v3.20.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands |
6 Months Ended |
|
|
Cash Flows from Operating Activities: |
|
|
Net (loss) income |
$ (321,855)
|
$ 2,809,737
|
Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
|
|
Equity in net loss (income) of partially owned entities |
272,770
|
(30,193)
|
Net unrealized loss on real estate fund investments |
211,196
|
16,162
|
Depreciation and amortization (including amortization of deferred financing costs) |
193,920
|
240,866
|
Net gains on disposition of wholly owned and partially owned assets |
(124,284)
|
(332,007)
|
Distributions of income from partially owned entities |
79,436
|
31,820
|
Non-cash (gain on extinguishment of 608 Fifth Avenue lease liability) impairment loss on 608 Fifth Avenue right-of-use asset |
(70,260)
|
75,220
|
Write-off of lease receivables deemed uncollectible |
38,631
|
15,382
|
Stock-based compensation expense |
33,468
|
42,174
|
Straight-lining of rents |
15,856
|
3,733
|
Credit losses on loans receivable |
13,369
|
0
|
Amortization of below-market leases, net |
(9,406)
|
(11,168)
|
Decrease (increase) in fair value of marketable securities |
4,938
|
(1,773)
|
Net gain on transfer to Fifth Avenue and Times Square JV |
0
|
(2,571,099)
|
Real estate impairment losses |
0
|
26,140
|
Prepayment penalty on redemption of senior unsecured notes due 2022 |
0
|
22,058
|
Other non-cash adjustments |
4,370
|
3,206
|
Changes in operating assets and liabilities: |
|
|
Real estate fund investments |
(6,000)
|
(4,000)
|
Tenant and other receivables, net |
(28,864)
|
(12,759)
|
Prepaid assets |
3,078
|
(5,702)
|
Other assets |
(12,480)
|
(8,498)
|
Accounts payable and accrued expenses |
(26,611)
|
(11,482)
|
Other liabilities |
(3,557)
|
(4,965)
|
Net cash provided by operating activities |
267,715
|
292,852
|
Cash Flows from Investing Activities: |
|
|
Proceeds from sale of condominium units at 220 Central Park South |
437,188
|
690,734
|
Development costs and construction in progress |
(319,294)
|
(289,532)
|
Moynihan Train Hall expenditures |
(183,007)
|
(205,783)
|
Additions to real estate |
(85,252)
|
(120,060)
|
Proceeds from sales of marketable securities |
28,375
|
167,852
|
Investments in partially owned entities |
(3,157)
|
(15,588)
|
Distributions of capital from partially owned entities |
1,090
|
24,880
|
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) |
0
|
1,255,756
|
Proceeds from redemption of 640 Fifth Avenue preferred equity |
0
|
500,000
|
Proceeds from sale of real estate and related investments |
0
|
108,512
|
Acquisitions of real estate and other |
0
|
(3,260)
|
Net cash (used in) provided by investing activities |
(124,057)
|
2,113,511
|
Cash Flows from Financing Activities: |
|
|
Dividends paid on common shares / Distributions to Vornado |
(624,627)
|
(251,803)
|
Proceeds from borrowings |
554,297
|
458,955
|
Moynihan Train Hall reimbursement from Empire State Development |
183,007
|
205,783
|
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries |
98,268
|
8,315
|
Distribution to noncontrolling interests / redeemable security holders and noncontrolling interests in consolidated subsidiaries |
(54,440)
|
(49,140)
|
Dividends paid on preferred shares / Distributions to preferred unitholders |
(37,593)
|
(25,066)
|
Repayments of borrowings |
(11,347)
|
(1,943,157)
|
Proceeds received from exercise of employee share options (Vornado stock options) and other |
5,267
|
2,046
|
Debt issuance costs |
(143)
|
(13,522)
|
Repurchase of shares (Class A units) related to stock compensation arrangements and related tax withholdings |
(137)
|
(8,692)
|
Purchase of marketable securities in connection with defeasance of mortgage payable |
0
|
(407,126)
|
Prepayment penalty on redemption of senior unsecured notes due 2022 |
0
|
(22,058)
|
Redemption of preferred shares / units |
0
|
(893)
|
Net cash provided by (used in) financing activities |
112,552
|
(2,046,358)
|
Net increase in cash and cash equivalents and restricted cash |
256,210
|
360,005
|
Cash and cash equivalents and restricted cash at beginning of period |
1,607,131
|
716,905
|
Cash and cash equivalents and restricted cash at end of period |
1,863,341
|
1,076,910
|
Reconciliation of Cash and Cash Equivalents and Restricted Cash: |
|
|
Cash and cash equivalents at beginning of period |
1,515,012
|
570,916
|
Restricted cash at beginning of period |
92,119
|
145,989
|
Cash and cash equivalents and restricted cash at beginning of period |
1,607,131
|
716,905
|
Cash and cash equivalents at end of period |
1,768,459
|
922,604
|
Restricted cash at end of period |
94,882
|
154,306
|
Cash and cash equivalents and restricted cash at end of period |
1,863,341
|
1,076,910
|
Supplemental Disclosure of Cash Flow Information: |
|
|
Cash payments for interest, excluding capitalized interest of $21,255 and $39,643 |
107,069
|
165,022
|
Cash payments for income taxes |
9,276
|
28,697
|
Non-Cash Investing and Financing Activities: |
|
|
Adjustments to carry redeemable Class A units at redemption value |
248,879
|
99,407
|
Reclassification of condominium units from development costs and construction in progress to 220 Central Park South condominium units ready for sale |
240,707
|
647,683
|
Accrued capital expenditures included in accounts payable and accrued expenses |
89,036
|
68,900
|
Write-off of fully depreciated assets |
(66,931)
|
(93,390)
|
Lease liabilities arising from the recognition of right-of-use assets |
0
|
526,866
|
Amounts related to our investment in Pennsylvania Real Estate Investment Trust reclassified from investments in partially owned entities and accumulated other comprehensive loss to marketable securities upon conversion of operating partnership units to common shares |
0
|
54,962
|
Investments received in exchange for transfer to Fifth Avenue and Times Square JV: |
|
|
Investments received in exchange for transfer to joint venture, preferred equity |
0
|
2,327,750
|
Investments received in exchange for transfer to joint venture, common equity |
0
|
1,449,495
|
Marketable securities transferred in connection with the defeasance of mortgage payable |
0
|
(407,126)
|
Defeasance of mortgage payable |
0
|
390,000
|
Vornado Realty L.P. |
|
|
Cash Flows from Operating Activities: |
|
|
Net (loss) income |
(321,855)
|
2,809,737
|
Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
|
|
Equity in net loss (income) of partially owned entities |
272,770
|
(30,193)
|
Net unrealized loss on real estate fund investments |
211,196
|
16,162
|
Depreciation and amortization (including amortization of deferred financing costs) |
193,920
|
240,866
|
Net gains on disposition of wholly owned and partially owned assets |
(124,284)
|
(332,007)
|
Distributions of income from partially owned entities |
79,436
|
31,820
|
Non-cash (gain on extinguishment of 608 Fifth Avenue lease liability) impairment loss on 608 Fifth Avenue right-of-use asset |
(70,260)
|
75,220
|
Write-off of lease receivables deemed uncollectible |
38,631
|
15,382
|
Stock-based compensation expense |
33,468
|
42,174
|
Straight-lining of rents |
15,856
|
3,733
|
Credit losses on loans receivable |
13,369
|
0
|
Amortization of below-market leases, net |
(9,406)
|
(11,168)
|
Decrease (increase) in fair value of marketable securities |
4,938
|
(1,773)
|
Net gain on transfer to Fifth Avenue and Times Square JV |
0
|
(2,571,099)
|
Real estate impairment losses |
0
|
26,140
|
Prepayment penalty on redemption of senior unsecured notes due 2022 |
0
|
22,058
|
Other non-cash adjustments |
4,370
|
3,206
|
Changes in operating assets and liabilities: |
|
|
Real estate fund investments |
(6,000)
|
(4,000)
|
Tenant and other receivables, net |
(28,864)
|
(12,759)
|
Prepaid assets |
3,078
|
(5,702)
|
Other assets |
(12,480)
|
(8,498)
|
Accounts payable and accrued expenses |
(26,611)
|
(11,482)
|
Other liabilities |
(3,557)
|
(4,965)
|
Net cash provided by operating activities |
267,715
|
292,852
|
Cash Flows from Investing Activities: |
|
|
Proceeds from sale of condominium units at 220 Central Park South |
437,188
|
690,734
|
Development costs and construction in progress |
(319,294)
|
(289,532)
|
Moynihan Train Hall expenditures |
(183,007)
|
(205,783)
|
Additions to real estate |
(85,252)
|
(120,060)
|
Proceeds from sales of marketable securities |
28,375
|
167,852
|
Investments in partially owned entities |
(3,157)
|
(15,588)
|
Distributions of capital from partially owned entities |
1,090
|
24,880
|
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) |
0
|
1,255,756
|
Proceeds from redemption of 640 Fifth Avenue preferred equity |
0
|
500,000
|
Proceeds from sale of real estate and related investments |
0
|
108,512
|
Acquisitions of real estate and other |
0
|
(3,260)
|
Net cash (used in) provided by investing activities |
(124,057)
|
2,113,511
|
Cash Flows from Financing Activities: |
|
|
Dividends paid on common shares / Distributions to Vornado |
(624,627)
|
(251,803)
|
Proceeds from borrowings |
554,297
|
458,955
|
Moynihan Train Hall reimbursement from Empire State Development |
183,007
|
205,783
|
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries |
98,268
|
8,315
|
Distribution to noncontrolling interests / redeemable security holders and noncontrolling interests in consolidated subsidiaries |
(54,440)
|
(49,140)
|
Dividends paid on preferred shares / Distributions to preferred unitholders |
(37,593)
|
(25,066)
|
Repayments of borrowings |
(11,347)
|
(1,943,157)
|
Proceeds received from exercise of employee share options (Vornado stock options) and other |
5,267
|
2,046
|
Debt issuance costs |
(143)
|
(13,522)
|
Repurchase of shares (Class A units) related to stock compensation arrangements and related tax withholdings |
(137)
|
(8,692)
|
Purchase of marketable securities in connection with defeasance of mortgage payable |
0
|
(407,126)
|
Prepayment penalty on redemption of senior unsecured notes due 2022 |
0
|
(22,058)
|
Redemption of preferred shares / units |
0
|
(893)
|
Net cash provided by (used in) financing activities |
112,552
|
(2,046,358)
|
Net increase in cash and cash equivalents and restricted cash |
256,210
|
360,005
|
Cash and cash equivalents and restricted cash at beginning of period |
1,607,131
|
716,905
|
Cash and cash equivalents and restricted cash at end of period |
1,863,341
|
1,076,910
|
Reconciliation of Cash and Cash Equivalents and Restricted Cash: |
|
|
Cash and cash equivalents at beginning of period |
1,515,012
|
570,916
|
Restricted cash at beginning of period |
92,119
|
145,989
|
Cash and cash equivalents and restricted cash at beginning of period |
1,607,131
|
716,905
|
Cash and cash equivalents at end of period |
1,768,459
|
922,604
|
Restricted cash at end of period |
94,882
|
154,306
|
Cash and cash equivalents and restricted cash at end of period |
1,863,341
|
1,076,910
|
Supplemental Disclosure of Cash Flow Information: |
|
|
Cash payments for interest, excluding capitalized interest of $21,255 and $39,643 |
107,069
|
165,022
|
Cash payments for income taxes |
9,276
|
28,697
|
Non-Cash Investing and Financing Activities: |
|
|
Adjustments to carry redeemable Class A units at redemption value |
248,879
|
99,407
|
Reclassification of condominium units from development costs and construction in progress to 220 Central Park South condominium units ready for sale |
240,707
|
647,683
|
Accrued capital expenditures included in accounts payable and accrued expenses |
89,036
|
68,900
|
Write-off of fully depreciated assets |
(66,931)
|
(93,390)
|
Lease liabilities arising from the recognition of right-of-use assets |
0
|
526,866
|
Amounts related to our investment in Pennsylvania Real Estate Investment Trust reclassified from investments in partially owned entities and accumulated other comprehensive loss to marketable securities upon conversion of operating partnership units to common shares |
0
|
54,962
|
Investments received in exchange for transfer to Fifth Avenue and Times Square JV: |
|
|
Investments received in exchange for transfer to joint venture, preferred equity |
0
|
2,327,750
|
Investments received in exchange for transfer to joint venture, common equity |
0
|
1,449,495
|
Marketable securities transferred in connection with the defeasance of mortgage payable |
0
|
(407,126)
|
Defeasance of mortgage payable |
$ 0
|
$ 390,000
|
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- DefinitionAmount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.
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- DefinitionAmount of income (expense) included in net income that results in no cash inflow (outflow), classified as other.
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- DefinitionThe cash outflow from construction costs to date on capital projects that have not been completed and assets being constructed that are not ready to be placed into service.
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- DefinitionThe cash outflow to reacquire preferred stock during the period.
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- DefinitionThe cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt.
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- DefinitionAmount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity.
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- DefinitionAmount of cash outflow in the form of ordinary dividends provided by the non-wholly owned subsidiary to noncontrolling interests.
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- DefinitionAmount of cash outflow in the form of ordinary dividends to preferred shareholders of the parent entity.
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- DefinitionThe cash outflow associated with the purchase of or advances to an equity method investments, which are investments in joint ventures and entities in which the entity has an equity ownership interest normally of 20 to 50 percent and exercises significant influence.
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- DefinitionAmount of cash outflow from the acquisition of or improvements to long-lived, physical assets used to produce goods and services and not intended for resale, classified as other.
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- DefinitionThe cash outflow from the acquisition of a piece of land, anything permanently fixed to it, including buildings, structures on it and so forth; includes real estate intended to generate income for the owner; excludes real estate acquired for use by the owner.
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- DefinitionPayments to develop real estate assets is the process of adding improvements on or to a parcel of land. Such improvements may include drainage, utilities, subdividing, access, buildings, and any combination of these elements; and are generally classified as cash flow from investing activities.
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- DefinitionThe cash inflow from borrowings to finance the cost of construction.
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- DefinitionThe cash inflow from the sale of an investment interest in a joint venture that the reporting entity has not previously accounted for using consolidation or the equity method of accounting.
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- DefinitionThe cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer.
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- DefinitionAmount of cash inflow from a noncontrolling interest. Includes, but is not limited to, purchase of additional shares or other increase in noncontrolling interest ownership.
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- DefinitionThe cash inflow associated with the aggregate amount received by the entity through sale or maturity of marketable securities (held-to-maturity or available-for-sale) during the period.
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- DefinitionCash received from the sale of real estate that is held for investment, that is, it is part of an investing activity during the period.
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- DefinitionAmount of cash inflow from exercise of option under share-based payment arrangement.
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- DefinitionThe consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.
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- DefinitionAmount of credit loss expense (reversal of expense) for financing receivable.
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- DefinitionThe cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer.
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- DefinitionAmount of cash and cash equivalents restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.
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- DefinitionAmount of increase in right-of-use asset obtained in exchange for operating lease liability.
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- DefinitionAmount of noncash expense for share-based payment arrangement.
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- DefinitionDifference between actual rental income due and rental income recognized on a straight-line basis.
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- DefinitionValue of investments transferred from the entity's investments in noncash transactions.
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- DefinitionValue of investments transferred to the entity's investments in noncash transactions.
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- DefinitionValue transferred from mortgage loans to real estate owned (REO) in noncash transactions.
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- DefinitionDeconsolidation of Properties [Abstract]
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- DefinitionDefeasance Of Mortgage Payable
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- DefinitionThis item represents disclosure of the amount of capital distributions received from unconsolidated subsidiaries, certain corporate joint ventures, and certain noncontrolled corporation; these investments are accounted for under the equity method of accounting.
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- DefinitionGain On Extinguishment Of Lease Liability And Operating Lease, Impairment Loss
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- DefinitionThis item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied, including the management or other fees earned.
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- DefinitionIncrease (Decrease) in Real Estate Fund Investments
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- DefinitionInvestments Received In Exchange For Transfer To Joint Venture, Common Equity
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- DefinitionInvestments Received In Exchange For Transfer To Joint Venture, Preferred Equity
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- DefinitionThis element represents the realized and unrealized gains included in the earnings resulting from assets that are measured at fair value, that relate to the real estate funds assets.
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- DefinitionPrepayment Penalty on Redemption
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- DefinitionProceeds from Redemption of Preferred Equity
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- DefinitionThis element represents the decrease in assets due to the write off of fully depreciated assets
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