VORNADO REALTY TRUST
For the period ended Mar 31, 2024. Filed May 6, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 6, 2024
VNO$35.82-0.1%Stored close · as of Nov 6, 2026
Contents
Item 1. Financial Statements of Vornado Realty Trust:
| (Amounts in thousands, except unit, share, and per share amounts) | As of | |
|---|---|---|
| March 31, 2024 | December 31, 2023 | |
| ASSETS | ||
| Real estate, at cost: | ||
| Land | $2,436,221 | $2,436,221 |
| Buildings and improvements | 10,017,573 | 9,952,954 |
| Development costs and construction in progress | 1,322,810 | 1,281,076 |
| Leasehold improvements and equipment | 131,762 | 130,953 |
| Total | 13,908,366 | 13,801,204 |
| Less accumulated depreciation and amortization | (3,837,679) | (3,752,827) |
| Real estate, net | 10,070,687 | 10,048,377 |
| Right-of-use assets | 678,951 | 680,044 |
| Cash and cash equivalents | 892,652 | 997,002 |
| Restricted cash | 256,268 | 264,582 |
| Tenant and other receivables | 76,627 | 69,543 |
| Investments in partially owned entities | 2,599,134 | 2,610,558 |
| 220 Central Park South condominium units ready for sale | 36,578 | 35,941 |
| Receivable arising from the straight-lining of rents | 706,280 | 701,666 |
| Deferred leasing costs, net of accumulated amortization of $257,027 and $249,347 | 355,790 | 355,010 |
| Identified intangible assets, net of accumulated amortization of $101,641 and $98,589 | 124,887 | 127,082 |
| Other assets | 409,311 | 297,860 |
| $16,207,165 | $16,187,665 | |
| LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
| Mortgages payable, net | $5,690,639 | $5,688,020 |
| Senior unsecured notes, net | 1,194,383 | 1,193,873 |
| Unsecured term loan, net | 794,906 | 794,559 |
| Unsecured revolving credit facilities | 575,000 | 575,000 |
| Lease liabilities | 737,500 | 732,859 |
| Accounts payable and accrued expenses | 388,988 | 411,044 |
| Deferred revenue | 30,877 | 32,199 |
| Deferred compensation plan | 108,919 | 105,245 |
| Other liabilities | 308,643 | 311,132 |
| Total liabilities | 9,829,855 | 9,843,931 |
| Commitments and contingencies | ||
| Redeemable noncontrolling interests: | ||
| Class A units - 17,116,176 and 17,000,030 units outstanding | 492,432 | 480,251 |
| Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 |
| Total redeemable noncontrolling partnership units | 495,967 | 483,786 |
| Redeemable noncontrolling interest in a consolidated subsidiary | 147,175 | 154,662 |
| Total redeemable noncontrolling interests | 643,142 | 638,448 |
| Shareholders' equity: | ||
| Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,792,902 shares | 1,182,459 | 1,182,459 |
| Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 190,483,416 and 190,390,703 shares | 7,598 | 7,594 |
| Additional capital | 8,261,568 | 8,263,291 |
| Earnings less than distributions | (4,018,454) | (4,009,395) |
| Accumulated other comprehensive income | 105,916 | 65,115 |
| Total shareholders' equity | 5,539,087 | 5,509,064 |
| Noncontrolling interests in consolidated subsidiaries | 195,081 | 196,222 |
| Total equity | 5,734,168 | 5,705,286 |
| $16,207,165 | $16,187,665 | |
CONSOLIDATED STATEMENTS OF INCOME
| (Amounts in thousands, except per share amounts) | For the Three Months Ended March 31, | |
|---|---|---|
| 2024 | 2023 | |
| REVENUES: | ||
| Rental revenues | $389,278 | $396,793 |
| Fee and other income | 47,097 | 49,130 |
| Total revenues | 436,375 | 445,923 |
| EXPENSES: | ||
| Operating | (226,224) | (228,773) |
| Depreciation and amortization | (108,659) | (106,565) |
| General and administrative | (37,897) | (41,595) |
| Expense from deferred compensation plan liability | (4,520) | (3,728) |
| Transaction related costs and other | (653) | (658) |
| Total expenses | (377,953) | (381,319) |
| Income from partially owned entities | 16,279 | 16,666 |
| Interest and other investment income, net | 11,724 | 9,584 |
| Income from deferred compensation plan assets | 4,520 | 3,728 |
| Interest and debt expense | (90,478) | (86,237) |
| Net gains on disposition of wholly owned and partially owned assets | — | 7,520 |
| Income before income taxes | 467 | 15,865 |
| Income tax expense | (6,740) | (4,667) |
| Net (loss) income | (6,273) | 11,198 |
| Less net loss (income) attributable to noncontrolling interests in: | ||
| Consolidated subsidiaries | 11,982 | 9,928 |
| Operating Partnership | 786 | (429) |
| Net income attributable to Vornado | 6,495 | 20,697 |
| Preferred share dividends | (15,529) | (15,529) |
| NET (LOSS) INCOME attributable to common shareholders | $(9,034) | $5,168 |
| (LOSS) INCOME PER COMMON SHARE - BASIC: | ||
| Net (loss) income per common share | $(0.05) | $0.03 |
| Weighted average shares outstanding | 190,429 | 191,869 |
| (LOSS) INCOME PER COMMON SHARE - DILUTED: | ||
| Net (loss) income per common share | $(0.05) | $0.03 |
| Weighted average shares outstanding | 190,429 | 191,881 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| (Amounts in thousands) | For the Three Months Ended March 31, | |
|---|---|---|
| 2024 | 2023 | |
| Net (loss) income | $(6,273) | $11,198 |
| Other comprehensive income (loss): | ||
| Change in fair value of consolidated interest rate hedges and other | 48,209 | (81,536) |
| Other comprehensive loss of nonconsolidated subsidiaries | (542) | (3,329) |
| Comprehensive income (loss) | 41,394 | (73,667) |
| Less comprehensive loss attributable to noncontrolling interests | 5,924 | 15,838 |
| Comprehensive income (loss) attributable to Vornado | $47,318 | $(57,829) |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
| (Amounts in thousands, except per share amounts) · Non-controlling Interests in Consolidated Subsidiaries | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| AccumulatedOtherComprehensiveIncome | |||||||||
| Preferred Shares · Common Shares · Additional Capital · Earnings Less Than Distributions · Total Equity | |||||||||
| Shares · Amount · Shares · Amount | |||||||||
| For the Three Months EndedMarch 31, 2024: | |||||||||
| Balance as of December 31, 2023 | 48,793 | $1,182,459 | 190,391 | $7,594 | $8,263,291 | $(4,009,395) | $65,115 | $196,222 | $5,705,286 |
| Net income attributable to Vornado | — | — | — | — | — | 6,495 | — | — | 6,495 |
| Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | (4,495) | (4,495) |
| Dividends on preferred shares (see Note 9 for dividends per share amounts) | — | — | — | — | — | (15,529) | — | — | (15,529) |
| Common shares issued upon redemption of Class A units, at redemption value | — | — | 93 | 4 | 2,485 | — | — | — | 2,489 |
| Contributions | — | — | — | — | — | — | — | 270 | 270 |
| Distributions | — | — | — | — | — | — | — | (78) | (78) |
| Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | — | (542) | — | (542) |
| Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | — | 48,209 | — | 48,209 |
| Redeemable Class A unit measurement adjustment | — | — | — | — | (4,353) | — | (22) | — | (4,375) |
| Other comprehensive income attributable to noncontrolling interests in: | |||||||||
| Operating Partnership | — | — | — | — | — | — | (3,682) | — | (3,682) |
| Consolidated subsidiaries | — | — | — | — | — | — | (3,162) | 3,162 | — |
| Other | — | — | (1) | — | 145 | (25) | — | — | 120 |
| Balance as of March 31, 2024 | 48,793 | $1,182,459 | 190,483 | $7,598 | $8,261,568 | $(4,018,454) | $105,916 | $195,081 | $5,734,168 |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CONTINUED
| (Amounts in thousands, except per share amounts) · AccumulatedOtherComprehensive Income · Non-controlling Interests in Consolidated Subsidiaries | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Preferred Shares · Common Shares · Additional Capital · Earnings Less Than Distributions · Total Equity | |||||||||
| Shares · Amount · Shares · Amount | |||||||||
| For the Three Months Ended March 31, 2023: | |||||||||
| Balance as of December 31, 2022 | 48,793 | $1,182,459 | 191,867 | $7,654 | $8,369,228 | $(3,894,580) | $174,967 | $236,652 | $6,076,380 |
| Net income attributable to Vornado | — | — | — | — | — | 20,697 | — | — | 20,697 |
| Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | (684) | (684) |
| Dividends on common shares($0.375 per share) | — | — | — | — | — | (71,950) | — | — | (71,950) |
| Dividends on preferred shares (see Note 9 for dividends per share amounts) | — | — | — | — | — | (15,529) | — | — | (15,529) |
| Common shares issued: | |||||||||
| Upon redemption of Class A units, at redemption value | — | — | 9 | — | 187 | — | — | — | 187 |
| Under dividend reinvestment plan | — | — | 6 | — | 146 | — | — | — | 146 |
| Contributions | — | — | — | — | — | — | — | 6,128 | 6,128 |
| Distributions | — | — | — | — | — | — | — | (811) | (811) |
| Deferred compensation shares and options | — | — | (1) | — | 84 | (30) | — | — | 54 |
| Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | — | (3,329) | — | (3,329) |
| Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | — | (81,536) | — | (81,536) |
| Redeemable Class A unit measurement adjustment | — | — | — | — | (22,964) | — | (879) | — | (23,843) |
| Unearned 2020 Out-Performance Plan and 2019 Performance AO LTIP awards | — | — | — | — | 20,668 | — | — | — | 20,668 |
| Other comprehensive loss attributable to noncontrolling interests in: | |||||||||
| Operating Partnership | — | — | — | — | — | — | 6,080 | — | 6,080 |
| Consolidated subsidiaries | — | — | — | — | — | — | 259 | (259) | — |
| Balance as of March 31, 2023 | 48,793 | $1,182,459 | 191,881 | $7,654 | $8,367,349 | $(3,961,392) | $95,562 | $241,026 | $5,932,658 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
| (Amounts in thousands) | For the Three Months Ended March 31, | |
|---|---|---|
| 2024 | 2023 | |
| Cash Flows from Operating Activities: | ||
| Net (loss) income | $(6,273) | $11,198 |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
| Depreciation and amortization (including amortization of deferred financing costs) | 114,010 | 112,578 |
| Distributions of income from partially owned entities | 30,438 | 38,706 |
| Equity in net income of partially owned entities | (16,279) | (16,666) |
| Amortization of interest rate cap premiums | 11,514 | 427 |
| Stock-based compensation expense | 7,519 | 11,714 |
| Straight-lining of rents | (4,571) | 3,821 |
| Change in deferred tax liability | 3,947 | 2,591 |
| Amortization of below-market leases, net | (693) | (1,367) |
| Net gains on disposition of wholly owned and partially owned assets | — | (7,520) |
| Other non-cash adjustments | 1,247 | 1,645 |
| Changes in operating assets and liabilities: | ||
| Tenant and other receivables | (8,505) | (13,862) |
| Prepaid assets | (57,910) | (72,347) |
| Other assets | (32,447) | (6,746) |
| Lease liabilities | 4,641 | 4,332 |
| Accounts payable and accrued expenses | (14,251) | (1,411) |
| Other liabilities | (902) | 24,779 |
| Net cash provided by operating activities | 31,485 | 91,872 |
| Cash Flows from Investing Activities: | ||
| Development costs and construction in progress | (75,292) | (135,550) |
| Additions to real estate | (51,307) | (57,032) |
| Investments in partially owned entities | (2,026) | (8,833) |
| Proceeds from maturities of U.S. Treasury bills | — | 197,294 |
| Proceeds from repayment of participation in 150 West 34th Street mortgage loan | — | 105,000 |
| Proceeds from sale of condominium units at 220 Central Park South | — | 14,216 |
| Distributions of capital from partially owned entities | — | 11,559 |
| Acquisitions of real estate and other | — | (1,000) |
| Net cash (used in) provided by investing activities | (128,625) | 125,654 |
CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
| (Amounts in thousands) | For the Three Months Ended March 31, | |
|---|---|---|
| 2024 | 2023 | |
| Cash Flows from Financing Activities: | ||
| Dividends paid on preferred shares | $(15,529) | $(15,529) |
| Deferred financing costs | (279) | (2,798) |
| Contributions from noncontrolling interests | 270 | 2,129 |
| Distributions to noncontrolling interests | (106) | (6,412) |
| Repayments of borrowings | — | (110,400) |
| Dividends paid on common shares | — | (71,950) |
| Other financing activity, net | 120 | 116 |
| Net cash used in financing activities | (15,524) | (204,844) |
| Net (decrease) increase in cash and cash equivalents and restricted cash | (112,664) | 12,682 |
| Cash and cash equivalents and restricted cash at beginning of period | 1,261,584 | 1,021,157 |
| Cash and cash equivalents and restricted cash at end of period | $1,148,920 | $1,033,839 |
| Reconciliation of Cash and Cash Equivalents and Restricted Cash: | ||
| Cash and cash equivalents at beginning of period | $997,002 | $889,689 |
| Restricted cash at beginning of period | 264,582 | 131,468 |
| Cash and cash equivalents and restricted cash at beginning of period | $1,261,584 | $1,021,157 |
| Cash and cash equivalents at end of period | $892,652 | $890,957 |
| Restricted cash at end of period | 256,268 | 142,882 |
| Cash and cash equivalents and restricted cash at end of period | $1,148,920 | $1,033,839 |
| Supplemental Disclosure of Cash Flow Information: | ||
| Cash payments for interest (excluding capitalized interest) and interest rate cap premiums | $69,970 | $85,429 |
| Cash payments for income taxes | $1,605 | $2,175 |
| Non-Cash Information: | ||
| Change in fair value of consolidated interest rate hedges and other | $48,209 | $(81,536) |
| Accrued capital expenditures included in accounts payable and accrued expenses | 44,254 | 70,132 |
| Write-off of fully depreciated assets | (12,559) | (17,776) |
| Redeemable Class A unit measurement adjustment | (4,375) | (23,843) |
CONSOLIDATED BALANCE SHEETS
| (Amounts in thousands, except unit amounts) | As of | |
|---|---|---|
| March 31, 2024 | December 31, 2023 | |
| ASSETS | ||
| Real estate, at cost: | ||
| Land | $2,436,221 | $2,436,221 |
| Buildings and improvements | 10,017,573 | 9,952,954 |
| Development costs and construction in progress | 1,322,810 | 1,281,076 |
| Leasehold improvements and equipment | 131,762 | 130,953 |
| Total | 13,908,366 | 13,801,204 |
| Less accumulated depreciation and amortization | (3,837,679) | (3,752,827) |
| Real estate, net | 10,070,687 | 10,048,377 |
| Right-of-use assets | 678,951 | 680,044 |
| Cash and cash equivalents | 892,652 | 997,002 |
| Restricted cash | 256,268 | 264,582 |
| Tenant and other receivables | 76,627 | 69,543 |
| Investments in partially owned entities | 2,599,134 | 2,610,558 |
| 220 Central Park South condominium units ready for sale | 36,578 | 35,941 |
| Receivable arising from the straight-lining of rents | 706,280 | 701,666 |
| Deferred leasing costs, net of accumulated amortization of $257,027 and $249,347 | 355,790 | 355,010 |
| Identified intangible assets, net of accumulated amortization of $101,641 and $98,589 | 124,887 | 127,082 |
| Other assets | 409,311 | 297,860 |
| $16,207,165 | $16,187,665 | |
| LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
| Mortgages payable, net | $5,690,639 | $5,688,020 |
| Senior unsecured notes, net | 1,194,383 | 1,193,873 |
| Unsecured term loan, net | 794,906 | 794,559 |
| Unsecured revolving credit facilities | 575,000 | 575,000 |
| Lease liabilities | 737,500 | 732,859 |
| Accounts payable and accrued expenses | 388,988 | 411,044 |
| Deferred revenue | 30,877 | 32,199 |
| Deferred compensation plan | 108,919 | 105,245 |
| Other liabilities | 308,643 | 311,132 |
| Total liabilities | 9,829,855 | 9,843,931 |
| Commitments and contingencies | ||
| Redeemable noncontrolling interests: | ||
| Class A units - 17,116,176 and 17,000,030 units outstanding | 492,432 | 480,251 |
| Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 |
| Total redeemable noncontrolling partnership units | 495,967 | 483,786 |
| Redeemable noncontrolling interest in a consolidated subsidiary | 147,175 | 154,662 |
| Total redeemable noncontrolling interests | 643,142 | 638,448 |
| Partners' equity: | ||
| Partners' capital | 9,451,625 | 9,453,344 |
| Earnings less than distributions | (4,018,454) | (4,009,395) |
| Accumulated other comprehensive income | 105,916 | 65,115 |
| Total partners' equity | 5,539,087 | 5,509,064 |
| Noncontrolling interests in consolidated subsidiaries | 195,081 | 196,222 |
| Total equity | 5,734,168 | 5,705,286 |
| $16,207,165 | $16,187,665 | |
CONSOLIDATED STATEMENTS OF INCOME
| (Amounts in thousands, except per unit amounts) | For the Three Months Ended March 31, | |
|---|---|---|
| 2024 | 2023 | |
| REVENUES: | ||
| Rental revenues | $389,278 | $396,793 |
| Fee and other income | 47,097 | 49,130 |
| Total revenues | 436,375 | 445,923 |
| EXPENSES: | ||
| Operating | (226,224) | (228,773) |
| Depreciation and amortization | (108,659) | (106,565) |
| General and administrative | (37,897) | (41,595) |
| Expense from deferred compensation plan liability | (4,520) | (3,728) |
| Transaction related costs and other | (653) | (658) |
| Total expenses | (377,953) | (381,319) |
| Income from partially owned entities | 16,279 | 16,666 |
| Interest and other investment income, net | 11,724 | 9,584 |
| Income from deferred compensation plan assets | 4,520 | 3,728 |
| Interest and debt expense | (90,478) | (86,237) |
| Net gains on disposition of wholly owned and partially owned assets | — | 7,520 |
| Income before income taxes | 467 | 15,865 |
| Income tax expense | (6,740) | (4,667) |
| Net (loss) income | (6,273) | 11,198 |
| Less net loss attributable to noncontrolling interests in consolidated subsidiaries | 11,982 | 9,928 |
| Net income attributable to Vornado Realty L.P. | 5,709 | 21,126 |
| Preferred unit distributions | (15,558) | (15,558) |
| NET (LOSS) INCOME attributable to Class A unitholders | $(9,849) | $5,568 |
| (LOSS) INCOME PER CLASS A UNIT - BASIC: | ||
| Net (loss) income per Class A unit | $(0.05) | $0.03 |
| Weighted average units outstanding | 204,873 | 205,802 |
| (LOSS) INCOME PER CLASS A UNIT - DILUTED: | ||
| Net (loss) income per Class A unit | $(0.05) | $0.03 |
| Weighted average units outstanding | 204,873 | 205,814 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| (Amounts in thousands) | For the Three Months Ended March 31, | |
|---|---|---|
| 2024 | 2023 | |
| Net (loss) income | $(6,273) | $11,198 |
| Other comprehensive income (loss): | ||
| Change in fair value of consolidated interest rate hedges and other | 48,209 | (81,536) |
| Other comprehensive loss of nonconsolidated subsidiaries | (542) | (3,329) |
| Comprehensive income (loss) | 41,394 | (73,667) |
| Less comprehensive loss attributable to noncontrolling interests in consolidated subsidiaries | 8,820 | 10,187 |
| Comprehensive income (loss) attributable to Vornado Realty L.P. | $50,214 | $(63,480) |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
| (Amounts in thousands, except per unit amounts) · AccumulatedOtherComprehensiveIncome · Non-controlling Interests in Consolidated Subsidiaries | ||||||||
|---|---|---|---|---|---|---|---|---|
| Preferred Units · Class A UnitsOwned by Vornado · EarningsLess ThanDistributions · Total Equity | ||||||||
| Units · Amount · Units · Amount | ||||||||
| For the Three Months EndedMarch 31, 2024: | ||||||||
| Balance as of December 31, 2023 | 48,793 | $1,182,459 | 190,391 | $8,270,885 | $(4,009,395) | $65,115 | $196,222 | $5,705,286 |
| Net income attributable to Vornado Realty L.P. | — | — | — | — | 5,709 | — | — | 5,709 |
| Net loss attributable to redeemable partnership units | — | — | — | — | 786 | — | — | 786 |
| Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | (4,495) | (4,495) |
| Distributions to preferred unitholders (see Note 9 for distributions per unit amounts) | — | — | — | — | (15,529) | — | — | (15,529) |
| Class A units redeemed for common shares | — | — | 93 | 2,489 | — | — | — | 2,489 |
| Contributions | — | — | — | — | — | — | 270 | 270 |
| Distributions | — | — | — | — | — | — | (78) | (78) |
| Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | (542) | — | (542) |
| Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | 48,209 | — | 48,209 |
| Redeemable Class A unit measurement adjustment | — | — | — | (4,353) | — | (22) | — | (4,375) |
| Other comprehensive income attributable to noncontrolling interests: | ||||||||
| Redeemable partnership units | — | — | — | — | — | (3,682) | — | (3,682) |
| Consolidated subsidiaries | — | — | — | — | — | (3,162) | 3,162 | — |
| Other | — | — | (1) | 145 | (25) | — | — | 120 |
| Balance as of March 31, 2024 | 48,793 | $1,182,459 | 190,483 | $8,269,166 | $(4,018,454) | $105,916 | $195,081 | $5,734,168 |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CONTINUED
| (Amounts in thousands, except per unit amounts) · AccumulatedOtherComprehensiveIncome · Non-controlling Interests in Consolidated Subsidiaries | ||||||||
|---|---|---|---|---|---|---|---|---|
| Preferred Units · Class A UnitsOwned by Vornado · EarningsLess ThanDistributions · Total Equity | ||||||||
| Units · Amount · Units · Amount | ||||||||
| For the Three Months EndedMarch 31, 2023: | ||||||||
| Balance as of December 31, 2022 | 48,793 | $1,182,459 | 191,867 | $8,376,882 | $(3,894,580) | $174,967 | $236,652 | $6,076,380 |
| Net income attributable to Vornado Realty L.P. | — | — | — | — | 21,126 | — | — | 21,126 |
| Net income attributable to redeemable partnership units | — | — | — | — | (429) | — | — | (429) |
| Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | (684) | (684) |
| Distributions to Vornado ($0.375 per unit) | — | — | — | — | (71,950) | — | — | (71,950) |
| Distributions to preferred unitholders (see Note 9 for distributions per unit amounts) | — | — | — | — | (15,529) | — | — | (15,529) |
| Class A units issued to Vornado: | ||||||||
| Upon redemption of redeemable Class A units, at redemption value | — | — | 9 | 187 | — | — | — | 187 |
| Under Vornado's dividend reinvestment plan | — | — | 6 | 146 | — | — | — | 146 |
| Contributions | — | — | — | — | — | — | 6,128 | 6,128 |
| Distributions | — | — | — | — | — | — | (811) | (811) |
| Deferred compensation units and options | — | — | (1) | 84 | (30) | — | — | 54 |
| Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | (3,329) | — | (3,329) |
| Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | (81,536) | — | (81,536) |
| Redeemable Class A unit measurement adjustment | — | — | — | (22,964) | — | (879) | — | (23,843) |
| Unearned 2020 Out-Performance Plan and 2019 Performance AO LTIP awards | — | — | — | 20,668 | — | — | — | 20,668 |
| Other comprehensive loss attributable to noncontrolling interests: | ||||||||
| Redeemable partnership units | — | — | — | — | — | 6,080 | — | 6,080 |
| Consolidated subsidiaries | — | — | — | — | — | 259 | (259) | — |
| Balance as of March 31, 2023 | 48,793 | $1,182,459 | 191,881 | $8,375,003 | $(3,961,392) | $95,562 | $241,026 | $5,932,658 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
| (Amounts in thousands) | For the Three Months Ended March 31, | |
|---|---|---|
| 2024 | 2023 | |
| Cash Flows from Operating Activities: | ||
| Net (loss) income | $(6,273) | $11,198 |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
| Depreciation and amortization (including amortization of deferred financing costs) | 114,010 | 112,578 |
| Distributions of income from partially owned entities | 30,438 | 38,706 |
| Equity in net income of partially owned entities | (16,279) | (16,666) |
| Amortization of interest rate cap premiums | 11,514 | 427 |
| Stock-based compensation expense | 7,519 | 11,714 |
| Straight-lining of rents | (4,571) | 3,821 |
| Change in deferred tax liability | 3,947 | 2,591 |
| Amortization of below-market leases, net | (693) | (1,367) |
| Net gains on disposition of wholly owned and partially owned assets | — | (7,520) |
| Other non-cash adjustments | 1,247 | 1,645 |
| Changes in operating assets and liabilities: | ||
| Tenant and other receivables | (8,505) | (13,862) |
| Prepaid assets | (57,910) | (72,347) |
| Other assets | (32,447) | (6,746) |
| Lease liabilities | 4,641 | 4,332 |
| Accounts payable and accrued expenses | (14,251) | (1,411) |
| Other liabilities | (902) | 24,779 |
| Net cash provided by operating activities | 31,485 | 91,872 |
| Cash Flows from Investing Activities: | ||
| Development costs and construction in progress | (75,292) | (135,550) |
| Additions to real estate | (51,307) | (57,032) |
| Investments in partially owned entities | (2,026) | (8,833) |
| Proceeds from maturities of U.S. Treasury bills | — | 197,294 |
| Proceeds from repayment of participation in 150 West 34th Street mortgage loan | — | 105,000 |
| Proceeds from sale of condominium units at 220 Central Park South | — | 14,216 |
| Distributions of capital from partially owned entities | — | 11,559 |
| Acquisitions of real estate and other | — | (1,000) |
| Net cash (used in) provided by investing activities | (128,625) | 125,654 |
CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
| (Amounts in thousands) | For the Three Months Ended March 31, | |
|---|---|---|
| 2024 | 2023 | |
| Cash Flows from Financing Activities: | ||
| Distributions to preferred unitholders | $(15,529) | $(15,529) |
| Deferred financing costs | (279) | (2,798) |
| Contributions from noncontrolling interests in consolidated subsidiaries | 270 | 2,129 |
| Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (106) | (6,412) |
| Repayments of borrowings | — | (110,400) |
| Distributions to Vornado | — | (71,950) |
| Other financing activity, net | 120 | 116 |
| Net cash used in financing activities | (15,524) | (204,844) |
| Net (decrease) increase in cash and cash equivalents and restricted cash | (112,664) | 12,682 |
| Cash and cash equivalents and restricted cash at beginning of period | 1,261,584 | 1,021,157 |
| Cash and cash equivalents and restricted cash at end of period | $1,148,920 | $1,033,839 |
| Reconciliation of Cash and Cash Equivalents and Restricted Cash: | ||
| Cash and cash equivalents at beginning of period | $997,002 | $889,689 |
| Restricted cash at beginning of period | 264,582 | 131,468 |
| Cash and cash equivalents and restricted cash at beginning of period | $1,261,584 | $1,021,157 |
| Cash and cash equivalents at end of period | $892,652 | $890,957 |
| Restricted cash at end of period | 256,268 | 142,882 |
| Cash and cash equivalents and restricted cash at end of period | $1,148,920 | $1,033,839 |
| Supplemental Disclosure of Cash Flow Information: | ||
| Cash payments for interest (excluding capitalized interest) and interest rate cap premiums | $69,970 | $85,429 |
| Cash payments for income taxes | $1,605 | $2,175 |
| Non-Cash Information: | ||
| Change in fair value of consolidated interest rate hedges and other | $48,209 | $(81,536) |
| Accrued capital expenditures included in accounts payable and accrued expenses | 44,254 | 70,132 |
| Write-off of fully depreciated assets | (12,559) | (17,776) |
| Redeemable Class A unit measurement adjustment | (4,375) | (23,843) |
See notes to consolidated financial statements (unaudited)
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