☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended: |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from: | to |
Commission File Number: | 001-11954 | (Vornado Realty Trust) | ||||||
Commission File Number: | 001-34482 | (Vornado Realty L.P.) |
Vornado Realty Trust | Maryland | 22-1657560 | ||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |||||||||||||
Vornado Realty L.P. | Delaware | 13-3925979 | ||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
888 Seventh Avenue, | New York, | New York | 10019 | ||||||||
(Address of principal executive offices) (Zip Code) |
(212) | 894-7000 | ||||
(Registrants’ telephone number, including area code) |
Registrant | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||||||||||
Vornado Realty Trust | Common Shares of beneficial interest, $.04 par value per share | VNO | New York Stock Exchange | |||||||||||||||||
Cumulative Redeemable Preferred Shares of beneficial interest, liquidation preference $25.00 per share: | ||||||||||||||||||||
Vornado Realty Trust | 5.40% Series L | VNO/PL | New York Stock Exchange | |||||||||||||||||
Vornado Realty Trust | 5.25% Series M | VNO/PM | New York Stock Exchange | |||||||||||||||||
Vornado Realty Trust | 5.25% Series N | VNO/PN | New York Stock Exchange | |||||||||||||||||
Vornado Realty Trust | 4.45% Series O | VNO/PO | New York Stock Exchange |
Vornado Realty Trust: | |||||||||||||||||
☑ | Large Accelerated Filer | ☐ | Accelerated Filer | ||||||||||||||
☐ | Non-Accelerated Filer | ☐ | Smaller Reporting Company | ||||||||||||||
☐ | Emerging Growth Company |
Vornado Realty L.P.: | |||||||||||||||||
☐ | Large Accelerated Filer | ☐ | Accelerated Filer | ||||||||||||||
☑ | Non-Accelerated Filer | ☐ | Smaller Reporting Company | ||||||||||||||
☐ | Emerging Growth Company |
PART I. | Financial Information: | Page Number | ||||||||||||
Consolidated Balance Sheets (Unaudited) as of | ||||||||||||||
Consolidated Statements of Income (Unaudited) for the Three and | ||||||||||||||
Consolidated Statements of Comprehensive Income (Unaudited) for the Three and | ||||||||||||||
Consolidated Statements of Changes in Equity (Unaudited) for the Three and | ||||||||||||||
Consolidated Statements of Cash Flows (Unaudited) for the | ||||||||||||||
Consolidated Balance Sheets (Unaudited) as of | ||||||||||||||
Consolidated Statements of Income (Unaudited) for the Three and | ||||||||||||||
Consolidated Statements of Comprehensive Income (Unaudited) for the Three and | ||||||||||||||
Consolidated Statements of Changes in Equity (Unaudited) for the Three and | ||||||||||||||
Consolidated Statements of Cash Flows (Unaudited) for the | ||||||||||||||
Vornado Realty Trust and Vornado Realty L.P.: | ||||||||||||||
PART II. | Other Information: | |||||||||||||
(Amounts in thousands, except unit, share, and per share amounts) | 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 | ||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||
ASSETS | |||||||||||
Real estate, at cost: | |||||||||||
Land | $ | 2,457,589 | $ | 2,451,828 | |||||||
Buildings and improvements | 9,839,556 | 9,804,204 | |||||||||
Development costs and construction in progress | 1,177,290 | 933,334 | |||||||||
Leasehold improvements and equipment | 127,319 | 125,389 | |||||||||
Total | 13,601,754 | 13,314,755 | |||||||||
Less accumulated depreciation and amortization | (3,625,270) | (3,470,991) | |||||||||
Real estate, net | 9,976,484 | 9,843,764 | |||||||||
Right-of-use assets | 685,536 | 684,380 | |||||||||
Cash and cash equivalents | 1,133,693 | 889,689 | |||||||||
Restricted cash | 178,440 | 131,468 | |||||||||
Investments in U.S. Treasury bills | — | 471,962 | |||||||||
Tenant and other receivables | 87,551 | 81,170 | |||||||||
Investments in partially owned entities | 2,641,297 | 2,665,073 | |||||||||
220 Central Park South condominium units ready for sale | 39,098 | 43,599 | |||||||||
Receivable arising from the straight-lining of rents | 693,220 | 694,972 | |||||||||
Deferred leasing costs, net of accumulated amortization of $249,974 and $237,395 | 359,752 | 373,555 | |||||||||
Identified intangible assets, net of accumulated amortization of $103,094 and $98,139 | 134,683 | 139,638 | |||||||||
Other assets | 508,085 | 474,105 | |||||||||
$ | 16,437,839 | $ | 16,493,375 | ||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||||||
Mortgages payable, net | $ | 5,715,138 | $ | 5,829,018 | |||||||
Senior unsecured notes, net | 1,192,853 | 1,191,832 | |||||||||
Unsecured term loan, net | 793,864 | 793,193 | |||||||||
Unsecured revolving credit facilities | 575,000 | 575,000 | |||||||||
Lease liabilities | 744,696 | 735,969 | |||||||||
Accounts payable and accrued expenses | 504,295 | 450,881 | |||||||||
Deferred revenue | 35,884 | 39,882 | |||||||||
Deferred compensation plan | 99,050 | 96,322 | |||||||||
Other liabilities | 302,233 | 268,166 | |||||||||
Total liabilities | 9,963,013 | 9,980,263 | |||||||||
Commitments and contingencies | |||||||||||
Redeemable noncontrolling interests: | |||||||||||
Class A units - 17,024,444 and 14,416,891 units outstanding | 406,741 | 345,157 | |||||||||
Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 | |||||||||
Total redeemable noncontrolling partnership units | 410,276 | 348,692 | |||||||||
Redeemable noncontrolling interest in a consolidated subsidiary | 70,020 | 88,040 | |||||||||
Total redeemable noncontrolling interests | 480,296 | 436,732 | |||||||||
Shareholders' equity: | |||||||||||
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,792,902 shares | 1,182,459 | 1,182,459 | |||||||||
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 190,543,866 and 191,866,880 shares | 7,601 | 7,654 | |||||||||
Additional capital | 8,331,228 | 8,369,228 | |||||||||
Earnings less than distributions | (3,938,202) | (3,894,580) | |||||||||
Accumulated other comprehensive income | 151,771 | 174,967 | |||||||||
Total shareholders' equity | 5,734,857 | 5,839,728 | |||||||||
Noncontrolling interests in consolidated subsidiaries | 259,673 | 236,652 | |||||||||
Total equity | 5,994,530 | 6,076,380 | |||||||||
$ | 16,437,839 | $ | 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 June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
REVENUES: | REVENUES: | REVENUES: | ||||||||||||||||||||||||||||||||||||||||||||
Rental revenues | Rental revenues | $ | 409,144 | $ | 369,203 | $ | 1,211,621 | $ | 1,048,116 | Rental revenues | $ | 418,834 | $ | 405,194 | $ | 815,627 | $ | 802,477 | ||||||||||||||||||||||||||||
Fee and other income | Fee and other income | 48,287 | 40,009 | 141,434 | 120,014 | Fee and other income | 53,525 | 48,300 | 102,655 | 93,147 | ||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 457,431 | 409,212 | 1,353,055 | 1,168,130 | Total revenues | 472,359 | 453,494 | 918,282 | 895,624 | ||||||||||||||||||||||||||||||||||||
EXPENSES: | EXPENSES: | EXPENSES: | ||||||||||||||||||||||||||||||||||||||||||||
Operating | Operating | (221,596) | (212,699) | (660,434) | (594,598) | Operating | (222,723) | (222,309) | (451,496) | (438,838) | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | (134,526) | (100,867) | (370,631) | (285,998) | Depreciation and amortization | (107,162) | (118,662) | (213,727) | (236,105) | ||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | (29,174) | (25,553) | (102,292) | (100,341) | General and administrative | (39,410) | (31,902) | (81,005) | (73,118) | ||||||||||||||||||||||||||||||||||||
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 | (2,182) | 7,594 | (5,910) | 9,538 | |||||||||||||||||||||||||||||||||||||||||
Transaction related costs and other | Transaction related costs and other | (996) | (9,681) | (4,961) | (10,630) | Transaction related costs and other | (30) | (2,960) | (688) | (3,965) | ||||||||||||||||||||||||||||||||||||
Total expenses | Total expenses | (385,692) | (349,599) | (1,128,180) | (998,989) | Total expenses | (371,507) | (368,239) | (752,826) | (742,488) | ||||||||||||||||||||||||||||||||||||
Income from partially owned entities | Income from partially owned entities | 24,341 | 26,269 | 83,775 | 86,768 | Income from partially owned entities | 37,272 | 25,720 | 53,938 | 59,434 | ||||||||||||||||||||||||||||||||||||
(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 | (102) | (142) | (121) | 5,532 | ||||||||||||||||||||||||||||||||||||
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 | 13,255 | 3,036 | 22,858 | 4,054 | ||||||||||||||||||||||||||||||||||||
(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 | 2,182 | (7,594) | 5,910 | (9,538) | |||||||||||||||||||||||||||||||||||||||||
Interest and debt expense | Interest and debt expense | (76,774) | (50,946) | (191,523) | (152,904) | Interest and debt expense | (87,165) | (62,640) | (173,402) | (114,749) | ||||||||||||||||||||||||||||||||||||
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 | 936 | 28,832 | 8,456 | 35,384 | ||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 23,823 | 46,389 | 157,076 | 155,039 | Income before income taxes | 67,230 | 72,467 | 83,095 | 133,253 | ||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | (3,711) | 25,376 | (14,686) | 20,551 | ||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | (4,497) | (3,564) | (9,164) | (10,975) | |||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 20,112 | 71,765 | 142,390 | 175,590 | Net income | 62,733 | 68,903 | 73,931 | 122,278 | ||||||||||||||||||||||||||||||||||||
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 | 2,781 | 826 | 12,709 | (8,548) | ||||||||||||||||||||||||||||||||||||
Operating Partnership | Operating Partnership | (606) | (2,818) | (6,382) | (6,683) | Operating Partnership | (3,608) | (3,782) | (4,037) | (5,776) | ||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | Net income attributable to Vornado | 23,298 | 63,522 | 131,252 | 148,584 | Net income attributable to Vornado | 61,906 | 65,947 | 82,603 | 107,954 | ||||||||||||||||||||||||||||||||||||
Preferred share dividends | Preferred share dividends | (15,529) | (16,800) | (46,587) | (49,734) | Preferred share dividends | (15,529) | (15,529) | (31,058) | (31,058) | ||||||||||||||||||||||||||||||||||||
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 | $ | 46,377 | $ | 50,418 | $ | 51,545 | $ | 76,896 | ||||||||||||||||||||||||||||
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 | $ | 0.24 | $ | 0.26 | $ | 0.27 | $ | 0.40 | ||||||||||||||||||||||||||||
Weighted average shares outstanding | Weighted average shares outstanding | 191,793 | 191,577 | 191,756 | 191,508 | Weighted average shares outstanding | 191,468 | 191,750 | 191,668 | 191,737 | ||||||||||||||||||||||||||||||||||||
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 | $ | 0.24 | $ | 0.26 | $ | 0.27 | $ | 0.40 | ||||||||||||||||||||||||||||
Weighted average shares outstanding | Weighted average shares outstanding | 192,018 | 192,041 | 192,042 | 192,151 | Weighted average shares outstanding | 194,804 | 192,039 | 194,364 | 192,047 |
(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 June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 20,112 | $ | 71,765 | $ | 142,390 | $ | 175,590 | Net income | $ | 62,733 | $ | 68,903 | $ | 73,931 | $ | 122,278 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss): | Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of consolidated interest rate swaps and other | Change in fair value of consolidated interest rate swaps and other | 61,657 | 18,380 | (19,879) | 83,619 | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) of nonconsolidated subsidiaries | Other comprehensive income (loss) of nonconsolidated subsidiaries | 185 | 4,755 | (3,144) | 13,960 | |||||||||||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | 142,455 | 78,449 | 362,312 | 207,526 | Comprehensive income | 124,575 | 92,038 | 50,908 | 219,857 | ||||||||||||||||||||||||||||||||||||
Less comprehensive income attributable to noncontrolling interests | (7,279) | (8,669) | (28,348) | (29,022) | ||||||||||||||||||||||||||||||||||||||||||
Less comprehensive (income) loss attributable to noncontrolling interests | Less comprehensive (income) loss attributable to noncontrolling interests | (4,751) | (4,567) | 11,087 | (21,069) | |||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to Vornado | Comprehensive income attributable to Vornado | $ | 135,176 | $ | 69,780 | $ | 333,964 | $ | 178,504 | Comprehensive income attributable to Vornado | $ | 119,824 | $ | 87,471 | $ | 61,995 | $ | 198,788 |
(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 June 30, 2023: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | — | — | — | — | — | 61,906 | — | — | 61,906 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 5,995 | 5,995 | |||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | 385 | 16 | 5,355 | — | — | — | 5,371 | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | 16,200 | 16,200 | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (3,000) | (3,000) | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | — | — | 85 | (6) | — | — | 79 | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common shares | — | — | (1,722) | (69) | — | (23,181) | — | — | (23,250) | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 185 | — | 185 | |||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of consolidated interest rate swaps and other | — | — | — | — | — | — | 61,657 | — | 61,657 | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | — | (41,561) | — | (1,709) | — | (43,270) | |||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of other comprehensive income | — | — | — | — | — | — | (3,924) | (548) | (4,472) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2023 | 48,793 | $ | 1,182,459 | 190,544 | $ | 7,601 | $ | 8,331,228 | $ | (3,938,202) | $ | 151,771 | $ | 259,673 | $ | 5,994,530 |
(Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | Accumulated Other Comprehensive Loss | Non-controlling Interests in Consolidated Subsidiaries | (Amounts in thousands, except per share amounts) | Accumulated Other Comprehensive Income | Non-controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Total Equity | Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Non-controlling Interests in Consolidated Subsidiaries | Shares | Amount | Shares | Amount | Non-controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2022: | For the Three Months Ended June 30, 2022: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | Net income attributable to Vornado | — | — | — | — | — | 63,522 | — | — | 63,522 | Net income attributable to Vornado | — | — | — | — | — | 65,947 | — | — | 65,947 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 4,299 | 4,299 | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 2,590 | 2,590 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.53 per share) | Dividends on common shares ($0.53 per share) | — | — | — | — | — | (101,527) | — | — | (101,527) | Dividends on common shares ($0.53 per share) | — | — | — | — | — | (101,624) | — | — | (101,624) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | 114 | 5 | 4,744 | — | — | — | 4,749 | Upon redemption of Class A units, at redemption value | — | — | 26 | 1 | 859 | — | — | — | 860 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | Under dividend reinvestment plan | — | — | 6 | 1 | 223 | — | — | — | 224 | Under dividend reinvestment plan | — | — | 7 | — | 222 | — | — | — | 222 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | Contributions | — | — | — | — | — | — | — | 1,110 | 1,110 | Contributions | — | — | — | — | — | — | — | 3,772 | 3,772 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | — | (5,877) | (5,877) | Distributions | — | — | — | — | — | — | — | (5,467) | (5,467) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred shares to common shares | — | (13) | 1 | — | 13 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | Deferred compensation shares and options | — | — | (1) | — | 226 | — | — | — | 226 | Deferred compensation shares and options | — | — | — | — | 146 | — | — | — | 146 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 1,322 | — | 1,322 | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 4,755 | — | 4,755 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps | — | — | — | — | — | — | 5,360 | — | 5,360 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of consolidated interest rate swaps and other | Change in fair value of consolidated interest rate swaps and other | — | — | — | — | — | — | 18,380 | — | 18,380 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | — | 64,100 | — | — | — | 64,100 | Redeemable Class A unit measurement adjustment | — | — | — | — | 240,413 | — | — | — | 240,413 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of other comprehensive income | Noncontrolling interests' share of other comprehensive income | — | — | — | — | — | — | (1,611) | — | (1,611) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | (7) | — | (1) | (2) | — | 2 | 39 | 31 | Other | — | — | (1) | — | (2) | 4 | — | (13) | (11) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 June 30, 2022 | Balance as of June 30, 2022 | 48,793 | $ | 1,182,459 | 191,775 | $ | 7,650 | $ | 8,339,161 | $ | (3,205,751) | $ | 73,300 | $ | 253,994 | $ | 6,650,813 |
(Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | Non-controlling Interests in Consolidated Subsidiaries | (Amounts in thousands, except per share amounts) | Non-controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Non-controlling Interests in Consolidated Subsidiaries | Total Equity | Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Non-controlling Interests in Consolidated Subsidiaries | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2023: | For the Six Months Ended June 30, 2023: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | 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 | Net income attributable to Vornado | — | — | — | — | — | 131,252 | — | — | 131,252 | Net income attributable to Vornado | — | — | — | — | — | 82,603 | — | — | 82,603 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 13,236 | 13,236 | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 5,311 | 5,311 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.375 per share) | Dividends on common shares ($0.375 per share) | — | — | — | — | — | (71,950) | — | — | (71,950) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 11 for dividends per share amounts) | Dividends on preferred shares (see Note 11 for dividends per share amounts) | — | — | — | — | — | (31,058) | — | — | (31,058) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | 76 | 3 | 2,566 | — | — | — | 2,569 | Upon redemption of Class A units, at redemption value | — | — | 394 | 16 | 5,542 | — | — | — | 5,558 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under employees' share option plan | — | — | — | — | 7 | — | — | — | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | Under dividend reinvestment plan | — | — | 19 | — | 655 | — | — | — | 655 | Under dividend reinvestment plan | — | — | 6 | — | 146 | — | — | — | 146 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | Contributions | — | — | — | — | — | — | — | 4,903 | 4,903 | Contributions | — | — | — | — | — | — | — | 22,328 | 22,328 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | — | (45,976) | (45,976) | Distributions | — | — | — | — | — | — | — | (3,811) | (3,811) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | Deferred compensation shares and options | — | — | (2) | — | 447 | (85) | — | — | 362 | Deferred compensation shares and options | — | — | (1) | — | 169 | (36) | — | — | 133 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 19,084 | — | 19,084 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | — | — | — | — | — | — | 200,838 | — | 200,838 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common shares | Repurchase of common shares | — | — | (1,722) | (69) | — | (23,181) | — | — | (23,250) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss of nonconsolidated subsidiaries | Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | — | (3,144) | — | (3,144) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of consolidated interest rate swaps and other | Change in fair value of consolidated interest rate swaps and other | — | — | — | — | — | — | (19,879) | — | (19,879) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unearned 2020 Out-Performance Plan and 2019 Performance AO LTIP awards | Unearned 2020 Out-Performance Plan and 2019 Performance AO LTIP awards | — | — | — | — | 20,668 | — | — | — | 20,668 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | — | 215,619 | — | — | — | 215,619 | Redeemable Class A unit measurement adjustment | — | — | — | — | (64,525) | — | (2,588) | — | (67,113) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of other comprehensive loss (income) | Noncontrolling interests' share of other comprehensive loss (income) | — | — | — | — | — | — | 2,415 | (807) | 1,608 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2023 | Balance as of June 30, 2023 | 48,793 | $ | 1,182,459 | 190,544 | $ | 7,601 | $ | 8,331,228 | $ | (3,938,202) | $ | 151,771 | $ | 259,673 | $ | 5,994,530 |
(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 Six Months Ended June 30, 2022: | For the Six Months Ended June 30, 2022: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | Balance as of December 31, 2021 | 48,793 | $ | 1,182,459 | 191,724 | $ | 7,648 | $ | 8,143,093 | $ | (3,079,320) | $ | (17,534) | $ | 278,892 | $ | 6,515,238 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | Net income attributable to Vornado | — | — | — | — | — | 148,584 | — | — | 148,584 | Net income attributable to Vornado | — | — | — | — | — | 107,954 | — | — | 107,954 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | — | — | — | — | 12,269 | 12,269 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 ($1.06 per share) | Dividends on common shares ($1.06 per share) | — | — | — | — | — | (203,240) | — | — | (203,240) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 11 for dividends per share amounts) | Dividends on preferred shares (see Note 11 for dividends per share amounts) | — | — | — | — | — | (31,058) | — | — | (31,058) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | 42 | 2 | 1,575 | — | — | — | 1,577 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | 12 | — | 434 | — | — | — | 434 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | Contributions | — | — | — | — | — | — | — | 2,657 | 2,657 | Contributions | — | — | — | — | — | — | — | 4,253 | 4,253 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | — | (150,934) | (150,934) | Distributions | — | — | — | — | — | — | — | (41,428) | (41,428) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) | — | 292 | (85) | — | — | 207 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 6,381 | — | 6,381 | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 13,960 | — | 13,960 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | — | — | — | 83,619 | — | 83,619 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | — | (78,848) | — | — | — | (78,848) | Redeemable Class A unit measurement adjustment | — | — | — | — | 193,762 | — | — | — | 193,762 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | — | — | — | (6,745) | — | (6,745) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | (55) | — | (1) | (1) | (4) | 2 | 37 | (22) | Other | — | — | (1) | — | (2) | (2) | — | 8 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 June 30, 2022 | Balance as of June 30, 2022 | 48,793 | $ | 1,182,459 | 191,775 | $ | 7,650 | $ | 8,339,161 | $ | (3,205,751) | $ | 73,300 | $ | 253,994 | $ | 6,650,813 |
(Amounts in thousands) | (Amounts in thousands) | For the Nine Months Ended September 30, | (Amounts in thousands) | For the Six Months Ended June 30, | ||||||||||||||||||
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 | $ | 73,931 | $ | 122,278 | ||||||||||||
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) | 225,694 | 246,532 | ||||||||||||||||
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 | 88,902 | 95,494 | ||||||||||||||||
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 | (53,938) | (59,434) | ||||||||||||||||
Straight-lining of rents | (45,835) | 11,651 | ||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 23,582 | 19,001 | |||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | Net gains on disposition of wholly owned and partially owned assets | (35,384) | (35,811) | Net gains on disposition of wholly owned and partially owned assets | (8,456) | (35,384) | ||||||||||||||||
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 | 5,600 | 6,457 | ||||||||||||||||
Amortization of below-market leases, net | Amortization of below-market leases, net | (3,788) | (7,939) | Amortization of below-market leases, net | (2,727) | (2,404) | ||||||||||||||||
Net realized and unrealized loss on real estate fund investments | 1,128 | 789 | ||||||||||||||||||||
Straight-lining of rents | Straight-lining of rents | (694) | (36,679) | |||||||||||||||||||
Net realized and unrealized income on real estate fund investments | Net realized and unrealized income on real estate fund investments | — | 1,128 | |||||||||||||||||||
Write-off of lease receivables deemed uncollectible | Write-off of lease receivables deemed uncollectible | 782 | 7,219 | Write-off of lease receivables deemed uncollectible | — | 501 | ||||||||||||||||
Real estate impairment losses | — | 7,880 | ||||||||||||||||||||
Other non-cash adjustments | Other non-cash adjustments | 2,560 | (5,046) | Other non-cash adjustments | 7,079 | 1,929 | ||||||||||||||||
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 | (6,380) | 2,388 | ||||||||||||||||
Prepaid assets | Prepaid assets | 33,995 | (44,731) | Prepaid assets | (18,433) | 94,235 | ||||||||||||||||
Other assets | Other assets | (22,706) | (77,508) | Other assets | 10,696 | (13,455) | ||||||||||||||||
Lease liabilities | Lease liabilities | 8,727 | 7,330 | |||||||||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses | 6,649 | 43,067 | Accounts payable and accrued expenses | (2,651) | (15,283) | ||||||||||||||||
Other liabilities | Other liabilities | 8,605 | (3,911) | Other liabilities | 23,809 | (4,009) | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 559,827 | 478,103 | Net cash provided by operating activities | 374,741 | 430,625 | ||||||||||||||||
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 | 468,598 | 299,668 | |||||||||||||||||||
Development costs and construction in progress | Development costs and construction in progress | (557,884) | (444,645) | Development costs and construction in progress | (289,792) | (418,748) | ||||||||||||||||
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 | (100,126) | (70,046) | ||||||||||||||||
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 | Investments in partially owned entities | (15,046) | (12,366) | Investments in partially owned entities | (37,222) | (11,091) | ||||||||||||||||
Acquisitions of real estate and other | Acquisitions of real estate and other | (2,000) | (3,000) | Acquisitions of real estate and other | (33,145) | (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) | ||||||||||||||||||||
Distributions of capital from partially owned entities | Distributions of capital from partially owned entities | 18,481 | 10,066 | |||||||||||||||||||
Proceeds from sale of condominium units at 220 Central Park South | Proceeds from sale of condominium units at 220 Central Park South | 14,216 | 16,124 | |||||||||||||||||||
Proceeds from sales of real estate | Proceeds from sales of real estate | 6,363 | 253,958 | |||||||||||||||||||
Purchase of U.S. Treasury bills | Purchase of U.S. Treasury bills | — | (794,793) | |||||||||||||||||||
Net cash provided by (used in) investing activities | Net cash provided by (used in) investing activities | 152,373 | (715,862) |
(Amounts in thousands) | (Amounts in thousands) | For the Nine Months Ended September 30, | (Amounts in thousands) | For the Six Months Ended June 30, | ||||||||||||||||||
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 | $ | (115,800) | $ | (1,240,573) | ||||||||||||
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) | (203,240) | ||||||||||||||||
Dividends paid on preferred shares | Dividends paid on preferred shares | (31,058) | (31,058) | |||||||||||||||||||
Repurchase of common shares | Repurchase of common shares | (23,250) | — | |||||||||||||||||||
Contributions from noncontrolling interests | Contributions from noncontrolling interests | 18,328 | 4,253 | |||||||||||||||||||
Distributions to noncontrolling interests | Distributions to noncontrolling interests | (68,716) | (173,356) | Distributions to noncontrolling interests | (9,440) | (56,589) | ||||||||||||||||
Dividends paid on preferred shares | (46,587) | (49,400) | ||||||||||||||||||||
Debt issuance costs | (32,473) | (33,935) | ||||||||||||||||||||
Contributions from noncontrolling interests | 4,903 | 2,657 | ||||||||||||||||||||
Deferred financing costs | Deferred financing costs | (3,078) | (31,718) | |||||||||||||||||||
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 | 441 | ||||||||||||||||
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 | (36) | (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 | ||||||||||||||||||||
Proceeds from borrowings | Proceeds from borrowings | — | 1,029,773 | |||||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (236,138) | (528,796) | |||||||||||||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | Net increase (decrease) in cash and cash equivalents and restricted cash | 290,976 | (814,033) | |||||||||||||||||||
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 | $ | 1,312,133 | $ | 1,116,318 | ||||||||||||
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 | $ | 1,133,693 | $ | 988,398 | ||||||||||||
Restricted cash at end of period | Restricted cash at end of period | 131,625 | 139,233 | Restricted cash at end of period | 178,440 | 127,920 | ||||||||||||||||
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 | $ | 1,312,133 | $ | 1,116,318 | ||||||||||||
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 | $ | 164,356 | $ | 107,367 | |||||||||||||||||
Cash payments for income taxes | Cash payments for income taxes | $ | 6,919 | $ | 8,426 | Cash payments for income taxes | $ | 4,746 | $ | 5,064 | ||||||||||||
Non-Cash Investing and Financing Activities: | ||||||||||||||||||||||
Non-Cash Information: | Non-Cash Information: | |||||||||||||||||||||
Reclassification of assets held for sale (included in "other assets") | Reclassification of assets held for sale (included in "other assets") | $ | 96,106 | $ | — | |||||||||||||||||
Accrued capital expenditures included in accounts payable and accrued expenses | Accrued capital expenditures included in accounts payable and accrued expenses | 74,852 | 86,639 | |||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | (67,113) | 193,762 | |||||||||||||||||||
Accrual of 1290 Avenue of the Americas 1.00% SOFR interest rate cap up-front payment (30% attributable to noncontrolling interests) (paid on July 3, 2023) | Accrual of 1290 Avenue of the Americas 1.00% SOFR interest rate cap up-front payment (30% attributable to noncontrolling interests) (paid on July 3, 2023) | 63,100 | — | |||||||||||||||||||
Write-off of fully depreciated assets | Write-off of fully depreciated assets | (26,443) | (31,996) | |||||||||||||||||||
Change in fair value of consolidated interest rate swaps and other | Change in fair value of consolidated interest rate swaps and other | (19,879) | 83,619 | |||||||||||||||||||
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) | (Amounts in thousands, except unit amounts) | As of | (Amounts in thousands, except unit amounts) | As of | ||||||||||||||||||
September 30, 2022 | December 31, 2021 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||
Real estate, at cost: | Real estate, at cost: | Real estate, at cost: | ||||||||||||||||||||
Land | Land | $ | 2,477,956 | $ | 2,540,193 | Land | $ | 2,457,589 | $ | 2,451,828 | ||||||||||||
Buildings and improvements | Buildings and improvements | 10,015,452 | 9,839,166 | Buildings and improvements | 9,839,556 | 9,804,204 | ||||||||||||||||
Development costs and construction in progress | Development costs and construction in progress | 802,272 | 718,694 | Development costs and construction in progress | 1,177,290 | 933,334 | ||||||||||||||||
Leasehold improvements and equipment | Leasehold improvements and equipment | 122,948 | 119,792 | Leasehold improvements and equipment | 127,319 | 125,389 | ||||||||||||||||
Total | Total | 13,418,628 | 13,217,845 | Total | 13,601,754 | 13,314,755 | ||||||||||||||||
Less accumulated depreciation and amortization | Less accumulated depreciation and amortization | (3,606,986) | (3,376,347) | Less accumulated depreciation and amortization | (3,625,270) | (3,470,991) | ||||||||||||||||
Real estate, net | Real estate, net | 9,811,642 | 9,841,498 | Real estate, net | 9,976,484 | 9,843,764 | ||||||||||||||||
Right-of-use assets | Right-of-use assets | 685,298 | 337,197 | Right-of-use assets | 685,536 | 684,380 | ||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 845,423 | 1,760,225 | Cash and cash equivalents | 1,133,693 | 889,689 | ||||||||||||||||
Restricted cash | Restricted cash | 131,625 | 170,126 | Restricted cash | 178,440 | 131,468 | ||||||||||||||||
Investments in U.S. Treasury bills | Investments in U.S. Treasury bills | 445,165 | — | Investments in U.S. Treasury bills | — | 471,962 | ||||||||||||||||
Tenant and other receivables | Tenant and other receivables | 81,004 | 79,661 | Tenant and other receivables | 87,551 | 81,170 | ||||||||||||||||
Investments in partially owned entities | Investments in partially owned entities | 3,250,197 | 3,297,389 | Investments in partially owned entities | 2,641,297 | 2,665,073 | ||||||||||||||||
Real estate fund investments | 930 | 7,730 | ||||||||||||||||||||
220 Central Park South condominium units ready for sale | 220 Central Park South condominium units ready for sale | 78,590 | 57,142 | 220 Central Park South condominium units ready for sale | 39,098 | 43,599 | ||||||||||||||||
Receivable arising from the straight-lining of rents | Receivable arising from the straight-lining of rents | 692,733 | 656,318 | Receivable arising from the straight-lining of rents | 693,220 | 694,972 | ||||||||||||||||
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 | ||||||||||||||||||||
Deferred leasing costs, net of accumulated amortization of $249,974 and $237,395 | Deferred leasing costs, net of accumulated amortization of $249,974 and $237,395 | 359,752 | 373,555 | |||||||||||||||||||
Identified intangible assets, net of accumulated amortization of $103,094 and $98,139 | Identified intangible assets, net of accumulated amortization of $103,094 and $98,139 | 134,683 | 139,638 | |||||||||||||||||||
Other assets | Other assets | 630,730 | 512,714 | Other assets | 508,085 | 474,105 | ||||||||||||||||
$ | 17,175,674 | $ | 17,266,588 | $ | 16,437,839 | $ | 16,493,375 | |||||||||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||||||||||||||||||||
Mortgages payable, net | Mortgages payable, net | $ | 5,831,769 | $ | 6,053,343 | Mortgages payable, net | $ | 5,715,138 | $ | 5,829,018 | ||||||||||||
Senior unsecured notes, net | Senior unsecured notes, net | 1,191,322 | 1,189,792 | Senior unsecured notes, net | 1,192,853 | 1,191,832 | ||||||||||||||||
Unsecured term loan, net | Unsecured term loan, net | 792,847 | 797,812 | Unsecured term loan, net | 793,864 | 793,193 | ||||||||||||||||
Unsecured revolving credit facilities | Unsecured revolving credit facilities | 575,000 | 575,000 | Unsecured revolving credit facilities | 575,000 | 575,000 | ||||||||||||||||
Lease liabilities | Lease liabilities | 731,674 | 370,206 | Lease liabilities | 744,696 | 735,969 | ||||||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses | 475,151 | 613,497 | Accounts payable and accrued expenses | 504,295 | 450,881 | ||||||||||||||||
Deferred revenue | Deferred revenue | 41,879 | 48,118 | Deferred revenue | 35,884 | 39,882 | ||||||||||||||||
Deferred compensation plan | Deferred compensation plan | 95,681 | 110,174 | Deferred compensation plan | 99,050 | 96,322 | ||||||||||||||||
Other liabilities | Other liabilities | 265,775 | 304,725 | Other liabilities | 302,233 | 268,166 | ||||||||||||||||
Total liabilities | Total liabilities | 10,001,098 | 10,062,667 | Total liabilities | 9,963,013 | 9,980,263 | ||||||||||||||||
Commitments and contingencies | Commitments and contingencies | Commitments and contingencies | ||||||||||||||||||||
Redeemable noncontrolling interests: | Redeemable noncontrolling interests: | Redeemable noncontrolling interests: | ||||||||||||||||||||
Class A units - 14,253,759 and 14,033,438 units outstanding | 390,539 | 587,440 | ||||||||||||||||||||
Class A units - 17,024,444 and 14,416,891 units outstanding | Class A units - 17,024,444 and 14,416,891 units outstanding | 406,741 | 345,157 | |||||||||||||||||||
Series D cumulative redeemable preferred units - 141,400 units outstanding | Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 | Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 | ||||||||||||||||
Total redeemable noncontrolling partnership units | Total redeemable noncontrolling partnership units | 394,074 | 590,975 | Total redeemable noncontrolling partnership units | 410,276 | 348,692 | ||||||||||||||||
Redeemable noncontrolling interest in a consolidated subsidiary | Redeemable noncontrolling interest in a consolidated subsidiary | 89,228 | 97,708 | Redeemable noncontrolling interest in a consolidated subsidiary | 70,020 | 88,040 | ||||||||||||||||
Total redeemable noncontrolling interests | Total redeemable noncontrolling interests | 483,302 | 688,683 | Total redeemable noncontrolling interests | 480,296 | 436,732 | ||||||||||||||||
Partners' equity: | Partners' equity: | Partners' equity: | ||||||||||||||||||||
Partners' capital | Partners' capital | 9,552,498 | 9,333,200 | Partners' capital | 9,521,288 | 9,559,341 | ||||||||||||||||
Earnings less than distributions | Earnings less than distributions | (3,299,630) | (3,079,320) | Earnings less than distributions | (3,938,202) | (3,894,580) | ||||||||||||||||
Accumulated other comprehensive income (loss) | 185,178 | (17,534) | ||||||||||||||||||||
Accumulated other comprehensive income | Accumulated other comprehensive income | 151,771 | 174,967 | |||||||||||||||||||
Total partners' equity | Total partners' equity | 6,438,046 | 6,236,346 | Total partners' equity | 5,734,857 | 5,839,728 | ||||||||||||||||
Noncontrolling interests in consolidated subsidiaries | Noncontrolling interests in consolidated subsidiaries | 253,228 | 278,892 | Noncontrolling interests in consolidated subsidiaries | 259,673 | 236,652 | ||||||||||||||||
Total equity | Total equity | 6,691,274 | 6,515,238 | Total equity | 5,994,530 | 6,076,380 | ||||||||||||||||
$ | 17,175,674 | $ | 17,266,588 | $ | 16,437,839 | $ | 16,493,375 |
(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 June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
REVENUES: | REVENUES: | REVENUES: | ||||||||||||||||||||||||||||||||||||||||||||
Rental revenues | Rental revenues | $ | 409,144 | $ | 369,203 | $ | 1,211,621 | $ | 1,048,116 | Rental revenues | $ | 418,834 | $ | 405,194 | $ | 815,627 | $ | 802,477 | ||||||||||||||||||||||||||||
Fee and other income | Fee and other income | 48,287 | 40,009 | 141,434 | 120,014 | Fee and other income | 53,525 | 48,300 | 102,655 | 93,147 | ||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 457,431 | 409,212 | 1,353,055 | 1,168,130 | Total revenues | 472,359 | 453,494 | 918,282 | 895,624 | ||||||||||||||||||||||||||||||||||||
EXPENSES: | EXPENSES: | EXPENSES: | ||||||||||||||||||||||||||||||||||||||||||||
Operating | Operating | (221,596) | (212,699) | (660,434) | (594,598) | Operating | (222,723) | (222,309) | (451,496) | (438,838) | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | (134,526) | (100,867) | (370,631) | (285,998) | Depreciation and amortization | (107,162) | (118,662) | (213,727) | (236,105) | ||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | (29,174) | (25,553) | (102,292) | (100,341) | General and administrative | (39,410) | (31,902) | (81,005) | (73,118) | ||||||||||||||||||||||||||||||||||||
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 | (2,182) | 7,594 | (5,910) | 9,538 | |||||||||||||||||||||||||||||||||||||||||
Transaction related costs and other | Transaction related costs and other | (996) | (9,681) | (4,961) | (10,630) | Transaction related costs and other | (30) | (2,960) | (688) | (3,965) | ||||||||||||||||||||||||||||||||||||
Total expenses | Total expenses | (385,692) | (349,599) | (1,128,180) | (998,989) | Total expenses | (371,507) | (368,239) | (752,826) | (742,488) | ||||||||||||||||||||||||||||||||||||
Income from partially owned entities | Income from partially owned entities | 24,341 | 26,269 | 83,775 | 86,768 | Income from partially owned entities | 37,272 | 25,720 | 53,938 | 59,434 | ||||||||||||||||||||||||||||||||||||
(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 | (102) | (142) | (121) | 5,532 | ||||||||||||||||||||||||||||||||||||
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 | 13,255 | 3,036 | 22,858 | 4,054 | ||||||||||||||||||||||||||||||||||||
(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 | 2,182 | (7,594) | 5,910 | (9,538) | |||||||||||||||||||||||||||||||||||||||||
Interest and debt expense | Interest and debt expense | (76,774) | (50,946) | (191,523) | (152,904) | Interest and debt expense | (87,165) | (62,640) | (173,402) | (114,749) | ||||||||||||||||||||||||||||||||||||
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 | 936 | 28,832 | 8,456 | 35,384 | ||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 23,823 | 46,389 | 157,076 | 155,039 | Income before income taxes | 67,230 | 72,467 | 83,095 | 133,253 | ||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | (3,711) | 25,376 | (14,686) | 20,551 | ||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | (4,497) | (3,564) | (9,164) | (10,975) | |||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 20,112 | 71,765 | 142,390 | 175,590 | Net income | 62,733 | 68,903 | 73,931 | 122,278 | ||||||||||||||||||||||||||||||||||||
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries | Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 3,792 | (5,425) | (4,756) | (20,323) | Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 2,781 | 826 | 12,709 | (8,548) | ||||||||||||||||||||||||||||||||||||
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. | 65,514 | 69,729 | 86,640 | 113,730 | ||||||||||||||||||||||||||||||||||||
Preferred unit distributions | Preferred unit distributions | (15,558) | (16,842) | (46,673) | (49,858) | Preferred unit distributions | (15,557) | (15,557) | (31,115) | (31,115) | ||||||||||||||||||||||||||||||||||||
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 | $ | 49,957 | $ | 54,172 | $ | 55,525 | $ | 82,615 | ||||||||||||||||||||||||||||
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 | $ | 0.24 | $ | 0.26 | $ | 0.27 | $ | 0.40 | ||||||||||||||||||||||||||||
Weighted average units outstanding | Weighted average units outstanding | 205,410 | 204,864 | 205,271 | 204,663 | Weighted average units outstanding | 205,411 | 205,259 | 205,606 | 205,200 | ||||||||||||||||||||||||||||||||||||
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 | $ | 0.24 | $ | 0.26 | $ | 0.27 | $ | 0.39 | ||||||||||||||||||||||||||||
Weighted average units outstanding | Weighted average units outstanding | 205,912 | 205,703 | 205,924 | 205,616 | Weighted average units outstanding | 208,747 | 205,930 | 208,302 | 205,922 |
(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 June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 20,112 | $ | 71,765 | $ | 142,390 | $ | 175,590 | Net income | $ | 62,733 | $ | 68,903 | $ | 73,931 | $ | 122,278 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss): | Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of consolidated interest rate swaps and other | Change in fair value of consolidated interest rate swaps and other | 61,657 | 18,380 | (19,879) | 83,619 | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) of nonconsolidated subsidiaries | Other comprehensive income (loss) of nonconsolidated subsidiaries | 185 | 4,755 | (3,144) | 13,960 | |||||||||||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | 142,455 | 78,449 | 362,312 | 207,526 | Comprehensive income | 124,575 | 92,038 | 50,908 | 219,857 | ||||||||||||||||||||||||||||||||||||
Less comprehensive loss (income) attributable to noncontrolling interests in consolidated subsidiaries | Less comprehensive loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 1,626 | (5,425) | (6,922) | (20,323) | Less comprehensive loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 3,329 | 826 | 13,516 | (8,548) | ||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to Vornado Realty L.P. | Comprehensive income attributable to Vornado Realty L.P. | $ | 144,081 | $ | 73,024 | $ | 355,390 | $ | 187,203 | Comprehensive income attributable to Vornado Realty L.P. | $ | 127,904 | $ | 92,864 | $ | 64,424 | $ | 211,309 |
(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 Income | Non-controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2023: | ||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | — | — | — | — | 65,514 | — | — | 65,514 | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | — | — | — | — | (3,608) | — | — | (3,608) | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 5,995 | 5,995 | ||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 11 for distributions per unit amounts) | — | — | — | — | (15,529) | — | — | (15,529) | ||||||||||||||||||||||||||||||||||||||||||
Class A units redeemed for common shares | — | — | 385 | 5,371 | — | — | — | 5,371 | ||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 16,200 | 16,200 | ||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (3,000) | (3,000) | ||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | — | 85 | (6) | — | — | 79 | ||||||||||||||||||||||||||||||||||||||||||
Repurchase of Class A units owned by Vornado | — | — | (1,722) | (69) | (23,181) | — | — | (23,250) | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 185 | — | 185 | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value of consolidated interest rate swaps and other | — | — | — | — | — | 61,657 | — | 61,657 | ||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | (41,561) | — | (1,709) | — | (43,270) | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of other comprehensive income | — | — | — | — | — | (3,924) | (548) | (4,472) | ||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2023 | 48,793 | $ | 1,182,459 | 190,544 | $ | 8,338,829 | $ | (3,938,202) | $ | 151,771 | $ | 259,673 | $ | 5,994,530 |
(Amounts in thousands, except per unit amounts) | (Amounts in thousands, except per unit amounts) | Accumulated Other Comprehensive Loss | Non-controlling Interests in Consolidated Subsidiaries | (Amounts in thousands, except per unit amounts) | Accumulated Other Comprehensive Income | Non-controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Total Equity | Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | Non-controlling Interests in Consolidated Subsidiaries | Units | Amount | Units | Amount | Non-controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2022: | For the Three Months Ended June 30, 2022: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | Balance as of March 31, 2022 | 48,793 | $ | 1,182,459 | 191,743 | $ | 8,105,172 | $ | (3,154,549) | $ | 51,776 | $ | 253,112 | $ | 6,437,970 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | Net income attributable to Vornado Realty L.P. | — | — | — | — | 66,340 | — | — | 66,340 | Net income attributable to Vornado Realty L.P. | — | — | — | — | 69,729 | — | — | 69,729 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | Net income attributable to redeemable partnership units | — | — | — | — | (2,818) | — | — | (2,818) | Net income attributable to redeemable partnership units | — | — | — | — | (3,782) | — | — | (3,782) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 4,299 | 4,299 | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 2,590 | 2,590 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($0.53 per unit) | Distributions to Vornado ($0.53 per unit) | — | — | — | — | (101,527) | — | — | (101,527) | Distributions to Vornado ($0.53 per unit) | — | — | — | — | (101,624) | — | — | (101,624) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 11 for distributions per unit amounts) | Distributions to preferred unitholders (see Note 11 for distributions per unit amounts) | — | — | — | — | (15,529) | — | — | (15,529) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A units issued to Vornado: | Class A units issued to Vornado: | Class A units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | Upon redemption of redeemable Class A units, at redemption value | — | — | 114 | 4,749 | — | — | — | 4,749 | Upon redemption of redeemable Class A units, at redemption value | — | — | 26 | 860 | — | — | — | 860 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | Under Vornado's dividend reinvestment plan | — | — | 6 | 224 | — | — | — | 224 | Under Vornado's dividend reinvestment plan | — | — | 7 | 222 | — | — | — | 222 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | Contributions | — | — | — | — | — | — | 1,110 | 1,110 | Contributions | — | — | — | — | — | — | 3,772 | 3,772 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | (5,877) | (5,877) | Distributions | — | — | — | — | — | — | (5,467) | (5,467) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred units to Class A units | — | (13) | 1 | 13 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | Deferred compensation units and options | — | — | (1) | 226 | — | — | — | 226 | Deferred compensation units and options | — | — | — | 146 | — | — | — | 146 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 1,322 | — | 1,322 | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 4,755 | — | 4,755 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps | — | — | — | — | — | 5,360 | — | 5,360 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of consolidated interest rate swaps and other | Change in fair value of consolidated interest rate swaps and other | — | — | — | — | — | 18,380 | — | 18,380 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | 64,100 | — | — | — | 64,100 | Redeemable Class A unit measurement adjustment | — | — | — | 240,413 | — | — | — | 240,413 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of other comprehensive income | Noncontrolling interests' share of other comprehensive income | — | — | — | — | — | (1,611) | — | (1,611) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | (7) | — | (3) | — | 2 | 39 | 31 | Other | — | — | (1) | (2) | 4 | — | (13) | (11) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | Balance as of June 30, 2022 | 48,793 | $ | 1,182,459 | 191,775 | $ | 8,346,811 | $ | (3,205,751) | $ | 73,300 | $ | 253,994 | $ | 6,650,813 |
(Amounts in thousands, except per unit amounts) | (Amounts in thousands, except per unit amounts) | Accumulated Other Comprehensive (Loss) Income | Non-controlling Interests in Consolidated Subsidiaries | (Amounts in thousands, except per unit amounts) | Accumulated Other Comprehensive Income | Non-controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Total Equity | Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | Non-controlling Interests in Consolidated Subsidiaries | Units | Amount | Units | Amount | Non-controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2023: | For the Six Months Ended June 30, 2023: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | 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. | Net income attributable to Vornado Realty L.P. | — | — | — | — | 137,634 | — | — | 137,634 | Net income attributable to Vornado Realty L.P. | — | — | — | — | 86,640 | — | — | 86,640 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | Net income attributable to redeemable partnership units | — | — | — | — | (6,382) | — | — | (6,382) | Net income attributable to redeemable partnership units | — | — | — | — | (4,037) | — | — | (4,037) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 13,236 | 13,236 | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 5,311 | 5,311 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($0.375 per unit) | Distributions to Vornado ($0.375 per unit) | — | — | — | — | (71,950) | — | — | (71,950) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 11 for distributions per unit amounts) | Distributions to preferred unitholders (see Note 11 for distributions per unit amounts) | — | — | — | — | (31,058) | — | — | (31,058) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A units issued to Vornado: | Class A units issued to Vornado: | Class A units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | Upon redemption of redeemable Class A units, at redemption value | — | — | 76 | 2,569 | — | — | — | 2,569 | Upon redemption of redeemable Class A units, at redemption value | — | — | 394 | 5,558 | — | — | — | 5,558 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | — | — | — | 7 | — | — | — | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | Under Vornado's dividend reinvestment plan | — | — | 19 | 655 | — | — | — | 655 | Under Vornado's dividend reinvestment plan | — | — | 6 | 146 | — | — | — | 146 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | Contributions | — | — | — | — | — | — | 4,903 | 4,903 | Contributions | — | — | — | — | — | — | 22,328 | 22,328 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | (45,976) | (45,976) | Distributions | — | — | — | — | — | — | (3,811) | (3,811) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | Deferred compensation units and options | — | — | (2) | 447 | (85) | — | — | 362 | Deferred compensation units and options | — | — | (1) | 169 | (36) | — | — | 133 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 19,084 | — | 19,084 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | — | — | — | — | — | 200,838 | — | 200,838 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of Class A units owned by Vornado | Repurchase of Class A units owned by Vornado | — | — | (1,722) | (69) | (23,181) | — | — | (23,250) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss of nonconsolidated subsidiaries | Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | (3,144) | — | (3,144) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of consolidated interest rate swaps and other | Change in fair value of consolidated interest rate swaps and other | — | — | — | — | — | (19,879) | — | (19,879) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unearned 2020 Out-Performance Plan and 2019 Performance AO LTIP awards | Unearned 2020 Out-Performance Plan and 2019 Performance AO LTIP awards | — | — | — | 20,668 | — | — | — | 20,668 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | 215,619 | — | — | — | 215,619 | Redeemable Class A unit measurement adjustment | — | — | — | (64,525) | — | (2,588) | — | (67,113) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of other comprehensive loss (income) | Noncontrolling interests' share of other comprehensive loss (income) | — | — | — | — | — | 2,415 | (807) | 1,608 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2023 | Balance as of June 30, 2023 | 48,793 | $ | 1,182,459 | 190,544 | $ | 8,338,829 | $ | (3,938,202) | $ | 151,771 | $ | 259,673 | $ | 5,994,530 |
(Amounts in thousands, except per unit amounts) | (Amounts in thousands, except per unit amounts) | Earnings Less Than Distributions | Accumulated Other Comprehensive Loss | Non-controlling Interests in Consolidated Subsidiaries | (Amounts in thousands, except per unit amounts) | Accumulated Other Comprehensive (Loss) Income | Non-controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units | Class A Units Owned by Vornado | Total Equity | Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | Earnings Less Than Distributions | Accumulated Other Comprehensive Loss | Non-controlling Interests in Consolidated Subsidiaries | Units | Amount | Units | 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 | $ | 8,200,140 | $ | (2,774,182) | $ | (75,099) | $ | 414,957 | $ | 6,948,155 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2022: | For the Six Months Ended June 30, 2022: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | Balance as of December 31, 2021 | 48,793 | $ | 1,182,459 | 191,724 | $ | 8,150,741 | $ | (3,079,320) | $ | (17,534) | $ | 278,892 | $ | 6,515,238 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | Net income attributable to Vornado Realty L.P. | — | — | — | — | 155,267 | — | — | 155,267 | Net income attributable to Vornado Realty L.P. | — | — | — | — | 113,730 | — | — | 113,730 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | Net income attributable to redeemable partnership units | — | — | — | — | (6,683) | — | — | (6,683) | Net income attributable to redeemable partnership units | — | — | — | — | (5,776) | — | — | (5,776) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | — | — | — | 12,269 | 12,269 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($1.06 per unit) | Distributions to Vornado ($1.06 per unit) | — | — | — | — | (203,240) | — | — | (203,240) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 11 for distributions per unit amounts) | Distributions to preferred unitholders (see Note 11 for distributions per unit amounts) | — | — | — | — | (31,058) | — | — | (31,058) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A units issued to Vornado: | Class A units issued to Vornado: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | Upon redemption of redeemable Class A units, at redemption value | — | — | 313 | 13,058 | — | — | — | 13,058 | Upon redemption of redeemable Class A units, at redemption value | — | — | 42 | 1,577 | — | — | — | 1,577 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | Under Vornado's employees' share option plan | — | — | — | 10 | — | — | — | 10 | Under Vornado's employees' share option plan | — | — | — | 7 | — | — | — | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | Under Vornado's dividend reinvestment plan | — | — | 16 | 654 | — | — | — | 654 | Under Vornado's dividend reinvestment plan | — | — | 12 | 434 | — | — | — | 434 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | Contributions | — | — | — | — | — | — | 2,657 | 2,657 | Contributions | — | — | — | — | — | — | 4,253 | 4,253 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | (150,934) | (150,934) | Distributions | — | — | — | — | — | — | (41,428) | (41,428) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred units to Class A units | — | (13) | 1 | 13 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | Deferred compensation units and options | — | — | (4) | 675 | (114) | — | — | 561 | Deferred compensation units and options | — | — | (2) | 292 | (85) | — | — | 207 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 6,381 | — | 6,381 | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 13,960 | — | 13,960 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | — | — | 83,619 | — | 83,619 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | (78,848) | — | — | — | (78,848) | Redeemable Class A unit measurement adjustment | — | — | — | 193,762 | — | — | — | 193,762 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of other comprehensive income | Noncontrolling interests' share of other comprehensive income | — | — | — | — | — | (6,745) | — | (6,745) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | (55) | — | (2) | (4) | 2 | 37 | (22) | Other | — | — | (1) | (2) | (2) | — | 8 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | Balance as of June 30, 2022 | 48,793 | $ | 1,182,459 | 191,775 | $ | 8,346,811 | $ | (3,205,751) | $ | 73,300 | $ | 253,994 | $ | 6,650,813 |
(Amounts in thousands) | (Amounts in thousands) | For the Nine Months Ended September 30, | (Amounts in thousands) | For the Six Months Ended June 30, | ||||||||||||||||||
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 | $ | 73,931 | $ | 122,278 | ||||||||||||
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) | 225,694 | 246,532 | ||||||||||||||||
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 | 88,902 | 95,494 | ||||||||||||||||
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 | (53,938) | (59,434) | ||||||||||||||||
Straight-lining of rents | (45,835) | 11,651 | ||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 23,582 | 19,001 | |||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | Net gains on disposition of wholly owned and partially owned assets | (35,384) | (35,811) | Net gains on disposition of wholly owned and partially owned assets | (8,456) | (35,384) | ||||||||||||||||
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 | 5,600 | 6,457 | ||||||||||||||||
Amortization of below-market leases, net | Amortization of below-market leases, net | (3,788) | (7,939) | Amortization of below-market leases, net | (2,727) | (2,404) | ||||||||||||||||
Net realized and unrealized loss on real estate fund investments | 1,128 | 789 | ||||||||||||||||||||
Straight-lining of rents | Straight-lining of rents | (694) | (36,679) | |||||||||||||||||||
Net realized and unrealized income on real estate fund investments | Net realized and unrealized income on real estate fund investments | — | 1,128 | |||||||||||||||||||
Write-off of lease receivables deemed uncollectible | Write-off of lease receivables deemed uncollectible | 782 | 7,219 | Write-off of lease receivables deemed uncollectible | — | 501 | ||||||||||||||||
Real estate impairment losses | — | 7,880 | ||||||||||||||||||||
Other non-cash adjustments | Other non-cash adjustments | 2,560 | (5,046) | Other non-cash adjustments | 7,079 | 1,929 | ||||||||||||||||
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 | (6,380) | 2,388 | ||||||||||||||||
Prepaid assets | Prepaid assets | 33,995 | (44,731) | Prepaid assets | (18,433) | 94,235 | ||||||||||||||||
Other assets | Other assets | (22,706) | (77,508) | Other assets | 10,696 | (13,455) | ||||||||||||||||
Lease liabilities | Lease liabilities | 8,727 | 7,330 | |||||||||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses | 6,649 | 43,067 | Accounts payable and accrued expenses | (2,651) | (15,283) | ||||||||||||||||
Other liabilities | Other liabilities | 8,605 | (3,911) | Other liabilities | 23,809 | (4,009) | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 559,827 | 478,103 | Net cash provided by operating activities | 374,741 | 430,625 | ||||||||||||||||
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 | 468,598 | 299,668 | |||||||||||||||||||
Development costs and construction in progress | Development costs and construction in progress | (557,884) | (444,645) | Development costs and construction in progress | (289,792) | (418,748) | ||||||||||||||||
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 | (100,126) | (70,046) | ||||||||||||||||
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 | Investments in partially owned entities | (15,046) | (12,366) | Investments in partially owned entities | (37,222) | (11,091) | ||||||||||||||||
Acquisitions of real estate and other | Acquisitions of real estate and other | (2,000) | (3,000) | Acquisitions of real estate and other | (33,145) | (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) | ||||||||||||||||||||
Distributions of capital from partially owned entities | Distributions of capital from partially owned entities | 18,481 | 10,066 | |||||||||||||||||||
Proceeds from sale of condominium units at 220 Central Park South | Proceeds from sale of condominium units at 220 Central Park South | 14,216 | 16,124 | |||||||||||||||||||
Proceeds from sales of real estate | Proceeds from sales of real estate | 6,363 | 253,958 | |||||||||||||||||||
Purchase of U.S. Treasury bills | Purchase of U.S. Treasury bills | — | (794,793) | |||||||||||||||||||
Net cash provided by (used in) investing activities | Net cash provided by (used in) investing activities | 152,373 | (715,862) |
(Amounts in thousands) | (Amounts in thousands) | For the Nine Months Ended September 30, | (Amounts in thousands) | For the Six Months Ended June 30, | ||||||||||||||||||
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 | $ | (115,800) | $ | (1,240,573) | ||||||||||||
Proceeds from borrowings | 1,029,773 | 2,298,007 | ||||||||||||||||||||
Distributions to Vornado | Distributions to Vornado | (304,896) | (304,516) | Distributions to Vornado | (71,950) | (203,240) | ||||||||||||||||
Distributions to preferred unitholders | Distributions to preferred unitholders | (31,058) | (31,058) | |||||||||||||||||||
Repurchase of Class A units owned by Vornado | Repurchase of Class A units owned by Vornado | (23,250) | — | |||||||||||||||||||
Contributions from noncontrolling interests in consolidated subsidiaries | Contributions from noncontrolling interests in consolidated subsidiaries | 18,328 | 4,253 | |||||||||||||||||||
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 | (9,440) | (56,589) | ||||||||||||||||
Distributions to preferred unitholders | (46,587) | (49,400) | ||||||||||||||||||||
Debt issuance costs | (32,473) | (33,935) | ||||||||||||||||||||
Contributions from noncontrolling interests in consolidated subsidiaries | 4,903 | 2,657 | ||||||||||||||||||||
Deferred financing costs | Deferred financing costs | (3,078) | (31,718) | |||||||||||||||||||
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 | 441 | ||||||||||||||||
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 | (36) | (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 | ||||||||||||||||||||
Proceeds from borrowings | Proceeds from borrowings | — | 1,029,773 | |||||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (236,138) | (528,796) | |||||||||||||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | Net increase (decrease) in cash and cash equivalents and restricted cash | 290,976 | (814,033) | |||||||||||||||||||
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 | $ | 1,312,133 | $ | 1,116,318 | ||||||||||||
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 | $ | 1,133,693 | $ | 988,398 | ||||||||||||
Restricted cash at end of period | Restricted cash at end of period | 131,625 | 139,233 | Restricted cash at end of period | 178,440 | 127,920 | ||||||||||||||||
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 | $ | 1,312,133 | $ | 1,116,318 | ||||||||||||
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 | $ | 164,356 | $ | 107,367 | |||||||||||||||||
Cash payments for income taxes | Cash payments for income taxes | $ | 6,919 | $ | 8,426 | Cash payments for income taxes | $ | 4,746 | $ | 5,064 | ||||||||||||
Non-Cash Investing and Financing Activities: | ||||||||||||||||||||||
Non-Cash Information: | Non-Cash Information: | |||||||||||||||||||||
Reclassification of assets held for sale (included in "other assets") | Reclassification of assets held for sale (included in "other assets") | $ | 96,106 | $ | — | |||||||||||||||||
Accrued capital expenditures included in accounts payable and accrued expenses | Accrued capital expenditures included in accounts payable and accrued expenses | 74,852 | 86,639 | |||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | (67,113) | 193,762 | |||||||||||||||||||
Accrual of 1290 Avenue of the Americas 1.00% SOFR interest rate cap up-front payment (30% attributable to noncontrolling interests) (paid on July 3, 2023) | Accrual of 1290 Avenue of the Americas 1.00% SOFR interest rate cap up-front payment (30% attributable to noncontrolling interests) (paid on July 3, 2023) | 63,100 | — | |||||||||||||||||||
Write-off of fully depreciated assets | Write-off of fully depreciated assets | (26,443) | (31,996) | |||||||||||||||||||
Change in fair value of consolidated interest rate swaps and other | Change in fair value of consolidated interest rate swaps and other | (19,879) | 83,619 | |||||||||||||||||||
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 June 30, 2023 | For the Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | New York | Other | 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 | $ | 397,053 | $ | 305,182 | $ | 91,871 | (1) | $ | 383,049 | $ | 309,882 | $ | 73,167 | |||||||||||||||||||||||||||||||||||||||||||||||||
Trade shows(1) | 18,654 | — | 18,654 | 12,605 | — | 12,605 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade shows | Trade shows | 6,782 | — | 6,782 | 5,842 | — | 5,842 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease revenues(2) | Lease revenues(2) | 390,408 | 303,574 | 86,834 | 357,840 | 273,197 | 84,643 | Lease revenues(2) | 403,835 | 305,182 | 98,653 | 388,891 | 309,882 | 79,009 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tenant services | Tenant services | 14,134 | 9,937 | 4,197 | 11,363 | 7,565 | 3,798 | Tenant services | 9,804 | 7,325 | 2,479 | 11,461 | 8,133 | 3,328 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parking revenues | Parking revenues | 4,602 | 3,820 | 782 | — | — | — | Parking revenues | 5,195 | 4,195 | 1,000 | 4,842 | 4,025 | 817 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental revenues | Rental revenues | 409,144 | 317,331 | 91,813 | 369,203 | 280,762 | 88,441 | Rental revenues | 418,834 | 316,702 | 102,132 | 405,194 | 322,040 | 83,154 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BMS cleaning fees | BMS cleaning fees | 35,062 | 37,371 | (2,309) | (3) | 30,827 | 32,630 | (1,803) | (3) | BMS cleaning fees | 35,146 | 37,754 | (2,608) | (3) | 33,999 | 36,206 | (2,207) | (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management and leasing fees | Management and leasing fees | 2,532 | 2,595 | (63) | 2,509 | 2,680 | (171) | Management and leasing fees | 3,658 | 3,761 | (103) | 2,866 | 3,011 | (145) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 10,693 | 2,736 | 7,957 | 6,673 | 571 | 6,102 | Other income | 14,721 | 4,254 | 10,467 | 11,435 | 2,905 | 8,530 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee and other income | Fee and other income | 48,287 | 42,702 | 5,585 | 40,009 | 35,881 | 4,128 | Fee and other income | 53,525 | 45,769 | 7,756 | 48,300 | 42,122 | 6,178 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 457,431 | $ | 360,033 | $ | 97,398 | $ | 409,212 | $ | 316,643 | $ | 92,569 | Total revenues | $ | 472,359 | $ | 362,471 | $ | 109,888 | $ | 453,494 | $ | 364,162 | $ | 89,332 |
(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 Six Months Ended June 30, 2023 | For the Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | New York | Other | 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 | $ | 773,882 | $ | 612,904 | $ | 160,978 | (1) | $ | 760,936 | $ | 617,605 | $ | 143,331 | |||||||||||||||||||||||||||||||||||||||||||||||||
Trade shows(1) | 29,640 | — | 29,640 | 12,605 | — | 12,605 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade shows | Trade shows | 11,830 | — | 11,830 | 10,986 | — | 10,986 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease revenues(2) | Lease revenues(2) | 1,162,330 | 921,179 | 241,151 | 1,020,842 | 795,841 | 225,001 | Lease revenues(2) | 785,712 | 612,904 | 172,808 | 771,922 | 617,605 | 154,317 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tenant services | Tenant services | 35,484 | 25,481 | 10,003 | 27,274 | 18,502 | 8,772 | Tenant services | 19,573 | 14,907 | 4,666 | 21,350 | 15,544 | 5,806 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parking revenues | Parking revenues | 13,807 | 11,556 | 2,251 | — | — | — | Parking revenues | 10,342 | 8,407 | 1,935 | 9,205 | 7,736 | 1,469 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental revenues | Rental revenues | 1,211,621 | 958,216 | 253,405 | 1,048,116 | 814,343 | 233,773 | Rental revenues | 815,627 | 636,218 | 179,409 | 802,477 | 640,885 | 161,592 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BMS cleaning fees | BMS cleaning fees | 101,752 | 108,288 | (6,536) | (3) | 87,387 | 92,178 | (4,791) | (3) | BMS cleaning fees | 70,474 | 75,432 | (4,958) | (3) | 66,690 | 70,917 | (4,227) | (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management and leasing fees | Management and leasing fees | 8,167 | 8,573 | (406) | 10,951 | 11,290 | (339) | Management and leasing fees | 6,707 | 6,934 | (227) | 5,635 | 5,978 | (343) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 31,515 | 7,666 | 23,849 | 21,676 | 3,947 | 17,729 | Other income | 25,474 | 7,701 | 17,773 | 20,822 | 4,930 | 15,892 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee and other income | Fee and other income | 141,434 | 124,527 | 16,907 | 120,014 | 107,415 | 12,599 | Fee and other income | 102,655 | 90,067 | 12,588 | 93,147 | 81,825 | 11,322 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 1,353,055 | $ | 1,082,743 | $ | 270,312 | $ | 1,168,130 | $ | 921,758 | $ | 246,372 | Total revenues | $ | 918,282 | $ | 726,285 | $ | 191,997 | $ | 895,624 | $ | 722,710 | $ | 172,914 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Fixed billings | Fixed billings | $ | 353,040 | $ | 329,499 | $ | 1,025,182 | $ | 945,322 | Fixed billings | $ | 362,326 | $ | 342,891 | $ | 710,240 | $ | 672,142 | ||||||||||||||||||||||||||||
Variable billings | Variable billings | 28,919 | 29,008 | 93,118 | 90,780 | Variable billings | 37,216 | 31,225 | 75,155 | 64,199 | ||||||||||||||||||||||||||||||||||||
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 | 399,542 | 374,116 | 785,395 | 736,341 | ||||||||||||||||||||||||||||||||||||
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 | 4,293 | 15,276 | 317 | 36,082 | ||||||||||||||||||||||||||||||||||||
Less: write-off of straight-line rent and tenant receivables deemed uncollectible | Less: write-off of straight-line rent and tenant receivables deemed uncollectible | (281) | (1,980) | (782) | (7,219) | Less: write-off of straight-line rent and tenant receivables deemed uncollectible | — | (501) | — | (501) | ||||||||||||||||||||||||||||||||||||
Lease revenues | Lease revenues | $ | 390,408 | $ | 357,840 | $ | 1,162,330 | $ | 1,020,842 | Lease revenues | $ | 403,835 | $ | 388,891 | $ | 785,712 | $ | 771,922 |
(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 June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Net investment (loss) income | Net investment (loss) income | $ | (111) | $ | (66) | $ | 6,549 | $ | 5,896 | Net investment (loss) income | $ | (102) | $ | 6,658 | $ | (121) | $ | 6,660 | ||||||||||||||||||||||||||||
Previously recorded unrealized loss on exited investments | Previously recorded unrealized loss on exited investments | — | — | 59,396 | — | Previously recorded unrealized loss on exited investments | — | 53,724 | 247,575 | 59,396 | ||||||||||||||||||||||||||||||||||||
Realized loss on exited investments | Realized loss on exited investments | — | — | (53,724) | — | Realized loss on exited investments | — | (53,724) | (247,575) | (53,724) | ||||||||||||||||||||||||||||||||||||
Net unrealized loss on held investments | Net unrealized loss on held investments | — | — | (6,800) | (789) | Net unrealized loss on held investments | — | (6,800) | — | (6,800) | ||||||||||||||||||||||||||||||||||||
(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 | (102) | (142) | (121) | 5,532 | ||||||||||||||||||||||||||||||||||||
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 | 143 | 365 | 382 | (3,599) | ||||||||||||||||||||||||||||||||||||
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 | $ | 41 | $ | 223 | $ | 261 | $ | 1,933 |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Beginning balance | $ | — | $ | 13,402 | $ | — | $ | 7,730 | |||||||||||||||
Previously recorded unrealized loss on exited investments | — | 53,724 | 247,575 | 59,396 | |||||||||||||||||||
Realized loss on exited investments | — | (53,724) | (247,575) | (53,724) | |||||||||||||||||||
Net unrealized loss on held investments | — | (6,800) | — | (6,800) | |||||||||||||||||||
Dispositions | — | (5,672) | — | (5,672) | |||||||||||||||||||
Ending balance | $ | — | $ | 930 | $ | — | $ | 930 |
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 as of June 30, 2023 | Balance as of | ||||||||||||||||||||||||||||
June 30, 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 27 for details) | Fifth Avenue and Times Square JV (see page 27 for details) | 51.5% | $ | 2,256,952 | $ | 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 | 173,950 | 182,180 | ||||||||||||||||||||||||||
Alexander’s | 32.4% | 91,278 | 91,405 | |||||||||||||||||||||||||||||||
Alexander's (see above for details) | Alexander's (see above for details) | 32.4% | 96,288 | 87,796 | ||||||||||||||||||||||||||||||
Other investments(2) | Other investments(2) | Various | 121,810 | 136,936 | Other investments(2) | Various | 114,107 | 122,777 | ||||||||||||||||||||||||||
$ | 3,250,197 | $ | 3,297,389 | |||||||||||||||||||||||||||||||
$ | 2,641,297 | $ | 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% | $ | (67,729) | $ | (65,522) | ||||||||||||||||||||||
85 Tenth Avenue | 85 Tenth Avenue | 49.9% | (16,884) | (18,067) | 85 Tenth Avenue | 49.9% | (11,200) | (16,006) | ||||||||||||||||||||||||||
$ | (80,008) | $ | (78,985) | $ | (78,929) | $ | (81,528) |
(Amounts in thousands) | (Amounts in thousands) | Percentage Ownership at September 30, 2022 | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | (Amounts in thousands) | Percentage Ownership at June 30, 2023 | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 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 (see page 26 for details): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in net income | 51.5% | $ | 11,941 | $ | 12,671 | $ | 41,915 | $ | 32,314 | |||||||||||||||||||||||||||||||||||||||||||||||||
Fifth Avenue and Times Square JV (see page 27 for details): | Fifth Avenue and Times Square JV (see page 27 for details): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in net income(1) | Equity in net income(1) | 51.5% | $ | 5,941 | $ | 13,665 | $ | 16,140 | $ | 29,974 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | 27,985 | 27,985 | Return on preferred equity, net of our share of the expense | 9,329 | 9,329 | 18,555 | 18,555 | ||||||||||||||||||||||||||||||||||||||||||||||||
15,270 | 22,994 | 34,695 | 48,529 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Alexander's (see page 28 for details): | Alexander's (see page 28 for details): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net gain on sale of land | Net gain on sale of land | 32.4% | 16,396 | — | 16,396 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in net income | Equity in net income | 3,318 | 4,824 | 6,889 | 9,495 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Management, leasing and development fees | Management, leasing and development fees | 1,170 | 1,085 | 3,352 | 3,622 | Management, leasing and development fees | 1,699 | 1,162 | 2,872 | 2,182 | ||||||||||||||||||||||||||||||||||||||||||||||||
5,910 | 4,795 | 17,587 | 21,386 | 21,413 | 5,986 | 26,157 | 11,677 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Partially owned office buildings(2) | Partially owned office buildings(2) | Various | (4,732) | 418 | (8,080) | 8,395 | Partially owned office buildings(2) | Various | (254) | (4,980) | (9,217) | (3,688) | ||||||||||||||||||||||||||||||||||||||||||||||
Other investments(3) | Other investments(3) | Various | 1,792 | (1,045) | 4,368 | (3,312) | Other investments(3) | Various | 843 | 1,720 | 2,303 | 2,916 | ||||||||||||||||||||||||||||||||||||||||||||||
$ | 24,341 | $ | 26,269 | $ | 83,775 | $ | 86,768 | $ | 37,272 | $ | 25,720 | $ | 53,938 | $ | 59,434 |
(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) | Weighted Average Interest Rate at September 30, 2022(1) | Balance as of | |||||||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||||||||
Mortgages Payable: | |||||||||||||||||
Fixed rate | 3.62% | $ | 3,570,000 | $ | 2,190,000 | ||||||||||||
Variable rate | 4.35% | 2,313,015 | 3,909,215 | ||||||||||||||
Total | 3.91% | 5,883,015 | 6,099,215 | ||||||||||||||
Deferred financing costs, net and other | (51,246) | (45,872) | |||||||||||||||
Total, net | $ | 5,831,769 | $ | 6,053,343 | |||||||||||||
Unsecured Debt: | |||||||||||||||||
Senior unsecured notes | 3.02% | $ | 1,200,000 | $ | 1,200,000 | ||||||||||||
Deferred financing costs, net and other | (8,678) | (10,208) | |||||||||||||||
Senior unsecured notes, net | 1,191,322 | 1,189,792 | |||||||||||||||
Unsecured term loan | 4.05% | 800,000 | 800,000 | ||||||||||||||
Deferred financing costs, net and other | (7,153) | (2,188) | |||||||||||||||
Unsecured term loan, net | 792,847 | 797,812 | |||||||||||||||
Unsecured revolving credit facilities | 3.88% | 575,000 | 575,000 | ||||||||||||||
Total, net | $ | 2,559,169 | $ | 2,562,604 |
(Amounts in thousands) | Balance as of | ||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||
Identified intangible assets: | |||||||||||
Gross amount | $ | 237,777 | $ | 237,777 | |||||||
Accumulated amortization | (103,094) | (98,139) | |||||||||
Total, net | $ | 134,683 | $ | 139,638 | |||||||
Identified intangible liabilities (included in deferred revenue): | |||||||||||
Gross amount | $ | 244,396 | $ | 244,396 | |||||||
Accumulated amortization | (212,300) | (208,592) | |||||||||
Total, net | $ | 32,096 | $ | 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) | Weighted Average Interest Rate as of June 30, 2023(1) | Balance as of | |||||||||||||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Mortgages Payable: | |||||||||||||||||||||||
Fixed rate | 3.63% | $ | 3,569,100 | $ | 3,570,000 | ||||||||||||||||||
Variable rate(2) | 5.83% | 2,192,715 | 2,307,615 | ||||||||||||||||||||
Total | 4.47% | 5,761,815 | 5,877,615 | ||||||||||||||||||||
Deferred financing costs, net and other | (46,677) | (48,597) | |||||||||||||||||||||
Total, net | $ | 5,715,138 | $ | 5,829,018 | |||||||||||||||||||
Unsecured Debt: | |||||||||||||||||||||||
Senior unsecured notes | 3.02% | $ | 1,200,000 | $ | 1,200,000 | ||||||||||||||||||
Deferred financing costs, net and other | (7,147) | (8,168) | |||||||||||||||||||||
Senior unsecured notes, net | 1,192,853 | 1,191,832 | |||||||||||||||||||||
Unsecured term loan | 4.04% | 800,000 | 800,000 | ||||||||||||||||||||
Deferred financing costs, net and other | (6,136) | (6,807) | |||||||||||||||||||||
Unsecured term loan, net | 793,864 | 793,193 | |||||||||||||||||||||
Unsecured revolving credit facilities | 3.87% | 575,000 | 575,000 | ||||||||||||||||||||
Total, net | $ | 2,561,717 | $ | 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 June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 412,022 | $ | 654,771 | $ | 590,975 | $ | 511,747 | Beginning balance | $ | 351,743 | $ | 649,758 | $ | 348,692 | $ | 590,975 | ||||||||||||||||||||||||||||
Net income | Net income | 606 | 2,818 | 6,382 | 6,683 | Net income | 3,608 | 3,782 | 4,037 | 5,776 | ||||||||||||||||||||||||||||||||||||
Other comprehensive income | 8,299 | 426 | 15,044 | 2,016 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | 4,472 | 1,611 | (1,608) | 6,745 | |||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | (7,579) | (7,553) | (22,740) | (22,422) | Distributions | (28) | (7,577) | (5,629) | (15,161) | ||||||||||||||||||||||||||||||||||||
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 | (5,371) | (860) | (5,558) | (1,577) | ||||||||||||||||||||||||||||||||||||
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 | 43,270 | (240,413) | 67,113 | (193,762) | ||||||||||||||||||||||||||||||||||||
Other, net | Other, net | 3,575 | 13,036 | 22,601 | 30,835 | Other, net | 12,582 | 5,721 | 3,229 | 19,026 | ||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 394,074 | $ | 594,649 | $ | 394,074 | $ | 594,649 | Ending balance | $ | 410,276 | $ | 412,022 | $ | 410,276 | $ | 412,022 |
(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 June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 93,987 | $ | 94,913 | $ | 97,708 | $ | 94,520 | Beginning balance | $ | 78,796 | $ | 97,403 | $ | 88,040 | $ | 97,708 | ||||||||||||||||||||||||||||
Net (loss) income | (4,759) | 1,126 | (8,480) | 1,519 | ||||||||||||||||||||||||||||||||||||||||||
Net loss | Net loss | (8,776) | (3,416) | (18,020) | (3,721) | |||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 89,228 | $ | 96,039 | $ | 89,228 | $ | 96,039 | Ending balance | $ | 70,020 | $ | 93,987 | $ | 70,020 | $ | 93,987 |
(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 June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 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 | $ | — | $ | 0.53 | $ | 0.375 | $ | 1.06 | ||||||||||||||||||||||||||||
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 | 1.6250 | 1.6250 | ||||||||||||||||||||||||||||||||||||
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 | 0.6750 | 0.6750 | ||||||||||||||||||||||||||||||||||||
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 | 0.6562 | 0.6562 | ||||||||||||||||||||||||||||||||||||
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 | 0.6562 | 0.6562 | ||||||||||||||||||||||||||||||||||||
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 | 0.5562 | 0.5562 |
(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 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) | As of June 30, 2023 | ||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Deferred compensation plan assets ($30,384 included in restricted cash and $68,666 in other assets) | $ | 99,050 | $ | 60,397 | $ | — | $ | 38,653 | |||||||||||||||
Loans receivable ($52,094 included in investments in partially owned entities and $4,455 in other assets) | 56,549 | — | — | 56,549 | |||||||||||||||||||
Interest rate swaps and caps (included in other assets) | 242,379 | — | 242,379 | — | |||||||||||||||||||
Total assets | $ | 397,978 | $ | 60,397 | $ | 242,379 | $ | 95,202 | |||||||||||||||
Mandatorily redeemable instruments (included in other liabilities) | $ | 49,383 | $ | 49,383 | $ | — | $ | — | |||||||||||||||
Interest rate swaps (included in other liabilities) | 1,280 | — | 1,280 | — | |||||||||||||||||||
Total liabilities | $ | 50,663 | $ | 49,383 | $ | 1,280 | $ | — | |||||||||||||||
(Amounts in thousands) | As of December 31, 2022 | ||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Investments in U.S. Treasury bills(1) | $ | 471,962 | $ | 471,962 | $ | — | $ | — | |||||||||||||||
Deferred compensation plan assets ($7,763 included in restricted cash and $88,559 in other assets) | 96,322 | 57,406 | — | 38,916 | |||||||||||||||||||
Loans receivable ($50,091 included in investments in partially owned entities and $4,306 in other assets) | 54,397 | — | — | 54,397 | |||||||||||||||||||
Interest rate swaps and caps (included in other assets) | 183,804 | — | 183,804 | — | |||||||||||||||||||
Total assets | $ | 806,485 | $ | 529,368 | $ | 183,804 | $ | 93,313 | |||||||||||||||
Mandatorily redeemable instruments (included in other liabilities) | $ | 49,383 | $ | 49,383 | $ | — | $ | — | |||||||||||||||
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
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 June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 44,155 | $ | 44,855 | $ | 45,016 | $ | 39,928 | Beginning balance | $ | 40,627 | $ | 44,526 | $ | 38,916 | $ | 45,016 | ||||||||||||||||||||||||||||
Purchases | Purchases | 522 | 2,154 | 3,469 | 5,167 | Purchases | 202 | 2,104 | 845 | 2,947 | ||||||||||||||||||||||||||||||||||||
Sales | Sales | (504) | (1,547) | (3,291) | (2,236) | Sales | (2,372) | (1,880) | (2,878) | (2,787) | ||||||||||||||||||||||||||||||||||||
Realized and unrealized gains (losses) | 574 | (69) | (1,524) | 2,193 | ||||||||||||||||||||||||||||||||||||||||||
Realized and unrealized (losses) gains | Realized and unrealized (losses) gains | (758) | (858) | 355 | (2,098) | |||||||||||||||||||||||||||||||||||||||||
Other, net | Other, net | 164 | 1,176 | 1,241 | 1,517 | Other, net | 954 | 263 | 1,415 | 1,077 | ||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 44,911 | $ | 46,569 | $ | 44,911 | $ | 46,569 | Ending balance | $ | 38,653 | $ | 44,155 | $ | 38,653 | $ | 44,155 |
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 June 30, 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 June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 52,046 | $ | 48,776 | $ | 50,182 | $ | 47,743 | Beginning balance | $ | 55,269 | $ | 50,848 | $ | 54,397 | $ | 50,182 | ||||||||||||||||||||||||||||
Interest accrual | Interest accrual | 1,205 | 894 | 3,602 | 2,602 | Interest accrual | 1,280 | 1,198 | 2,563 | 2,397 | ||||||||||||||||||||||||||||||||||||
Paydowns | Paydowns | — | (300) | (533) | (975) | Paydowns | — | — | (411) | (533) | ||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 53,251 | $ | 49,370 | $ | 53,251 | $ | 49,370 | Ending balance | $ | 56,549 | $ | 52,046 | $ | 56,549 | $ | 52,046 |
(Amounts in thousands) | (Amounts in thousands) | Fair Value Asset (Liability) as of | As of September 30, 2022 | (Amounts in thousands) | As of June 30, 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/Cap 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) | 2.29% | 05/24 | $ | 36,414 | $ | — | $ | 49,888 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward swap (effective 05/24) | Forward swap (effective 05/24) | 840,000 | (1) | 6.03% | 05/26 | — | 1,280 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 33,320 | — | 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 | 17,471 | — | 26,587 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured revolving credit facility | Unsecured revolving credit facility | 26,759 | — | 575,000 | 3.88% | 08/27 | Unsecured revolving credit facility | 575,000 | 3.87% | 08/27 | 27,738 | — | 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 | 4.04% | (2) | 24,001 | — | 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 | 11,203 | — | 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 | 7,880 | — | 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 | 99,100 | (4) | 3.74% | 01/25 | 3,916 | — | 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) | 11/25 | 66,456 | — | 7,590 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One Park Avenue mortgage loan | One Park Avenue mortgage loan | 525,000 | (6) | 03/25 | 10,870 | — | 5,472 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Various mortgage loans | Various mortgage loans | 1,289 | 139 | Various mortgage loans | 3,110 | — | 2,080 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 242,379 | $ | 1,280 | $ | 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+129) | ||||||||||||||||||
Through 10/23 | $ | 800,000 | 4.04% | $ | — | |||||||||||||||
10/23 through 07/25 | 700,000 | 4.52% | 100,000 | |||||||||||||||||
07/25 through 10/26 | 550,000 | 4.35% | 250,000 | |||||||||||||||||
10/26 through 08/27 | 50,000 | 4.03% | 750,000 |
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 June 30, 2023 | As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | Cash equivalents | $ | 440,151 | $ | 440,000 | $ | 1,346,684 | $ | 1,347,000 | Cash equivalents | $ | 810,395 | $ | 810,000 | $ | 402,903 | $ | 403,000 | ||||||||||||||||||||||||||||||||||
Debt: | Debt: | Debt: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages payable | $ | 5,883,015 | $ | 5,697,000 | $ | 6,099,215 | $ | 6,052,000 | Mortgages payable | $ | 5,761,815 | $ | 5,592,000 | $ | 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 | 1,016,000 | 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 | $ | 8,336,815 | (1) | $ | 7,983,000 | $ | 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 September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Interest expense | $ | 76,009 | $ | 57,028 | $ | 187,552 | $ | 170,938 | |||||||||||||||
Capitalized interest and debt expense | (4,874) | (10,739) | (12,095) | (31,785) | |||||||||||||||||||
Amortization of deferred financing costs | 5,639 | 4,657 | 16,066 | 13,751 | |||||||||||||||||||
$ | 76,774 | $ | 50,946 | $ | 191,523 | $ | 152,904 |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Interest on cash and cash equivalents and restricted cash | $ | 12,593 | $ | 310 | $ | 18,267 | $ | 374 | |||||||||||||||
Amortization of discount on investments in U.S. Treasury bills | 384 | 1,728 | 3,829 | 1,857 | |||||||||||||||||||
Interest on loans receivable | 278 | 994 | 762 | 1,819 | |||||||||||||||||||
Other, net | — | 4 | — | 4 | |||||||||||||||||||
$ | 13,255 | $ | 3,036 | $ | 22,858 | $ | 4,054 |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Interest expense | $ | 91,160 | $ | 60,742 | $ | 180,241 | $ | 111,543 | |||||||||||||||
Capitalized interest and debt expense | (9,949) | (3,701) | (18,806) | (7,221) | |||||||||||||||||||
Amortization of deferred financing costs | 5,954 | 5,599 | 11,967 | 10,427 | |||||||||||||||||||
$ | 87,165 | $ | 62,640 | $ | 173,402 | $ | 114,749 |
(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 June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 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 | $ | 61,906 | $ | 65,947 | $ | 82,603 | $ | 107,954 | ||||||||||||||||||||||||||||
Preferred share dividends | Preferred share dividends | (15,529) | (16,800) | (46,587) | (49,734) | Preferred share dividends | (15,529) | (15,529) | (31,058) | (31,058) | ||||||||||||||||||||||||||||||||||||
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 | 46,377 | 50,418 | 51,545 | 76,896 | ||||||||||||||||||||||||||||||||||||
Earnings allocated to unvested participating securities | Earnings allocated to unvested participating securities | (4) | (8) | (14) | (26) | Earnings allocated to unvested participating securities | (1) | (5) | (1) | (10) | ||||||||||||||||||||||||||||||||||||
Numerator for basic income per share | Numerator for basic income per share | 7,765 | 37,681 | 84,651 | 89,791 | Numerator for basic income per share | 46,376 | 50,413 | 51,544 | 76,886 | ||||||||||||||||||||||||||||||||||||
Impact of assumed conversion of dilutive convertible securities | Impact of assumed conversion of dilutive convertible securities | — | — | (243) | — | Impact of assumed conversion of dilutive convertible securities | 377 | (380) | 700 | (257) | ||||||||||||||||||||||||||||||||||||
Numerator for diluted income per share | Numerator for diluted income per share | $ | 7,765 | $ | 37,681 | $ | 84,408 | $ | 89,791 | Numerator for diluted income per share | $ | 46,753 | $ | 50,033 | $ | 52,244 | $ | 76,629 | ||||||||||||||||||||||||||||
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 | 191,468 | 191,750 | 191,668 | 191,737 | |||||||||||||||||||||||||||||||||||||||||
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 | 32 | 261 | 23 | 289 | ||||||||||||||||||||||||||||||||||||
Convertible securities | Convertible securities | — | — | 20 | — | Convertible securities | 3,304 | 28 | 2,673 | 21 | ||||||||||||||||||||||||||||||||||||
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 | 194,804 | 192,039 | 194,364 | 192,047 | |||||||||||||||||||||||||||||||||||||||||
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 | $ | 0.24 | $ | 0.26 | $ | 0.27 | $ | 0.40 | ||||||||||||||||||||||||||||
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 | $ | 0.24 | $ | 0.26 | $ | 0.27 | $ | 0.40 |
(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 June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 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. | $ | 65,514 | $ | 69,729 | $ | 86,640 | $ | 113,730 | ||||||||||||||||||||||||||||
Preferred unit distributions | Preferred unit distributions | (15,558) | (16,842) | (46,673) | (49,858) | Preferred unit distributions | (15,557) | (15,557) | (31,115) | (31,115) | ||||||||||||||||||||||||||||||||||||
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 | 49,957 | 54,172 | 55,525 | 82,615 | ||||||||||||||||||||||||||||||||||||
Earnings allocated to unvested participating securities | Earnings allocated to unvested participating securities | (498) | (649) | (1,719) | (2,034) | Earnings allocated to unvested participating securities | (204) | (582) | (228) | (1,221) | ||||||||||||||||||||||||||||||||||||
Numerator for basic income per Class A unit | Numerator for basic income per Class A unit | 7,848 | 39,816 | 89,242 | 94,342 | Numerator for basic income per Class A unit | 49,753 | 53,590 | 55,297 | 81,394 | ||||||||||||||||||||||||||||||||||||
Impact of assumed conversion of dilutive convertible securities | Impact of assumed conversion of dilutive convertible securities | — | — | (243) | — | Impact of assumed conversion of dilutive convertible securities | 377 | (380) | 700 | (257) | ||||||||||||||||||||||||||||||||||||
Numerator for diluted income per Class A unit | Numerator for diluted income per Class A unit | $ | 7,848 | $ | 39,816 | $ | 88,999 | $ | 94,342 | Numerator for diluted income per Class A unit | $ | 50,130 | $ | 53,210 | $ | 55,997 | $ | 81,137 | ||||||||||||||||||||||||||||
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 | 205,411 | 205,259 | 205,606 | 205,200 | ||||||||||||||||||||||||||||||||||||
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 | 32 | 643 | 23 | 701 | ||||||||||||||||||||||||||||||||||||
Convertible securities | Convertible securities | — | — | 20 | — | Convertible securities | 3,304 | 28 | 2,673 | 21 | ||||||||||||||||||||||||||||||||||||
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 | 208,747 | 205,930 | 208,302 | 205,922 | ||||||||||||||||||||||||||||||||||||
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 | $ | 0.24 | $ | 0.26 | $ | 0.27 | $ | 0.40 | ||||||||||||||||||||||||||||
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 | $ | 0.24 | $ | 0.26 | $ | 0.27 | $ | 0.39 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, 2022 | (Amounts in thousands) | For the Three Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 457,431 | $ | 360,033 | $ | 97,398 | Total revenues | $ | 472,359 | $ | 362,471 | $ | 109,888 | ||||||||||||||||||||
Operating expenses | Operating expenses | (221,596) | (182,131) | (39,465) | Operating expenses | (222,723) | (176,410) | (46,313) | ||||||||||||||||||||||||||
NOI - consolidated | NOI - consolidated | 235,835 | 177,902 | 57,933 | NOI - consolidated | 249,636 | 186,061 | 63,575 | ||||||||||||||||||||||||||
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 | (18,742) | (5,204) | (13,538) | ||||||||||||||||||||||||||
Add: NOI from partially owned entities | Add: NOI from partially owned entities | 76,020 | 71,943 | 4,077 | Add: NOI from partially owned entities | 70,745 | 67,509 | 3,236 | ||||||||||||||||||||||||||
NOI at share | NOI at share | 297,089 | 241,154 | 55,935 | NOI at share | 301,639 | 248,366 | 53,273 | ||||||||||||||||||||||||||
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 | (5,570) | (6,797) | 1,227 | ||||||||||||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 295,670 | $ | 237,692 | $ | 57,978 | NOI at share - cash basis | $ | 296,069 | $ | 241,569 | $ | 54,500 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, 2021 | (Amounts in thousands) | For the Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 409,212 | $ | 316,643 | $ | 92,569 | Total revenues | $ | 453,494 | $ | 364,162 | $ | 89,332 | ||||||||||||||||||||
Operating expenses | Operating expenses | (212,699) | (151,276) | (61,423) | Operating expenses | (222,309) | (176,572) | (45,737) | ||||||||||||||||||||||||||
NOI - consolidated | NOI - consolidated | 196,513 | 165,367 | 31,146 | NOI - consolidated | 231,185 | 187,590 | 43,595 | ||||||||||||||||||||||||||
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 | (16,299) | (10,707) | (5,592) | ||||||||||||||||||||||||||
Add: NOI from partially owned entities | Add: NOI from partially owned entities | 75,644 | 73,219 | 2,425 | Add: NOI from partially owned entities | 74,060 | 71,209 | 2,851 | ||||||||||||||||||||||||||
NOI at share | NOI at share | 255,271 | 228,839 | 26,432 | NOI at share | 288,946 | 248,092 | 40,854 | ||||||||||||||||||||||||||
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 | (4,275) | (6,189) | 1,914 | ||||||||||||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 257,193 | $ | 229,622 | $ | 27,571 | NOI at share - cash basis | $ | 284,671 | $ | 241,903 | $ | 42,768 |
(Amounts in thousands) | (Amounts in thousands) | For the Nine Months Ended September 30, 2022 | (Amounts in thousands) | For the Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 1,353,055 | $ | 1,082,743 | $ | 270,312 | Total revenues | $ | 918,282 | $ | 726,285 | $ | 191,997 | ||||||||||||||||||||
Operating expenses | Operating expenses | (660,434) | (536,238) | (124,196) | Operating expenses | (451,496) | (364,731) | (86,765) | ||||||||||||||||||||||||||
NOI - consolidated | NOI - consolidated | 692,621 | 546,505 | 146,116 | NOI - consolidated | 466,786 | 361,554 | 105,232 | ||||||||||||||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (51,100) | (32,708) | (18,392) | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (30,506) | (10,027) | (20,479) | ||||||||||||||||||||||||||
Add: NOI from partially owned entities | Add: NOI from partially owned entities | 228,772 | 219,116 | 9,656 | Add: NOI from partially owned entities | 138,842 | 132,833 | 6,009 | ||||||||||||||||||||||||||
NOI at share | NOI at share | 870,293 | 732,913 | 137,380 | NOI at share | 575,122 | 484,360 | 90,762 | ||||||||||||||||||||||||||
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 | (8,824) | (13,626) | 4,802 | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (518) | (1,764) | 1,246 | ||||||||||||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 861,469 | $ | 719,287 | $ | 142,182 | NOI at share - cash basis | $ | 574,604 | $ | 482,596 | $ | 92,008 |
(Amounts in thousands) | (Amounts in thousands) | For the Nine Months Ended September 30, 2021 | (Amounts in thousands) | For the Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 1,168,130 | $ | 921,758 | $ | 246,372 | Total revenues | $ | 895,624 | $ | 722,710 | $ | 172,914 | ||||||||||||||||||||
Operating expenses | Operating expenses | (594,598) | (468,294) | (126,304) | Operating expenses | (438,838) | (354,107) | (84,731) | ||||||||||||||||||||||||||
NOI - consolidated | NOI - consolidated | 573,532 | 453,464 | 120,068 | NOI - consolidated | 456,786 | 368,603 | 88,183 | ||||||||||||||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (50,221) | (26,841) | (23,380) | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (36,334) | (24,017) | (12,317) | ||||||||||||||||||||||||||
Add: NOI from partially owned entities | Add: NOI from partially owned entities | 231,635 | 224,392 | 7,243 | Add: NOI from partially owned entities | 152,752 | 147,173 | 5,579 | ||||||||||||||||||||||||||
NOI at share | NOI at share | 754,946 | 651,015 | 103,931 | NOI at share | 573,204 | 491,759 | 81,445 | ||||||||||||||||||||||||||
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 | 1,570 | 351 | 1,219 | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (7,405) | (10,164) | 2,759 | ||||||||||||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 756,516 | $ | 651,366 | $ | 105,150 | NOI at share - cash basis | $ | 565,799 | $ | 481,595 | $ | 84,204 |
(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 June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 20,112 | $ | 71,765 | $ | 142,390 | $ | 175,590 | Net income | $ | 62,733 | $ | 68,903 | $ | 73,931 | $ | 122,278 | ||||||||||||||||||||||||||||
Depreciation and amortization expense | Depreciation and amortization expense | 134,526 | 100,867 | 370,631 | 285,998 | Depreciation and amortization expense | 107,162 | 118,662 | 213,727 | 236,105 | ||||||||||||||||||||||||||||||||||||
General and administrative expense | General and administrative expense | 29,174 | 25,553 | 102,292 | 100,341 | General and administrative expense | 39,410 | 31,902 | 81,005 | 73,118 | ||||||||||||||||||||||||||||||||||||
Transaction related costs and other | Transaction related costs and other | 996 | 9,681 | 4,961 | 10,630 | Transaction related costs and other | 30 | 2,960 | 688 | 3,965 | ||||||||||||||||||||||||||||||||||||
Income from partially owned entities | Income from partially owned entities | (24,341) | (26,269) | (83,775) | (86,768) | Income from partially owned entities | (37,272) | (25,720) | (53,938) | (59,434) | ||||||||||||||||||||||||||||||||||||
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 | 102 | 142 | 121 | (5,532) | ||||||||||||||||||||||||||||||||||||
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 | (13,255) | (3,036) | (22,858) | (4,054) | ||||||||||||||||||||||||||||||||||||
Interest and debt expense | Interest and debt expense | 76,774 | 50,946 | 191,523 | 152,904 | Interest and debt expense | 87,165 | 62,640 | 173,402 | 114,749 | ||||||||||||||||||||||||||||||||||||
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 | (936) | (28,832) | (8,456) | (35,384) | ||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 3,711 | (25,376) | 14,686 | (20,551) | ||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 4,497 | 3,564 | 9,164 | 10,975 | |||||||||||||||||||||||||||||||||||||||||
NOI from partially owned entities | NOI from partially owned entities | 76,020 | 75,644 | 228,772 | 231,635 | NOI from partially owned entities | 70,745 | 74,060 | 138,842 | 152,752 | ||||||||||||||||||||||||||||||||||||
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 | (18,742) | (16,299) | (30,506) | (36,334) | ||||||||||||||||||||||||||||||||||||
NOI at share | NOI at share | 297,089 | 255,271 | 870,293 | 754,946 | NOI at share | 301,639 | 288,946 | 575,122 | 573,204 | ||||||||||||||||||||||||||||||||||||
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 | (5,570) | (4,275) | (518) | (7,405) | ||||||||||||||||||||||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 295,670 | $ | 257,193 | $ | 861,469 | $ | 756,516 | NOI at share - cash basis | $ | 296,069 | $ | 284,671 | $ | 574,604 | $ | 565,799 |
(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 June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Certain (income) expense items that impact net income attributable to common shareholders: | |||||||||||||||||||||||
Our share of Alexander's, Inc. ("Alexander's") gain on sale of Rego Park III land parcel | $ | (16,396) | $ | — | $ | (16,396) | $ | — | |||||||||||||||
Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary) | 2,206 | 3,234 | 5,081 | 6,407 | |||||||||||||||||||
Net gain on sale of the Center Building (33-00 Northern Boulevard, Long Island City, NY) | — | (15,213) | — | (15,213) | |||||||||||||||||||
Refund of New York City transfer taxes related to the April 2019 transfer to Fifth Avenue and Times Square JV | — | (13,613) | — | (13,613) | |||||||||||||||||||
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units and ancillary amenities | — | (673) | (6,173) | (6,085) | |||||||||||||||||||
Other | (6,194) | 12,691 | (5,906) | 20,520 | |||||||||||||||||||
(20,384) | (13,574) | (23,394) | (7,984) | ||||||||||||||||||||
Noncontrolling interests' share of above adjustments | 1,461 | 559 | 1,676 | 297 | |||||||||||||||||||
Total of certain (income) expense items that impact net income attributable to common shareholders | $ | (18,923) | $ | (13,015) | $ | (21,718) | $ | (7,687) |
(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 June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions: | Certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions: | Certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions: | ||||||||||||||||||||||||||||||||||||||||||||
Deferred tax liability on our investment in Farley Office and Retail (held through a taxable REIT subsidiary) | $ | 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) | ||||||||||||||||||||||||||||||||||||||||||
Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary) | Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary) | $ | 2,206 | $ | 3,234 | $ | 5,081 | $ | 6,407 | |||||||||||||||||||||||||||||||||||||
After-tax net gain on sale of 220 CPS condominium units and ancillary amenities | After-tax net gain on sale of 220 CPS condominium units and ancillary amenities | — | (673) | (6,173) | (6,085) | |||||||||||||||||||||||||||||||||||||||||
Other | Other | 1,477 | 11,394 | 3,840 | 18,698 | Other | (5,785) | 2,912 | (5,497) | 2,363 | ||||||||||||||||||||||||||||||||||||
5,253 | (23,643) | 7,938 | (38,547) | (3,579) | 5,473 | (6,589) | 2,685 | |||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of above adjustments | Noncontrolling interests' share of above adjustments | (364) | 1,570 | (550) | 2,223 | Noncontrolling interests' share of above adjustments | 257 | (379) | 472 | (186) | ||||||||||||||||||||||||||||||||||||
Total of certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions, net | Total of certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions, net | $ | 4,889 | $ | (22,073) | $ | 7,388 | $ | (36,324) | Total of certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions, net | $ | (3,322) | $ | 5,094 | $ | (6,117) | $ | 2,499 |
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 | % |
Total | New York | THE MART | 555 California Street(1) | |||||||||||||||||||||||
Same store NOI at share % increase (decrease) | ||||||||||||||||||||||||||
Three months ended June 30, 2023 compared to June 30, 2022 | 6.7 | % | 2.9 | % | (17.5) | % | 87.4 | % | ||||||||||||||||||
Six months ended June 30, 2023 compared to June 30, 2022 | 3.3 | % | 2.3 | % | (20.0) | % | 46.5 | % | ||||||||||||||||||
Same store NOI at share - cash basis % increase (decrease) | ||||||||||||||||||||||||||
Three months ended June 30, 2023 compared to June 30, 2022 | 6.2 | % | 2.7 | % | (23.0) | % | 91.5 | % | ||||||||||||||||||
Six months ended June 30, 2023 compared to June 30, 2022 | 3.9 | % | 3.2 | % | (25.5) | % | 50.5 | % |
(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 (at share) | All-In Swapped Rate | Expiration Date | Variable Rate Spread | ||||||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||||||||
555 California Street (effective 05/24) | $ | 840,000 | 6.03% | 05/26 | S+205 | |||||||||||||||||||||
Unsecured term loan(1) (effective 10/23) | 150,000 | 5.12% | 07/25 | S+129 | ||||||||||||||||||||||
Index Strike Rate | ||||||||||||||||||||||||||
Interest rate caps: | ||||||||||||||||||||||||||
1290 Avenue of the Americas (70.0% interest) (effective 11/23)(2) | $ | 665,000 | 1.00% | 11/25 | S+162 | |||||||||||||||||||||
One Park Avenue (effective 3/24) | 525,000 | 3.89% | 03/25 | S+122 | ||||||||||||||||||||||
731 Lexington Avenue office condominium (32.4% interest) (effective 7/23) | 162,000 | 6.00% | 06/24 | Prime + 0 | ||||||||||||||||||||||
640 Fifth Avenue (52.0% interest) | 259,925 | 4.00% | 05/24 | S+111 | ||||||||||||||||||||||
512 West 22nd Street (55.0% interest) | 71,088 | 4.50% | 06/25 | S+200 |
Swapped Balance | All-In Swapped Rate | Unswapped Balance (bears interest at S+129) | ||||||||||||||||||
Through 10/23 | $ | 800,000 | 4.04% | $ | — | |||||||||||||||
10/23 through 07/25 | 700,000 | 4.52% | 100,000 | |||||||||||||||||
07/25 through 10/26 | 550,000 | 4.35% | 250,000 | |||||||||||||||||
10/26 through 08/27 | 50,000 | 4.03% | 750,000 |
(Square feet in thousands) | (Square feet in 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) | 18,774 | 16,076 | 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) | 58 | (1) | 2,307 | 1,867 | 74.4 | % | Retail (includes retail properties that are in the base of our office properties) | 56 | (1) | 2,250 | 1,812 | 74.0 | % | ||||||||||||||||||||||||||||||||||||||
Residential - 1,983 units(2) | 7 | (1) | 1,511 | 778 | 96.8 | % | (2) | |||||||||||||||||||||||||||||||||||||||||||||
Residential - 1,975 units(2) | Residential - 1,975 units(2) | 6 | (1) | 1,499 | 766 | 96.5 | % | (2) | ||||||||||||||||||||||||||||||||||||||||||||
Alexander's | Alexander's | 6 | 2,241 | 726 | 96.3 | % | (2) | Alexander's | 5 | 2,455 | 795 | 87.3 | % | (2) | ||||||||||||||||||||||||||||||||||||||
25,029 | 19,646 | 90.3 | % | 24,978 | 19,449 | 90.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Other: | Other: | Other: | ||||||||||||||||||||||||||||||||||||||||||||||||||
theMART | 4 | 3,637 | 3,628 | 87.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||
THE MART | THE MART | 4 | 3,683 | 3,674 | 80.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
555 California Street | 555 California Street | 3 | 1,819 | 1,273 | 94.7 | % | 555 California Street | 3 | 1,819 | 1,274 | 94.5 | % | ||||||||||||||||||||||||||||||||||||||||
Other | Other | 11 | 2,532 | 1,197 | 92.7 | % | Other | 11 | 2,537 | 1,202 | 91.8 | % | ||||||||||||||||||||||||||||||||||||||||
7,988 | 6,098 | 8,039 | 6,150 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total square feet as of September 30, 2022 | 33,017 | 25,744 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total square feet as of June 30, 2023 | Total square feet as of June 30, 2023 | 33,017 | 25,599 |
(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 June 30, 2023 | ||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 457,431 | $ | 360,033 | $ | 97,398 | Total revenues | $ | 472,359 | $ | 362,471 | $ | 109,888 | ||||||||||||||||||||
Operating expenses | Operating expenses | (221,596) | (182,131) | (39,465) | Operating expenses | (222,723) | (176,410) | (46,313) | ||||||||||||||||||||||||||
NOI - consolidated | NOI - consolidated | 235,835 | 177,902 | 57,933 | NOI - consolidated | 249,636 | 186,061 | 63,575 | ||||||||||||||||||||||||||
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 | (18,742) | (5,204) | (13,538) | ||||||||||||||||||||||||||
Add: NOI from partially owned entities | Add: NOI from partially owned entities | 76,020 | 71,943 | 4,077 | Add: NOI from partially owned entities | 70,745 | 67,509 | 3,236 | ||||||||||||||||||||||||||
NOI at share | NOI at share | 297,089 | 241,154 | 55,935 | NOI at share | 301,639 | 248,366 | 53,273 | ||||||||||||||||||||||||||
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 | (5,570) | (6,797) | 1,227 | ||||||||||||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 295,670 | $ | 237,692 | $ | 57,978 | NOI at share - cash basis | $ | 296,069 | $ | 241,569 | $ | 54,500 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, 2021 | (Amounts in thousands) | For the Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 409,212 | $ | 316,643 | $ | 92,569 | Total revenues | $ | 453,494 | $ | 364,162 | $ | 89,332 | ||||||||||||||||||||
Operating expenses | Operating expenses | (212,699) | (151,276) | (61,423) | Operating expenses | (222,309) | (176,572) | (45,737) | ||||||||||||||||||||||||||
NOI - consolidated | NOI - consolidated | 196,513 | 165,367 | 31,146 | NOI - consolidated | 231,185 | 187,590 | 43,595 | ||||||||||||||||||||||||||
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 | (16,299) | (10,707) | (5,592) | ||||||||||||||||||||||||||
Add: NOI from partially owned entities | Add: NOI from partially owned entities | 75,644 | 73,219 | 2,425 | Add: NOI from partially owned entities | 74,060 | 71,209 | 2,851 | ||||||||||||||||||||||||||
NOI at share | NOI at share | 255,271 | 228,839 | 26,432 | NOI at share | 288,946 | 248,092 | 40,854 | ||||||||||||||||||||||||||
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 | (4,275) | (6,189) | 1,914 | ||||||||||||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 257,193 | $ | 229,622 | $ | 27,571 | NOI at share - cash basis | $ | 284,671 | $ | 241,903 | $ | 42,768 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, | (Amounts in thousands) | For the Three Months Ended June 30, | ||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
New York: | New York: | New York: | ||||||||||||||||||||
Office | Office | $ | 174,790 | $ | 166,553 | Office | $ | 186,042 | $ | 182,042 | ||||||||||||
Retail | Retail | 52,127 | 49,083 | Retail | 47,428 | 51,438 | ||||||||||||||||
Residential | Residential | 4,598 | 4,194 | Residential | 5,467 | 5,250 | ||||||||||||||||
Alexander's | Alexander's | 9,639 | 9,009 | Alexander's | 9,429 | 9,362 | ||||||||||||||||
Total New York | Total New York | 241,154 | 228,839 | Total New York | 248,366 | 248,092 | ||||||||||||||||
Other: | Other: | Other: | ||||||||||||||||||||
theMART(1) | 35,769 | 6,431 | ||||||||||||||||||||
THE MART | THE MART | 16,462 | 19,947 | |||||||||||||||||||
555 California Street | 555 California Street | 16,092 | 16,128 | 555 California Street | 31,347 | 16,724 | ||||||||||||||||
Other investments | Other investments | 4,074 | 3,873 | Other investments | 5,464 | 4,183 | ||||||||||||||||
Total Other | Total Other | 55,935 | 26,432 | Total Other | 53,273 | 40,854 | ||||||||||||||||
NOI at share | NOI at share | $ | 297,089 | $ | 255,271 | NOI at share | $ | 301,639 | $ | 288,946 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, | (Amounts in thousands) | For the Three Months Ended June 30, | ||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
New York: | New York: | New York: | ||||||||||||||||||||
Office | Office | $ | 174,606 | $ | 170,521 | Office | $ | 181,253 | $ | 180,326 | ||||||||||||
Retail | Retail | 48,096 | 45,175 | Retail | 44,956 | 47,189 | ||||||||||||||||
Residential | Residential | 4,556 | 4,136 | Residential | 5,129 | 4,309 | ||||||||||||||||
Alexander's | Alexander's | 10,434 | 9,790 | Alexander's | 10,231 | 10,079 | ||||||||||||||||
Total New York | Total New York | 237,692 | 229,622 | Total New York | 241,569 | 241,903 | ||||||||||||||||
Other: | Other: | Other: | ||||||||||||||||||||
theMART(1) | 36,772 | 8,635 | ||||||||||||||||||||
THE MART | THE MART | 16,592 | 21,541 | |||||||||||||||||||
555 California Street | 555 California Street | 16,926 | 14,745 | 555 California Street | 32,284 | 16,855 | ||||||||||||||||
Other investments | Other investments | 4,280 | 4,191 | Other investments | 5,624 | 4,372 | ||||||||||||||||
Total Other | Total Other | 57,978 | 27,571 | Total Other | 54,500 | 42,768 | ||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 295,670 | $ | 257,193 | NOI at share - cash basis | $ | 296,069 | $ | 284,671 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, | (Amounts in thousands) | For the Three Months Ended June 30, | ||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
Net income | Net income | $ | 20,112 | $ | 71,765 | Net income | $ | 62,733 | $ | 68,903 | ||||||||||||
Depreciation and amortization expense | Depreciation and amortization expense | 134,526 | 100,867 | Depreciation and amortization expense | 107,162 | 118,662 | ||||||||||||||||
General and administrative expense | General and administrative expense | 29,174 | 25,553 | General and administrative expense | 39,410 | 31,902 | ||||||||||||||||
Transaction related costs and other | Transaction related costs and other | 996 | 9,681 | Transaction related costs and other | 30 | 2,960 | ||||||||||||||||
Income from partially owned entities | Income from partially owned entities | (24,341) | (26,269) | Income from partially owned entities | (37,272) | (25,720) | ||||||||||||||||
Loss from real estate fund investments | Loss from real estate fund investments | 111 | 66 | Loss from real estate fund investments | 102 | 142 | ||||||||||||||||
Interest and other investment income, net | Interest and other investment income, net | (5,228) | (633) | Interest and other investment income, net | (13,255) | (3,036) | ||||||||||||||||
Interest and debt expense | Interest and debt expense | 76,774 | 50,946 | Interest and debt expense | 87,165 | 62,640 | ||||||||||||||||
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 | (936) | (28,832) | ||||||||||||||||
Income tax expense (benefit) | 3,711 | (25,376) | ||||||||||||||||||||
Income tax expense | Income tax expense | 4,497 | 3,564 | |||||||||||||||||||
NOI from partially owned entities | NOI from partially owned entities | 76,020 | 75,644 | NOI from partially owned entities | 70,745 | 74,060 | ||||||||||||||||
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 | (18,742) | (16,299) | ||||||||||||||||
NOI at share | NOI at share | 297,089 | 255,271 | NOI at share | 301,639 | 288,946 | ||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (1,419) | 1,922 | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (5,570) | (4,275) | ||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 295,670 | $ | 257,193 | NOI at share - cash basis | $ | 296,069 | $ | 284,671 |
For the Three Months Ended September 30, | For the Three Months Ended June 30, | |||||||||||||||||||||
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 | $ | (7,079) | $ | (7,079) | $ | — | |||||||||||||||||||||||
Development and redevelopment | Development and redevelopment | 23,192 | 23,192 | — | Development and redevelopment | (244) | (244) | — | |||||||||||||||||||||||||||||
Trade shows | Trade shows | 6,049 | — | 6,049 | Trade shows | 940 | — | 940 | |||||||||||||||||||||||||||||
Same store operations | Same store operations | 13,239 | 15,916 | (2,677) | Same store operations | 20,023 | 1,985 | 18,038 | (1) | ||||||||||||||||||||||||||||
39,941 | 36,569 | 3,372 | |||||||||||||||||||||||||||||||||||
13,640 | (5,338) | 18,978 | |||||||||||||||||||||||||||||||||||
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 | 1,147 | 1,548 | (401) | |||||||||||||||||||||||||||||
Management and leasing fees | Management and leasing fees | 23 | (85) | 108 | Management and leasing fees | 792 | 750 | 42 | |||||||||||||||||||||||||||||
Other income | Other income | 4,020 | 2,165 | 1,855 | Other income | 3,286 | 1,349 | 1,937 | |||||||||||||||||||||||||||||
8,278 | 6,821 | 1,457 | 5,225 | 3,647 | 1,578 | ||||||||||||||||||||||||||||||||
Total increase in revenues | $ | 48,219 | $ | 43,390 | $ | 4,829 | |||||||||||||||||||||||||||||||
Total increase (decrease) in revenues | Total increase (decrease) in revenues | $ | 18,865 | $ | (1,691) | $ | 20,556 |
(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: | |||||||||||||||||||||||||||||||||||
Operating: | Operating: | Operating: | |||||||||||||||||||||||||||||||||||
Acquisitions, dispositions and other | Acquisitions, dispositions and other | $ | (618) | $ | (618) | $ | — | Acquisitions, dispositions and other | $ | (3,690) | $ | (3,690) | $ | — | |||||||||||||||||||||||
Development and redevelopment | Development and redevelopment | 9,735 | 9,488 | 247 | Development and redevelopment | 1,144 | 1,144 | — | |||||||||||||||||||||||||||||
Non-reimbursable expenses | Non-reimbursable expenses | 7,560 | 7,794 | (234) | Non-reimbursable expenses | (702) | (702) | — | |||||||||||||||||||||||||||||
Trade shows | Trade shows | (291) | — | (291) | Trade shows | 408 | — | 408 | |||||||||||||||||||||||||||||
BMS expenses | BMS expenses | 3,739 | 4,246 | (507) | BMS expenses | 760 | 1,161 | (401) | |||||||||||||||||||||||||||||
Same store operations | Same store operations | (11,228) | 9,945 | (21,173) | Same store operations | 2,494 | 1,925 | 569 | |||||||||||||||||||||||||||||
8,897 | 30,855 | (21,958) | 414 | (162) | 576 | ||||||||||||||||||||||||||||||||
Depreciation and amortization: | Depreciation and amortization: | Depreciation and amortization: | |||||||||||||||||||||||||||||||||||
Acquisitions, dispositions and other | Acquisitions, dispositions and other | 20,868 | 20,868 | — | Acquisitions, dispositions and other | (10,711) | (10,711) | — | |||||||||||||||||||||||||||||
Development and redevelopment | Development and redevelopment | 13,654 | 13,654 | — | Development and redevelopment | 21 | 21 | — | |||||||||||||||||||||||||||||
Same store operations | Same store operations | (863) | (1,061) | 198 | Same store operations | (810) | (555) | (255) | |||||||||||||||||||||||||||||
33,659 | 33,461 | 198 | (11,500) | (11,245) | (255) | ||||||||||||||||||||||||||||||||
General and administrative | General and administrative | 3,621 | 463 | 3,158 | General and administrative | 7,508 | (180) | 7,688 | (1) | ||||||||||||||||||||||||||||
Benefit from deferred compensation plan liability | (1,399) | — | (1,399) | ||||||||||||||||||||||||||||||||||
Expense from deferred compensation plan liability | Expense from deferred compensation plan liability | 9,776 | — | 9,776 | |||||||||||||||||||||||||||||||||
Transaction related costs and other | Transaction related costs and other | (8,685) | (7,769) | (1) | (916) | Transaction related costs and other | (2,930) | (422) | (2,508) | ||||||||||||||||||||||||||||
Total increase (decrease) in expenses | Total increase (decrease) in expenses | $ | 36,093 | $ | 57,010 | $ | (20,917) | Total increase (decrease) in expenses | $ | 3,268 | $ | (12,009) | $ | 15,277 |
(Amounts in thousands) | (Amounts in thousands) | Percentage Ownership at September 30, 2022 | For the Three Months Ended September 30, | (Amounts in thousands) | Percentage Ownership as of June 30, 2023 | For the Three Months Ended June 30, | ||||||||||||||||||||||||||||
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% | $ | 5,941 | $ | 13,665 | ||||||||||||||||||||||
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 | 9,329 | 9,329 | ||||||||||||||||||||||||||||
21,371 | 22,101 | 15,270 | 22,994 | |||||||||||||||||||||||||||||||
Alexander's | Alexander's | 32.4% | 5,910 | 4,795 | Alexander's | 32.4% | 21,413 | 5,986 | ||||||||||||||||||||||||||
Partially owned office buildings | Partially owned office buildings | Various | (4,732) | 418 | Partially owned office buildings | Various | (254) | (4,980) | ||||||||||||||||||||||||||
Other investments | Other investments | Various | 1,792 | (1,045) | Other investments | Various | 843 | 1,720 | ||||||||||||||||||||||||||
$ | 24,341 | $ | 26,269 | $ | 37,272 | $ | 25,720 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, | (Amounts in thousands) | For the Three Months Ended June 30, | ||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
Net investment (loss) income | Net investment (loss) income | $ | (102) | $ | 6,658 | |||||||||||||||||
Previously recorded unrealized loss on exited investments | Previously recorded unrealized loss on exited investments | — | 53,724 | |||||||||||||||||||
Realized loss on exited investments | Realized loss on exited investments | — | (53,724) | |||||||||||||||||||
Net unrealized loss on held investments | Net unrealized loss on held investments | — | (6,800) | |||||||||||||||||||
Loss from real estate fund investments | Loss from real estate fund investments | (102) | (142) | |||||||||||||||||||
Less loss attributable to noncontrolling interests in consolidated subsidiaries | Less loss attributable to noncontrolling interests in consolidated subsidiaries | 143 | 365 | |||||||||||||||||||
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 | $ | 41 | $ | 223 | |||||||||||||||||
Net investment loss | $ | (111) | $ | (66) | ||||||||||||||||||
Loss from real estate fund investments | (111) | (66) | ||||||||||||||||||||
Less loss attributable to noncontrolling interests in consolidated subsidiaries | 312 | 360 | ||||||||||||||||||||
Income from real estate fund investments, net of noncontrolling interests in consolidated subsidiaries | $ | 201 | $ | 294 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, | (Amounts in thousands) | For the Three Months Ended June 30, | ||||||||||||||||||
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 | $ | 12,593 | $ | 310 | ||||||||||||
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 | 384 | 1,728 | ||||||||||||||||
Interest on loans receivable | Interest on loans receivable | 1,396 | 561 | Interest on loans receivable | 278 | 994 | ||||||||||||||||
Other, net | Other, net | — | 5 | Other, net | — | 4 | ||||||||||||||||
$ | 5,228 | $ | 633 | $ | 13,255 | $ | 3,036 |
(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) | Total | New York | THE MART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share for the three months ended June 30, 2023 | $ | 301,639 | $ | 248,366 | $ | 16,462 | $ | 31,347 | $ | 5,464 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Dispositions | 111 | 111 | — | — | — | ||||||||||||||||||||||||
Development properties | (7,594) | (7,594) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (6,658) | (1,194) | — | — | (5,464) | ||||||||||||||||||||||||
Same store NOI at share for the three months ended June 30, 2023 | $ | 287,498 | $ | 239,689 | $ | 16,462 | $ | 31,347 | $ | — | |||||||||||||||||||
NOI at share for the three months ended June 30, 2022 | $ | 288,946 | $ | 248,092 | $ | 19,947 | $ | 16,724 | $ | 4,183 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Dispositions | (3,321) | (3,321) | — | — | — | ||||||||||||||||||||||||
Development properties | (8,263) | (8,263) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (7,803) | (3,620) | — | — | (4,183) | ||||||||||||||||||||||||
Same store NOI at share for the three months ended June 30, 2022 | $ | 269,559 | $ | 232,888 | $ | 19,947 | $ | 16,724 | $ | — | |||||||||||||||||||
Increase (decrease) in same store NOI at share | $ | 17,939 | $ | 6,801 | $ | (3,485) | $ | 14,623 | $ | — | |||||||||||||||||||
% increase (decrease) in same store NOI at share | 6.7 | % | 2.9 | % | (17.5) | % | 87.4 | % | 0.0 | % |
(Amounts in thousands) | Total | New York | THE MART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share - cash basis for the three months ended June 30, 2023 | $ | 296,069 | $ | 241,569 | $ | 16,592 | $ | 32,284 | $ | 5,624 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Dispositions | 111 | 111 | — | — | — | ||||||||||||||||||||||||
Development properties | (6,687) | (6,687) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (7,061) | (1,437) | — | — | (5,624) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended June 30, 2023 | $ | 282,432 | $ | 233,556 | $ | 16,592 | $ | 32,284 | $ | — | |||||||||||||||||||
NOI at share - cash basis for the three months ended June 30, 2022 | $ | 284,671 | $ | 241,903 | $ | 21,541 | $ | 16,855 | $ | 4,372 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Dispositions | (3,149) | (3,149) | — | — | — | ||||||||||||||||||||||||
Development properties | (7,620) | (7,620) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (8,007) | (3,635) | — | — | (4,372) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended June 30, 2022 | $ | 265,895 | $ | 227,499 | $ | 21,541 | $ | 16,855 | $ | — | |||||||||||||||||||
Increase (decrease) in same store NOI at share - cash basis | $ | 16,537 | $ | 6,057 | $ | (4,949) | $ | 15,429 | $ | — | |||||||||||||||||||
% increase (decrease) in same store NOI at share - cash basis | 6.2 | % | 2.7 | % | (23.0) | % | 91.5 | % | 0.0 | % |
(Amounts in thousands) | For the Six Months Ended June 30, 2023 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 918,282 | $ | 726,285 | $ | 191,997 | |||||||||||
Operating expenses | (451,496) | (364,731) | (86,765) | ||||||||||||||
NOI - consolidated | 466,786 | 361,554 | 105,232 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (30,506) | (10,027) | (20,479) | ||||||||||||||
Add: NOI from partially owned entities | 138,842 | 132,833 | 6,009 | ||||||||||||||
NOI at share | 575,122 | 484,360 | 90,762 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (518) | (1,764) | 1,246 | ||||||||||||||
NOI at share - cash basis | $ | 574,604 | $ | 482,596 | $ | 92,008 |
(Amounts in thousands) | For the Six Months Ended June 30, 2022 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 895,624 | $ | 722,710 | $ | 172,914 | |||||||||||
Operating expenses | (438,838) | (354,107) | (84,731) | ||||||||||||||
NOI - consolidated | 456,786 | 368,603 | 88,183 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (36,334) | (24,017) | (12,317) | ||||||||||||||
Add: NOI from partially owned entities | 152,752 | 147,173 | 5,579 | ||||||||||||||
NOI at share | 573,204 | 491,759 | 81,445 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (7,405) | (10,164) | 2,759 | ||||||||||||||
NOI at share - cash basis | $ | 565,799 | $ | 481,595 | $ | 84,204 |
(Amounts in thousands) | For the Six Months Ended June 30, | ||||||||||
2023 | 2022 | ||||||||||
New York: | |||||||||||
Office | $ | 360,312 | $ | 359,851 | |||||||
Retail | 94,624 | 103,543 | |||||||||
Residential | 10,925 | 10,024 | |||||||||
Alexander's | 18,499 | 18,341 | |||||||||
Total New York | 484,360 | 491,759 | |||||||||
Other: | |||||||||||
THE MART | 31,871 | 39,861 | |||||||||
555 California Street(1) | 48,276 | 32,959 | |||||||||
Other investments | 10,615 | 8,625 | |||||||||
Total Other | 90,762 | 81,445 | |||||||||
NOI at share | $ | 575,122 | $ | 573,204 |
(Amounts in thousands) | For the Six Months Ended June 30, | ||||||||||
2023 | 2022 | ||||||||||
New York: | |||||||||||
Office | $ | 363,334 | $ | 358,153 | |||||||
Retail | 88,990 | 94,582 | |||||||||
Residential | 10,180 | 8,998 | |||||||||
Alexander's | 20,092 | 19,862 | |||||||||
Total New York | 482,596 | 481,595 | |||||||||
Other: | |||||||||||
THE MART | 31,267 | 41,977 | |||||||||
555 California Street(1) | 50,002 | 33,215 | |||||||||
Other investments | 10,739 | 9,012 | |||||||||
Total Other | 92,008 | 84,204 | |||||||||
NOI at share - cash basis | $ | 574,604 | $ | 565,799 |
(Amounts in thousands) | For the Six Months Ended June 30, | ||||||||||
2023 | 2022 | ||||||||||
Net income | $ | 73,931 | $ | 122,278 | |||||||
Depreciation and amortization expense | 213,727 | 236,105 | |||||||||
General and administrative expense | 81,005 | 73,118 | |||||||||
Transaction related costs and other | 688 | 3,965 | |||||||||
Income from partially owned entities | (53,938) | (59,434) | |||||||||
Loss (income) from real estate fund investments | 121 | (5,532) | |||||||||
Interest and other investment income, net | (22,858) | (4,054) | |||||||||
Interest and debt expense | 173,402 | 114,749 | |||||||||
Net gains on disposition of wholly owned and partially owned assets | (8,456) | (35,384) | |||||||||
Income tax expense | 9,164 | 10,975 | |||||||||
NOI from partially owned entities | 138,842 | 152,752 | |||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (30,506) | (36,334) | |||||||||
NOI at share | 575,122 | 573,204 | |||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (518) | (7,405) | |||||||||
NOI at share - cash basis | $ | 574,604 | $ | 565,799 |
For the Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Region: | |||||||||||
New York City metropolitan area | 88 | % | 87 | % | |||||||
Chicago, IL | 6 | % | 7 | % | |||||||
San Francisco, CA | 6 | % | 6 | % | |||||||
100 | % | 100 | % |
(Amounts in thousands) | Total | New York | Other | |||||||||||||||||
(Decrease) increase due to: | ||||||||||||||||||||
Rental revenues: | ||||||||||||||||||||
Acquisitions, dispositions and other | $ | (19,064) | $ | (19,064) | $ | — | ||||||||||||||
Development and redevelopment | 69 | 69 | — | |||||||||||||||||
Trade shows | 844 | — | 844 | |||||||||||||||||
Same store operations | 31,301 | 14,328 | 16,973 | (1) | ||||||||||||||||
13,150 | (4,667) | 17,817 | ||||||||||||||||||
Fee and other income: | ||||||||||||||||||||
BMS cleaning fees | 3,784 | 4,515 | (731) | |||||||||||||||||
Management and leasing fees | 1,072 | 956 | 116 | |||||||||||||||||
Other income | 4,652 | 2,771 | 1,881 | |||||||||||||||||
9,508 | 8,242 | 1,266 | ||||||||||||||||||
Total increase in revenues | $ | 22,658 | $ | 3,575 | $ | 19,083 |
(Amounts in thousands) | Total | New York | Other | |||||||||||||||||
(Decrease) increase due to: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Acquisitions, dispositions and other | $ | (7,943) | $ | (7,943) | $ | — | ||||||||||||||
Development and redevelopment | 4,341 | 4,341 | — | |||||||||||||||||
Non-reimbursable expenses | 2,581 | 2,581 | — | |||||||||||||||||
Trade shows | 819 | — | 819 | |||||||||||||||||
BMS expenses | 3,154 | 3,885 | (731) | |||||||||||||||||
Same store operations | 9,706 | 7,760 | 1,946 | |||||||||||||||||
12,658 | 10,624 | 2,034 | ||||||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||
Acquisitions, dispositions and other | (22,039) | (22,039) | — | |||||||||||||||||
Development and redevelopment | 56 | 56 | — | |||||||||||||||||
Same store operations | (395) | 482 | (877) | |||||||||||||||||
(22,378) | (21,501) | (877) | ||||||||||||||||||
General and administrative | 7,887 | 784 | 7,103 | (1) | ||||||||||||||||
Expense from deferred compensation plan liability | 15,448 | — | 15,448 | |||||||||||||||||
Transaction related costs and other | (3,277) | (987) | (2,290) | |||||||||||||||||
Total increase (decrease) in expenses | $ | 10,338 | $ | (11,080) | $ | 21,418 |
(Amounts in thousands) | Percentage Ownership as of June 30, 2023 | For the Six Months Ended June 30, | |||||||||||||||
2023 | 2022 | ||||||||||||||||
Our share of net income (loss): | |||||||||||||||||
Fifth Avenue and Times Square JV: | |||||||||||||||||
Equity in net income(1) | 51.5% | $ | 16,140 | $ | 29,974 | ||||||||||||
Return on preferred equity, net of our share of the expense | 18,555 | 18,555 | |||||||||||||||
34,695 | 48,529 | ||||||||||||||||
Alexander's(2) | 32.4% | 26,157 | 11,677 | ||||||||||||||
Partially owned office buildings(3) | Various | (9,217) | (3,688) | ||||||||||||||
Other investments(4) | Various | 2,303 | 2,916 | ||||||||||||||
$ | 53,938 | $ | 59,434 |
(Amounts in thousands) | For the Six Months Ended June 30, | ||||||||||
2023 | 2022 | ||||||||||
Previously recorded unrealized loss on exited investments | $ | 247,575 | $ | 59,396 | |||||||
Realized loss on exited investments | (247,575) | (53,724) | |||||||||
Net investment (loss) income | (121) | 6,660 | |||||||||
Net unrealized loss on held investments | — | (6,800) | |||||||||
(Loss) income from real estate fund investments | (121) | 5,532 | |||||||||
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 382 | (3,599) | |||||||||
Income from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ | 261 | $ | 1,933 |
(Amounts in thousands) | For the Six Months Ended June 30, | ||||||||||
2023 | 2022 | ||||||||||
Interest on cash and cash equivalents and restricted cash | $ | 18,267 | $ | 374 | |||||||
Amortization of discount on investments in U.S. Treasury bills | 3,829 | 1,857 | |||||||||
Interest on loans receivable | 762 | 1,819 | |||||||||
Other, net | — | 4 | |||||||||
$ | 22,858 | $ | 4,054 |
(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 six months ended June 30, 2023 | NOI at share for the six months ended June 30, 2023 | $ | 575,122 | $ | 484,360 | $ | 31,871 | $ | 48,276 | $ | 10,615 | |||||||||||||||||||||||||||||||||||||||||||||||
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 | 307 | 307 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Development properties | Development properties | (15,140) | (15,140) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-same store (income) expense, net | Other non-same store (income) expense, net | (8,145) | 2,470 | — | — | (10,615) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Same store NOI at share for the six months ended June 30, 2023 | Same store NOI at share for the six months ended June 30, 2023 | $ | 552,144 | $ | 471,997 | $ | 31,871 | $ | 48,276 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||
NOI at share for the six months ended June 30, 2022 | NOI at share for the six months ended June 30, 2022 | $ | 573,204 | $ | 491,759 | $ | 39,861 | $ | 32,959 | $ | 8,625 | |||||||||||||||||||||||||||||||||||||||||||||||
Less NOI at share from: | Less NOI at share from: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | Dispositions | (3,523) | (3,523) | — | — | — | Dispositions | (6,356) | (6,356) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Development properties | Development properties | (65,440) | (65,440) | — | — | — | Development properties | (15,702) | (15,702) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Other non-same store income, net | Other non-same store income, net | (17,910) | (5,211) | — | — | (12,699) | Other non-same store income, net | (16,722) | (8,097) | — | — | (8,625) | ||||||||||||||||||||||||||||||||||||||||||||||
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 six months ended June 30, 2022 | Same store NOI at share for the six months ended June 30, 2022 | $ | 534,424 | $ | 461,604 | $ | 39,861 | $ | 32,959 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) in same store NOI at share | Increase (decrease) in same store NOI at share | $ | 17,720 | $ | 10,393 | $ | (7,990) | $ | 15,317 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
% increase (decrease) in same store NOI at share | % increase (decrease) in same store NOI at share | 3.3 | % | 2.3 | % | (20.0) | % | 46.5 | % | 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 six months ended June 30, 2023 | $ | 574,604 | $ | 482,596 | $ | 31,267 | $ | 50,002 | $ | 10,739 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Dispositions | 307 | 307 | — | — | — | ||||||||||||||||||||||||
Development properties | (13,457) | (13,457) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (13,131) | (2,392) | — | — | (10,739) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the six months ended June 30, 2023 | $ | 548,323 | $ | 467,054 | $ | 31,267 | $ | 50,002 | $ | — | |||||||||||||||||||
NOI at share - cash basis for the six months ended June 30, 2022 | $ | 565,799 | $ | 481,595 | $ | 41,977 | $ | 33,215 | $ | 9,012 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Dispositions | (6,205) | (6,205) | — | — | — | ||||||||||||||||||||||||
Development properties | (14,375) | (14,375) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (17,339) | (8,327) | — | — | (9,012) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the six months ended June 30, 2022 | $ | 527,880 | $ | 452,688 | $ | 41,977 | $ | 33,215 | $ | — | |||||||||||||||||||
Increase (decrease) in same store NOI at share - cash basis | $ | 20,443 | $ | 14,366 | $ | (10,710) | $ | 16,787 | $ | — | |||||||||||||||||||
% increase (decrease) in same store NOI at share - cash basis | 3.9 | % | 3.2 | % | (25.5) | % | 50.5 | % | 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 Six Months Ended June 30, | (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 | $ | 374,741 | $ | 430,625 | $ | (55,884) | ||||||||||||||||||||
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 | 152,373 | (715,862) | 868,235 | ||||||||||||||||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (236,138) | (528,796) | 292,658 |
(Amounts in thousands) | For the Nine Months Ended September 30, | (Decrease) Increase in Cash Flow | |||||||||||||||
2022 | 2021 | ||||||||||||||||
Purchase of U.S. Treasury bills | $ | (794,793) | $ | — | $ | (794,793) | |||||||||||
Development costs and construction in progress | (557,884) | (444,645) | (113,239) | ||||||||||||||
Proceeds from maturities of U.S. Treasury bills | 349,461 | — | 349,461 | ||||||||||||||
Proceeds from sales of real estate | 253,958 | 100,024 | 153,934 | ||||||||||||||
Additions to real estate | (120,124) | (113,374) | (6,750) | ||||||||||||||
Distributions of capital from partially owned entities | 20,566 | 106,005 | (85,439) | ||||||||||||||
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South | 16,124 | 97,683 | (81,559) | ||||||||||||||
Investments in partially owned entities | (15,046) | (12,366) | (2,680) | ||||||||||||||
Acquisitions of real estate and other | (2,000) | (3,000) | 1,000 | ||||||||||||||
Acquisition of additional 45.0% ownership interest in One Park Avenue (inclusive of $5,806 of prorations and net working capital and net of $39,370 of cash and restricted cash balances consolidated upon acquisition) | — | (123,936) | 123,936 | ||||||||||||||
Proceeds from repayments of loan receivables | — | 975 | (975) | ||||||||||||||
Net cash used in investing activities | $ | (849,738) | $ | (392,634) | $ | (457,104) |
(Amounts in thousands) | For the Six Months Ended June 30, | Increase (Decrease) in Cash Flow | |||||||||||||||
2023 | 2022 | ||||||||||||||||
Proceeds from maturities of U.S. Treasury bills | $ | 468,598 | $ | 299,668 | $ | 168,930 | |||||||||||
Development costs and construction in progress | (289,792) | (418,748) | 128,956 | ||||||||||||||
Proceeds from repayment of participation in 150 West 34th Street mortgage loan | 105,000 | — | 105,000 | ||||||||||||||
Additions to real estate | (100,126) | (70,046) | (30,080) | ||||||||||||||
Investments in partially owned entities | (37,222) | (11,091) | (26,131) | ||||||||||||||
Acquisitions of real estate and other | (33,145) | (1,000) | (32,145) | ||||||||||||||
Distributions of capital from partially owned entities | 18,481 | 10,066 | 8,415 | ||||||||||||||
Proceeds from sale of condominium units at 220 Central Park South | 14,216 | 16,124 | (1,908) | ||||||||||||||
Proceeds from sales of real estate | 6,363 | 253,958 | (247,595) | ||||||||||||||
Purchase of U.S. Treasury bills | — | (794,793) | 794,793 | ||||||||||||||
Net cash provided by (used in) investing activities | $ | 152,373 | $ | (715,862) | $ | 868,235 |
(Amounts in thousands) | (Amounts in thousands) | For the Nine Months Ended September 30, | Increase (Decrease) in Cash Flow | (Amounts in thousands) | For the Six Months Ended June 30, | (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 | $ | (115,800) | $ | (1,240,573) | $ | 1,124,773 | ||||||||||||||||||||
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) | (203,240) | 131,290 | ||||||||||||||||||||||||||
Dividends paid on preferred shares/Distributions to preferred unitholders | Dividends paid on preferred shares/Distributions to preferred unitholders | (31,058) | (31,058) | — | ||||||||||||||||||||||||||||||
Repurchase of common shares/Class A units owned by Vornado | Repurchase of common shares/Class A units owned by Vornado | (23,250) | — | (23,250) | ||||||||||||||||||||||||||||||
Contributions from noncontrolling interests in consolidated subsidiaries | Contributions from noncontrolling interests in consolidated subsidiaries | 18,328 | 4,253 | 14,075 | ||||||||||||||||||||||||||||||
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 | (9,440) | (56,589) | 47,149 | ||||||||||||||||||||||||||
Dividends paid on preferred shares/Distributions to preferred unitholders | (46,587) | (49,400) | 2,813 | |||||||||||||||||||||||||||||||
Debt issuance costs | (32,473) | (33,935) | 1,462 | |||||||||||||||||||||||||||||||
Contributions from noncontrolling interests in consolidated subsidiaries | 4,903 | 2,657 | 2,246 | |||||||||||||||||||||||||||||||
Deferred financing costs | Deferred financing costs | (3,078) | (31,718) | 28,640 | ||||||||||||||||||||||||||||||
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 | 441 | (295) | ||||||||||||||||||||||||||
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 | (36) | (85) | 49 | ||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||
Proceeds from borrowings | Proceeds from borrowings | — | 1,029,773 | (1,029,773) | ||||||||||||||||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | $ | (236,138) | $ | (528,796) | $ | 292,658 |
(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 June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Reconciliation of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions: | |||||||||||||||||||||||
Net income attributable to common shareholders | $ | 46,377 | $ | 50,418 | $ | 51,545 | $ | 76,896 | |||||||||||||||
Per diluted share | $ | 0.24 | $ | 0.26 | $ | 0.27 | $ | 0.40 | |||||||||||||||
FFO adjustments: | |||||||||||||||||||||||
Depreciation and amortization of real property | $ | 94,922 | $ | 106,620 | $ | 189,714 | $ | 212,582 | |||||||||||||||
Net gain on sale of real estate | (260) | (27,803) | (260) | (28,354) | |||||||||||||||||||
Proportionate share of adjustments to equity in net income of partially owned entities to arrive at FFO: | |||||||||||||||||||||||
Depreciation and amortization of real property | 26,666 | 33,681 | 54,135 | 65,820 | |||||||||||||||||||
Net gain on sale of real estate | (16,545) | (175) | (16,545) | (175) | |||||||||||||||||||
104,783 | 112,323 | 227,044 | 249,873 | ||||||||||||||||||||
Noncontrolling interests' share of above adjustments | (7,510) | (7,781) | (16,256) | (17,287) | |||||||||||||||||||
FFO adjustments, net | $ | 97,273 | $ | 104,542 | $ | 210,788 | $ | 232,586 | |||||||||||||||
FFO attributable to common shareholders | $ | 143,650 | $ | 154,960 | $ | 262,333 | $ | 309,482 | |||||||||||||||
Impact of assumed conversion of dilutive convertible securities | 409 | 5 | 816 | 515 | |||||||||||||||||||
FFO attributable to common shareholders plus assumed conversions | $ | 144,059 | $ | 154,965 | $ | 263,149 | $ | 309,997 | |||||||||||||||
Per diluted share | $ | 0.74 | $ | 0.80 | $ | 1.35 | $ | 1.60 | |||||||||||||||
Reconciliation of weighted average shares outstanding: | |||||||||||||||||||||||
Weighted average common shares outstanding | 191,468 | 191,750 | 191,668 | 191,737 | |||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Convertible securities | 3,378 | 1,412 | 2,852 | 1,271 | |||||||||||||||||||
Share-based payment awards | 32 | 261 | 23 | 289 | |||||||||||||||||||
Denominator for FFO per diluted share | 194,878 | 193,423 | 194,543 | 193,297 |
(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 | June 30, 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) | $ | 6,144,100 | 3.59% | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable rate(3) | Variable rate(3) | 2,192,715 | 5.83% | 21,927 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 8,458,015 | 3.79% | 23,130 | $ | 8,674,215 | 2.29% | $ | 8,336,815 | 4.18% | 21,927 | ||||||||||||||||||||||||||||||||||||||||||||||||
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) | $ | 1,200,950 | 3.87% | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable rate(4) | Variable rate(4) | 1,456,961 | 5.95% | 14,570 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 2,718,992 | 4.05% | 12,715 | $ | 2,699,405 | 2.81% | $ | 2,657,911 | 5.01% | 14,570 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | 29,676 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests’ share of the Operating Partnership | Noncontrolling interests’ share of the Operating Partnership | (2,008) | Noncontrolling interests’ share of the Operating Partnership | (2,128) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 27,548 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 0.14 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total change in annual net income attributable to Vornado per diluted share | Total change in annual net income attributable to Vornado per diluted share | $ | 0.14 |
(Amounts in thousands) | (Amounts in thousands) | Fair Value Asset (Liability) as of | As of September 30, 2022 | (Amounts in thousands) | As of June 30, 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/Cap 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) | 2.29% | 05/24 | $ | 36,414 | $ | — | $ | 49,888 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward swap (effective 05/24) | Forward swap (effective 05/24) | 840,000 | (1) | 6.03% | 05/26 | — | 1,280 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 33,320 | — | 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 | 17,471 | — | 26,587 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured revolving credit facility | Unsecured revolving credit facility | 26,759 | — | 575,000 | 3.88% | 08/27 | Unsecured revolving credit facility | 575,000 | 3.87% | 08/27 | 27,738 | — | 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 | 4.04% | (2) | 24,001 | — | 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 | 11,203 | — | 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 | 7,880 | — | 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 | 99,100 | (4) | 3.74% | 01/25 | 3,916 | — | 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) | 11/25 | 66,456 | — | 7,590 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One Park Avenue mortgage loan | One Park Avenue mortgage loan | 525,000 | (6) | 03/25 | 10,870 | — | 5,472 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Various mortgage loans | Various mortgage loans | 1,289 | 139 | Various mortgage loans | 3,110 | — | 2,080 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 242,379 | $ | 1,280 | $ | 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+129) | ||||||||||||||||||
Through 10/23 | $ | 800,000 | 4.04% | $ | — | |||||||||||||||
10/23 through 07/25 | 700,000 | 4.52% | 100,000 | |||||||||||||||||
07/25 through 10/26 | 550,000 | 4.35% | 250,000 | |||||||||||||||||
10/26 through 08/27 | 50,000 | 4.03% | 750,000 |
Period(1) | Total Number of Shares Repurchased | Average Price Paid Per Share(2) | Total Number of Shares Purchased as Part of Publicly Announced Program | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program | ||||||||||||||||||||||
April 1, 2023 - April 30, 2023 | — | $ | — | — | $ | 200,000,000 | ||||||||||||||||||||
May 1, 2023 - May 31, 2023 | 842,861 | 13.14 | 842,861 | 188,920,791 | ||||||||||||||||||||||
June 1, 2023 - June 30, 2023 | 879,434 | 13.80 | 879,434 | 176,784,138 | ||||||||||||||||||||||
1,722,295 | 1,722,295 |
Exhibit | Exhibit Description | |||||||||||||||
— | 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) |