XML 25 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash Flows from Operating Activities:    
Net income $ 282 $ 73,847
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization (including amortization of deferred financing costs) 115,337 145,886
Decrease in fair value of marketable securities 32,986 0
Distributions of income from partially owned entities 20,559 18,226
Return of capital from real estate fund investments 14,966 0
Amortization of below-market leases, net (10,581) (11,459)
Equity in net loss (income) of partially owned entities 9,904 (1,445)
Straight-lining of rents (7,430) (15,522)
Net realized and unrealized losses on real estate fund investments 911 6,946
Net gains on sale of real estate and other 0 (2,267)
Net gains on disposition of wholly owned and partially owned assets 0 (501)
Other non-cash adjustments 14,736 17,535
Changes in operating assets and liabilities:    
Real estate fund investments (2,950) 0
Tenant and other receivables, net (5,702) 2,027
Prepaid assets 77,053 72,051
Other assets (15,151) (11,452)
Accounts payable and accrued expenses 19,835 (670)
Other liabilities 663 8,083
Net cash provided by operating activities 265,418 301,285
Cash Flows from Investing Activities:    
Development costs and construction in progress (86,808) (98,227)
Additions to real estate (54,284) (67,363)
Acquisitions of real estate and other (44,095) (1,171)
Investments in partially owned entities (7,519) (6,679)
Distributions of capital from partially owned entities 2,086 11,592
Proceeds from sales of real estate and related investments 0 5,180
Proceeds from repayments of mortgage loans receivable 0 14
Net cash used in investing activities (190,620) (156,654)
Cash Flows from Financing Activities:    
Redemption of preferred shares / units (470,000) 0
Proceeds from borrowings 185,701 2,529
Repayments of borrowings (144,822) (6,987)
Dividends paid on common shares / Distributions to Vornado (119,764) (134,332)
Dividends paid on preferred shares / Distributions to preferred unitholders (16,628) (16,129)
Distributions to noncontrolling interests / Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries (13,266) (14,281)
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries 8,370 75
Proceeds received from exercise of employee share options and other / Proceeds received from exercise of Vornado stock options and other 3,769 8,484
Debt issuance costs (3,300) (43)
Debt prepayment and extinguishment costs (818) 0
Repurchase of shares / Class A units related to stock compensation agreements and related tax withholdings and other (784) (264)
Net cash used in financing activities (571,542) (160,948)
Net decrease in cash and cash equivalents and restricted cash (496,744) (16,317)
Cash and cash equivalents and restricted cash at beginning of period 1,914,812 1,599,322
Cash and cash equivalents and restricted cash at end of period 1,418,068 1,583,005
Reconciliation of Cash and Cash Equivalents and Restricted Cash:    
Cash and cash equivalents at beginning of period 1,817,655 1,501,027
Restricted cash at beginning of period 97,157 95,032
Restricted cash included in discontinued operations at beginning of period 0 3,263
Cash and cash equivalents and restricted cash at beginning of period 1,914,812 1,599,322
Cash and cash equivalents at end of period 1,327,384 1,484,814
Restricted cash at end of period 90,684 93,463
Restricted cash included in discontinued operations at end of period 0 4,728
Cash and cash equivalents and restricted cash at end of period 1,418,068 1,583,005
Supplemental Disclosure of Cash Flow Information:    
Cash payments for interest, excluding capitalized interest of $13,272 and $9,364 84,566 88,078
Cash payments for income taxes 1,646 1,512
Non-Cash Investing and Financing Activities:    
Adjustments to carry redeemable Class A units at redemption value 114,856 6,197
Accrued capital expenditures included in accounts payable and accrued expenses 51,431 57,993
Write-off of fully depreciated assets (15,707) (15,809)
Reduction in unrealized net gain on available-for-sale securities 0 (15,009)
Vornado Realty L.P.    
Cash Flows from Operating Activities:    
Net income 282 73,847
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization (including amortization of deferred financing costs) 115,337 145,886
Decrease in fair value of marketable securities 32,986 0
Distributions of income from partially owned entities 20,559 18,226
Return of capital from real estate fund investments 14,966 0
Amortization of below-market leases, net (10,581) (11,459)
Equity in net loss (income) of partially owned entities 9,904 (1,445)
Straight-lining of rents (7,430) (15,522)
Net realized and unrealized losses on real estate fund investments 911 6,946
Net gains on sale of real estate and other 0 (2,267)
Net gains on disposition of wholly owned and partially owned assets 0 (501)
Other non-cash adjustments 14,736 17,535
Changes in operating assets and liabilities:    
Real estate fund investments (2,950) 0
Tenant and other receivables, net (5,702) 2,027
Prepaid assets 77,053 72,051
Other assets (15,151) (11,452)
Accounts payable and accrued expenses 19,835 (670)
Other liabilities 663 8,083
Net cash provided by operating activities 265,418 301,285
Cash Flows from Investing Activities:    
Development costs and construction in progress (86,808) (98,227)
Additions to real estate (54,284) (67,363)
Acquisitions of real estate and other (44,095) (1,171)
Investments in partially owned entities (7,519) (6,679)
Distributions of capital from partially owned entities 2,086 11,592
Proceeds from sales of real estate and related investments 0 5,180
Proceeds from repayments of mortgage loans receivable 0 14
Net cash used in investing activities (190,620) (156,654)
Cash Flows from Financing Activities:    
Redemption of preferred shares / units (470,000) 0
Proceeds from borrowings 185,701 2,529
Repayments of borrowings (144,822) (6,987)
Dividends paid on common shares / Distributions to Vornado (119,764) (134,332)
Dividends paid on preferred shares / Distributions to preferred unitholders (16,628) (16,129)
Distributions to noncontrolling interests / Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries (13,266) (14,281)
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries 8,370 75
Proceeds received from exercise of employee share options and other / Proceeds received from exercise of Vornado stock options and other 3,769 8,484
Debt issuance costs (3,300) (43)
Debt prepayment and extinguishment costs (818) 0
Repurchase of shares / Class A units related to stock compensation agreements and related tax withholdings and other (784) (264)
Net cash used in financing activities (571,542) (160,948)
Net decrease in cash and cash equivalents and restricted cash (496,744) (16,317)
Cash and cash equivalents and restricted cash at beginning of period 1,914,812 1,599,322
Cash and cash equivalents and restricted cash at end of period 1,418,068 1,583,005
Reconciliation of Cash and Cash Equivalents and Restricted Cash:    
Cash and cash equivalents at beginning of period 1,817,655 1,501,027
Restricted cash at beginning of period 97,157 95,032
Restricted cash included in discontinued operations at beginning of period 0 3,263
Cash and cash equivalents and restricted cash at beginning of period 1,914,812 1,599,322
Cash and cash equivalents at end of period 1,327,384 1,484,814
Restricted cash at end of period 90,684 93,463
Restricted cash included in discontinued operations at end of period 0 4,728
Cash and cash equivalents and restricted cash at end of period 1,418,068 1,583,005
Supplemental Disclosure of Cash Flow Information:    
Cash payments for interest, excluding capitalized interest of $13,272 and $9,364 84,566 88,078
Cash payments for income taxes 1,646 1,512
Non-Cash Investing and Financing Activities:    
Adjustments to carry redeemable Class A units at redemption value 114,856 6,197
Accrued capital expenditures included in accounts payable and accrued expenses 51,431 57,993
Write-off of fully depreciated assets (15,707) (15,809)
Reduction in unrealized net gain on available-for-sale securities $ 0 $ (15,009)