XML 25 R7.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash Flows from Operating Activities:    
Net income $ 221,331 $ 176,774
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization (including amortization of deferred financing costs) 289,898 299,541
Equity in net (income) loss of partially owned entities (47,721) 3,598
Distributions of income from partially owned entities 44,778 42,012
Other non-cash adjustments 30,070 23,049
Straight-lining of rents (28,581) (83,883)
Amortization of below-market leases, net (24,391) (29,811)
Net realized and unrealized loss (gain) on real estate fund investments 6,201 (21,277)
Net gains on sale of real estate and other (2,267) (2,210)
Net gains on disposition of wholly owned and partially owned assets (501) (160,225)
Skyline properties impairment loss 0 160,700
Return of capital from real estate fund investments 0 71,888
Changes in operating assets and liabilities:    
Tenant and other receivables, net 8,446 2,358
Prepaid assets (148,446) (131,927)
Other assets (8,402) (29,303)
Accounts payable and accrued expenses (1,324) 6,634
Other liabilities (22,874) (9,113)
Net cash provided by operating activities 316,217 318,805
Cash Flows from Investing Activities:    
Development costs and construction in progress (191,073) (277,214)
Additions to real estate (139,611) (170,265)
Distributions of capital from partially owned entities 113,507 92,465
Investments in partially owned entities (27,720) (90,659)
Acquisitions of real estate and other (11,841) (91,100)
Proceeds from sales of real estate and related investments 5,180 159,888
Proceeds from repayments of mortgage loans receivable 29 22
Net deconsolidation of 7 West 34th Street 0 (48,000)
Investments in loans receivable and other 0 (11,700)
Purchases of marketable securities 0 (4,379)
Net cash used in investing activities (251,529) (440,942)
Cash Flows from Financing Activities:    
Dividends paid on common shares / Distributions to Vornado (268,817) (237,832)
Proceeds from borrowings 226,929 1,325,246
Dividends paid on preferred shares / Distributions to preferred unitholders (32,258) (40,727)
Distributions to noncontrolling interests / Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries (25,617) (83,266)
Repayments of borrowings (13,971) (1,032,115)
Proceeds received from exercise of employee share options / Vornado stock options 9,626 3,810
Debt issuance and other costs (2,919) (29,478)
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries 991 11,874
Repurchase of shares / Class A units related to stock compensation agreements and related tax withholdings and other (285) (186)
Net cash used in financing activities (106,321) (82,674)
Net decrease in cash and cash equivalents and restricted cash (41,633) (204,811)
Cash and cash equivalents and restricted cash at beginning of period 1,599,322 1,943,506
Cash and cash equivalents and restricted cash at end of period 1,557,689 1,738,695
Reconciliation of Cash and Cash Equivalents and Restricted Cash:    
Cash and cash equivalents at beginning of period 1,501,027 1,835,707
Restricted cash at beginning of period 98,295 107,799
Cash and cash equivalents and restricted cash at beginning of period 1,599,322 1,943,506
Cash and cash equivalents at end of period 1,471,303 1,644,067
Restricted cash at end of period 86,386 94,628
Cash and cash equivalents and restricted cash at end of period 1,557,689 1,738,695
Supplemental Disclosure of Cash Flow Information:    
Cash payments for interest, excluding capitalized interest of $20,050 and $13,918 175,718 181,432
Cash payments for income taxes 3,151 5,003
Non-Cash Investing and Financing Activities:    
Adjustments to carry redeemable Class A units at redemption value 90,208 (20,369)
Accrued capital expenditures included in accounts payable and accrued expenses 59,733 144,079
Write-off of fully depreciated assets (35,727) (220,654)
(Reduction) increase in unrealized net gain on available-for-sale securities (16,215) 39,113
Decrease in assets and liabilities resulting from the deconsolidation of investments that were previously consolidated:    
Real estate, net 0 (122,047)
Mortgage payable, net 0 (290,418)
Vornado Realty L.P.    
Cash Flows from Operating Activities:    
Net income 221,331 176,774
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization (including amortization of deferred financing costs) 289,898 299,541
Equity in net (income) loss of partially owned entities (47,721) 3,598
Distributions of income from partially owned entities 44,778 42,012
Other non-cash adjustments 30,070 23,049
Straight-lining of rents (28,581) (83,883)
Amortization of below-market leases, net (24,391) (29,811)
Net realized and unrealized loss (gain) on real estate fund investments 6,201 (21,277)
Net gains on sale of real estate and other (2,267) (2,210)
Net gains on disposition of wholly owned and partially owned assets (501) (160,225)
Skyline properties impairment loss 0 160,700
Return of capital from real estate fund investments 0 71,888
Changes in operating assets and liabilities:    
Tenant and other receivables, net 8,446 2,358
Prepaid assets (148,446) (131,927)
Other assets (8,402) (29,303)
Accounts payable and accrued expenses (1,324) 6,634
Other liabilities (22,874) (9,113)
Net cash provided by operating activities 316,217 318,805
Cash Flows from Investing Activities:    
Development costs and construction in progress (191,073) (277,214)
Additions to real estate (139,611) (170,265)
Distributions of capital from partially owned entities 113,507 92,465
Investments in partially owned entities (27,720) (90,659)
Acquisitions of real estate and other (11,841) (91,100)
Proceeds from sales of real estate and related investments 5,180 159,888
Proceeds from repayments of mortgage loans receivable 29 22
Net deconsolidation of 7 West 34th Street 0 (48,000)
Investments in loans receivable and other 0 (11,700)
Purchases of marketable securities 0 (4,379)
Net cash used in investing activities (251,529) (440,942)
Cash Flows from Financing Activities:    
Dividends paid on common shares / Distributions to Vornado (268,817) (237,832)
Proceeds from borrowings 226,929 1,325,246
Dividends paid on preferred shares / Distributions to preferred unitholders (32,258) (40,727)
Distributions to noncontrolling interests / Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries (25,617) (83,266)
Repayments of borrowings (13,971) (1,032,115)
Proceeds received from exercise of employee share options / Vornado stock options 9,626 3,810
Debt issuance and other costs (2,919) (29,478)
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries 991 11,874
Repurchase of shares / Class A units related to stock compensation agreements and related tax withholdings and other (285) (186)
Net cash used in financing activities (106,321) (82,674)
Net decrease in cash and cash equivalents and restricted cash (41,633) (204,811)
Cash and cash equivalents and restricted cash at beginning of period 1,599,322 1,943,506
Cash and cash equivalents and restricted cash at end of period 1,557,689 1,738,695
Reconciliation of Cash and Cash Equivalents and Restricted Cash:    
Cash and cash equivalents at beginning of period 1,501,027 1,835,707
Restricted cash at beginning of period 98,295 107,799
Cash and cash equivalents and restricted cash at beginning of period 1,599,322 1,943,506
Cash and cash equivalents at end of period 1,471,303 1,644,067
Restricted cash at end of period 86,386 94,628
Cash and cash equivalents and restricted cash at end of period 1,557,689 1,738,695
Supplemental Disclosure of Cash Flow Information:    
Cash payments for interest, excluding capitalized interest of $20,050 and $13,918 175,718 181,432
Cash payments for income taxes 3,151 5,003
Non-Cash Investing and Financing Activities:    
Adjustments to carry redeemable Class A units at redemption value 90,208 (20,369)
Accrued capital expenditures included in accounts payable and accrued expenses 59,733 144,079
Write-off of fully depreciated assets (35,727) (220,654)
(Reduction) increase in unrealized net gain on available-for-sale securities (16,215) 39,113
Decrease in assets and liabilities resulting from the deconsolidation of investments that were previously consolidated:    
Real estate, net 0 (122,047)
Mortgage payable, net $ 0 $ (290,418)