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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 57,632 $ 132,930 $ 41,939
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization, including amortization of debt issuance costs 31,454 34,592 35,121
Straight-lining of rents 7,960 9,817 21,102
Write-off of tenant receivables 0 0 4,122
Stock-based compensation expense 450 450 600
Net gains on sale of real estate (2021 includes $2,348 from discontinued operations) 0 (72,298) 0
Change in fair value of marketable securities 0 (3,482) 8,599
Dividends received in stock 0 0 (214)
Other non-cash adjustments (2,928) 0 0
Change in operating assets and liabilities:      
Tenant and other receivables, net 1,680 1,731 (6,146)
Other assets 2,782 3,099 (28,378)
Amounts due to Vornado 40 (211) (402)
Accounts payable and accrued expenses 3,141 12,501 2,361
Other liabilities 338 (664) (638)
Net cash provided by operating activities 102,549 118,465 78,066
CASH FLOWS FROM INVESTING ACTIVITIES      
Construction in progress and real estate additions (14,386) (19,520) (32,460)
Purchase of U.S. Treasury bills (364,238) 0 0
Proceeds from maturities of U.S. Treasury bills 99,358 0 0
Proceeds from sales of real estate 0 81,871 0
Return of short-term investment 0 3,600 0
Proceeds from sale of marketable securities 0 9,506 0
Net cash (used in) provided by investing activities (279,266) 75,457 (32,460)
CASH FLOWS FROM FINANCING ACTIVITIES      
Dividends paid (92,264) (92,220) (92,168)
Debt issuance costs (46) (74) (7,246)
Debt repayments 0 (68,000) (50,000)
Proceeds from borrowings 0 0 239,708
Net cash (used in) provided by financing activities (92,310) (160,294) 90,294
Net (decrease) increase in cash and cash equivalents and restricted cash (269,027) 33,628 135,900
Cash and cash equivalents and restricted cash at beginning of year 483,505 449,877 313,977
Cash and cash equivalents and restricted cash at end of year 214,478 483,505 449,877
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH      
Cash and cash equivalents at beginning of year 463,539 428,710 298,063
Restricted cash at beginning of year 19,966 21,167 15,914
Cash and cash equivalents and restricted cash at beginning of year 483,505 449,877 313,977
Cash and cash equivalents at end of year 194,933 463,539 428,710
Restricted cash at end of year 19,545 19,966 21,167
Cash and cash equivalents and restricted cash at end of year 214,478 483,505 449,877
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      
Cash payments for interest, net of amounts capitalized 25,934 18,568 22,476
NON-CASH TRANSACTIONS      
Additional estimated lease liability arising from the recognition of right-of-use asset 16,099 0 0
Liability for real estate additions, including $141 and $489 for development fees due to Vornado in 2021 and 2020, respectively 2,254 1,445 4,955
Write-off of fully amortized and/or depreciated assets $ 23 $ 5,628 $ 876