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Name | Symbol | Market | Type |
---|---|---|---|
Vornado Realty Trust | NYSE:VNO-L | NYSE | Preference Share |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.08 | -0.52% | 15.21 | 15.31 | 15.18 | 15.29 | 38,708 | 21:00:07 |
☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Fiscal Year Ended: | December 31, 2022 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from | to |
Commission File Number: | 001-11954 | (Vornado Realty Trust) | ||||||
Commission File Number: | 001-34482 | (Vornado Realty L.P.) |
(Exact name of registrants as specified in its charter) |
Vornado Realty Trust | Maryland | 22-1657560 | ||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |||||||||||||
Vornado Realty L.P. | Delaware | 13-3925979 | ||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
888 Seventh Avenue, | New York, | New York | 10019 | ||||||||||||||
(Address of principal executive offices) (Zip Code) |
(212) | 894-7000 | ||||
(Registrants’ telephone number, including area code) |
Registrant | Title of Each Class | Trading Symbol(s) | Name of Exchange on Which Registered | |||||||||||||||||
Vornado Realty Trust | Common Shares of beneficial interest, $.04 par value per share | VNO | New York Stock Exchange | |||||||||||||||||
Cumulative Redeemable Preferred Shares of beneficial interest, liquidation preference $25.00 per share: | ||||||||||||||||||||
Vornado Realty Trust | 5.40% Series L | VNO/PL | New York Stock Exchange | |||||||||||||||||
Vornado Realty Trust | 5.25% Series M | VNO/PM | New York Stock Exchange | |||||||||||||||||
Vornado Realty Trust | 5.25% Series N | VNO/PN | New York Stock Exchange | |||||||||||||||||
Vornado Realty Trust | 4.45% Series O | VNO/PO | New York Stock Exchange |
Registrant | Title of Each Class | |||||||
Vornado Realty Trust | Series A Convertible Preferred Shares of beneficial interest, liquidation preference $50.00 per share | |||||||
Vornado Realty L.P. | Class A Units of Limited Partnership Interest |
☑ | Large Accelerated Filer | ☐ | Accelerated Filer | |||||||||||
☐ | Non-Accelerated Filer | ☐ | Smaller Reporting Company | |||||||||||
☐ | Emerging Growth Company |
☐ | Large Accelerated Filer | ☐ | Accelerated Filer | |||||||||||
☑ | Non-Accelerated Filer | ☐ | Smaller Reporting Company | |||||||||||
☐ | Emerging Growth Company |
Item | Financial Information: | Page Number | |||||||||||||||
Square Feet | ||||||||||||||||||||||||||||||||||||||
NEW YORK SEGMENT Property | % Ownership | Type | % Occupancy | In Service | Under Development or Not Available for Lease | Total Property | ||||||||||||||||||||||||||||||||
PENN 1 (ground leased through 2098)(1) | 100.0 | % | Office / Retail | 81.3 | % | 2,307,000 | 239,000 | 2,546,000 | ||||||||||||||||||||||||||||||
1290 Avenue of the Americas | 70.0 | % | Office / Retail | 99.2 | % | 2,120,000 | — | 2,120,000 | ||||||||||||||||||||||||||||||
PENN 2 | 100.0 | % | Office / Retail | 100.0 | % | 414,000 | 1,206,000 | 1,620,000 | ||||||||||||||||||||||||||||||
909 Third Avenue (ground leased through 2063)(1) | 100.0 | % | Office | 93.1 | % | 1,350,000 | — | 1,350,000 | ||||||||||||||||||||||||||||||
280 Park Avenue(2) | 50.0 | % | Office / Retail | 98.6 | % | 1,264,000 | — | 1,264,000 | ||||||||||||||||||||||||||||||
Independence Plaza, Tribeca (1,327 units)(2) | 50.1 | % | Retail / Residential | 55.0 | % | (3) | 1,258,000 | — | 1,258,000 | |||||||||||||||||||||||||||||
770 Broadway | 100.0 | % | Office / Retail | 99.3 | % | 1,183,000 | — | 1,183,000 | ||||||||||||||||||||||||||||||
PENN 11 | 100.0 | % | Office / Retail | 99.3 | % | 1,153,000 | — | 1,153,000 | ||||||||||||||||||||||||||||||
100 West 33rd Street | 100.0 | % | Office / Retail | 75.1 | % | 1,114,000 | — | 1,114,000 | ||||||||||||||||||||||||||||||
90 Park Avenue | 100.0 | % | Office / Retail | 98.7 | % | 956,000 | — | 956,000 | ||||||||||||||||||||||||||||||
One Park Avenue | 100.0 | % | Office / Retail | 95.0 | % | 945,000 | — | 945,000 | ||||||||||||||||||||||||||||||
888 Seventh Avenue (ground leased through 2067)(1) | 100.0 | % | Office / Retail | 89.2 | % | 887,000 | — | 887,000 | ||||||||||||||||||||||||||||||
The Farley Building (ground and building leased through 2116)(1) | 95.0 | % | Office / Retail | 89.8 | % | 846,000 | — | 846,000 | ||||||||||||||||||||||||||||||
330 West 34th Street (65.2% ground leased through 2149)(1) | 100.0 | % | Office / Retail | 75.7 | % | 724,000 | — | 724,000 | ||||||||||||||||||||||||||||||
85 Tenth Avenue(2) | 49.9 | % | Office / Retail | 89.6 | % | 638,000 | — | 638,000 | ||||||||||||||||||||||||||||||
650 Madison Avenue(2) | 20.1 | % | Office / Retail | 86.1 | % | 601,000 | — | 601,000 | ||||||||||||||||||||||||||||||
350 Park Avenue | 100.0 | % | Office / Retail | 79.0 | % | 585,000 | — | 585,000 | ||||||||||||||||||||||||||||||
150 East 58th Street(4) | 100.0 | % | Office / Retail | 88.1 | % | 544,000 | — | 544,000 | ||||||||||||||||||||||||||||||
7 West 34th Street(2) | 53.0 | % | Office / Retail | 100.0 | % | 477,000 | — | 477,000 | ||||||||||||||||||||||||||||||
595 Madison Avenue | 100.0 | % | Office / Retail | 81.5 | % | 331,000 | — | 331,000 | ||||||||||||||||||||||||||||||
640 Fifth Avenue(2) | 52.0 | % | Office / Retail | 92.9 | % | 315,000 | — | 315,000 | ||||||||||||||||||||||||||||||
50-70 West 93rd Street (324 units)(2) | 49.9 | % | Residential | 97.4 | % | 283,000 | — | 283,000 | ||||||||||||||||||||||||||||||
260 Eleventh Avenue (ground leased through 2114)(1) | 100.0 | % | Office | 95.5 | % | 209,000 | — | 209,000 | ||||||||||||||||||||||||||||||
4 Union Square South | 100.0 | % | Retail | 100.0 | % | 204,000 | — | 204,000 | ||||||||||||||||||||||||||||||
61 Ninth Avenue (2 buildings) (ground leased through 2115)(1)(2) | 45.1 | % | Office / Retail | 100.0 | % | 194,000 | — | 194,000 | ||||||||||||||||||||||||||||||
512 West 22nd Street(2) | 55.0 | % | Office / Retail | 82.6 | % | 173,000 | — | 173,000 | ||||||||||||||||||||||||||||||
825 Seventh Avenue | 51.2 | % | Office(2) / Retail | 78.9 | % | 173,000 | — | 173,000 | ||||||||||||||||||||||||||||||
1540 Broadway(2) | 52.0 | % | Retail | 79.9 | % | 161,000 | — | 161,000 | ||||||||||||||||||||||||||||||
Paramus | 100.0 | % | Office | 84.6 | % | 129,000 | — | 129,000 | ||||||||||||||||||||||||||||||
666 Fifth Avenue (2)(5) | 52.0 | % | Retail | 100.0 | % | 114,000 | — | 114,000 | ||||||||||||||||||||||||||||||
1535 Broadway(2) | 52.0 | % | Retail / Theatre | 100.0 | % | 107,000 | — | 107,000 | ||||||||||||||||||||||||||||||
57th Street (2 buildings)(2) | 50.0 | % | Office / Retail | 78.3 | % | 103,000 | — | 103,000 | ||||||||||||||||||||||||||||||
689 Fifth Avenue(2) | 52.0 | % | Office / Retail | 93.9 | % | 98,000 | — | 98,000 | ||||||||||||||||||||||||||||||
150 West 34th Street | 100.0 | % | Retail | 100.0 | % | 78,000 | — | 78,000 | ||||||||||||||||||||||||||||||
510 Fifth Avenue | 100.0 | % | Retail | 25.2 | % | 65,000 | — | 65,000 | ||||||||||||||||||||||||||||||
655 Fifth Avenue(2) | 50.0 | % | Retail | 100.0 | % | 57,000 | — | 57,000 | ||||||||||||||||||||||||||||||
435 Seventh Avenue | 100.0 | % | Retail | 100.0 | % | 43,000 | — | 43,000 | ||||||||||||||||||||||||||||||
692 Broadway | 100.0 | % | Retail | 64.4 | % | 36,000 | — | 36,000 | ||||||||||||||||||||||||||||||
606 Broadway | 50.0 | % | Office / Retail | 100.0 | % | 36,000 | — | 36,000 | ||||||||||||||||||||||||||||||
697-703 Fifth Avenue(2) | 44.8 | % | Retail | 100.0 | % | 26,000 | — | 26,000 | ||||||||||||||||||||||||||||||
1131 Third Avenue | 100.0 | % | Retail | 100.0 | % | 23,000 | — | 23,000 | ||||||||||||||||||||||||||||||
131-135 West 33rd Street | 100.0 | % | Retail | 100.0 | % | 23,000 | — | 23,000 | ||||||||||||||||||||||||||||||
Square Feet | ||||||||||||||||||||||||||||||||||||||
NEW YORK SEGMENT – CONTINUED Property | % Ownership | Type | % Occupancy | In Service | Under Development or Not Available for Lease | Total Property | ||||||||||||||||||||||||||||||||
715 Lexington Avenue | 100.0 | % | Retail | 100.0 | % | 22,000 | — | 22,000 | ||||||||||||||||||||||||||||||
537 West 26th Street | 100.0 | % | Retail | 100.0 | % | 17,000 | — | 17,000 | ||||||||||||||||||||||||||||||
443 Broadway | 100.0 | % | Retail | 100.0 | % | 16,000 | — | 16,000 | ||||||||||||||||||||||||||||||
334 Canal Street (4 units) | 100.0 | % | Retail / Residential | — | % | (3) | 14,000 | — | 14,000 | |||||||||||||||||||||||||||||
304 Canal Street (4 units) | 100.0 | % | Retail / Residential | 100.0 | % | (3) | 13,000 | — | 13,000 | |||||||||||||||||||||||||||||
759-771 Madison Avenue (40 East 66th Street) (4 units) | 100.0 | % | Residential | 100.0 | % | 10,000 | — | 10,000 | ||||||||||||||||||||||||||||||
431 Seventh Avenue | 100.0 | % | Retail | 100.0 | % | 9,000 | — | 9,000 | ||||||||||||||||||||||||||||||
138-142 West 32nd Street | 100.0 | % | Retail | 100.0 | % | 8,000 | — | 8,000 | ||||||||||||||||||||||||||||||
148 Spring Street | 100.0 | % | Retail | 42.4 | % | 8,000 | — | 8,000 | ||||||||||||||||||||||||||||||
339 Greenwich Street | 100.0 | % | Retail | 100.0 | % | 8,000 | — | 8,000 | ||||||||||||||||||||||||||||||
150 Spring Street (1 unit) | 100.0 | % | Retail / Residential | 74.2 | % | (3) | 7,000 | — | 7,000 | |||||||||||||||||||||||||||||
966 Third Avenue | 100.0 | % | Retail | 100.0 | % | 7,000 | — | 7,000 | ||||||||||||||||||||||||||||||
968 Third Avenue(2) | 50.0 | % | Retail | 100.0 | % | 7,000 | — | 7,000 | ||||||||||||||||||||||||||||||
137 West 33rd Street | 100.0 | % | Retail | 100.0 | % | 3,000 | — | 3,000 | ||||||||||||||||||||||||||||||
57th Street(2) | 50.0 | % | Land | (6) | — | — | — | |||||||||||||||||||||||||||||||
Eighth Avenue and 34th Street | 100.0 | % | Land | (6) | — | — | — | |||||||||||||||||||||||||||||||
Hotel Pennsylvania Site(7) | 100.0 | % | Land | (6) | — | — | — | |||||||||||||||||||||||||||||||
Other (3 buildings) | 100.0 | % | Retail | 100.0 | % | 16,000 | — | 16,000 | ||||||||||||||||||||||||||||||
Alexander's, Inc.: | ||||||||||||||||||||||||||||||||||||||
731 Lexington Avenue(2) | 32.4 | % | Office / Retail | 98.9 | % | 1,079,000 | — | 1,079,000 | ||||||||||||||||||||||||||||||
Rego Park II, Queens (6.6 acres)(2) | 32.4 | % | Retail | 87.3 | % | 480,000 | 135,000 | 615,000 | ||||||||||||||||||||||||||||||
Rego Park I, Queens (4.8 acres)(2) | 32.4 | % | Retail | 100.0 | % | 260,000 | 78,000 | 338,000 | ||||||||||||||||||||||||||||||
The Alexander Apartment Tower, Queens (312 units)(2) | 32.4 | % | Residential | 98.7 | % | 255,000 | — | 255,000 | ||||||||||||||||||||||||||||||
Flushing, Queens (1.0 acre ground leased through 2037)(1)(2) | 32.4 | % | Retail | 100.0 | % | 167,000 | — | 167,000 | ||||||||||||||||||||||||||||||
Rego Park III, Queens (3.2 acres)(2) | 32.4 | % | Land | (6) | — | — | — | |||||||||||||||||||||||||||||||
Total New York Segment | 91.2 | % | 24,753,000 | 1,658,000 | 26,411,000 | |||||||||||||||||||||||||||||||||
Our Ownership Interest | 90.4 | % | 19,371,000 | 1,514,000 | 20,885,000 |
Square Feet | ||||||||||||||||||||||||||||||||||||||
OTHER SEGMENT Property | % Ownership | Type | % Occupancy | In Service | Under Development or Not Available for Lease | Total Property | ||||||||||||||||||||||||||||||||
theMART: | ||||||||||||||||||||||||||||||||||||||
theMART, Chicago | 100.0 | % | Office / Retail / Trade show / Showroom | 81.6 | % | 3,616,000 | 56,000 | 3,672,000 | ||||||||||||||||||||||||||||||
Piers 92 and 94 (New York) (ground and building leased through 2110)(1) | 100.0 | % | Trade show / Other | — | % | — | 208,000 | 208,000 | ||||||||||||||||||||||||||||||
527 West Kinzie, Chicago | 100.0 | % | Land | (6) | — | — | — | |||||||||||||||||||||||||||||||
Other (2 properties)(2), Chicago | 50.0 | % | Retail | 93.9 | % | 19,000 | — | 19,000 | ||||||||||||||||||||||||||||||
Total theMART | 81.7 | % | 3,635,000 | 264,000 | 3,899,000 | |||||||||||||||||||||||||||||||||
Our Ownership Interest | 81.6 | % | 3,626,000 | 264,000 | 3,890,000 | |||||||||||||||||||||||||||||||||
555 California Street: | ||||||||||||||||||||||||||||||||||||||
555 California Street | 70.0 | % | Office / Retail | 99.0 | % | 1,506,000 | — | 1,506,000 | ||||||||||||||||||||||||||||||
315 Montgomery Street | 70.0 | % | Office / Retail | 99.7 | % | 235,000 | — | 235,000 | ||||||||||||||||||||||||||||||
345 Montgomery Street | 70.0 | % | Office / Retail | — | % | 78,000 | — | 78,000 | ||||||||||||||||||||||||||||||
Total 555 California Street | 94.7 | % | 1,819,000 | — | 1,819,000 | |||||||||||||||||||||||||||||||||
Our Ownership Interest | 94.7 | % | 1,273,000 | — | 1,273,000 |
Other: | ||||||||||||||||||||||||||||||||||||||
Rosslyn Plaza, VA (197 units)(2) | 45.6 | % | Office / Residential | 62.8 | % | (3) | 685,000 | 304,000 | 989,000 | |||||||||||||||||||||||||||||
Fashion Centre Mall / Washington Tower, VA(2) | 7.5 | % | Office / Retail | 92.0 | % | 1,038,000 | — | 1,038,000 | ||||||||||||||||||||||||||||||
Wayne Towne Center, Wayne, NJ (ground leased through 2064)(1) | 100.0 | % | Retail | 100.0 | % | 681,000 | 9,000 | 690,000 | ||||||||||||||||||||||||||||||
Annapolis, MD (ground leased through 2042)(1) | 100.0 | % | Retail | 100.0 | % | 128,000 | — | 128,000 | ||||||||||||||||||||||||||||||
Atlantic City, NJ (11.3 acres ground leased through 2070 to VICI Properties for a portion of the Borgata Hotel and Casino complex) | 100.0 | % | Land | 100.0 | % | — | — | — | ||||||||||||||||||||||||||||||
Total Other | 89.3 | % | 2,532,000 | 313,000 | 2,845,000 | |||||||||||||||||||||||||||||||||
Our Ownership Interest | 92.6 | % | 1,197,000 | 149,000 | 1,346,000 | |||||||||||||||||||||||||||||||||
Tenant | Square Footage At Share | Annualized Escalated Rents At Share | % of Total Annualized Escalated Rents At Share | |||||||||||||||||
Meta Platforms, Inc. | 1,451,153 | $ | 158,889 | 8.8 | % | |||||||||||||||
IPG and affiliates | 967,552 | 67,279 | 3.6 | % | ||||||||||||||||
New York University | 685,290 | 45,013 | 2.5 | % | ||||||||||||||||
Google/Motorola Mobility (guaranteed by Google) | 759,446 | 41,220 | 2.2 | % | ||||||||||||||||
Bloomberg L.P. | 306,768 | 40,252 | 2.2 | % | ||||||||||||||||
Equitable Financial Life Insurance Company | 336,644 | 35,453 | 2.0 | % | ||||||||||||||||
Yahoo Inc. | 313,726 | 32,202 | 1.8 | % | ||||||||||||||||
Amazon (including its Whole Foods subsidiary) | 312,694 | 30,115 | 1.7 | % | ||||||||||||||||
Neuberger Berman Group LLC | 306,612 | 27,283 | 1.5 | % | ||||||||||||||||
Madison Square Garden & Affiliates | 412,551 | 27,143 | 1.5 | % |
Industry | Percentage | |||||||
Office: | ||||||||
Financial Services | 20 | % | ||||||
Technology | 16 | % | ||||||
Professional Services | 7 | % | ||||||
Advertising/Marketing | 5 | % | ||||||
Real Estate | 4 | % | ||||||
Entertainment and Electronics | 4 | % | ||||||
Insurance | 3 | % | ||||||
Education | 3 | % | ||||||
Communications | 3 | % | ||||||
Apparel | 2 | % | ||||||
Engineering, Architect & Surveying | 2 | % | ||||||
Health Services | 2 | % | ||||||
Government | 1 | % | ||||||
Other | 6 | % | ||||||
78 | % | |||||||
Retail: | ||||||||
Apparel | 5 | % | ||||||
Luxury Retail | 4 | % | ||||||
Banking | 2 | % | ||||||
Restaurants | 1 | % | ||||||
Grocery | 1 | % | ||||||
Other | 4 | % | ||||||
17 | % | |||||||
Showroom | 5 | % | ||||||
Total | 100 | % |
Vornado's Ownership Interest | |||||||||||||||||||||||||||||||||||
As of December 31, | Total Square Feet | In Service Square Feet | In Service Square Feet At Share | Occupancy Rate | Weighted Average Annual Escalated Rent Per Square Foot | ||||||||||||||||||||||||||||||
2022 | 19,902,000 | 18,724,000 | 16,028,000 | 91.9 | % | $ | 83.98 | ||||||||||||||||||||||||||||
2021 | 20,630,000 | 19,442,000 | 16,757,000 | 92.2 | % | 80.01 | |||||||||||||||||||||||||||||
2020 | 20,586,000 | 18,361,000 | 15,413,000 | 93.4 | % | 79.05 | |||||||||||||||||||||||||||||
2019 | (1) | 20,666,000 | 19,070,000 | 16,195,000 | 96.9 | % | 76.26 | ||||||||||||||||||||||||||||
2018 | 21,495,000 | 19,858,000 | 16,632,000 | 97.2 | % | 74.04 |
Vornado's Ownership Interest | |||||||||||||||||||||||||||||||||||
As of December 31, | Total Square Feet | In Service Square Feet | In Service Square Feet At Share | Occupancy Rate | Weighted Average Annual Escalated Rent Per Square Foot | ||||||||||||||||||||||||||||||
2022 | 2,556,000 | 2,289,000 | 1,851,000 | 74.4 | % | $ | 215.72 | ||||||||||||||||||||||||||||
2021 | 2,693,000 | 2,267,000 | 1,825,000 | 80.7 | % | 214.22 | |||||||||||||||||||||||||||||
2020 | 2,690,000 | 2,275,000 | 1,805,000 | 78.8 | % | 226.38 | |||||||||||||||||||||||||||||
2019 | (1) | 2,712,000 | 2,300,000 | 1,842,000 | 94.5 | % | 209.86 | ||||||||||||||||||||||||||||
2018 | 2,802,000 | 2,648,000 | 2,419,000 | 97.3 | % | 228.43 |
Vornado's Ownership Interest | |||||||||||||||||||||||||||||
As of December 31, | Total Number of Units | Total Number of Units | Occupancy Rate | Average Monthly Rent Per Unit | |||||||||||||||||||||||||
2022 | 1,976 | 941 | 96.7 | % | $ | 3,882 | |||||||||||||||||||||||
2021 | 1,986 | 951 | 97.0 | % | 3,776 | ||||||||||||||||||||||||
2020 | 1,995 | 960 | 84.9 | % | 3,714 | ||||||||||||||||||||||||
2019 | 1,996 | 960 | 97.5 | % | 3,902 | ||||||||||||||||||||||||
2018 | 2,004 | 968 | 96.6 | % | 3,788 |
Number of Expiring Leases | Square Feet of Expiring Leases(1) | Percentage of New York Square Feet | Annualized Escalated Rents of Expiring Leases | ||||||||||||||||||||||||||||||||
Year | Total | Per Square Foot | |||||||||||||||||||||||||||||||||
Office: | |||||||||||||||||||||||||||||||||||
Fourth Quarter 2022(2) | 7 | 47,000 | 0.3% | $ | 1,712,000 | $ | 36.43 | ||||||||||||||||||||||||||||
2023(3) | 86 | 1,444,000 | 10.0% | 137,383,000 | 95.14 | (4) | |||||||||||||||||||||||||||||
2024 | 91 | 943,000 | 6.5% | 88,875,000 | 94.25 | ||||||||||||||||||||||||||||||
2025 | 75 | 699,000 | 4.8% | 57,307,000 | 81.98 | ||||||||||||||||||||||||||||||
2026 | 84 | 1,217,000 | 8.4% | 99,016,000 | 81.36 | ||||||||||||||||||||||||||||||
2027 | 87 | 1,160,000 | 8.0% | 89,200,000 | 76.90 | ||||||||||||||||||||||||||||||
2028 | 60 | 1,003,000 | 6.9% | 74,602,000 | 74.38 | ||||||||||||||||||||||||||||||
2029 | 39 | 1,161,000 | 8.0% | 94,292,000 | 81.22 | ||||||||||||||||||||||||||||||
2030 | 48 | 623,000 | 4.3% | 51,308,000 | 82.36 | ||||||||||||||||||||||||||||||
2031 | 33 | 899,000 | 6.2% | 79,770,000 | 88.73 | ||||||||||||||||||||||||||||||
2032 | 22 | 404,000 | 2.8% | 35,215,000 | 87.17 | ||||||||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||||||||
Fourth Quarter 2022(2) | 5 | 16,000 | 1.3% | $ | 2,590,000 | $ | 161.88 | ||||||||||||||||||||||||||||
2023 | 15 | 149,000 | 12.3% | 19,287,000 | 129.44 | (5) | |||||||||||||||||||||||||||||
2024 | 10 | 133,000 | 10.9% | 22,680,000 | 170.53 | ||||||||||||||||||||||||||||||
2025 | 10 | 40,000 | 3.3% | 12,898,000 | 322.45 | ||||||||||||||||||||||||||||||
2026 | 10 | 82,000 | 6.7% | 26,076,000 | 318.00 | ||||||||||||||||||||||||||||||
2027 | 12 | 34,000 | 2.8% | 18,872,000 | 555.06 | ||||||||||||||||||||||||||||||
2028 | 10 | 27,000 | 2.2% | 13,470,000 | 498.89 | ||||||||||||||||||||||||||||||
2029 | 10 | 50,000 | 4.1% | 26,772,000 | 535.44 | ||||||||||||||||||||||||||||||
2030 | 18 | 155,000 | 12.7% | 22,645,000 | 146.10 | ||||||||||||||||||||||||||||||
2031 | 29 | 88,000 | 7.2% | 29,201,000 | 331.83 | ||||||||||||||||||||||||||||||
2032 | 23 | 55,000 | 4.5% | 28,490,000 | 518.00 |
2017 | 2018 | 2019 | 2020 | 2021 | 2022 | ||||||||||||||||||||||||||||||
Vornado Realty Trust | $ | 100 | $ | 82 | $ | 95 | $ | 56 | $ | 66 | $ | 35 | |||||||||||||||||||||||
S&P 500 Index | 100 | 96 | 126 | 149 | 192 | 157 | |||||||||||||||||||||||||||||
The NAREIT All Equity Index | 100 | 96 | 123 | 117 | 166 | 124 |
Page Number | |||||
Overview | |||||
Critical Accounting Estimates | |||||
Net Operating Income At Share by Segment for the Years Ended December 31, 2022 and 2021 | |||||
Results of Operations for the Year Ended December 31, 2022 Compared to December 31, 2021 | |||||
Related Party Transactions | |||||
Liquidity and Capital Resources | |||||
Funds From Operations for the Years Ended December 31, 2022 and 2021 | |||||
Total Return(1) | |||||||||||||||||
Vornado | Office REIT | MSCI | |||||||||||||||
Three-month | (8.1 | %) | (1.5 | %) | 5.2 | % | |||||||||||
One-year | (46.7 | %) | (37.6 | %) | (24.5 | %) | |||||||||||
Three-year | (62.7 | %) | (37.9 | %) | (0.2 | %) | |||||||||||
Five-year | (64.7 | %) | (30.3 | %) | 19.9 | % | |||||||||||
Ten-year | (45.6 | %) | 10.7 | % | 87.3 | % |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||
2022 | 2021 | ||||||||||
Certain expense (income) items that impact net (loss) income attributable to common shareholders: | |||||||||||
Non-cash real estate impairment losses on wholly owned and partially owned assets | $ | 595,488 | $ | 7,880 | |||||||
Hotel Pennsylvania loss (primarily accelerated building depreciation expense) | 71,087 | 29,472 | |||||||||
Net gains on disposition of wholly owned and partially owned assets | (62,685) | (15,315) | |||||||||
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units and ancillary amenities | (35,858) | (44,607) | |||||||||
Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary) | 13,665 | 10,868 | |||||||||
Refund of New York City transfer taxes related to the April 2019 transfer to Fifth Avenue and Times Square JV | (13,613) | — | |||||||||
Other | 7,289 | (2,436) | |||||||||
575,373 | (14,138) | ||||||||||
Noncontrolling interests' share of above adjustments | (40,290) | 1,205 | |||||||||
Total of certain expense (income) items that impact net (loss) income attributable to common shareholders | $ | 535,083 | $ | (12,933) |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||
2022 | 2021 | ||||||||||
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 and ancillary amenities | $ | (35,858) | $ | (44,607) | |||||||
Net gains on disposition of wholly owned and partially owned assets | (17,372) | (643) | |||||||||
Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary) | 13,665 | 10,868 | |||||||||
Other | 7,289 | 12,026 | |||||||||
(32,276) | (22,356) | ||||||||||
Noncontrolling interests' share of above adjustments | 2,240 | 1,145 | |||||||||
Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net | $ | (30,036) | $ | (21,211) |
Year Ended December 31, 2022 compared to December 31, 2021: | Total | New York | theMART(1) | 555 California Street | ||||||||||||||||||||||
Same store NOI at share % increase | 7.1 | % | 3.5 | % | 64.2 | % | 2.7 | % | ||||||||||||||||||
Same store NOI at share - cash basis % increase | 9.0 | % | 5.0 | % | 58.0 | % | 13.3 | % | ||||||||||||||||||
(Amounts in thousands) | Notional Amount | All-In Swapped Rate | Swap Expiration Date | Variable Rate Spread | ||||||||||||||||||||||
770 Broadway mortgage loan | $ | 700,000 | 4.98% | 07/27 | S+225 | |||||||||||||||||||||
Unsecured revolving credit facility | 575,000 | 3.88% | 08/27 | S+115 | ||||||||||||||||||||||
Unsecured term loan(1) | 50,000 | 4.04% | 08/27 | S+130 | ||||||||||||||||||||||
Unsecured term loan (effective 10/23)(1) | 500,000 | 4.39% | 10/26 | S+130 | ||||||||||||||||||||||
100 West 33rd Street mortgage loan | 480,000 | 5.06% | 06/27 | S+165 | ||||||||||||||||||||||
888 Seventh Avenue mortgage loan(2) | 200,000 | 4.76% | 09/27 | S+180 |
Swapped Balance | All-In Swapped Rate | Unswapped Balance (bears interest at S+130) | ||||||||||||||||||
Through 10/23 | $ | 800,000 | 4.05% | $ | — | |||||||||||||||
10/23 through 7/25 | 700,000 | 4.53% | 100,000 | |||||||||||||||||
7/25 through 10/26 | 550,000 | 4.36% | 250,000 | |||||||||||||||||
10/26 through 8/27 | 50,000 | 4.04% | 750,000 |
(Amounts in thousands) | For the Year Ended December 31, 2022 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 1,799,995 | $ | 1,449,442 | $ | 350,553 | |||||||||||
Operating expenses | (873,911) | (716,148) | (157,763) | ||||||||||||||
NOI - consolidated | 926,084 | 733,294 | 192,790 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (70,029) | (45,566) | (24,463) | ||||||||||||||
Add: NOI from partially owned entities | 305,993 | 293,780 | 12,213 | ||||||||||||||
NOI at share | 1,162,048 | 981,508 | 180,540 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (10,980) | (18,509) | 7,529 | ||||||||||||||
NOI at share - cash basis | $ | 1,151,068 | $ | 962,999 | $ | 188,069 |
(Amounts in thousands) | For the Year Ended December 31, 2021 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 1,589,210 | $ | 1,257,599 | $ | 331,611 | |||||||||||
Operating expenses | (797,315) | (626,386) | (170,929) | ||||||||||||||
NOI - consolidated | 791,895 | 631,213 | 160,682 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (69,385) | (38,980) | (30,405) | ||||||||||||||
Add: NOI from partially owned entities | 310,858 | 300,721 | 10,137 | ||||||||||||||
NOI at share | 1,033,368 | 892,954 | 140,414 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 1,318 | (1,188) | 2,506 | ||||||||||||||
NOI at share - cash basis | $ | 1,034,686 | $ | 891,766 | $ | 142,920 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||
2022 | 2021 | ||||||||||
New York: | |||||||||||
Office | $ | 718,686 | $ | 677,167 | |||||||
Retail | 205,753 | 173,363 | |||||||||
Residential | 19,600 | 17,783 | |||||||||
Alexander's | 37,469 | 37,318 | |||||||||
Hotel Pennsylvania(1) | — | (12,677) | |||||||||
Total New York | 981,508 | 892,954 | |||||||||
Other: | |||||||||||
theMART(2) | 96,906 | 58,909 | |||||||||
555 California Street | 65,692 | 64,826 | |||||||||
Other investments | 17,942 | 16,679 | |||||||||
Total Other | 180,540 | 140,414 | |||||||||
NOI at share | $ | 1,162,048 | $ | 1,033,368 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||
2022 | 2021 | ||||||||||
New York: | |||||||||||
Office | $ | 715,407 | $ | 686,507 | |||||||
Retail | 188,846 | 160,801 | |||||||||
Residential | 18,214 | 16,656 | |||||||||
Alexander's | 40,532 | 40,525 | |||||||||
Hotel Pennsylvania(1) | — | (12,723) | |||||||||
Total New York | 962,999 | 891,766 | |||||||||
Other: | |||||||||||
theMART(2) | 101,912 | 64,389 | |||||||||
555 California Street | 67,813 | 60,680 | |||||||||
Other investments | 18,344 | 17,851 | |||||||||
Total Other | 188,069 | 142,920 | |||||||||
NOI at share - cash basis | $ | 1,151,068 | $ | 1,034,686 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||
2022 | 2021 | ||||||||||
Net (loss) income | $ | (382,612) | $ | 207,553 | |||||||
Depreciation and amortization expense | 504,502 | 412,347 | |||||||||
General and administrative expense | 133,731 | 134,545 | |||||||||
Impairment losses, transaction related costs and other | 31,722 | 13,815 | |||||||||
Loss (income) from partially owned entities | 461,351 | (130,517) | |||||||||
Income from real estate fund investments | (3,541) | (11,066) | |||||||||
Interest and other investment income, net | (19,869) | (4,612) | |||||||||
Interest and debt expense | 279,765 | 231,096 | |||||||||
Net gains on disposition of wholly owned and partially owned assets | (100,625) | (50,770) | |||||||||
Income tax expense (benefit) | 21,660 | (10,496) | |||||||||
NOI from partially owned entities | 305,993 | 310,858 | |||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (70,029) | (69,385) | |||||||||
NOI at share | 1,162,048 | 1,033,368 | |||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (10,980) | 1,318 | |||||||||
NOI at share - cash basis | $ | 1,151,068 | $ | 1,034,686 |
For the Year Ended December 31, | |||||||||||
2022 | 2021 | ||||||||||
Region: | |||||||||||
New York City metropolitan area | 86 | % | 88 | % | |||||||
Chicago, IL | 8 | % | 6 | % | |||||||
San Francisco, CA | 6 | % | 6 | % | |||||||
100 | % | 100 | % |
(Amounts in thousands) | |||||||||||||||||
Increase (decrease) due to: | Total | New York | Other | ||||||||||||||
Rental revenues: | |||||||||||||||||
Acquisitions, dispositions and other | $ | 10,750 | $ | 10,750 | $ | — | |||||||||||
Development and redevelopment | 69,357 | 69,357 | — | ||||||||||||||
Trade shows(1) | 13,187 | — | 13,187 | ||||||||||||||
Same store operations | 89,860 | 90,840 | (980) | ||||||||||||||
183,154 | 170,947 | 12,207 | |||||||||||||||
Fee and other income: | |||||||||||||||||
BMS cleaning fees | 17,893 | 19,639 | (1,746) | ||||||||||||||
Management and leasing fees | (686) | (532) | (154) | ||||||||||||||
Other income | 10,424 | 1,789 | 8,635 | ||||||||||||||
27,631 | 20,896 | 6,735 | |||||||||||||||
Total increase in revenues | $ | 210,785 | $ | 191,843 | $ | 18,942 |
(Amounts in thousands) | |||||||||||||||||
Increase (decrease) due to: | Total | New York | Other | ||||||||||||||
Operating: | |||||||||||||||||
Acquisitions, dispositions and other | $ | 1,555 | $ | 1,555 | $ | — | |||||||||||
Development and redevelopment | 28,652 | 27,804 | 848 | ||||||||||||||
Non-reimbursable expenses | 27,555 | 28,685 | (1,130) | ||||||||||||||
Trade shows(1) | 2,607 | — | 2,607 | ||||||||||||||
Hotel Pennsylvania(2) | (12,677) | (12,677) | — | ||||||||||||||
BMS expenses | 16,312 | 18,058 | (1,746) | ||||||||||||||
Same store operations | 12,592 | 26,337 | (13,745) | ||||||||||||||
76,596 | 89,762 | (13,166) | |||||||||||||||
Depreciation and amortization: | |||||||||||||||||
Acquisitions, dispositions and other | 63,366 | 63,366 | — | ||||||||||||||
Development and redevelopment | 32,823 | 32,823 | — | ||||||||||||||
Same store operations | (4,034) | (4,932) | 898 | ||||||||||||||
92,155 | 91,257 | 898 | |||||||||||||||
General and administrative | (814) | (2,143) | 1,329 | ||||||||||||||
Benefit from deferred compensation plan liability | (19,464) | — | (19,464) | ||||||||||||||
Impairment losses, transaction related costs and other | 17,907 | 12,819 | (3) | 5,088 | |||||||||||||
Total increase (decrease) in expenses | $ | 166,380 | $ | 191,695 | $ | (25,315) |
(Amounts in thousands) | Percentage Ownership at December 31, 2022 | For the Year Ended December 31, | |||||||||||||||
2022 | 2021 | ||||||||||||||||
Our share of net (loss) income: | |||||||||||||||||
Fifth Avenue and Times Square JV: | |||||||||||||||||
Non-cash impairment loss(1) | 51.5% | $ | (489,859) | $ | — | ||||||||||||
Equity in net income | 55,248 | 47,144 | |||||||||||||||
Return on preferred equity, net of our share of the expense | 37,416 | 37,416 | |||||||||||||||
(397,195) | 84,560 | ||||||||||||||||
Partially owned office buildings(2) | Various | (110,261) | 6,384 | ||||||||||||||
Alexander's(3) | 32.4% | 22,973 | 40,121 | ||||||||||||||
Other investments(4) | Various | 23,132 | (548) | ||||||||||||||
$ | (461,351) | $ | 130,517 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||
2022 | 2021 | ||||||||||
Previously recorded unrealized loss on exited investments | $ | 59,396 | $ | — | |||||||
Realized (loss) income on exited investments | (54,255) | 1,364 | |||||||||
Net unrealized (loss) income on held investments | (7,730) | 3,257 | |||||||||
Net investment income | 6,130 | 6,445 | |||||||||
Income from real estate fund investments | 3,541 | 11,066 | |||||||||
Less income attributable to noncontrolling interests in consolidated subsidiaries | (1,870) | (7,309) | |||||||||
Income from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ | 1,671 | $ | 3,757 | |||||||
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||
2022 | 2021 | ||||||||||
Interest on cash and cash equivalents and restricted cash | $ | 7,553 | $ | 284 | |||||||
Amortization of discount on investments in U.S. Treasury bills | 7,075 | — | |||||||||
Interest on loans receivable | 5,006 | 2,517 | |||||||||
Other, net | 235 | 1,811 | |||||||||
$ | 19,869 | $ | 4,612 |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share for the year ended December 31, 2022 | $ | 1,162,048 | $ | 981,508 | $ | 96,906 | $ | 65,692 | $ | 17,942 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Change in ownership interest in One Park Avenue | (13,370) | (13,370) | — | — | — | ||||||||||||||||||||||||
Dispositions | (9,494) | (9,494) | — | — | — | ||||||||||||||||||||||||
Development properties | (69,779) | (69,779) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (26,701) | (8,557) | (202) | — | (17,942) | ||||||||||||||||||||||||
Same store NOI at share for the year ended December 31, 2022 | $ | 1,042,704 | $ | 880,308 | $ | 96,704 | $ | 65,692 | $ | — | |||||||||||||||||||
NOI at share for the year ended December 31, 2021 | $ | 1,033,368 | $ | 892,954 | $ | 58,909 | $ | 64,826 | $ | 16,679 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Dispositions | (13,512) | (13,512) | — | — | — | ||||||||||||||||||||||||
Development properties | (31,291) | (30,443) | — | (848) | — | ||||||||||||||||||||||||
Hotel Pennsylvania (permanently closed on April 5, 2021) | 12,677 | 12,677 | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (27,774) | (11,095) | — | — | (16,679) | ||||||||||||||||||||||||
Same store NOI at share for the year ended December 31, 2021 | $ | 973,468 | $ | 850,581 | $ | 58,909 | $ | 63,978 | $ | — | |||||||||||||||||||
Increase in same store NOI at share | $ | 69,236 | $ | 29,727 | $ | 37,795 | $ | 1,714 | $ | — | |||||||||||||||||||
% increase in same store NOI at share | 7.1 | % | 3.5 | % | 64.2 | % | 2.7 | % | — | % |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share - cash basis for the year ended December 31, 2022 | $ | 1,151,068 | $ | 962,999 | $ | 101,912 | $ | 67,813 | $ | 18,344 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Change in ownership interest in One Park Avenue | (10,111) | (10,111) | — | — | — | ||||||||||||||||||||||||
Dispositions | (8,719) | (8,719) | — | — | — | ||||||||||||||||||||||||
Development properties | (47,846) | (47,846) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (28,211) | (9,665) | (202) | — | (18,344) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the year ended December 31, 2022 | $ | 1,056,181 | $ | 886,658 | $ | 101,710 | $ | 67,813 | $ | — | |||||||||||||||||||
NOI at share - cash basis for the year ended December 31, 2021 | $ | 1,034,686 | $ | 891,766 | $ | 64,389 | $ | 60,680 | $ | 17,851 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Dispositions | (13,469) | (13,469) | — | — | — | ||||||||||||||||||||||||
Development properties | (32,453) | (31,605) | — | (848) | — | ||||||||||||||||||||||||
Hotel Pennsylvania (permanently closed on April 5, 2021) | 12,723 | 12,723 | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (32,789) | (14,938) | — | — | (17,851) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the year ended December 31, 2021 | $ | 968,698 | $ | 844,477 | $ | 64,389 | $ | 59,832 | $ | — | |||||||||||||||||||
Increase in same store NOI at share - cash basis | $ | 87,483 | $ | 42,181 | $ | 37,321 | $ | 7,981 | $ | — | |||||||||||||||||||
% increase in same store NOI at share - cash basis | 9.0 | % | 5.0 | % | 58.0 | % | 13.3 | % | — | % |
(Amounts in thousands) | For the Year Ended December 31, | Increase (Decrease) in Cash Flow | |||||||||||||||
2022 | 2021 | ||||||||||||||||
Net cash provided by operating activities | $ | 798,944 | $ | 761,806 | $ | 37,138 | |||||||||||
Net cash used in investing activities | (906,864) | (532,347) | (374,517) | ||||||||||||||
Net cash used in financing activities | (801,274) | (29,477) | (771,797) |
(Amounts in thousands) | For the Year Ended December 31, | (Decrease) Increase in Cash Flow | |||||||||||||||
2022 | 2021 | ||||||||||||||||
Purchase of U.S. Treasury bills | $ | (1,066,096) | $ | — | $ | (1,066,096) | |||||||||||
Development costs and construction in progress | (737,999) | (585,940) | (152,059) | ||||||||||||||
Proceeds from maturities of U.S. Treasury bills | 597,499 | — | 597,499 | ||||||||||||||
Proceeds from sales of real estate | 373,264 | 100,024 | 273,240 | ||||||||||||||
Additions to real estate | (159,796) | (149,461) | (10,335) | ||||||||||||||
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South | 88,019 | 137,404 | (49,385) | ||||||||||||||
Distributions of capital from partially owned entities | 34,417 | 106,005 | (71,588) | ||||||||||||||
Investments in partially owned entities | (33,172) | (14,997) | (18,175) | ||||||||||||||
Acquisitions of real estate and other | (3,000) | (3,000) | — | ||||||||||||||
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) | — | (123,936) | 123,936 | ||||||||||||||
Proceeds from repayments of loan receivables | — | 1,554 | (1,554) | ||||||||||||||
Net cash used in investing activities | $ | (906,864) | $ | (532,347) | $ | (374,517) |
(Amounts in thousands) | For the Year Ended December 31, | Increase (Decrease) in Cash Flow | |||||||||||||||
2022 | 2021 | ||||||||||||||||
Repayments of borrowings | $ | (1,251,373) | $ | (1,584,243) | $ | 332,870 | |||||||||||
Proceeds from borrowings | 1,029,773 | 3,248,007 | (2,218,234) | ||||||||||||||
Dividends paid on common shares/Distributions to Vornado | (406,562) | (406,109) | (453) | ||||||||||||||
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (84,699) | (190,876) | 106,177 | ||||||||||||||
Dividends paid on preferred shares/Distributions to preferred unitholders | (62,116) | (65,880) | 3,764 | ||||||||||||||
Debt issuance costs | (32,706) | (51,184) | 18,478 | ||||||||||||||
Contributions from noncontrolling interests in consolidated subsidiaries | 5,609 | 4,052 | 1,557 | ||||||||||||||
Proceeds received from exercise of Vornado stock options and other | 885 | 899 | (14) | ||||||||||||||
Repurchase of shares/Class A units related to stock compensation agreements and related tax withholdings and other | (85) | (1,567) | 1,482 | ||||||||||||||
Purchase of marketable securities in connection with defeasance of mortgage payable | — | (973,729) | 973,729 | ||||||||||||||
Redemption of preferred shares/units | — | (300,000) | 300,000 | ||||||||||||||
Proceeds from the issuance of preferred shares/units | — | 291,153 | (291,153) | ||||||||||||||
Net cash used in financing activities | $ | (801,274) | $ | (29,477) | $ | (771,797) |
(Amounts in thousands) | As of December 31, 2022 | As of December 31, 2021 | |||||||||||||||||||||
Consolidated debt: | Balance | Weighted Average Interest Rate(1) | Balance | Weighted Average Interest Rate(1) | |||||||||||||||||||
Fixed rate | $ | 6,145,000 | 3.59% | $ | 4,140,000 | 3.06% | |||||||||||||||||
Variable rate | 2,307,615 | 5.67% | 4,534,215 | 1.59% | |||||||||||||||||||
Total | 8,452,615 | 4.16% | 8,674,215 | 2.29% | |||||||||||||||||||
Deferred financing costs, net and other | (63,572) | (58,268) | |||||||||||||||||||||
Total, net | $ | 8,389,043 | $ | 8,615,947 |
(Amounts in thousands) | Total | Less than 1 Year | 1 – 3 Years | 3 – 5 Years | Thereafter | ||||||||||||||||||||||||
Notes and mortgages payable | $ | 7,125,211 | $ | 285,403 | $ | 1,788,462 | $ | 2,451,226 | $ | 2,600,120 | |||||||||||||||||||
Senior unsecured notes due 2025 | 482,156 | 15,750 | 466,406 | — | — | ||||||||||||||||||||||||
Senior unsecured notes due 2026 | 429,431 | 8,600 | 17,200 | 403,631 | — | ||||||||||||||||||||||||
Senior unsecured notes due 2031 | 450,224 | 11,900 | 23,800 | 23,800 | 390,724 | ||||||||||||||||||||||||
Unsecured term loan | 976,841 | 34,700 | 73,162 | 868,979 | — | ||||||||||||||||||||||||
Revolving credit facilities | 686,833 | 22,598 | 45,258 | 618,977 | — | ||||||||||||||||||||||||
Total contractual principal(1) and interest(2) repayments | $ | 10,150,696 | $ | 378,951 | $ | 2,414,288 | $ | 4,366,613 | $ | 2,990,844 |
(Amounts in thousands, except per share amounts) | For the Year Ended December 31, | ||||||||||
2022 | 2021 | ||||||||||
Reconciliation of net (loss) income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions: | |||||||||||
Net (loss) income attributable to common shareholders | $ | (408,615) | $ | 101,086 | |||||||
Per diluted share | $ | (2.13) | $ | 0.53 | |||||||
FFO adjustments: | |||||||||||
Depreciation and amortization of real property | $ | 456,920 | $ | 373,792 | |||||||
Real estate impairment losses | 19,098 | 7,880 | |||||||||
Net gains on sale of real estate | (58,751) | — | |||||||||
Proportionate share of adjustments to equity in net (loss) income of partially owned entities to arrive at FFO: | |||||||||||
Depreciation and amortization of real property | 130,647 | 139,247 | |||||||||
Net gains on sale of real estate | (169) | (15,675) | |||||||||
Increase in fair value of marketable securities | — | (1,155) | |||||||||
Real estate impairment losses | 576,390 | — | |||||||||
1,124,135 | 504,089 | ||||||||||
Noncontrolling interests' share of above adjustments | (77,912) | (34,144) | |||||||||
FFO adjustments, net | $ | 1,046,223 | $ | 469,945 | |||||||
FFO attributable to common shareholders | $ | 637,608 | $ | 571,031 | |||||||
Convertible preferred share dividends | 1,320 | 43 | |||||||||
FFO attributable to common shareholders plus assumed conversions | $ | 638,928 | $ | 571,074 | |||||||
Per diluted share | $ | 3.30 | $ | 2.97 | |||||||
Reconciliation of weighted average shares outstanding: | |||||||||||
Weighted average common shares outstanding | 191,775 | 191,551 | |||||||||
Effect of dilutive securities: | |||||||||||
Convertible securities(1) | 1,545 | 26 | |||||||||
Share-based payment awards | 250 | 571 | |||||||||
Denominator for FFO per diluted share | 193,570 | 192,148 |
(Amounts in thousands, except per share and unit amounts) | 2022 | ||||||||||||||||
December 31, Balance | Weighted Average Interest Rate(1) | Effect of 1% Change In Base Rates | |||||||||||||||
Consolidated debt: | |||||||||||||||||
Fixed rate(2) | $ | 6,145,000 | 3.59% | $ | — | ||||||||||||
Variable rate(3) | 2,307,615 | 5.67% | 23,076 | ||||||||||||||
$ | 8,452,615 | 4.16% | 23,076 | ||||||||||||||
Pro rata share of debt of non-consolidated entities: | |||||||||||||||||
Fixed rate(2) | $ | 1,447,457 | 3.72% | $ | — | ||||||||||||
Variable rate(4) | 1,249,769 | 6.19% | 12,498 | ||||||||||||||
$ | 2,697,226 | 4.87% | 12,498 | ||||||||||||||
Noncontrolling interests’ share of consolidated subsidiaries | (6,821) | ||||||||||||||||
Total change in annual net income attributable to the Operating Partnership | 28,753 | ||||||||||||||||
Noncontrolling interests’ share of the Operating Partnership | (1,995) | ||||||||||||||||
Total change in annual net income attributable to Vornado | $ | 26,758 | |||||||||||||||
Total change in annual net income attributable to the Operating Partnership per diluted Class A unit | $ | 0.14 | |||||||||||||||
Total change in annual net income attributable to Vornado per diluted share | $ | 0.14 |
(Amounts in thousands) | Fair Value Asset (Liability) as of | |||||||||||||||||||||||||||||||
December 31, | December 31, 2022 | |||||||||||||||||||||||||||||||
2022 | 2021 | Notional Amount | All-In Swapped Rate | Swap Expiration Date | ||||||||||||||||||||||||||||
Interest Rate Swaps: | ||||||||||||||||||||||||||||||||
555 California Street mortgage loan | $ | 49,888 | $ | 11,814 | $ | 840,000 | (1) | 2.26% | 05/24 | |||||||||||||||||||||||
770 Broadway mortgage loan | 29,226 | — | 700,000 | 4.98% | 07/27 | |||||||||||||||||||||||||||
PENN 11 mortgage loan | 26,587 | 6,565 | 500,000 | 2.22% | 03/24 | |||||||||||||||||||||||||||
Unsecured revolving credit facility | 24,457 | — | 575,000 | 3.88% | 08/27 | |||||||||||||||||||||||||||
Unsecured term loan | 14,694 | (28,976) | 800,000 | 4.05% | (2) | |||||||||||||||||||||||||||
100 West 33rd Street mortgage loan | 6,886 | — | 480,000 | 5.06% | 06/27 | |||||||||||||||||||||||||||
888 Seventh Avenue mortgage loan | 6,544 | — | 200,000 | (3) | 4.76% | 09/27 | ||||||||||||||||||||||||||
Unsecured term loan (effective October 2023) | 6,330 | — | 500,000 | 4.39% | 10/26 | |||||||||||||||||||||||||||
4 Union Square South mortgage loan | 4,050 | (3,861) | 100,000 | (4) | 3.74% | 01/25 | ||||||||||||||||||||||||||
Interest Rate Caps: | ||||||||||||||||||||||||||||||||
1290 Avenue of the Americas mortgage loan | 7,590 | 411 | 950,000 | (5) | 11/23 | |||||||||||||||||||||||||||
One Park Avenue mortgage loan | 5,472 | — | 525,000 | (6) | 03/24 | |||||||||||||||||||||||||||
Various mortgage loans | 2,080 | 139 | ||||||||||||||||||||||||||||||
Included in other assets | $ | 183,804 | $ | 18,929 | ||||||||||||||||||||||||||||
Included in other liabilities | $ | — | $ | 32,837 |
Page Number | |||||
Vornado Realty Trust | |||||
Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34) | |||||
Consolidated Balance Sheets at December 31, 2022 and 2021 | |||||
Consolidated Statements of Income for the years ended December 31, 2022, 2021 and 2020 | |||||
Consolidated Statements of Comprehensive Income for the years ended December 31, 2022, 2021 and 2020 | |||||
Consolidated Statements of Changes in Equity for the years ended December 31, 2022, 2021 and 2020 | |||||
Consolidated Statements of Cash Flows for the years ended December 31, 2022, 2021 and 2020 | |||||
Vornado Realty L.P. | |||||
Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34) | |||||
Consolidated Balance Sheets at December 31, 2022 and 2021 | |||||
Consolidated Statements of Income for the years ended December 31, 2022, 2021 and 2020 | |||||
Consolidated Statements of Comprehensive Income for the years ended December 31, 2022, 2021 and 2020 | |||||
Consolidated Statements of Changes in Equity for the years ended December 31, 2022, 2021 and 2020 | |||||
Consolidated Statements of Cash Flows for the years ended December 31, 2022, 2021 and 2020 | |||||
Vornado Realty Trust and Vornado Realty L.P. | |||||
(Amounts in thousands, except unit, share and per share amounts) | As of December 31, | ||||||||||
2022 | 2021 | ||||||||||
ASSETS | |||||||||||
Real estate, at cost: | |||||||||||
Land | $ | 2,451,828 | $ | 2,540,193 | |||||||
Buildings and improvements | 9,804,204 | 9,839,166 | |||||||||
Development costs and construction in progress | 933,334 | 718,694 | |||||||||
Leasehold improvements and equipment | 125,389 | 119,792 | |||||||||
Total | 13,314,755 | 13,217,845 | |||||||||
Less accumulated depreciation and amortization | (3,470,991) | (3,376,347) | |||||||||
Real estate, net | 9,843,764 | 9,841,498 | |||||||||
Right-of-use assets | 684,380 | 337,197 | |||||||||
Cash and cash equivalents | 889,689 | 1,760,225 | |||||||||
Restricted cash | 131,468 | 170,126 | |||||||||
Investments in U.S. Treasury bills | 471,962 | — | |||||||||
Tenant and other receivables | 81,170 | 79,661 | |||||||||
Investments in partially owned entities | 2,665,073 | 3,297,389 | |||||||||
Real estate fund investments | — | 7,730 | |||||||||
220 Central Park South condominium units ready for sale | 43,599 | 57,142 | |||||||||
Receivable arising from the straight-lining of rents | 694,972 | 656,318 | |||||||||
Deferred leasing costs, net of accumulated amortization of $237,395 and $211,775 | 373,555 | 391,693 | |||||||||
Identified intangible assets, net of accumulated amortization of $98,139 and $97,186 | 139,638 | 154,895 | |||||||||
Other assets | 474,105 | 512,714 | |||||||||
$ | 16,493,375 | $ | 17,266,588 | ||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||||||
Mortgages payable, net | $ | 5,829,018 | $ | 6,053,343 | |||||||
Senior unsecured notes, net | 1,191,832 | 1,189,792 | |||||||||
Unsecured term loan, net | 793,193 | 797,812 | |||||||||
Unsecured revolving credit facilities | 575,000 | 575,000 | |||||||||
Lease liabilities | 735,969 | 370,206 | |||||||||
Accounts payable and accrued expenses | 450,881 | 613,497 | |||||||||
Deferred revenue | 39,882 | 48,118 | |||||||||
Deferred compensation plan | 96,322 | 110,174 | |||||||||
Other liabilities | 268,166 | 304,725 | |||||||||
Total liabilities | 9,980,263 | 10,062,667 | |||||||||
Commitments and contingencies | |||||||||||
Redeemable noncontrolling interests: | |||||||||||
Class A units - 14,416,891 and 14,033,438 units outstanding | 345,157 | 587,440 | |||||||||
Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 | |||||||||
Total redeemable noncontrolling partnership units | 348,692 | 590,975 | |||||||||
Redeemable noncontrolling interest in a consolidated subsidiary | 88,040 | 97,708 | |||||||||
Total redeemable noncontrolling interests | 436,732 | 688,683 | |||||||||
Shareholders' equity: | |||||||||||
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,792,902 shares | 1,182,459 | 1,182,459 | |||||||||
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 191,866,880 and 191,723,608 shares | 7,654 | 7,648 | |||||||||
Additional capital | 8,369,228 | 8,143,093 | |||||||||
Earnings less than distributions | (3,894,580) | (3,079,320) | |||||||||
Accumulated other comprehensive income (loss) | 174,967 | (17,534) | |||||||||
Total shareholders' equity | 5,839,728 | 6,236,346 | |||||||||
Noncontrolling interests in consolidated subsidiaries | 236,652 | 278,892 | |||||||||
Total equity | 6,076,380 | 6,515,238 | |||||||||
$ | 16,493,375 | $ | 17,266,588 |
(Amounts in thousands, except per share amounts) | For the Year Ended December 31, | ||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
REVENUES: | |||||||||||||||||
Rental revenues | $ | 1,607,685 | $ | 1,424,531 | $ | 1,377,635 | |||||||||||
Fee and other income | 192,310 | 164,679 | 150,316 | ||||||||||||||
Total revenues | 1,799,995 | 1,589,210 | 1,527,951 | ||||||||||||||
EXPENSES: | |||||||||||||||||
Operating | (873,911) | (797,315) | (789,066) | ||||||||||||||
Depreciation and amortization | (504,502) | (412,347) | (399,695) | ||||||||||||||
General and administrative | (133,731) | (134,545) | (181,509) | ||||||||||||||
Benefit (expense) from deferred compensation plan liability | 9,617 | (9,847) | (6,443) | ||||||||||||||
Impairment losses, transaction related costs and other | (31,722) | (13,815) | (174,027) | ||||||||||||||
Total expenses | (1,534,249) | (1,367,869) | (1,550,740) | ||||||||||||||
(Loss) income from partially owned entities | (461,351) | 130,517 | (329,112) | ||||||||||||||
Income (loss) from real estate fund investments | 3,541 | 11,066 | (226,327) | ||||||||||||||
Interest and other investment income (loss), net | 19,869 | 4,612 | (5,499) | ||||||||||||||
(Loss) income from deferred compensation plan assets | (9,617) | 9,847 | 6,443 | ||||||||||||||
Interest and debt expense | (279,765) | (231,096) | (229,251) | ||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | 100,625 | 50,770 | 381,320 | ||||||||||||||
(Loss) income before income taxes | (360,952) | 197,057 | (425,215) | ||||||||||||||
Income tax (expense) benefit | (21,660) | 10,496 | (36,630) | ||||||||||||||
Net (loss) income | (382,612) | 207,553 | (461,845) | ||||||||||||||
Less net loss (income) attributable to noncontrolling interests in: | |||||||||||||||||
Consolidated subsidiaries | 5,737 | (24,014) | 139,894 | ||||||||||||||
Operating Partnership | 30,376 | (7,540) | 24,946 | ||||||||||||||
Net (loss) income attributable to Vornado | (346,499) | 175,999 | (297,005) | ||||||||||||||
Preferred share dividends | (62,116) | (65,880) | (51,739) | ||||||||||||||
Series K preferred share issuance costs | — | (9,033) | — | ||||||||||||||
NET (LOSS) INCOME attributable to common shareholders | $ | (408,615) | $ | 101,086 | $ | (348,744) | |||||||||||
(LOSS) INCOME PER COMMON SHARE - BASIC: | |||||||||||||||||
Net (loss) income per common share | $ | (2.13) | $ | 0.53 | $ | (1.83) | |||||||||||
Weighted average shares outstanding | 191,775 | 191,551 | 191,146 | ||||||||||||||
(LOSS) INCOME PER COMMON SHARE - DILUTED: | |||||||||||||||||
Net (loss) income per common share | $ | (2.13) | $ | 0.53 | $ | (1.83) | |||||||||||
Weighted average shares outstanding | 191,775 | 192,122 | 191,146 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Net (loss) income | $ | (382,612) | $ | 207,553 | $ | (461,845) | |||||||||||
Other comprehensive income (loss): | |||||||||||||||||
Change in fair value of interest rate swaps and other | 190,493 | 51,338 | (29,971) | ||||||||||||||
Other comprehensive income (loss) of nonconsolidated subsidiaries | 18,874 | 10,275 | (14,342) | ||||||||||||||
Comprehensive (loss) income | (173,245) | 269,166 | (506,158) | ||||||||||||||
Less comprehensive loss (income) attributable to noncontrolling interests | 19,247 | (35,602) | 174,287 | ||||||||||||||
Comprehensive (loss) income attributable to Vornado | $ | (153,998) | $ | 233,564 | $ | (331,871) |
(Amounts in thousands, except per share amount) | Common Shares | Additional Capital | Earnings Less Than Distributions | Accumulated Other Comprehensive (Loss) Income | Non- controlling Interests in Consolidated Subsidiaries | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | 48,793 | $ | 1,182,459 | 191,724 | $ | 7,648 | $ | 8,143,093 | $ | (3,079,320) | $ | (17,534) | $ | 278,892 | $ | 6,515,238 | ||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Vornado | — | — | — | — | — | (346,499) | — | — | (346,499) | |||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 3,931 | 3,931 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($2.12 per share) | — | — | — | — | — | (406,562) | — | — | (406,562) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 11 for dividends per share amounts) | — | — | — | — | — | (62,116) | — | — | (62,116) | |||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | 117 | 5 | 3,519 | — | — | — | 3,524 | |||||||||||||||||||||||||||||||||||||||||||||||
Under employees' share option plan | — | — | — | — | 7 | — | — | — | 7 | |||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | 28 | 1 | 877 | — | — | — | 878 | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | 5,609 | 5,609 | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (54,388) | (54,388) | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | (2) | — | 588 | (85) | — | — | 503 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 18,874 | — | 18,874 | |||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | — | — | — | — | — | — | 190,494 | — | 190,494 | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | — | 221,145 | — | — | — | 221,145 | |||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (16,866) | 2,616 | (14,250) | |||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | (1) | 2 | (1) | (8) | (8) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | 48,793 | $ | 1,182,459 | 191,867 | $ | 7,654 | $ | 8,369,228 | $ | (3,894,580) | $ | 174,967 | $ | 236,652 | $ | 6,076,380 |
(Amounts in thousands, except per share amounts) | Common Shares | Additional Capital | Earnings Less Than Distributions | Accumulated Other Comprehensive Loss | Non- controlling Interests in Consolidated Subsidiaries | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 48,793 | $ | 1,182,339 | 191,355 | $ | 7,633 | $ | 8,192,507 | $ | (2,774,182) | $ | (75,099) | $ | 414,957 | $ | 6,948,155 | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | — | — | — | — | — | 175,999 | — | — | 175,999 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 20,826 | 20,826 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($2.12 per share) | — | — | — | — | — | (406,109) | — | — | (406,109) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 11 for dividends per share amounts) | — | — | — | — | — | (65,880) | — | — | (65,880) | |||||||||||||||||||||||||||||||||||||||||||||||
Series O cumulative redeemable preferred shares issuance | 12,000 | 291,153 | — | — | — | — | — | — | 291,153 | |||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | 350 | 14 | 14,562 | — | — | — | 14,576 | |||||||||||||||||||||||||||||||||||||||||||||||
Under employees' share option plan | — | — | 1 | — | 22 | — | — | — | 22 | |||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | 21 | 1 | 876 | — | — | — | 877 | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | 4,052 | 4,052 | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (160,975) | (160,975) | |||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred shares to common shares | — | (13) | 1 | — | 13 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | (4) | — | 906 | (114) | — | — | 792 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 10,275 | — | 10,275 | |||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps | — | — | — | — | — | — | 51,337 | — | 51,337 | |||||||||||||||||||||||||||||||||||||||||||||||
Unearned 2018 Out-Performance Plan awards acceleration | — | — | — | — | 10,283 | — | — | — | 10,283 | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | — | (76,073) | — | — | — | (76,073) | |||||||||||||||||||||||||||||||||||||||||||||||
Series K cumulative redeemable preferred shares called for redemption | (12,000) | (290,967) | — | — | — | (9,033) | — | — | (300,000) | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (4,048) | — | (4,048) | |||||||||||||||||||||||||||||||||||||||||||||||
Other | — | (53) | — | — | (3) | (1) | 1 | 32 | (24) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | 48,793 | $ | 1,182,459 | 191,724 | $ | 7,648 | $ | 8,143,093 | $ | (3,079,320) | $ | (17,534) | $ | 278,892 | $ | 6,515,238 |
(Amounts in thousands, except per share amount) | Common Shares | Additional Capital | Earnings Less Than Distributions | Accumulated Other Comprehensive Loss | Non- controlling Interests in Consolidated Subsidiaries | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | 36,796 | $ | 891,214 | 190,986 | $ | 7,618 | $ | 7,827,697 | $ | (1,954,266) | $ | (40,233) | $ | 578,948 | $ | 7,310,978 | ||||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | (16,064) | — | — | (16,064) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Vornado | — | — | — | — | — | (297,005) | — | — | (297,005) | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | (140,438) | (140,438) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($2.38 per share) | — | — | — | — | — | (454,939) | — | — | (454,939) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 11 for dividends per share amounts) | — | — | — | — | — | (51,739) | — | — | (51,739) | |||||||||||||||||||||||||||||||||||||||||||||||
Series N cumulative redeemable preferred shares issuance | 12,000 | 291,182 | — | — | — | — | — | — | 291,182 | |||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | 236 | 9 | 9,257 | — | — | — | 9,266 | |||||||||||||||||||||||||||||||||||||||||||||||
Under employees' share option plan | — | — | 69 | 3 | 3,514 | — | — | — | 3,517 | |||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | 47 | 2 | 2,343 | — | — | — | 2,345 | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | — | 3,389 | 3,389 | |||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | 4,305 | 4,305 | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (33,007) | (33,007) | |||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred shares to common shares | (3) | (57) | 4 | — | 57 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | 13 | 1 | 1,305 | (137) | — | — | 1,169 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | — | (14,342) | — | (14,342) | |||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps | — | — | — | — | — | — | (29,972) | — | (29,972) | |||||||||||||||||||||||||||||||||||||||||||||||
Unearned 2017 Out-Performance Plan awards acceleration | — | — | — | — | 10,824 | — | — | — | 10,824 | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | — | 344,043 | — | — | — | 344,043 | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | 2,914 | — | 2,914 | |||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | (6,533) | (32) | 6,534 | 1,760 | 1,729 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 48,793 | $ | 1,182,339 | 191,355 | $ | 7,633 | $ | 8,192,507 | $ | (2,774,182) | $ | (75,099) | $ | 414,957 | $ | 6,948,155 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||
Net (loss) income | $ | (382,612) | $ | 207,553 | $ | (461,845) | |||||||||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization (including amortization of deferred financing costs) | 526,306 | 432,594 | 417,942 | ||||||||||||||
Equity in net loss (income) of partially owned entities | 461,351 | (130,517) | 329,112 | ||||||||||||||
Distributions of income from partially owned entities | 184,501 | 214,521 | 175,246 | ||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | (100,625) | (50,770) | (381,320) | ||||||||||||||
Straight-lining of rents | (46,177) | 8,644 | 24,404 | ||||||||||||||
Stock-based compensation expense | 29,249 | 38,329 | 48,677 | ||||||||||||||
Real estate impairment losses | 19,098 | 7,880 | 236,286 | ||||||||||||||
Change in deferred tax liability | 14,005 | 11,243 | (96) | ||||||||||||||
Amortization of below-market leases, net | (5,178) | (9,249) | (16,878) | ||||||||||||||
Return of capital from real estate fund investments | 5,141 | 5,104 | — | ||||||||||||||
Net realized and unrealized loss (income) on real estate fund investments | 2,589 | (4,621) | 226,107 | ||||||||||||||
Write-off of lease receivables deemed uncollectible | 872 | 7,695 | 63,204 | ||||||||||||||
Defeasance cost in connection with refinancing of mortgage payable | — | 23,729 | — | ||||||||||||||
Non-cash gain on extinguishment of 608 Fifth Avenue lease liability | — | — | (70,260) | ||||||||||||||
Credit losses on loans receivable | — | — | 13,369 | ||||||||||||||
Decrease in fair value of marketable securities | — | — | 4,938 | ||||||||||||||
Other non-cash adjustments | 3,090 | (3,875) | 6,835 | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Real estate fund investments | — | (4,474) | (7,197) | ||||||||||||||
Tenant and other receivables | (4,437) | (187) | (5,330) | ||||||||||||||
Prepaid assets | 104,186 | 30,466 | (137,452) | ||||||||||||||
Other assets | (34,615) | (54,716) | (52,832) | ||||||||||||||
Accounts payable and accrued expenses | 5,718 | 35,856 | 14,868 | ||||||||||||||
Other liabilities | 16,482 | (3,399) | (3,538) | ||||||||||||||
Net cash provided by operating activities | 798,944 | 761,806 | 424,240 | ||||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||
Purchase of U.S. Treasury bills | (1,066,096) | — | — | ||||||||||||||
Development costs and construction in progress | (737,999) | (585,940) | (601,920) | ||||||||||||||
Proceeds from maturities of U.S. Treasury bills | 597,499 | — | — | ||||||||||||||
Proceeds from sales of real estate | 373,264 | 100,024 | — | ||||||||||||||
Additions to real estate | (159,796) | (149,461) | (155,738) | ||||||||||||||
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South | 88,019 | 137,404 | 1,044,260 | ||||||||||||||
Distributions of capital from partially owned entities | 34,417 | 106,005 | 2,389 | ||||||||||||||
Investments in partially owned entities | (33,172) | (14,997) | (8,959) | ||||||||||||||
Acquisitions of real estate and other | (3,000) | (3,000) | (1,156) | ||||||||||||||
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) | — | (123,936) | — | ||||||||||||||
Proceeds from repayments of loan receivables | — | 1,554 | — | ||||||||||||||
Moynihan Train Hall expenditures | — | — | (395,051) | ||||||||||||||
Proceeds from sales of marketable securities | — | — | 28,375 | ||||||||||||||
Net cash used in investing activities | (906,864) | (532,347) | (87,800) |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||
Repayments of borrowings | $ | (1,251,373) | $ | (1,584,243) | $ | (1,067,564) | |||||||||||
Proceeds from borrowings | 1,029,773 | 3,248,007 | 1,056,315 | ||||||||||||||
Dividends paid on common shares | (406,562) | (406,109) | (827,319) | ||||||||||||||
Distributions to noncontrolling interests | (84,699) | (190,876) | (91,514) | ||||||||||||||
Dividends paid on preferred shares | (62,116) | (65,880) | (64,271) | ||||||||||||||
Debt issuance costs | (32,706) | (51,184) | (10,901) | ||||||||||||||
Contributions from noncontrolling interests | 5,609 | 4,052 | 100,094 | ||||||||||||||
Proceeds received from exercise of employee share options and other | 885 | 899 | 5,862 | ||||||||||||||
Repurchase of shares related to stock compensation agreements and related tax withholdings and other | (85) | (1,567) | (137) | ||||||||||||||
Purchase of marketable securities in connection with defeasance of mortgage payable | — | (973,729) | — | ||||||||||||||
Redemption of preferred shares | — | (300,000) | — | ||||||||||||||
Proceeds from the issuance of preferred shares | — | 291,153 | 291,182 | ||||||||||||||
Moynihan Train Hall reimbursement from Empire State Development | — | — | 395,051 | ||||||||||||||
Net cash used in financing activities | (801,274) | (29,477) | (213,202) | ||||||||||||||
Net (decrease) increase in cash and cash equivalents and restricted cash | (909,194) | 199,982 | 123,238 | ||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | 1,930,351 | 1,730,369 | 1,607,131 | ||||||||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 1,021,157 | $ | 1,930,351 | $ | 1,730,369 |
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | |||||||||||||||||
Cash and cash equivalents at beginning of period | $ | 1,760,225 | $ | 1,624,482 | $ | 1,515,012 | |||||||||||
Restricted cash at beginning of period | 170,126 | 105,887 | 92,119 | ||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | $ | 1,930,351 | $ | 1,730,369 | $ | 1,607,131 | |||||||||||
Cash and cash equivalents at end of period | $ | 889,689 | $ | 1,760,225 | $ | 1,624,482 | |||||||||||
Restricted cash at end of period | 131,468 | 170,126 | 105,887 | ||||||||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 1,021,157 | $ | 1,930,351 | $ | 1,730,369 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Supplemental Disclosure of Cash Flow Information: | |||||||||||||||||
Cash payments for interest, excluding capitalized interest of $19,085, $38,320 and $40,855 | $ | 252,371 | $ | 188,587 | $ | 210,052 | |||||||||||
Cash payments for income taxes | $ | 7,947 | $ | 9,155 | $ | 15,105 | |||||||||||
Non-Cash Information: | |||||||||||||||||
Additional estimated lease liability arising from the recognition of right-of-use asset | $ | 350,000 | $ | — | $ | — | |||||||||||
Write-off of fully depreciated assets | (278,561) | (123,537) | (189,250) | ||||||||||||||
Redeemable Class A unit measurement adjustment | 221,145 | (76,073) | 344,043 | ||||||||||||||
Change in fair value of consolidated interest rate swaps and other | 190,494 | 51,337 | (29,972) | ||||||||||||||
Accrued capital expenditures included in accounts payable and accrued expenses | 104,750 | 291,690 | 117,641 | ||||||||||||||
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | 32,604 | 16,014 | 388,280 | ||||||||||||||
Increase in assets and liabilities resulting from the consolidation of One Park Avenue: | |||||||||||||||||
Real estate | — | 566,013 | — | ||||||||||||||
Identified intangible assets | — | 139,545 | — | ||||||||||||||
Mortgages payable | — | 525,000 | — | ||||||||||||||
Deferred revenue | — | 18,884 | — | ||||||||||||||
Marketable securities transferred in connection with the defeasance of mortgage payable | — | (973,729) | — | ||||||||||||||
Defeasance of mortgage payable | — | 950,000 | — | ||||||||||||||
Reclassification of assets held for sale (included in "other assets") | — | 80,005 | — | ||||||||||||||
Decrease in assets and liabilities resulting from the deconsolidation of Moynihan Train Hall: | |||||||||||||||||
Real estate, net | — | — | (1,291,804) | ||||||||||||||
Moynihan Train Hall Obligation | — | — | (1,291,804) |
(Amounts in thousands, except unit amounts) | As of December 31, | ||||||||||
2022 | 2021 | ||||||||||
ASSETS | |||||||||||
Real estate, at cost: | |||||||||||
Land | $ | 2,451,828 | $ | 2,540,193 | |||||||
Buildings and improvements | 9,804,204 | 9,839,166 | |||||||||
Development costs and construction in progress | 933,334 | 718,694 | |||||||||
Leasehold improvements and equipment | 125,389 | 119,792 | |||||||||
Total | 13,314,755 | 13,217,845 | |||||||||
Less accumulated depreciation and amortization | (3,470,991) | (3,376,347) | |||||||||
Real estate, net | 9,843,764 | 9,841,498 | |||||||||
Right-of-use assets | 684,380 | 337,197 | |||||||||
Cash and cash equivalents | 889,689 | 1,760,225 | |||||||||
Restricted cash | 131,468 | 170,126 | |||||||||
Investments in U.S. Treasury bills | 471,962 | — | |||||||||
Tenant and other receivables | 81,170 | 79,661 | |||||||||
Investments in partially owned entities | 2,665,073 | 3,297,389 | |||||||||
Real estate fund investments | — | 7,730 | |||||||||
220 Central Park South condominium units ready for sale | 43,599 | 57,142 | |||||||||
Receivable arising from the straight-lining of rents | 694,972 | 656,318 | |||||||||
Deferred leasing costs, net of accumulated amortization of $237,395 and $211,775 | 373,555 | 391,693 | |||||||||
Identified intangible assets, net of accumulated amortization of $98,139 and $97,186 | 139,638 | 154,895 | |||||||||
Other assets | 474,105 | 512,714 | |||||||||
$ | 16,493,375 | $ | 17,266,588 | ||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||||||
Mortgages payable, net | $ | 5,829,018 | $ | 6,053,343 | |||||||
Senior unsecured notes, net | 1,191,832 | 1,189,792 | |||||||||
Unsecured term loan, net | 793,193 | 797,812 | |||||||||
Unsecured revolving credit facilities | 575,000 | 575,000 | |||||||||
Lease liabilities | 735,969 | 370,206 | |||||||||
Accounts payable and accrued expenses | 450,881 | 613,497 | |||||||||
Deferred revenue | 39,882 | 48,118 | |||||||||
Deferred compensation plan | 96,322 | 110,174 | |||||||||
Other liabilities | 268,166 | 304,725 | |||||||||
Total liabilities | 9,980,263 | 10,062,667 | |||||||||
Commitments and contingencies | |||||||||||
Redeemable noncontrolling interests: | |||||||||||
Class A units - 14,416,891 and 14,033,438 units outstanding | 345,157 | 587,440 | |||||||||
Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 | |||||||||
Total redeemable noncontrolling partnership units | 348,692 | 590,975 | |||||||||
Redeemable noncontrolling interest in a consolidated subsidiary | 88,040 | 97,708 | |||||||||
Total redeemable noncontrolling interests | 436,732 | 688,683 | |||||||||
Partners' equity: | |||||||||||
Partners' capital | 9,559,341 | 9,333,200 | |||||||||
Earnings less than distributions | (3,894,580) | (3,079,320) | |||||||||
Accumulated other comprehensive income (loss) | 174,967 | (17,534) | |||||||||
Total partners' equity | 5,839,728 | 6,236,346 | |||||||||
Noncontrolling interests in consolidated subsidiaries | 236,652 | 278,892 | |||||||||
Total equity | 6,076,380 | 6,515,238 | |||||||||
$ | 16,493,375 | $ | 17,266,588 | ||||||||
(Amounts in thousands, except per unit amounts) | For the Year Ended December 31, | ||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
REVENUES: | |||||||||||||||||
Rental revenues | $ | 1,607,685 | $ | 1,424,531 | $ | 1,377,635 | |||||||||||
Fee and other income | 192,310 | 164,679 | 150,316 | ||||||||||||||
Total revenues | 1,799,995 | 1,589,210 | 1,527,951 | ||||||||||||||
EXPENSES: | |||||||||||||||||
Operating | (873,911) | (797,315) | (789,066) | ||||||||||||||
Depreciation and amortization | (504,502) | (412,347) | (399,695) | ||||||||||||||
General and administrative | (133,731) | (134,545) | (181,509) | ||||||||||||||
Benefit (expense) from deferred compensation plan liability | 9,617 | (9,847) | (6,443) | ||||||||||||||
Impairment losses, transaction related costs and other | (31,722) | (13,815) | (174,027) | ||||||||||||||
Total expenses | (1,534,249) | (1,367,869) | (1,550,740) | ||||||||||||||
(Loss) income from partially owned entities | (461,351) | 130,517 | (329,112) | ||||||||||||||
Income (loss) from real estate fund investments | 3,541 | 11,066 | (226,327) | ||||||||||||||
Interest and other investment income (loss), net | 19,869 | 4,612 | (5,499) | ||||||||||||||
(Loss) income from deferred compensation plan assets | (9,617) | 9,847 | 6,443 | ||||||||||||||
Interest and debt expense | (279,765) | (231,096) | (229,251) | ||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | 100,625 | 50,770 | 381,320 | ||||||||||||||
(Loss) income before income taxes | (360,952) | 197,057 | (425,215) | ||||||||||||||
Income tax (expense) benefit | (21,660) | 10,496 | (36,630) | ||||||||||||||
Net (loss) income | (382,612) | 207,553 | (461,845) | ||||||||||||||
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 5,737 | (24,014) | 139,894 | ||||||||||||||
Net (loss) income attributable to Vornado Realty L.P. | (376,875) | 183,539 | (321,951) | ||||||||||||||
Preferred unit distributions | (62,231) | (66,035) | (51,904) | ||||||||||||||
Series K preferred unit issuance costs | — | (9,033) | — | ||||||||||||||
NET (LOSS) INCOME attributable to Class A unitholders | $ | (439,106) | $ | 108,471 | $ | (373,855) | |||||||||||
(LOSS) INCOME PER CLASS A UNIT - BASIC: | |||||||||||||||||
Net (loss) income per Class A unit | $ | (2.15) | $ | 0.52 | $ | (1.86) | |||||||||||
Weighted average units outstanding | 205,315 | 204,728 | 203,503 | ||||||||||||||
(LOSS) INCOME PER CLASS A UNIT - DILUTED: | |||||||||||||||||
Net (loss) income per Class A unit | $ | (2.15) | $ | 0.51 | $ | (1.86) | |||||||||||
Weighted average units outstanding | 205,315 | 205,644 | 203,503 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Net (loss) income | $ | (382,612) | $ | 207,553 | $ | (461,845) | |||||||||||
Other comprehensive income (loss): | |||||||||||||||||
Change in fair value of interest rate swaps and other | 190,493 | 51,338 | (29,971) | ||||||||||||||
Other comprehensive income (loss) of nonconsolidated subsidiaries | 18,874 | 10,275 | (14,342) | ||||||||||||||
Comprehensive (loss) income | (173,245) | 269,166 | (506,158) | ||||||||||||||
Less comprehensive loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 3,121 | (24,014) | 139,894 | ||||||||||||||
Comprehensive (loss) income attributable to Vornado Realty L.P. | $ | (170,124) | $ | 245,152 | $ | (366,264) |
(Amounts in thousands, except per unit amount) | Non- controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Accumulated Other Comprehensive (Loss) Income | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | 48,793 | $ | 1,182,459 | 191,724 | $ | 8,150,741 | $ | (3,079,320) | $ | (17,534) | $ | 278,892 | $ | 6,515,238 | ||||||||||||||||||||||||||||||||||||
Net loss attributable to Vornado Realty L.P. | — | — | — | — | (376,875) | — | — | (376,875) | ||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to redeemable partnership units | — | — | — | — | 30,376 | — | — | 30,376 | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 3,931 | 3,931 | ||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($2.12 per unit) | — | — | — | — | (406,562) | — | — | (406,562) | ||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 11 for distributions per unit amounts) | — | — | — | — | (62,116) | — | — | (62,116) | ||||||||||||||||||||||||||||||||||||||||||
Class A Units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 117 | 3,524 | — | — | — | 3,524 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | — | — | — | 7 | — | — | — | 7 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 28 | 878 | — | — | — | 878 | ||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 5,609 | 5,609 | ||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (54,388) | (54,388) | ||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | (2) | 588 | (85) | — | — | 503 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 18,874 | — | 18,874 | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | — | — | — | — | — | 190,494 | — | 190,494 | ||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | 221,145 | — | — | — | 221,145 | ||||||||||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | (16,866) | 2,616 | (14,250) | ||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | (1) | 2 | (1) | (8) | (8) | ||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | 48,793 | $ | 1,182,459 | 191,867 | $ | 8,376,882 | $ | (3,894,580) | $ | 174,967 | $ | 236,652 | $ | 6,076,380 |
(Amounts in thousands, except per unit amounts) | Non- controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Accumulated Other Comprehensive Loss | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 48,793 | $ | 1,182,339 | 191,355 | $ | 8,200,140 | $ | (2,774,182) | $ | (75,099) | $ | 414,957 | $ | 6,948,155 | ||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | — | — | — | — | 183,539 | — | — | 183,539 | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | — | — | — | — | (7,540) | — | — | (7,540) | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 20,826 | 20,826 | ||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($2.12 per unit) | — | — | — | — | (406,109) | — | — | (406,109) | ||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 11 for distributions per unit amounts) | — | — | — | — | (65,880) | — | — | (65,880) | ||||||||||||||||||||||||||||||||||||||||||
Series O cumulative redeemable preferred units issuance | 12,000 | 291,153 | — | — | — | — | — | 291,153 | ||||||||||||||||||||||||||||||||||||||||||
Class A Units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 350 | 14,576 | — | — | — | 14,576 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | — | — | 1 | 22 | — | — | — | 22 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 21 | 877 | — | — | — | 877 | ||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 4,052 | 4,052 | ||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (160,975) | (160,975) | ||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred units to Class A units | — | (13) | 1 | 13 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | (4) | 906 | (114) | — | — | 792 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 10,275 | — | 10,275 | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps | — | — | — | — | — | 51,337 | — | 51,337 | ||||||||||||||||||||||||||||||||||||||||||
Unearned 2018 Out-Performance Plan awards acceleration | — | — | — | 10,283 | — | — | — | 10,283 | ||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | (76,073) | — | — | — | (76,073) | ||||||||||||||||||||||||||||||||||||||||||
Series K cumulative redeemable preferred units called for redemption | (12,000) | (290,967) | — | — | (9,033) | — | — | (300,000) | ||||||||||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | (4,048) | — | (4,048) | ||||||||||||||||||||||||||||||||||||||||||
Other | — | (53) | — | (3) | (1) | 1 | 32 | (24) | ||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | 48,793 | $ | 1,182,459 | 191,724 | $ | 8,150,741 | $ | (3,079,320) | $ | (17,534) | $ | 278,892 | $ | 6,515,238 |
(Amounts in thousands, except per unit amount) | Non- controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Accumulated Other Comprehensive Loss | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | 36,796 | $ | 891,214 | 190,986 | $ | 7,835,315 | $ | (1,954,266) | $ | (40,233) | $ | 578,948 | $ | 7,310,978 | ||||||||||||||||||||||||||||||||||||
— | — | — | — | (16,064) | — | — | (16,064) | |||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Vornado Realty L.P. | — | — | — | — | (321,951) | — | — | (321,951) | ||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to redeemable partnership units | — | — | — | — | 24,946 | — | — | 24,946 | ||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | (140,438) | (140,438) | ||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($2.38 per unit) | — | — | — | — | (454,939) | — | — | (454,939) | ||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 11 for distributions per unit amounts) | — | — | — | — | (51,739) | — | — | (51,739) | ||||||||||||||||||||||||||||||||||||||||||
Series N cumulative redeemable preferred units issuance | 12,000 | 291,182 | — | — | — | — | — | 291,182 | ||||||||||||||||||||||||||||||||||||||||||
Class A Units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 236 | 9,266 | — | — | — | 9,266 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | — | — | 69 | 3,517 | — | — | — | 3,517 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 47 | 2,345 | — | — | — | 2,345 | ||||||||||||||||||||||||||||||||||||||||||
Contributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | 3,389 | 3,389 | ||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | 4,305 | 4,305 | ||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (33,007) | (33,007) | ||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred units to Class A units | (3) | (57) | 4 | 57 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | 13 | 1,306 | (137) | — | — | 1,169 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | (14,342) | — | (14,342) | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps | — | — | — | — | — | (29,972) | — | (29,972) | ||||||||||||||||||||||||||||||||||||||||||
Unearned 2017 Out-Performance Plan awards acceleration | — | — | — | 10,824 | — | — | — | 10,824 | ||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | 344,043 | — | — | — | 344,043 | ||||||||||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | 2,914 | — | 2,914 | ||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | (6,533) | (32) | 6,534 | 1,760 | 1,729 | ||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 48,793 | $ | 1,182,339 | 191,355 | $ | 8,200,140 | $ | (2,774,182) | $ | (75,099) | $ | 414,957 | $ | 6,948,155 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||
Net (loss) income | $ | (382,612) | $ | 207,553 | $ | (461,845) | |||||||||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization (including amortization of deferred financing costs) | 526,306 | 432,594 | 417,942 | ||||||||||||||
Equity in net loss (income) of partially owned entities | 461,351 | (130,517) | 329,112 | ||||||||||||||
Distributions of income from partially owned entities | 184,501 | 214,521 | 175,246 | ||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | (100,625) | (50,770) | (381,320) | ||||||||||||||
Straight-lining of rents | (46,177) | 8,644 | 24,404 | ||||||||||||||
Stock-based compensation expense | 29,249 | 38,329 | 48,677 | ||||||||||||||
Real estate impairment losses | 19,098 | 7,880 | 236,286 | ||||||||||||||
Change in deferred tax liability | 14,005 | 11,243 | (96) | ||||||||||||||
Amortization of below-market leases, net | (5,178) | (9,249) | (16,878) | ||||||||||||||
Return of capital from real estate fund investments | 5,141 | 5,104 | — | ||||||||||||||
Net realized and unrealized loss (income) on real estate fund investments | 2,589 | (4,621) | 226,107 | ||||||||||||||
Write-off of lease receivables deemed uncollectible | 872 | 7,695 | 63,204 | ||||||||||||||
Defeasance cost in connection with refinancing of mortgage payable | — | 23,729 | — | ||||||||||||||
Non-cash gain on extinguishment of 608 Fifth Avenue lease liability | — | — | (70,260) | ||||||||||||||
Credit losses on loans receivable | — | — | 13,369 | ||||||||||||||
Decrease in fair value of marketable securities | — | — | 4,938 | ||||||||||||||
Other non-cash adjustments | 3,090 | (3,875) | 6,835 | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Real estate fund investments | — | (4,474) | (7,197) | ||||||||||||||
Tenant and other receivables | (4,437) | (187) | (5,330) | ||||||||||||||
Prepaid assets | 104,186 | 30,466 | (137,452) | ||||||||||||||
Other assets | (34,615) | (54,716) | (52,832) | ||||||||||||||
Accounts payable and accrued expenses | 5,718 | 35,856 | 14,868 | ||||||||||||||
Other liabilities | 16,482 | (3,399) | (3,538) | ||||||||||||||
Net cash provided by operating activities | 798,944 | 761,806 | 424,240 | ||||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||
Purchase of U.S. Treasury bills | (1,066,096) | — | — | ||||||||||||||
Development costs and construction in progress | (737,999) | (585,940) | (601,920) | ||||||||||||||
Proceeds from maturities of U.S. Treasury bills | 597,499 | — | — | ||||||||||||||
Proceeds from sales of real estate | 373,264 | 100,024 | — | ||||||||||||||
Additions to real estate | (159,796) | (149,461) | (155,738) | ||||||||||||||
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South | 88,019 | 137,404 | 1,044,260 | ||||||||||||||
Distributions of capital from partially owned entities | 34,417 | 106,005 | 2,389 | ||||||||||||||
Investments in partially owned entities | (33,172) | (14,997) | (8,959) | ||||||||||||||
Acquisitions of real estate and other | (3,000) | (3,000) | (1,156) | ||||||||||||||
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) | — | (123,936) | — | ||||||||||||||
Proceeds from repayments of loan receivables | — | 1,554 | — | ||||||||||||||
Moynihan Train Hall expenditures | — | — | (395,051) | ||||||||||||||
Proceeds from sales of marketable securities | — | — | 28,375 | ||||||||||||||
Net cash used in investing activities | (906,864) | (532,347) | (87,800) |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||
Repayments of borrowings | $ | (1,251,373) | $ | (1,584,243) | $ | (1,067,564) | |||||||||||
Proceeds from borrowings | 1,029,773 | 3,248,007 | 1,056,315 | ||||||||||||||
Distributions to Vornado | (406,562) | (406,109) | (827,319) | ||||||||||||||
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (84,699) | (190,876) | (91,514) | ||||||||||||||
Distributions to preferred unitholders | (62,116) | (65,880) | (64,271) | ||||||||||||||
Debt issuance costs | (32,706) | (51,184) | (10,901) | ||||||||||||||
Contributions from noncontrolling interests in consolidated subsidiaries | 5,609 | 4,052 | 100,094 | ||||||||||||||
Proceeds received from exercise of Vornado stock options and other | 885 | 899 | 5,862 | ||||||||||||||
Repurchase of Class A units related to stock compensation agreements and related tax withholdings and other | (85) | (1,567) | (137) | ||||||||||||||
Purchase of marketable securities in connection with defeasance of mortgage payable | — | (973,729) | — | ||||||||||||||
Redemption of preferred units | — | (300,000) | — | ||||||||||||||
Proceeds from the issuance of preferred units | — | 291,153 | 291,182 | ||||||||||||||
Moynihan Train Hall reimbursement from Empire State Development | — | — | 395,051 | ||||||||||||||
Net cash used in financing activities | (801,274) | (29,477) | (213,202) | ||||||||||||||
Net (decrease) increase in cash and cash equivalents and restricted cash | (909,194) | 199,982 | 123,238 | ||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | 1,930,351 | 1,730,369 | 1,607,131 | ||||||||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 1,021,157 | $ | 1,930,351 | $ | 1,730,369 |
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | |||||||||||||||||
Cash and cash equivalents at beginning of period | $ | 1,760,225 | $ | 1,624,482 | $ | 1,515,012 | |||||||||||
Restricted cash at beginning of period | 170,126 | 105,887 | 92,119 | ||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | $ | 1,930,351 | $ | 1,730,369 | $ | 1,607,131 | |||||||||||
Cash and cash equivalents at end of period | $ | 889,689 | $ | 1,760,225 | $ | 1,624,482 | |||||||||||
Restricted cash at end of period | 131,468 | 170,126 | 105,887 | ||||||||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 1,021,157 | $ | 1,930,351 | $ | 1,730,369 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Supplemental Disclosure of Cash Flow Information: | |||||||||||||||||
Cash payments for interest, excluding capitalized interest of $19,085, $38,320 and $40,855 | $ | 252,371 | $ | 188,587 | $ | 210,052 | |||||||||||
Cash payments for income taxes | $ | 7,947 | $ | 9,155 | $ | 15,105 | |||||||||||
Non-Cash Information: | |||||||||||||||||
Additional estimated lease liability arising from the recognition of right-of-use asset | $ | 350,000 | $ | — | $ | — | |||||||||||
Write-off of fully depreciated assets | (278,561) | (123,537) | (189,250) | ||||||||||||||
Redeemable Class A unit measurement adjustment | 221,145 | (76,073) | 344,043 | ||||||||||||||
Change in fair value of consolidated interest rate swaps and other | 190,494 | 51,337 | (29,972) | ||||||||||||||
Accrued capital expenditures included in accounts payable and accrued expenses | 104,750 | 291,690 | 117,641 | ||||||||||||||
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | 32,604 | 16,014 | 388,280 | ||||||||||||||
Increase in assets and liabilities resulting from the consolidation of One Park Avenue: | |||||||||||||||||
Real estate | — | 566,013 | — | ||||||||||||||
Identified intangible assets | — | 139,545 | — | ||||||||||||||
Mortgages payable | — | 525,000 | — | ||||||||||||||
Deferred revenue | — | 18,884 | — | ||||||||||||||
Marketable securities transferred in connection with the defeasance of mortgage payable | — | (973,729) | — | ||||||||||||||
Defeasance of mortgage payable | — | 950,000 | — | ||||||||||||||
Reclassification of assets held for sale (included in "other assets") | — | 80,005 | — | ||||||||||||||
Decrease in assets and liabilities resulting from the deconsolidation of Moynihan Train Hall: | — | — | — | ||||||||||||||
Real estate, net | — | — | (1,291,804) | ||||||||||||||
Moynihan Train Hall Obligation | — | — | (1,291,804) |
(Amounts in thousands) | For the Year Ended December 31, 2022 | |||||||||||||||||||
Total | New York | Other | ||||||||||||||||||
Property rentals | $ | 1,510,648 | $ | 1,230,851 | $ | 279,797 | ||||||||||||||
Trade shows(1) | 32,669 | — | 32,669 | |||||||||||||||||
1,543,317 | 1,230,851 | 312,466 | ||||||||||||||||||
Tenant services | 45,211 | 33,351 | 11,860 | |||||||||||||||||
Parking revenues | 19,157 | 15,979 | 3,178 | |||||||||||||||||
Rental revenues | 1,607,685 | 1,280,181 | 327,504 | |||||||||||||||||
BMS cleaning fees | 137,673 | 146,530 | (8,857) | (3) | ||||||||||||||||
Management and leasing fees | 11,039 | 11,645 | (606) | |||||||||||||||||
Other income | 43,598 | 11,086 | 32,512 | |||||||||||||||||
Fee and other income | 192,310 | 169,261 | 23,049 | |||||||||||||||||
Total revenues | $ | 1,799,995 | $ | 1,449,442 | $ | 350,553 |
(Amounts in thousands) | For the Year Ended December 31, 2021 | |||||||||||||||||||
Total | New York | Other | ||||||||||||||||||
Property rentals | $ | 1,354,209 | $ | 1,071,816 | $ | 282,393 | ||||||||||||||
Trade shows(1) | 19,482 | — | 19,482 | |||||||||||||||||
Lease revenues(2) | 1,373,691 | 1,071,816 | 301,875 | |||||||||||||||||
Tenant services | 37,449 | 26,048 | 11,401 | |||||||||||||||||
Parking revenues | 13,391 | 11,370 | 2,021 | |||||||||||||||||
Rental revenues | 1,424,531 | 1,109,234 | 315,297 | |||||||||||||||||
BMS cleaning fees | 119,780 | 126,891 | (7,111) | (3) | ||||||||||||||||
Management and leasing fees | 11,725 | 12,177 | (452) | |||||||||||||||||
Other income | 33,174 | 9,297 | 23,877 | |||||||||||||||||
Fee and other income | 164,679 | 148,365 | 16,314 | |||||||||||||||||
Total revenues | $ | 1,589,210 | $ | 1,257,599 | $ | 331,611 |
(Amounts in thousands) | For the Year Ended December 31, 2020 | |||||||||||||||||||
Total | New York | Other | ||||||||||||||||||
Property rentals | $ | 1,323,347 | $ | 1,051,009 | $ | 272,338 | ||||||||||||||
Hotel Pennsylvania(4) | 8,741 | 8,741 | — | |||||||||||||||||
Trade shows(1) | 11,303 | — | 11,303 | |||||||||||||||||
Lease revenues(2) | 1,343,391 | 1,059,750 | 283,641 | |||||||||||||||||
Tenant services | 34,244 | 23,750 | 10,494 | |||||||||||||||||
Rental revenues | 1,377,635 | 1,083,500 | 294,135 | |||||||||||||||||
BMS cleaning fees | 105,536 | 112,112 | (6,576) | (3) | ||||||||||||||||
Management and leasing fees | 19,416 | 19,508 | (92) | |||||||||||||||||
Other income | 25,364 | 6,628 | 18,736 | |||||||||||||||||
Fee and other income | 150,316 | 138,248 | 12,068 | |||||||||||||||||
Total revenues | $ | 1,527,951 | $ | 1,221,748 | $ | 306,203 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Fixed billings | $ | 1,376,527 | $ | 1,277,645 | $ | 1,292,174 | |||||||||||
Variable billings | 122,947 | 108,850 | 126,907 | ||||||||||||||
Total contractual operating lease billings | 1,499,474 | 1,386,495 | 1,419,081 | ||||||||||||||
Adjustment for straight-line rents and amortization of acquired below-market leases and other, net | 44,715 | (5,109) | (12,486) | ||||||||||||||
Less: write-off of straight-line rent and tenant receivables deemed uncollectible | (872) | (7,695) | (63,204) | ||||||||||||||
Lease revenues | $ | 1,543,317 | $ | 1,373,691 | $ | 1,343,391 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Previously recorded unrealized loss on exited investments | $ | 59,396 | $ | — | $ | — | |||||||||||
Realized (loss) income on exited investments | (54,255) | 1,364 | — | ||||||||||||||
Net unrealized (loss) income on held investments | (7,730) | 3,257 | (226,107) | ||||||||||||||
Net investment income (loss) | 6,130 | 6,445 | (220) | ||||||||||||||
Income (loss) from real estate fund investments | 3,541 | 11,066 | (226,327) | ||||||||||||||
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (1,870) | (7,309) | 163,213 | ||||||||||||||
Income (loss) from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ | 1,671 | $ | 3,757 | $ | (63,114) | |||||||||||
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||
2022 | 2021 | ||||||||||
Beginning balance | $ | 7,730 | $ | 3,739 | |||||||
Previously recorded unrealized loss on exited investments | 59,396 | — | |||||||||
Realized (loss) income on exited investments | (54,255) | 1,364 | |||||||||
Net unrealized (loss) income on held investments | (7,730) | 3,257 | |||||||||
Dispositions | (5,141) | (5,104) | |||||||||
Purchases/additional fundings | — | 4,474 | |||||||||
Ending balance | $ | — | $ | 7,730 |
(Amounts in thousands) | Percentage Ownership at December 31, 2022 | Balance as of December 31, | |||||||||||||||
2022 | 2021 | ||||||||||||||||
Investments: | |||||||||||||||||
Fifth Avenue and Times Square JV (see page 89 for details) | 51.5% | $ | 2,272,320 | $ | 2,770,633 | ||||||||||||
Partially owned office buildings/land(1) | Various | 182,180 | 299,101 | ||||||||||||||
Alexander’s (see page 90 for details) | 32.4% | 87,796 | 91,405 | ||||||||||||||
Other investments(2) | Various | 122,777 | 136,250 | ||||||||||||||
$ | 2,665,073 | $ | 3,297,389 | ||||||||||||||
Investments in partially owned entities included in other liabilities(3): | |||||||||||||||||
7 West 34th Street | 53.0% | $ | (65,522) | $ | (60,918) | ||||||||||||
85 Tenth Avenue | 49.9% | (16,006) | (18,067) | ||||||||||||||
$ | (81,528) | $ | (78,985) |
(Amounts in thousands) | Percentage Ownership at December 31, 2022 | For the Year Ended December 31, | |||||||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||||||||
Our share of net (loss) income: | |||||||||||||||||||||||
Fifth Avenue and Times Square JV (see page 89 for details) | |||||||||||||||||||||||
Non-cash impairment loss | 51.5% | $ | (489,859) | $ | — | $ | (413,349) | ||||||||||||||||
Equity in net income(1) | 55,248 | 47,144 | 21,063 | ||||||||||||||||||||
Return on preferred equity, net of our share of the expense | 37,416 | 37,416 | 37,357 | ||||||||||||||||||||
(397,195) | 84,560 | (354,929) | |||||||||||||||||||||
Alexander's (see page 90 for details): | |||||||||||||||||||||||
Equity in net income(2) | 32.4% | 18,439 | 20,116 | 13,326 | |||||||||||||||||||
Net gain on sale of land | — | 14,576 | — | ||||||||||||||||||||
Management, leasing and development fees | 4,534 | 5,429 | 5,309 | ||||||||||||||||||||
22,973 | 40,121 | 18,635 | |||||||||||||||||||||
Partially owned office buildings(3) | Various | (110,261) | 6,384 | 11,943 | |||||||||||||||||||
Other investments(4) | Various | 23,132 | (548) | (4,761) | |||||||||||||||||||
$ | (461,351) | $ | 130,517 | $ | (329,112) |
(Amounts in thousands) | Percentage Ownership at December 31, 2022 | Maturity | Weighted Average Interest Rate at December 31, 2022(1) | 100% Partially Owned Entities’ Debt(2) at December 31, | |||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||
Mortgages Payable: | |||||||||||||||||||||||||||||
Partially owned office buildings(3) | Various | 2023-2029 | 4.82% | $ | 3,288,977 | $ | 3,297,999 | ||||||||||||||||||||||
Alexander's | 32.4% | 2024-2027 | 4.12% | 1,096,544 | 1,096,544 | ||||||||||||||||||||||||
Fifth Avenue and Times Square JV(4) | 51.5% | 2022-2024 | 5.55% | 921,000 | 950,000 | ||||||||||||||||||||||||
Other(5) | Various | 2023-2032 | 5.14% | 1,377,492 | 1,342,162 |
(Amounts in thousands) | As of December 31, | ||||||||||
2022 | 2021 | ||||||||||
Balance Sheet: | |||||||||||
Assets | $ | 12,012,000 | $ | 12,689,000 | |||||||
Liabilities | 7,519,000 | 7,553,000 | |||||||||
Noncontrolling interests | 2,095,000 | 2,069,000 | |||||||||
Equity | 2,398,000 | 3,067,000 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Income Statement: | |||||||||||||||||
Total revenue | $ | 1,189,000 | $ | 1,184,000 | $ | 1,163,000 | |||||||||||
Net (loss) income | (404,000) | 190,000 | 45,000 | ||||||||||||||
Net (loss) income attributable to the entities | (483,000) | 114,000 | (33,000) |
(Amounts in thousands) | Balance as of December 31, | ||||||||||
2022 | 2021 | ||||||||||
Identified intangible assets: | |||||||||||
Gross amount | $ | 237,777 | $ | 252,081 | |||||||
Accumulated amortization | (98,139) | (97,186) | |||||||||
Total, net | $ | 139,638 | $ | 154,895 | |||||||
Identified intangible liabilities (included in deferred revenue): | |||||||||||
Gross amount | $ | 244,396 | $ | 256,065 | |||||||
Accumulated amortization | (208,592) | (212,245) | |||||||||
Total, net | $ | 35,804 | $ | 43,820 |
(Amounts in thousands) | |||||
2023 | $ | 5,471 | |||
2024 | 2,352 | ||||
2025 | 941 | ||||
2026 | 299 | ||||
2027 | (148) |
(Amounts in thousands) | |||||
2023 | $ | 7,948 | |||
2024 | 7,128 | ||||
2025 | 6,077 | ||||
2026 | 5,884 | ||||
2027 | 5,449 |
(Amounts in thousands) | Notional Amount | All-In Swapped Rate | Swap Expiration Date | Variable Rate Spread | ||||||||||||||||||||||
770 Broadway mortgage loan | $ | 700,000 | 4.98% | 07/27 | S+225 | |||||||||||||||||||||
Unsecured revolving credit facility | 575,000 | 3.88% | 08/27 | S+115 | ||||||||||||||||||||||
Unsecured term loan(1)(2) | 50,000 | 4.04% | 08/27 | S+130 | ||||||||||||||||||||||
Unsecured term loan (effective 10/23)(2) | 500,000 | 4.39% | 10/26 | S+130 | ||||||||||||||||||||||
100 West 33rd Street mortgage loan | 480,000 | 5.06% | 06/27 | S+165 | ||||||||||||||||||||||
888 Seventh Avenue mortgage loan(3) | 200,000 | 4.76% | 09/27 | S+180 |
(Amounts in thousands) | Weighted Average Interest Rate at December 31, 2022(1) | Balance as of December 31, | |||||||||||||||
2022 | 2021 | ||||||||||||||||
Mortgages Payable: | |||||||||||||||||
Fixed rate | 3.63% | $ | 3,570,000 | $ | 2,190,000 | ||||||||||||
Variable rate(2) | 5.67% | 2,307,615 | 3,909,215 | ||||||||||||||
Total | 4.43% | 5,877,615 | 6,099,215 | ||||||||||||||
Deferred financing costs, net and other | (48,597) | (45,872) | |||||||||||||||
Total, net | $ | 5,829,018 | $ | 6,053,343 | |||||||||||||
Unsecured Debt: | |||||||||||||||||
Senior unsecured notes | 3.02% | $ | 1,200,000 | $ | 1,200,000 | ||||||||||||
Deferred financing costs, net and other | (8,168) | (10,208) | |||||||||||||||
Senior unsecured notes, net | 1,191,832 | 1,189,792 | |||||||||||||||
Unsecured term loan | 4.05% | 800,000 | 800,000 | ||||||||||||||
Deferred financing costs, net and other | (6,807) | (2,188) | |||||||||||||||
Unsecured term loan, net | 793,193 | 797,812 | |||||||||||||||
Unsecured revolving credit facilities | 3.88% | 575,000 | 575,000 | ||||||||||||||
Total, net | $ | 2,560,025 | $ | 2,562,604 |
(Amounts in thousands) | Mortgages Payable | Unsecured Debt | |||||||||
Year Ended December 31, | |||||||||||
2023 | $ | 21,600 | $ | — | |||||||
2024 | 396,415 | — | |||||||||
2025 | 854,600 | 450,000 | |||||||||
2026 | 525,000 | 400,000 | |||||||||
2027 | 1,580,000 | 1,375,000 | |||||||||
Thereafter | 2,500,000 | 350,000 |
(Amounts in thousands, except units and per unit amounts) | Balance as of December 31, | Units Outstanding as of December 31, | Per Unit Liquidation Preference | Preferred or Annual Distribution Rate | ||||||||||||||||||||||||||||||||||
Unit Series | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||
Common: | ||||||||||||||||||||||||||||||||||||||
Class A units held by third parties | $ | 345,157 | (1) | $ | 587,440 | (2) | 14,416,891 | 14,033,438 | n/a | $ | 2.12 | |||||||||||||||||||||||||||
Perpetual Preferred/Redeemable Preferred: | ||||||||||||||||||||||||||||||||||||||
3.25% D-17 Cumulative Redeemable(3) | $ | 3,535 | $ | 3,535 | 141,400 | 141,400 | $ | 25.00 | $ | 0.8125 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||
2022 | 2021 | ||||||||||
Beginning balance | $ | 590,975 | $ | 511,747 | |||||||
Net (loss) income | (30,376) | 7,540 | |||||||||
Other comprehensive income | 14,250 | 4,048 | |||||||||
Distributions | (30,311) | (29,901) | |||||||||
Redemption of Class A units for Vornado common shares, at redemption value | (3,524) | (14,576) | |||||||||
Redeemable Class A unit measurement adjustment | (221,145) | 76,073 | |||||||||
Other, net | 28,823 | 36,044 | |||||||||
Ending balance | $ | 348,692 | $ | 590,975 |
For the Year Ended December 31, | ||||||||||||||
(Amounts in thousands) | 2022 | 2021 | ||||||||||||
Beginning balance | $ | 97,708 | $ | 94,520 | ||||||||||
Net (loss) income | (9,668) | 3,188 | ||||||||||||
Ending balance | $ | 88,040 | $ | 97,708 |
(Amounts in thousands, except share/unit and per share/per unit amounts) | |||||||||||||||||||||||||||||
Per Share/Unit | |||||||||||||||||||||||||||||
Preferred Shares/Units | Balance | Shares/Units Outstanding | Liquidation Preference | Annual Dividend/ Distribution(1) | |||||||||||||||||||||||||
Convertible Preferred: | |||||||||||||||||||||||||||||
6.5% Series A: authorized 12,902 shares/units(2) | $ | 920 | 12,902 | $ | 50.00 | $ | 3.25 | ||||||||||||||||||||||
Cumulative Redeemable Preferred(3): | |||||||||||||||||||||||||||||
5.40% Series L: authorized 13,800,000 shares/units | 290,306 | 12,000,000 | 25.00 | 1.35 | |||||||||||||||||||||||||
5.25% Series M: authorized 13,800,000 shares/units | 308,946 | 12,780,000 | 25.00 | 1.3125 | |||||||||||||||||||||||||
5.25% Series N: authorized 12,000,000 shares/units | 291,134 | 12,000,000 | 25.00 | 1.3125 | |||||||||||||||||||||||||
4.45% Series O: authorized 12,000,000 shares/units | 291,153 | 12,000,000 | 25.00 | 1.1125 | |||||||||||||||||||||||||
$ | 1,182,459 | 48,792,902 |
(Amounts in thousands) | As of December 31, 2022 | ||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Investments in U.S. Treasury bills (1) | $ | 471,962 | $ | 471,962 | $ | — | $ | — | |||||||||||||||
Deferred compensation plan assets ($7,763 included in restricted cash and $88,559 in other assets) | 96,322 | 57,406 | — | 38,916 | |||||||||||||||||||
Loans receivable ($50,091 included in investments in partially owned entities and $4,306 in other assets) | 54,397 | — | — | 54,397 | |||||||||||||||||||
Interest rate swaps and caps (included in other assets) | 183,804 | — | 183,804 | — | |||||||||||||||||||
Total assets | $ | 806,485 | $ | 529,368 | $ | 183,804 | $ | 93,313 | |||||||||||||||
Mandatorily redeemable instruments (included in other liabilities) | $ | 49,383 | $ | 49,383 | $ | — | $ | — | |||||||||||||||
(Amounts in thousands) | As of December 31, 2021 | ||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Real estate fund investments | $ | 7,730 | $ | — | $ | — | $ | 7,730 | |||||||||||||||
Deferred compensation plan assets ($9,104 included in restricted cash and $101,070 in other assets) | 110,174 | 65,158 | — | 45,016 | |||||||||||||||||||
Loans receivable ($46,444 included in investments in partially owned entities and $3,738 in other assets) | 50,182 | — | — | 50,182 | |||||||||||||||||||
Interest rate swaps (included in other assets) | 18,929 | — | 18,929 | — | |||||||||||||||||||
Total assets | $ | 187,015 | $ | 65,158 | $ | 18,929 | $ | 102,928 | |||||||||||||||
Mandatorily redeemable instruments (included in other liabilities) | $ | 49,659 | $ | 49,659 | $ | — | $ | — | |||||||||||||||
Interest rate swaps (included in other liabilities) | 32,837 | — | 32,837 | — | |||||||||||||||||||
Total liabilities | $ | 82,496 | $ | 49,659 | $ | 32,837 | $ | — |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||
2022 | 2021 | ||||||||||
Beginning balance | $ | 45,016 | $ | 39,928 | |||||||
Purchases | 4,507 | 5,705 | |||||||||
Sales | (9,941) | (4,766) | |||||||||
Realized and unrealized (losses) gains | (3,781) | 2,250 | |||||||||
Other, net | 3,115 | 1,899 | |||||||||
Ending balance | $ | 38,916 | $ | 45,016 |
As of December 31, | |||||||||||
Unobservable Quantitative Input | 2022 | 2021 | |||||||||
Discount rates | 7.5% | 6.5% | |||||||||
Terminal capitalization rates | 5.5% | 5.0% |
For the Year Ended December 31, | |||||||||||||||||
(Amounts in thousands) | 2022 | 2021 | |||||||||||||||
Beginning balance | $ | 50,182 | $ | 47,743 | |||||||||||||
Interest accrual | 4,748 | 3,714 | |||||||||||||||
Paydowns | (533) | (1,275) | |||||||||||||||
Ending balance | $ | 54,397 | $ | 50,182 |
(Amounts in thousands) | Fair Value Asset (Liability) as of | |||||||||||||||||||||||||||||||
December 31, | As of December 31, 2022 | |||||||||||||||||||||||||||||||
2022 | 2021 | Notional Amount | All-In Swapped Rate | Swap Expiration Date | ||||||||||||||||||||||||||||
Interest Rate Swaps: | ||||||||||||||||||||||||||||||||
555 California Street mortgage loan | $ | 49,888 | $ | 11,814 | $ | 840,000 | (1) | 2.26% | 05/24 | |||||||||||||||||||||||
770 Broadway mortgage loan | 29,226 | — | 700,000 | 4.98% | 07/27 | |||||||||||||||||||||||||||
PENN 11 mortgage loan | 26,587 | 6,565 | 500,000 | 2.22% | 03/24 | |||||||||||||||||||||||||||
Unsecured revolving credit facility | 24,457 | — | 575,000 | 3.88% | 08/27 | |||||||||||||||||||||||||||
Unsecured term loan | 14,694 | (28,976) | 800,000 | 4.05% | (2) | |||||||||||||||||||||||||||
100 West 33rd Street mortgage loan | 6,886 | — | 480,000 | 5.06% | 06/27 | |||||||||||||||||||||||||||
888 Seventh Avenue mortgage loan | 6,544 | — | 200,000 | (3) | 4.76% | 09/27 | ||||||||||||||||||||||||||
Unsecured term loan (effective October 2023) | 6,330 | — | 500,000 | 4.39% | 10/26 | |||||||||||||||||||||||||||
4 Union Square South mortgage loan | 4,050 | (3,861) | 100,000 | (4) | 3.74% | 01/25 | ||||||||||||||||||||||||||
Interest Rate Caps: | ||||||||||||||||||||||||||||||||
1290 Avenue of the Americas mortgage loan | 7,590 | 411 | 950,000 | (5) | 11/23 | |||||||||||||||||||||||||||
One Park Avenue mortgage loan | 5,472 | — | 525,000 | (6) | 03/24 | |||||||||||||||||||||||||||
Various mortgage loans | 2,080 | 139 | ||||||||||||||||||||||||||||||
Included in other assets | $ | 183,804 | $ | 18,929 | ||||||||||||||||||||||||||||
Included in other liabilities | $ | — | $ | 32,837 |
December 31, 2022 | |||||||||||
Unobservable Quantitative Input | Range | Weighted Average (based on fair value of investments) | |||||||||
Discount rates | 7.50% - 8.00% | 7.52% | |||||||||
Terminal capitalization rates | 4.75% - 5.50% | 4.78% |
(Amounts in thousands) | As of December 31, 2022 | As of December 31, 2021 | |||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||
Cash equivalents | $ | 402,903 | $ | 403,000 | $ | 1,346,684 | $ | 1,347,000 | |||||||||||||||
Debt: | |||||||||||||||||||||||
Mortgages payable | $ | 5,877,615 | $ | 5,697,000 | $ | 6,099,215 | $ | 6,052,000 | |||||||||||||||
Senior unsecured notes | 1,200,000 | 1,021,000 | 1,200,000 | 1,230,000 | |||||||||||||||||||
Unsecured term loan | 800,000 | 800,000 | 800,000 | 800,000 | |||||||||||||||||||
Unsecured revolving credit facilities | 575,000 | 575,000 | 575,000 | 575,000 | |||||||||||||||||||
Total | $ | 8,452,615 | (1) | $ | 8,093,000 | $ | 8,674,215 | (1) | $ | 8,657,000 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
OP Units | $ | 21,086 | $ | 27,698 | $ | 33,431 | |||||||||||
LTPP Units | 5,145 | — | — | ||||||||||||||
OPPs | 1,906 | 8,629 | 9,579 | ||||||||||||||
AO LTIP Units | 430 | 877 | 3,955 | ||||||||||||||
Vornado stock options | 296 | 456 | 656 | ||||||||||||||
Vornado restricted stock | 292 | 450 | 649 | ||||||||||||||
Performance Conditioned AO LTIP Units | 94 | 219 | 407 | ||||||||||||||
$ | 29,249 | $ | 38,329 | $ | 48,677 |
(Amounts in thousands) | As of December 31, 2022 | Weighted-Average Remaining Contractual Term | |||||||||
OP Units | $ | 7,834 | 1.4 | ||||||||
OPPs | 3,198 | 1.6 | |||||||||
LTPP Units | 2,702 | 1.8 | |||||||||
Vornado stock options | 175 | 1.0 | |||||||||
Vornado restricted stock | 172 | 1.0 | |||||||||
AO LTIP Units | 131 | 1.0 | |||||||||
$ | 14,212 | 1.5 |
Plan Year | Total Plan Notional Amount | Percentage of Notional Amount Granted | Grant Date Fair Value(1) | OPP Units Earned | ||||||||||||||||||||||
2021 | $ | 30,000,000 | 99.1 | % | $ | 9,950,000 | To be determined in 2025 | |||||||||||||||||||
2020 | 35,000,000 | 94.0 | % | 11,700,000 | To be determined in 2023 | |||||||||||||||||||||
Shares | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||||||||||||
Outstanding as of December 31, 2021 | 191,933 | $ | 65.27 | ||||||||||||||||||||
Exercised | (197) | 36.72 | |||||||||||||||||||||
Forfeited | (1,413) | 53.42 | |||||||||||||||||||||
Expired | (13,618) | 65.86 | |||||||||||||||||||||
Outstanding as of December 31, 2022 | 176,705 | $ | 65.35 | 4.99 | $ | — | |||||||||||||||||
Options exercisable as of December 31, 2022 | 140,031 | $ | 68.25 | 4.48 | $ | — |
As of December 31, 2020 | |||||
Expected volatility | 35% - 36% | ||||
Expected life | 5.0 years | ||||
Risk free interest rate | 0.57% - 1.76% | ||||
Expected dividend yield | 3.2% - 3.4% |
Shares | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||||||||||||
Outstanding as of December 31, 2021 | 567,739 | $ | 59.91 | ||||||||||||||||||||
Forfeited | (886) | 54.16 | |||||||||||||||||||||
Expired | (1,189) | 56.29 | |||||||||||||||||||||
Outstanding as of December 31, 2022 | 565,664 | $ | 59.93 | 6.29 | $ | — | |||||||||||||||||
Options exercisable as of December 31, 2022 | 437,372 | $ | 61.39 | 6.12 | $ | — |
As of December 31, 2020 | |||||
Expected volatility | 35% - 36% | ||||
Expected life | 5.0 years | ||||
Risk free interest rate | 0.57% - 1.76% | ||||
Expected dividend yield | 3.2% - 3.4% |
Unvested Units | Units | Weighted-Average Grant-Date Fair Value | ||||||||||||
Unvested as of December 31, 2021 | 1,083,087 | $ | 53.99 | |||||||||||
Granted | 501,169 | 30.82 | ||||||||||||
Vested | (597,292) | 42.12 | ||||||||||||
Forfeited | (1,048) | 44.25 | ||||||||||||
Unvested as of December 31, 2022 | 985,916 | 49.41 |
Unvested Shares | Shares | Weighted-Average Grant-Date Fair Value | ||||||||||||
Unvested as of December 31, 2021 | 15,774 | $ | 57.82 | |||||||||||
Vested | (7,069) | 60.57 | ||||||||||||
Forfeited | (326) | 54.55 | ||||||||||||
Unvested as of December 31, 2022 | 8,379 | 55.64 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Real estate impairment losses(1) | $ | 19,098 | $ | 7,880 | $ | 236,286 | |||||||||||
Transaction related costs and other | 12,624 | 5,935 | 8,001 | ||||||||||||||
608 Fifth Avenue lease liability extinguishment gain | — | — | (70,260) | ||||||||||||||
$ | 31,722 | $ | 13,815 | $ | 174,027 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Interest on cash and cash equivalents and restricted cash | $ | 7,553 | $ | 284 | $ | 5,793 | |||||||||||
Amortization of discount on investments in U.S. Treasury bills | 7,075 | — | — | ||||||||||||||
Interest on loans receivable | 5,006 | 2,517 | 3,384 | ||||||||||||||
Credit losses on loans receivable | — | — | (13,369) | ||||||||||||||
Market-to-market decrease in the fair value of marketable security (sold on January 23, 2020) | — | — | (4,938) | ||||||||||||||
Other, net | 235 | 1,811 | 3,631 | ||||||||||||||
$ | 19,869 | $ | 4,612 | $ | (5,499) |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Interest expense(1) | $ | 277,046 | $ | 249,169 | $ | 251,847 | |||||||||||
Amortization of Deferred Financing Fees | 21,804 | 20,247 | 18,460 | ||||||||||||||
Capitalized Interest & Debt Expense | (19,085) | (38,320) | (41,056) | ||||||||||||||
$ | 279,765 | $ | 231,096 | $ | 229,251 |
(Amounts in thousands, except per share amounts) | For the Year Ended December 31, | ||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Numerator: | |||||||||||||||||
Net (loss) income attributable to Vornado | $ | (346,499) | $ | 175,999 | $ | (297,005) | |||||||||||
Preferred share dividends | (62,116) | (65,880) | (51,739) | ||||||||||||||
Series K preferred share issuance costs | — | (9,033) | — | ||||||||||||||
Net (loss) income attributable to common shareholders | (408,615) | 101,086 | (348,744) | ||||||||||||||
Earnings allocated to unvested participating securities | (18) | (34) | (99) | ||||||||||||||
Numerator for basic (loss) income per share | $ | (408,633) | $ | 101,052 | $ | (348,843) | |||||||||||
Denominator: | |||||||||||||||||
Denominator for basic (loss) income per share – weighted average shares | 191,775 | 191,551 | 191,146 | ||||||||||||||
Effect of dilutive securities(1): | |||||||||||||||||
Share-based payment awards | — | 571 | — | ||||||||||||||
Denominator for diluted (loss) income per share – weighted average shares and assumed conversions | 191,775 | 192,122 | 191,146 | ||||||||||||||
(LOSS) INCOME PER COMMON SHARE - BASIC: | |||||||||||||||||
Net (loss) income per common share | $ | (2.13) | $ | 0.53 | $ | (1.83) | |||||||||||
(LOSS) INCOME PER COMMON SHARE - DILUTED: | |||||||||||||||||
Net (loss) income per common share | $ | (2.13) | $ | 0.53 | $ | (1.83) |
(Amounts in thousands, except per unit amounts) | For the Year Ended December 31, | ||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Numerator: | |||||||||||||||||
Net (loss) income attributable to Vornado Realty L.P. | $ | (376,875) | $ | 183,539 | $ | (321,951) | |||||||||||
Preferred unit distributions | (62,231) | (66,035) | (51,904) | ||||||||||||||
Series K preferred unit issuance costs | — | (9,033) | — | ||||||||||||||
Net (loss) income attributable to Class A unitholders | (439,106) | 108,471 | (373,855) | ||||||||||||||
Earnings allocated to unvested participating securities | (2,215) | (2,668) | (5,417) | ||||||||||||||
Numerator for basic (loss) income per Class A unit | $ | (441,321) | $ | 105,803 | $ | (379,272) | |||||||||||
Denominator: | |||||||||||||||||
Denominator for basic (loss) income per Class A unit – weighted average units | 205,315 | 204,728 | 203,503 | ||||||||||||||
Effect of dilutive securities(1): | |||||||||||||||||
Share-based payment awards | — | 916 | — | ||||||||||||||
Denominator for diluted (loss) income per Class A unit – weighted average units and assumed conversions | 205,315 | 205,644 | 203,503 | ||||||||||||||
(LOSS) INCOME PER CLASS A UNIT - BASIC: | |||||||||||||||||
Net (loss) income per Class A unit | $ | (2.15) | $ | 0.52 | $ | (1.86) | |||||||||||
(LOSS) INCOME PER CLASS A UNIT - DILUTED: | |||||||||||||||||
Net (loss) income per Class A unit | $ | (2.15) | $ | 0.51 | $ | (1.86) |
(Amounts in thousands) | As of December 31, 2022 | ||||
For the year ended December 31, | |||||
2023 | $ | 1,304,777 | |||
2024 | 1,200,544 | ||||
2025 | 1,102,476 | ||||
2026 | 1,053,948 | ||||
2027 | 950,515 | ||||
Thereafter | 6,515,202 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Weighted average remaining lease term (in years) | 48.4 | 44.4 | 44.8 | ||||||||||||||
Weighted average discount rate | 5.54 | % | 4.85 | % | 4.91 | % | |||||||||||
Cash paid for operating leases | $ | 21,861 | $ | 22,382 | $ | 23,932 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Fixed rent expense | $ | 45,211 | $ | 24,901 | $ | 28,503 | |||||||||||
Variable rent expense | 14,180 | 13,078 | 1,178 | ||||||||||||||
Rent expense | $ | 59,391 | $ | 37,979 | $ | 29,681 |
(Amounts in thousands) | As of December 31, 2022 | ||||
For the year ended December 31, | |||||
2023 | $ | 34,782 | |||
2024 | 46,859 | ||||
2025 | 47,227 | ||||
2026 | 47,616 | ||||
2027 | 48,027 | ||||
Thereafter | 1,949,551 | ||||
Total undiscounted cash flows | 2,174,062 | ||||
Present value discount | (1,438,093) | ||||
Lease liabilities | $ | 735,969 |
(Amounts in thousands) | For the Year Ended December 31, 2022 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 1,799,995 | $ | 1,449,442 | $ | 350,553 | |||||||||||
Operating expenses | (873,911) | (716,148) | (157,763) | ||||||||||||||
NOI - consolidated | 926,084 | 733,294 | 192,790 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (70,029) | (45,566) | (24,463) | ||||||||||||||
Add: NOI from partially owned entities | 305,993 | 293,780 | 12,213 | ||||||||||||||
NOI at share | 1,162,048 | 981,508 | 180,540 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (10,980) | (18,509) | 7,529 | ||||||||||||||
NOI at share - cash basis | $ | 1,151,068 | $ | 962,999 | $ | 188,069 |
(Amounts in thousands) | For the Year Ended December 31, 2021 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 1,589,210 | $ | 1,257,599 | $ | 331,611 | |||||||||||
Operating expenses | (797,315) | (626,386) | (170,929) | ||||||||||||||
NOI - consolidated | 791,895 | 631,213 | 160,682 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (69,385) | (38,980) | (30,405) | ||||||||||||||
Add: NOI from partially owned entities | 310,858 | 300,721 | 10,137 | ||||||||||||||
NOI at share | 1,033,368 | 892,954 | 140,414 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 1,318 | (1,188) | 2,506 | ||||||||||||||
NOI at share - cash basis | $ | 1,034,686 | $ | 891,766 | $ | 142,920 |
(Amounts in thousands) | For the Year Ended December 31, 2020 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 1,527,951 | $ | 1,221,748 | $ | 306,203 | |||||||||||
Operating expenses | (789,066) | (640,531) | (148,535) | ||||||||||||||
NOI - consolidated | 738,885 | 581,217 | 157,668 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (72,801) | (43,773) | (29,028) | ||||||||||||||
Add: NOI from partially owned entities | 306,495 | 296,447 | 10,048 | ||||||||||||||
NOI at share | 972,579 | 833,891 | 138,688 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 46,246 | 36,715 | 9,531 | ||||||||||||||
NOI at share - cash basis | $ | 1,018,825 | $ | 870,606 | $ | 148,219 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Net (loss) income | $ | (382,612) | $ | 207,553 | $ | (461,845) | |||||||||||
Depreciation and amortization expense | 504,502 | 412,347 | 399,695 | ||||||||||||||
General and administrative expense | 133,731 | 134,545 | 181,509 | ||||||||||||||
Impairment losses, transaction related costs and other | 31,722 | 13,815 | 174,027 | ||||||||||||||
Loss (income) from partially owned entities | 461,351 | (130,517) | 329,112 | ||||||||||||||
(Income) loss from real estate fund investments | (3,541) | (11,066) | 226,327 | ||||||||||||||
Interest and other investment (income) loss, net | (19,869) | (4,612) | 5,499 | ||||||||||||||
Interest and debt expense | 279,765 | 231,096 | 229,251 | ||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | (100,625) | (50,770) | (381,320) | ||||||||||||||
Income tax expense (benefit) | 21,660 | (10,496) | 36,630 | ||||||||||||||
NOI from partially owned entities | 305,993 | 310,858 | 306,495 | ||||||||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (70,029) | (69,385) | (72,801) | ||||||||||||||
NOI at share | 1,162,048 | 1,033,368 | 972,579 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (10,980) | 1,318 | 46,246 | ||||||||||||||
NOI at share - cash basis | $ | 1,151,068 | $ | 1,034,686 | $ | 1,018,825 |
Name | Age | PRINCIPAL OCCUPATION, POSITION AND OFFICE (Current and during past five years with Vornado unless otherwise stated) | ||||||||||||
Steven Roth | 81 | Chairman of the Board; Chief Executive Officer since April 2013 and from May 1989 to May 2009; Managing General Partner of Interstate Properties, an owner of shopping centers and an investor in securities and partnerships; Chief Executive Officer of Alexander’s, Inc. since March 1995, a Director since 1989, and Chairman of the Board since May 2004. | ||||||||||||
Michael J. Franco | 54 | President and Chief Financial Officer since December 2020; President since April 2019; Executive Vice President - Chief Investment Officer from April 2015 to April 2019; Executive Vice President - Head of Acquisitions and Capital Markets from November 2010 to April 2015. | ||||||||||||
Haim Chera | 53 | Executive Vice President - Head of Retail since April 2019; Principal at Crown Acquisitions from January 2000 - April 2019. | ||||||||||||
Barry S. Langer | 44 | Executive Vice President - Development - Co-Head of Real Estate since April 2019; Executive Vice President - Head of Development from May 2015 to April 2019. | ||||||||||||
Glen J. Weiss | 53 | Executive Vice President - Office Leasing - Co-Head of Real Estate since April 2019; Executive Vice President - Office Leasing from May 2013 to April 2019. |
Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in the second column) | ||||||||||||||||||||
Equity compensation plans approved by security holders | 6,517,835 | (1) | $ | 65.35 | 2,803,063 | (2) | |||||||||||||||||
Equity compensation plans not approved by security holders | 182,067 | (3) | N/A | — | |||||||||||||||||||
Total | 6,699,902 | $ | 65.35 | 2,803,063 |
Page in this Annual Report on Form 10-K | |||||
Schedule III - Real Estate and Accumulated Depreciation |
COLUMN A | COLUMN B | COLUMN C | COLUMN D | COLUMN E | COLUMN F | COLUMN G | COLUMN H | COLUMN I | ||||||||||||||||||||||||||||||||||||||||||||||||
Encumbrances(1) | Initial cost to company | Costs capitalized subsequent to acquisition | Gross amount at which carried at close of period | Accumulated depreciation and amortization | Date of construction(3) | Date acquired | Life on which depreciation in latest income statement is computed | |||||||||||||||||||||||||||||||||||||||||||||||||
Land | Buildings and improvements | Land | Buildings and improvements | Total(2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
New York | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Manhattan | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1290 Avenue of the Americas | $ | 950,000 | $ | 518,244 | $ | 926,992 | $ | 269,875 | $ | 518,244 | $ | 1,196,867 | $ | 1,715,111 | $ | 478,343 | 1963 | 2007 | (4) | |||||||||||||||||||||||||||||||||||||
One Park Avenue | 525,000 | 197,057 | 369,016 | 2,936 | 197,057 | 371,952 | 569,009 | 14,868 | 1926 | 2021 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
350 Park Avenue | 400,000 | 265,889 | 363,381 | 64,619 | 265,889 | 428,000 | 693,889 | 170,634 | 1960 | 2006 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
PENN 1 | — | — | 412,169 | 791,704 | — | 1,203,873 | 1,203,873 | 402,282 | 1972 | 1998 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
100 West 33rd Street | 480,000 | 331,371 | 361,443 | 78,034 | 331,371 | 439,477 | 770,848 | 178,228 | 1911/2009 | 2007 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
150 West 34th Street | 205,000 | (5) | 119,657 | 268,509 | — | 119,657 | 268,509 | 388,166 | 50,905 | 1900 | 2015 | (4) | ||||||||||||||||||||||||||||||||||||||||||||
PENN 2 | 575,000 | (6) | 53,615 | 164,903 | 544,767 | 52,689 | 710,596 | 763,285 | 108,685 | 1968 | 1997 | (4) | ||||||||||||||||||||||||||||||||||||||||||||
90 Park Avenue | — | 8,000 | 175,890 | 199,485 | 8,000 | 375,375 | 383,375 | 192,616 | 1964 | 1997 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
770 Broadway | 700,000 | 52,898 | 95,686 | 192,597 | 52,898 | 288,283 | 341,181 | 142,018 | 1907 | 1998 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
888 Seventh Avenue | 277,800 | — | 117,269 | 170,408 | — | 287,677 | 287,677 | 155,181 | 1980 | 1998 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
PENN 11 | 500,000 | 40,333 | 85,259 | 135,639 | 40,333 | 220,898 | 261,231 | 102,565 | 1923 | 1997 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
909 Third Avenue | 350,000 | — | 120,723 | 122,641 | — | 243,364 | 243,364 | 132,201 | 1969 | 1999 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
150 East 58th Street | — | 39,303 | 80,216 | 62,924 | 39,303 | 143,140 | 182,443 | 75,535 | 1969 | 1998 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
595 Madison Avenue | — | 62,731 | 62,888 | 79,646 | 62,731 | 142,534 | 205,265 | 58,669 | 1968 | 1999 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
330 West 34th Street | — | — | 8,599 | 164,628 | — | 173,227 | 173,227 | 59,405 | 1925 | 1998 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
715 Lexington Avenue | — | — | 26,903 | 20,218 | 30,086 | 17,035 | 47,121 | 1,925 | 1923 | 2001 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
4 Union Square South | 120,000 | 24,079 | 55,220 | 12,513 | 24,079 | 67,733 | 91,812 | 28,102 | 1965/2004 | 1993 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
The Farley Building | — | — | 476,235 | 949,500 | — | 1,425,735 | 1,425,735 | 54,042 | 1912 | 2018 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
260 Eleventh Avenue | — | — | 80,482 | 6,937 | — | 87,419 | 87,419 | 16,227 | 1911 | 2015 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
510 Fifth Avenue | — | 34,602 | 18,728 | 8,441 | 35,864 | 25,907 | 61,771 | — | 2010 | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
606 Broadway | 74,119 | 45,406 | 8,993 | 51,715 | 45,298 | 60,816 | 106,114 | 6,048 | 2016 | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
443 Broadway | — | 11,187 | 41,186 | (41,283) | 2,370 | 8,720 | 11,090 | — | 2013 | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
435 Seventh Avenue | 95,696 | 19,893 | 19,091 | 2,166 | 19,893 | 21,257 | 41,150 | 11,803 | 2002 | 1997 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
692 Broadway | — | 6,053 | 22,908 | (9,677) | 3,552 | 15,732 | 19,284 | — | 2005 | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
131-135 West 33rd Street | — | 8,315 | 21,312 | 477 | 8,315 | 21,789 | 30,104 | 3,841 | 2016 | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
304 Canal Street | — | 3,511 | 12,905 | (8,272) | 1,771 | 6,373 | 8,144 | 337 | 1910 | 2014 | (4) |
COLUMN A | COLUMN B | COLUMN C | COLUMN D | COLUMN E | COLUMN F | COLUMN G | COLUMN H | COLUMN I | ||||||||||||||||||||||||||||||||||||||||||||||||
Encumbrances(1) | Initial cost to company | Costs capitalized subsequent to acquisition | Gross amount at which carried at close of period | Accumulated depreciation and amortization | Date of construction(3) | Date acquired | Life on which depreciation in latest income statement is computed | |||||||||||||||||||||||||||||||||||||||||||||||||
Land | Buildings and improvements | Land | Buildings and improvements | Total(2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
New York - continued | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Manhattan - continued | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1131 Third Avenue | $ | — | $ | 7,844 | $ | 7,844 | $ | 5,683 | $ | 7,844 | $ | 13,527 | $ | 21,371 | $ | 3,489 | 1997 | (4) | ||||||||||||||||||||||||||||||||||||||
431 Seventh Avenue | — | 16,700 | 2,751 | — | 16,700 | 2,751 | 19,451 | 1,083 | 2007 | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
138-142 West 32nd Street | — | 9,252 | 9,936 | 2,032 | 9,252 | 11,968 | 21,220 | 2,181 | 1920 | 2015 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
334 Canal Street | — | 1,693 | 6,507 | (1,169) | 753 | 6,278 | 7,031 | 409 | 2011 | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
966 Third Avenue | — | 8,869 | 3,631 | — | 8,869 | 3,631 | 12,500 | 847 | 2013 | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
148 Spring Street | — | 3,200 | 8,112 | 408 | 3,200 | 8,520 | 11,720 | 3,163 | 2008 | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
150 Spring Street | — | 3,200 | 5,822 | 327 | 3,200 | 6,149 | 9,349 | 2,273 | 2008 | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
137 West 33rd Street | — | 6,398 | 1,550 | — | 6,398 | 1,550 | 7,948 | 300 | 1932 | 2015 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
825 Seventh Avenue | — | 1,483 | 697 | 3,982 | 1,483 | 4,679 | 6,162 | 1,064 | 1997 | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
537 West 26th Street | — | 10,370 | 17,632 | 20,000 | 26,631 | 21,371 | 48,002 | 3,232 | 2018 | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
339 Greenwich Street | — | 2,622 | 12,333 | (10,018) | 866 | 4,071 | 4,937 | 245 | 2017 | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
Hotel Pennsylvania site | — | 29,903 | 121,712 | 109,425 | 29,903 | 231,137 | 261,040 | — | 1919 | 1997 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
Other (Including Signage) | — | 140,477 | 31,892 | 22,106 | 94,787 | 99,688 | 194,475 | 28,002 | — | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
Total Manhattan | 5,252,615 | 2,084,155 | 4,627,325 | 4,025,414 | 2,069,286 | 8,667,608 | 10,736,894 | 2,490,748 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other Properties | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paramus, New Jersey | — | — | — | 21,224 | 1,033 | 20,191 | 21,224 | 16,823 | 1967 | 1987 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
Total New York | 5,252,615 | 2,084,155 | 4,627,325 | 4,046,638 | 2,070,319 | 8,687,799 | 10,758,118 | 2,507,571 | ||||||||||||||||||||||||||||||||||||||||||||||||
COLUMN A | COLUMN B | COLUMN C | COLUMN D | COLUMN E | COLUMN F | COLUMN G | COLUMN H | COLUMN I | ||||||||||||||||||||||||||||||||||||||||||||||||
Encumbrances(1) | Initial cost to company | Costs capitalized subsequent to acquisition | Gross amount at which carried at close of period | Accumulated depreciation and amortization | Date of construction(3) | Date acquired | Life on which depreciation in latest income statement is computed | |||||||||||||||||||||||||||||||||||||||||||||||||
Land | Buildings and improvements | Land | Buildings and improvements | Total(2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
theMART | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
theMART, Illinois | $ | — | $ | 64,528 | $ | 319,146 | $ | 441,840 | $ | 64,535 | $ | 760,979 | $ | 825,514 | $ | 383,172 | 1930 | 1998 | (4) | |||||||||||||||||||||||||||||||||||||
527 West Kinzie, Illinois | — | 5,166 | — | 257 | 5,166 | 257 | 5,423 | — | 1998 | |||||||||||||||||||||||||||||||||||||||||||||||
Piers 92 and 94, New York | — | — | — | 23,838 | — | 23,838 | 23,838 | 4,339 | 2008 | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
Total theMART | — | 69,694 | 319,146 | 465,935 | 69,701 | 785,074 | 854,775 | 387,511 | ||||||||||||||||||||||||||||||||||||||||||||||||
555 California Street, California | 1,200,000 | 223,446 | 895,379 | 269,215 | 223,446 | 1,164,594 | 1,388,040 | 432,128 | 1922,1969 -1970 | 2007 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
Borgata Land, Atlantic City, NJ | — | 83,089 | — | — | 83,089 | — | 83,089 | — | 2010 | |||||||||||||||||||||||||||||||||||||||||||||||
759-771 Madison Avenue (40 East 66th Street) Residential, New York | — | 8,454 | 13,321 | (8,193) | 5,273 | 8,309 | 13,582 | 3,321 | 2005 | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
Annapolis, Maryland | — | — | 9,652 | — | — | 9,652 | 9,652 | 4,964 | 2005 | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
Wayne Towne Center, New Jersey | — | — | 26,137 | 48,011 | — | 74,148 | 74,148 | 38,228 | 2010 | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | 7,962 | — | 7,962 | 7,962 | 2,103 | (4) | |||||||||||||||||||||||||||||||||||||||||||||||
Total Other | 1,200,000 | 384,683 | 1,263,635 | 782,930 | 381,509 | 2,049,739 | 2,431,248 | 868,255 | ||||||||||||||||||||||||||||||||||||||||||||||||
Leasehold improvements, equipment and other | — | — | — | 125,389 | — | 125,389 | 125,389 | 95,165 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total December 31, 2022 | $ | 6,452,615 | $ | 2,468,838 | $ | 5,890,960 | $ | 4,954,957 | $ | 2,451,828 | $ | 10,862,927 | $ | 13,314,755 | $ | 3,470,991 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Real Estate | |||||||||||||||||
Balance at beginning of period | $ | 13,217,845 | $ | 12,087,943 | $ | 13,074,012 | |||||||||||
Additions during the period: | |||||||||||||||||
Land | — | 197,057 | 1,372 | ||||||||||||||
Buildings & improvements and other | 711,722 | 1,286,474 | 1,127,593 | ||||||||||||||
13,929,567 | 13,571,474 | 14,202,977 | |||||||||||||||
Less: Assets sold, written-off, reclassified to ready for sale and deconsolidated | 614,812 | 353,629 | 2,115,034 | ||||||||||||||
Balance at end of period | $ | 13,314,755 | $ | 13,217,845 | $ | 12,087,943 | |||||||||||
Accumulated Depreciation | |||||||||||||||||
Balance at beginning of period | $ | 3,376,347 | $ | 3,169,446 | $ | 3,015,958 | |||||||||||
Depreciation expense | 449,864 | 362,311 | 344,301 | ||||||||||||||
3,826,211 | 3,531,757 | 3,360,259 | |||||||||||||||
Less: Accumulated depreciation on assets sold, written-off and deconsolidated | 355,220 | 155,410 | 190,813 | ||||||||||||||
Balance at end of period | $ | 3,470,991 | $ | 3,376,347 | $ | 3,169,446 |
Exhibit No. | |||||||||||||||||
— | Articles of Restatement of Vornado Realty Trust, as filed with the State Department of Assessments and Taxation of Maryland on July 30, 2007 - Incorporated by reference to Exhibit 3.75 to Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 (File No. 001-11954), filed on July 31, 2007 | * | |||||||||||||||
— | Amended and Restated Bylaws of Vornado Realty Trust, as amended on July 28, 2022 - Incorporated by reference to Exhibit 3.2 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 (File No. 001-11954), filed on August 1, 2022 | * | |||||||||||||||
3.3 | — | Articles of Amendment to Declaration of Trust, dated September 30, 2016 – Incorporated by reference to Exhibit 3.3 to Vornado Realty Trust’s Annual Report on Form 10-K for the year ended December 31, 2020 (File No. 001-11954), filed on February 16, 2021 | * | ||||||||||||||
3.4 | — | Articles of Amendment of Vornado Realty Trust, as filed with the State Department of Assessments and Taxation of Maryland on October 4, 2016—Incorporated by reference to Annex B to Vornado Realty Trust's Definitive Proxy Statement on Schedule 14A (File No. 001-11954), filed on April 8, 2016. | * | ||||||||||||||
3.5 | — | Articles of Amendment to Declaration of Trust, dated June 13, 2018 - Incorporated by reference to Exhibit 3.54 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 (File No. 001-11954), filed on July 30, 2018 | * | ||||||||||||||
3.6 | — | Articles of Amendment to Declaration of Trust, dated August 7, 2019 - Incorporated by reference to Exhibit 3.1 to Vornado Realty Trust's Current Report on Form 8-K (File No. 001-11954), filed on August 8, 2019 | * | ||||||||||||||
3.7 | — | Articles Supplementary, 5.40% Series L Cumulative Redeemable Preferred Shares of Beneficial Interest, liquidation preference $25.00 per share, no par value – Incorporated by reference to Exhibit 3.6 to Vornado Realty Trust’s Registration Statement on Form 8-A (File No. 001-11954), filed on January 25, 2013 | * | ||||||||||||||
3.8 | — | Articles Supplementary Classifying Vornado Realty Trust's 5.25% Series M Cumulative Redeemable Preferred Shares of Beneficial Interest, liquidation preference $25.00 per share, no par value - Incorporated by reference to Exhibit 3.7 to Vornado Realty Trust's Registration Statement on Form 8-A (File No. 001-11954), filed on December 13, 2017 | * | ||||||||||||||
— | Articles Supplementary Classifying Vornado Realty Trust's 5.25% Series N Cumulative Redeemable Preferred Shares of Beneficial Interest, liquidation preference $25.00 per share, no par value - Incorporated by reference to Exhibit 3.1 to Vornado Realty Trust's Current Report on Form 8-K (File No. 001-11954), filed on November 24, 2020 | * | |||||||||||||||
3.10 | — | Articles Supplementary Classifying Vornado Realty Trust's 4.45% Series O Cumulative Redeemable Preferred Shares of Beneficial Interest, liquidation preference $25.00 per share, no par value - Incorporated by reference to Exhibit 3.1 to Vornado Realty Trust's Current Report on Form 8-K (File No. 001-11954), filed on September 22, 2021 | * | ||||||||||||||
3.11 | — | Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of October 20, 1997 (the “Partnership Agreement”) – Incorporated by reference to Exhibit 3.26 to Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2003 (File No. 001-11954), filed on May 8, 2003 | * | ||||||||||||||
3.12 | — | Amendment to the Partnership Agreement, dated as of December 16, 1997 – Incorporated by reference to Exhibit 3.27 to Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2003 (File No. 001-11954), filed on May 8, 2003 | * | ||||||||||||||
3.13 | — | Second Amendment to the Partnership Agreement, dated as of April 1, 1998 – Incorporated by reference to Exhibit 3.5 to Vornado Realty Trust’s Registration Statement on Form S-3 (File No. 333-50095), filed on April 14, 1998 | * | ||||||||||||||
3.14 | — | Third Amendment to the Partnership Agreement, dated as of November 12, 1998 - Incorporated by reference to Exhibit 3.2 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on November 30, 1998 | * | ||||||||||||||
3.15 | — | Fourth Amendment to the Partnership Agreement, dated as of November 30, 1998 - Incorporated by reference to Exhibit 3.1 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on February 9, 1999 | * | ||||||||||||||
3.16 | — | Fifth Amendment to the Partnership Agreement, dated as of March 3, 1999 - Incorporated by reference to Exhibit 3.1 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on March 17, 1999 | * | ||||||||||||||
3.17 | — | Sixth Amendment to the Partnership Agreement, dated as of March 17, 1999 - Incorporated by reference to Exhibit 3.2 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on July 7, 1999 | * | ||||||||||||||
3.18 | — | Seventh Amendment to the Partnership Agreement, dated as of May 20, 1999 - Incorporated by reference to Exhibit 3.3 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on July 7, 1999 | * | ||||||||||||||
3.19 | — | Eighth Amendment to the Partnership Agreement, dated as of May 27, 1999 - Incorporated by reference to Exhibit 3.4 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on July 7, 1999 | * | ||||||||||||||
3.20 | — | Ninth Amendment to the Partnership Agreement, dated as of September 3, 1999 - Incorporated by reference to Exhibit 3.3 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on October 25, 1999 | * | ||||||||||||||
3.21 | — | Tenth Amendment to the Partnership Agreement, dated as of September 3, 1999 - Incorporated by reference to Exhibit 3.4 to Vornado Realty Trust's Current Report on Form 8-K (File No. 001-11954), filed on October 25, 1999 | * | ||||||||||||||
3.22 | — | Eleventh Amendment to the Partnership Agreement, dated as of November 24, 1999 - Incorporated by reference to Exhibit 3.2 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on December 23, 1999 | * | ||||||||||||||
________________________________ | |||||||||||||||||
* | Incorporated by reference | ||||||||||||||||
3.23 | — | Twelfth Amendment to the Partnership Agreement, dated as of May 1, 2000 - Incorporated by reference to Exhibit 3.2 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on May 19, 2000 | * | ||||||||||||||
3.24 | — | Thirteenth Amendment to the Partnership Agreement, dated as of May 25, 2000 - Incorporated by reference to Exhibit 3.2 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on June 16, 2000 | * | ||||||||||||||
3.25 | — | Fourteenth Amendment to the Partnership Agreement, dated as of December 8, 2000 - Incorporated by reference to Exhibit 3.2 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on December 28, 2000 | * | ||||||||||||||
3.26 | — | Fifteenth Amendment to the Partnership Agreement, dated as of December 15, 2000 - Incorporated by reference to Exhibit 4.35 to Vornado Realty Trust’s Registration Statement on Form S-8 (File No. 333-68462), filed on August 27, 2001 | * | ||||||||||||||
3.27 | — | Sixteenth Amendment to the Partnership Agreement, dated as of July 25, 2001 - Incorporated by reference to Exhibit 3.3 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on October 12, 2001 | * | ||||||||||||||
3.28 | — | Seventeenth Amendment to the Partnership Agreement, dated as of September 21, 2001 - Incorporated by reference to Exhibit 3.4 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on October 12, 2001 | * | ||||||||||||||
3.29 | — | Eighteenth Amendment to the Partnership Agreement, dated as of January 1, 2002 - Incorporated by reference to Exhibit 3.1 to Vornado Realty Trust’s Current Report on Form 8-K/A (File No. 001-11954), filed on March 18, 2002 | * | ||||||||||||||
3.30 | — | Nineteenth Amendment to the Partnership Agreement, dated as of July 1, 2002 - Incorporated by reference to Exhibit 3.47 to Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2002 (File No. 001-11954), filed on August 7, 2002 | * | ||||||||||||||
3.31 | — | Twentieth Amendment to the Partnership Agreement, dated April 9, 2003 - Incorporated by reference to Exhibit 3.46 to Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2003 (File No. 001-11954), filed on May 8, 2003 | * | ||||||||||||||
3.32 | — | Twenty-First Amendment to the Partnership Agreement, dated as of July 31, 2003 - Incorporated by reference to Exhibit 3.47 to Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2003 (File No. 001-11954), filed on November 7, 2003 | * | ||||||||||||||
3.33 | — | Twenty-Second Amendment to the Partnership Agreement, dated as of November 17, 2003 – Incorporated by reference to Exhibit 3.49 to Vornado Realty Trust’s Annual Report on Form 10-K for the year ended December 31, 2003 (File No. 001-11954), filed on March 3, 2004 | * | ||||||||||||||
3.34 | — | Twenty-Third Amendment to the Partnership Agreement, dated May 27, 2004 – Incorporated by reference to Exhibit 99.2 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on June 14, 2004 | * | ||||||||||||||
3.35 | — | Twenty-Fourth Amendment to the Partnership Agreement, dated August 17, 2004 – Incorporated by reference to Exhibit 3.57 to Vornado Realty Trust and Vornado Realty L.P.’s Registration Statement on Form S-3 (File No. 333-122306), filed on January 26, 2005 | * | ||||||||||||||
3.36 | — | Twenty-Fifth Amendment to the Partnership Agreement, dated November 17, 2004 – Incorporated by reference to Exhibit 3.58 to Vornado Realty Trust and Vornado Realty L.P.’s Registration Statement on Form S-3 (File No. 333-122306), filed on January 26, 2005 | * | ||||||||||||||
3.37 | — | Twenty-Sixth Amendment to the Partnership Agreement, dated December 17, 2004 – Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on December 21, 2004 | * | ||||||||||||||
3.38 | — | Twenty-Seventh Amendment to the Partnership Agreement, dated December 20, 2004 – Incorporated by reference to Exhibit 3.2 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on December 21, 2004 | * | ||||||||||||||
3.39 | — | Twenty-Eighth Amendment to the Partnership Agreement, dated December 30, 2004 - Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on January 4, 2005 | * | ||||||||||||||
3.40 | — | Twenty-Ninth Amendment to the Partnership Agreement, dated June 17, 2005 - Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on June 21, 2005 | * | ||||||||||||||
3.41 | — | Thirtieth Amendment to the Partnership Agreement, dated August 31, 2005 - Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on September 1, 2005 | * | ||||||||||||||
3.42 | — | Thirty-First Amendment to the Partnership Agreement, dated September 9, 2005 - Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on September 14, 2005 | * | ||||||||||||||
3.43 | — | Thirty-Second Amendment and Restated Agreement of Limited Partnership, dated as of December 19, 2005 – Incorporated by reference to Exhibit 3.59 to Vornado Realty L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2006 (File No. 000-22685), filed on May 8, 2006 | * | ||||||||||||||
3.44 | — | Thirty-Third Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of April 25, 2006 – Incorporated by reference to Exhibit 10.2 to Vornado Realty Trust’s Form 8-K (File No. 001-11954), filed on May 1, 2006 | * | ||||||||||||||
3.45 | — | Thirty-Fourth Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of May 2, 2006 – Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on May 3, 2006 | * | ||||||||||||||
3.46 | — | Thirty-Fifth Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of August 17, 2006 – Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Form 8-K (File No. 000-22685), filed on August 23, 2006 | * | ||||||||||||||
3.47 | — | Thirty-Sixth Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of October 2, 2006 – Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Form 8-K (File No. 000-22685), filed on January 22, 2007 | * | ||||||||||||||
__________________________________ | |||||||||||||||||
* | Incorporated by reference | ||||||||||||||||
3.48 | — | Thirty-Seventh Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of June 28, 2007 – Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.'s Current Report on Form 8-K (File No. 000-22685), filed on June 27, 2007 | * | ||||||||||||||
3.49 | — | Thirty-Eighth Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of June 28, 2007 – Incorporated by reference to Exhibit 3.2 to Vornado Realty L.P.'s Current Report on Form 8-K (File No. 000-22685), filed on June 27, 2007 | * | ||||||||||||||
3.50 | — | Thirty-Ninth Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of June 28, 2007 – Incorporated by reference to Exhibit 3.3 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on June 27, 2007 | * | ||||||||||||||
3.51 | — | Fortieth Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of June 28, 2007 – Incorporated by reference to Exhibit 3.4 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on June 27, 2007 | * | ||||||||||||||
3.52 | — | Forty-First Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of March 31, 2008 – Incorporated by reference to Exhibit 3.44 to Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2008 (file No. 001-11954), filed on May 6, 2008 | * | ||||||||||||||
3.53 | — | Forty-Second Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of December 17, 2010 – Incorporated by reference to Exhibit 99.1 to Vornado Realty L.P.'s Current Report on Form 8-K (File No 000-22685), filed on December 21, 2010 | * | ||||||||||||||
3.54 | — | Forty-Third Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of April 20, 2011 – Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.'s Current Report on Form 8-K (File No. 000-22685), filed on April 21, 2011 | * | ||||||||||||||
3.55 | — | Forty-Fourth Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as, of March 30, 2012 - Incorporated by reference to Exhibit 99.1 to Vornado Realty L.P.'s Current Report on Form 8-K (File No. 001-34482), filed on April 5, 2012 | * | ||||||||||||||
3.56 | — | Forty-Fourth Amendment to Second Amended and Restated Agreement of Limited Partnership dated as of July 18, 2012 – Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 001-34482), filed on July 18, 2012 | * | ||||||||||||||
3.57 | — | Forty-Fifth Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of January 25, 2013 – Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 001-34482), filed on January 25, 2013 | * | ||||||||||||||
3.58 | — | Forty-Sixth Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated April 1, 2015 - Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.'s Current Report on Form 8-K (File No. 001-34482), filed on April 2, 2015 | * | ||||||||||||||
3.59 | — | Forty-Seventh Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated December 13, 2017 - Incorporated by reference to Exhibit 3.2 to Vornado Realty L.P.'s Current Report on Form 8-K (File No. 001-34482), filed on December 13, 2017 | * | ||||||||||||||
3.60 | ** | — | Forty-Eighth Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of January 12, 2018 - Incorporated by reference to Exhibit 3.53 to Vornado Realty Trust's Annual Report on 10-K for the year ended December 31, 2017 (File No. 001-11954), filed on February 12, 2018 | * | |||||||||||||
3.61 | — | Forty-Ninth Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of August 7, 2019 - Incorporated by reference to Exhibit 3.2 to Vornado Realty Trust's Current Report on Form 8-K (File No. 001-11954), filed on August 8, 2019 | * | ||||||||||||||
3.62 | — | Fiftieth Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of November 24, 2020 - Incorporated by reference to Exhibit 3.2 to Vornado Realty Trust's Current Report on Form 8-K (File No. 001-11954), filed on November 24, 2020 | * | ||||||||||||||
3.63 | — | Fifty-First Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of September 22, 2021 - Incorporated by reference to Exhibit 3.2 to Vornado Realty Trust's Current Report on Form 8-K (File No. 001-11954), filed on September 22, 2021 | * | ||||||||||||||
— | Indenture, dated as of November 25, 2003, between Vornado Realty L.P. and The Bank of New York, as Trustee - Incorporated by reference to Exhibit 4.10 to Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2005 (File No. 001-11954), filed on April 28, 2005 | * | |||||||||||||||
— | Indenture, dated as of November 20, 2006, among Vornado Realty Trust, as Issuer, Vornado Realty L.P., as Guarantor and The Bank of New York, as Trustee – Incorporated by reference to Exhibit 4.1 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on November 27, 2006 | * | |||||||||||||||
Certain instruments defining the rights of holders of long-term debt securities of Vornado Realty Trust and its subsidiaries are omitted pursuant to Item 601(b)(4)(iii) of Regulation S-K. Vornado Realty Trust hereby undertakes to furnish to the Securities and Exchange Commission, upon request, copies of such instruments | |||||||||||||||||
— | Description of Vornado Realty Trust securities registered pursuant to Section 12 of the Securities Exchange Act of 1934 | *** | |||||||||||||||
— | Description of Class A units of Vornado Realty L.P. and certain provisions of its agreement of limited partnership | *** | |||||||||||||||
__________________________________________ | |||||||||||||||||
* | Incorporated by reference | ||||||||||||||||
** | Management contract or compensatory agreement | ||||||||||||||||
*** | Filed herewith | ||||||||||||||||
10.1 | — | Registration Rights Agreement between Vornado, Inc. and Steven Roth, dated December 29, 1992 - Incorporated by reference to Vornado Realty Trust’s Annual Report on Form 10-K for the year ended December 31, 1992 (File No. 001-11954), filed February 16, 1993 | * | ||||||||||||||
10.2 | ** | — | Management Agreement between Interstate Properties and Vornado, Inc. dated July 13, 1992 – Incorporated by reference to Vornado, Inc.’s Annual Report on Form 10-K for the year ended December 31, 1992 (File No. 001-11954), filed February 16, 1993 | * | |||||||||||||
10.3 | ** | — | Amendment to Real Estate Retention Agreement, dated as of July 3, 2002, by and between Alexander’s, Inc. and Vornado Realty L.P. - Incorporated by reference to Exhibit 10(i)(E)(3) to Alexander’s Inc.’s Quarterly Report for the quarter ended June 30, 2002 (File No. 001-06064), filed on August 7, 2002 | * | |||||||||||||
10.4 | ** | — | 59th Street Real Estate Retention Agreement, dated as of July 3, 2002, by and between Vornado Realty L.P., 731 Residential LLC and 731 Commercial LLC - Incorporated by reference to Exhibit 10(i)(E)(4) to Alexander’s Inc.’s Quarterly Report for the quarter ended June 30, 2002 (File No. 001-06064), filed on August 7, 2002 | * | |||||||||||||
10.5 | — | Amended and Restated Management and Development Agreement, dated as of July 3, 2002, by and between Alexander's, Inc., the subsidiaries party thereto and Vornado Management Corp. - Incorporated by reference to Exhibit 10(i)(F)(1) to Alexander's Inc.'s Quarterly Report on Form 10-Q for the quarter ended June 30, 2002 (File No. 001-06064), filed on August 7, 2020 | * | ||||||||||||||
10.6 | ** | — | Second Amendment to Real Estate Retention Agreement, dated January 1, 2007, by and between Vornado Realty L.P. and Alexander’s Inc. – Incorporated by reference to Exhibit 10.55 to Vornado Realty Trust’s Annual Report on Form 10-K for the year ended December 31, 2006 (File No. 001-11954), filed on February 27, 2007 | * | |||||||||||||
10.7 | ** | — | Amendment to 59th Street Real Estate Retention Agreement, dated January 1, 2007, by and among Vornado Realty L.P., 731 Retail One LLC, 731 Restaurant LLC, 731 Office One LLC and 731 Office Two LLC. – Incorporated by reference to Exhibit 10.56 to Vornado Realty Trust’s Annual Report on Form 10-K for the year ended December 31, 2006 (File No. 001-11954), filed on February 27, 2007 | * | |||||||||||||
10.8 | ** | — | Vornado Realty Trust's 2010 Omnibus Share Plan - Incorporated by reference to Exhibit 10.41 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended June 30, 2010 (File No. 001-11954) filed on August 3, 2010 | * | |||||||||||||
10.9 | ** | — | Form of Vornado Realty Trust 2010 Omnibus Share Plan Incentive / Non-Qualified Stock Option Agreement - Incorporated by reference to Exhibit 99.1 to Vornado Realty Trust's Current Report on Form 8-K (File No. 001-11954) filed on April 5, 2012 | * | |||||||||||||
10.10 | ** | — | Form of Vornado Realty Trust 2010 Omnibus Share Plan Restricted Stock Agreement - Incorporated by reference to Exhibit 99.2 to Vornado Realty Trust's Current Report on Form 8-K (File No. 001-11954) filed on April 5, 2012 | * | |||||||||||||
10.11 | ** | — | Form of Vornado Realty Trust 2010 Omnibus Share Plan Restricted LTIP Unit Agreement - Incorporated by reference to Exhibit 99.3 to Vornado Realty Trust's Current Report on Form 8-K (File No. 001-11954) filed on April 5, 2012 | * | |||||||||||||
10.12 | ** | — | Form of Vornado Realty Trust 2012 Outperformance Plan Award Agreement - Incorporated by reference to Exhibit 10.45 to Vornado Realty Trust's Annual Report on Form 10-K for the year ended December 31, 2012 (File No. 001-11954) filed on February 26, 2013 | * | |||||||||||||
10.13 | ** | — | Form of Vornado Realty Trust 2013 Outperformance Plan Award Agreement - Incorporated by reference to Exhibit 10.50 to Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 (File No. 001-11954), filed on May 6, 2013 | * | |||||||||||||
10.14 | ** | — | Employment agreement between Vornado Realty Trust and Michael J. Franco dated January 10, 2014 - Incorporated by reference to Exhibit 10.52 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 (File No. 001-11954), filed on May 5, 2014 | * | |||||||||||||
10.15 | ** | — | Form of Vornado Realty Trust 2010 Omnibus Share Plan AO LTIP Unit Award Agreement - Incorporated by reference to Exhibit 10.34 to Vornado Realty Trust's Annual Report on Form 10-K for the year ended December 31, 2017 (File No. 001-11954), filed on February 12, 2018 | * | |||||||||||||
10.16 | ** | — | Form of Performance Conditioned AO LTIP Award Agreement - Incorporated by reference to Exhibit 10.36 to Vornado Realty Trust's Annual Report on Form 10-K for the year ended December 31, 2018 (File No. 001-11954), filed on February 11, 2019 | * | |||||||||||||
10.17 | ** | — | Form of 2019 Amendment to Restricted LTIP Unit and Restricted Stock Agreements - Incorporated by reference to Exhibit 10.37 to Vornado Realty Trust's Annual Report on Form 10-K for the year ended December 31, 2018 (File No. 001-11954), filed on February 11, 2019 | * | |||||||||||||
10.18 | ** | — | Form of Vornado Realty Trust 2010 Omnibus Share Plan Restricted LTIP Unit Agreement - Incorporated by reference to Exhibit 10.38 to Vornado Realty Trust's Annual Report on Form 10-K for the year ended December 31, 2018 (File No. 001-11954), filed on February 11, 2019 | * | |||||||||||||
10.19 | ** | — | Form of Vornado Realty Trust 2010 Omnibus Share Plan Restricted Stock Agreement - Incorporated by reference to Exhibit 10.39 to Vornado Realty Trust's Annual Report on Form 10-K for the year ended December 31, 2018 (File No. 001-11954), filed on February 11, 2019 | * | |||||||||||||
10.20 | ** | — | Vornado Realty Trust 2019 Omnibus Share Plan - Incorporated by reference to Annex B to Vornado Realty Trust's Proxy Statement dated April 5, 2019 (File No. 001-11954), filed on April 5, 2019 | * | |||||||||||||
10.21 | — | Transaction Agreement between Vornado Realty L.P. and Crown Jewel Partner LLC, dated April 18, 2019 - Incorporated by reference to Exhibit 10.42 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 (File No. 001-11954), filed on July 29, 2019 | * | ||||||||||||||
__________________________________________ | |||||||||||||||||
* | Incorporated by reference | ||||||||||||||||
** | Management contract or compensatory agreement | ||||||||||||||||
10.22 | ** | — | Form of Vornado Realty Trust 2019 Omnibus Share Plan Restricted Stock Agreement - Incorporated by reference to Exhibit 10.32 to Vornado Realty Trust's Quarterly Report on Form 10-K for the year ended December 31, 2019 (File No. 001-11954), filed on February 18, 2020 | * | |||||||||||||
10.23 | ** | — | Form of Vornado Realty Trust 2019 Omnibus Share Plan Restricted LTIP Unit Agreement - Incorporated by reference to Exhibit 10.33 to Vornado Realty Trust's Quarterly Report on Form 10-K for the year ended December 31, 2019 (File No. 001-11954), filed on February 18, 2020 | * | |||||||||||||
10.24 | ** | — | Form of Vornado Realty Trust 2019 Omnibus Share Plan Incentive/Non-Qualified Stock Option Agreement - Incorporated by reference to Exhibit 10.34 to Vornado Realty Trust's Quarterly Report on Form 10-K for the year ended December 31, 2019 (File No. 001-11954), filed on February 18, 2020 | * | |||||||||||||
10.25 | ** | — | Employment agreement between Vornado Realty Trust and Glen J. Weiss dated May 25, 2018 - Incorporated by reference to Exhibit 10.35 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 (File No. 001-11954), filed on May 4, 2020 | * | |||||||||||||
10.26 | ** | — | Employment agreement between Vornado Realty Trust and Haim Chera dated April 19, 2019 - Incorporated by reference to Exhibit 10.36 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 (File No. 001-11954), filed on May 4, 2020 | * | |||||||||||||
10.27 | ** | — | Form of Vornado Realty Trust 2020 Outperformance Plan Award Agreement - Incorporated by reference to Exhibit 10.37 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 (File No. 001-11954), filed on May 4, 2020 | * | |||||||||||||
10.28 | ** | — | Form of Vornado Realty Trust 2021 Outperformance Plan Award Agreement for Executives – Incorporated by reference to Exhibit 10.42 to Vornado Realty Trust’s Annual Report on Form 10-K for the year ended December 31, 2020 (File No. 001-11954), filed on February 16, 2021 | * | |||||||||||||
10.29 | ** | — | Form of Vornado Realty Trust 2021 Outperformance Plan Award Agreement for Non-Executives – Incorporated by reference to Exhibit 10.43 to Vornado Realty Trust’s Annual Report on Form 10-K for the year ended December 31, 2020 (File No. 001-11954), filed on February 16, 2021 | * | |||||||||||||
10.30 | — | Second Amended and Restated Revolving Credit Agreement dated as of April 15, 2021 among Vornado Realty L.P., as Borrower, the Banks listed on the signature pages thereof, and JPMorgan Chase Bank N.A., as Administrative Agent for the Banks - Incorporated by reference to Exhibit 10.44 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 (File No. 001-11954), filed on August 2, 2021 | * | ||||||||||||||
10.31 | ** | — | Form of Vornado Realty Trust 2022 Long-term Performance Plan LTIP Unit Award Agreement - Incorporated by reference to Exhibit 10.36 to Vornado Realty Trust's Annual Report on form 10-K for the year ended December 31, 2021 (File No. 001-11954), filed on February 14, 2022 | * | |||||||||||||
10.32 | ** | — | Employment agreement between Vornado Realty Trust and Barry Langer dated June 4, 2018 - Incorporated by reference to Exhibit 10.37 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 (File No. 001-11954), filed on May 2, 2022 | * | |||||||||||||
10.33 | — | Second Amended and Restated Term Loan Agreement dated as of June 30, 2022, among Vornado Realty L.P., as Borrower, Vornado Realty Trust as General Partner, the Banks listed on the signature pages thereof, and JPMorgan Chase Bank N.A., as Administrative Agent for the Banks - Incorporated by reference to Exhibit 10.38 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 (File No. 001-11954), filed on August 1, 2022 | * | ||||||||||||||
10.34 | — | Amendment No. 1 to Second Amended and Restated Revolving Credit Agreement dated as of June 30, 2022, among Vornado Realty L.P., as Borrower, the Banks listed on the signature pages thereof, and JPMorgan Chase Bank N.A., as Administrative Agent for the Banks - Incorporated by reference to Exhibit 10.39 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 (File No. 001-11954), filed on August 1, 2022 | * | ||||||||||||||
10.35 | — | Third Amended and Restated Revolving Credit Agreement dated as of June 30, 2022, among Vornado Realty L.P., as Borrower, Vornado Realty Trust as General Partner, the Banks listed on the signature pages thereof, and JPMorgan Chase Bank N.A., as Administrative Agent for the Banks - Incorporated by reference to Exhibit 10.40 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 (File No. 001-11954), filed on August 1, 2022 | * | ||||||||||||||
** | — | Form of Vornado Realty Trust 2019 Omnibus Share Plan Restricted LTIP Unit Agreement granted in 2023 | *** | ||||||||||||||
10.37 | ** | — | Form of Vornado Realty Trust 2023 Long-term Performance Plan LTPP Unit Award Agreement | *** | |||||||||||||
__________________________________________ | |||||||||||||||||
* | Incorporated by reference | ||||||||||||||||
** | Management contract or compensatory agreement | ||||||||||||||||
*** | Filed herewith |
— | Subsidiaries of Vornado Realty Trust and Vornado Realty L.P. | *** | |||||||||||||||
— | Consent of Independent Registered Public Accounting Firm for Vornado Realty Trust | *** | |||||||||||||||
— | Consent of Independent Registered Public Accounting Firm for Vornado Realty L.P. | *** | |||||||||||||||
— | Rule 13a-14 (a) Certification of the Chief Executive Officer of Vornado Realty Trust | *** | |||||||||||||||
— | Rule 13a-14 (a) Certification of the Chief Financial Officer of Vornado Realty Trust | *** | |||||||||||||||
— | Rule 13a-14 (a) Certification of the Chief Executive Officer of Vornado Realty L.P. | *** | |||||||||||||||
— | Rule 13a-14 (a) Certification of the Chief Financial Officer of Vornado Realty L.P. | *** | |||||||||||||||
— | Section 1350 Certification of the Chief Executive Officer of Vornado Realty Trust | *** | |||||||||||||||
— | Section 1350 Certification of the Chief Financial Officer of Vornado Realty Trust | *** | |||||||||||||||
— | Section 1350 Certification of the Chief Executive Officer of Vornado Realty L.P. | *** | |||||||||||||||
— | Section 1350 Certification of the Chief Financial Officer of Vornado Realty L.P. | *** | |||||||||||||||
101 | — | The following financial information from Vornado Realty Trust and Vornado Realty L.P. Annual Report on Form 10-K for the year ended December 31, 2022, formatted in Inline Extensible Business Reporting Language (iXBRL) includes: (i) consolidated balance sheets, (ii) consolidated statements of income, (iii) consolidated statements of comprehensive income, (iv) consolidated statements of changes in equity, (v) consolidated statements of cash flows, and (vi) the notes to consolidated financial statements. | *** | ||||||||||||||
104 | — | The cover page from the Vornado Realty Trust and Vornado Realty L.P. Annual Report on Form 10-K for the year ended December 31, 2022, formatted as iXBRL and contained in Exhibit 101. | *** | ||||||||||||||
_____________________________ | |||||||||||||||||
*** | Filed herewith |
VORNADO REALTY TRUST | ||||||||
(Registrant) | ||||||||
February 13, 2023 | By: | /s/ Deirdre Maddock | ||||||
Deirdre Maddock, Chief Accounting Officer (duly authorized officer and principal accounting officer) |
Signature | Title | Date | |||||||||||||||
By: | /s/Steven Roth | Chairman of the Board of Trustees | February 13, 2023 | ||||||||||||||
(Steven Roth) | and Chief Executive Officer (Principal Executive Officer) | ||||||||||||||||
By: | /s/Candace K. Beinecke | Trustee | February 13, 2023 | ||||||||||||||
(Candace K. Beinecke) | |||||||||||||||||
By: | /s/Michael D. Fascitelli | Trustee | February 13, 2023 | ||||||||||||||
(Michael D. Fascitelli) | |||||||||||||||||
By: | /s/Beatrice Hamza Bassey | Trustee | February 13, 2023 | ||||||||||||||
(Beatrice Hamza Bassey) | |||||||||||||||||
By: | /s/William W. Helman IV | Trustee | February 13, 2023 | ||||||||||||||
(William W. Helman IV) | |||||||||||||||||
By: | /s/David Mandelbaum | Trustee | February 13, 2023 | ||||||||||||||
(David Mandelbaum) | |||||||||||||||||
By: | /s/Raymond J. McGuire | Trustee | February 13, 2023 | ||||||||||||||
(Raymond J. McGuire) | |||||||||||||||||
By: | /s/Mandakini Puri | Trustee | February 13, 2023 | ||||||||||||||
(Mandakini Puri) | |||||||||||||||||
By: | /s/Daniel R. Tisch | Trustee | February 13, 2023 | ||||||||||||||
(Daniel R. Tisch) | |||||||||||||||||
By: | /s/Russell B. Wight, Jr. | Trustee | February 13, 2023 | ||||||||||||||
(Russell B. Wight, Jr.) | |||||||||||||||||
By: | /s/Michael J. Franco | President and Chief Financial Officer | February 13, 2023 | ||||||||||||||
(Michael J. Franco) | (Principal Financial Officer) | ||||||||||||||||
By: | /s/Deirdre Maddock | Chief Accounting Officer | February 13, 2023 | ||||||||||||||
(Deirdre Maddock) | (Principal Accounting Officer) |
VORNADO REALTY L.P. | ||||||||
(Registrant) | ||||||||
February 13, 2023 | By: | /s/ Deirdre Maddock | ||||||
Deirdre Maddock, Chief Accounting Officer of Vornado Realty Trust, sole General Partner of Vornado Realty L.P. (duly authorized officer and principal accounting officer) |
Signature | Title | Date | |||||||||||||||
By: | /s/Steven Roth | Chairman of the Board of Trustees and | February 13, 2023 | ||||||||||||||
(Steven Roth) | Chief Executive Officer of Vornado Realty Trust (Principal Executive Officer) | ||||||||||||||||
By: | /s/Candace K. Beinecke | Trustee of Vornado Realty Trust | February 13, 2023 | ||||||||||||||
(Candace K. Beinecke) | |||||||||||||||||
By: | /s/Michael D. Fascitelli | Trustee of Vornado Realty Trust | February 13, 2023 | ||||||||||||||
(Michael D. Fascitelli) | |||||||||||||||||
By: | /s/Beatrice Hamza Bassey | Trustee of Vornado Realty Trust | February 13, 2023 | ||||||||||||||
(Beatrice Hamza Bassey) | |||||||||||||||||
By: | /s/William W. Helman IV | Trustee of Vornado Realty Trust | February 13, 2023 | ||||||||||||||
(William W. Helman IV) | |||||||||||||||||
By: | /s/David Mandelbaum | Trustee of Vornado Realty Trust | February 13, 2023 | ||||||||||||||
(David Mandelbaum) | |||||||||||||||||
By: | /s/Raymond J. McGuire | Trustee of Vornado Realty Trust | February 13, 2023 | ||||||||||||||
(Raymond J. McGuire) | |||||||||||||||||
By: | /s/Mandakini Puri | Trustee of Vornado Realty Trust | February 13, 2023 | ||||||||||||||
(Mandakini Puri) | |||||||||||||||||
By: | /s/Daniel R. Tisch | Trustee of Vornado Realty Trust | February 13, 2023 | ||||||||||||||
(Daniel R. Tisch) | |||||||||||||||||
By: | /s/Russell B. Wight, Jr. | Trustee of Vornado Realty Trust | February 13, 2023 | ||||||||||||||
(Russell B. Wight, Jr.) | |||||||||||||||||
By: | /s/Michael J. Franco | President and Chief Financial Officer of Vornado Realty Trust | February 13, 2023 | ||||||||||||||
(Michael J. Franco) | (Principal Financial Officer) | ||||||||||||||||
By: | /s/Deirdre Maddock | Chief Accounting Officer of Vornado Realty Trust | February 13, 2023 | ||||||||||||||
(Deirdre Maddock) | (Principal Accounting Officer) | ||||||||||||||||
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