Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified
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12 Months Ended |
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Cash Flows from Operating Activities: |
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Net income |
$ 1,009,026us-gaap_ProfitLoss |
$ 564,740us-gaap_ProfitLoss |
$ 694,541us-gaap_ProfitLoss |
Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation and amortization (including amortization of deferred financing costs) |
583,408us-gaap_DepreciationDepletionAndAmortization |
561,998us-gaap_DepreciationDepletionAndAmortization |
557,888us-gaap_DepreciationDepletionAndAmortization |
Net gains on sale of real estate |
(507,192)us-gaap_GainLossOnSaleOfProperties |
(414,502)us-gaap_GainLossOnSaleOfProperties |
(245,799)us-gaap_GainLossOnSaleOfProperties |
Return of capital from Real Estate Fund investments |
215,676vno_ReturnOfCapitalFromRealEstateFundInvestments |
56,664vno_ReturnOfCapitalFromRealEstateFundInvestments |
63,762vno_ReturnOfCapitalFromRealEstateFundInvestments |
Net realized and unrealized gains on Real Estate Fund investments |
(150,139)vno_NetRealizedAndUnrealizedGainOnRealEstateFundInvestments |
(85,771)vno_NetRealizedAndUnrealizedGainOnRealEstateFundInvestments |
(55,361)vno_NetRealizedAndUnrealizedGainOnRealEstateFundInvestments |
Distributions of income from partially owned entities |
96,286us-gaap_EquityMethodInvestmentDividendsOrDistributions |
54,030us-gaap_EquityMethodInvestmentDividendsOrDistributions |
226,172us-gaap_EquityMethodInvestmentDividendsOrDistributions |
Straight-lining of rental income |
(82,800)us-gaap_StraightLineRent |
(69,391)us-gaap_StraightLineRent |
(69,648)us-gaap_StraightLineRent |
Equity in net loss (income) of partially owned entities, including Toys R Us |
58,131us-gaap_IncomeLossFromEquityMethodInvestments |
338,785us-gaap_IncomeLossFromEquityMethodInvestments |
(423,126)us-gaap_IncomeLossFromEquityMethodInvestments |
Amortization of below-market leases, net |
(46,786)vno_RecognitionOfDeferredRevenueAdjustedForDiscontinuedOperations |
(52,876)vno_RecognitionOfDeferredRevenueAdjustedForDiscontinuedOperations |
(54,359)vno_RecognitionOfDeferredRevenueAdjustedForDiscontinuedOperations |
Other non-cash adjustments |
37,303us-gaap_OtherNoncashIncomeExpense |
41,663us-gaap_OtherNoncashIncomeExpense |
52,082us-gaap_OtherNoncashIncomeExpense |
Impairment losses and tenant buy-outs |
26,518us-gaap_AssetImpairmentCharges |
37,170us-gaap_AssetImpairmentCharges |
133,977us-gaap_AssetImpairmentCharges |
Net gain on disposition of wholly owned and partially owned assets |
(13,568)us-gaap_GainLossOnSaleOfOtherAssets |
(3,407)us-gaap_GainLossOnSaleOfOtherAssets |
(13,347)us-gaap_GainLossOnSaleOfOtherAssets |
Defeasance cost in connection with the refinancing of mortgage notes payable |
5,589vno_DefeasanceCosts |
0vno_DefeasanceCosts |
0vno_DefeasanceCosts |
Losses from the disposition of investment in J.C. Penney |
0us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet |
72,974us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet |
300,752us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet |
Gain on sale of Canadian Trade Shows |
0us-gaap_GainLossOnDispositionOfIntangibleAssets |
0us-gaap_GainLossOnDispositionOfIntangibleAssets |
(31,105)us-gaap_GainLossOnDispositionOfIntangibleAssets |
Changes in operating assets and liabilities: |
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Real Estate Fund investments |
(3,392)vno_RealEstateFundInvestments |
(37,817)vno_RealEstateFundInvestments |
(262,537)vno_RealEstateFundInvestments |
Tenant and other receivables, net |
(8,282)us-gaap_IncreaseDecreaseInAccountsReceivable |
83,897us-gaap_IncreaseDecreaseInAccountsReceivable |
(23,271)us-gaap_IncreaseDecreaseInAccountsReceivable |
Prepaid assets |
(8,786)us-gaap_IncreaseDecreaseInPrepaidExpense |
(2,207)us-gaap_IncreaseDecreaseInPrepaidExpense |
(10,549)us-gaap_IncreaseDecreaseInPrepaidExpense |
Other assets |
(123,435)us-gaap_IncreaseDecreaseInOtherOperatingAssets |
(50,856)us-gaap_IncreaseDecreaseInOtherOperatingAssets |
(46,573)us-gaap_IncreaseDecreaseInOtherOperatingAssets |
Accounts payable and accrued expenses |
44,628us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities |
(41,729)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities |
21,595us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities |
Other liabilities |
3,125us-gaap_IncreaseDecreaseInOtherOperatingLiabilities |
(12,576)us-gaap_IncreaseDecreaseInOtherOperatingLiabilities |
9,955us-gaap_IncreaseDecreaseInOtherOperatingLiabilities |
Net cash provided by operating activities |
1,135,310us-gaap_NetCashProvidedByUsedInOperatingActivities |
1,040,789us-gaap_NetCashProvidedByUsedInOperatingActivities |
825,049us-gaap_NetCashProvidedByUsedInOperatingActivities |
Cash Flows from Investing Activities: |
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Development costs and construction in progress |
(544,187)us-gaap_PaymentsForConstructionInProcess |
(469,417)us-gaap_PaymentsForConstructionInProcess |
(156,873)us-gaap_PaymentsForConstructionInProcess |
Additions to real estate |
(279,206)us-gaap_PaymentsForCapitalImprovements |
(260,343)us-gaap_PaymentsForCapitalImprovements |
(205,652)us-gaap_PaymentsForCapitalImprovements |
Proceeds from sales of real estate and related investments |
388,776us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment |
1,027,608us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment |
445,683us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment |
Acquisitions of real estate and other |
(211,354)us-gaap_PaymentsToAcquireRealEstate |
(193,417)us-gaap_PaymentsToAcquireRealEstate |
(673,684)us-gaap_PaymentsToAcquireRealEstate |
Investments in partially owned entities |
(120,639)us-gaap_PaymentsToAcquireEquityMethodInvestments |
(230,300)us-gaap_PaymentsToAcquireEquityMethodInvestments |
(134,994)us-gaap_PaymentsToAcquireEquityMethodInvestments |
Restricted cash |
99,464us-gaap_IncreaseDecreaseInRestrictedCash |
(26,892)us-gaap_IncreaseDecreaseInRestrictedCash |
(75,138)us-gaap_IncreaseDecreaseInRestrictedCash |
Proceeds from sales and repayments of mortgage and mezzanine loans receivable and other |
96,913us-gaap_ProceedsFromCollectionOfNotesReceivable |
50,569us-gaap_ProceedsFromCollectionOfNotesReceivable |
38,483us-gaap_ProceedsFromCollectionOfNotesReceivable |
Investments in mortgage and mezzanine loans receivable and other |
(30,175)us-gaap_PaymentsToAcquireNotesReceivable |
(390)us-gaap_PaymentsToAcquireNotesReceivable |
(94,094)us-gaap_PaymentsToAcquireNotesReceivable |
Distributions of capital from partially owned entities |
25,943vno_DistributionsOfCapitalFromPartiallyOwnedEntities |
290,404vno_DistributionsOfCapitalFromPartiallyOwnedEntities |
144,502vno_DistributionsOfCapitalFromPartiallyOwnedEntities |
Proceeds from sales of, and return of investment in, marketable securities |
0us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities |
378,709us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities |
60,258us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities |
Proceeds from the sale of LNR |
0us-gaap_ProceedsFromDivestitureOfInterestInJointVenture |
240,474us-gaap_ProceedsFromDivestitureOfInterestInJointVenture |
0us-gaap_ProceedsFromDivestitureOfInterestInJointVenture |
Funding of J.C. Penney derivative collateral; and settlement of derivative in 2013 |
0vno_PaymentsToFundDerivativeCollateral |
(186,079)vno_PaymentsToFundDerivativeCollateral |
(191,330)vno_PaymentsToFundDerivativeCollateral |
Return of J.C. Penney derivative collateral |
0vno_ReturnOfDerivativeCollateral |
101,150vno_ReturnOfDerivativeCollateral |
134,950vno_ReturnOfDerivativeCollateral |
Proceeds from the sale of Canadian Trade Shows |
0us-gaap_ProceedsFromSaleOfIntangibleAssets |
0us-gaap_ProceedsFromSaleOfIntangibleAssets |
52,504us-gaap_ProceedsFromSaleOfIntangibleAssets |
Proceeds from the repayment of loan to officer |
0us-gaap_RepaymentOfNotesReceivableFromRelatedParties |
0us-gaap_RepaymentOfNotesReceivableFromRelatedParties |
13,123us-gaap_RepaymentOfNotesReceivableFromRelatedParties |
Net cash (used in) provided by investing activities |
(574,465)us-gaap_NetCashProvidedByUsedInInvestingActivities |
722,076us-gaap_NetCashProvidedByUsedInInvestingActivities |
(642,262)us-gaap_NetCashProvidedByUsedInInvestingActivities |
Cash Flows from Financing Activities: |
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Proceeds from borrowings |
2,428,285us-gaap_ProceedsFromIssuanceOfLongTermDebt |
2,262,245us-gaap_ProceedsFromIssuanceOfLongTermDebt |
3,593,000us-gaap_ProceedsFromIssuanceOfLongTermDebt |
Repayments of borrowings |
(1,312,258)us-gaap_RepaymentsOfLongTermDebt |
(3,580,100)us-gaap_RepaymentsOfLongTermDebt |
(2,747,694)us-gaap_RepaymentsOfLongTermDebt |
Dividends paid on common shares |
(547,831)us-gaap_PaymentsOfDividendsCommonStock |
(545,913)us-gaap_PaymentsOfDividendsCommonStock |
(699,318)us-gaap_PaymentsOfDividendsCommonStock |
Distributions to noncontrolling interests |
(220,895)us-gaap_PaymentsOfDividendsMinorityInterest |
(215,247)us-gaap_PaymentsOfDividendsMinorityInterest |
(104,448)us-gaap_PaymentsOfDividendsMinorityInterest |
Purchase of marketable securities in connection with the defeasance of mortgage notes payable |
(198,884)vno_MarketableSecuritiesPurchasedInConnectionWithLegalDefeasance |
0vno_MarketableSecuritiesPurchasedInConnectionWithLegalDefeasance |
0vno_MarketableSecuritiesPurchasedInConnectionWithLegalDefeasance |
Dividends paid on preferred shares |
(81,468)us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock |
(83,188)us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock |
(73,976)us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock |
Debt issuance and other costs |
(58,336)us-gaap_PaymentsOfDebtIssuanceCosts |
(19,883)us-gaap_PaymentsOfDebtIssuanceCosts |
(39,073)us-gaap_PaymentsOfDebtIssuanceCosts |
Contributions from noncontrolling interests |
30,295us-gaap_ProceedsFromMinorityShareholders |
43,964us-gaap_ProceedsFromMinorityShareholders |
213,132us-gaap_ProceedsFromMinorityShareholders |
Proceeds received from exercise of employee share options |
19,245us-gaap_ProceedsFromStockOptionsExercised |
7,765us-gaap_ProceedsFromStockOptionsExercised |
11,853us-gaap_ProceedsFromStockOptionsExercised |
Repurchase of shares related to stock compensation agreements and related tax withholdings |
(3,811)vno_RepurchaseOfSharesRelatedToStockCompensationArrangementsAndRelatedTaxWithholdings |
(443)vno_RepurchaseOfSharesRelatedToStockCompensationArrangementsAndRelatedTaxWithholdings |
(30,168)vno_RepurchaseOfSharesRelatedToStockCompensationArrangementsAndRelatedTaxWithholdings |
Purchases of outstanding preferred units and shares |
0us-gaap_PaymentsForRepurchaseOfPreferredStockAndPreferenceStock |
(299,400)us-gaap_PaymentsForRepurchaseOfPreferredStockAndPreferenceStock |
(243,300)us-gaap_PaymentsForRepurchaseOfPreferredStockAndPreferenceStock |
Proceeds from the issuance of preferred shares |
0us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock |
290,306us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock |
290,971us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock |
Net Cash provided by (used in) financing activities |
54,342us-gaap_NetCashProvidedByUsedInFinancingActivities |
(2,139,894)us-gaap_NetCashProvidedByUsedInFinancingActivities |
170,979us-gaap_NetCashProvidedByUsedInFinancingActivities |
Net increase (decrease) in cash and cash equivalents |
615,187us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease |
(377,029)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease |
353,766us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease |
Cash and cash equivalents at beginning of period |
583,290us-gaap_CashAndCashEquivalentsAtCarryingValue |
960,319us-gaap_CashAndCashEquivalentsAtCarryingValue |
606,553us-gaap_CashAndCashEquivalentsAtCarryingValue |
Cash and cash equivalents at end of period |
1,198,477us-gaap_CashAndCashEquivalentsAtCarryingValue |
583,290us-gaap_CashAndCashEquivalentsAtCarryingValue |
960,319us-gaap_CashAndCashEquivalentsAtCarryingValue |
Supplemental Disclosure Of Cash Flow Information: |
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Cash payments for interest (net of amounts capitalized of $53,139, $42,303, and $16,801 |
443,538us-gaap_InterestPaidNet |
465,260us-gaap_InterestPaidNet |
491,869us-gaap_InterestPaidNet |
Cash payments for income taxes |
11,696us-gaap_IncomeTaxesPaid |
9,023us-gaap_IncomeTaxesPaid |
21,709us-gaap_IncomeTaxesPaid |
Non-Cash Investing and Financing Activities: |
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Adjustments to carry redeemable Class A units at redemption value |
(315,276)us-gaap_AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature |
(108,252)us-gaap_AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature |
(52,117)us-gaap_AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature |
Marketable securities transferred in connection with the defeasance of mortgage notes payable |
198,884vno_TransferOfMarketableSecuritiesInConnectionWithLegalDefeasanceOfMortgageLoan |
0vno_TransferOfMarketableSecuritiesInConnectionWithLegalDefeasanceOfMortgageLoan |
0vno_TransferOfMarketableSecuritiesInConnectionWithLegalDefeasanceOfMortgageLoan |
Defeasance of mortgage notes payable |
(193,406)vno_MortgageLoanDefeasance |
0vno_MortgageLoanDefeasance |
0vno_MortgageLoanDefeasance |
Write-off of fully depreciated assets |
(121,673)vno_WriteOffOfFullyAmortizedAndDepreciatedAssets |
(77,106)vno_WriteOffOfFullyAmortizedAndDepreciatedAssets |
(177,367)vno_WriteOffOfFullyAmortizedAndDepreciatedAssets |
Accrued capital expenditures included in accounts payable and accrued expenses |
100,528us-gaap_CapitalExpendituresIncurredButNotYetPaid |
72,042us-gaap_CapitalExpendituresIncurredButNotYetPaid |
80,350us-gaap_CapitalExpendituresIncurredButNotYetPaid |
Elimination of a mortgage and mezzanine loan asset and liability |
59,375vno_MortgageAndMezzanineLoanEliminated |
0vno_MortgageAndMezzanineLoanEliminated |
0vno_MortgageAndMezzanineLoanEliminated |
Transfer of interest in Real Estate Fund to unconsolidated joint venture |
(58,564)vno_TransferOfEquityInterestToUnconsolidatedJointVenture |
0vno_TransferOfEquityInterestToUnconsolidatedJointVenture |
0vno_TransferOfEquityInterestToUnconsolidatedJointVenture |
Transfer of noncontrolling interest in Real Estate Fund |
(33,028)vno_TransferOfNoncontrollingInterest |
0vno_TransferOfNoncontrollingInterest |
0vno_TransferOfNoncontrollingInterest |
Beverly Connection seller financing |
13,620us-gaap_NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1 |
0us-gaap_NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1 |
0us-gaap_NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1 |
Financing assumed in acquisitions |
0us-gaap_LoansAssumed1 |
79,253us-gaap_LoansAssumed1 |
0us-gaap_LoansAssumed1 |
Financings transferred in dispositions |
0us-gaap_TransferMortgagePayable |
0us-gaap_TransferMortgagePayable |
(163,144)us-gaap_TransferMortgagePayable |
L.A. Mart seller financing |
0vno_SellerFinancingRelatedToPropertySales |
0vno_SellerFinancingRelatedToPropertySales |
35,000vno_SellerFinancingRelatedToPropertySales |
Marriott Marquis Times Square - retail and signage capital lease: |
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Asset (included in development costs and construction in progress) |
0vno_CapitalLeaseAssetAcquired |
0vno_CapitalLeaseAssetAcquired |
240,000vno_CapitalLeaseAssetAcquired |
Liability (included in other liabilities) |
0us-gaap_CapitalLeaseObligationsIncurred |
0us-gaap_CapitalLeaseObligationsIncurred |
(240,000)us-gaap_CapitalLeaseObligationsIncurred |
Increase in assets and liabilities resulting from the consolidation of partially owned entities: |
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Real Estate, net |
0us-gaap_NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1 |
0us-gaap_NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1 |
342,919us-gaap_NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1 |
Notes and mortgages payable |
0us-gaap_NoncashOrPartNoncashAcquisitionDebtAssumed1 |
0us-gaap_NoncashOrPartNoncashAcquisitionDebtAssumed1 |
334,225us-gaap_NoncashOrPartNoncashAcquisitionDebtAssumed1 |
Decrease in assets and liabilities resulting from deconsolidation of discontinued operations and /or investments that were previously consolidated: |
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Real estate, Net |
0vno_RealEstateNetDeconsolidated |
(852,166)vno_RealEstateNetDeconsolidated |
0vno_RealEstateNetDeconsolidated |
Notes and Mortgages Payable |
0vno_NotesAndMortgagesPayableDeconsolidated |
(322,903)vno_NotesAndMortgagesPayableDeconsolidated |
0vno_NotesAndMortgagesPayableDeconsolidated |
Acquisitions [Member] |
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Non-Cash Investing and Financing Activities: |
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Like-kind exchange of real estate |
606,816vno_ExchangeOfRealEstate / vno_LikeKindExchangeTransactionTypeAxis = vno_LikeKindPropertiesAcquiredMember |
66,076vno_ExchangeOfRealEstate / vno_LikeKindExchangeTransactionTypeAxis = vno_LikeKindPropertiesAcquiredMember |
230,913vno_ExchangeOfRealEstate / vno_LikeKindExchangeTransactionTypeAxis = vno_LikeKindPropertiesAcquiredMember |
Dispositions [Member] |
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Non-Cash Investing and Financing Activities: |
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Like-kind exchange of real estate |
$ (630,352)vno_ExchangeOfRealEstate / vno_LikeKindExchangeTransactionTypeAxis = vno_LikeKindPropertiesSoldMember |
$ (128,767)vno_ExchangeOfRealEstate / vno_LikeKindExchangeTransactionTypeAxis = vno_LikeKindPropertiesSoldMember |
$ (230,913)vno_ExchangeOfRealEstate / vno_LikeKindExchangeTransactionTypeAxis = vno_LikeKindPropertiesSoldMember |