XML 38 R9.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 60,075 $ 32,844 $ 80,509
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization, including amortization of debt issuance costs 36,515 38,499 38,681
Straight-lining of rental income 2,413 5,924 4,297
Stock-based compensation expense 394 394 394
Change in fair value of marketable securities 8,757 11,990 0
Change in operating assets and liabilities:      
Tenant and other receivables, net (2,017) (1,382) 363
Other assets 21,553 (1,197) (2,627)
Amounts due to Vornado 789 (1,907) 1,626
Accounts payable and accrued expenses (1,800) (11,760) 211
Other liabilities (609) 133 (28)
Net cash provided by operating activities 126,070 73,538 123,426
CASH FLOWS FROM INVESTING ACTIVITIES      
Construction in progress and real estate additions (9,449) (3,966) (3,434)
Rego Park II loan participation 0 0 (200,000)
Repayment of Rego Park II loan participation 0 2,829 1,463
Net cash used in investing activities (9,449) (1,137) (201,971)
CASH FLOWS FROM FINANCING ACTIVITIES      
Dividends paid (92,124) (92,100) (86,961)
Debt issuance costs (15) (2,189) (12,186)
Debt repayments 0 (160,142) (303,707)
Proceeds from borrowing 0 78,246 500,000
Net cash (used in) provided by financing activities (92,139) (176,185) 97,146
Net increase (decrease) in cash and cash equivalents and restricted cash 24,482 (103,784) 18,601
Cash and cash equivalents and restricted cash at beginning of year 289,495 393,279 374,678
Cash and cash equivalents and restricted cash at end of year 313,977 289,495 393,279
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH      
Cash and cash equivalents at beginning of year 283,056 307,536 288,926
Restricted cash at beginning of year 6,439 85,743 85,752
Cash and cash equivalents and restricted cash at beginning of year 289,495 393,279 374,678
Cash and cash equivalents at end of year 298,063 283,056 307,536
Restricted cash at end of year 15,914 6,439 85,743
Cash and cash equivalents and restricted cash at end of year 313,977 289,495 393,279
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      
Cash payments for interest 34,669 38,231 26,994
NON-CASH TRANSACTIONS      
Lease liability arising from the recognition of right-of-use asset 5,428 0 0
Liability for real estate additions, including $18, $125 and $21 for development fees due to Vornado in 2019, 2018 and 2017, respectively 3,191 631 705
Reclassification of prepaid real estate taxes to construction in progress for property in redevelopment 1,466 0 0
Write-off of fully amortized and/or depreciated assets 0 16,090 4,265
Derecognition of Rego Park II loan participation asset (see Note 2) $ 0 $ 195,708 $ 0