | (182,131) | (39,465) | ||||||||||||||||||||||||||
NOI - consolidated | NOI - consolidated | 231,185 | 187,590 | 43,595 | NOI - consolidated | 235,835 | 177,902 | 57,933 | ||||||||||||||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (16,299) | (10,707) | (5,592) | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (14,766) | (8,691) | (6,075) | ||||||||||||||||||||||||||
Add: NOI from partially owned entities | Add: NOI from partially owned entities | 74,060 | 71,209 | 2,851 | Add: NOI from partially owned entities | 76,020 | 71,943 | 4,077 | ||||||||||||||||||||||||||
NOI at share | NOI at share | 288,946 | 248,092 | 40,854 | NOI at share | 297,089 | 241,154 | 55,935 | ||||||||||||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (4,275) | (6,189) | 1,914 | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (1,419) | (3,462) | 2,043 | ||||||||||||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 284,671 | $ | 241,903 | $ | 42,768 | NOI at share - cash basis | $ | 295,670 | $ | 237,692 | $ | 57,978 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended June 30, 2021 | (Amounts in thousands) | For the Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 378,941 | $ | 301,144 | $ | 77,797 | Total revenues | $ | 409,212 | $ | 316,643 | $ | 92,569 | ||||||||||||||||||||
Operating expenses | Operating expenses | (190,920) | (156,033) | (34,887) | Operating expenses | (212,699) | (151,276) | (61,423) | ||||||||||||||||||||||||||
NOI - consolidated | NOI - consolidated | 188,021 | 145,111 | 42,910 | NOI - consolidated | 196,513 | 165,367 | 31,146 | ||||||||||||||||||||||||||
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 | (16,886) | (9,747) | (7,139) | ||||||||||||||||||||||||||
Add: NOI from partially owned entities | Add: NOI from partially owned entities | 77,235 | 74,400 | 2,835 | Add: NOI from partially owned entities | 75,644 | 73,219 | 2,425 | ||||||||||||||||||||||||||
NOI at share | NOI at share | 249,567 | 211,038 | 38,529 | NOI at share | 255,271 | 228,839 | 26,432 | ||||||||||||||||||||||||||
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 | 1,922 | 783 | 1,139 | ||||||||||||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 250,413 | $ | 211,579 | $ | 38,834 | NOI at share - cash basis | $ | 257,193 | $ | 229,622 | $ | 27,571 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended June 30, | (Amounts in thousands) | For the Three Months Ended September 30, | ||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
New York: | New York: | New York: | ||||||||||||||||||||
Office | Office | $ | 182,042 | $ | 164,050 | Office | $ | 174,790 | $ | 166,553 | ||||||||||||
Retail | Retail | 51,438 | 39,213 | Retail | 52,127 | 49,083 | ||||||||||||||||
Residential | Residential | 5,250 | 4,239 | Residential | 4,598 | 4,194 | ||||||||||||||||
Alexander's | Alexander's | 9,362 | 9,069 | Alexander's | 9,639 | 9,009 | ||||||||||||||||
Hotel Pennsylvania(1) | — | (5,533) | ||||||||||||||||||||
Total New York | Total New York | 248,092 | 211,038 | Total New York | 241,154 | 228,839 | ||||||||||||||||
Other: | Other: | Other: | ||||||||||||||||||||
theMART | theMART | 19,947 | 18,412 | theMART | 35,769 | 6,431 | ||||||||||||||||
555 California Street | 555 California Street | 16,724 | 16,038 | 555 California Street | 16,092 | 16,128 | ||||||||||||||||
Other investments | Other investments | 4,183 | 4,079 | Other investments | 4,074 | 3,873 | ||||||||||||||||
Total Other | Total Other | 40,854 | 38,529 | Total Other | 55,935 | 26,432 | ||||||||||||||||
NOI at share | NOI at share | $ | 288,946 | $ | 249,567 | NOI at share | $ | 297,089 | $ | 255,271 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended June 30, | (Amounts in thousands) | For the Three Months Ended September 30, | ||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
New York: | New York: | New York: | ||||||||||||||||||||
Office | Office | $ | 180,326 | $ | 167,322 | Office | $ | 174,606 | $ | 170,521 | ||||||||||||
Retail | Retail | 47,189 | 36,214 | Retail | 48,096 | 45,175 | ||||||||||||||||
Residential | Residential | 4,309 | 3,751 | Residential | 4,556 | 4,136 | ||||||||||||||||
Alexander's | Alexander's | 10,079 | 9,848 | Alexander's | 10,434 | 9,790 | ||||||||||||||||
Hotel Pennsylvania(1) | — | (5,556) | ||||||||||||||||||||
Total New York | Total New York | 241,903 | 211,579 | Total New York | 237,692 | 229,622 | ||||||||||||||||
Other: | Other: | Other: | ||||||||||||||||||||
theMART | theMART | 21,541 | 19,501 | theMART | 36,772 | 8,635 | ||||||||||||||||
555 California Street | 555 California Street | 16,855 | 14,952 | 555 California Street | 16,926 | 14,745 | ||||||||||||||||
Other investments | Other investments | 4,372 | 4,381 | Other investments | 4,280 | 4,191 | ||||||||||||||||
Total Other | Total Other | 42,768 | 38,834 | Total Other | 57,978 | 27,571 | ||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 284,671 | $ | 250,413 | NOI at share - cash basis | $ | 295,670 | $ | 257,193 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended June 30, | (Amounts in thousands) | For the Three Months Ended September 30, | ||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Net income | Net income | $ | 68,903 | $ | 76,832 | Net income | $ | 20,112 | $ | 71,765 | ||||||||||||
Depreciation and amortization expense | Depreciation and amortization expense | 118,662 | 89,777 | Depreciation and amortization expense | 134,526 | 100,867 | ||||||||||||||||
General and administrative expense | General and administrative expense | 31,902 | 30,602 | General and administrative expense | 29,174 | 25,553 | ||||||||||||||||
Transaction related costs and other | Transaction related costs and other | 2,960 | 106 | Transaction related costs and other | 996 | 9,681 | ||||||||||||||||
Income from partially owned entities | Income from partially owned entities | (25,720) | (31,426) | Income from partially owned entities | (24,341) | (26,269) | ||||||||||||||||
Loss (income) from real estate fund investments | 142 | (5,342) | ||||||||||||||||||||
Loss from real estate fund investments | Loss from real estate fund investments | 111 | 66 | |||||||||||||||||||
Interest and other investment income, net | Interest and other investment income, net | (3,036) | (1,539) | Interest and other investment income, net | (5,228) | (633) | ||||||||||||||||
Interest and debt expense | Interest and debt expense | 62,640 | 51,894 | Interest and debt expense | 76,774 | 50,946 | ||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | Net gains on disposition of wholly owned and partially owned assets | (28,832) | (25,724) | Net gains on disposition of wholly owned and partially owned assets | — | (10,087) | ||||||||||||||||
Income tax expense | 3,564 | 2,841 | ||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 3,711 | (25,376) | |||||||||||||||||||
NOI from partially owned entities | NOI from partially owned entities | 74,060 | 77,235 | NOI from partially owned entities | 76,020 | 75,644 | ||||||||||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | NOI attributable to noncontrolling interests in consolidated subsidiaries | (16,299) | (15,689) | NOI attributable to noncontrolling interests in consolidated subsidiaries | (14,766) | (16,886) | ||||||||||||||||
NOI at share | NOI at share | 288,946 | 249,567 | NOI at share | 297,089 | 255,271 | ||||||||||||||||
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 | (4,275) | 846 | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (1,419) | 1,922 | ||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 284,671 | $ | 250,413 | NOI at share - cash basis | $ | 295,670 | $ | 257,193 |
For the Three Months Ended June 30, | For the Three Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Region: | Region: | Region: | ||||||||||||||||||||
New York City metropolitan area | New York City metropolitan area | 87 | % | 86 | % | New York City metropolitan area | 82 | % | 91 | % | ||||||||||||
Chicago, IL | Chicago, IL | 7 | % | 7 | % | Chicago, IL | 13 | % | 3 | % | ||||||||||||
San Francisco, CA | San Francisco, CA | 6 | % | 7 | % | San Francisco, CA | 5 | % | 6 | % | ||||||||||||
100 | % | 100 | % | 100 | % | 100 | % |
(Amounts in thousands) | (Amounts in thousands) | Total | New York | Other | (Amounts in thousands) | Total | New York | Other | ||||||||||||||||||||||||||
Increase (decrease) due to: | ||||||||||||||||||||||||||||||||||
(Decrease) increase due to: | (Decrease) increase due to: | |||||||||||||||||||||||||||||||||
Rental revenues: | Rental revenues: | Rental revenues: | ||||||||||||||||||||||||||||||||
Acquisitions, dispositions and other | Acquisitions, dispositions and other | $ | 6,158 | $ | 6,158 | $ | — | Acquisitions, dispositions and other | $ | (2,539) | $ | (2,539) | $ | — | ||||||||||||||||||||
Development and redevelopment | Development and redevelopment | 22,381 | 22,381 | — | Development and redevelopment | 23,192 | 23,192 | — | ||||||||||||||||||||||||||
Trade shows | Trade shows | 5,842 | — | 5,842 | Trade shows | 6,049 | — | 6,049 | ||||||||||||||||||||||||||
Same store operations | Same store operations | 31,217 | 26,620 | 4,597 | Same store operations | 13,239 | 15,916 | (2,677) | ||||||||||||||||||||||||||
65,598 | 55,159 | 10,439 | 39,941 | 36,569 | 3,372 | |||||||||||||||||||||||||||||
Fee and other income: | Fee and other income: | Fee and other income: | ||||||||||||||||||||||||||||||||
BMS cleaning fees | BMS cleaning fees | 5,916 | 6,606 | (690) | BMS cleaning fees | 4,235 | 4,741 | (506) | ||||||||||||||||||||||||||
Management and leasing fees | Management and leasing fees | (207) | (77) | (130) | Management and leasing fees | 23 | (85) | 108 | ||||||||||||||||||||||||||
Other income | Other income | 3,246 | 1,330 | 1,916 | Other income | 4,020 | 2,165 | 1,855 | ||||||||||||||||||||||||||
8,955 | 7,859 | 1,096 | 8,278 | 6,821 | 1,457 | |||||||||||||||||||||||||||||
Total increase in revenues | Total increase in revenues | $ | 74,553 | $ | 63,018 | $ | 11,535 | Total increase in revenues | $ | 48,219 | $ | 43,390 | $ | 4,829 |
(Amounts in thousands) | (Amounts in thousands) | Total | New York | Other | (Amounts in thousands) | Total | New York | Other | ||||||||||||||||||||||||||
Increase (decrease) due to: | ||||||||||||||||||||||||||||||||||
(Decrease) increase due to: | (Decrease) increase due to: | |||||||||||||||||||||||||||||||||
Operating: | Operating: | Operating: | ||||||||||||||||||||||||||||||||
Acquisitions, dispositions and other | Acquisitions, dispositions and other | $ | 1,538 | $ | 1,538 | $ | — | Acquisitions, dispositions and other | $ | (618) | $ | (618) | $ | — | ||||||||||||||||||||
Development and redevelopment | Development and redevelopment | 8,653 | 8,376 | 277 | Development and redevelopment | 9,735 | 9,488 | 247 | ||||||||||||||||||||||||||
Non-reimbursable expenses | Non-reimbursable expenses | 7,964 | 9,881 | (1,917) | Non-reimbursable expenses | 7,560 | 7,794 | (234) | ||||||||||||||||||||||||||
Trade shows | Trade shows | 3,654 | — | 3,654 | Trade shows | (291) | — | (291) | ||||||||||||||||||||||||||
Hotel Pennsylvania(2) | (6,335) | (6,335) | — | |||||||||||||||||||||||||||||||
BMS expenses | BMS expenses | 5,629 | 6,318 | (689) | BMS expenses | 3,739 | 4,246 | (507) | ||||||||||||||||||||||||||
Same store operations | Same store operations | 10,286 | 761 | 9,525 | Same store operations | (11,228) | 9,945 | (21,173) | ||||||||||||||||||||||||||
31,389 | 20,539 | 10,850 | 8,897 | 30,855 | (21,958) | |||||||||||||||||||||||||||||
Depreciation and amortization: | Depreciation and amortization: | Depreciation and amortization: | ||||||||||||||||||||||||||||||||
Acquisitions, dispositions and other | Acquisitions, dispositions and other | 12,812 | 12,812 | — | Acquisitions, dispositions and other | 20,868 | 20,868 | — | ||||||||||||||||||||||||||
Development and redevelopment | Development and redevelopment | 12,669 | 12,669 | — | Development and redevelopment | 13,654 | 13,654 | — | ||||||||||||||||||||||||||
Same store operations | Same store operations | 3,404 | 2,305 | 1,099 | Same store operations | (863) | (1,061) | 198 | ||||||||||||||||||||||||||
28,885 | 27,786 | 1,099 | 33,659 | 33,461 | 198 | |||||||||||||||||||||||||||||
General and administrative | General and administrative | 1,300 | 278 | 1,022 | General and administrative | 3,621 | 463 | 3,158 | ||||||||||||||||||||||||||
Benefit from deferred compensation plan liability | Benefit from deferred compensation plan liability | (10,972) | — | (10,972) | Benefit from deferred compensation plan liability | (1,399) | — | (1,399) | ||||||||||||||||||||||||||
Transaction related costs and other | Transaction related costs and other | 2,854 | 804 | 2,050 | Transaction related costs and other | (8,685) | (7,769) | (1) | (916) | |||||||||||||||||||||||||
Total increase in expenses | $ | 53,456 | $ | 49,407 | $ | 4,049 | ||||||||||||||||||||||||||||
Total increase (decrease) in expenses | Total increase (decrease) in expenses | $ | 36,093 | $ | 57,010 | $ | (20,917) |
(Amounts in thousands) | (Amounts in thousands) | Percentage Ownership at June 30, 2022 | For the Three Months Ended June 30, | (Amounts in thousands) | Percentage Ownership at September 30, 2022 | For the Three Months Ended September 30, | ||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Our share of net income (loss): | Our share of net income (loss): | Our share of net income (loss): | ||||||||||||||||||||||||||||||||
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% | $ | 13,665 | $ | 10,037 | Equity in net income | 51.5% | $ | 11,941 | $ | 12,671 | ||||||||||||||||||||||
Return on preferred equity, net of our share of the expense | Return on preferred equity, net of our share of the expense | 9,329 | 9,329 | Return on preferred equity, net of our share of the expense | 9,430 | 9,430 | ||||||||||||||||||||||||||||
22,994 | 19,366 | 21,371 | 22,101 | |||||||||||||||||||||||||||||||
Alexander's | Alexander's | 32.4% | 5,986 | 10,287 | Alexander's | 32.4% | 5,910 | 4,795 | ||||||||||||||||||||||||||
Partially owned office buildings | Partially owned office buildings | Various | (3,584) | 3,758 | Partially owned office buildings | Various | (4,732) | 418 | ||||||||||||||||||||||||||
Other investments | Other investments | 324 | (1,985) | Other investments | Various | 1,792 | (1,045) | |||||||||||||||||||||||||||
$ | 25,720 | $ | 31,426 | $ | 24,341 | $ | 26,269 |
(Amounts in thousands) | For the Three Months Ended June 30, | ||||||||||
2022 | 2021 | ||||||||||
Previously recorded unrealized loss on exited investments | $ | 53,724 | $ | — | |||||||
Realized loss on exited investments | (53,724) | — | |||||||||
Net unrealized loss on held investments | (6,800) | (295) | |||||||||
Net investment income | 6,658 | 5,637 | |||||||||
(Loss) income from real estate fund investments | (142) | 5,342 | |||||||||
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 365 | (3,703) | |||||||||
Income from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ | 223 | $ | 1,639 | |||||||
(Amounts in thousands) | For the Three Months Ended September 30, | ||||||||||
2022 | 2021 | ||||||||||
Net investment loss | $ | (111) | $ | (66) | |||||||
Loss from real estate fund investments | (111) | (66) | |||||||||
Less loss attributable to noncontrolling interests in consolidated subsidiaries | 312 | 360 | |||||||||
Income from real estate fund investments, net of noncontrolling interests in consolidated subsidiaries | $ | 201 | $ | 294 | |||||||
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended June 30, | (Amounts in thousands) | For the Three Months Ended September 30, | ||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Interest on cash and cash equivalents and restricted cash | Interest on cash and cash equivalents and restricted cash | $ | 2,286 | $ | 67 | |||||||||||||||||
Amortization of discount on investments in U.S. Treasury bills | Amortization of discount on investments in U.S. Treasury bills | $ | 1,728 | $ | — | Amortization of discount on investments in U.S. Treasury bills | 1,546 | — | ||||||||||||||
Interest on loans receivable | Interest on loans receivable | 994 | 558 | Interest on loans receivable | 1,396 | 561 | ||||||||||||||||
Interest on cash and cash equivalents and restricted cash | 310 | 78 | ||||||||||||||||||||
Other, net | Other, net | 4 | 903 | Other, net | — | 5 | ||||||||||||||||
$ | 3,036 | $ | 1,539 | $ | 5,228 | $ | 633 |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share for the three months ended June 30, 2022 | $ | 288,946 | $ | 248,092 | $ | 19,947 | $ | 16,724 | $ | 4,183 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Change in ownership interest in One Park Avenue | (5,308) | (5,308) | — | — | — | ||||||||||||||||||||||||
Dispositions | (1,628) | (1,628) | — | — | — | ||||||||||||||||||||||||
Development properties | (21,667) | (21,667) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (5,476) | (1,293) | — | — | (4,183) | ||||||||||||||||||||||||
Same store NOI at share for the three months ended June 30, 2022 | $ | 254,867 | $ | 218,196 | $ | 19,947 | $ | 16,724 | $ | — | |||||||||||||||||||
NOI at share for the three months ended June 30, 2021 | $ | 249,567 | $ | 211,038 | $ | 18,412 | $ | 16,038 | $ | 4,079 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Dispositions | (2,038) | (2,038) | — | — | — | ||||||||||||||||||||||||
Development properties | (9,066) | (8,789) | — | (277) | — | ||||||||||||||||||||||||
Hotel Pennsylvania | 5,533 | 5,533 | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (6,102) | (2,023) | — | — | (4,079) | ||||||||||||||||||||||||
Same store NOI at share for the three months ended June 30, 2021 | $ | 237,894 | $ | 203,721 | $ | 18,412 | $ | 15,761 | $ | — | |||||||||||||||||||
Increase in same store NOI at share | $ | 16,973 | $ | 14,475 | $ | 1,535 | $ | 963 | $ | — | |||||||||||||||||||
% increase in same store NOI at share | 7.1 | % | 7.1 | % | 8.3 | % | 6.1 | % | 0.0 | % |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share for the three months ended September 30, 2022 | $ | 297,089 | $ | 241,154 | $ | 35,769 | $ | 16,092 | $ | 4,074 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Change in ownership interest in One Park Avenue | (2,106) | (2,106) | — | — | — | ||||||||||||||||||||||||
Dispositions | (88) | (88) | — | — | — | ||||||||||||||||||||||||
Development properties | (22,914) | (22,914) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (6,149) | (2,075) | — | — | (4,074) | ||||||||||||||||||||||||
Same store NOI at share for the three months ended September 30, 2022 | $ | 265,832 | $ | 213,971 | $ | 35,769 | $ | 16,092 | $ | — | |||||||||||||||||||
NOI at share for the three months ended September 30, 2021 | $ | 255,271 | $ | 228,839 | $ | 6,431 | $ | 16,128 | $ | 3,873 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Dispositions | (2,754) | (2,754) | — | — | — | ||||||||||||||||||||||||
Development properties | (6,302) | (6,055) | — | (247) | — | ||||||||||||||||||||||||
Other non-same store income, net | (8,198) | (4,325) | — | — | (3,873) | ||||||||||||||||||||||||
Same store NOI at share for the three months ended September 30, 2021 | $ | 238,017 | $ | 215,705 | $ | 6,431 | $ | 15,881 | $ | — | |||||||||||||||||||
Increase (decrease) in same store NOI at share | $ | 27,815 | $ | (1,734) | $ | 29,338 | $ | 211 | $ | — | |||||||||||||||||||
% increase (decrease) in same store NOI at share | 11.7 | % | (0.8) | % | 456.2 | % | 1.3 | % | 0.0 | % |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share - cash basis for the three months ended June 30, 2022 | $ | 284,671 | $ | 241,903 | $ | 21,541 | $ | 16,855 | $ | 4,372 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Change in ownership interest in One Park Avenue | (3,830) | (3,830) | — | — | — | ||||||||||||||||||||||||
Dispositions | (1,715) | (1,715) | — | — | — | ||||||||||||||||||||||||
Development properties | (14,657) | (14,657) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (5,971) | (1,599) | — | — | (4,372) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended June 30, 2022 | $ | 258,498 | $ | 220,102 | $ | 21,541 | $ | 16,855 | $ | — | |||||||||||||||||||
NOI at share - cash basis for the three months ended June 30, 2021 | $ | 250,413 | $ | 211,579 | $ | 19,501 | $ | 14,952 | $ | 4,381 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Dispositions | (2,200) | (2,200) | — | — | — | ||||||||||||||||||||||||
Development properties | (8,785) | (8,508) | — | (277) | — | ||||||||||||||||||||||||
Hotel Pennsylvania | 5,556 | 5,556 | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (6,516) | (2,135) | — | — | (4,381) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended June 30, 2021 | $ | 238,468 | $ | 204,292 | $ | 19,501 | $ | 14,675 | $ | — | |||||||||||||||||||
Increase in same store NOI at share - cash basis | $ | 20,030 | $ | 15,810 | $ | 2,040 | $ | 2,180 | $ | — | |||||||||||||||||||
% increase in same store NOI at share - cash basis | 8.4 | % | 7.7 | % | 10.5 | % | 14.9 | % | 0.0 | % |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share - cash basis for the three months ended September 30, 2022 | $ | 295,670 | $ | 237,692 | $ | 36,772 | $ | 16,926 | $ | 4,280 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Change in ownership interest in One Park Avenue | (1,502) | (1,502) | — | — | — | ||||||||||||||||||||||||
Dispositions | (88) | (88) | — | — | — | ||||||||||||||||||||||||
Development properties | (15,796) | (15,796) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (6,573) | (2,293) | — | — | (4,280) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended September 30, 2022 | $ | 271,711 | $ | 218,013 | $ | 36,772 | $ | 16,926 | $ | — | |||||||||||||||||||
NOI at share - cash basis for the three months ended September 30, 2021 | $ | 257,193 | $ | 229,622 | $ | 8,635 | $ | 14,745 | $ | 4,191 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Dispositions | (3,436) | (3,436) | — | — | — | ||||||||||||||||||||||||
Development properties | (6,852) | (6,605) | — | (247) | — | ||||||||||||||||||||||||
Other non-same store income, net | (8,064) | (3,873) | — | — | (4,191) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended September 30, 2021 | $ | 238,841 | $ | 215,708 | $ | 8,635 | $ | 14,498 | $ | — | |||||||||||||||||||
Increase in same store NOI at share - cash basis | $ | 32,870 | $ | 2,305 | $ | 28,137 | $ | 2,428 | $ | — | |||||||||||||||||||
% increase in same store NOI at share - cash basis | 13.8 | % | 1.1 | % | 325.8 | % | 16.7 | % | 0.0 | % |
(Amounts in thousands) | (Amounts in thousands) | For the Six Months Ended June 30, 2022 | (Amounts in thousands) | For the Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 895,624 | $ | 722,710 | $ | 172,914 | Total revenues | $ | 1,353,055 | $ | 1,082,743 | $ | 270,312 | ||||||||||||||||||||
Operating expenses | Operating expenses | (438,838) | (354,107) | (84,731) | Operating expenses | (660,434) | (536,238) | (124,196) | ||||||||||||||||||||||||||
NOI - consolidated | NOI - consolidated | 456,786 | 368,603 | 88,183 | NOI - consolidated | 692,621 | 546,505 | 146,116 | ||||||||||||||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (36,334) | (24,017) | (12,317) | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (51,100) | (32,708) | (18,392) | ||||||||||||||||||||||||||
Add: NOI from partially owned entities | Add: NOI from partially owned entities | 152,752 | 147,173 | 5,579 | Add: NOI from partially owned entities | 228,772 | 219,116 | 9,656 | ||||||||||||||||||||||||||
NOI at share | NOI at share | 573,204 | 491,759 | 81,445 | NOI at share | 870,293 | 732,913 | 137,380 | ||||||||||||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (7,405) | (10,164) | 2,759 | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (8,824) | (13,626) | 4,802 | ||||||||||||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 565,799 | $ | 481,595 | $ | 84,204 | NOI at share - cash basis | $ | 861,469 | $ | 719,287 | $ | 142,182 |
(Amounts in thousands) | (Amounts in thousands) | For the Six Months Ended June 30, 2021 | (Amounts in thousands) | For the Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 758,918 | $ | 605,115 | $ | 153,803 | Total revenues | $ | 1,168,130 | $ | 921,758 | $ | 246,372 | ||||||||||||||||||||
Operating expenses | Operating expenses | (381,899) | (317,018) | (64,881) | Operating expenses | (594,598) | (468,294) | (126,304) | ||||||||||||||||||||||||||
NOI - consolidated | NOI - consolidated | 377,019 | 288,097 | 88,922 | NOI - consolidated | 573,532 | 453,464 | 120,068 | ||||||||||||||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (33,335) | (17,094) | (16,241) | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (50,221) | (26,841) | (23,380) | ||||||||||||||||||||||||||
Add: NOI from partially owned entities | Add: NOI from partially owned entities | 155,991 | 151,173 | 4,818 | Add: NOI from partially owned entities | 231,635 | 224,392 | 7,243 | ||||||||||||||||||||||||||
NOI at share | NOI at share | 499,675 | 422,176 | 77,499 | NOI at share | 754,946 | 651,015 | 103,931 | ||||||||||||||||||||||||||
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 | (352) | (432) | 80 | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 1,570 | 351 | 1,219 | ||||||||||||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 499,323 | $ | 421,744 | $ | 77,579 | NOI at share - cash basis | $ | 756,516 | $ | 651,366 | $ | 105,150 |
(Amounts in thousands) | (Amounts in thousands) | For the Six Months Ended June 30, | (Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
New York: | New York: | New York: | ||||||||||||||||||||
Office | Office | $ | 359,851 | $ | 330,685 | Office | $ | 534,641 | $ | 497,238 | ||||||||||||
Retail | Retail | 103,543 | 75,915 | Retail | 155,670 | 124,998 | ||||||||||||||||
Residential | Residential | 10,024 | 8,695 | Residential | 14,622 | 12,889 | ||||||||||||||||
Alexander's | Alexander's | 18,341 | 19,558 | Alexander's | 27,980 | 28,567 | ||||||||||||||||
Hotel Pennsylvania(1) | Hotel Pennsylvania(1) | — | (12,677) | Hotel Pennsylvania(1) | — | (12,677) | ||||||||||||||||
Total New York | Total New York | 491,759 | 422,176 | Total New York | 732,913 | 651,015 | ||||||||||||||||
Other: | Other: | Other: | ||||||||||||||||||||
theMART | theMART | 39,861 | 36,519 | theMART | 75,630 | 42,950 | ||||||||||||||||
555 California Street | 555 California Street | 32,959 | 32,102 | 555 California Street | 49,051 | 48,230 | ||||||||||||||||
Other investments | Other investments | 8,625 | 8,878 | Other investments | 12,699 | 12,751 | ||||||||||||||||
Total Other | Total Other | 81,445 | 77,499 | Total Other | 137,380 | 103,931 | ||||||||||||||||
NOI at share | NOI at share | $ | 573,204 | $ | 499,675 | NOI at share | $ | 870,293 | $ | 754,946 |
(Amounts in thousands) | (Amounts in thousands) | For the Six Months Ended June 30, | (Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
New York: | New York: | New York: | ||||||||||||||||||||
Office | Office | $ | 358,153 | $ | 334,418 | Office | $ | 532,759 | $ | 504,939 | ||||||||||||
Retail | Retail | 94,582 | 71,090 | Retail | 142,678 | 116,265 | ||||||||||||||||
Residential | Residential | 8,998 | 7,762 | Residential | 13,554 | 11,898 | ||||||||||||||||
Alexander's | Alexander's | 19,862 | 21,197 | Alexander's | 30,296 | 30,987 | ||||||||||||||||
Hotel Pennsylvania(1) | Hotel Pennsylvania(1) | — | (12,723) | Hotel Pennsylvania(1) | — | (12,723) | ||||||||||||||||
Total New York | Total New York | 481,595 | 421,744 | Total New York | 719,287 | 651,366 | ||||||||||||||||
Other: | Other: | Other: | ||||||||||||||||||||
theMART | theMART | 41,977 | 37,341 | theMART | 78,749 | 45,976 | ||||||||||||||||
555 California Street | 555 California Street | 33,215 | 30,807 | 555 California Street | 50,141 | 45,552 | ||||||||||||||||
Other investments | Other investments | 9,012 | 9,431 | Other investments | 13,292 | 13,622 | ||||||||||||||||
Total Other | Total Other | 84,204 | 77,579 | Total Other | 142,182 | 105,150 | ||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 565,799 | $ | 499,323 | NOI at share - cash basis | $ | 861,469 | $ | 756,516 |
(Amounts in thousands) | (Amounts in thousands) | For the Six Months Ended June 30, | (Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Net income | Net income | $ | 122,278 | $ | 103,825 | Net income | $ | 142,390 | $ | 175,590 | ||||||||||||
Depreciation and amortization expense | Depreciation and amortization expense | 236,105 | 185,131 | Depreciation and amortization expense | 370,631 | 285,998 | ||||||||||||||||
General and administrative expense | General and administrative expense | 73,118 | 74,788 | General and administrative expense | 102,292 | 100,341 | ||||||||||||||||
Transaction related costs and other | Transaction related costs and other | 3,965 | 949 | Transaction related costs and other | 4,961 | 10,630 | ||||||||||||||||
Income from partially owned entities | Income from partially owned entities | (59,434) | (60,499) | Income from partially owned entities | (83,775) | (86,768) | ||||||||||||||||
Income from real estate fund investments | Income from real estate fund investments | (5,532) | (5,173) | Income from real estate fund investments | (5,421) | (5,107) | ||||||||||||||||
Interest and other investment income, net | Interest and other investment income, net | (4,054) | (3,061) | Interest and other investment income, net | (9,282) | (3,694) | ||||||||||||||||
Interest and debt expense | Interest and debt expense | 114,749 | 101,958 | Interest and debt expense | 191,523 | 152,904 | ||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | Net gains on disposition of wholly owned and partially owned assets | (35,384) | (25,724) | Net gains on disposition of wholly owned and partially owned assets | (35,384) | (35,811) | ||||||||||||||||
Income tax expense | 10,975 | 4,825 | ||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 14,686 | (20,551) | |||||||||||||||||||
NOI from partially owned entities | NOI from partially owned entities | 152,752 | 155,991 | NOI from partially owned entities | 228,772 | 231,635 | ||||||||||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | NOI attributable to noncontrolling interests in consolidated subsidiaries | (36,334) | (33,335) | NOI attributable to noncontrolling interests in consolidated subsidiaries | (51,100) | (50,221) | ||||||||||||||||
NOI at share | NOI at share | 573,204 | 499,675 | NOI at share | 870,293 | 754,946 | ||||||||||||||||
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 | (7,405) | (352) | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (8,824) | 1,570 | ||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 565,799 | $ | 499,323 | NOI at share - cash basis | $ | 861,469 | $ | 756,516 |
For the Six Months Ended June 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Region: | Region: | Region: | ||||||||||||||||||||
New York City metropolitan area | New York City metropolitan area | 87 | % | 86 | % | New York City metropolitan area | 85 | % | 88 | % | ||||||||||||
Chicago, IL | Chicago, IL | 7 | % | 7 | % | Chicago, IL | 9 | % | 6 | % | ||||||||||||
San Francisco, CA | San Francisco, CA | 6 | % | 7 | % | San Francisco, CA | 6 | % | 6 | % | ||||||||||||
100 | % | 100 | % | 100 | % | 100 | % |
(Amounts in thousands) | (Amounts in thousands) | Total | New York | Other | (Amounts in thousands) | Total | New York | Other | ||||||||||||||||||||||||||||||||
Increase (decrease) due to: | Increase (decrease) due to: | Increase (decrease) due to: | ||||||||||||||||||||||||||||||||||||||
Rental revenues: | Rental revenues: | Rental revenues: | ||||||||||||||||||||||||||||||||||||||
Acquisitions, dispositions and other | $ | 14,824 | $ | 14,824 | $ | — | Acquisitions, dispositions and other | $ | 12,286 | $ | 12,286 | $ | — | |||||||||||||||||||||||||||
Development and redevelopment | 45,090 | 45,090 | — | Development and redevelopment | 68,281 | 68,281 | — | |||||||||||||||||||||||||||||||||
Trade shows(1) | 10,986 | — | 10,986 | Trade shows(1) | 17,035 | — | 17,035 | |||||||||||||||||||||||||||||||||
Same store operations | 52,664 | 47,390 | 5,274 | Same store operations | 65,903 | 63,306 | 2,597 | |||||||||||||||||||||||||||||||||
123,564 | 107,304 | 16,260 | 163,505 | 143,873 | 19,632 | |||||||||||||||||||||||||||||||||||
Fee and other income: | Fee and other income: | Fee and other income: | ||||||||||||||||||||||||||||||||||||||
BMS cleaning fees | 10,130 | 11,369 | (1,239) | BMS cleaning fees | 14,365 | 16,110 | (1,745) | |||||||||||||||||||||||||||||||||
Management and leasing fees | (2,807) | (2,632) | (175) | Management and leasing fees | (2,784) | (2,717) | (67) | |||||||||||||||||||||||||||||||||
Other income | 5,819 | 1,554 | 4,265 | Other income | 9,839 | 3,719 | 6,120 | |||||||||||||||||||||||||||||||||
13,142 | 10,291 | 2,851 | 21,420 | 17,112 | 4,308 | |||||||||||||||||||||||||||||||||||
Total increase in revenues | Total increase in revenues | $ | 136,706 | $ | 117,595 | $ | 19,111 | Total increase in revenues | $ | 184,925 | $ | 160,985 | $ | 23,940 |
(Amounts in thousands) | (Amounts in thousands) | Total | New York | Other | (Amounts in thousands) | Total | New York | Other | ||||||||||||||||||||||||||||||||
Increase (decrease) due to: | Increase (decrease) due to: | Increase (decrease) due to: | ||||||||||||||||||||||||||||||||||||||
Operating: | Operating: | Operating: | ||||||||||||||||||||||||||||||||||||||
Acquisitions, dispositions and other | $ | 4,114 | $ | 4,114 | $ | — | Acquisitions, dispositions and other | $ | 3,495 | $ | 3,495 | $ | — | |||||||||||||||||||||||||||
Development and redevelopment | 14,316 | 13,714 | 602 | Development and redevelopment | 24,046 | 23,198 | 848 | |||||||||||||||||||||||||||||||||
Non-reimbursable expenses | 13,692 | 15,344 | (1,652) | Non-reimbursable expenses | 21,254 | 23,140 | (1,886) | |||||||||||||||||||||||||||||||||
Trade shows(1) | 5,650 | — | 5,650 | Trade shows(1) | 5,359 | — | 5,359 | |||||||||||||||||||||||||||||||||
Hotel Pennsylvania(2) | (13,702) | (13,702) | — | Hotel Pennsylvania(2) | (13,702) | (13,702) | — | |||||||||||||||||||||||||||||||||
BMS expenses | 10,359 | 11,597 | (1,238) | BMS expenses | 14,085 | 15,830 | (1,745) | |||||||||||||||||||||||||||||||||
Same store operations | 22,510 | 6,022 | 16,488 | Same store operations | 11,299 | 15,983 | (4,684) | |||||||||||||||||||||||||||||||||
56,939 | 37,089 | 19,850 | 65,836 | 67,944 | (2,108) | |||||||||||||||||||||||||||||||||||
Depreciation and amortization: | Depreciation and amortization: | Depreciation and amortization: | ||||||||||||||||||||||||||||||||||||||
Acquisitions, dispositions and other | 24,059 | 24,059 | — | Acquisitions, dispositions and other | 45,159 | 45,159 | — | |||||||||||||||||||||||||||||||||
Development and redevelopment | 24,969 | 24,969 | — | Development and redevelopment | 38,622 | 38,622 | — | |||||||||||||||||||||||||||||||||
Same store operations | 1,946 | 240 | 1,706 | Same store operations | 852 | (1,052) | 1,904 | |||||||||||||||||||||||||||||||||
50,974 | 49,268 | 1,706 | 84,633 | 82,729 | 1,904 | |||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | (1,670) | (1,800) | 130 | General and administrative | 1,951 | (1,337) | 3,288 | ||||||||||||||||||||||||||||||||
Benefit from deferred compensation plan liability | Benefit from deferred compensation plan liability | (16,161) | — | (16,161) | Benefit from deferred compensation plan liability | (17,560) | — | (17,560) | ||||||||||||||||||||||||||||||||
Transaction related costs and other | Transaction related costs and other | 3,016 | 1,379 | 1,637 | Transaction related costs and other | (5,669) | (6,390) | (3) | 721 | |||||||||||||||||||||||||||||||
Total increase in expenses | $ | 93,098 | $ | 85,936 | $ | 7,162 | ||||||||||||||||||||||||||||||||||
Total increase (decrease) in expenses | Total increase (decrease) in expenses | $ | 129,191 | $ | 142,946 | $ | (13,755) |
(Amounts in thousands) | (Amounts in thousands) | Percentage Ownership at June 30, 2022 | For the Six Months Ended June 30, | (Amounts in thousands) | Percentage Ownership at September 30, 2022 | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Our share of net income (loss): | Our share of net income (loss): | Our share of net income (loss): | ||||||||||||||||||||||||||||||||
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% | $ | 29,974 | $ | 19,643 | Equity in net income | 51.5% | $ | 41,915 | $ | 32,314 | ||||||||||||||||||||||
Return on preferred equity, net of our share of the expense | Return on preferred equity, net of our share of the expense | 18,555 | 18,555 | Return on preferred equity, net of our share of the expense | 27,985 | 27,985 | ||||||||||||||||||||||||||||
48,529 | 38,198 | 69,900 | 60,299 | |||||||||||||||||||||||||||||||
Alexander's(1) | Alexander's(1) | 32.4% | 11,677 | 16,591 | Alexander's(1) | 32.4% | 17,587 | 21,386 | ||||||||||||||||||||||||||
Partially owned office buildings(2) | Partially owned office buildings(2) | Various | (1,107) | 9,730 | Partially owned office buildings(2) | Various | (8,080) | 8,395 | ||||||||||||||||||||||||||
Other investments(3) | Other investments(3) | Various | 335 | (4,020) | Other investments(3) | Various | 4,368 | (3,312) | ||||||||||||||||||||||||||
$ | 59,434 | $ | 60,499 | $ | 83,775 | $ | 86,768 |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share for the three months ended September 30, 2022 | $ | 297,089 | $ | 241,154 | $ | 35,769 | $ | 16,092 | $ | 4,074 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Change in ownership interest in One Park Avenue | (2,106) | (2,106) | — | — | — | ||||||||||||||||||||||||
Dispositions | (88) | (88) | — | — | — | ||||||||||||||||||||||||
Development properties | (22,914) | (22,914) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (6,149) | (2,075) | — | — | (4,074) | ||||||||||||||||||||||||
Same store NOI at share for the three months ended September 30, 2022 | $ | 265,832 | $ | 213,971 | $ | 35,769 | $ | 16,092 | $ | — | |||||||||||||||||||
NOI at share for the three months ended September 30, 2021 | $ | 255,271 | $ | 228,839 | $ | 6,431 | $ | 16,128 | $ | 3,873 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Dispositions | (2,754) | (2,754) | — | — | — | ||||||||||||||||||||||||
Development properties | (6,302) | (6,055) | — | (247) | — | ||||||||||||||||||||||||
Other non-same store income, net | (8,198) | (4,325) | — | — | (3,873) | ||||||||||||||||||||||||
Same store NOI at share for the three months ended September 30, 2021 | $ | 238,017 | $ | 215,705 | $ | 6,431 | $ | 15,881 | $ | — | |||||||||||||||||||
Increase (decrease) in same store NOI at share | $ | 27,815 | $ | (1,734) | $ | 29,338 | $ | 211 | $ | — | |||||||||||||||||||
% increase (decrease) in same store NOI at share | 11.7 | % | (0.8) | % | 456.2 | % | 1.3 | % | 0.0 | % |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share - cash basis for the three months ended September 30, 2022 | $ | 295,670 | $ | 237,692 | $ | 36,772 | $ | 16,926 | $ | 4,280 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Change in ownership interest in One Park Avenue | (1,502) | (1,502) | — | — | — | ||||||||||||||||||||||||
Dispositions | (88) | (88) | — | — | — | ||||||||||||||||||||||||
Development properties | (15,796) | (15,796) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (6,573) | (2,293) | — | — | (4,280) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended September 30, 2022 | $ | 271,711 | $ | 218,013 | $ | 36,772 | $ | 16,926 | $ | — | |||||||||||||||||||
NOI at share - cash basis for the three months ended September 30, 2021 | $ | 257,193 | $ | 229,622 | $ | 8,635 | $ | 14,745 | $ | 4,191 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Dispositions | (3,436) | (3,436) | — | — | — | ||||||||||||||||||||||||
Development properties | (6,852) | (6,605) | — | (247) | — | ||||||||||||||||||||||||
Other non-same store income, net | (8,064) | (3,873) | — | — | (4,191) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended September 30, 2021 | $ | 238,841 | $ | 215,708 | $ | 8,635 | $ | 14,498 | $ | — | |||||||||||||||||||
Increase in same store NOI at share - cash basis | $ | 32,870 | $ | 2,305 | $ | 28,137 | $ | 2,428 | $ | — | |||||||||||||||||||
% increase in same store NOI at share - cash basis | 13.8 | % | 1.1 | % | 325.8 | % | 16.7 | % | 0.0 | % |
(Amounts in thousands) | For the Nine Months Ended September 30, 2022 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 1,353,055 | $ | 1,082,743 | $ | 270,312 | |||||||||||
Operating expenses | (660,434) | (536,238) | (124,196) | ||||||||||||||
NOI - consolidated | 692,621 | 546,505 | 146,116 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (51,100) | (32,708) | (18,392) | ||||||||||||||
Add: NOI from partially owned entities | 228,772 | 219,116 | 9,656 | ||||||||||||||
NOI at share | 870,293 | 732,913 | 137,380 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (8,824) | (13,626) | 4,802 | ||||||||||||||
NOI at share - cash basis | $ | 861,469 | $ | 719,287 | $ | 142,182 |
(Amounts in thousands) | For the Nine Months Ended September 30, 2021 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 1,168,130 | $ | 921,758 | $ | 246,372 | |||||||||||
Operating expenses | (594,598) | (468,294) | (126,304) | ||||||||||||||
NOI - consolidated | 573,532 | 453,464 | 120,068 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (50,221) | (26,841) | (23,380) | ||||||||||||||
Add: NOI from partially owned entities | 231,635 | 224,392 | 7,243 | ||||||||||||||
NOI at share | 754,946 | 651,015 | 103,931 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 1,570 | 351 | 1,219 | ||||||||||||||
NOI at share - cash basis | $ | 756,516 | $ | 651,366 | $ | 105,150 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||
2022 | 2021 | ||||||||||
New York: | |||||||||||
Office | $ | 534,641 | $ | 497,238 | |||||||
Retail | 155,670 | 124,998 | |||||||||
Residential | 14,622 | 12,889 | |||||||||
Alexander's | 27,980 | 28,567 | |||||||||
Hotel Pennsylvania(1) | — | (12,677) | |||||||||
Total New York | 732,913 | 651,015 | |||||||||
Other: | |||||||||||
theMART(2) | 75,630 | 42,950 | |||||||||
555 California Street | 49,051 | 48,230 | |||||||||
Other investments | 12,699 | 12,751 | |||||||||
Total Other | 137,380 | 103,931 | |||||||||
NOI at share | $ | 870,293 | $ | 754,946 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||
2022 | 2021 | ||||||||||
New York: | |||||||||||
Office | $ | 532,759 | $ | 504,939 | |||||||
Retail | 142,678 | 116,265 | |||||||||
Residential | 13,554 | 11,898 | |||||||||
Alexander's | 30,296 | 30,987 | |||||||||
Hotel Pennsylvania(1) | — | (12,723) | |||||||||
Total New York | 719,287 | 651,366 | |||||||||
Other: | |||||||||||
theMART(2) | 78,749 | 45,976 | |||||||||
555 California Street | 50,141 | 45,552 | |||||||||
Other investments | 13,292 | 13,622 | |||||||||
Total Other | 142,182 | 105,150 | |||||||||
NOI at share - cash basis | $ | 861,469 | $ | 756,516 |
(Amounts in thousands) | For the Six Months Ended June 30, | ||||||||||
2022 | 2021 | ||||||||||
Previously recorded unrealized loss on exited investments | $ | 59,396 | $ | — | |||||||
Realized loss on exited investments | (53,724) | — | |||||||||
Net investment income | 6,660 | 5,962 | |||||||||
Net unrealized loss on held investments | (6,800) | (789) | |||||||||
Income from real estate fund investments | 5,532 | 5,173 | |||||||||
Less income attributable to noncontrolling interests in consolidated subsidiaries | (3,599) | (3,274) | |||||||||
Income from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | 1,933 | 1,899 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||
2022 | 2021 | ||||||||||
Net income | $ | 142,390 | $ | 175,590 | |||||||
Depreciation and amortization expense | 370,631 | 285,998 | |||||||||
General and administrative expense | 102,292 | 100,341 | |||||||||
Transaction related costs and other | 4,961 | 10,630 | |||||||||
Income from partially owned entities | (83,775) | (86,768) | |||||||||
Income from real estate fund investments | (5,421) | (5,107) | |||||||||
Interest and other investment income, net | (9,282) | (3,694) | |||||||||
Interest and debt expense | 191,523 | 152,904 | |||||||||
Net gains on disposition of wholly owned and partially owned assets | (35,384) | (35,811) | |||||||||
Income tax expense (benefit) | 14,686 | (20,551) | |||||||||
NOI from partially owned entities | 228,772 | 231,635 | |||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (51,100) | (50,221) | |||||||||
NOI at share | 870,293 | 754,946 | |||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (8,824) | 1,570 | |||||||||
NOI at share - cash basis | $ | 861,469 | $ | 756,516 |
For the Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Region: | |||||||||||
New York City metropolitan area | 85 | % | 88 | % | |||||||
Chicago, IL | 9 | % | 6 | % | |||||||
San Francisco, CA | 6 | % | 6 | % | |||||||
100 | % | 100 | % |
(Amounts in thousands) | Total | New York | Other | |||||||||||||||||
Increase (decrease) due to: | ||||||||||||||||||||
Rental revenues: | ||||||||||||||||||||
Acquisitions, dispositions and other | $ | 12,286 | $ | 12,286 | $ | — | ||||||||||||||
Development and redevelopment | 68,281 | 68,281 | — | |||||||||||||||||
Trade shows(1) | 17,035 | — | 17,035 | |||||||||||||||||
Same store operations | 65,903 | 63,306 | 2,597 | |||||||||||||||||
163,505 | 143,873 | 19,632 | ||||||||||||||||||
Fee and other income: | ||||||||||||||||||||
BMS cleaning fees | 14,365 | 16,110 | (1,745) | |||||||||||||||||
Management and leasing fees | (2,784) | (2,717) | (67) | |||||||||||||||||
Other income | 9,839 | 3,719 | 6,120 | |||||||||||||||||
21,420 | 17,112 | 4,308 | ||||||||||||||||||
Total increase in revenues | $ | 184,925 | $ | 160,985 | $ | 23,940 |
(Amounts in thousands) | Total | New York | Other | |||||||||||||||||
Increase (decrease) due to: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Acquisitions, dispositions and other | $ | 3,495 | $ | 3,495 | $ | — | ||||||||||||||
Development and redevelopment | 24,046 | 23,198 | 848 | |||||||||||||||||
Non-reimbursable expenses | 21,254 | 23,140 | (1,886) | |||||||||||||||||
Trade shows(1) | 5,359 | — | 5,359 | |||||||||||||||||
Hotel Pennsylvania(2) | (13,702) | (13,702) | — | |||||||||||||||||
BMS expenses | 14,085 | 15,830 | (1,745) | |||||||||||||||||
Same store operations | 11,299 | 15,983 | (4,684) | |||||||||||||||||
65,836 | 67,944 | (2,108) | ||||||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||
Acquisitions, dispositions and other | 45,159 | 45,159 | — | |||||||||||||||||
Development and redevelopment | 38,622 | 38,622 | — | |||||||||||||||||
Same store operations | 852 | (1,052) | 1,904 | |||||||||||||||||
84,633 | 82,729 | 1,904 | ||||||||||||||||||
General and administrative | 1,951 | (1,337) | 3,288 | |||||||||||||||||
Benefit from deferred compensation plan liability | (17,560) | — | (17,560) | |||||||||||||||||
Transaction related costs and other | (5,669) | (6,390) | (3) | 721 | ||||||||||||||||
Total increase (decrease) in expenses | $ | 129,191 | $ | 142,946 | $ | (13,755) |
(Amounts in thousands) | For the Six Months Ended June 30, | ||||||||||
2022 | 2021 | ||||||||||
Interest on loans receivable | $ | 1,819 | $ | 1,118 | |||||||
Amortization of discount on investments in U.S. Treasury bills | 1,857 | — | |||||||||
Interest on cash and cash equivalents and restricted cash | 374 | 140 | |||||||||
Other, net | 4 | 1,803 | |||||||||
$ | 4,054 | $ | 3,061 |
(Amounts in thousands) | Percentage Ownership at September 30, 2022 | For the Nine Months Ended September 30, | |||||||||||||||
2022 | 2021 | ||||||||||||||||
Our share of net income (loss): | |||||||||||||||||
Fifth Avenue and Times Square JV: | |||||||||||||||||
Equity in net income | 51.5% | $ | 41,915 | $ | 32,314 | ||||||||||||
Return on preferred equity, net of our share of the expense | 27,985 | 27,985 | |||||||||||||||
69,900 | 60,299 | ||||||||||||||||
Alexander's(1) | 32.4% | 17,587 | 21,386 | ||||||||||||||
Partially owned office buildings(2) | Various | (8,080) | 8,395 | ||||||||||||||
Other investments(3) | Various | 4,368 | (3,312) | ||||||||||||||
$ | 83,775 | $ | 86,768 |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share for the three months ended September 30, 2022 | $ | 297,089 | $ | 241,154 | $ | 35,769 | $ | 16,092 | $ | 4,074 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Change in ownership interest in One Park Avenue | (2,106) | (2,106) | — | — | — | ||||||||||||||||||||||||
Dispositions | (88) | (88) | — | — | — | ||||||||||||||||||||||||
Development properties | (22,914) | (22,914) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (6,149) | (2,075) | — | — | (4,074) | ||||||||||||||||||||||||
Same store NOI at share for the three months ended September 30, 2022 | $ | 265,832 | $ | 213,971 | $ | 35,769 | $ | 16,092 | $ | — | |||||||||||||||||||
NOI at share for the three months ended September 30, 2021 | $ | 255,271 | $ | 228,839 | $ | 6,431 | $ | 16,128 | $ | 3,873 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Dispositions | (2,754) | (2,754) | — | — | — | ||||||||||||||||||||||||
Development properties | (6,302) | (6,055) | — | (247) | — | ||||||||||||||||||||||||
Other non-same store income, net | (8,198) | (4,325) | — | — | (3,873) | ||||||||||||||||||||||||
Same store NOI at share for the three months ended September 30, 2021 | $ | 238,017 | $ | 215,705 | $ | 6,431 | $ | 15,881 | $ | — | |||||||||||||||||||
Increase (decrease) in same store NOI at share | $ | 27,815 | $ | (1,734) | $ | 29,338 | $ | 211 | $ | — | |||||||||||||||||||
% increase (decrease) in same store NOI at share | 11.7 | % | (0.8) | % | 456.2 | % | 1.3 | % | 0.0 | % |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share - cash basis for the three months ended September 30, 2022 | $ | 295,670 | $ | 237,692 | $ | 36,772 | $ | 16,926 | $ | 4,280 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Change in ownership interest in One Park Avenue | (1,502) | (1,502) | — | — | — | ||||||||||||||||||||||||
Dispositions | (88) | (88) | — | — | — | ||||||||||||||||||||||||
Development properties | (15,796) | (15,796) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (6,573) | (2,293) | — | — | (4,280) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended September 30, 2022 | $ | 271,711 | $ | 218,013 | $ | 36,772 | $ | 16,926 | $ | — | |||||||||||||||||||
NOI at share - cash basis for the three months ended September 30, 2021 | $ | 257,193 | $ | 229,622 | $ | 8,635 | $ | 14,745 | $ | 4,191 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Dispositions | (3,436) | (3,436) | — | — | — | ||||||||||||||||||||||||
Development properties | (6,852) | (6,605) | — | (247) | — | ||||||||||||||||||||||||
Other non-same store income, net | (8,064) | (3,873) | — | — | (4,191) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended September 30, 2021 | $ | 238,841 | $ | 215,708 | $ | 8,635 | $ | 14,498 | $ | — | |||||||||||||||||||
Increase in same store NOI at share - cash basis | $ | 32,870 | $ | 2,305 | $ | 28,137 | $ | 2,428 | $ | — | |||||||||||||||||||
% increase in same store NOI at share - cash basis | 13.8 | % | 1.1 | % | 325.8 | % | 16.7 | % | 0.0 | % |
(Amounts in thousands) | For the Nine Months Ended September 30, 2022 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 1,353,055 | $ | 1,082,743 | $ | 270,312 | |||||||||||
Operating expenses | (660,434) | (536,238) | (124,196) | ||||||||||||||
NOI - consolidated | 692,621 | 546,505 | 146,116 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (51,100) | (32,708) | (18,392) | ||||||||||||||
Add: NOI from partially owned entities | 228,772 | 219,116 | 9,656 | ||||||||||||||
NOI at share | 870,293 | 732,913 | 137,380 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (8,824) | (13,626) | 4,802 | ||||||||||||||
NOI at share - cash basis | $ | 861,469 | $ | 719,287 | $ | 142,182 |
(Amounts in thousands) | For the Nine Months Ended September 30, 2021 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 1,168,130 | $ | 921,758 | $ | 246,372 | |||||||||||
Operating expenses | (594,598) | (468,294) | (126,304) | ||||||||||||||
NOI - consolidated | 573,532 | 453,464 | 120,068 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (50,221) | (26,841) | (23,380) | ||||||||||||||
Add: NOI from partially owned entities | 231,635 | 224,392 | 7,243 | ||||||||||||||
NOI at share | 754,946 | 651,015 | 103,931 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 1,570 | 351 | 1,219 | ||||||||||||||
NOI at share - cash basis | $ | 756,516 | $ | 651,366 | $ | 105,150 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||
2022 | 2021 | ||||||||||
New York: | |||||||||||
Office | $ | 534,641 | $ | 497,238 | |||||||
Retail | 155,670 | 124,998 | |||||||||
Residential | 14,622 | 12,889 | |||||||||
Alexander's | 27,980 | 28,567 | |||||||||
Hotel Pennsylvania(1) | — | (12,677) | |||||||||
Total New York | 732,913 | 651,015 | |||||||||
Other: | |||||||||||
theMART(2) | 75,630 | 42,950 | |||||||||
555 California Street | 49,051 | 48,230 | |||||||||
Other investments | 12,699 | 12,751 | |||||||||
Total Other | 137,380 | 103,931 | |||||||||
NOI at share | $ | 870,293 | $ | 754,946 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||
2022 | 2021 | ||||||||||
New York: | |||||||||||
Office | $ | 532,759 | $ | 504,939 | |||||||
Retail | 142,678 | 116,265 | |||||||||
Residential | 13,554 | 11,898 | |||||||||
Alexander's | 30,296 | 30,987 | |||||||||
Hotel Pennsylvania(1) | — | (12,723) | |||||||||
Total New York | 719,287 | 651,366 | |||||||||
Other: | |||||||||||
theMART(2) | 78,749 | 45,976 | |||||||||
555 California Street | 50,141 | 45,552 | |||||||||
Other investments | 13,292 | 13,622 | |||||||||
Total Other | 142,182 | 105,150 | |||||||||
NOI at share - cash basis | $ | 861,469 | $ | 756,516 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||
2022 | 2021 | ||||||||||
Net income | $ | 142,390 | $ | 175,590 | |||||||
Depreciation and amortization expense | 370,631 | 285,998 | |||||||||
General and administrative expense | 102,292 | 100,341 | |||||||||
Transaction related costs and other | 4,961 | 10,630 | |||||||||
Income from partially owned entities | (83,775) | (86,768) | |||||||||
Income from real estate fund investments | (5,421) | (5,107) | |||||||||
Interest and other investment income, net | (9,282) | (3,694) | |||||||||
Interest and debt expense | 191,523 | 152,904 | |||||||||
Net gains on disposition of wholly owned and partially owned assets | (35,384) | (35,811) | |||||||||
Income tax expense (benefit) | 14,686 | (20,551) | |||||||||
NOI from partially owned entities | 228,772 | 231,635 | |||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (51,100) | (50,221) | |||||||||
NOI at share | 870,293 | 754,946 | |||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (8,824) | 1,570 | |||||||||
NOI at share - cash basis | $ | 861,469 | $ | 756,516 |
For the Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Region: | |||||||||||
New York City metropolitan area | 85 | % | 88 | % | |||||||
Chicago, IL | 9 | % | 6 | % | |||||||
San Francisco, CA | 6 | % | 6 | % | |||||||
100 | % | 100 | % |
(Amounts in thousands) | Total | New York | Other | |||||||||||||||||
Increase (decrease) due to: | ||||||||||||||||||||
Rental revenues: | ||||||||||||||||||||
Acquisitions, dispositions and other | $ | 12,286 | $ | 12,286 | $ | — | ||||||||||||||
Development and redevelopment | 68,281 | 68,281 | — | |||||||||||||||||
Trade shows(1) | 17,035 | — | 17,035 | |||||||||||||||||
Same store operations | 65,903 | 63,306 | 2,597 | |||||||||||||||||
163,505 | 143,873 | 19,632 | ||||||||||||||||||
Fee and other income: | ||||||||||||||||||||
BMS cleaning fees | 14,365 | 16,110 | (1,745) | |||||||||||||||||
Management and leasing fees | (2,784) | (2,717) | (67) | |||||||||||||||||
Other income | 9,839 | 3,719 | 6,120 | |||||||||||||||||
21,420 | 17,112 | 4,308 | ||||||||||||||||||
Total increase in revenues | $ | 184,925 | $ | 160,985 | $ | 23,940 |
(Amounts in thousands) | Total | New York | Other | |||||||||||||||||
Increase (decrease) due to: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Acquisitions, dispositions and other | $ | 3,495 | $ | 3,495 | $ | — | ||||||||||||||
Development and redevelopment | 24,046 | 23,198 | 848 | |||||||||||||||||
Non-reimbursable expenses | 21,254 | 23,140 | (1,886) | |||||||||||||||||
Trade shows(1) | 5,359 | — | 5,359 | |||||||||||||||||
Hotel Pennsylvania(2) | (13,702) | (13,702) | — | |||||||||||||||||
BMS expenses | 14,085 | 15,830 | (1,745) | |||||||||||||||||
Same store operations | 11,299 | 15,983 | (4,684) | |||||||||||||||||
65,836 | 67,944 | (2,108) | ||||||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||
Acquisitions, dispositions and other | 45,159 | 45,159 | — | |||||||||||||||||
Development and redevelopment | 38,622 | 38,622 | — | |||||||||||||||||
Same store operations | 852 | (1,052) | 1,904 | |||||||||||||||||
84,633 | 82,729 | 1,904 | ||||||||||||||||||
General and administrative | 1,951 | (1,337) | 3,288 | |||||||||||||||||
Benefit from deferred compensation plan liability | (17,560) | — | (17,560) | |||||||||||||||||
Transaction related costs and other | (5,669) | (6,390) | (3) | 721 | ||||||||||||||||
Total increase (decrease) in expenses | $ | 129,191 | $ | 142,946 | $ | (13,755) |
(Amounts in thousands) | Percentage Ownership at September 30, 2022 | For the Nine Months Ended September 30, | |||||||||||||||
2022 | 2021 | ||||||||||||||||
Our share of net income (loss): | |||||||||||||||||
Fifth Avenue and Times Square JV: | |||||||||||||||||
Equity in net income | 51.5% | $ | 41,915 | $ | 32,314 | ||||||||||||
Return on preferred equity, net of our share of the expense | 27,985 | 27,985 | |||||||||||||||
69,900 | 60,299 | ||||||||||||||||
Alexander's(1) | 32.4% | 17,587 | 21,386 | ||||||||||||||
Partially owned office buildings(2) | Various | (8,080) | 8,395 | ||||||||||||||
Other investments(3) | Various | 4,368 | (3,312) | ||||||||||||||
$ | 83,775 | $ | 86,768 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||
2022 | 2021 | ||||||||||
Previously recorded unrealized loss on exited investments | $ | 59,396 | $ | — | |||||||
Realized loss on exited investments | (53,724) | — | |||||||||
Net unrealized loss on held investments | (6,800) | (789) | |||||||||
Net investment income | 6,549 | 5,896 | |||||||||
Income from real estate fund investments | 5,421 | 5,107 | |||||||||
Less income attributable to noncontrolling interests in consolidated subsidiaries | (3,287) | (2,914) | |||||||||
Income from real estate fund investments, net of noncontrolling interests in consolidated subsidiaries | $ | 2,134 | $ | 2,193 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||
2022 | 2021 | ||||||||||
Amortization of discount on investments in U.S. Treasury bills | $ | 3,403 | $ | — | |||||||
Interest on loans receivable | 3,215 | 1,679 | |||||||||
Interest on cash and cash equivalents and restricted cash | 2,660 | 207 | |||||||||
Other, net | 4 | 1,808 | |||||||||
$ | 9,282 | $ | 3,694 |
(Amounts in thousands) | (Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | (Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||||||||||||||||||||||||||||||||||
NOI at share for the six months ended June 30, 2022 | $ | 573,204 | $ | 491,759 | $ | 39,861 | $ | 32,959 | $ | 8,625 | ||||||||||||||||||||||||||||||||||||||||||||||||
NOI at share for the nine months ended September 30, 2022 | NOI at share for the nine months ended September 30, 2022 | $ | 870,293 | $ | 732,913 | $ | 75,630 | $ | 49,051 | $ | 12,699 | |||||||||||||||||||||||||||||||||||||||||||||||
Less NOI at share from: | Less NOI at share from: | Less NOI at share from: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in ownership interest in One Park Avenue | Change in ownership interest in One Park Avenue | (11,263) | (11,263) | — | — | — | Change in ownership interest in One Park Avenue | (13,370) | (13,370) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | Dispositions | (3,435) | (3,435) | — | — | — | Dispositions | (3,523) | (3,523) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Development properties | Development properties | (42,527) | (42,527) | — | — | — | Development properties | (65,440) | (65,440) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Other non-same store income, net | Other non-same store income, net | (11,761) | (3,136) | — | — | (8,625) | Other non-same store income, net | (17,910) | (5,211) | — | — | (12,699) | ||||||||||||||||||||||||||||||||||||||||||||||
Same store NOI at share for the six months ended June 30, 2022 | $ | 504,218 | $ | 431,398 | $ | 39,861 | $ | 32,959 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Same store NOI at share for the nine months ended September 30, 2022 | Same store NOI at share for the nine months ended September 30, 2022 | $ | 770,050 | $ | 645,369 | $ | 75,630 | $ | 49,051 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||
NOI at share for the six months ended June 30, 2021 | $ | 499,675 | $ | 422,176 | $ | 36,519 | $ | 32,102 | $ | 8,878 | ||||||||||||||||||||||||||||||||||||||||||||||||
NOI at share for the nine months ended September 30, 2021 | NOI at share for the nine months ended September 30, 2021 | $ | 754,946 | $ | 651,015 | $ | 42,950 | $ | 48,230 | $ | 12,751 | |||||||||||||||||||||||||||||||||||||||||||||||
Less NOI at share from: | Less NOI at share from: | Less NOI at share from: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | Dispositions | (3,912) | (3,912) | — | — | — | Dispositions | (6,667) | (6,667) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Development properties | Development properties | (16,906) | (16,304) | — | (602) | — | Development properties | (23,207) | (22,359) | — | (848) | — | ||||||||||||||||||||||||||||||||||||||||||||||
Hotel Pennsylvania (permanently closed on April 5, 2021) | Hotel Pennsylvania (permanently closed on April 5, 2021) | 12,677 | 12,677 | — | — | — | Hotel Pennsylvania (permanently closed on April 5, 2021) | 12,677 | 12,677 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Other non-same store income, net | Other non-same store income, net | (12,795) | (3,917) | — | — | (8,878) | Other non-same store income, net | (20,991) | (8,240) | — | — | (12,751) | ||||||||||||||||||||||||||||||||||||||||||||||
Same store NOI at share for the six months ended June 30, 2021 | $ | 478,739 | $ | 410,720 | $ | 36,519 | $ | 31,500 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Same store NOI at share for the nine months ended September 30, 2021 | Same store NOI at share for the nine months ended September 30, 2021 | $ | 716,758 | $ | 626,426 | $ | 42,950 | $ | 47,382 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||
Increase in same store NOI at share | Increase in same store NOI at share | $ | 25,479 | $ | 20,678 | $ | 3,342 | $ | 1,459 | $ | — | Increase in same store NOI at share | $ | 53,292 | $ | 18,943 | $ | 32,680 | $ | 1,669 | $ | — | ||||||||||||||||||||||||||||||||||||
% increase in same store NOI at share | % increase in same store NOI at share | 5.3 | % | 5.0 | % | 9.2 | % | 4.6 | % | 0.0 | % | % increase in same store NOI at share | 7.4 | % | 3.0 | % | 76.1 | % | 3.5 | % | 0.0 | % |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share - cash basis for the six months ended June 30, 2022 | $ | 565,799 | $ | 481,595 | $ | 41,977 | $ | 33,215 | $ | 9,012 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Change in ownership interest in One Park Avenue | (8,609) | (8,609) | — | — | — | ||||||||||||||||||||||||
Dispositions | (3,645) | (3,645) | — | — | — | ||||||||||||||||||||||||
Development properties | (28,586) | (28,586) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (12,902) | (3,890) | — | — | (9,012) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the six months ended June 30, 2022 | $ | 512,057 | $ | 436,865 | $ | 41,977 | $ | 33,215 | $ | — | |||||||||||||||||||
NOI at share - cash basis for the six months ended June 30, 2021 | $ | 499,323 | $ | 421,744 | $ | 37,341 | $ | 30,807 | $ | 9,431 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Dispositions | (3,360) | (3,360) | — | — | — | ||||||||||||||||||||||||
Development properties | (17,579) | (16,977) | — | (602) | — | ||||||||||||||||||||||||
Hotel Pennsylvania (permanently closed on April 5, 2021) | 12,723 | 12,723 | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (13,682) | (4,251) | — | — | (9,431) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the six months ended June 30, 2021 | $ | 477,425 | $ | 409,879 | $ | 37,341 | $ | 30,205 | $ | — | |||||||||||||||||||
Increase in same store NOI at share - cash basis | $ | 34,632 | $ | 26,986 | $ | 4,636 | $ | 3,010 | $ | — | |||||||||||||||||||
% increase in same store NOI at share - cash basis | 7.3 | % | 6.6 | % | 12.4 | % | 10.0 | % | 0.0 | % |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share - cash basis for the nine months ended September 30, 2022 | $ | 861,469 | $ | 719,287 | $ | 78,749 | $ | 50,141 | $ | 13,292 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Change in ownership interest in One Park Avenue | (10,111) | (10,111) | — | — | — | ||||||||||||||||||||||||
Dispositions | (3,732) | (3,732) | — | — | — | ||||||||||||||||||||||||
Development properties | (44,381) | (44,381) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (19,478) | (6,186) | — | — | (13,292) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the nine months ended September 30, 2022 | $ | 783,767 | $ | 654,877 | $ | 78,749 | $ | 50,141 | $ | — | |||||||||||||||||||
NOI at share - cash basis for the nine months ended September 30, 2021 | $ | 756,516 | $ | 651,366 | $ | 45,976 | $ | 45,552 | $ | 13,622 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Dispositions | (6,796) | (6,796) | — | — | — | ||||||||||||||||||||||||
Development properties | (24,430) | (23,582) | — | (848) | — | ||||||||||||||||||||||||
Hotel Pennsylvania (permanently closed on April 5, 2021) | 12,723 | 12,723 | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (21,310) | (7,688) | — | — | (13,622) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the nine months ended September 30, 2021 | $ | 716,703 | $ | 626,023 | $ | 45,976 | $ | 44,704 | $ | — | |||||||||||||||||||
Increase in same store NOI at share - cash basis | $ | 67,064 | $ | 28,854 | $ | 32,773 | $ | 5,437 | $ | — | |||||||||||||||||||
% increase in same store NOI at share - cash basis | 9.4 | % | 4.6 | % | 71.3 | % | 12.2 | % | 0.0 | % |
(Amounts in thousands) | (Amounts in thousands) | For the Six Months Ended June 30, | Decrease in Cash Flow | (Amounts in thousands) | For the Nine Months Ended September 30, | Increase (Decrease) in Cash Flow | ||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | $ | 430,625 | $ | 472,709 | $ | (42,084) | Net cash provided by operating activities | $ | 559,827 | $ | 478,103 | $ | 81,724 | ||||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (715,862) | (183,454) | (532,408) | Net cash used in investing activities | (849,738) | (392,634) | (457,104) | ||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | Net cash (used in) provided by financing activities | (528,796) | 297,713 | (826,509) | Net cash (used in) provided by financing activities | (663,392) | 452,359 | (1,115,751) |
(Amounts in thousands) | For the Six Months Ended June 30, | Increase (Decrease) in Cash Flow | |||||||||||||||
2022 | 2021 | ||||||||||||||||
Purchase of U.S. Treasury bills | $ | (794,793) | $ | — | $ | (794,793) | |||||||||||
Development costs and construction in progress | (418,748) | (269,376) | (149,372) | ||||||||||||||
Proceeds from maturities of U.S. Treasury bills | 299,668 | — | 299,668 | ||||||||||||||
Proceeds from sales of real estate | 253,958 | 3,521 | 250,437 | ||||||||||||||
Additions to real estate | (70,046) | (90,138) | 20,092 | ||||||||||||||
Proceeds from sale of condominium units at 220 Central Park South | 16,124 | 72,216 | (56,092) | ||||||||||||||
Investments in partially owned entities | (11,091) | (6,357) | (4,734) | ||||||||||||||
Distributions of capital from partially owned entities | 10,066 | 106,005 | (95,939) | ||||||||||||||
Acquisitions of real estate and other | (1,000) | — | (1,000) | ||||||||||||||
Proceeds from repayments of loan receivables | — | 675 | (675) | ||||||||||||||
Net cash used in investing activities | $ | (715,862) | $ | (183,454) | $ | (532,408) |
(Amounts in thousands) | For the Nine Months Ended September 30, | (Decrease) Increase in Cash Flow | |||||||||||||||
2022 | 2021 | ||||||||||||||||
Purchase of U.S. Treasury bills | $ | (794,793) | $ | — | $ | (794,793) | |||||||||||
Development costs and construction in progress | (557,884) | (444,645) | (113,239) | ||||||||||||||
Proceeds from maturities of U.S. Treasury bills | 349,461 | — | 349,461 | ||||||||||||||
Proceeds from sales of real estate | 253,958 | 100,024 | 153,934 | ||||||||||||||
Additions to real estate | (120,124) | (113,374) | (6,750) | ||||||||||||||
Distributions of capital from partially owned entities | 20,566 | 106,005 | (85,439) | ||||||||||||||
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South | 16,124 | 97,683 | (81,559) | ||||||||||||||
Investments in partially owned entities | (15,046) | (12,366) | (2,680) | ||||||||||||||
Acquisitions of real estate and other | (2,000) | (3,000) | 1,000 | ||||||||||||||
Acquisition of additional 45.0% ownership interest in One Park Avenue (inclusive of $5,806 of prorations and net working capital and net of $39,370 of cash and restricted cash balances consolidated upon acquisition) | — | (123,936) | 123,936 | ||||||||||||||
Proceeds from repayments of loan receivables | — | 975 | (975) | ||||||||||||||
Net cash used in investing activities | $ | (849,738) | $ | (392,634) | $ | (457,104) |
(Amounts in thousands) | (Amounts in thousands) | For the Six Months Ended June 30, | Increase (Decrease) in Cash Flow | (Amounts in thousands) | For the Nine Months Ended September 30, | Increase (Decrease) in Cash Flow | ||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Repayments of borrowings | Repayments of borrowings | $ | (1,240,573) | $ | (1,573,443) | $ | 332,870 | Repayments of borrowings | $ | (1,245,973) | $ | (1,578,843) | $ | 332,870 | ||||||||||||||||||||
Proceeds from borrowings | Proceeds from borrowings | 1,029,773 | 2,298,007 | (1,268,234) | Proceeds from borrowings | 1,029,773 | 2,298,007 | (1,268,234) | ||||||||||||||||||||||||||
Dividends paid on common shares/Distributions to Vornado | Dividends paid on common shares/Distributions to Vornado | (203,240) | (202,989) | (251) | Dividends paid on common shares/Distributions to Vornado | (304,896) | (304,516) | (380) | ||||||||||||||||||||||||||
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (56,589) | (159,926) | 103,337 | Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (68,716) | (173,356) | 104,640 | ||||||||||||||||||||||||||
Dividends paid on preferred shares/Distributions to preferred unitholders | Dividends paid on preferred shares/Distributions to preferred unitholders | (46,587) | (49,400) | 2,813 | ||||||||||||||||||||||||||||||
Debt issuance costs | Debt issuance costs | (31,718) | (32,875) | 1,157 | Debt issuance costs | (32,473) | (33,935) | 1,462 | ||||||||||||||||||||||||||
Dividends paid on preferred shares/Distributions to preferred unitholders | (31,058) | (32,934) | 1,876 | |||||||||||||||||||||||||||||||
Contributions from noncontrolling interests in consolidated subsidiaries | Contributions from noncontrolling interests in consolidated subsidiaries | 4,253 | 1,547 | 2,706 | Contributions from noncontrolling interests in consolidated subsidiaries | 4,903 | 2,657 | 2,246 | ||||||||||||||||||||||||||
Proceeds received from exercise of Vornado stock options and other | Proceeds received from exercise of Vornado stock options and other | 441 | 440 | 1 | Proceeds received from exercise of Vornado stock options and other | 662 | 664 | (2) | ||||||||||||||||||||||||||
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 | (85) | (114) | 29 | Repurchase of shares/Class A units related to stock compensation agreements and related tax withholdings and other | (85) | (114) | 29 | ||||||||||||||||||||||||||
Proceeds from the issuance of preferred shares/units | Proceeds from the issuance of preferred shares/units | — | 291,195 | (291,195) | ||||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | Net cash (used in) provided by financing activities | $ | (528,796) | $ | 297,713 | $ | (826,509) | Net cash (used in) provided by financing activities | $ | (663,392) | $ | 452,359 | $ | (1,115,751) |
(Amounts in thousands, except per share amounts) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Reconciliation of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions: | |||||||||||||||||||||||
Net income attributable to common shareholders | $ | 50,418 | $ | 48,045 | $ | 76,896 | $ | 52,128 | |||||||||||||||
Per diluted share | $ | 0.26 | $ | 0.25 | $ | 0.40 | $ | 0.27 | |||||||||||||||
FFO adjustments: | |||||||||||||||||||||||
Depreciation and amortization of real property | $ | 106,620 | $ | 82,396 | $ | 212,582 | $ | 170,115 | |||||||||||||||
Net gain on sale of real estate | (27,803) | — | (28,354) | — | |||||||||||||||||||
Proportionate share of adjustments to equity in net income of partially owned entities to arrive at FFO: | |||||||||||||||||||||||
Depreciation and amortization of real property | 33,681 | 34,846 | 65,820 | 69,704 | |||||||||||||||||||
Net gain on sale of real estate | (175) | (3,052) | (175) | (3,052) | |||||||||||||||||||
Increase in fair value of marketable securities | — | (1,216) | — | (1,405) | |||||||||||||||||||
112,323 | 112,974 | 249,873 | 235,362 | ||||||||||||||||||||
Noncontrolling interests' share of above adjustments | (7,781) | (7,666) | (17,287) | (15,741) | |||||||||||||||||||
FFO adjustments, net | $ | 104,542 | $ | 105,308 | $ | 232,586 | $ | 219,621 | |||||||||||||||
FFO attributable to common shareholders | $ | 154,960 | $ | 153,353 | $ | 309,482 | $ | 271,749 | |||||||||||||||
Impact of assumed conversion of dilutive convertible securities | 5 | 11 | 515 | 22 | |||||||||||||||||||
FFO attributable to common shareholders plus assumed conversions | $ | 154,965 | $ | 153,364 | $ | 309,997 | $ | 271,771 | |||||||||||||||
Per diluted share | $ | 0.80 | $ | 0.80 | $ | 1.60 | $ | 1.41 | |||||||||||||||
Reconciliation of weighted average shares outstanding: | |||||||||||||||||||||||
Weighted average common shares outstanding | 191,750 | 191,527 | 191,737 | 191,473 | |||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Convertible securities | 1,412 | (1) | 26 | 1,271 | (1) | 26 | |||||||||||||||||
Share-based payment awards | 261 | 853 | 289 | 734 | |||||||||||||||||||
Denominator for FFO per diluted share | 193,423 | 192,406 | 193,297 | 192,233 |
(Amounts in thousands, except per share amounts) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Reconciliation of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions: | |||||||||||||||||||||||
Net income attributable to common shareholders | $ | 7,769 | $ | 37,689 | $ | 84,665 | $ | 89,817 | |||||||||||||||
Per diluted share | $ | 0.04 | $ | 0.20 | $ | 0.44 | $ | 0.47 | |||||||||||||||
FFO adjustments: | |||||||||||||||||||||||
Depreciation and amortization of real property | $ | 122,438 | $ | 86,180 | $ | 335,020 | $ | 256,295 | |||||||||||||||
Real estate impairment losses | — | 7,880 | — | 7,880 | |||||||||||||||||||
Net gain on sale of real estate | — | — | (28,354) | — | |||||||||||||||||||
Proportionate share of adjustments to equity in net income of partially owned entities to arrive at FFO: | |||||||||||||||||||||||
Depreciation and amortization of real property | 32,584 | 35,125 | 98,404 | 104,829 | |||||||||||||||||||
Net loss (gain) on sale of real estate | 6 | — | (169) | (3,052) | |||||||||||||||||||
Decrease (increase) in fair value of marketable securities | — | 287 | — | (1,118) | |||||||||||||||||||
155,028 | 129,472 | 404,901 | 364,834 | ||||||||||||||||||||
Noncontrolling interests' share of above adjustments | (10,731) | (8,886) | (28,018) | (24,627) | |||||||||||||||||||
FFO adjustments, net | $ | 144,297 | $ | 120,586 | $ | 376,883 | $ | 340,207 | |||||||||||||||
FFO attributable to common shareholders | $ | 152,066 | $ | 158,275 | $ | 461,548 | $ | 430,024 | |||||||||||||||
Impact of assumed conversion of dilutive convertible securities | 395 | 11 | 915 | 33 | |||||||||||||||||||
FFO attributable to common shareholders plus assumed conversions | $ | 152,461 | $ | 158,286 | $ | 462,463 | $ | 430,057 | |||||||||||||||
Per diluted share | $ | 0.79 | $ | 0.82 | $ | 2.39 | $ | 2.24 | |||||||||||||||
Reconciliation of weighted average shares outstanding: | |||||||||||||||||||||||
Weighted average common shares outstanding | 191,793 | 191,577 | 191,756 | 191,508 | |||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Convertible securities | 1,790 | (1) | 26 | 1,407 | (1) | 26 | |||||||||||||||||
Share-based payment awards | 225 | 464 | 266 | 643 | |||||||||||||||||||
Denominator for FFO per diluted share | 193,808 | 192,067 | 193,429 | 192,177 |
(Amounts in thousands, except per share and per unit amounts) | 2022 | 2021 | |||||||||||||||||||||||||||
June 30, Balance | Weighted Average Interest Rate | Effect of 1% Change in Base Rates | December 31, Balance | Weighted Average Interest Rate | |||||||||||||||||||||||||
Consolidated debt: | |||||||||||||||||||||||||||||
Variable rate | $ | 3,973,415 | (1) | 2.92% | $ | 39,734 | $ | 4,534,215 | 1.59% | ||||||||||||||||||||
Fixed rate | 4,490,000 | 3.24% | — | 4,140,000 | 3.06% | ||||||||||||||||||||||||
$ | 8,463,415 | 3.09% | 39,734 | $ | 8,674,215 | 2.29% | |||||||||||||||||||||||
Pro rata share of debt of non-consolidated entities: | |||||||||||||||||||||||||||||
Variable rate | $ | 1,269,568 | 2.90% | 12,696 | $ | 1,267,224 | 1.78% | ||||||||||||||||||||||
Fixed rate | 1,430,097 | 3.73% | — | 1,432,181 | 3.72% | ||||||||||||||||||||||||
$ | 2,699,665 | 3.34% | 12,696 | $ | 2,699,405 | 2.81% | |||||||||||||||||||||||
Noncontrolling interests' share of consolidated subsidiaries | (6,821) | ||||||||||||||||||||||||||||
Total change in annual net income attributable to the Operating Partnership | 45,609 | ||||||||||||||||||||||||||||
Noncontrolling interests’ share of the Operating Partnership | (3,161) | ||||||||||||||||||||||||||||
Total change in annual net income attributable to Vornado | $ | 42,448 | |||||||||||||||||||||||||||
Total change in annual net income attributable to the Operating Partnership per Class A unit | $ | 0.22 | |||||||||||||||||||||||||||
Total change in annual net income attributable to Vornado per common share | $ | 0.22 |
(Amounts in thousands, except per share and per unit amounts) | 2022 | 2021 | |||||||||||||||||||||||||||
September 30, Balance | Weighted Average Interest Rate | Effect of 1% Change in Base Rates | December 31, Balance | Weighted Average Interest Rate | |||||||||||||||||||||||||
Consolidated debt: | |||||||||||||||||||||||||||||
Variable rate | $ | 2,313,015 | 4.35% | $ | 23,130 | $ | 4,534,215 | 1.59% | |||||||||||||||||||||
Fixed rate | 6,145,000 | 3.58% | — | 4,140,000 | 3.06% | ||||||||||||||||||||||||
$ | 8,458,015 | 3.79% | 23,130 | $ | 8,674,215 | 2.29% | |||||||||||||||||||||||
Pro rata share of debt of non-consolidated entities: | |||||||||||||||||||||||||||||
Variable rate | $ | 1,271,535 | 4.42% | 12,715 | $ | 1,267,224 | 1.78% | ||||||||||||||||||||||
Fixed rate | 1,447,457 | 3.72% | — | 1,432,181 | 3.72% | ||||||||||||||||||||||||
$ | 2,718,992 | 4.05% | 12,715 | $ | 2,699,405 | 2.81% | |||||||||||||||||||||||
Noncontrolling interests' share of consolidated subsidiaries | (6,821) | ||||||||||||||||||||||||||||
Total change in annual net income attributable to the Operating Partnership | 29,024 | ||||||||||||||||||||||||||||
Noncontrolling interests’ share of the Operating Partnership | (2,008) | ||||||||||||||||||||||||||||
Total change in annual net income attributable to Vornado | $ | 27,016 | |||||||||||||||||||||||||||
Total change in annual net income attributable to the Operating Partnership per Class A unit | $ | 0.14 | |||||||||||||||||||||||||||
Total change in annual net income attributable to Vornado per common share | $ | 0.14 |
(Amounts in thousands) | (Amounts in thousands) | As of June 30, 2022 | (Amounts in thousands) | Fair Value Asset (Liability) as of | As of September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Rate | September 30, 2022 | December 31, 2021 | Notional Amount | All-In Swapped Rate | Swap Expiration Date | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedged Item | Fair Value | Notional Amount | Spread over LIBOR | Interest Rate | Swapped Rate | Expiration Date | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Included in other assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps: | Interest rate swaps: | Interest rate swaps: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
555 California Street mortgage loan | 555 California Street mortgage loan | $ | 42,763 | $ | 840,000 | (1) | L+193 | 3.26% | 2.26% | 5/24 | 555 California Street mortgage loan | $ | 53,160 | $ | 11,814 | $ | 840,000 | (1) | 2.26% | 05/24 | ||||||||||||||||||||||||||||||||||||||||||||||||||
770 Broadway mortgage loan | 770 Broadway mortgage loan | 32,010 | — | 700,000 | 4.98% | 07/27 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PENN 11 mortgage loan | PENN 11 mortgage loan | 23,609 | 500,000 | L+195 | 3.07% | 2.23% | 3/24 | PENN 11 mortgage loan | 28,555 | 6,565 | 500,000 | 2.23% | 03/24 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured revolving credit facility | Unsecured revolving credit facility | 26,759 | — | 575,000 | 3.88% | 08/27 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured term loan | Unsecured term loan | 2,497 | 750,000 | (2) | S+130 | 2.83% | 4.05% | 10/23 | Unsecured term loan | 13,706 | (28,976) | 800,000 | 4.05% | (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured term loan (effective October 2023) | Unsecured term loan (effective October 2023) | 8,864 | — | 500,000 | 4.39% | 10/26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
100 West 33rd Street mortgage loan | 100 West 33rd Street mortgage loan | 8,053 | — | 480,000 | 5.06% | 06/27 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
888 Seventh Avenue mortgage loan | 888 Seventh Avenue mortgage loan | 7,231 | — | 200,000 | (3) | 4.66% | 09/27 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 Union Square South mortgage loan | 4 Union Square South mortgage loan | 1,613 | 100,000 | (3) | L+140 | 2.46% | 3.74% | 1/25 | 4 Union Square South mortgage loan | 3,960 | (3,861) | 100,000 | (4) | 3.74% | 01/25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Various interest rate caps | 3,557 | 1,650,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate caps: | Interest rate caps: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1290 Avenue of the Americas mortgage loan | 1290 Avenue of the Americas mortgage loan | 6,304 | 411 | 950,000 | (5) | 11/23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Various mortgage loans | Various mortgage loans | 1,289 | 139 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 74,039 | $ | 3,840,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Included in other liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
770 Broadway mortgage loan interest rate swap | $ | 1,756 | $ | 350,000 | (4) | S+225 | 3.75% | 5.11% | 7/27 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Included in other assets | Included in other assets | $ | 189,891 | $ | 18,929 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Included in other liabilities | Included in other liabilities | $ | — | $ | 32,837 |
EXHIBIT INDEX | ||||||||||||||
Exhibit No. | ||||||||||||||
as Borrower, Vornado Realty Trust as General Partner, the Banks listed on the signature pages thereof, and JPMorgan Chase Bank N.A., as Administrative Agent for the Banks | ||||||||||||||
among Vornado Realty L.P., as Borrower, the Banks listed on signature pages thereof, and JPMorgan Chase Bank N.A., as Administrative Agent for the Banks | ||||||||||||||
L.P., as Borrower, Vornado Realty Trust as General Partner, the Banks listed on the signature pages thereof, and JPMorgan Chase Bank N.A., as Administrative Agent for the Banks | ||||||||||||||
— | Letter regarding Unaudited Interim Financial Information of Vornado Realty Trust | |||||||||||||
— | 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 | ||||||||||||
VORNADO REALTY TRUST | ||||||||
(Registrant) | ||||||||
Date: | By: | /s/ Deirdre Maddock | ||||||
Deirdre Maddock, Chief Accounting Officer (duly authorized officer and principal accounting officer) |
VORNADO REALTY L.P. | ||||||||
(Registrant) | ||||||||
Date: | By: | /s/ Deirdre Maddock | ||||||
Deirdre Maddock, Chief Accounting Officer of Vornado Realty Trust, sole General Partner of Vornado Realty L.P. (duly authorized officer and principal accounting officer) |