☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended: | September 30, |
☐ | 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 September 30, | ||||||||||||||
Consolidated Statements of Income (Unaudited) for the Three and Nine Months Ended September 30, | ||||||||||||||
Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30, | ||||||||||||||
Consolidated Statements of Changes in Equity (Unaudited) for the Three and Nine Months Ended September 30, | ||||||||||||||
Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, | ||||||||||||||
Consolidated Balance Sheets (Unaudited) as of September 30, | ||||||||||||||
Consolidated Statements of Income (Unaudited) for the Three and Nine Months Ended September 30, | ||||||||||||||
Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30, | ||||||||||||||
Consolidated Statements of Changes in Equity (Unaudited) for the Three and Nine Months Ended September 30, | ||||||||||||||
Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, | ||||||||||||||
Vornado Realty Trust and Vornado Realty L.P.: | ||||||||||||||
PART II. | Other Information: | |||||||||||||
Unregistered Sales of Equity Securities | ||||||||||||||
(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 | ||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||
ASSETS | |||||||||||
Real estate, at cost: | |||||||||||
Land | $ | 2,457,589 | $ | 2,451,828 | |||||||
Buildings and improvements | 9,887,787 | 9,804,204 | |||||||||
Development costs and construction in progress | 1,257,886 | 933,334 | |||||||||
Leasehold improvements and equipment | 129,385 | 125,389 | |||||||||
Total | 13,732,647 | 13,314,755 | |||||||||
Less accumulated depreciation and amortization | (3,698,582) | (3,470,991) | |||||||||
Real estate, net | 10,034,065 | 9,843,764 | |||||||||
Right-of-use assets | 679,119 | 684,380 | |||||||||
Cash and cash equivalents | 1,000,362 | 889,689 | |||||||||
Restricted cash | 262,118 | 131,468 | |||||||||
Investments in U.S. Treasury bills | — | 471,962 | |||||||||
Tenant and other receivables | 88,438 | 81,170 | |||||||||
Investments in partially owned entities | 2,670,782 | 2,665,073 | |||||||||
220 Central Park South condominium units ready for sale | 40,198 | 43,599 | |||||||||
Receivable arising from the straight-lining of rents | 697,486 | 694,972 | |||||||||
Deferred leasing costs, net of accumulated amortization of $256,337 and $237,395 | 355,307 | 373,555 | |||||||||
Identified intangible assets, net of accumulated amortization of $99,770 and $98,139 | 130,086 | 139,638 | |||||||||
Other assets | 494,582 | 474,105 | |||||||||
$ | 16,452,543 | $ | 16,493,375 | ||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||||||
Mortgages payable, net | $ | 5,714,761 | $ | 5,829,018 | |||||||
Senior unsecured notes, net | 1,193,362 | 1,191,832 | |||||||||
Unsecured term loan, net | 794,212 | 793,193 | |||||||||
Unsecured revolving credit facilities | 575,000 | 575,000 | |||||||||
Lease liabilities | 728,468 | 735,969 | |||||||||
Accounts payable and accrued expenses | 452,853 | 450,881 | |||||||||
Deferred revenue | 34,083 | 39,882 | |||||||||
Deferred compensation plan | 100,485 | 96,322 | |||||||||
Other liabilities | 316,094 | 268,166 | |||||||||
Total liabilities | 9,909,318 | 9,980,263 | |||||||||
Commitments and contingencies | |||||||||||
Redeemable noncontrolling interests: | |||||||||||
Class A units - 16,927,110 and 14,416,891 units outstanding | 411,640 | 345,157 | |||||||||
Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 | |||||||||
Total redeemable noncontrolling partnership units | 415,175 | 348,692 | |||||||||
Redeemable noncontrolling interest in a consolidated subsidiary | 58,829 | 88,040 | |||||||||
Total redeemable noncontrolling interests | 474,004 | 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 190,321,756 and 191,866,880 shares | 7,592 | 7,654 | |||||||||
Additional capital | 8,341,810 | 8,369,228 | |||||||||
Earnings less than distributions | (3,891,266) | (3,894,580) | |||||||||
Accumulated other comprehensive income | 170,182 | 174,967 | |||||||||
Total shareholders' equity | 5,810,777 | 5,839,728 | |||||||||
Noncontrolling interests in consolidated subsidiaries | 258,444 | 236,652 | |||||||||
Total equity | 6,069,221 | 6,076,380 | |||||||||
$ | 16,452,543 | $ | 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 September 30, | For the Nine Months Ended September 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 | $ | 400,367 | $ | 409,144 | $ | 1,215,994 | $ | 1,211,621 | ||||||||||||||||||||||||||||
Fee and other income | Fee and other income | 48,287 | 40,009 | 141,434 | 120,014 | Fee and other income | 50,628 | 48,287 | 153,283 | 141,434 | ||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 457,431 | 409,212 | 1,353,055 | 1,168,130 | Total revenues | 450,995 | 457,431 | 1,369,277 | 1,353,055 | ||||||||||||||||||||||||||||||||||||
EXPENSES: | EXPENSES: | EXPENSES: | ||||||||||||||||||||||||||||||||||||||||||||
Operating | Operating | (221,596) | (212,699) | (660,434) | (594,598) | Operating | (233,737) | (221,596) | (685,233) | (660,434) | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | (134,526) | (100,867) | (370,631) | (285,998) | Depreciation and amortization | (110,349) | (134,526) | (324,076) | (370,631) | ||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | (29,174) | (25,553) | (102,292) | (100,341) | General and administrative | (35,838) | (29,174) | (116,843) | (102,292) | ||||||||||||||||||||||||||||||||||||
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 | (1,631) | 600 | (7,541) | 10,138 | |||||||||||||||||||||||||||||||||||||||||
Transaction related costs and other | Transaction related costs and other | (996) | (9,681) | (4,961) | (10,630) | Transaction related costs and other | (813) | (996) | (1,501) | (4,961) | ||||||||||||||||||||||||||||||||||||
Total expenses | Total expenses | (385,692) | (349,599) | (1,128,180) | (998,989) | Total expenses | (382,368) | (385,692) | (1,135,194) | (1,128,180) | ||||||||||||||||||||||||||||||||||||
Income from partially owned entities | Income from partially owned entities | 24,341 | 26,269 | 83,775 | 86,768 | Income from partially owned entities | 18,269 | 24,341 | 72,207 | 83,775 | ||||||||||||||||||||||||||||||||||||
(Loss) income from real estate fund investments | (111) | (66) | 5,421 | 5,107 | ||||||||||||||||||||||||||||||||||||||||||
Income (loss) from real estate fund investments | Income (loss) from real estate fund investments | 1,783 | (111) | 1,662 | 5,421 | |||||||||||||||||||||||||||||||||||||||||
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 | 12,934 | 5,228 | 35,792 | 9,282 | ||||||||||||||||||||||||||||||||||||
(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 | 1,631 | (600) | 7,541 | (10,138) | |||||||||||||||||||||||||||||||||||||||||
Interest and debt expense | Interest and debt expense | (76,774) | (50,946) | (191,523) | (152,904) | Interest and debt expense | (88,126) | (76,774) | (261,528) | (191,523) | ||||||||||||||||||||||||||||||||||||
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 | 56,136 | — | 64,592 | 35,384 | ||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 23,823 | 46,389 | 157,076 | 155,039 | Income before income taxes | 71,254 | 23,823 | 154,349 | 157,076 | ||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | (3,711) | 25,376 | (14,686) | 20,551 | ||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | (11,684) | (3,711) | (20,848) | (14,686) | |||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 20,112 | 71,765 | 142,390 | 175,590 | Net income | 59,570 | 20,112 | 133,501 | 142,390 | ||||||||||||||||||||||||||||||||||||
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 | 13,541 | 3,792 | 26,250 | (4,756) | ||||||||||||||||||||||||||||||||||||
Operating Partnership | Operating Partnership | (606) | (2,818) | (6,382) | (6,683) | Operating Partnership | (4,736) | (606) | (8,773) | (6,382) | ||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | Net income attributable to Vornado | 23,298 | 63,522 | 131,252 | 148,584 | Net income attributable to Vornado | 68,375 | 23,298 | 150,978 | 131,252 | ||||||||||||||||||||||||||||||||||||
Preferred share dividends | Preferred share dividends | (15,529) | (16,800) | (46,587) | (49,734) | Preferred share dividends | (15,529) | (15,529) | (46,587) | (46,587) | ||||||||||||||||||||||||||||||||||||
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 | $ | 52,846 | $ | 7,769 | $ | 104,391 | $ | 84,665 | ||||||||||||||||||||||||||||
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 | $ | 0.28 | $ | 0.04 | $ | 0.55 | $ | 0.44 | ||||||||||||||||||||||||||||
Weighted average shares outstanding | Weighted average shares outstanding | 191,793 | 191,577 | 191,756 | 191,508 | Weighted average shares outstanding | 190,364 | 191,793 | 191,228 | 191,756 | ||||||||||||||||||||||||||||||||||||
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 | $ | 0.28 | $ | 0.04 | $ | 0.54 | $ | 0.44 | ||||||||||||||||||||||||||||
Weighted average shares outstanding | Weighted average shares outstanding | 192,018 | 192,041 | 192,042 | 192,151 | Weighted average shares outstanding | 192,921 | 192,018 | 193,845 | 192,042 |
(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 September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 20,112 | $ | 71,765 | $ | 142,390 | $ | 175,590 | Net income | $ | 59,570 | $ | 20,112 | $ | 133,501 | $ | 142,390 | ||||||||||||||||||||||||||||
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 hedges and other | Change in fair value of consolidated interest rate hedges and other | 22,312 | 117,219 | 2,433 | 200,838 | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income of nonconsolidated subsidiaries | Other comprehensive (loss) income of nonconsolidated subsidiaries | (1,390) | 5,124 | (4,534) | 19,084 | |||||||||||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | 142,455 | 78,449 | 362,312 | 207,526 | Comprehensive income | 80,492 | 142,455 | 131,400 | 362,312 | ||||||||||||||||||||||||||||||||||||
Less comprehensive income attributable to noncontrolling interests | (7,279) | (8,669) | (28,348) | (29,022) | ||||||||||||||||||||||||||||||||||||||||||
Less comprehensive loss (income) attributable to noncontrolling interests | Less comprehensive loss (income) attributable to noncontrolling interests | 6,236 | (7,279) | 17,323 | (28,348) | |||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to Vornado | Comprehensive income attributable to Vornado | $ | 135,176 | $ | 69,780 | $ | 333,964 | $ | 178,504 | Comprehensive income attributable to Vornado | $ | 86,728 | $ | 135,176 | $ | 148,723 | $ | 333,964 |
(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 September 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 | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | — | — | — | — | — | 68,375 | — | — | 68,375 | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | (2,350) | (2,350) | |||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | 81 | 3 | 1,612 | — | — | — | 1,615 | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | 206 | 206 | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (20) | (20) | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | (1) | — | 74 | 11 | — | — | 85 | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common shares | — | — | (302) | (12) | — | (5,921) | — | — | (5,933) | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | — | (1,390) | — | (1,390) | |||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | — | 22,312 | — | 22,312 | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | — | 8,896 | — | 58 | — | 8,954 | |||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of other comprehensive income | — | — | — | — | — | — | (2,569) | 935 | (1,634) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2023 | 48,793 | $ | 1,182,459 | 190,322 | $ | 7,592 | $ | 8,341,810 | $ | (3,891,266) | $ | 170,182 | $ | 258,444 | $ | 6,069,221 |
(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 September 30, 2022: | For the Three Months Ended September 30, 2022: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | Balance as of June 30, 2022 | 48,793 | $ | 1,182,459 | 191,775 | $ | 7,650 | $ | 8,339,161 | $ | (3,205,751) | $ | 73,300 | $ | 253,994 | $ | 6,650,813 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | Net income attributable to Vornado | — | — | — | — | — | 63,522 | — | — | 63,522 | Net income attributable to Vornado | — | — | — | — | — | 23,298 | — | — | 23,298 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 4,299 | 4,299 | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 967 | 967 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.53 per share) | Dividends on common shares ($0.53 per share) | — | — | — | — | — | (101,527) | — | — | (101,527) | Dividends on common shares ($0.53 per share) | — | — | — | — | — | (101,656) | — | — | (101,656) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 12 for dividends per share amounts) | Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (16,800) | — | — | (16,800) | Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (15,529) | — | — | (15,529) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series O cumulative redeemable preferred shares issuance | 12,000 | 291,195 | — | — | — | — | — | — | 291,195 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | Common shares issued: | Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | Upon redemption of Class A units, at redemption value | — | — | 114 | 5 | 4,744 | — | — | — | 4,749 | Upon redemption of Class A units, at redemption value | — | — | 34 | 1 | 991 | — | — | — | 992 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | Under dividend reinvestment plan | — | — | 6 | 1 | 223 | — | — | — | 224 | Under dividend reinvestment plan | — | — | 7 | — | 221 | — | — | — | 221 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | Contributions | — | — | — | — | — | — | — | 1,110 | 1,110 | Contributions | — | — | — | — | — | — | — | 650 | 650 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | — | (5,877) | (5,877) | Distributions | — | — | — | — | — | — | — | (4,548) | (4,548) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | — | 155 | — | — | — | 155 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 1,322 | — | 1,322 | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 5,124 | — | 5,124 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps | — | — | — | — | — | — | 5,360 | — | 5,360 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of consolidated interest rate hedges and other | Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | — | 117,219 | — | 117,219 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | — | 64,100 | — | — | — | 64,100 | Redeemable Class A unit measurement adjustment | — | — | — | — | 21,857 | — | — | — | 21,857 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | — | — | — | (10,465) | 2,166 | (8,299) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | (7) | — | (1) | (2) | — | 2 | 39 | 31 | Other | — | — | 1 | 1 | 2 | 8 | — | (1) | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 September 30, 2022 | Balance as of September 30, 2022 | 48,793 | $ | 1,182,459 | 191,817 | $ | 7,652 | $ | 8,362,387 | $ | (3,299,630) | $ | 185,178 | $ | 253,228 | $ | 6,691,274 |
(Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | 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 Nine Months Ended September 30, 2023: | For the Nine Months Ended September 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 | — | — | — | — | — | 150,978 | — | — | 150,978 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | — | — | — | — | 2,961 | 2,961 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($1.59 per share) | — | — | — | — | — | (304,896) | — | — | (304,896) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 12 for dividends per share amounts) | Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (46,587) | — | — | (46,587) | Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (46,587) | — | — | (46,587) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | Common shares issued: | Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | Upon redemption of Class A units, at redemption value | — | — | 76 | 3 | 2,566 | — | — | — | 2,569 | Upon redemption of Class A units, at redemption value | — | — | 475 | 19 | 7,154 | — | — | — | 7,173 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | — | — | — | — | 22,534 | 22,534 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | — | (45,976) | (45,976) | Distributions | — | — | — | — | — | — | — | (3,831) | (3,831) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | Deferred compensation shares and options | — | — | (2) | — | 447 | (85) | — | — | 362 | Deferred compensation shares and options | — | — | (2) | — | 243 | (25) | — | — | 218 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | (2,024) | (81) | — | (29,102) | — | — | (29,183) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss of nonconsolidated subsidiaries | Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | — | (4,534) | — | (4,534) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of consolidated interest rate hedges and other | Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | — | 2,433 | — | 2,433 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | — | (55,629) | — | (2,530) | — | (58,159) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 income | Noncontrolling interests' share of other comprehensive income | — | — | — | — | — | — | (154) | 128 | (26) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2023 | Balance as of September 30, 2023 | 48,793 | $ | 1,182,459 | 190,322 | $ | 7,592 | $ | 8,341,810 | $ | (3,891,266) | $ | 170,182 | $ | 258,444 | $ | 6,069,221 |
(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 Nine Months Ended September 30, 2022: | For the Nine Months Ended September 30, 2022: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | Balance as of December 31, 2021 | 48,793 | $ | 1,182,459 | 191,724 | $ | 7,648 | $ | 8,143,093 | $ | (3,079,320) | $ | (17,534) | $ | 278,892 | $ | 6,515,238 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | Net income attributable to Vornado | — | — | — | — | — | 148,584 | — | — | 148,584 | Net income attributable to Vornado | — | — | — | — | — | 131,252 | — | — | 131,252 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 18,804 | 18,804 | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 13,236 | 13,236 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($1.59 per share) | Dividends on common shares ($1.59 per share) | — | — | — | — | — | (304,516) | — | — | (304,516) | Dividends on common shares ($1.59 per share) | — | — | — | — | — | (304,896) | — | — | (304,896) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 12 for dividends per share amounts) | Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (49,734) | — | — | (49,734) | Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (46,587) | — | — | (46,587) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series O cumulative redeemable preferred shares issuance | 12,000 | 291,195 | — | — | — | — | — | — | 291,195 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | Common shares issued: | Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | Upon redemption of Class A units, at redemption value | — | — | 313 | 13 | 13,045 | — | — | — | 13,058 | Upon redemption of Class A units, at redemption value | — | — | 76 | 3 | 2,566 | — | — | — | 2,569 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under employees' share option plan | Under employees' share option plan | — | — | — | — | 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 | — | — | 19 | — | 655 | — | — | — | 655 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | Contributions | — | — | — | — | — | — | — | 2,657 | 2,657 | Contributions | — | — | — | — | — | — | — | 4,903 | 4,903 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | — | (150,934) | (150,934) | Distributions | — | — | — | — | — | — | — | (45,976) | (45,976) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) | — | 447 | (85) | — | — | 362 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 6,381 | — | 6,381 | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 19,084 | — | 19,084 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 hedges and other | Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | — | 200,838 | — | 200,838 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | — | (78,848) | — | — | — | (78,848) | Redeemable Class A unit measurement adjustment | — | — | — | — | 215,619 | — | — | — | 215,619 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | — | — | — | (17,210) | 2,166 | (15,044) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | (55) | — | (1) | (1) | (4) | 2 | 37 | (22) | Other | — | — | — | 1 | — | 6 | — | 7 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 September 30, 2022 | Balance as of September 30, 2022 | 48,793 | $ | 1,182,459 | 191,817 | $ | 7,652 | $ | 8,362,387 | $ | (3,299,630) | $ | 185,178 | $ | 253,228 | $ | 6,691,274 |
(Amounts in thousands) | (Amounts in thousands) | For the Nine Months Ended September 30, | (Amounts in thousands) | For the Nine Months Ended September 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 | $ | 133,501 | $ | 142,390 | ||||||||||||
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) | 342,038 | 386,697 | ||||||||||||||||
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 | 131,308 | 137,758 | ||||||||||||||||
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 | (72,207) | (83,775) | ||||||||||||||||
Straight-lining of rents | (45,835) | 11,651 | ||||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | Net gains on disposition of wholly owned and partially owned assets | (35,384) | (35,811) | Net gains on disposition of wholly owned and partially owned assets | (64,592) | (35,384) | ||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 22,887 | 32,889 | Stock-based compensation expense | 33,247 | 22,887 | ||||||||||||||||
Change in deferred tax liability | Change in deferred tax liability | 9,992 | 2,497 | Change in deferred tax liability | 14,309 | 9,992 | ||||||||||||||||
Straight-lining of rents | Straight-lining of rents | (4,770) | (45,835) | |||||||||||||||||||
Amortization of interest rate cap premiums | Amortization of interest rate cap premiums | 4,225 | 66 | |||||||||||||||||||
Amortization of below-market leases, net | Amortization of below-market leases, net | (3,788) | (7,939) | Amortization of below-market leases, net | (4,083) | (3,788) | ||||||||||||||||
Net realized and unrealized loss on real estate fund investments | 1,128 | 789 | ||||||||||||||||||||
Net realized and unrealized (gain) loss on real estate fund investments | Net realized and unrealized (gain) loss on real estate fund investments | (1,861) | 1,128 | |||||||||||||||||||
Return of capital from real estate fund investments | Return of capital from real estate fund investments | 1,861 | — | |||||||||||||||||||
Write-off of lease receivables deemed uncollectible | Write-off of lease receivables deemed uncollectible | 782 | 7,219 | Write-off of lease receivables deemed uncollectible | — | 782 | ||||||||||||||||
Real estate impairment losses | — | 7,880 | ||||||||||||||||||||
Other non-cash adjustments | Other non-cash adjustments | 2,560 | (5,046) | Other non-cash adjustments | 3,919 | 2,494 | ||||||||||||||||
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 | (8,267) | (2,128) | ||||||||||||||||
Prepaid assets | Prepaid assets | 33,995 | (44,731) | Prepaid assets | (72,194) | 33,995 | ||||||||||||||||
Other assets | Other assets | (22,706) | (77,508) | Other assets | (72,201) | (22,706) | ||||||||||||||||
Lease liabilities | Lease liabilities | 13,191 | 11,363 | |||||||||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses | 6,649 | 43,067 | Accounts payable and accrued expenses | 26,023 | 6,649 | ||||||||||||||||
Other liabilities | Other liabilities | 8,605 | (3,911) | Other liabilities | 33,428 | (2,758) | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 559,827 | 478,103 | Net cash provided by operating activities | 436,875 | 559,827 | ||||||||||||||||
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 | 349,461 | |||||||||||||||||||
Development costs and construction in progress | Development costs and construction in progress | (557,884) | (444,645) | Development costs and construction in progress | (432,439) | (557,884) | ||||||||||||||||
Proceeds from maturities of U.S. Treasury bills | 349,461 | — | ||||||||||||||||||||
Additions to real estate | Additions to real estate | (155,080) | (120,124) | |||||||||||||||||||
Proceeds from sales of real estate | Proceeds from sales of real estate | 253,958 | 100,024 | Proceeds from sales of real estate | 123,550 | 253,958 | ||||||||||||||||
Additions to real estate | (120,124) | (113,374) | ||||||||||||||||||||
Distributions of capital from partially owned entities | 20,566 | 106,005 | ||||||||||||||||||||
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South | 16,124 | 97,683 | ||||||||||||||||||||
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 | — | |||||||||||||||||||
Investments in partially owned entities | Investments in partially owned entities | (15,046) | (12,366) | Investments in partially owned entities | (43,737) | (15,046) | ||||||||||||||||
Acquisitions of real estate and other | Acquisitions of real estate and other | (2,000) | (3,000) | Acquisitions of real estate and other | (33,145) | (2,000) | ||||||||||||||||
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 | 18,837 | 20,566 | |||||||||||||||||||
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 | |||||||||||||||||||
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 | 65,800 | (849,738) |
(Amounts in thousands) | (Amounts in thousands) | For the Nine Months Ended September 30, | (Amounts in thousands) | For the Nine Months Ended September 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 | $ | (119,400) | $ | (1,245,973) | ||||||||||||
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) | (304,896) | ||||||||||||||||
Dividends paid on preferred shares | Dividends paid on preferred shares | (46,587) | (46,587) | |||||||||||||||||||
Repurchase of common shares | Repurchase of common shares | (29,183) | — | |||||||||||||||||||
Contributions from noncontrolling interests | Contributions from noncontrolling interests | 18,534 | 4,903 | |||||||||||||||||||
Distributions to noncontrolling interests | Distributions to noncontrolling interests | (68,716) | (173,356) | Distributions to noncontrolling interests | (9,489) | (68,716) | ||||||||||||||||
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 | (3,398) | (32,473) | |||||||||||||||||||
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 | 662 | ||||||||||||||||
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 | (25) | (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 | (261,352) | (663,392) | |||||||||||||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | Net increase (decrease) in cash and cash equivalents and restricted cash | 241,323 | (953,303) | |||||||||||||||||||
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 | $ | 1,262,480 | $ | 977,048 | ||||||||||||
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 | $ | 1,000,362 | $ | 845,423 | ||||||||||||
Restricted cash at end of period | Restricted cash at end of period | 131,625 | 139,233 | Restricted cash at end of period | 262,118 | 131,625 | ||||||||||||||||
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 | $ | 1,262,480 | $ | 977,048 | ||||||||||||
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 | $ | 306,001 | $ | 170,839 | |||||||||||||||||
Cash payments for income taxes | Cash payments for income taxes | $ | 6,919 | $ | 8,426 | Cash payments for income taxes | $ | 8,728 | $ | 6,919 | ||||||||||||
Non-Cash Investing and Financing Activities: | ||||||||||||||||||||||
Non-Cash Information: | Non-Cash Information: | |||||||||||||||||||||
Accrued capital expenditures included in accounts payable and accrued expenses | Accrued capital expenditures included in accounts payable and accrued expenses | $ | 64,072 | $ | 86,844 | |||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | (58,159) | 215,619 | |||||||||||||||||||
Write-off of fully depreciated assets | Write-off of fully depreciated assets | (46,164) | (52,475) | |||||||||||||||||||
Initial investment in Pier 94 joint venture upon contribution of leasehold interest | Initial investment in Pier 94 joint venture upon contribution of leasehold interest | 50,090 | — | |||||||||||||||||||
Decrease in assets and liabilities resulting from the deconsolidation of Pier 94: | Decrease in assets and liabilities resulting from the deconsolidation of Pier 94: | |||||||||||||||||||||
Real estate | Real estate | 21,693 | — | |||||||||||||||||||
Right-of-use assets | Right-of-use assets | 7,081 | — | |||||||||||||||||||
Lease liabilities | Lease liabilities | (20,692) | — | |||||||||||||||||||
Change in fair value of consolidated interest rate hedges and other | Change in fair value of consolidated interest rate hedges and other | 2,433 | 200,838 | |||||||||||||||||||
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") | Reclassification of assets held for sale (included in "other assets") | 64,177 | 79,421 | Reclassification of assets held for sale (included in "other assets") | — | 64,177 | ||||||||||||||||
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" | — | 30,542 | ||||||||||||||||
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 | September 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 | 9,887,787 | 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 | 1,257,886 | 933,334 | ||||||||||||||||
Leasehold improvements and equipment | Leasehold improvements and equipment | 122,948 | 119,792 | Leasehold improvements and equipment | 129,385 | 125,389 | ||||||||||||||||
Total | Total | 13,418,628 | 13,217,845 | Total | 13,732,647 | 13,314,755 | ||||||||||||||||
Less accumulated depreciation and amortization | Less accumulated depreciation and amortization | (3,606,986) | (3,376,347) | Less accumulated depreciation and amortization | (3,698,582) | (3,470,991) | ||||||||||||||||
Real estate, net | Real estate, net | 9,811,642 | 9,841,498 | Real estate, net | 10,034,065 | 9,843,764 | ||||||||||||||||
Right-of-use assets | Right-of-use assets | 685,298 | 337,197 | Right-of-use assets | 679,119 | 684,380 | ||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 845,423 | 1,760,225 | Cash and cash equivalents | 1,000,362 | 889,689 | ||||||||||||||||
Restricted cash | Restricted cash | 131,625 | 170,126 | Restricted cash | 262,118 | 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 | 88,438 | 81,170 | ||||||||||||||||
Investments in partially owned entities | Investments in partially owned entities | 3,250,197 | 3,297,389 | Investments in partially owned entities | 2,670,782 | 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 | 40,198 | 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 | 697,486 | 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 $256,337 and $237,395 | Deferred leasing costs, net of accumulated amortization of $256,337 and $237,395 | 355,307 | 373,555 | |||||||||||||||||||
Identified intangible assets, net of accumulated amortization of $99,770 and $98,139 | Identified intangible assets, net of accumulated amortization of $99,770 and $98,139 | 130,086 | 139,638 | |||||||||||||||||||
Other assets | Other assets | 630,730 | 512,714 | Other assets | 494,582 | 474,105 | ||||||||||||||||
$ | 17,175,674 | $ | 17,266,588 | $ | 16,452,543 | $ | 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 | $ | 5,714,761 | $ | 5,829,018 | ||||||||||||
Senior unsecured notes, net | Senior unsecured notes, net | 1,191,322 | 1,189,792 | Senior unsecured notes, net | 1,193,362 | 1,191,832 | ||||||||||||||||
Unsecured term loan, net | Unsecured term loan, net | 792,847 | 797,812 | Unsecured term loan, net | 794,212 | 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 | 728,468 | 735,969 | ||||||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses | 475,151 | 613,497 | Accounts payable and accrued expenses | 452,853 | 450,881 | ||||||||||||||||
Deferred revenue | Deferred revenue | 41,879 | 48,118 | Deferred revenue | 34,083 | 39,882 | ||||||||||||||||
Deferred compensation plan | Deferred compensation plan | 95,681 | 110,174 | Deferred compensation plan | 100,485 | 96,322 | ||||||||||||||||
Other liabilities | Other liabilities | 265,775 | 304,725 | Other liabilities | 316,094 | 268,166 | ||||||||||||||||
Total liabilities | Total liabilities | 10,001,098 | 10,062,667 | Total liabilities | 9,909,318 | 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 - 16,927,110 and 14,416,891 units outstanding | Class A units - 16,927,110 and 14,416,891 units outstanding | 411,640 | 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 | 415,175 | 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 | 58,829 | 88,040 | ||||||||||||||||
Total redeemable noncontrolling interests | Total redeemable noncontrolling interests | 483,302 | 688,683 | Total redeemable noncontrolling interests | 474,004 | 436,732 | ||||||||||||||||
Partners' equity: | Partners' equity: | Partners' equity: | ||||||||||||||||||||
Partners' capital | Partners' capital | 9,552,498 | 9,333,200 | Partners' capital | 9,531,861 | 9,559,341 | ||||||||||||||||
Earnings less than distributions | Earnings less than distributions | (3,299,630) | (3,079,320) | Earnings less than distributions | (3,891,266) | (3,894,580) | ||||||||||||||||
Accumulated other comprehensive income (loss) | 185,178 | (17,534) | ||||||||||||||||||||
Accumulated other comprehensive income | Accumulated other comprehensive income | 170,182 | 174,967 | |||||||||||||||||||
Total partners' equity | Total partners' equity | 6,438,046 | 6,236,346 | Total partners' equity | 5,810,777 | 5,839,728 | ||||||||||||||||
Noncontrolling interests in consolidated subsidiaries | Noncontrolling interests in consolidated subsidiaries | 253,228 | 278,892 | Noncontrolling interests in consolidated subsidiaries | 258,444 | 236,652 | ||||||||||||||||
Total equity | Total equity | 6,691,274 | 6,515,238 | Total equity | 6,069,221 | 6,076,380 | ||||||||||||||||
$ | 17,175,674 | $ | 17,266,588 | $ | 16,452,543 | $ | 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 September 30, | For the Nine Months Ended September 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 | $ | 400,367 | $ | 409,144 | $ | 1,215,994 | $ | 1,211,621 | ||||||||||||||||||||||||||||
Fee and other income | Fee and other income | 48,287 | 40,009 | 141,434 | 120,014 | Fee and other income | 50,628 | 48,287 | 153,283 | 141,434 | ||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 457,431 | 409,212 | 1,353,055 | 1,168,130 | Total revenues | 450,995 | 457,431 | 1,369,277 | 1,353,055 | ||||||||||||||||||||||||||||||||||||
EXPENSES: | EXPENSES: | EXPENSES: | ||||||||||||||||||||||||||||||||||||||||||||
Operating | Operating | (221,596) | (212,699) | (660,434) | (594,598) | Operating | (233,737) | (221,596) | (685,233) | (660,434) | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | (134,526) | (100,867) | (370,631) | (285,998) | Depreciation and amortization | (110,349) | (134,526) | (324,076) | (370,631) | ||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | (29,174) | (25,553) | (102,292) | (100,341) | General and administrative | (35,838) | (29,174) | (116,843) | (102,292) | ||||||||||||||||||||||||||||||||||||
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 | (1,631) | 600 | (7,541) | 10,138 | |||||||||||||||||||||||||||||||||||||||||
Transaction related costs and other | Transaction related costs and other | (996) | (9,681) | (4,961) | (10,630) | Transaction related costs and other | (813) | (996) | (1,501) | (4,961) | ||||||||||||||||||||||||||||||||||||
Total expenses | Total expenses | (385,692) | (349,599) | (1,128,180) | (998,989) | Total expenses | (382,368) | (385,692) | (1,135,194) | (1,128,180) | ||||||||||||||||||||||||||||||||||||
Income from partially owned entities | Income from partially owned entities | 24,341 | 26,269 | 83,775 | 86,768 | Income from partially owned entities | 18,269 | 24,341 | 72,207 | 83,775 | ||||||||||||||||||||||||||||||||||||
(Loss) income from real estate fund investments | (111) | (66) | 5,421 | 5,107 | ||||||||||||||||||||||||||||||||||||||||||
Income (loss) from real estate fund investments | Income (loss) from real estate fund investments | 1,783 | (111) | 1,662 | 5,421 | |||||||||||||||||||||||||||||||||||||||||
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 | 12,934 | 5,228 | 35,792 | 9,282 | ||||||||||||||||||||||||||||||||||||
(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 | 1,631 | (600) | 7,541 | (10,138) | |||||||||||||||||||||||||||||||||||||||||
Interest and debt expense | Interest and debt expense | (76,774) | (50,946) | (191,523) | (152,904) | Interest and debt expense | (88,126) | (76,774) | (261,528) | (191,523) | ||||||||||||||||||||||||||||||||||||
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 | 56,136 | — | 64,592 | 35,384 | ||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 23,823 | 46,389 | 157,076 | 155,039 | Income before income taxes | 71,254 | 23,823 | 154,349 | 157,076 | ||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | (3,711) | 25,376 | (14,686) | 20,551 | ||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | (11,684) | (3,711) | (20,848) | (14,686) | |||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 20,112 | 71,765 | 142,390 | 175,590 | Net income | 59,570 | 20,112 | 133,501 | 142,390 | ||||||||||||||||||||||||||||||||||||
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 | 13,541 | 3,792 | 26,250 | (4,756) | ||||||||||||||||||||||||||||||||||||
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. | 73,111 | 23,904 | 159,751 | 137,634 | ||||||||||||||||||||||||||||||||||||
Preferred unit distributions | Preferred unit distributions | (15,558) | (16,842) | (46,673) | (49,858) | Preferred unit distributions | (15,558) | (15,558) | (46,673) | (46,673) | ||||||||||||||||||||||||||||||||||||
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 | $ | 57,553 | $ | 8,346 | $ | 113,078 | $ | 90,961 | ||||||||||||||||||||||||||||
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 | $ | 0.28 | $ | 0.04 | $ | 0.55 | $ | 0.43 | ||||||||||||||||||||||||||||
Weighted average units outstanding | Weighted average units outstanding | 205,410 | 204,864 | 205,271 | 204,663 | Weighted average units outstanding | 204,628 | 205,410 | 205,268 | 205,271 | ||||||||||||||||||||||||||||||||||||
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 | $ | 0.28 | $ | 0.04 | $ | 0.54 | $ | 0.43 | ||||||||||||||||||||||||||||
Weighted average units outstanding | Weighted average units outstanding | 205,912 | 205,703 | 205,924 | 205,616 | Weighted average units outstanding | 207,185 | 205,912 | 207,885 | 205,924 |
(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 September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 20,112 | $ | 71,765 | $ | 142,390 | $ | 175,590 | Net income | $ | 59,570 | $ | 20,112 | $ | 133,501 | $ | 142,390 | ||||||||||||||||||||||||||||
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 hedges and other | Change in fair value of consolidated interest rate hedges and other | 22,312 | 117,219 | 2,433 | 200,838 | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income of nonconsolidated subsidiaries | Other comprehensive (loss) income of nonconsolidated subsidiaries | (1,390) | 5,124 | (4,534) | 19,084 | |||||||||||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | 142,455 | 78,449 | 362,312 | 207,526 | Comprehensive income | 80,492 | 142,455 | 131,400 | 362,312 | ||||||||||||||||||||||||||||||||||||
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 | 12,606 | 1,626 | 26,122 | (6,922) | ||||||||||||||||||||||||||||||||||||
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. | $ | 93,098 | $ | 144,081 | $ | 157,522 | $ | 355,390 |
(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 September 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 | ||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | — | — | — | — | 73,111 | — | — | 73,111 | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | — | — | — | — | (4,736) | — | — | (4,736) | ||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | (2,350) | (2,350) | ||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (15,529) | — | — | (15,529) | ||||||||||||||||||||||||||||||||||||||||||
Class A units redeemed for common shares | — | — | 81 | 1,615 | — | — | — | 1,615 | ||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 206 | 206 | ||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (20) | (20) | ||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | (1) | 74 | 11 | — | — | 85 | ||||||||||||||||||||||||||||||||||||||||||
Repurchase of Class A units owned by Vornado | — | — | (302) | (12) | (5,921) | — | — | (5,933) | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | (1,390) | — | (1,390) | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | 22,312 | — | 22,312 | ||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | 8,896 | — | 58 | — | 8,954 | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of other comprehensive income | — | — | — | — | — | (2,569) | 935 | (1,634) | ||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2023 | 48,793 | $ | 1,182,459 | 190,322 | $ | 8,349,402 | $ | (3,891,266) | $ | 170,182 | $ | 258,444 | $ | 6,069,221 |
(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 September 30, 2022: | For the Three Months Ended September 30, 2022: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | Balance as of June 30, 2022 | 48,793 | $ | 1,182,459 | 191,775 | $ | 8,346,811 | $ | (3,205,751) | $ | 73,300 | $ | 253,994 | $ | 6,650,813 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | Net income attributable to Vornado Realty L.P. | — | — | — | — | 66,340 | — | — | 66,340 | Net income attributable to Vornado Realty L.P. | — | — | — | — | 23,904 | — | — | 23,904 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | Net income attributable to redeemable partnership units | — | — | — | — | (2,818) | — | — | (2,818) | Net income attributable to redeemable partnership units | — | — | — | — | (606) | — | — | (606) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 4,299 | 4,299 | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 967 | 967 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($0.53 per unit) | Distributions to Vornado ($0.53 per unit) | — | — | — | — | (101,527) | — | — | (101,527) | Distributions to Vornado ($0.53 per unit) | — | — | — | — | (101,656) | — | — | (101,656) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (16,800) | — | — | (16,800) | Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (15,529) | — | — | (15,529) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series O cumulative redeemable preferred units issuance | 12,000 | 291,195 | — | — | — | — | — | 291,195 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A units issued to Vornado: | Class A units issued to Vornado: | Class A units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | Upon redemption of redeemable Class A units, at redemption value | — | — | 114 | 4,749 | — | — | — | 4,749 | Upon redemption of redeemable Class A units, at redemption value | — | — | 34 | 992 | — | — | — | 992 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | Under Vornado's dividend reinvestment plan | — | — | 6 | 224 | — | — | — | 224 | Under Vornado's dividend reinvestment plan | — | — | 7 | 221 | — | — | — | 221 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | Contributions | — | — | — | — | — | — | 1,110 | 1,110 | Contributions | — | — | — | — | — | — | 650 | 650 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | (5,877) | (5,877) | Distributions | — | — | — | — | — | — | (4,548) | (4,548) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | 155 | — | — | — | 155 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 1,322 | — | 1,322 | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 5,124 | — | 5,124 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps | — | — | — | — | — | 5,360 | — | 5,360 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of consolidated interest rate hedges and other | Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | 117,219 | — | 117,219 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | 64,100 | — | — | — | 64,100 | Redeemable Class A unit measurement adjustment | — | — | — | 21,857 | — | — | — | 21,857 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | — | — | (10,465) | 2,166 | (8,299) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | (7) | — | (3) | — | 2 | 39 | 31 | Other | — | — | 1 | 3 | 8 | — | (1) | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 September 30, 2022 | Balance as of September 30, 2022 | 48,793 | $ | 1,182,459 | 191,817 | $ | 8,370,039 | $ | (3,299,630) | $ | 185,178 | $ | 253,228 | $ | 6,691,274 |
(Amounts in thousands, except per unit amounts) | (Amounts in thousands, except per unit amounts) | Accumulated Other Comprehensive (Loss) Income | Non-controlling Interests in Consolidated Subsidiaries | (Amounts in thousands, except per unit amounts) | Accumulated Other Comprehensive 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 Nine Months Ended September 30, 2023: | For the Nine Months Ended September 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. | — | — | — | — | 159,751 | — | — | 159,751 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | — | (8,773) | — | — | (8,773) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | — | — | — | 2,961 | 2,961 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($1.59 per unit) | — | — | — | — | (304,896) | — | — | (304,896) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($0.375 per unit) | Distributions to Vornado ($0.375 per unit) | — | — | — | — | (71,950) | — | — | (71,950) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (46,587) | — | — | (46,587) | Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (46,587) | — | — | (46,587) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A units issued to Vornado: | Class A units issued to Vornado: | Class A units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | Upon redemption of redeemable Class A units, at redemption value | — | — | 76 | 2,569 | — | — | — | 2,569 | Upon redemption of redeemable Class A units, at redemption value | — | — | 475 | 7,173 | — | — | — | 7,173 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | — | — | — | 22,534 | 22,534 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | (45,976) | (45,976) | Distributions | — | — | — | — | — | — | (3,831) | (3,831) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | Deferred compensation units and options | — | — | (2) | 447 | (85) | — | — | 362 | Deferred compensation units and options | — | — | (2) | 243 | (25) | — | — | 218 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | (2,024) | (81) | (29,102) | — | — | (29,183) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss of nonconsolidated subsidiaries | Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | (4,534) | — | (4,534) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of consolidated interest rate hedges and other | Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | 2,433 | — | 2,433 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | (55,629) | — | (2,530) | — | (58,159) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 income | Noncontrolling interests' share of other comprehensive income | — | — | — | — | — | (154) | 128 | (26) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2023 | Balance as of September 30, 2023 | 48,793 | $ | 1,182,459 | 190,322 | $ | 8,349,402 | $ | (3,891,266) | $ | 170,182 | $ | 258,444 | $ | 6,069,221 |
(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 Nine Months Ended September 30, 2022: | For the Nine Months Ended September 30, 2022: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | Balance as of December 31, 2021 | 48,793 | $ | 1,182,459 | 191,724 | $ | 8,150,741 | $ | (3,079,320) | $ | (17,534) | $ | 278,892 | $ | 6,515,238 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. | — | — | — | — | 137,634 | — | — | 137,634 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | — | (6,382) | — | — | (6,382) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | — | — | — | 13,236 | 13,236 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($1.59 per unit) | Distributions to Vornado ($1.59 per unit) | — | — | — | — | (304,516) | — | — | (304,516) | Distributions to Vornado ($1.59 per unit) | — | — | — | — | (304,896) | — | — | (304,896) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (49,734) | — | — | (49,734) | Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (46,587) | — | — | (46,587) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series O cumulative redeemable preferred units issuance | 12,000 | 291,195 | — | — | — | — | — | 291,195 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A units issued to Vornado: | Class A units issued to Vornado: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | Upon redemption of redeemable Class A units, at redemption value | — | — | 313 | 13,058 | — | — | — | 13,058 | Upon redemption of redeemable Class A units, at redemption value | — | — | 76 | 2,569 | — | — | — | 2,569 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | Under Vornado's employees' share option plan | — | — | — | 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 | — | — | 19 | 655 | — | — | — | 655 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | Contributions | — | — | — | — | — | — | 2,657 | 2,657 | Contributions | — | — | — | — | — | — | 4,903 | 4,903 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | (150,934) | (150,934) | Distributions | — | — | — | — | — | — | (45,976) | (45,976) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) | 447 | (85) | — | — | 362 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 6,381 | — | 6,381 | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 19,084 | — | 19,084 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 hedges and other | Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | 200,838 | — | 200,838 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | (78,848) | — | — | — | (78,848) | Redeemable Class A unit measurement adjustment | — | — | — | 215,619 | — | — | — | 215,619 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | — | — | (17,210) | 2,166 | (15,044) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | (55) | — | (2) | (4) | 2 | 37 | (22) | Other | — | — | — | 1 | 6 | — | 7 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 September 30, 2022 | Balance as of September 30, 2022 | 48,793 | $ | 1,182,459 | 191,817 | $ | 8,370,039 | $ | (3,299,630) | $ | 185,178 | $ | 253,228 | $ | 6,691,274 |
(Amounts in thousands) | (Amounts in thousands) | For the Nine Months Ended September 30, | (Amounts in thousands) | For the Nine Months Ended September 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 | $ | 133,501 | $ | 142,390 | ||||||||||||
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) | 342,038 | 386,697 | ||||||||||||||||
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 | 131,308 | 137,758 | ||||||||||||||||
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 | (72,207) | (83,775) | ||||||||||||||||
Straight-lining of rents | (45,835) | 11,651 | ||||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | Net gains on disposition of wholly owned and partially owned assets | (35,384) | (35,811) | Net gains on disposition of wholly owned and partially owned assets | (64,592) | (35,384) | ||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 22,887 | 32,889 | Stock-based compensation expense | 33,247 | 22,887 | ||||||||||||||||
Change in deferred tax liability | Change in deferred tax liability | 9,992 | 2,497 | Change in deferred tax liability | 14,309 | 9,992 | ||||||||||||||||
Straight-lining of rents | Straight-lining of rents | (4,770) | (45,835) | |||||||||||||||||||
Amortization of interest rate cap premiums | Amortization of interest rate cap premiums | 4,225 | 66 | |||||||||||||||||||
Amortization of below-market leases, net | Amortization of below-market leases, net | (3,788) | (7,939) | Amortization of below-market leases, net | (4,083) | (3,788) | ||||||||||||||||
Net realized and unrealized loss on real estate fund investments | 1,128 | 789 | ||||||||||||||||||||
Net realized and unrealized (gain) loss on real estate fund investments | Net realized and unrealized (gain) loss on real estate fund investments | (1,861) | 1,128 | |||||||||||||||||||
Return of capital from real estate fund investments | Return of capital from real estate fund investments | 1,861 | — | |||||||||||||||||||
Write-off of lease receivables deemed uncollectible | Write-off of lease receivables deemed uncollectible | 782 | 7,219 | Write-off of lease receivables deemed uncollectible | — | 782 | ||||||||||||||||
Real estate impairment losses | — | 7,880 | ||||||||||||||||||||
Other non-cash adjustments | Other non-cash adjustments | 2,560 | (5,046) | Other non-cash adjustments | 3,919 | 2,494 | ||||||||||||||||
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 | (8,267) | (2,128) | ||||||||||||||||
Prepaid assets | Prepaid assets | 33,995 | (44,731) | Prepaid assets | (72,194) | 33,995 | ||||||||||||||||
Other assets | Other assets | (22,706) | (77,508) | Other assets | (72,201) | (22,706) | ||||||||||||||||
Lease liabilities | Lease liabilities | 13,191 | 11,363 | |||||||||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses | 6,649 | 43,067 | Accounts payable and accrued expenses | 26,023 | 6,649 | ||||||||||||||||
Other liabilities | Other liabilities | 8,605 | (3,911) | Other liabilities | 33,428 | (2,758) | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 559,827 | 478,103 | Net cash provided by operating activities | 436,875 | 559,827 | ||||||||||||||||
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 | 349,461 | |||||||||||||||||||
Development costs and construction in progress | Development costs and construction in progress | (557,884) | (444,645) | Development costs and construction in progress | (432,439) | (557,884) | ||||||||||||||||
Proceeds from maturities of U.S. Treasury bills | 349,461 | — | ||||||||||||||||||||
Additions to real estate | Additions to real estate | (155,080) | (120,124) | |||||||||||||||||||
Proceeds from sales of real estate | Proceeds from sales of real estate | 253,958 | 100,024 | Proceeds from sales of real estate | 123,550 | 253,958 | ||||||||||||||||
Additions to real estate | (120,124) | (113,374) | ||||||||||||||||||||
Distributions of capital from partially owned entities | 20,566 | 106,005 | ||||||||||||||||||||
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South | 16,124 | 97,683 | ||||||||||||||||||||
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 | — | |||||||||||||||||||
Investments in partially owned entities | Investments in partially owned entities | (15,046) | (12,366) | Investments in partially owned entities | (43,737) | (15,046) | ||||||||||||||||
Acquisitions of real estate and other | Acquisitions of real estate and other | (2,000) | (3,000) | Acquisitions of real estate and other | (33,145) | (2,000) | ||||||||||||||||
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 | 18,837 | 20,566 | |||||||||||||||||||
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 | |||||||||||||||||||
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 | 65,800 | (849,738) |
(Amounts in thousands) | (Amounts in thousands) | For the Nine Months Ended September 30, | (Amounts in thousands) | For the Nine Months Ended September 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 | $ | (119,400) | $ | (1,245,973) | ||||||||||||
Proceeds from borrowings | 1,029,773 | 2,298,007 | ||||||||||||||||||||
Distributions to Vornado | Distributions to Vornado | (304,896) | (304,516) | Distributions to Vornado | (71,950) | (304,896) | ||||||||||||||||
Distributions to preferred unitholders | Distributions to preferred unitholders | (46,587) | (46,587) | |||||||||||||||||||
Repurchase of Class A units owned by Vornado | Repurchase of Class A units owned by Vornado | (29,183) | — | |||||||||||||||||||
Contributions from noncontrolling interests in consolidated subsidiaries | Contributions from noncontrolling interests in consolidated subsidiaries | 18,534 | 4,903 | |||||||||||||||||||
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 | (9,489) | (68,716) | ||||||||||||||||
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 | (3,398) | (32,473) | |||||||||||||||||||
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 | 662 | ||||||||||||||||
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 | (25) | (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 | (261,352) | (663,392) | |||||||||||||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | Net increase (decrease) in cash and cash equivalents and restricted cash | 241,323 | (953,303) | |||||||||||||||||||
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 | $ | 1,262,480 | $ | 977,048 | ||||||||||||
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 | $ | 1,000,362 | $ | 845,423 | ||||||||||||
Restricted cash at end of period | Restricted cash at end of period | 131,625 | 139,233 | Restricted cash at end of period | 262,118 | 131,625 | ||||||||||||||||
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 | $ | 1,262,480 | $ | 977,048 | ||||||||||||
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 | $ | 306,001 | $ | 170,839 | |||||||||||||||||
Cash payments for income taxes | Cash payments for income taxes | $ | 6,919 | $ | 8,426 | Cash payments for income taxes | $ | 8,728 | $ | 6,919 | ||||||||||||
Non-Cash Investing and Financing Activities: | ||||||||||||||||||||||
Non-Cash Information: | Non-Cash Information: | |||||||||||||||||||||
Accrued capital expenditures included in accounts payable and accrued expenses | Accrued capital expenditures included in accounts payable and accrued expenses | $ | 64,072 | $ | 86,844 | |||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | (58,159) | 215,619 | |||||||||||||||||||
Write-off of fully depreciated assets | Write-off of fully depreciated assets | (46,164) | (52,475) | |||||||||||||||||||
Initial investment in Pier 94 joint venture upon contribution of leasehold interest | Initial investment in Pier 94 joint venture upon contribution of leasehold interest | 50,090 | — | |||||||||||||||||||
Decrease in assets and liabilities resulting from the deconsolidation of Pier 94: | Decrease in assets and liabilities resulting from the deconsolidation of Pier 94: | |||||||||||||||||||||
Real estate | Real estate | 21,693 | — | |||||||||||||||||||
Right-of-use assets | Right-of-use assets | 7,081 | — | |||||||||||||||||||
Lease liabilities | Lease liabilities | (20,692) | — | |||||||||||||||||||
Change in fair value of consolidated interest rate hedges and other | Change in fair value of consolidated interest rate hedges and other | 2,433 | 200,838 | |||||||||||||||||||
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") | Reclassification of assets held for sale (included in "other assets") | 64,177 | 79,421 | Reclassification of assets held for sale (included in "other assets") | — | 64,177 | ||||||||||||||||
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" | — | 30,542 | ||||||||||||||||
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 September 30, 2023 | For the Three Months Ended September 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 | $ | 376,505 | $ | 306,717 | $ | 69,788 | $ | 371,754 | $ | 303,574 | $ | 68,180 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Trade shows(1) | Trade shows(1) | 18,654 | — | 18,654 | 12,605 | — | 12,605 | Trade shows(1) | 6,178 | — | 6,178 | 18,654 | — | 18,654 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease revenues(2) | Lease revenues(2) | 390,408 | 303,574 | 86,834 | 357,840 | 273,197 | 84,643 | Lease revenues(2) | 382,683 | 306,717 | 75,966 | 390,408 | 303,574 | 86,834 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tenant services | Tenant services | 14,134 | 9,937 | 4,197 | 11,363 | 7,565 | 3,798 | Tenant services | 12,793 | 8,789 | 4,004 | 14,134 | 9,937 | 4,197 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parking revenues | Parking revenues | 4,602 | 3,820 | 782 | — | — | — | Parking revenues | 4,891 | 3,950 | 941 | 4,602 | 3,820 | 782 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental revenues | Rental revenues | 409,144 | 317,331 | 91,813 | 369,203 | 280,762 | 88,441 | Rental revenues | 400,367 | 319,456 | 80,911 | 409,144 | 317,331 | 91,813 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BMS cleaning fees | BMS cleaning fees | 35,062 | 37,371 | (2,309) | (3) | 30,827 | 32,630 | (1,803) | (3) | BMS cleaning fees | 35,428 | 37,999 | (2,571) | (3) | 35,062 | 37,371 | (2,309) | (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management and leasing fees | Management and leasing fees | 2,532 | 2,595 | (63) | 2,509 | 2,680 | (171) | Management and leasing fees | 3,263 | 3,441 | (178) | 2,532 | 2,595 | (63) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 10,693 | 2,736 | 7,957 | 6,673 | 571 | 6,102 | Other income | 11,937 | 3,872 | 8,065 | 10,693 | 2,736 | 7,957 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee and other income | Fee and other income | 48,287 | 42,702 | 5,585 | 40,009 | 35,881 | 4,128 | Fee and other income | 50,628 | 45,312 | 5,316 | 48,287 | 42,702 | 5,585 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 457,431 | $ | 360,033 | $ | 97,398 | $ | 409,212 | $ | 316,643 | $ | 92,569 | Total revenues | $ | 450,995 | $ | 364,768 | $ | 86,227 | $ | 457,431 | $ | 360,033 | $ | 97,398 |
(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 Nine Months Ended September 30, 2023 | For the Nine Months Ended September 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 | $ | 1,150,387 | $ | 919,621 | $ | 230,766 | (4) | $ | 1,132,690 | $ | 921,179 | $ | 211,511 | |||||||||||||||||||||||||||||||||||||||||||||||||
Trade shows(1) | Trade shows(1) | 29,640 | — | 29,640 | 12,605 | — | 12,605 | Trade shows(1) | 18,008 | — | 18,008 | 29,640 | — | 29,640 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease revenues(2) | Lease revenues(2) | 1,162,330 | 921,179 | 241,151 | 1,020,842 | 795,841 | 225,001 | Lease revenues(2) | 1,168,395 | 919,621 | 248,774 | 1,162,330 | 921,179 | 241,151 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tenant services | Tenant services | 35,484 | 25,481 | 10,003 | 27,274 | 18,502 | 8,772 | Tenant services | 32,366 | 23,696 | 8,670 | 35,484 | 25,481 | 10,003 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parking revenues | Parking revenues | 13,807 | 11,556 | 2,251 | — | — | — | Parking revenues | 15,233 | 12,357 | 2,876 | 13,807 | 11,556 | 2,251 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental revenues | Rental revenues | 1,211,621 | 958,216 | 253,405 | 1,048,116 | 814,343 | 233,773 | Rental revenues | 1,215,994 | 955,674 | 260,320 | 1,211,621 | 958,216 | 253,405 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BMS cleaning fees | BMS cleaning fees | 101,752 | 108,288 | (6,536) | (3) | 87,387 | 92,178 | (4,791) | (3) | BMS cleaning fees | 105,902 | 113,431 | (7,529) | (3) | 101,752 | 108,288 | (6,536) | (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management and leasing fees | Management and leasing fees | 8,167 | 8,573 | (406) | 10,951 | 11,290 | (339) | Management and leasing fees | 9,970 | 10,375 | (405) | 8,167 | 8,573 | (406) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 31,515 | 7,666 | 23,849 | 21,676 | 3,947 | 17,729 | Other income | 37,411 | 11,573 | 25,838 | 31,515 | 7,666 | 23,849 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee and other income | Fee and other income | 141,434 | 124,527 | 16,907 | 120,014 | 107,415 | 12,599 | Fee and other income | 153,283 | 135,379 | 17,904 | 141,434 | 124,527 | 16,907 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 1,353,055 | $ | 1,082,743 | $ | 270,312 | $ | 1,168,130 | $ | 921,758 | $ | 246,372 | Total revenues | $ | 1,369,277 | $ | 1,091,053 | $ | 278,224 | $ | 1,353,055 | $ | 1,082,743 | $ | 270,312 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Fixed billings | Fixed billings | $ | 353,040 | $ | 329,499 | $ | 1,025,182 | $ | 945,322 | Fixed billings | $ | 338,921 | $ | 353,040 | $ | 1,049,161 | $ | 1,025,182 | ||||||||||||||||||||||||||||
Variable billings | Variable billings | 28,919 | 29,008 | 93,118 | 90,780 | Variable billings | 39,968 | 28,919 | 115,123 | 93,118 | ||||||||||||||||||||||||||||||||||||
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 | 378,889 | 381,959 | 1,164,284 | 1,118,300 | ||||||||||||||||||||||||||||||||||||
Adjustment for straight-line rents and amortization of acquired below-market leases and other, net | Adjustment for straight-line rents and amortization of acquired below-market leases and other, net | 8,730 | 1,313 | 44,812 | (8,041) | Adjustment for straight-line rents and amortization of acquired below-market leases and other, net | 3,794 | 8,730 | 4,111 | 44,812 | ||||||||||||||||||||||||||||||||||||
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 | — | (281) | — | (782) | ||||||||||||||||||||||||||||||||||||
Lease revenues | Lease revenues | $ | 390,408 | $ | 357,840 | $ | 1,162,330 | $ | 1,020,842 | Lease revenues | $ | 382,683 | $ | 390,408 | $ | 1,168,395 | $ | 1,162,330 |
(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 September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Net realized gain (loss) on exited investments | Net realized gain (loss) on exited investments | $ | 1,861 | $ | — | $ | (245,714) | $ | (53,724) | |||||||||||||||||||||||||||||||||||||
Net investment (loss) income | Net investment (loss) income | $ | (111) | $ | (66) | $ | 6,549 | $ | 5,896 | Net investment (loss) income | (78) | (111) | (199) | 6,549 | ||||||||||||||||||||||||||||||||
Previously recorded unrealized loss on exited investments | Previously recorded unrealized loss on exited investments | — | — | 59,396 | — | Previously recorded unrealized loss on exited investments | — | — | 247,575 | 59,396 | ||||||||||||||||||||||||||||||||||||
Realized loss on exited investments | — | — | (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) | ||||||||||||||||||||||||||||||||||||
(Loss) income from real estate fund investments | (111) | (66) | 5,421 | 5,107 | ||||||||||||||||||||||||||||||||||||||||||
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 312 | 360 | (3,287) | (2,914) | ||||||||||||||||||||||||||||||||||||||||||
Income from real estate fund investments, net of noncontrolling interests in consolidated subsidiaries | $ | 201 | $ | 294 | $ | 2,134 | $ | 2,193 | ||||||||||||||||||||||||||||||||||||||
Income (loss) from real estate fund investments | Income (loss) from real estate fund investments | 1,783 | (111) | 1,662 | 5,421 | |||||||||||||||||||||||||||||||||||||||||
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries | Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (1,302) | 312 | (920) | (3,287) | |||||||||||||||||||||||||||||||||||||||||
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 | $ | 481 | $ | 201 | $ | 742 | $ | 2,134 |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Beginning balance | $ | — | $ | 930 | $ | — | $ | 7,730 | |||||||||||||||
Net realized gain (loss) on exited investments | 1,861 | — | (245,714) | (53,724) | |||||||||||||||||||
Dispositions | (1,861) | — | (1,861) | (5,672) | |||||||||||||||||||
Previously recorded unrealized loss on exited investments | — | — | 247,575 | 59,396 | |||||||||||||||||||
Net unrealized loss on held investments | — | — | — | (6,800) | |||||||||||||||||||
Ending balance | $ | — | $ | 930 | $ | — | $ | 930 |
Percentage Ownership at September 30, 2022 | Balance as of | ||||||||||||||||
(Amounts in thousands) | September 30, 2022 | December 31, 2021 | |||||||||||||||
Investments: | |||||||||||||||||
Fifth Avenue and Times Square JV (see page 26 for details): | 51.5% | $ | 2,765,475 | $ | 2,770,633 | ||||||||||||
Partially owned office buildings/land(1) | Various | 271,634 | 298,415 | ||||||||||||||
Alexander’s | 32.4% | 91,278 | 91,405 | ||||||||||||||
Other investments(2) | Various | 121,810 | 136,936 | ||||||||||||||
$ | 3,250,197 | $ | 3,297,389 | ||||||||||||||
Investments in partially owned entities included in other liabilities(3): | |||||||||||||||||
7 West 34th Street | 53.0% | $ | (63,124) | $ | (60,918) | ||||||||||||
85 Tenth Avenue | 49.9% | (16,884) | (18,067) | ||||||||||||||
$ | (80,008) | $ | (78,985) |
(Amounts in thousands) | Percentage Ownership as of September 30, 2023 | Balance as of | |||||||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||||||||
Investments: | |||||||||||||||||
Fifth Avenue and Times Square JV (see page 27 for details) | 51.5% | $ | 2,249,148 | $ | 2,272,320 | ||||||||||||
Partially owned office buildings/land(1) | Various | 166,108 | 182,180 | ||||||||||||||
Alexander's (see page 28 for details): | 32.4% | 91,914 | 87,796 | ||||||||||||||
Other investments(2) | Various | 163,612 | 122,777 | ||||||||||||||
$ | 2,670,782 | $ | 2,665,073 | ||||||||||||||
Investments in partially owned entities included in other liabilities(3): | |||||||||||||||||
7 West 34th Street | 53.0% | $ | (67,669) | $ | (65,522) | ||||||||||||
85 Tenth Avenue | 49.9% | (10,736) | (16,006) | ||||||||||||||
$ | (78,405) | $ | (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 September 30, 2023 | For the Three Months Ended September 30, | For the Nine Months Ended September 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% | $ | 10,917 | $ | 11,941 | $ | 27,057 | $ | 41,915 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | 9,430 | 9,430 | 27,985 | 27,985 | ||||||||||||||||||||||||||||||||||||||||||||||||
20,347 | 21,371 | 55,042 | 69,900 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
21,371 | 22,101 | 69,900 | 60,299 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alexander's (see page 27 for details): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alexander's (see page 28 for details): | Alexander's (see page 28 for details): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in net income | Equity in net income | 32.4% | 4,740 | 3,710 | 14,235 | 17,764 | Equity in net income | 32.4% | 3,341 | 4,740 | 10,230 | 14,235 | ||||||||||||||||||||||||||||||||||||||||||||||
Management, leasing and development fees | Management, leasing and development fees | 1,170 | 1,085 | 3,352 | 3,622 | Management, leasing and development fees | 1,184 | 1,170 | 4,056 | 3,352 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net gain on sale of land | Net gain on sale of land | — | — | 16,396 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
5,910 | 4,795 | 17,587 | 21,386 | 4,525 | 5,910 | 30,682 | 17,587 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Partially owned office buildings(2) | Partially owned office buildings(2) | Various | (4,732) | 418 | (8,080) | 8,395 | Partially owned office buildings(2) | Various | (7,647) | (5,286) | (16,864) | (8,974) | ||||||||||||||||||||||||||||||||||||||||||||||
Other investments(3) | Other investments(3) | Various | 1,792 | (1,045) | 4,368 | (3,312) | Other investments(3) | Various | 1,044 | 2,346 | 3,347 | 5,262 | ||||||||||||||||||||||||||||||||||||||||||||||
$ | 24,341 | $ | 26,269 | $ | 83,775 | $ | 86,768 | $ | 18,269 | $ | 24,341 | $ | 72,207 | $ | 83,775 |
(Amounts in thousands) | (Amounts in thousands) | Balance as of | (Amounts in thousands) | Balance as of | ||||||||||||||||||
September 30, 2022 | December 31, 2021 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Identified intangible assets: | Identified intangible assets: | Identified intangible assets: | ||||||||||||||||||||
Gross amount | Gross amount | $ | 237,777 | $ | 252,081 | Gross amount | $ | 229,856 | $ | 237,777 | ||||||||||||
Accumulated amortization | Accumulated amortization | (95,661) | (97,186) | Accumulated amortization | (99,770) | (98,139) | ||||||||||||||||
Total, net | Total, net | $ | 142,116 | $ | 154,895 | Total, net | $ | 130,086 | $ | 139,638 | ||||||||||||
Identified intangible liabilities (included in deferred revenue): | Identified intangible liabilities (included in deferred revenue): | Identified intangible liabilities (included in deferred revenue): | ||||||||||||||||||||
Gross amount | Gross amount | $ | 244,396 | $ | 256,065 | Gross amount | $ | 244,396 | $ | 244,396 | ||||||||||||
Accumulated amortization | Accumulated amortization | (206,711) | (212,245) | Accumulated amortization | (214,147) | (208,592) | ||||||||||||||||
Total, net | Total, net | $ | 37,685 | $ | 43,820 | Total, net | $ | 30,249 | $ | 35,804 |
(Amounts in thousands) | (Amounts in thousands) | Acquired below (above) market leases, net | (Amounts in thousands) | |||||||
2023 | $ | 5,471 | ||||||||
2024 | 2024 | 2,352 | 2024 | $ | 2,348 | |||||
2025 | 2025 | 941 | 2025 | 935 | ||||||
2026 | 2026 | 299 | 2026 | 292 | ||||||
2027 | 2027 | (148) | 2027 | (154) | ||||||
2028 | 2028 | (43) |
(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) | |||||
2024 | $ | 7,004 | |||
2025 | 5,954 | ||||
2026 | 5,760 | ||||
2027 | 5,325 | ||||
2028 | 4,166 |
(Amounts in thousands) | Notional Amount | All-In Swapped Rate | Swap Expiration Date | Variable Rate Spread | ||||||||||||||||||||||
770 Broadway mortgage loan | $ | 700,000 | 4.98% | 07/27 | S+225 | |||||||||||||||||||||
Unsecured revolving credit facility | 575,000 | 3.88% | 08/27 | S+115 | ||||||||||||||||||||||
Unsecured term loan(1) | 50,000 | 4.04% | 08/27 | S+130 | ||||||||||||||||||||||
Unsecured term loan (effective 10/23) | 500,000 | 4.39% | 10/26 | S+130 | ||||||||||||||||||||||
100 West 33rd Street mortgage loan | 480,000 | 5.06% | 06/27 | S+165 | ||||||||||||||||||||||
888 Seventh Avenue mortgage loan(2) | 200,000 | 4.66% | 09/27 | L+170 |
(Amounts in thousands) | (Amounts in thousands) | Weighted Average Interest Rate at September 30, 2022(1) | Balance as of | (Amounts in thousands) | Weighted Average Interest Rate as of September 30, 2023(1) | Balance as of | ||||||||||||||||||||||||||||||||||
September 30, 2022 | December 31, 2021 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||
Mortgages Payable: | Mortgages Payable: | Mortgages Payable: | ||||||||||||||||||||||||||||||||||||||
Fixed rate | Fixed rate | 3.62% | $ | 3,570,000 | $ | 2,190,000 | Fixed rate | 3.63% | $ | 3,568,650 | $ | 3,570,000 | ||||||||||||||||||||||||||||
Variable rate | Variable rate | 4.35% | 2,313,015 | 3,909,215 | Variable rate | 5.87% | 2,189,565 | 2,307,615 | ||||||||||||||||||||||||||||||||
Total | Total | 3.91% | 5,883,015 | 6,099,215 | Total | 4.48% | 5,758,215 | 5,877,615 | ||||||||||||||||||||||||||||||||
Deferred financing costs, net and other | Deferred financing costs, net and other | (51,246) | (45,872) | Deferred financing costs, net and other | (43,454) | (48,597) | ||||||||||||||||||||||||||||||||||
Total, net | Total, net | $ | 5,831,769 | $ | 6,053,343 | Total, net | $ | 5,714,761 | $ | 5,829,018 | ||||||||||||||||||||||||||||||
Unsecured Debt: | Unsecured Debt: | Unsecured Debt: | ||||||||||||||||||||||||||||||||||||||
Senior unsecured notes | Senior unsecured notes | 3.02% | $ | 1,200,000 | $ | 1,200,000 | Senior unsecured notes | 3.02% | $ | 1,200,000 | $ | 1,200,000 | ||||||||||||||||||||||||||||
Deferred financing costs, net and other | Deferred financing costs, net and other | (8,678) | (10,208) | Deferred financing costs, net and other | (6,638) | (8,168) | ||||||||||||||||||||||||||||||||||
Senior unsecured notes, net | Senior unsecured notes, net | 1,191,322 | 1,189,792 | Senior unsecured notes, net | 1,193,362 | 1,191,832 | ||||||||||||||||||||||||||||||||||
Unsecured term loan | Unsecured term loan | 4.05% | 800,000 | 800,000 | Unsecured term loan | 4.04% | 800,000 | 800,000 | ||||||||||||||||||||||||||||||||
Deferred financing costs, net and other | Deferred financing costs, net and other | (7,153) | (2,188) | Deferred financing costs, net and other | (5,788) | (6,807) | ||||||||||||||||||||||||||||||||||
Unsecured term loan, net | Unsecured term loan, net | 792,847 | 797,812 | Unsecured term loan, net | 794,212 | 793,193 | ||||||||||||||||||||||||||||||||||
Unsecured revolving credit facilities | Unsecured revolving credit facilities | 3.88% | 575,000 | 575,000 | Unsecured revolving credit facilities | 3.87% | 575,000 | 575,000 | ||||||||||||||||||||||||||||||||
Total, net | Total, net | $ | 2,559,169 | $ | 2,562,604 | Total, net | $ | 2,562,574 | $ | 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 September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 412,022 | $ | 654,771 | $ | 590,975 | $ | 511,747 | Beginning balance | $ | 410,276 | $ | 412,022 | $ | 348,692 | $ | 590,975 | ||||||||||||||||||||||||||||
Net income | Net income | 606 | 2,818 | 6,382 | 6,683 | Net income | 4,736 | 606 | 8,773 | 6,382 | ||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | 8,299 | 426 | 15,044 | 2,016 | Other comprehensive income | 1,634 | 8,299 | 26 | 15,044 | ||||||||||||||||||||||||||||||||||||
Distributions | Distributions | (7,579) | (7,553) | (22,740) | (22,422) | Distributions | (29) | (7,579) | (5,658) | (22,740) | ||||||||||||||||||||||||||||||||||||
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 | (1,615) | (992) | (7,173) | (2,569) | ||||||||||||||||||||||||||||||||||||
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 | (8,954) | (21,857) | 58,159 | (215,619) | ||||||||||||||||||||||||||||||||||||
Other, net | Other, net | 3,575 | 13,036 | 22,601 | 30,835 | Other, net | 9,127 | 3,575 | 12,356 | 22,601 | ||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 394,074 | $ | 594,649 | $ | 394,074 | $ | 594,649 | Ending balance | $ | 415,175 | $ | 394,074 | $ | 415,175 | $ | 394,074 |
(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 September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 93,987 | $ | 94,913 | $ | 97,708 | $ | 94,520 | Beginning balance | $ | 70,020 | $ | 93,987 | $ | 88,040 | $ | 97,708 | ||||||||||||||||||||||||||||
Net (loss) income | (4,759) | 1,126 | (8,480) | 1,519 | ||||||||||||||||||||||||||||||||||||||||||
Net loss | Net loss | (11,191) | (4,759) | (29,211) | (8,480) | |||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 89,228 | $ | 96,039 | $ | 89,228 | $ | 96,039 | Ending balance | $ | 58,829 | $ | 89,228 | $ | 58,829 | $ | 89,228 |
(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 September 30, | For the Nine Months Ended September 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 | $ | 1.59 | ||||||||||||||||||||||||||||
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 | 2.4375 | 2.4375 | ||||||||||||||||||||||||||||||||||||
Cumulative Redeemable Preferred(1)(3): | Cumulative Redeemable Preferred(1)(3): | Cumulative Redeemable Preferred(1)(3): | ||||||||||||||||||||||||||||||||||||||||||||
5.70% Series K: authorized 12,000,000 shares/units | 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 | 1.0125 | 1.0125 | ||||||||||||||||||||||||||||||||||||
5.25% Series M: authorized 13,800,000 shares/units | 5.25% Series M: authorized 13,800,000 shares/units | 0.3281 | 0.3281 | 0.9843 | 0.9843 | 5.25% Series M: authorized 13,800,000 shares/units | 0.3281 | 0.3281 | 0.9843 | 0.9843 | ||||||||||||||||||||||||||||||||||||
5.25% Series N: authorized 12,000,000 shares/units | 5.25% Series N: authorized 12,000,000 shares/units | 0.3281 | 0.3281 | 0.9843 | 0.9843 | 5.25% Series N: authorized 12,000,000 shares/units | 0.3281 | 0.3281 | 0.9843 | 0.9843 | ||||||||||||||||||||||||||||||||||||
4.45% Series O: authorized 12,000,000 shares/units | 4.45% Series O: authorized 12,000,000 shares/units | 0.2781 | 0.0278 | 0.8343 | 0.0278 | 4.45% Series O: authorized 12,000,000 shares/units | 0.2781 | 0.2781 | 0.8343 | 0.8343 |
(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 | $ | — |
(Amounts in thousands) | As of September 30, 2023 | ||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Deferred compensation plan assets ($27,094 included in restricted cash and $73,392 in other assets) | $ | 100,486 | $ | 54,799 | $ | — | $ | 45,687 | |||||||||||||||
Loans receivable ($53,096 included in investments in partially owned entities and $4,745 in other assets) | 57,841 | — | — | 57,841 | |||||||||||||||||||
Interest rate swaps and caps (included in other assets) | 260,747 | — | 260,747 | — | |||||||||||||||||||
Total assets | $ | 419,074 | $ | 54,799 | $ | 260,747 | $ | 103,528 | |||||||||||||||
Mandatorily redeemable instruments (included in other liabilities) | $ | 49,383 | $ | 49,383 | $ | — | $ | — | |||||||||||||||
(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 | $ | — | $ | — | |||||||||||||||
Range | Weighted Average (based on fair value of assets) | ||||||||||||||||||||||
Unobservable Quantitative Input | September 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
Discount rates | 12.0% to 13.0% | 12.0% to 15.0% | 12.6% | 13.2% | |||||||||||||||||||
Terminal capitalization rates | 5.5% to 9.5% | 5.5% to 8.8% | 7.7% | 7.4% |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Beginning balance | $ | 930 | $ | 3,739 | $ | 7,730 | $ | 3,739 | |||||||||||||||
Previously recorded unrealized loss on exited investments | — | — | 59,396 | — | |||||||||||||||||||
Realized loss on exited investments | — | — | (53,724) | — | |||||||||||||||||||
Net unrealized loss on held investments | — | — | (6,800) | (789) | |||||||||||||||||||
Dispositions | — | — | (5,672) | — | |||||||||||||||||||
Purchases/additional fundings | — | — | — | 789 | |||||||||||||||||||
Ending balance | $ | 930 | $ | 3,739 | $ | 930 | $ | 3,739 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | (Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 44,155 | $ | 44,855 | $ | 45,016 | $ | 39,928 | Beginning balance | $ | 38,653 | $ | 44,155 | $ | 38,916 | $ | 45,016 | ||||||||||||||||||||||||||||
Purchases | Purchases | 522 | 2,154 | 3,469 | 5,167 | Purchases | 6,022 | 522 | 6,867 | 3,469 | ||||||||||||||||||||||||||||||||||||
Sales | Sales | (504) | (1,547) | (3,291) | (2,236) | Sales | (912) | (504) | (3,790) | (3,291) | ||||||||||||||||||||||||||||||||||||
Realized and unrealized gains (losses) | Realized and unrealized gains (losses) | 574 | (69) | (1,524) | 2,193 | Realized and unrealized gains (losses) | 1,012 | 574 | 1,367 | (1,524) | ||||||||||||||||||||||||||||||||||||
Other, net | Other, net | 164 | 1,176 | 1,241 | 1,517 | Other, net | 912 | 164 | 2,327 | 1,241 | ||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 44,911 | $ | 46,569 | $ | 44,911 | $ | 46,569 | Ending balance | $ | 45,687 | $ | 44,911 | $ | 45,687 | $ | 44,911 |
As of | ||||||||||||||||||||||||||||||||||||||||||||||
Range | Weighted Average (based on fair value of investments) | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
Unobservable Quantitative Input | Unobservable Quantitative Input | September 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | Unobservable Quantitative Input | Range | Weighted Average (based on fair value of investments) | Range | Weighted Average (based on fair value of investments) | ||||||||||||||||||||||||||||||||||||
Discount rates | Discount rates | 6.5% | 6.5% | 6.5% | 6.5% | Discount rates | 7.5% | 7.5% | 7.5% | 7.5% | ||||||||||||||||||||||||||||||||||||
Terminal capitalization rates | Terminal capitalization rates | 5.0% | 5.0% | 5.0% | 5.0% | Terminal capitalization rates | 5.5% - 6.25% | 5.6% | 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 September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 52,046 | $ | 48,776 | $ | 50,182 | $ | 47,743 | Beginning balance | $ | 56,549 | $ | 52,046 | $ | 54,397 | $ | 50,182 | ||||||||||||||||||||||||||||
Interest accrual | Interest accrual | 1,205 | 894 | 3,602 | 2,602 | Interest accrual | 1,292 | 1,205 | 3,855 | 3,602 | ||||||||||||||||||||||||||||||||||||
Paydowns | Paydowns | — | (300) | (533) | (975) | Paydowns | — | — | (411) | (533) | ||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 53,251 | $ | 49,370 | $ | 53,251 | $ | 49,370 | Ending balance | $ | 57,841 | $ | 53,251 | $ | 57,841 | $ | 53,251 |
(Amounts in thousands) | (Amounts in thousands) | Fair Value Asset (Liability) as of | As of September 30, 2022 | (Amounts in thousands) | As of September 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 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 | $ | 26,672 | $ | 49,888 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward swap (effective 05/24) | Forward swap (effective 05/24) | 840,000 | (1) | 6.03% | 05/26 | 6,627 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 40,782 | 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 | 11,305 | 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 | 34,358 | 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) | 27,249 | 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 | 16,907 | 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 | 10,293 | 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 | 98,650 | (4) | 3.74% | 01/25 | 3,552 | 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 | 70,599 | 7,590 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One Park Avenue mortgage loan | One Park Avenue mortgage loan | 525,000 | (6) | 03/25 | 10,169 | 5,472 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Various mortgage loans | Various mortgage loans | 1,289 | 139 | Various mortgage loans | 2,234 | 2,080 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 260,747 | $ | 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 September 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 | $ | 797,773 | $ | 798,000 | $ | 402,903 | $ | 403,000 | ||||||||||||||||||||||||||||||||||
Debt: | Debt: | Debt: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages payable | $ | 5,883,015 | $ | 5,697,000 | $ | 6,099,215 | $ | 6,052,000 | Mortgages payable | $ | 5,758,215 | $ | 5,610,000 | $ | 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 | 1,021,000 | 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 | $ | 8,333,215 | (1) | $ | 8,006,000 | $ | 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 September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Interest on cash and cash equivalents and restricted cash | $ | 12,643 | $ | 2,286 | $ | 30,910 | $ | 2,660 | |||||||||||||||
Interest on loans receivable | 291 | 1,396 | 1,053 | 3,215 | |||||||||||||||||||
Amortization of discount on investments in U.S. Treasury bills | — | 1,546 | 3,829 | 3,403 | |||||||||||||||||||
Other, net | — | — | — | 4 | |||||||||||||||||||
$ | 12,934 | $ | 5,228 | $ | 35,792 | $ | 9,282 |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Interest expense | $ | 93,336 | $ | 76,009 | $ | 273,577 | $ | 187,552 | |||||||||||||||
Capitalized interest and debt expense | (11,205) | (4,874) | (30,011) | (12,095) | |||||||||||||||||||
Amortization of deferred financing costs | 5,995 | 5,639 | 17,962 | 16,066 | |||||||||||||||||||
$ | 88,126 | $ | 76,774 | $ | 261,528 | $ | 191,523 |
(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 September 30, | For the Nine Months Ended September 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 | $ | 68,375 | $ | 23,298 | $ | 150,978 | $ | 131,252 | ||||||||||||||||||||||||||||
Preferred share dividends | Preferred share dividends | (15,529) | (16,800) | (46,587) | (49,734) | Preferred share dividends | (15,529) | (15,529) | (46,587) | (46,587) | ||||||||||||||||||||||||||||||||||||
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 | 52,846 | 7,769 | 104,391 | 84,665 | ||||||||||||||||||||||||||||||||||||
Earnings allocated to unvested participating securities | Earnings allocated to unvested participating securities | (4) | (8) | (14) | (26) | Earnings allocated to unvested participating securities | (1) | (4) | (2) | (14) | ||||||||||||||||||||||||||||||||||||
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 | 52,845 | 7,765 | 104,389 | 84,651 | ||||||||||||||||||||||||||||||||||||
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 | 350 | — | 1,050 | (243) | ||||||||||||||||||||||||||||||||||||
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 | $ | 53,195 | $ | 7,765 | $ | 105,439 | $ | 84,408 | ||||||||||||||||||||||||||||
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 | 190,364 | 191,793 | 191,228 | 191,756 | |||||||||||||||||||||||||||||||||||||||||
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 | 445 | 225 | 163 | 266 | ||||||||||||||||||||||||||||||||||||
Convertible securities | Convertible securities | — | — | 20 | — | Convertible securities | 2,112 | — | 2,454 | 20 | ||||||||||||||||||||||||||||||||||||
Denominator for diluted income per share – weighted average shares and assumed conversions | 192,018 | 192,041 | 192,042 | 192,151 | ||||||||||||||||||||||||||||||||||||||||||
Denominator for diluted income per share - weighted average shares and assumed conversions | Denominator for diluted income per share - weighted average shares and assumed conversions | 192,921 | 192,018 | 193,845 | 192,042 | |||||||||||||||||||||||||||||||||||||||||
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 | $ | 0.28 | $ | 0.04 | $ | 0.55 | $ | 0.44 | ||||||||||||||||||||||||||||
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 | $ | 0.28 | $ | 0.04 | $ | 0.54 | $ | 0.44 |
(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 September 30, | For the Nine Months Ended September 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. | $ | 73,111 | $ | 23,904 | $ | 159,751 | $ | 137,634 | ||||||||||||||||||||||||||||
Preferred unit distributions | Preferred unit distributions | (15,558) | (16,842) | (46,673) | (49,858) | Preferred unit distributions | (15,558) | (15,558) | (46,673) | (46,673) | ||||||||||||||||||||||||||||||||||||
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 | 57,553 | 8,346 | 113,078 | 90,961 | ||||||||||||||||||||||||||||||||||||
Earnings allocated to unvested participating securities | Earnings allocated to unvested participating securities | (498) | (649) | (1,719) | (2,034) | Earnings allocated to unvested participating securities | (747) | (498) | (594) | (1,719) | ||||||||||||||||||||||||||||||||||||
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 | 56,806 | 7,848 | 112,484 | 89,242 | ||||||||||||||||||||||||||||||||||||
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 | 350 | — | 500 | (243) | ||||||||||||||||||||||||||||||||||||
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 | $ | 57,156 | $ | 7,848 | $ | 112,984 | $ | 88,999 | ||||||||||||||||||||||||||||
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 | 204,628 | 205,410 | 205,268 | 205,271 | ||||||||||||||||||||||||||||||||||||
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 | 445 | 502 | 163 | 633 | ||||||||||||||||||||||||||||||||||||
Convertible securities | Convertible securities | — | — | 20 | — | Convertible securities | 2,112 | — | 2,454 | 20 | ||||||||||||||||||||||||||||||||||||
Denominator for diluted income per Class A unit – weighted average units and assumed conversions | Denominator for diluted income per Class A unit – weighted average units and assumed conversions | 205,912 | 205,703 | 205,924 | 205,616 | Denominator for diluted income per Class A unit – weighted average units and assumed conversions | 207,185 | 205,912 | 207,885 | 205,924 | ||||||||||||||||||||||||||||||||||||
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 | $ | 0.28 | $ | 0.04 | $ | 0.55 | $ | 0.43 | ||||||||||||||||||||||||||||
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 | $ | 0.28 | $ | 0.04 | $ | 0.54 | $ | 0.43 |
(Amounts in thousands) | For the Three Months Ended September 30, 2023 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 450,995 | $ | 364,768 | $ | 86,227 | |||||||||||
Operating expenses | (233,737) | (186,147) | (47,590) | ||||||||||||||
NOI - consolidated | 217,258 | 178,621 | 38,637 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (8,363) | (2,197) | (6,166) | ||||||||||||||
Add: NOI from partially owned entities | 72,100 | 69,210 | 2,890 | ||||||||||||||
NOI at share | 280,995 | 245,634 | 35,361 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (2,980) | (4,790) | 1,810 | ||||||||||||||
NOI at share - cash basis | $ | 278,015 | $ | 240,844 | $ | 37,171 |
(Amounts in thousands) | For the Three Months Ended September 30, 2022 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 457,431 | $ | 360,033 | $ | 97,398 | |||||||||||
Operating expenses | (221,596) | (182,131) | (39,465) | ||||||||||||||
NOI - consolidated | 235,835 | 177,902 | 57,933 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (14,766) | (8,691) | (6,075) | ||||||||||||||
Add: NOI from partially owned entities | 76,020 | 71,943 | 4,077 | ||||||||||||||
NOI at share | 297,089 | 241,154 | 55,935 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (1,419) | (3,462) | 2,043 | ||||||||||||||
NOI at share - cash basis | $ | 295,670 | $ | 237,692 | $ | 57,978 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, 2021 | (Amounts in thousands) | For the Nine Months Ended September 30, 2023 | ||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 409,212 | $ | 316,643 | $ | 92,569 | Total revenues | $ | 1,369,277 | $ | 1,091,053 | $ | 278,224 | ||||||||||||||||||||
Operating expenses | Operating expenses | (212,699) | (151,276) | (61,423) | Operating expenses | (685,233) | (550,878) | (134,355) | ||||||||||||||||||||||||||
NOI - consolidated | NOI - consolidated | 196,513 | 165,367 | 31,146 | NOI - consolidated | 684,044 | 540,175 | 143,869 | ||||||||||||||||||||||||||
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 | (38,869) | (12,224) | (26,645) | ||||||||||||||||||||||||||
Add: NOI from partially owned entities | Add: NOI from partially owned entities | 75,644 | 73,219 | 2,425 | Add: NOI from partially owned entities | 210,942 | 202,043 | 8,899 | ||||||||||||||||||||||||||
NOI at share | NOI at share | 255,271 | 228,839 | 26,432 | NOI at share | 856,117 | 729,994 | 126,123 | ||||||||||||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 1,922 | 783 | 1,139 | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (3,498) | (6,554) | 3,056 | ||||||||||||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 257,193 | $ | 229,622 | $ | 27,571 | NOI at share - cash basis | $ | 852,619 | $ | 723,440 | $ | 129,179 |
(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) | (Amounts in thousands) | For the Nine Months Ended September 30, 2021 | (Amounts in thousands) | For the Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 1,168,130 | $ | 921,758 | $ | 246,372 | Total revenues | $ | 1,353,055 | $ | 1,082,743 | $ | 270,312 | ||||||||||||||||||||
Operating expenses | Operating expenses | (594,598) | (468,294) | (126,304) | Operating expenses | (660,434) | (536,238) | (124,196) | ||||||||||||||||||||||||||
NOI - consolidated | NOI - consolidated | 573,532 | 453,464 | 120,068 | NOI - consolidated | 692,621 | 546,505 | 146,116 | ||||||||||||||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (50,221) | (26,841) | (23,380) | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (51,100) | (32,708) | (18,392) | ||||||||||||||||||||||||||
Add: NOI from partially owned entities | Add: NOI from partially owned entities | 231,635 | 224,392 | 7,243 | Add: NOI from partially owned entities | 228,772 | 219,116 | 9,656 | ||||||||||||||||||||||||||
NOI at share | NOI at share | 754,946 | 651,015 | 103,931 | 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 | 1,570 | 351 | 1,219 | |||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 756,516 | $ | 651,366 | $ | 105,150 | NOI at share - cash basis | $ | 861,469 | $ | 719,287 | $ | 142,182 |
(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 September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 20,112 | $ | 71,765 | $ | 142,390 | $ | 175,590 | Net income | $ | 59,570 | $ | 20,112 | $ | 133,501 | $ | 142,390 | ||||||||||||||||||||||||||||
Depreciation and amortization expense | Depreciation and amortization expense | 134,526 | 100,867 | 370,631 | 285,998 | Depreciation and amortization expense | 110,349 | 134,526 | 324,076 | 370,631 | ||||||||||||||||||||||||||||||||||||
General and administrative expense | General and administrative expense | 29,174 | 25,553 | 102,292 | 100,341 | General and administrative expense | 35,838 | 29,174 | 116,843 | 102,292 | ||||||||||||||||||||||||||||||||||||
Transaction related costs and other | Transaction related costs and other | 996 | 9,681 | 4,961 | 10,630 | Transaction related costs and other | 813 | 996 | 1,501 | 4,961 | ||||||||||||||||||||||||||||||||||||
Income from partially owned entities | Income from partially owned entities | (24,341) | (26,269) | (83,775) | (86,768) | Income from partially owned entities | (18,269) | (24,341) | (72,207) | (83,775) | ||||||||||||||||||||||||||||||||||||
Loss (income) from real estate fund investments | 111 | 66 | (5,421) | (5,107) | ||||||||||||||||||||||||||||||||||||||||||
(Income) loss from real estate fund investments | (Income) loss from real estate fund investments | (1,783) | 111 | (1,662) | (5,421) | |||||||||||||||||||||||||||||||||||||||||
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 | (12,934) | (5,228) | (35,792) | (9,282) | ||||||||||||||||||||||||||||||||||||
Interest and debt expense | Interest and debt expense | 76,774 | 50,946 | 191,523 | 152,904 | Interest and debt expense | 88,126 | 76,774 | 261,528 | 191,523 | ||||||||||||||||||||||||||||||||||||
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 | (56,136) | — | (64,592) | (35,384) | ||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 3,711 | (25,376) | 14,686 | (20,551) | ||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 11,684 | 3,711 | 20,848 | 14,686 | |||||||||||||||||||||||||||||||||||||||||
NOI from partially owned entities | NOI from partially owned entities | 76,020 | 75,644 | 228,772 | 231,635 | NOI from partially owned entities | 72,100 | 76,020 | 210,942 | 228,772 | ||||||||||||||||||||||||||||||||||||
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 | (8,363) | (14,766) | (38,869) | (51,100) | ||||||||||||||||||||||||||||||||||||
NOI at share | NOI at share | 297,089 | 255,271 | 870,293 | 754,946 | NOI at share | 280,995 | 297,089 | 856,117 | 870,293 | ||||||||||||||||||||||||||||||||||||
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 | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (2,980) | (1,419) | (3,498) | (8,824) | |||||||||||||||||||||||||||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 295,670 | $ | 257,193 | $ | 861,469 | $ | 756,516 | NOI at share - cash basis | $ | 278,015 | $ | 295,670 | $ | 852,619 | $ | 861,469 |
(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 September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Certain (income) expense items that impact net income attributable to common shareholders: | |||||||||||||||||||||||
Net gain on contribution of Pier 94 leasehold interest to joint venture | $ | (35,968) | $ | — | $ | (35,968) | $ | — | |||||||||||||||
After-tax net gain on sale of The Armory Show | (17,076) | — | (17,076) | — | |||||||||||||||||||
Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary) | 3,115 | 3,776 | 8,196 | 10,183 | |||||||||||||||||||
Our share of Alexander's, Inc. ("Alexander's") gain on sale of Rego Park III land parcel | — | — | (16,396) | — | |||||||||||||||||||
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units and ancillary amenities | — | — | (6,173) | (6,085) | |||||||||||||||||||
Other | 5,954 | 28,090 | 48 | 19,784 | |||||||||||||||||||
(43,975) | 31,866 | (67,369) | 23,882 | ||||||||||||||||||||
Noncontrolling interests' share of above adjustments | 3,974 | (2,206) | 6,224 | (1,895) | |||||||||||||||||||
Total of certain (income) expense items that impact net income attributable to common shareholders | $ | (40,001) | $ | 29,660 | $ | (61,145) | $ | 21,987 |
(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 September 30, | For the Nine Months Ended September 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) | $ | 3,115 | $ | 3,776 | $ | 8,196 | $ | 10,183 | |||||||||||||||||||||||||||||||||||||
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 | — | — | (6,173) | (6,085) | |||||||||||||||||||||||||||||||||||||||||
Other | Other | 1,477 | 11,394 | 3,840 | 18,698 | Other | 5,330 | 1,477 | (167) | 3,840 | ||||||||||||||||||||||||||||||||||||
5,253 | (23,643) | 7,938 | (38,547) | 8,445 | 5,253 | 1,856 | 7,938 | |||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of above adjustments | Noncontrolling interests' share of above adjustments | (364) | 1,570 | (550) | 2,223 | Noncontrolling interests' share of above adjustments | (691) | (364) | (143) | (550) | ||||||||||||||||||||||||||||||||||||
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 | $ | 7,754 | $ | 4,889 | $ | 1,713 | $ | 7,388 |
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(1) | 555 California Street(2) | |||||||||||||||||||||||
Same store NOI at share % (decrease) increase | ||||||||||||||||||||||||||
Three months ended September 30, 2023 compared to September 30, 2022 | (3.0) | % | 4.0 | % | (54.0) | % | 2.9 | % | ||||||||||||||||||
Nine months ended September 30, 2023 compared to September 30, 2022 | 1.1 | % | 2.8 | % | (35.5) | % | 32.2 | % | ||||||||||||||||||
Same store NOI at share - cash basis % (decrease) increase | ||||||||||||||||||||||||||
Three months ended September 30, 2023 compared to September 30, 2022 | (4.7) | % | 2.1 | % | (53.7) | % | 3.7 | % | ||||||||||||||||||
Nine months ended September 30, 2023 compared to September 30, 2022 | 1.1 | % | 3.1 | % | (38.2) | % | 34.7 | % |
(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) | 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) | 18,771 | 16,073 | 91.6 | % | ||||||||||||||||||||||||||||||||||||||
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) | 51 | (1) | 2,117 | 1,678 | 74.3 | % | ||||||||||||||||||||||||||||||||||||||
Residential - 1,983 units(2) | 7 | (1) | 1,511 | 778 | 96.8 | % | (2) | |||||||||||||||||||||||||||||||||||||||||||||
Residential - 1,974 units(2) | Residential - 1,974 units(2) | 5 | (1) | 1,479 | 745 | 96.6 | % | (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 | % | 24,822 | 19,291 | 89.9 | % | |||||||||||||||||||||||||||||||||||||||||||||
Other: | Other: | Other: | ||||||||||||||||||||||||||||||||||||||||||||||||||
theMART | 4 | 3,637 | 3,628 | 87.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||
THE MART | THE MART | 4 | 3,683 | 3,674 | 76.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||
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 | 2,532 | 1,197 | 91.9 | % | ||||||||||||||||||||||||||||||||||||||||
7,988 | 6,098 | 8,034 | 6,145 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total square feet as of September 30, 2022 | 33,017 | 25,744 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total square feet as of September 30, 2023 | Total square feet as of September 30, 2023 | 32,856 | 25,436 |
(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) | For the Three Months Ended September 30, 2023 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 450,995 | $ | 364,768 | $ | 86,227 | |||||||||||
Operating expenses | (233,737) | (186,147) | (47,590) | ||||||||||||||
NOI - consolidated | 217,258 | 178,621 | 38,637 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (8,363) | (2,197) | (6,166) | ||||||||||||||
Add: NOI from partially owned entities | 72,100 | 69,210 | 2,890 | ||||||||||||||
NOI at share | 280,995 | 245,634 | 35,361 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (2,980) | (4,790) | 1,810 | ||||||||||||||
NOI at share - cash basis | $ | 278,015 | $ | 240,844 | $ | 37,171 |
(Amounts in thousands) | For the Three Months Ended September 30, 2022 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 457,431 | $ | 360,033 | $ | 97,398 | |||||||||||
Operating expenses | (221,596) | (182,131) | (39,465) | ||||||||||||||
NOI - consolidated | 235,835 | 177,902 | 57,933 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (14,766) | (8,691) | (6,075) | ||||||||||||||
Add: NOI from partially owned entities | 76,020 | 71,943 | 4,077 | ||||||||||||||
NOI at share | 297,089 | 241,154 | 55,935 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (1,419) | (3,462) | 2,043 | ||||||||||||||
NOI at share - cash basis | $ | 295,670 | $ | 237,692 | $ | 57,978 |
(Amounts in thousands) | For the Three Months Ended September 30, 2021 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 409,212 | $ | 316,643 | $ | 92,569 | |||||||||||
Operating expenses | (212,699) | (151,276) | (61,423) | ||||||||||||||
NOI - consolidated | 196,513 | 165,367 | 31,146 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (16,886) | (9,747) | (7,139) | ||||||||||||||
Add: NOI from partially owned entities | 75,644 | 73,219 | 2,425 | ||||||||||||||
NOI at share | 255,271 | 228,839 | 26,432 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 1,922 | 783 | 1,139 | ||||||||||||||
NOI at share - cash basis | $ | 257,193 | $ | 229,622 | $ | 27,571 |
(Amounts in thousands) | For the Three Months Ended September 30, | ||||||||||
2023 | 2022 | ||||||||||
New York: | |||||||||||
Office | $ | 183,919 | $ | 174,790 | |||||||
Retail | 46,559 | 52,127 | |||||||||
Residential | 5,570 | 4,598 | |||||||||
Alexander's | 9,586 | 9,639 | |||||||||
Total New York | 245,634 | 241,154 | |||||||||
Other: | |||||||||||
THE MART(1) | 15,132 | 35,769 | |||||||||
555 California Street | 16,564 | 16,092 | |||||||||
Other investments | 3,665 | 4,074 | |||||||||
Total Other | 35,361 | 55,935 | |||||||||
NOI at share | $ | 280,995 | $ | 297,089 |
(Amounts in thousands) | For the Three Months Ended September 30, | ||||||||||
2022 | 2021 | ||||||||||
New York: | |||||||||||
Office | $ | 174,790 | $ | 166,553 | |||||||
Retail | 52,127 | 49,083 | |||||||||
Residential | 4,598 | 4,194 | |||||||||
Alexander's | 9,639 | 9,009 | |||||||||
Total New York | 241,154 | 228,839 | |||||||||
Other: | |||||||||||
theMART(1) | 35,769 | 6,431 | |||||||||
555 California Street | 16,092 | 16,128 | |||||||||
Other investments | 4,074 | 3,873 | |||||||||
Total Other | 55,935 | 26,432 | |||||||||
NOI at share | $ | 297,089 | $ | 255,271 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, | (Amounts in thousands) | For the Three Months Ended September 30, | ||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
New York: | New York: | New York: | ||||||||||||||||||||
Office | Office | $ | 174,606 | $ | 170,521 | Office | $ | 179,838 | $ | 174,606 | ||||||||||||
Retail | Retail | 48,096 | 45,175 | Retail | 45,451 | 48,096 | ||||||||||||||||
Residential | Residential | 4,556 | 4,136 | Residential | 5,271 | 4,556 | ||||||||||||||||
Alexander's | Alexander's | 10,434 | 9,790 | Alexander's | 10,284 | 10,434 | ||||||||||||||||
Total New York | Total New York | 237,692 | 229,622 | Total New York | 240,844 | 237,692 | ||||||||||||||||
Other: | Other: | Other: | ||||||||||||||||||||
theMART(1) | 36,772 | 8,635 | ||||||||||||||||||||
THE MART(1) | THE MART(1) | 15,801 | 36,772 | |||||||||||||||||||
555 California Street | 555 California Street | 16,926 | 14,745 | 555 California Street | 17,552 | 16,926 | ||||||||||||||||
Other investments | Other investments | 4,280 | 4,191 | Other investments | 3,818 | 4,280 | ||||||||||||||||
Total Other | Total Other | 57,978 | 27,571 | Total Other | 37,171 | 57,978 | ||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 295,670 | $ | 257,193 | NOI at share - cash basis | $ | 278,015 | $ | 295,670 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, | (Amounts in thousands) | For the Three Months Ended September 30, | ||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
Net income | Net income | $ | 20,112 | $ | 71,765 | Net income | $ | 59,570 | $ | 20,112 | ||||||||||||
Depreciation and amortization expense | Depreciation and amortization expense | 134,526 | 100,867 | Depreciation and amortization expense | 110,349 | 134,526 | ||||||||||||||||
General and administrative expense | General and administrative expense | 29,174 | 25,553 | General and administrative expense | 35,838 | 29,174 | ||||||||||||||||
Transaction related costs and other | Transaction related costs and other | 996 | 9,681 | Transaction related costs and other | 813 | 996 | ||||||||||||||||
Income from partially owned entities | Income from partially owned entities | (24,341) | (26,269) | Income from partially owned entities | (18,269) | (24,341) | ||||||||||||||||
Loss from real estate fund investments | 111 | 66 | ||||||||||||||||||||
(Income) loss from real estate fund investments | (Income) loss from real estate fund investments | (1,783) | 111 | |||||||||||||||||||
Interest and other investment income, net | Interest and other investment income, net | (5,228) | (633) | Interest and other investment income, net | (12,934) | (5,228) | ||||||||||||||||
Interest and debt expense | Interest and debt expense | 76,774 | 50,946 | Interest and debt expense | 88,126 | 76,774 | ||||||||||||||||
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 | (56,136) | — | ||||||||||||||||
Income tax expense (benefit) | 3,711 | (25,376) | ||||||||||||||||||||
Income tax expense | Income tax expense | 11,684 | 3,711 | |||||||||||||||||||
NOI from partially owned entities | NOI from partially owned entities | 76,020 | 75,644 | NOI from partially owned entities | 72,100 | 76,020 | ||||||||||||||||
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 | (8,363) | (14,766) | ||||||||||||||||
NOI at share | NOI at share | 297,089 | 255,271 | NOI at share | 280,995 | 297,089 | ||||||||||||||||
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 | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (2,980) | (1,419) | |||||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 295,670 | $ | 257,193 | NOI at share - cash basis | $ | 278,015 | $ | 295,670 |
For the Three Months Ended September 30, | For the Three Months Ended September 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 | 89 | % | 82 | % | ||||||||||||
Chicago, IL | Chicago, IL | 13 | % | 3 | % | Chicago, IL | 5 | % | 13 | % | ||||||||||||
San Francisco, CA | San Francisco, CA | 5 | % | 6 | % | San Francisco, CA | 6 | % | 5 | % | ||||||||||||
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 | $ | (17,720) | $ | (6,055) | $ | (11,665) | |||||||||||||||||||||||
Development and redevelopment | Development and redevelopment | 23,192 | 23,192 | — | Development and redevelopment | 720 | 720 | — | |||||||||||||||||||||||||||||
Trade shows | Trade shows | 6,049 | — | 6,049 | Trade shows | (811) | — | (811) | |||||||||||||||||||||||||||||
Same store operations | Same store operations | 13,239 | 15,916 | (2,677) | Same store operations | 9,034 | 7,460 | 1,574 | |||||||||||||||||||||||||||||
39,941 | 36,569 | 3,372 | |||||||||||||||||||||||||||||||||||
(8,777) | 2,125 | (10,902) | |||||||||||||||||||||||||||||||||||
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 | 366 | 628 | (262) | |||||||||||||||||||||||||||||
Management and leasing fees | Management and leasing fees | 23 | (85) | 108 | Management and leasing fees | 731 | 846 | (115) | |||||||||||||||||||||||||||||
Other income | Other income | 4,020 | 2,165 | 1,855 | Other income | 1,244 | 1,136 | 108 | |||||||||||||||||||||||||||||
8,278 | 6,821 | 1,457 | 2,341 | 2,610 | (269) | ||||||||||||||||||||||||||||||||
Total increase in revenues | $ | 48,219 | $ | 43,390 | $ | 4,829 | |||||||||||||||||||||||||||||||
Total (decrease) increase in revenues | Total (decrease) increase in revenues | $ | (6,436) | $ | 4,735 | $ | (11,171) |
(Amounts in thousands) | Total | New York | Other | ||||||||||||||
(Decrease) increase due to: | |||||||||||||||||
Operating: | |||||||||||||||||
Acquisitions, dispositions and other | $ | (618) | $ | (618) | $ | — | |||||||||||
Development and redevelopment | 9,735 | 9,488 | 247 | ||||||||||||||
Non-reimbursable expenses | 7,560 | 7,794 | (234) | ||||||||||||||
Trade shows | (291) | — | (291) | ||||||||||||||
BMS expenses | 3,739 | 4,246 | (507) | ||||||||||||||
Same store operations | (11,228) | 9,945 | (21,173) | ||||||||||||||
8,897 | 30,855 | (21,958) | |||||||||||||||
Depreciation and amortization: | |||||||||||||||||
Acquisitions, dispositions and other | 20,868 | 20,868 | — | ||||||||||||||
Development and redevelopment | 13,654 | 13,654 | — | ||||||||||||||
Same store operations | (863) | (1,061) | 198 | ||||||||||||||
33,659 | 33,461 | 198 | |||||||||||||||
General and administrative | 3,621 | 463 | 3,158 | ||||||||||||||
Benefit from deferred compensation plan liability | (1,399) | — | (1,399) | ||||||||||||||
Transaction related costs and other | (8,685) | (7,769) | (1) | (916) | |||||||||||||
Total increase (decrease) in expenses | $ | 36,093 | $ | 57,010 | $ | (20,917) |
(Amounts in thousands) | Total | New York | Other | |||||||||||||||||
(Decrease) increase due to: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Acquisitions, dispositions and other | $ | (11,531) | $ | (2,628) | $ | (8,903) | ||||||||||||||
Development and redevelopment | 603 | 603 | — | |||||||||||||||||
Non-reimbursable expenses | 34 | 34 | — | |||||||||||||||||
Trade shows | (186) | — | (186) | |||||||||||||||||
BMS expenses | (242) | 20 | (262) | |||||||||||||||||
Same store operations | 23,463 | 5,987 | 17,476 | |||||||||||||||||
12,141 | 4,016 | 8,125 | ||||||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||
Acquisitions, dispositions and other | (28,427) | (28,427) | — | |||||||||||||||||
Development and redevelopment | (36) | (36) | — | |||||||||||||||||
Same store operations | 4,286 | 3,941 | 345 | |||||||||||||||||
(24,177) | (24,522) | 345 | ||||||||||||||||||
General and administrative | 6,664 | 1,251 | 5,413 | |||||||||||||||||
Expense from deferred compensation plan liability | 2,231 | — | 2,231 | |||||||||||||||||
Transaction related costs and other | (183) | 514 | (697) | |||||||||||||||||
Total (decrease) increase in expenses | $ | (3,324) | $ | (18,741) | $ | 15,417 |
(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 September 30, 2023 | For the Three Months Ended September 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% | $ | 10,917 | $ | 11,941 | ||||||||||||||||||||||
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 | 9,430 | 9,430 | ||||||||||||||||||||||||||||
21,371 | 22,101 | 20,347 | 21,371 | |||||||||||||||||||||||||||||||
Partially owned office buildings(1) | Partially owned office buildings(1) | Various | (7,647) | (5,286) | ||||||||||||||||||||||||||||||
Alexander's | Alexander's | 32.4% | 5,910 | 4,795 | Alexander's | 32.4% | 4,525 | 5,910 | ||||||||||||||||||||||||||
Partially owned office buildings(1) | Various | (4,732) | 418 | |||||||||||||||||||||||||||||||
Other investments(2) | Other investments(2) | Various | 1,792 | (1,045) | Other investments(2) | Various | 1,044 | 2,346 | ||||||||||||||||||||||||||
$ | 24,341 | $ | 26,269 | $ | 18,269 | $ | 24,341 |
(Amounts in thousands) | For the Three Months Ended September 30, | ||||||||||
2022 | 2021 | ||||||||||
Net investment loss | $ | (111) | $ | (66) | |||||||
Loss from real estate fund investments | (111) | (66) | |||||||||
Less loss attributable to noncontrolling interests in consolidated subsidiaries | 312 | 360 | |||||||||
Income from real estate fund investments, net of noncontrolling interests in consolidated subsidiaries | $ | 201 | $ | 294 | |||||||
(Amounts in thousands) | For the Three Months Ended September 30, | ||||||||||
2023 | 2022 | ||||||||||
Net realized gain on exited investments | $ | 1,861 | $ | — | |||||||
Net investment loss | (78) | (111) | |||||||||
Income (loss) from real estate fund investments | 1,783 | (111) | |||||||||
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (1,302) | 312 | |||||||||
Income from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ | 481 | $ | 201 | |||||||
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, | (Amounts in thousands) | For the Three Months Ended September 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 | $ | 12,643 | $ | 2,286 | ||||||||||||
Interest on loans receivable | Interest on loans receivable | 291 | 1,396 | |||||||||||||||||||
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 | — | 1,546 | ||||||||||||||||
Interest on loans receivable | 1,396 | 561 | ||||||||||||||||||||
Other, net | — | 5 | ||||||||||||||||||||
$ | 5,228 | $ | 633 | |||||||||||||||||||
$ | 12,934 | $ | 5,228 |
(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 three months ended September 30, 2023 | NOI at share for the three months ended September 30, 2023 | $ | 280,995 | $ | 245,634 | $ | 15,132 | $ | 16,564 | $ | 3,665 | |||||||||||||||||||||||||||||||||||||||||||||||
Less NOI at share from: | Less NOI at share from: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | Dispositions | (164) | (440) | 276 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Development properties | Development properties | (4,724) | (4,724) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-same store income, net | Other non-same store income, net | (4,774) | (1,109) | — | — | (3,665) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Same store NOI at share for the three months ended September 30, 2023 | Same store NOI at share for the three months ended September 30, 2023 | $ | 271,333 | $ | 239,361 | $ | 15,408 | $ | 16,564 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||
NOI at share for the three months ended September 30, 2022 | NOI at share for the three months ended September 30, 2022 | $ | 297,089 | $ | 241,154 | $ | 35,769 | $ | 16,092 | $ | 4,074 | 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: | Less NOI at share from: | Less NOI at share from: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in ownership interest in One Park Avenue | (2,106) | (2,106) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | Dispositions | (88) | (88) | — | — | — | Dispositions | (5,040) | (2,748) | (2,292) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Development properties | Development properties | (22,914) | (22,914) | — | — | — | Development properties | (4,549) | (4,549) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Other non-same store income, net | Other non-same store income, net | (6,149) | (2,075) | — | — | (4,074) | Other non-same store income, net | (7,679) | (3,605) | — | — | (4,074) | ||||||||||||||||||||||||||||||||||||||||||||||
Same store NOI at share for the three months ended September 30, 2022 | Same store NOI at share for the three months ended September 30, 2022 | $ | 265,832 | $ | 213,971 | $ | 35,769 | $ | 16,092 | $ | — | Same store NOI at share for the three months ended September 30, 2022 | $ | 279,821 | $ | 230,252 | $ | 33,477 | $ | 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 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||
(Decrease) increase in same store NOI at share | (Decrease) increase in same store NOI at share | $ | (8,488) | $ | 9,109 | $ | (18,069) | $ | 472 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
% (decrease) increase in same store NOI at share | % (decrease) increase in same store NOI at share | (3.0) | % | 4.0 | % | (54.0) | % | 2.9 | % | 0.0 | % |
(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 - cash basis for the three months ended September 30, 2023 | NOI at share - cash basis for the three months ended September 30, 2023 | $ | 278,015 | $ | 240,844 | $ | 15,801 | $ | 17,552 | $ | 3,818 | |||||||||||||||||||||||||||||||||||||||||||||||
Less NOI at share - cash basis from: | Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | Dispositions | (274) | (487) | 213 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Development properties | Development properties | (4,131) | (4,131) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-same store income, net | Other non-same store income, net | (8,379) | (4,561) | — | — | (3,818) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended September 30, 2023 | Same store NOI at share - cash basis for the three months ended September 30, 2023 | $ | 265,231 | $ | 231,665 | $ | 16,014 | $ | 17,552 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||
NOI at share - cash basis for the three months ended September 30, 2022 | NOI at share - cash basis for the three months ended September 30, 2022 | $ | 295,670 | $ | 237,692 | $ | 36,772 | $ | 16,926 | $ | 4,280 | 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: | Less NOI at share - cash basis from: | Less NOI at share - cash basis from: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in ownership interest in One Park Avenue | (1,502) | (1,502) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | Dispositions | (88) | (88) | — | — | — | Dispositions | (4,857) | (2,655) | (2,202) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Development properties | Development properties | (15,796) | (15,796) | — | — | — | Development properties | (4,943) | (4,943) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Other non-same store income, net | Other non-same store income, net | (6,573) | (2,293) | — | — | (4,280) | Other non-same store income, net | (7,520) | (3,240) | — | — | (4,280) | ||||||||||||||||||||||||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended September 30, 2022 | Same store NOI at share - cash basis for the three months ended September 30, 2022 | $ | 271,711 | $ | 218,013 | $ | 36,772 | $ | 16,926 | $ | — | Same store NOI at share - cash basis for the three months ended September 30, 2022 | $ | 278,350 | $ | 226,854 | $ | 34,570 | $ | 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 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||
(Decrease) increase in same store NOI at share - cash basis | (Decrease) increase in same store NOI at share - cash basis | $ | (13,119) | $ | 4,811 | $ | (18,556) | $ | 626 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
% (decrease) increase in same store NOI at share - cash basis | % (decrease) increase in same store NOI at share - cash basis | (4.7) | % | 2.1 | % | (53.7) | % | 3.7 | % | 0.0 | % |
(Amounts in thousands) | For the Nine Months Ended September 30, 2023 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 1,369,277 | $ | 1,091,053 | $ | 278,224 | |||||||||||
Operating expenses | (685,233) | (550,878) | (134,355) | ||||||||||||||
NOI - consolidated | 684,044 | 540,175 | 143,869 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (38,869) | (12,224) | (26,645) | ||||||||||||||
Add: NOI from partially owned entities | 210,942 | 202,043 | 8,899 | ||||||||||||||
NOI at share | 856,117 | 729,994 | 126,123 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (3,498) | (6,554) | 3,056 | ||||||||||||||
NOI at share - cash basis | $ | 852,619 | $ | 723,440 | $ | 129,179 |
(Amounts in thousands) | For the Nine Months Ended September 30, 2022 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 1,353,055 | $ | 1,082,743 | $ | 270,312 | |||||||||||
Operating expenses | (660,434) | (536,238) | (124,196) | ||||||||||||||
NOI - consolidated | 692,621 | 546,505 | 146,116 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (51,100) | (32,708) | (18,392) | ||||||||||||||
Add: NOI from partially owned entities | 228,772 | 219,116 | 9,656 | ||||||||||||||
NOI at share | 870,293 | 732,913 | 137,380 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (8,824) | (13,626) | 4,802 | ||||||||||||||
NOI at share - cash basis | $ | 861,469 | $ | 719,287 | $ | 142,182 |
(Amounts in thousands) | For the Nine Months Ended September 30, 2021 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 1,168,130 | $ | 921,758 | $ | 246,372 | |||||||||||
Operating expenses | (594,598) | (468,294) | (126,304) | ||||||||||||||
NOI - consolidated | 573,532 | 453,464 | 120,068 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (50,221) | (26,841) | (23,380) | ||||||||||||||
Add: NOI from partially owned entities | 231,635 | 224,392 | 7,243 | ||||||||||||||
NOI at share | 754,946 | 651,015 | 103,931 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 1,570 | 351 | 1,219 | ||||||||||||||
NOI at share - cash basis | $ | 756,516 | $ | 651,366 | $ | 105,150 |
(Amounts in thousands) | (Amounts in thousands) | For the Nine Months Ended September 30, | (Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
New York: | New York: | New York: | ||||||||||||||||||||
Office | Office | $ | 534,641 | $ | 497,238 | Office | $ | 544,231 | $ | 534,641 | ||||||||||||
Retail | Retail | 155,670 | 124,998 | Retail | 141,183 | 155,670 | ||||||||||||||||
Residential | Residential | 14,622 | 12,889 | Residential | 16,495 | 14,622 | ||||||||||||||||
Alexander's | Alexander's | 27,980 | 28,567 | Alexander's | 28,085 | 27,980 | ||||||||||||||||
Hotel Pennsylvania(1) | — | (12,677) | ||||||||||||||||||||
Total New York | Total New York | 732,913 | 651,015 | Total New York | 729,994 | 732,913 | ||||||||||||||||
Other: | Other: | Other: | ||||||||||||||||||||
theMART(2) | 75,630 | 42,950 | ||||||||||||||||||||
THE MART(1) | THE MART(1) | 47,003 | 75,630 | |||||||||||||||||||
555 California Street | 555 California Street | 49,051 | 48,230 | 555 California Street | 64,840 | 49,051 | ||||||||||||||||
Other investments | Other investments | 12,699 | 12,751 | Other investments | 14,280 | 12,699 | ||||||||||||||||
Total Other | Total Other | 137,380 | 103,931 | Total Other | 126,123 | 137,380 | ||||||||||||||||
NOI at share | NOI at share | $ | 870,293 | $ | 754,946 | NOI at share | $ | 856,117 | $ | 870,293 |
(Amounts in thousands) | (Amounts in thousands) | For the Nine Months Ended September 30, | (Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
New York: | New York: | New York: | ||||||||||||||||||||
Office | Office | $ | 532,759 | $ | 504,939 | Office | $ | 543,172 | $ | 532,759 | ||||||||||||
Retail | Retail | 142,678 | 116,265 | Retail | 134,441 | 142,678 | ||||||||||||||||
Residential | Residential | 13,554 | 11,898 | Residential | 15,451 | 13,554 | ||||||||||||||||
Alexander's | Alexander's | 30,296 | 30,987 | Alexander's | 30,376 | 30,296 | ||||||||||||||||
Hotel Pennsylvania(1) | — | (12,723) | ||||||||||||||||||||
Total New York | Total New York | 719,287 | 651,366 | Total New York | 723,440 | 719,287 | ||||||||||||||||
Other: | Other: | Other: | ||||||||||||||||||||
theMART(2) | 78,749 | 45,976 | ||||||||||||||||||||
THE MART(1) | THE MART(1) | 47,068 | 78,749 | |||||||||||||||||||
555 California Street | 555 California Street | 50,141 | 45,552 | 555 California Street | 67,554 | 50,141 | ||||||||||||||||
Other investments | Other investments | 13,292 | 13,622 | Other investments | 14,557 | 13,292 | ||||||||||||||||
Total Other | Total Other | 142,182 | 105,150 | Total Other | 129,179 | 142,182 | ||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 861,469 | $ | 756,516 | NOI at share - cash basis | $ | 852,619 | $ | 861,469 |
(Amounts in thousands) | (Amounts in thousands) | For the Nine Months Ended September 30, | (Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
Net income | Net income | $ | 142,390 | $ | 175,590 | Net income | $ | 133,501 | $ | 142,390 | ||||||||||||
Depreciation and amortization expense | Depreciation and amortization expense | 370,631 | 285,998 | Depreciation and amortization expense | 324,076 | 370,631 | ||||||||||||||||
General and administrative expense | General and administrative expense | 102,292 | 100,341 | General and administrative expense | 116,843 | 102,292 | ||||||||||||||||
Transaction related costs and other | Transaction related costs and other | 4,961 | 10,630 | Transaction related costs and other | 1,501 | 4,961 | ||||||||||||||||
Income from partially owned entities | Income from partially owned entities | (83,775) | (86,768) | Income from partially owned entities | (72,207) | (83,775) | ||||||||||||||||
Income from real estate fund investments | Income from real estate fund investments | (5,421) | (5,107) | Income from real estate fund investments | (1,662) | (5,421) | ||||||||||||||||
Interest and other investment income, net | Interest and other investment income, net | (9,282) | (3,694) | Interest and other investment income, net | (35,792) | (9,282) | ||||||||||||||||
Interest and debt expense | Interest and debt expense | 191,523 | 152,904 | Interest and debt expense | 261,528 | 191,523 | ||||||||||||||||
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 | (64,592) | (35,384) | ||||||||||||||||
Income tax expense (benefit) | 14,686 | (20,551) | ||||||||||||||||||||
Income tax expense | Income tax expense | 20,848 | 14,686 | |||||||||||||||||||
NOI from partially owned entities | NOI from partially owned entities | 228,772 | 231,635 | NOI from partially owned entities | 210,942 | 228,772 | ||||||||||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | NOI attributable to noncontrolling interests in consolidated subsidiaries | (51,100) | (50,221) | NOI attributable to noncontrolling interests in consolidated subsidiaries | (38,869) | (51,100) | ||||||||||||||||
NOI at share | NOI at share | 870,293 | 754,946 | NOI at share | 856,117 | 870,293 | ||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (8,824) | 1,570 | ||||||||||||||||||||
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 | (3,498) | (8,824) | |||||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 861,469 | $ | 756,516 | NOI at share - cash basis | $ | 852,619 | $ | 861,469 |
For the Nine Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
Region: | Region: | Region: | ||||||||||||||||||||
New York City metropolitan area | New York City metropolitan area | 85 | % | 88 | % | New York City metropolitan area | 88 | % | 85 | % | ||||||||||||
Chicago, IL | Chicago, IL | 9 | % | 6 | % | Chicago, IL | 6 | % | 9 | % | ||||||||||||
San Francisco, CA | San Francisco, CA | 6 | % | 6 | % | San Francisco, CA | 6 | % | 6 | % | ||||||||||||
100 | % | 100 | % | 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 | |||||||||||||||||
(Decrease) increase due to: | ||||||||||||||||||||
Rental revenues: | ||||||||||||||||||||
Acquisitions, dispositions and other | $ | (36,584) | $ | (24,919) | $ | (11,665) | ||||||||||||||
Development and redevelopment | 789 | 789 | — | |||||||||||||||||
Trade shows | 33 | — | 33 | |||||||||||||||||
Same store operations | 40,135 | 21,588 | 18,547 | (1) | ||||||||||||||||
4,373 | (2,542) | 6,915 | ||||||||||||||||||
Fee and other income: | ||||||||||||||||||||
BMS cleaning fees | 4,150 | 5,143 | (993) | |||||||||||||||||
Management and leasing fees | 1,803 | 1,802 | 1 | |||||||||||||||||
Other income | 5,896 | 3,907 | 1,989 | |||||||||||||||||
11,849 | 10,852 | 997 | ||||||||||||||||||
Total increase in revenues | $ | 16,222 | $ | 8,310 | $ | 7,912 |
(Amounts in thousands) | (Amounts in thousands) | Total | New York | Other | (Amounts in thousands) | Total | New York | Other | ||||||||||||||||||||||||||||||||
Increase (decrease) due to: | ||||||||||||||||||||||||||||||||||||||||
(Decrease) increase due to: | (Decrease) increase due to: | |||||||||||||||||||||||||||||||||||||||
Operating: | Operating: | Operating: | ||||||||||||||||||||||||||||||||||||||
Acquisitions, dispositions and other | $ | 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) | |||||||||||||||||||||||||||||||||||||
Acquisitions, dispositions and other | Acquisitions, dispositions and other | $ | (19,232) | $ | (10,329) | $ | (8,903) | |||||||||||||||||||||||||||||||||
Development and redevelopment | Development and redevelopment | 4,943 | 4,943 | — | ||||||||||||||||||||||||||||||||||||
Non-reimbursable expenses | Non-reimbursable expenses | 2,617 | 2,617 | — | ||||||||||||||||||||||||||||||||||||
Trade shows | Trade shows | 633 | — | 633 | ||||||||||||||||||||||||||||||||||||
BMS expenses | BMS expenses | 2,555 | 3,548 | (993) | ||||||||||||||||||||||||||||||||||||
Same store operations | Same store operations | 33,283 | 13,861 | 19,422 | ||||||||||||||||||||||||||||||||||||
65,836 | 67,944 | (2,108) | 24,799 | 14,640 | 10,159 | |||||||||||||||||||||||||||||||||||
Depreciation and amortization: | Depreciation and amortization: | 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 | |||||||||||||||||||||||||||||||||||||
Acquisitions, dispositions and other | Acquisitions, dispositions and other | (50,117) | (50,117) | — | ||||||||||||||||||||||||||||||||||||
Development and redevelopment | Development and redevelopment | 148 | 148 | — | ||||||||||||||||||||||||||||||||||||
Same store operations | Same store operations | 3,414 | 3,946 | (532) | ||||||||||||||||||||||||||||||||||||
84,633 | 82,729 | 1,904 | (46,555) | (46,023) | (532) | |||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | 1,951 | (1,337) | 3,288 | General and administrative | 14,551 | (1) | 2,035 | 12,516 | |||||||||||||||||||||||||||||||
Benefit from deferred compensation plan liability | (17,560) | — | (17,560) | |||||||||||||||||||||||||||||||||||||
Expense from deferred compensation plan liability | Expense from deferred compensation plan liability | 17,679 | — | 17,679 | ||||||||||||||||||||||||||||||||||||
Transaction related costs and other | Transaction related costs and other | (5,669) | (6,390) | (3) | 721 | Transaction related costs and other | (3,460) | (473) | (2,987) | |||||||||||||||||||||||||||||||
Total increase (decrease) in expenses | Total increase (decrease) in expenses | $ | 129,191 | $ | 142,946 | $ | (13,755) | Total increase (decrease) in expenses | $ | 7,014 | $ | (29,821) | $ | 36,835 |
(Amounts in thousands) | (Amounts in thousands) | Percentage Ownership at September 30, 2022 | For the Nine Months Ended September 30, | (Amounts in thousands) | Percentage Ownership as of September 30, 2023 | For the Nine Months Ended September 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% | $ | 41,915 | $ | 32,314 | Equity in net income | 51.5% | $ | 27,057 | $ | 41,915 | ||||||||||||||||||||||
Return on preferred equity, net of our share of the expense | Return on preferred equity, net of our share of the expense | 27,985 | 27,985 | Return on preferred equity, net of our share of the expense | 27,985 | 27,985 | ||||||||||||||||||||||||||||
69,900 | 60,299 | 55,042 | 69,900 | |||||||||||||||||||||||||||||||
Alexander's | Alexander's | 32.4% | 17,587 | 21,386 | Alexander's | 32.4% | 30,682 | 17,587 | ||||||||||||||||||||||||||
Partially owned office buildings | Partially owned office buildings | Various | (8,080) | 8,395 | Partially owned office buildings | Various | (16,864) | (8,974) | ||||||||||||||||||||||||||
Other investments | Other investments | Various | 4,368 | (3,312) | Other investments | Various | 3,347 | 5,262 | ||||||||||||||||||||||||||
$ | 83,775 | $ | 86,768 | $ | 72,207 | $ | 83,775 |
(Amounts in thousands) | Total | New York | THE MART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share for the three months ended September 30, 2023 | $ | 280,995 | $ | 245,634 | $ | 15,132 | $ | 16,564 | $ | 3,665 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Dispositions | (164) | (440) | 276 | — | — | ||||||||||||||||||||||||
Development properties | (4,724) | (4,724) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (4,774) | (1,109) | — | — | (3,665) | ||||||||||||||||||||||||
Same store NOI at share for the three months ended September 30, 2023 | $ | 271,333 | $ | 239,361 | $ | 15,408 | $ | 16,564 | $ | — | |||||||||||||||||||
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: | |||||||||||||||||||||||||||||
Dispositions | (5,040) | (2,748) | (2,292) | — | — | ||||||||||||||||||||||||
Development properties | (4,549) | (4,549) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (7,679) | (3,605) | — | — | (4,074) | ||||||||||||||||||||||||
Same store NOI at share for the three months ended September 30, 2022 | $ | 279,821 | $ | 230,252 | $ | 33,477 | $ | 16,092 | $ | — | |||||||||||||||||||
(Decrease) increase in same store NOI at share | $ | (8,488) | $ | 9,109 | $ | (18,069) | $ | 472 | $ | — | |||||||||||||||||||
% (decrease) increase in same store NOI at share | (3.0) | % | 4.0 | % | (54.0) | % | 2.9 | % | 0.0 | % |
(Amounts in thousands) | Total | New York | THE MART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share - cash basis for the three months ended September 30, 2023 | $ | 278,015 | $ | 240,844 | $ | 15,801 | $ | 17,552 | $ | 3,818 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Dispositions | (274) | (487) | 213 | — | — | ||||||||||||||||||||||||
Development properties | (4,131) | (4,131) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (8,379) | (4,561) | — | — | (3,818) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended September 30, 2023 | $ | 265,231 | $ | 231,665 | $ | 16,014 | $ | 17,552 | $ | — | |||||||||||||||||||
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: | |||||||||||||||||||||||||||||
Dispositions | (4,857) | (2,655) | (2,202) | — | — | ||||||||||||||||||||||||
Development properties | (4,943) | (4,943) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (7,520) | (3,240) | — | — | (4,280) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended September 30, 2022 | $ | 278,350 | $ | 226,854 | $ | 34,570 | $ | 16,926 | $ | — | |||||||||||||||||||
(Decrease) increase in same store NOI at share - cash basis | $ | (13,119) | $ | 4,811 | $ | (18,556) | $ | 626 | $ | — | |||||||||||||||||||
% (decrease) increase in same store NOI at share - cash basis | (4.7) | % | 2.1 | % | (53.7) | % | 3.7 | % | 0.0 | % |
(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, 2023 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 1,369,277 | $ | 1,091,053 | $ | 278,224 | |||||||||||
Operating expenses | (685,233) | (550,878) | (134,355) | ||||||||||||||
NOI - consolidated | 684,044 | 540,175 | 143,869 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (38,869) | (12,224) | (26,645) | ||||||||||||||
Add: NOI from partially owned entities | 210,942 | 202,043 | 8,899 | ||||||||||||||
NOI at share | 856,117 | 729,994 | 126,123 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (3,498) | (6,554) | 3,056 | ||||||||||||||
NOI at share - cash basis | $ | 852,619 | $ | 723,440 | $ | 129,179 |
(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) | 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, | ||||||||||
2023 | 2022 | ||||||||||
New York: | |||||||||||
Office | $ | 544,231 | $ | 534,641 | |||||||
Retail | 141,183 | 155,670 | |||||||||
Residential | 16,495 | 14,622 | |||||||||
Alexander's | 28,085 | 27,980 | |||||||||
Total New York | 729,994 | 732,913 | |||||||||
Other: | |||||||||||
THE MART(1) | 47,003 | 75,630 | |||||||||
555 California Street(2) | 64,840 | 49,051 | |||||||||
Other investments | 14,280 | 12,699 | |||||||||
Total Other | 126,123 | 137,380 | |||||||||
NOI at share | $ | 856,117 | $ | 870,293 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||
2023 | 2022 | ||||||||||
New York: | |||||||||||
Office | $ | 543,172 | $ | 532,759 | |||||||
Retail | 134,441 | 142,678 | |||||||||
Residential | 15,451 | 13,554 | |||||||||
Alexander's | 30,376 | 30,296 | |||||||||
Total New York | 723,440 | 719,287 | |||||||||
Other: | |||||||||||
THE MART(1) | 47,068 | 78,749 | |||||||||
555 California Street(2) | 67,554 | 50,141 | |||||||||
Other investments | 14,557 | 13,292 | |||||||||
Total Other | 129,179 | 142,182 | |||||||||
NOI at share - cash basis | $ | 852,619 | $ | 861,469 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||
2023 | 2022 | ||||||||||
Net income | $ | 133,501 | $ | 142,390 | |||||||
Depreciation and amortization expense | 324,076 | 370,631 | |||||||||
General and administrative expense | 116,843 | 102,292 | |||||||||
Transaction related costs and other | 1,501 | 4,961 | |||||||||
Income from partially owned entities | (72,207) | (83,775) | |||||||||
Income from real estate fund investments | (1,662) | (5,421) | |||||||||
Interest and other investment income, net | (35,792) | (9,282) | |||||||||
Interest and debt expense | 261,528 | 191,523 | |||||||||
Net gains on disposition of wholly owned and partially owned assets | (64,592) | (35,384) | |||||||||
Income tax expense | 20,848 | 14,686 | |||||||||
NOI from partially owned entities | 210,942 | 228,772 | |||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (38,869) | (51,100) | |||||||||
NOI at share | 856,117 | 870,293 | |||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (3,498) | (8,824) | |||||||||
NOI at share - cash basis | $ | 852,619 | $ | 861,469 |
For the Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Region: | |||||||||||
New York City metropolitan area | 88 | % | 85 | % | |||||||
Chicago, IL | 6 | % | 9 | % | |||||||
San Francisco, CA(1) | 6 | % | 6 | % | |||||||
100 | % | 100 | % |
(Amounts in thousands) | Total | New York | Other | |||||||||||||||||
(Decrease) increase due to: | ||||||||||||||||||||
Rental revenues: | ||||||||||||||||||||
Acquisitions, dispositions and other | $ | (36,584) | $ | (24,919) | $ | (11,665) | ||||||||||||||
Development and redevelopment | 789 | 789 | — | |||||||||||||||||
Trade shows | 33 | — | 33 | |||||||||||||||||
Same store operations | 40,135 | 21,588 | 18,547 | (1) | ||||||||||||||||
4,373 | (2,542) | 6,915 | ||||||||||||||||||
Fee and other income: | ||||||||||||||||||||
BMS cleaning fees | 4,150 | 5,143 | (993) | |||||||||||||||||
Management and leasing fees | 1,803 | 1,802 | 1 | |||||||||||||||||
Other income | 5,896 | 3,907 | 1,989 | |||||||||||||||||
11,849 | 10,852 | 997 | ||||||||||||||||||
Total increase in revenues | $ | 16,222 | $ | 8,310 | $ | 7,912 |
(Amounts in thousands) | Total | New York | Other | |||||||||||||||||
(Decrease) increase due to: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Acquisitions, dispositions and other | $ | (19,232) | $ | (10,329) | $ | (8,903) | ||||||||||||||
Development and redevelopment | 4,943 | 4,943 | — | |||||||||||||||||
Non-reimbursable expenses | 2,617 | 2,617 | — | |||||||||||||||||
Trade shows | 633 | — | 633 | |||||||||||||||||
BMS expenses | 2,555 | 3,548 | (993) | |||||||||||||||||
Same store operations | 33,283 | 13,861 | 19,422 | |||||||||||||||||
24,799 | 14,640 | 10,159 | ||||||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||
Acquisitions, dispositions and other | (50,117) | (50,117) | — | |||||||||||||||||
Development and redevelopment | 148 | 148 | — | |||||||||||||||||
Same store operations | 3,414 | 3,946 | (532) | |||||||||||||||||
(46,555) | (46,023) | (532) | ||||||||||||||||||
General and administrative | 14,551 | (1) | 2,035 | 12,516 | ||||||||||||||||
Expense from deferred compensation plan liability | 17,679 | — | 17,679 | |||||||||||||||||
Transaction related costs and other | (3,460) | (473) | (2,987) | |||||||||||||||||
Total increase (decrease) in expenses | $ | 7,014 | $ | (29,821) | $ | 36,835 |
(Amounts in thousands) | Percentage Ownership as of September 30, 2023 | For the Nine Months Ended September 30, | |||||||||||||||
2023 | 2022 | ||||||||||||||||
Our share of net income (loss): | |||||||||||||||||
Fifth Avenue and Times Square JV: | |||||||||||||||||
Equity in net income(1) | 51.5% | $ | 27,057 | $ | 41,915 | ||||||||||||
Return on preferred equity, net of our share of the expense | 27,985 | 27,985 | |||||||||||||||
55,042 | 69,900 | ||||||||||||||||
Alexander's(2) | 32.4% | 30,682 | 17,587 | ||||||||||||||
Partially owned office buildings(3) | Various | (16,864) | (8,974) | ||||||||||||||
Other investments(4) | Various | 3,347 | 5,262 | ||||||||||||||
$ | 72,207 | $ | 83,775 |
(Amounts in thousands) | Total | New York | THE MART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share for the three months ended September 30, 2023 | $ | 280,995 | $ | 245,634 | $ | 15,132 | $ | 16,564 | $ | 3,665 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Dispositions | (164) | (440) | 276 | — | — | ||||||||||||||||||||||||
Development properties | (4,724) | (4,724) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (4,774) | (1,109) | — | — | (3,665) | ||||||||||||||||||||||||
Same store NOI at share for the three months ended September 30, 2023 | $ | 271,333 | $ | 239,361 | $ | 15,408 | $ | 16,564 | $ | — | |||||||||||||||||||
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: | |||||||||||||||||||||||||||||
Dispositions | (5,040) | (2,748) | (2,292) | — | — | ||||||||||||||||||||||||
Development properties | (4,549) | (4,549) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (7,679) | (3,605) | — | — | (4,074) | ||||||||||||||||||||||||
Same store NOI at share for the three months ended September 30, 2022 | $ | 279,821 | $ | 230,252 | $ | 33,477 | $ | 16,092 | $ | — | |||||||||||||||||||
(Decrease) increase in same store NOI at share | $ | (8,488) | $ | 9,109 | $ | (18,069) | $ | 472 | $ | — | |||||||||||||||||||
% (decrease) increase in same store NOI at share | (3.0) | % | 4.0 | % | (54.0) | % | 2.9 | % | 0.0 | % |
(Amounts in thousands) | Total | New York | THE MART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share - cash basis for the three months ended September 30, 2023 | $ | 278,015 | $ | 240,844 | $ | 15,801 | $ | 17,552 | $ | 3,818 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Dispositions | (274) | (487) | 213 | — | — | ||||||||||||||||||||||||
Development properties | (4,131) | (4,131) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (8,379) | (4,561) | — | — | (3,818) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended September 30, 2023 | $ | 265,231 | $ | 231,665 | $ | 16,014 | $ | 17,552 | $ | — | |||||||||||||||||||
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: | |||||||||||||||||||||||||||||
Dispositions | (4,857) | (2,655) | (2,202) | — | — | ||||||||||||||||||||||||
Development properties | (4,943) | (4,943) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (7,520) | (3,240) | — | — | (4,280) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended September 30, 2022 | $ | 278,350 | $ | 226,854 | $ | 34,570 | $ | 16,926 | $ | — | |||||||||||||||||||
(Decrease) increase in same store NOI at share - cash basis | $ | (13,119) | $ | 4,811 | $ | (18,556) | $ | 626 | $ | — | |||||||||||||||||||
% (decrease) increase in same store NOI at share - cash basis | (4.7) | % | 2.1 | % | (53.7) | % | 3.7 | % | 0.0 | % |
(Amounts in thousands) | For the Nine Months Ended September 30, 2023 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 1,369,277 | $ | 1,091,053 | $ | 278,224 | |||||||||||
Operating expenses | (685,233) | (550,878) | (134,355) | ||||||||||||||
NOI - consolidated | 684,044 | 540,175 | 143,869 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (38,869) | (12,224) | (26,645) | ||||||||||||||
Add: NOI from partially owned entities | 210,942 | 202,043 | 8,899 | ||||||||||||||
NOI at share | 856,117 | 729,994 | 126,123 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (3,498) | (6,554) | 3,056 | ||||||||||||||
NOI at share - cash basis | $ | 852,619 | $ | 723,440 | $ | 129,179 |
(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, | ||||||||||
2023 | 2022 | ||||||||||
New York: | |||||||||||
Office | $ | 544,231 | $ | 534,641 | |||||||
Retail | 141,183 | 155,670 | |||||||||
Residential | 16,495 | 14,622 | |||||||||
Alexander's | 28,085 | 27,980 | |||||||||
Total New York | 729,994 | 732,913 | |||||||||
Other: | |||||||||||
THE MART(1) | 47,003 | 75,630 | |||||||||
555 California Street(2) | 64,840 | 49,051 | |||||||||
Other investments | 14,280 | 12,699 | |||||||||
Total Other | 126,123 | 137,380 | |||||||||
NOI at share | $ | 856,117 | $ | 870,293 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||
2023 | 2022 | ||||||||||
New York: | |||||||||||
Office | $ | 543,172 | $ | 532,759 | |||||||
Retail | 134,441 | 142,678 | |||||||||
Residential | 15,451 | 13,554 | |||||||||
Alexander's | 30,376 | 30,296 | |||||||||
Total New York | 723,440 | 719,287 | |||||||||
Other: | |||||||||||
THE MART(1) | 47,068 | 78,749 | |||||||||
555 California Street(2) | 67,554 | 50,141 | |||||||||
Other investments | 14,557 | 13,292 | |||||||||
Total Other | 129,179 | 142,182 | |||||||||
NOI at share - cash basis | $ | 852,619 | $ | 861,469 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||
2023 | 2022 | ||||||||||
Net income | $ | 133,501 | $ | 142,390 | |||||||
Depreciation and amortization expense | 324,076 | 370,631 | |||||||||
General and administrative expense | 116,843 | 102,292 | |||||||||
Transaction related costs and other | 1,501 | 4,961 | |||||||||
Income from partially owned entities | (72,207) | (83,775) | |||||||||
Income from real estate fund investments | (1,662) | (5,421) | |||||||||
Interest and other investment income, net | (35,792) | (9,282) | |||||||||
Interest and debt expense | 261,528 | 191,523 | |||||||||
Net gains on disposition of wholly owned and partially owned assets | (64,592) | (35,384) | |||||||||
Income tax expense | 20,848 | 14,686 | |||||||||
NOI from partially owned entities | 210,942 | 228,772 | |||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (38,869) | (51,100) | |||||||||
NOI at share | 856,117 | 870,293 | |||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (3,498) | (8,824) | |||||||||
NOI at share - cash basis | $ | 852,619 | $ | 861,469 |
For the Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Region: | |||||||||||
New York City metropolitan area | 88 | % | 85 | % | |||||||
Chicago, IL | 6 | % | 9 | % | |||||||
San Francisco, CA(1) | 6 | % | 6 | % | |||||||
100 | % | 100 | % |
(Amounts in thousands) | Total | New York | Other | |||||||||||||||||
(Decrease) increase due to: | ||||||||||||||||||||
Rental revenues: | ||||||||||||||||||||
Acquisitions, dispositions and other | $ | (36,584) | $ | (24,919) | $ | (11,665) | ||||||||||||||
Development and redevelopment | 789 | 789 | — | |||||||||||||||||
Trade shows | 33 | — | 33 | |||||||||||||||||
Same store operations | 40,135 | 21,588 | 18,547 | (1) | ||||||||||||||||
4,373 | (2,542) | 6,915 | ||||||||||||||||||
Fee and other income: | ||||||||||||||||||||
BMS cleaning fees | 4,150 | 5,143 | (993) | |||||||||||||||||
Management and leasing fees | 1,803 | 1,802 | 1 | |||||||||||||||||
Other income | 5,896 | 3,907 | 1,989 | |||||||||||||||||
11,849 | 10,852 | 997 | ||||||||||||||||||
Total increase in revenues | $ | 16,222 | $ | 8,310 | $ | 7,912 |
(Amounts in thousands) | Total | New York | Other | |||||||||||||||||
(Decrease) increase due to: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Acquisitions, dispositions and other | $ | (19,232) | $ | (10,329) | $ | (8,903) | ||||||||||||||
Development and redevelopment | 4,943 | 4,943 | — | |||||||||||||||||
Non-reimbursable expenses | 2,617 | 2,617 | — | |||||||||||||||||
Trade shows | 633 | — | 633 | |||||||||||||||||
BMS expenses | 2,555 | 3,548 | (993) | |||||||||||||||||
Same store operations | 33,283 | 13,861 | 19,422 | |||||||||||||||||
24,799 | 14,640 | 10,159 | ||||||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||
Acquisitions, dispositions and other | (50,117) | (50,117) | — | |||||||||||||||||
Development and redevelopment | 148 | 148 | — | |||||||||||||||||
Same store operations | 3,414 | 3,946 | (532) | |||||||||||||||||
(46,555) | (46,023) | (532) | ||||||||||||||||||
General and administrative | 14,551 | (1) | 2,035 | 12,516 | ||||||||||||||||
Expense from deferred compensation plan liability | 17,679 | — | 17,679 | |||||||||||||||||
Transaction related costs and other | (3,460) | (473) | (2,987) | |||||||||||||||||
Total increase (decrease) in expenses | $ | 7,014 | $ | (29,821) | $ | 36,835 |
(Amounts in thousands) | Percentage Ownership as of September 30, 2023 | For the Nine Months Ended September 30, | |||||||||||||||
2023 | 2022 | ||||||||||||||||
Our share of net income (loss): | |||||||||||||||||
Fifth Avenue and Times Square JV: | |||||||||||||||||
Equity in net income(1) | 51.5% | $ | 27,057 | $ | 41,915 | ||||||||||||
Return on preferred equity, net of our share of the expense | 27,985 | 27,985 | |||||||||||||||
55,042 | 69,900 | ||||||||||||||||
Alexander's(2) | 32.4% | 30,682 | 17,587 | ||||||||||||||
Partially owned office buildings(3) | Various | (16,864) | (8,974) | ||||||||||||||
Other investments(4) | Various | 3,347 | 5,262 | ||||||||||||||
$ | 72,207 | $ | 83,775 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||
2023 | 2022 | ||||||||||
Previously recorded unrealized loss on exited investments | $ | 247,575 | $ | 59,396 | |||||||
Net realized loss on exited investments | (245,714) | (53,724) | |||||||||
Net investment (loss) income | (199) | 6,549 | |||||||||
Net unrealized loss on held investments | — | (6,800) | |||||||||
Income from real estate fund investments | 1,662 | 5,421 | |||||||||
Less income attributable to noncontrolling interests in consolidated subsidiaries | (920) | (3,287) | |||||||||
Income from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ | 742 | $ | 2,134 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||
2023 | 2022 | ||||||||||
Interest on cash and cash equivalents and restricted cash | $ | 30,910 | $ | 2,660 | |||||||
Amortization of discount on investments in U.S. Treasury bills | 3,829 | 3,403 | |||||||||
Interest on loans receivable | 1,053 | 3,215 | |||||||||
Other, net | — | 4 | |||||||||
$ | 35,792 | $ | 9,282 |
(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, 2023 | NOI at share for the nine months ended September 30, 2023 | $ | 856,117 | $ | 729,994 | $ | 47,003 | $ | 64,840 | $ | 14,280 | |||||||||||||||||||||||||||||||||||||||||||||||
Less NOI at share from: | Less NOI at share from: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | Dispositions | (1,301) | (1,577) | 276 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Development properties | Development properties | (19,864) | (19,864) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-same store (income) expense, net | Other non-same store (income) expense, net | (12,919) | 1,361 | — | — | (14,280) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Same store NOI at share for the nine months ended September 30, 2023 | Same store NOI at share for the nine months ended September 30, 2023 | $ | 822,033 | $ | 709,914 | $ | 47,279 | $ | 64,840 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||
NOI at share for the nine months ended September 30, 2022 | NOI at share for the nine months ended September 30, 2022 | $ | 870,293 | $ | 732,913 | $ | 75,630 | $ | 49,051 | $ | 12,699 | NOI at share for the nine months ended September 30, 2022 | $ | 870,293 | $ | 732,913 | $ | 75,630 | $ | 49,051 | $ | 12,699 | ||||||||||||||||||||||||||||||||||||
Less NOI at share from: | Less NOI at share from: | Less NOI at share from: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in ownership interest in One Park Avenue | (13,370) | (13,370) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | Dispositions | (3,523) | (3,523) | — | — | — | Dispositions | (12,833) | (10,541) | (2,292) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Development properties | Development properties | (65,440) | (65,440) | — | — | — | Development properties | (20,251) | (20,251) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Other non-same store income, net | Other non-same store income, net | (17,910) | (5,211) | — | — | (12,699) | Other non-same store income, net | (24,402) | (11,703) | — | — | (12,699) | ||||||||||||||||||||||||||||||||||||||||||||||
Same store NOI at share for the nine months ended September 30, 2022 | Same store NOI at share for the nine months ended September 30, 2022 | $ | 770,050 | $ | 645,369 | $ | 75,630 | $ | 49,051 | $ | — | Same store NOI at share for the nine months ended September 30, 2022 | $ | 812,807 | $ | 690,418 | $ | 73,338 | $ | 49,051 | $ | — | ||||||||||||||||||||||||||||||||||||
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 | $ | 9,226 | $ | 19,496 | $ | (26,059) | $ | 15,789 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||
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 | 1.1 | % | 2.8 | % | (35.5) | % | 32.2 | % | 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 nine months ended September 30, 2023 | $ | 852,619 | $ | 723,440 | $ | 47,068 | $ | 67,554 | $ | 14,557 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Dispositions | (1,824) | (2,037) | 213 | — | — | ||||||||||||||||||||||||
Development properties | (17,588) | (17,588) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (20,589) | (6,032) | — | — | (14,557) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the nine months ended September 30, 2023 | $ | 812,618 | $ | 697,783 | $ | 47,281 | $ | 67,554 | $ | — | |||||||||||||||||||
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: | |||||||||||||||||||||||||||||
Dispositions | (13,302) | (11,100) | (2,202) | — | — | ||||||||||||||||||||||||
Development properties | (19,319) | (19,319) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (25,320) | (12,028) | — | — | (13,292) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the nine months ended September 30, 2022 | $ | 803,528 | $ | 676,840 | $ | 76,547 | $ | 50,141 | $ | — | |||||||||||||||||||
Increase (decrease) in same store NOI at share - cash basis | $ | 9,090 | $ | 20,943 | $ | (29,266) | $ | 17,413 | $ | — | |||||||||||||||||||
% increase (decrease) in same store NOI at share - cash basis | 1.1 | % | 3.1 | % | (38.2) | % | 34.7 | % | 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 Nine Months Ended September 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 | $ | 436,875 | $ | 559,827 | $ | (122,952) | ||||||||||||||||||||
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 | 65,800 | (849,738) | 915,538 | ||||||||||||||||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (261,352) | (663,392) | 402,040 |
(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 Nine Months Ended September 30, | Increase (Decrease) in Cash Flow | |||||||||||||||
2023 | 2022 | ||||||||||||||||
Proceeds from maturities of U.S. Treasury bills | $ | 468,598 | $ | 349,461 | $ | 119,137 | |||||||||||
Development costs and construction in progress | (432,439) | (557,884) | 125,445 | ||||||||||||||
Additions to real estate | (155,080) | (120,124) | (34,956) | ||||||||||||||
Proceeds from sales of real estate | 123,550 | 253,958 | (130,408) | ||||||||||||||
Proceeds from repayment of participation in 150 West 34th Street mortgage loan | 105,000 | — | 105,000 | ||||||||||||||
Investments in partially owned entities | (43,737) | (15,046) | (28,691) | ||||||||||||||
Acquisitions of real estate and other | (33,145) | (2,000) | (31,145) | ||||||||||||||
Distributions of capital from partially owned entities | 18,837 | 20,566 | (1,729) | ||||||||||||||
Proceeds from sale of condominium units at 220 Central Park South | 14,216 | 16,124 | (1,908) | ||||||||||||||
Purchase of U.S. Treasury bills | — | (794,793) | 794,793 | ||||||||||||||
Net cash provided by (used in) investing activities | $ | 65,800 | $ | (849,738) | $ | 915,538 |
(Amounts in thousands) | (Amounts in thousands) | For the Nine Months Ended September 30, | Increase (Decrease) in Cash Flow | (Amounts in thousands) | For the Nine Months Ended September 30, | Increase (Decrease) in Cash Flow | ||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||
Repayments of borrowings | Repayments of borrowings | $ | (1,245,973) | $ | (1,578,843) | $ | 332,870 | Repayments of borrowings | $ | (119,400) | $ | (1,245,973) | $ | 1,126,573 | ||||||||||||||||||||
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) | (304,896) | 232,946 | ||||||||||||||||||||||||||
Dividends paid on preferred shares/Distributions to preferred unitholders | Dividends paid on preferred shares/Distributions to preferred unitholders | (46,587) | (46,587) | — | ||||||||||||||||||||||||||||||
Repurchase of common shares/Class A units owned by Vornado | Repurchase of common shares/Class A units owned by Vornado | (29,183) | — | (29,183) | ||||||||||||||||||||||||||||||
Contributions from noncontrolling interests in consolidated subsidiaries | Contributions from noncontrolling interests in consolidated subsidiaries | 18,534 | 4,903 | 13,631 | ||||||||||||||||||||||||||||||
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 | (9,489) | (68,716) | 59,227 | ||||||||||||||||||||||||||
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 | (3,398) | (32,473) | 29,075 | ||||||||||||||||||||||||||||||
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 | 662 | (516) | ||||||||||||||||||||||||||
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 | (25) | (85) | 60 | ||||||||||||||||||||||||||
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 | $ | (261,352) | $ | (663,392) | $ | 402,040 |
(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 September 30, | For the Nine Months Ended September 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 | $ | 52,846 | $ | 7,769 | $ | 104,391 | $ | 84,665 | |||||||||||||||
Per diluted share | $ | 0.28 | $ | 0.04 | $ | 0.54 | $ | 0.44 | |||||||||||||||
FFO adjustments: | |||||||||||||||||||||||
Depreciation and amortization of real property | $ | 97,809 | $ | 122,438 | $ | 287,523 | $ | 335,020 | |||||||||||||||
Real estate impairment losses | 625 | — | 625 | — | |||||||||||||||||||
Net gain on sale of real estate | (53,045) | — | (53,305) | (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 | 26,765 | 32,584 | 80,900 | 98,404 | |||||||||||||||||||
Net loss (gain) on sale of real estate | — | 6 | (16,545) | (169) | |||||||||||||||||||
72,154 | 155,028 | 299,198 | 404,901 | ||||||||||||||||||||
Noncontrolling interests' share of above adjustments | (5,900) | (10,731) | (22,156) | (28,018) | |||||||||||||||||||
FFO adjustments, net | $ | 66,254 | $ | 144,297 | $ | 277,042 | $ | 376,883 | |||||||||||||||
FFO attributable to common shareholders | $ | 119,100 | $ | 152,066 | $ | 381,433 | $ | 461,548 | |||||||||||||||
Impact of assumed conversion of dilutive convertible securities | 387 | 395 | 1,225 | 915 | |||||||||||||||||||
FFO attributable to common shareholders plus assumed conversions | $ | 119,487 | $ | 152,461 | $ | 382,658 | $ | 462,463 | |||||||||||||||
Per diluted share | $ | 0.62 | $ | 0.79 | $ | 1.97 | $ | 2.39 | |||||||||||||||
Reconciliation of weighted average shares outstanding: | |||||||||||||||||||||||
Weighted average common shares outstanding | 190,364 | 191,793 | 191,228 | 191,756 | |||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Convertible securities | 2,227 | 1,790 | 2,621 | 1,407 | |||||||||||||||||||
Share-based payment awards | 445 | 225 | 163 | 266 | |||||||||||||||||||
Denominator for FFO per diluted share | 193,036 | 193,808 | 194,012 | 193,429 |
(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 | September 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) | $ | 6,143,650 | 3.59% | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable rate(3) | Variable rate(3) | 2,189,565 | 5.87% | 21,896 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 8,458,015 | 3.79% | 23,130 | $ | 8,674,215 | 2.29% | $ | 8,333,215 | 4.19% | 21,896 | ||||||||||||||||||||||||||||||||||||||||||||||||
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) | $ | 1,201,058 | 3.87% | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable rate(4) | Variable rate(4) | 1,454,011 | 6.61% | 14,540 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 2,718,992 | 4.05% | 12,715 | $ | 2,699,405 | 2.81% | $ | 2,655,069 | 5.37% | 14,540 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | 29,615 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests’ share of the Operating Partnership | Noncontrolling interests’ share of the Operating Partnership | (2,008) | Noncontrolling interests’ share of the Operating Partnership | (2,422) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 27,193 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 September 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 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 | $ | 26,672 | $ | 49,888 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward swap (effective 05/24) | Forward swap (effective 05/24) | 840,000 | (1) | 6.03% | 05/26 | 6,627 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 40,782 | 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 | 11,305 | 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 | 34,358 | 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) | 27,249 | 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 | 16,907 | 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 | 10,293 | 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 | 98,650 | (4) | 3.74% | 01/25 | 3,552 | 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 | 70,599 | 7,590 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One Park Avenue mortgage loan | One Park Avenue mortgage loan | 525,000 | (6) | 03/25 | 10,169 | 5,472 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Various mortgage loans | Various mortgage loans | 1,289 | 139 | Various mortgage loans | 2,234 | 2,080 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 260,747 | $ | 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 | Total Number of Shares Repurchased | Average Price Paid Per Share(1) | Total Number of Shares Purchased as Part of Publicly Announced Program | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program | ||||||||||||||||||||||
July 1, 2023 - July 31, 2023 | 302,200 | $ | 19.61 | 302,200 | $ | 170,857,099 | ||||||||||||||||||||
August 1, 2023 - August 31, 2023 | — | — | — | 170,857,099 | ||||||||||||||||||||||
September 1, 2023 - September 30, 2023 | — | — | — | 170,857,099 |
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 September 30, | ||||||||||||||
104 | — | The cover page from the Vornado Realty Trust and Vornado Realty L.P. Quarterly Report on Form 10-Q for the quarter ended September 30, | ||||||||||||||
VORNADO REALTY TRUST | ||||||||
(Registrant) | ||||||||
Date: October | By: | /s/ Deirdre Maddock | ||||||
Deirdre Maddock, Chief Accounting Officer (duly authorized officer and principal accounting officer) |
VORNADO REALTY L.P. | ||||||||
(Registrant) | ||||||||
Date: October | 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) |