(Amounts in thousands, except per share amounts) | For the Three Months Ended March 31, | ||||||
2020 | 2019 | ||||||
Net income attributable to common shareholders | $ | 4,963 | $ | 181,488 | |||
Per diluted share | $ | 0.03 | $ | 0.95 | |||
Certain (income) expense items that impact net income attributable to common shareholders: | |||||||
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units | $ | (59,911 | ) | $ | (130,954 | ) | |
Our share of loss from real estate fund investments | 56,158 | 2,904 | |||||
Credit losses on loans receivable resulting from a new GAAP accounting standard effective January 1, 2020 | 7,261 | — | |||||
Mark-to-market decrease in Pennsylvania Real Estate Trust Investment ("PREIT") common shares (accounted for as a marketable security from March 12, 2019 and sold on January 23, 2020) | 4,938 | 15,649 | |||||
Net gain from sale of Urban Edge Properties ("UE") common shares (sold on March 4, 2019) | — | (62,395 | ) | ||||
Prepayment penalty in connection with redemption of $400 million 5.00% senior unsecured notes due January 2022 | — | 22,540 | |||||
Mark-to-market increase in Lexington Realty Trust ("Lexington") common shares (sold on March 1, 2019) | — | (16,068 | ) | ||||
Other | 7,896 | 1,152 | |||||
16,342 | (167,172 | ) | |||||
Noncontrolling interests' share of above adjustments | (1,072 | ) | 10,498 | ||||
Total of certain expense (income) items that impact net income attributable to common shareholders | $ | 15,270 | $ | (156,674 | ) | ||
Net income attributable to common shareholders, as adjusted (non-GAAP) | $ | 20,233 | $ | 24,814 | |||
Per diluted share (non-GAAP) | $ | 0.11 | $ | 0.13 |
(Amounts in thousands, except per share amounts) | For the Three Months Ended March 31, | ||||||
2020 | 2019 | ||||||
FFO attributable to common shareholders plus assumed conversions (non-GAAP)(1) | $ | 130,360 | $ | 247,684 | |||
Per diluted share (non-GAAP) | $ | 0.68 | $ | 1.30 | |||
Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions: | |||||||
After-tax net gain on sale of 220 CPS condominium units | $ | (59,911 | ) | $ | (130,954 | ) | |
Our share of loss from real estate fund investments | 56,158 | 2,904 | |||||
Credit losses on loans receivable resulting from a new GAAP accounting standard effective January 1, 2020 | 7,261 | — | |||||
Prepayment penalty in connection with redemption of $400 million 5.00% senior unsecured notes due January 2022 | — | 22,540 | |||||
Other | 4,205 | 1,206 | |||||
7,713 | (104,304 | ) | |||||
Noncontrolling interests' share of above adjustments | (506 | ) | 6,559 | ||||
Total of certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions, net | $ | 7,207 | $ | (97,745 | ) | ||
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) | $ | 137,567 | $ | 149,939 | |||
Per diluted share (non-GAAP) | $ | 0.72 | $ | 0.79 |
(1) | See page 9 for a reconciliation of our net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three months ended March 31, 2020 and 2019. |
• | With the exception of grocery stores and other "essential" businesses, substantially all of our retail tenants have closed their stores and many are seeking rent relief. |
• | While our office buildings remain open, substantially all of our office tenants are working remotely. |
• | We have temporarily closed the Hotel Pennsylvania. |
• | We have postponed trade shows at theMART for the remainder of 2020. |
• | Because certain of our development projects are deemed "non-essential," they have been temporarily paused due to New York State executive orders. |
• | Closings on the sale of condominium units at 220 Central Park South have continued. During April 2020 we closed on the sale of four condominium units for net proceeds of $157,747,000. However, future closings may be temporarily delayed to the extent we cannot complete the buildout and obtain temporary certificates of occupancy on time. |
• | We placed 1,803 employees on temporary furlough, including 1,293 employees of Building Maintenance Services LLC, a wholly owned subsidiary, which provides cleaning, security and engineering services primarily to our New York properties, 414 employees at the Hotel Pennsylvania and 96 corporate staff employees. |
• | Effective April 1, 2020, our executive officers waived portions of their annual base salary for the remainder of 2020. |
• | Effective April 1, 2020, each non-management member of our Board of Trustees agreed to forgo his or her $75,000 annual cash retainer for the remainder of 2020. |
• | 311,000 square feet of New York Office space (297,000 square feet at share) at an initial rent of $90.47 per square foot and a weighted average lease term of 6.6 years. The change in the GAAP and cash mark-to-market rent on the 275,000 square feet of second generation space were negative 3.3% and positive 0.8%, respectively. Tenant improvements and leasing commissions were $11.69 per square foot per annum, or 12.9% of initial rent. |
• | 15,000 square feet of New York Retail space (13,000 square feet at share) at an initial rent of $416.36 per square foot and a weighted average lease term of 9.7 years. The change in the GAAP and cash mark-to-market rent on the 9,000 square feet of second generation space were positive 126.6% and 104.6%, respectively. Tenant improvements and leasing commissions were $48.18 per square foot per annum, or 11.6% of initial rent. |
• | 231,000 square feet at theMART at an initial rent of $47.31 per square foot and a weighted average lease term of 10.3 years. The change in the GAAP and cash mark-to-market rent on the 228,000 square feet of second generation space were positive 2.6% and negative 1.2%, respectively. Tenant improvements and leasing commissions were $4.44 per square foot per annum, or 9.4% of initial rent. |
• | 6,000 square feet at 555 California Street (4,000 square feet at share) at an initial rent of $117.00 per square foot and a weighted average lease term of 1.4 years. The change in the GAAP and cash mark-to-market rent on the 4,000 square feet of second generation space were positive 44.5% and 29.7%, respectively. Tenant improvements and leasing commissions were $2.91 per square foot per annum, or 2.5% of initial rent. |
Total | New York(2) | theMART(3) | 555 California Street | |||||||||
Same store NOI at share % (decrease) increase(1): | ||||||||||||
Three months ended March 31, 2020 compared to March 31, 2019 | (2.5 | )% | (1.9 | )% | (13.3 | )% | 5.6 | % | ||||
Three months ended March 31, 2020 compared to December 31, 2019 | (8.2 | )% | (9.0 | )% | (8.2 | )% | 5.1 | % | ||||
Same store NOI at share - cash basis % (decrease) increase(1): | ||||||||||||
Three months ended March 31, 2020 compared to March 31, 2019 | (1.5 | )% | (0.7 | )% | (11.8 | )% | 3.7 | % | ||||
Three months ended March 31, 2020 compared to December 31, 2019 | (7.0 | )% | (7.6 | )% | (9.0 | )% | 5.8 | % |
(1) | See pages 11 through 14 for same store NOI at share and same store NOI at share - cash basis reconciliations. | |||
(2) | As a result of the COVID-19 pandemic, we have temporarily closed the Hotel Pennsylvania. | |||
Excluding the Hotel Pennsylvania, same store NOI at share % decrease: | ||||
Three months ended March 31, 2020 compared to March 31, 2019 | (0.3 | )% | ||
Three months ended March 31, 2020 compared to December 31, 2019 | (2.7 | )% | ||
Excluding the Hotel Pennsylvania, same store NOI at share - cash basis % increase (decrease): | ||||
Three months ended March 31, 2020 compared to March 31, 2019 | 0.9 | % | ||
Three months ended March 31, 2020 compared to December 31, 2019 | (1.0 | )% |
(3) | The decrease is primarily due to the cancellation of trade shows resulting from the COVID-19 pandemic. | |||
Excluding trade shows, same store NOI at share % increase (decrease): | ||||
Three months ended March 31, 2020 compared to March 31, 2019 | 1.1 | % | ||
Three months ended March 31, 2020 compared to December 31, 2019 | (2.8 | )% | ||
Excluding trade shows, same store NOI at share - cash basis % increase (decrease): | ||||
Three months ended March 31, 2020 compared to March 31, 2019 | 2.0 | % | ||
Three months ended March 31, 2020 compared to December 31, 2019 | (4.0 | )% |
(Amounts in thousands) | For the Three Months Ended | ||||||||||
March 31, | December 31, 2019 | ||||||||||
2020 | 2019 | ||||||||||
New York: | |||||||||||
Office(1) | $ | 183,205 | $ | 183,540 | $ | 183,925 | |||||
Retail(1) | 52,018 | 88,267 | 59,728 | ||||||||
Residential | 6,200 | 6,045 | 5,835 | ||||||||
Alexander's Inc. ("Alexander's") | 10,492 | 11,322 | 10,626 | ||||||||
Hotel Pennsylvania(2) | (9,356 | ) | (5,816 | ) | 6,170 | ||||||
Total New York | 242,559 | 283,358 | 266,284 | ||||||||
Other: | |||||||||||
theMART | 21,113 | 23,523 | 22,712 | ||||||||
555 California Street | 15,231 | 14,501 | 14,533 | ||||||||
Other investments(3) | 2,010 | 16,390 | 2,037 | ||||||||
Total Other | 38,354 | 54,414 | 39,282 | ||||||||
NOI at share | $ | 280,913 | $ | 337,772 | $ | 305,566 |
(1) | Reflects the transfer of 45.4% of common equity in the properties contributed to the Fifth Avenue and Times Square JV on April 18, 2019. |
(2) | The decrease in NOI at share is primarily due to seasonality of operations and the effects of the COVID-19 pandemic. The Hotel Pennsylvania was temporarily closed commencing on April 1, 2020 as result of the pandemic. |
(3) | The three months ended March 31, 2019 includes our share of PREIT (accounted for as a marketable security from March 12, 2019 and sold on January 23, 2020) and Urban Edge Properties (sold on March 4, 2019). |
(Amounts in thousands) | For the Three Months Ended | ||||||||||
March 31, | December 31, 2019 | ||||||||||
2020 | 2019 | ||||||||||
New York: | |||||||||||
Office(1) | $ | 187,035 | $ | 184,370 | $ | 180,762 | |||||
Retail(1) | 49,041 | 80,936 | 54,357 | ||||||||
Residential | 5,859 | 5,771 | 5,763 | ||||||||
Alexander's | 11,094 | 11,527 | 10,773 | ||||||||
Hotel Pennsylvania(2) | (9,364 | ) | (5,864 | ) | 6,052 | ||||||
Total New York | 243,665 | 276,740 | 257,707 | ||||||||
Other: | |||||||||||
theMART | 22,705 | 24,912 | 24,646 | ||||||||
555 California Street | 15,435 | 14,745 | 14,491 | ||||||||
Other investments(3) | 2,184 | 16,194 | 2,132 | ||||||||
Total Other | 40,324 | 55,851 | 41,269 | ||||||||
NOI at share - cash basis | $ | 283,989 | $ | 332,591 | $ | 298,976 |
(1) | Reflects the transfer of 45.4% of common equity in the properties contributed to the Fifth Avenue and Times Square JV on April 18, 2019. |
(2) | The decrease in NOI at share - cash basis is primarily due to seasonality of operations and the effects of the COVID-19 pandemic. The Hotel Pennsylvania was temporarily closed commencing on April 1, 2020 as result of the pandemic. |
(3) | The three months ended March 31, 2019 includes our share of PREIT (accounted for as a marketable security from March 12, 2019 and sold on January 23, 2020) and Urban Edge Properties (sold on March 4, 2019). |
(Amounts in thousands of dollars, except square feet) | ||||||||||||||||||
Property Rentable Sq. Ft. | Projected Incremental Cash Yield | |||||||||||||||||
Active Penn District Projects | Segment | Budget(1) | Amount Expended | Remainder to be Expended | Stabilization Year | |||||||||||||
Farley (95% interest) | New York | 844,000 | 1,030,000 | (2) | 650,506 | 379,494 | 2022 | 7.4% | ||||||||||
PENN2 - as expanded(3) | New York | 1,795,000 | 750,000 | 52,911 | 697,089 | 2024 | 8.4% | |||||||||||
PENN1(4) | New York | 2,546,000 | 325,000 | 95,919 | 229,081 | N/A | 13.5%(4)(5) | |||||||||||
Districtwide Improvements | New York | N/A | 100,000 | 7,360 | 92,640 | N/A | N/A | |||||||||||
Total Active Penn District Projects | 2,205,000 | 806,696 | 1,398,304 | (6) | 8.3% |
(1) | Excluding debt and equity carry. |
(2) | Net of anticipated historic tax credits. |
(3) | PENN2 (including signage) estimated impact on cash basis NOI and FFO of square feet taken out of service: |
2020 | 2021 | 2022 | |||||||
Square feet out of service at end of year | 1,140,000 | 1,190,000 | 1,200,000 | ||||||
Year-over-year reduction in Cash Basis NOI(i) | (25,000 | ) | (14,000 | ) | — | ||||
Year-over-year reduction in FFO(ii) | (19,000 | ) | — | — |
(4) | Property is ground leased through 2098, as fully extended. Fair market value resets occur in 2023, 2048 and 2073. The 13.5% projected return is before the ground rent reset in 2023, which may be material. |
(5) | Achieved as existing leases roll; average remaining lease term 4.9 years. |
(6) | Expected to be funded from 220 CPS net sales proceeds and existing cash. |
(Amounts in thousands, except unit, share, and per share amounts) | As of | ||||||
March 31, 2020 | December 31, 2019 | ||||||
ASSETS | |||||||
Real estate, at cost: | |||||||
Land | $ | 2,589,800 | $ | 2,591,261 | |||
Buildings and improvements | 7,946,523 | 7,953,163 | |||||
Development costs and construction in progress | 1,532,828 | 1,490,614 | |||||
Moynihan Train Hall development expenditures | 972,199 | 914,960 | |||||
Leasehold improvements and equipment | 126,910 | 124,014 | |||||
Total | 13,168,260 | 13,074,012 | |||||
Less accumulated depreciation and amortization | (3,049,609 | ) | (3,015,958 | ) | |||
Real estate, net | 10,118,651 | 10,058,054 | |||||
Right-of-use assets | 378,257 | 379,546 | |||||
Cash and cash equivalents | 1,586,738 | 1,515,012 | |||||
Restricted cash | 80,570 | 92,119 | |||||
Marketable securities | — | 33,313 | |||||
Tenant and other receivables | 115,795 | 95,733 | |||||
Investments in partially owned entities | 3,970,791 | 3,999,165 | |||||
Real estate fund investments | 45,129 | 222,649 | |||||
220 Central Park South condominium units ready for sale | 393,417 | 408,918 | |||||
Receivable arising from the straight-lining of rents | 731,807 | 742,206 | |||||
Deferred leasing costs, net of accumulated amortization of $188,976 and $196,229 | 353,467 | 353,986 | |||||
Identified intangible assets, net of accumulated amortization of $100,298 and $98,587 | 29,123 | 30,965 | |||||
Other assets | 405,914 | 355,347 | |||||
$ | 18,209,659 | $ | 18,287,013 | ||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||
Mortgages payable, net | $ | 5,643,707 | $ | 5,639,897 | |||
Senior unsecured notes, net | 446,076 | 445,872 | |||||
Unsecured term loan, net | 795,974 | 745,840 | |||||
Unsecured revolving credit facilities | 1,075,000 | 575,000 | |||||
Lease liabilities | 497,531 | 498,254 | |||||
Moynihan Train Hall obligation | 972,199 | 914,960 | |||||
Special dividend/distribution payable | — | 398,292 | |||||
Accounts payable and accrued expenses | 407,598 | 440,049 | |||||
Deferred revenue | 54,992 | 59,429 | |||||
Deferred compensation plan | 90,888 | 103,773 | |||||
Other liabilities | 308,683 | 265,754 | |||||
Total liabilities | 10,292,648 | 10,087,120 | |||||
Commitments and contingencies | |||||||
Redeemable noncontrolling interests: | |||||||
Class A units - 13,748,709 and 13,298,956 units outstanding | 619,264 | 884,380 | |||||
Series D cumulative redeemable preferred units - 141,401 units outstanding | 4,535 | 4,535 | |||||
Total redeemable noncontrolling interests | 623,799 | 888,915 | |||||
Shareholders' equity: | |||||||
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 36,795,540 and 36,795,640 shares | 891,211 | 891,214 | |||||
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 191,115,726 and 190,985,677 shares | 7,624 | 7,618 | |||||
Additional capital | 8,112,523 | 7,827,697 | |||||
Earnings less than distributions | (2,091,612 | ) | (1,954,266 | ) | |||
Accumulated other comprehensive loss | (82,719 | ) | (40,233 | ) | |||
Total shareholders' equity | 6,837,027 | 6,732,030 | |||||
Noncontrolling interests in consolidated subsidiaries | 456,185 | 578,948 | |||||
Total equity | 7,293,212 | 7,310,978 | |||||
$ | 18,209,659 | $ | 18,287,013 |
(Amounts in thousands, except per share amounts) | For the Three Months Ended March 31, | ||||||
2020 | 2019 | ||||||
Revenues | $ | 444,532 | $ | 534,668 | |||
(Loss) income from continuing operations | $ | (104,503 | ) | $ | 213,181 | ||
Loss from discontinued operations | — | (137 | ) | ||||
Net (loss) income | (104,503 | ) | 213,044 | ||||
Less net loss (income) attributable to noncontrolling interests in: | |||||||
Consolidated subsidiaries | 122,387 | (6,820 | ) | ||||
Operating Partnership | (390 | ) | (12,202 | ) | |||
Net income attributable to Vornado | 17,494 | 194,022 | |||||
Preferred share dividends | (12,531 | ) | (12,534 | ) | |||
Net income attributable to common shareholders | $ | 4,963 | $ | 181,488 | |||
Income per common share - basic: | |||||||
Net income per common share | $ | 0.03 | $ | 0.95 | |||
Weighted average shares outstanding | 191,038 | 190,689 | |||||
Income per common share - diluted: | |||||||
Net income per common share | $ | 0.03 | $ | 0.95 | |||
Weighted average shares outstanding | 191,113 | 190,996 | |||||
FFO attributable to common shareholders plus assumed conversions (non-GAAP) | $ | 130,360 | $ | 247,684 | |||
Per diluted share (non-GAAP) | $ | 0.68 | $ | 1.30 | |||
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) | $ | 137,567 | $ | 149,939 | |||
Per diluted share (non-GAAP) | $ | 0.72 | $ | 0.79 | |||
Weighted average shares used in determining FFO attributable to common shareholders plus assumed conversions per diluted share | 191,143 | 190,996 |
(Amounts in thousands, except per share amounts) | For the Three Months Ended March 31, | ||||||
2020 | 2019 | ||||||
Reconciliation of our net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions: | |||||||
Net income attributable to common shareholders | $ | 4,963 | $ | 181,488 | |||
Per diluted share | $ | 0.03 | $ | 0.95 | |||
FFO adjustments: | |||||||
Depreciation and amortization of real property | $ | 85,136 | $ | 108,483 | |||
Net gain from sale of UE common shares (sold on March 4, 2019) | — | (62,395 | ) | ||||
Decrease (increase) in fair value of marketable securities: | |||||||
PREIT (accounted for as a marketable security from March 12, 2019 and sold on January 23, 2020) | 4,938 | 15,649 | |||||
Lexington (sold on March 1, 2019) | — | (16,068 | ) | ||||
Other | — | (42 | ) | ||||
Proportionate share of adjustments to equity in net income of partially owned entities to arrive at FFO: | |||||||
Depreciation and amortization of real property | 40,423 | 24,990 | |||||
Decrease (increase) in fair value of marketable securities | 3,691 | (12 | ) | ||||
134,188 | 70,605 | ||||||
Noncontrolling interests' share of above adjustments | (8,804 | ) | (4,424 | ) | |||
FFO adjustments, net | $ | 125,384 | $ | 66,181 | |||
FFO attributable to common shareholders | 130,347 | 247,669 | |||||
Convertible preferred share dividends | 13 | 15 | |||||
FFO attributable to common shareholders plus assumed conversions | $ | 130,360 | $ | 247,684 | |||
Per diluted share | $ | 0.68 | $ | 1.30 | |||
Reconciliation of weighted average shares outstanding: | |||||||
Weighted average common shares outstanding | 191,038 | 190,689 | |||||
Effect of dilutive securities: | |||||||
Employee stock options and restricted share awards | 75 | 271 | |||||
Convertible preferred shares | 30 | 36 | |||||
Denominator for FFO per diluted share | 191,143 | 190,996 |
For the Three Months Ended | |||||||||||
(Amounts in thousands) | March 31, | December 31, 2019 | |||||||||
2020 | 2019 | ||||||||||
Net (loss) income | $ | (104,503 | ) | $ | 213,044 | $ | 160,676 | ||||
Depreciation and amortization expense | 92,793 | 116,709 | 92,926 | ||||||||
General and administrative expense | 52,834 | 58,020 | 39,791 | ||||||||
Transaction related costs and other | 71 | 149 | 3,223 | ||||||||
Income from partially owned entities | (19,103 | ) | (7,320 | ) | (22,726 | ) | |||||
Loss from real estate fund investments | 183,463 | 167 | 90,302 | ||||||||
Interest and other investment loss (income), net | 5,904 | (5,045 | ) | (5,889 | ) | ||||||
Interest and debt expense | 58,842 | 102,463 | 59,683 | ||||||||
Net gains on disposition of wholly owned and partially owned assets | (68,589 | ) | (220,294 | ) | (203,835 | ) | |||||
Income tax expense | 12,813 | 29,743 | 22,897 | ||||||||
Loss (income) from discontinued operations | — | 137 | (55 | ) | |||||||
NOI from partially owned entities | 81,881 | 67,402 | 85,990 | ||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (15,493 | ) | (17,403 | ) | (17,417 | ) | |||||
NOI at share | 280,913 | 337,772 | 305,566 | ||||||||
Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 3,076 | (5,181 | ) | (6,590 | ) | ||||||
NOI at share - cash basis | $ | 283,989 | $ | 332,591 | $ | 298,976 |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||
NOI at share for the three months ended March 31, 2020 | $ | 280,913 | $ | 242,559 | $ | 21,113 | $ | 15,231 | $ | 2,010 | ||||||||||
Less NOI at share from: | ||||||||||||||||||||
Acquisitions | (369 | ) | (369 | ) | — | — | — | |||||||||||||
Development properties | (14,266 | ) | (14,266 | ) | — | — | — | |||||||||||||
Other non-same store (income) expense, net | (7,791 | ) | (5,520 | ) | (422 | ) | 161 | (2,010 | ) | |||||||||||
Same store NOI at share for the three months ended March 31, 2020 | $ | 258,487 | $ | 222,404 | $ | 20,691 | $ | 15,392 | $ | — | ||||||||||
NOI at share for the three months ended March 31, 2019 | $ | 337,772 | $ | 283,358 | $ | 23,523 | $ | 14,501 | $ | 16,390 | ||||||||||
Less NOI at share from: | ||||||||||||||||||||
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV | (30,292 | ) | (30,292 | ) | — | — | — | |||||||||||||
Dispositions | (3,399 | ) | (3,399 | ) | — | — | — | |||||||||||||
Development properties | (20,593 | ) | (20,593 | ) | — | — | — | |||||||||||||
Other non-same store (income) expense, net | (18,378 | ) | (2,405 | ) | 339 | 78 | (16,390 | ) | ||||||||||||
Same store NOI at share for the three months ended March 31, 2019 | $ | 265,110 | $ | 226,669 | $ | 23,862 | $ | 14,579 | $ | — | ||||||||||
(Decrease) increase in same store NOI at share for the three months ended March 31, 2020 compared to March 31, 2019 | $ | (6,623 | ) | $ | (4,265 | ) | $ | (3,171 | ) | $ | 813 | $ | — | |||||||
% (decrease) increase in same store NOI at share | (2.5 | )% | (1.9 | )% | (1) | (13.3 | )% | (2) | 5.6 | % | — | % |
(1) | As a result of the COVID-19 pandemic, we have temporarily closed the Hotel Pennsylvania. Excluding the Hotel Pennsylvania, same store NOI decreased by 0.3%. |
(2) | The decrease is primarily due to the cancellation of trade shows resulting from the COVID-19 pandemic. Excluding trade shows, same store NOI at share increased by 1.1%. |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||
NOI at share - cash basis for the three months ended March 31, 2020 | $ | 283,989 | $ | 243,665 | $ | 22,705 | $ | 15,435 | $ | 2,184 | ||||||||||
Less NOI at share - cash basis from: | ||||||||||||||||||||
Acquisitions | (348 | ) | (348 | ) | — | — | — | |||||||||||||
Development properties | (18,117 | ) | (18,117 | ) | — | — | — | |||||||||||||
Other non-same store income, net | (12,607 | ) | (9,944 | ) | (422 | ) | (57 | ) | (2,184 | ) | ||||||||||
Same store NOI at share - cash basis for the three months ended March 31, 2020 | $ | 252,917 | $ | 215,256 | $ | 22,283 | $ | 15,378 | $ | — | ||||||||||
NOI at share - cash basis for the three months ended March 31, 2019 | $ | 332,591 | $ | 276,740 | $ | 24,912 | $ | 14,745 | $ | 16,194 | ||||||||||
Less NOI at share - cash basis from: | ||||||||||||||||||||
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV | (27,722 | ) | (27,722 | ) | — | — | — | |||||||||||||
Dispositions | (3,581 | ) | (3,581 | ) | — | — | — | |||||||||||||
Development properties | (24,339 | ) | (24,339 | ) | — | — | — | |||||||||||||
Other non-same store (income) expense, net | (20,163 | ) | (4,386 | ) | 339 | 78 | (16,194 | ) | ||||||||||||
Same store NOI at share - cash basis for the three months ended March 31, 2019 | $ | 256,786 | $ | 216,712 | $ | 25,251 | $ | 14,823 | $ | — | ||||||||||
(Decrease) increase in same store NOI at share - cash basis for the three months ended March 31, 2020 compared to March 31, 2019 | $ | (3,869 | ) | $ | (1,456 | ) | $ | (2,968 | ) | $ | 555 | $ | — | |||||||
% (decrease) increase in same store NOI at share - cash basis | (1.5 | )% | (0.7 | )% | (1) | (11.8 | )% | (2) | 3.7 | % | — | % |
(1) | As a result of the COVID-19 pandemic, we have temporarily closed the Hotel Pennsylvania. Excluding the Hotel Pennsylvania, same store NOI at share - cash basis increased by 0.9%. |
(2) | The decrease is primarily due to the cancellation of trade shows resulting from the COVID-19 pandemic. Excluding trade shows, same store NOI at share - cash basis increased by 2.0%. |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||
NOI at share for the three months ended March 31, 2020 | $ | 280,913 | $ | 242,559 | $ | 21,113 | $ | 15,231 | $ | 2,010 | ||||||||||
Less NOI at share from: | ||||||||||||||||||||
Acquisitions | (364 | ) | (364 | ) | — | — | — | |||||||||||||
Development properties | (14,271 | ) | (14,271 | ) | — | — | — | |||||||||||||
Other non-same store (income) expense, net | (7,477 | ) | (5,160 | ) | (422 | ) | 115 | (2,010 | ) | |||||||||||
Same store NOI at share for the three months ended March 31, 2020 | $ | 258,801 | $ | 222,764 | $ | 20,691 | $ | 15,346 | $ | — | ||||||||||
NOI at share for the three months ended December 31, 2019 | $ | 305,566 | $ | 266,284 | $ | 22,712 | $ | 14,533 | $ | 2,037 | ||||||||||
Less NOI at share from: | ||||||||||||||||||||
Acquisitions | (118 | ) | (118 | ) | — | — | — | |||||||||||||
Development properties | (15,894 | ) | (15,894 | ) | — | — | — | |||||||||||||
Other non-same store (income) expense, net | (7,665 | ) | (5,530 | ) | (172 | ) | 74 | (2,037 | ) | |||||||||||
Same store NOI at share for the three months ended December 31, 2019 | $ | 281,889 | $ | 244,742 | $ | 22,540 | $ | 14,607 | $ | — | ||||||||||
(Decrease) increase in same store NOI at share for the three months ended March 31, 2020 compared to December 31, 2019 | $ | (23,088 | ) | $ | (21,978 | ) | $ | (1,849 | ) | $ | 739 | $ | — | |||||||
% (decrease) increase in same store NOI at share | (8.2 | )% | (9.0 | )% | (1) | (8.2 | )% | (2) | 5.1 | % | — | % |
(1) | As a result of the COVID-19 pandemic, we have temporarily closed the Hotel Pennsylvania. Excluding the Hotel Pennsylvania, same store NOI at share decreased by 2.7%. |
(2) | The decrease is primarily due to the cancellation of trade shows resulting from the COVID-19 pandemic. Excluding trade shows, same store NOI at share decreased by 2.8%. |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||
NOI at share - cash basis for the three months ended March 31, 2020 | $ | 283,989 | $ | 243,665 | $ | 22,705 | $ | 15,435 | $ | 2,184 | ||||||||||
Less NOI at share - cash basis from: | ||||||||||||||||||||
Acquisitions | (343 | ) | (343 | ) | — | — | — | |||||||||||||
Development properties | (18,122 | ) | (18,122 | ) | — | — | — | |||||||||||||
Other non-same store income, net | (12,293 | ) | (9,584 | ) | (422 | ) | (103 | ) | (2,184 | ) | ||||||||||
Same store NOI at share - cash basis for the three months ended March 31, 2020 | $ | 253,231 | $ | 215,616 | $ | 22,283 | $ | 15,332 | $ | — | ||||||||||
NOI at share - cash basis for the three months ended December 31, 2019 | $ | 298,976 | $ | 257,707 | $ | 24,646 | $ | 14,491 | $ | 2,132 | ||||||||||
Less NOI at share - cash basis from: | ||||||||||||||||||||
Acquisitions | (49 | ) | (49 | ) | — | — | — | |||||||||||||
Development properties | (17,310 | ) | (17,310 | ) | — | — | — | |||||||||||||
Other non-same store income, net | (9,244 | ) | (6,940 | ) | (172 | ) | — | (2,132 | ) | |||||||||||
Same store NOI at share - cash basis for the three months ended December 31, 2019 | $ | 272,373 | $ | 233,408 | $ | 24,474 | $ | 14,491 | $ | — | ||||||||||
(Decrease) increase in same store NOI at share - cash basis for the three months ended March 31, 2020 compared to December 31, 2019 | $ | (19,142 | ) | $ | (17,792 | ) | $ | (2,191 | ) | $ | 841 | $ | — | |||||||
% (decrease) increase in same store NOI at share - cash basis | (7.0 | )% | (7.6 | )% | (1) | (9.0 | )% | (2) | 5.8 | % | — | % |
(1) | As a result of the COVID-19 pandemic, we have temporarily closed the Hotel Pennsylvania. Excluding the Hotel Pennsylvania, same store NOI at share - cash basis decreased by 1.0%. |
(2) | The decrease is primarily due to the cancellation of trade shows resulting from the COVID-19 pandemic. Excluding trade shows, same store NOI at share - cash basis decreased by 4.0%. |