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 |
$ 3,334,262
|
$ 422,603
|
$ 264,128
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
Net gain on transfer to Fifth Avenue and Times Square JV |
(2,571,099)
|
0
|
0
|
Net gains on disposition of wholly owned and partially owned assets |
(845,499)
|
(246,031)
|
(501)
|
Depreciation and amortization (including amortization of deferred financing costs) |
438,933
|
472,785
|
529,826
|
Distributions of income from partially owned entities |
116,826
|
78,831
|
82,095
|
Net realized and unrealized loss on real estate fund investments |
106,109
|
84,706
|
15,267
|
Equity in net income of partially owned entities |
(78,865)
|
(9,149)
|
(15,635)
|
Non-cash impairment loss on 608 Fifth Avenue right-of-use asset |
75,220
|
0
|
0
|
Stock-based compensation expense |
53,908
|
31,722
|
32,829
|
Real estate impairment losses and related write-offs |
26,705
|
12,000
|
0
|
Prepayment penalty on redemption of senior unsecured notes due 2022 |
22,058
|
0
|
0
|
Amortization of below-market leases, net |
(19,830)
|
(38,573)
|
(46,790)
|
Straight-lining of rents |
9,679
|
(7,605)
|
(45,792)
|
Decrease in fair value of marketable securities |
5,533
|
26,453
|
0
|
Purchase price fair value adjustment |
0
|
(44,060)
|
0
|
Return of capital from real estate fund investments |
0
|
20,290
|
91,606
|
Change in valuation of deferred tax assets and liabilities |
0
|
12,835
|
34,800
|
Net gains on real estate and other |
0
|
0
|
(3,489)
|
Other non-cash adjustments |
13,765
|
7,499
|
23,651
|
Changes in operating assets and liabilities: |
|
|
|
Real estate fund investments |
(10,000)
|
(68,950)
|
0
|
Tenant and other receivables, net |
(25,988)
|
(14,532)
|
1,183
|
Prepaid assets |
7,558
|
151,533
|
(12,292)
|
Other assets |
(4,302)
|
(84,222)
|
(79,199)
|
Accounts payable and accrued expenses |
5,940
|
5,869
|
3,760
|
Other liabilities |
1,626
|
(11,363)
|
(15,305)
|
Net cash provided by operating activities |
662,539
|
802,641
|
860,142
|
Cash Flows from Investing Activities: |
|
|
|
Proceeds from sale of condominium units at 220 Central Park South |
1,605,356
|
214,776
|
0
|
Proceeds from transfer of interest in Fifth Avenue and Times Square JV (net of $35,562 of transaction costs and $10,899 of deconsolidated cash and restricted cash) |
1,248,743
|
0
|
0
|
Development costs and construction in progress |
(649,056)
|
(418,186)
|
(355,852)
|
Proceeds from redemption of 640 Fifth Avenue preferred equity |
500,000
|
0
|
0
|
Moynihan Train Hall expenditures |
(438,935)
|
(74,609)
|
0
|
Proceeds from sale of real estate and related investments |
324,201
|
219,731
|
9,543
|
Additions to real estate |
(233,666)
|
(234,602)
|
(271,308)
|
Proceeds from sales of marketable securities |
168,314
|
4,101
|
0
|
Acquisitions of real estate and other |
(69,699)
|
(574,812)
|
(30,607)
|
Distributions of capital from partially owned entities |
24,880
|
100,178
|
366,155
|
Investments in partially owned entities |
(18,257)
|
(37,131)
|
(40,537)
|
Proceeds from repayments of loans receivable |
1,395
|
25,757
|
659
|
Investments in loans receivable |
0
|
(105,000)
|
0
|
Net consolidation of Farley Office and Retail Building |
0
|
2,075
|
0
|
Proceeds from the repayment of JBG SMITH Properties loan receivable |
0
|
0
|
115,630
|
Net cash provided by (used in) investing activities |
2,463,276
|
(877,722)
|
(206,317)
|
Cash Flows from Financing Activities: |
|
|
|
Repayments of borrowings |
(2,718,987)
|
(685,265)
|
(631,681)
|
Proceeds from borrowings |
1,108,156
|
526,766
|
1,055,872
|
Dividends paid on common shares / Distributions to Vornado |
(503,785)
|
(479,348)
|
(496,490)
|
Moynihan Train Hall reimbursement from Empire State Development |
438,935
|
74,609
|
0
|
Purchase of marketable securities in connection with defeasance of mortgage payable |
(407,126)
|
0
|
0
|
Distribution to noncontrolling interests / redeemable security holders and noncontrolling interests in consolidated subsidiaries |
(80,194)
|
(76,149)
|
(109,697)
|
Dividends paid on preferred shares / Distributions to preferred unitholders |
(50,131)
|
(55,115)
|
(64,516)
|
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries |
17,871
|
61,062
|
1,044
|
Prepayment penalty on redemption of senior unsecured notes due 2022 |
(22,058)
|
0
|
0
|
Debt issuance costs |
(15,588)
|
(12,908)
|
(12,325)
|
Repurchase of shares (Class A units) related to stock compensation agreements and related tax withholdings and other |
(8,692)
|
(12,969)
|
(418)
|
Proceeds received from exercise of employee share options (Vornado stock options) and other |
6,903
|
7,309
|
29,712
|
Redemption of preferred shares / units |
(893)
|
(470,000)
|
0
|
Debt prepayment and extinguishment costs |
0
|
(818)
|
(3,217)
|
Cash and cash equivalents and restricted cash included in the spin-off of JBG SMITH Properties ($275,000 plus The Bartlett financing proceeds less transaction costs and other mortgage items) |
0
|
0
|
(416,237)
|
Proceeds from issuance of preferred shares / units |
0
|
0
|
309,609
|
Net cash used in financing activities |
(2,235,589)
|
(1,122,826)
|
(338,344)
|
Net increase (decrease) in cash and cash equivalents and restricted cash |
890,226
|
(1,197,907)
|
315,481
|
Cash and cash equivalents and restricted cash at beginning of period |
716,905
|
1,914,812
|
1,599,331
|
Cash and cash equivalents and restricted cash at end of period |
1,607,131
|
716,905
|
1,914,812
|
Reconciliation of Cash and Cash Equivalents and Restricted Cash: |
|
|
|
Cash and cash equivalents at beginning of period |
570,916
|
1,817,655
|
1,501,027
|
Restricted cash at beginning of period |
145,989
|
97,157
|
95,032
|
Restricted cash included in discontinued operations at beginning of period |
0
|
0
|
3,272
|
Cash and cash equivalents and restricted cash at beginning of period |
716,905
|
1,914,812
|
1,599,331
|
Restricted cash at end of period |
92,119
|
145,989
|
97,157
|
Cash and cash equivalents and restricted cash at end of period |
1,607,131
|
716,905
|
1,914,812
|
Cash and cash equivalents at end of period |
1,515,012
|
570,916
|
1,817,655
|
Supplemental Disclosure of Cash Flow Information: |
|
|
|
Cash payments for interest, excluding capitalized interest of $67,980, $67,402 and $43,071 |
283,613
|
311,835
|
338,983
|
Cash payments for income taxes |
59,834
|
62,225
|
6,727
|
Non-Cash Investing and Financing Activities: |
|
|
|
Preferred equity |
2,327,750
|
0
|
0
|
Common equity |
1,449,495
|
0
|
0
|
Reclassification of condominium units from development costs and construction in progress to 220 Central Park South condominium units ready for sale |
1,311,468
|
233,179
|
0
|
Lease liabilities arising from the recognition of right-of-use assets |
526,866
|
0
|
0
|
Marketable securities transferred in connection with the defeasance of mortgage payable |
(407,126)
|
0
|
0
|
Special dividend/distribution declared and payable on January 15, 2020 |
398,292
|
0
|
0
|
Defeased mortgage payable |
390,000
|
0
|
0
|
Write-off of fully depreciated assets |
(122,813)
|
(86,064)
|
(58,810)
|
Accrued capital expenditures included in accounts payable and accrued expenses |
109,975
|
88,115
|
102,976
|
Adjustments to carry redeemable Class A units at redemption value |
70,810
|
198,064
|
268,494
|
Recognition of negative basis related to the sale of our investment in 330 Madison Avenue |
60,052
|
0
|
0
|
Amounts related to our investment in Pennsylvania Real Estate Investment Trust reclassified from investments in partially owned entities and accumulated other comprehensive (loss) income to marketable securities upon conversion of operating partnership units to common shares |
54,962
|
0
|
0
|
Non-cash distribution to JBG SMITH Properties: |
|
|
|
Reclassification of Series G and Series I cumulative redeemable preferred shares to liabilities upon call for redemption |
0
|
0
|
455,514
|
Loan receivable established upon the spin-off of JBG SMITH Properties |
0
|
0
|
115,630
|
Reduction in unrealized net gain on available-for-sale securities |
0
|
0
|
(20,951)
|
JBGS |
|
|
|
Cash Flows from Financing Activities: |
|
|
|
Cash and cash equivalents and restricted cash included in the spin-off of JBG SMITH Properties ($275,000 plus The Bartlett financing proceeds less transaction costs and other mortgage items) |
|
|
(275,000)
|
Non-cash distribution to JBG SMITH Properties: |
|
|
|
Assets |
0
|
0
|
3,432,738
|
Liabilities |
0
|
0
|
(1,414,186)
|
Equity |
0
|
0
|
(2,018,552)
|
Vornado Realty L.P. |
|
|
|
Cash Flows from Operating Activities: |
|
|
|
Net income |
3,334,262
|
422,603
|
264,128
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
Net gain on transfer to Fifth Avenue and Times Square JV |
(2,571,099)
|
0
|
0
|
Net gains on disposition of wholly owned and partially owned assets |
(845,499)
|
(246,031)
|
(501)
|
Depreciation and amortization (including amortization of deferred financing costs) |
438,933
|
472,785
|
529,826
|
Distributions of income from partially owned entities |
116,826
|
78,831
|
82,095
|
Net realized and unrealized loss on real estate fund investments |
106,109
|
84,706
|
15,267
|
Equity in net income of partially owned entities |
(78,865)
|
(9,149)
|
(15,635)
|
Non-cash impairment loss on 608 Fifth Avenue right-of-use asset |
75,220
|
0
|
0
|
Stock-based compensation expense |
53,908
|
31,722
|
32,829
|
Real estate impairment losses and related write-offs |
26,705
|
12,000
|
0
|
Prepayment penalty on redemption of senior unsecured notes due 2022 |
22,058
|
0
|
0
|
Amortization of below-market leases, net |
(19,830)
|
(38,573)
|
(46,790)
|
Straight-lining of rents |
9,679
|
(7,605)
|
(45,792)
|
Decrease in fair value of marketable securities |
5,533
|
26,453
|
0
|
Purchase price fair value adjustment |
0
|
(44,060)
|
0
|
Return of capital from real estate fund investments |
0
|
20,290
|
91,606
|
Change in valuation of deferred tax assets and liabilities |
0
|
12,835
|
34,800
|
Net gains on real estate and other |
0
|
0
|
(3,489)
|
Other non-cash adjustments |
13,765
|
7,499
|
23,651
|
Changes in operating assets and liabilities: |
|
|
|
Real estate fund investments |
(10,000)
|
(68,950)
|
0
|
Tenant and other receivables, net |
(25,988)
|
(14,532)
|
1,183
|
Prepaid assets |
7,558
|
151,533
|
(12,292)
|
Other assets |
(4,302)
|
(84,222)
|
(79,199)
|
Accounts payable and accrued expenses |
5,940
|
5,869
|
3,760
|
Other liabilities |
1,626
|
(11,363)
|
(15,305)
|
Net cash provided by operating activities |
662,539
|
802,641
|
860,142
|
Cash Flows from Investing Activities: |
|
|
|
Proceeds from sale of condominium units at 220 Central Park South |
1,605,356
|
214,776
|
0
|
Proceeds from transfer of interest in Fifth Avenue and Times Square JV (net of $35,562 of transaction costs and $10,899 of deconsolidated cash and restricted cash) |
1,248,743
|
0
|
0
|
Development costs and construction in progress |
(649,056)
|
(418,186)
|
(355,852)
|
Proceeds from redemption of 640 Fifth Avenue preferred equity |
500,000
|
0
|
0
|
Moynihan Train Hall expenditures |
(438,935)
|
(74,609)
|
0
|
Proceeds from sale of real estate and related investments |
324,201
|
219,731
|
9,543
|
Additions to real estate |
(233,666)
|
(234,602)
|
(271,308)
|
Proceeds from sales of marketable securities |
168,314
|
4,101
|
0
|
Acquisitions of real estate and other |
(69,699)
|
(574,812)
|
(30,607)
|
Distributions of capital from partially owned entities |
24,880
|
100,178
|
366,155
|
Investments in partially owned entities |
(18,257)
|
(37,131)
|
(40,537)
|
Proceeds from repayments of loans receivable |
1,395
|
25,757
|
659
|
Investments in loans receivable |
0
|
(105,000)
|
0
|
Net consolidation of Farley Office and Retail Building |
0
|
2,075
|
0
|
Proceeds from the repayment of JBG SMITH Properties loan receivable |
0
|
0
|
115,630
|
Net cash provided by (used in) investing activities |
2,463,276
|
(877,722)
|
(206,317)
|
Cash Flows from Financing Activities: |
|
|
|
Repayments of borrowings |
(2,718,987)
|
(685,265)
|
(631,681)
|
Proceeds from borrowings |
1,108,156
|
526,766
|
1,055,872
|
Dividends paid on common shares / Distributions to Vornado |
(503,785)
|
(479,348)
|
(496,490)
|
Moynihan Train Hall reimbursement from Empire State Development |
438,935
|
74,609
|
0
|
Purchase of marketable securities in connection with defeasance of mortgage payable |
(407,126)
|
0
|
0
|
Distribution to noncontrolling interests / redeemable security holders and noncontrolling interests in consolidated subsidiaries |
(80,194)
|
(76,149)
|
(109,697)
|
Dividends paid on preferred shares / Distributions to preferred unitholders |
(50,131)
|
(55,115)
|
(64,516)
|
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries |
17,871
|
61,062
|
1,044
|
Prepayment penalty on redemption of senior unsecured notes due 2022 |
(22,058)
|
0
|
0
|
Debt issuance costs |
(15,588)
|
(12,908)
|
(12,325)
|
Repurchase of shares (Class A units) related to stock compensation agreements and related tax withholdings and other |
(8,692)
|
(12,969)
|
(418)
|
Proceeds received from exercise of employee share options (Vornado stock options) and other |
6,903
|
7,309
|
29,712
|
Redemption of preferred shares / units |
(893)
|
(470,000)
|
0
|
Debt prepayment and extinguishment costs |
0
|
(818)
|
(3,217)
|
Cash and cash equivalents and restricted cash included in the spin-off of JBG SMITH Properties ($275,000 plus The Bartlett financing proceeds less transaction costs and other mortgage items) |
0
|
0
|
(416,237)
|
Proceeds from issuance of preferred shares / units |
0
|
0
|
309,609
|
Net cash used in financing activities |
(2,235,589)
|
(1,122,826)
|
(338,344)
|
Net increase (decrease) in cash and cash equivalents and restricted cash |
890,226
|
(1,197,907)
|
315,481
|
Cash and cash equivalents and restricted cash at beginning of period |
716,905
|
1,914,812
|
1,599,331
|
Cash and cash equivalents and restricted cash at end of period |
1,607,131
|
716,905
|
1,914,812
|
Reconciliation of Cash and Cash Equivalents and Restricted Cash: |
|
|
|
Cash and cash equivalents at beginning of period |
570,916
|
1,817,655
|
1,501,027
|
Restricted cash at beginning of period |
145,989
|
97,157
|
95,032
|
Restricted cash included in discontinued operations at beginning of period |
0
|
0
|
3,272
|
Cash and cash equivalents and restricted cash at beginning of period |
716,905
|
1,914,812
|
1,599,331
|
Restricted cash at end of period |
92,119
|
145,989
|
97,157
|
Cash and cash equivalents and restricted cash at end of period |
1,607,131
|
716,905
|
1,914,812
|
Cash and cash equivalents at end of period |
1,515,012
|
570,916
|
1,817,655
|
Supplemental Disclosure of Cash Flow Information: |
|
|
|
Cash payments for interest, excluding capitalized interest of $67,980, $67,402 and $43,071 |
283,613
|
311,835
|
338,983
|
Cash payments for income taxes |
59,834
|
62,225
|
6,727
|
Non-Cash Investing and Financing Activities: |
|
|
|
Preferred equity |
2,327,750
|
0
|
0
|
Common equity |
1,449,495
|
0
|
0
|
Reclassification of condominium units from development costs and construction in progress to 220 Central Park South condominium units ready for sale |
1,311,468
|
233,179
|
0
|
Lease liabilities arising from the recognition of right-of-use assets |
526,866
|
0
|
0
|
Marketable securities transferred in connection with the defeasance of mortgage payable |
(407,126)
|
0
|
0
|
Special dividend/distribution declared and payable on January 15, 2020 |
398,292
|
0
|
0
|
Defeased mortgage payable |
390,000
|
0
|
0
|
Write-off of fully depreciated assets |
(122,813)
|
(86,064)
|
(58,810)
|
Accrued capital expenditures included in accounts payable and accrued expenses |
109,975
|
88,115
|
102,976
|
Adjustments to carry redeemable Class A units at redemption value |
70,810
|
198,064
|
268,494
|
Recognition of negative basis related to the sale of our investment in 330 Madison Avenue |
60,052
|
0
|
0
|
Amounts related to our investment in Pennsylvania Real Estate Investment Trust reclassified from investments in partially owned entities and accumulated other comprehensive (loss) income to marketable securities upon conversion of operating partnership units to common shares |
54,962
|
0
|
0
|
Non-cash distribution to JBG SMITH Properties: |
|
|
|
Reclassification of Series G and Series I cumulative redeemable preferred shares to liabilities upon call for redemption |
0
|
0
|
455,514
|
Loan receivable established upon the spin-off of JBG SMITH Properties |
0
|
0
|
115,630
|
Reduction in unrealized net gain on available-for-sale securities |
0
|
0
|
(20,951)
|
Vornado Realty L.P. | JBGS |
|
|
|
Cash Flows from Financing Activities: |
|
|
|
Cash and cash equivalents and restricted cash included in the spin-off of JBG SMITH Properties ($275,000 plus The Bartlett financing proceeds less transaction costs and other mortgage items) |
|
|
(275,000)
|
Non-cash distribution to JBG SMITH Properties: |
|
|
|
Assets |
0
|
0
|
3,432,738
|
Liabilities |
0
|
0
|
(1,414,186)
|
Equity |
0
|
0
|
(2,018,552)
|
Farley Post Office Joint Venture |
|
|
|
Increase in assets and liabilities resulting from the consolidation of Moynihan Train Hall |
|
|
|
Real estate, net |
0
|
401,708
|
0
|
Mortgage payable, net |
0
|
249,459
|
0
|
Farley Post Office Joint Venture | Vornado Realty L.P. |
|
|
|
Increase in assets and liabilities resulting from the consolidation of Moynihan Train Hall |
|
|
|
Real estate, net |
0
|
401,708
|
0
|
Mortgage payable, net |
0
|
249,459
|
0
|
Moynihan Train Hall |
|
|
|
Increase in assets and liabilities resulting from the consolidation of Moynihan Train Hall |
|
|
|
Real estate, net |
0
|
346,926
|
0
|
Moynihan Train Hall obligation |
0
|
346,926
|
0
|
Moynihan Train Hall | Vornado Realty L.P. |
|
|
|
Increase in assets and liabilities resulting from the consolidation of Moynihan Train Hall |
|
|
|
Real estate, net |
0
|
346,926
|
0
|
Moynihan Train Hall obligation |
$ 0
|
$ 346,926
|
$ 0
|