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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 16,109 $ 11,226
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization, including amortization of debt issuance costs 9,917 7,899
Straight-lining of rents 9,355 2,067
Interest rate cap premium amortization 3,401 0
Other non-cash adjustments (2,820) 1,741
Change in operating assets and liabilities:    
Tenant and other receivables 347 (959)
Other assets (13,357) 2,959
Amounts due to Vornado (236) (128)
Accounts payable and accrued expenses (5,886) (4,063)
Other liabilities (5) (6)
Net cash provided by operating activities 16,825 20,736
CASH FLOWS FROM INVESTING ACTIVITIES    
Construction in progress and real estate additions (2,475) (2,060)
Proceeds from maturities of U.S. Treasury bills 0 166,832
Proceeds from interest rate cap 3,160 0
Net cash provided by investing activities 685 164,772
CASH FLOWS FROM FINANCING ACTIVITIES    
Dividends paid (23,088) (23,072)
Debt issuance costs 0 (38)
Net cash used in financing activities (23,088) (23,110)
Net (decrease) increase in cash and cash equivalents and restricted cash (5,578) 162,398
Cash and cash equivalents and restricted cash at beginning of period 552,977 214,478
Cash and cash equivalents and restricted cash at end of period 547,399 376,876
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH    
Cash and cash equivalents at beginning of period 531,855 194,933
Restricted cash at beginning of period 21,122 19,545
Cash and cash equivalents and restricted cash at beginning of period 552,977 214,478
Cash and cash equivalents at end of period 526,340 356,507
Restricted cash at end of period 21,059 20,369
Cash and cash equivalents and restricted cash at end of period 547,399 376,876
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash payments for interest 15,356 11,476
NON-CASH TRANSACTIONS    
Liability for real estate additions, including $14 for development fees due to Vornado in 2024 2,708 1,481
Write-off of fully depreciated assets 15 4,044
Reclassification of asset held for sale $ 0 $ 13,794