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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 132,930 $ 41,939 $ 60,075
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization, including amortization of debt issuance costs 34,592 35,121 36,515
Straight-lining of rents 9,817 21,102 2,413
Write-off of tenant receivables 0 4,122 0
Stock-based compensation expense 450 600 394
Net gains on sale of real estate (including $2,348 from discontinued operations) (72,298) 0 0
Change in fair value of marketable securities (3,482) 8,599 8,757
Dividends received in stock 0 (214) 0
Change in operating assets and liabilities:      
Tenant and other receivables, net 1,731 (6,146) (2,017)
Other assets 3,099 (28,378) 21,553
Amounts due to Vornado (211) (402) 789
Accounts payable and accrued expenses 12,501 2,361 (1,800)
Other liabilities (664) (638) (609)
Net cash provided by operating activities 118,465 78,066 126,070
CASH FLOWS FROM INVESTING ACTIVITIES      
Construction in progress and real estate additions (19,520) (32,460) (9,449)
Proceeds from sales of real estate 81,871 0 0
Return of short-term investment 3,600 0 0
Proceeds from sale of marketable securities 9,506 0 0
Net cash provided by (used in) investing activities 75,457 (32,460) (9,449)
CASH FLOWS FROM FINANCING ACTIVITIES      
Dividends paid (92,220) (92,168) (92,124)
Debt issuance costs (74) (7,246) (15)
Debt repayments (68,000) (50,000) 0
Proceeds from borrowings 0 239,708 0
Net cash (used in) provided by financing activities (160,294) 90,294 (92,139)
Net increase in cash and cash equivalents and restricted cash 33,628 135,900 24,482
Cash and cash equivalents and restricted cash at beginning of year 449,877 313,977 289,495
Cash and cash equivalents and restricted cash at end of year 483,505 449,877 313,977
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH      
Cash and cash equivalents at beginning of year 428,710 298,063 283,056
Restricted cash at beginning of year 21,167 15,914 6,439
Cash and cash equivalents and restricted cash at beginning of year 449,877 313,977 289,495
Cash and cash equivalents at end of year 463,539 428,710 298,063
Restricted cash at end of year 19,966 21,167 15,914
Cash and cash equivalents and restricted cash at end of year 483,505 449,877 313,977
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      
Cash payments for interest 18,568 22,476 34,669
NON-CASH TRANSACTIONS      
Liability for real estate additions, including $141, $489 and $18 for development fees due to Vornado in 2021, 2020 and 2019, respectively 1,445 4,955 3,191
Write-off of fully amortized and/or depreciated assets 5,628 876 0
Reclassification of prepaid real estate taxes to construction in progress for property in redevelopment 0 0 1,466
Lease liability arising from the recognition of right-of-use asset $ 0 $ 0 $ 5,428