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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 86,127 $ 44,455
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization, including amortization of debt issuance costs 24,771 23,510
Net gain on sale of real estate (53,952) 0
Straight-lining of rents 5,949 6,028
Stock-based compensation expense 450 450
Interest rate cap premium amortization 4,049 0
Other non-cash adjustments 1,295 (1,420)
Change in operating assets and liabilities:    
Tenant and other receivables (951) 1,031
Other assets (1,377) (9,412)
Amounts due to Vornado 725 (230)
Accounts payable and accrued expenses (2,705) 11,540
Other liabilities (14) 251
Net cash provided by operating activities 64,367 76,203
CASH FLOWS FROM INVESTING ACTIVITIES    
Construction in progress and real estate additions (3,796) (8,710)
Proceeds from sale of real estate 67,821 0
Proceeds from maturities of U.S. Treasury bills 264,881 0
Purchase of interest rate cap (11,258) 0
Proceeds from interest rate cap 1,889 0
Purchase of U.S. Treasury bills 0 (197,407)
Net cash provided by (used in) investing activities 319,537 (206,117)
CASH FLOWS FROM FINANCING ACTIVITIES    
Dividends paid (69,232) (69,192)
Debt issuance costs (69) (8)
Net cash used in financing activities (69,301) (69,200)
Net increase (decrease) in cash and cash equivalents and restricted cash 314,603 (199,114)
Cash and cash equivalents and restricted cash at beginning of period 214,478 483,505
Cash and cash equivalents and restricted cash at end of period 529,081 284,391
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH    
Cash and cash equivalents at beginning of period 194,933 463,539
Restricted cash at beginning of period 19,545 19,966
Cash and cash equivalents and restricted cash at beginning of period 214,478 483,505
Cash and cash equivalents at end of period 507,918 264,872
Restricted cash at end of period 21,163 19,519
Cash and cash equivalents and restricted cash at end of period 529,081 284,391
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash payments for interest (net of amounts capitalized) 38,399 15,808
NON-CASH TRANSACTIONS    
Liability for real estate additions, including $3 for development fees due to Vornado in 2022 652 2,277
Write-off of fully depreciated assets $ 5,964 $ 23