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Vornado Realty Trust, et al. – ‘10-Q’ for 6/30/20 – ‘R46’

On:  Monday, 8/3/20, at 4:29pm ET   ·   For:  6/30/20   ·   Accession #:  899689-20-39   ·   File #s:  1-11954, 1-34482

Previous ‘10-Q’:  ‘10-Q’ on 5/4/20 for 3/31/20   ·   Next:  ‘10-Q’ on 11/2/20 for 9/30/20   ·   Latest:  ‘10-Q’ on 5/6/24 for 3/31/24   ·   3 References:   

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  As Of               Filer                 Filing    For·On·As Docs:Size

 8/03/20  Vornado Realty Trust              10-Q        6/30/20  113:19M
          Vornado Realty LP

Quarterly Report   —   Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML   3.18M 
 2: EX-15.1     Letter re: Unaudited Interim Financial Info         HTML     32K 
 3: EX-15.2     Letter re: Unaudited Interim Financial Info         HTML     29K 
 4: EX-31.1     Certification -- §302 - SOA'02                      HTML     36K 
 5: EX-31.2     Certification -- §302 - SOA'02                      HTML     37K 
 6: EX-31.3     Certification -- §302 - SOA'02                      HTML     36K 
 7: EX-31.4     Certification -- §302 - SOA'02                      HTML     36K 
 8: EX-32.1     Certification -- §906 - SOA'02                      HTML     32K 
 9: EX-32.2     Certification -- §906 - SOA'02                      HTML     32K 
10: EX-32.3     Certification -- §906 - SOA'02                      HTML     32K 
11: EX-32.4     Certification -- §906 - SOA'02                      HTML     32K 
18: R1          Document and Entity Information                     HTML     97K 
19: R2          Consolidated Balance Sheets (Unaudited)             HTML    180K 
20: R3          Consolidated Balance Sheets (Unaudited)             HTML     65K 
                (Parentheticals)                                                 
21: R4          Consolidated Statements of Income (Unaudited)       HTML    145K 
22: R5          Consolidated Statements of Comprehensive Income     HTML     56K 
                (Unaudited)                                                      
23: R6          Consolidated Statements of Changes in Equity        HTML    252K 
                (Unaudited)                                                      
24: R7          Consolidated Statements of Changes in Equity        HTML     32K 
                (Unaudited) - Parenthetical (Unaudited)                          
25: R8          Consolidated Statements of Cash Flows (Unaudited)   HTML    233K 
26: R9          Consolidated Statements of Cash Flows (Unaudited)   HTML     32K 
                (Parentheticals)                                                 
27: R10         Organization                                        HTML     33K 
28: R11         COVID-19 Pandemic                                   HTML     43K 
29: R12         Basis of Presentation                               HTML     34K 
30: R13         Recently Issued Accounting Literature               HTML     38K 
31: R14         Revenue Recognition                                 HTML    161K 
32: R15         Real Estate Fund Investments                        HTML     57K 
33: R16         Marketable Securities                               HTML     38K 
34: R17         Investments in Partially Owned Entities             HTML    139K 
35: R18         220 Central Park South 220 CPS                      HTML     36K 
36: R19         Identified Intangible Assets and Liabilities        HTML     58K 
37: R20         Debt                                                HTML     69K 
38: R21         Redeemable Noncontrolling Interests                 HTML     70K 
39: R22         Shareholders' Equity/Partners' Capital              HTML    120K 
40: R23         Variable Interest Entities                          HTML     36K 
41: R24         Fair Value Measurements                             HTML    282K 
42: R25         Stock-based Compensation                            HTML     39K 
43: R26         Lease Liability Extinguishment Gain (Transaction    HTML     50K 
                Related Costs and Impairment Losses)                             
44: R27         Interest and Other Investment (Loss) Income, Net    HTML     68K 
45: R28         Interest and Debt Expense                           HTML     49K 
46: R29         (Loss) Income Per Share/(Loss) Income Per Class A   HTML    173K 
                Unit                                                             
47: R30         Commitments and Contingencies                       HTML     49K 
48: R31         Segment Information                                 HTML    166K 
49: R32         Recently Issued Accounting Literature (Policies)    HTML     56K 
50: R33         Revenue Recognition (Tables)                        HTML    177K 
51: R34         Real Estate Fund Investments (Tables)               HTML     51K 
52: R35         Marketable Securities (Tables)                      HTML     36K 
53: R36         Investments in Partially Owned Entities (Tables)    HTML    127K 
54: R37         Identified Intangible Assets and Liabilities        HTML     62K 
                (Tables)                                                         
55: R38         Debt (Tables)                                       HTML     69K 
56: R39         Redeemable Noncontrolling Interests (Tables)        HTML     63K 
57: R40         Shareholders' Equity/Partners' Capital              HTML    119K 
                Shareholders' Equity/Partners' Capital (Tables)                  
58: R41         Fair Value Measurements (Tables)                    HTML    372K 
59: R42         Lease Liability Extinguishment Gain (Transaction    HTML     48K 
                Related Costs and Impairment Losses) (Tables)                    
60: R43         Interest and Other Investment (Loss) Income, Net    HTML     67K 
                (Tables)                                                         
61: R44         Interest and Debt Expense (Tables)                  HTML     49K 
62: R45         (Loss) Income Per Share/(Loss) Income Per Class A   HTML    174K 
                Unit (Tables)                                                    
63: R46         Segment Information (Tables)                        HTML    165K 
64: R47         Organization (Narrative) (Details)                  HTML     33K 
65: R48         COVID-19 Pandemic - Narrative (Details)             HTML     66K 
66: R49         Recently Issued Accounting Literature (Narrative)   HTML     41K 
                (Details)                                                        
67: R50         Revenue Recognition - Revenues by Segment           HTML     94K 
                (Details)                                                        
68: R51         Revenue Recognition - Components of Lease Revenue   HTML     37K 
                (Details)                                                        
69: R52         Real Estate Fund Investments (Narrative) (Details)  HTML     69K 
70: R53         Real Estate Fund Investments (Income from the Fund  HTML     44K 
                and the Co-Investment) (Details)                                 
71: R54         Marketable Securities (Narrative) (Details)         HTML     39K 
72: R55         Marketable Securities (Marketable securities        HTML     40K 
                portfolio) (Details)                                             
73: R56         Investments in Partially Owned Entities Narrative   HTML     77K 
                (Details)                                                        
74: R57         Investments in Partially Owned Entities             HTML     44K 
                (Alexander's Inc.) (Details)                                     
75: R58         Investments in Partially Owned Entities - Latest    HTML     38K 
                Financial Information of Fifth Avenue and Times                  
                Square JV (Details)                                              
76: R59         Investments in Partially Owned Entities (Summary    HTML     55K 
                of Investments) (Details)                                        
77: R60         Investments in Partially Owned Entities (Summary    HTML     61K 
                of Income (Loss)) (Details)                                      
78: R61         220 Central Park South 220 CPS - Narrative          HTML     50K 
                (Details)                                                        
79: R62         Identified Intangible Assets and Liabilities -      HTML     39K 
                Narrative (Details)                                              
80: R63         Identified Intangible Assets and Liabilities -      HTML     44K 
                Schedule of Identified Intangible Assets and                     
                Intangible Liabilities (Details)                                 
81: R64         Identified Intangible Assets and Liabilities -      HTML     46K 
                Schedule of Future Amortization Expense of                       
                Intangible Assets (Details)                                      
82: R65         Debt (Narrative) (Details)                          HTML     44K 
83: R66         Debt (Summary of Debt) (Details)                    HTML     59K 
84: R67         Redeemable Noncontrolling Interests (Narrative)     HTML     60K 
                (Details)                                                        
85: R68         Redeemable Noncontrolling Interests (Activity of    HTML     60K 
                Redeemable Noncontrolling Interests) (Details)                   
86: R69         Shareholders' Equity/Partners' Capital              HTML     38K 
                Shareholders' Equity/Partners' Capital - Narrative               
                (Details)                                                        
87: R70         Shareholders' Equity/Partners' Capital              HTML     66K 
                Shareholders' Equity/Partners' Capital - Schedule                
                of Dividends (Details)                                           
88: R71         Shareholders' Equity/Partners' Capital              HTML     54K 
                Shareholders' Equity/Partners' Capital - AOCI by                 
                Component (Details)                                              
89: R72         Variable Interest Entities - Narrative (Details)    HTML     39K 
90: R73         Fair Value Measurements (Narrative) (Details)       HTML     62K 
91: R74         Fair Value Measurements (Financial Assets and       HTML     74K 
                Liabilities Measured at Fair Value on a Recurring                
                Basis) (Details)                                                 
92: R75         Fair Value Measurements (Unobervable Quantitative   HTML     54K 
                Input Ratios) (Details)                                          
93: R76         Fair Value Measurements (Changes in the Fair Value  HTML     50K 
                of Real Estate Fund Investments and Deferred                     
                Compensation Plan Assets) (Details)                              
94: R77         Fair Value Measurements (Changes in the Fair Value  HTML     38K 
                of Loans Receivable) (Details)                                   
95: R78         Fair Value Measurements (Summary of Derivative      HTML     84K 
                Instruments) (Details)                                           
96: R79         Fair Value Measurements (Fair Value Measurements    HTML     42K 
                on a Nonrecurring Basis) (Details)                               
97: R80         Fair Value Measurements (Carrying amounts and fair  HTML     67K 
                value of financial instruments) (Details)                        
98: R81         Stock-based Compensation (Narrative) (Details)      HTML     89K 
99: R82         Lease Liability Extinguishment Gain (Transaction    HTML     39K 
                Related Costs and Impairment Losses) - Narrative                 
                (Details)                                                        
100: R83         Schedule of Lease Liability Extinguishment Gain     HTML     41K  
                (Transaction Related Costs and Impairment Losses)                
                (Details)                                                        
101: R84         Interest and Other Investment (Loss) Income, Net    HTML     53K  
                (Details)                                                        
102: R85         Interest and Debt Expense (Details)                 HTML     38K  
103: R86         Interest and Debt Expense - Footnote (Details)      HTML     38K  
104: R87         (Loss) Income Per Share/(Loss) Income Per Class A   HTML    105K  
                Unit (Details)                                                   
105: R88         (Loss) Income Per Share/(Loss) Income Per Class A   HTML     35K  
                Unit (Narrative) (Details)                                       
106: R89         Commitments and Contingencies (Narrative)           HTML    113K  
                (Details)                                                        
107: R90         Segment Information (Narrative) (Details)           HTML     31K  
108: R91         Segment Information (Summary of net income and      HTML     70K  
                EBITDA reconciliation by segment) (Details)                      
109: R92         Segment Information - Summary of NOI by Segment     HTML     57K  
                (Details)                                                        
111: XML         IDEA XML File -- Filing Summary                      XML    206K  
17: XML         XBRL Instance -- vno-063020x10q_htm                  XML   5.31M 
110: EXCEL       IDEA Workbook of Financial Reports                  XLSX    153K  
13: EX-101.CAL  XBRL Calculations -- vno-20200630_cal                XML    329K 
14: EX-101.DEF  XBRL Definitions -- vno-20200630_def                 XML   1.46M 
15: EX-101.LAB  XBRL Labels -- vno-20200630_lab                      XML   2.49M 
16: EX-101.PRE  XBRL Presentations -- vno-20200630_pre               XML   1.62M 
12: EX-101.SCH  XBRL Schema -- vno-20200630                          XSD    302K 
112: JSON        XBRL Instance as JSON Data -- MetaLinks              494±   745K  
113: ZIP         XBRL Zipped Folder -- 0000899689-20-000039-xbrl      Zip    577K

‘R46’   —   Segment Information (Tables)

This is an IDEA Financial Report.  [ Alternative Formats ]

 
v3.20.2
Segment Information (Tables)
 6 Months Ended
Segment Reporting [Abstract]  
Schedule of Segment Information
Below is a reconciliation of net income to NOI at share and NOI at share - cash basis for the three and six months ended June 30, 2020 and 2019.
(Amounts in thousands)
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Net (loss) income
$
(217,352
)
 
$
2,596,693

 
$
(321,855
)
 
$
2,809,737

Depreciation and amortization expense
92,805

 
113,035

 
185,598

 
229,744

General and administrative expense
35,014

 
38,872

 
87,848

 
96,892

(Lease liability extinguishment gain) transaction related costs and impairment losses
(69,221
)
 
101,590

 
(69,150
)
 
101,739

Loss (income) from partially owned entities
291,873

 
(22,873
)
 
272,770

 
(30,193
)
Loss from real estate fund investments
28,042

 
15,803

 
211,505

 
15,970

Interest and other investment loss (income), net
2,893

 
(7,840
)
 
8,797

 
(12,885
)
Interest and debt expense
58,405

 
63,029

 
117,247

 
165,492

Net gain on transfer to Fifth Avenue and Times Square JV
—

 
(2,571,099
)
 
—

 
(2,571,099
)
Net gains on disposition of wholly owned and partially owned assets
(55,695
)
 
(111,713
)
 
(124,284
)
 
(332,007
)
Income tax expense
1,837

 
26,914

 
14,650

 
56,657

(Income) loss from discontinued operations
—

 
(60
)
 
—

 
77

NOI from partially owned entities
69,487

 
82,974

 
151,368

 
150,376

NOI attributable to noncontrolling interests in consolidated subsidiaries
(15,448
)
 
(16,416
)
 
(30,941
)
 
(33,819
)
NOI at share
222,640

 
308,909

 
503,553

 
646,681

Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other
34,190

 
9,748

 
37,266

 
4,567

NOI at share - cash basis
$
256,830

 
$
318,657

 
$
540,819

 
$
651,248




22.
Segment Information - continued
Below is a summary of NOI at share, NOI at share - cash basis by segment for the three and six months ended June 30, 2020 and 2019.
(Amounts in thousands)
For the Three Months Ended June 30, 2020
 
Total
 
New York
 
Other
Total revenues
$
343,026

 
$
270,628

 
$
72,398

Operating expenses
(174,425
)
 
(140,207
)
 
(34,218
)
NOI - consolidated
168,601

 
130,421

 
38,180

Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries
(15,448
)
 
(8,504
)
 
(6,944
)
Add: NOI from partially owned entities
69,487

 
67,051

 
2,436

NOI at share
222,640

 
188,968

 
33,672

Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other
34,190

 
32,943

 
1,247

NOI at share - cash basis
$
256,830

 
$
221,911

 
$
34,919

(Amounts in thousands)
For the Three Months Ended June 30, 2019
 
Total
 
New York
 
Other
Total revenues
$
463,103

 
$
376,381

 
$
86,722

Operating expenses
(220,752
)
 
(187,819
)
 
(32,933
)
NOI - consolidated
242,351

 
188,562

 
53,789

Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries
(16,416
)
 
(10,030
)
 
(6,386
)
Add: NOI from partially owned entities
82,974

 
79,170

 
3,804

NOI at share
308,909

 
257,702

 
51,207

Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other
9,748

 
8,437

 
1,311

NOI at share - cash basis
$
318,657

 
$
266,139

 
$
52,518


(Amounts in thousands)
For the Six Months Ended June 30, 2020
 
Total
 
New York
 
Other
Total revenues
$
787,558

 
$
626,243

 
$
161,315

Operating expenses
(404,432
)
 
(323,238
)
 
(81,194
)
NOI - consolidated
383,126

 
303,005

 
80,121

Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries
(30,941
)
 
(16,937
)
 
(14,004
)
Add: NOI from partially owned entities
151,368

 
145,459

 
5,909

NOI at share
503,553

 
431,527

 
72,026

Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other
37,266

 
34,049

 
3,217

NOI at share - cash basis
$
540,819

 
$
465,576

 
$
75,243

(Amounts in thousands)
For the Six Months Ended June 30, 2019
 
Total
 
New York
 
Other
Total revenues
$
997,771

 
$
819,666

 
$
178,105

Operating expenses
(467,647
)
 
(385,914
)
 
(81,733
)
NOI - consolidated
530,124

 
433,752

 
96,372

Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries
(33,819
)
 
(21,437
)
 
(12,382
)
Add: NOI from partially owned entities
150,376

 
128,745

 
21,631

NOI at share
646,681

 
541,060

 
105,621

Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other
4,567

 
1,819

 
2,748

NOI at share - cash basis
$
651,248

 
$
542,879

 
$
108,369

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing    Date    Other Filings
Filed on:8/3/208-K
For Period end:6/30/20
6/30/1910-Q
 List all Filings 

2 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

11/23/20  Vornado Realty Trust              424B5                  1:678K                                   Toppan Merrill-FA
11/19/20  Vornado Realty Trust              424B5                  1:678K                                   Toppan Merrill-FA

1 Previous Filing that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/03/20  Vornado Realty Trust              DEF 14A     5/14/20    1:6.4M                                   Toppan Merrill/FA
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