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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 75,373 $ 29,346
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization, including amortization of debt issuance costs 16,399 15,587
Net gain on sale of real estate (53,952) 0
Straight-lining of rents 4,169 3,948
Stock-based compensation expense 450 450
Other non-cash adjustments 4,431 (611)
Change in operating assets and liabilities:    
Tenant and other receivables (666) 1,978
Other assets 17,666 23,699
Amounts due to Vornado 151 38
Accounts payable and accrued expenses 1,900 18,727
Other liabilities (12) 166
Net cash provided by operating activities 65,909 93,328
CASH FLOWS FROM INVESTING ACTIVITIES    
Construction in progress and real estate additions (2,894) (3,800)
Proceeds from sale of real estate 67,821 0
Proceeds from maturities of U.S. Treasury bills 264,881 0
Purchase of interest rate cap (11,258) 0
Purchase of U.S. Treasury bills 0 (197,407)
Net cash provided by (used in) investing activities 318,550 (201,207)
CASH FLOWS FROM FINANCING ACTIVITIES    
Dividends paid (46,144) (46,120)
Debt issuance costs (38) (8)
Net cash used in financing activities (46,182) (46,128)
Net increase (decrease) in cash and cash equivalents and restricted cash 338,277 (154,007)
Cash and cash equivalents and restricted cash at beginning of period 214,478 483,505
Cash and cash equivalents and restricted cash at end of period 552,755 329,498
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH    
Cash and cash equivalents at beginning of period 194,933 463,539
Restricted cash at beginning of period 19,545 19,966
Cash and cash equivalents and restricted cash at beginning of period 214,478 483,505
Cash and cash equivalents at end of period 531,331 310,349
Restricted cash at end of period 21,424 19,149
Cash and cash equivalents and restricted cash at end of period 552,755 329,498
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash payments for interest (net of amounts capitalized) 23,761 8,540
NON-CASH TRANSACTIONS    
Liability for real estate additions, including $3 for development fees due to Vornado in 2022 798 1,426
Write-off of fully depreciated assets $ 5,808 $ 23