XML 23 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 80,509 $ 86,477 $ 76,907
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization, including amortization of debt issuance costs 38,681 36,374 33,671
Straight-lining of rental income 4,297 2,347 (1,418)
Stock-based compensation expense 394 450 600
Change in operating assets and liabilities:      
Tenant and other receivables, net 363 958 (1,801)
Other assets (2,627) (9,894) (4,777)
Amounts due to Vornado 1,626 (1,913) 2,228
Accounts payable and accrued expenses 211 16,049 822
Other liabilities (28) (28) (31)
Net cash provided by operating activities 123,426 130,820 106,201
CASH FLOWS FROM INVESTING ACTIVITIES      
Construction in progress and real estate additions (3,434) (15,506) (50,121)
Rego Park II loan participation payment (200,000) 0 0
Proceeds from maturing short-term investments 0 0 24,998
Principal repayment proceeds from Rego Park II loan participation 1,463 0 0
Net cash used in investing activities (201,971) (15,506) (25,123)
CASH FLOWS FROM FINANCING ACTIVITIES      
Debt repayments (303,707) (3,440) (323,193)
Proceeds from borrowing 500,000 0 350,000
Dividends paid (86,961) (81,822) (71,571)
Debt issuance costs (12,186) (30) (4,075)
Net cash provided by (used in) financing activities 97,146 (85,292) (48,839)
Net increase in cash and cash equivalents and restricted cash 18,601 30,022 32,239
Cash and cash equivalents and restricted cash at beginning of year 374,678 344,656 312,417
Cash and cash equivalents and restricted cash at end of year 393,279 374,678 344,656
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH      
Cash and cash equivalents at beginning of year 288,926 259,349 227,815
Restricted cash at beginning of year 85,752 85,307 84,602
Cash and cash equivalents and restricted cash at beginning of year 374,678 344,656 312,417
Cash and cash equivalents at end of year 307,536 288,926 259,349
Restricted cash at end of year 85,743 85,752 85,307
Cash and cash equivalents and restricted cash at end of year 393,279 374,678 344,656
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      
Cash payments for interest, excluding capitalized interest of $1,486 in 2015 26,994 19,517 22,354
NON-CASH TRANSACTIONS      
Liability for real estate additions, including $21, $54 and $5,795 due to Vornado 705 322 10,139
Write-off of fully amortized and/or depreciated assets 4,265 1,691 20,786
Change in unrealized net gain on available-for-sale securities $ (2,762) $ (5,273) $ (1,455)