☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended: |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from: | to |
Commission File Number: | 001-11954 | (Vornado Realty Trust) | ||||||
Commission File Number: | 001-34482 | (Vornado Realty L.P.) |
Vornado Realty Trust | Maryland | 22-1657560 | ||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |||||||||||||
Vornado Realty L.P. | Delaware | 13-3925979 | ||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
888 Seventh Avenue, | New York, | New York | 10019 | ||||||||
(Address of principal executive offices) (Zip Code) |
(212) | 894-7000 | ||||
(Registrants’ telephone number, including area code) |
Registrant | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||||||||||
Vornado Realty Trust | Common Shares of beneficial interest, $.04 par value per share | VNO | New York Stock Exchange | |||||||||||||||||
Cumulative Redeemable Preferred Shares of beneficial interest, liquidation preference $25.00 per share: | ||||||||||||||||||||
Vornado Realty Trust | 5.40% Series L | VNO/PL | New York Stock Exchange | |||||||||||||||||
Vornado Realty Trust | 5.25% Series M | VNO/PM | New York Stock Exchange | |||||||||||||||||
Vornado Realty Trust | 5.25% Series N | VNO/PN | New York Stock Exchange | |||||||||||||||||
Vornado Realty Trust | 4.45% Series O | VNO/PO | New York Stock Exchange |
Vornado Realty Trust: | |||||||||||||||||
☑ | Large Accelerated Filer | ☐ | Accelerated Filer | ||||||||||||||
☐ | Non-Accelerated Filer | ☐ | Smaller Reporting Company | ||||||||||||||
☐ | Emerging Growth Company |
Vornado Realty L.P.: | |||||||||||||||||
☐ | Large Accelerated Filer | ☐ | Accelerated Filer | ||||||||||||||
☑ | Non-Accelerated Filer | ☐ | Smaller Reporting Company | ||||||||||||||
☐ | Emerging Growth Company |
PART I. | Financial Information: | Page Number | ||||||||||||
Consolidated Balance Sheets (Unaudited) as of | ||||||||||||||
Consolidated Statements of Income (Unaudited) for the Three | ||||||||||||||
Consolidated Statements of Comprehensive Income (Unaudited) for the Three | ||||||||||||||
Consolidated Statements of Changes in Equity (Unaudited) for the Three | ||||||||||||||
Consolidated Statements of Cash Flows (Unaudited) for the | ||||||||||||||
Consolidated Balance Sheets (Unaudited) as of | ||||||||||||||
Consolidated Statements of Income (Unaudited) for the Three | ||||||||||||||
Consolidated Statements of Comprehensive Income (Unaudited) for the Three | ||||||||||||||
Consolidated Statements of Changes in Equity (Unaudited) for the Three | ||||||||||||||
Consolidated Statements of Cash Flows (Unaudited) for the | ||||||||||||||
Vornado Realty Trust and Vornado Realty L.P.: | ||||||||||||||
PART II. | Other Information: | |||||||||||||
(Amounts in thousands, except unit, share, and per share amounts) | As of | ||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
ASSETS | |||||||||||
Real estate, at cost: | |||||||||||
Land | $ | 2,477,956 | $ | 2,540,193 | |||||||
Buildings and improvements | 10,015,452 | 9,839,166 | |||||||||
Development costs and construction in progress | 802,272 | 718,694 | |||||||||
Leasehold improvements and equipment | 122,948 | 119,792 | |||||||||
Total | 13,418,628 | 13,217,845 | |||||||||
Less accumulated depreciation and amortization | (3,606,986) | (3,376,347) | |||||||||
Real estate, net | 9,811,642 | 9,841,498 | |||||||||
Right-of-use assets | 685,298 | 337,197 | |||||||||
Cash and cash equivalents | 845,423 | 1,760,225 | |||||||||
Restricted cash | 131,625 | 170,126 | |||||||||
Investments in U.S. Treasury bills | 445,165 | — | |||||||||
Tenant and other receivables | 81,004 | 79,661 | |||||||||
Investments in partially owned entities | 3,250,197 | 3,297,389 | |||||||||
Real estate fund investments | 930 | 7,730 | |||||||||
220 Central Park South condominium units ready for sale | 78,590 | 57,142 | |||||||||
Receivable arising from the straight-lining of rents | 692,733 | 656,318 | |||||||||
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 | 142,116 | 154,895 | |||||||||
Other assets | 630,730 | 512,714 | |||||||||
$ | 17,175,674 | $ | 17,266,588 | ||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||||||
Mortgages payable, net | $ | 5,831,769 | $ | 6,053,343 | |||||||
Senior unsecured notes, net | 1,191,322 | 1,189,792 | |||||||||
Unsecured term loan, net | 792,847 | 797,812 | |||||||||
Unsecured revolving credit facilities | 575,000 | 575,000 | |||||||||
Lease liabilities | 731,674 | 370,206 | |||||||||
Accounts payable and accrued expenses | 475,151 | 613,497 | |||||||||
Deferred revenue | 41,879 | 48,118 | |||||||||
Deferred compensation plan | 95,681 | 110,174 | |||||||||
Other liabilities | 265,775 | 304,725 | |||||||||
Total liabilities | 10,001,098 | 10,062,667 | |||||||||
Commitments and contingencies | |||||||||||
Redeemable noncontrolling interests: | |||||||||||
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 | 3,535 | 3,535 | |||||||||
Total redeemable noncontrolling partnership units | 394,074 | 590,975 | |||||||||
Redeemable noncontrolling interest in a consolidated subsidiary | 89,228 | 97,708 | |||||||||
Total redeemable noncontrolling interests | 483,302 | 688,683 | |||||||||
Shareholders' equity: | |||||||||||
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,792,902 shares | 1,182,459 | 1,182,459 | |||||||||
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 191,816,684 and 191,723,608 shares | 7,652 | 7,648 | |||||||||
Additional capital | 8,362,387 | 8,143,093 | |||||||||
Earnings less than distributions | (3,299,630) | (3,079,320) | |||||||||
Accumulated other comprehensive income (loss) | 185,178 | (17,534) | |||||||||
Total shareholders' equity | 6,438,046 | 6,236,346 | |||||||||
Noncontrolling interests in consolidated subsidiaries | 253,228 | 278,892 | |||||||||
Total equity | 6,691,274 | 6,515,238 | |||||||||
$ | 17,175,674 | $ | 17,266,588 |
(Amounts in thousands, except unit, share, and per share amounts) | As of | ||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
ASSETS | |||||||||||
Real estate, at cost: | |||||||||||
Land | $ | 2,451,828 | $ | 2,451,828 | |||||||
Buildings and improvements | 9,838,757 | 9,804,204 | |||||||||
Development costs and construction in progress | 1,058,518 | 933,334 | |||||||||
Leasehold improvements and equipment | 125,982 | 125,389 | |||||||||
Total | 13,475,085 | 13,314,755 | |||||||||
Less accumulated depreciation and amortization | (3,546,942) | (3,470,991) | |||||||||
Real estate, net | 9,928,143 | 9,843,764 | |||||||||
Right-of-use assets | 685,152 | 684,380 | |||||||||
Cash and cash equivalents | 890,957 | 889,689 | |||||||||
Restricted cash | 142,882 | 131,468 | |||||||||
Investments in U.S. Treasury bills | 276,645 | 471,962 | |||||||||
Tenant and other receivables | 95,034 | 81,170 | |||||||||
Investments in partially owned entities | 2,633,558 | 2,665,073 | |||||||||
220 Central Park South condominium units ready for sale | 37,644 | 43,599 | |||||||||
Receivable arising from the straight-lining of rents | 691,271 | 694,972 | |||||||||
Deferred leasing costs, net of accumulated amortization of $239,454 and $237,395 | 366,960 | 373,555 | |||||||||
Identified intangible assets, net of accumulated amortization of $100,616 and $98,139 | 137,161 | 139,638 | |||||||||
Other assets | 387,011 | 474,105 | |||||||||
$ | 16,272,418 | $ | 16,493,375 | ||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||||||
Mortgages payable, net | $ | 5,717,338 | $ | 5,829,018 | |||||||
Senior unsecured notes, net | 1,192,342 | 1,191,832 | |||||||||
Unsecured term loan, net | 793,517 | 793,193 | |||||||||
Unsecured revolving credit facilities | 575,000 | 575,000 | |||||||||
Lease liabilities | 740,301 | 735,969 | |||||||||
Accounts payable and accrued expenses | 441,741 | 450,881 | |||||||||
Deferred revenue | 37,879 | 39,882 | |||||||||
Deferred compensation plan | 98,996 | 96,322 | |||||||||
Other liabilities | 312,107 | 268,166 | |||||||||
Total liabilities | 9,909,221 | 9,980,263 | |||||||||
Commitments and contingencies | |||||||||||
Redeemable noncontrolling interests: | |||||||||||
Class A units - 14,817,410 and 14,416,891 units outstanding | 348,208 | 345,157 | |||||||||
Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 | |||||||||
Total redeemable noncontrolling partnership units | 351,743 | 348,692 | |||||||||
Redeemable noncontrolling interest in a consolidated subsidiary | 78,796 | 88,040 | |||||||||
Total redeemable noncontrolling interests | 430,539 | 436,732 | |||||||||
Shareholders' equity: | |||||||||||
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,792,902 shares | 1,182,459 | 1,182,459 | |||||||||
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 191,880,615 and 191,866,880 shares | 7,654 | 7,654 | |||||||||
Additional capital | 8,367,349 | 8,369,228 | |||||||||
Earnings less than distributions | (3,961,392) | (3,894,580) | |||||||||
Accumulated other comprehensive income | 95,562 | 174,967 | |||||||||
Total shareholders' equity | 5,691,632 | 5,839,728 | |||||||||
Noncontrolling interests in consolidated subsidiaries | 241,026 | 236,652 | |||||||||
Total equity | 5,932,658 | 6,076,380 | |||||||||
$ | 16,272,418 | $ | 16,493,375 |
(Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | (Amounts in thousands, except per share amounts) | For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
REVENUES: | REVENUES: | REVENUES: | ||||||||||||||||||||||||||||||||||||||||||||
Rental revenues | Rental revenues | $ | 409,144 | $ | 369,203 | $ | 1,211,621 | $ | 1,048,116 | Rental revenues | $ | 396,793 | $ | 397,283 | ||||||||||||||||||||||||||||||||
Fee and other income | Fee and other income | 48,287 | 40,009 | 141,434 | 120,014 | Fee and other income | 49,130 | 44,847 | ||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 457,431 | 409,212 | 1,353,055 | 1,168,130 | Total revenues | 445,923 | 442,130 | ||||||||||||||||||||||||||||||||||||||
EXPENSES: | EXPENSES: | EXPENSES: | ||||||||||||||||||||||||||||||||||||||||||||
Operating | Operating | (221,596) | (212,699) | (660,434) | (594,598) | Operating | (228,773) | (216,529) | ||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | (134,526) | (100,867) | (370,631) | (285,998) | Depreciation and amortization | (106,565) | (117,443) | ||||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | (29,174) | (25,553) | (102,292) | (100,341) | General and administrative | (41,595) | (41,216) | ||||||||||||||||||||||||||||||||||||||
Benefit (expense) from deferred compensation plan liability | 600 | (799) | 10,138 | (7,422) | ||||||||||||||||||||||||||||||||||||||||||
(Expense) benefit from deferred compensation plan liability | (Expense) benefit from deferred compensation plan liability | (3,728) | 1,944 | |||||||||||||||||||||||||||||||||||||||||||
Transaction related costs and other | Transaction related costs and other | (996) | (9,681) | (4,961) | (10,630) | Transaction related costs and other | (658) | (1,005) | ||||||||||||||||||||||||||||||||||||||
Total expenses | Total expenses | (385,692) | (349,599) | (1,128,180) | (998,989) | Total expenses | (381,319) | (374,249) | ||||||||||||||||||||||||||||||||||||||
Income from partially owned entities | Income from partially owned entities | 24,341 | 26,269 | 83,775 | 86,768 | Income from partially owned entities | 16,666 | 33,714 | ||||||||||||||||||||||||||||||||||||||
(Loss) income from real estate fund investments | (Loss) income from real estate fund investments | (111) | (66) | 5,421 | 5,107 | (Loss) income from real estate fund investments | (19) | 5,674 | ||||||||||||||||||||||||||||||||||||||
Interest and other investment income, net | Interest and other investment income, net | 5,228 | 633 | 9,282 | 3,694 | Interest and other investment income, net | 9,603 | 1,018 | ||||||||||||||||||||||||||||||||||||||
(Loss) income from deferred compensation plan assets | (600) | 799 | (10,138) | 7,422 | ||||||||||||||||||||||||||||||||||||||||||
Income (loss) from deferred compensation plan assets | Income (loss) from deferred compensation plan assets | 3,728 | (1,944) | |||||||||||||||||||||||||||||||||||||||||||
Interest and debt expense | Interest and debt expense | (76,774) | (50,946) | (191,523) | (152,904) | Interest and debt expense | (86,237) | (52,109) | ||||||||||||||||||||||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | Net gains on disposition of wholly owned and partially owned assets | — | 10,087 | 35,384 | 35,811 | Net gains on disposition of wholly owned and partially owned assets | 7,520 | 6,552 | ||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 23,823 | 46,389 | 157,076 | 155,039 | Income before income taxes | 15,865 | 60,786 | ||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | (3,711) | 25,376 | (14,686) | 20,551 | ||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | (4,667) | (7,411) | |||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 20,112 | 71,765 | 142,390 | 175,590 | Net income | 11,198 | 53,375 | ||||||||||||||||||||||||||||||||||||||
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 | 3,792 | (5,425) | (4,756) | (20,323) | Consolidated subsidiaries | 9,928 | (9,374) | ||||||||||||||||||||||||||||||||||||||
Operating Partnership | Operating Partnership | (606) | (2,818) | (6,382) | (6,683) | Operating Partnership | (429) | (1,994) | ||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | Net income attributable to Vornado | 23,298 | 63,522 | 131,252 | 148,584 | Net income attributable to Vornado | 20,697 | 42,007 | ||||||||||||||||||||||||||||||||||||||
Preferred share dividends | Preferred share dividends | (15,529) | (16,800) | (46,587) | (49,734) | Preferred share dividends | (15,529) | (15,529) | ||||||||||||||||||||||||||||||||||||||
Series K preferred share issuance costs | — | (9,033) | — | (9,033) | ||||||||||||||||||||||||||||||||||||||||||
NET INCOME attributable to common shareholders | NET INCOME attributable to common shareholders | $ | 7,769 | $ | 37,689 | $ | 84,665 | $ | 89,817 | NET INCOME attributable to common shareholders | $ | 5,168 | $ | 26,478 | ||||||||||||||||||||||||||||||||
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 | $ | 0.04 | $ | 0.20 | $ | 0.44 | $ | 0.47 | Net income per common share | $ | 0.03 | $ | 0.14 | ||||||||||||||||||||||||||||||||
Weighted average shares outstanding | Weighted average shares outstanding | 191,793 | 191,577 | 191,756 | 191,508 | Weighted average shares outstanding | 191,869 | 191,724 | ||||||||||||||||||||||||||||||||||||||
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 | $ | 0.04 | $ | 0.20 | $ | 0.44 | $ | 0.47 | Net income per common share | $ | 0.03 | $ | 0.14 | ||||||||||||||||||||||||||||||||
Weighted average shares outstanding | Weighted average shares outstanding | 192,018 | 192,041 | 192,042 | 192,151 | Weighted average shares outstanding | 191,881 | 192,038 |
(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 | |||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||
Change in fair value of interest rate swaps and other | 117,219 | 5,362 | 200,838 | 25,555 | |||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | 5,124 | 1,322 | 19,084 | 6,381 | |||||||||||||||||||
Comprehensive income | 142,455 | 78,449 | 362,312 | 207,526 | |||||||||||||||||||
Less comprehensive income attributable to noncontrolling interests | (7,279) | (8,669) | (28,348) | (29,022) | |||||||||||||||||||
Comprehensive income attributable to Vornado | $ | 135,176 | $ | 69,780 | $ | 333,964 | $ | 178,504 |
(Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Net income | $ | 11,198 | $ | 53,375 | |||||||||||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||
Change in fair value of consolidated interest rate swaps and other | (81,536) | 65,239 | |||||||||||||||||||||
Other comprehensive (loss) income of nonconsolidated subsidiaries | (3,329) | 9,205 | |||||||||||||||||||||
Comprehensive (loss) income | (73,667) | 127,819 | |||||||||||||||||||||
Less comprehensive loss (income) attributable to noncontrolling interests | 15,838 | (16,502) | |||||||||||||||||||||
Comprehensive (loss) income attributable to Vornado | $ | (57,829) | $ | 111,317 |
(Amounts in thousands, except per share amounts) | Non-controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2022: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | 48,793 | $ | 1,182,459 | 191,775 | $ | 7,650 | $ | 8,339,161 | $ | (3,205,751) | $ | 73,300 | $ | 253,994 | $ | 6,650,813 | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | — | — | — | — | — | 23,298 | — | — | 23,298 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 967 | 967 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.53 per share) | — | — | — | — | — | (101,656) | — | — | (101,656) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (15,529) | — | — | (15,529) | |||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | 34 | 1 | 991 | — | — | — | 992 | |||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | 7 | — | 221 | — | — | — | 221 | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | 650 | 650 | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (4,548) | (4,548) | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | — | — | 155 | — | — | — | 155 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 5,124 | — | 5,124 | |||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | — | — | — | — | — | — | 117,219 | — | 117,219 | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | — | 21,857 | — | — | — | 21,857 | |||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (10,465) | 2,166 | (8,299) | |||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | 1 | 1 | 2 | 8 | — | (1) | 10 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | 48,793 | $ | 1,182,459 | 191,817 | $ | 7,652 | $ | 8,362,387 | $ | (3,299,630) | $ | 185,178 | $ | 253,228 | $ | 6,691,274 |
(Amounts in thousands, except per share amounts) | Non-controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2023: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | 48,793 | $ | 1,182,459 | 191,867 | $ | 7,654 | $ | 8,369,228 | $ | (3,894,580) | $ | 174,967 | $ | 236,652 | $ | 6,076,380 | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | — | — | — | — | — | 20,697 | — | — | 20,697 | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | (684) | (684) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.375 per share) | — | — | — | — | — | (71,950) | — | — | (71,950) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 11 for dividends per share amounts) | — | — | — | — | — | (15,529) | — | — | (15,529) | |||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | 9 | — | 187 | — | — | — | 187 | |||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | 6 | — | 146 | — | — | — | 146 | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | 6,128 | 6,128 | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (811) | (811) | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | (1) | — | 84 | (30) | — | — | 54 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | — | (3,329) | — | (3,329) | |||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of consolidated interest rate swaps and other | — | — | — | — | — | — | (81,536) | — | (81,536) | |||||||||||||||||||||||||||||||||||||||||||||||
Unearned 2020 Out-Performance Plan and 2019 Performance AO LTIP awards | — | — | — | — | 20,668 | — | — | — | 20,668 | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | — | (22,964) | — | (879) | — | (23,843) | |||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of other comprehensive loss | — | — | — | — | — | — | 6,339 | (259) | 6,080 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2023 | 48,793 | $ | 1,182,459 | 191,881 | $ | 7,654 | $ | 8,367,349 | $ | (3,961,392) | $ | 95,562 | $ | 241,026 | $ | 5,932,658 |
(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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 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 | — | — | — | — | — | 63,522 | — | — | 63,522 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 4,299 | 4,299 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.53 per share) | — | — | — | — | — | (101,527) | — | — | (101,527) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (16,800) | — | — | (16,800) | |||||||||||||||||||||||||||||||||||||||||||||||
Series O cumulative redeemable preferred shares issuance | 12,000 | 291,195 | — | — | — | — | — | — | 291,195 | |||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | 114 | 5 | 4,744 | — | — | — | 4,749 | |||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | 6 | 1 | 223 | — | — | — | 224 | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | 1,110 | 1,110 | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (5,877) | (5,877) | |||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred shares to common shares | — | (13) | 1 | — | 13 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | (1) | — | 226 | — | — | — | 226 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 1,322 | — | 1,322 | |||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps | — | — | — | — | — | — | 5,360 | — | 5,360 | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | — | 64,100 | — | — | — | 64,100 | |||||||||||||||||||||||||||||||||||||||||||||||
Series K cumulative redeemable preferred shares called for redemption | (12,000) | (290,967) | — | — | — | (9,033) | — | — | (300,000) | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (426) | — | (426) | |||||||||||||||||||||||||||||||||||||||||||||||
Other | — | (7) | — | (1) | (2) | — | 2 | 39 | 31 | |||||||||||||||||||||||||||||||||||||||||||||||
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) | Non-controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2022: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | 48,793 | $ | 1,182,459 | 191,724 | $ | 7,648 | $ | 8,143,093 | $ | (3,079,320) | $ | (17,534) | $ | 278,892 | $ | 6,515,238 | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | — | — | — | — | — | 131,252 | — | — | 131,252 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 13,236 | 13,236 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($1.59 per share) | — | — | — | — | — | (304,896) | — | — | (304,896) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (46,587) | — | — | (46,587) | |||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | 76 | 3 | 2,566 | — | — | — | 2,569 | |||||||||||||||||||||||||||||||||||||||||||||||
Under employees' share option plan | — | — | — | — | 7 | — | — | — | 7 | |||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | 19 | — | 655 | — | — | — | 655 | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | 4,903 | 4,903 | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (45,976) | (45,976) | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | (2) | — | 447 | (85) | — | — | 362 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 19,084 | — | 19,084 | |||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | — | — | — | — | — | — | 200,838 | — | 200,838 | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | — | 215,619 | — | — | — | 215,619 | |||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (17,210) | 2,166 | (15,044) | |||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | 1 | — | 6 | — | 7 | 14 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | 48,793 | $ | 1,182,459 | 191,817 | $ | 7,652 | $ | 8,362,387 | $ | (3,299,630) | $ | 185,178 | $ | 253,228 | $ | 6,691,274 |
(Amounts in thousands, except per share amounts) | (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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Less Than Distributions | 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 | Total Equity | Shares | Amount | Shares | Amount | Non-controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Non-controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2021: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 48,793 | $ | 1,182,339 | 191,355 | $ | 7,633 | $ | 8,192,507 | $ | (2,774,182) | $ | (75,099) | $ | 414,957 | $ | 6,948,155 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2022: | For the Three Months Ended March 31, 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | Net income attributable to Vornado | — | — | — | — | — | 148,584 | — | — | 148,584 | Net income attributable to Vornado | — | — | — | — | — | 42,007 | — | — | 42,007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 18,804 | 18,804 | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 9,679 | 9,679 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($1.59 per share) | — | — | — | — | — | (304,516) | — | — | (304,516) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (49,734) | — | — | (49,734) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series O cumulative redeemable preferred shares issuance | 12,000 | 291,195 | — | — | — | — | — | — | 291,195 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.53 per share) | Dividends on common shares ($0.53 per share) | — | — | — | — | — | (101,616) | — | — | (101,616) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 11 for dividends per share amounts) | Dividends on preferred shares (see Note 11 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 | — | — | 313 | 13 | 13,045 | — | — | — | 13,058 | Upon redemption of Class A units, at redemption value | — | — | 16 | 1 | 716 | — | — | — | 717 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under employees' share option plan | Under employees' share option plan | — | — | — | — | 10 | — | — | — | 10 | Under employees' share option plan | — | — | — | — | 7 | — | — | — | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | Under dividend reinvestment plan | — | — | 16 | 1 | 653 | — | — | — | 654 | Under dividend reinvestment plan | — | — | 5 | — | 212 | — | — | — | 212 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | Contributions | — | — | — | — | — | — | — | 2,657 | 2,657 | Contributions | — | — | — | — | — | — | — | 481 | 481 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | — | (150,934) | (150,934) | Distributions | — | — | — | — | — | — | — | (35,961) | (35,961) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred shares to common shares | — | (13) | 1 | — | 13 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | Deferred compensation shares and options | — | — | (4) | — | 675 | (114) | — | — | 561 | Deferred compensation shares and options | — | — | (2) | — | 146 | (85) | — | — | 61 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 6,381 | — | 6,381 | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 9,205 | — | 9,205 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps | — | — | — | — | — | — | 25,553 | — | 25,553 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unearned 2018 Out-Performance Plan awards acceleration | — | — | — | — | 10,283 | — | — | — | 10,283 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of consolidated interest rate swaps and other | Change in fair value of consolidated interest rate swaps and other | — | — | — | — | — | — | 65,239 | — | 65,239 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | — | (78,848) | — | — | — | (78,848) | Redeemable Class A unit measurement adjustment | — | — | — | — | (46,651) | — | — | — | (46,651) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series K cumulative redeemable preferred shares called for redemption | (12,000) | (290,967) | — | — | — | (9,033) | — | — | (300,000) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (2,016) | — | (2,016) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of other comprehensive income | Noncontrolling interests' share of other comprehensive income | — | — | — | — | — | — | (5,134) | — | (5,134) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | (55) | — | (1) | (1) | (4) | 2 | 37 | (22) | Other | — | — | — | — | — | (6) | — | 21 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | Balance as of March 31, 2022 | 48,793 | $ | 1,182,459 | 191,743 | $ | 7,649 | $ | 8,097,523 | $ | (3,154,549) | $ | 51,776 | $ | 253,112 | $ | 6,437,970 |
(Amounts in thousands) | (Amounts in thousands) | For the Nine Months Ended September 30, | (Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
Cash Flows from Operating Activities: | Cash Flows from Operating Activities: | Cash Flows from Operating Activities: | ||||||||||||||||||||
Net income | Net income | $ | 142,390 | $ | 175,590 | Net income | $ | 11,198 | $ | 53,375 | ||||||||||||
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) | 386,697 | 299,749 | Depreciation and amortization (including amortization of deferred financing costs) | 112,578 | 122,271 | ||||||||||||||||
Distributions of income from partially owned entities | Distributions of income from partially owned entities | 137,758 | 171,367 | Distributions of income from partially owned entities | 38,706 | 37,778 | ||||||||||||||||
Equity in net income of partially owned entities | Equity in net income of partially owned entities | (83,775) | (86,768) | Equity in net income of partially owned entities | (16,666) | (33,714) | ||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 11,714 | 13,155 | |||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | Net gains on disposition of wholly owned and partially owned assets | (7,520) | (6,552) | |||||||||||||||||||
Straight-lining of rents | Straight-lining of rents | (45,835) | 11,651 | Straight-lining of rents | 3,821 | (21,335) | ||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | (35,384) | (35,811) | ||||||||||||||||||||
Stock-based compensation expense | 22,887 | 32,889 | ||||||||||||||||||||
Change in deferred tax liability | Change in deferred tax liability | 9,992 | 2,497 | Change in deferred tax liability | 2,591 | 3,173 | ||||||||||||||||
Amortization of below-market leases, net | Amortization of below-market leases, net | (3,788) | (7,939) | Amortization of below-market leases, net | (1,367) | (917) | ||||||||||||||||
Net realized and unrealized loss on real estate fund investments | 1,128 | 789 | ||||||||||||||||||||
Write-off of lease receivables deemed uncollectible | 782 | 7,219 | ||||||||||||||||||||
Real estate impairment losses | — | 7,880 | ||||||||||||||||||||
Net realized and unrealized income on real estate fund investments | Net realized and unrealized income on real estate fund investments | — | (5,672) | |||||||||||||||||||
Other non-cash adjustments | Other non-cash adjustments | 2,560 | (5,046) | Other non-cash adjustments | 2,072 | 2,035 | ||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | ||||||||||||||||||||
Real estate fund investments | — | (789) | ||||||||||||||||||||
Tenant and other receivables | Tenant and other receivables | (2,128) | (12,092) | Tenant and other receivables | (13,862) | (3,499) | ||||||||||||||||
Prepaid assets | Prepaid assets | 33,995 | (44,731) | Prepaid assets | (72,347) | 29,451 | ||||||||||||||||
Other assets | Other assets | (22,706) | (77,508) | Other assets | (6,746) | (9,807) | ||||||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses | 6,649 | 43,067 | Accounts payable and accrued expenses | (1,411) | (7,421) | ||||||||||||||||
Other liabilities | Other liabilities | 8,605 | (3,911) | Other liabilities | 29,111 | (1,307) | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 559,827 | 478,103 | Net cash provided by operating activities | 91,872 | 171,014 | ||||||||||||||||
Cash Flows from Investing Activities: | Cash Flows from Investing Activities: | Cash Flows from Investing Activities: | ||||||||||||||||||||
Purchase of U.S. Treasury bills | (794,793) | — | ||||||||||||||||||||
Proceeds from maturities of U.S. Treasury bills | Proceeds from maturities of U.S. Treasury bills | 197,294 | — | |||||||||||||||||||
Development costs and construction in progress | Development costs and construction in progress | (557,884) | (444,645) | Development costs and construction in progress | (135,550) | (209,738) | ||||||||||||||||
Proceeds from maturities of U.S. Treasury bills | 349,461 | — | ||||||||||||||||||||
Proceeds from sales of real estate | 253,958 | 100,024 | ||||||||||||||||||||
Proceeds from repayment of participation in 150 West 34th Street mortgage loan | Proceeds from repayment of participation in 150 West 34th Street mortgage loan | 105,000 | — | |||||||||||||||||||
Additions to real estate | Additions to real estate | (120,124) | (113,374) | Additions to real estate | (57,032) | (30,900) | ||||||||||||||||
Proceeds from sale of condominium units at 220 Central Park South | Proceeds from sale of condominium units at 220 Central Park South | 14,216 | 15,095 | |||||||||||||||||||
Distributions of capital from partially owned entities | Distributions of capital from partially owned entities | 20,566 | 106,005 | Distributions of capital from partially owned entities | 11,559 | — | ||||||||||||||||
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 | (15,046) | (12,366) | Investments in partially owned entities | (8,833) | (4,571) | ||||||||||||||||
Acquisitions of real estate and other | Acquisitions of real estate and other | (2,000) | (3,000) | Acquisitions of real estate and other | (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) | ||||||||||||||||||||
Proceeds from repayments of loan receivables | — | 975 | ||||||||||||||||||||
Net cash used in investing activities | (849,738) | (392,634) | ||||||||||||||||||||
Purchase of U.S. Treasury bills | Purchase of U.S. Treasury bills | — | (645,920) | |||||||||||||||||||
Proceeds from sales of real estate | Proceeds from sales of real estate | — | 81,399 | |||||||||||||||||||
Net cash provided by (used in) investing activities | Net cash provided by (used in) investing activities | 125,654 | (794,635) |
(Amounts in thousands) | (Amounts in thousands) | For the Nine Months Ended September 30, | (Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
Cash Flows from Financing Activities: | Cash Flows from Financing Activities: | Cash Flows from Financing Activities: | ||||||||||||||||||||
Repayments of borrowings | Repayments of borrowings | $ | (1,245,973) | $ | (1,578,843) | Repayments of borrowings | $ | (110,400) | $ | (5,400) | ||||||||||||
Proceeds from borrowings | 1,029,773 | 2,298,007 | ||||||||||||||||||||
Dividends paid on common shares | Dividends paid on common shares | (304,896) | (304,516) | Dividends paid on common shares | (71,950) | (101,616) | ||||||||||||||||
Dividends paid on preferred shares | Dividends paid on preferred shares | (15,529) | (15,529) | |||||||||||||||||||
Distributions to noncontrolling interests | Distributions to noncontrolling interests | (68,716) | (173,356) | Distributions to noncontrolling interests | (6,412) | (43,545) | ||||||||||||||||
Dividends paid on preferred shares | (46,587) | (49,400) | ||||||||||||||||||||
Debt issuance costs | (32,473) | (33,935) | ||||||||||||||||||||
Deferred financing costs | Deferred financing costs | (2,798) | — | |||||||||||||||||||
Contributions from noncontrolling interests | Contributions from noncontrolling interests | 4,903 | 2,657 | Contributions from noncontrolling interests | 2,129 | 481 | ||||||||||||||||
Proceeds received from exercise of employee share options and other | Proceeds received from exercise of employee share options and other | 662 | 664 | Proceeds received from exercise of employee share options and other | 146 | 219 | ||||||||||||||||
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 | (30) | (85) | ||||||||||||||||
Proceeds from the issuance of preferred shares | — | 291,195 | ||||||||||||||||||||
Net cash (used in) provided by financing activities | (663,392) | 452,359 | ||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents and restricted cash | (953,303) | 537,828 | ||||||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (204,844) | (165,475) | |||||||||||||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | Net increase (decrease) in cash and cash equivalents and restricted cash | 12,682 | (789,096) | |||||||||||||||||||
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 | 1,021,157 | 1,930,351 | ||||||||||||||||
Cash and cash equivalents and restricted cash at end of period | Cash and cash equivalents and restricted cash at end of period | $ | 977,048 | $ | 2,268,197 | Cash and cash equivalents and restricted cash at end of period | $ | 1,033,839 | $ | 1,141,255 | ||||||||||||
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 | $ | 889,689 | $ | 1,760,225 | ||||||||||||
Restricted cash at beginning of period | Restricted cash at beginning of period | 170,126 | 105,887 | Restricted cash at beginning of period | 131,468 | 170,126 | ||||||||||||||||
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 | $ | 1,021,157 | $ | 1,930,351 | ||||||||||||
Cash and cash equivalents at end of period | Cash and cash equivalents at end of period | $ | 845,423 | $ | 2,128,964 | Cash and cash equivalents at end of period | $ | 890,957 | $ | 973,858 | ||||||||||||
Restricted cash at end of period | Restricted cash at end of period | 131,625 | 139,233 | Restricted cash at end of period | 142,882 | 167,397 | ||||||||||||||||
Cash and cash equivalents and restricted cash at end of period | Cash and cash equivalents and restricted cash at end of period | $ | 977,048 | $ | 2,268,197 | Cash and cash equivalents and restricted cash at end of period | $ | 1,033,839 | $ | 1,141,255 | ||||||||||||
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 $12,095 and $31,785 | $ | 170,839 | $ | 137,937 | ||||||||||||||||||
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums | Cash payments for interest (excluding capitalized interest) and interest rate cap premiums | $ | 85,429 | $ | 46,868 | |||||||||||||||||
Cash payments for income taxes | Cash payments for income taxes | $ | 6,919 | $ | 8,426 | Cash payments for income taxes | $ | 2,175 | $ | 2,159 | ||||||||||||
Non-Cash Investing and Financing Activities: | ||||||||||||||||||||||
Non-Cash Information: | Non-Cash Information: | |||||||||||||||||||||
Change in fair value of consolidated interest rate swaps and other | Change in fair value of consolidated interest rate swaps and other | $ | (81,536) | $ | 65,239 | |||||||||||||||||
Accrued capital expenditures included in accounts payable and accrued expenses | Accrued capital expenditures included in accounts payable and accrued expenses | 70,132 | 86,667 | |||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | (23,843) | (46,651) | |||||||||||||||||||
Write-off of fully depreciated assets | Write-off of fully depreciated assets | (17,776) | (23,735) | |||||||||||||||||||
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 | 215,619 | (78,848) | ||||||||||||||||||||
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 | 86,844 | 120,635 | ||||||||||||||||||||
Reclassification of assets held for sale (included in "other assets") | 64,177 | 79,421 | ||||||||||||||||||||
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" | 30,542 | 11,767 | Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | — | 3,024 | ||||||||||||||||
Increase in assets and liabilities resulting from the consolidation of One Park Avenue: | ||||||||||||||||||||||
Real estate | — | 566,013 | ||||||||||||||||||||
Identified intangible assets | — | 139,545 | ||||||||||||||||||||
Mortgages payable | — | 525,000 | ||||||||||||||||||||
Deferred revenue | — | 18,884 | ||||||||||||||||||||
Reclassification of Series K cumulative redeemable preferred shares to liabilities upon call for redemption | — | 300,000 |
(Amounts in thousands, except unit amounts) | As of | ||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
ASSETS | |||||||||||
Real estate, at cost: | |||||||||||
Land | $ | 2,451,828 | $ | 2,451,828 | |||||||
Buildings and improvements | 9,838,757 | 9,804,204 | |||||||||
Development costs and construction in progress | 1,058,518 | 933,334 | |||||||||
Leasehold improvements and equipment | 125,982 | 125,389 | |||||||||
Total | 13,475,085 | 13,314,755 | |||||||||
Less accumulated depreciation and amortization | (3,546,942) | (3,470,991) | |||||||||
Real estate, net | 9,928,143 | 9,843,764 | |||||||||
Right-of-use assets | 685,152 | 684,380 | |||||||||
Cash and cash equivalents | 890,957 | 889,689 | |||||||||
Restricted cash | 142,882 | 131,468 | |||||||||
Investments in U.S. Treasury bills | 276,645 | 471,962 | |||||||||
Tenant and other receivables | 95,034 | 81,170 | |||||||||
Investments in partially owned entities | 2,633,558 | 2,665,073 | |||||||||
220 Central Park South condominium units ready for sale | 37,644 | 43,599 | |||||||||
Receivable arising from the straight-lining of rents | 691,271 | 694,972 | |||||||||
Deferred leasing costs, net of accumulated amortization of $239,454 and $237,395 | 366,960 | 373,555 | |||||||||
Identified intangible assets, net of accumulated amortization of $100,616 and $98,139 | 137,161 | 139,638 | |||||||||
Other assets | 387,011 | 474,105 | |||||||||
$ | 16,272,418 | $ | 16,493,375 | ||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||||||
Mortgages payable, net | $ | 5,717,338 | $ | 5,829,018 | |||||||
Senior unsecured notes, net | 1,192,342 | 1,191,832 | |||||||||
Unsecured term loan, net | 793,517 | 793,193 | |||||||||
Unsecured revolving credit facilities | 575,000 | 575,000 | |||||||||
Lease liabilities | 740,301 | 735,969 | |||||||||
Accounts payable and accrued expenses | 441,741 | 450,881 | |||||||||
Deferred revenue | 37,879 | 39,882 | |||||||||
Deferred compensation plan | 98,996 | 96,322 | |||||||||
Other liabilities | 312,107 | 268,166 | |||||||||
Total liabilities | 9,909,221 | 9,980,263 | |||||||||
Commitments and contingencies | |||||||||||
Redeemable noncontrolling interests: | |||||||||||
Class A units - 14,817,410 and 14,416,891 units outstanding | 348,208 | 345,157 | |||||||||
Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 | |||||||||
Total redeemable noncontrolling partnership units | 351,743 | 348,692 | |||||||||
Redeemable noncontrolling interest in a consolidated subsidiary | 78,796 | 88,040 | |||||||||
Total redeemable noncontrolling interests | 430,539 | 436,732 | |||||||||
Partners' equity: | |||||||||||
Partners' capital | 9,557,462 | 9,559,341 | |||||||||
Earnings less than distributions | (3,961,392) | (3,894,580) | |||||||||
Accumulated other comprehensive income | 95,562 | 174,967 | |||||||||
Total partners' equity | 5,691,632 | 5,839,728 | |||||||||
Noncontrolling interests in consolidated subsidiaries | 241,026 | 236,652 | |||||||||
Total equity | 5,932,658 | 6,076,380 | |||||||||
$ | 16,272,418 | $ | 16,493,375 |
(Amounts in thousands, except per unit amounts) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
REVENUES: | |||||||||||||||||||||||
Rental revenues | $ | 396,793 | $ | 397,283 | |||||||||||||||||||
Fee and other income | 49,130 | 44,847 | |||||||||||||||||||||
Total revenues | 445,923 | 442,130 | |||||||||||||||||||||
EXPENSES: | |||||||||||||||||||||||
Operating | (228,773) | (216,529) | |||||||||||||||||||||
Depreciation and amortization | (106,565) | (117,443) | |||||||||||||||||||||
General and administrative | (41,595) | (41,216) | |||||||||||||||||||||
(Expense) benefit from deferred compensation plan liability | (3,728) | 1,944 | |||||||||||||||||||||
Transaction related costs and other | (658) | (1,005) | |||||||||||||||||||||
Total expenses | (381,319) | (374,249) | |||||||||||||||||||||
Income from partially owned entities | 16,666 | 33,714 | |||||||||||||||||||||
(Loss) income from real estate fund investments | (19) | 5,674 | |||||||||||||||||||||
Interest and other investment income, net | 9,603 | 1,018 | |||||||||||||||||||||
Income (loss) from deferred compensation plan assets | 3,728 | (1,944) | |||||||||||||||||||||
Interest and debt expense | (86,237) | (52,109) | |||||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | 7,520 | 6,552 | |||||||||||||||||||||
Income before income taxes | 15,865 | 60,786 | |||||||||||||||||||||
Income tax expense | (4,667) | (7,411) | |||||||||||||||||||||
Net income | 11,198 | 53,375 | |||||||||||||||||||||
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 9,928 | (9,374) | |||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | 21,126 | 44,001 | |||||||||||||||||||||
Preferred unit distributions | (15,558) | (15,558) | |||||||||||||||||||||
NET INCOME attributable to Class A unitholders | $ | 5,568 | $ | 28,443 | |||||||||||||||||||
INCOME PER CLASS A UNIT - BASIC: | |||||||||||||||||||||||
Net income per Class A unit | $ | 0.03 | $ | 0.14 | |||||||||||||||||||
Weighted average units outstanding | 205,802 | 205,141 | |||||||||||||||||||||
INCOME PER CLASS A UNIT - DILUTED: | |||||||||||||||||||||||
Net income per Class A unit | $ | 0.03 | $ | 0.14 | |||||||||||||||||||
Weighted average units outstanding | 205,814 | 205,896 |
(Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Net income | $ | 11,198 | $ | 53,375 | |||||||||||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||
Change in fair value of consolidated interest rate swaps and other | (81,536) | 65,239 | |||||||||||||||||||||
Other comprehensive (loss) income of nonconsolidated subsidiaries | (3,329) | 9,205 | |||||||||||||||||||||
Comprehensive (loss) income | (73,667) | 127,819 | |||||||||||||||||||||
Less comprehensive loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 10,187 | (9,374) | |||||||||||||||||||||
Comprehensive (loss) income attributable to Vornado Realty L.P. | $ | (63,480) | $ | 118,445 |
(Amounts in thousands, except unit amounts) | As of | ||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
ASSETS | |||||||||||
Real estate, at cost: | |||||||||||
Land | $ | 2,477,956 | $ | 2,540,193 | |||||||
Buildings and improvements | 10,015,452 | 9,839,166 | |||||||||
Development costs and construction in progress | 802,272 | 718,694 | |||||||||
Leasehold improvements and equipment | 122,948 | 119,792 | |||||||||
Total | 13,418,628 | 13,217,845 | |||||||||
Less accumulated depreciation and amortization | (3,606,986) | (3,376,347) | |||||||||
Real estate, net | 9,811,642 | 9,841,498 | |||||||||
Right-of-use assets | 685,298 | 337,197 | |||||||||
Cash and cash equivalents | 845,423 | 1,760,225 | |||||||||
Restricted cash | 131,625 | 170,126 | |||||||||
Investments in U.S. Treasury bills | 445,165 | — | |||||||||
Tenant and other receivables | 81,004 | 79,661 | |||||||||
Investments in partially owned entities | 3,250,197 | 3,297,389 | |||||||||
Real estate fund investments | 930 | 7,730 | |||||||||
220 Central Park South condominium units ready for sale | 78,590 | 57,142 | |||||||||
Receivable arising from the straight-lining of rents | 692,733 | 656,318 | |||||||||
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 | 142,116 | 154,895 | |||||||||
Other assets | 630,730 | 512,714 | |||||||||
$ | 17,175,674 | $ | 17,266,588 | ||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||||||
Mortgages payable, net | $ | 5,831,769 | $ | 6,053,343 | |||||||
Senior unsecured notes, net | 1,191,322 | 1,189,792 | |||||||||
Unsecured term loan, net | 792,847 | 797,812 | |||||||||
Unsecured revolving credit facilities | 575,000 | 575,000 | |||||||||
Lease liabilities | 731,674 | 370,206 | |||||||||
Accounts payable and accrued expenses | 475,151 | 613,497 | |||||||||
Deferred revenue | 41,879 | 48,118 | |||||||||
Deferred compensation plan | 95,681 | 110,174 | |||||||||
Other liabilities | 265,775 | 304,725 | |||||||||
Total liabilities | 10,001,098 | 10,062,667 | |||||||||
Commitments and contingencies | |||||||||||
Redeemable noncontrolling interests: | |||||||||||
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 | 3,535 | 3,535 | |||||||||
Total redeemable noncontrolling partnership units | 394,074 | 590,975 | |||||||||
Redeemable noncontrolling interest in a consolidated subsidiary | 89,228 | 97,708 | |||||||||
Total redeemable noncontrolling interests | 483,302 | 688,683 | |||||||||
Partners' equity: | |||||||||||
Partners' capital | 9,552,498 | 9,333,200 | |||||||||
Earnings less than distributions | (3,299,630) | (3,079,320) | |||||||||
Accumulated other comprehensive income (loss) | 185,178 | (17,534) | |||||||||
Total partners' equity | 6,438,046 | 6,236,346 | |||||||||
Noncontrolling interests in consolidated subsidiaries | 253,228 | 278,892 | |||||||||
Total equity | 6,691,274 | 6,515,238 | |||||||||
$ | 17,175,674 | $ | 17,266,588 |
(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 | ||||||||||||||||||||
REVENUES: | |||||||||||||||||||||||
Rental revenues | $ | 409,144 | $ | 369,203 | $ | 1,211,621 | $ | 1,048,116 | |||||||||||||||
Fee and other income | 48,287 | 40,009 | 141,434 | 120,014 | |||||||||||||||||||
Total revenues | 457,431 | 409,212 | 1,353,055 | 1,168,130 | |||||||||||||||||||
EXPENSES: | |||||||||||||||||||||||
Operating | (221,596) | (212,699) | (660,434) | (594,598) | |||||||||||||||||||
Depreciation and amortization | (134,526) | (100,867) | (370,631) | (285,998) | |||||||||||||||||||
General and administrative | (29,174) | (25,553) | (102,292) | (100,341) | |||||||||||||||||||
Benefit (expense) from deferred compensation plan liability | 600 | (799) | 10,138 | (7,422) | |||||||||||||||||||
Transaction related costs and other | (996) | (9,681) | (4,961) | (10,630) | |||||||||||||||||||
Total expenses | (385,692) | (349,599) | (1,128,180) | (998,989) | |||||||||||||||||||
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 | |||||||||||||||||||
(Loss) income from deferred compensation plan assets | (600) | 799 | (10,138) | 7,422 | |||||||||||||||||||
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 before income taxes | 23,823 | 46,389 | 157,076 | 155,039 | |||||||||||||||||||
Income tax (expense) benefit | (3,711) | 25,376 | (14,686) | 20,551 | |||||||||||||||||||
Net income | 20,112 | 71,765 | 142,390 | 175,590 | |||||||||||||||||||
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. | 23,904 | 66,340 | 137,634 | 155,267 | |||||||||||||||||||
Preferred unit distributions | (15,558) | (16,842) | (46,673) | (49,858) | |||||||||||||||||||
Series K preferred unit issuance costs | — | (9,033) | — | (9,033) | |||||||||||||||||||
NET INCOME attributable to Class A unitholders | $ | 8,346 | $ | 40,465 | $ | 90,961 | $ | 96,376 | |||||||||||||||
INCOME PER CLASS A UNIT - BASIC: | |||||||||||||||||||||||
Net income per Class A unit | $ | 0.04 | $ | 0.19 | $ | 0.43 | $ | 0.46 | |||||||||||||||
Weighted average units outstanding | 205,410 | 204,864 | 205,271 | 204,663 | |||||||||||||||||||
INCOME PER CLASS A UNIT - DILUTED: | |||||||||||||||||||||||
Net income per Class A unit | $ | 0.04 | $ | 0.19 | $ | 0.43 | $ | 0.46 | |||||||||||||||
Weighted average units outstanding | 205,912 | 205,703 | 205,924 | 205,616 |
(Amounts in thousands, except per unit amounts) | Accumulated Other Comprehensive Income | Non-controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2023: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | 48,793 | $ | 1,182,459 | 191,867 | $ | 8,376,882 | $ | (3,894,580) | $ | 174,967 | $ | 236,652 | $ | 6,076,380 | ||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | — | — | — | — | 21,126 | — | — | 21,126 | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | — | — | — | — | (429) | — | — | (429) | ||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | (684) | (684) | ||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($0.375 per unit) | — | — | — | — | (71,950) | — | — | (71,950) | ||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 11 for distributions per unit amounts) | — | — | — | — | (15,529) | — | — | (15,529) | ||||||||||||||||||||||||||||||||||||||||||
Class A units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 9 | 187 | — | — | — | 187 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 6 | 146 | — | — | — | 146 | ||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 6,128 | 6,128 | ||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (811) | (811) | ||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | (1) | 84 | (30) | — | — | 54 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | (3,329) | — | (3,329) | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value of consolidated interest rate swaps and other | — | — | — | — | — | (81,536) | — | (81,536) | ||||||||||||||||||||||||||||||||||||||||||
Unearned 2020 Out-Performance Plan and 2019 Performance AO LTIP awards | — | — | — | 20,668 | — | — | — | 20,668 | ||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | (22,964) | — | (879) | — | (23,843) | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of other comprehensive loss | — | — | — | — | — | 6,339 | (259) | 6,080 | ||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2023 | 48,793 | $ | 1,182,459 | 191,881 | $ | 8,375,003 | $ | (3,961,392) | $ | 95,562 | $ | 241,026 | $ | 5,932,658 |
(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 | |||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||
Change in fair value of interest rate swaps and other | 117,219 | 5,362 | 200,838 | 25,555 | |||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | 5,124 | 1,322 | 19,084 | 6,381 | |||||||||||||||||||
Comprehensive income | 142,455 | 78,449 | 362,312 | 207,526 | |||||||||||||||||||
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. | $ | 144,081 | $ | 73,024 | $ | 355,390 | $ | 187,203 |
(Amounts in thousands, except per unit amounts) | Accumulated Other Comprehensive (Loss) Income | Non-controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2022: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | 48,793 | $ | 1,182,459 | 191,724 | $ | 8,150,741 | $ | (3,079,320) | $ | (17,534) | $ | 278,892 | $ | 6,515,238 | ||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | — | — | — | — | 44,001 | — | — | 44,001 | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | — | — | — | — | (1,994) | — | — | (1,994) | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 9,679 | 9,679 | ||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($0.53 per unit) | — | — | — | — | (101,616) | — | — | (101,616) | ||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 11 for distributions per unit amounts) | — | — | — | — | (15,529) | — | — | (15,529) | ||||||||||||||||||||||||||||||||||||||||||
Class A units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 16 | 717 | — | — | — | 717 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | — | — | — | 7 | — | — | — | 7 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 5 | 212 | — | — | — | 212 | ||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 481 | 481 | ||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (35,961) | (35,961) | ||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | (2) | 146 | (85) | — | — | 61 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 9,205 | — | 9,205 | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value of consolidated interest rate swaps and other | — | — | — | — | — | 65,239 | — | 65,239 | ||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | (46,651) | — | — | — | (46,651) | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of other comprehensive income | — | — | — | — | — | (5,134) | — | (5,134) | ||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | (6) | — | 21 | 15 | ||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | 48,793 | $ | 1,182,459 | 191,743 | $ | 8,105,172 | $ | (3,154,549) | $ | 51,776 | $ | 253,112 | $ | 6,437,970 |
(Amounts in thousands, except per unit amounts) | Accumulated Other Comprehensive Income | Non-controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2022: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | 48,793 | $ | 1,182,459 | 191,775 | $ | 8,346,811 | $ | (3,205,751) | $ | 73,300 | $ | 253,994 | $ | 6,650,813 | ||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | — | — | — | — | 23,904 | — | — | 23,904 | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | — | — | — | — | (606) | — | — | (606) | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 967 | 967 | ||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($0.53 per unit) | — | — | — | — | (101,656) | — | — | (101,656) | ||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (15,529) | — | — | (15,529) | ||||||||||||||||||||||||||||||||||||||||||
Class A units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 34 | 992 | — | — | — | 992 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 7 | 221 | — | — | — | 221 | ||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 650 | 650 | ||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (4,548) | (4,548) | ||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | — | 155 | — | — | — | 155 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 5,124 | — | 5,124 | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | — | — | — | — | — | 117,219 | — | 117,219 | ||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | 21,857 | — | — | — | 21,857 | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of above adjustments | — | — | — | — | — | (10,465) | 2,166 | (8,299) | ||||||||||||||||||||||||||||||||||||||||||
Other | — | — | 1 | 3 | 8 | — | (1) | 10 | ||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | 48,793 | $ | 1,182,459 | 191,817 | $ | 8,370,039 | $ | (3,299,630) | $ | 185,178 | $ | 253,228 | $ | 6,691,274 |
(Amounts in thousands, except per unit amounts) | Accumulated Other Comprehensive Loss | Non-controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 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. | — | — | — | — | 66,340 | — | — | 66,340 | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | — | — | — | — | (2,818) | — | — | (2,818) | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 4,299 | 4,299 | ||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($0.53 per unit) | — | — | — | — | (101,527) | — | — | (101,527) | ||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (16,800) | — | — | (16,800) | ||||||||||||||||||||||||||||||||||||||||||
Series O cumulative redeemable preferred units issuance | 12,000 | 291,195 | — | — | — | — | — | 291,195 | ||||||||||||||||||||||||||||||||||||||||||
Class A units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 114 | 4,749 | — | — | — | 4,749 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 6 | 224 | — | — | — | 224 | ||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 1,110 | 1,110 | ||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (5,877) | (5,877) | ||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred units to Class A units | — | (13) | 1 | 13 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | (1) | 226 | — | — | — | 226 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 1,322 | — | 1,322 | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps | — | — | — | — | — | 5,360 | — | 5,360 | ||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | 64,100 | — | — | — | 64,100 | ||||||||||||||||||||||||||||||||||||||||||
Series K cumulative redeemable preferred units called for redemption | (12,000) | (290,967) | — | — | (9,033) | — | — | (300,000) | ||||||||||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | (426) | — | (426) | ||||||||||||||||||||||||||||||||||||||||||
Other | — | (7) | — | (3) | — | 2 | 39 | 31 | ||||||||||||||||||||||||||||||||||||||||||
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) | Accumulated Other Comprehensive (Loss) Income | Non-controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2022: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | 48,793 | $ | 1,182,459 | 191,724 | $ | 8,150,741 | $ | (3,079,320) | $ | (17,534) | $ | 278,892 | $ | 6,515,238 | ||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | — | — | — | — | 137,634 | — | — | 137,634 | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | — | — | — | — | (6,382) | — | — | (6,382) | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 13,236 | 13,236 | ||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($1.59 per unit) | — | — | — | — | (304,896) | — | — | (304,896) | ||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (46,587) | — | — | (46,587) | ||||||||||||||||||||||||||||||||||||||||||
Class A units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 76 | 2,569 | — | — | — | 2,569 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | — | — | — | 7 | — | — | — | 7 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 19 | 655 | — | — | — | 655 | ||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 4,903 | 4,903 | ||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (45,976) | (45,976) | ||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | (2) | 447 | (85) | — | — | 362 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 19,084 | — | 19,084 | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | — | — | — | — | — | 200,838 | — | 200,838 | ||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | 215,619 | — | — | — | 215,619 | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of above adjustments | — | — | — | — | — | (17,210) | 2,166 | (15,044) | ||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | 1 | 6 | — | 7 | 14 | ||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | 48,793 | $ | 1,182,459 | 191,817 | $ | 8,370,039 | $ | (3,299,630) | $ | 185,178 | $ | 253,228 | $ | 6,691,274 |
(Amounts in thousands, 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 | ||||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2021: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 48,793 | $ | 1,182,339 | 191,355 | $ | 8,200,140 | $ | (2,774,182) | $ | (75,099) | $ | 414,957 | $ | 6,948,155 | ||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | — | — | — | — | 155,267 | — | — | 155,267 | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | — | — | — | — | (6,683) | — | — | (6,683) | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 18,804 | 18,804 | ||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($1.59 per unit) | — | — | — | — | (304,516) | — | — | (304,516) | ||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (49,734) | — | — | (49,734) | ||||||||||||||||||||||||||||||||||||||||||
Series O cumulative redeemable preferred units issuance | 12,000 | 291,195 | — | — | — | — | — | 291,195 | ||||||||||||||||||||||||||||||||||||||||||
Class A Units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 313 | 13,058 | — | — | — | 13,058 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | — | — | — | 10 | — | — | — | 10 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 16 | 654 | — | — | — | 654 | ||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 2,657 | 2,657 | ||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (150,934) | (150,934) | ||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred units to Class A units | — | (13) | 1 | 13 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | (4) | 675 | (114) | — | — | 561 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 6,381 | — | 6,381 | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps | — | — | — | — | — | 25,553 | — | 25,553 | ||||||||||||||||||||||||||||||||||||||||||
Unearned 2018 Out-Performance Plan awards acceleration | — | — | — | 10,283 | — | — | — | 10,283 | ||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | (78,848) | — | — | — | (78,848) | ||||||||||||||||||||||||||||||||||||||||||
Series K cumulative redeemable preferred units called for redemption | (12,000) | (290,967) | — | — | (9,033) | — | — | (300,000) | ||||||||||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | (2,016) | — | (2,016) | ||||||||||||||||||||||||||||||||||||||||||
Other | — | (55) | — | (2) | (4) | 2 | 37 | (22) | ||||||||||||||||||||||||||||||||||||||||||
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) | For the Three Months Ended March 31, | ||||||||||
2023 | 2022 | ||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income | $ | 11,198 | $ | 53,375 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization (including amortization of deferred financing costs) | 112,578 | 122,271 | |||||||||
Distributions of income from partially owned entities | 38,706 | 37,778 | |||||||||
Equity in net income of partially owned entities | (16,666) | (33,714) | |||||||||
Stock-based compensation expense | 11,714 | 13,155 | |||||||||
Net gains on disposition of wholly owned and partially owned assets | (7,520) | (6,552) | |||||||||
Straight-lining of rents | 3,821 | (21,335) | |||||||||
Change in deferred tax liability | 2,591 | 3,173 | |||||||||
Amortization of below-market leases, net | (1,367) | (917) | |||||||||
Net realized and unrealized income on real estate fund investments | — | (5,672) | |||||||||
Other non-cash adjustments | 2,072 | 2,035 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Tenant and other receivables | (13,862) | (3,499) | |||||||||
Prepaid assets | (72,347) | 29,451 | |||||||||
Other assets | (6,746) | (9,807) | |||||||||
Accounts payable and accrued expenses | (1,411) | (7,421) | |||||||||
Other liabilities | 29,111 | (1,307) | |||||||||
Net cash provided by operating activities | 91,872 | 171,014 | |||||||||
Cash Flows from Investing Activities: | |||||||||||
Proceeds from maturities of U.S. Treasury bills | 197,294 | — | |||||||||
Development costs and construction in progress | (135,550) | (209,738) | |||||||||
Proceeds from repayment of participation in 150 West 34th Street mortgage loan | 105,000 | — | |||||||||
Additions to real estate | (57,032) | (30,900) | |||||||||
Proceeds from sale of condominium units at 220 Central Park South | 14,216 | 15,095 | |||||||||
Distributions of capital from partially owned entities | 11,559 | — | |||||||||
Investments in partially owned entities | (8,833) | (4,571) | |||||||||
Acquisitions of real estate and other | (1,000) | — | |||||||||
Purchase of U.S. Treasury bills | — | (645,920) | |||||||||
Proceeds from sales of real estate | — | 81,399 | |||||||||
Net cash provided by (used in) investing activities | 125,654 | (794,635) |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||
2022 | 2021 | ||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income | $ | 142,390 | $ | 175,590 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization (including amortization of deferred financing costs) | 386,697 | 299,749 | |||||||||
Distributions of income from partially owned entities | 137,758 | 171,367 | |||||||||
Equity in net income of partially owned entities | (83,775) | (86,768) | |||||||||
Straight-lining of rents | (45,835) | 11,651 | |||||||||
Net gains on disposition of wholly owned and partially owned assets | (35,384) | (35,811) | |||||||||
Stock-based compensation expense | 22,887 | 32,889 | |||||||||
Change in deferred tax liability | 9,992 | 2,497 | |||||||||
Amortization of below-market leases, net | (3,788) | (7,939) | |||||||||
Net realized and unrealized loss on real estate fund investments | 1,128 | 789 | |||||||||
Write-off of lease receivables deemed uncollectible | 782 | 7,219 | |||||||||
Real estate impairment losses | — | 7,880 | |||||||||
Other non-cash adjustments | 2,560 | (5,046) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Real estate fund investments | — | (789) | |||||||||
Tenant and other receivables | (2,128) | (12,092) | |||||||||
Prepaid assets | 33,995 | (44,731) | |||||||||
Other assets | (22,706) | (77,508) | |||||||||
Accounts payable and accrued expenses | 6,649 | 43,067 | |||||||||
Other liabilities | 8,605 | (3,911) | |||||||||
Net cash provided by operating activities | 559,827 | 478,103 | |||||||||
Cash Flows from Investing Activities: | |||||||||||
Purchase of U.S. Treasury bills | (794,793) | — | |||||||||
Development costs and construction in progress | (557,884) | (444,645) | |||||||||
Proceeds from maturities of U.S. Treasury bills | 349,461 | — | |||||||||
Proceeds from sales of real estate | 253,958 | 100,024 | |||||||||
Additions to real estate | (120,124) | (113,374) | |||||||||
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 | 16,124 | 97,683 | |||||||||
Investments in partially owned entities | (15,046) | (12,366) | |||||||||
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) | — | (123,936) | |||||||||
Proceeds from repayments of loan receivables | — | 975 | |||||||||
Net cash used in investing activities | (849,738) | (392,634) |
(Amounts in thousands) | (Amounts in thousands) | For the Nine Months Ended September 30, | (Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
Cash Flows from Financing Activities: | Cash Flows from Financing Activities: | Cash Flows from Financing Activities: | ||||||||||||||||||||
Repayments of borrowings | Repayments of borrowings | $ | (1,245,973) | $ | (1,578,843) | Repayments of borrowings | $ | (110,400) | $ | (5,400) | ||||||||||||
Proceeds from borrowings | 1,029,773 | 2,298,007 | ||||||||||||||||||||
Distributions to Vornado | Distributions to Vornado | (304,896) | (304,516) | Distributions to Vornado | (71,950) | (101,616) | ||||||||||||||||
Distributions to preferred unitholders | Distributions to preferred unitholders | (15,529) | (15,529) | |||||||||||||||||||
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (68,716) | (173,356) | Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (6,412) | (43,545) | ||||||||||||||||
Distributions to preferred unitholders | (46,587) | (49,400) | ||||||||||||||||||||
Debt issuance costs | (32,473) | (33,935) | ||||||||||||||||||||
Deferred financing costs | Deferred financing costs | (2,798) | — | |||||||||||||||||||
Contributions from noncontrolling interests in consolidated subsidiaries | Contributions from noncontrolling interests in consolidated subsidiaries | 4,903 | 2,657 | Contributions from noncontrolling interests in consolidated subsidiaries | 2,129 | 481 | ||||||||||||||||
Proceeds received from exercise of Vornado stock options and other | Proceeds received from exercise of Vornado stock options and other | 662 | 664 | Proceeds received from exercise of Vornado stock options and other | 146 | 219 | ||||||||||||||||
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 | (30) | (85) | ||||||||||||||||
Proceeds from the issuance of preferred units | — | 291,195 | ||||||||||||||||||||
Net cash (used in) provided by financing activities | (663,392) | 452,359 | ||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents and restricted cash | (953,303) | 537,828 | ||||||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (204,844) | (165,475) | |||||||||||||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | Net increase (decrease) in cash and cash equivalents and restricted cash | 12,682 | (789,096) | |||||||||||||||||||
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 | 1,021,157 | 1,930,351 | ||||||||||||||||
Cash and cash equivalents and restricted cash at end of period | Cash and cash equivalents and restricted cash at end of period | $ | 977,048 | $ | 2,268,197 | Cash and cash equivalents and restricted cash at end of period | $ | 1,033,839 | $ | 1,141,255 | ||||||||||||
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 | $ | 889,689 | $ | 1,760,225 | ||||||||||||
Restricted cash at beginning of period | Restricted cash at beginning of period | 170,126 | 105,887 | Restricted cash at beginning of period | 131,468 | 170,126 | ||||||||||||||||
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 | $ | 1,021,157 | $ | 1,930,351 | ||||||||||||
Cash and cash equivalents at end of period | Cash and cash equivalents at end of period | $ | 845,423 | $ | 2,128,964 | Cash and cash equivalents at end of period | $ | 890,957 | $ | 973,858 | ||||||||||||
Restricted cash at end of period | Restricted cash at end of period | 131,625 | 139,233 | Restricted cash at end of period | 142,882 | 167,397 | ||||||||||||||||
Cash and cash equivalents and restricted cash at end of period | Cash and cash equivalents and restricted cash at end of period | $ | 977,048 | $ | 2,268,197 | Cash and cash equivalents and restricted cash at end of period | $ | 1,033,839 | $ | 1,141,255 | ||||||||||||
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 $12,095 and $31,785 | $ | 170,839 | $ | 137,937 | ||||||||||||||||||
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums | Cash payments for interest (excluding capitalized interest) and interest rate cap premiums | $ | 85,429 | $ | 46,868 | |||||||||||||||||
Cash payments for income taxes | Cash payments for income taxes | $ | 6,919 | $ | 8,426 | Cash payments for income taxes | $ | 2,175 | $ | 2,159 | ||||||||||||
Non-Cash Investing and Financing Activities: | ||||||||||||||||||||||
Non-Cash Information: | Non-Cash Information: | |||||||||||||||||||||
Change in fair value of consolidated interest rate swaps and other | Change in fair value of consolidated interest rate swaps and other | $ | (81,536) | $ | 65,239 | |||||||||||||||||
Accrued capital expenditures included in accounts payable and accrued expenses | Accrued capital expenditures included in accounts payable and accrued expenses | 70,132 | 86,667 | |||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | (23,843) | (46,651) | |||||||||||||||||||
Write-off of fully depreciated assets | Write-off of fully depreciated assets | (17,776) | (23,735) | |||||||||||||||||||
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 | 215,619 | (78,848) | ||||||||||||||||||||
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 | 86,844 | 120,635 | ||||||||||||||||||||
Reclassification of assets held for sale (included in "other assets") | 64,177 | 79,421 | ||||||||||||||||||||
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" | 30,542 | 11,767 | Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | — | 3,024 | ||||||||||||||||
Increase in assets and liabilities resulting from the consolidation of One Park Avenue: | ||||||||||||||||||||||
Real estate | — | 566,013 | ||||||||||||||||||||
Identified intangible assets | — | 139,545 | ||||||||||||||||||||
Mortgages payable | — | 525,000 | ||||||||||||||||||||
Deferred revenue | — | 18,884 | ||||||||||||||||||||
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 September 30, 2022 | For the Three Months Ended September 30, 2021 | (Amounts in thousands) | For the Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | Total | New York | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property rentals | Property rentals | $ | 371,754 | $ | 303,574 | $ | 68,180 | $ | 345,235 | $ | 273,197 | $ | 72,038 | Property rentals | $ | 376,829 | $ | 307,722 | $ | 69,107 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade shows | Trade shows | 18,654 | — | 18,654 | 12,605 | — | 12,605 | Trade shows | 5,048 | — | 5,048 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease revenues | Lease revenues | 390,408 | 303,574 | 86,834 | 357,840 | 273,197 | 84,643 | Lease revenues | 381,877 | 307,722 | 74,155 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tenant services | Tenant services | 14,134 | 9,937 | 4,197 | 11,363 | 7,565 | 3,798 | Tenant services | 9,769 | 7,582 | 2,187 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parking revenues | Parking revenues | 4,602 | 3,820 | 782 | — | — | — | Parking revenues | 5,147 | 4,212 | 935 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental revenues | Rental revenues | 409,144 | 317,331 | 91,813 | 369,203 | 280,762 | 88,441 | Rental revenues | 396,793 | 319,516 | 77,277 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BMS cleaning fees | BMS cleaning fees | 35,062 | 37,371 | (2,309) | (3) | 30,827 | 32,630 | (1,803) | (3) | BMS cleaning fees | 35,328 | 37,678 | (2,350) | (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management and leasing fees | Management and leasing fees | 2,532 | 2,595 | (63) | 2,509 | 2,680 | (171) | Management and leasing fees | 3,049 | 3,173 | (124) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 10,693 | 2,736 | 7,957 | 6,673 | 571 | 6,102 | Other income | 10,753 | 3,447 | 7,306 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee and other income | Fee and other income | 48,287 | 42,702 | 5,585 | 40,009 | 35,881 | 4,128 | Fee and other income | 49,130 | 44,298 | 4,832 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 457,431 | $ | 360,033 | $ | 97,398 | $ | 409,212 | $ | 316,643 | $ | 92,569 | Total revenues | $ | 445,923 | $ | 363,814 | $ | 82,109 |
(Amounts in thousands) | (Amounts in thousands) | For the Nine Months Ended September 30, 2022 | For the Nine Months Ended September 30, 2021 | (Amounts in thousands) | For the Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | Total | New York | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property rentals | Property rentals | $ | 1,132,690 | $ | 921,179 | $ | 211,511 | $ | 1,008,237 | $ | 795,841 | $ | 212,396 | Property rentals | $ | 377,887 | $ | 307,723 | $ | 70,164 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade shows | Trade shows | 29,640 | — | 29,640 | 12,605 | — | 12,605 | Trade shows | 5,144 | — | 5,144 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease revenues | Lease revenues | 1,162,330 | 921,179 | 241,151 | 1,020,842 | 795,841 | 225,001 | Lease revenues | 383,031 | 307,723 | 75,308 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tenant services | Tenant services | 35,484 | 25,481 | 10,003 | 27,274 | 18,502 | 8,772 | Tenant services | 9,889 | 7,411 | 2,478 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parking revenues | Parking revenues | 13,807 | 11,556 | 2,251 | — | — | — | Parking revenues | 4,363 | 3,711 | 652 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental revenues | Rental revenues | 1,211,621 | 958,216 | 253,405 | 1,048,116 | 814,343 | 233,773 | Rental revenues | 397,283 | 318,845 | 78,438 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BMS cleaning fees | BMS cleaning fees | 101,752 | 108,288 | (6,536) | (3) | 87,387 | 92,178 | (4,791) | (3) | BMS cleaning fees | 32,691 | 34,711 | (2,020) | (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management and leasing fees | Management and leasing fees | 8,167 | 8,573 | (406) | 10,951 | 11,290 | (339) | Management and leasing fees | 2,769 | 2,967 | (198) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 31,515 | 7,666 | 23,849 | 21,676 | 3,947 | 17,729 | Other income | 9,387 | 2,025 | 7,362 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee and other income | Fee and other income | 141,434 | 124,527 | 16,907 | 120,014 | 107,415 | 12,599 | Fee and other income | 44,847 | 39,703 | 5,144 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 1,353,055 | $ | 1,082,743 | $ | 270,312 | $ | 1,168,130 | $ | 921,758 | $ | 246,372 | Total revenues | $ | 442,130 | $ | 358,548 | $ | 83,582 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Fixed billings | Fixed billings | $ | 353,040 | $ | 329,499 | $ | 1,025,182 | $ | 945,322 | Fixed billings | $ | 347,914 | $ | 329,251 | ||||||||||||||||||||||||||||||||
Variable billings | Variable billings | 28,919 | 29,008 | 93,118 | 90,780 | Variable billings | 37,939 | 32,974 | ||||||||||||||||||||||||||||||||||||||
Total contractual operating lease billings | Total contractual operating lease billings | 381,959 | 358,507 | 1,118,300 | 1,036,102 | Total contractual operating lease billings | 385,853 | 362,225 | ||||||||||||||||||||||||||||||||||||||
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 | 8,730 | 1,313 | 44,812 | (8,041) | Adjustment for straight-line rents and amortization of acquired below-market leases and other, net | (3,976) | 20,806 | ||||||||||||||||||||||||||||||||||||||
Less: write-off of straight-line rent and tenant receivables deemed uncollectible | (281) | (1,980) | (782) | (7,219) | ||||||||||||||||||||||||||||||||||||||||||
Lease revenues | Lease revenues | $ | 390,408 | $ | 357,840 | $ | 1,162,330 | $ | 1,020,842 | Lease revenues | $ | 381,877 | $ | 383,031 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | (Amounts in thousands) | For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Net investment (loss) income | $ | (111) | $ | (66) | $ | 6,549 | $ | 5,896 | ||||||||||||||||||||||||||||||||||||||
Previously recorded unrealized loss on exited investments | Previously recorded unrealized loss on exited investments | — | — | 59,396 | — | Previously recorded unrealized loss on exited investments | $ | 247,575 | $ | — | ||||||||||||||||||||||||||||||||||||
Realized loss on exited investments | Realized loss on exited investments | — | — | (53,724) | — | Realized loss on exited investments | (247,575) | — | ||||||||||||||||||||||||||||||||||||||
Net unrealized loss on held investments | — | — | (6,800) | (789) | ||||||||||||||||||||||||||||||||||||||||||
Net investment (loss) income | Net investment (loss) income | (19) | 2 | |||||||||||||||||||||||||||||||||||||||||||
Net unrealized income on held investments | Net unrealized income on held investments | — | 5,672 | |||||||||||||||||||||||||||||||||||||||||||
(Loss) income from real estate fund investments | (Loss) income from real estate fund investments | (111) | (66) | 5,421 | 5,107 | (Loss) income from real estate fund investments | (19) | 5,674 | ||||||||||||||||||||||||||||||||||||||
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries | Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 312 | 360 | (3,287) | (2,914) | Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 239 | (3,964) | ||||||||||||||||||||||||||||||||||||||
Income from real estate fund investments, net of noncontrolling interests in consolidated subsidiaries | $ | 201 | $ | 294 | $ | 2,134 | $ | 2,193 | ||||||||||||||||||||||||||||||||||||||
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 | $ | 220 | $ | 1,710 |
(Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Beginning balance | $ | — | $ | 7,730 | |||||||||||||||||||
Previously recorded unrealized loss on exited investments | 247,575 | — | |||||||||||||||||||||
Realized loss on exited investments | (247,575) | — | |||||||||||||||||||||
Net unrealized income on held investments | — | 5,672 | |||||||||||||||||||||
Ending balance | $ | — | $ | 13,402 |
Percentage Ownership at September 30, 2022 | Balance as of | |||||||||||||||||||||||||||||||||
(Amounts in thousands) | (Amounts in thousands) | September 30, 2022 | December 31, 2021 | (Amounts in thousands) | Percentage Ownership at March 31, 2023 | Balance as of | ||||||||||||||||||||||||||||
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||
Investments: | Investments: | Investments: | ||||||||||||||||||||||||||||||||
Fifth Avenue and Times Square JV (see page 26 for details): | 51.5% | $ | 2,765,475 | $ | 2,770,633 | |||||||||||||||||||||||||||||
Fifth Avenue and Times Square JV (see page 23 for details) | Fifth Avenue and Times Square JV (see page 23 for details) | 51.5% | $ | 2,262,393 | $ | 2,272,320 | ||||||||||||||||||||||||||||
Partially owned office buildings/land(1) | Partially owned office buildings/land(1) | Various | 271,634 | 298,415 | Partially owned office buildings/land(1) | Various | 177,971 | 182,180 | ||||||||||||||||||||||||||
Alexander’s | 32.4% | 91,278 | 91,405 | |||||||||||||||||||||||||||||||
Alexander's (see page 23 and above for details) | Alexander's (see page 23 and above for details) | 32.4% | 82,724 | 87,796 | ||||||||||||||||||||||||||||||
Other investments(2) | Other investments(2) | Various | 121,810 | 136,936 | Other investments(2) | Various | 110,470 | 122,777 | ||||||||||||||||||||||||||
$ | 3,250,197 | $ | 3,297,389 | |||||||||||||||||||||||||||||||
$ | 2,633,558 | $ | 2,665,073 | |||||||||||||||||||||||||||||||
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% | $ | (63,124) | $ | (60,918) | 7 West 34th Street | 53.0% | $ | (65,513) | $ | (65,522) | ||||||||||||||||||||||
85 Tenth Avenue | 85 Tenth Avenue | 49.9% | (16,884) | (18,067) | 85 Tenth Avenue | 49.9% | (13,544) | (16,006) | ||||||||||||||||||||||||||
$ | (80,008) | $ | (78,985) | $ | (79,057) | $ | (81,528) |
(Amounts in thousands) | Percentage Ownership at March 31, 2023 | For the Three Months Ended March 31, | |||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||
Our share of net income (loss): | |||||||||||||||||||||||||||||
Fifth Avenue and Times Square JV (see page 23 for details): | |||||||||||||||||||||||||||||
Equity in net income | 51.5% | $ | 10,199 | $ | 16,309 | ||||||||||||||||||||||||
Return on preferred equity, net of our share of the expense | 9,226 | 9,226 | |||||||||||||||||||||||||||
19,425 | 25,535 | ||||||||||||||||||||||||||||
Alexander's (see page 23 and above for details): | |||||||||||||||||||||||||||||
Equity in net income | 32.4% | 3,571 | 4,671 | ||||||||||||||||||||||||||
Management, leasing and development fees | 1,173 | 1,020 | |||||||||||||||||||||||||||
4,744 | 5,691 | ||||||||||||||||||||||||||||
Partially owned office buildings(1) | Various | (8,963) | 1,292 | ||||||||||||||||||||||||||
Other investments(2) | Various | 1,460 | 1,196 | ||||||||||||||||||||||||||
$ | 16,666 | $ | 33,714 |
(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 | ||||||||||||||||||||||||||
Our share of net income (loss): | |||||||||||||||||||||||||||||
Fifth Avenue and Times Square JV (see page 26 for details): | |||||||||||||||||||||||||||||
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 | 9,430 | 9,430 | 27,985 | 27,985 | |||||||||||||||||||||||||
21,371 | 22,101 | 69,900 | 60,299 | ||||||||||||||||||||||||||
Alexander's (see page 27 for details): | |||||||||||||||||||||||||||||
Equity in net income(1) | 32.4% | 4,740 | 3,710 | 14,235 | 17,764 | ||||||||||||||||||||||||
Management, leasing and development fees | 1,170 | 1,085 | 3,352 | 3,622 | |||||||||||||||||||||||||
5,910 | 4,795 | 17,587 | 21,386 | ||||||||||||||||||||||||||
Partially owned office buildings(2) | Various | (4,732) | 418 | (8,080) | 8,395 | ||||||||||||||||||||||||
Other investments(3) | Various | 1,792 | (1,045) | 4,368 | (3,312) | ||||||||||||||||||||||||
$ | 24,341 | $ | 26,269 | $ | 83,775 | $ | 86,768 |
(Amounts in thousands) | Balance as of | ||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
Identified intangible assets: | |||||||||||
Gross amount | $ | 237,777 | $ | 237,777 | |||||||
Accumulated amortization | (100,616) | (98,139) | |||||||||
Total, net | $ | 137,161 | $ | 139,638 | |||||||
Identified intangible liabilities (included in deferred revenue): | |||||||||||
Gross amount | $ | 244,396 | $ | 244,396 | |||||||
Accumulated amortization | (210,450) | (208,592) | |||||||||
Total, net | $ | 33,946 | $ | 35,804 |
(Amounts in thousands) | |||||
2024 | $ | 2,352 | |||
2025 | 941 | ||||
2026 | 299 | ||||
2027 | (148) | ||||
2028 | (43) |
(Amounts in thousands) | |||||
2024 | $ | 7,128 | |||
2025 | 6,078 | ||||
2026 | 5,884 | ||||
2027 | 5,449 | ||||
2028 | 4,290 |
(Amounts in thousands) | Balance as of | ||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
Identified intangible assets: | |||||||||||
Gross amount | $ | 237,777 | $ | 252,081 | |||||||
Accumulated amortization | (95,661) | (97,186) | |||||||||
Total, net | $ | 142,116 | $ | 154,895 | |||||||
Identified intangible liabilities (included in deferred revenue): | |||||||||||
Gross amount | $ | 244,396 | $ | 256,065 | |||||||
Accumulated amortization | (206,711) | (212,245) | |||||||||
Total, net | $ | 37,685 | $ | 43,820 |
(Amounts in thousands) | Acquired below (above) market leases, net | ||||
2023 | $ | 5,471 | |||
2024 | 2,352 | ||||
2025 | 941 | ||||
2026 | 299 | ||||
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 September 30, 2022(1) | Balance as of | (Amounts in thousands) | Weighted Average Interest Rate at March 31, 2023(1) | Balance as of | ||||||||||||||||||||||||||||||||||
September 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||
Mortgages Payable: | Mortgages Payable: | Mortgages Payable: | ||||||||||||||||||||||||||||||||||||||
Fixed rate | Fixed rate | 3.62% | $ | 3,570,000 | $ | 2,190,000 | Fixed rate | 3.63% | $ | 3,569,550 | $ | 3,570,000 | ||||||||||||||||||||||||||||
Variable rate | Variable rate | 4.35% | 2,313,015 | 3,909,215 | Variable rate | 5.57% | 2,197,665 | 2,307,615 | ||||||||||||||||||||||||||||||||
Total | Total | 3.91% | 5,883,015 | 6,099,215 | Total | 4.37% | 5,767,215 | 5,877,615 | ||||||||||||||||||||||||||||||||
Deferred financing costs, net and other | Deferred financing costs, net and other | (51,246) | (45,872) | Deferred financing costs, net and other | (49,877) | (48,597) | ||||||||||||||||||||||||||||||||||
Total, net | Total, net | $ | 5,831,769 | $ | 6,053,343 | Total, net | $ | 5,717,338 | $ | 5,829,018 | ||||||||||||||||||||||||||||||
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 | (8,678) | (10,208) | Deferred financing costs, net and other | (7,658) | (8,168) | ||||||||||||||||||||||||||||||||||
Senior unsecured notes, net | Senior unsecured notes, net | 1,191,322 | 1,189,792 | Senior unsecured notes, net | 1,192,342 | 1,191,832 | ||||||||||||||||||||||||||||||||||
Unsecured term loan | Unsecured term loan | 4.05% | 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 | (7,153) | (2,188) | Deferred financing costs, net and other | (6,483) | (6,807) | ||||||||||||||||||||||||||||||||||
Unsecured term loan, net | Unsecured term loan, net | 792,847 | 797,812 | Unsecured term loan, net | 793,517 | 793,193 | ||||||||||||||||||||||||||||||||||
Unsecured revolving credit facilities | Unsecured revolving credit facilities | 3.88% | 575,000 | 575,000 | Unsecured revolving credit facilities | 3.88% | 575,000 | 575,000 | ||||||||||||||||||||||||||||||||
Total, net | Total, net | $ | 2,559,169 | $ | 2,562,604 | Total, net | $ | 2,560,859 | $ | 2,560,025 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | (Amounts in thousands) | For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 412,022 | $ | 654,771 | $ | 590,975 | $ | 511,747 | Beginning balance | $ | 348,692 | $ | 590,975 | ||||||||||||||||||||||||||||||||
Net income | Net income | 606 | 2,818 | 6,382 | 6,683 | Net income | 429 | 1,994 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 8,299 | 426 | 15,044 | 2,016 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | Other comprehensive (loss) income | (6,080) | 5,134 | |||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | (7,579) | (7,553) | (22,740) | (22,422) | Distributions | (5,601) | (7,584) | ||||||||||||||||||||||||||||||||||||||
Redemption of Class A units for Vornado common shares, at redemption value | Redemption of Class A units for Vornado common shares, at redemption value | (992) | (4,749) | (2,569) | (13,058) | Redemption of Class A units for Vornado common shares, at redemption value | (187) | (717) | ||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | (21,857) | (64,100) | (215,619) | 78,848 | Redeemable Class A unit measurement adjustment | 23,843 | 46,651 | ||||||||||||||||||||||||||||||||||||||
Other, net | Other, net | 3,575 | 13,036 | 22,601 | 30,835 | Other, net | (9,353) | 13,305 | ||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 394,074 | $ | 594,649 | $ | 394,074 | $ | 594,649 | Ending balance | $ | 351,743 | $ | 649,758 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | (Amounts in thousands) | For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 93,987 | $ | 94,913 | $ | 97,708 | $ | 94,520 | Beginning balance | $ | 88,040 | $ | 97,708 | ||||||||||||||||||||||||||||||||
Net (loss) income | (4,759) | 1,126 | (8,480) | 1,519 | ||||||||||||||||||||||||||||||||||||||||||
Net loss | Net loss | (9,244) | (305) | |||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 89,228 | $ | 96,039 | $ | 89,228 | $ | 96,039 | Ending balance | $ | 78,796 | $ | 97,403 |
(Per share/unit) | (Per share/unit) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | (Per share/unit) | For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
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 | $ | 1.59 | $ | 1.59 | Common shares/Class A units held by Vornado: authorized 250,000,000 shares/units | $ | 0.375 | $ | 0.53 | ||||||||||||||||||||||||||||||||
Convertible Preferred(1): | ||||||||||||||||||||||||||||||||||||||||||||||
Preferred shares/units(1) | Preferred shares/units(1) | |||||||||||||||||||||||||||||||||||||||||||||
Convertible Preferred: | Convertible Preferred: | |||||||||||||||||||||||||||||||||||||||||||||
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 | 6.5% Series A: authorized 12,902 shares/units(2) | 0.8125 | 0.8125 | ||||||||||||||||||||||||||||||||||||||
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 | 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 | 1.0125 | 1.0125 | 5.40% Series L: authorized 13,800,000 shares/units | 0.3375 | 0.3375 | ||||||||||||||||||||||||||||||||||||||
5.25% Series M: authorized 13,800,000 shares/units | 5.25% Series M: authorized 13,800,000 shares/units | 0.3281 | 0.3281 | 0.9843 | 0.9843 | 5.25% Series M: authorized 13,800,000 shares/units | 0.3281 | 0.3281 | ||||||||||||||||||||||||||||||||||||||
5.25% Series N: authorized 12,000,000 shares/units | 5.25% Series N: authorized 12,000,000 shares/units | 0.3281 | 0.3281 | 0.9843 | 0.9843 | 5.25% Series N: authorized 12,000,000 shares/units | 0.3281 | 0.3281 | ||||||||||||||||||||||||||||||||||||||
4.45% Series O: authorized 12,000,000 shares/units | 4.45% Series O: authorized 12,000,000 shares/units | 0.2781 | 0.0278 | 0.8343 | 0.0278 | 4.45% Series O: authorized 12,000,000 shares/units | 0.2781 | 0.2781 |
(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 September 30, 2022: | |||||||||||||||||||||||
Balance as of June 30, 2022 | $ | 73,300 | $ | 9,897 | $ | 68,858 | $ | (5,455) | |||||||||||||||
Other comprehensive income (loss) | 111,878 | 5,124 | 117,219 | (10,465) | |||||||||||||||||||
Balance as of September 30, 2022 | $ | 185,178 | $ | 15,021 | $ | 186,077 | $ | (15,920) | |||||||||||||||
For the three months ended September 30, 2021: | |||||||||||||||||||||||
Balance as of June 30, 2021 | $ | (51,437) | $ | (9,279) | $ | (45,905) | $ | 3,747 | |||||||||||||||
Other comprehensive income (loss) | 6,258 | 1,322 | 5,360 | (424) | |||||||||||||||||||
Balance as of September 30, 2021 | $ | (45,179) | $ | (7,957) | $ | (40,545) | $ | 3,323 | |||||||||||||||
For the nine months ended September 30, 2022: | |||||||||||||||||||||||
Balance as of December 31, 2021 | $ | (17,534) | $ | (4,063) | $ | (14,761) | $ | 1,290 | |||||||||||||||
Other comprehensive income (loss) | 202,712 | 19,084 | 200,838 | (17,210) | |||||||||||||||||||
Balance as of September 30, 2022 | $ | 185,178 | $ | 15,021 | $ | 186,077 | $ | (15,920) | |||||||||||||||
For the nine months ended September 30, 2021: | |||||||||||||||||||||||
Balance as of December 31, 2020 | $ | (75,099) | $ | (14,338) | $ | (66,098) | $ | 5,337 | |||||||||||||||
Other comprehensive income (loss) | 29,920 | 6,381 | 25,553 | (2,014) | |||||||||||||||||||
Balance as of September 30, 2021 | $ | (45,179) | $ | (7,957) | $ | (40,545) | $ | 3,323 |
(Amounts in thousands) | As of March 31, 2023 | ||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Investments in U.S. Treasury bills (1) | $ | 276,645 | $ | 276,645 | $ | — | $ | — | |||||||||||||||
Deferred compensation plan assets ($11,209 included in restricted cash and $87,787 in other assets) | 98,996 | 58,369 | — | 40,627 | |||||||||||||||||||
Loans receivable ($51,092 included in investments in partially owned entities and $4,177 in other assets) | 55,269 | — | — | 55,269 | |||||||||||||||||||
Interest rate swaps and caps (included in other assets) | 129,208 | — | 129,208 | — | |||||||||||||||||||
Total assets | $ | 560,118 | $ | 335,014 | $ | 129,208 | $ | 95,896 | |||||||||||||||
Mandatorily redeemable instruments (included in other liabilities) | $ | 49,383 | $ | 49,383 | $ | — | $ | — | |||||||||||||||
Interest rate swaps (included in other liabilities) | 15,009 | — | 15,009 | — | |||||||||||||||||||
Total liabilities | $ | 64,392 | $ | 49,383 | $ | 15,009 | $ | — | |||||||||||||||
(Amounts in thousands) | As of December 31, 2022 | ||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Investments in U.S. Treasury bills | $ | 471,962 | $ | 471,962 | $ | — | $ | — | |||||||||||||||
Deferred compensation plan assets ($7,763 included in restricted cash and $88,559 in other assets) | 96,322 | 57,406 | — | 38,916 | |||||||||||||||||||
Loans receivable ($50,091 included in investments in partially owned entities and $4,306 in other assets) | 54,397 | — | — | 54,397 | |||||||||||||||||||
Interest rate swaps and caps (included in other assets) | 183,804 | — | 183,804 | — | |||||||||||||||||||
Total assets | $ | 806,485 | $ | 529,368 | $ | 183,804 | $ | 93,313 | |||||||||||||||
Mandatorily redeemable instruments (included in other liabilities) | $ | 49,383 | $ | 49,383 | $ | — | $ | — | |||||||||||||||
(Amounts in thousands) | As of September 30, 2022 | ||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Investments in U.S. Treasury bills (1) | $ | 445,165 | $ | 445,165 | $ | — | $ | — | |||||||||||||||
Real estate fund investments | 930 | — | — | 930 | |||||||||||||||||||
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) | 53,251 | — | — | 53,251 | |||||||||||||||||||
Interest rate swaps and caps (included in other assets) | 189,891 | — | 189,891 | — | |||||||||||||||||||
Total assets | $ | 784,918 | $ | 495,935 | $ | 189,891 | $ | 99,092 | |||||||||||||||
Mandatorily redeemable instruments (included in other liabilities) | $ | 49,383 | $ | 49,383 | $ | — | $ | — | |||||||||||||||
Total liabilities | $ | 49,383 | $ | 49,383 | $ | — | $ | — | |||||||||||||||
(Amounts in thousands) | As of December 31, 2021 | ||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Real estate fund investments | $ | 7,730 | $ | — | $ | — | $ | 7,730 | |||||||||||||||
Deferred compensation plan assets ($9,104 included in restricted cash and $101,070 in other assets) | 110,174 | 65,158 | — | 45,016 | |||||||||||||||||||
Loans receivable ($46,444 included in investments in partially owned entities and $3,738 in other assets) | 50,182 | — | — | 50,182 | |||||||||||||||||||
Interest rate swaps and caps (included in other assets) | 18,929 | — | 18,929 | — | |||||||||||||||||||
Total assets | $ | 187,015 | $ | 65,158 | $ | 18,929 | $ | 102,928 | |||||||||||||||
Mandatorily redeemable instruments (included in other liabilities) | $ | 49,659 | $ | 49,659 | $ | — | $ | — | |||||||||||||||
Interest rate swaps (included in other liabilities) | 32,837 | — | 32,837 | — | |||||||||||||||||||
Total liabilities | $ | 82,496 | $ | 49,659 | $ | 32,837 | $ | — |
Range | Weighted Average (based on fair value of assets) | ||||||||||||||||||||||
Unobservable Quantitative Input | September 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
Discount rates | 12.0% to 13.0% | 12.0% to 15.0% | 12.6% | 13.2% | |||||||||||||||||||
Terminal capitalization rates | 5.5% to 9.5% | 5.5% to 8.8% | 7.7% | 7.4% |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Beginning balance | $ | 930 | $ | 3,739 | $ | 7,730 | $ | 3,739 | |||||||||||||||
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) | |||||||||||||||||||
Dispositions | — | — | (5,672) | — | |||||||||||||||||||
Purchases/additional fundings | — | — | — | 789 | |||||||||||||||||||
Ending balance | $ | 930 | $ | 3,739 | $ | 930 | $ | 3,739 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | (Amounts in thousands) | For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 44,155 | $ | 44,855 | $ | 45,016 | $ | 39,928 | Beginning balance | $ | 38,916 | $ | 45,016 | ||||||||||||||||||||||||||||||||
Purchases | Purchases | 522 | 2,154 | 3,469 | 5,167 | Purchases | 643 | 843 | ||||||||||||||||||||||||||||||||||||||
Sales | Sales | (504) | (1,547) | (3,291) | (2,236) | Sales | (506) | (907) | ||||||||||||||||||||||||||||||||||||||
Realized and unrealized gains (losses) | Realized and unrealized gains (losses) | 574 | (69) | (1,524) | 2,193 | Realized and unrealized gains (losses) | 1,113 | (1,240) | ||||||||||||||||||||||||||||||||||||||
Other, net | Other, net | 164 | 1,176 | 1,241 | 1,517 | Other, net | 461 | 814 | ||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 44,911 | $ | 46,569 | $ | 44,911 | $ | 46,569 | Ending balance | $ | 40,627 | $ | 44,526 |
Range | Weighted Average (based on fair value of investments) | |||||||||||||||||||||||||||||||||||||||||||||
Unobservable Quantitative Input | Unobservable Quantitative Input | September 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | Unobservable Quantitative Input | As of March 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Discount rates | Discount rates | 6.5% | 6.5% | 6.5% | 6.5% | Discount rates | 7.5% | 7.5% | ||||||||||||||||||||||||||||||||||||||
Terminal capitalization rates | Terminal capitalization rates | 5.0% | 5.0% | 5.0% | 5.0% | Terminal capitalization rates | 5.5% | 5.5% |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | (Amounts in thousands) | For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 52,046 | $ | 48,776 | $ | 50,182 | $ | 47,743 | Beginning balance | $ | 54,397 | $ | 50,182 | ||||||||||||||||||||||||||||||||
Interest accrual | Interest accrual | 1,205 | 894 | 3,602 | 2,602 | Interest accrual | 1,283 | 1,199 | ||||||||||||||||||||||||||||||||||||||
Paydowns | Paydowns | — | (300) | (533) | (975) | Paydowns | (411) | (533) | ||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 53,251 | $ | 49,370 | $ | 53,251 | $ | 49,370 | Ending balance | $ | 55,269 | $ | 50,848 |
(Amounts in thousands) | (Amounts in thousands) | Fair Value Asset (Liability) as of | As of September 30, 2022 | (Amounts in thousands) | As of March 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | December 31, 2021 | Notional Amount | All-In Swapped Rate | Swap Expiration Date | Notional Amount | All-In Swapped Rate | Swap Expiration Date | Fair Value Asset | Fair Value Liability | Fair Value Asset | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps: | Interest rate swaps: | Interest rate swaps: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
555 California Street mortgage loan | $ | 53,160 | $ | 11,814 | $ | 840,000 | (1) | 2.26% | 05/24 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
555 California Street mortgage loan: | 555 California Street mortgage loan: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In-place swap | In-place swap | $ | 840,000 | (1) | 2.26% | 05/24 | $ | 39,859 | $ | — | $ | 49,888 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward swap (effective 05/24) | Forward swap (effective 05/24) | 840,000 | (1) | 5.92% | 05/26 | — | 14,239 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
770 Broadway mortgage loan | 770 Broadway mortgage loan | 32,010 | — | 700,000 | 4.98% | 07/27 | 770 Broadway mortgage loan | 700,000 | 4.98% | 07/27 | 18,448 | — | 29,226 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PENN 11 mortgage loan | PENN 11 mortgage loan | 28,555 | 6,565 | 500,000 | 2.23% | 03/24 | PENN 11 mortgage loan | 500,000 | 2.22% | 03/24 | 20,640 | — | 26,587 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured revolving credit facility | Unsecured revolving credit facility | 26,759 | — | 575,000 | 3.88% | 08/27 | Unsecured revolving credit facility | 575,000 | 3.88% | 08/27 | 15,354 | — | 24,457 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured term loan(2) | Unsecured term loan(2) | 800,000 | 4.05% | (2) | 12,408 | 770 | 21,024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
100 West 33rd Street mortgage loan | 100 West 33rd Street mortgage loan | 8,053 | — | 480,000 | 5.06% | 06/27 | 100 West 33rd Street mortgage loan | 480,000 | 5.06% | 06/27 | 283 | — | 6,886 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
888 Seventh Avenue mortgage loan | 888 Seventh Avenue mortgage loan | 7,231 | — | 200,000 | (3) | 4.66% | 09/27 | 888 Seventh Avenue mortgage loan | 200,000 | (3) | 4.76% | 09/27 | 3,458 | — | 6,544 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 Union Square South mortgage loan | 4 Union Square South mortgage loan | 3,960 | (3,861) | 100,000 | (4) | 3.74% | 01/25 | 4 Union Square South mortgage loan | 99,550 | (4) | 3.74% | 01/25 | 3,153 | — | 4,050 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate caps: | 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 | 1290 Avenue of the Americas mortgage loan | 950,000 | (5) | 11/23 | 5,765 | — | 7,590 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One Park Avenue mortgage loan(6) | One Park Avenue mortgage loan(6) | 525,000 | (6) | 03/25 | 7,718 | — | 5,472 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Various mortgage loans | Various mortgage loans | 1,289 | 139 | Various mortgage loans | 2,122 | — | 2,080 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 129,208 | $ | 15,009 | $ | 183,804 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Included in other assets | $ | 189,891 | $ | 18,929 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Included in other liabilities | $ | — | $ | 32,837 |
Swapped Balance | All-In Swapped Rate | Unswapped Balance (bears interest at S+130) | ||||||||||||||||||
Through 10/23 | $ | 800,000 | 4.05% | $ | — | |||||||||||||||
10/23 through 07/25 | 700,000 | 4.53% | 100,000 | |||||||||||||||||
07/25 through 10/26 | 550,000 | 4.36% | 250,000 | |||||||||||||||||
10/26 through 08/27 | 50,000 | 4.04% | 750,000 |
As of December 31, 2022 | |||||||||||||||||
Unobservable Quantitative Input | Range | Weighted Average (based on fair value of investments) | |||||||||||||||
Discount rates | 7.50% - 8.00% | 7.52% | |||||||||||||||
Terminal capitalization rates | 4.75% - 5.50% | 4.78% |
(Amounts in thousands) | (Amounts in thousands) | As of September 30, 2022 | As of December 31, 2021 | (Amounts in thousands) | As of March 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | Cash equivalents | $ | 440,151 | $ | 440,000 | $ | 1,346,684 | $ | 1,347,000 | Cash equivalents | $ | 578,088 | $ | 578,000 | $ | 402,903 | $ | 403,000 | ||||||||||||||||||||||||||||||||||
Debt: | Debt: | Debt: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages payable | $ | 5,883,015 | $ | 5,697,000 | $ | 6,099,215 | $ | 6,052,000 | Mortgages payable | $ | 5,767,215 | $ | 5,577,000 | $ | 5,877,615 | $ | 5,697,000 | |||||||||||||||||||||||||||||||||||
Senior unsecured notes | 1,200,000 | 1,024,000 | 1,200,000 | 1,230,000 | Senior unsecured notes | 1,200,000 | 972,000 | 1,200,000 | 1,021,000 | |||||||||||||||||||||||||||||||||||||||||||
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 | $ | 8,458,015 | (1) | $ | 8,096,000 | $ | 8,674,215 | (1) | $ | 8,657,000 | Total | $ | 8,342,215 | (1) | $ | 7,924,000 | $ | 8,452,615 | (1) | $ | 8,093,000 |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
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 | 1,546 | — | 3,403 | — | |||||||||||||||||||
Interest on loans receivable | 1,396 | 561 | 3,215 | 1,679 | |||||||||||||||||||
Other, net | — | 5 | 4 | 1,808 | |||||||||||||||||||
$ | 5,228 | $ | 633 | $ | 9,282 | $ | 3,694 |
(Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Interest on cash and cash equivalents and restricted cash | $ | 5,674 | $ | 64 | |||||||||||||||||||
Amortization of discount on investments in U.S. Treasury bills | 3,445 | 129 | |||||||||||||||||||||
Interest on loans receivable | 484 | 825 | |||||||||||||||||||||
$ | 9,603 | $ | 1,018 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | (Amounts in thousands) | For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | $ | 76,009 | $ | 57,028 | $ | 187,552 | $ | 170,938 | Interest expense | $ | 89,081 | $ | 50,801 | ||||||||||||||||||||||||||||||||
Capitalized interest and debt expense | Capitalized interest and debt expense | (4,874) | (10,739) | (12,095) | (31,785) | Capitalized interest and debt expense | (8,857) | (3,520) | ||||||||||||||||||||||||||||||||||||||
Amortization of deferred financing costs | Amortization of deferred financing costs | 5,639 | 4,657 | 16,066 | 13,751 | Amortization of deferred financing costs | 6,013 | 4,828 | ||||||||||||||||||||||||||||||||||||||
$ | 76,774 | $ | 50,946 | $ | 191,523 | $ | 152,904 | $ | 86,237 | $ | 52,109 |
(Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | (Amounts in thousands, except per share amounts) | For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Numerator: | Numerator: | Numerator: | ||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | Net income attributable to Vornado | $ | 23,298 | $ | 63,522 | $ | 131,252 | $ | 148,584 | Net income attributable to Vornado | $ | 20,697 | $ | 42,007 | ||||||||||||||||||||||||||||||||
Preferred share dividends | Preferred share dividends | (15,529) | (16,800) | (46,587) | (49,734) | Preferred share dividends | (15,529) | (15,529) | ||||||||||||||||||||||||||||||||||||||
Series K preferred share issuance costs | — | (9,033) | — | (9,033) | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to common shareholders | Net income attributable to common shareholders | 7,769 | 37,689 | 84,665 | 89,817 | Net income attributable to common shareholders | 5,168 | 26,478 | ||||||||||||||||||||||||||||||||||||||
Earnings allocated to unvested participating securities | Earnings allocated to unvested participating securities | (4) | (8) | (14) | (26) | Earnings allocated to unvested participating securities | (1) | (5) | ||||||||||||||||||||||||||||||||||||||
Numerator for basic income per share | 7,765 | 37,681 | 84,651 | 89,791 | ||||||||||||||||||||||||||||||||||||||||||
Impact of assumed conversion of dilutive convertible securities | — | — | (243) | — | ||||||||||||||||||||||||||||||||||||||||||
Numerator for diluted income per share | $ | 7,765 | $ | 37,681 | $ | 84,408 | $ | 89,791 | ||||||||||||||||||||||||||||||||||||||
Numerator for basic and diluted income per share | Numerator for basic and diluted income per share | $ | 5,167 | $ | 26,473 | |||||||||||||||||||||||||||||||||||||||||
Denominator: | Denominator: | Denominator: | ||||||||||||||||||||||||||||||||||||||||||||
Denominator for basic income per share – weighted average shares | 191,793 | 191,577 | 191,756 | 191,508 | ||||||||||||||||||||||||||||||||||||||||||
Denominator for basic income per share - weighted average shares | Denominator for basic income per share - weighted average shares | 191,869 | 191,724 | |||||||||||||||||||||||||||||||||||||||||||
Effect of dilutive securities(1): | Effect of dilutive securities(1): | Effect of dilutive securities(1): | ||||||||||||||||||||||||||||||||||||||||||||
Share-based payment awards | Share-based payment awards | 225 | 464 | 266 | 643 | Share-based payment awards | 12 | 314 | ||||||||||||||||||||||||||||||||||||||
Convertible securities | — | — | 20 | — | ||||||||||||||||||||||||||||||||||||||||||
Denominator for diluted income per share – weighted average shares and assumed conversions | 192,018 | 192,041 | 192,042 | 192,151 | ||||||||||||||||||||||||||||||||||||||||||
Denominator for diluted income per share - weighted average shares and assumed conversions | Denominator for diluted income per share - weighted average shares and assumed conversions | 191,881 | 192,038 | |||||||||||||||||||||||||||||||||||||||||||
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 | $ | 0.04 | $ | 0.20 | $ | 0.44 | $ | 0.47 | Net income per common share | $ | 0.03 | $ | 0.14 | ||||||||||||||||||||||||||||||||
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 | $ | 0.04 | $ | 0.20 | $ | 0.44 | $ | 0.47 | Net income per common share | $ | 0.03 | $ | 0.14 |
(Amounts in thousands, except per unit amounts) | (Amounts in thousands, except per unit amounts) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | (Amounts in thousands, except per unit amounts) | For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Numerator: | Numerator: | Numerator: | ||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | Net income attributable to Vornado Realty L.P. | $ | 23,904 | $ | 66,340 | $ | 137,634 | $ | 155,267 | Net income attributable to Vornado Realty L.P. | $ | 21,126 | $ | 44,001 | ||||||||||||||||||||||||||||||||
Preferred unit distributions | Preferred unit distributions | (15,558) | (16,842) | (46,673) | (49,858) | Preferred unit distributions | (15,558) | (15,558) | ||||||||||||||||||||||||||||||||||||||
Series K preferred unit issuance costs | — | (9,033) | — | (9,033) | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Class A unitholders | Net income attributable to Class A unitholders | 8,346 | 40,465 | 90,961 | 96,376 | Net income attributable to Class A unitholders | 5,568 | 28,443 | ||||||||||||||||||||||||||||||||||||||
Earnings allocated to unvested participating securities | Earnings allocated to unvested participating securities | (498) | (649) | (1,719) | (2,034) | Earnings allocated to unvested participating securities | (340) | (639) | ||||||||||||||||||||||||||||||||||||||
Numerator for basic income per Class A unit | 7,848 | 39,816 | 89,242 | 94,342 | ||||||||||||||||||||||||||||||||||||||||||
Impact of assumed conversion of dilutive convertible securities | — | — | (243) | — | ||||||||||||||||||||||||||||||||||||||||||
Numerator for diluted income per Class A unit | $ | 7,848 | $ | 39,816 | $ | 88,999 | $ | 94,342 | ||||||||||||||||||||||||||||||||||||||
Numerator for basic and diluted income per Class A unit | Numerator for basic and diluted income per Class A unit | $ | 5,228 | $ | 27,804 | |||||||||||||||||||||||||||||||||||||||||
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 | 205,410 | 204,864 | 205,271 | 204,663 | Denominator for basic income per Class A unit – weighted average units | 205,802 | 205,141 | ||||||||||||||||||||||||||||||||||||||
Effect of dilutive securities(1): | Effect of dilutive securities(1): | Effect of dilutive securities(1): | ||||||||||||||||||||||||||||||||||||||||||||
Share-based payment awards | Share-based payment awards | 502 | 839 | 633 | 953 | Share-based payment awards | 12 | 755 | ||||||||||||||||||||||||||||||||||||||
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 | 205,912 | 205,703 | 205,924 | 205,616 | Denominator for diluted income per Class A unit – weighted average units and assumed conversions | 205,814 | 205,896 | ||||||||||||||||||||||||||||||||||||||
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 | $ | 0.04 | $ | 0.19 | $ | 0.43 | $ | 0.46 | Net income per Class A unit | $ | 0.03 | $ | 0.14 | ||||||||||||||||||||||||||||||||
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 | $ | 0.04 | $ | 0.19 | $ | 0.43 | $ | 0.46 | Net income per Class A unit | $ | 0.03 | $ | 0.14 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, 2022 | (Amounts in thousands) | For the Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 457,431 | $ | 360,033 | $ | 97,398 | Total revenues | $ | 445,923 | $ | 363,814 | $ | 82,109 | ||||||||||||||||||||
Operating expenses | Operating expenses | (221,596) | (182,131) | (39,465) | Operating expenses | (228,773) | (188,321) | (40,452) | ||||||||||||||||||||||||||
NOI - consolidated | NOI - consolidated | 235,835 | 177,902 | 57,933 | NOI - consolidated | 217,150 | 175,493 | 41,657 | ||||||||||||||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (14,766) | (8,691) | (6,075) | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (11,764) | (4,823) | (6,941) | ||||||||||||||||||||||||||
Add: NOI from partially owned entities | Add: NOI from partially owned entities | 76,020 | 71,943 | 4,077 | Add: NOI from partially owned entities | 68,097 | 65,324 | 2,773 | ||||||||||||||||||||||||||
NOI at share | NOI at share | 297,089 | 241,154 | 55,935 | NOI at share | 273,483 | 235,994 | 37,489 | ||||||||||||||||||||||||||
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 | (1,419) | (3,462) | 2,043 | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 5,052 | 5,033 | 19 | ||||||||||||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 295,670 | $ | 237,692 | $ | 57,978 | NOI at share - cash basis | $ | 278,535 | $ | 241,027 | $ | 37,508 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, 2021 | (Amounts in thousands) | For the Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 409,212 | $ | 316,643 | $ | 92,569 | Total revenues | $ | 442,130 | $ | 358,548 | $ | 83,582 | ||||||||||||||||||||
Operating expenses | Operating expenses | (212,699) | (151,276) | (61,423) | Operating expenses | (216,529) | (177,535) | (38,994) | ||||||||||||||||||||||||||
NOI - consolidated | NOI - consolidated | 196,513 | 165,367 | 31,146 | NOI - consolidated | 225,601 | 181,013 | 44,588 | ||||||||||||||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (16,886) | (9,747) | (7,139) | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (20,035) | (13,310) | (6,725) | ||||||||||||||||||||||||||
Add: NOI from partially owned entities | Add: NOI from partially owned entities | 75,644 | 73,219 | 2,425 | Add: NOI from partially owned entities | 78,692 | 75,964 | 2,728 | ||||||||||||||||||||||||||
NOI at share | NOI at share | 255,271 | 228,839 | 26,432 | NOI at share | 284,258 | 243,667 | 40,591 | ||||||||||||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 1,922 | 783 | 1,139 | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (3,130) | (3,975) | 845 | ||||||||||||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 257,193 | $ | 229,622 | $ | 27,571 | NOI at share - cash basis | $ | 281,128 | $ | 239,692 | $ | 41,436 |
(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) | (Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | (Amounts in thousands) | For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 20,112 | $ | 71,765 | $ | 142,390 | $ | 175,590 | Net income | $ | 11,198 | $ | 53,375 | ||||||||||||||||||||||||||||||||
Depreciation and amortization expense | Depreciation and amortization expense | 134,526 | 100,867 | 370,631 | 285,998 | Depreciation and amortization expense | 106,565 | 117,443 | ||||||||||||||||||||||||||||||||||||||
General and administrative expense | General and administrative expense | 29,174 | 25,553 | 102,292 | 100,341 | General and administrative expense | 41,595 | 41,216 | ||||||||||||||||||||||||||||||||||||||
Transaction related costs and other | Transaction related costs and other | 996 | 9,681 | 4,961 | 10,630 | Transaction related costs and other | 658 | 1,005 | ||||||||||||||||||||||||||||||||||||||
Income from partially owned entities | Income from partially owned entities | (24,341) | (26,269) | (83,775) | (86,768) | Income from partially owned entities | (16,666) | (33,714) | ||||||||||||||||||||||||||||||||||||||
Loss (income) from real estate fund investments | Loss (income) from real estate fund investments | 111 | 66 | (5,421) | (5,107) | Loss (income) from real estate fund investments | 19 | (5,674) | ||||||||||||||||||||||||||||||||||||||
Interest and other investment income, net | Interest and other investment income, net | (5,228) | (633) | (9,282) | (3,694) | Interest and other investment income, net | (9,603) | (1,018) | ||||||||||||||||||||||||||||||||||||||
Interest and debt expense | Interest and debt expense | 76,774 | 50,946 | 191,523 | 152,904 | Interest and debt expense | 86,237 | 52,109 | ||||||||||||||||||||||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | Net gains on disposition of wholly owned and partially owned assets | — | (10,087) | (35,384) | (35,811) | Net gains on disposition of wholly owned and partially owned assets | (7,520) | (6,552) | ||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 3,711 | (25,376) | 14,686 | (20,551) | ||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 4,667 | 7,411 | |||||||||||||||||||||||||||||||||||||||||||
NOI from partially owned entities | NOI from partially owned entities | 76,020 | 75,644 | 228,772 | 231,635 | NOI from partially owned entities | 68,097 | 78,692 | ||||||||||||||||||||||||||||||||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | NOI attributable to noncontrolling interests in consolidated subsidiaries | (14,766) | (16,886) | (51,100) | (50,221) | NOI attributable to noncontrolling interests in consolidated subsidiaries | (11,764) | (20,035) | ||||||||||||||||||||||||||||||||||||||
NOI at share | NOI at share | 297,089 | 255,271 | 870,293 | 754,946 | NOI at share | 273,483 | 284,258 | ||||||||||||||||||||||||||||||||||||||
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 | (1,419) | 1,922 | (8,824) | 1,570 | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 5,052 | (3,130) | ||||||||||||||||||||||||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 295,670 | $ | 257,193 | $ | 861,469 | $ | 756,516 | NOI at share - cash basis | $ | 278,535 | $ | 281,128 |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Certain expense (income) items that impact net income attributable to common shareholders: | |||||||||||||||||||||||
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) | 3,776 | 1,688 | 10,183 | 1,688 | |||||||||||||||||||
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 | — | (8,815) | (6,085) | (31,023) | |||||||||||||||||||
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 | — | — | (13,613) | — | |||||||||||||||||||
Other | 1,477 | 15,664 | 4,137 | 10,090 | |||||||||||||||||||
31,866 | (12,881) | 23,882 | (26,681) | ||||||||||||||||||||
Noncontrolling interests' share of above adjustments | (2,206) | 1,118 | (1,895) | 2,040 | |||||||||||||||||||
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) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Certain (income) expense items that impact net income attributable to common shareholders: | |||||||||||||||||||||||
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units | $ | (6,173) | $ | (5,412) | |||||||||||||||||||
Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary) | 2,875 | 3,173 | |||||||||||||||||||||
Other | 288 | 7,829 | |||||||||||||||||||||
(3,010) | 5,590 | ||||||||||||||||||||||
Noncontrolling interests' share of above adjustments | 215 | (386) | |||||||||||||||||||||
Total of certain (income) expense items that impact net income attributable to common shareholders | $ | (2,795) | $ | 5,204 |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions: | |||||||||||||||||||||||
Deferred tax liability on our investment in Farley Office and Retail (held through a taxable REIT subsidiary) | $ | 3,776 | $ | 1,688 | $ | 10,183 | $ | 1,688 | |||||||||||||||
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 | — | (8,815) | (6,085) | (31,023) | |||||||||||||||||||
Other | 1,477 | 11,394 | 3,840 | 18,698 | |||||||||||||||||||
5,253 | (23,643) | 7,938 | (38,547) | ||||||||||||||||||||
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 | $ | 4,889 | $ | (22,073) | $ | 7,388 | $ | (36,324) |
(Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions: | |||||||||||||||||||||||
After-tax net gain on sale of 220 CPS condominium units | $ | (6,173) | $ | (5,412) | |||||||||||||||||||
Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary) | 2,875 | 3,173 | |||||||||||||||||||||
Other | 288 | (549) | |||||||||||||||||||||
(3,010) | (2,788) | ||||||||||||||||||||||
Noncontrolling interests' share of above adjustments | 215 | 193 | |||||||||||||||||||||
Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net | $ | (2,795) | $ | (2,595) |
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 | % |
Three months ended March 31, 2023 compared to March 31, 2022 | Total | New York | THE MART | 555 California Street | ||||||||||||||||||||||
Same store NOI at share % increase (decrease) | 0.0 | % | 1.6 | % | (22.6) | % | 4.3 | % | ||||||||||||||||||
Same store NOI at share - cash basis % increase (decrease) | 1.5 | % | 3.8 | % | (28.2) | % | 8.3 | % | ||||||||||||||||||
(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) | Notional Amount | All-In Swapped Rate | Swap Expiration Date | Variable Rate Spread | ||||||||||||||||||||||
555 California Street (effective 05/24) | $ | 840,000 | 5.92% | 05/26 | L+193 | |||||||||||||||||||||
Unsecured term loan(1) (effective 10/23) | 150,000 | 5.13% | 07/25 | S+130 |
Swapped Balance | All-In Swapped Rate | Unswapped Balance (bears interest at S+130) | ||||||||||||||||||
Through 10/23 | $ | 800,000 | 4.05% | $ | — | |||||||||||||||
10/23 through 07/25 | 700,000 | 4.53% | 100,000 | |||||||||||||||||
07/25 through 10/26 | 550,000 | 4.36% | 250,000 | |||||||||||||||||
10/26 through 08/27 | 50,000 | 4.04% | 750,000 |
(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) | 18,970 | 16,275 | 91.8 | % | Office | 30 | (1) | 18,748 | 16,050 | 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 | 1,867 | 74.4 | % | Retail (includes retail properties that are in the base of our office properties) | 56 | (1) | 2,260 | 1,822 | 74.2 | % | ||||||||||||||||||||||||||||||||||||||
Residential - 1,983 units(2) | 7 | (1) | 1,511 | 778 | 96.8 | % | (2) | |||||||||||||||||||||||||||||||||||||||||||||
Residential - 1,976 units(2) | Residential - 1,976 units(2) | 6 | (1) | 1,499 | 766 | 96.8 | % | (2) | ||||||||||||||||||||||||||||||||||||||||||||
Alexander's | Alexander's | 6 | 2,241 | 726 | 96.3 | % | (2) | Alexander's | 6 | 2,454 | 795 | 86.9 | % | (2) | ||||||||||||||||||||||||||||||||||||||
25,029 | 19,646 | 90.3 | % | 24,961 | 19,433 | 89.9 | % | |||||||||||||||||||||||||||||||||||||||||||||
Other: | Other: | Other: | ||||||||||||||||||||||||||||||||||||||||||||||||||
theMART | 4 | 3,637 | 3,628 | 87.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||
THE MART | THE MART | 4 | 3,634 | 3,625 | 80.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
555 California Street | 555 California Street | 3 | 1,819 | 1,273 | 94.7 | % | 555 California Street | 3 | 1,819 | 1,274 | 94.9 | % | ||||||||||||||||||||||||||||||||||||||||
Other | Other | 11 | 2,532 | 1,197 | 92.7 | % | Other | 11 | 2,537 | 1,202 | 92.4 | % | ||||||||||||||||||||||||||||||||||||||||
7,988 | 6,098 | 7,990 | 6,101 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total square feet as of September 30, 2022 | 33,017 | 25,744 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total square feet as of March 31, 2023 | Total square feet as of March 31, 2023 | 32,951 | 25,534 |
(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 | 32 | (1) | 19,442 | 16,757 | 92.2 | % | Office | 30 | (1) | 18,724 | 16,028 | 91.9 | % | ||||||||||||||||||||||||||||||||||||||
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) | 60 | (1) | 2,267 | 1,825 | 80.7 | % | Retail (includes retail properties that are in the base of our office properties) | 56 | (1) | 2,289 | 1,851 | 74.4 | % | ||||||||||||||||||||||||||||||||||||||
Residential - 1,986 units(2) | 8 | (1) | 1,518 | 785 | 97.0 | % | (2) | |||||||||||||||||||||||||||||||||||||||||||||
Residential - 1,976 units(2) | Residential - 1,976 units(2) | 6 | (1) | 1,499 | 766 | 96.7 | % | (2) | ||||||||||||||||||||||||||||||||||||||||||||
Alexander's | Alexander's | 6 | 2,218 | 719 | 95.6 | % | (2) | Alexander's | 6 | 2,241 | 726 | 96.4 | % | (2) | ||||||||||||||||||||||||||||||||||||||
25,445 | 20,086 | 91.3 | % | 24,753 | 19,371 | 90.4 | % | |||||||||||||||||||||||||||||||||||||||||||||
Other: | Other: | Other: | ||||||||||||||||||||||||||||||||||||||||||||||||||
theMART | 4 | 3,692 | 3,683 | 88.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||
THE MART | THE MART | 4 | 3,635 | 3,626 | 81.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
555 California Street | 555 California Street | 3 | 1,818 | 1,273 | 93.8 | % | 555 California Street | 3 | 1,819 | 1,273 | 94.7 | % | ||||||||||||||||||||||||||||||||||||||||
Other | Other | 11 | 2,489 | 1,154 | 92.8 | % | Other | 11 | 2,532 | 1,197 | 92.6 | % | ||||||||||||||||||||||||||||||||||||||||
7,999 | 6,110 | 7,986 | 6,096 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total square feet as of December 31, 2021 | 33,444 | 26,196 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total square feet as of December 31, 2022 | Total square feet as of December 31, 2022 | 32,739 | 25,467 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, 2022 | (Amounts in thousands) | For the Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 457,431 | $ | 360,033 | $ | 97,398 | Total revenues | $ | 445,923 | $ | 363,814 | $ | 82,109 | ||||||||||||||||||||
Operating expenses | Operating expenses | (221,596) | (182,131) | (39,465) | Operating expenses | (228,773) | (188,321) | (40,452) | ||||||||||||||||||||||||||
NOI - consolidated | NOI - consolidated | 235,835 | 177,902 | 57,933 | NOI - consolidated | 217,150 | 175,493 | 41,657 | ||||||||||||||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (14,766) | (8,691) | (6,075) | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (11,764) | (4,823) | (6,941) | ||||||||||||||||||||||||||
Add: NOI from partially owned entities | Add: NOI from partially owned entities | 76,020 | 71,943 | 4,077 | Add: NOI from partially owned entities | 68,097 | 65,324 | 2,773 | ||||||||||||||||||||||||||
NOI at share | NOI at share | 297,089 | 241,154 | 55,935 | NOI at share | 273,483 | 235,994 | 37,489 | ||||||||||||||||||||||||||
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 | (1,419) | (3,462) | 2,043 | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 5,052 | 5,033 | 19 | ||||||||||||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 295,670 | $ | 237,692 | $ | 57,978 | NOI at share - cash basis | $ | 278,535 | $ | 241,027 | $ | 37,508 |
(Amounts in thousands) | For the Three Months Ended September 30, 2021 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 409,212 | $ | 316,643 | $ | 92,569 | |||||||||||
Operating expenses | (212,699) | (151,276) | (61,423) | ||||||||||||||
NOI - consolidated | 196,513 | 165,367 | 31,146 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (16,886) | (9,747) | (7,139) | ||||||||||||||
Add: NOI from partially owned entities | 75,644 | 73,219 | 2,425 | ||||||||||||||
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 | 1,922 | 783 | 1,139 | ||||||||||||||
NOI at share - cash basis | $ | 257,193 | $ | 229,622 | $ | 27,571 |
(Amounts in thousands) | For the Three Months Ended March 31, 2022 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 442,130 | $ | 358,548 | $ | 83,582 | |||||||||||
Operating expenses | (216,529) | (177,535) | (38,994) | ||||||||||||||
NOI - consolidated | 225,601 | 181,013 | 44,588 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (20,035) | (13,310) | (6,725) | ||||||||||||||
Add: NOI from partially owned entities | 78,692 | 75,964 | 2,728 | ||||||||||||||
NOI at share | 284,258 | 243,667 | 40,591 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (3,130) | (3,975) | 845 | ||||||||||||||
NOI at share - cash basis | $ | 281,128 | $ | 239,692 | $ | 41,436 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, | (Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
New York: | New York: | New York: | ||||||||||||||||||||
Office | Office | $ | 174,790 | $ | 166,553 | Office | $ | 174,270 | $ | 177,809 | ||||||||||||
Retail | Retail | 52,127 | 49,083 | Retail | 47,196 | 52,105 | ||||||||||||||||
Residential | Residential | 4,598 | 4,194 | Residential | 5,458 | 4,774 | ||||||||||||||||
Alexander's | Alexander's | 9,639 | 9,009 | Alexander's | 9,070 | 8,979 | ||||||||||||||||
Total New York | Total New York | 241,154 | 228,839 | Total New York | 235,994 | 243,667 | ||||||||||||||||
Other: | Other: | Other: | ||||||||||||||||||||
theMART(1) | 35,769 | 6,431 | ||||||||||||||||||||
THE MART | THE MART | 15,409 | 19,914 | |||||||||||||||||||
555 California Street | 555 California Street | 16,092 | 16,128 | 555 California Street | 16,929 | 16,235 | ||||||||||||||||
Other investments | Other investments | 4,074 | 3,873 | Other investments | 5,151 | 4,442 | ||||||||||||||||
Total Other | Total Other | 55,935 | 26,432 | Total Other | 37,489 | 40,591 | ||||||||||||||||
NOI at share | NOI at share | $ | 297,089 | $ | 255,271 | NOI at share | $ | 273,483 | $ | 284,258 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, | (Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
New York: | New York: | New York: | ||||||||||||||||||||
Office | Office | $ | 174,606 | $ | 170,521 | Office | $ | 182,081 | $ | 177,827 | ||||||||||||
Retail | Retail | 48,096 | 45,175 | Retail | 44,034 | 47,393 | ||||||||||||||||
Residential | Residential | 4,556 | 4,136 | Residential | 5,051 | 4,689 | ||||||||||||||||
Alexander's | Alexander's | 10,434 | 9,790 | Alexander's | 9,861 | 9,783 | ||||||||||||||||
Total New York | Total New York | 237,692 | 229,622 | Total New York | 241,027 | 239,692 | ||||||||||||||||
Other: | Other: | Other: | ||||||||||||||||||||
theMART(1) | 36,772 | 8,635 | ||||||||||||||||||||
THE MART | THE MART | 14,675 | 20,436 | |||||||||||||||||||
555 California Street | 555 California Street | 16,926 | 14,745 | 555 California Street | 17,718 | 16,360 | ||||||||||||||||
Other investments | Other investments | 4,280 | 4,191 | Other investments | 5,115 | 4,640 | ||||||||||||||||
Total Other | Total Other | 57,978 | 27,571 | Total Other | 37,508 | 41,436 | ||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 295,670 | $ | 257,193 | NOI at share - cash basis | $ | 278,535 | $ | 281,128 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, | (Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
Net income | Net income | $ | 20,112 | $ | 71,765 | Net income | $ | 11,198 | $ | 53,375 | ||||||||||||
Depreciation and amortization expense | Depreciation and amortization expense | 134,526 | 100,867 | Depreciation and amortization expense | 106,565 | 117,443 | ||||||||||||||||
General and administrative expense | General and administrative expense | 29,174 | 25,553 | General and administrative expense | 41,595 | 41,216 | ||||||||||||||||
Transaction related costs and other | Transaction related costs and other | 996 | 9,681 | Transaction related costs and other | 658 | 1,005 | ||||||||||||||||
Income from partially owned entities | Income from partially owned entities | (24,341) | (26,269) | Income from partially owned entities | (16,666) | (33,714) | ||||||||||||||||
Loss from real estate fund investments | 111 | 66 | ||||||||||||||||||||
Loss (income) from real estate fund investments | Loss (income) from real estate fund investments | 19 | (5,674) | |||||||||||||||||||
Interest and other investment income, net | Interest and other investment income, net | (5,228) | (633) | Interest and other investment income, net | (9,603) | (1,018) | ||||||||||||||||
Interest and debt expense | Interest and debt expense | 76,774 | 50,946 | Interest and debt expense | 86,237 | 52,109 | ||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | Net gains on disposition of wholly owned and partially owned assets | — | (10,087) | Net gains on disposition of wholly owned and partially owned assets | (7,520) | (6,552) | ||||||||||||||||
Income tax expense (benefit) | 3,711 | (25,376) | ||||||||||||||||||||
Income tax expense | Income tax expense | 4,667 | 7,411 | |||||||||||||||||||
NOI from partially owned entities | NOI from partially owned entities | 76,020 | 75,644 | NOI from partially owned entities | 68,097 | 78,692 | ||||||||||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | NOI attributable to noncontrolling interests in consolidated subsidiaries | (14,766) | (16,886) | NOI attributable to noncontrolling interests in consolidated subsidiaries | (11,764) | (20,035) | ||||||||||||||||
NOI at share | NOI at share | 297,089 | 255,271 | NOI at share | 273,483 | 284,258 | ||||||||||||||||
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 | (1,419) | 1,922 | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 5,052 | (3,130) | ||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 295,670 | $ | 257,193 | NOI at share - cash basis | $ | 278,535 | $ | 281,128 |
For the Three Months Ended September 30, | For the Three Months Ended March 31, | |||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
Region: | Region: | Region: | ||||||||||||||||||||
New York City metropolitan area | New York City metropolitan area | 82 | % | 91 | % | New York City metropolitan area | 88 | % | 87 | % | ||||||||||||
Chicago, IL | Chicago, IL | 13 | % | 3 | % | Chicago, IL | 6 | % | 7 | % | ||||||||||||
San Francisco, CA | San Francisco, CA | 5 | % | 6 | % | 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 | ||||||||||||||||||||||||||
(Decrease) increase due to: | (Decrease) increase due to: | (Decrease) increase due to: | ||||||||||||||||||||||||||||||||
Rental revenues: | Rental revenues: | Rental revenues: | ||||||||||||||||||||||||||||||||
Acquisitions, dispositions and other | Acquisitions, dispositions and other | $ | (2,539) | $ | (2,539) | $ | — | Acquisitions, dispositions and other | $ | (11,983) | $ | (11,983) | $ | — | ||||||||||||||||||||
Development and redevelopment | Development and redevelopment | 23,192 | 23,192 | — | Development and redevelopment | 314 | 314 | — | ||||||||||||||||||||||||||
Trade shows | Trade shows | 6,049 | — | 6,049 | Trade shows | (96) | — | (96) | ||||||||||||||||||||||||||
Same store operations | Same store operations | 13,239 | 15,916 | (2,677) | Same store operations | 11,275 | 12,340 | (1,065) | ||||||||||||||||||||||||||
39,941 | 36,569 | 3,372 | ||||||||||||||||||||||||||||||||
(490) | 671 | (1,161) | ||||||||||||||||||||||||||||||||
Fee and other income: | Fee and other income: | Fee and other income: | ||||||||||||||||||||||||||||||||
BMS cleaning fees | BMS cleaning fees | 4,235 | 4,741 | (506) | BMS cleaning fees | 2,637 | 2,967 | (330) | ||||||||||||||||||||||||||
Management and leasing fees | Management and leasing fees | 23 | (85) | 108 | Management and leasing fees | 280 | 206 | 74 | ||||||||||||||||||||||||||
Other income | Other income | 4,020 | 2,165 | 1,855 | Other income | 1,366 | 1,422 | (56) | ||||||||||||||||||||||||||
8,278 | 6,821 | 1,457 | 4,283 | 4,595 | (312) | |||||||||||||||||||||||||||||
Total increase in revenues | $ | 48,219 | $ | 43,390 | $ | 4,829 | ||||||||||||||||||||||||||||
Total increase (decrease) in revenues | Total increase (decrease) in revenues | $ | 3,793 | $ | 5,266 | $ | (1,473) |
(Amounts in thousands) | Total | New York | Other | ||||||||||||||
(Decrease) increase due to: | |||||||||||||||||
Operating: | |||||||||||||||||
Acquisitions, dispositions and other | $ | (618) | $ | (618) | $ | — | |||||||||||
Development and redevelopment | 9,735 | 9,488 | 247 | ||||||||||||||
Non-reimbursable expenses | 7,560 | 7,794 | (234) | ||||||||||||||
Trade shows | (291) | — | (291) | ||||||||||||||
BMS expenses | 3,739 | 4,246 | (507) | ||||||||||||||
Same store operations | (11,228) | 9,945 | (21,173) | ||||||||||||||
8,897 | 30,855 | (21,958) | |||||||||||||||
Depreciation and amortization: | |||||||||||||||||
Acquisitions, dispositions and other | 20,868 | 20,868 | — | ||||||||||||||
Development and redevelopment | 13,654 | 13,654 | — | ||||||||||||||
Same store operations | (863) | (1,061) | 198 | ||||||||||||||
33,659 | 33,461 | 198 | |||||||||||||||
General and administrative | 3,621 | 463 | 3,158 | ||||||||||||||
Benefit from deferred compensation plan liability | (1,399) | — | (1,399) | ||||||||||||||
Transaction related costs and other | (8,685) | (7,769) | (1) | (916) | |||||||||||||
Total increase (decrease) in expenses | $ | 36,093 | $ | 57,010 | $ | (20,917) |
(Amounts in thousands) | Total | New York | Other | ||||||||||||||
(Decrease) increase due to: | |||||||||||||||||
Operating: | |||||||||||||||||
Acquisitions, dispositions and other | $ | (4,253) | $ | (4,253) | $ | — | |||||||||||
Development and redevelopment | 3,197 | 3,197 | — | ||||||||||||||
Non-reimbursable expenses | 4,176 | 3,282 | 894 | ||||||||||||||
Trade shows | 411 | — | 411 | ||||||||||||||
BMS expenses | 2,395 | 2,725 | (330) | ||||||||||||||
Same store operations | 6,318 | 5,835 | 483 | ||||||||||||||
12,244 | 10,786 | 1,458 | |||||||||||||||
Depreciation and amortization: | |||||||||||||||||
Acquisitions, dispositions and other | (11,328) | (11,328) | — | ||||||||||||||
Development and redevelopment | 36 | 36 | — | ||||||||||||||
Same store operations | 414 | 1,036 | (622) | ||||||||||||||
(10,878) | (10,256) | (622) | |||||||||||||||
General and administrative | 379 | 964 | (585) | ||||||||||||||
Expense from deferred compensation plan liability | 5,672 | — | 5,672 | ||||||||||||||
Transaction related costs and other | (347) | (565) | 218 | ||||||||||||||
Total increase in expenses | $ | 7,070 | $ | 929 | $ | 6,141 |
(Amounts in thousands) | (Amounts in thousands) | Percentage Ownership at September 30, 2022 | For the Three Months Ended September 30, | (Amounts in thousands) | Percentage Ownership at March 31, 2023 | For the Three Months Ended March 31, | ||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||
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% | $ | 11,941 | $ | 12,671 | Equity in net income | 51.5% | $ | 10,199 | $ | 16,309 | ||||||||||||||||||||||
Return on preferred equity, net of our share of the expense | Return on preferred equity, net of our share of the expense | 9,430 | 9,430 | Return on preferred equity, net of our share of the expense | 9,226 | 9,226 | ||||||||||||||||||||||||||||
21,371 | 22,101 | 19,425 | 25,535 | |||||||||||||||||||||||||||||||
Alexander's | 32.4% | 5,910 | 4,795 | |||||||||||||||||||||||||||||||
Partially owned office buildings(1) | Partially owned office buildings(1) | Various | (4,732) | 418 | Partially owned office buildings(1) | Various | (8,963) | 1,292 | ||||||||||||||||||||||||||
Alexander's Inc. | Alexander's Inc. | 32.4% | 4,744 | 5,691 | ||||||||||||||||||||||||||||||
Other investments(2) | Other investments(2) | Various | 1,792 | (1,045) | Other investments(2) | Various | 1,460 | 1,196 | ||||||||||||||||||||||||||
$ | 24,341 | $ | 26,269 | $ | 16,666 | $ | 33,714 |
(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) | For the Three Months Ended March 31, | ||||||||||
2023 | 2022 | ||||||||||
Previously recorded unrealized loss on exited investments | $ | 247,575 | $ | — | |||||||
Realized loss on exited investments | (247,575) | — | |||||||||
Net investment (loss) income | (19) | 2 | |||||||||
Net unrealized income on held investments | — | 5,672 | |||||||||
(Loss) income from real estate fund investments | (19) | 5,674 | |||||||||
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 239 | (3,964) | |||||||||
Income from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ | 220 | $ | 1,710 | |||||||
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, | (Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
Interest on cash and cash equivalents and restricted cash | Interest on cash and cash equivalents and restricted cash | $ | 2,286 | $ | 67 | Interest on cash and cash equivalents and restricted cash | $ | 5,674 | $ | 64 | ||||||||||||
Amortization of discount on investments in U.S. Treasury bills | Amortization of discount on investments in U.S. Treasury bills | 1,546 | — | Amortization of discount on investments in U.S. Treasury bills | 3,445 | 129 | ||||||||||||||||
Interest on loans receivable | Interest on loans receivable | 1,396 | 561 | Interest on loans receivable | 484 | 825 | ||||||||||||||||
Other, net | — | 5 | ||||||||||||||||||||
$ | 5,228 | $ | 633 | |||||||||||||||||||
$ | 9,603 | $ | 1,018 |
(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 | THE MART | 555 California Street | Other | ||||||||||||||||||||||||||||||||||||||||||||||
NOI at share for the nine months ended September 30, 2022 | $ | 870,293 | $ | 732,913 | $ | 75,630 | $ | 49,051 | $ | 12,699 | ||||||||||||||||||||||||||||||||||||||||||||||||
NOI at share for the three months ended March 31, 2023 | NOI at share for the three months ended March 31, 2023 | $ | 273,483 | $ | 235,994 | $ | 15,409 | $ | 16,929 | $ | 5,151 | |||||||||||||||||||||||||||||||||||||||||||||||
Less NOI at share from: | Less NOI at share from: | Less NOI at share from: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in ownership interest in One Park Avenue | (13,370) | (13,370) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | Dispositions | 134 | 134 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Development properties | Development properties | (7,545) | (7,545) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-same store (income) expense, net | Other non-same store (income) expense, net | (1,487) | 3,664 | — | — | (5,151) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Same store NOI at share for the three months ended March 31, 2023 | Same store NOI at share for the three months ended March 31, 2023 | $ | 264,585 | $ | 232,247 | $ | 15,409 | $ | 16,929 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||
NOI at share for the three months ended March 31, 2022 | NOI at share for the three months ended March 31, 2022 | $ | 284,258 | $ | 243,667 | $ | 19,914 | $ | 16,235 | $ | 4,442 | |||||||||||||||||||||||||||||||||||||||||||||||
Less NOI at share from: | Less NOI at share from: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | Dispositions | (3,523) | (3,523) | — | — | — | Dispositions | (3,232) | (3,232) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Development properties | Development properties | (65,440) | (65,440) | — | — | — | Development properties | (7,440) | (7,440) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Other non-same store income, net | Other non-same store income, net | (17,910) | (5,211) | — | — | (12,699) | Other non-same store income, net | (8,918) | (4,476) | — | — | (4,442) | ||||||||||||||||||||||||||||||||||||||||||||||
Same store NOI at share for the nine months ended September 30, 2022 | $ | 770,050 | $ | 645,369 | $ | 75,630 | $ | 49,051 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Same store NOI at share for the three months ended March 31, 2022 | Same store NOI at share for the three months ended March 31, 2022 | $ | 264,668 | $ | 228,519 | $ | 19,914 | $ | 16,235 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | (6,667) | (6,667) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Development properties | (23,207) | (22,359) | — | (848) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel Pennsylvania (permanently closed on April 5, 2021) | 12,677 | 12,677 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-same store income, net | (20,991) | (8,240) | — | — | (12,751) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Same store NOI at share for the nine months ended September 30, 2021 | $ | 716,758 | $ | 626,426 | $ | 42,950 | $ | 47,382 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||
(Decrease) increase in same store NOI at share | (Decrease) increase in same store NOI at share | $ | (83) | $ | 3,728 | $ | (4,505) | $ | 694 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||
Increase in same store NOI at share | $ | 53,292 | $ | 18,943 | $ | 32,680 | $ | 1,669 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||
% increase in same store NOI at share | 7.4 | % | 3.0 | % | 76.1 | % | 3.5 | % | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
% (decrease) increase in same store NOI at share | % (decrease) increase in same store NOI at share | 0.0 | % | 1.6 | % | (22.6) | % | 4.3 | % | 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) | Total | New York | THE MART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share - cash basis for the three months ended March 31, 2023 | $ | 278,535 | $ | 241,027 | $ | 14,675 | $ | 17,718 | $ | 5,115 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Dispositions | 134 | 134 | — | — | — | ||||||||||||||||||||||||
Development properties | (6,770) | (6,770) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (6,070) | (955) | — | — | (5,115) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended March 31, 2023 | $ | 265,829 | $ | 233,436 | $ | 14,675 | $ | 17,718 | $ | — | |||||||||||||||||||
NOI at share - cash basis for the three months ended March 31, 2022 | $ | 281,128 | $ | 239,692 | $ | 20,436 | $ | 16,360 | $ | 4,640 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Dispositions | (3,252) | (3,252) | — | — | — | ||||||||||||||||||||||||
Development properties | (6,756) | (6,756) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (9,332) | (4,692) | — | — | (4,640) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended March 31, 2022 | $ | 261,788 | $ | 224,992 | $ | 20,436 | $ | 16,360 | $ | — | |||||||||||||||||||
Increase (decrease) in same store NOI at share - cash basis | $ | 4,041 | $ | 8,444 | $ | (5,761) | $ | 1,358 | $ | — | |||||||||||||||||||
% increase (decrease) in same store NOI at share - cash basis | 1.5 | % | 3.8 | % | (28.2) | % | 8.3 | % | 0.0 | % |
(Amounts in thousands) | (Amounts in thousands) | For the Nine Months Ended September 30, | Increase (Decrease) in Cash Flow | (Amounts in thousands) | For the Three Months Ended March 31, | (Decrease) Increase in Cash Flow | ||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | $ | 559,827 | $ | 478,103 | $ | 81,724 | Net cash provided by operating activities | $ | 91,872 | $ | 171,014 | $ | (79,142) | ||||||||||||||||||||
Net cash used in investing activities | (849,738) | (392,634) | (457,104) | |||||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | (663,392) | 452,359 | (1,115,751) | |||||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | Net cash provided by (used in) investing activities | 125,654 | (794,635) | 920,289 | ||||||||||||||||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (204,844) | (165,475) | (39,369) |
(Amounts in thousands) | (Amounts in thousands) | For the Nine Months Ended September 30, | (Decrease) Increase in Cash Flow | (Amounts in thousands) | For the Three Months Ended March 31, | Increase (Decrease) in Cash Flow | ||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||
Purchase of U.S. Treasury bills | $ | (794,793) | $ | — | $ | (794,793) | ||||||||||||||||||||||||||||
Proceeds from maturities of U.S. Treasury bills | Proceeds from maturities of U.S. Treasury bills | $ | 197,294 | $ | — | $ | 197,294 | |||||||||||||||||||||||||||
Development costs and construction in progress | Development costs and construction in progress | (557,884) | (444,645) | (113,239) | Development costs and construction in progress | (135,550) | (209,738) | 74,188 | ||||||||||||||||||||||||||
Proceeds from maturities of U.S. Treasury bills | 349,461 | — | 349,461 | |||||||||||||||||||||||||||||||
Proceeds from sales of real estate | 253,958 | 100,024 | 153,934 | |||||||||||||||||||||||||||||||
Proceeds from repayment of participation in 150 West 34th Street mortgage loan | Proceeds from repayment of participation in 150 West 34th Street mortgage loan | 105,000 | — | 105,000 | ||||||||||||||||||||||||||||||
Additions to real estate | Additions to real estate | (120,124) | (113,374) | (6,750) | Additions to real estate | (57,032) | (30,900) | (26,132) | ||||||||||||||||||||||||||
Proceeds from sale of condominium units at 220 Central Park South | Proceeds from sale of condominium units at 220 Central Park South | 14,216 | 15,095 | (879) | ||||||||||||||||||||||||||||||
Distributions of capital from partially owned entities | Distributions of capital from partially owned entities | 20,566 | 106,005 | (85,439) | Distributions of capital from partially owned entities | 11,559 | — | 11,559 | ||||||||||||||||||||||||||
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 | Investments in partially owned entities | (15,046) | (12,366) | (2,680) | Investments in partially owned entities | (8,833) | (4,571) | (4,262) | ||||||||||||||||||||||||||
Acquisitions of real estate and other | Acquisitions of real estate and other | (2,000) | (3,000) | 1,000 | Acquisitions of real estate and other | (1,000) | — | (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) | ||||||||||||||||||||||||||||
Purchase of U.S. Treasury bills | Purchase of U.S. Treasury bills | — | (645,920) | 645,920 | ||||||||||||||||||||||||||||||
Proceeds from sales of real estate | Proceeds from sales of real estate | — | 81,399 | (81,399) | ||||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | Net cash provided by (used in) investing activities | $ | 125,654 | $ | (794,635) | $ | 920,289 |
(Amounts in thousands) | (Amounts in thousands) | For the Nine Months Ended September 30, | Increase (Decrease) in Cash Flow | (Amounts in thousands) | For the Three Months Ended March 31, | (Decrease) Increase in Cash Flow | ||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||
Repayments of borrowings | Repayments of borrowings | $ | (1,245,973) | $ | (1,578,843) | $ | 332,870 | Repayments of borrowings | $ | (110,400) | $ | (5,400) | $ | (105,000) | ||||||||||||||||||||
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 | (304,896) | (304,516) | (380) | Dividends paid on common shares/Distributions to Vornado | (71,950) | (101,616) | 29,666 | ||||||||||||||||||||||||||
Dividends paid on preferred shares/Distributions to preferred unitholders | Dividends paid on preferred shares/Distributions to preferred unitholders | (15,529) | (15,529) | — | ||||||||||||||||||||||||||||||
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (68,716) | (173,356) | 104,640 | Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (6,412) | (43,545) | 37,133 | ||||||||||||||||||||||||||
Dividends paid on preferred shares/Distributions to preferred unitholders | (46,587) | (49,400) | 2,813 | |||||||||||||||||||||||||||||||
Debt issuance costs | (32,473) | (33,935) | 1,462 | |||||||||||||||||||||||||||||||
Deferred financing costs | Deferred financing costs | (2,798) | — | (2,798) | ||||||||||||||||||||||||||||||
Contributions from noncontrolling interests in consolidated subsidiaries | Contributions from noncontrolling interests in consolidated subsidiaries | 4,903 | 2,657 | 2,246 | Contributions from noncontrolling interests in consolidated subsidiaries | 2,129 | 481 | 1,648 | ||||||||||||||||||||||||||
Proceeds received from exercise of Vornado stock options and other | Proceeds received from exercise of Vornado stock options and other | 662 | 664 | (2) | Proceeds received from exercise of Vornado stock options and other | 146 | 219 | (73) | ||||||||||||||||||||||||||
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 | (30) | (85) | 55 | ||||||||||||||||||||||||||
Proceeds from the issuance of preferred shares/units | — | 291,195 | (291,195) | |||||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | $ | (663,392) | $ | 452,359 | $ | (1,115,751) | ||||||||||||||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | $ | (204,844) | $ | (165,475) | $ | (39,369) |
(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 amounts) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Reconciliation of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions: | |||||||||||||||||||||||
Net income attributable to common shareholders | $ | 5,168 | $ | 26,478 | |||||||||||||||||||
Per diluted share | $ | 0.03 | $ | 0.14 | |||||||||||||||||||
FFO adjustments: | |||||||||||||||||||||||
Depreciation and amortization of real property | $ | 94,792 | $ | 105,962 | |||||||||||||||||||
Net gain on sale of real estate | — | (551) | |||||||||||||||||||||
Proportionate share of adjustments to equity in net income of partially owned entities to arrive at FFO: | |||||||||||||||||||||||
Depreciation and amortization of real property | 27,469 | 32,139 | |||||||||||||||||||||
122,261 | 137,550 | ||||||||||||||||||||||
Noncontrolling interests' share of above adjustments | (8,746) | (9,506) | |||||||||||||||||||||
FFO adjustments, net | $ | 113,515 | $ | 128,044 | |||||||||||||||||||
FFO attributable to common shareholders | $ | 118,683 | $ | 154,522 | |||||||||||||||||||
Impact of assumed conversion of dilutive convertible securities | 400 | 386 | |||||||||||||||||||||
FFO attributable to common shareholders plus assumed conversions | $ | 119,083 | $ | 154,908 | |||||||||||||||||||
Per diluted share | $ | 0.61 | $ | 0.80 | |||||||||||||||||||
Reconciliation of weighted average shares outstanding: | |||||||||||||||||||||||
Weighted average common shares outstanding | 191,869 | 191,724 | |||||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Convertible securities | 2,470 | 1,136 | |||||||||||||||||||||
Share-based payment awards | 70 | 314 | |||||||||||||||||||||
Denominator for FFO per diluted share | 194,409 | 193,174 |
(Amounts in thousands, except per share and per unit amounts) | (Amounts in thousands, except per share and per unit amounts) | 2022 | 2021 | (Amounts in thousands, except per share and per unit amounts) | 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, Balance | Weighted Average Interest Rate | Effect of 1% Change in Base Rates | December 31, Balance | Weighted Average Interest Rate | March 31, Balance | Weighted Average Interest Rate(1) | Effect of 1% Change in Base Rates | |||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated debt: | Consolidated debt: | 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% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate(2) | Fixed rate(2) | $ | 6,144,550 | 3.59% | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable rate(3) | Variable rate(3) | 2,197,665 | 5.57% | 21,977 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 8,458,015 | 3.79% | 23,130 | $ | 8,674,215 | 2.29% | $ | 8,342,215 | 4.11% | $ | 21,977 | |||||||||||||||||||||||||||||||||||||||||||||||
Pro rata share of debt of non-consolidated entities: | Pro rata share of debt of non-consolidated entities: | 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% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate(2) | Fixed rate(2) | $ | 1,447,457 | 3.72% | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable rate(4) | Variable rate(4) | 1,247,201 | 6.33% | 12,472 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 2,718,992 | 4.05% | 12,715 | $ | 2,699,405 | 2.81% | $ | 2,694,658 | 4.93% | $ | 12,472 | |||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of consolidated subsidiaries | Noncontrolling interests' share of consolidated subsidiaries | (6,821) | Noncontrolling interests' share of consolidated subsidiaries | (6,821) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total change in annual net income attributable to the Operating Partnership | Total change in annual net income attributable to the Operating Partnership | 29,024 | Total change in annual net income attributable to the Operating Partnership | 27,628 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests’ share of the Operating Partnership | Noncontrolling interests’ share of the Operating Partnership | (2,008) | Noncontrolling interests’ share of the Operating Partnership | (1,986) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total change in annual net income attributable to Vornado | Total change in annual net income attributable to Vornado | $ | 27,016 | Total change in annual net income attributable to Vornado | $ | 25,642 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total change in annual net income attributable to the Operating Partnership per diluted Class A unit | Total change in annual net income attributable to the Operating Partnership per diluted Class A unit | $ | 0.13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total change in annual net income attributable to Vornado per diluted share | Total change in annual net income attributable to Vornado per diluted share | $ | 0.13 |
(Amounts in thousands) | (Amounts in thousands) | Fair Value Asset (Liability) as of | As of September 30, 2022 | (Amounts in thousands) | As of March 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | December 31, 2021 | Notional Amount | All-In Swapped Rate | Swap Expiration Date | Notional Amount | All-In Swapped Rate | Swap Expiration Date | Fair Value Asset | Fair Value Liability | Fair Value Asset | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps: | Interest rate swaps: | Interest rate swaps: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
555 California Street mortgage loan | $ | 53,160 | $ | 11,814 | $ | 840,000 | (1) | 2.26% | 05/24 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
555 California Street mortgage loan: | 555 California Street mortgage loan: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In-place swap | In-place swap | $ | 840,000 | (1) | 2.26% | 05/24 | $ | 39,859 | $ | — | $ | 49,888 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward swap (effective 05/24) | Forward swap (effective 05/24) | 840,000 | (1) | 5.92% | 05/26 | — | 14,239 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
770 Broadway mortgage loan | 770 Broadway mortgage loan | 32,010 | — | 700,000 | 4.98% | 07/27 | 770 Broadway mortgage loan | 700,000 | 4.98% | 07/27 | 18,448 | — | 29,226 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PENN 11 mortgage loan | PENN 11 mortgage loan | 28,555 | 6,565 | 500,000 | 2.23% | 03/24 | PENN 11 mortgage loan | 500,000 | 2.22% | 03/24 | 20,640 | — | 26,587 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured revolving credit facility | Unsecured revolving credit facility | 26,759 | — | 575,000 | 3.88% | 08/27 | Unsecured revolving credit facility | 575,000 | 3.88% | 08/27 | 15,354 | — | 24,457 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured term loan(2) | Unsecured term loan(2) | 800,000 | 4.05% | (2) | 12,408 | 770 | 21,024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
100 West 33rd Street mortgage loan | 100 West 33rd Street mortgage loan | 8,053 | — | 480,000 | 5.06% | 06/27 | 100 West 33rd Street mortgage loan | 480,000 | 5.06% | 06/27 | 283 | — | 6,886 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
888 Seventh Avenue mortgage loan | 888 Seventh Avenue mortgage loan | 7,231 | — | 200,000 | (3) | 4.66% | 09/27 | 888 Seventh Avenue mortgage loan | 200,000 | (3) | 4.76% | 09/27 | 3,458 | — | 6,544 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 Union Square South mortgage loan | 4 Union Square South mortgage loan | 3,960 | (3,861) | 100,000 | (4) | 3.74% | 01/25 | 4 Union Square South mortgage loan | 99,550 | (4) | 3.74% | 01/25 | 3,153 | — | 4,050 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate caps: | 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 | 1290 Avenue of the Americas mortgage loan | 950,000 | (5) | 11/23 | 5,765 | — | 7,590 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One Park Avenue mortgage loan(6) | One Park Avenue mortgage loan(6) | 525,000 | (6) | 03/25 | 7,718 | — | 5,472 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Various mortgage loans | Various mortgage loans | 1,289 | 139 | Various mortgage loans | 2,122 | — | 2,080 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 129,208 | $ | 15,009 | $ | 183,804 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Included in other assets | $ | 189,891 | $ | 18,929 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Included in other liabilities | $ | — | $ | 32,837 |
Swapped Balance | All-In Swapped Rate | Unswapped Balance (bears interest at S+130) | ||||||||||||||||||
Through 10/23 | $ | 800,000 | 4.05% | $ | — | |||||||||||||||
10/23 through 07/25 | 700,000 | 4.53% | 100,000 | |||||||||||||||||
07/25 through 10/26 | 550,000 | 4.36% | 250,000 | |||||||||||||||||
10/26 through 08/27 | 50,000 | 4.04% | 750,000 |
EXHIBIT INDEX | ||||||||||||||
Exhibit No. | ||||||||||||||
— | Letter regarding Unaudited Interim Financial Information of Vornado Realty Trust | |||||||||||||
— | Letter regarding Unaudited Interim Financial Information of Vornado Realty L.P. | |||||||||||||
— | Rule 13a-14 (a) Certification of the Chief Executive Officer of Vornado Realty Trust | |||||||||||||
— | Rule 13a-14 (a) Certification of the Chief Financial Officer of Vornado Realty Trust | |||||||||||||
— | Rule 13a-14 (a) Certification of the Chief Executive Officer of Vornado Realty L.P. | |||||||||||||
— | Rule 13a-14 (a) Certification of the Chief Financial Officer of Vornado Realty L.P. | |||||||||||||
— | Section 1350 Certification of the Chief Executive Officer of Vornado Realty Trust | |||||||||||||
— | Section 1350 Certification of the Chief Financial Officer of Vornado Realty Trust | |||||||||||||
— | Section 1350 Certification of the Chief Executive Officer of Vornado Realty L.P. | |||||||||||||
— | Section 1350 Certification of the Chief Financial Officer of Vornado Realty L.P. | |||||||||||||
101 | — | The following financial information from Vornado Realty Trust and Vornado Realty L.P. Quarterly Report on Form 10-Q for the quarter ended | ||||||||||||
104 | — | The cover page from the Vornado Realty Trust and Vornado Realty L.P. Quarterly Report on Form 10-Q for the quarter ended | ||||||||||||
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) |