Consolidated Statements of Cash Flows (LP) - USD ($) $ in Thousands |
12 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Cash Flows from Operating Activities: |
|
|
|
Net income (loss) |
$ 32,888
|
$ (382,612)
|
$ 207,553
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
Depreciation and amortization (including amortization of deferred financing costs) |
457,574
|
526,306
|
432,594
|
Distributions of income from partially owned entities |
172,873
|
184,501
|
214,521
|
Net gains on disposition of wholly owned and partially owned assets |
(71,199)
|
(100,625)
|
(50,770)
|
Real estate impairment losses |
45,007
|
19,098
|
7,880
|
Stock-based compensation expense |
43,201
|
29,249
|
38,329
|
Equity in net (income) loss of partially owned entities |
(38,689)
|
461,351
|
(130,517)
|
Change in deferred tax liability |
17,020
|
14,005
|
11,243
|
Amortization of interest rate cap premiums |
10,989
|
430
|
11
|
Straight-lining of rents |
(8,808)
|
(46,177)
|
8,644
|
Credit losses on investments |
8,269
|
0
|
0
|
Amortization of below-market leases, net |
(5,268)
|
(5,178)
|
(9,249)
|
Net realized and unrealized (gain) loss on real estate fund investments |
(1,861)
|
2,589
|
(4,621)
|
Return of capital from real estate fund investments |
1,861
|
5,141
|
5,104
|
Write-off of lease receivables deemed uncollectible |
1,008
|
872
|
7,695
|
Defeasance cost in connection with refinancing of mortgage payable |
0
|
0
|
23,729
|
Other non-cash adjustments |
8,866
|
2,660
|
(3,886)
|
Changes in operating assets and liabilities: |
|
|
|
Real estate fund investments |
0
|
0
|
(4,474)
|
Tenant and other receivables |
9,379
|
(4,437)
|
(187)
|
Prepaid assets |
(12,854)
|
104,186
|
30,466
|
Other assets |
(79,110)
|
(34,615)
|
(54,716)
|
Lease liabilities |
17,582
|
15,658
|
(4,091)
|
Accounts payable and accrued expenses |
10,723
|
5,718
|
35,856
|
Other liabilities |
28,701
|
824
|
692
|
Net cash provided by operating activities |
648,152
|
798,944
|
761,806
|
Cash Flows from Investing Activities: |
|
|
|
Development costs and construction in progress |
(552,701)
|
(737,999)
|
(585,940)
|
Proceeds from maturities of U.S. Treasury bills |
468,598
|
597,499
|
0
|
Additions to real estate |
(211,899)
|
(159,796)
|
(149,461)
|
Proceeds from sales of real estate |
123,519
|
373,264
|
100,024
|
Proceeds from repayment of participation in 150 West 34th Street mortgage loan |
105,000
|
0
|
0
|
Investments in partially owned entities |
(57,297)
|
(33,172)
|
(14,997)
|
Acquisitions of real estate and other |
(33,145)
|
(3,000)
|
(3,000)
|
Proceeds from sale of condominium units at 220 Central Park South |
24,484
|
88,019
|
137,404
|
Distributions of capital from partially owned entities |
18,869
|
34,417
|
106,005
|
Deconsolidation of cash and restricted cash held by a previously consolidated entity |
(14,216)
|
0
|
0
|
Purchase of U.S. Treasury bills |
0
|
(1,066,096)
|
0
|
Acquisition of additional 45.0% ownership interest in One Park Avenue (inclusive of $5,806 of prorations and net working capital and net of $39,370 of cash and restricted cash balances consolidated upon acquisition) |
0
|
0
|
(123,936)
|
Proceeds from repayments of loans receivable |
0
|
0
|
1,554
|
Net cash used in investing activities |
(128,788)
|
(906,864)
|
(532,347)
|
Cash Flows from Financing Activities: |
|
|
|
Repayments of borrowings |
(148,000)
|
(1,251,373)
|
(1,584,243)
|
Contributions from noncontrolling interests |
132,701
|
5,609
|
4,052
|
Distributions to Vornado |
(129,066)
|
(406,562)
|
(406,109)
|
Distributions to preferred unitholders |
(62,116)
|
(62,116)
|
(65,880)
|
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries |
(38,970)
|
(84,699)
|
(190,876)
|
Repurchase of Class A units owned by Vornado |
(29,183)
|
0
|
0
|
Deferred financing costs |
(4,424)
|
(32,706)
|
(51,184)
|
Repurchase of Class A units related to stock compensation agreements and related tax withholdings and other |
(25)
|
(85)
|
(1,567)
|
Proceeds from borrowings |
0
|
1,029,773
|
3,248,007
|
Purchase of marketable securities in connection with defeasance of mortgage payable |
0
|
0
|
(973,729)
|
Redemption of preferred shares |
0
|
0
|
(300,000)
|
Proceeds from the issuance of preferred shares |
0
|
0
|
291,153
|
Net cash used in financing activities |
(278,937)
|
(801,274)
|
(29,477)
|
Net increase (decrease) in cash and cash equivalents and restricted cash |
240,427
|
(909,194)
|
199,982
|
Cash and cash equivalents and restricted cash at beginning of period |
1,021,157
|
1,930,351
|
1,730,369
|
Cash and cash equivalents and restricted cash at end of period |
1,261,584
|
1,021,157
|
1,930,351
|
Reconciliation of Cash and Cash Equivalents and Restricted Cash: |
|
|
|
Cash and cash equivalents at beginning of period |
889,689
|
1,760,225
|
1,624,482
|
Restricted cash at beginning of period |
131,468
|
170,126
|
105,887
|
Cash and cash equivalents and restricted cash at beginning of period |
1,021,157
|
1,930,351
|
1,730,369
|
Cash and cash equivalents at end of period |
997,002
|
889,689
|
1,760,225
|
Restricted cash at end of period |
264,582
|
131,468
|
170,126
|
Cash and cash equivalents and restricted cash at end of period |
1,261,584
|
1,021,157
|
1,930,351
|
Supplemental Disclosure of Cash Flow Information: |
|
|
|
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums |
381,410
|
252,371
|
188,587
|
Cash payments for income taxes |
10,365
|
7,947
|
9,155
|
Non-Cash Information: |
|
|
|
Redeemable Class A unit measurement adjustment |
(138,114)
|
221,145
|
(76,073)
|
Change in fair value of consolidated interest rate hedges and other |
(112,051)
|
190,494
|
51,337
|
Write-off of fully depreciated assets |
(82,343)
|
(278,561)
|
(123,537)
|
Accrued capital expenditures included in accounts payable and accrued expenses |
52,091
|
104,750
|
291,690
|
Initial investment in Pier 94 joint venture upon contribution of leasehold interest |
50,090
|
0
|
0
|
Decrease in assets and liabilities resulting from the deconsolidation of Pier 94: |
|
|
|
Real estate |
21,693
|
0
|
0
|
Right-of-use assets |
7,081
|
0
|
0
|
Lease liabilities |
(20,692)
|
0
|
0
|
Additional estimated lease liability arising from the recognition of right-of-use asset |
0
|
350,000
|
0
|
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" |
0
|
32,604
|
16,014
|
Reclassification of assets held for sale (included in "other assets") |
0
|
0
|
80,005
|
Increase in assets and liabilities resulting from the consolidation of One Park Avenue: |
|
|
|
Marketable securities transferred in connection with the defeasance of mortgage payable |
0
|
0
|
(973,729)
|
Defeasance of mortgage payable |
0
|
0
|
950,000
|
One Park Avenue |
|
|
|
Increase in assets and liabilities resulting from the consolidation of One Park Avenue: |
|
|
|
Real estate |
0
|
0
|
566,013
|
Identified intangible assets |
0
|
0
|
139,545
|
Mortgages payable |
0
|
0
|
525,000
|
Deferred revenue |
0
|
0
|
18,884
|
Vornado Realty L.P. |
|
|
|
Cash Flows from Operating Activities: |
|
|
|
Net income (loss) |
32,888
|
(382,612)
|
207,553
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
Depreciation and amortization (including amortization of deferred financing costs) |
457,574
|
526,306
|
432,594
|
Distributions of income from partially owned entities |
172,873
|
184,501
|
214,521
|
Net gains on disposition of wholly owned and partially owned assets |
(71,199)
|
(100,625)
|
(50,770)
|
Real estate impairment losses |
45,007
|
19,098
|
7,880
|
Stock-based compensation expense |
43,201
|
29,249
|
38,329
|
Equity in net (income) loss of partially owned entities |
(38,689)
|
461,351
|
(130,517)
|
Change in deferred tax liability |
17,020
|
14,005
|
11,243
|
Amortization of interest rate cap premiums |
10,989
|
430
|
11
|
Straight-lining of rents |
(8,808)
|
(46,177)
|
8,644
|
Credit losses on investments |
8,269
|
0
|
0
|
Amortization of below-market leases, net |
(5,268)
|
(5,178)
|
(9,249)
|
Net realized and unrealized (gain) loss on real estate fund investments |
(1,861)
|
2,589
|
(4,621)
|
Return of capital from real estate fund investments |
1,861
|
5,141
|
5,104
|
Write-off of lease receivables deemed uncollectible |
1,008
|
872
|
7,695
|
Defeasance cost in connection with refinancing of mortgage payable |
0
|
0
|
23,729
|
Other non-cash adjustments |
8,866
|
2,660
|
(3,886)
|
Changes in operating assets and liabilities: |
|
|
|
Real estate fund investments |
0
|
0
|
(4,474)
|
Tenant and other receivables |
9,379
|
(4,437)
|
(187)
|
Prepaid assets |
(12,854)
|
104,186
|
30,466
|
Other assets |
(79,110)
|
(34,615)
|
(54,716)
|
Lease liabilities |
17,582
|
15,658
|
(4,091)
|
Accounts payable and accrued expenses |
10,723
|
5,718
|
35,856
|
Other liabilities |
28,701
|
824
|
692
|
Net cash provided by operating activities |
648,152
|
798,944
|
761,806
|
Cash Flows from Investing Activities: |
|
|
|
Development costs and construction in progress |
(552,701)
|
(737,999)
|
(585,940)
|
Proceeds from maturities of U.S. Treasury bills |
468,598
|
597,499
|
0
|
Additions to real estate |
(211,899)
|
(159,796)
|
(149,461)
|
Proceeds from sales of real estate |
123,519
|
373,264
|
100,024
|
Proceeds from repayment of participation in 150 West 34th Street mortgage loan |
105,000
|
0
|
0
|
Investments in partially owned entities |
(57,297)
|
(33,172)
|
(14,997)
|
Acquisitions of real estate and other |
(33,145)
|
(3,000)
|
(3,000)
|
Proceeds from sale of condominium units at 220 Central Park South |
24,484
|
88,019
|
137,404
|
Distributions of capital from partially owned entities |
18,869
|
34,417
|
106,005
|
Deconsolidation of cash and restricted cash held by a previously consolidated entity |
(14,216)
|
0
|
0
|
Purchase of U.S. Treasury bills |
0
|
(1,066,096)
|
0
|
Acquisition of additional 45.0% ownership interest in One Park Avenue (inclusive of $5,806 of prorations and net working capital and net of $39,370 of cash and restricted cash balances consolidated upon acquisition) |
0
|
0
|
(123,936)
|
Proceeds from repayments of loans receivable |
0
|
0
|
1,554
|
Net cash used in investing activities |
(128,788)
|
(906,864)
|
(532,347)
|
Cash Flows from Financing Activities: |
|
|
|
Repayments of borrowings |
(148,000)
|
(1,251,373)
|
(1,584,243)
|
Contributions from noncontrolling interests |
132,701
|
5,609
|
4,052
|
Distributions to Vornado |
(129,066)
|
(406,562)
|
(406,109)
|
Distributions to preferred unitholders |
(62,116)
|
(62,116)
|
(65,880)
|
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries |
(38,970)
|
(84,699)
|
(190,876)
|
Repurchase of Class A units owned by Vornado |
(29,183)
|
0
|
0
|
Deferred financing costs |
(4,424)
|
(32,706)
|
(51,184)
|
Proceeds received from exercise of employee share options and other |
146
|
885
|
899
|
Repurchase of Class A units related to stock compensation agreements and related tax withholdings and other |
(25)
|
(85)
|
(1,567)
|
Proceeds from borrowings |
0
|
1,029,773
|
3,248,007
|
Purchase of marketable securities in connection with defeasance of mortgage payable |
0
|
0
|
(973,729)
|
Redemption of preferred shares |
0
|
0
|
(300,000)
|
Proceeds from the issuance of preferred shares |
0
|
0
|
291,153
|
Net cash used in financing activities |
(278,937)
|
(801,274)
|
(29,477)
|
Net increase (decrease) in cash and cash equivalents and restricted cash |
240,427
|
(909,194)
|
199,982
|
Cash and cash equivalents and restricted cash at beginning of period |
1,021,157
|
1,930,351
|
1,730,369
|
Cash and cash equivalents and restricted cash at end of period |
1,261,584
|
1,021,157
|
1,930,351
|
Reconciliation of Cash and Cash Equivalents and Restricted Cash: |
|
|
|
Cash and cash equivalents at beginning of period |
889,689
|
1,760,225
|
1,624,482
|
Restricted cash at beginning of period |
131,468
|
170,126
|
105,887
|
Cash and cash equivalents and restricted cash at beginning of period |
1,021,157
|
1,930,351
|
1,730,369
|
Cash and cash equivalents at end of period |
997,002
|
889,689
|
1,760,225
|
Restricted cash at end of period |
264,582
|
131,468
|
170,126
|
Cash and cash equivalents and restricted cash at end of period |
1,261,584
|
1,021,157
|
1,930,351
|
Supplemental Disclosure of Cash Flow Information: |
|
|
|
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums |
381,410
|
252,371
|
188,587
|
Cash payments for income taxes |
10,365
|
7,947
|
9,155
|
Non-Cash Information: |
|
|
|
Redeemable Class A unit measurement adjustment |
(138,114)
|
221,145
|
(76,073)
|
Change in fair value of consolidated interest rate hedges and other |
(112,051)
|
190,494
|
51,337
|
Write-off of fully depreciated assets |
(82,343)
|
(278,561)
|
(123,537)
|
Accrued capital expenditures included in accounts payable and accrued expenses |
52,091
|
104,750
|
291,690
|
Initial investment in Pier 94 joint venture upon contribution of leasehold interest |
50,090
|
0
|
0
|
Decrease in assets and liabilities resulting from the deconsolidation of Pier 94: |
|
|
|
Real estate |
21,693
|
0
|
0
|
Right-of-use assets |
7,081
|
0
|
0
|
Lease liabilities |
(20,692)
|
0
|
0
|
Additional estimated lease liability arising from the recognition of right-of-use asset |
0
|
350,000
|
0
|
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" |
0
|
32,604
|
16,014
|
Reclassification of assets held for sale (included in "other assets") |
0
|
0
|
80,005
|
Increase in assets and liabilities resulting from the consolidation of One Park Avenue: |
|
|
|
Marketable securities transferred in connection with the defeasance of mortgage payable |
0
|
0
|
(973,729)
|
Defeasance of mortgage payable |
0
|
0
|
950,000
|
Vornado Realty L.P. | One Park Avenue |
|
|
|
Increase in assets and liabilities resulting from the consolidation of One Park Avenue: |
|
|
|
Real estate |
0
|
0
|
566,013
|
Identified intangible assets |
0
|
0
|
139,545
|
Mortgages payable |
0
|
0
|
525,000
|
Deferred revenue |
$ 0
|
$ 0
|
$ 18,884
|