XML 20 R7.htm IDEA: XBRL DOCUMENT v3.3.1.900
Consolidated and Combined Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 41,348 $ 65,794 $ 109,335
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 58,299 54,897 55,404
Amortization of deferred financing costs 2,738 1,660 1,882
Real estate impairment loss 0 0 19,000
Amortization of below market leases, net (7,907) (8,762) (8,159)
Straight-lining of rent 333 (1,559) (2,718)
Share-based compensation expense 10,261 3,878 2,732
Non-cash separation costs paid by Vornado 17,403 0 0
Provision for doubtful accounts 1,526 1,032 666
Change in operating assets and liabilities:      
Tenant and other receivables (4) (5,914) 46,952
Prepaid and other assets (3,611) (1,196) 14,705
Accounts payable and accrued expenses 11,300 (4,929) 934
Other liabilities 6,392 787 (206)
Net cash provided by operating activities 138,078 105,688 240,527
CASH FLOWS FROM INVESTING ACTIVITIES      
Real estate additions (36,290) (39,509) (24,926)
Acquisition of real estate (30,125) (6,077) 0
Decrease in cash held in escrow and restricted cash 925 1,082 (2,087)
Net cash used in investing activities (65,490) (44,504) (27,013)
CASH FLOWS FROM FINANCING ACTIVITIES      
Debt repayments (44,654) (42,481) (367,704)
Contributions from (distributions to) Vornado (227,732) 148,786 160,370
Dividends paid to shareholders (79,167) 0 0
Distributions to redeemable noncontrolling interests (4,918) 0 0
Debt issuance costs (5,198) (2,540) (1,562)
Proceeds from borrowings 0 130,000 317,000
Net cash provided by financing activities 93,795 (63,807) (212,636)
Net increase in cash and cash equivalents 166,383 (2,623) 878
Cash and cash equivalents at beginning of year 2,600 5,223 4,345
Cash and cash equivalents at end of year 168,983 2,600 5,223
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      
Cash payments for interest (includes amounts capitalized of $1,856, $0 and $0, respectively) 52,814 53,133 53,669
Cash payments for income taxes 1,907 1,342 1,751
NON-CASH INVESTING AND FINANCING ACTIVITIES      
Accrued capital expenditures included in accounts payable and accrued expenses 8,699 1,592 277
Write off of fully depreciated assets $ 10,588 $ 2,612 $ 64,224