Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2019shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Sep. 30, 2019 |
Document Transition Report | false |
Entity File Number | 001-11954 |
Entity Registrant Name | Vornado Realty Trust |
Entity Incorporation, State or Country Code | MD |
Entity Tax Identification Number | 22-1657560 |
Entity Address, Address Line One | 888 Seventh Avenue, |
Entity Address, City or Town | New York, |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10019 |
City Area Code | (212) |
Local Phone Number | 894-7000 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Central Index Key | 0000899689 |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2019 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 190,850,321 |
Common Shares of beneficial interest, $.04 par value per share | New York Stock Exchange | |
Entity Information [Line Items] | |
Title of 12(b) Security | Common Shares of beneficial interest, $.04 par value per share |
Entity Trading Symbol | VNO |
Security Exchange Name | NYSE |
5.70% Series K | New York Stock Exchange | |
Entity Information [Line Items] | |
Title of 12(b) Security | 5.70% Series K |
Entity Trading Symbol | VNO/PK |
Security Exchange Name | NYSE |
5.40% Series L | New York Stock Exchange | |
Entity Information [Line Items] | |
Title of 12(b) Security | 5.40% Series L |
Entity Trading Symbol | VNO/PL |
Security Exchange Name | NYSE |
5.25% Series M | New York Stock Exchange | |
Entity Information [Line Items] | |
Title of 12(b) Security | 5.25% Series M |
Entity Trading Symbol | VNO/PM |
Security Exchange Name | NYSE |
Vornado Realty L.P. | |
Entity Information [Line Items] | |
Entity File Number | 001-34482 |
Entity Registrant Name | VORNADO REALTY LP |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 13-3925979 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Central Index Key | 0001040765 |
Document Fiscal Year Focus | 2019 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Real estate, at cost: | ||
Land | $ 2,602,039 | $ 3,306,280 |
Buildings and improvements | 7,888,950 | 10,110,992 |
Development costs and construction in progress | 1,805,846 | 2,266,491 |
Moynihan Train Hall development expenditures | 791,703 | 445,693 |
Leasehold improvements and equipment | 121,164 | 108,427 |
Total | 13,209,702 | 16,237,883 |
Less accumulated depreciation and amortization | (2,945,107) | (3,180,175) |
Real estate, net | 10,264,595 | 13,057,708 |
Right-of-use assets | 370,604 | 0 |
Cash and cash equivalents | 1,132,491 | 570,916 |
Restricted cash | 113,065 | 145,989 |
Marketable securities | 35,751 | 152,198 |
Tenant and other receivables | 99,499 | 73,322 |
Investments in partially owned entities | 4,023,820 | 858,113 |
Real estate fund investments | 306,596 | 318,758 |
220 Central Park South condominium units ready for sale | 288,135 | 99,627 |
Receivable arising from the straight-lining of rents | 743,646 | 935,131 |
Deferred leasing costs, net of accumulated amortization of $191,299 and $207,529 | 360,608 | 400,313 |
Identified intangible assets, net of accumulated amortization of $99,623 and $172,114 | 30,773 | 136,781 |
Other assets | 446,516 | 431,938 |
Assets | 18,216,099 | 17,180,794 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY | ||
Mortgages payable, net | 5,640,895 | 8,167,798 |
Senior unsecured notes, net | 445,668 | 844,002 |
Unsecured term loan, net | 745,585 | 744,821 |
Unsecured revolving credit facilities | 655,000 | 80,000 |
Lease liabilities | 490,978 | 0 |
Moynihan Train Hall obligation | 791,703 | 445,693 |
Accounts payable and accrued expenses | 453,331 | 430,976 |
Deferred revenue | 62,583 | 167,730 |
Deferred compensation plan | 99,677 | 96,523 |
Other liabilities | 266,090 | 311,806 |
Total liabilities | 9,651,510 | 11,289,349 |
Commitments and contingencies | ||
Redeemable noncontrolling interests / partnership units | ||
Class A units - 13,346,927 and 12,544,477 units outstanding | 849,798 | 778,134 |
Series D cumulative redeemable preferred units - 141,401 and 177,101 units outstanding | 4,535 | 5,428 |
Total redeemable noncontrolling interests / partnership units | 854,333 | 783,562 |
Shareholders' / Partner's Equity | ||
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 36,797,280 and 36,798,580 shares | 891,256 | 891,294 |
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 190,850,321 and 190,535,499 shares | 7,613 | 7,600 |
Additional capital | 7,872,597 | 7,725,857 |
Earnings less than distributions | (1,649,035) | (4,167,184) |
Accumulated other comprehensive (loss) income | (47,359) | 7,664 |
Total Vornado shareholders' / partners equity | 7,075,072 | 4,465,231 |
Noncontrolling interests in consolidated subsidiaries | 635,184 | 642,652 |
Total equity | 7,710,256 | 5,107,883 |
Total liabilities, redeemable noncontrolling interests / partnership units and equity | 18,216,099 | 17,180,794 |
Vornado Realty L.P. | ||
Real estate, at cost: | ||
Land | 2,602,039 | 3,306,280 |
Buildings and improvements | 7,888,950 | 10,110,992 |
Development costs and construction in progress | 1,805,846 | 2,266,491 |
Moynihan Train Hall development expenditures | 791,703 | 445,693 |
Leasehold improvements and equipment | 121,164 | 108,427 |
Total | 13,209,702 | 16,237,883 |
Less accumulated depreciation and amortization | (2,945,107) | (3,180,175) |
Real estate, net | 10,264,595 | 13,057,708 |
Right-of-use assets | 370,604 | 0 |
Cash and cash equivalents | 1,132,491 | 570,916 |
Restricted cash | 113,065 | 145,989 |
Marketable securities | 35,751 | 152,198 |
Tenant and other receivables | 99,499 | 73,322 |
Investments in partially owned entities | 4,023,820 | 858,113 |
Real estate fund investments | 306,596 | 318,758 |
220 Central Park South condominium units ready for sale | 288,135 | 99,627 |
Receivable arising from the straight-lining of rents | 743,646 | 935,131 |
Deferred leasing costs, net of accumulated amortization of $191,299 and $207,529 | 360,608 | 400,313 |
Identified intangible assets, net of accumulated amortization of $99,623 and $172,114 | 30,773 | 136,781 |
Other assets | 446,516 | 431,938 |
Assets | 18,216,099 | 17,180,794 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY | ||
Mortgages payable, net | 5,640,895 | 8,167,798 |
Senior unsecured notes, net | 445,668 | 844,002 |
Unsecured term loan, net | 745,585 | 744,821 |
Unsecured revolving credit facilities | 655,000 | 80,000 |
Lease liabilities | 490,978 | 0 |
Moynihan Train Hall obligation | 791,703 | 445,693 |
Accounts payable and accrued expenses | 453,331 | 430,976 |
Deferred revenue | 62,583 | 167,730 |
Deferred compensation plan | 99,677 | 96,523 |
Other liabilities | 266,090 | 311,806 |
Total liabilities | 9,651,510 | 11,289,349 |
Commitments and contingencies | ||
Redeemable noncontrolling interests / partnership units | ||
Class A units - 13,346,927 and 12,544,477 units outstanding | 849,798 | 778,134 |
Series D cumulative redeemable preferred units - 141,401 and 177,101 units outstanding | 4,535 | 5,428 |
Total redeemable noncontrolling interests / partnership units | 854,333 | 783,562 |
Shareholders' / Partner's Equity | ||
Partners' capital | 8,771,466 | 8,624,751 |
Earnings less than distributions | (1,649,035) | (4,167,184) |
Accumulated other comprehensive (loss) income | (47,359) | 7,664 |
Total Vornado shareholders' / partners equity | 7,075,072 | 4,465,231 |
Noncontrolling interests in consolidated subsidiaries | 635,184 | 642,652 |
Total equity | 7,710,256 | 5,107,883 |
Total liabilities, redeemable noncontrolling interests / partnership units and equity | $ 18,216,099 | $ 17,180,794 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Deferred leasing costs, accumulated amortization | $ 191,299 | $ 207,529 |
Identified intangible assets, accumulated amortization | $ 99,623 | $ 172,114 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY | ||
Preferred shares of beneficial interest: par value per share (in dollars per share) | $ 0 | $ 0 |
Preferred shares of beneficial interest: authorized shares (shares) | 110,000,000 | 110,000,000 |
Preferred shares of beneficial interest: issued shares (shares) | 36,797,280 | 36,798,580 |
Preferred shares of beneficial interest: outstanding shares (shares) | 36,797,280 | 36,798,580 |
Common shares of beneficial interest: par value per share (in dollars per share) | $ 0.04 | $ 0.04 |
Common shares of beneficial interest: authorized shares (shares) | 250,000,000 | 250,000,000 |
Common shares of beneficial interest: issued shares (shares) | 190,850,321 | 190,535,499 |
Common shares of beneficial interest: outstanding shares (shares) | 190,850,321 | 190,535,499 |
Class A Unit | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY | ||
Outstanding Partnership Units held by Third Parties (units) | 13,346,927 | 12,544,477 |
Cumulative Redeemable Preferred Unit | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY | ||
Outstanding Partnership Units held by Third Parties (units) | 141,401 | 177,101 |
Vornado Realty L.P. | ||
ASSETS | ||
Deferred leasing costs, accumulated amortization | $ 191,299 | $ 207,529 |
Identified intangible assets, accumulated amortization | $ 99,623 | $ 172,114 |
Vornado Realty L.P. | Class A Unit | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY | ||
Outstanding Partnership Units held by Third Parties (units) | 13,346,927 | 12,544,477 |
Vornado Realty L.P. | Cumulative Redeemable Preferred Unit | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY | ||
Outstanding Partnership Units held by Third Parties (units) | 141,401 | 177,101 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
REVENUES: | ||||
Revenues | $ 465,961 | $ 542,048 | $ 1,463,732 | $ 1,620,303 |
EXPENSES: | ||||
Operating | (226,359) | (235,575) | (694,006) | (709,158) |
Depreciation and amortization | (96,437) | (113,169) | (326,181) | (333,701) |
General and administrative | (33,237) | (31,977) | (130,129) | (108,937) |
Expense from deferred compensation plan liability | (974) | (1,861) | (7,722) | (3,534) |
Transaction related costs, impairment losses and other | (1,576) | (2,510) | (103,315) | (16,683) |
Total expenses | (358,583) | (385,092) | (1,261,353) | (1,172,013) |
Income from partially owned entities | 25,946 | 7,206 | 56,139 | 6,059 |
Income (loss) from real estate fund investments | 2,190 | (190) | (13,780) | (37,973) |
Interest and other investment income, net | 3,045 | 2,893 | 15,930 | 9,401 |
Income from deferred compensation plan assets | 974 | 1,861 | 7,722 | 3,534 |
Interest and debt expense | (61,448) | (88,951) | (226,940) | (264,774) |
Net gain on transfer to Fifth Avenue and Times Square JV | 0 | 0 | 2,571,099 | 0 |
Net gains on disposition of wholly owned and partially owned assets | 309,657 | 141,269 | 641,664 | 164,828 |
Income before income taxes | 387,742 | 221,044 | 3,254,213 | 329,365 |
Income tax expense | (23,885) | (1,943) | (80,542) | (4,964) |
Income from continuing operations | 363,857 | 219,101 | 3,173,671 | 324,401 |
(Loss) income from discontinued operations | (8) | 61 | (85) | 381 |
Net income | 363,849 | 219,162 | 3,173,586 | 324,782 |
Less net (income) loss attributable to noncontrolling interests / noncontrolling interests in consolidated subsidiaries | ||||
Consolidated subsidiaries | (5,774) | (3,312) | (34,045) | 31,137 |
Operating Partnership | (22,637) | (12,671) | (197,354) | (18,992) |
Net income attributable to Vornado / Vornado Realty L.P. | 335,438 | 203,179 | 2,942,187 | 336,927 |
Preferred share dividends / unit distributions | (12,532) | (12,534) | (37,598) | (38,103) |
Preferred share / unit issuance costs | 0 | 0 | 0 | (14,486) |
NET INCOME attributable to common shareholders / Class A unitholders | $ 322,906 | $ 190,645 | $ 2,904,589 | $ 284,338 |
INCOME PER COMMON SHARE – BASIC: | ||||
Net income per common share (in dollars per share) | $ 1.69 | $ 1 | $ 15.22 | $ 1.50 |
Weighted average shares outstanding, basic (in shares) | 190,814 | 190,245 | 190,762 | 190,176 |
INCOME PER COMMON SHARE – DILUTED: | ||||
Net income per common share (in dollars per share) | $ 1.69 | $ 1 | $ 15.20 | $ 1.49 |
Weighted average shares outstanding, diluted (in shares) | 191,024 | 191,327 | 191,027 | 191,292 |
Vornado Realty L.P. | ||||
REVENUES: | ||||
Revenues | $ 465,961 | $ 542,048 | $ 1,463,732 | $ 1,620,303 |
EXPENSES: | ||||
Operating | (226,359) | (235,575) | (694,006) | (709,158) |
Depreciation and amortization | (96,437) | (113,169) | (326,181) | (333,701) |
General and administrative | (33,237) | (31,977) | (130,129) | (108,937) |
Expense from deferred compensation plan liability | (974) | (1,861) | (7,722) | (3,534) |
Transaction related costs, impairment losses and other | (1,576) | (2,510) | (103,315) | (16,683) |
Total expenses | (358,583) | (385,092) | (1,261,353) | (1,172,013) |
Income from partially owned entities | 25,946 | 7,206 | 56,139 | 6,059 |
Income (loss) from real estate fund investments | 2,190 | (190) | (13,780) | (37,973) |
Interest and other investment income, net | 3,045 | 2,893 | 15,930 | 9,401 |
Income from deferred compensation plan assets | 974 | 1,861 | 7,722 | 3,534 |
Interest and debt expense | (61,448) | (88,951) | (226,940) | (264,774) |
Net gain on transfer to Fifth Avenue and Times Square JV | 0 | 0 | 2,571,099 | 0 |
Net gains on disposition of wholly owned and partially owned assets | 309,657 | 141,269 | 641,664 | 164,828 |
Income before income taxes | 387,742 | 221,044 | 3,254,213 | 329,365 |
Income tax expense | (23,885) | (1,943) | (80,542) | (4,964) |
Income from continuing operations | 363,857 | 219,101 | 3,173,671 | 324,401 |
(Loss) income from discontinued operations | (8) | 61 | (85) | 381 |
Net income | 363,849 | 219,162 | 3,173,586 | 324,782 |
Less net (income) loss attributable to noncontrolling interests / noncontrolling interests in consolidated subsidiaries | ||||
Consolidated subsidiaries | (5,774) | (3,312) | (34,045) | 31,137 |
Operating Partnership | (22,637) | (12,671) | (197,354) | (18,992) |
Net income attributable to Vornado / Vornado Realty L.P. | 358,075 | 215,850 | 3,139,541 | 355,919 |
Preferred share dividends / unit distributions | (12,574) | (12,582) | (37,722) | (38,248) |
Preferred share / unit issuance costs | 0 | 0 | 0 | (14,486) |
NET INCOME attributable to common shareholders / Class A unitholders | $ 345,501 | $ 203,268 | $ 3,101,819 | $ 303,185 |
INCOME PER CLASS A UNIT – BASIC: | ||||
Net income per Class A unit (in dollars per unit) | $ 1.69 | $ 1 | $ 15.21 | $ 1.49 |
Weighted average units outstanding, basic (in shares) | 203,009 | 202,103 | 202,903 | 202,033 |
INCOME PER CLASS A UNIT – DILUTED: | ||||
Net income per Class A unit (in dollars per unit) | $ 1.69 | $ 0.99 | $ 15.18 | $ 1.48 |
Weighted average units outstanding, diluted (in shares) | 203,550 | 203,594 | 203,416 | 203,400 |
Rental revenues | ||||
REVENUES: | ||||
Revenues | $ 427,638 | $ 503,947 | $ 1,348,814 | $ 1,507,274 |
Rental revenues | Vornado Realty L.P. | ||||
REVENUES: | ||||
Revenues | 427,638 | 503,947 | 1,348,814 | 1,507,274 |
Fee and other income | ||||
REVENUES: | ||||
Revenues | 38,323 | 38,101 | 114,918 | 113,029 |
Fee and other income | Vornado Realty L.P. | ||||
REVENUES: | ||||
Revenues | $ 38,323 | $ 38,101 | $ 114,918 | $ 113,029 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net income | $ 363,849 | $ 219,162 | $ 3,173,586 | $ 324,782 |
Other comprehensive income (loss): | ||||
Other comprehensive income (loss) of nonconsolidated subsidiaries | 11 | 253 | (949) | 989 |
(Reduction) increase in value of interest rate swaps and other | (9,954) | 623 | (55,495) | 13,789 |
Amount reclassified from accumulated other comprehensive loss relating to a nonconsolidated subsidiary | 0 | 0 | (2,311) | 0 |
Comprehensive income | 353,906 | 220,038 | 3,114,831 | 339,560 |
Less comprehensive (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (27,761) | (16,037) | (227,667) | 11,232 |
Comprehensive income attributable to Vornado / Vornado Realty L.P. | 326,145 | 204,001 | 2,887,164 | 350,792 |
Vornado Realty L.P. | ||||
Net income | 363,849 | 219,162 | 3,173,586 | 324,782 |
Other comprehensive income (loss): | ||||
Other comprehensive income (loss) of nonconsolidated subsidiaries | 11 | 253 | (949) | 989 |
(Reduction) increase in value of interest rate swaps and other | (9,954) | 623 | (55,495) | 13,789 |
Amount reclassified from accumulated other comprehensive loss relating to a nonconsolidated subsidiary | 0 | 0 | (2,311) | 0 |
Comprehensive income | 353,906 | 220,038 | 3,114,831 | 339,560 |
Less comprehensive (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (5,774) | (3,312) | (34,045) | 31,137 |
Comprehensive income attributable to Vornado / Vornado Realty L.P. | $ 348,132 | $ 216,726 | $ 3,080,786 | $ 370,697 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Real estate fund investments | Other | Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Accumulated Other Comprehensive Loss | Non- controlling Interests in Consolidated Subsidiaries | Non- controlling Interests in Consolidated SubsidiariesReal estate fund investments | Non- controlling Interests in Consolidated SubsidiariesOther | Vornado Realty L.P. | Vornado Realty L.P.Real estate fund investments | Vornado Realty L.P.Other | Vornado Realty L.P.Preferred Shares | Vornado Realty L.P.Class A Units Owned by Vornado | Vornado Realty L.P.Earnings Less Than Distributions | Vornado Realty L.P.Accumulated Other Comprehensive Loss | Vornado Realty L.P.Non- controlling Interests in Consolidated Subsidiaries | Vornado Realty L.P.Non- controlling Interests in Consolidated SubsidiariesReal estate fund investments | Vornado Realty L.P.Non- controlling Interests in Consolidated SubsidiariesOther |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Cumulative effect of accounting change | $ 14,519 | $ 122,893 | $ (108,374) | $ 14,519 | $ 122,893 | $ (108,374) | |||||||||||||||
Beginning balance, shares at Dec. 31, 2017 | 36,800 | 189,984 | 36,800 | 189,984 | |||||||||||||||||
Beginning balance, value at Dec. 31, 2017 | 5,007,701 | $ 891,988 | $ 7,577 | $ 7,492,658 | (4,183,253) | 128,682 | $ 670,049 | 5,007,701 | $ 891,988 | $ 7,500,235 | (4,183,253) | 128,682 | $ 670,049 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Net income (loss) attributable to Vornado / Vornado Realty L.P. | 336,927 | 336,927 | 355,919 | 355,919 | |||||||||||||||||
Net income attributable to redeemable partnership units | (18,992) | (18,992) | (18,992) | ||||||||||||||||||
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries | (31,137) | $ (34,338) | (31,137) | (31,137) | (31,137) | ||||||||||||||||
Dividends on common shares | (359,456) | (359,456) | |||||||||||||||||||
Distributions to Vornado | (359,456) | (359,456) | |||||||||||||||||||
Dividends on preferred shares / Distributions to preferred unitholders (see Note 12 for dividends per share amounts) | (38,103) | (38,103) | (38,103) | (38,103) | |||||||||||||||||
Preferred shares / units issuance costs | (15,149) | $ (663) | (14,486) | (15,149) | $ (663) | (14,486) | |||||||||||||||
Common shares issued: / Class A Units issued to Vornado | |||||||||||||||||||||
Upon redemption of Class A units, at redemption value, shares | 201 | 201 | |||||||||||||||||||
Upon redemption of Class A units, at redemption value, value | 14,089 | $ 8 | 14,081 | 14,089 | $ 14,089 | ||||||||||||||||
Under Vornado's employees' share option plan, shares | 77 | 77 | |||||||||||||||||||
Under Vornado's employees' share option plan, value | 4,226 | $ 3 | 4,223 | 4,226 | $ 4,226 | ||||||||||||||||
Under Vornado's dividend reinvestment plan, shares | 15 | 15 | |||||||||||||||||||
Under Vornado's dividend reinvestment plan, value | 1,036 | $ 1 | 1,035 | 1,036 | $ 1,036 | ||||||||||||||||
Contributions: | |||||||||||||||||||||
Contributions | 46,942 | $ 14,577 | $ 46,942 | $ 14,577 | $ 46,942 | $ 14,577 | $ 46,942 | $ 14,577 | |||||||||||||
Distributions: | |||||||||||||||||||||
Distributions | (23,867) | (12,665) | (28,173) | (12,665) | (28,173) | (12,665) | (28,173) | (12,665) | (28,173) | ||||||||||||
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, shares | (1) | 2 | (1) | 2 | |||||||||||||||||
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, value | 0 | $ (31) | 31 | 0 | $ (31) | $ 31 | |||||||||||||||
Deferred compensation shares and options, shares | 7 | 7 | |||||||||||||||||||
Deferred compensation shares and options | 750 | 871 | (121) | 750 | $ 871 | (121) | |||||||||||||||
Pro rata share of other comprehensive income of nonconsolidated subsidiaries | 989 | 989 | 989 | 989 | |||||||||||||||||
Increase/reduction in value of interest rate swaps | 13,789 | 13,789 | 13,789 | 13,789 | |||||||||||||||||
Unearned Out-Performance Plan awards acceleration | 9,046 | 9,046 | 9,046 | 9,046 | |||||||||||||||||
Adjustments to carry redeemable Class A units at redemption value | 57,970 | 57,970 | 57,970 | 57,970 | |||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | (913) | (913) | (913) | (913) | |||||||||||||||||
Other, value | 544 | 548 | (3) | (1) | 544 | $ 548 | (3) | (1) | |||||||||||||
Ending balance, shares at Sep. 30, 2018 | 36,799 | 190,286 | 36,799 | 190,286 | |||||||||||||||||
Ending balance, value at Sep. 30, 2018 | 5,037,509 | $ 891,294 | $ 7,589 | 7,580,463 | (4,135,602) | 34,173 | 659,592 | 5,037,509 | $ 891,294 | $ 7,588,052 | (4,135,602) | 34,173 | 659,592 | ||||||||
Beginning balance, shares at Jun. 30, 2018 | 36,800 | 190,238 | 36,800 | 190,238 | |||||||||||||||||
Beginning balance, value at Jun. 30, 2018 | 4,943,587 | $ 891,325 | $ 7,587 | 7,555,993 | (4,206,381) | 33,351 | 661,712 | 4,943,587 | $ 891,325 | $ 7,563,580 | (4,206,381) | 33,351 | 661,712 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Net income (loss) attributable to Vornado / Vornado Realty L.P. | 203,179 | 203,179 | 215,850 | 215,850 | |||||||||||||||||
Net income attributable to redeemable partnership units | (12,671) | (12,671) | (12,671) | ||||||||||||||||||
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries | 3,312 | 558 | 3,312 | 3,312 | 3,312 | ||||||||||||||||
Dividends on common shares | (119,862) | (119,862) | |||||||||||||||||||
Distributions to Vornado | (119,862) | (119,862) | |||||||||||||||||||
Dividends on preferred shares / Distributions to preferred unitholders (see Note 12 for dividends per share amounts) | (12,534) | (12,534) | (12,534) | (12,534) | |||||||||||||||||
Common shares issued: / Class A Units issued to Vornado | |||||||||||||||||||||
Upon redemption of Class A units, at redemption value, shares | 25 | 25 | |||||||||||||||||||
Upon redemption of Class A units, at redemption value, value | 1,843 | $ 1 | 1,842 | 1,843 | $ 1,843 | ||||||||||||||||
Under Vornado's employees' share option plan, shares | 16 | 16 | |||||||||||||||||||
Under Vornado's employees' share option plan, value | 440 | $ 0 | 440 | 440 | $ 440 | ||||||||||||||||
Under Vornado's dividend reinvestment plan, shares | 5 | 5 | |||||||||||||||||||
Under Vornado's dividend reinvestment plan, value | 351 | $ 1 | 350 | 351 | $ 351 | ||||||||||||||||
Contributions: | |||||||||||||||||||||
Contributions | 1,595 | 366 | 1,595 | 366 | 1,595 | 366 | 1,595 | 366 | |||||||||||||
Distributions: | |||||||||||||||||||||
Distributions | (7,976) | (2,419) | (4,972) | (2,419) | (4,972) | (2,419) | (4,972) | (2,419) | (4,972) | ||||||||||||
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, shares | (1) | 2 | (1) | 2 | |||||||||||||||||
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, value | 0 | $ (31) | 31 | 0 | $ (31) | $ 31 | |||||||||||||||
Deferred compensation shares and options | 286 | 286 | 286 | 286 | |||||||||||||||||
Pro rata share of other comprehensive income of nonconsolidated subsidiaries | 253 | 253 | 253 | 253 | |||||||||||||||||
Increase/reduction in value of interest rate swaps | 623 | 623 | 623 | 623 | |||||||||||||||||
Adjustments to carry redeemable Class A units at redemption value | 21,520 | 21,520 | 21,520 | 21,520 | |||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | (54) | (54) | (54) | (54) | |||||||||||||||||
Other, value | (5) | 1 | (4) | (2) | (5) | $ 1 | (4) | (2) | |||||||||||||
Ending balance, shares at Sep. 30, 2018 | 36,799 | 190,286 | 36,799 | 190,286 | |||||||||||||||||
Ending balance, value at Sep. 30, 2018 | 5,037,509 | $ 891,294 | $ 7,589 | 7,580,463 | (4,135,602) | 34,173 | 659,592 | 5,037,509 | $ 891,294 | $ 7,588,052 | (4,135,602) | 34,173 | 659,592 | ||||||||
Beginning balance, shares at Dec. 31, 2018 | 36,800 | 190,535 | 36,800 | 190,535 | |||||||||||||||||
Beginning balance, value at Dec. 31, 2018 | 5,107,883 | $ 891,294 | $ 7,600 | 7,725,857 | (4,167,184) | 7,664 | 642,652 | 5,107,883 | $ 891,294 | $ 7,733,457 | (4,167,184) | 7,664 | 642,652 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Net income (loss) attributable to Vornado / Vornado Realty L.P. | 2,942,187 | 2,942,187 | 3,139,541 | 3,139,541 | |||||||||||||||||
Net income attributable to redeemable partnership units | (197,354) | (197,354) | (197,354) | ||||||||||||||||||
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries | 34,045 | 8,427 | 34,045 | 34,045 | 34,045 | ||||||||||||||||
Dividends on common shares | (377,750) | (377,750) | |||||||||||||||||||
Distributions to Vornado | (377,750) | (377,750) | |||||||||||||||||||
Dividends on preferred shares / Distributions to preferred unitholders (see Note 12 for dividends per share amounts) | (37,598) | (37,598) | (37,598) | (37,598) | |||||||||||||||||
Common shares issued: / Class A Units issued to Vornado | |||||||||||||||||||||
Upon redemption of Class A units, at redemption value, shares | 123 | 123 | |||||||||||||||||||
Upon redemption of Class A units, at redemption value, value | 8,128 | $ 5 | 8,123 | 8,128 | $ 8,128 | ||||||||||||||||
Under Vornado's employees' share option plan, shares | 165 | 165 | |||||||||||||||||||
Under Vornado's employees' share option plan, value | (7,347) | $ 7 | 1,338 | (8,692) | (7,347) | $ 1,345 | (8,692) | ||||||||||||||
Under Vornado's dividend reinvestment plan, shares | 16 | 16 | |||||||||||||||||||
Under Vornado's dividend reinvestment plan, value | 1,058 | $ 1 | 1,057 | 1,058 | $ 1,058 | ||||||||||||||||
Contributions: | |||||||||||||||||||||
Contributions | 3,384 | 5,839 | 3,384 | 5,839 | 3,384 | 5,839 | 3,384 | 5,839 | |||||||||||||
Distributions: | |||||||||||||||||||||
Distributions | (25,788) | (6) | (39,290) | (6) | (39,290) | (6) | (39,290) | (6) | (39,290) | ||||||||||||
Preferred unit issuance, shares | (2) | 3 | |||||||||||||||||||
Preferred unit issuance, value | 0 | $ (38) | $ 38 | ||||||||||||||||||
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, shares | (2) | 3 | |||||||||||||||||||
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, value | 0 | $ (38) | 38 | ||||||||||||||||||
Deferred compensation shares and options, shares | 8 | 8 | |||||||||||||||||||
Deferred compensation shares and options | 829 | 829 | 829 | $ 829 | |||||||||||||||||
Amount reclassified related to a nonconsolidated subsidiary | (2,311) | (2,311) | (2,311) | (2,311) | |||||||||||||||||
Pro rata share of other comprehensive income of nonconsolidated subsidiaries | (949) | (949) | (949) | (949) | |||||||||||||||||
Increase/reduction in value of interest rate swaps | (55,497) | (55,497) | (55,497) | (55,497) | |||||||||||||||||
Unearned Out-Performance Plan awards acceleration | 11,720 | 11,720 | 11,720 | 11,720 | |||||||||||||||||
Adjustments to carry redeemable Class A units at redemption value | 123,635 | 123,635 | 123,635 | 123,635 | |||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | 3,732 | 3,732 | 3,732 | 3,732 | |||||||||||||||||
Deconsolidation of partially owned entity | (11,441) | (11,441) | (11,441) | (11,441) | |||||||||||||||||
Other, shares | (1) | (1) | |||||||||||||||||||
Other, value | 5 | 2 | 2 | 1 | 5 | $ 0 | $ 0 | 2 | 2 | 1 | |||||||||||
Ending balance, shares at Sep. 30, 2019 | 36,797 | 190,850 | 36,797 | 190,850 | |||||||||||||||||
Ending balance, value at Sep. 30, 2019 | 7,710,256 | $ 891,256 | $ 7,613 | 7,872,597 | (1,649,035) | (47,359) | 635,184 | 7,710,256 | $ 891,256 | $ 7,880,210 | (1,649,035) | (47,359) | 635,184 | ||||||||
Beginning balance, shares at Jun. 30, 2019 | 36,797 | 190,813 | 36,797 | 190,813 | |||||||||||||||||
Beginning balance, value at Jun. 30, 2019 | 7,496,144 | $ 891,256 | $ 7,611 | 7,845,748 | (1,845,995) | (38,066) | 635,590 | 7,496,144 | $ 891,256 | $ 7,853,359 | (1,845,995) | (38,066) | 635,590 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Net income (loss) attributable to Vornado / Vornado Realty L.P. | 335,438 | 335,438 | 358,075 | 358,075 | |||||||||||||||||
Net income attributable to redeemable partnership units | (22,637) | (22,637) | (22,637) | ||||||||||||||||||
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries | 5,774 | 735 | 5,774 | 5,774 | 5,774 | ||||||||||||||||
Dividends on common shares | (125,947) | (125,947) | |||||||||||||||||||
Distributions to Vornado | (125,947) | (125,947) | |||||||||||||||||||
Dividends on preferred shares / Distributions to preferred unitholders (see Note 12 for dividends per share amounts) | (12,532) | (12,532) | (12,532) | (12,532) | |||||||||||||||||
Common shares issued: / Class A Units issued to Vornado | |||||||||||||||||||||
Upon redemption of Class A units, at redemption value, shares | 31 | 31 | |||||||||||||||||||
Upon redemption of Class A units, at redemption value, value | 1,999 | $ 1 | 1,998 | 1,999 | $ 1,999 | ||||||||||||||||
Under Vornado's dividend reinvestment plan, shares | 6 | 6 | |||||||||||||||||||
Under Vornado's dividend reinvestment plan, value | 357 | $ 1 | 356 | 357 | $ 357 | ||||||||||||||||
Contributions: | |||||||||||||||||||||
Contributions | 908 | 908 | 908 | 908 | |||||||||||||||||
Distributions: | |||||||||||||||||||||
Distributions | (8,852) | $ (6) | $ (7,086) | $ (6) | $ (7,086) | $ (6) | $ (7,086) | $ (6) | $ (7,086) | ||||||||||||
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, shares | 0 | 0 | |||||||||||||||||||
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, value | 0 | $ 0 | $ 0 | ||||||||||||||||||
Deferred compensation shares and options, shares | 0 | ||||||||||||||||||||
Deferred compensation shares and options | 266 | 266 | 266 | $ 266 | |||||||||||||||||
Pro rata share of other comprehensive income of nonconsolidated subsidiaries | 11 | 11 | 11 | 11 | |||||||||||||||||
Increase/reduction in value of interest rate swaps | (9,953) | (9,953) | (9,953) | (9,953) | |||||||||||||||||
Adjustments to carry redeemable Class A units at redemption value | 24,228 | 24,228 | 24,228 | $ 24,228 | |||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | 650 | 650 | 650 | 650 | |||||||||||||||||
Deconsolidation of partially owned entity | 0 | 0 | |||||||||||||||||||
Other, shares | 0 | ||||||||||||||||||||
Other, value | 5 | 1 | 1 | (1) | 4 | 5 | $ 1 | 1 | (1) | 4 | |||||||||||
Ending balance, shares at Sep. 30, 2019 | 36,797 | 190,850 | 36,797 | 190,850 | |||||||||||||||||
Ending balance, value at Sep. 30, 2019 | $ 7,710,256 | $ 891,256 | $ 7,613 | $ 7,872,597 | $ (1,649,035) | $ (47,359) | $ 635,184 | $ 7,710,256 | $ 891,256 | $ 7,880,210 | $ (1,649,035) | $ (47,359) | $ 635,184 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Unaudited) - Parenthetical (Unaudited) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Common shares/units, dividends (in dollars per share) | $ 0.66 | $ 0.63 | $ 1.98 | $ 1.89 |
Vornado Realty L.P. | ||||
Common shares/units, dividends (in dollars per share) | $ 0.66 | $ 0.63 | $ 1.98 | $ 1.89 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash Flows from Operating Activities: | ||
Net income | $ 3,173,586 | $ 324,782 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Net gain on transfer to Fifth Avenue and Times Square JV | (2,571,099) | 0 |
Net gains on disposition of wholly owned and partially owned assets | (641,664) | (164,828) |
Depreciation and amortization (including amortization of deferred financing costs) | 341,951 | 353,761 |
Non-cash impairment loss on 608 Fifth Avenue right-of-use asset | 75,220 | 0 |
Distributions of income from partially owned entities | 66,252 | 61,782 |
Equity in net income of partially owned entities | (56,139) | (6,059) |
Stock-based compensation expense | 48,045 | 26,190 |
Real estate impairment losses | 26,140 | 0 |
Prepayment penalty on redemption of senior unsecured notes due 2022 | 22,058 | 0 |
Net realized and unrealized loss on real estate fund investments | 16,162 | 33,709 |
Amortization of below-market leases, net | (15,561) | (31,480) |
Straight-lining of rents | 8,446 | (10,279) |
Decrease in fair value of marketable securities | 3,095 | 24,801 |
Return of capital from real estate fund investments | 0 | 20,291 |
Other non-cash adjustments | 19,894 | 2,242 |
Changes in operating assets and liabilities: | ||
Real estate fund investments | (4,000) | (68,950) |
Tenant and other receivables, net | (28,110) | (11,662) |
Prepaid assets | (74,502) | 74,322 |
Other assets | (10,195) | (122,925) |
Accounts payable and accrued expenses | 1,496 | (3,810) |
Other liabilities | (3,104) | (13,849) |
Net cash provided by operating activities | 397,971 | 488,038 |
Cash Flows from Investing Activities: | ||
Proceeds from transfer of interest in Fifth Avenue and Times Square JV (net of $35,562 of transaction costs and $10,899 of deconsolidated cash and restricted cash) | 1,248,743 | 0 |
Proceeds from sale of condominium units at 220 Central Park South | 1,039,493 | 0 |
Proceeds from redemption of 640 Fifth Avenue preferred equity | 500,000 | 0 |
Development costs and construction in progress | (448,281) | (274,147) |
Moynihan Train Hall expenditures | (352,211) | 0 |
Proceeds from sale of real estate and related investments | 255,534 | 219,731 |
Additions to real estate | (189,579) | (163,546) |
Proceeds from sales of marketable securities | 168,314 | 0 |
Distributions of capital from partially owned entities | 24,880 | 98,609 |
Investments in partially owned entities | (16,480) | (32,728) |
Acquisitions of real estate and other | (3,260) | (500,225) |
Proceeds from repayments of loans receivable | 1,395 | 0 |
Net cash provided by (used in) investing activities | 2,228,548 | (652,306) |
Cash Flows from Financing Activities: | ||
Repayments of borrowings | (2,635,028) | (264,482) |
Proceeds from borrowings | 1,107,852 | 312,763 |
Purchase of marketable securities in connection with defeasance of mortgage payable | (407,126) | 0 |
Dividends paid on common shares / Distributions to Vornado | (377,750) | (359,456) |
Moynihan Train Hall reimbursement from Empire State Development | 352,211 | 0 |
Distribution to noncontrolling interests / redeemable security holders and noncontrolling interests in consolidated subsidiaries | (65,084) | (63,110) |
Dividends paid on preferred shares / Distributions to preferred unitholders | (37,598) | (42,582) |
Prepayment penalty on redemption of senior unsecured notes due 2022 | (22,058) | 0 |
Debt issuance costs | (15,328) | (7,451) |
Contributions from noncontrolling interests | 9,223 | 59,924 |
Repurchase of shares (Class A units) related to stock compensation arrangements and related tax withholdings | (8,692) | (784) |
Proceeds received from exercise of employee share options (Vornado stock options) and other | 2,403 | 5,262 |
Redemption of preferred shares / units | (893) | (470,000) |
Debt prepayment and extinguishment costs | 0 | (818) |
Net cash used in financing activities | (2,097,868) | (830,734) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 528,651 | (995,002) |
Cash and cash equivalents and restricted cash at beginning of period | 716,905 | 1,914,812 |
Cash and cash equivalents and restricted cash at end of period | 1,245,556 | 919,810 |
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | ||
Cash and cash equivalents at beginning of period | 570,916 | 1,817,655 |
Restricted cash at beginning of period | 145,989 | 97,157 |
Cash and cash equivalents and restricted cash at beginning of period | 716,905 | 1,914,812 |
Cash and cash equivalents at end of period | 1,132,491 | 772,524 |
Restricted cash at end of period | 113,065 | 147,286 |
Cash and cash equivalents and restricted cash at end of period | 1,245,556 | 919,810 |
Supplemental Disclosure of Cash Flow Information: | ||
Cash payments for interest, excluding capitalized interest of $55,186 and $45,292 | 227,310 | 245,628 |
Cash payments for income taxes | 47,345 | 61,047 |
Investments received in exchange for transfer to Fifth Avenue and Times Square JV: | ||
Investments received in exchange for transfer to joint venture, preferred equity | 2,327,750 | 0 |
Investments received in exchange for transfer to joint venture, common equity | 1,449,495 | 0 |
Reclassification of condominium units from development costs and construction in progress to 220 Central Park South condominium units ready for sale | 825,520 | 307,552 |
Lease liabilities arising from the recognition of right-of-use assets | 526,866 | 0 |
Marketable securities transferred in connection with the defeasance of mortgage payable | (407,126) | 0 |
Defeased mortgage payable | 390,000 | 0 |
Adjustments to carry redeemable Class A units at redemption value | 123,635 | 57,970 |
Accrued capital expenditures included in accounts payable and accrued expenses | 117,205 | 74,185 |
Write Off Of Fully Amortized And Depreciated Assets | (113,261) | (61,120) |
Amounts related to our investment in Pennsylvania Real Estate Investment Trust reclassified from investments in partially owned entities and accumulated other comprehensive (loss) income to marketable securities upon conversion of operating partnership units to common shares | 54,962 | 0 |
Vornado Realty L.P. | ||
Cash Flows from Operating Activities: | ||
Net income | 3,173,586 | 324,782 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Net gain on transfer to Fifth Avenue and Times Square JV | (2,571,099) | 0 |
Net gains on disposition of wholly owned and partially owned assets | (641,664) | (164,828) |
Depreciation and amortization (including amortization of deferred financing costs) | 341,951 | 353,761 |
Non-cash impairment loss on 608 Fifth Avenue right-of-use asset | 75,220 | 0 |
Distributions of income from partially owned entities | 66,252 | 61,782 |
Equity in net income of partially owned entities | (56,139) | (6,059) |
Stock-based compensation expense | 48,045 | 26,190 |
Real estate impairment losses | 26,140 | 0 |
Prepayment penalty on redemption of senior unsecured notes due 2022 | 22,058 | 0 |
Net realized and unrealized loss on real estate fund investments | 16,162 | 33,709 |
Amortization of below-market leases, net | (15,561) | (31,480) |
Straight-lining of rents | 8,446 | (10,279) |
Decrease in fair value of marketable securities | 3,095 | 24,801 |
Return of capital from real estate fund investments | 0 | 20,291 |
Other non-cash adjustments | 19,894 | 2,242 |
Changes in operating assets and liabilities: | ||
Real estate fund investments | (4,000) | (68,950) |
Tenant and other receivables, net | (28,110) | (11,662) |
Prepaid assets | (74,502) | 74,322 |
Other assets | (10,195) | (122,925) |
Accounts payable and accrued expenses | 1,496 | (3,810) |
Other liabilities | (3,104) | (13,849) |
Net cash provided by operating activities | 397,971 | 488,038 |
Cash Flows from Investing Activities: | ||
Proceeds from transfer of interest in Fifth Avenue and Times Square JV (net of $35,562 of transaction costs and $10,899 of deconsolidated cash and restricted cash) | 1,248,743 | 0 |
Proceeds from sale of condominium units at 220 Central Park South | 1,039,493 | 0 |
Proceeds from redemption of 640 Fifth Avenue preferred equity | 500,000 | 0 |
Development costs and construction in progress | (448,281) | (274,147) |
Moynihan Train Hall expenditures | (352,211) | 0 |
Proceeds from sale of real estate and related investments | 255,534 | 219,731 |
Additions to real estate | (189,579) | (163,546) |
Proceeds from sales of marketable securities | 168,314 | 0 |
Distributions of capital from partially owned entities | 24,880 | 98,609 |
Investments in partially owned entities | (16,480) | (32,728) |
Acquisitions of real estate and other | (3,260) | (500,225) |
Proceeds from repayments of loans receivable | 1,395 | 0 |
Net cash provided by (used in) investing activities | 2,228,548 | (652,306) |
Cash Flows from Financing Activities: | ||
Repayments of borrowings | (2,635,028) | (264,482) |
Proceeds from borrowings | 1,107,852 | 312,763 |
Purchase of marketable securities in connection with defeasance of mortgage payable | (407,126) | 0 |
Dividends paid on common shares / Distributions to Vornado | (377,750) | (359,456) |
Moynihan Train Hall reimbursement from Empire State Development | 352,211 | 0 |
Distribution to noncontrolling interests / redeemable security holders and noncontrolling interests in consolidated subsidiaries | (65,084) | (63,110) |
Dividends paid on preferred shares / Distributions to preferred unitholders | (37,598) | (42,582) |
Prepayment penalty on redemption of senior unsecured notes due 2022 | (22,058) | 0 |
Debt issuance costs | (15,328) | (7,451) |
Contributions from noncontrolling interests | 9,223 | 59,924 |
Repurchase of shares (Class A units) related to stock compensation arrangements and related tax withholdings | (8,692) | (784) |
Proceeds received from exercise of employee share options (Vornado stock options) and other | 2,403 | 5,262 |
Redemption of preferred shares / units | (893) | (470,000) |
Debt prepayment and extinguishment costs | 0 | (818) |
Net cash used in financing activities | (2,097,868) | (830,734) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 528,651 | (995,002) |
Cash and cash equivalents and restricted cash at beginning of period | 716,905 | 1,914,812 |
Cash and cash equivalents and restricted cash at end of period | 1,245,556 | 919,810 |
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | ||
Cash and cash equivalents at beginning of period | 570,916 | 1,817,655 |
Restricted cash at beginning of period | 145,989 | 97,157 |
Cash and cash equivalents and restricted cash at beginning of period | 716,905 | 1,914,812 |
Cash and cash equivalents at end of period | 1,132,491 | 772,524 |
Restricted cash at end of period | 113,065 | 147,286 |
Cash and cash equivalents and restricted cash at end of period | 1,245,556 | 919,810 |
Supplemental Disclosure of Cash Flow Information: | ||
Cash payments for interest, excluding capitalized interest of $55,186 and $45,292 | 227,310 | 245,628 |
Cash payments for income taxes | 47,345 | 61,047 |
Investments received in exchange for transfer to Fifth Avenue and Times Square JV: | ||
Investments received in exchange for transfer to joint venture, preferred equity | 2,327,750 | 0 |
Investments received in exchange for transfer to joint venture, common equity | 1,449,495 | 0 |
Reclassification of condominium units from development costs and construction in progress to 220 Central Park South condominium units ready for sale | 825,520 | 307,552 |
Lease liabilities arising from the recognition of right-of-use assets | 526,866 | 0 |
Marketable securities transferred in connection with the defeasance of mortgage payable | (407,126) | 0 |
Defeased mortgage payable | 390,000 | 0 |
Adjustments to carry redeemable Class A units at redemption value | 123,635 | 57,970 |
Accrued capital expenditures included in accounts payable and accrued expenses | 117,205 | 74,185 |
Write Off Of Fully Amortized And Depreciated Assets | (113,261) | (61,120) |
Amounts related to our investment in Pennsylvania Real Estate Investment Trust reclassified from investments in partially owned entities and accumulated other comprehensive (loss) income to marketable securities upon conversion of operating partnership units to common shares | $ 54,962 | $ 0 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Capitalized interest | $ 55,186 | $ 45,292 |
Transaction related costs | 1,955 | 3,580 |
Vornado Realty L.P. | ||
Capitalized interest | 55,186 | $ 45,292 |
Fifth Avenue and Times Square JV | ||
Deconsolidated restricted cash | 10,899 | |
Transaction related costs | 35,562 | |
Fifth Avenue and Times Square JV | Vornado Realty L.P. | ||
Deconsolidated restricted cash | 10,899 | |
Transaction related costs | $ 35,562 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Vornado Realty Trust (“Vornado”) is a fully-integrated real estate investment trust (“REIT”) and conducts its business through, and substantially all of its interests in properties are held by, Vornado Realty L.P., a Delaware limited partnership (the “Operating Partnership”). Vornado is the sole general partner of, and owned approximately 93.1% of the common limited partnership interest in the Operating Partnership as of September 30, 2019 . All references to the “Company,” “we,” “us” and “our” mean, collectively, Vornado, the Operating Partnership and those entities/subsidiaries consolidated by Vornado. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Basis of Presentation [Abstract] | |
Basis Of Presentation | Basis of Presentation The accompanying consolidated financial statements are unaudited and include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All inter-company amounts have been eliminated and all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018 , as filed with the SEC. We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of the operating results for the full year. Certain prior year balances have been reclassified in order to conform to the current period presentation. For the three and nine months ended September 30, 2018, "property rentals" of $437,560,000 and $1,322,265,000 , respectively, and "tenant expense reimbursements" of $66,387,000 and $185,009,000 , respectively, were grouped into "rental revenues" on our consolidated statements of income in accordance with Accounting Standards Codification ("ASC") Topic 205, Presentation of Financial Statements. |
Recently Issued Accounting Lite
Recently Issued Accounting Literature | 9 Months Ended |
Sep. 30, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Literature | Recently Issued Accounting Literature In February 2016, the Financial Accounting Standards Board ("FASB") issued an update (“ASU 2016-02”) establishing ASC Topic 842, Leases ("ASC 842"), as amended by subsequent ASUs on the topic, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. ASU 2016-02 requires lessees to apply a two-method approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase. Lessees are required to record a right-of-use ("ROU") asset and a lease liability for all leases with a term of greater than 12 months. Lease liabilities equal the present value of future lease payments. Right-of-use assets equal the lease liabilities adjusted for accrued rent expense, initial direct costs, lease incentives and prepaid lease payments. Leases with a term of 12 months or less will be accounted for similar to the previously existing lease guidance under ASC Topic 840, Leases ("ASC 840"). Lease expense is recognized based on the effective interest method for finance leases or on a straight-line basis for operating leases. The accounting applied by the lessor is largely unchanged from that applied under ASC 840. We adopted this standard effective January 1, 2019. We have completed our evaluation of the overall impact of the adoption of ASU 2016-02 on our consolidated financial statements and accounting policies. In transitioning to ASC 842, we elected to use the practical expedient package available to us and did not elect to use hindsight. As of January 1, 2019, we had 12 ground leases classified as operating leases, for which we were required to record a right-of-use asset and a lease liability equal to the present value of the future lease payments. We will continue to recognize expense on a straight-line basis for these leases. We recorded an aggregate of $526,866,000 of ROU assets and a corresponding $526,866,000 of lease liabilities as a result of the adoption of this standard (see Note 21 - Leases ). 3 . Recently Issued Accounting Literature - continued Under ASU 2016-02, initial direct costs for both lessees and lessors would include only those costs that are incremental to the arrangement and would not have been incurred if the lease had not been obtained. As a result, beginning January 1, 2019, we no longer capitalize internal leasing costs and instead expense these costs as incurred, as a component of "general and administrative" expense on our consolidated statements of income. For the three and nine months ended September 30, 2018, we capitalized $1,444,000 and $3,883,000 , respectively, of internal leasing costs. In addition, we have made changes to our provision policy for lease receivables. Under ASC 842, we must assess on an individual lease basis whether it is probable that we will collect the future lease payments. We consider the tenant's payment history and current credit status when assessing collectability. When collectability is not deemed probable we write-off the tenant's receivables, including straight-line rent receivable, and limit lease income to cash received. Changes to the collectability of our operating leases are recorded as adjustments to "rental revenues" on our consolidated statements of income, which resulted in a decrease in income of $1,106,000 and $16,488,000 for the three and nine months ended September 30, 2019, respectively. In February 2016, the FASB issued an update (“ASU 2016-13”) Measurement of Credit Losses on Financial Instruments establishing ASC Topic 326, Financial Instruments - Credit Losses , as amended by subsequent ASUs on the topic. ASU 2016-13 changes how entities will account for credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance replaces the current “incurred loss” model with an “expected loss” model that requires consideration of a broader range of information to estimate expected credit losses over the lifetime of the financial asset. ASU 2016-13 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2019. We are currently evaluating the impact of the adoption of ASU 2016-13 on our consolidated financial statements, but do not believe the adoption of this standard will have a material impact on our consolidated financial statements. In August 2018, the FASB issued an update (“ASU 2018-13”) Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement to ASC Topic 820, Fair Value Measurement (“ASC 820”). ASU 2018-13 modifies the disclosure requirements for fair value measurements by removing, modifying, and/or adding certain disclosures. ASU 2018-13 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2019. We elected to early adopt ASU 2018-13 effective January 1, 2019. The adoption of this update did not have a material impact on our consolidated financial statements and disclosures. In October 2018, the FASB issued an update ("ASU 2018-16") Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes to ASC Topic 815, Derivatives and Hedging . ASU 2018-16 expands the list of U.S. benchmark interest rates permitted in the application of hedge accounting by adding the OIS rate based on SOFR as an eligible benchmark interest rate. ASU 2018-16 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2018. We adopted this update effective January 1, 2019. The adoption of this update did not have an impact on our consolidated financial statements. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Our revenues primarily consist of rental revenues and fee and other income. We operate in two reportable segments: New York and Other, with a significant portion of our revenues included in the New York segment. We have the following revenue sources and revenue recognition policies: • Rental revenues include revenues from the leasing of space at our properties to tenants, lease termination income, revenues from the Hotel Pennsylvania, trade shows and tenant services. ◦ Revenues from the leasing of space at our properties to tenants includes (i) lease components, including fixed and variable lease payments, and nonlease components which include reimbursement of common area maintenance expenses, and (ii) reimbursement of real estate taxes and insurance expenses. As lessor, we have elected to combine the lease and nonlease components of our operating lease agreements and account for the components as a single lease component in accordance with ASC 842. Lease revenues and reimbursement of common area maintenance, real estate taxes and insurance are presented on the following page as "property rentals." Revenues derived from fixed lease payments are recognized on a straight-line basis over the non-cancelable period of the lease, together with renewal options that are reasonably certain of being exercised. We commence rental revenue recognition when the underlying asset is available for use by the lessee. Revenue derived from the reimbursement of real estate taxes, insurance expenses and common area maintenance expenses are generally recognized in the same period as the related expenses are incurred. ◦ Lease termination income is recognized immediately if a tenant vacates or is recognized on a straight-line basis over the shortened remaining lease term in accordance with ASC 842. ◦ Hotel revenue arising from the operation of Hotel Pennsylvania consists of room revenue, food and beverage revenue, and banquet revenue. Room revenue is recognized when the rooms are made available for the guest, in accordance with ASC 842. ◦ Trade shows revenue arising from the operation of trade shows is primarily booth rentals. This revenue is recognized upon the occurrence of the trade shows when the trade show booths are made available for use by the exhibitors, in accordance with ASC 842. ◦ Tenant services revenue arises from sub-metered electric, elevator, trash removal and other services provided to tenants at their request. This revenue is recognized as the services are transferred in accordance with ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"). • Fee and other income includes management, leasing and other revenue arising from contractual agreements with third parties or with partially owned entities and includes Building Maintenance Service (“BMS”) cleaning, engineering and security services. This revenue is recognized as the services are transferred in accordance with ASC 606. 4 . Revenue Recognition - continued Below is a summary of our revenues by segment. Additional financial information related to these reportable segments for the three and nine months ended September 30, 2019 and 2018 is set forth in Note 23 - Segment Information . (Amounts in thousands) For the Three Months Ended September 30, 2019 For the Three Months Ended September 30, 2018 Total New York Other Total New York Other Property rentals $ 381,740 $ 308,933 $ 72,807 $ 453,789 $ 387,300 $ 66,489 Hotel Pennsylvania 24,499 24,499 — 26,088 26,088 — Trade shows 8,104 — 8,104 8,443 — 8,443 Lease revenues 414,343 333,432 80,911 488,320 413,388 74,932 Tenant services 13,295 9,342 3,953 15,627 11,696 3,931 Rental revenues 427,638 342,774 84,864 503,947 425,084 78,863 BMS cleaning fees 30,677 32,787 (2,110 ) (1) 28,873 31,328 (2,455 ) (1) Management and leasing fees 3,326 3,746 (420 ) 4,734 4,439 295 Other income 4,320 1,261 3,059 4,494 1,595 2,899 Fee and other income 38,323 37,794 529 38,101 37,362 739 Total revenues $ 465,961 $ 380,568 $ 85,393 $ 542,048 $ 462,446 $ 79,602 ____________________ (1) Represents the elimination of theMART and 555 California Street BMS cleaning fees which are included as income in the New York segment. (Amounts in thousands) For the Nine Months Ended September 30, 2019 For the Nine Months Ended September 30, 2018 Total New York Other Total New York Other Property rentals $ 1,211,641 $ 995,661 $ 215,980 $ 1,358,932 $ 1,160,140 $ 198,792 Hotel Pennsylvania 62,633 62,633 — 67,842 67,842 — Trade shows 36,607 — 36,607 38,903 — 38,903 Lease revenues 1,310,881 1,058,294 252,587 1,465,677 1,227,982 237,695 Tenant services 37,933 27,904 10,029 41,597 31,854 9,743 Rental revenues 1,348,814 1,086,198 262,616 1,507,274 1,259,836 247,438 BMS cleaning fees 93,032 99,488 (6,456 ) (1) 88,095 94,888 (6,793 ) (1) Management and leasing fees 10,063 10,469 (406 ) 10,205 9,384 821 Other income 11,823 4,079 7,744 14,729 5,374 9,355 Fee and other income 114,918 114,036 882 113,029 109,646 3,383 Total revenues $ 1,463,732 $ 1,200,234 $ 263,498 $ 1,620,303 $ 1,369,482 $ 250,821 ____________________ (1) Represents the elimination of theMART and 555 California Street BMS cleaning fees which are included as income in the New York segment. |
Real Estate Fund Investments
Real Estate Fund Investments | 9 Months Ended |
Sep. 30, 2019 | |
Real Estate Fund Investments [Abstract] | |
Real Estate Fund Investments | Real Estate Fund Investments We are the general partner and investment manager of Vornado Capital Partners Real Estate Fund (the “Fund”) and own a 25.0% interest in the Fund, which had an initial eight -year term ending February 2019. On January 29, 2018, the Fund's term was extended to February 2023. The Fund's three -year investment period ended in July 2013 . The Fund is accounted for under ASC Topic 946, Financial Services – Investment Companies (“ASC 946”) and its investments are reported on its balance sheet at fair value, with changes in value each period recognized in earnings. We consolidate the accounts of the Fund into our consolidated financial statements, retaining the fair value basis of accounting. We are also the general partner and investment manager of the Crowne Plaza Times Square Hotel Joint Venture (the “Crowne Plaza Joint Venture”) and own a 57.1% interest in the joint venture which owns the 24.7% interest in the Crowne Plaza Times Square Hotel not owned by the Fund. The Crowne Plaza Joint Venture is also accounted for under ASC 946 and we consolidate the accounts of the joint venture into our consolidated financial statements, retaining the fair value basis of accounting. As of September 30, 2019 , we have four real estate fund investments through the Fund and the Crowne Plaza Joint Venture with an aggregate fair value of $306,596,000 , or $22,968,000 below our cost, and had remaining unfunded commitments of $44,194,000 , of which our share was $13,969,000 . As of December 31, 2018 , we had four real estate fund investments with an aggregate fair value of $318,758,000 . Below is a summary of income (loss) from the Fund and the Crowne Plaza Joint Venture for the three and nine months ended September 30, 2019 and 2018 . (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Net investment income $ 2,190 $ 3,093 $ 2,382 $ 6,366 Net unrealized loss on held investments — (3,283 ) (16,162 ) (32,796 ) Net realized loss on exited investments — — — (913 ) New York City real property transfer tax (the "Transfer Tax") — — — (10,630 ) (1) Income (loss) from real estate fund investments 2,190 (190 ) (13,780 ) (37,973 ) Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries (735 ) (558 ) (8,427 ) 34,338 Income (loss) from real estate fund investments attributable to the Operating Partnership 1,455 (748 ) (22,207 ) (3,635 ) Less (income) loss attributable to noncontrolling interests in the Operating Partnership (95 ) 46 1,403 224 Income (loss) from real estate fund investments attributable to Vornado $ 1,360 $ (702 ) $ (20,804 ) $ (3,411 ) ____________________ (1) |
Marketable Securities
Marketable Securities | 9 Months Ended |
Sep. 30, 2019 | |
Marketable Securities [Abstract] | |
Marketable Securities | Marketable Securities Lexington Realty Trust ("Lexington") (NYSE: LXP) On March 1, 2019, we sold all of our 18,468,969 common shares of Lexington, realizing net proceeds of $167,698,000 . We recorded a $16,068,000 mark-to-market increase in the fair value of our common shares for the period from January 1, 2019 through the date of sale, which is included in "interest and other investment income, net" on our consolidated statements of income for the nine months ended September 30, 2019. Pennsylvania Real Estate Investment Trust (“PREIT”) (NYSE: PEI) On March 12, 2019 (the "Conversion Date"), we converted all of our 6,250,000 PREIT operating partnership units into common shares and began accounting for our investment as a marketable security in accordance with ASC Topic 321, Investments - Equity Securities ("ASC 321"). Prior to the Conversion Date, we accounted for our investment under the equity method. For the three and nine months ended September 30, 2019, we recorded a decrease of $4,875,000 and $19,211,000 , respectively, in the value of our investment based on PREIT's September 30, 2019 quarter ended closing share price, which is included in "interest and other investment income, net" on our consolidated statements of income . The table below summarizes the changes to our marketable securities portfolio for the nine months ended September 30, 2019 . (Amounts in thousands) For the Nine Months Ended September 30, 2019 Total Lexington Realty Trust PREIT Other Beginning balance, December 31, 2018 $ 152,198 $ 151,630 $ — $ 568 Sale of marketable securities (168,314 ) (167,698 ) — (616 ) Transfer of PREIT investment balance at Conversion Date 54,962 — 54,962 — (Decrease) increase in fair value of marketable securities (1) (3,095 ) 16,068 (19,211 ) 48 Ending balance, September 30, 2019 $ 35,751 $ — $ 35,751 $ — ____________________ (1) Included in “interest and other investment income, net” on our consolidated statements of income (see Note 18 - Interest and Other Investment Income, Net ). |
Investments in Partially Owned
Investments in Partially Owned Entities | 9 Months Ended |
Sep. 30, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Partially Owned Entities | Investments in Partially Owned Entities Fifth Avenue and Times Square JV On April 18, 2019 (the “Closing Date”), we entered into a transaction agreement (the “Transaction Agreement”) with a group of institutional investors (the “Investors”). The Transaction Agreement provides for a series of transactions (collectively, the “Transaction”) pursuant to which (i) prior to the Closing Date, we contributed our interests in properties located at 640 Fifth Avenue, 655 Fifth Avenue, 666 Fifth Avenue, 689 Fifth Avenue, 697-703 Fifth Avenue, 1535 Broadway and 1540 Broadway (collectively, the “Properties”) to subsidiaries of a newly formed joint venture (“Fifth Avenue and Times Square JV”) and (ii) on the Closing Date, transferred a 48.5% common interest in Fifth Avenue and Times Square JV to the Investors. The 48.5% common interest in the joint venture represents an effective 47.2% interest in the Properties (of which 45.4% was transferred from Vornado). The Properties include approximately 489,000 square feet of retail space, 327,000 square feet of office space, signage associated with 1535 and 1540 Broadway, the parking garage at 1540 Broadway and the theater at 1535 Broadway. We retained the remaining 51.5% common interest in Fifth Avenue and Times Square JV which represents an effective 51.0% interest in the Properties and an aggregate $1.828 billion of preferred equity interests in certain of the properties. We also provided $500,000,000 of temporary preferred equity on 640 Fifth Avenue until May 23, 2019 when mortgage financing was completed. All of the preferred equity has an annual coupon of 4.25% for the first five years, increasing to 4.75% for the next five years and thereafter at a formulaic rate. It can be redeemed under certain conditions on a tax deferred basis. Net cash proceeds from the Transaction were $1.179 billion , after (i) deductions for the defeasance of a $390,000,000 mortgage loan on 666 Fifth Avenue and the repayment of a $140,000,000 mortgage loan on 655 Fifth Avenue, (ii) proceeds from a $500,000,000 mortgage loan on 640 Fifth Avenue, described below, (iii) approximately $23,000,000 used to purchase noncontrolling investors' interests and (iv) approximately $53,000,000 of transaction costs (including $17,000,000 of costs related to the defeasance of the 666 Fifth Avenue mortgage loan). We continue to manage and lease the Properties. We share control with the Investors over major decisions of the joint venture, including decisions regarding leasing, operating and capital budgets, and refinancings. Accordingly, we no longer hold a controlling financial interest in the Properties which has been transferred to the joint venture. As a result, our investment in Fifth Avenue and Times Square JV is accounted for under the equity method from the date of transfer. T he Transaction valued the Properties at $5,556,000,000 resulting in a financial statement net gain of $2,571,099,000 , before noncontrolling interest of $11,945,000 , including the related step-up in our basis of the retained portion of the assets to fair value. The net gain is included in "net gain on transfer to Fifth Avenue and Times Square JV" on our consolidated statements of income for the nine months ended September 30, 2019. The gain for tax purposes was approximately $735,000,000 . On May 23, 2019, we received $500,000,000 from the redemption of our temporary preferred equity in 640 Fifth Avenue. The temporary preferred equity was redeemed from the proceeds of a $500,000,000 mortgage financing that was completed on the property. The five year loan, which is guaranteed by us, is interest only at LIBOR plus 1.01% . The interest rate was swapped for four years to a fixed rate of 3.07% . Related Party Transactions We provide various services to Fifth Avenue and Times Square JV in accordance with management, development, leasing and other agreements, as described below. We receive an annual fee for managing the Properties equal to 2% of the gross revenues from the Properties. In addition, we are entitled to a development fee of 5% of development costs, plus reimbursement of certain costs, for development projects performed by us. We are entitled to 1.5% of development costs, plus reimbursement of certain costs, as a supervisory fee for development projects not performed by us. We provide leasing services for fees calculated based on a percentage of rents, less any commissions paid to third-party real estate brokers, if applicable. We jointly provide leasing services for the retail space with Crown Acquisitions Inc. ("Crown"), and exclusively provide leasing services for the office space. During the three and nine months ended September 30, 2019 , we recognized $1,104,000 and $1,934,000 , respectively, of property management fee income which is included in "fee and other income" on our consolidated statements of income. BMS, our wholly-owned subsidiary, supervises cleaning, security and engineering services at certain of the Properties. During the three and nine months ended September 30, 2019 , we recognized $1,161,000 and $1,952,000 , respectively, of income for these services which is included in "fee and other income" on our consolidated statements of income. We believe, based on comparable fees charged by other real estate companies, that the fees described above are at fair market value. Haim Chera, Executive Vice President - Head of Retail, has an investment in Crown, a company controlled by Mr. Chera's family. Crown has a nominal minority interest in Fifth Avenue and Times Square JV. Additionally, we have other investments with Crown. 7 . Investments in Partially Owned Entities - continued Alexander’s, Inc. (“Alexander’s”) (NYSE: ALX) As of September 30, 2019 , we own 1,654,068 Alexander’s common shares, or approximately 32.4% of Alexander’s common equity. We manage, lease and develop Alexander’s properties pursuant to agreements which expire in March of each year and are automatically renewable. As of September 30, 2019 , the market value ("fair value" pursuant to ASC 820) of our investment in Alexander’s, based on Alexander’s September 30, 2019 quarter ended closing share price of $348.41 , was $576,294,000 , or $475,066,000 in excess of the carrying amount on our consolidated balance sheet. As of September 30, 2019 , the carrying amount of our investment in Alexander’s, excluding amounts owed to us, exceeds our share of the equity in the net assets of Alexander’s by approximately $38,882,000 . The majority of this basis difference resulted from the excess of our purchase price for the Alexander’s common stock acquired over the book value of Alexander’s net assets. Substantially all of this basis difference was allocated, based on our estimates of the fair values of Alexander’s assets and liabilities, to real estate (land and buildings). We are amortizing the basis difference related to the buildings into earnings as additional depreciation expense over their estimated useful lives. This depreciation is not material to our share of equity in Alexander’s net income. The basis difference related to the land will be recognized upon disposition of our investment. 61 Ninth Avenue On January 28, 2019, a joint venture, in which we have a 45.1% interest, completed a $167,500,000 refinancing of 61 Ninth Avenue, a 166,000 square foot office and retail property in the Meatpacking district of Manhattan which is fully leased to Aetna and Starbucks. The seven-year interest only loan carries a rate of LIBOR plus 1.35% ( 3.40% as of September 30, 2019 ) and matures in January 2026. We realized net proceeds of approximately $31,000,000 . The loan replaces the previous $90,000,000 construction loan that bore interest at LIBOR plus 3.05% and was scheduled to mature in 2021. Urban Edge Properties (“UE”) (NYSE: UE) On March 4, 2019, we converted to common shares and sold all of our 5,717,184 partnership units of UE, realizing net proceeds of $108,512,000 . The sale resulted in a net gain of $62,395,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income for the nine months ended September 30, 2019 . 512 West 22nd Street On June 28, 2019, a joint venture, in which we have a 55% interest, completed a $145,700,000 refinancing of 512 West 22nd Street, a 173,000 square foot office building in the West Chelsea submarket of Manhattan, of which $106,425,000 was outstanding as of September 30, 2019. The four-year interest only loan carries a rate of LIBOR plus 2.00% ( 4.05% as of September 30, 2019 ) and matures in June 2023 with a one-year extension option. The loan replaces the previous $126,000,000 construction loan that bore interest at LIBOR plus 2.65% and was scheduled to mature in 2019. 330 Madison Avenue On July 11, 2019, we sold our 25% interest in 330 Madison Avenue to our joint venture partner. We received net proceeds of approximately $100,000,000 after deducting our share of the existing $500,000,000 mortgage loan resulting in a financial statement net gain of $159,292,000 . The net gain is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income for the three and nine months ended September 30, 2019 . The gain for tax purposes was approximately $139,000,000 . 825 Seventh Avenue On July 25, 2019, a joint venture, in which we have a 50% interest, completed a $60,000,000 refinancing of 825 Seventh Avenue, a 165,000 square foot office building on the corner of 53rd Street and Seventh Avenue, of which $28,882,000 was outstanding as of September 30, 2019. The interest-only loan carries a rate of LIBOR plus 1.65% ( 3.78% as of September 30, 2019 ) and matures in 2022 with a one-year extension option. The loan replaces the previous $20,500,000 loan that bore interest at LIBOR plus 1.40% and was scheduled to mature in September 2019. 7 . Investments in Partially Owned Entities - continued Toys "R" Us, Inc. ("Toys") On September 18, 2017, Toys filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code. In the second quarter of 2018, Toys ceased U.S. operations. On February 1, 2019, the plan of reorganization for Toys, in which we owned a 32.5% interest, was declared effective and our stock in Toys was canceled. As of December 31, 2018, we carried our Toys investment at zero . The canceling of our stock in Toys resulted in a $420,000,000 capital loss deduction for tax purposes in 2019 (which if not offset by capital gains will result in a capital loss carry over available for five years). Below is a schedule summarizing our investments in partially owned entities. (Amounts in thousands) Percentage Ownership at Balance as of September 30, 2019 December 31, 2018 Investments: Fifth Avenue and Times Square JV (see page 30 for details) 51.5% $ 3,308,363 $ — Partially owned office buildings/land (1) Various 467,787 499,005 Alexander’s 32.4% 101,228 107,983 PREIT (2) N/A — 59,491 UE (3) N/A — 45,344 Other investments (4) Various 146,442 146,290 $ 4,023,820 $ 858,113 Investments in partially owned entities included in other liabilities (5) : 330 Madison Avenue (6) N/A $ — $ (58,117 ) 7 West 34th Street 53.0% (52,222 ) (51,579 ) 85 Tenth Avenue 49.9% (5,814 ) — $ (58,036 ) $ (109,696 ) ____________________ (1) Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 512 West 22nd Street, 61 Ninth Avenue and others. (2) On March 12, 2019, we converted all of our PREIT operating partnership units into common shares and began accounting for our investment as a marketable security in accordance with ASC 321 (see Note 6 - Marketable Securities ). (3) Sold on March 4, 2019 (see page 31 for details). (4) Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street and others. (5) Our negative basis results from distributions in excess of our investment. (6) Sold on July 11, 2019 (see page 31 for details). 7 . Investments in Partially Owned Entities - continued Below is a schedule of income from partially owned entities. (Amounts in thousands) Percentage For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Our share of net income (loss): Fifth Avenue and Times Square JV (see page 30 for details): Equity in net income 51.5% $ 9,891 $ — $ 21,108 $ — Return on preferred equity, net of our share of the expense 9,545 — 18,131 — 19,436 — 39,239 — Alexander's (see page 31 for details): Equity in net income (1) 32.4% 5,393 4,278 14,707 7,215 Management, leasing and development fees 1,299 1,149 3,478 3,378 6,692 5,427 18,185 10,593 Partially owned office buildings (2) Various (186 ) 735 (1,531 ) (1,546 ) Other investments (3) Various 4 1,044 246 (2,988 ) $ 25,946 $ 7,206 $ 56,139 $ 6,059 ____________________ (1) The nine months ended September 30, 2018 includes our $7,708 share of Alexander's disputed additional Transfer Tax related to the November 2012 sale of Kings Plaza Regional Shopping Center. Alexander's recorded this expense based on the precedent established by the Tax Tribunal's decision regarding One Park Avenue (see Note 5 - Real Estate Fund Investments ). (2) Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 7 West 34th Street, 330 Madison Avenue (sold on July 11, 2019), 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others. The nine months ended September 30, 2019 includes a $1,079 reduction in income from the non-cash write-off of straight-line rent receivable related to The Four Seasons Restaurant at 280 Park Avenue. The nine months ended September 30, 2018 includes our $4,978 share of disputed additional Transfer Tax related to the March 2011 acquisition of One Park Avenue (see Note 5 - Real Estate Fund Investments ). (3) Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street, 666 Fifth Avenue Office Condominium (sold on August 3, 2018), UE (sold on March 4, 2019), PREIT (accounted as a marketable security from March 12, 2019) and others. |
220 Central Park South 220 CPS
220 Central Park South 220 CPS | 9 Months Ended |
Sep. 30, 2019 | |
Real Estate [Abstract] | |
220 Central Park South 220 CPS | 220 Central Park South ("220 CPS") We are constructing a residential condominium tower containing 397,000 salable square feet at 220 CPS. The development cost of this project (exclusive of land cost) is estimated to be approximately $1.4 billion , of which $1.3 billion has been expended as of September 30, 2019 . During the three months ended September 30, 2019, we closed on the sale of 14 condominium units at 220 CPS for net proceeds aggregating $348,759,000 resulting in a financial statement net gain of $130,888,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with these sales, $21,853,000 of income tax expense was recognized on our consolidated statements of income. During the nine months ended September 30, 2019, we closed on the sale of 37 condominium units at 220 CPS for net proceeds of $1,039,493,000 resulting in a financial statement net gain of $400,500,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income . In connection with these sales, $71,590,000 of income tax expense was recognized on our consolidated statements of income. From inception to September 30, 2019, we closed on the sale of 48 units for aggregate net proceeds of $1,254,269,000 . During the third quarter of 2019, we repaid the remaining $48,883,000 of the $950,000,000 220 CPS loan. Of the condominium units closed, one was sold to a limited liability company owned by the spouse of a related party, David Mandelbaum, a Trustee of Vornado and a Director of Alexander’s, and another was sold to Mr. Mandelbaum's brother. The net proceeds were $23,357,000 and $16,099,000 , respectively. |
Dispositions
Dispositions | 9 Months Ended |
Sep. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions | Dispositions On September 18, 2019, we completed the $49,750,000 sale of 3040 M Street, a 44,000 square foot retail building in Washington, DC, which resulted in a net gain of $19,477,000 which is included in “net gains on disposition of wholly owned and partially owned assets” on our consolidated statements of income for the three and nine months ended September 30, 2019. The gain for tax purposes was approximately $19,000,000 . |
Identified Intangible Assets an
Identified Intangible Assets and Liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Identified Intangible Assets and Liabilities | Identified Intangible Assets and Liabilities The following summarizes our identified intangible assets (primarily above-market leases) and liabilities (primarily acquired below-market leases) as of September 30, 2019 and December 31, 2018 . (Amounts in thousands) Balance as of September 30, 2019 December 31, 2018 Identified intangible assets: Gross amount $ 130,396 $ 308,895 Accumulated amortization (99,623 ) (172,114 ) Total, net $ 30,773 $ 136,781 Identified intangible liabilities (included in deferred revenue): Gross amount $ 321,838 $ 503,373 Accumulated amortization (265,388 ) (341,779 ) Total, net $ 56,450 $ 161,594 Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental revenues of $4,393,000 and $10,373,000 for the three months ended September 30, 2019 and 2018 , respectively, and $15,561,000 and $31,480,000 for the nine months ended September 30, 2019 and 2018 , respectively. Estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding years commencing January 1, 2020 is as follows: (Amounts in thousands) 2020 $ 16,643 2021 11,934 2022 8,792 2023 6,261 2024 2,518 Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $1,597,000 and $4,822,000 for the three months ended September 30, 2019 and 2018 , respectively, and $7,077,000 and $14,557,000 for the nine months ended September 30, 2019 and 2018 , respectively. Estimated annual amortization of all other identified intangible assets including acquired in-place leases for each of the five succeeding years commencing January 1, 2020 is as follows: (Amounts in thousands) 2020 $ 6,300 2021 4,763 2022 3,050 2023 2,964 2024 2,351 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt On February 4, 2019, we completed a $95,700,000 refinancing of 435 Seventh Avenue, a 43,000 square foot Manhattan retail property. The interest-only loan carries a rate of LIBOR plus 1.30% ( 3.37% as of September 30, 2019) and matures in 2024. The recourse loan replaces the previous $95,700,000 loan that bore interest at LIBOR plus 2.25% and was scheduled to mature in August 2019. On February 12, 2019, we completed a $580,000,000 refinancing of 100 West 33rd Street, a 1.1 million square foot Manhattan property comprised of 859,000 square feet of office space and the 256,000 square foot Manhattan Mall. The interest-only loan carries a rate of LIBOR plus 1.55% ( 3.62% as of September 30, 2019) and matures in April 2024, with two one -year extension options. The loan replaces the previous $580,000,000 loan that bore interest at LIBOR plus 1.65% and was scheduled to mature in July 2020. On May 24, 2019, we extended our $375,000,000 mortgage loan on 888 Seventh Avenue, a 886,000 square foot Manhattan office building, from December 2020 to December 2025. The interest rate on the extended mortgage loan is LIBOR plus 1.70% ( 3.73% as of September 30, 2019). Pursuant to an existing swap agreement, the interest rate on the $375,000,000 mortgage loan has been swapped to 3.25% through December 2020. On September 5, 2019, a consolidated joint venture, in which we have a 50% interest, completed a $75,000,000 refinancing of 606 Broadway, a 35,000 square foot office and retail building on the northeast corner of Broadway and Houston Street in Manhattan, of which $67,500,000 was outstanding as of September 30, 2019. The interest-only loan carries a rate of LIBOR plus 1.80% ( 3.85% as of September 30, 2019 ) and matures in 2024. In connection therewith, the joint venture purchased an interest rate cap that caps LIBOR at a rate of 4.00% . The loan replaces the previous $65,000,000 construction loan . The construction loan bore interest at LIBOR plus 3.00% and was scheduled to mature in May 2021. On September 27, 2019, we repaid the $575,000,000 mortgage loan on PENN2 with proceeds from our unsecured revolving credit facilities. The mortgage loan was scheduled to mature in December 2021, as fully extended. PENN2 is a 1,795,000 square foot office building located on the west side of 7th Avenue between 31st and 33rd Street currently under redevelopment. Senior Unsecured Notes On March 1, 2019, we called for redemption all of our $400,000,000 5.00% senior unsecured notes. The notes, which were scheduled to mature in January 2022, were redeemed on April 1, 2019 at a redemption price of 105.51% of the principal amount plus accrued interest. In connection therewith, we expensed $22,540,000 relating to debt prepayment costs which is included in "interest and debt expense" on our consolidated statements of income for the nine months ended September 30, 2019. Unsecured Revolving Credit Facility On March 26, 2019, we increased to $1.5 billion (from $1.25 billion ) and extended to March 2024 (as fully extended) from February 2022 one of our two unsecured revolving credit facilities. The interest rate on the extended facility was lowered from LIBOR plus 1.00% to LIBOR plus 0.90% . The facility fee remains unchanged at 20 basis points. The following is a summary of our debt: (Amounts in thousands) Weighted Average Interest Rate at Balance as of September 30, 2019 December 31, 2018 Mortgages Payable: Fixed rate 3.52% $ 4,605,475 $ 5,003,465 Variable rate 3.65% 1,068,196 3,212,382 Total 3.55% 5,673,671 8,215,847 Deferred financing costs, net and other (32,776 ) (48,049 ) Total, net $ 5,640,895 $ 8,167,798 Unsecured Debt: Senior unsecured notes 3.50% $ 450,000 $ 850,000 Deferred financing costs, net and other (4,332 ) (5,998 ) Senior unsecured notes, net 445,668 844,002 Unsecured term loan 3.87% 750,000 750,000 Deferred financing costs, net and other (4,415 ) (5,179 ) Unsecured term loan, net 745,585 744,821 Unsecured revolving credit facilities 2.96% 655,000 80,000 Total, net $ 1,846,253 $ 1,668,823 |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests/Redeemable Partnership Units | 9 Months Ended |
Sep. 30, 2019 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interests/Redeemable Partnership Units | Redeemable Noncontrolling Interests/Redeemable Partnership Units Redeemable noncontrolling interests on Vornado’s consolidated balance sheets and redeemable partnership units on the consolidated balance sheets of the Operating Partnership are primarily comprised of Class A Operating Partnership units held by third parties and are recorded at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership. (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Beginning balance $ 862,062 $ 938,041 $ 783,562 $ 984,937 Net income 22,637 12,671 197,354 18,992 Other comprehensive (loss) income (650 ) 54 (3,732 ) 913 Distributions (8,852 ) (7,976 ) (25,788 ) (23,867 ) Redemption of Class A units for Vornado common shares, at redemption value (1,999 ) (1,843 ) (8,128 ) (14,089 ) Adjustments to carry redeemable Class A units at redemption value (24,228 ) (21,520 ) (123,635 ) (57,970 ) Other, net 5,363 5,155 34,700 15,666 Ending balance $ 854,333 $ 924,582 $ 854,333 $ 924,582 As of September 30, 2019 and December 31, 2018 , the aggregate redemption value of redeemable Class A units of the Operating Partnership, which are those units held by third parties, was $849,798,000 and $778,134,000 , respectively. Redeemable noncontrolling interests/redeemable partnership units exclude our Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units, as they are accounted for as liabilities in accordance with ASC Topic 480, Distinguishing Liabilities and Equity , because of their possible settlement by issuing a variable number of Vornado common shares. Accordingly, the fair value of these units is included as a component of “other liabilities” on our consolidated balance sheets and aggregated $50,561,000 as of September 30, 2019 and December 31, 2018 . Changes in the value from period to period, if any, are charged to “interest and debt expense” on our consolidated statements of income. |
Shareholders' Equity_Partners'
Shareholders' Equity/Partners' Capital | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Shareholders' Equity/Partners' Capital | Shareholders' Equity/Partners' Capital The following table sets forth the details of our dividends/distributions per common share/Class A unit and dividends/distributions per share/unit for each class of preferred shares/units of beneficial interest for the three and nine months ended September 30, 2019 and 2018 . (Per share/unit) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Shares/Units: Common shares/Class A units held by Vornado: authorized 250,000,000 shares/units $ 0.66 $ 0.63 $ 1.98 $ 1.89 Convertible Preferred (1) : 6.5% Series A: authorized 83,977 shares/units (2) 0.8125 0.8125 2.4375 2.4375 Cumulative Redeemable Preferred (1) : 5.70% Series K: authorized 12,000,000 shares/units (3) 0.3563 0.3563 1.0689 1.0689 5.40% Series L: authorized 12,000,000 shares/units (3) 0.3375 0.3375 1.0125 1.0125 5.25% Series M: authorized 12,780,000 shares/units (3) 0.3281 0.3281 0.9843 0.9843 ____________________ (1) Dividends on preferred shares and distributions on preferred units are cumulative and are payable quarterly in arrears. (2) Redeemable at the option of Vornado under certain circumstances, at a redemption price of 1.9531 common shares/Class A units per Series A preferred share/unit plus accrued and unpaid dividends/distributions through the date of redemption, or convertible at any time at the option of the holder for 1.9531 common shares/ Class A units per Series A preferred share/unit. (3) Redeemable at Vornado's option at a redemption price of $25.00 per share/unit, plus accrued and unpaid dividends/distributions through the date of redemption. Accumulated Other Comprehensive (Loss) Income The following tables set forth the changes in accumulated other comprehensive (loss) income by component. (Amounts in thousands) Total Marketable securities Pro rata share of nonconsolidated subsidiaries' OCI Interest rate swaps Other For the three months ended September 30, 2019: Balance, June 30, 2019 $ (38,066 ) $ — $ (18 ) $ (33,785 ) $ (4,263 ) Net current period other comprehensive (loss) income (9,293 ) — 11 (9,953 ) 649 Balance, September 30, 2019 $ (47,359 ) $ — $ (7 ) $ (43,738 ) $ (3,614 ) For the three months ended September 30, 2018: Balance, June 30, 2018 $ 33,351 $ — $ 2,834 $ 39,559 $ (9,042 ) Net current period other comprehensive income (loss) 822 — 253 623 (54 ) Balance, September 30, 2018 $ 34,173 $ — $ 3,087 $ 40,182 $ (9,096 ) For the nine months ended September 30, 2019: Balance, December 31, 2018 $ 7,664 $ — $ 3,253 $ 11,759 $ (7,348 ) Net current period other comprehensive (loss) income (52,712 ) — (949 ) (55,497 ) 3,734 Amount reclassified from AOCI (1) (2,311 ) — (2,311 ) — — Balance, September 30, 2019 $ (47,359 ) $ — $ (7 ) $ (43,738 ) $ (3,614 ) For the nine months ended September 30, 2018: Balance, December 31, 2017 $ 128,682 $ 109,554 $ 3,769 $ 23,542 $ (8,183 ) Cumulative effect of accounting change (108,374 ) (109,554 ) (1,671 ) 2,851 — Net current period other comprehensive income (loss) 13,865 — 989 13,789 (913 ) Balance, September 30, 2018 $ 34,173 $ — $ 3,087 $ 40,182 $ (9,096 ) ____________________ (1) Amount reclassified related to the conversion of our PREIT operating partnership units into common shares. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2019 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities ("VIEs") Unconsolidated VIEs As of September 30, 2019 and December 31, 2018 , we have several unconsolidated VIEs. We do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities does not give us power over decisions that significantly affect these entities’ economic performance. We account for our investment in these entities under the equity method (see Note 7 – Investments in Partially Owned Entities ). As of September 30, 2019 and December 31, 2018 , the net carrying amount of our investments in these entities was $216,276,000 and $257,882,000 , respectively. Our maximum exposure to loss in these entities is limited to the carrying amount of our investments. Consolidated VIEs Our most significant consolidated VIEs are the Operating Partnership (for Vornado), the Fund and the Crowne Plaza Joint Venture, the Farley joint venture and certain properties that have non-controlling interests. These entities are VIEs because the non-controlling interests do not have substantive kick-out or participating rights. We consolidate these entities because we control all significant business activities. As of September 30, 2019 , the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $4,898,971,000 and $2,612,681,000 , respectively. As of December 31, 2018 , the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $4,445,436,000 and $2,533,753,000 , respectively. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements ASC 820 defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities. Accordingly, our fair value estimates, which are made at the end of each reporting period, may be different than the amounts that may ultimately be realized upon sale or disposition of these assets. Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis Financial assets and liabilities that are measured at fair value on our consolidated balance sheets consist of (i) marketable securities, (ii) real estate fund investments, (iii) the assets in our deferred compensation plan (for which there is a corresponding liability on our consolidated balance sheets), (iv) interest rate swaps and (v) mandatorily redeemable instruments (Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units). The tables below aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy as of September 30, 2019 and December 31, 2018 , respectively. (Amounts in thousands) As of September 30, 2019 Total Level 1 Level 2 Level 3 Marketable securities $ 35,751 $ 35,751 $ — $ — Real estate fund investments 306,596 — — 306,596 Deferred compensation plan assets ($18,079 included in restricted cash and $81,599 in other assets) 99,678 72,501 — 27,177 Interest rate swaps (included in other assets) 5,901 — 5,901 — Total assets $ 447,926 $ 108,252 $ 5,901 $ 333,773 Mandatorily redeemable instruments (included in other liabilities) $ 50,561 $ 50,561 $ — $ — Interest rate swaps (included in other liabilities) 49,539 — 49,539 — Total liabilities $ 100,100 $ 50,561 $ 49,539 $ — (Amounts in thousands) As of December 31, 2018 Total Level 1 Level 2 Level 3 Marketable securities $ 152,198 $ 152,198 $ — $ — Real estate fund investments 318,758 — — 318,758 Deferred compensation plan assets ($8,402 included in restricted cash and $88,122 in other assets) 96,524 58,716 — 37,808 Interest rate swaps (included in other assets) 27,033 — 27,033 — Total assets $ 594,513 $ 210,914 $ 27,033 $ 356,566 Mandatorily redeemable instruments (included in other liabilities) $ 50,561 $ 50,561 $ — $ — Interest rate swaps (included in other liabilities) 15,236 — 15,236 — Total liabilities $ 65,797 $ 50,561 $ 15,236 $ — 15 . Fair Value Measurements - continued Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued Real Estate Fund Investments As of September 30, 2019 , we have four real estate fund investments with an aggregate fair value of $306,596,000 , or $22,968,000 below our cost. These investments are classified as Level 3. Significant unobservable quantitative inputs used in determining the fair value of each investment include capitalization rates and discount rates. These rates are based on the location, type and nature of each property, current and anticipated market conditions, industry publications and from the experience of our Acquisitions and Capital Markets departments. Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these real estate fund investments as of September 30, 2019 and December 31, 2018 . Range Weighted Average (based on fair value of investments) Unobservable Quantitative Input September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Discount rates 10.0% to 15.0% 10.0% to 15.0% 13.5% 13.4% Terminal capitalization rates 5.1% to 7.6% 5.4% to 7.7% 5.5% 5.7% The above inputs are subject to change based on changes in economic and market conditions and/or changes in use or timing of exit. Changes in discount rates and terminal capitalization rates result in increases or decreases in the fair values of these investments. The discount rates encompass, among other things, uncertainties in the valuation models with respect to terminal capitalization rates and the amount and timing of cash flows. Therefore, a change in the fair value of these investments resulting from a change in the terminal capitalization rate may be partially offset by a change in the discount rate. It is not possible for us to predict the effect of future economic or market conditions on our estimated fair values. The table below summarizes the changes in the fair value of real estate fund investments that are classified as Level 3, for the three and nine months ended September 30, 2019 and 2018 . (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Beginning balance $ 306,596 $ 373,039 $ 318,758 $ 354,804 Purchases/additional fundings — — 4,000 68,950 Net unrealized loss on held investments — (3,283 ) (16,162 ) (32,796 ) Dispositions — — — (20,291 ) Net realized loss on exited investments — — — (913 ) Other, net — 11 — 13 Ending balance $ 306,596 $ 369,767 $ 306,596 $ 369,767 15 . Fair Value Measurements - continued Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued Deferred Compensation Plan Assets Deferred compensation plan assets that are classified as Level 3 consist of investments in limited partnerships and investment funds, which are managed by third parties. We receive quarterly financial reports from a third-party administrator, which are compiled from the quarterly reports provided to them from each limited partnership and investment fund. The quarterly reports provide net asset values on a fair value basis which are audited by independent public accounting firms on an annual basis. The period of time over which these underlying assets are expected to be liquidated is unknown. The third party administrator does not adjust these values in determining our share of the net assets and we do not adjust these values when reported in our consolidated financial statements. The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3, for the three and nine months ended September 30, 2019 and 2018 . (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Beginning balance $ 21,991 $ 39,870 $ 37,808 $ 40,128 Sales (652 ) (3,304 ) (20,807 ) (6,813 ) Purchases 5,437 1,576 8,314 3,209 Realized and unrealized gains 116 180 854 892 Other, net 285 466 1,008 1,372 Ending balance $ 27,177 $ 38,788 $ 27,177 $ 38,788 Fair Value Measurements on a Nonrecurring Basis Assets measured at fair value on a nonrecurring basis on our consolidated balance sheets consist primarily of real estate assets required to be measured for impairment as of December 31, 2018 . The fair value of real estate assets required to be measured for impairment were determined using comparable sales activity. There were no assets measured at fair value on a nonrecurring basis on our consolidated balance sheet as of September 30, 2019 . (Amounts in thousands) As of December 31, 2018 Total Level 1 Level 2 Level 3 Real estate assets $ 14,971 $ — $ — $ 14,971 15 . Fair Value Measurements - continued Financial Assets and Liabilities not Measured at Fair Value Financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash equivalents (primarily money market funds, which invest in obligations of the United States government), and our secured and unsecured debt. Estimates of the fair value of these instruments are determined by the standard practice of modeling the contractual cash flows required under the instrument and discounting them back to their present value at the appropriate current risk adjusted interest rate, which is provided by a third-party specialist. For floating rate debt, we use forward rates derived from observable market yield curves to project the expected cash flows we would be required to make under the instrument. The fair values of cash equivalents and borrowings under our unsecured revolving credit facilities and unsecured term loan are classified as Level 1. The fair values of our secured and unsecured debt are classified as Level 2. The table below summarizes the carrying amounts and fair value of these financial instruments as of September 30, 2019 and December 31, 2018 . (Amounts in thousands) As of September 30, 2019 As of December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Cash equivalents $ 979,060 $ 979,000 $ 261,981 $ 262,000 Debt: Mortgages payable $ 5,673,671 $ 5,725,000 $ 8,215,847 $ 8,179,000 Senior unsecured notes 450,000 465,000 850,000 847,000 Unsecured term loan 750,000 750,000 750,000 750,000 Unsecured revolving credit facilities 655,000 655,000 80,000 80,000 Total $ 7,528,671 (1) $ 7,595,000 $ 9,895,847 (1) $ 9,856,000 ____________________ (1) Excludes $41,523 and $59,226 of deferred financing costs, net and other as of September 30, 2019 and December 31, 2018 , respectively. |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation | Stock-based Compensation On January 14, 2019, the Compensation Committee of the Board (the “Committee”) approved the issuance of performance conditioned appreciation-only long-term incentive plan units ("Performance Conditioned AO LTIP Units") pursuant to the 2010 Omnibus Share Plan to our named executive officers ("NEOs") in our 2019 proxy statement. Performance Conditioned AO LTIP Units are AO LTIP Units that require the achievement of certain performance conditions by a specified date or they are forfeited. The performance-based condition is met if Vornado common shares trade at or above 110% of the $64.48 grant price per share for any 20 consecutive days on or before the fourth anniversary following the date of grant. If the performance conditions are not met, the awards are forfeited. If the performance conditions are met, once vested, the awards may be converted into Class A Operating Partnership units in the same manner as AO LTIP Units until ten years from the date of grant. The fair value of the Performance Conditioned AO LTIP Units on the date of grant was $8,983,000 , of which $7,481,000 was immediately expensed due to the acceleration of vesting for employees who are retirement eligible. The remaining $1,502,000 is being amortized into expense over a four -year period from the date of grant using a graded vesting attribution model. On May 16, 2019, our shareholders approved the 2019 Omnibus Share Plan (the “Plan"), which replaces the 2010 Omnibus Share Plan. Under the Plan, the Committee may grant incentive and non-qualified Vornado stock options, restricted stock, restricted Operating Partnership units ("OP units"), out-performance plan awards ("OPPs"), appreciation-only long-term incentive plan units (“AO LTIP Units”) and Performance Conditioned AO LTIP Units to certain of our employees and officers. Awards may be granted up to a maximum 5,500,000 shares, if all awards granted are Full Value awards, as defined in the Plan, and up to 11,000,000 shares, if all of the awards granted are Not Full Value Awards, as defined in the Plan. Full Value Awards are awards of securities, such as restricted shares, that, if all vesting requirements are met, do not require the payment of an exercise price or strike price to acquire the securities. Not Full Value Awards are awards of securities, such as options, that do require the payment of an exercise price or strike price. We account for all equity-based compensation in accordance with ASC Topic 718, Compensation - Stock Compensation . Stock-based compensation expense, a component of "general and administrative" expense on our consolidated statements of income, was $5,871,000 and $5,545,000 for the three months ended September 30, 2019 and 2018, respectively, and $48,045,000 and $26,190,000 for the nine months ended September 30, 2019 and 2018, respectively. Stock-based compensation expense for the three months ended March 31, 2019 included $16,211,000 from the accelerated vesting of previously issued OP units and Vornado restricted stock due to the removal of the time-based vesting requirement for participants who have reached 65 years of age. The right to sell such awards remains subject to original terms of grant. The increase in expense in the first quarter of 2019 was partially offset by lower stock-based compensation expense of $2,578,000 in each of the second and third quarter of 2019; and will be completely offset by lower stock-based compensation expense of $2,578,000 in the fourth quarter of 2019 and $8,477,000 thereafter. Stock-based compensation expense also includes $1,413,000 and $6,729,000 for the three and nine months ended September 30, 2019 , respectively, for OP units granted outside of the Plan to an executive officer in connection with his employment in reliance on the employment inducement exception to shareholder approval provided under the New York Stock Exchange Listing Rule 303A.08; and $988,000 and $1,317,000 for the three and nine months ended September 30, 2019 , respectively, for OP units granted under the Plan to certain executive officers as a result of promotions. The award granted outside of the Plan has a grant date fair value of $25,500,000 and vests 20% on the grant date, 40% on the three-year anniversary of the date of grant, and 40% on the four-year anniversary of the date of grant. The awards granted under the Plan have an aggregate grant date fair value of $15,000,000 and cliff vest after four years. Compensation expense related to OP unit grants are recognized ratably over the vesting period. Additional non-cash expense associated with these awards will be $2,401,000 in the fourth quarter of 2019, $9,603,000 in each of 2020 and 2021, $7,718,000 in 2022 and $2,655,000 in 2023. |
Transaction Related Costs, Impa
Transaction Related Costs, Impairment Losses and Other | 9 Months Ended |
Sep. 30, 2019 | |
Transaction Related Costs, Impairment Losses and Other [Abstract] | |
Transaction Related Costs, Impairment Losses and Other | Transaction Related Costs, Impairment Losses and Other The following table sets forth the details of transaction related costs, impairment losses and other: (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Transaction related costs $ 1,576 $ 2,510 $ 1,955 $ 3,580 Non-cash impairment losses, substantially 608 Fifth Avenue (see below) — — 101,360 — Transfer tax (1) — — — 13,103 $ 1,576 $ 2,510 $ 103,315 $ 16,683 ____________________ (1) Disputed additional Transfer Tax recorded in the first quarter 2018 related to the December 2012 acquisition of Independence Plaza. The joint venture, in which we have a 50.1% economic interest, that owns Independence Plaza recorded this expense based on the precedent established by the Tax Tribunal's decision regarding One Park Avenue (see Note 5 - Real Estate Fund Investments ). 608 Fifth Avenue During the second quarter of 2019, Arcadia Group US Ltd ("Arcadia Group"), the operator of Topshop, our retail tenant at 608 Fifth Avenue, filed for Chapter 15 bankruptcy protection in the United States. On June 28, 2019, Arcadia Group closed all of its stores in the United States. 608 Fifth Avenue is subject to a land and building lease which expires in 2033. The non-recourse lease calls for fixed lease payments through the term, plus payments for real estate taxes, insurance and operating expenses. Based on current market rental rates, the cash flows of the property would not be sufficient to cover the operating expenses, including the fixed lease payments. Consequently, we concluded that the carrying amount of the property, which includes our right-of-use asset, was not recoverable resulting in a write-down to zero. Our estimate of fair value of the property was derived from a discounted cash flow model based upon market conditions and expectations of growth. We recognized a $93,860,000 non-cash impairment loss on our consolidated statements of income in the second quarter of 2019, of which $75,220,000 resulted from the impairment of our right-of-use asset. As of September 30, 2019, a $72,088,000 lease liability remains, which will be recognized as income when the non-recourse lease is terminated. In August 2019, we delivered the required nine month notice to the ground lessor that we will terminate the lease in May 2020. |
Interest and Other Investment I
Interest and Other Investment Income, Net | 9 Months Ended |
Sep. 30, 2019 | |
Interest and Other Income [Abstract] | |
Interest and Other Investment Income, Net | Interest and Other Investment Income, Net The following table sets forth the details of interest and other investment income, net: (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 (Decrease) increase in fair value of marketable securities: PREIT (see page 29 for details) $ (4,875 ) $ — $ (19,211 ) $ — Lexington (see page 29 for details) — (7,942 ) 16,068 (24,934 ) Other 7 243 48 133 (4,868 ) (7,699 ) (3,095 ) (24,801 ) Interest on cash and cash equivalents and restricted cash 4,060 4,306 8,753 12,370 Interest on loans receivable (1) 1,604 2,004 4,845 8,952 Dividends on marketable securities 1,312 3,354 2,625 10,060 Other, net 937 928 2,802 2,820 $ 3,045 $ 2,893 $ 15,930 $ 9,401 ____________________ (1) The three and nine months ended September 30, 2018 include $1,250 and $6,707 , respectively, of profit participation in connection with an investment in a mezzanine loan which was previously repaid to us. |
Interest and Debt Expense
Interest and Debt Expense | 9 Months Ended |
Sep. 30, 2019 | |
Interest and Debt Expense [Abstract] | |
Interest And Debt Expense | Interest and Debt Expense The following table sets forth the details of interest and debt expense: (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Interest expense (1) $ 72,345 $ 98,841 $ 266,597 $ 290,006 Capitalized interest and debt expense (16,047 ) (18,238 ) (59,184 ) (49,718 ) Amortization of deferred financing costs 5,150 8,348 19,527 24,486 $ 61,448 $ 88,951 $ 226,940 $ 264,774 ____________________ (1) The nine months ended September 30, 2019 includes $22,540 debt prepayment costs in connection with the redemption of $400,000 5.00% senior unsecured notes which were scheduled to mature in January 2022. |
Income Per Share_Income Per Cla
Income Per Share/Income Per Class A Unit | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Income Per Share/Income Per Class A Unit | Income Per Share/Income Per Class A Unit Vornado Realty Trust The following table presents the calculations of (i) basic income per common share which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares and (ii) diluted income per common share which includes the weighted average common shares and dilutive share equivalents. Unvested share-based payment awards that contain non-forfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. Earnings are allocated to participating securities, which include restricted stock awards, based on the two-class method. Other potential dilutive share equivalents such as our employee stock options, OP Units, OPPs, AO LTIP Units and Performance Conditioned AO LTIP Units are included in the computation of diluted Earnings Per Share ("EPS") using the treasury stock method, while the dilutive effect of our Series A convertible preferred shares is reflected in diluted EPS by application of the if-converted method. (Amounts in thousands, except per share amounts) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Numerator: Income from continuing operations, net of income attributable to noncontrolling interests $ 335,445 $ 203,122 $ 2,942,267 $ 336,570 (Loss) income from discontinued operations, net of income attributable to noncontrolling interests (7 ) 57 (80 ) 357 Net income attributable to Vornado 335,438 203,179 2,942,187 336,927 Preferred share dividends (12,532 ) (12,534 ) (37,598 ) (38,103 ) Preferred share issuance costs — — — (14,486 ) Net income attributable to common shareholders 322,906 190,645 2,904,589 284,338 Earnings allocated to unvested participating securities (33 ) (17 ) (291 ) (33 ) Numerator for basic income per share 322,873 190,628 2,904,298 284,305 Impact of assumed conversions: Convertible preferred share dividends 14 15 43 47 Earnings allocated to Out-Performance Plan units — — 9 127 Numerator for diluted income per share $ 322,887 $ 190,643 $ 2,904,350 $ 284,479 Denominator: Denominator for basic income per share – weighted average shares 190,814 190,245 190,762 190,176 Effect of dilutive securities (1) : Employee stock options and restricted stock awards 176 1,045 227 972 Convertible preferred shares 34 37 35 38 Out-Performance Plan units — — 3 106 Denominator for diluted income per share – weighted average shares and assumed conversions 191,024 191,327 191,027 191,292 INCOME PER COMMON SHARE – BASIC: Income from continuing operations, net $ 1.69 $ 1.00 $ 15.22 $ 1.50 Net income per common share $ 1.69 $ 1.00 $ 15.22 $ 1.50 INCOME PER COMMON SHARE – DILUTED: Income from continuing operations, net $ 1.69 $ 1.00 $ 15.20 $ 1.49 Net income per common share $ 1.69 $ 1.00 $ 15.20 $ 1.49 ____________________ (1) The effect of dilutive securities excludes an aggregate of 13,431 and 12,372 weighted average common share equivalents, for the three months ended September 30, 2019 and 2018 , respectively, and 13,067 and 12,220 weighted average common share equivalents for the nine months ended September 30, 2019 and 2018 , respectively, as their effect was anti-dilutive. 20 . Income Per Share/Income Per Class A Unit - continued Vornado Realty L.P. The following table presents the calculations of (i) basic income per Class A unit which includes the weighted average number of Class A units outstanding without regard to dilutive potential Class A units and (ii) diluted income per Class A unit which includes the weighted average Class A unit and dilutive Class A unit equivalents. Unvested share-based payment awards that contain non-forfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. Earnings are allocated to participating securities, which include Vornado restricted stock awards, OP Units and OPPs, based on the two-class method. Other potential dilutive share equivalents such as Vornado stock options, AO LTIP Units and Performance Conditioned AO LTIP Units are included in the computation of diluted income per share using the treasury stock method, while the dilutive effect of our Series A convertible preferred shares is reflected in diluted EPS by application of the if-converted method. (Amounts in thousands, except per unit amounts) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Numerator: Income from continuing operations, net of income attributable to noncontrolling interests in consolidated subsidiaries $ 358,083 $ 215,789 $ 3,139,626 $ 355,538 (Loss) income from discontinued operations (8 ) 61 (85 ) 381 Net income attributable to Vornado Realty L.P. 358,075 215,850 3,139,541 355,919 Preferred unit distributions (12,574 ) (12,582 ) (37,722 ) (38,248 ) Preferred unit issuance costs — — — (14,486 ) Net income attributable to Class A unitholders 345,501 203,268 3,101,819 303,185 Earnings allocated to unvested participating securities (2,449 ) (997 ) (14,807 ) (2,259 ) Numerator for basic income per Class A unit 343,052 202,271 3,087,012 300,926 Impact of assumed conversions: Convertible preferred unit distributions 14 15 43 47 Numerator for diluted income per Class A unit $ 343,066 $ 202,286 $ 3,087,055 $ 300,973 Denominator: Denominator for basic income per Class A unit – weighted average units 203,009 202,103 202,903 202,033 Effect of dilutive securities (1) : Vornado stock options, Vornado restricted stock awards, OP Units and OPPs 507 1,454 478 1,329 Convertible preferred units 34 37 35 38 Denominator for diluted income per Class A unit – weighted average units and assumed conversions 203,550 203,594 203,416 203,400 INCOME PER CLASS A UNIT – BASIC: Income from continuing operations, net $ 1.69 $ 1.00 $ 15.21 $ 1.49 Net income per Class A unit $ 1.69 $ 1.00 $ 15.21 $ 1.49 INCOME PER CLASS A UNIT – DILUTED: Income from continuing operations, net $ 1.69 $ 0.99 $ 15.18 $ 1.48 Net income per Class A unit $ 1.69 $ 0.99 $ 15.18 $ 1.48 ____________________ (1) The effect of dilutive securities excludes an aggregate of 905 and 105 weighted average Class A unit equivalents, for the three months ended September 30, 2019 and 2018 respectively, and 678 and 112 weighted average Class A unit equivalents for the nine months ended September 30, 2019 and 2018 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases As lessor We lease space to tenants under operating leases. Most of the leases provide for the payment of fixed base rent payable monthly in advance. Office building leases generally require tenants to reimburse us for operating costs and real estate taxes above their base year costs. Certain leases provide for pass-through to tenants for their share of real estate taxes, insurance and common area maintenance. Certain leases also require additional variable rent payments based on a percentage of the tenants’ sales. None of our tenants accounted for more than 10% of total revenues for the three and nine months ended September 30, 2019 and 2018 . We have elected to account for lease revenues (including base and variable rent) and the reimbursement of common area maintenance expenses as a single lease component recorded as "rental revenues" on our consolidated statements of income. As of September 30, 2019 , under ASC 842, future undiscounted cash flows under non-cancelable operating leases were as follows: (Amounts in thousands) As of September 30, 2019 For the remainder of 2019 $ 327,246 For the year ended December 31, 2020 1,263,818 2021 1,241,049 2022 1,174,436 2023 1,060,495 2024 885,891 Thereafter 4,336,649 As of December 31, 2018, under ASC 840, future undiscounted cash flows under non-cancelable operating leases were as follows: (Amounts in thousands) As of December 31, 2018 For the year ended December 31, 2019 $ 1,547,162 2020 1,510,097 2021 1,465,024 2022 1,407,615 2023 1,269,141 Thereafter 5,832,467 The components of lease revenues for the three and nine months ended September 30, 2019 were as follows: (Amounts in thousands) For the Three Months Ended September 30, 2019 For the Nine Months Ended September 30, 2019 Fixed lease revenues $ 351,426 $ 1,159,037 Variable lease revenues 62,917 151,844 Lease revenues $ 414,343 $ 1,310,881 21 . Leases - continued As lessee We have a number of ground leases which are classified as operating leases. On January 1, 2019, we recorded $526,866,000 of ROU assets and lease liabilities. Our ROU assets were reduced by $37,269,000 of accrued rent expense reclassified from “other liabilities” and $4,267,000 of acquired above-market lease liabilities, net, reclassified from “deferred revenue” and increased by $23,665,000 of acquired below-market lease assets, net, reclassified from “identified intangible assets, net of accumulated amortization” and $1,584,000 of prepaid lease payments reclassified from "other assets." As of September 30, 2019 , our ROU assets and lease liabilities were $370,604,000 and $490,978,000 , respectively. The discount rate applied to measure each ROU asset and lease liability is based on our incremental borrowing rate ("IBR"). We consider the general economic environment and our credit rating and factor in various financing and asset specific adjustments to ensure the IBR is appropriate to the intended use of the underlying lease. As we did not elect to apply hindsight, lease term assumptions determined under ASC 840 were carried forward and applied in calculating the lease liabilities recorded under ASC 842. Certain of our ground leases offer renewal options which we assess against relevant economic factors to determine whether we are reasonably certain of exercising or not exercising the option. Lease payments associated with renewal periods that we are reasonably certain will be exercised are included in the measurement of the corresponding lease liability and ROU asset. The following table sets forth information related to the measurement of our lease liabilities as of September 30, 2019 : (Amounts in thousands) As of September 30, 2019 Weighted average remaining lease term (in years) 40.89 Weighted average discount rate 4.85 % Cash paid for operating leases $ 20,289 We recognize rent expense as a component of "operating" expenses on our consolidated statements of income. Rent expense is comprised of fixed and variable lease payments. Variable lease payments include percentage rent and rent resets based on an index or rate. The following table sets forth the details of rent expense for the three and nine months ended September 30, 2019 : (Amounts in thousands) For the Three Months Ended September 30, 2019 For the Nine Months Ended September 30, 2019 Fixed rent expense $ 7,237 $ 26,552 Variable rent expense 472 1,626 Rent expense $ 7,709 $ 28,178 As of September 30, 2019 , future lease payments under operating ground leases were as follows: (Amounts in thousands) As of September 30, 2019 For the remainder of 2019 $ 6,431 For the year ended December 31, 2020 28,739 2021 29,133 2022 30,033 2023 30,448 2024 30,882 Thereafter 1,046,349 Total undiscounted cash flows 1,202,015 Present value discount (711,037 ) Lease liabilities $ 490,978 21 . Leases - continued As lessee - continued As of December 31, 2018, under ASC 840, future lease payments under operating ground leases were as follows: (Amounts in thousands) As of December 31, 2018 For the year ended December 31, 2019 $ 46,147 2020 45,258 2021 42,600 2022 43,840 2023 44,747 Thereafter 1,612,627 Certain of our ground leases are subject to fair market rent resets based on a percentage of the appraised value of the underlying assets at specified future dates. Fair market rent resets do not give rise to remeasurement of the related right-of-use assets and lease liabilities. Fair market rent resets, which may be material, will be recognized in the periods in which they are incurred. Farley Office and Retail Building The future lease payments detailed previously exclude the ground and building lease at the Farley Office and Retail Building (the "Project"). We have a 95.0% ownership interest in a joint venture with the Related Companies ("Related") which was designated by Empire State Development ("ESD"), an entity of New York State, to develop the Project. The Project will include a new Moynihan Train Hall and approximately 845,000 rentable square feet of commercial space, comprised of approximately 725,000 square feet of office space and approximately 120,000 square feet of retail space. The joint venture has a 99 -year triple-net lease with ESD for the commercial space at the Project. The lease has not yet commenced since construction of the Project is ongoing. The joint venture has entered into a development agreement with ESD to build the adjacent Moynihan Train Hall, with Vornado and Related each guaranteeing the joint venture's obligations. The joint venture has entered into a design-build contract with Skanska Moynihan Train Hall Builders pursuant to which they will build the Moynihan Train Hall, thereby fulfilling all of the joint venture's obligations to ESD. The obligations of Skanska Moynihan Train Hall Builders have been bonded by Skanska USA and bear a full guaranty from Skanska AB. As a result of our involvement in the construction of the asset, we have been deemed the accounting owner of the property in accordance with ASC 842-40-55. Future undiscounted cash flows for the lease, including fixed payments in lieu of real estate taxes, as of September 30, 2019 were as follows: (Amounts in thousands) As of September 30, 2019 For the remainder of 2019 $ — For the year ended December 31, 2020 10,402 2021 7,229 2022 7,444 2023 7,809 2024 8,330 Thereafter 519,048 |
Leases | Leases As lessor We lease space to tenants under operating leases. Most of the leases provide for the payment of fixed base rent payable monthly in advance. Office building leases generally require tenants to reimburse us for operating costs and real estate taxes above their base year costs. Certain leases provide for pass-through to tenants for their share of real estate taxes, insurance and common area maintenance. Certain leases also require additional variable rent payments based on a percentage of the tenants’ sales. None of our tenants accounted for more than 10% of total revenues for the three and nine months ended September 30, 2019 and 2018 . We have elected to account for lease revenues (including base and variable rent) and the reimbursement of common area maintenance expenses as a single lease component recorded as "rental revenues" on our consolidated statements of income. As of September 30, 2019 , under ASC 842, future undiscounted cash flows under non-cancelable operating leases were as follows: (Amounts in thousands) As of September 30, 2019 For the remainder of 2019 $ 327,246 For the year ended December 31, 2020 1,263,818 2021 1,241,049 2022 1,174,436 2023 1,060,495 2024 885,891 Thereafter 4,336,649 As of December 31, 2018, under ASC 840, future undiscounted cash flows under non-cancelable operating leases were as follows: (Amounts in thousands) As of December 31, 2018 For the year ended December 31, 2019 $ 1,547,162 2020 1,510,097 2021 1,465,024 2022 1,407,615 2023 1,269,141 Thereafter 5,832,467 The components of lease revenues for the three and nine months ended September 30, 2019 were as follows: (Amounts in thousands) For the Three Months Ended September 30, 2019 For the Nine Months Ended September 30, 2019 Fixed lease revenues $ 351,426 $ 1,159,037 Variable lease revenues 62,917 151,844 Lease revenues $ 414,343 $ 1,310,881 21 . Leases - continued As lessee We have a number of ground leases which are classified as operating leases. On January 1, 2019, we recorded $526,866,000 of ROU assets and lease liabilities. Our ROU assets were reduced by $37,269,000 of accrued rent expense reclassified from “other liabilities” and $4,267,000 of acquired above-market lease liabilities, net, reclassified from “deferred revenue” and increased by $23,665,000 of acquired below-market lease assets, net, reclassified from “identified intangible assets, net of accumulated amortization” and $1,584,000 of prepaid lease payments reclassified from "other assets." As of September 30, 2019 , our ROU assets and lease liabilities were $370,604,000 and $490,978,000 , respectively. The discount rate applied to measure each ROU asset and lease liability is based on our incremental borrowing rate ("IBR"). We consider the general economic environment and our credit rating and factor in various financing and asset specific adjustments to ensure the IBR is appropriate to the intended use of the underlying lease. As we did not elect to apply hindsight, lease term assumptions determined under ASC 840 were carried forward and applied in calculating the lease liabilities recorded under ASC 842. Certain of our ground leases offer renewal options which we assess against relevant economic factors to determine whether we are reasonably certain of exercising or not exercising the option. Lease payments associated with renewal periods that we are reasonably certain will be exercised are included in the measurement of the corresponding lease liability and ROU asset. The following table sets forth information related to the measurement of our lease liabilities as of September 30, 2019 : (Amounts in thousands) As of September 30, 2019 Weighted average remaining lease term (in years) 40.89 Weighted average discount rate 4.85 % Cash paid for operating leases $ 20,289 We recognize rent expense as a component of "operating" expenses on our consolidated statements of income. Rent expense is comprised of fixed and variable lease payments. Variable lease payments include percentage rent and rent resets based on an index or rate. The following table sets forth the details of rent expense for the three and nine months ended September 30, 2019 : (Amounts in thousands) For the Three Months Ended September 30, 2019 For the Nine Months Ended September 30, 2019 Fixed rent expense $ 7,237 $ 26,552 Variable rent expense 472 1,626 Rent expense $ 7,709 $ 28,178 As of September 30, 2019 , future lease payments under operating ground leases were as follows: (Amounts in thousands) As of September 30, 2019 For the remainder of 2019 $ 6,431 For the year ended December 31, 2020 28,739 2021 29,133 2022 30,033 2023 30,448 2024 30,882 Thereafter 1,046,349 Total undiscounted cash flows 1,202,015 Present value discount (711,037 ) Lease liabilities $ 490,978 21 . Leases - continued As lessee - continued As of December 31, 2018, under ASC 840, future lease payments under operating ground leases were as follows: (Amounts in thousands) As of December 31, 2018 For the year ended December 31, 2019 $ 46,147 2020 45,258 2021 42,600 2022 43,840 2023 44,747 Thereafter 1,612,627 Certain of our ground leases are subject to fair market rent resets based on a percentage of the appraised value of the underlying assets at specified future dates. Fair market rent resets do not give rise to remeasurement of the related right-of-use assets and lease liabilities. Fair market rent resets, which may be material, will be recognized in the periods in which they are incurred. Farley Office and Retail Building The future lease payments detailed previously exclude the ground and building lease at the Farley Office and Retail Building (the "Project"). We have a 95.0% ownership interest in a joint venture with the Related Companies ("Related") which was designated by Empire State Development ("ESD"), an entity of New York State, to develop the Project. The Project will include a new Moynihan Train Hall and approximately 845,000 rentable square feet of commercial space, comprised of approximately 725,000 square feet of office space and approximately 120,000 square feet of retail space. The joint venture has a 99 -year triple-net lease with ESD for the commercial space at the Project. The lease has not yet commenced since construction of the Project is ongoing. The joint venture has entered into a development agreement with ESD to build the adjacent Moynihan Train Hall, with Vornado and Related each guaranteeing the joint venture's obligations. The joint venture has entered into a design-build contract with Skanska Moynihan Train Hall Builders pursuant to which they will build the Moynihan Train Hall, thereby fulfilling all of the joint venture's obligations to ESD. The obligations of Skanska Moynihan Train Hall Builders have been bonded by Skanska USA and bear a full guaranty from Skanska AB. As a result of our involvement in the construction of the asset, we have been deemed the accounting owner of the property in accordance with ASC 842-40-55. Future undiscounted cash flows for the lease, including fixed payments in lieu of real estate taxes, as of September 30, 2019 were as follows: (Amounts in thousands) As of September 30, 2019 For the remainder of 2019 $ — For the year ended December 31, 2020 10,402 2021 7,229 2022 7,444 2023 7,809 2024 8,330 Thereafter 519,048 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Insurance For our properties except the Farley Office and Retail Building, we maintain general liability insurance with limits of $300,000,000 per occurrence and per property, and all risk property and rental value insurance with limits of $2.0 billion per occurrence, with sub-limits for certain perils such as flood and earthquake. Our California properties have earthquake insurance with coverage of $350,000,000 per occurrence and in the aggregate, subject to a deductible in the amount of 5% of the value of the affected property. We maintain coverage for certified terrorism acts with limits of $4.0 billion per occurrence and in the aggregate (as limited below), $760,000,000 for non-certified acts of terrorism, and $2.0 billion per occurrence and in the aggregate for terrorism involving nuclear, biological, chemical and radiological (“NBCR”) terrorism events, as defined by the Terrorism Risk Insurance Program Reauthorization Act of 2015, which expires in December 2020. Penn Plaza Insurance Company, LLC (“PPIC”), our wholly owned consolidated subsidiary, acts as a re-insurer with respect to a portion of all risk property and rental value insurance and a portion of our earthquake insurance coverage, and as a direct insurer for coverage for acts of terrorism including NBCR acts. Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third-party insurance companies and the Federal government with no exposure to PPIC. For NBCR acts, PPIC is responsible for a deductible of $1,456,071 and 19% of the balance of a covered loss and the Federal government is responsible for the remaining portion of a covered loss. We are ultimately responsible for any loss incurred by PPIC. For the Farley Office and Retail Building, we maintain general liability insurance with limits of $100,000,000 per occurrence, and builder’s risk insurance including coverage for existing property and development activities of $2.8 billion per occurrence and in the aggregate. We maintain coverage for certified and non-certified terrorism acts with limits of $1.0 billion per occurrence and in the aggregate. We continue to monitor the state of the insurance market and the scope and cost of coverage for acts of terrorism. However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future. We are responsible for deductibles and losses in excess of our insurance coverage, which could be material . Our debt instruments, consisting of mortgage loans secured by our properties, senior unsecured notes and revolving credit agreements, contain customary covenants requiring us to maintain insurance. Although we believe that we have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at a reasonable cost in the future. Further, if lenders insist on greater coverage than we are able to obtain, it could adversely affect our ability to finance or refinance our properties and expand our portfolio. 22 . Commitments and Contingencies - continued Other Commitments and Contingencies We are from time to time involved in legal actions arising in the ordinary course of business. In our opinion, after consultation with legal counsel, the outcome of such matters is not currently expected to have a material adverse effect on our financial position, results of operations or cash flows. Each of our properties has been subjected to varying degrees of environmental assessment at various times. The environmental assessments did not reveal any material environmental contamination. However, there can be no assurance that the identification of new areas of contamination, changes in the extent or known scope of contamination, the discovery of additional sites or changes in cleanup requirements would not result in significant cost to us. Our mortgage loans are non-recourse to us, except for the mortgage loans secured by 640 Fifth Avenue, 7 West 34th Street and 435 Seventh Avenue, which we guaranteed and therefore are part of our tax basis. In certain cases, we have provided guarantees or master leased tenant space. These guarantees and master leases terminate either upon the satisfaction of specified circumstances or repayment of the underlying loans. As of September 30, 2019 , the aggregate dollar amount of these guarantees and master leases is approximately $978,000,000 . As of September 30, 2019 , $15,880,000 of letters of credit was outstanding under one of our unsecured revolving credit facilities. Our unsecured revolving credit facilities contain financial covenants that require us to maintain minimum interest rate coverage and maximum debt to market capitalization ratios and provide for higher interest rates in the event of a decline in our ratings below Baa3/BBB. Our unsecured revolving credit facilities contain customary conditions precedent to borrowing, including representations and warranties, and also contain customary events of default that could give rise to accelerated repayment, including such items as failure to pay interest or principal. The joint venture in which we own a 95.0% ownership interest was designated by ESD, an entity of New York State, to develop the Farley Office and Retail Building. The joint venture entered into a development agreement with ESD and a design-build contract with Skanska Moynihan Train Hall Builders. Under the development agreement with ESD, the joint venture is obligated to build the Moynihan Train Hall, with Vornado and Related each guaranteeing the joint venture’s obligations. Under the design-build agreement, Skanska Moynihan Train Hall Builders is obligated to fulfill all of the joint venture’s obligations. The obligations of Skanska Moynihan Train Hall Builders have been bonded by Skanska USA and bear a full guaranty from Skanska AB. As of September 30, 2019 , we expect to fund additional capital to certain of our partially owned entities aggregating approximately $15,400,000 . As of September 30, 2019 , we have construction commitments aggregating approximately $746,000,000 . |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We operate in the following reportable segments, New York and Other, which is based on how we manage our business. Net Operating Income (“NOI”) represents total revenues less operating expenses. We consider NOI to be the primary non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on NOI, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. NOI should not be considered a substitute for net income. NOI may not be comparable to similarly titled measures employed by other companies. Below is a summary of NOI at share and NOI at share - cash basis by segment for the three and nine months ended September 30, 2019 and 2018 . (Amounts in thousands) For the Three Months Ended September 30, 2019 Total New York Other Total revenues $ 465,961 $ 380,568 $ 85,393 Operating expenses 226,359 188,159 38,200 NOI - consolidated 239,602 192,409 47,193 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (18,096 ) (9,574 ) (8,522 ) Add: NOI from partially owned entities 86,024 82,649 3,375 NOI at share 307,530 265,484 42,046 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (4,037 ) (5,560 ) 1,523 NOI at share - cash basis $ 303,493 $ 259,924 $ 43,569 (Amounts in thousands) For the Three Months Ended September 30, 2018 Total New York Other Total revenues $ 542,048 $ 462,446 $ 79,602 Operating expenses 235,575 200,949 34,626 NOI - consolidated 306,473 261,497 44,976 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (16,943 ) (11,348 ) (5,595 ) Add: NOI from partially owned entities 60,094 47,179 12,915 NOI at share 349,624 297,328 52,296 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (8,743 ) (9,125 ) 382 NOI at share - cash basis $ 340,881 $ 288,203 $ 52,678 (Amounts in thousands) For the Nine Months Ended September 30, 2019 Total New York Other Total revenues $ 1,463,732 $ 1,200,234 $ 263,498 Operating expenses 694,006 574,073 119,933 NOI - consolidated 769,726 626,161 143,565 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (51,915 ) (31,011 ) (20,904 ) Add: NOI from partially owned entities 236,400 211,394 25,006 NOI at share 954,211 806,544 147,667 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other 530 (3,741 ) 4,271 NOI at share - cash basis $ 954,741 $ 802,803 $ 151,938 (Amounts in thousands) For the Nine Months Ended September 30, 2018 Total New York Other Total revenues $ 1,620,303 $ 1,369,482 $ 250,821 Operating expenses 709,158 599,768 109,390 NOI - consolidated 911,145 769,714 141,431 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (51,415 ) (34,653 ) (16,762 ) Add: NOI from partially owned entities 193,359 146,730 46,629 NOI at share 1,053,089 881,791 171,298 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (39,172 ) (39,161 ) (11 ) NOI at share - cash basis $ 1,013,917 $ 842,630 $ 171,287 23 . Segment Information - continued Below is a reconciliation of net income, the most directly comparable GAAP financial measure, to NOI at share and NOI at share - cash basis for the three and nine months ended September 30, 2019 and 2018 . (Amounts in thousands) For the Three Months Ended For the Nine Months Ended 2019 2018 2019 2018 Net income $ 363,849 $ 219,162 $ 3,173,586 $ 324,782 Depreciation and amortization expense 96,437 113,169 326,181 333,701 General and administrative expense 33,237 31,977 130,129 108,937 Transaction related costs, impairment losses and other 1,576 2,510 103,315 16,683 Income from partially owned entities (25,946 ) (7,206 ) (56,139 ) (6,059 ) (Income) loss from real estate fund investments (2,190 ) 190 13,780 37,973 Interest and other investment income, net (3,045 ) (2,893 ) (15,930 ) (9,401 ) Interest and debt expense 61,448 88,951 226,940 264,774 Net gain on transfer to Fifth Avenue and Times Square JV — — (2,571,099 ) — Net gains on disposition of wholly owned and partially owned assets (309,657 ) (141,269 ) (641,664 ) (164,828 ) Income tax expense 23,885 1,943 80,542 4,964 Loss (income) from discontinued operations 8 (61 ) 85 (381 ) NOI from partially owned entities 86,024 60,094 236,400 193,359 NOI attributable to noncontrolling interests in consolidated subsidiaries (18,096 ) (16,943 ) (51,915 ) (51,415 ) NOI at share 307,530 349,624 954,211 1,053,089 Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (4,037 ) (8,743 ) 530 (39,172 ) NOI at share - cash basis $ 303,493 $ 340,881 $ 954,741 $ 1,013,917 |
Recently Issued Accounting Li_2
Recently Issued Accounting Literature (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Basis of Presentation | The accompanying consolidated financial statements are unaudited and include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All inter-company amounts have been eliminated and all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018 , as filed with the SEC. We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of the operating results for the full year. Certain prior year balances have been reclassified in order to conform to the current period presentation. For the three and nine months ended September 30, 2018, "property rentals" of $437,560,000 and $1,322,265,000 , respectively, and "tenant expense reimbursements" of $66,387,000 and $185,009,000 , respectively, were grouped into "rental revenues" on our consolidated statements of income in accordance with Accounting Standards Codification ("ASC") Topic 205, Presentation of Financial Statements. |
Recently Issued Accounting Literature | In February 2016, the Financial Accounting Standards Board ("FASB") issued an update (“ASU 2016-02”) establishing ASC Topic 842, Leases ("ASC 842"), as amended by subsequent ASUs on the topic, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. ASU 2016-02 requires lessees to apply a two-method approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase. Lessees are required to record a right-of-use ("ROU") asset and a lease liability for all leases with a term of greater than 12 months. Lease liabilities equal the present value of future lease payments. Right-of-use assets equal the lease liabilities adjusted for accrued rent expense, initial direct costs, lease incentives and prepaid lease payments. Leases with a term of 12 months or less will be accounted for similar to the previously existing lease guidance under ASC Topic 840, Leases ("ASC 840"). Lease expense is recognized based on the effective interest method for finance leases or on a straight-line basis for operating leases. The accounting applied by the lessor is largely unchanged from that applied under ASC 840. We adopted this standard effective January 1, 2019. We have completed our evaluation of the overall impact of the adoption of ASU 2016-02 on our consolidated financial statements and accounting policies. In transitioning to ASC 842, we elected to use the practical expedient package available to us and did not elect to use hindsight. As of January 1, 2019, we had 12 ground leases classified as operating leases, for which we were required to record a right-of-use asset and a lease liability equal to the present value of the future lease payments. We will continue to recognize expense on a straight-line basis for these leases. We recorded an aggregate of $526,866,000 of ROU assets and a corresponding $526,866,000 of lease liabilities as a result of the adoption of this standard (see Note 21 - Leases ). 3 . Recently Issued Accounting Literature - continued Under ASU 2016-02, initial direct costs for both lessees and lessors would include only those costs that are incremental to the arrangement and would not have been incurred if the lease had not been obtained. As a result, beginning January 1, 2019, we no longer capitalize internal leasing costs and instead expense these costs as incurred, as a component of "general and administrative" expense on our consolidated statements of income. For the three and nine months ended September 30, 2018, we capitalized $1,444,000 and $3,883,000 , respectively, of internal leasing costs. In addition, we have made changes to our provision policy for lease receivables. Under ASC 842, we must assess on an individual lease basis whether it is probable that we will collect the future lease payments. We consider the tenant's payment history and current credit status when assessing collectability. When collectability is not deemed probable we write-off the tenant's receivables, including straight-line rent receivable, and limit lease income to cash received. Changes to the collectability of our operating leases are recorded as adjustments to "rental revenues" on our consolidated statements of income, which resulted in a decrease in income of $1,106,000 and $16,488,000 for the three and nine months ended September 30, 2019, respectively. In February 2016, the FASB issued an update (“ASU 2016-13”) Measurement of Credit Losses on Financial Instruments establishing ASC Topic 326, Financial Instruments - Credit Losses , as amended by subsequent ASUs on the topic. ASU 2016-13 changes how entities will account for credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance replaces the current “incurred loss” model with an “expected loss” model that requires consideration of a broader range of information to estimate expected credit losses over the lifetime of the financial asset. ASU 2016-13 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2019. We are currently evaluating the impact of the adoption of ASU 2016-13 on our consolidated financial statements, but do not believe the adoption of this standard will have a material impact on our consolidated financial statements. In August 2018, the FASB issued an update (“ASU 2018-13”) Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement to ASC Topic 820, Fair Value Measurement (“ASC 820”). ASU 2018-13 modifies the disclosure requirements for fair value measurements by removing, modifying, and/or adding certain disclosures. ASU 2018-13 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2019. We elected to early adopt ASU 2018-13 effective January 1, 2019. The adoption of this update did not have a material impact on our consolidated financial statements and disclosures. In October 2018, the FASB issued an update ("ASU 2018-16") Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes to ASC Topic 815, Derivatives and Hedging . ASU 2018-16 expands the list of U.S. benchmark interest rates permitted in the application of hedge accounting by adding the OIS rate based on SOFR as an eligible benchmark interest rate. ASU 2018-16 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2018. We adopted this update effective January 1, 2019. The adoption of this update did not have an impact on our consolidated financial statements. |
Revenue | Our revenues primarily consist of rental revenues and fee and other income. We operate in two reportable segments: New York and Other, with a significant portion of our revenues included in the New York segment. We have the following revenue sources and revenue recognition policies: • Rental revenues include revenues from the leasing of space at our properties to tenants, lease termination income, revenues from the Hotel Pennsylvania, trade shows and tenant services. ◦ Revenues from the leasing of space at our properties to tenants includes (i) lease components, including fixed and variable lease payments, and nonlease components which include reimbursement of common area maintenance expenses, and (ii) reimbursement of real estate taxes and insurance expenses. As lessor, we have elected to combine the lease and nonlease components of our operating lease agreements and account for the components as a single lease component in accordance with ASC 842. Lease revenues and reimbursement of common area maintenance, real estate taxes and insurance are presented on the following page as "property rentals." Revenues derived from fixed lease payments are recognized on a straight-line basis over the non-cancelable period of the lease, together with renewal options that are reasonably certain of being exercised. We commence rental revenue recognition when the underlying asset is available for use by the lessee. Revenue derived from the reimbursement of real estate taxes, insurance expenses and common area maintenance expenses are generally recognized in the same period as the related expenses are incurred. ◦ Lease termination income is recognized immediately if a tenant vacates or is recognized on a straight-line basis over the shortened remaining lease term in accordance with ASC 842. ◦ Hotel revenue arising from the operation of Hotel Pennsylvania consists of room revenue, food and beverage revenue, and banquet revenue. Room revenue is recognized when the rooms are made available for the guest, in accordance with ASC 842. ◦ Trade shows revenue arising from the operation of trade shows is primarily booth rentals. This revenue is recognized upon the occurrence of the trade shows when the trade show booths are made available for use by the exhibitors, in accordance with ASC 842. ◦ Tenant services revenue arises from sub-metered electric, elevator, trash removal and other services provided to tenants at their request. This revenue is recognized as the services are transferred in accordance with ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"). • Fee and other income includes management, leasing and other revenue arising from contractual agreements with third parties or with partially owned entities and includes Building Maintenance Service (“BMS”) cleaning, engineering and security services. This revenue is recognized as the services are transferred in accordance with ASC 606. |
Real Estate Fund Investments | The Fund is accounted for under ASC Topic 946, Financial Services – Investment Companies (“ASC 946”) and its investments are reported on its balance sheet at fair value, with changes in value each period recognized in earnings. We consolidate the accounts of the Fund into our consolidated financial statements, retaining the fair value basis of accounting. We are also the general partner and investment manager of the Crowne Plaza Times Square Hotel Joint Venture (the “Crowne Plaza Joint Venture”) and own a 57.1% interest in the joint venture which owns the 24.7% interest in the Crowne Plaza Times Square Hotel not owned by the Fund. The Crowne Plaza Joint Venture is also accounted for under ASC 946 and we consolidate the accounts of the joint venture into our consolidated financial statements, retaining the fair value basis of accounting. |
Redeemable Noncontrolling Interests | Redeemable noncontrolling interests on Vornado’s consolidated balance sheets and redeemable partnership units on the consolidated balance sheets of the Operating Partnership are primarily comprised of Class A Operating Partnership units held by third parties and are recorded at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership. Redeemable noncontrolling interests/redeemable partnership units exclude our Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units, as they are accounted for as liabilities in accordance with ASC Topic 480, Distinguishing Liabilities and Equity |
Fair Value Measurement | ASC 820 defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities. Accordingly, our fair value estimates, which are made at the end of each reporting period, may be different than the amounts that may ultimately be realized upon sale or disposition of these assets. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Revenue Sources by Segment | Below is a summary of our revenues by segment. Additional financial information related to these reportable segments for the three and nine months ended September 30, 2019 and 2018 is set forth in Note 23 - Segment Information . (Amounts in thousands) For the Three Months Ended September 30, 2019 For the Three Months Ended September 30, 2018 Total New York Other Total New York Other Property rentals $ 381,740 $ 308,933 $ 72,807 $ 453,789 $ 387,300 $ 66,489 Hotel Pennsylvania 24,499 24,499 — 26,088 26,088 — Trade shows 8,104 — 8,104 8,443 — 8,443 Lease revenues 414,343 333,432 80,911 488,320 413,388 74,932 Tenant services 13,295 9,342 3,953 15,627 11,696 3,931 Rental revenues 427,638 342,774 84,864 503,947 425,084 78,863 BMS cleaning fees 30,677 32,787 (2,110 ) (1) 28,873 31,328 (2,455 ) (1) Management and leasing fees 3,326 3,746 (420 ) 4,734 4,439 295 Other income 4,320 1,261 3,059 4,494 1,595 2,899 Fee and other income 38,323 37,794 529 38,101 37,362 739 Total revenues $ 465,961 $ 380,568 $ 85,393 $ 542,048 $ 462,446 $ 79,602 ____________________ (1) Represents the elimination of theMART and 555 California Street BMS cleaning fees which are included as income in the New York segment. (Amounts in thousands) For the Nine Months Ended September 30, 2019 For the Nine Months Ended September 30, 2018 Total New York Other Total New York Other Property rentals $ 1,211,641 $ 995,661 $ 215,980 $ 1,358,932 $ 1,160,140 $ 198,792 Hotel Pennsylvania 62,633 62,633 — 67,842 67,842 — Trade shows 36,607 — 36,607 38,903 — 38,903 Lease revenues 1,310,881 1,058,294 252,587 1,465,677 1,227,982 237,695 Tenant services 37,933 27,904 10,029 41,597 31,854 9,743 Rental revenues 1,348,814 1,086,198 262,616 1,507,274 1,259,836 247,438 BMS cleaning fees 93,032 99,488 (6,456 ) (1) 88,095 94,888 (6,793 ) (1) Management and leasing fees 10,063 10,469 (406 ) 10,205 9,384 821 Other income 11,823 4,079 7,744 14,729 5,374 9,355 Fee and other income 114,918 114,036 882 113,029 109,646 3,383 Total revenues $ 1,463,732 $ 1,200,234 $ 263,498 $ 1,620,303 $ 1,369,482 $ 250,821 ____________________ (1) Represents the elimination of theMART and 555 California Street BMS cleaning fees which are included as income in the New York segment. |
Real Estate Fund Investments (T
Real Estate Fund Investments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Real Estate Fund Investments [Abstract] | |
Schedule Of Income And Loss From The Fund | Below is a summary of income (loss) from the Fund and the Crowne Plaza Joint Venture for the three and nine months ended September 30, 2019 and 2018 . (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Net investment income $ 2,190 $ 3,093 $ 2,382 $ 6,366 Net unrealized loss on held investments — (3,283 ) (16,162 ) (32,796 ) Net realized loss on exited investments — — — (913 ) New York City real property transfer tax (the "Transfer Tax") — — — (10,630 ) (1) Income (loss) from real estate fund investments 2,190 (190 ) (13,780 ) (37,973 ) Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries (735 ) (558 ) (8,427 ) 34,338 Income (loss) from real estate fund investments attributable to the Operating Partnership 1,455 (748 ) (22,207 ) (3,635 ) Less (income) loss attributable to noncontrolling interests in the Operating Partnership (95 ) 46 1,403 224 Income (loss) from real estate fund investments attributable to Vornado $ 1,360 $ (702 ) $ (20,804 ) $ (3,411 ) ____________________ (1) |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Marketable Securities [Abstract] | |
Unrealized Gain (Loss) on Investments | The table below summarizes the changes to our marketable securities portfolio for the nine months ended September 30, 2019 . (Amounts in thousands) For the Nine Months Ended September 30, 2019 Total Lexington Realty Trust PREIT Other Beginning balance, December 31, 2018 $ 152,198 $ 151,630 $ — $ 568 Sale of marketable securities (168,314 ) (167,698 ) — (616 ) Transfer of PREIT investment balance at Conversion Date 54,962 — 54,962 — (Decrease) increase in fair value of marketable securities (1) (3,095 ) 16,068 (19,211 ) 48 Ending balance, September 30, 2019 $ 35,751 $ — $ 35,751 $ — ____________________ (1) Included in “interest and other investment income, net” on our consolidated statements of income (see Note 18 - Interest and Other Investment Income, Net ). |
Investments in Partially Owne_2
Investments in Partially Owned Entities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Below is a schedule summarizing our investments in partially owned entities. (Amounts in thousands) Percentage Ownership at Balance as of September 30, 2019 December 31, 2018 Investments: Fifth Avenue and Times Square JV (see page 30 for details) 51.5% $ 3,308,363 $ — Partially owned office buildings/land (1) Various 467,787 499,005 Alexander’s 32.4% 101,228 107,983 PREIT (2) N/A — 59,491 UE (3) N/A — 45,344 Other investments (4) Various 146,442 146,290 $ 4,023,820 $ 858,113 Investments in partially owned entities included in other liabilities (5) : 330 Madison Avenue (6) N/A $ — $ (58,117 ) 7 West 34th Street 53.0% (52,222 ) (51,579 ) 85 Tenth Avenue 49.9% (5,814 ) — $ (58,036 ) $ (109,696 ) ____________________ (1) Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 512 West 22nd Street, 61 Ninth Avenue and others. (2) On March 12, 2019, we converted all of our PREIT operating partnership units into common shares and began accounting for our investment as a marketable security in accordance with ASC 321 (see Note 6 - Marketable Securities ). (3) Sold on March 4, 2019 (see page 31 for details). (4) Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street and others. (5) Our negative basis results from distributions in excess of our investment. (6) Sold on July 11, 2019 (see page 31 for details). 7 . Investments in Partially Owned Entities - continued Below is a schedule of income from partially owned entities. (Amounts in thousands) Percentage For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Our share of net income (loss): Fifth Avenue and Times Square JV (see page 30 for details): Equity in net income 51.5% $ 9,891 $ — $ 21,108 $ — Return on preferred equity, net of our share of the expense 9,545 — 18,131 — 19,436 — 39,239 — Alexander's (see page 31 for details): Equity in net income (1) 32.4% 5,393 4,278 14,707 7,215 Management, leasing and development fees 1,299 1,149 3,478 3,378 6,692 5,427 18,185 10,593 Partially owned office buildings (2) Various (186 ) 735 (1,531 ) (1,546 ) Other investments (3) Various 4 1,044 246 (2,988 ) $ 25,946 $ 7,206 $ 56,139 $ 6,059 ____________________ (1) The nine months ended September 30, 2018 includes our $7,708 share of Alexander's disputed additional Transfer Tax related to the November 2012 sale of Kings Plaza Regional Shopping Center. Alexander's recorded this expense based on the precedent established by the Tax Tribunal's decision regarding One Park Avenue (see Note 5 - Real Estate Fund Investments ). (2) Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 7 West 34th Street, 330 Madison Avenue (sold on July 11, 2019), 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others. The nine months ended September 30, 2019 includes a $1,079 reduction in income from the non-cash write-off of straight-line rent receivable related to The Four Seasons Restaurant at 280 Park Avenue. The nine months ended September 30, 2018 includes our $4,978 share of disputed additional Transfer Tax related to the March 2011 acquisition of One Park Avenue (see Note 5 - Real Estate Fund Investments ). (3) Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street, 666 Fifth Avenue Office Condominium (sold on August 3, 2018), UE (sold on March 4, 2019), PREIT (accounted as a marketable security from March 12, 2019) and others. |
Identified Intangible Assets _2
Identified Intangible Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Finite-Lived Intangible Assets and Liabilities | |
Schedule of Identified Intangible Assets and Intangible Liabilities | The following summarizes our identified intangible assets (primarily above-market leases) and liabilities (primarily acquired below-market leases) as of September 30, 2019 and December 31, 2018 . (Amounts in thousands) Balance as of September 30, 2019 December 31, 2018 Identified intangible assets: Gross amount $ 130,396 $ 308,895 Accumulated amortization (99,623 ) (172,114 ) Total, net $ 30,773 $ 136,781 Identified intangible liabilities (included in deferred revenue): Gross amount $ 321,838 $ 503,373 Accumulated amortization (265,388 ) (341,779 ) Total, net $ 56,450 $ 161,594 |
Below Market Leases Net Of Above Market Leases | |
Finite-Lived Intangible Assets and Liabilities | |
Schedule of future amortization expense of intangible assets | Estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding years commencing January 1, 2020 is as follows: (Amounts in thousands) 2020 $ 16,643 2021 11,934 2022 8,792 2023 6,261 2024 2,518 |
Other Identified Intangible Assets | |
Finite-Lived Intangible Assets and Liabilities | |
Schedule of future amortization expense of intangible assets | Estimated annual amortization of all other identified intangible assets including acquired in-place leases for each of the five succeeding years commencing January 1, 2020 is as follows: (Amounts in thousands) 2020 $ 6,300 2021 4,763 2022 3,050 2023 2,964 2024 2,351 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following is a summary of our debt: (Amounts in thousands) Weighted Average Interest Rate at Balance as of September 30, 2019 December 31, 2018 Mortgages Payable: Fixed rate 3.52% $ 4,605,475 $ 5,003,465 Variable rate 3.65% 1,068,196 3,212,382 Total 3.55% 5,673,671 8,215,847 Deferred financing costs, net and other (32,776 ) (48,049 ) Total, net $ 5,640,895 $ 8,167,798 Unsecured Debt: Senior unsecured notes 3.50% $ 450,000 $ 850,000 Deferred financing costs, net and other (4,332 ) (5,998 ) Senior unsecured notes, net 445,668 844,002 Unsecured term loan 3.87% 750,000 750,000 Deferred financing costs, net and other (4,415 ) (5,179 ) Unsecured term loan, net 745,585 744,821 Unsecured revolving credit facilities 2.96% 655,000 80,000 Total, net $ 1,846,253 $ 1,668,823 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests/Redeemable Partnership Units (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Noncontrolling Interest [Abstract] | |
Summary Of Activity Of Redeemable Noncontrolling Interests | (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Beginning balance $ 862,062 $ 938,041 $ 783,562 $ 984,937 Net income 22,637 12,671 197,354 18,992 Other comprehensive (loss) income (650 ) 54 (3,732 ) 913 Distributions (8,852 ) (7,976 ) (25,788 ) (23,867 ) Redemption of Class A units for Vornado common shares, at redemption value (1,999 ) (1,843 ) (8,128 ) (14,089 ) Adjustments to carry redeemable Class A units at redemption value (24,228 ) (21,520 ) (123,635 ) (57,970 ) Other, net 5,363 5,155 34,700 15,666 Ending balance $ 854,333 $ 924,582 $ 854,333 $ 924,582 |
Shareholders' Equity_Partners_2
Shareholders' Equity/Partners' Capital (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Schedule of Dividends | The following table sets forth the details of our dividends/distributions per common share/Class A unit and dividends/distributions per share/unit for each class of preferred shares/units of beneficial interest for the three and nine months ended September 30, 2019 and 2018 . (Per share/unit) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Shares/Units: Common shares/Class A units held by Vornado: authorized 250,000,000 shares/units $ 0.66 $ 0.63 $ 1.98 $ 1.89 Convertible Preferred (1) : 6.5% Series A: authorized 83,977 shares/units (2) 0.8125 0.8125 2.4375 2.4375 Cumulative Redeemable Preferred (1) : 5.70% Series K: authorized 12,000,000 shares/units (3) 0.3563 0.3563 1.0689 1.0689 5.40% Series L: authorized 12,000,000 shares/units (3) 0.3375 0.3375 1.0125 1.0125 5.25% Series M: authorized 12,780,000 shares/units (3) 0.3281 0.3281 0.9843 0.9843 ____________________ (1) Dividends on preferred shares and distributions on preferred units are cumulative and are payable quarterly in arrears. (2) Redeemable at the option of Vornado under certain circumstances, at a redemption price of 1.9531 common shares/Class A units per Series A preferred share/unit plus accrued and unpaid dividends/distributions through the date of redemption, or convertible at any time at the option of the holder for 1.9531 common shares/ Class A units per Series A preferred share/unit. (3) Redeemable at Vornado's option at a redemption price of $25.00 per share/unit, plus accrued and unpaid dividends/distributions through the date of redemption. |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables set forth the changes in accumulated other comprehensive (loss) income by component. (Amounts in thousands) Total Marketable securities Pro rata share of nonconsolidated subsidiaries' OCI Interest rate swaps Other For the three months ended September 30, 2019: Balance, June 30, 2019 $ (38,066 ) $ — $ (18 ) $ (33,785 ) $ (4,263 ) Net current period other comprehensive (loss) income (9,293 ) — 11 (9,953 ) 649 Balance, September 30, 2019 $ (47,359 ) $ — $ (7 ) $ (43,738 ) $ (3,614 ) For the three months ended September 30, 2018: Balance, June 30, 2018 $ 33,351 $ — $ 2,834 $ 39,559 $ (9,042 ) Net current period other comprehensive income (loss) 822 — 253 623 (54 ) Balance, September 30, 2018 $ 34,173 $ — $ 3,087 $ 40,182 $ (9,096 ) For the nine months ended September 30, 2019: Balance, December 31, 2018 $ 7,664 $ — $ 3,253 $ 11,759 $ (7,348 ) Net current period other comprehensive (loss) income (52,712 ) — (949 ) (55,497 ) 3,734 Amount reclassified from AOCI (1) (2,311 ) — (2,311 ) — — Balance, September 30, 2019 $ (47,359 ) $ — $ (7 ) $ (43,738 ) $ (3,614 ) For the nine months ended September 30, 2018: Balance, December 31, 2017 $ 128,682 $ 109,554 $ 3,769 $ 23,542 $ (8,183 ) Cumulative effect of accounting change (108,374 ) (109,554 ) (1,671 ) 2,851 — Net current period other comprehensive income (loss) 13,865 — 989 13,789 (913 ) Balance, September 30, 2018 $ 34,173 $ — $ 3,087 $ 40,182 $ (9,096 ) ____________________ (1) Amount reclassified related to the conversion of our PREIT operating partnership units into common shares. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | |
Fair value, measurement inputs, disclosure | The tables below aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy as of September 30, 2019 and December 31, 2018 , respectively. (Amounts in thousands) As of September 30, 2019 Total Level 1 Level 2 Level 3 Marketable securities $ 35,751 $ 35,751 $ — $ — Real estate fund investments 306,596 — — 306,596 Deferred compensation plan assets ($18,079 included in restricted cash and $81,599 in other assets) 99,678 72,501 — 27,177 Interest rate swaps (included in other assets) 5,901 — 5,901 — Total assets $ 447,926 $ 108,252 $ 5,901 $ 333,773 Mandatorily redeemable instruments (included in other liabilities) $ 50,561 $ 50,561 $ — $ — Interest rate swaps (included in other liabilities) 49,539 — 49,539 — Total liabilities $ 100,100 $ 50,561 $ 49,539 $ — (Amounts in thousands) As of December 31, 2018 Total Level 1 Level 2 Level 3 Marketable securities $ 152,198 $ 152,198 $ — $ — Real estate fund investments 318,758 — — 318,758 Deferred compensation plan assets ($8,402 included in restricted cash and $88,122 in other assets) 96,524 58,716 — 37,808 Interest rate swaps (included in other assets) 27,033 — 27,033 — Total assets $ 594,513 $ 210,914 $ 27,033 $ 356,566 Mandatorily redeemable instruments (included in other liabilities) $ 50,561 $ 50,561 $ — $ — Interest rate swaps (included in other liabilities) 15,236 — 15,236 — Total liabilities $ 65,797 $ 50,561 $ 15,236 $ — |
Fair value measurements, nonrecurring | (Amounts in thousands) As of December 31, 2018 Total Level 1 Level 2 Level 3 Real estate assets $ 14,971 $ — $ — $ 14,971 |
Schedule of carrying amounts and fair values of financial instruments | The table below summarizes the carrying amounts and fair value of these financial instruments as of September 30, 2019 and December 31, 2018 . (Amounts in thousands) As of September 30, 2019 As of December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Cash equivalents $ 979,060 $ 979,000 $ 261,981 $ 262,000 Debt: Mortgages payable $ 5,673,671 $ 5,725,000 $ 8,215,847 $ 8,179,000 Senior unsecured notes 450,000 465,000 850,000 847,000 Unsecured term loan 750,000 750,000 750,000 750,000 Unsecured revolving credit facilities 655,000 655,000 80,000 80,000 Total $ 7,528,671 (1) $ 7,595,000 $ 9,895,847 (1) $ 9,856,000 ____________________ (1) Excludes $41,523 and $59,226 of deferred financing costs, net and other as of September 30, 2019 and December 31, 2018 , respectively. |
Real estate fund investments | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | |
Fair value inputs quantitative information | Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these real estate fund investments as of September 30, 2019 and December 31, 2018 . Range Weighted Average (based on fair value of investments) Unobservable Quantitative Input September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Discount rates 10.0% to 15.0% 10.0% to 15.0% 13.5% 13.4% Terminal capitalization rates 5.1% to 7.6% 5.4% to 7.7% 5.5% 5.7% |
Summary of changes in level 3 plan assets | The table below summarizes the changes in the fair value of real estate fund investments that are classified as Level 3, for the three and nine months ended September 30, 2019 and 2018 . (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Beginning balance $ 306,596 $ 373,039 $ 318,758 $ 354,804 Purchases/additional fundings — — 4,000 68,950 Net unrealized loss on held investments — (3,283 ) (16,162 ) (32,796 ) Dispositions — — — (20,291 ) Net realized loss on exited investments — — — (913 ) Other, net — 11 — 13 Ending balance $ 306,596 $ 369,767 $ 306,596 $ 369,767 |
Deferred Compensation Plan Assets | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | |
Changes in the fair value of deferred compensation plan assets | The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3, for the three and nine months ended September 30, 2019 and 2018 . (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Beginning balance $ 21,991 $ 39,870 $ 37,808 $ 40,128 Sales (652 ) (3,304 ) (20,807 ) (6,813 ) Purchases 5,437 1,576 8,314 3,209 Realized and unrealized gains 116 180 854 892 Other, net 285 466 1,008 1,372 Ending balance $ 27,177 $ 38,788 $ 27,177 $ 38,788 |
Transaction Related Costs, Im_2
Transaction Related Costs, Impairment Losses and Other (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Transaction Related Costs, Impairment Losses and Other [Abstract] | |
Schedule of Transaction Related Costs, Impairment Losses and Other | The following table sets forth the details of transaction related costs, impairment losses and other: (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Transaction related costs $ 1,576 $ 2,510 $ 1,955 $ 3,580 Non-cash impairment losses, substantially 608 Fifth Avenue (see below) — — 101,360 — Transfer tax (1) — — — 13,103 $ 1,576 $ 2,510 $ 103,315 $ 16,683 ____________________ (1) Disputed additional Transfer Tax recorded in the first quarter 2018 related to the December 2012 acquisition of Independence Plaza. The joint venture, in which we have a 50.1% economic interest, that owns Independence Plaza recorded this expense based on the precedent established by the Tax Tribunal's decision regarding One Park Avenue (see Note 5 - Real Estate Fund Investments ). |
Interest and Other Investment_2
Interest and Other Investment Income, Net (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Interest and Other Income [Abstract] | |
Schedule Of Interest And Other Investment Income, Net | The following table sets forth the details of interest and other investment income, net: (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 (Decrease) increase in fair value of marketable securities: PREIT (see page 29 for details) $ (4,875 ) $ — $ (19,211 ) $ — Lexington (see page 29 for details) — (7,942 ) 16,068 (24,934 ) Other 7 243 48 133 (4,868 ) (7,699 ) (3,095 ) (24,801 ) Interest on cash and cash equivalents and restricted cash 4,060 4,306 8,753 12,370 Interest on loans receivable (1) 1,604 2,004 4,845 8,952 Dividends on marketable securities 1,312 3,354 2,625 10,060 Other, net 937 928 2,802 2,820 $ 3,045 $ 2,893 $ 15,930 $ 9,401 ____________________ (1) The three and nine months ended September 30, 2018 include $1,250 and $6,707 , respectively, of profit participation in connection with an investment in a mezzanine loan which was previously repaid to us. |
Interest and Debt Expense (Tabl
Interest and Debt Expense (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Interest and Debt Expense [Abstract] | |
Interest And Debt Expense | The following table sets forth the details of interest and debt expense: (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Interest expense (1) $ 72,345 $ 98,841 $ 266,597 $ 290,006 Capitalized interest and debt expense (16,047 ) (18,238 ) (59,184 ) (49,718 ) Amortization of deferred financing costs 5,150 8,348 19,527 24,486 $ 61,448 $ 88,951 $ 226,940 $ 264,774 ____________________ (1) The nine months ended September 30, 2019 includes $22,540 debt prepayment costs in connection with the redemption of $400,000 5.00% senior unsecured notes which were scheduled to mature in January 2022. |
Income Per Share_Income Per C_2
Income Per Share/Income Per Class A Unit (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings per share | |
Schedule Of Earnings Per Share Basic And Diluted | Vornado Realty Trust The following table presents the calculations of (i) basic income per common share which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares and (ii) diluted income per common share which includes the weighted average common shares and dilutive share equivalents. Unvested share-based payment awards that contain non-forfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. Earnings are allocated to participating securities, which include restricted stock awards, based on the two-class method. Other potential dilutive share equivalents such as our employee stock options, OP Units, OPPs, AO LTIP Units and Performance Conditioned AO LTIP Units are included in the computation of diluted Earnings Per Share ("EPS") using the treasury stock method, while the dilutive effect of our Series A convertible preferred shares is reflected in diluted EPS by application of the if-converted method. (Amounts in thousands, except per share amounts) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Numerator: Income from continuing operations, net of income attributable to noncontrolling interests $ 335,445 $ 203,122 $ 2,942,267 $ 336,570 (Loss) income from discontinued operations, net of income attributable to noncontrolling interests (7 ) 57 (80 ) 357 Net income attributable to Vornado 335,438 203,179 2,942,187 336,927 Preferred share dividends (12,532 ) (12,534 ) (37,598 ) (38,103 ) Preferred share issuance costs — — — (14,486 ) Net income attributable to common shareholders 322,906 190,645 2,904,589 284,338 Earnings allocated to unvested participating securities (33 ) (17 ) (291 ) (33 ) Numerator for basic income per share 322,873 190,628 2,904,298 284,305 Impact of assumed conversions: Convertible preferred share dividends 14 15 43 47 Earnings allocated to Out-Performance Plan units — — 9 127 Numerator for diluted income per share $ 322,887 $ 190,643 $ 2,904,350 $ 284,479 Denominator: Denominator for basic income per share – weighted average shares 190,814 190,245 190,762 190,176 Effect of dilutive securities (1) : Employee stock options and restricted stock awards 176 1,045 227 972 Convertible preferred shares 34 37 35 38 Out-Performance Plan units — — 3 106 Denominator for diluted income per share – weighted average shares and assumed conversions 191,024 191,327 191,027 191,292 INCOME PER COMMON SHARE – BASIC: Income from continuing operations, net $ 1.69 $ 1.00 $ 15.22 $ 1.50 Net income per common share $ 1.69 $ 1.00 $ 15.22 $ 1.50 INCOME PER COMMON SHARE – DILUTED: Income from continuing operations, net $ 1.69 $ 1.00 $ 15.20 $ 1.49 Net income per common share $ 1.69 $ 1.00 $ 15.20 $ 1.49 ____________________ (1) The effect of dilutive securities excludes an aggregate of 13,431 and 12,372 weighted average common share equivalents, for the three months ended September 30, 2019 and 2018 , respectively, and 13,067 and 12,220 weighted average common share equivalents for the nine months ended September 30, 2019 and 2018 |
Vornado Realty L.P. | |
Earnings per share | |
Schedule Of Earnings Per Share Basic And Diluted | Vornado Realty L.P. The following table presents the calculations of (i) basic income per Class A unit which includes the weighted average number of Class A units outstanding without regard to dilutive potential Class A units and (ii) diluted income per Class A unit which includes the weighted average Class A unit and dilutive Class A unit equivalents. Unvested share-based payment awards that contain non-forfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. Earnings are allocated to participating securities, which include Vornado restricted stock awards, OP Units and OPPs, based on the two-class method. Other potential dilutive share equivalents such as Vornado stock options, AO LTIP Units and Performance Conditioned AO LTIP Units are included in the computation of diluted income per share using the treasury stock method, while the dilutive effect of our Series A convertible preferred shares is reflected in diluted EPS by application of the if-converted method. (Amounts in thousands, except per unit amounts) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Numerator: Income from continuing operations, net of income attributable to noncontrolling interests in consolidated subsidiaries $ 358,083 $ 215,789 $ 3,139,626 $ 355,538 (Loss) income from discontinued operations (8 ) 61 (85 ) 381 Net income attributable to Vornado Realty L.P. 358,075 215,850 3,139,541 355,919 Preferred unit distributions (12,574 ) (12,582 ) (37,722 ) (38,248 ) Preferred unit issuance costs — — — (14,486 ) Net income attributable to Class A unitholders 345,501 203,268 3,101,819 303,185 Earnings allocated to unvested participating securities (2,449 ) (997 ) (14,807 ) (2,259 ) Numerator for basic income per Class A unit 343,052 202,271 3,087,012 300,926 Impact of assumed conversions: Convertible preferred unit distributions 14 15 43 47 Numerator for diluted income per Class A unit $ 343,066 $ 202,286 $ 3,087,055 $ 300,973 Denominator: Denominator for basic income per Class A unit – weighted average units 203,009 202,103 202,903 202,033 Effect of dilutive securities (1) : Vornado stock options, Vornado restricted stock awards, OP Units and OPPs 507 1,454 478 1,329 Convertible preferred units 34 37 35 38 Denominator for diluted income per Class A unit – weighted average units and assumed conversions 203,550 203,594 203,416 203,400 INCOME PER CLASS A UNIT – BASIC: Income from continuing operations, net $ 1.69 $ 1.00 $ 15.21 $ 1.49 Net income per Class A unit $ 1.69 $ 1.00 $ 15.21 $ 1.49 INCOME PER CLASS A UNIT – DILUTED: Income from continuing operations, net $ 1.69 $ 0.99 $ 15.18 $ 1.48 Net income per Class A unit $ 1.69 $ 0.99 $ 15.18 $ 1.48 ____________________ (1) The effect of dilutive securities excludes an aggregate of 905 and 105 weighted average Class A unit equivalents, for the three months ended September 30, 2019 and 2018 respectively, and 678 and 112 weighted average Class A unit equivalents for the nine months ended September 30, 2019 and 2018 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Lessor, Operating Lease, Payments to be Received, Maturity | As of September 30, 2019 , under ASC 842, future undiscounted cash flows under non-cancelable operating leases were as follows: (Amounts in thousands) As of September 30, 2019 For the remainder of 2019 $ 327,246 For the year ended December 31, 2020 1,263,818 2021 1,241,049 2022 1,174,436 2023 1,060,495 2024 885,891 Thereafter 4,336,649 As of December 31, 2018, under ASC 840, future undiscounted cash flows under non-cancelable operating leases were as follows: (Amounts in thousands) As of December 31, 2018 For the year ended December 31, 2019 $ 1,547,162 2020 1,510,097 2021 1,465,024 2022 1,407,615 2023 1,269,141 Thereafter 5,832,467 |
Components of Fixed and Variable Lease Revenues | The components of lease revenues for the three and nine months ended September 30, 2019 were as follows: (Amounts in thousands) For the Three Months Ended September 30, 2019 For the Nine Months Ended September 30, 2019 Fixed lease revenues $ 351,426 $ 1,159,037 Variable lease revenues 62,917 151,844 Lease revenues $ 414,343 $ 1,310,881 |
Schedule of Amounts Included in Measurement of Lease Liability | The following table sets forth information related to the measurement of our lease liabilities as of September 30, 2019 : (Amounts in thousands) As of September 30, 2019 Weighted average remaining lease term (in years) 40.89 Weighted average discount rate 4.85 % Cash paid for operating leases $ 20,289 |
Schedule of Rent Expense | The following table sets forth the details of rent expense for the three and nine months ended September 30, 2019 : (Amounts in thousands) For the Three Months Ended September 30, 2019 For the Nine Months Ended September 30, 2019 Fixed rent expense $ 7,237 $ 26,552 Variable rent expense 472 1,626 Rent expense $ 7,709 $ 28,178 |
Lessee, Operating Lease, Liability, Maturity | Future undiscounted cash flows for the lease, including fixed payments in lieu of real estate taxes, as of September 30, 2019 were as follows: (Amounts in thousands) As of September 30, 2019 For the remainder of 2019 $ — For the year ended December 31, 2020 10,402 2021 7,229 2022 7,444 2023 7,809 2024 8,330 Thereafter 519,048 As of September 30, 2019 , future lease payments under operating ground leases were as follows: (Amounts in thousands) As of September 30, 2019 For the remainder of 2019 $ 6,431 For the year ended December 31, 2020 28,739 2021 29,133 2022 30,033 2023 30,448 2024 30,882 Thereafter 1,046,349 Total undiscounted cash flows 1,202,015 Present value discount (711,037 ) Lease liabilities $ 490,978 |
Schedule of Future Minimum Rental Payments for Operating Leases | As of December 31, 2018, under ASC 840, future lease payments under operating ground leases were as follows: (Amounts in thousands) As of December 31, 2018 For the year ended December 31, 2019 $ 46,147 2020 45,258 2021 42,600 2022 43,840 2023 44,747 Thereafter 1,612,627 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | Below is a summary of NOI at share and NOI at share - cash basis by segment for the three and nine months ended September 30, 2019 and 2018 . (Amounts in thousands) For the Three Months Ended September 30, 2019 Total New York Other Total revenues $ 465,961 $ 380,568 $ 85,393 Operating expenses 226,359 188,159 38,200 NOI - consolidated 239,602 192,409 47,193 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (18,096 ) (9,574 ) (8,522 ) Add: NOI from partially owned entities 86,024 82,649 3,375 NOI at share 307,530 265,484 42,046 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (4,037 ) (5,560 ) 1,523 NOI at share - cash basis $ 303,493 $ 259,924 $ 43,569 (Amounts in thousands) For the Three Months Ended September 30, 2018 Total New York Other Total revenues $ 542,048 $ 462,446 $ 79,602 Operating expenses 235,575 200,949 34,626 NOI - consolidated 306,473 261,497 44,976 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (16,943 ) (11,348 ) (5,595 ) Add: NOI from partially owned entities 60,094 47,179 12,915 NOI at share 349,624 297,328 52,296 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (8,743 ) (9,125 ) 382 NOI at share - cash basis $ 340,881 $ 288,203 $ 52,678 (Amounts in thousands) For the Nine Months Ended September 30, 2019 Total New York Other Total revenues $ 1,463,732 $ 1,200,234 $ 263,498 Operating expenses 694,006 574,073 119,933 NOI - consolidated 769,726 626,161 143,565 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (51,915 ) (31,011 ) (20,904 ) Add: NOI from partially owned entities 236,400 211,394 25,006 NOI at share 954,211 806,544 147,667 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other 530 (3,741 ) 4,271 NOI at share - cash basis $ 954,741 $ 802,803 $ 151,938 (Amounts in thousands) For the Nine Months Ended September 30, 2018 Total New York Other Total revenues $ 1,620,303 $ 1,369,482 $ 250,821 Operating expenses 709,158 599,768 109,390 NOI - consolidated 911,145 769,714 141,431 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (51,415 ) (34,653 ) (16,762 ) Add: NOI from partially owned entities 193,359 146,730 46,629 NOI at share 1,053,089 881,791 171,298 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (39,172 ) (39,161 ) (11 ) NOI at share - cash basis $ 1,013,917 $ 842,630 $ 171,287 23 . Segment Information - continued Below is a reconciliation of net income, the most directly comparable GAAP financial measure, to NOI at share and NOI at share - cash basis for the three and nine months ended September 30, 2019 and 2018 . (Amounts in thousands) For the Three Months Ended For the Nine Months Ended 2019 2018 2019 2018 Net income $ 363,849 $ 219,162 $ 3,173,586 $ 324,782 Depreciation and amortization expense 96,437 113,169 326,181 333,701 General and administrative expense 33,237 31,977 130,129 108,937 Transaction related costs, impairment losses and other 1,576 2,510 103,315 16,683 Income from partially owned entities (25,946 ) (7,206 ) (56,139 ) (6,059 ) (Income) loss from real estate fund investments (2,190 ) 190 13,780 37,973 Interest and other investment income, net (3,045 ) (2,893 ) (15,930 ) (9,401 ) Interest and debt expense 61,448 88,951 226,940 264,774 Net gain on transfer to Fifth Avenue and Times Square JV — — (2,571,099 ) — Net gains on disposition of wholly owned and partially owned assets (309,657 ) (141,269 ) (641,664 ) (164,828 ) Income tax expense 23,885 1,943 80,542 4,964 Loss (income) from discontinued operations 8 (61 ) 85 (381 ) NOI from partially owned entities 86,024 60,094 236,400 193,359 NOI attributable to noncontrolling interests in consolidated subsidiaries (18,096 ) (16,943 ) (51,915 ) (51,415 ) NOI at share 307,530 349,624 954,211 1,053,089 Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (4,037 ) (8,743 ) 530 (39,172 ) NOI at share - cash basis $ 303,493 $ 340,881 $ 954,741 $ 1,013,917 |
Organization (Narrative) (Detai
Organization (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2019 | |
Operating Partnership | |
Organization [Line Items] | |
Common limited partnership interest in the Operating Partnership (percent) | 93.10% |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) - Accounting Standards Update 2016-02 - Rental revenues - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
Basis of Presentation [Line Items] | ||
Property rentals | $ 437,560 | $ 1,322,265 |
Tenant expense reimbursement | $ 66,387 | $ 185,009 |
Recently Issued Accounting Li_3
Recently Issued Accounting Literature (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Jan. 01, 2019USD ($)ground_lease | Dec. 31, 2018USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Number of properties subject to ground leases | ground_lease | 12 | |||||
Right-of-use assets | $ 370,604 | $ 370,604 | $ 0 | |||
Lease liabilities | 490,978 | 490,978 | $ 0 | |||
Capitalized lease costs | $ 1,444 | $ 3,883 | ||||
Decrease in lease revenues | (414,343) | (1,310,881) | ||||
Accounting Standards Update 2016-02 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Right-of-use assets | $ 526,866 | |||||
Lease liabilities | $ 526,866 | |||||
Decrease in lease revenues | $ 1,106 | $ 16,488 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) | 9 Months Ended |
Sep. 30, 2019segment | |
Revenue from Contract with Customer [Abstract] | |
Number of reportable segments | 2 |
Revenue Recognition - Revenues
Revenue Recognition - Revenues by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Lease income | $ 414,343 | $ 1,310,881 | ||
Total revenues | 465,961 | $ 542,048 | 1,463,732 | $ 1,620,303 |
New York | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 380,568 | 462,446 | 1,200,234 | 1,369,482 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 85,393 | 79,602 | 263,498 | 250,821 |
Rental revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 427,638 | 503,947 | 1,348,814 | 1,507,274 |
Rental revenues | New York | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 342,774 | 425,084 | 1,086,198 | 1,259,836 |
Rental revenues | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 84,864 | 78,863 | 262,616 | 247,438 |
Property rentals | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income | 381,740 | 453,789 | 1,211,641 | 1,358,932 |
Property rentals | New York | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income | 308,933 | 387,300 | 995,661 | 1,160,140 |
Property rentals | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income | 72,807 | 66,489 | 215,980 | 198,792 |
Hotel Pennsylvania | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income | 24,499 | 26,088 | 62,633 | 67,842 |
Hotel Pennsylvania | New York | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income | 24,499 | 26,088 | 62,633 | 67,842 |
Hotel Pennsylvania | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income | 0 | 0 | 0 | 0 |
Trade shows | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income | 8,104 | 8,443 | 36,607 | 38,903 |
Trade shows | New York | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income | 0 | 0 | 0 | 0 |
Trade shows | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income | 8,104 | 8,443 | 36,607 | 38,903 |
Lease revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income | 414,343 | 488,320 | 1,310,881 | 1,465,677 |
Lease revenues | New York | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income | 333,432 | 413,388 | 1,058,294 | 1,227,982 |
Lease revenues | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income | 80,911 | 74,932 | 252,587 | 237,695 |
Tenant services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 13,295 | 15,627 | 37,933 | 41,597 |
Tenant services | New York | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 9,342 | 11,696 | 27,904 | 31,854 |
Tenant services | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 3,953 | 3,931 | 10,029 | 9,743 |
Fee and other income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 38,323 | 38,101 | 114,918 | 113,029 |
Total revenues | 38,323 | 38,101 | 114,918 | 113,029 |
Fee and other income | New York | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 37,794 | 37,362 | 114,036 | 109,646 |
Fee and other income | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 529 | 739 | 882 | 3,383 |
BMS cleaning fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 30,677 | 28,873 | 93,032 | 88,095 |
BMS cleaning fees | New York | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 32,787 | 31,328 | 99,488 | 94,888 |
BMS cleaning fees | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | (2,110) | (2,455) | (6,456) | (6,793) |
Management and leasing fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 3,326 | 4,734 | 10,063 | 10,205 |
Management and leasing fees | New York | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 3,746 | 4,439 | 10,469 | 9,384 |
Management and leasing fees | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | (420) | 295 | (406) | 821 |
Other income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4,320 | 4,494 | 11,823 | 14,729 |
Other income | New York | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,261 | 1,595 | 4,079 | 5,374 |
Other income | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 3,059 | $ 2,899 | $ 7,744 | $ 9,355 |
Real Estate Fund Investments (N
Real Estate Fund Investments (Narrative) (Details) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019USD ($)investment | Dec. 31, 2018USD ($)investment | |
Investment Holdings | ||
Aggregate fair value of Real Estate Fund investments (in US Dollars) | $ 306,596 | $ 318,758 |
Vornado Capital Partners Real Estate Fund | ||
Investment Holdings | ||
Equity method ownership percentage | 25.00% | |
Investment fund period expiration date | 2013-07 | |
Term of the Fund, years | 8 years | |
Investment period for commitments of the Fund, years | 3 years | |
Real estate fund investments | ||
Investment Holdings | ||
Number of investments held by fund (investment) | investment | 4 | 4 |
Aggregate fair value of Real Estate Fund investments (in US Dollars) | $ 306,596 | $ 318,758 |
Fair value below cost | 22,968 | |
Unfunded commitments of fund | 44,194 | |
Vornado Realty Trust | ||
Investment Holdings | ||
Unfunded commitments of fund | $ 13,969 | |
Joint Venture | Crowne Plaza Times Square Hotel Joint Venture | ||
Investment Holdings | ||
Equity method ownership percentage | 57.10% | |
Crowne Plaza Time Square Hotel | Joint Venture | Crowne Plaza Times Square Hotel Joint Venture | ||
Investment Holdings | ||
Ownership percentage by noncontrolling owners | 24.70% |
Real Estate Fund Investments (I
Real Estate Fund Investments (Income from the Fund and the Co-Investment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Investment Holdings | ||||
New York City real property transfer tax (the Transfer Tax) | $ 0 | $ 0 | $ 0 | $ (13,103) |
Income (loss) from real estate fund investments | 2,190 | (190) | (13,780) | (37,973) |
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (5,774) | (3,312) | (34,045) | 31,137 |
Real estate fund investments | ||||
Investment Holdings | ||||
Net investment income | 2,190 | 3,093 | 2,382 | 6,366 |
Net unrealized loss on held investments | 0 | (3,283) | (16,162) | (32,796) |
Net realized loss on exited investments | 0 | 0 | 0 | (913) |
New York City real property transfer tax (the Transfer Tax) | 0 | 0 | 0 | (10,630) |
Income (loss) from real estate fund investments | 2,190 | (190) | (13,780) | (37,973) |
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (735) | (558) | (8,427) | 34,338 |
Income (loss) from real estate fund investments attributable to the Operating Partnership | 1,455 | (748) | (22,207) | (3,635) |
Less (income) loss attributable to noncontrolling interests in the Operating Partnership | (95) | 46 | 1,403 | 224 |
Income (loss) from real estate fund investments attributable to Vornado | $ 1,360 | $ (702) | $ (20,804) | $ (3,411) |
Marketable Securities (Narrativ
Marketable Securities (Narrative) (Details) - USD ($) $ in Thousands | Mar. 12, 2019 | Mar. 01, 2019 | Mar. 01, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
(Decrease) increase in fair value of marketable securities | $ (4,868) | $ (7,699) | $ (3,095) | $ (24,801) | |||
Lexington Realty Trust | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Shares sold (shares) | 18,468,969 | 18,468,969 | |||||
Proceeds from sale of equity method investments | $ 167,698 | ||||||
Mark-to-market increase in fair value | $ 16,068 | ||||||
(Decrease) increase in fair value of marketable securities | 0 | (7,942) | 16,068 | (24,934) | |||
PREIT | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Shares issued upon conversion of operating partnership units (shares) | 6,250,000 | ||||||
(Decrease) increase in fair value of marketable securities | $ (4,875) | $ 0 | $ (19,211) | $ 0 |
Marketable Securities (Marketab
Marketable Securities (Marketable securities portfolio) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Marketable Securities [Roll Forward] | ||||
Beginning balance | $ 152,198 | |||
Sale of marketable securities | (168,314) | |||
Transfer of PREIT investment balance at Conversion Date | 54,962 | |||
(Decrease) increase in fair value of marketable securities | $ (4,868) | $ (7,699) | (3,095) | $ (24,801) |
Ending balance | 35,751 | 35,751 | ||
Lexington Realty Trust | ||||
Marketable Securities [Roll Forward] | ||||
Beginning balance | 151,630 | |||
Sale of marketable securities | (167,698) | |||
Transfer of PREIT investment balance at Conversion Date | 0 | |||
(Decrease) increase in fair value of marketable securities | 0 | (7,942) | 16,068 | (24,934) |
Ending balance | 0 | 0 | ||
PREIT | ||||
Marketable Securities [Roll Forward] | ||||
Beginning balance | 0 | |||
Sale of marketable securities | 0 | |||
Transfer of PREIT investment balance at Conversion Date | 54,962 | |||
(Decrease) increase in fair value of marketable securities | (4,875) | $ 0 | (19,211) | $ 0 |
Ending balance | 35,751 | 35,751 | ||
Other | ||||
Marketable Securities [Roll Forward] | ||||
Beginning balance | 568 | |||
Sale of marketable securities | (616) | |||
Transfer of PREIT investment balance at Conversion Date | 0 | |||
(Decrease) increase in fair value of marketable securities | 48 | |||
Ending balance | $ 0 | $ 0 |
Investments in Partially Owne_3
Investments in Partially Owned Entities - Fifth Avenue and Times Square JV (Details) ft² in Thousands, $ in Thousands | May 24, 2019USD ($) | May 23, 2019USD ($) | Apr. 18, 2019USD ($)ft² | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) |
Schedule Of Equity Method Investments | ||||||||
Real estate held-for-sale | $ 288,135 | $ 288,135 | $ 99,627 | |||||
Net gain on transfer to Fifth Avenue and Times Square JV | $ 0 | $ 0 | 2,571,099 | $ 0 | ||||
Proceeds from redemption of preferred equity | $ 500,000 | $ 0 | ||||||
Fifth Avenue and Times Square JV | ||||||||
Schedule Of Equity Method Investments | ||||||||
Equity method ownership percentage | 51.50% | 51.50% | ||||||
Payments to acquire noncontrolling interest interest in joint venture | $ 23,000 | |||||||
Payments for transaction costs for joint venture | 53,000 | |||||||
Real estate held-for-sale | 5,556,000 | |||||||
Net gain on transfer to Fifth Avenue and Times Square JV | $ 2,571,099 | |||||||
Tax gain from real estate joint venture | 735,000 | |||||||
Joint Venture | Fifth Avenue and Times Square JV | ||||||||
Schedule Of Equity Method Investments | ||||||||
Aggregate of preferred equity interests | $ 1,828,000 | |||||||
Temporary equity, value | $ 500,000 | |||||||
Debt instrument, interest rate, stated percentage (percent) | 4.25% | |||||||
Joint Venture | Investors | Fifth Avenue and Times Square JV | ||||||||
Schedule Of Equity Method Investments | ||||||||
Equity method ownership percentage | 48.50% | |||||||
Equity method effective ownership percentage | 47.20% | |||||||
Retail | Fifth Avenue and Times Square JV | ||||||||
Schedule Of Equity Method Investments | ||||||||
Square footage of real estate property (in sqft) | ft² | 489 | |||||||
Office Space | Fifth Avenue and Times Square JV | ||||||||
Schedule Of Equity Method Investments | ||||||||
Square footage of real estate property (in sqft) | ft² | 327 | |||||||
Vornado Realty Trust | Joint Venture | Fifth Avenue and Times Square JV | ||||||||
Schedule Of Equity Method Investments | ||||||||
Equity method ownership percentage | 51.50% | |||||||
Equity method effective ownership percentage | 51.00% | |||||||
Proceeds from real estate joint ventures | $ 1,179,000 | |||||||
Net gain from real estate investment partnership, attributable to noncontrolling interest | $ 11,945 | |||||||
Vornado Realty Trust | Joint Venture | Investors | Fifth Avenue and Times Square JV | ||||||||
Schedule Of Equity Method Investments | ||||||||
Equity method investment, effective ownership transferred percentage | 45.40% | |||||||
Percentage After Fifth Anniversary | Joint Venture | Fifth Avenue and Times Square JV | ||||||||
Schedule Of Equity Method Investments | ||||||||
Debt instrument, interest rate, stated percentage (percent) | 4.75% | |||||||
666 Fifth Avenue | Fifth Avenue and Times Square JV | ||||||||
Schedule Of Equity Method Investments | ||||||||
Payments of mortgage loans held-for-sale | $ 390,000 | |||||||
Payments for transaction costs for joint venture | 17,000 | |||||||
655 Fifth Avenue | Fifth Avenue and Times Square JV | ||||||||
Schedule Of Equity Method Investments | ||||||||
Payments of mortgage loans held-for-sale | 140,000 | |||||||
640 Fifth Avenue | ||||||||
Schedule Of Equity Method Investments | ||||||||
Proceeds from mortgage loan | $ 500,000 | |||||||
Proceeds from redemption of preferred equity | $ 500,000 | |||||||
640 Fifth Avenue | Fifth Avenue and Times Square JV | ||||||||
Schedule Of Equity Method Investments | ||||||||
Debt instrument, interest rate, stated percentage (percent) | 3.07% | |||||||
Proceeds from mortgage loan | $ 500,000 | |||||||
Long-term debt, term (years) | 4 years | |||||||
LIBOR | 640 Fifth Avenue | Fifth Avenue and Times Square JV | ||||||||
Schedule Of Equity Method Investments | ||||||||
Long-term debt, term (years) | 5 years | |||||||
Spread Over LIBOR (percent) | 1.01% |
Investments in Partially Owne_4
Investments in Partially Owned Entities - Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Fifth Avenue and Times Square JV | Joint Venture | ||
Related Party Transaction [Line Items] | ||
Property management fee agreement percentage of gross revenue | 2.00% | |
Development fee as percentage of development costs | 1.50% | |
Vornado Realty Trust | Fifth Avenue and Times Square JV | Joint Venture | ||
Related Party Transaction [Line Items] | ||
Development fee as percentage of development costs | 5.00% | |
Property management fee revenue | $ 1,104 | $ 1,934 |
BMS cleaning fees | Majority-Owned Subsidiary | ||
Related Party Transaction [Line Items] | ||
Revenue from related parties | $ 1,161 | $ 1,952 |
Investments in Partially Owne_5
Investments in Partially Owned Entities (Alexander's Inc.) (Details) - Alexanders Inc $ / shares in Units, $ in Thousands | Sep. 30, 2019USD ($)$ / sharesshares |
Equity Method Investments And Income From Equity Method Investments | |
Ownership common shares, investee (in shares) | shares | 1,654,068 |
Equity method ownership percentage | 32.40% |
Closing share price (in dollars per share) | $ / shares | $ 348.41 |
Equity method investment fair value | $ 576,294 |
Excess of investee's fair value over carrying amount | 475,066 |
Excess of investee's carrying amount over equity in net assets | $ 38,882 |
Investments in Partially Owne_6
Investments in Partially Owned Entities (61 Ninth Avenue) (Details) ft² in Thousands, $ in Thousands | Jan. 28, 2019USD ($)ft² | Jan. 27, 2019USD ($) | Sep. 30, 2019 |
Joint Venture | 61 9th Avenue | |||
Schedule Of Equity Method Investments | |||
Equity method ownership percentage | 45.10% | ||
61 9th Avenue | Office and Retail Property | |||
Schedule Of Equity Method Investments | |||
Net proceeds from debt | $ 31,000 | ||
61 9th Avenue | Office and Retail Property | Maturing in January 2026 | |||
Schedule Of Equity Method Investments | |||
Loans payable | $ 167,500 | ||
Square footage of real estate property (in sqft) | ft² | 166 | ||
Debt term (in years) | 7 years | ||
Debt instrument, interest rate, stated percentage (percent) | 3.40% | ||
61 9th Avenue | Office and Retail Property | Maturing in 2021 | |||
Schedule Of Equity Method Investments | |||
Loans payable | $ 90,000 | ||
LIBOR | 61 9th Avenue | Office and Retail Property | Maturing in January 2026 | |||
Schedule Of Equity Method Investments | |||
Spread Over LIBOR (percent) | 1.35% | ||
LIBOR | 61 9th Avenue | Office and Retail Property | Maturing in 2021 | |||
Schedule Of Equity Method Investments | |||
Spread Over LIBOR (percent) | 3.05% |
Investments in Partially Owne_7
Investments in Partially Owned Entities (Urban Edge Properties) (Details) - UE - USD ($) $ in Thousands | Mar. 04, 2019 | Sep. 30, 2019 |
Schedule Of Equity Method Investments | ||
Shares sold (shares) | 5,717,184 | |
Proceeds from sale of equity method investments | $ 108,512 | |
Gain on sale of equity investments | $ 62,395 |
Investments in Partially Owne_8
Investments in Partially Owned Entities (512 West 22nd Street) (Details) ft² in Thousands, $ in Thousands | Jun. 28, 2019USD ($)ft² | Jun. 27, 2019USD ($) | Sep. 30, 2019USD ($) |
Joint Venture | Five One Two West 22nd Street | |||
Schedule Of Equity Method Investments | |||
Equity method ownership percentage | 55.00% | ||
Matures in June 2023 | Office | Five One Two West 22nd Street | |||
Schedule Of Equity Method Investments | |||
Loans payable | $ 145,700 | $ 106,425 | |
Square footage of real estate property (in sqft) | ft² | 173 | ||
Debt term (in years) | 4 years | ||
Debt instrument, interest rate, stated percentage (percent) | 4.05% | ||
Length of extension available (years) | 1 year | ||
Matures in 2019 | Office | Five One Two West 22nd Street | |||
Schedule Of Equity Method Investments | |||
Loans payable | $ 126,000 | ||
LIBOR | Matures in June 2023 | Office | Five One Two West 22nd Street | |||
Schedule Of Equity Method Investments | |||
Spread Over LIBOR (percent) | 2.00% | ||
LIBOR | Matures in 2019 | Office | Five One Two West 22nd Street | |||
Schedule Of Equity Method Investments | |||
Spread Over LIBOR (percent) | 2.65% |
Investments in Partially Owne_9
Investments in Partially Owned Entities (330 Madison Avenue) (Details) $ in Thousands | Jul. 11, 2019USD ($) |
330 Madison Avenue | |
Schedule Of Equity Method Investments | |
Gain on sale of equity investments | $ 159,292 |
Net tax gain on equity investment | $ 139,000 |
Joint Venture | 330 Madison Avenue | |
Schedule Of Equity Method Investments | |
Equity method ownership percentage | 25.00% |
330 Madison Avenue | |
Schedule Of Equity Method Investments | |
Net proceeds from debt | $ 100,000 |
Loans payable | $ 500,000 |
Investments in Partially Own_10
Investments in Partially Owned Entities (825 Seventh Avenue) (Details) ft² in Thousands, $ in Thousands | Jul. 25, 2019USD ($)ft² | Jul. 24, 2019USD ($) | Sep. 30, 2019USD ($) |
Joint Venture | 825 Seventh Avenue | |||
Schedule Of Equity Method Investments | |||
Equity method ownership percentage | 50.00% | ||
825 Seventh Avenue | Matures in 2022 | Office | |||
Schedule Of Equity Method Investments | |||
Loans payable | $ 60,000 | $ 28,882 | |
Square footage of real estate property (in sqft) | ft² | 165 | ||
Length of extension available (years) | 1 year | ||
Debt instrument, interest rate, stated percentage (percent) | 3.78% | ||
825 Seventh Avenue | Maturing in September 2019 | Office | |||
Schedule Of Equity Method Investments | |||
Loans payable | $ 20,500 | ||
LIBOR | 825 Seventh Avenue | Matures in 2022 | Office | |||
Schedule Of Equity Method Investments | |||
Spread Over LIBOR (percent) | 1.65% | ||
LIBOR | 825 Seventh Avenue | Maturing in September 2019 | Office | |||
Schedule Of Equity Method Investments | |||
Spread Over LIBOR (percent) | 1.40% |
Investments in Partially Own_11
Investments in Partially Owned Entities (Toys R Us) (Details) - Toys R Us - USD ($) | Sep. 30, 2019 | Feb. 01, 2019 | Dec. 31, 2018 |
Schedule Of Equity Method Investments | |||
Equity method ownership percentage | 32.50% | ||
Equity method investment, aggregate cost | $ 0 | ||
Tax basis of investments, capital loss for income tax purposes | $ 420,000,000 |
Investments in Partially Own_12
Investments in Partially Owned Entities (Summary of Investments) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule Of Equity Method Investments | ||
Carrying amount of investments in partially owned entities | $ 4,023,820 | $ 858,113 |
Other liabilities | ||
Schedule Of Equity Method Investments | ||
Carrying amount of investments in partially owned entities | (58,036) | (109,696) |
330 Madison Avenue | Other liabilities | ||
Schedule Of Equity Method Investments | ||
Carrying amount of investments in partially owned entities | $ 0 | (58,117) |
7 West 34th Street | Other liabilities | ||
Schedule Of Equity Method Investments | ||
Equity method ownership percentage | 53.00% | |
Carrying amount of investments in partially owned entities | $ (52,222) | (51,579) |
85 Tenth Avenue | Other liabilities | ||
Schedule Of Equity Method Investments | ||
Equity method ownership percentage | 49.90% | |
Carrying amount of investments in partially owned entities | $ (5,814) | 0 |
Fifth Avenue and Times Square JV | ||
Schedule Of Equity Method Investments | ||
Equity method ownership percentage | 51.50% | |
Carrying amount of investments in partially owned entities | $ 3,308,363 | 0 |
Partially Owned Office Buildings | ||
Schedule Of Equity Method Investments | ||
Carrying amount of investments in partially owned entities | $ 467,787 | 499,005 |
Alexanders Inc | ||
Schedule Of Equity Method Investments | ||
Equity method ownership percentage | 32.40% | |
Carrying amount of investments in partially owned entities | $ 101,228 | 107,983 |
PREIT | ||
Schedule Of Equity Method Investments | ||
Carrying amount of investments in partially owned entities | 0 | 59,491 |
UE | ||
Schedule Of Equity Method Investments | ||
Carrying amount of investments in partially owned entities | 0 | 45,344 |
Other investments | ||
Schedule Of Equity Method Investments | ||
Carrying amount of investments in partially owned entities | $ 146,442 | $ 146,290 |
Investments in Partially Own_13
Investments in Partially Owned Entities (Summary of Income (Loss) ) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Schedule Of Equity Method Investments | ||||
Our share of net income (loss) | $ 25,946 | $ 7,206 | $ 56,139 | $ 6,059 |
Transfer tax | $ 0 | 0 | $ 0 | 13,103 |
Fifth Avenue and Times Square JV | ||||
Schedule Of Equity Method Investments | ||||
Equity method ownership percentage | 51.50% | 51.50% | ||
Equity in net income (loss) | $ 9,891 | 0 | $ 21,108 | 0 |
Return on preferred equity, net of our share of the expense | 9,545 | 0 | 18,131 | 0 |
Our share of net income (loss) | $ 19,436 | 0 | $ 39,239 | 0 |
Alexanders Inc | ||||
Schedule Of Equity Method Investments | ||||
Equity method ownership percentage | 32.40% | 32.40% | ||
Equity in net income (loss) | $ 5,393 | 4,278 | $ 14,707 | 7,215 |
Management, leasing and development fees | 1,299 | 1,149 | 3,478 | 3,378 |
Our share of net income (loss) | 6,692 | 5,427 | 18,185 | 10,593 |
Partially Owned Office Buildings | ||||
Schedule Of Equity Method Investments | ||||
Our share of net income (loss) | (186) | 735 | (1,531) | (1,546) |
Other investments | ||||
Schedule Of Equity Method Investments | ||||
Our share of net income (loss) | $ 4 | $ 1,044 | 246 | (2,988) |
280 Park Avenue | ||||
Schedule Of Equity Method Investments | ||||
Our share of net income (loss) | $ (1,079) | |||
One Park Avenue | ||||
Schedule Of Equity Method Investments | ||||
Transfer tax | 4,978 | |||
Alexanders Inc | Kings Plaza Regional Shopping Center | ||||
Schedule Of Equity Method Investments | ||||
Transfer tax | $ 7,708 |
220 Central Park South 220 CPS
220 Central Park South 220 CPS - Narrative (Details) ft² in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019USD ($)ft²unit | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)ft²unit | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)ft²unit | |
Real Estate [Line Items] | |||||
Net gain on sale of real estate | $ 2,571,099 | $ 0 | |||
Income tax expense | $ 23,885 | $ 1,943 | 80,542 | 4,964 | |
Repayments of construction loan for 220 CPS | $ 352,211 | $ 0 | |||
220 Central Park South | |||||
Real Estate [Line Items] | |||||
Square footage of real estate property (in sqft) | ft² | 397 | 397 | 397 | ||
Development costs | $ 1,400,000 | $ 1,400,000 | $ 1,400,000 | ||
Development costs expended | $ 1,300,000 | $ 1,300,000 | $ 1,300,000 | ||
Number of condominium units sold (unit) | unit | 14 | 37 | 48 | ||
Cash proceeds from the sale of real estate | $ 348,759 | $ 1,039,493 | $ 1,254,269 | ||
Net gain on sale of real estate | 130,888 | 400,500 | |||
Income tax expense | 21,853 | 71,590 | |||
Repayments of construction loan for 220 CPS | 48,883 | ||||
Construction loan | $ 950,000 | $ 950,000 | $ 950,000 | ||
Affiliated Entity | 220 Central Park South | |||||
Real Estate [Line Items] | |||||
Number of condominium units sold (unit) | unit | 1 | ||||
Cash proceeds from the sale of real estate | $ 16,099 | ||||
Director | Affiliated Entity | 220 Central Park South | |||||
Real Estate [Line Items] | |||||
Cash proceeds from the sale of real estate | $ 23,357 |
Dispositions - 3040 M Street (D
Dispositions - 3040 M Street (Details) - 3040 M Street ft² in Thousands, $ in Thousands | Sep. 18, 2019USD ($)ft² |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Proceeds from the sale of real estate | $ 49,750 |
Gain (loss) on sale of properties | 19,477 |
Tax gain | $ 19,000 |
Retail | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Square footage of real estate property (in sqft) | ft² | 44 |
Identified Intangible Assets _3
Identified Intangible Assets and Liabilities - Schedule of Identified Intangible Assets and Intangible Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Gross amount | $ 130,396 | $ 308,895 |
Accumulated amortization | (99,623) | (172,114) |
Total, net | 30,773 | 136,781 |
Identified intangible liabilities (included in deferred revenue): | ||
Gross amount | 321,838 | 503,373 |
Accumulated amortization | (265,388) | (341,779) |
Total, net | $ 56,450 | $ 161,594 |
Identified Intangible Assets _4
Identified Intangible Assets and Liabilities - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Below Market Leases Net Of Above Market Leases | ||||
Finite-Lived Intangible Assets and Liabilities | ||||
Increase to rental income | $ 4,393 | $ 10,373 | $ 15,561 | $ 31,480 |
Other Identified Intangible Assets | ||||
Finite-Lived Intangible Assets and Liabilities | ||||
Amortization of intangible assets | $ 1,597 | $ 4,822 | $ 7,077 | $ 14,557 |
Identified Intangible Assets _5
Identified Intangible Assets and Liabilities - Schedule of Future Amortization Expense of Intangible Assets (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Below Market Leases Net Of Above Market Leases | |
Finite-Lived Intangible Assets and Liabilities | |
2020 | $ 16,643 |
2021 | 11,934 |
2022 | 8,792 |
2023 | 6,261 |
2024 | 2,518 |
Other Identified Intangible Assets | |
Finite-Lived Intangible Assets and Liabilities | |
2020 | 6,300 |
2021 | 4,763 |
2022 | 3,050 |
2023 | 2,964 |
2024 | $ 2,351 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) ft² in Thousands | Sep. 27, 2019USD ($)ft² | Sep. 05, 2019USD ($)ft² | Sep. 04, 2019USD ($) | May 24, 2019USD ($)ft² | Mar. 26, 2019USD ($) | Mar. 25, 2019USD ($)credit_facility | Mar. 01, 2019USD ($) | Feb. 12, 2019USD ($)ft²extension | Feb. 11, 2019USD ($) | Feb. 04, 2019USD ($)ft² | Feb. 03, 2019USD ($) | Sep. 30, 2019USD ($) | May 25, 2019USD ($) | Dec. 31, 2018USD ($) |
Debt Instrument | ||||||||||||||
Unsecured revolving credit facilities | $ 655,000,000 | $ 80,000,000 | ||||||||||||
Mortgages | ||||||||||||||
Debt Instrument | ||||||||||||||
Interest rate, effective (percent) | 3.55% | |||||||||||||
Senior Unsecured Notes | ||||||||||||||
Debt Instrument | ||||||||||||||
Interest rate, effective (percent) | 3.50% | |||||||||||||
Maturing in February 2024 | 435 Seventh Avenue | Retail | ||||||||||||||
Debt Instrument | ||||||||||||||
Refinancing | $ 95,700,000 | |||||||||||||
Square footage of real estate property (in sqft) | ft² | 43 | |||||||||||||
Interest rate, effective (percent) | 3.37% | |||||||||||||
Maturing in February 2024 | 435 Seventh Avenue | Retail | LIBOR | ||||||||||||||
Debt Instrument | ||||||||||||||
Spread Over LIBOR (percent) | 1.30% | |||||||||||||
Maturing in August 2019 | 435 Seventh Avenue | Retail | LIBOR | ||||||||||||||
Debt Instrument | ||||||||||||||
Spread Over LIBOR (percent) | 2.25% | |||||||||||||
Maturing in August 2019 | Mortgages | 435 Seventh Avenue | Retail | ||||||||||||||
Debt Instrument | ||||||||||||||
Repayments of debt | $ 95,700,000 | |||||||||||||
Maturing in April 2024 | 100 West 33rd Street | Retail | ||||||||||||||
Debt Instrument | ||||||||||||||
Square footage of real estate property (in sqft) | ft² | 256 | |||||||||||||
Maturing in April 2024 | 100 West 33rd Street | Retail | LIBOR | ||||||||||||||
Debt Instrument | ||||||||||||||
Length of extension available (years) | 1 year | |||||||||||||
Maturing in April 2024 | 100 West 33rd Street | Office and Retail Property | ||||||||||||||
Debt Instrument | ||||||||||||||
Refinancing | $ 580,000,000 | |||||||||||||
Square footage of real estate property (in sqft) | ft² | 1,100 | |||||||||||||
Interest rate, effective (percent) | 3.62% | |||||||||||||
Number of extensions (extension) | extension | 2 | |||||||||||||
Maturing in April 2024 | 100 West 33rd Street | Office and Retail Property | LIBOR | ||||||||||||||
Debt Instrument | ||||||||||||||
Spread Over LIBOR (percent) | 1.55% | |||||||||||||
Maturing in April 2024 | 100 West 33rd Street | Office Space | ||||||||||||||
Debt Instrument | ||||||||||||||
Square footage of real estate property (in sqft) | ft² | 859 | |||||||||||||
Maturing in July 2020 | 100 West 33rd Street | Office and Retail Property | LIBOR | ||||||||||||||
Debt Instrument | ||||||||||||||
Spread Over LIBOR (percent) | 1.65% | |||||||||||||
Maturing in July 2020 | Mortgages | 100 West 33rd Street | Office and Retail Property | ||||||||||||||
Debt Instrument | ||||||||||||||
Repayments of debt | $ 580,000,000 | |||||||||||||
Maturing in December 2025 | 888 Seventh Avenue | Office Building | ||||||||||||||
Debt Instrument | ||||||||||||||
Refinancing | $ 375,000,000 | |||||||||||||
Square footage of real estate property (in sqft) | ft² | 886 | |||||||||||||
Interest rate, effective (percent) | 3.73% | |||||||||||||
Maturing in December 2025 | 888 Seventh Avenue | Office Building | LIBOR | ||||||||||||||
Debt Instrument | ||||||||||||||
Spread Over LIBOR (percent) | 1.70% | |||||||||||||
Fixed Through December 2020 | 888 Seventh Avenue | Office Building | ||||||||||||||
Debt Instrument | ||||||||||||||
Refinancing | $ 375,000,000 | |||||||||||||
Debt instrument, interest rate, stated percentage (percent) | 3.25% | |||||||||||||
Matures in 2024 | 606 Broadway | Office and Retail Property | ||||||||||||||
Debt Instrument | ||||||||||||||
Refinancing | $ 75,000,000 | $ 67,500,000 | ||||||||||||
Square footage of real estate property (in sqft) | ft² | 35 | |||||||||||||
Debt instrument, interest rate, stated percentage (percent) | 3.85% | |||||||||||||
Matures in 2024 | 606 Broadway | Office and Retail Property | LIBOR | ||||||||||||||
Debt Instrument | ||||||||||||||
Spread Over LIBOR (percent) | 1.80% | |||||||||||||
Matures in 2021 | 606 Broadway | Office and Retail Property | ||||||||||||||
Debt Instrument | ||||||||||||||
Refinancing | $ 65,000,000 | |||||||||||||
Matures in 2021 | 606 Broadway | Office and Retail Property | LIBOR | ||||||||||||||
Debt Instrument | ||||||||||||||
Spread Over LIBOR (percent) | 3.00% | |||||||||||||
Matures in December 2021 | Mortgages | PENN2 | ||||||||||||||
Debt Instrument | ||||||||||||||
Repayments of loan | $ 575,000,000 | |||||||||||||
Matures in December 2021 | Mortgages | PENN2 | Office Building | ||||||||||||||
Debt Instrument | ||||||||||||||
Square footage of real estate property (in sqft) | ft² | 1,795 | |||||||||||||
Senior Unsecured Notes Due 2022 | Senior Unsecured Notes | ||||||||||||||
Debt Instrument | ||||||||||||||
Debt instrument, interest rate, stated percentage (percent) | 5.00% | |||||||||||||
Debt instrument, redeemed | $ 400,000,000 | |||||||||||||
Debt instrument, redemption price, percentage (percent) | 105.51% | |||||||||||||
Charge related to prepayment and unamortized financing costs | $ 22,540,000 | |||||||||||||
Maturing in February 2022 | Line of Credit | ||||||||||||||
Debt Instrument | ||||||||||||||
Number of revolving credit facility (credit facility) | credit_facility | 2 | |||||||||||||
Revolving Credit Facility | Maturing in March 2024 | Line of Credit | ||||||||||||||
Debt Instrument | ||||||||||||||
Unsecured revolving credit facilities | $ 1,500,000,000 | |||||||||||||
Revolving Credit Facility | Maturing in March 2024 | Line of Credit | LIBOR | ||||||||||||||
Debt Instrument | ||||||||||||||
Spread Over LIBOR (percent) | 0.90% | |||||||||||||
Revolving Credit Facility | Maturing in February 2022 | Line of Credit | ||||||||||||||
Debt Instrument | ||||||||||||||
Unsecured revolving credit facilities | $ 1,250,000,000 | |||||||||||||
Facility fee, percentage | 0.20% | |||||||||||||
Revolving Credit Facility | Maturing in February 2022 | Line of Credit | LIBOR | ||||||||||||||
Debt Instrument | ||||||||||||||
Spread Over LIBOR (percent) | 1.00% | |||||||||||||
606 Broadway | Joint Venture | ||||||||||||||
Debt Instrument | ||||||||||||||
Equity method ownership percentage | 50.00% | |||||||||||||
Interest Rate Cap | Matures in 2024 | 606 Broadway | Office and Retail Property | LIBOR | ||||||||||||||
Debt Instrument | ||||||||||||||
Spread Over LIBOR (percent) | 4.00% |
Debt (Summary of Debt) (Details
Debt (Summary of Debt) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Instrument | ||
Deferred financing costs, net and other | $ (41,523) | $ (59,226) |
Mortgages payable, net | 5,640,895 | 8,167,798 |
Unsecured debt - Carrying amount | 445,668 | 844,002 |
Unsecured term loan, net | 745,585 | 744,821 |
Revolving credit facilities | 655,000 | 80,000 |
Unsecured debt and revolving credit facility | $ 1,846,253 | 1,668,823 |
Mortgages | ||
Debt Instrument | ||
Interest rate, end of period (percent) | 3.55% | |
Mortgages payable, gross | $ 5,673,671 | 8,215,847 |
Deferred financing costs, net and other | (32,776) | (48,049) |
Mortgages payable, net | $ 5,640,895 | 8,167,798 |
Mortgages | Fixed Rate | ||
Debt Instrument | ||
Interest rate, end of period (percent) | 3.52% | |
Mortgages payable, gross | $ 4,605,475 | 5,003,465 |
Mortgages | Variable Rate | ||
Debt Instrument | ||
Interest rate, end of period (percent) | 3.65% | |
Mortgages payable, gross | $ 1,068,196 | 3,212,382 |
Senior Unsecured Notes | ||
Debt Instrument | ||
Interest rate, end of period (percent) | 3.50% | |
Deferred financing costs, net and other | $ (4,332) | (5,998) |
Unsecured debt, gross | 450,000 | 850,000 |
Unsecured debt - Carrying amount | $ 445,668 | 844,002 |
Unsecured Term Loan | ||
Debt Instrument | ||
Interest rate, end of period (percent) | 3.87% | |
Deferred financing costs, net and other | $ (4,415) | (5,179) |
Unsecured debt, gross | 750,000 | 750,000 |
Unsecured term loan, net | $ 745,585 | 744,821 |
Unsecured Revolving Credit Facilities | ||
Debt Instrument | ||
Interest rate, end of period (percent) | 2.96% | |
Revolving credit facilities | $ 655,000 | $ 80,000 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interests/Redeemable Partnership Units (Activity of Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Redeemable Noncontrolling Interests Rollforward | ||||
Beginning balance | $ 862,062 | $ 938,041 | $ 783,562 | $ 984,937 |
Net income (loss) | 22,637 | 12,671 | 197,354 | 18,992 |
Other comprehensive (loss) income | (650) | 54 | (3,732) | 913 |
Distributions | (8,852) | (7,976) | (25,788) | (23,867) |
Other, net | 5,363 | 5,155 | 34,700 | 15,666 |
Ending balance | 854,333 | 924,582 | 854,333 | 924,582 |
Class A Unit | ||||
Redeemable Noncontrolling Interests Rollforward | ||||
Redemption of Class A units for Vornado common shares, at redemption value | (1,999) | (1,843) | (8,128) | (14,089) |
Adjustments to carry redeemable Class A units at redemption value | $ (24,228) | $ (21,520) | $ (123,635) | $ (57,970) |
Redeemable Noncontrolling Int_4
Redeemable Noncontrolling Interests/Redeemable Partnership Units (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Redeemable Noncontrolling Interest | ||
Redeemable noncontrolling interest, equity, common, carrying amount | $ 849,798 | $ 778,134 |
Class A Unit | ||
Redeemable Noncontrolling Interest | ||
Redeemable noncontrolling interest, equity, common, carrying amount | 849,798 | 778,134 |
Cumulative Redeemable Preferred Unit | ||
Redeemable Noncontrolling Interest | ||
Fair value of Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units | $ 50,561 | $ 50,561 |
Shareholders' Equity_Partners_3
Shareholders' Equity/Partners' Capital - Schedule of Dividends (Details) - $ / shares | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Class of Stock [Line Items] | |||||
Common shares, dividends (in dollars per share) | $ 0.66 | $ 0.63 | $ 1.98 | $ 1.89 | |
Common shares of beneficial interest: authorized shares (shares) | 250,000,000 | 250,000,000 | 250,000,000 | 250,000,000 | 250,000,000 |
Preferred shares of beneficial interest: authorized shares (shares) | 110,000,000 | 110,000,000 | 110,000,000 | ||
Convertible Preferred Stock | Series A Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 0.8125 | $ 0.8125 | $ 2.4375 | $ 2.4375 | |
Preferred shares of beneficial interest: authorized shares (shares) | 83,977 | 83,977 | 83,977 | 83,977 | |
Preferred stock, dividend rate, percentage (percent) | 6.50% | 6.50% | |||
Redeemable Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred stock, liquidation preference per share (in dollars per share/unit) | $ 25 | $ 25 | |||
Redeemable Preferred Stock | Series K Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 0.3563 | $ 0.3563 | $ 1.0689 | $ 1.0689 | |
Preferred shares of beneficial interest: authorized shares (shares) | 12,000,000 | 12,000,000 | 12,000,000 | 12,000,000 | |
Preferred stock, dividend rate, percentage (percent) | 5.70% | 5.70% | |||
Redeemable Preferred Stock | Series L Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 0.3375 | $ 0.3375 | $ 1.0125 | $ 1.0125 | |
Preferred shares of beneficial interest: authorized shares (shares) | 12,000,000 | 12,000,000 | 12,000,000 | 12,000,000 | |
Preferred stock, dividend rate, percentage (percent) | 5.40% | 5.40% | |||
Redeemable Preferred Stock | Series M Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 0.3281 | $ 0.3281 | $ 0.9843 | $ 0.9843 | |
Preferred shares of beneficial interest: authorized shares (shares) | 12,780,000 | 12,780,000 | 12,780,000 | 12,780,000 | |
Preferred stock, dividend rate, percentage (percent) | 5.25% | 5.25% | |||
Class A Unit | |||||
Class of Stock [Line Items] | |||||
Convertible shares (shares) | 1.9531 |
Shareholders' Equity_Partners_4
Shareholders' Equity/Partners' Capital - AOCI by Component (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning balance, value | $ 7,496,144 | $ 4,943,587 | $ 5,107,883 | $ 5,007,701 | ||
Cumulative effect of accounting change | $ (108,374) | $ 14,519 | ||||
Net current period other comprehensive (loss) income | (9,293) | 822 | (52,712) | 13,865 | ||
Amounts reclassified from AOCI | (2,311) | |||||
Ending balance, value | 7,710,256 | 5,037,509 | 7,710,256 | 5,037,509 | ||
Total | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning balance, value | (38,066) | 33,351 | 7,664 | 128,682 | ||
Ending balance, value | (47,359) | 34,173 | (47,359) | 34,173 | ||
Marketable securities | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning balance, value | 0 | 0 | 0 | 109,554 | ||
Cumulative effect of accounting change | (109,554) | |||||
Net current period other comprehensive (loss) income | 0 | 0 | 0 | 0 | ||
Amounts reclassified from AOCI | 0 | |||||
Ending balance, value | 0 | 0 | 0 | 0 | ||
Pro rata share of nonconsolidated subsidiaries' OCI | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning balance, value | (18) | 2,834 | 3,253 | 3,769 | ||
Cumulative effect of accounting change | (1,671) | |||||
Net current period other comprehensive (loss) income | 11 | 253 | (949) | 989 | ||
Amounts reclassified from AOCI | (2,311) | |||||
Ending balance, value | (7) | 3,087 | (7) | 3,087 | ||
Interest rate swaps | Interest rate swaps | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning balance, value | (33,785) | 39,559 | 11,759 | 23,542 | ||
Cumulative effect of accounting change | 2,851 | |||||
Net current period other comprehensive (loss) income | (9,953) | 623 | (55,497) | 13,789 | ||
Amounts reclassified from AOCI | 0 | |||||
Ending balance, value | (43,738) | 40,182 | (43,738) | 40,182 | ||
Other | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning balance, value | (4,263) | (9,042) | (7,348) | (8,183) | ||
Cumulative effect of accounting change | $ 0 | |||||
Net current period other comprehensive (loss) income | 649 | (54) | 3,734 | (913) | ||
Amounts reclassified from AOCI | 0 | |||||
Ending balance, value | $ (3,614) | $ (9,096) | $ (3,614) | $ (9,096) |
Variable Interest Entities - Na
Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Unconsolidated VIEs | ||
Variable Interest Entities | ||
Net carrying amount of our investments in unconsolidated VIEs | $ 216,276 | $ 257,882 |
Consolidated VIEs | ||
Variable Interest Entities | ||
Variable interest entity, consolidated, carrying amount, assets | 4,898,971 | 4,445,436 |
Variable interest entity, consolidated, carrying amount, liabilities | $ 2,612,681 | $ 2,533,753 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Marketable securities | $ 35,751 | $ 152,198 |
Real estate fund investments | 306,596 | 318,758 |
Recurring | ||
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Marketable securities | 35,751 | 152,198 |
Real estate fund investments | 306,596 | 318,758 |
Deferred compensation plan assets (included in restricted cash and other assets) | 99,678 | 96,524 |
Interest rate swaps (included in other assets) | 5,901 | 27,033 |
Total assets | 447,926 | 594,513 |
Mandatorily redeemable instruments (included in other liabilities) | 50,561 | 50,561 |
Interest rate swaps (included in other liabilities) | 49,539 | 15,236 |
Total liabilities | 100,100 | 65,797 |
Recurring | Level 1 | ||
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Marketable securities | 35,751 | 152,198 |
Real estate fund investments | 0 | 0 |
Deferred compensation plan assets (included in restricted cash and other assets) | 72,501 | 58,716 |
Interest rate swaps (included in other assets) | 0 | 0 |
Total assets | 108,252 | 210,914 |
Mandatorily redeemable instruments (included in other liabilities) | 50,561 | 50,561 |
Interest rate swaps (included in other liabilities) | 0 | 0 |
Total liabilities | 50,561 | 50,561 |
Recurring | Level 2 | ||
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Marketable securities | 0 | 0 |
Real estate fund investments | 0 | 0 |
Deferred compensation plan assets (included in restricted cash and other assets) | 0 | 0 |
Interest rate swaps (included in other assets) | 5,901 | 27,033 |
Total assets | 5,901 | 27,033 |
Mandatorily redeemable instruments (included in other liabilities) | 0 | 0 |
Interest rate swaps (included in other liabilities) | 49,539 | 15,236 |
Total liabilities | 49,539 | 15,236 |
Recurring | Level 3 | ||
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Marketable securities | 0 | 0 |
Real estate fund investments | 306,596 | 318,758 |
Deferred compensation plan assets (included in restricted cash and other assets) | 27,177 | 37,808 |
Interest rate swaps (included in other assets) | 0 | 0 |
Total assets | 333,773 | 356,566 |
Mandatorily redeemable instruments (included in other liabilities) | 0 | 0 |
Interest rate swaps (included in other liabilities) | 0 | 0 |
Total liabilities | 0 | 0 |
Restricted Cash | Recurring | ||
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Deferred compensation plan assets (included in restricted cash and other assets) | 18,079 | 8,402 |
Other Assets | Recurring | ||
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Deferred compensation plan assets (included in restricted cash and other assets) | $ 81,599 | $ 88,122 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019USD ($)investment | Dec. 31, 2018USD ($)investment | |
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Real estate fund investments | $ 306,596 | $ 318,758 |
Real estate fund investments | ||
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Number of investments held by fund (investment) | investment | 4 | 4 |
Real estate fund investments | $ 306,596 | $ 318,758 |
Excess of fair value over cost | 22,968 | |
Level 3 | Real estate fund investments | ||
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Real estate fund investments | 306,596 | |
Excess of fair value over cost | $ 22,968 |
Fair Value Measurements (Unober
Fair Value Measurements (Unobervable Quantitative Input Ratios) (Details) - Recurring - Level 3 - Real estate fund investments | Sep. 30, 2019 | Dec. 31, 2018 |
Discount Rate | Minimum | ||
Unobservable Quantitative Input | ||
Real estate, measurement input | 0.100 | 0.100 |
Discount Rate | Maximum | ||
Unobservable Quantitative Input | ||
Real estate, measurement input | 0.150 | 0.150 |
Discount Rate | Weighted Average | ||
Unobservable Quantitative Input | ||
Real estate, measurement input | 0.135 | 0.134 |
Cap Rate | Minimum | ||
Unobservable Quantitative Input | ||
Real estate, measurement input | 0.051 | 0.054 |
Cap Rate | Maximum | ||
Unobservable Quantitative Input | ||
Real estate, measurement input | 0.076 | 0.077 |
Cap Rate | Weighted Average | ||
Unobservable Quantitative Input | ||
Real estate, measurement input | 0.055 | 0.057 |
Fair Value Measurements (Change
Fair Value Measurements (Changes in the Fair Value of Real Estate Fund Investments and Deferred Compensation Plan Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Real estate fund investments | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Beginning balance | $ 306,596 | $ 373,039 | $ 318,758 | $ 354,804 |
Purchases/additional fundings | 0 | 0 | 4,000 | 68,950 |
Net unrealized loss on held investments | 0 | (3,283) | (16,162) | (32,796) |
Dispositions | 0 | 0 | 0 | (20,291) |
Net realized loss on exited investments | 0 | 0 | 0 | (913) |
Other, net | 0 | 11 | 0 | 13 |
Ending balance | 306,596 | 369,767 | 306,596 | 369,767 |
Deferred Compensation Plan Assets | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Beginning balance | 21,991 | 39,870 | 37,808 | 40,128 |
Sales | (652) | (3,304) | (20,807) | (6,813) |
Purchases/additional fundings | 5,437 | 1,576 | 8,314 | 3,209 |
Realized and unrealized gains | 116 | 180 | 854 | 892 |
Other, net | 285 | 466 | 1,008 | 1,372 |
Ending balance | $ 27,177 | $ 38,788 | $ 27,177 | $ 38,788 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurements on a Nonrecurring Basis) (Details) - Real estate assets - Nonrecurring - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | ||
Real estate asset | $ 0 | $ 14,971,000 |
Level 1 | ||
Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | ||
Real estate asset | 0 | |
Level 2 | ||
Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | ||
Real estate asset | 0 | |
Level 3 | ||
Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | ||
Real estate asset | $ 14,971,000 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying amounts and fair value of financial instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unsecured revolving credit facilities | $ 655,000 | $ 80,000 |
Deferred financing costs, net and other | 41,523 | 59,226 |
Senior Unsecured Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unsecured debt, gross | 450,000 | 850,000 |
Deferred financing costs, net and other | 4,332 | 5,998 |
Unsecured Term Loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unsecured debt, gross | 750,000 | 750,000 |
Deferred financing costs, net and other | 4,415 | 5,179 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents, carrying amount | 979,060 | 261,981 |
Mortgages payable, gross | 5,673,671 | 8,215,847 |
Unsecured revolving credit facilities | 655,000 | 80,000 |
Debt, Carrying Amount | 7,528,671 | 9,895,847 |
Carrying Amount | Senior Unsecured Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unsecured debt, gross | 450,000 | 850,000 |
Carrying Amount | Unsecured Term Loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unsecured debt, gross | 750,000 | 750,000 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, Fair Value | 7,595,000 | 9,856,000 |
Fair Value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents, fair value | 979,000 | 262,000 |
Unsecured revolving credit facilities | 655,000 | 80,000 |
Fair Value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgages payable, gross | 5,725,000 | 8,179,000 |
Fair Value | Senior Unsecured Notes | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unsecured debt, gross | 465,000 | 847,000 |
Fair Value | Unsecured Term Loan | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unsecured debt, gross | $ 750,000 | $ 750,000 |
Stock-based Compensation (Narra
Stock-based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | May 16, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share-based compensation expense | $ 2,578 | $ 2,578 | ||||||||||
Share-based comepnsation expense, accelerated cost | $ 16,211 | |||||||||||
Performance Conditioned AO LTIP Units | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Threshold percentage to satisfy performance based condition (percent) | 110.00% | |||||||||||
Weighted average grant date fair value (in usd per share) | $ 64.48 | |||||||||||
Threshold period to satisfy performance based condition (in days) | 20 days | |||||||||||
Stock options expiration term (years) | 10 years | |||||||||||
Grant-date fair value | 8,983 | $ 8,983 | ||||||||||
Share-based compensation expense | 7,481 | |||||||||||
Share-based compensation, amount capitalized | $ 1,502 | |||||||||||
Grant amortization period (years) | 4 years | |||||||||||
Forecast | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share-based compensation expense | $ 2,578 | $ 8,477 | ||||||||||
General and Administrative Expense | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share-based compensation expense | 5,871 | $ 5,545 | $ 48,045 | $ 26,190 | ||||||||
2019 Omnibus Share Plan | Not Full Value Awards | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares authorized (shares) | 5,500,000 | |||||||||||
2019 Omnibus Share Plan | Full Value Awards | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares authorized (shares) | 11,000,000 | |||||||||||
2019 Omnibus Share Plan | Forecast | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share-based compensation expense | $ 2,401 | $ 2,655 | $ 7,718 | $ 9,603 | $ 9,603 | |||||||
Executive Officer | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Grant-date fair value | 25,500 | 25,500 | ||||||||||
Executive Officer | General and Administrative Expense | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share-based compensation expense | 1,413 | 6,729 | ||||||||||
Executive Officer | 2019 Omnibus Share Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Grant-date fair value | 15,000 | $ 15,000 | ||||||||||
Vesting period (in years) | 4 years | |||||||||||
Executive Officer | 2019 Omnibus Share Plan | General and Administrative Expense | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share-based compensation expense | $ 988 | $ 1,317 | ||||||||||
Share-based Payment Arrangement, Tranche One | Executive Officer | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting rights, percentage | 20.00% | |||||||||||
Share-based Payment Arrangement, Tranche Two | Executive Officer | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting rights, percentage | 40.00% | |||||||||||
Share-based Payment Arrangement, Tranche Three | Executive Officer | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting rights, percentage | 40.00% |
Transaction Related Costs, Im_3
Transaction Related Costs, Impairment Losses and Other - Schedule of Transaction Related Costs, Impairment Losses and Other (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Transaction Related Costs, Impairment Losses and Other [Line Items] | ||||
Transaction related costs | $ 1,576 | $ 2,510 | $ 1,955 | $ 3,580 |
Non-cash impairment loss | 0 | 0 | 101,360 | 0 |
Transfer tax | 0 | 0 | 0 | 13,103 |
Transaction related costs, impairment losses and other | $ 1,576 | $ 2,510 | $ 103,315 | $ 16,683 |
Independence Plaza | ||||
Transaction Related Costs, Impairment Losses and Other [Line Items] | ||||
Equity method ownership percentage | 50.10% | 50.10% |
Transaction Related Costs, Im_4
Transaction Related Costs, Impairment Losses and Other - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Transaction Related Costs, Impairment Losses and Other [Line Items] | ||||||
Non-cash impairment loss | $ 0 | $ 0 | $ 101,360 | $ 0 | ||
Operating lease, impairment loss | 75,220 | $ 0 | ||||
Lease liabilities | 490,978 | 490,978 | $ 0 | |||
608 Fifth Avenue | ||||||
Transaction Related Costs, Impairment Losses and Other [Line Items] | ||||||
Non-cash impairment loss | $ 93,860 | |||||
Operating lease, impairment loss | $ 75,220 | |||||
Lease liabilities | $ 72,088 | $ 72,088 |
Interest and Other Investment_3
Interest and Other Investment Income, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net Investment Income [Line Items] | ||||
(Decrease) increase in fair value of marketable securities | $ (4,868) | $ (7,699) | $ (3,095) | $ (24,801) |
Interest on cash and cash equivalents and restricted cash | 4,060 | 4,306 | 8,753 | 12,370 |
Interest on loans receivable | 1,604 | 2,004 | 4,845 | 8,952 |
Dividends on marketable securities | 1,312 | 3,354 | 2,625 | 10,060 |
Other, net | 937 | 928 | 2,802 | 2,820 |
Interest and other investment income, net | 3,045 | 2,893 | 15,930 | 9,401 |
PREIT | ||||
Net Investment Income [Line Items] | ||||
(Decrease) increase in fair value of marketable securities | (4,875) | 0 | (19,211) | 0 |
Lexington Realty Trust | ||||
Net Investment Income [Line Items] | ||||
(Decrease) increase in fair value of marketable securities | 0 | (7,942) | 16,068 | (24,934) |
Other | ||||
Net Investment Income [Line Items] | ||||
(Decrease) increase in fair value of marketable securities | $ 7 | 243 | $ 48 | 133 |
Mezzanine Loan Investment | ||||
Net Investment Income [Line Items] | ||||
Interest on loans receivable | $ 1,250 | $ 6,707 |
Interest and Debt Expense (Deta
Interest and Debt Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Interest and Debt Expense [Abstract] | ||||
Interest expense | $ 72,345 | $ 98,841 | $ 266,597 | $ 290,006 |
Capitalized interest and debt expense | (16,047) | (18,238) | (59,184) | (49,718) |
Amortization of deferred financing costs | 5,150 | 8,348 | 19,527 | 24,486 |
Interest and debt expense, Total | $ 61,448 | $ 88,951 | $ 226,940 | $ 264,774 |
Interest and Debt Expense - Foo
Interest and Debt Expense - Footnote (Details) - Senior Unsecured Notes - Senior Unsecured Notes Due 2022 - USD ($) | Sep. 30, 2019 | Mar. 01, 2019 |
Debt Instrument, Redemption [Line Items] | ||
Charge related to prepayment and unamortized financing costs | $ 22,540,000 | |
Debt instrument, redeemed | $ 400,000,000 | |
Debt instrument, interest rate, stated percentage (percent) | 5.00% |
Income Per Share_Income Per C_3
Income Per Share/Income Per Class A Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Numerator: | ||||
Income from continuing operations, net of income attributable to noncontrolling interests / in consolidated subsidiaries | $ 335,445 | $ 203,122 | $ 2,942,267 | $ 336,570 |
(Loss) income from discontinued operations, net of income attributable to noncontrolling interests | (7) | 57 | (80) | 357 |
Net income attributable to Vornado / Vornado Realty L.P. | 335,438 | 203,179 | 2,942,187 | 336,927 |
Preferred share dividends / unit distributions | (12,532) | (12,534) | (37,598) | (38,103) |
Preferred share / unit issuance costs | 0 | 0 | 0 | (14,486) |
NET INCOME attributable to common shareholders / Class A unitholders | 322,906 | 190,645 | 2,904,589 | 284,338 |
Earnings allocated to unvested participating securities | (33) | (17) | (291) | (33) |
Numerator for basic income (loss) per share / per Class A unit | 322,873 | 190,628 | 2,904,298 | 284,305 |
Convertible preferred share dividends / unit distributions | 14 | 15 | 43 | 47 |
Earnings allocated to Out-Performance Plan units | 0 | 0 | 9 | 127 |
Numerator for diluted income (loss) per share | $ 322,887 | $ 190,643 | $ 2,904,350 | $ 284,479 |
Denominator: | ||||
Denominator for basic income per share - weighted average shares (in shares) | 190,814 | 190,245 | 190,762 | 190,176 |
Vornado employee stock options and restricted share / unit awards (in shares) | 176 | 1,045 | 227 | 972 |
Convertible preferred shares/units | 34 | 37 | 35 | 38 |
Out-Performance Plan units | 0 | 0 | 3 | 106 |
Denominator for diluted income (loss) per share - weighted average shares and assumed conversions (in shares) | 191,024 | 191,327 | 191,027 | 191,292 |
INCOME PER COMMON SHARE – BASIC: | ||||
Income from continuing operations, net (in dollars per share) | $ 1.69 | $ 1 | $ 15.22 | $ 1.50 |
Net income per common share (in dollars per share) | 1.69 | 1 | 15.22 | 1.50 |
INCOME PER COMMON SHARE – DILUTED: | ||||
Income from continuing operations, net (in dollars per share) | 1.69 | 1 | 15.20 | 1.49 |
Net income per common share (in dollars per share) | $ 1.69 | $ 1 | $ 15.20 | $ 1.49 |
Vornado Realty L.P. | ||||
Numerator: | ||||
Income from continuing operations, net of income attributable to noncontrolling interests / in consolidated subsidiaries | $ 358,083 | $ 215,789 | $ 3,139,626 | $ 355,538 |
(Loss) income from discontinued operations, net of income attributable to noncontrolling interests | (8) | 61 | (85) | 381 |
Net income attributable to Vornado / Vornado Realty L.P. | 358,075 | 215,850 | 3,139,541 | 355,919 |
Preferred share dividends / unit distributions | (12,574) | (12,582) | (37,722) | (38,248) |
Preferred share / unit issuance costs | 0 | 0 | 0 | (14,486) |
NET INCOME attributable to common shareholders / Class A unitholders | 345,501 | 203,268 | 3,101,819 | 303,185 |
Earnings allocated to unvested participating securities | (2,449) | (997) | (14,807) | (2,259) |
Numerator for basic income (loss) per share / per Class A unit | 343,052 | 202,271 | 3,087,012 | 300,926 |
Convertible preferred share dividends / unit distributions | 14 | 15 | 43 | 47 |
Numerator for diluted income (loss) per Class A unit | $ 343,066 | $ 202,286 | $ 3,087,055 | $ 300,973 |
Denominator: | ||||
Denominator for basic income (loss) per Class A unit – weighted average units (in shares) | 203,009 | 202,103 | 202,903 | 202,033 |
Vornado employee stock options and restricted share / unit awards (in shares) | 507 | 1,454 | 478 | 1,329 |
Convertible preferred shares/units | 34 | 37 | 35 | 38 |
Denominator for diluted income (loss) per Class A unit - weighted average units and assumed conversions | 203,550 | 203,594 | 203,416 | 203,400 |
INCOME PER CLASS A UNIT – BASIC: | ||||
Income from continuing operations, net (in dollars per unit) | $ 1.69 | $ 1 | $ 15.21 | $ 1.49 |
Net income per Class A unit (in dollars per unit) | 1.69 | 1 | 15.21 | 1.49 |
INCOME PER CLASS A UNIT – DILUTED: | ||||
Income from continuing operations, net (in dollars per unit) | 1.69 | 0.99 | 15.18 | 1.48 |
Net income per Class A unit (in dollars per unit) | $ 1.69 | $ 0.99 | $ 15.18 | $ 1.48 |
Income Per Share_Income Per C_4
Income Per Share/Income Per Class A Unit (Narrative) (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share | ||||
Weighted average common share / class A unit equivalents of excluded dilutive securities due to anti-dilutive effect | 13,431 | 12,372 | 13,067 | 12,220 |
Vornado Realty L.P. | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share | ||||
Weighted average common share / class A unit equivalents of excluded dilutive securities due to anti-dilutive effect | 905 | 105 | 678 | 112 |
Leases - Lessor, Operating Leas
Leases - Lessor, Operating Lease, Payments to be Received (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | ||
For the remainder of 2019 | $ 327,246 | |
2020 | 1,263,818 | |
2021 | 1,241,049 | |
2022 | 1,174,436 | |
2023 | 1,060,495 | |
2024 | 885,891 | |
Thereafter | $ 4,336,649 | |
Under ASC 840 | ||
2019 | $ 1,547,162 | |
2020 | 1,510,097 | |
2021 | 1,465,024 | |
2022 | 1,407,615 | |
2023 | 1,269,141 | |
Thereafter | $ 5,832,467 |
Leases - Components of Fixed an
Leases - Components of Fixed and Variable Lease Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Leases [Abstract] | ||
Fixed lease revenues | $ 351,426 | $ 1,159,037 |
Variable lease revenues | 62,917 | 151,844 |
Total lease revenues | $ 414,343 | $ 1,310,881 |
Leases - Narrative (Details)
Leases - Narrative (Details) ft² in Thousands, $ in Thousands | Sep. 30, 2019USD ($)ft² | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) |
Leases [Line Items] | |||
Operating lease, right-of-use asset | $ 370,604 | $ 0 | |
Operating lease liabilities | 490,978 | 0 | |
Reclassification from other liabilities | (266,090) | (311,806) | |
Reclassification from deferred revenue | (62,583) | (167,730) | |
Reclassification from identified intangible assets, net | (30,773) | (136,781) | |
Reclassification from other assets | $ (446,516) | $ (431,938) | |
Accounting Standards Update 2016-02 | |||
Leases [Line Items] | |||
Operating lease, right-of-use asset | $ 526,866 | ||
Operating lease liabilities | 526,866 | ||
Reclassification from other liabilities | 37,269 | ||
Reclassification from deferred revenue | 4,267 | ||
Reclassification from identified intangible assets, net | 23,665 | ||
Reclassification from other assets | $ 1,584 | ||
Farley Office and Retail Building | |||
Leases [Line Items] | |||
Equity method ownership percentage | 95.00% | ||
Square footage of real estate property (in sqft) | ft² | 845 | ||
Lessee, operating lease, lease not yet commenced, term (years) | 99 years | ||
Farley Office and Retail Building | Office Space | |||
Leases [Line Items] | |||
Square footage of real estate property (in sqft) | ft² | 725 | ||
Farley Office and Retail Building | Retail | |||
Leases [Line Items] | |||
Square footage of real estate property (in sqft) | ft² | 120 |
Leases - Schedule of Amounts In
Leases - Schedule of Amounts Included in the Measurement of Lease Liability (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Leases [Abstract] | |
Weighted average remaining lease term (in years) | 40 years 10 months 20 days |
Weighted average discount rate (percent) | 4.85% |
Cash paid for operating leases | $ 20,289 |
Leases - Schedule of Components
Leases - Schedule of Components of Rent Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Leases [Abstract] | ||
Fixed rent expense | $ 7,237 | $ 26,552 |
Variable rent expense | 472 | 1,626 |
Rent expense | $ 7,709 | $ 28,178 |
Leases - Lessee, Operating Leas
Leases - Lessee, Operating Lease, Liability, Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
For the remainder of 2019 | $ 6,431 | |
2020 | 28,739 | |
2021 | 29,133 | |
2022 | 30,033 | |
2023 | 30,448 | |
2024 | 30,882 | |
Thereafter | 1,046,349 | |
Total undiscounted cash flows | 1,202,015 | |
Present value discount | (711,037) | |
Lease liabilities | 490,978 | $ 0 |
Farley Office and Retail Building | ||
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
For the remainder of 2019 | 0 | |
2020 | 10,402 | |
2021 | 7,229 | |
2022 | 7,444 | |
2023 | 7,809 | |
2024 | 8,330 | |
Thereafter | $ 519,048 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2019 | $ 46,147 |
2020 | 45,258 |
2021 | 42,600 |
2022 | 43,840 |
2023 | 44,747 |
Thereafter | $ 1,612,627 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Other Commitments | |
Guarantees and master leases | $ 978,000,000 |
Outstanding letters of credit | 15,880,000 |
Commitment to fund additional capital to partially owned entities | 15,400,000 |
Construction commitment | 746,000,000 |
General Liability | |
Insurance | |
Insurance limit per property | 300,000,000 |
Insurance limit per occurrence | 300,000,000 |
All Risk And Rental Value | |
Insurance | |
Insurance limit per occurrence | 2,000,000,000 |
Earthquake California Properties | |
Insurance | |
Insurance limit per occurrence | 350,000,000 |
Insurance maximum coverage limit in aggregate | $ 350,000,000 |
Vornado deductible, percentage of property value | 5.00% |
Non-Certified Acts of Terrorism | |
Insurance | |
Insurance maximum coverage limit in aggregate | $ 760,000,000 |
Terrorism Acts | |
Insurance | |
Insurance limit per occurrence | 4,000,000,000 |
Insurance maximum coverage limit in aggregate | 4,000,000,000 |
NBCR Acts | |
Insurance | |
Insurance limit per occurrence | 2,000,000,000 |
Insurance maximum coverage limit in aggregate | 2,000,000,000 |
PPIC | NBCR Acts | |
Insurance | |
Insurance deductible | $ 1,456,071 |
Insurance deductible percentage of balance of covered loss | 19.00% |
Farley Office and Retail Building | |
Other Commitments | |
Equity method ownership percentage | 95.00% |
Farley Office and Retail Building | General Liability | |
Insurance | |
Insurance limit per occurrence | $ 100,000,000 |
Farley Office and Retail Building | Non-Certified Acts of Terrorism | |
Insurance | |
Insurance limit per occurrence | 1,000,000,000 |
Insurance maximum coverage limit in aggregate | 1,000,000,000 |
Farley Office and Retail Building | Terrorism Acts | |
Insurance | |
Insurance limit per occurrence | 1,000,000,000 |
Insurance maximum coverage limit in aggregate | 1,000,000,000 |
Farley Office and Retail Building | Property and Development Activities | |
Insurance | |
Insurance limit per occurrence | 2,800,000,000 |
Insurance maximum coverage limit in aggregate | $ 2,800,000,000 |
Joint Venture | Farley Office and Retail Building | |
Other Commitments | |
Equity method ownership percentage | 95.00% |
Segment Information - Summary o
Segment Information - Summary of NOI by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Information | ||||
Total revenues | $ 465,961 | $ 542,048 | $ 1,463,732 | $ 1,620,303 |
Operating expenses | 226,359 | 235,575 | 694,006 | 709,158 |
NOI - consolidated | 239,602 | 306,473 | 769,726 | 911,145 |
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (18,096) | (16,943) | (51,915) | (51,415) |
Add: NOI from partially owned entities | 86,024 | 60,094 | 236,400 | 193,359 |
NOI at share | 307,530 | 349,624 | 954,211 | 1,053,089 |
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (4,037) | (8,743) | 530 | (39,172) |
NOI at share - cash basis | 303,493 | 340,881 | 954,741 | 1,013,917 |
New York | ||||
Segment Information | ||||
Total revenues | 380,568 | 462,446 | 1,200,234 | 1,369,482 |
Operating expenses | 188,159 | 200,949 | 574,073 | 599,768 |
NOI - consolidated | 192,409 | 261,497 | 626,161 | 769,714 |
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (9,574) | (11,348) | (31,011) | (34,653) |
Add: NOI from partially owned entities | 82,649 | 47,179 | 211,394 | 146,730 |
NOI at share | 265,484 | 297,328 | 806,544 | 881,791 |
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (5,560) | (9,125) | (3,741) | (39,161) |
NOI at share - cash basis | 259,924 | 288,203 | 802,803 | 842,630 |
Other | ||||
Segment Information | ||||
Total revenues | 85,393 | 79,602 | 263,498 | 250,821 |
Operating expenses | 38,200 | 34,626 | 119,933 | 109,390 |
NOI - consolidated | 47,193 | 44,976 | 143,565 | 141,431 |
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (8,522) | (5,595) | (20,904) | (16,762) |
Add: NOI from partially owned entities | 3,375 | 12,915 | 25,006 | 46,629 |
NOI at share | 42,046 | 52,296 | 147,667 | 171,298 |
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 1,523 | 382 | 4,271 | (11) |
NOI at share - cash basis | $ 43,569 | $ 52,678 | $ 151,938 | $ 171,287 |
Segment Information (Summary of
Segment Information (Summary of net income and EBITDA reconciliation by segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting [Abstract] | ||||
Net income | $ 363,849 | $ 219,162 | $ 3,173,586 | $ 324,782 |
Depreciation and amortization expense | 96,437 | 113,169 | 326,181 | 333,701 |
General and administrative expense | 33,237 | 31,977 | 130,129 | 108,937 |
Transaction related costs, impairment losses and other | 1,576 | 2,510 | 103,315 | 16,683 |
Income from partially owned entities | (25,946) | (7,206) | (56,139) | (6,059) |
(Income) loss from real estate fund investments | (2,190) | 190 | 13,780 | 37,973 |
Interest and other investment income, net | (3,045) | (2,893) | (15,930) | (9,401) |
Interest and debt expense | 61,448 | 88,951 | 226,940 | 264,774 |
Net gain on transfer to Fifth Avenue and Times Square JV | 0 | 0 | (2,571,099) | 0 |
Net gains on disposition of wholly owned and partially owned assets | (309,657) | (141,269) | (641,664) | (164,828) |
Income tax expense | 23,885 | 1,943 | 80,542 | 4,964 |
Loss (income) from discontinued operations | 8 | (61) | 85 | (381) |
NOI from partially owned entities | 86,024 | 60,094 | 236,400 | 193,359 |
NOI attributable to noncontrolling interests in consolidated subsidiaries | (18,096) | (16,943) | (51,915) | (51,415) |
NOI at share | 307,530 | 349,624 | 954,211 | 1,053,089 |
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (4,037) | (8,743) | 530 | (39,172) |
NOI at share - cash basis | $ 303,493 | $ 340,881 | $ 954,741 | $ 1,013,917 |