VORNADO REALTY TRUST
For the period ended Sep 30, 2024. Filed Nov 4, 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.
Sep 30, 2024 · Filed Nov 4, 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 | |
|---|---|---|
| September 30, 2024 | December 31, 2023 | |
| ASSETS | ||
| Real estate, at cost: | ||
| Land | $2,434,209 | $2,436,221 |
| Buildings and improvements | 10,306,041 | 9,952,954 |
| Development costs and construction in progress | 1,153,831 | 1,281,076 |
| Leasehold improvements and equipment | 137,086 | 130,953 |
| Total | 14,031,167 | 13,801,204 |
| Less accumulated depreciation and amortization | (3,969,369) | (3,752,827) |
| Real estate, net | 10,061,798 | 10,048,377 |
| Right-of-use assets | 677,135 | 680,044 |
| Cash and cash equivalents | 783,596 | 997,002 |
| Restricted cash | 245,479 | 264,582 |
| Tenant and other receivables | 72,061 | 69,543 |
| Investments in partially owned entities | 2,682,672 | 2,610,558 |
| Receivable arising from the straight-lining of rents | 698,912 | 701,666 |
| Deferred leasing costs, net of accumulated amortization of $266,009 and $249,347 | 352,765 | 355,010 |
| Identified intangible assets, net of accumulated amortization of $76,223 and $98,589 | 120,252 | 127,082 |
| Other assets | 388,431 | 333,801 |
| $16,083,101 | $16,187,665 | |
| LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
| Mortgages payable, net | $5,675,054 | $5,688,020 |
| Senior unsecured notes, net | 1,195,403 | 1,193,873 |
| Unsecured term loan, net | 795,601 | 794,559 |
| Unsecured revolving credit facilities | 575,000 | 575,000 |
| Lease liabilities | 746,060 | 732,859 |
| Accounts payable and accrued expenses | 362,395 | 411,044 |
| Deferred revenue | 29,236 | 32,199 |
| Deferred compensation plan | 113,352 | 105,245 |
| Other liabilities | 323,541 | 311,132 |
| Total liabilities | 9,815,642 | 9,843,931 |
| Commitments and contingencies | ||
| Redeemable noncontrolling interests: | ||
| Class A units - 17,015,350 and 17,000,030 units outstanding | 670,405 | 480,251 |
| Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 |
| Total redeemable noncontrolling partnership units | 673,940 | 483,786 |
| Redeemable noncontrolling interest in a consolidated subsidiary | 134,249 | 154,662 |
| Total redeemable noncontrolling interests | 808,189 | 638,448 |
| Shareholders' equity: | ||
| Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,792,504 and 48,792,902 shares | 1,182,449 | 1,182,459 |
| Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 190,649,061 and 190,390,703 shares | 7,605 | 7,594 |
| Additional capital | 8,090,723 | 8,263,291 |
| Earnings less than distributions | (4,002,345) | (4,009,395) |
| Accumulated other comprehensive (loss) income | (478) | 65,115 |
| Total shareholders' equity | 5,277,954 | 5,509,064 |
| Noncontrolling interests in consolidated subsidiaries | 181,316 | 196,222 |
| Total equity | 5,459,270 | 5,705,286 |
| $16,083,101 | $16,187,665 | |
CONSOLIDATED STATEMENTS OF INCOME
| (Amounts in thousands, except per share amounts) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| REVENUES: | ||||
| Rental revenues | $387,470 | $400,367 | $1,170,343 | $1,215,994 |
| Fee and other income | 55,785 | 50,628 | 159,553 | 153,283 |
| Total revenues | 443,255 | 450,995 | 1,329,896 | 1,369,277 |
| EXPENSES: | ||||
| Operating | (236,149) | (233,737) | (691,753) | (685,233) |
| Depreciation and amortization | (116,006) | (110,349) | (334,439) | (324,076) |
| General and administrative | (35,511) | (35,838) | (111,883) | (116,843) |
| Expense from deferred compensation plan liability | (5,171) | (1,631) | (11,089) | (7,541) |
| Transaction related costs and other | 113 | (813) | (3,901) | (1,501) |
| Total expenses | (392,724) | (382,368) | (1,153,065) | (1,135,194) |
| Income from partially owned entities | 18,229 | 18,269 | 82,457 | 72,207 |
| Interest and other investment income, net | 12,391 | 14,717 | 34,626 | 37,454 |
| Income from deferred compensation plan assets | 5,171 | 1,631 | 11,089 | 7,541 |
| Interest and debt expense | (100,907) | (88,126) | (289,786) | (261,528) |
| Net gains on disposition of wholly owned and partially owned assets | — | 56,136 | 16,048 | 64,592 |
| (Loss) income before income taxes | (14,585) | 71,254 | 31,265 | 154,349 |
| Income tax expense | (4,883) | (11,684) | (16,907) | (20,848) |
| Net (loss) income | (19,468) | 59,570 | 14,358 | 133,501 |
| Less net loss (income) attributable to noncontrolling interests in: | ||||
| Consolidated subsidiaries | 14,152 | 13,541 | 40,024 | 26,250 |
| Operating Partnership | 1,690 | (4,736) | (724) | (8,773) |
| Net (loss) income attributable to Vornado | (3,626) | 68,375 | 53,658 | 150,978 |
| Preferred share dividends | (15,528) | (15,529) | (46,586) | (46,587) |
| NET (LOSS) INCOME attributable to common shareholders | $(19,154) | $52,846 | $7,072 | $104,391 |
| (LOSS) INCOME PER COMMON SHARE - BASIC: | ||||
| Net (loss) income per common share | $(0.10) | $0.28 | $0.04 | $0.55 |
| Weighted average shares outstanding | 190,556 | 190,364 | 190,493 | 191,228 |
| (LOSS) INCOME PER COMMON SHARE - DILUTED: | ||||
| Net (loss) income per common share | $(0.10) | $0.28 | $0.04 | $0.54 |
| Weighted average shares outstanding | 190,556 | 192,921 | 195,473 | 193,845 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| (Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Net (loss) income | $(19,468) | $59,570 | $14,358 | $133,501 |
| Other comprehensive (loss) income: | ||||
| Change in fair value of consolidated interest rate hedges and other | (98,940) | 22,312 | (49,539) | 2,433 |
| Other comprehensive loss of nonconsolidated subsidiaries | (18,988) | (1,390) | (21,215) | (4,534) |
| Comprehensive (loss) income | (137,396) | 80,492 | (56,396) | 131,400 |
| Less comprehensive loss attributable to noncontrolling interests | 28,486 | 6,236 | 44,477 | 17,323 |
| Comprehensive (loss) income attributable to Vornado | $(108,910) | $86,728 | $(11,919) | $148,723 |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
| (Amounts in thousands) · AccumulatedOtherComprehensiveIncome (Loss) · 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 EndedSeptember 30, 2024: | |||||||||
| Balance as of June 30, 2024 | 48,793 | $1,182,459 | 190,505 | $7,599 | $8,314,657 | $(3,983,194) | $104,779 | $191,699 | $5,817,999 |
| Net loss attributable to Vornado | — | — | — | — | — | (3,626) | — | — | (3,626) |
| Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | (6,290) | (6,290) |
| Dividends on preferred shares (see Note 11 for dividends per share amounts) | — | — | — | — | — | (15,528) | — | — | (15,528) |
| Common shares issued upon redemption of Class A units, at redemption value | — | — | 143 | 6 | 4,773 | — | — | — | 4,779 |
| Conversion of Series A preferred shares to common shares | — | (10) | 1 | — | 10 | — | — | — | — |
| Contributions | — | — | — | — | — | — | — | 93 | 93 |
| Distributions | — | — | — | — | — | — | — | (998) | (998) |
| Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | — | (18,988) | — | (18,988) |
| Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | — | (98,940) | — | (98,940) |
| Redeemable Class A unit measurement adjustment | — | — | — | — | (228,717) | — | 27 | — | (228,690) |
| Other comprehensive loss (income) attributable to noncontrolling interests in: | |||||||||
| Operating Partnership | — | — | — | — | — | — | 9,454 | — | 9,454 |
| Consolidated subsidiaries | — | — | — | — | — | — | 3,190 | (3,190) | — |
| Other | — | — | — | — | — | 3 | — | 2 | 5 |
| Balance as of September 30, 2024 | 48,793 | $1,182,449 | 190,649 | $7,605 | $8,090,723 | $(4,002,345) | $(478) | $181,316 | $5,459,270 |
| Preferred Shares · Common Shares · Additional Capital · Earnings Less Than Distributions · AccumulatedOtherComprehensive Income · Non-controlling Interests in Consolidated Subsidiaries · Total Equity | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Shares · Amount · Shares · Amount | |||||||||
| Balance as of June 30, 2023 | 48,793 | $1,182,459 | 190,544 | $7,601 | $8,331,228 | $(3,938,202) | $151,771 | $259,673 | $5,994,530 |
| Net income attributable to Vornado | — | — | — | — | — | 68,375 | — | — | 68,375 |
| Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | (2,350) | (2,350) |
| Dividends on preferred shares (see Note 11 for dividends per share amounts) | — | — | — | — | — | (15,529) | — | — | (15,529) |
| Common shares issued upon redemption of Class A units, at redemption value | — | — | 81 | 3 | 1,612 | — | — | — | 1,615 |
| Contributions | — | — | — | — | — | — | — | 206 | 206 |
| Distributions | — | — | — | — | — | — | — | (20) | (20) |
| Repurchase of common shares | — | — | (302) | (12) | — | (5,921) | — | — | (5,933) |
| Deferred compensation shares and options | — | — | (1) | — | 74 | 11 | — | — | 85 |
| Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | — | (1,390) | — | (1,390) |
| Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | — | 22,312 | — | 22,312 |
| Redeemable Class A unit measurement adjustment | — | — | — | — | 8,896 | — | 58 | — | 8,954 |
| Other comprehensive income attributable to noncontrolling interests in: | |||||||||
| Operating Partnership | — | — | — | — | — | — | (1,634) | — | (1,634) |
| Consolidated subsidiaries | — | — | — | — | — | — | (935) | 935 | — |
| Balance as of September 30, 2023 | 48,793 | $1,182,459 | 190,322 | $7,592 | $8,341,810 | $(3,891,266) | $170,182 | $258,444 | $6,069,221 |
| (Amounts in thousands) · AccumulatedOtherComprehensive Income (Loss) · Non-controlling Interests in Consolidated Subsidiaries | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Preferred Shares · Common Shares · Additional Capital · Earnings Less Than Distributions · Total Equity | |||||||||
| Shares · Amount · Shares · Amount | |||||||||
| For the Nine Months Ended September 30, 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 | — | — | — | — | — | 53,658 | — | — | 53,658 |
| Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | (16,272) | (16,272) |
| Dividends on preferred shares (see Note 11 for dividends per share amounts) | — | — | — | — | — | (46,586) | — | — | (46,586) |
| Common shares issued upon redemption of Class A units, at redemption value | — | — | 258 | 11 | 7,808 | — | — | — | 7,819 |
| Conversion of Series A preferred shares to common shares | — | (10) | 1 | — | 10 | — | — | — | — |
| Contributions | — | — | — | — | — | — | — | 1,851 | 1,851 |
| Distributions | — | — | — | — | — | — | — | (1,183) | (1,183) |
| Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | — | (21,215) | — | (21,215) |
| Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | — | (49,539) | — | (49,539) |
| Redeemable Class A unit measurement adjustment | — | — | — | — | (180,531) | — | (16) | — | (180,547) |
| Other comprehensive loss (income) attributable to noncontrolling interests in: | |||||||||
| Operating Partnership | — | — | — | — | — | — | 5,872 | — | 5,872 |
| Consolidated subsidiaries | — | — | — | — | — | — | (695) | 695 | — |
| Other | — | — | (1) | — | 145 | (22) | — | 3 | 126 |
| Balance as of September 30, 2024 | 48,793 | $1,182,449 | 190,649 | $7,605 | $8,090,723 | $(4,002,345) | $(478) | $181,316 | $5,459,270 |
| (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 Nine Months Ended September 30, 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 | — | — | — | — | — | 150,978 | — | — | 150,978 |
| Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 2,961 | 2,961 |
| Dividends on common shares($0.375 per share) | — | — | — | — | — | (71,950) | — | — | (71,950) |
| Dividends on preferred shares (see Note 11 for dividends per share amounts) | — | — | — | — | — | (46,587) | — | — | (46,587) |
| Common shares issued: | |||||||||
| Upon redemption of Class A units, at redemption value | — | — | 475 | 19 | 7,154 | — | — | — | 7,173 |
| Under dividend reinvestment plan | — | — | 6 | — | 146 | — | — | — | 146 |
| Contributions | — | — | — | — | — | — | — | 22,534 | 22,534 |
| Distributions | — | — | — | — | — | — | — | (3,831) | (3,831) |
| Repurchase of common shares | — | — | (2,024) | (81) | — | (29,102) | — | — | (29,183) |
| Deferred compensation shares and options | — | — | (2) | — | 243 | (25) | — | — | 218 |
| Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | — | (4,534) | — | (4,534) |
| Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | — | 2,433 | — | 2,433 |
| Redeemable Class A unit measurement adjustment | — | — | — | — | (55,629) | — | (2,530) | — | (58,159) |
| Unearned 2020 Out-Performance Plan and 2019 Performance AO LTIP awards | — | — | — | — | 20,668 | — | — | — | 20,668 |
| Other comprehensive income attributable to noncontrolling interests in: | |||||||||
| Operating Partnership | — | — | — | — | — | — | (26) | — | (26) |
| Consolidated subsidiaries | — | — | — | — | — | — | (128) | 128 | — |
| Balance as of September 30, 2023 | 48,793 | $1,182,459 | 190,322 | $7,592 | $8,341,810 | $(3,891,266) | $170,182 | $258,444 | $6,069,221 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
| (Amounts in thousands) | For the Nine Months Ended September 30, | |
|---|---|---|
| 2024 | 2023 | |
| Cash Flows from Operating Activities: | ||
| Net income | $14,358 | $133,501 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization (including amortization of deferred financing costs) | 351,123 | 342,038 |
| Distributions of income from partially owned entities | 101,826 | 131,308 |
| Equity in net income of partially owned entities | (82,457) | (72,207) |
| Amortization of interest rate cap premiums | 32,792 | 4,225 |
| Stock-based compensation expense | 22,813 | 33,247 |
| Net gains on disposition of wholly owned and partially owned assets | (16,048) | (64,592) |
| Change in deferred tax liability | 9,823 | 14,309 |
| Straight-lining of rents | 2,950 | (4,770) |
| Amortization of below-market leases, net | (2,842) | (4,083) |
| Net realized and unrealized gain on real estate fund investments | — | (1,861) |
| Return of capital from real estate fund investments | — | 1,861 |
| Other non-cash adjustments | 11,427 | 3,919 |
| Changes in operating assets and liabilities: | ||
| Tenant and other receivables | (7,054) | (8,267) |
| Prepaid assets | (60,506) | (72,194) |
| Other assets | (53,720) | (72,201) |
| Lease liabilities | 13,201 | 13,191 |
| Accounts payable and accrued expenses | (12,723) | 26,023 |
| Other liabilities | 6,580 | 33,428 |
| Net cash provided by operating activities | 331,543 | 436,875 |
| Cash Flows from Investing Activities: | ||
| Development costs and construction in progress | (187,799) | (432,439) |
| Additions to real estate | (173,586) | (155,080) |
| Investments in partially owned entities | (109,301) | (43,737) |
| Investment in loan receivable | (50,000) | — |
| Proceeds from sale of condominium units at 220 Central Park South | 31,605 | 14,216 |
| Proceeds from sales of real estate | 2,000 | 123,550 |
| Proceeds from maturities of U.S. Treasury bills | — | 468,598 |
| Proceeds from repayment of participation in 150 West 34th Street mortgage loan | — | 105,000 |
| Distributions of capital from partially owned entities | — | 18,837 |
| Acquisitions of real estate and other | — | (33,145) |
| Net cash (used in) provided by investing activities | (487,081) | 65,800 |
CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
| (Amounts in thousands) | For the Nine Months Ended September 30, | |
|---|---|---|
| 2024 | 2023 | |
| Cash Flows from Financing Activities: | ||
| Repayments of borrowings | $(95,696) | $(119,400) |
| Proceeds from borrowings | 75,000 | — |
| Dividends paid on preferred shares | (46,586) | (46,587) |
| Deferred financing costs | (13,667) | (3,398) |
| Contributions from noncontrolling interests | 5,190 | 18,534 |
| Distributions to noncontrolling interests | (1,269) | (9,489) |
| Dividends paid on common shares | — | (71,950) |
| Repurchase of common shares | — | (29,183) |
| Other financing activity, net | 57 | 121 |
| Net cash used in financing activities | (76,971) | (261,352) |
| Net (decrease) increase in cash and cash equivalents and restricted cash | (232,509) | 241,323 |
| 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 | $1,029,075 | $1,262,480 |
| 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 | $783,596 | $1,000,362 |
| Restricted cash at end of period | 245,479 | 262,118 |
| Cash and cash equivalents and restricted cash at end of period | $1,029,075 | $1,262,480 |
| Supplemental Disclosure of Cash Flow Information: | ||
| Cash payments for interest (excluding capitalized interest) and interest rate cap premiums | $236,892 | $306,001 |
| Cash payments for income taxes | $6,010 | $8,728 |
| Non-Cash Information: | ||
| Redeemable Class A unit measurement adjustment | $(180,547) | $(58,159) |
| Write-off of fully depreciated assets | (78,360) | (46,164) |
| Change in fair value of consolidated interest rate hedges and other | (49,539) | 2,433 |
| Accrued capital expenditures included in accounts payable and accrued expenses | 31,669 | 64,072 |
| Reclassification of assets held for sale (included in "other assets") | 15,279 | — |
| Initial investment in Sunset Pier 94 Joint Venture upon contribution of leasehold interest | — | 50,090 |
| Decrease in assets and liabilities resulting from the deconsolidation of Pier 94: | ||
| Real estate | — | 21,693 |
| Right-of-use assets | — | 7,081 |
| Lease liabilities | — | (20,692) |
CONSOLIDATED BALANCE SHEETS
| (Amounts in thousands, except unit amounts) | As of | |
|---|---|---|
| September 30, 2024 | December 31, 2023 | |
| ASSETS | ||
| Real estate, at cost: | ||
| Land | $2,434,209 | $2,436,221 |
| Buildings and improvements | 10,306,041 | 9,952,954 |
| Development costs and construction in progress | 1,153,831 | 1,281,076 |
| Leasehold improvements and equipment | 137,086 | 130,953 |
| Total | 14,031,167 | 13,801,204 |
| Less accumulated depreciation and amortization | (3,969,369) | (3,752,827) |
| Real estate, net | 10,061,798 | 10,048,377 |
| Right-of-use assets | 677,135 | 680,044 |
| Cash and cash equivalents | 783,596 | 997,002 |
| Restricted cash | 245,479 | 264,582 |
| Tenant and other receivables | 72,061 | 69,543 |
| Investments in partially owned entities | 2,682,672 | 2,610,558 |
| Receivable arising from the straight-lining of rents | 698,912 | 701,666 |
| Deferred leasing costs, net of accumulated amortization of $266,009 and $249,347 | 352,765 | 355,010 |
| Identified intangible assets, net of accumulated amortization of $76,223 and $98,589 | 120,252 | 127,082 |
| Other assets | 388,431 | 333,801 |
| $16,083,101 | $16,187,665 | |
| LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
| Mortgages payable, net | $5,675,054 | $5,688,020 |
| Senior unsecured notes, net | 1,195,403 | 1,193,873 |
| Unsecured term loan, net | 795,601 | 794,559 |
| Unsecured revolving credit facilities | 575,000 | 575,000 |
| Lease liabilities | 746,060 | 732,859 |
| Accounts payable and accrued expenses | 362,395 | 411,044 |
| Deferred revenue | 29,236 | 32,199 |
| Deferred compensation plan | 113,352 | 105,245 |
| Other liabilities | 323,541 | 311,132 |
| Total liabilities | 9,815,642 | 9,843,931 |
| Commitments and contingencies | ||
| Redeemable noncontrolling interests: | ||
| Class A units - 17,015,350 and 17,000,030 units outstanding | 670,405 | 480,251 |
| Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 |
| Total redeemable noncontrolling partnership units | 673,940 | 483,786 |
| Redeemable noncontrolling interest in a consolidated subsidiary | 134,249 | 154,662 |
| Total redeemable noncontrolling interests | 808,189 | 638,448 |
| Partners' equity: | ||
| Partners' capital | 9,280,777 | 9,453,344 |
| Earnings less than distributions | (4,002,345) | (4,009,395) |
| Accumulated other comprehensive (loss) income | (478) | 65,115 |
| Total partners' equity | 5,277,954 | 5,509,064 |
| Noncontrolling interests in consolidated subsidiaries | 181,316 | 196,222 |
| Total equity | 5,459,270 | 5,705,286 |
| $16,083,101 | $16,187,665 | |
CONSOLIDATED STATEMENTS OF INCOME
| (Amounts in thousands, except per unit amounts) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| REVENUES: | ||||
| Rental revenues | $387,470 | $400,367 | $1,170,343 | $1,215,994 |
| Fee and other income | 55,785 | 50,628 | 159,553 | 153,283 |
| Total revenues | 443,255 | 450,995 | 1,329,896 | 1,369,277 |
| EXPENSES: | ||||
| Operating | (236,149) | (233,737) | (691,753) | (685,233) |
| Depreciation and amortization | (116,006) | (110,349) | (334,439) | (324,076) |
| General and administrative | (35,511) | (35,838) | (111,883) | (116,843) |
| Expense from deferred compensation plan liability | (5,171) | (1,631) | (11,089) | (7,541) |
| Transaction related costs and other | 113 | (813) | (3,901) | (1,501) |
| Total expenses | (392,724) | (382,368) | (1,153,065) | (1,135,194) |
| Income from partially owned entities | 18,229 | 18,269 | 82,457 | 72,207 |
| Interest and other investment income, net | 12,391 | 14,717 | 34,626 | 37,454 |
| Income from deferred compensation plan assets | 5,171 | 1,631 | 11,089 | 7,541 |
| Interest and debt expense | (100,907) | (88,126) | (289,786) | (261,528) |
| Net gains on disposition of wholly owned and partially owned assets | — | 56,136 | 16,048 | 64,592 |
| (Loss) income before income taxes | (14,585) | 71,254 | 31,265 | 154,349 |
| Income tax expense | (4,883) | (11,684) | (16,907) | (20,848) |
| Net (loss) income | (19,468) | 59,570 | 14,358 | 133,501 |
| Less net loss attributable to noncontrolling interests in consolidated subsidiaries | 14,152 | 13,541 | 40,024 | 26,250 |
| Net (loss) income attributable to Vornado Realty L.P. | (5,316) | 73,111 | 54,382 | 159,751 |
| Preferred unit distributions | (15,557) | (15,558) | (46,672) | (46,673) |
| NET (LOSS) INCOME attributable to Class A unitholders | $(20,873) | $57,553 | $7,710 | $113,078 |
| (LOSS) INCOME PER CLASS A UNIT - BASIC: | ||||
| Net (loss) income per Class A unit | $(0.10) | $0.28 | $0.04 | $0.55 |
| Weighted average units outstanding | 205,025 | 204,628 | 204,953 | 205,268 |
| (LOSS) INCOME PER CLASS A UNIT - DILUTED: | ||||
| Net (loss) income per Class A unit | $(0.10) | $0.28 | $0.04 | $0.54 |
| Weighted average units outstanding | 205,025 | 207,185 | 209,933 | 207,885 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| (Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Net (loss) income | $(19,468) | $59,570 | $14,358 | $133,501 |
| Other comprehensive (loss) income: | ||||
| Change in fair value of consolidated interest rate hedges and other | (98,940) | 22,312 | (49,539) | 2,433 |
| Other comprehensive loss of nonconsolidated subsidiaries | (18,988) | (1,390) | (21,215) | (4,534) |
| Comprehensive (loss) income | (137,396) | 80,492 | (56,396) | 131,400 |
| Less comprehensive loss attributable to noncontrolling interests in consolidated subsidiaries | 17,342 | 12,606 | 39,329 | 26,122 |
| Comprehensive (loss) income attributable to Vornado Realty L.P. | $(120,054) | $93,098 | $(17,067) | $157,522 |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
| (Amounts in thousands) · AccumulatedOtherComprehensiveIncome (Loss) · 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 EndedSeptember 30, 2024: | ||||||||
| Balance as of June 30, 2024 | 48,793 | $1,182,459 | 190,505 | $8,322,256 | $(3,983,194) | $104,779 | $191,699 | $5,817,999 |
| Net loss attributable to Vornado Realty L.P. | — | — | — | — | (5,316) | — | — | (5,316) |
| Net loss attributable to redeemable partnership units | — | — | — | — | 1,690 | — | — | 1,690 |
| Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | (6,290) | (6,290) |
| Distributions to preferred unitholders (see Note 11 for distributions per unit amounts) | — | — | — | — | (15,528) | — | — | (15,528) |
| Class A units redeemed for common shares | — | — | 143 | 4,779 | — | — | — | 4,779 |
| Conversion of Series A preferred units to common shares | — | (10) | 1 | 10 | — | — | — | — |
| Contributions | — | — | — | — | — | — | 93 | 93 |
| Distributions | — | — | — | — | — | — | (998) | (998) |
| Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | (18,988) | — | (18,988) |
| Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | (98,940) | — | (98,940) |
| Redeemable Class A unit measurement adjustment | — | — | — | (228,717) | — | 27 | — | (228,690) |
| Other comprehensive loss (income) attributable to noncontrolling interests: | ||||||||
| Redeemable partnership units | — | — | — | — | — | 9,454 | — | 9,454 |
| Consolidated subsidiaries | — | — | — | — | — | 3,190 | (3,190) | — |
| Other | — | — | — | — | 3 | — | 2 | 5 |
| Balance as of September 30, 2024 | 48,793 | $1,182,449 | 190,649 | $8,098,328 | $(4,002,345) | $(478) | $181,316 | $5,459,270 |
| Preferred Units · Class A UnitsOwned by Vornado · EarningsLess ThanDistributions · AccumulatedOtherComprehensiveIncome · Non-controlling Interests in Consolidated Subsidiaries · Total Equity | ||||||||
|---|---|---|---|---|---|---|---|---|
| Units · Amount · Units · Amount | ||||||||
| For the Three Months EndedSeptember 30, 2023: | ||||||||
| Balance as of June 30, 2023 | 48,793 | $1,182,459 | 190,544 | $8,338,829 | $(3,938,202) | $151,771 | $259,673 | $5,994,530 |
| Net income attributable to Vornado Realty L.P. | — | — | — | — | 73,111 | — | — | 73,111 |
| Net income attributable to redeemable partnership units | — | — | — | — | (4,736) | — | — | (4,736) |
| Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | (2,350) | (2,350) |
| Distributions to preferred unitholders (see Note 11 for distributions per unit amounts) | — | — | — | — | (15,529) | — | — | (15,529) |
| Class A units redeemed for common shares | — | — | 81 | 1,615 | — | — | — | 1,615 |
| Contributions | — | — | — | — | — | — | 206 | 206 |
| Distributions | — | — | — | — | — | — | (20) | (20) |
| Repurchase of Class A units owned by Vornado | — | — | (302) | (12) | (5,921) | — | — | (5,933) |
| Deferred compensation units and options | — | — | (1) | 74 | 11 | — | — | 85 |
| Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | (1,390) | — | (1,390) |
| Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | 22,312 | — | 22,312 |
| Redeemable Class A unit measurement adjustment | — | — | — | 8,896 | — | 58 | — | 8,954 |
| Other comprehensive income attributable to noncontrolling interests: | ||||||||
| Redeemable partnership units | — | — | — | — | — | (1,634) | — | (1,634) |
| Consolidated subsidiaries | — | — | — | — | — | (935) | 935 | — |
| Balance as of September 30, 2023 | 48,793 | $1,182,459 | 190,322 | $8,349,402 | $(3,891,266) | $170,182 | $258,444 | $6,069,221 |
See notes to consolidated financial statements (unaudited)
| (Amounts in thousands) · AccumulatedOtherComprehensiveIncome (Loss) · Non-controlling Interests in Consolidated Subsidiaries | ||||||||
|---|---|---|---|---|---|---|---|---|
| Preferred Units · Class A UnitsOwned by Vornado · EarningsLess ThanDistributions · Total Equity | ||||||||
| Units · Amount · Units · Amount | ||||||||
| For the Nine Months Ended September 30, 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. | — | — | — | — | 54,382 | — | — | 54,382 |
| Net income attributable to redeemable partnership units | — | — | — | — | (724) | — | — | (724) |
| Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | (16,272) | (16,272) |
| Distributions to preferred unitholders (see Note 11 for distributions per unit amounts) | — | — | — | — | (46,586) | — | — | (46,586) |
| Class A units redeemed for common shares | — | — | 258 | 7,819 | — | — | — | 7,819 |
| Conversion of Series A preferred units to common shares | — | (10) | 1 | 10 | — | — | — | — |
| Contributions | — | — | — | — | — | — | 1,851 | 1,851 |
| Distributions | — | — | — | — | — | — | (1,183) | (1,183) |
| Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | (21,215) | — | (21,215) |
| Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | (49,539) | — | (49,539) |
| Redeemable Class A unit measurement adjustment | — | — | — | (180,531) | — | (16) | — | (180,547) |
| Other comprehensive loss (income) attributable to noncontrolling interests: | ||||||||
| Redeemable partnership units | — | — | — | — | — | 5,872 | — | 5,872 |
| Consolidated subsidiaries | — | — | — | — | — | (695) | 695 | — |
| Other | — | — | (1) | 145 | (22) | — | 3 | 126 |
| Balance as of September 30, 2024 | 48,793 | $1,182,449 | 190,649 | $8,098,328 | $(4,002,345) | $(478) | $181,316 | $5,459,270 |
| (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 Nine Months Ended September 30, 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. | — | — | — | — | 159,751 | — | — | 159,751 | ||||||
| Net income attributable to redeemable partnership units | — | — | — | — | (8,773) | — | — | (8,773) | ||||||
| Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 2,961 | 2,961 | ||||||
| Distributions to Vornado ($0.375 per unit) | — | — | — | — | (71,950) | — | — | (71,950) | ||||||
| Distributions to preferred unitholders (see Note 11 for distributions per unit amounts) | — | — | — | — | (46,587) | — | — | (46,587) | ||||||
| Class A units issued to Vornado: | ||||||||||||||
| Upon redemption of redeemable Class A units, at redemption value | — | — | 475 | 7,173 | — | — | — | 7,173 | ||||||
| Under Vornado's dividend reinvestment plan | — | — | 6 | 146 | — | — | — | 146 | ||||||
| Contributions | — | — | — | — | — | — | 22,534 | 22,534 | ||||||
| Distributions | — | — | — | — | — | — | (3,831) | (3,831) | ||||||
| Repurchase of Class A units owned by Vornado | (2,024) | (81) | (29,102) | — | — | (29,183) | ||||||||
| Deferred compensation units and options | — | — | (2) | 243 | (25) | — | — | 218 | ||||||
| Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | (4,534) | — | (4,534) | ||||||
| Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | 2,433 | — | 2,433 | ||||||
| Redeemable Class A unit measurement adjustment | — | — | — | (55,629) | — | (2,530) | — | (58,159) | ||||||
| Unearned 2020 Out-Performance Plan and 2019 Performance AO LTIP awards | — | — | — | 20,668 | — | — | — | 20,668 | ||||||
| Other comprehensive income attributable to noncontrolling interests: | ||||||||||||||
| Redeemable partnership units | — | — | — | — | — | (26) | — | (26) | ||||||
| Consolidated subsidiaries | — | — | — | — | — | (128) | 128 | — | ||||||
| Balance as of September 30, 2023 | 48,793 | $1,182,459 | 190,322 | $8,349,402 | $(3,891,266) | $170,182 | $258,444 | $6,069,221 | ||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
| (Amounts in thousands) | For the Nine Months Ended September 30, | |
|---|---|---|
| 2024 | 2023 | |
| Cash Flows from Operating Activities: | ||
| Net income | $14,358 | $133,501 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization (including amortization of deferred financing costs) | 351,123 | 342,038 |
| Distributions of income from partially owned entities | 101,826 | 131,308 |
| Equity in net income of partially owned entities | (82,457) | (72,207) |
| Amortization of interest rate cap premiums | 32,792 | 4,225 |
| Stock-based compensation expense | 22,813 | 33,247 |
| Net gains on disposition of wholly owned and partially owned assets | (16,048) | (64,592) |
| Change in deferred tax liability | 9,823 | 14,309 |
| Straight-lining of rents | 2,950 | (4,770) |
| Amortization of below-market leases, net | (2,842) | (4,083) |
| Net realized and unrealized gain on real estate fund investments | — | (1,861) |
| Return of capital from real estate fund investments | — | 1,861 |
| Other non-cash adjustments | 11,427 | 3,919 |
| Changes in operating assets and liabilities: | ||
| Tenant and other receivables | (7,054) | (8,267) |
| Prepaid assets | (60,506) | (72,194) |
| Other assets | (53,720) | (72,201) |
| Lease liabilities | 13,201 | 13,191 |
| Accounts payable and accrued expenses | (12,723) | 26,023 |
| Other liabilities | 6,580 | 33,428 |
| Net cash provided by operating activities | 331,543 | 436,875 |
| Cash Flows from Investing Activities: | ||
| Development costs and construction in progress | (187,799) | (432,439) |
| Additions to real estate | (173,586) | (155,080) |
| Investments in partially owned entities | (109,301) | (43,737) |
| Investment in loan receivable | (50,000) | — |
| Proceeds from sale of condominium units at 220 Central Park South | 31,605 | 14,216 |
| Proceeds from sales of real estate | 2,000 | 123,550 |
| Proceeds from maturities of U.S. Treasury bills | — | 468,598 |
| Proceeds from repayment of participation in 150 West 34th Street mortgage loan | — | 105,000 |
| Distributions of capital from partially owned entities | — | 18,837 |
| Acquisitions of real estate and other | — | (33,145) |
| Net cash (used in) provided by investing activities | (487,081) | 65,800 |
CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
| (Amounts in thousands) | For the Nine Months Ended September 30, | |
|---|---|---|
| 2024 | 2023 | |
| Cash Flows from Financing Activities: | ||
| Repayments of borrowings | $(95,696) | $(119,400) |
| Proceeds from borrowings | 75,000 | — |
| Distributions to preferred unitholders | (46,586) | (46,587) |
| Deferred financing costs | (13,667) | (3,398) |
| Contributions from noncontrolling interests in consolidated subsidiaries | 5,190 | 18,534 |
| Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (1,269) | (9,489) |
| Distributions to Vornado | — | (71,950) |
| Repurchase of Class A units owned by Vornado | — | (29,183) |
| Other financing activity, net | 57 | 121 |
| Net cash used in financing activities | (76,971) | (261,352) |
| Net (decrease) increase in cash and cash equivalents and restricted cash | (232,509) | 241,323 |
| 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 | $1,029,075 | $1,262,480 |
| 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 | $783,596 | $1,000,362 |
| Restricted cash at end of period | 245,479 | 262,118 |
| Cash and cash equivalents and restricted cash at end of period | $1,029,075 | $1,262,480 |
| Supplemental Disclosure of Cash Flow Information: | ||
| Cash payments for interest (excluding capitalized interest) and interest rate cap premiums | $236,892 | $306,001 |
| Cash payments for income taxes | $6,010 | $8,728 |
| Non-Cash Information: | ||
| Redeemable Class A unit measurement adjustment | $(180,547) | $(58,159) |
| Write-off of fully depreciated assets | (78,360) | (46,164) |
| Change in fair value of consolidated interest rate hedges and other | (49,539) | 2,433 |
| Accrued capital expenditures included in accounts payable and accrued expenses | 31,669 | 64,072 |
| Reclassification of assets held for sale (included in "other assets") | 15,279 | — |
| Initial investment in Sunset Pier 94 Joint Venture upon contribution of leasehold interest | — | 50,090 |
| Decrease in assets and liabilities resulting from the deconsolidation of Pier 94: | ||
| Real estate | — | 21,693 |
| Right-of-use assets | — | 7,081 |
| Lease liabilities | — | (20,692) |
See notes to consolidated financial statements (unaudited)
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.