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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 102,413 $ 57,632 $ 132,930
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization, including amortization of debt issuance costs 34,605 31,454 34,592
Net gains on sale of real estate (2021 includes $2,348 from discontinued operations) (53,952) 0 (72,298)
Straight-lining of rents 2,631 7,960 9,817
Stock-based compensation expense 450 450 450
Change in fair value of marketable securities 0 0 (3,482)
Interest rate cap premium amortization 7,770 0 0
Other non-cash adjustments (1,559) (2,928) 0
Change in operating assets and liabilities:      
Tenant and other receivables (572) 1,680 1,731
Other assets 14,141 2,782 3,099
Amounts due to Vornado (60) 40 (211)
Accounts payable and accrued expenses 3,263 3,141 12,501
Other liabilities (19) 338 (664)
Net cash provided by operating activities 109,111 102,549 118,465
CASH FLOWS FROM INVESTING ACTIVITIES      
Construction in progress and real estate additions (4,681) (14,386) (19,520)
Purchase of U.S. Treasury bills 0 (364,238) 0
Proceeds from maturities of U.S. Treasury bills 264,881 99,358 0
Proceeds from sales of real estate 67,821 0 81,871
Purchase of interest rate cap (11,258) 0 0
Proceeds from interest rate cap 5,049 0 0
Return of short-term investment 0 0 3,600
Proceeds from sale of marketable securities 0 0 9,506
Net cash provided by (used in) investing activities 321,812 (279,266) 75,457
CASH FLOWS FROM FINANCING ACTIVITIES      
Dividends paid (92,320) (92,264) (92,220)
Debt issuance costs (104) (46) (74)
Debt repayments 0 0 (68,000)
Net cash used in financing activities (92,424) (92,310) (160,294)
Net increase (decrease) in cash and cash equivalents and restricted cash 338,499 (269,027) 33,628
Cash and cash equivalents and restricted cash at beginning of year 214,478 483,505 449,877
Cash and cash equivalents and restricted cash at end of year 552,977 214,478 483,505
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH      
Cash and cash equivalents at beginning of year 194,933 463,539 428,710
Restricted cash at beginning of year 19,545 19,966 21,167
Cash and cash equivalents and restricted cash at beginning of year 214,478 483,505 449,877
Cash and cash equivalents at end of year 531,855 194,933 463,539
Restricted cash at end of year 21,122 19,545 19,966
Cash and cash equivalents and restricted cash at end of year 552,977 214,478 483,505
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      
Cash payments for interest (net of amounts capitalized) 53,975 25,934 18,568
NON-CASH TRANSACTIONS      
Write-off of fully depreciated assets 8,097 23 5,628
Liability for real estate additions, including $141 for development fees due to Vornado in 2021 1,969 2,254 1,445
Additional estimated lease liability arising from the recognition of right-of-use asset $ 0 $ 16,099 $ 0