ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Fiscal Year Ended: |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from | to |
Commission File Number: | (Vornado Realty Trust) | |||||||
Commission File Number: | (Vornado Realty L.P.) |
(Exact name of registrants as specified in its charter) |
Vornado Realty Trust | ||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |||||||||||||
Vornado Realty L.P. | ||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
(Address of principal executive offices) (Zip Code) |
(Registrants’ telephone number, including area code) |
Registrant | Title of Each Class | Trading Symbol(s) | Name of Exchange on Which Registered | |||||||||||||||||
Vornado Realty Trust | ||||||||||||||||||||
Cumulative Redeemable Preferred Shares of beneficial interest, liquidation preference $25.00 per share: | ||||||||||||||||||||
Vornado Realty Trust | ||||||||||||||||||||
Vornado Realty Trust | ||||||||||||||||||||
Vornado Realty Trust | ||||||||||||||||||||
Vornado Realty Trust |
Registrant | Title of Each Class | |||||||
Vornado Realty Trust | ||||||||
Vornado Realty L.P. |
☑ | ☐ | Accelerated Filer | ||||||||||||
☐ | Non-Accelerated Filer | Smaller Reporting Company | ||||||||||||
Emerging Growth Company |
☐ | Large Accelerated Filer | ☐ | Accelerated Filer | |||||||||||
☑ | Smaller Reporting Company | |||||||||||||
Emerging Growth Company |
Item | Financial Information: | Page Number | |||||||||||||||
Square Feet | ||||||||||||||||||||||||||||||||||||||
NEW YORK SEGMENT Property | % Ownership | Type | % Occupancy | In Service | Under Development or Not Available for Lease | Total Property | ||||||||||||||||||||||||||||||||
PENN 1 (ground leased through 2098)(1) | 100.0 | % | Office / Retail | 82.4 | % | 2,290,000 | 257,000 | 2,547,000 | ||||||||||||||||||||||||||||||
1290 Avenue of the Americas | 70.0 | % | Office / Retail | 99.6 | % | 2,120,000 | — | 2,120,000 | ||||||||||||||||||||||||||||||
PENN 2 | 100.0 | % | Office / Retail | 100.0 | % | 428,000 | 1,192,000 | 1,620,000 | ||||||||||||||||||||||||||||||
909 Third Avenue (ground leased through 2063)(1) | 100.0 | % | Office | 96.7 | % | 1,350,000 | — | 1,350,000 | ||||||||||||||||||||||||||||||
280 Park Avenue(2) | 50.0 | % | Office / Retail | 98.1 | % | 1,264,000 | — | 1,264,000 | ||||||||||||||||||||||||||||||
Independence Plaza, Tribeca (1,327 units)(2) | 50.1 | % | Retail / Residential | 100.0 | % | (3) | 1,249,000 | 8,000 | 1,257,000 | |||||||||||||||||||||||||||||
770 Broadway | 100.0 | % | Office / Retail | 99.3 | % | 1,182,000 | — | 1,182,000 | ||||||||||||||||||||||||||||||
PENN 11 | 100.0 | % | Office / Retail | 99.3 | % | 1,153,000 | — | 1,153,000 | ||||||||||||||||||||||||||||||
90 Park Avenue | 100.0 | % | Office / Retail | 98.9 | % | 956,000 | — | 956,000 | ||||||||||||||||||||||||||||||
One Park Avenue | 100.0 | % | Office / Retail | 96.9 | % | 944,000 | — | 944,000 | ||||||||||||||||||||||||||||||
888 Seventh Avenue (ground leased through 2067)(1) | 100.0 | % | Office / Retail | 94.6 | % | 887,000 | — | 887,000 | ||||||||||||||||||||||||||||||
100 West 33rd Street | 100.0 | % | Office | 95.3 | % | 859,000 | — | 859,000 | ||||||||||||||||||||||||||||||
Farley Office and Retail (ground and building leased through 2116)(1) | 95.0 | % | Office / Retail | 100.0 | % | 756,000 | 89,000 | 845,000 | ||||||||||||||||||||||||||||||
330 West 34th Street (65.2% ground leased through 2149)(1) | 100.0 | % | Office / Retail | 74.2 | % | 725,000 | — | 725,000 | ||||||||||||||||||||||||||||||
85 Tenth Avenue(2) | 49.9 | % | Office / Retail | 89.6 | % | 638,000 | — | 638,000 | ||||||||||||||||||||||||||||||
650 Madison Avenue(2) | 20.1 | % | Office / Retail | 93.3 | % | 601,000 | — | 601,000 | ||||||||||||||||||||||||||||||
350 Park Avenue | 100.0 | % | Office / Retail | 72.8 | % | 581,000 | — | 581,000 | ||||||||||||||||||||||||||||||
150 East 58th Street(4) | 100.0 | % | Office / Retail | 88.3 | % | 545,000 | — | 545,000 | ||||||||||||||||||||||||||||||
33-00 Northern Boulevard (Center Building) | 100.0 | % | Office | 92.4 | % | 498,000 | — | 498,000 | ||||||||||||||||||||||||||||||
7 West 34th Street(2) | 53.0 | % | Office / Retail | 100.0 | % | 477,000 | — | 477,000 | ||||||||||||||||||||||||||||||
595 Madison Avenue | 100.0 | % | Office / Retail | 81.4 | % | 332,000 | — | 332,000 | ||||||||||||||||||||||||||||||
640 Fifth Avenue(2) | 52.0 | % | Office / Retail | 84.9 | % | 315,000 | — | 315,000 | ||||||||||||||||||||||||||||||
50-70 West 93rd Street (324 units)(2) | 49.9 | % | Residential | 96.3 | % | 283,000 | — | 283,000 | ||||||||||||||||||||||||||||||
Manhattan Mall | 100.0 | % | Retail | 18.3 | % | 257,000 | — | 257,000 | ||||||||||||||||||||||||||||||
40 Fulton Street | 100.0 | % | Office / Retail | 84.7 | % | 251,000 | — | 251,000 | ||||||||||||||||||||||||||||||
260 Eleventh Avenue (ground leased through 2114)(1) | 100.0 | % | Office | 95.5 | % | 209,000 | — | 209,000 | ||||||||||||||||||||||||||||||
4 Union Square South | 100.0 | % | Retail | 99.3 | % | 204,000 | — | 204,000 | ||||||||||||||||||||||||||||||
61 Ninth Avenue (2 buildings) (ground leased through 2115)(1)(2) | 45.1 | % | Office / Retail | 94.5 | % | 192,000 | — | 192,000 | ||||||||||||||||||||||||||||||
512 West 22nd Street(2) | 55.0 | % | Office / Retail | 72.6 | % | 172,000 | — | 172,000 | ||||||||||||||||||||||||||||||
825 Seventh Avenue | 51.2 | % | Office(2) / Retail | 44.7 | % | 172,000 | — | 172,000 | ||||||||||||||||||||||||||||||
1540 Broadway(2) | 52.0 | % | Retail | 79.9 | % | 161,000 | — | 161,000 | ||||||||||||||||||||||||||||||
Paramus | 100.0 | % | Office | 85.2 | % | 129,000 | — | 129,000 | ||||||||||||||||||||||||||||||
666 Fifth Avenue (2)(5) | 52.0 | % | Retail | 100.0 | % | 114,000 | — | 114,000 | ||||||||||||||||||||||||||||||
1535 Broadway(2) | 52.0 | % | Retail / Theatre | 98.2 | % | 107,000 | — | 107,000 | ||||||||||||||||||||||||||||||
57th Street (2 buildings)(2) | 50.0 | % | Office / Retail | 83.9 | % | 103,000 | — | 103,000 | ||||||||||||||||||||||||||||||
689 Fifth Avenue(2) | 52.0 | % | Office / Retail | 93.9 | % | 98,000 | — | 98,000 | ||||||||||||||||||||||||||||||
478-486 Broadway (2 buildings) (10 units)(6) | 100.0 | % | Retail / Residential | 100.0 | % | (3) | 33,000 | 56,000 | 89,000 | |||||||||||||||||||||||||||||
150 West 34th Street | 100.0 | % | Retail | 100.0 | % | 78,000 | — | 78,000 | ||||||||||||||||||||||||||||||
510 Fifth Avenue | 100.0 | % | Retail | 51.5 | % | 66,000 | — | 66,000 | ||||||||||||||||||||||||||||||
655 Fifth Avenue(2) | 50.0 | % | Retail | 100.0 | % | 57,000 | — | 57,000 | ||||||||||||||||||||||||||||||
155 Spring Street(6) | 100.0 | % | Retail | 88.6 | % | 50,000 | — | 50,000 | ||||||||||||||||||||||||||||||
435 Seventh Avenue | 100.0 | % | Retail | 100.0 | % | 43,000 | — | 43,000 |
Square Feet | ||||||||||||||||||||||||||||||||||||||
NEW YORK SEGMENT – CONTINUED Property | % Ownership | Type | % Occupancy | In Service | Under Development or Not Available for Lease | Total Property | ||||||||||||||||||||||||||||||||
692 Broadway | 100.0 | % | Retail | 64.4 | % | 36,000 | — | 36,000 | ||||||||||||||||||||||||||||||
606 Broadway | 50.0 | % | Office / Retail | 100.0 | % | 36,000 | — | 36,000 | ||||||||||||||||||||||||||||||
697-703 Fifth Avenue(2) | 44.8 | % | Retail | 100.0 | % | 26,000 | — | 26,000 | ||||||||||||||||||||||||||||||
1131 Third Avenue | 100.0 | % | Retail | 100.0 | % | 23,000 | — | 23,000 | ||||||||||||||||||||||||||||||
131-135 West 33rd Street | 100.0 | % | Retail | 100.0 | % | 23,000 | — | 23,000 | ||||||||||||||||||||||||||||||
715 Lexington Avenue | 100.0 | % | Retail | 100.0 | % | 10,000 | 12,000 | 22,000 | ||||||||||||||||||||||||||||||
537 West 26th Street | 100.0 | % | Retail | 100.0 | % | 17,000 | — | 17,000 | ||||||||||||||||||||||||||||||
443 Broadway | 100.0 | % | Retail | 100.0 | % | 16,000 | — | 16,000 | ||||||||||||||||||||||||||||||
334 Canal Street (4 units) | 100.0 | % | Retail / Residential | 100.0 | % | (3) | 14,000 | — | 14,000 | |||||||||||||||||||||||||||||
304 Canal Street (4 units) | 100.0 | % | Retail / Residential | 100.0 | % | (3) | 13,000 | — | 13,000 | |||||||||||||||||||||||||||||
431 Seventh Avenue | 100.0 | % | Retail | — | % | 10,000 | — | 10,000 | ||||||||||||||||||||||||||||||
759-771 Madison Avenue (40 East 66th Street) (4 units) | 100.0 | % | Residential | 100.0 | % | 10,000 | — | 10,000 | ||||||||||||||||||||||||||||||
138-142 West 32nd Street | 100.0 | % | Retail | 100.0 | % | 8,000 | — | 8,000 | ||||||||||||||||||||||||||||||
148 Spring Street | 100.0 | % | Retail | 72.7 | % | 8,000 | — | 8,000 | ||||||||||||||||||||||||||||||
339 Greenwich Street | 100.0 | % | Retail | 100.0 | % | 8,000 | — | 8,000 | ||||||||||||||||||||||||||||||
150 Spring Street (1 unit) | 100.0 | % | Retail / Residential | 74.2 | % | (3) | 7,000 | — | 7,000 | |||||||||||||||||||||||||||||
966 Third Avenue | 100.0 | % | Retail | 100.0 | % | 7,000 | — | 7,000 | ||||||||||||||||||||||||||||||
968 Third Avenue(2) | 50.0 | % | Retail | 100.0 | % | 7,000 | — | 7,000 | ||||||||||||||||||||||||||||||
137 West 33rd Street | 100.0 | % | Retail | 100.0 | % | 3,000 | — | 3,000 | ||||||||||||||||||||||||||||||
57th Street(2) | 50.0 | % | Land | (7) | — | — | — | |||||||||||||||||||||||||||||||
Eighth Avenue and 34th Street | 100.0 | % | Land | (7) | — | — | — | |||||||||||||||||||||||||||||||
PENN 15 (Hotel Pennsylvania Site)(8) | 100.0 | % | Land | (7) | — | — | — | |||||||||||||||||||||||||||||||
Other (3 buildings) | 100.0 | % | Retail | 100.0 | % | 16,000 | — | 16,000 | ||||||||||||||||||||||||||||||
Alexander's, Inc.: | ||||||||||||||||||||||||||||||||||||||
731 Lexington Avenue(2) | 32.4 | % | Office / Retail | 98.9 | % | 1,056,000 | 23,000 | 1,079,000 | ||||||||||||||||||||||||||||||
Rego Park II, Queens (6.6 acres)(2) | 32.4 | % | Retail | 84.4 | % | 480,000 | 135,000 | 615,000 | ||||||||||||||||||||||||||||||
Rego Park I, Queens (4.8 acres)(2) | 32.4 | % | Retail | 100.0 | % | 260,000 | 78,000 | 338,000 | ||||||||||||||||||||||||||||||
The Alexander Apartment Tower, Queens (312 units)(2) | 32.4 | % | Residential | 95.2 | % | 255,000 | — | 255,000 | ||||||||||||||||||||||||||||||
Flushing, Queens (1.0 acre ground leased through 2037)(1)(2) | 32.4 | % | Retail | 100.0 | % | 167,000 | — | 167,000 | ||||||||||||||||||||||||||||||
Rego Park III, Queens (3.2 acres)(2) | 32.4 | % | Land | (7) | — | — | — | |||||||||||||||||||||||||||||||
Total New York Segment | 91.8 | % | 25,445,000 | 1,850,000 | 27,295,000 | |||||||||||||||||||||||||||||||||
Our Ownership Interest | 91.3 | % | 20,086,000 | 1,683,000 | 21,769,000 |
Square Feet | ||||||||||||||||||||||||||||||||||||||
OTHER SEGMENT Property | % Ownership | Type | % Occupancy | In Service | Under Development or Not Available for Lease | Total Property | ||||||||||||||||||||||||||||||||
theMART: | ||||||||||||||||||||||||||||||||||||||
theMART, Chicago | 100.0 | % | Office / Retail / Trade show / Showroom | 88.8 | % | 3,673,000 | — | 3,673,000 | ||||||||||||||||||||||||||||||
Piers 92 and 94 (New York) (ground and building leased through 2110)(1) | 100.0 | % | Trade show / Other | — | % | — | 208,000 | 208,000 | ||||||||||||||||||||||||||||||
527 West Kinzie, Chicago | 100.0 | % | Land | (7) | — | — | — | |||||||||||||||||||||||||||||||
Other (2 properties)(2), Chicago | 50.0 | % | Retail | 100.0 | % | 19,000 | — | 19,000 | ||||||||||||||||||||||||||||||
Total theMART | 88.9 | % | 3,692,000 | 208,000 | 3,900,000 | |||||||||||||||||||||||||||||||||
Our Ownership Interest | 88.9 | % | 3,683,000 | 208,000 | 3,891,000 | |||||||||||||||||||||||||||||||||
555 California Street: | ||||||||||||||||||||||||||||||||||||||
555 California Street | 70.0 | % | Office / Retail | 97.8 | % | 1,505,000 | — | 1,505,000 | ||||||||||||||||||||||||||||||
315 Montgomery Street | 70.0 | % | Office / Retail | 100.0 | % | 235,000 | — | 235,000 | ||||||||||||||||||||||||||||||
345 Montgomery Street | 70.0 | % | Office / Retail | — | % | 78,000 | — | 78,000 | ||||||||||||||||||||||||||||||
Total 555 California Street | 93.8 | % | 1,818,000 | — | 1,818,000 | |||||||||||||||||||||||||||||||||
Our Ownership Interest | 93.8 | % | 1,273,000 | — | 1,273,000 |
Other: | ||||||||||||||||||||||||||||||||||||||
Rosslyn Plaza, VA (197 units)(2) | 46.2 | % | Office / Residential | 65.1 | % | (3) | 685,000 | 304,000 | 989,000 | |||||||||||||||||||||||||||||
Fashion Centre Mall, VA(2) | 7.5 | % | Retail | 95.7 | % | 868,000 | — | 868,000 | ||||||||||||||||||||||||||||||
Washington Tower, VA(2) | 7.5 | % | Office | 75.0 | % | 170,000 | — | 170,000 | ||||||||||||||||||||||||||||||
Wayne Towne Center, Wayne, NJ (ground leased through 2064)(1) | 100.0 | % | Retail | 100.0 | % | 638,000 | 52,000 | 690,000 | ||||||||||||||||||||||||||||||
Annapolis, MD (ground leased through 2042)(1) | 100.0 | % | Retail | 100.0 | % | 128,000 | — | 128,000 | ||||||||||||||||||||||||||||||
Atlantic City, NJ (11.3 acres ground leased through 2070 to MGM Growth Properties for a portion of the Borgata Hotel and Casino complex) | 100.0 | % | Land | 100.0 | % | — | — | — | ||||||||||||||||||||||||||||||
Total Other | 89.7 | % | 2,489,000 | 356,000 | 2,845,000 | |||||||||||||||||||||||||||||||||
Our Ownership Interest | 92.8 | % | 1,154,000 | 192,000 | 1,346,000 | |||||||||||||||||||||||||||||||||
Vornado Capital Partners Real Estate Fund ("Fund")(9) : | ||||||||||||||||||||||||||||||||||||||
Crowne Plaza Times Square, NY (0.64 acres owned in fee; 0.18 acres ground leased through 2187 and 0.05 acres ground leased through 2035) (1)(10) | 75.7 | % | Office / Retail / Hotel | 86.7 | % | 246,000 | — | 246,000 | ||||||||||||||||||||||||||||||
Lucida, 86th Street and Lexington Avenue, NY (ground leased through 2082)(1) (39 units) | 100.0 | % | Retail / Residential | 100.0 | % | (3) | 157,000 | — | 157,000 | |||||||||||||||||||||||||||||
1100 Lincoln Road, Miami, FL | 100.0 | % | Retail / Theatre | 78.0 | % | 130,000 | — | 130,000 | ||||||||||||||||||||||||||||||
Total Real Estate Fund | 87.0 | % | 533,000 | — | 533,000 | |||||||||||||||||||||||||||||||||
Our Ownership Interest | 87.0 | % | 152,000 | — | 152,000 | |||||||||||||||||||||||||||||||||
Tenant | Square Footage At Share | Annualized Escalated Rents At Share | % of Total Annualized Escalated Rents At Share | |||||||||||||||||
Meta Platforms, Inc. (formerly Facebook, Inc.) | 1,451,153 | $ | 156,036 | 8.6 | % | |||||||||||||||
IPG and affiliates | 967,552 | 66,748 | 3.7 | % | ||||||||||||||||
Google/Motorola Mobility (guaranteed by Google) | 759,446 | 42,785 | 2.4 | % | ||||||||||||||||
New York University | 632,628 | 40,948 | 2.3 | % | ||||||||||||||||
Bloomberg L.P. | 304,385 | 38,237 | 2.1 | % | ||||||||||||||||
Equitable Financial Life Insurance Company | 336,644 | 35,196 | 1.9 | % | ||||||||||||||||
Swatch Group USA | 14,949 | 32,349 | 1.8 | % | ||||||||||||||||
Verizon Media Group | 313,726 | 31,475 | 1.7 | % | ||||||||||||||||
Amazon (including its Whole Foods subsidiary) | 312,694 | 29,353 | 1.6 | % | ||||||||||||||||
The City of New York | 636,573 | 25,887 | 1.4 | % |
Industry | Percentage | |||||||
Office: | ||||||||
Technology | 17 | % | ||||||
Financial Services | 16 | % | ||||||
Professional Services | 8 | % | ||||||
Advertising/Marketing | 5 | % | ||||||
Real Estate | 4 | % | ||||||
Insurance | 3 | % | ||||||
Entertainment and Electronics | 3 | % | ||||||
Education | 3 | % | ||||||
Banking | 3 | % | ||||||
Communications | 3 | % | ||||||
Apparel | 2 | % | ||||||
Engineering, Architect & Surveying | 2 | % | ||||||
Government | 2 | % | ||||||
Health Services | 2 | % | ||||||
Other | 4 | % | ||||||
77 | % | |||||||
Retail: | ||||||||
Apparel | 6 | % | ||||||
Luxury Retail | 4 | % | ||||||
Banking | 2 | % | ||||||
Restaurants | 1 | % | ||||||
Grocery | 1 | % | ||||||
Other | 4 | % | ||||||
18 | % | |||||||
Showroom | 5 | % | ||||||
Total | 100 | % |
Office: | ||||||||||||||||||||||||||||||||||||||
Vornado's Ownership Interest | ||||||||||||||||||||||||||||||||||||||
As of December 31, | Total Square Feet | In Service Square Feet | In Service Square Feet At Share | Occupancy Rate | Weighted Average Annual Escalated Rent Per Square Foot | |||||||||||||||||||||||||||||||||
2021 | 20,630,000 | 19,442,000 | 16,757,000 | 92.2 | % | $ | 80.01 | |||||||||||||||||||||||||||||||
2020 | 20,586,000 | 18,361,000 | 15,413,000 | 93.4 | % | 79.05 | ||||||||||||||||||||||||||||||||
2019 | (1) | 20,666,000 | 19,070,000 | 16,195,000 | 96.9 | % | 76.26 | |||||||||||||||||||||||||||||||
2018 | 21,495,000 | 19,858,000 | 16,632,000 | 97.2 | % | 74.04 | ||||||||||||||||||||||||||||||||
2017 | 21,329,000 | 20,256,000 | 16,982,000 | 97.1 | % | 71.09 | ||||||||||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||||||||||||||
Vornado's Ownership Interest | ||||||||||||||||||||||||||||||||||||||
As of December 31, | Total Square Feet | In Service Square Feet | In Service Square Feet At Share | Occupancy Rate | Weighted Average Annual Escalated Rent Per Square Foot | |||||||||||||||||||||||||||||||||
2021 | 2,693,000 | 2,267,000 | 1,825,000 | 80.7 | % | $ | 214.22 | |||||||||||||||||||||||||||||||
2020 | 2,690,000 | 2,275,000 | 1,805,000 | 78.8 | % | 226.38 | ||||||||||||||||||||||||||||||||
2019 | (1) | 2,712,000 | 2,300,000 | 1,842,000 | 94.5 | % | 209.86 | |||||||||||||||||||||||||||||||
2018 | 2,802,000 | 2,648,000 | 2,419,000 | 97.3 | % | 228.43 | ||||||||||||||||||||||||||||||||
2017 | 2,931,000 | 2,720,000 | 2,471,000 | 96.9 | % | 217.17 |
Residential: | ||||||||||||||||||||||||||||||||
Vornado's Ownership Interest | ||||||||||||||||||||||||||||||||
As of December 31, | Total Number of Units | Total Number of Units | Occupancy Rate | Average Monthly Rent Per Unit | ||||||||||||||||||||||||||||
2021 | 1,986 | 951 | 96.4 | % | $ | 3,776 | ||||||||||||||||||||||||||
2020 | 1,995 | 960 | 84.9 | % | 3,714 | |||||||||||||||||||||||||||
2019 | 1,996 | 960 | 97.5 | % | 3,902 | |||||||||||||||||||||||||||
2018 | 2,004 | 968 | 96.6 | % | 3,788 | |||||||||||||||||||||||||||
2017 | 2,031 | 995 | 96.7 | % | 3,757 |
Number of Expiring Leases | Square Feet of Expiring Leases(2) | Percentage of New York Square Feet | Annualized Escalated Rents of Expiring Leases | ||||||||||||||||||||||||||||||||
Year | Total | Per Square Foot | |||||||||||||||||||||||||||||||||
Office: | |||||||||||||||||||||||||||||||||||
Month to month | 7 | 25,000 | 0.2% | $ | 1,419,000 | $ | 56.76 | ||||||||||||||||||||||||||||
2022 | 80 | 671,000 | 4.4% | 48,405,000 | 72.14 | (3) | |||||||||||||||||||||||||||||
2023(4) | 64 | 1,357,000 | 8.9% | 125,367,000 | 92.39 | ||||||||||||||||||||||||||||||
2024 | 81 | 1,039,000 | 6.8% | 93,258,000 | 89.76 | ||||||||||||||||||||||||||||||
2025 | 51 | 719,000 | 4.7% | 57,919,000 | 80.55 | ||||||||||||||||||||||||||||||
2026 | 68 | 1,451,000 | 9.7% | 107,605,000 | 74.16 | ||||||||||||||||||||||||||||||
2027 | 61 | 1,318,000 | 8.7% | 90,028,000 | 68.31 | ||||||||||||||||||||||||||||||
2028 | 38 | 989,000 | 6.5% | 70,334,000 | 71.12 | ||||||||||||||||||||||||||||||
2029 | 32 | 1,170,000 | 7.7% | 94,220,000 | 80.53 | ||||||||||||||||||||||||||||||
2030 | 31 | 621,000 | 4.1% | 48,939,000 | 78.81 | ||||||||||||||||||||||||||||||
2031 | 25 | 817,000 | 5.4% | 72,149,000 | 88.31 | ||||||||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||||||||
Month to month | 8 | 20,000 | 1.6% | $ | 1,548,000 | $ | 77.40 | ||||||||||||||||||||||||||||
2022 | 8 | 115,000 | 9.3% | 6,630,000 | 57.65 | (5) | |||||||||||||||||||||||||||||
2023 | 12 | 58,000 | 4.7% | 26,356,000 | 454.41 | ||||||||||||||||||||||||||||||
2024 | 12 | 173,000 | 14.0% | 37,780,000 | 218.38 | ||||||||||||||||||||||||||||||
2025 | 11 | 40,000 | 3.2% | 11,074,000 | 276.85 | ||||||||||||||||||||||||||||||
2026 | 8 | 82,000 | 6.6% | 25,544,000 | 311.51 | ||||||||||||||||||||||||||||||
2027 | 13 | 32,000 | 2.6% | 18,241,000 | 570.03 | ||||||||||||||||||||||||||||||
2028 | 9 | 29,000 | 2.3% | 13,539,000 | 466.86 | ||||||||||||||||||||||||||||||
2029 | 12 | 46,000 | 3.7% | 20,046,000 | 435.78 | ||||||||||||||||||||||||||||||
2030 | 19 | 155,000 | 12.5% | 21,686,000 | 139.91 | ||||||||||||||||||||||||||||||
2031 | 34 | 96,000 | 7.8% | 30,658,000 | 319.35 | ||||||||||||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | 2020 | 2021 | ||||||||||||||||||||||||||||||
Vornado Realty Trust | $ | 100 | $ | 96 | $ | 79 | $ | 90 | $ | 54 | $ | 63 | |||||||||||||||||||||||
S&P 500 Index | 100 | 122 | 116 | 153 | 181 | 233 | |||||||||||||||||||||||||||||
The NAREIT All Equity Index | 100 | 109 | 104 | 134 | 127 | 180 |
Page Number | |||||
Overview | |||||
Critical Accounting Estimates | |||||
Net Operating Income At Share by Segment for the Years Ended December 31, 2021 and 2020 | |||||
Results of Operations for the Year Ended December 31, 2021 Compared to December 31, 2020 | |||||
Related Party Transactions | |||||
Liquidity and Capital Resources | |||||
Funds From Operations for the Years Ended December 31, 2021 and 2020 | |||||
Total Return(1) | |||||||||||||||||||||||
Vornado | Office REIT | MSCI | |||||||||||||||||||||
Three-month | 0.8 | % | 7.9 | % | 16.3 | % | |||||||||||||||||
One-year | 17.7 | % | 22.0 | % | 43.1 | % | |||||||||||||||||
Three-year | (19.4 | %) | 30.8 | % | 66.4 | % | |||||||||||||||||
Five-year | (36.6 | %) | 17.7 | % | 66.8 | % | |||||||||||||||||
Ten-year | 11.6 | % | 102.6 | % | 192.3 | % |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||
2021 | 2020 | ||||||||||
Certain (income) expense items that impact net income (loss) attributable to common shareholders: | |||||||||||
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units | $ | (44,607) | $ | (332,099) | |||||||
Hotel Pennsylvania loss (permanently closed on April 5, 2021) | 29,472 | 31,280 | |||||||||
Tax benefit recognized by our taxable REIT subsidiaries | (27,910) | — | |||||||||
Defeasance costs and write-off of unamortized deferred financing costs related to 1290 Avenue of the Americas refinancing, net of $7,664 attributable to noncontrolling interests | 17,882 | — | |||||||||
Our share of Alexander's gain on sale of Paramus, New Jersey property pursuant to IKEA Property, Inc.'s purchase option | (11,620) | — | |||||||||
Deferred tax liability on our investment in Farley Office and Retail (held through a taxable REIT subsidiary) | 10,868 | — | |||||||||
Previously capitalized Series K preferred share issuance costs | 9,033 | — | |||||||||
Real estate impairment losses | 7,880 | 236,286 | |||||||||
Our share of (income) loss from real estate fund investments | (3,757) | 63,114 | |||||||||
Non-cash impairment loss on our investment in Fifth Avenue and Times Square JV, net of $4,289 attributable to noncontrolling interests | — | 409,060 | |||||||||
608 Fifth Avenue non-cash lease liability extinguishment gain | — | (70,260) | |||||||||
Severance and other reduction-in-force related expenses | — | 23,368 | |||||||||
Credit losses on loans receivable resulting from a new GAAP accounting standard effective January 1, 2020 | — | 13,369 | |||||||||
Severance accrual related to Hotel Pennsylvania closure, net of $3,145 of income tax benefit | — | 6,101 | |||||||||
Mark-to-market decrease in Pennsylvania Real Estate Investment Trust ("PREIT") common shares (sold on January 23, 2020) | — | 4,938 | |||||||||
Other | (1,379) | 12,586 | |||||||||
(14,138) | 397,743 | ||||||||||
Noncontrolling interests' share of above adjustments | 1,205 | (25,106) | |||||||||
Total of certain (income) expense items that impact net income (loss) attributable to common shareholders | $ | (12,933) | $ | 372,637 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||
2021 | 2020 | ||||||||||
Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions: | |||||||||||
After-tax net gain on sale of 220 CPS condominium units | $ | (44,607) | $ | (332,099) | |||||||
Tax benefit recognized by our taxable REIT subsidiaries | (27,910) | — | |||||||||
Defeasance costs and write-off of unamortized deferred financing costs related to 1290 Avenue of the Americas refinancing, net of $7,664 attributable to noncontrolling interests | 17,882 | — | |||||||||
Hotel Pennsylvania loss (permanently closed on April 5, 2021) | 12,331 | 20,843 | |||||||||
Deferred tax liability on our investment in Farley Office and Retail (held through a taxable REIT subsidiary) | 10,868 | — | |||||||||
Previously capitalized Series K preferred share issuance costs | 9,033 | — | |||||||||
Our share of (income) loss from real estate fund investments | (3,757) | 63,114 | |||||||||
608 Fifth Avenue non-cash lease liability extinguishment gain | — | (70,260) | |||||||||
Severance and other reduction-in-force related expenses | — | 23,368 | |||||||||
Credit losses on loans receivable resulting from a new GAAP accounting standard effective January 1, 2020 | — | 13,369 | |||||||||
Severance accrual related to Hotel Pennsylvania closure, net of $3,145 of income tax benefit | — | 6,101 | |||||||||
Other | 3,804 | 9,660 | |||||||||
(22,356) | (265,904) | ||||||||||
Noncontrolling interests' share of above adjustments | 1,145 | 16,397 | |||||||||
Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net | $ | (21,211) | $ | (249,507) |
Year Ended December 31, 2021 compared to December 31, 2020: | Total | New York | theMART(1) | 555 California Street | ||||||||||||||||||||||
Same store NOI at share % increase (decrease) | 2.9 | % | 4.0 | % | (14.2) | % | 7.9 | % | ||||||||||||||||||
Same store NOI at share - cash basis % increase (decrease) | 1.6 | % | 3.2 | % | (14.9) | % | 0.2 | % | ||||||||||||||||||
(Square feet in thousands) | Square Feet (in service) | ||||||||||||||||||||||||||||
Number of properties | Total Portfolio | Our Share | Occupancy % | ||||||||||||||||||||||||||
New York: | |||||||||||||||||||||||||||||
Office | 32 | (1) | 19,442 | 16,757 | 92.2 | % | |||||||||||||||||||||||
Retail (includes retail properties that are in the base of our office properties) | 60 | (1) | 2,267 | 1,825 | 80.7 | % | |||||||||||||||||||||||
Residential - 1,986 units(2) | 8 | (1) | 1,518 | 785 | 96.4 | % | (2) | ||||||||||||||||||||||
Alexander's | 6 | 2,218 | 719 | 95.6 | % | (2) | |||||||||||||||||||||||
25,445 | 20,086 | 91.3 | % | ||||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||
theMART | 4 | 3,692 | 3,683 | 88.9 | % | ||||||||||||||||||||||||
555 California Street | 3 | 1,818 | 1,273 | 93.8 | % | ||||||||||||||||||||||||
Other | 11 | 2,489 | 1,154 | 92.8 | % | ||||||||||||||||||||||||
7,999 | 6,110 | ||||||||||||||||||||||||||||
Total square feet at December 31, 2021 | 33,444 | 26,196 |
(Square feet in thousands) | Square Feet (in service) | ||||||||||||||||||||||||||||
Number of properties | Total Portfolio | Our Share | Occupancy % | ||||||||||||||||||||||||||
New York: | |||||||||||||||||||||||||||||
Office | 32 | (1) | 18,361 | 15,413 | 93.4 | % | |||||||||||||||||||||||
Retail (includes retail properties that are in the base of our office properties) | 63 | (1) | 2,275 | 1,805 | 78.8 | % | |||||||||||||||||||||||
Residential - 1,995 units(2) | 9 | (1) | 1,526 | 793 | 84.9 | % | (2) | ||||||||||||||||||||||
Alexander's | 7 | 2,366 | 766 | 98.5 | % | (2) | |||||||||||||||||||||||
Hotel Pennsylvania (temporarily closed on April 1, 2020 and permanently closed on April 5, 2021) | 1 | — | — | ||||||||||||||||||||||||||
24,528 | 18,777 | 92.2 | % | ||||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||
theMART | 4 | 3,692 | 3,683 | 89.5 | % | ||||||||||||||||||||||||
555 California Street | 3 | 1,741 | 1,218 | 98.4 | % | ||||||||||||||||||||||||
Other | 11 | 2,489 | 1,154 | 92.8 | % | ||||||||||||||||||||||||
7,922 | 6,055 | ||||||||||||||||||||||||||||
Total square feet at December 31, 2020 | 32,450 | 24,832 |
(Amounts in thousands) | For the Year Ended December 31, 2021 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 1,589,210 | $ | 1,257,599 | $ | 331,611 | |||||||||||
Operating expenses | (797,315) | (626,386) | (170,929) | ||||||||||||||
NOI - consolidated | 791,895 | 631,213 | 160,682 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (69,385) | (38,980) | (30,405) | ||||||||||||||
Add: NOI from partially owned entities | 310,858 | 300,721 | 10,137 | ||||||||||||||
NOI at share | 1,033,368 | 892,954 | 140,414 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 1,318 | (1,188) | 2,506 | ||||||||||||||
NOI at share - cash basis | $ | 1,034,686 | $ | 891,766 | $ | 142,920 |
(Amounts in thousands) | For the Year Ended December 31, 2020 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 1,527,951 | $ | 1,221,748 | $ | 306,203 | |||||||||||
Operating expenses | (789,066) | (640,531) | (148,535) | ||||||||||||||
NOI - consolidated | 738,885 | 581,217 | 157,668 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (72,801) | (43,773) | (29,028) | ||||||||||||||
Add: NOI from partially owned entities | 306,495 | 296,447 | 10,048 | ||||||||||||||
NOI at share | 972,579 | 833,891 | 138,688 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 46,246 | 36,715 | 9,531 | ||||||||||||||
NOI at share - cash basis | $ | 1,018,825 | $ | 870,606 | $ | 148,219 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||
2021 | 2020 | ||||||||||
New York: | |||||||||||
Office(1) | $ | 677,167 | $ | 672,495 | |||||||
Retail(2) | 173,363 | 147,299 | |||||||||
Residential | 17,783 | 20,687 | |||||||||
Alexander's(3) | 37,318 | 35,912 | |||||||||
Hotel Pennsylvania(4) | (12,677) | (42,502) | |||||||||
Total New York | 892,954 | 833,891 | |||||||||
Other: | |||||||||||
theMART(5) | 58,909 | 69,178 | |||||||||
555 California Street | 64,826 | 60,324 | |||||||||
Other investments | 16,679 | 9,186 | |||||||||
Total Other | 140,414 | 138,688 | |||||||||
NOI at share | $ | 1,033,368 | $ | 972,579 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||
2021 | 2020 | ||||||||||
New York: | |||||||||||
Office(1) | $ | 686,507 | $ | 691,755 | |||||||
Retail(2) | 160,801 | 158,686 | |||||||||
Residential | 16,656 | 19,369 | |||||||||
Alexander's(3) | 40,525 | 42,737 | |||||||||
Hotel Pennsylvania(4) | (12,723) | (41,941) | |||||||||
Total New York | 891,766 | 870,606 | |||||||||
Other: | |||||||||||
theMART(5) | 64,389 | 76,251 | |||||||||
555 California Street | 60,680 | 60,917 | |||||||||
Other investments | 17,851 | 11,051 | |||||||||
Total Other | 142,920 | 148,219 | |||||||||
NOI at share - cash basis | $ | 1,034,686 | $ | 1,018,825 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||
2021 | 2020 | ||||||||||
Net income (loss) | $ | 207,553 | $ | (461,845) | |||||||
Depreciation and amortization expense | 412,347 | 399,695 | |||||||||
General and administrative expense | 134,545 | 181,509 | |||||||||
Impairment losses, transaction related costs and other | 13,815 | 174,027 | |||||||||
(Income) loss from partially owned entities | (130,517) | 329,112 | |||||||||
(Income) loss from real estate fund investments | (11,066) | 226,327 | |||||||||
Interest and other investment (income) loss, net | (4,612) | 5,499 | |||||||||
Interest and debt expense | 231,096 | 229,251 | |||||||||
Net gains on disposition of wholly owned and partially owned assets | (50,770) | (381,320) | |||||||||
Income tax (benefit) expense | (10,496) | 36,630 | |||||||||
NOI from partially owned entities | 310,858 | 306,495 | |||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (69,385) | (72,801) | |||||||||
NOI at share | 1,033,368 | 972,579 | |||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 1,318 | 46,246 | |||||||||
NOI at share - cash basis | 1,034,686 | 1,018,825 |
For the Year Ended December 31, | |||||||||||
2021 | 2020 | ||||||||||
Region: | |||||||||||
New York City metropolitan area | 88 | % | 87 | % | |||||||
Chicago, IL | 6 | % | 7 | % | |||||||
San Francisco, CA | 6 | % | 6 | % | |||||||
100 | % | 100 | % |
(Amounts in thousands) | |||||||||||||||||
Increase (decrease) due to: | Total | New York | Other | ||||||||||||||
Rental revenues: | |||||||||||||||||
Acquisitions, dispositions and other | $ | 11,815 | $ | 9,696 | $ | 2,119 | |||||||||||
Development and redevelopment | (8,163) | (8,163) | — | ||||||||||||||
Hotel Pennsylvania(1) | (8,493) | (8,493) | — | ||||||||||||||
Trade shows(2) | 8,179 | — | 8,179 | ||||||||||||||
Same store operations | 43,558 | (3) | 32,694 | 10,864 | |||||||||||||
46,896 | 25,734 | 21,162 | |||||||||||||||
Fee and other income: | |||||||||||||||||
BMS cleaning fees | 14,244 | 14,779 | (535) | ||||||||||||||
Management and leasing fees | (7,691) | (7,331) | (360) | ||||||||||||||
Other income | 7,810 | 2,669 | 5,141 | ||||||||||||||
14,363 | 10,117 | 4,246 | |||||||||||||||
Total increase in revenues | $ | 61,259 | $ | 35,851 | $ | 25,408 |
(Amounts in thousands) | ||||||||||||||||||||
Increase (decrease) due to: | Total | New York | Other | |||||||||||||||||
Operating: | ||||||||||||||||||||
Acquisitions, dispositions and other | $ | 11,198 | $ | 11,198 | $ | — | ||||||||||||||
Development and redevelopment | (10,249) | (10,249) | — | |||||||||||||||||
Non-reimbursable expenses | 11,125 | 11,349 | (224) | |||||||||||||||||
Hotel Pennsylvania(1) | (37,763) | (37,763) | — | |||||||||||||||||
Trade shows(2) | 3,293 | — | 3,293 | |||||||||||||||||
BMS expenses | 7,670 | 8,205 | (535) | |||||||||||||||||
Same store operations | 22,975 | 3,115 | 19,860 | (4) | ||||||||||||||||
8,249 | (14,145) | 22,394 | ||||||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||
Acquisitions, dispositions and other | 15,080 | 15,080 | — | |||||||||||||||||
Development and redevelopment | 11,351 | 11,351 | — | |||||||||||||||||
Same store operations | (13,779) | (12,032) | (1,747) | |||||||||||||||||
12,652 | 14,399 | (1,747) | ||||||||||||||||||
General and administrative | (46,964) | (5) | (15,430) | (31,534) | ||||||||||||||||
Expense from deferred compensation plan liability | 3,404 | — | 3,404 | |||||||||||||||||
Impairment losses, transaction related costs and other | (160,212) | (158,527) | (6) | (1,685) | ||||||||||||||||
Total decrease in expenses | $ | (182,871) | $ | (173,703) | $ | (9,168) |
(Amounts in thousands) | Percentage Ownership at December 31, 2021 | For the Year Ended December 31, | |||||||||||||||
2021 | 2020 | ||||||||||||||||
Our share of net income (loss): | |||||||||||||||||
Fifth Avenue and Times Square JV: | |||||||||||||||||
Equity in net income(1) | 51.5% | $ | 47,144 | $ | 21,063 | ||||||||||||
Return on preferred equity, net of our share of the expense | 37,416 | 37,357 | |||||||||||||||
Non-cash impairment loss | — | (413,349) | |||||||||||||||
84,560 | (354,929) | ||||||||||||||||
Alexander's(2) | 32.4% | 40,121 | 18,635 | ||||||||||||||
Partially owned office buildings(3) | Various | 12,057 | 12,742 | ||||||||||||||
Other investments(4) | Various | (6,221) | (5,560) | ||||||||||||||
$ | 130,517 | $ | (329,112) |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||
2021 | 2020 | ||||||||||
Net investment income (loss) | $ | 6,445 | $ | (220) | |||||||
Net unrealized income (loss) on held investments | 3,257 | (226,107) | |||||||||
Net realized income on exited investments | 1,364 | — | |||||||||
Income (loss) from real estate fund investments | 11,066 | (226,327) | |||||||||
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (7,309) | 163,213 | |||||||||
Income (loss) from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ | 3,757 | $ | (63,114) | |||||||
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||
2021 | 2020 | ||||||||||
Interest on loans receivable | $ | 2,517 | $ | 3,384 | |||||||
Interest on cash and cash equivalents and restricted cash | 284 | 5,793 | |||||||||
Credit losses on loans receivable | — | (13,369) | |||||||||
Market-to-market decrease in the fair value of marketable security (sold on January 23, 2020) | — | (4,938) | |||||||||
Other, net | 1,811 | 3,631 | |||||||||
$ | 4,612 | $ | (5,499) |
(Amounts in thousands) | Total | New York | theMART(1) | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share for the year ended December 31, 2021 | $ | 1,033,368 | $ | 892,954 | $ | 58,909 | $ | 64,826 | $ | 16,679 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Change in ownership interest in One Park Avenue | (9,651) | (9,651) | — | — | — | ||||||||||||||||||||||||
Dispositions | 312 | 312 | — | — | — | ||||||||||||||||||||||||
Development properties | (28,793) | (28,793) | — | — | — | ||||||||||||||||||||||||
Hotel Pennsylvania (permanently closed on April 5, 2021) | 12,677 | 12,677 | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (23,464) | (6,785) | — | — | (16,679) | ||||||||||||||||||||||||
Same store NOI at share for the year ended December 31, 2021 | $ | 984,449 | $ | 860,714 | $ | 58,909 | $ | 64,826 | $ | — | |||||||||||||||||||
NOI at share for the year ended December 31, 2020 | $ | 972,579 | $ | 833,891 | $ | 69,178 | $ | 60,324 | $ | 9,186 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Dispositions | 3,488 | 3,488 | — | — | — | ||||||||||||||||||||||||
Development properties | (31,707) | (31,707) | — | — | — | ||||||||||||||||||||||||
Hotel Pennsylvania (permanently closed on April 5, 2021) | 42,502 | 42,502 | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (30,321) | (20,382) | (524) | (229) | (9,186) | ||||||||||||||||||||||||
Same store NOI at share for the year ended December 31, 2020 | $ | 956,541 | $ | 827,792 | $ | 68,654 | $ | 60,095 | $ | — | |||||||||||||||||||
Increase (decrease) in same store NOI at share | $ | 27,908 | $ | 32,922 | $ | (9,745) | $ | 4,731 | $ | — | |||||||||||||||||||
% increase (decrease) in same store NOI at share | 2.9 | % | 4.0 | % | (14.2) | % | 7.9 | % | — | % |
(Amounts in thousands) | Total | New York | theMART(1) | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share - cash basis for the year ended December 31, 2021 | $ | 1,034,686 | $ | 891,766 | $ | 64,389 | $ | 60,680 | $ | 17,851 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Change in ownership interest in One Park Avenue | (7,023) | (7,023) | — | — | — | ||||||||||||||||||||||||
Dispositions | 611 | 611 | — | — | — | ||||||||||||||||||||||||
Development properties | (25,710) | (25,710) | — | — | — | ||||||||||||||||||||||||
Hotel Pennsylvania (permanently closed on April 5, 2021) | 12,723 | 12,723 | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (25,297) | (7,446) | — | — | (17,851) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the year ended December 31, 2021 | $ | 989,990 | $ | 864,921 | $ | 64,389 | $ | 60,680 | $ | — | |||||||||||||||||||
NOI at share - cash basis for the year ended December 31, 2020 | $ | 1,018,825 | $ | 870,606 | $ | 76,251 | $ | 60,917 | $ | 11,051 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Dispositions | (1,835) | (1,835) | — | — | — | ||||||||||||||||||||||||
Development properties | (42,998) | (42,998) | — | — | — | ||||||||||||||||||||||||
Hotel Pennsylvania (permanently closed on April 5, 2021) | 41,941 | 41,941 | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (41,652) | (29,663) | (553) | (385) | (11,051) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the year ended December 31, 2020 | $ | 974,281 | $ | 838,051 | $ | 75,698 | $ | 60,532 | $ | — | |||||||||||||||||||
Increase (decrease) in same store NOI at share - cash basis | $ | 15,709 | $ | 26,870 | $ | (11,309) | $ | 148 | $ | — | |||||||||||||||||||
% increase (decrease) in same store NOI at share - cash basis | 1.6 | % | 3.2 | % | (14.9) | % | 0.2 | % | — | % |
(Amounts in thousands) | For the Year Ended December 31, | Increase (Decrease) in Cash Flow | |||||||||||||||
2021 | 2020 | ||||||||||||||||
Net cash provided by operating activities | $ | 761,806 | $ | 424,240 | $ | 337,566 | |||||||||||
Net cash used in investing activities | (532,347) | (87,800) | (444,547) | ||||||||||||||
Net cash used in financing activities | (29,477) | (213,202) | 183,725 |
(Amounts in thousands) | For the Year Ended December 31, | Increase (Decrease) in Cash Flow | |||||||||||||||
2021 | 2020 | ||||||||||||||||
Development costs and construction in progress | $ | (585,940) | $ | (601,920) | $ | 15,980 | |||||||||||
Additions to real estate | (149,461) | (155,738) | 6,277 | ||||||||||||||
Proceeds from sale of condominium units at 220 Central Park South | 137,404 | 1,044,260 | (906,856) | ||||||||||||||
Acquisition of additional 45.0% ownership interest in One Park Avenue (inclusive of $5,806 of prorations and net working capital and net of $39,370 of cash and restricted cash balances consolidated upon acquisition) | (123,936) | — | (123,936) | ||||||||||||||
Distributions of capital from partially owned entities | 106,005 | 2,389 | 103,616 | ||||||||||||||
Proceeds from sales of real estate | 100,024 | — | 100,024 | ||||||||||||||
Investments in partially owned entities | (14,997) | (8,959) | (6,038) | ||||||||||||||
Acquisitions of real estate and other | (3,000) | (1,156) | (1,844) | ||||||||||||||
Proceeds from repayments of loans receivable | 1,554 | — | 1,554 | ||||||||||||||
Moynihan Train Hall expenditures | — | (395,051) | 395,051 | ||||||||||||||
Proceeds from sales of marketable securities | — | 28,375 | (28,375) | ||||||||||||||
Net cash used in investing activities | $ | (532,347) | $ | (87,800) | $ | (444,547) |
(Amounts in thousands) | For the Year Ended December 31, | Increase (Decrease) in Cash Flow | |||||||||||||||
2021 | 2020 | ||||||||||||||||
Proceeds from borrowings | $ | 3,248,007 | $ | 1,056,315 | $ | 2,191,692 | |||||||||||
Repayments of borrowings | (1,584,243) | (1,067,564) | (516,679) | ||||||||||||||
Purchase of marketable securities in connection with defeasance of mortgage payable | (973,729) | — | (973,729) | ||||||||||||||
Dividends paid on common shares/Distributions to Vornado | (406,109) | (827,319) | 421,210 | ||||||||||||||
Redemption of preferred shares/units | (300,000) | — | (300,000) | ||||||||||||||
Proceeds from the issuance of preferred shares/units | 291,153 | 291,182 | (29) | ||||||||||||||
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (190,876) | (91,514) | (99,362) | ||||||||||||||
Dividends paid on preferred shares/Distributions to preferred unitholders | (65,880) | (64,271) | (1,609) | ||||||||||||||
Debt issuance costs | (51,184) | (10,901) | (40,283) | ||||||||||||||
Contributions from noncontrolling interests in consolidated subsidiaries | 4,052 | 100,094 | (96,042) | ||||||||||||||
Repurchase of shares/Class A units related to stock compensation agreements and related tax withholdings and other | (1,567) | (137) | (1,430) | ||||||||||||||
Proceeds received from exercise of Vornado stock options and other | 899 | 5,862 | (4,963) | ||||||||||||||
Moynihan Train Hall reimbursement from Empire State Development | — | 395,051 | (395,051) | ||||||||||||||
Net cash used in financing activities | $ | (29,477) | $ | (213,202) | $ | 183,725 |
(Amounts in thousands) | As of December 31, 2021 | As of December 31, 2020 | |||||||||||||||||||||
Consolidated debt: | Balance | Weighted Average Interest Rate | Balance | Weighted Average Interest Rate | |||||||||||||||||||
Variable rate | $ | 4,534,215 | 1.59% | $ | 3,220,815 | 1.83% | |||||||||||||||||
Fixed rate | 4,140,000 | 3.06% | 4,212,643 | 3.70% | |||||||||||||||||||
Total | 8,674,215 | 2.29% | 7,433,458 | 2.89% | |||||||||||||||||||
Deferred financing costs, net and other | (58,268) | (34,462) | |||||||||||||||||||||
Total, net | $ | 8,615,947 | $ | 7,398,996 |
(Amounts in thousands) | Total | Less than 1 Year | 1 – 3 Years | 3 – 5 Years | Thereafter | ||||||||||||||||||||||||
Notes and mortgages payable | $ | 6,484,855 | $ | 1,178,788 | $ | 4,112,696 | $ | 394,291 | $ | 799,080 | |||||||||||||||||||
Senior unsecured notes due 2025 | 497,906 | 15,750 | 31,500 | 450,656 | — | ||||||||||||||||||||||||
Senior unsecured notes due 2026 | 438,031 | 8,600 | 17,200 | 412,231 | — | ||||||||||||||||||||||||
Senior unsecured notes due 2031 | 462,124 | 11,900 | 23,800 | 23,800 | 402,624 | ||||||||||||||||||||||||
Unsecured term loan | 859,732 | 29,799 | 829,933 | — | — | ||||||||||||||||||||||||
Revolving credit facilities | 585,328 | 8,181 | 577,147 | — | — | ||||||||||||||||||||||||
Total contractual principal(1) and interest(2) repayments | $ | 9,327,976 | $ | 1,253,018 | $ | 5,592,276 | $ | 1,280,978 | $ | 1,201,704 |
(Amounts in thousands, except per share amounts) | For the Year Ended December 31, | ||||||||||
2021 | 2020 | ||||||||||
Reconciliation of net income (loss) attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions: | |||||||||||
Net income (loss) attributable to common shareholders | $ | 101,086 | $ | (348,744) | |||||||
Per diluted share | $ | 0.53 | $ | (1.83) | |||||||
FFO adjustments: | |||||||||||
Depreciation and amortization of real property | $ | 373,792 | $ | 368,556 | |||||||
Real estate impairment losses | 7,880 | 236,286 | |||||||||
Decrease in fair value of marketable securities | — | 4,938 | |||||||||
Proportionate share of adjustments to equity in net income (loss) of partially owned entities to arrive at FFO: | |||||||||||
Depreciation and amortization of real property | 139,247 | 156,646 | |||||||||
Net gains on sale of real estate | (15,675) | — | |||||||||
(Increase) decrease in fair value of marketable securities | (1,155) | 2,801 | |||||||||
Non-cash impairment loss on our investment in Fifth Avenue and Times Square JV, net of $4,289 of noncontrolling interests | — | 409,060 | |||||||||
504,089 | 1,178,287 | ||||||||||
Noncontrolling interests' share of above adjustments | (34,144) | (79,068) | |||||||||
FFO adjustments, net | $ | 469,945 | $ | 1,099,219 | |||||||
FFO attributable to common shareholders | $ | 571,031 | $ | 750,475 | |||||||
Convertible preferred share dividends | 43 | 47 | |||||||||
FFO attributable to common shareholders plus assumed conversions | $ | 571,074 | $ | 750,522 | |||||||
Per diluted share | $ | 2.97 | $ | 3.93 | |||||||
Reconciliation of weighted average shares outstanding: | |||||||||||
Weighted average common shares outstanding | 191,551 | 191,146 | |||||||||
Effect of dilutive securities: | |||||||||||
Out-Performance Plan units | 557 | — | |||||||||
Convertible preferred shares | 26 | 28 | |||||||||
AO LTIP units | 10 | — | |||||||||
Employee stock options and restricted stock awards | 4 | 19 | |||||||||
Denominator for FFO per diluted share | 192,148 | 191,193 |
(Amounts in thousands, except per share and unit amounts) | 2021 | 2020 | |||||||||||||||||||||||||||
December 31, Balance | Weighted Average Interest Rate | Effect of 1% Change In Base Rates | December 31, Balance | Weighted Average Interest Rate | |||||||||||||||||||||||||
Consolidated debt: | |||||||||||||||||||||||||||||
Variable rate | $ | 4,534,215 | 1.59% | $ | 45,342 | $ | 3,220,815 | 1.83% | |||||||||||||||||||||
Fixed rate | 4,140,000 | 3.06% | — | 4,212,643 | 3.70% | ||||||||||||||||||||||||
$ | 8,674,215 | 2.29% | 45,342 | $ | 7,433,458 | 2.89% | |||||||||||||||||||||||
Pro rata share of debt of non-consolidated entities(1): | |||||||||||||||||||||||||||||
Variable rate | $ | 1,267,224 | 1.78% | 12,672 | $ | 1,384,710 | (1) | 1.80% | |||||||||||||||||||||
Fixed rate | 1,432,181 | 3.72% | — | 1,488,464 | 3.76% | ||||||||||||||||||||||||
$ | 2,699,405 | 2.81% | 12,672 | $ | 2,873,174 | 2.81% | |||||||||||||||||||||||
Noncontrolling interests’ share of consolidated subsidiaries | (6,821) | ||||||||||||||||||||||||||||
Total change in annual net income attributable to the Operating Partnership | 51,193 | ||||||||||||||||||||||||||||
Noncontrolling interests’ share of the Operating Partnership | (3,496) | ||||||||||||||||||||||||||||
Total change in annual net income attributable to Vornado | $ | 47,697 | |||||||||||||||||||||||||||
Total change in annual net income attributable to the Operating Partnership per diluted Class A unit | $ | 0.25 | |||||||||||||||||||||||||||
Total change in annual net income attributable to Vornado per diluted share | $ | 0.25 |
(Amounts in thousands) | As of December 31, 2021 | |||||||||||||||||||||||||||||||||||||
Variable Rate | ||||||||||||||||||||||||||||||||||||||
Hedged Item | Fair Value | Notional Amount | Spread over LIBOR | Interest Rate | Swapped Rate | Expiration Date | ||||||||||||||||||||||||||||||||
Included in other assets: | ||||||||||||||||||||||||||||||||||||||
555 California Street mortgage loan interest rate swap | $ | 11,814 | $ | 840,000 | (1) | L+193 | 2.04% | 2.26% | 5/24 | |||||||||||||||||||||||||||||
PENN 11 mortgage loan interest rate swap | 6,565 | 500,000 | L+195 | 2.05% | 2.23% | 3/24 | ||||||||||||||||||||||||||||||||
Various interest rate caps | 550 | 1,650,000 | ||||||||||||||||||||||||||||||||||||
$ | 18,929 | $ | 2,990,000 | |||||||||||||||||||||||||||||||||||
Included in other liabilities: | ||||||||||||||||||||||||||||||||||||||
Unsecured term loan interest rate swap | $ | 28,976 | $ | 750,000 | (2) | L+100 | 1.10% | 3.87% | 10/23 | |||||||||||||||||||||||||||||
33-00 Northern Boulevard mortgage loan interest rate swap | 3,861 | 100,000 | L+180 | 1.91% | 4.14% | 1/25 | ||||||||||||||||||||||||||||||||
$ | 32,837 | $ | 850,000 |
Page Number | |||||
Vornado Realty Trust | |||||
Report of Independent Registered Public Accounting Firm (PCAOB ID No. | |||||
Consolidated Balance Sheets at December 31, 2021 and 2020 | |||||
Consolidated Statements of Income for the years ended December 31, 2021, 2020 and 2019 | |||||
Consolidated Statements of Comprehensive Income for the years ended December 31, 2021, 2020 and 2019 | |||||
Consolidated Statements of Changes in Equity for the years ended December 31, 2021, 2020 and 2019 | |||||
Consolidated Statements of Cash Flows for the years ended December 31, 2021, 2020 and 2019 | |||||
Vornado Realty L.P. | |||||
Report of Independent Registered Public Accounting Firm (PCAOB ID No. | |||||
Consolidated Balance Sheets at December 31, 2021 and 2020 | |||||
Consolidated Statements of Income for the years ended December 31, 2021, 2020 and 2019 | |||||
Consolidated Statements of Comprehensive Income for the years ended December 31, 2021, 2020 and 2019 | |||||
Consolidated Statements of Changes in Equity for the years ended December 31, 2021, 2020 and 2019 | |||||
Consolidated Statements of Cash Flows for the years ended December 31, 2021, 2020 and 2019 | |||||
Vornado Realty Trust and Vornado Realty L.P. | |||||
(Amounts in thousands, except unit, share and per share amounts) | As of December 31, | ||||||||||
2021 | 2020 | ||||||||||
ASSETS | |||||||||||
Real estate, at cost: | |||||||||||
Land | $ | $ | |||||||||
Buildings and improvements | |||||||||||
Development costs and construction in progress | |||||||||||
Leasehold improvements and equipment | |||||||||||
Total | |||||||||||
Less accumulated depreciation and amortization | ( | ( | |||||||||
Real estate, net | |||||||||||
Right-of-use assets | |||||||||||
Cash and cash equivalents | |||||||||||
Restricted cash | |||||||||||
Tenant and other receivables | |||||||||||
Investments in partially owned entities | |||||||||||
Real estate fund investments | |||||||||||
220 Central Park South condominium units ready for sale | |||||||||||
Receivable arising from the straight-lining of rents | |||||||||||
Deferred leasing costs, net of accumulated amortization of $ | |||||||||||
Identified intangible assets, net of accumulated amortization of $ | |||||||||||
Other assets | |||||||||||
$ | $ | ||||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||||||
Mortgages payable, net | $ | $ | |||||||||
Senior unsecured notes, net | |||||||||||
Unsecured term loan, net | |||||||||||
Unsecured revolving credit facilities | |||||||||||
Lease liabilities | |||||||||||
Accounts payable and accrued expenses | |||||||||||
Deferred revenue | |||||||||||
Deferred compensation plan | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Redeemable noncontrolling interests: | |||||||||||
Class A units - | |||||||||||
Series D cumulative redeemable preferred units - | |||||||||||
Total redeemable noncontrolling partnership units | |||||||||||
Redeemable noncontrolling interest in a consolidated subsidiary | |||||||||||
Total redeemable noncontrolling interests | |||||||||||
Shareholders' equity: | |||||||||||
Preferred shares of beneficial interest: | |||||||||||
Common shares of beneficial interest: $ | |||||||||||
Additional capital | |||||||||||
Earnings less than distributions | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total shareholders' equity | |||||||||||
Noncontrolling interests in consolidated subsidiaries | |||||||||||
Total equity | |||||||||||
$ | $ |
(Amounts in thousands, except per share amounts) | For the Year Ended December 31, | ||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
REVENUES: | |||||||||||||||||
Rental revenues | $ | $ | $ | ||||||||||||||
Fee and other income | |||||||||||||||||
Total revenues | |||||||||||||||||
EXPENSES: | |||||||||||||||||
Operating | ( | ( | ( | ||||||||||||||
Depreciation and amortization | ( | ( | ( | ||||||||||||||
General and administrative | ( | ( | ( | ||||||||||||||
Expense from deferred compensation plan liability | ( | ( | ( | ||||||||||||||
Impairment losses, transaction related costs and other | ( | ( | ( | ||||||||||||||
Total expenses | ( | ( | ( | ||||||||||||||
Income (loss) from partially owned entities | ( | ||||||||||||||||
Income (loss) from real estate fund investments | ( | ( | |||||||||||||||
Interest and other investment income (loss), net | ( | ||||||||||||||||
Income from deferred compensation plan assets | |||||||||||||||||
Interest and debt expense | ( | ( | ( | ||||||||||||||
Net gain on transfer to Fifth Avenue and Times Square JV | |||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | |||||||||||||||||
Income (loss) before income taxes | ( | ||||||||||||||||
Income tax benefit (expense) | ( | ( | |||||||||||||||
Income (loss) from continuing operations | ( | ||||||||||||||||
Loss from discontinued operations | ( | ||||||||||||||||
Net income (loss) | ( | ||||||||||||||||
Less net (income) loss attributable to noncontrolling interests in: | |||||||||||||||||
Consolidated subsidiaries | ( | ||||||||||||||||
Operating Partnership | ( | ( | |||||||||||||||
Net income (loss) attributable to Vornado | ( | ||||||||||||||||
Preferred share dividends | ( | ( | ( | ||||||||||||||
Series K preferred share issuance costs | ( | ||||||||||||||||
NET INCOME (LOSS) attributable to common shareholders | $ | $ | ( | $ | |||||||||||||
INCOME (LOSS) PER COMMON SHARE - BASIC: | |||||||||||||||||
Net income (loss) per common share | $ | $ | ( | $ | |||||||||||||
Weighted average shares outstanding | |||||||||||||||||
INCOME (LOSS) PER COMMON SHARE - DILUTED: | |||||||||||||||||
Net income (loss) per common share | $ | $ | ( | $ | |||||||||||||
Weighted average shares outstanding |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Net income (loss) | $ | $ | ( | $ | |||||||||||||
Other comprehensive income (loss): | |||||||||||||||||
Increase (reduction) in value of interest rate swaps and other | ( | ( | |||||||||||||||
Other comprehensive income (loss) of nonconsolidated subsidiaries | ( | ( | |||||||||||||||
Amounts reclassified from accumulated other comprehensive loss relating to nonconsolidated subsidiary | ( | ||||||||||||||||
Comprehensive income (loss) | ( | ||||||||||||||||
Less comprehensive (income) loss attributable to noncontrolling interests | ( | ( | |||||||||||||||
Comprehensive income (loss) attributable to Vornado | $ | $ | ( | $ |
(Amounts in thousands, except per share amount) | Common Shares | Additional Capital | Earnings Less Than Distributions | Accumulated Other Comprehensive (Loss) Income | Non- controlling Interests in Consolidated Subsidiaries | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($ | — | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 11 for dividends per share amounts) | — | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Series O cumulative redeemable preferred shares issuance | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Under employees' share option plan | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred shares to common shares | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | ( | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Increase in value of interest rate swaps | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Unearned 2018 Out-Performance Plan awards acceleration | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Series K cumulative redeemable preferred shares called for redemption | ( | ( | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Other | — | ( | — | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | $ |
(Amounts in thousands, except per share amounts) | Common Shares | Additional Capital | Earnings Less Than Distributions | Accumulated Other Comprehensive (Loss) Income | Non- controlling Interests in Consolidated Subsidiaries | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Vornado | — | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($ | — | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 11 for dividends per share amounts) | — | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Series N cumulative redeemable preferred shares issuance | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Under employees' share option plan | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred shares to common shares | ( | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | ( | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Reduction in value of interest rate swaps | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Unearned 2017 Out-Performance Plan awards acceleration | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ |
(Amounts in thousands, except per share amount) | Common Shares | Additional Capital | Earnings Less Than Distributions | Accumulated Other Comprehensive Income (Loss) | Non- controlling Interests in Consolidated Subsidiaries | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2018 | $ | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares : | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special dividend ($ | — | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Aggregate quarterly dividends ($ | — | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares | — | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Under employees' share option plan | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred shares to common shares | ( | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | — | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Reduction in value of interest rate swaps | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified related to a nonconsolidated subsidiary | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Unearned 2016 Out-Performance Plan awards acceleration | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Deconsolidation of partially owned entity | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Other | ( | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | $ |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||
Net income (loss) | $ | $ | ( | $ | |||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization (including amortization of deferred financing costs) | |||||||||||||||||
Distributions of income from partially owned entities | |||||||||||||||||
Equity in net (income) loss of partially owned entities | ( | ( | |||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | ( | ( | ( | ||||||||||||||
Stock-based compensation expense | |||||||||||||||||
Defeasance cost in connection with refinancing of mortgage payable | |||||||||||||||||
Amortization of below-market leases, net | ( | ( | ( | ||||||||||||||
Straight-lining of rents | |||||||||||||||||
Real estate impairment losses | |||||||||||||||||
Write-off of lease receivables deemed uncollectible | |||||||||||||||||
Return of capital from real estate fund investments | |||||||||||||||||
Net realized and unrealized (income) loss on real estate fund investments | ( | ||||||||||||||||
Non-cash (gain on extinguishment of 608 Fifth Avenue lease liability) impairment loss on 608 Fifth Avenue right-of-use asset | ( | ||||||||||||||||
Credit losses on loans receivable | |||||||||||||||||
Decrease in fair value of marketable securities | |||||||||||||||||
Net gain on transfer to Fifth Avenue and Times Square JV | ( | ||||||||||||||||
Prepayment penalty on redemption of senior unsecured notes due 2022 | |||||||||||||||||
Other non-cash adjustments | ( | ||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Real estate fund investments | ( | ( | ( | ||||||||||||||
Tenant and other receivables | ( | ( | ( | ||||||||||||||
Prepaid assets | ( | ||||||||||||||||
Other assets | ( | ( | ( | ||||||||||||||
Accounts payable and accrued expenses | |||||||||||||||||
Other liabilities | ( | ( | |||||||||||||||
Net cash provided by operating activities | |||||||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||
Development costs and construction in progress | ( | ( | ( | ||||||||||||||
Additions to real estate | ( | ( | ( | ||||||||||||||
Proceeds from sale of condominium units at 220 Central Park South | |||||||||||||||||
Acquisition of additional | ( | ||||||||||||||||
Distributions of capital from partially owned entities | |||||||||||||||||
Proceeds from sales of real estate | |||||||||||||||||
Investments in partially owned entities | ( | ( | ( | ||||||||||||||
Acquisitions of real estate and other | ( | ( | ( | ||||||||||||||
Proceeds from repayments of loans receivable | |||||||||||||||||
Moynihan Train Hall expenditures | ( | ( | |||||||||||||||
Proceeds from sales of marketable securities | |||||||||||||||||
Proceeds from transfer of interest in Fifth Avenue and Times Square JV (net of $ | |||||||||||||||||
Proceeds from redemption of 640 Fifth Avenue preferred equity | |||||||||||||||||
Net cash (used in) provided by investing activities | ( | ( |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||
Proceeds from borrowings | $ | $ | $ | ||||||||||||||
Repayments of borrowings | ( | ( | ( | ||||||||||||||
Purchase of marketable securities in connection with defeasance of mortgage payable | ( | ( | |||||||||||||||
Dividends paid on common shares | ( | ( | ( | ||||||||||||||
Redemption of preferred shares | ( | ( | |||||||||||||||
Proceeds from the issuance of preferred shares | |||||||||||||||||
Distributions to noncontrolling interests | ( | ( | ( | ||||||||||||||
Dividends paid on preferred shares | ( | ( | ( | ||||||||||||||
Debt issuance costs | ( | ( | ( | ||||||||||||||
Contributions from noncontrolling interests | |||||||||||||||||
Repurchase of shares related to stock compensation agreements and related tax withholdings and other | ( | ( | ( | ||||||||||||||
Proceeds received from exercise of employee share options and other | |||||||||||||||||
Moynihan Train Hall reimbursement from Empire State Development | |||||||||||||||||
Prepayment penalty on redemption of senior unsecured notes due 2022 | ( | ||||||||||||||||
Net cash used in financing activities | ( | ( | ( | ||||||||||||||
Net increase in cash and cash equivalents and restricted cash | |||||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | |||||||||||||||||
Cash and cash equivalents and restricted cash at end of period | $ | $ | $ |
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | |||||||||||||||||
Cash and cash equivalents at beginning of period | $ | $ | $ | ||||||||||||||
Restricted cash at beginning of period | |||||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | $ | $ | $ | ||||||||||||||
Cash and cash equivalents at end of period | $ | $ | $ | ||||||||||||||
Restricted cash at end of period | |||||||||||||||||
Cash and cash equivalents and restricted cash at end of period | $ | $ | $ |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Supplemental Disclosure of Cash Flow Information: | |||||||||||||||||
Cash payments for interest, excluding capitalized interest of $ | $ | $ | $ | ||||||||||||||
Cash payments for income taxes | $ | $ | $ | ||||||||||||||
Non-Cash Investing and Financing Activities: | |||||||||||||||||
Marketable securities transferred in connection with the defeasance of mortgage payable | $ | ( | $ | $ | ( | ||||||||||||
Defeasance of mortgage payable | |||||||||||||||||
Increase in assets and liabilities resulting from the consolidation of One Park Avenue: | |||||||||||||||||
Real estate | |||||||||||||||||
Identified intangible assets | |||||||||||||||||
Mortgages payable | |||||||||||||||||
Deferred revenue | |||||||||||||||||
Accrued capital expenditures included in accounts payable and accrued expenses | |||||||||||||||||
Write-off of fully depreciated assets | ( | ( | ( | ||||||||||||||
Reclassification of assets held for sale (included in "other assets") | |||||||||||||||||
Redeemable Class A unit measurement adjustment | ( | ||||||||||||||||
Decrease (increase) in accumulated other comprehensive loss due to change in fair value of consolidated interest rate swaps | ( | ( | |||||||||||||||
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | |||||||||||||||||
Decrease in assets and liabilities resulting from the deconsolidation of Moynihan Train Hall: | |||||||||||||||||
Real estate, net | ( | ||||||||||||||||
Moynihan Train Hall Obligation | ( | ||||||||||||||||
Investments received in exchange for transfer to Fifth Avenue and Times Square JV: | |||||||||||||||||
Preferred equity | |||||||||||||||||
Common equity | |||||||||||||||||
Lease liabilities arising from the recognition of right-of-use assets | |||||||||||||||||
Special dividend/distribution declared and payable on January 15, 2020 | |||||||||||||||||
Recognition of negative basis related to the sale of our investment in 330 Madison Avenue | |||||||||||||||||
Amounts related to our investment in Pennsylvania Real Estate Investment Trust reclassified from "investments in partially owned entities" and "accumulated other comprehensive loss" to "marketable securities" upon conversion of operating partnership units to common shares |
(Amounts in thousands, except unit amounts) | As of December 31, | ||||||||||
2021 | 2020 | ||||||||||
ASSETS | |||||||||||
Real estate, at cost: | |||||||||||
Land | $ | $ | |||||||||
Buildings and improvements | |||||||||||
Development costs and construction in progress | |||||||||||
Leasehold improvements and equipment | |||||||||||
Total | |||||||||||
Less accumulated depreciation and amortization | ( | ( | |||||||||
Real estate, net | |||||||||||
Right-of-use assets | |||||||||||
Cash and cash equivalents | |||||||||||
Restricted cash | |||||||||||
Tenant and other receivables | |||||||||||
Investments in partially owned entities | |||||||||||
Real estate fund investments | |||||||||||
220 Central Park South condominium units ready for sale | |||||||||||
Receivable arising from the straight-lining of rents | |||||||||||
Deferred leasing costs, net of accumulated amortization of $ | |||||||||||
Identified intangible assets, net of accumulated amortization of $ | |||||||||||
Other assets | |||||||||||
$ | $ | ||||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||||||
Mortgages payable, net | $ | $ | |||||||||
Senior unsecured notes, net | |||||||||||
Unsecured term loan, net | |||||||||||
Unsecured revolving credit facilities | |||||||||||
Lease liabilities | |||||||||||
Accounts payable and accrued expenses | |||||||||||
Deferred revenue | |||||||||||
Deferred compensation plan | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Redeemable noncontrolling interests: | |||||||||||
Class A units - | |||||||||||
Series D cumulative redeemable preferred units - | |||||||||||
Total redeemable noncontrolling partnership units | |||||||||||
Redeemable noncontrolling interest in a consolidated subsidiary | |||||||||||
Total redeemable noncontrolling interests | |||||||||||
Partners' equity: | |||||||||||
Partners' capital | |||||||||||
Earnings less than distributions | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total partners' equity | |||||||||||
Noncontrolling interests in consolidated subsidiaries | |||||||||||
Total equity | |||||||||||
$ | $ | ||||||||||
(Amounts in thousands, except per unit amounts) | For the Year Ended December 31, | ||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
REVENUES: | |||||||||||||||||
Rental revenues | $ | $ | $ | ||||||||||||||
Fee and other income | |||||||||||||||||
Total revenues | |||||||||||||||||
EXPENSES: | |||||||||||||||||
Operating | ( | ( | ( | ||||||||||||||
Depreciation and amortization | ( | ( | ( | ||||||||||||||
General and administrative | ( | ( | ( | ||||||||||||||
Expense from deferred compensation plan liability | ( | ( | ( | ||||||||||||||
Impairment losses, transaction related costs and other | ( | ( | ( | ||||||||||||||
Total expenses | ( | ( | ( | ||||||||||||||
Income (loss) from partially owned entities | ( | ||||||||||||||||
Income (loss) from real estate fund investments | ( | ( | |||||||||||||||
Interest and other investment income (loss), net | ( | ||||||||||||||||
Income from deferred compensation plan assets | |||||||||||||||||
Interest and debt expense | ( | ( | ( | ||||||||||||||
Net gain on transfer to Fifth Avenue and Times Square JV | |||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | |||||||||||||||||
Income (loss) before income taxes | ( | ||||||||||||||||
Income tax benefit (expense) | ( | ( | |||||||||||||||
Income (loss) from continuing operations | ( | ||||||||||||||||
Loss from discontinued operations | ( | ||||||||||||||||
Net income (loss) | ( | ||||||||||||||||
Less net (income) loss attributable to noncontrolling interests in consolidated subsidiaries | ( | ||||||||||||||||
Net income (loss) attributable to Vornado Realty L.P. | ( | ||||||||||||||||
Preferred unit distributions | ( | ( | ( | ||||||||||||||
Series K preferred unit issuance costs | ( | ||||||||||||||||
NET INCOME (LOSS) attributable to Class A unitholders | $ | $ | ( | $ | |||||||||||||
INCOME (LOSS) PER CLASS A UNIT - BASIC: | |||||||||||||||||
Net income (loss) per Class A unit | $ | $ | ( | $ | |||||||||||||
Weighted average units outstanding | |||||||||||||||||
INCOME (LOSS) PER CLASS A UNIT - DILUTED: | |||||||||||||||||
Net income (loss) per Class A unit | $ | $ | ( | $ | |||||||||||||
Weighted average units outstanding |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Net income (loss) | $ | $ | ( | $ | |||||||||||||
Other comprehensive income (loss): | |||||||||||||||||
Increase (reduction) in value of interest rate swaps and other | ( | ( | |||||||||||||||
Other comprehensive income (loss) of nonconsolidated subsidiaries | ( | ( | |||||||||||||||
Amounts reclassified from accumulated other comprehensive loss relating to nonconsolidated subsidiary | ( | ||||||||||||||||
Comprehensive income (loss) | ( | ||||||||||||||||
Less comprehensive (income) loss attributable to noncontrolling interests in consolidated subsidiaries | ( | ||||||||||||||||
Comprehensive income (loss) attributable to Vornado Realty L.P. | $ | $ | ( | $ |
(Amounts in thousands, except per unit amount) | Non- controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Accumulated Other Comprehensive (Loss) Income | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($ | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 11 for distributions per unit amounts) | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Series O cumulative redeemable preferred units issuance | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Class A Units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred units to Class A units | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | ( | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Increase in value of interest rate swaps | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Unearned 2018 Out-Performance Plan awards acceleration | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Series K cumulative redeemable preferred units called for redemption | ( | ( | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Other | — | ( | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | $ | $ | $ | ( | $ | ( | $ | $ |
(Amounts in thousands, except per unit amounts) | Non- controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Accumulated Other Comprehensive (Loss) Income | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Vornado Realty L.P. | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to redeemable partnership units | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($ | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 11 for distributions per unit amounts) | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Series N cumulative redeemable preferred units issuance | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Class A Units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Contributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred units to Class A units | ( | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | ( | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Reduction in value of interest rate swaps | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Unearned 2017 Out-Performance Plan awards acceleration | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | $ | $ | ( | $ | ( | $ | $ |
(Amounts in thousands, except per unit amount) | Non- controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Accumulated Other Comprehensive Income (Loss) | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2018 | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Special distribution ($ | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Aggregate quarterly distributions to Vornado ($ | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Class A Units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Contributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred units to Class A units | ( | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | ( | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Reduction in value of interest rate swaps | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified related to a nonconsolidated subsidiary | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Unearned 2016 Out-Performance Plan awards acceleration | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Deconsolidation of partially owned entity | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Other | ( | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | $ | $ | $ | ( | $ | ( | $ | $ |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||
Net income (loss) | $ | $ | ( | $ | |||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization (including amortization of deferred financing costs) | |||||||||||||||||
Distributions of income from partially owned entities | |||||||||||||||||
Equity in net (income) loss of partially owned entities | ( | ( | |||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | ( | ( | ( | ||||||||||||||
Stock-based compensation expense | |||||||||||||||||
Defeasance cost in connection with refinancing of mortgage payable | |||||||||||||||||
Amortization of below-market leases, net | ( | ( | ( | ||||||||||||||
Straight-lining of rents | |||||||||||||||||
Real estate impairment losses | |||||||||||||||||
Write-off of lease receivables deemed uncollectible | |||||||||||||||||
Return of capital from real estate fund investments | |||||||||||||||||
Net realized and unrealized (income) loss on real estate fund investments | ( | ||||||||||||||||
Non-cash (gain on extinguishment of 608 Fifth Avenue lease liability) impairment loss on 608 Fifth Avenue right-of-use asset | ( | ||||||||||||||||
Credit losses on loans receivable | |||||||||||||||||
Decrease in fair value of marketable securities | |||||||||||||||||
Net gain on transfer to Fifth Avenue and Times Square JV | ( | ||||||||||||||||
Prepayment penalty on redemption of senior unsecured notes due 2022 | |||||||||||||||||
Other non-cash adjustments | ( | ||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Real estate fund investments | ( | ( | ( | ||||||||||||||
Tenant and other receivables | ( | ( | ( | ||||||||||||||
Prepaid assets | ( | ||||||||||||||||
Other assets | ( | ( | ( | ||||||||||||||
Accounts payable and accrued expenses | |||||||||||||||||
Other liabilities | ( | ( | |||||||||||||||
Net cash provided by operating activities | |||||||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||
Development costs and construction in progress | ( | ( | ( | ||||||||||||||
Additions to real estate | ( | ( | ( | ||||||||||||||
Proceeds from sale of condominium units at 220 Central Park South | |||||||||||||||||
Acquisition of additional | ( | ||||||||||||||||
Distributions of capital from partially owned entities | |||||||||||||||||
Proceeds from sales of real estate | |||||||||||||||||
Investments in partially owned entities | ( | ( | ( | ||||||||||||||
Acquisitions of real estate and other | ( | ( | ( | ||||||||||||||
Proceeds from repayments of loans receivable | |||||||||||||||||
Moynihan Train Hall expenditures | ( | ( | |||||||||||||||
Proceeds from sales of marketable securities | |||||||||||||||||
Proceeds from transfer of interest in Fifth Avenue and Times Square JV (net of $ | |||||||||||||||||
Proceeds from redemption of 640 Fifth Avenue preferred equity | |||||||||||||||||
Net cash (used in) provided by investing activities | ( | ( |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||
Proceeds from borrowings | $ | $ | $ | ||||||||||||||
Repayments of borrowings | ( | ( | ( | ||||||||||||||
Purchase of marketable securities in connection with defeasance of mortgage payable | ( | ( | |||||||||||||||
Distributions to Vornado | ( | ( | ( | ||||||||||||||
Redemption of preferred units | ( | ( | |||||||||||||||
Proceeds from the issuance of preferred units | |||||||||||||||||
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | ( | ( | ( | ||||||||||||||
Distributions to preferred unitholders | ( | ( | ( | ||||||||||||||
Debt issuance costs | ( | ( | ( | ||||||||||||||
Contributions from noncontrolling interests in consolidated subsidiaries | |||||||||||||||||
Repurchase of Class A units related to stock compensation agreements and related tax withholdings and other | ( | ( | ( | ||||||||||||||
Proceeds received from exercise of Vornado stock options and other | |||||||||||||||||
Moynihan Train Hall reimbursement from Empire State Development | |||||||||||||||||
Prepayment penalty on redemption of senior unsecured notes due 2022 | ( | ||||||||||||||||
Net cash used in financing activities | ( | ( | ( | ||||||||||||||
Net increase in cash and cash equivalents and restricted cash | |||||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | |||||||||||||||||
Cash and cash equivalents and restricted cash at end of period | $ | $ | $ |
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | |||||||||||||||||
Cash and cash equivalents at beginning of period | $ | $ | $ | ||||||||||||||
Restricted cash at beginning of period | |||||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | $ | $ | $ | ||||||||||||||
Cash and cash equivalents at end of period | $ | $ | $ | ||||||||||||||
Restricted cash at end of period | |||||||||||||||||
Cash and cash equivalents and restricted cash at end of period | $ | $ | $ |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Supplemental Disclosure of Cash Flow Information: | |||||||||||||||||
Cash payments for interest, excluding capitalized interest of $ | $ | $ | $ | ||||||||||||||
Cash payments for income taxes | $ | $ | $ | ||||||||||||||
Non-Cash Investing and Financing Activities: | |||||||||||||||||
Marketable securities transferred in connection with the defeasance of mortgage payable | $ | ( | $ | $ | ( | ||||||||||||
Defeasance of mortgage payable | |||||||||||||||||
Increase in assets and liabilities resulting from the consolidation of One Park Avenue: | |||||||||||||||||
Real estate | |||||||||||||||||
Identified intangible assets | |||||||||||||||||
Mortgages payable | |||||||||||||||||
Deferred revenue | |||||||||||||||||
Accrued capital expenditures included in accounts payable and accrued expenses | |||||||||||||||||
Write-off of fully depreciated assets | ( | ( | ( | ||||||||||||||
Reclassification of assets held for sale (included in "other assets") | |||||||||||||||||
Redeemable Class A unit measurement adjustment | ( | ||||||||||||||||
Decrease (increase) in accumulated other comprehensive loss due to change in fair value of consolidated interest rate swaps | ( | ( | |||||||||||||||
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | |||||||||||||||||
Decrease in assets and liabilities resulting from the deconsolidation of Moynihan Train Hall: | |||||||||||||||||
Real estate, net | ( | ||||||||||||||||
Moynihan Train Hall Obligation | ( | ||||||||||||||||
Investments received in exchange for transfer to Fifth Avenue and Times Square JV: | |||||||||||||||||
Preferred equity | |||||||||||||||||
Common equity | |||||||||||||||||
Lease liabilities arising from the recognition of right-of-use assets | |||||||||||||||||
Special dividend/distribution declared and payable on January 15, 2020 | |||||||||||||||||
Recognition of negative basis related to the sale of our investment in 330 Madison Avenue | |||||||||||||||||
Amounts related to our investment in Pennsylvania Real Estate Investment Trust reclassified from "investments in partially owned entities" and "accumulated other comprehensive loss" to "marketable securities" upon conversion of operating partnership units to common shares |
(Amounts in thousands) | For the Year Ended December 31, 2021 | |||||||||||||||||||
Total | New York | Other | ||||||||||||||||||
Property rentals | $ | $ | $ | |||||||||||||||||
Trade shows(1) | ||||||||||||||||||||
Lease revenues(2) | ||||||||||||||||||||
Tenant services | ||||||||||||||||||||
Parking revenues | ||||||||||||||||||||
Rental revenues | ||||||||||||||||||||
BMS cleaning fees | ( | (3) | ||||||||||||||||||
Management and leasing fees | ( | |||||||||||||||||||
Other income | ||||||||||||||||||||
Fee and other income | ||||||||||||||||||||
Total revenues |
(Amounts in thousands) | For the Year Ended December 31, 2020 | |||||||||||||||||||
Total | New York | Other | ||||||||||||||||||
Property rentals(4) | $ | $ | $ | |||||||||||||||||
Hotel Pennsylvania(5) | ||||||||||||||||||||
Trade shows(1) | ||||||||||||||||||||
Lease revenues(2) | ||||||||||||||||||||
Tenant services | ||||||||||||||||||||
Rental revenues | ||||||||||||||||||||
BMS cleaning fees | ( | (3) | ||||||||||||||||||
Management and leasing fees | ( | |||||||||||||||||||
Other income | ||||||||||||||||||||
Fee and other income | ||||||||||||||||||||
Total revenues | $ | $ | $ |
(Amounts in thousands) | For the Year Ended December 31, 2019 | |||||||||||||||||||
Total | New York | Other | ||||||||||||||||||
Property rentals(4) | $ | $ | $ | |||||||||||||||||
Hotel Pennsylvania | ||||||||||||||||||||
Trade shows | ||||||||||||||||||||
Lease revenues(2) | ||||||||||||||||||||
Tenant services | ||||||||||||||||||||
Rental revenues | ||||||||||||||||||||
BMS cleaning fees | ( | (3) | ||||||||||||||||||
Management and leasing fees | ( | |||||||||||||||||||
Other income | ||||||||||||||||||||
Fee and other income | ||||||||||||||||||||
Total revenues | $ | $ | $ |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Fixed billings | $ | $ | $ | ||||||||||||||
Variable billings | |||||||||||||||||
Total contractual operating lease billings | |||||||||||||||||
Adjustment for straight-line rents and amortization of acquired below-market leases and other, net | ( | ( | |||||||||||||||
Less: write-off of straight-line rent and tenant receivables deemed uncollectible | ( | ( | ( | ||||||||||||||
Lease revenues | $ | $ | $ |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Net investment income (loss) | $ | $ | ( | $ | |||||||||||||
Net unrealized income (loss) on held investments | ( | ( | |||||||||||||||
Net realized income on exited investments | |||||||||||||||||
Income (loss) from real estate fund investments | ( | ( | |||||||||||||||
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries | ( | ||||||||||||||||
Income (loss) from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ | $ | ( | $ | ( | ||||||||||||
(Amounts in thousands) | Percentage Ownership at December 31, 2021 | Balance as of December 31, | |||||||||||||||
2021 | 2020 | ||||||||||||||||
Investments: | |||||||||||||||||
Fifth Avenue and Times Square JV (see page 90 for details) | $ | $ | |||||||||||||||
Partially owned office buildings/land(1) | Various | ||||||||||||||||
Alexander’s (see page 91 for details) | |||||||||||||||||
Other investments(2) | Various | ||||||||||||||||
$ | $ | ||||||||||||||||
Investments in partially owned entities included in other liabilities(3): | |||||||||||||||||
7 West 34th Street | $ | ( | $ | ( | |||||||||||||
85 Tenth Avenue | ( | ( | |||||||||||||||
$ | ( | $ | ( |
(Amounts in thousands) | Percentage Ownership at December 31, 2021 | For the Year Ended December 31, | |||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||
Our share of net income (loss): | |||||||||||||||||||||||
Fifth Avenue and Times Square JV (see page 90 for details): | |||||||||||||||||||||||
Equity in net income(1) | $ | $ | $ | ||||||||||||||||||||
Return on preferred equity, net of our share of the expense | |||||||||||||||||||||||
Non-cash impairment loss | ( | ||||||||||||||||||||||
( | |||||||||||||||||||||||
Alexander's (see page 91 for details): | |||||||||||||||||||||||
Equity in net income | (2) | ||||||||||||||||||||||
Net gain on sale of land | |||||||||||||||||||||||
Management, leasing and development fees | |||||||||||||||||||||||
Partially owned office buildings(3) | Various | ( | |||||||||||||||||||||
Other investments(4) | Various | ( | ( | ( | |||||||||||||||||||
$ | $ | ( | $ |
(Amounts in thousands) | Percentage Ownership at December 31, 2021 | Maturity | Weighted Average Interest Rate at December 31, 2021 | 100% Partially Owned Entities’ Debt at December 31,(1) | |||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||
Mortgages Payable: | |||||||||||||||||||||||||||||
Partially owned office buildings(2) | Various | $ | $ | ||||||||||||||||||||||||||
Alexander's | |||||||||||||||||||||||||||||
Fifth Avenue and Times Square JV | |||||||||||||||||||||||||||||
Other(3) | Various |
(Amounts in thousands) | As of December 31, | ||||||||||
2021 | 2020 | ||||||||||
Balance Sheet: | |||||||||||
Assets | $ | $ | |||||||||
Liabilities | |||||||||||
Noncontrolling interests | |||||||||||
Equity |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Income Statement: | |||||||||||||||||
Total revenue | $ | $ | $ | ||||||||||||||
Net income | |||||||||||||||||
Net income (loss) attributable to the entities | ( | ( |
(Amounts in thousands) | ||||||||
Assets: | ||||||||
Land | $ | |||||||
Building and improvements | ||||||||
Identified intangible assets | ||||||||
Assets consolidated | ||||||||
Liabilities: | ||||||||
Mortgages payable | ||||||||
Deferred revenue | ||||||||
Liabilities consolidated | ||||||||
Net assets consolidated (excluding working capital) | $ |
(Amounts in thousands) | Balance as of December 31, | ||||||||||
2021 | 2020 | ||||||||||
Identified intangible assets: | |||||||||||
Gross amount | $ | $ | |||||||||
Accumulated amortization | ( | ( | |||||||||
Total, net | $ | $ | |||||||||
Identified intangible liabilities (included in deferred revenue): | |||||||||||
Gross amount | $ | $ | |||||||||
Accumulated amortization | ( | ( | |||||||||
Total, net | $ | $ |
(Amounts in thousands) | |||||
2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 |
(Amounts in thousands) | |||||
2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 |
(Amounts in thousands) | Weighted Average Interest Rate at December 31, 2021 | Balance as of December 31, | |||||||||||||||
2021 | 2020 | ||||||||||||||||
Mortgages Payable: | |||||||||||||||||
Fixed rate | $ | $ | |||||||||||||||
Variable rate | |||||||||||||||||
Total | |||||||||||||||||
Deferred financing costs, net and other | ( | ( | |||||||||||||||
Total, net | $ | $ | |||||||||||||||
Unsecured Debt: | |||||||||||||||||
Senior unsecured notes | $ | $ | |||||||||||||||
Deferred financing costs, net and other | ( | ( | |||||||||||||||
Senior unsecured notes, net | |||||||||||||||||
Unsecured term loan | |||||||||||||||||
Deferred financing costs, net and other | ( | ( | |||||||||||||||
Unsecured term loan, net | |||||||||||||||||
Unsecured revolving credit facilities | |||||||||||||||||
Total, net | $ | $ |
(Amounts in thousands) | Mortgages Payable | Unsecured Debt | |||||||||||||||
Year Ended December 31, | |||||||||||||||||
2022 | $ | $ | |||||||||||||||
2023 | |||||||||||||||||
2024 | |||||||||||||||||
2025 | |||||||||||||||||
2026 | |||||||||||||||||
Thereafter |
(Amounts in thousands, except units and per unit amounts) | Balance as of December 31, | Units Outstanding as of December 31, | Per Unit Liquidation Preference | Preferred or Annual Distribution Rate | ||||||||||||||||||||||||||||||||||
Unit Series | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||
Common: | ||||||||||||||||||||||||||||||||||||||
Class A units held by third parties | $ | (1) | $ | (1) | n/a | $ | ||||||||||||||||||||||||||||||||
Perpetual Preferred/Redeemable Preferred: | ||||||||||||||||||||||||||||||||||||||
$ | $ | n/a | n/a | |||||||||||||||||||||||||||||||||||
$ | $ | $ | $ |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||
2021 | 2020 | ||||||||||
Beginning balance | $ | $ | |||||||||
Net income (loss) | ( | ||||||||||
Other comprehensive income (loss) | ( | ||||||||||
Distributions | ( | ( | |||||||||
Redemption of Class A units for Vornado common shares, at redemption value | ( | ( | |||||||||
Redeemable Class A unit measurement adjustment | ( | ||||||||||
Other, net | |||||||||||
Ending balance | $ | $ |
For the Year Ended December 31, | ||||||||||||||
(Amounts in thousands) | 2021 | 2020 | ||||||||||||
Beginning balance | $ | $ | ||||||||||||
Net income | ||||||||||||||
Contributions | ||||||||||||||
Other, net | ||||||||||||||
Ending balance | $ | $ |
(Amounts in thousands, except share/unit and per share/per unit amounts) | |||||||||||||||||||||||||||||||||||||||||
Per Share/Unit | |||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, | Shares/Units Outstanding as of December 31, | Liquidation Preference | Annual Dividend/ Distribution(1) | ||||||||||||||||||||||||||||||||||||||
Preferred Shares/Units | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||
Convertible Preferred: | |||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||
Cumulative Redeemable Preferred(3): | |||||||||||||||||||||||||||||||||||||||||
n/a | n/a | ||||||||||||||||||||||||||||||||||||||||
— | — | ||||||||||||||||||||||||||||||||||||||||
$ | $ |
(Amounts in thousands) | Total | Accumulated other comprehensive (loss) income of nonconsolidated subsidiaries | Interest rate swaps | Other | |||||||||||||||||||
Balance as of December 31, 2020 | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||
Other comprehensive income (loss) | ( | ||||||||||||||||||||||
Balance as of December 31, 2021 | $ | ( | $ | ( | $ | ( | $ |
(Amounts in thousands) | As of December 31, 2021 | ||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Real estate fund investments | $ | $ | $ | $ | |||||||||||||||||||
Deferred compensation plan assets ($ | |||||||||||||||||||||||
Loans receivable ($ | |||||||||||||||||||||||
Interest rate swaps and caps (included in other assets) | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||
Mandatorily redeemable instruments (included in other liabilities) | $ | $ | $ | $ | |||||||||||||||||||
Interest rate swaps (included in other liabilities) | |||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ |
(Amounts in thousands) | As of December 31, 2020 | ||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Real estate fund investments | $ | $ | $ | $ | |||||||||||||||||||
Deferred compensation plan assets ($ | |||||||||||||||||||||||
Loans receivable ($ | |||||||||||||||||||||||
Interest rate swaps (included in other assets) | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||
Mandatorily redeemable instruments (included in other liabilities) | $ | $ | $ | $ | |||||||||||||||||||
Interest rate swaps (included in other liabilities) | |||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ |
Range | Weighted Average (based on fair value of assets) | ||||||||||||||||||||||
Unobservable Quantitative Input | December 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | |||||||||||||||||||
Discount rates | |||||||||||||||||||||||
Terminal capitalization rates |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||
2021 | 2020 | ||||||||||
Beginning balance | $ | $ | |||||||||
Dispositions | ( | ||||||||||
Purchases/additional fundings | |||||||||||
Net unrealized income (loss) on held investments | ( | ||||||||||
Net realized income on exited investments | |||||||||||
Ending balance | $ | $ |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||
2021 | 2020 | ||||||||||
Beginning balance | $ | $ | |||||||||
Purchases | |||||||||||
Sales | ( | ( | |||||||||
Realized and unrealized gains | |||||||||||
Other, net | |||||||||||
Ending balance | $ | $ |
Range | Weighted Average (based on fair value of investments) | ||||||||||||||||||||||
Unobservable Quantitative Input | December 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | |||||||||||||||||||
Discount rates | % | % | |||||||||||||||||||||
Terminal capitalization rates | % | % |
For the Year Ended December 31, | |||||||||||||||||
(Amounts in thousands) | 2021 | 2020 | |||||||||||||||
Beginning balance | $ | $ | |||||||||||||||
Credit losses | ( | ||||||||||||||||
Interest accrual | |||||||||||||||||
Paydowns | ( | ( | |||||||||||||||
Ending balance | $ | $ |
(Amounts in thousands) | As of December 31, 2021 | |||||||||||||||||||||||||||||||||||||
Variable Rate | ||||||||||||||||||||||||||||||||||||||
Hedged Item | Fair Value | Notional Amount | Spread over LIBOR | Interest Rate | Swapped Rate | Expiration Date | ||||||||||||||||||||||||||||||||
Included in other assets: | ||||||||||||||||||||||||||||||||||||||
555 California Street mortgage loan interest rate swap(1) | $ | $ | (2) | L+ | 5/24 | |||||||||||||||||||||||||||||||||
PENN 11 mortgage loan interest rate swap(3) | L+ | 3/24 | ||||||||||||||||||||||||||||||||||||
Various interest rate caps | ||||||||||||||||||||||||||||||||||||||
$ | $ | |||||||||||||||||||||||||||||||||||||
Included in other liabilities: | ||||||||||||||||||||||||||||||||||||||
Unsecured term loan interest rate swap | $ | $ | (4) | L+ | 10/23 | |||||||||||||||||||||||||||||||||
33-00 Northern Boulevard mortgage loan interest rate swap | L+ | 1/25 | ||||||||||||||||||||||||||||||||||||
$ | $ |
(Amounts in thousands) | As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||
Variable Rate | ||||||||||||||||||||||||||||||||||||||
Hedged Item | Fair Value | Notional Amount | Spread over LIBOR | Interest Rate | Swapped Rate | Expiration Date | ||||||||||||||||||||||||||||||||
Included in other assets: | ||||||||||||||||||||||||||||||||||||||
Various interest rate caps | $ | $ | ||||||||||||||||||||||||||||||||||||
Included in other liabilities: | ||||||||||||||||||||||||||||||||||||||
Unsecured term loan interest rate swap | $ | $ | (1) | L+ | 10/23 | |||||||||||||||||||||||||||||||||
33-00 Northern Boulevard mortgage loan interest rate swap | L+ | 1/25 | ||||||||||||||||||||||||||||||||||||
$ | $ |
(Amounts in thousands) | As of December 31, 2020 | ||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Real estate assets | $ | $ | $ | $ |
(Amounts in thousands) | As of December 31, 2021 | As of December 31, 2020 | |||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||
Cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
Debt: | |||||||||||||||||||||||
Mortgages payable | $ | $ | $ | $ | |||||||||||||||||||
Senior unsecured notes | |||||||||||||||||||||||
Unsecured term loan | |||||||||||||||||||||||
Unsecured revolving credit facilities | |||||||||||||||||||||||
Total | $ | (1) | $ | $ | (1) | $ |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
OP Units | $ | $ | $ | ||||||||||||||
OPPs | |||||||||||||||||
AO LTIP Units | |||||||||||||||||
Vornado stock options | |||||||||||||||||
Vornado restricted stock | |||||||||||||||||
Performance Conditioned AO LTIP Units | |||||||||||||||||
$ | $ | $ |
(Amounts in thousands) | As of December 31, 2021 | Weighted-Average Remaining Contractual Term | |||||||||
OP Units | $ | ||||||||||
OPPs | |||||||||||
AO LTIP Units | |||||||||||
Vornado stock options | |||||||||||
Vornado restricted stock | |||||||||||
Performance Conditioned AO LTIP Units | |||||||||||
$ |
Plan Year | Total Plan Notional Amount | Percentage of Notional Amount Granted | Grant Date Fair Value(1) | OPP Units Earned | ||||||||||||||||||||||
2021 | $ | % | $ | |||||||||||||||||||||||
2020 | % | |||||||||||||||||||||||||
2018 | % | Not earned |
Shares | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||||||||||||
Outstanding as of December 31, 2020 | $ | ||||||||||||||||||||||
Exercised | ( | ||||||||||||||||||||||
Forfeited | ( | ||||||||||||||||||||||
Expired | ( | ||||||||||||||||||||||
Outstanding as of December 31, 2021 | $ | $ | |||||||||||||||||||||
Options exercisable as of December 31, 2021 | $ | $ |
As of December 31, | |||||||||||
2020 | 2019 | ||||||||||
Expected volatility | |||||||||||
Expected life | |||||||||||
Risk free interest rate | |||||||||||
Expected dividend yield |
Units | Weighted-Average Grant-Date Fair Value | Weighted- Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||||||||||||
Outstanding as of December 31, 2020 | (1) | $ | |||||||||||||||||||||
Outstanding as of December 31, 2021 | (1) | $ | $ | ||||||||||||||||||||
Options exercisable at December 31, 2021 | $ | $ |
Expected volatility | |||||
Expected life | |||||
Risk free interest rate | |||||
Expected dividend yield |
Shares | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||||||||||||
Outstanding as of December 31, 2020 | $ | ||||||||||||||||||||||
Exercised | ( | ||||||||||||||||||||||
Forfeited | ( | ||||||||||||||||||||||
Expired | ( | ||||||||||||||||||||||
Outstanding as of December 31, 2021 | $ | $ | |||||||||||||||||||||
Options exercisable as of December 31, 2021 | $ | $ |
As of December 31, | |||||||||||
2020 | 2019 | ||||||||||
Expected volatility | |||||||||||
Expected life | |||||||||||
Risk free interest rate | |||||||||||
Expected dividend yield |
Unvested Units | Units | Weighted-Average Grant-Date Fair Value | ||||||||||||
Unvested as of December 31, 2020 | $ | |||||||||||||
Granted | ||||||||||||||
Vested | ( | |||||||||||||
Forfeited | ( | |||||||||||||
Unvested as of December 31, 2021 |
Unvested Shares | Shares | Weighted-Average Grant-Date Fair Value | ||||||||||||
Unvested as of December 31, 2020 | $ | |||||||||||||
Vested | ( | |||||||||||||
Forfeited | ( | |||||||||||||
Unvested as of December 31, 2021 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Real estate impairment losses | $ | ( | (1) | $ | ( | $ | ( | ||||||||||
Transaction related costs | ( | ( | ( | ||||||||||||||
608 Fifth Avenue lease liability extinguishment gain in 2020 and impairment loss and related write-offs in 2019 | ( | ||||||||||||||||
$ | ( | $ | ( | $ | ( |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Interest on loans receivable | $ | $ | $ | ||||||||||||||
Interest on cash and cash equivalents and restricted cash | |||||||||||||||||
Credit losses on loans receivable | ( | ||||||||||||||||
Market-to-market decrease in the fair value of marketable security (sold on January 23, 2020) | ( | ( | |||||||||||||||
Dividends on marketable securities | |||||||||||||||||
Other, net | |||||||||||||||||
$ | $ | ( | $ |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Interest expense(1) | $ | $ | $ | ||||||||||||||
Capitalized interest and debt expense | ( | ( | ( | ||||||||||||||
Amortization of deferred financing costs | |||||||||||||||||
$ | $ | $ |
(Amounts in thousands, except per share amounts) | For the Year Ended December 31, | ||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Numerator: | |||||||||||||||||
Income (loss) from continuing operations, net of (income) loss attributable to noncontrolling interests | $ | $ | ( | $ | |||||||||||||
Loss from discontinued operations | ( | ||||||||||||||||
Net income (loss) attributable to Vornado | ( | ||||||||||||||||
Preferred share dividends | ( | ( | ( | ||||||||||||||
Series K preferred share issuance costs | ( | ||||||||||||||||
Net income (loss) attributable to common shareholders | ( | ||||||||||||||||
Earnings allocated to unvested participating securities | ( | ( | ( | ||||||||||||||
Numerator for basic income (loss) per share | ( | ||||||||||||||||
Impact of assumed conversions: | |||||||||||||||||
Convertible preferred share dividends | |||||||||||||||||
Earnings allocated to Out-Performance Plan units | |||||||||||||||||
Numerator for basic and diluted income (loss) per share | $ | $ | ( | $ | |||||||||||||
Denominator: | |||||||||||||||||
Denominator for basic income (loss) per share – weighted average shares | |||||||||||||||||
Effect of dilutive securities(1): | |||||||||||||||||
Employee stock options, restricted stock awards, AO LTIP Units and OPPs | |||||||||||||||||
Convertible preferred shares | |||||||||||||||||
Denominator for diluted income (loss) per share – weighted average shares and assumed conversions | |||||||||||||||||
INCOME (LOSS) PER COMMON SHARE - BASIC: | |||||||||||||||||
Net income (loss) per common share | $ | $ | ( | $ | |||||||||||||
INCOME (LOSS) PER COMMON SHARE - DILUTED: | |||||||||||||||||
Net income (loss) per common share | $ | $ | ( | $ |
(Amounts in thousands, except per unit amounts) | For the Year Ended December 31, | ||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Numerator: | |||||||||||||||||
Income (loss) from continuing operations, net of (income) loss attributable to noncontrolling interests in consolidated subsidiaries | $ | $ | ( | $ | |||||||||||||
Loss from discontinued operations | ( | ||||||||||||||||
Net income (loss) attributable to Vornado Realty L.P. | ( | ||||||||||||||||
Preferred unit distributions | ( | ( | ( | ||||||||||||||
Series K preferred unit issuance costs | ( | ||||||||||||||||
Net income (loss) attributable to Class A unitholders | ( | ||||||||||||||||
Earnings allocated to unvested participating securities | ( | ( | ( | ||||||||||||||
Numerator for basic income (loss) per Class A unit | ( | ||||||||||||||||
Impact of assumed conversions: | |||||||||||||||||
Convertible preferred unit distributions | |||||||||||||||||
Numerator for basic and diluted income (loss) per Class A unit | $ | $ | ( | $ | |||||||||||||
Denominator: | |||||||||||||||||
Denominator for basic income (loss) per Class A unit – weighted average units | |||||||||||||||||
Effect of dilutive securities(1): | |||||||||||||||||
Vornado stock options, Vornado restricted stock awards, OP Units, AO LTIP Units and OPPs | |||||||||||||||||
Convertible preferred units | |||||||||||||||||
Denominator for diluted income (loss) per Class A unit – weighted average units and assumed conversions | |||||||||||||||||
INCOME (LOSS) PER CLASS A UNIT - BASIC: | |||||||||||||||||
Net income (loss) per Class A unit | $ | $ | ( | $ | |||||||||||||
INCOME (LOSS) PER CLASS A UNIT - DILUTED: | |||||||||||||||||
Net income (loss) per Class A unit | $ | $ | ( | $ |
(Amounts in thousands) | As of December 31, 2021 | ||||
For the year ended December 31, | |||||
2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Thereafter |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Weighted average remaining lease term (in years) | |||||||||||||||||
Weighted average discount rate | % | % | % | ||||||||||||||
Cash paid for operating leases | $ | $ | $ |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Fixed rent expense | $ | $ | $ | ||||||||||||||
Variable rent expense | |||||||||||||||||
Rent expense | $ | $ | $ |
(Amounts in thousands) | As of December 31, 2021 | ||||
For the year ended December 31, | |||||
2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Thereafter | |||||
Total undiscounted cash flows | |||||
Present value discount | ( | ||||
Lease liabilities | $ |
(Amounts in thousands) | For the Year Ended December 31, 2021 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | $ | $ | ||||||||||||||
Operating expenses | ( | ( | ( | ||||||||||||||
NOI - consolidated | |||||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | ( | ( | ( | ||||||||||||||
Add: NOI from partially owned entities | |||||||||||||||||
NOI at share | |||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | ( | ||||||||||||||||
NOI at share - cash basis | $ | $ | $ | ||||||||||||||
Balance Sheet Data: | |||||||||||||||||
Real estate, at cost | $ | $ | $ | ||||||||||||||
Investments in partially owned entities | |||||||||||||||||
Total assets |
(Amounts in thousands) | For the Year Ended December 31, 2020 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | $ | $ | ||||||||||||||
Operating expenses | ( | ( | ( | ||||||||||||||
NOI - consolidated | |||||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | ( | ( | ( | ||||||||||||||
Add: NOI from partially owned entities | |||||||||||||||||
NOI at share | |||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | |||||||||||||||||
NOI at share - cash basis | $ | $ | $ | ||||||||||||||
Balance Sheet Data: | |||||||||||||||||
Real estate, at cost | $ | $ | $ | ||||||||||||||
Investments in partially owned entities | |||||||||||||||||
Total assets |
(Amounts in thousands) | For the Year Ended December 31, 2019 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | $ | $ | ||||||||||||||
Operating expenses | ( | ( | ( | ||||||||||||||
NOI - consolidated | |||||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | ( | ( | ( | ||||||||||||||
Add: NOI from partially owned entities | |||||||||||||||||
NOI at share | |||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | ( | ( | |||||||||||||||
NOI at share - cash basis | $ | $ | $ |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Net income (loss) | $ | $ | ( | $ | |||||||||||||
Depreciation and amortization expense | |||||||||||||||||
General and administrative expense | |||||||||||||||||
Impairment losses, transaction related costs and other | |||||||||||||||||
(Income) loss from partially owned entities | ( | ( | |||||||||||||||
(Income) loss from real estate fund investments | ( | ||||||||||||||||
Interest and other investment (income) loss, net | ( | ( | |||||||||||||||
Interest and debt expense | |||||||||||||||||
Net gain on transfer to Fifth Avenue and Times Square JV | ( | ||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | ( | ( | ( | ||||||||||||||
Income tax (benefit) expense | ( | ||||||||||||||||
Loss from discontinued operations | |||||||||||||||||
NOI from partially owned entities | |||||||||||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | ( | ( | ( | ||||||||||||||
NOI at share | |||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | ( | ||||||||||||||||
NOI at share - cash basis | $ | $ | $ |
Name | Age | PRINCIPAL OCCUPATION, POSITION AND OFFICE (Current and during past five years with Vornado unless otherwise stated) | ||||||||||||
Steven Roth | 80 | Chairman of the Board; Chief Executive Officer since April 2013 and from May 1989 to May 2009; Managing General Partner of Interstate Properties, an owner of shopping centers and an investor in securities and partnerships; Chief Executive Officer of Alexander’s, Inc. since March 1995, a Director since 1989, and Chairman of the Board since May 2004. | ||||||||||||
Michael J. Franco | 53 | President and Chief Financial Officer since December 2020; President since April 2019; Executive Vice President - Chief Investment Officer from April 2015 to April 2019; Executive Vice President - Head of Acquisitions and Capital Markets from November 2010 to April 2015. | ||||||||||||
Haim Chera | 52 | Executive Vice President - Head of Retail since April 2019; Principal at Crown Acquisitions from January 2000 - April 2019. | ||||||||||||
Barry S. Langer | 43 | Executive Vice President - Development - Co-Head of Real Estate since April 2019; Executive Vice President - Head of Development from May 2015 to April 2019. | ||||||||||||
Glen J. Weiss | 52 | Executive Vice President - Office Leasing - Co-Head of Real Estate since April 2019; Executive Vice President - Office Leasing from May 2013 to April 2019. |
Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in the second column) | ||||||||||||||||||||
Equity compensation plans approved by security holders | 6,099,655 | (1) | $ | 65.27 | 3,489,732 | (2) | |||||||||||||||||
Equity compensation awards not approved by security holders | — | — | — | ||||||||||||||||||||
Total | 6,099,655 | $ | 65.27 | 3,489,732 |
Page in this Annual Report on Form 10-K | |||||
III--Real Estate and Accumulated Depreciation as of December 31, 2021, 2020 and 2019 |
COLUMN A | COLUMN B | COLUMN C | COLUMN D | COLUMN E | COLUMN F | COLUMN G | COLUMN H | COLUMN I | ||||||||||||||||||||||||||||||||||||||||||||||||
Encumbrances (1) | Initial cost to company | Costs capitalized subsequent to acquisition | Gross amount at which carried at close of period | Accumulated depreciation and amortization | Date of construction (3) | Date acquired | Life on which depreciation in latest income statement is computed | |||||||||||||||||||||||||||||||||||||||||||||||||
Land | Buildings and improvements | Land | Buildings and improvements | Total (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
New York | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Manhattan | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1290 Avenue of the Americas | $ | $ | $ | $ | $ | $ | $ | $ | (4) | |||||||||||||||||||||||||||||||||||||||||||||||
One Park Avenue | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
350 Park Avenue | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
PENN 1 | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
100 West 33rd Street | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
150 West 34th Street | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
PENN 2 | (5) | (4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
90 Park Avenue | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Manhattan Mall | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
770 Broadway | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
888 Seventh Avenue | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
PENN 11 | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
909 Third Avenue | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
150 East 58th Street | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
595 Madison Avenue | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
330 West 34th Street | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
715 Lexington Avenue | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
484-486 Broadway | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 Union Square South | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Farley Office and Retail | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
260 Eleventh Avenue | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
510 Fifth Avenue | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
606 Broadway | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
40 Fulton Street | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
443 Broadway | ( | (4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
435 Seventh Avenue | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
692 Broadway | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
131-135 West 33rd Street | (4) |
COLUMN A | COLUMN B | COLUMN C | COLUMN D | COLUMN E | COLUMN F | COLUMN G | COLUMN H | COLUMN I | ||||||||||||||||||||||||||||||||||||||||||||||||
Encumbrances (1) | Initial cost to company | Costs capitalized subsequent to acquisition | Gross amount at which carried at close of period | Accumulated depreciation and amortization | Date of construction (3) | Date acquired | Life on which depreciation in latest income statement is computed | |||||||||||||||||||||||||||||||||||||||||||||||||
Land | Buildings and improvements | Land | Buildings and improvements | Total (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
New York - continued | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Manhattan - continued | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
304 Canal Street | $ | $ | $ | $ | ( | $ | $ | $ | $ | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
1131 Third Avenue | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
431 Seventh Avenue | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
138-142 West 32nd Street | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
334 Canal Street | ( | (4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
966 Third Avenue | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
148 Spring Street | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
150 Spring Street | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
137 West 33rd Street | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
825 Seventh Avenue | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
537 West 26th Street | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
339 Greenwich Street | ( | (4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
PENN 15 (Hotel Pennsylvania site) | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other (Including Signage) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Manhattan | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Properties | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
33-00 Northern Boulevard, Queens, New York | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paramus, New Jersey | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Other Properties | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total New York | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COLUMN A | COLUMN B | COLUMN C | COLUMN D | COLUMN E | COLUMN F | COLUMN G | COLUMN H | COLUMN I | ||||||||||||||||||||||||||||||||||||||||||||||||
Encumbrances (1) | Initial cost to company | Costs capitalized subsequent to acquisition | Gross amount at which carried at close of period | Accumulated depreciation and amortization | Date of construction (3) | Date acquired | Life on which depreciation in latest income statement is computed | |||||||||||||||||||||||||||||||||||||||||||||||||
Land | Buildings and improvements | Land | Buildings and improvements | Total (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
theMART | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
theMART, Illinois | $ | $ | $ | $ | $ | $ | $ | $ | (4) | |||||||||||||||||||||||||||||||||||||||||||||||
527 West Kinzie, Illinois | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Piers 92 and 94, New York | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total theMART | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
555 California Street, California | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
220 Central Park South, New York | ( | (4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borgata Land, Atlantic City, NJ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
759-771 Madison Avenue (40 East 66th) Residential, New York | ( | (4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annapolis, Maryland | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wayne Towne Center, New Jersey | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leasehold improvements equipment and other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total December 31, 2021 | $ | $ | $ | $ | $ | $ | $ | $ |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Real Estate | |||||||||||||||||
Balance at beginning of period | $ | $ | $ | ||||||||||||||
Additions during the period: | |||||||||||||||||
Land | |||||||||||||||||
Buildings & improvements and other | |||||||||||||||||
Less: Assets sold, written-off, reclassified to ready for sale and deconsolidated | |||||||||||||||||
Balance at end of period | $ | $ | $ | ||||||||||||||
Accumulated Depreciation | |||||||||||||||||
Balance at beginning of period | $ | $ | $ | ||||||||||||||
Additions charged to operating expenses | |||||||||||||||||
Less: Accumulated depreciation on assets sold, written-off and deconsolidated | |||||||||||||||||
Balance at end of period | $ | $ | $ |
Exhibit No. | |||||||||||||||||
2.1 | — | Master Transaction Agreement, dated as of October 31, 2016, by and among Vornado Realty Trust, Vornado Realty L.P., JBG Properties, Inc., JBG/Operating Partners, L.P., certain affiliates of JBG Properties Inc. and JBG/Operating Partners set forth on Schedule A thereto, JBG SMITH Properties and JBG SMITH Properties LP. Incorporated by reference to Exhibit 2.1 to Vornado Realty Trust's Annual Report on Form 10-K for the year ended December 31, 2016 (File No.001-11954), filed February 13, 2017 | * | ||||||||||||||
— | Articles of Restatement of Vornado Realty Trust, as filed with the State Department of Assessments and Taxation of Maryland on July 30, 2007 - Incorporated by reference to Exhibit 3.75 to Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 (File No. 001-11954), filed on July 31, 2007 | * | |||||||||||||||
— | Amended and Restated Bylaws of Vornado Realty Trust, as amended on July 25, 2018 - Incorporated by reference to Exhibit 3.55 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 (File No. 001-11954), filed on July 30, 2018 | * | |||||||||||||||
3.3 | — | Articles of Amendment to Declaration of Trust, dated September 30, 2016 – Incorporated by reference to Exhibit 3.3 to Vornado Realty Trust’s Annual Report on Form 10-K for the year ended December 31, 2020 (File No. 001-11954), filed on February 16, 2021 | * | ||||||||||||||
3.4 | — | Articles of Amendment of Vornado Realty Trust, as filed with the State Department of Assessments and Taxation of Maryland on October 4, 2016—Incorporated by reference to Annex B to Vornado Realty Trust's Definitive Proxy Statement on Schedule 14A (File No. 001-11954), filed on April 8, 2016. | * | ||||||||||||||
3.5 | — | Articles of Amendment to Declaration of Trust, dated June 13, 2018 - Incorporated by reference to Exhibit 3.54 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 (File No. 001-11954), filed on July 30, 2018 | * | ||||||||||||||
3.6 | — | Articles of Amendment to Declaration of Trust, dated August 7, 2019 - Incorporated by reference to Exhibit 3.1 to Vornado Realty Trust's Current Report on Form 8-K (File No. 001-11954), filed on August 8, 2019 | * | ||||||||||||||
3.7 | — | Articles Supplementary, 5.40% Series L Cumulative Redeemable Preferred Shares of Beneficial Interest, liquidation preference $25.00 per share, no par value – Incorporated by reference to Exhibit 3.6 to Vornado Realty Trust’s Registration Statement on Form 8-A (File No. 001-11954), filed on January 25, 2013 | * | ||||||||||||||
3.8 | — | Articles Supplementary Classifying Vornado Realty Trust's 5.25% Series M Cumulative Redeemable Preferred Shares of Beneficial Interest, liquidation preference $25.00 per share, no par value - Incorporated by reference to Exhibit 3.7 to Vornado Realty Trust's Registration Statement on Form 8-A (File No. 001-11954), filed on December 13, 2017 | * | ||||||||||||||
— | Articles Supplementary Classifying Vornado Realty Trust's 5.25% Series N Cumulative Redeemable Preferred Shares of Beneficial Interest, liquidation preference $25.00 per share, no par value - Incorporated by reference to Exhibit 3.1 to Vornado Realty Trust's Current Report on Form 8-K (File No. 001-11954), filed on November 24, 2020 | * | |||||||||||||||
3.10 | — | Articles Supplementary Classifying Vornado Realty Trust's 4.45% Series O Cumulative Redeemable Preferred Shares of Beneficial Interest, liquidation preference $25.00 per share, no par value - Incorporated by reference to Exhibit 3.1 to Vornado Realty Trust's Current Report on Form 8-K (File No. 001-11954), filed on September 22, 2021 | * | ||||||||||||||
3.11 | — | Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of October 20, 1997 (the “Partnership Agreement”) – Incorporated by reference to Exhibit 3.26 to Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2003 (File No. 001-11954), filed on May 8, 2003 | * | ||||||||||||||
3.12 | — | Amendment to the Partnership Agreement, dated as of December 16, 1997 – Incorporated by reference to Exhibit 3.27 to Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2003 (File No. 001-11954), filed on May 8, 2003 | * | ||||||||||||||
3.13 | — | Second Amendment to the Partnership Agreement, dated as of April 1, 1998 – Incorporated by reference to Exhibit 3.5 to Vornado Realty Trust’s Registration Statement on Form S-3 (File No. 333-50095), filed on April 14, 1998 | * | ||||||||||||||
3.14 | — | Third Amendment to the Partnership Agreement, dated as of November 12, 1998 - Incorporated by reference to Exhibit 3.2 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on November 30, 1998 | * | ||||||||||||||
3.15 | — | Fourth Amendment to the Partnership Agreement, dated as of November 30, 1998 - Incorporated by reference to Exhibit 3.1 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on February 9, 1999 | * | ||||||||||||||
3.16 | — | Fifth Amendment to the Partnership Agreement, dated as of March 3, 1999 - Incorporated by reference to Exhibit 3.1 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on March 17, 1999 | * | ||||||||||||||
3.17 | — | Sixth Amendment to the Partnership Agreement, dated as of March 17, 1999 - Incorporated by reference to Exhibit 3.2 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on July 7, 1999 | * | ||||||||||||||
3.18 | — | Seventh Amendment to the Partnership Agreement, dated as of May 20, 1999 - Incorporated by reference to Exhibit 3.3 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on July 7, 1999 | * | ||||||||||||||
3.19 | — | Eighth Amendment to the Partnership Agreement, dated as of May 27, 1999 - Incorporated by reference to Exhibit 3.4 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on July 7, 1999 | * | ||||||||||||||
3.20 | — | Ninth Amendment to the Partnership Agreement, dated as of September 3, 1999 - Incorporated by reference to Exhibit 3.3 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on October 25, 1999 | * | ||||||||||||||
3.21 | — | Tenth Amendment to the Partnership Agreement, dated as of September 3, 1999 - Incorporated by reference to Exhibit 3.4 to Vornado Realty Trust's Current Report on Form 8-K (File No. 001-11954), filed on October 25, 1999 | * | ||||||||||||||
________________________________ | |||||||||||||||||
* | Incorporated by reference | ||||||||||||||||
3.22 | — | Eleventh Amendment to the Partnership Agreement, dated as of November 24, 1999 - Incorporated by reference to Exhibit 3.2 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on December 23, 1999 | * | ||||||||||||||
3.23 | — | Twelfth Amendment to the Partnership Agreement, dated as of May 1, 2000 - Incorporated by reference to Exhibit 3.2 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on May 19, 2000 | * | ||||||||||||||
3.24 | — | Thirteenth Amendment to the Partnership Agreement, dated as of May 25, 2000 - Incorporated by reference to Exhibit 3.2 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on June 16, 2000 | * | ||||||||||||||
3.25 | — | Fourteenth Amendment to the Partnership Agreement, dated as of December 8, 2000 - Incorporated by reference to Exhibit 3.2 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on December 28, 2000 | * | ||||||||||||||
3.26 | — | Fifteenth Amendment to the Partnership Agreement, dated as of December 15, 2000 - Incorporated by reference to Exhibit 4.35 to Vornado Realty Trust’s Registration Statement on Form S-8 (File No. 333-68462), filed on August 27, 2001 | * | ||||||||||||||
3.27 | — | Sixteenth Amendment to the Partnership Agreement, dated as of July 25, 2001 - Incorporated by reference to Exhibit 3.3 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on October 12, 2001 | * | ||||||||||||||
3.28 | — | Seventeenth Amendment to the Partnership Agreement, dated as of September 21, 2001 - Incorporated by reference to Exhibit 3.4 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on October 12, 2001 | * | ||||||||||||||
3.29 | — | Eighteenth Amendment to the Partnership Agreement, dated as of January 1, 2002 - Incorporated by reference to Exhibit 3.1 to Vornado Realty Trust’s Current Report on Form 8-K/A (File No. 001-11954), filed on March 18, 2002 | * | ||||||||||||||
3.30 | — | Nineteenth Amendment to the Partnership Agreement, dated as of July 1, 2002 - Incorporated by reference to Exhibit 3.47 to Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2002 (File No. 001-11954), filed on August 7, 2002 | * | ||||||||||||||
3.31 | — | Twentieth Amendment to the Partnership Agreement, dated April 9, 2003 - Incorporated by reference to Exhibit 3.46 to Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2003 (File No. 001-11954), filed on May 8, 2003 | * | ||||||||||||||
3.32 | — | Twenty-First Amendment to the Partnership Agreement, dated as of July 31, 2003 - Incorporated by reference to Exhibit 3.47 to Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2003 (File No. 001-11954), filed on November 7, 2003 | * | ||||||||||||||
3.33 | — | Twenty-Second Amendment to the Partnership Agreement, dated as of November 17, 2003 – Incorporated by reference to Exhibit 3.49 to Vornado Realty Trust’s Annual Report on Form 10-K for the year ended December 31, 2003 (File No. 001-11954), filed on March 3, 2004 | * | ||||||||||||||
3.34 | — | Twenty-Third Amendment to the Partnership Agreement, dated May 27, 2004 – Incorporated by reference to Exhibit 99.2 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on June 14, 2004 | * | ||||||||||||||
3.35 | — | Twenty-Fourth Amendment to the Partnership Agreement, dated August 17, 2004 – Incorporated by reference to Exhibit 3.57 to Vornado Realty Trust and Vornado Realty L.P.’s Registration Statement on Form S-3 (File No. 333-122306), filed on January 26, 2005 | * | ||||||||||||||
3.36 | — | Twenty-Fifth Amendment to the Partnership Agreement, dated November 17, 2004 – Incorporated by reference to Exhibit 3.58 to Vornado Realty Trust and Vornado Realty L.P.’s Registration Statement on Form S-3 (File No. 333-122306), filed on January 26, 2005 | * | ||||||||||||||
3.37 | — | Twenty-Sixth Amendment to the Partnership Agreement, dated December 17, 2004 – Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on December 21, 2004 | * | ||||||||||||||
3.38 | — | Twenty-Seventh Amendment to the Partnership Agreement, dated December 20, 2004 – Incorporated by reference to Exhibit 3.2 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on December 21, 2004 | * | ||||||||||||||
3.39 | — | Twenty-Eighth Amendment to the Partnership Agreement, dated December 30, 2004 - Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on January 4, 2005 | * | ||||||||||||||
3.40 | — | Twenty-Ninth Amendment to the Partnership Agreement, dated June 17, 2005 - Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on June 21, 2005 | * | ||||||||||||||
3.41 | — | Thirtieth Amendment to the Partnership Agreement, dated August 31, 2005 - Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on September 1, 2005 | * | ||||||||||||||
3.42 | — | Thirty-First Amendment to the Partnership Agreement, dated September 9, 2005 - Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on September 14, 2005 | * | ||||||||||||||
3.43 | — | Thirty-Second Amendment and Restated Agreement of Limited Partnership, dated as of December 19, 2005 – Incorporated by reference to Exhibit 3.59 to Vornado Realty L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2006 (File No. 000-22685), filed on May 8, 2006 | * | ||||||||||||||
3.44 | — | Thirty-Third Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of April 25, 2006 – Incorporated by reference to Exhibit 10.2 to Vornado Realty Trust’s Form 8-K (File No. 001-11954), filed on May 1, 2006 | * | ||||||||||||||
3.45 | — | Thirty-Fourth Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of May 2, 2006 – Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on May 3, 2006 | * | ||||||||||||||
3.46 | — | Thirty-Fifth Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of August 17, 2006 – Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Form 8-K (File No. 000-22685), filed on August 23, 2006 | * | ||||||||||||||
__________________________________ | |||||||||||||||||
* | Incorporated by reference |
3.47 | — | Thirty-Sixth Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of October 2, 2006 – Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Form 8-K (File No. 000-22685), filed on January 22, 2007 | * | ||||||||||||||
3.48 | — | Thirty-Seventh Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of June 28, 2007 – Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.'s Current Report on Form 8-K (File No. 000-22685), filed on June 27, 2007 | * | ||||||||||||||
3.49 | — | Thirty-Eighth Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of June 28, 2007 – Incorporated by reference to Exhibit 3.2 to Vornado Realty L.P.'s Current Report on Form 8-K (File No. 000-22685), filed on June 27, 2007 | * | ||||||||||||||
3.50 | — | Thirty-Ninth Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of June 28, 2007 – Incorporated by reference to Exhibit 3.3 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on June 27, 2007 | * | ||||||||||||||
3.51 | — | Fortieth Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of June 28, 2007 – Incorporated by reference to Exhibit 3.4 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on June 27, 2007 | * | ||||||||||||||
3.52 | — | Forty-First Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of March 31, 2008 – Incorporated by reference to Exhibit 3.44 to Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2008 (file No. 001-11954), filed on May 6, 2008 | * | ||||||||||||||
3.53 | — | Forty-Second Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of December 17, 2010 – Incorporated by reference to Exhibit 99.1 to Vornado Realty L.P.'s Current Report on Form 8-K (File No 000-22685), filed on December 21, 2010 | * | ||||||||||||||
3.54 | — | Forty-Third Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of April 20, 2011 – Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.'s Current Report on Form 8-K (File No. 000-22685), filed on April 21, 2011 | * | ||||||||||||||
3.55 | — | Forty-Fourth Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as, of March 30, 2012 - Incorporated by reference to Exhibit 99.1 to Vornado Realty L.P.'s Current Report on Form 8-K (File No. 001-34482), filed on April 5, 2012 | * | ||||||||||||||
3.56 | — | Forty-Fourth Amendment to Second Amended and Restated Agreement of Limited Partnership dated as of July 18, 2012 – Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 001-34482), filed on July 18, 2012 | * | ||||||||||||||
3.57 | — | Forty-Fifth Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of January 25, 2013 – Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 001-34482), filed on January 25, 2013 | * | ||||||||||||||
3.58 | — | Forty-Sixth Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated April 1, 2015 - Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.'s Current Report on Form 8-K (File No. 001-34482), filed on April 2, 2015 | * | ||||||||||||||
3.59 | ** | — | Forty-Seventh Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated December 13, 2017 - Incorporated by reference to Exhibit 3.2 to Vornado Realty L.P.'s Current Report on Form 8-K (File No. 001-34482), filed on December 13, 2017 | * | |||||||||||||
3.60 | ** | — | Forty-Eighth Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of January 12, 2018 - Incorporated by reference to Exhibit 3.53 to Vornado Realty Trust's Annual Report on 10-K for the year ended December 31, 2017 (File No. 001-11954), filed on February 12, 2018 | * | |||||||||||||
3.61 | — | Forty-Ninth Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of August 7, 2019 - Incorporated by reference to Exhibit 3.2 to Vornado Realty Trust's Current Report on Form 8-K (File No. 001-11954), filed on August 8, 2019 | * | ||||||||||||||
3.62 | — | Fiftieth Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of November 24, 2020 - Incorporated by reference to Exhibit 3.2 to Vornado Realty Trust's Current Report on Form 8-K (File No. 001-11954), filed on November 24, 2020 | * | ||||||||||||||
3.63 | — | Fifty-First Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of September 22, 2021 - Incorporated by reference to Exhibit 3.2 to Vornado Realty Trust's Current Report on Form 8-K (File No. 001-11954), filed on September 22, 2021 | * | ||||||||||||||
— | Indenture, dated as of November 25, 2003, between Vornado Realty L.P. and The Bank of New York, as Trustee - Incorporated by reference to Exhibit 4.10 to Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2005 (File No. 001-11954), filed on April 28, 2005 | * | |||||||||||||||
— | Indenture, dated as of November 20, 2006, among Vornado Realty Trust, as Issuer, Vornado Realty L.P., as Guarantor and The Bank of New York, as Trustee – Incorporated by reference to Exhibit 4.1 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on November 27, 2006 | * | |||||||||||||||
Certain instruments defining the rights of holders of long-term debt securities of Vornado Realty Trust and its subsidiaries are omitted pursuant to Item 601(b)(4)(iii) of Regulation S-K. Vornado Realty Trust hereby undertakes to furnish to the Securities and Exchange Commission, upon request, copies of such instruments | |||||||||||||||||
— | Description of the Vornado Realty Trust securities registered pursuant to Section 12 of the Securities Exchange Act | *** | |||||||||||||||
__________________________________________ | |||||||||||||||||
* | Incorporated by reference | ||||||||||||||||
** | Management contract or compensatory agreement | ||||||||||||||||
*** | Filed herewith |
— | Description of Class A units of Vornado Realty L.P. and certain provisions of its agreement of limited partnership | *** | |||||||||||||||
10.1 | — | Registration Rights Agreement between Vornado, Inc. and Steven Roth, dated December 29, 1992 - Incorporated by reference to Vornado Realty Trust’s Annual Report on Form 10-K for the year ended December 31, 1992 (File No. 001-11954), filed February 16, 1993 | * | ||||||||||||||
10.2 | ** | — | Management Agreement between Interstate Properties and Vornado, Inc. dated July 13, 1992 – Incorporated by reference to Vornado, Inc.’s Annual Report on Form 10-K for the year ended December 31, 1992 (File No. 001-11954), filed February 16, 1993 | * | |||||||||||||
10.3 | — | Tax Reporting and Protection Agreement, dated December 31, 2001, by and among Vornado, Vornado Realty L.P., Charles E. Smith Commercial Realty L.P. and Charles E. Smith Commercial Realty L.L.C. - Incorporated by reference to Exhibit 10.3 to Vornado Realty Trust’s Current Report on Form 8-K/A (File No. 1-11954), filed on March 18, 2002 | * | ||||||||||||||
10.4 | ** | — | Amendment to Real Estate Retention Agreement, dated as of July 3, 2002, by and between Alexander’s, Inc. and Vornado Realty L.P. - Incorporated by reference to Exhibit 10(i)(E)(3) to Alexander’s Inc.’s Quarterly Report for the quarter ended June 30, 2002 (File No. 001-06064), filed on August 7, 2002 | * | |||||||||||||
10.5 | ** | — | 59th Street Real Estate Retention Agreement, dated as of July 3, 2002, by and between Vornado Realty L.P., 731 Residential LLC and 731 Commercial LLC - Incorporated by reference to Exhibit 10(i)(E)(4) to Alexander’s Inc.’s Quarterly Report for the quarter ended June 30, 2002 (File No. 001-06064), filed on August 7, 2002 | * | |||||||||||||
— | Amended and Restated Management and Development Agreement, dated as of July 3, 2002, by and between Alexander's, Inc., the subsidiaries party thereto and Vornado Management Corp. - Incorporated by reference to Exhibit 10(i)(F)(1) to Alexander's Inc.'s Quarterly Report on Form 10-Q for the quarter ended June 30, 2002 (File No. 001-06064), filed on August 7, 2020 | * | |||||||||||||||
10.7 | ** | — | Second Amendment to Real Estate Retention Agreement, dated January 1, 2007, by and between Vornado Realty L.P. and Alexander’s Inc. – Incorporated by reference to Exhibit 10.55 to Vornado Realty Trust’s Annual Report on Form 10-K for the year ended December 31, 2006 (File No. 001-11954), filed on February 27, 2007 | * | |||||||||||||
10.8 | ** | — | Amendment to 59th Street Real Estate Retention Agreement, dated January 1, 2007, by and among Vornado Realty L.P., 731 Retail One LLC, 731 Restaurant LLC, 731 Office One LLC and 731 Office Two LLC. – Incorporated by reference to Exhibit 10.56 to Vornado Realty Trust’s Annual Report on Form 10-K for the year ended December 31, 2006 (File No. 001-11954), filed on February 27, 2007 | * | |||||||||||||
10.9 | ** | — | Vornado Realty Trust's 2010 Omnibus Share Plan - Incorporated by reference to Exhibit 10.41 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended June 30, 2010 (File No. 001-11954) filed on August 3, 2010 | * | |||||||||||||
10.10 | ** | — | Form of Vornado Realty Trust 2010 Omnibus Share Plan Incentive / Non-Qualified Stock Option Agreement - Incorporated by reference to Exhibit 99.1 to Vornado Realty Trust's Current Report on Form 8-K (File No. 001-11954) filed on April 5, 2012 | * | |||||||||||||
10.11 | ** | — | Form of Vornado Realty Trust 2010 Omnibus Share Plan Restricted Stock Agreement - Incorporated by reference to Exhibit 99.2 to Vornado Realty Trust's Current Report on Form 8-K (File No. 001-11954) filed on April 5, 2012 | * | |||||||||||||
10.12 | ** | — | Form of Vornado Realty Trust 2010 Omnibus Share Plan Restricted LTIP Unit Agreement - Incorporated by reference to Exhibit 99.3 to Vornado Realty Trust's Current Report on Form 8-K (File No. 001-11954) filed on April 5, 2012 | * | |||||||||||||
10.13 | ** | — | Form of Vornado Realty Trust 2012 Outperformance Plan Award Agreement - Incorporated by reference to Exhibit 10.45 to Vornado Realty Trust's Annual Report on Form 10-K for the year ended December 31, 2012 (File No. 001-11954) filed on February 26, 2013 | * | |||||||||||||
10.14 | ** | — | Form of Vornado Realty Trust 2013 Outperformance Plan Award Agreement - Incorporated by reference to Exhibit 10.50 to Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 (File No. 001-11954), filed on May 6, 2013 | * | |||||||||||||
10.15 | ** | — | Employment agreement between Vornado Realty Trust and Michael J. Franco dated January 10, 2014 - Incorporated by reference to Exhibit 10.52 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 (File No. 001-11954), filed on May 5, 2014 | * | |||||||||||||
10.16 | ** | — | Form of Vornado Realty Trust 2010 Omnibus Share Plan AO LTIP Unit Award Agreement - Incorporated by reference to Exhibit 10.34 to Vornado Realty Trust's Annual Report on Form 10-K for the year ended December 31, 2017 (File No. 001-11954), filed on February 12, 2018 | * | |||||||||||||
10.17 | — | Amended and Restated Term Loan Agreement dated as of October 26, 2018 among Vornado Realty L.P. as Borrower, Vornado Realty Trust as General Partner, the Banks listed on the signature pages thereof, and JP Morgan Chase Bank N.A. as Administrative Agent for the Banks - Incorporated by reference to Exhibit 10.36 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended September 30, 2018 (File No. 001-11954), filed on October 29, 2018 | * | ||||||||||||||
10.18 | ** | — | Form of Performance Conditioned AO LTIP Award Agreement - Incorporated by reference to Exhibit 10.36 to Vornado Realty Trust's Annual Report on Form 10-K for the year ended December 31, 2018 (File No. 001-11954), filed on February 11, 2019 | * | |||||||||||||
10.19 | ** | — | Form of 2019 Amendment to Restricted LTIP Unit and Restricted Stock Agreements - Incorporated by reference to Exhibit 10.37 to Vornado Realty Trust's Annual Report on Form 10-K for the year ended December 31, 2018 (File No. 001-11954), filed on February 11, 2019 | * | |||||||||||||
10.20 | ** | — | Form of Vornado Realty Trust 2010 Omnibus Share Plan Restricted LTIP Unit Agreement - Incorporated by reference to Exhibit 10.38 to Vornado Realty Trust's Annual Report on Form 10-K for the year ended December 31, 2018 (File No. 001-11954), filed on February 11, 2019 | * | |||||||||||||
10.21 | ** | — | Form of Vornado Realty Trust 2010 Omnibus Share Plan Restricted Stock Agreement - Incorporated by reference to Exhibit 10.39 to Vornado Realty Trust's Annual Report on Form 10-K for the year ended December 31, 2018 (File No. 001-11954), filed on February 11, 2019 | * | |||||||||||||
__________________________________________ | |||||||||||||||||
* | Incorporated by reference | ||||||||||||||||
** | Management contract or compensatory agreement | ||||||||||||||||
*** | Filed herewith |
10.22 | — | Second Amended and Restated Revolving Credit Agreement dated as of March 26, 2019, among Vornado Realty L.P., as Borrower, Vornado Realty Trust as General Partner, the Banks listed on the signature pages thereof, and JPMorgan Chase Bank N.A., as Administrative Agent for the Banks - Incorporated by reference to Exhibit 10.40 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended March 31, 2019 (File No. 001-11954), filed on April 29, 2019 | * | ||||||||||||||
** | — | Vornado Realty Trust 2019 Omnibus Share Plan - Incorporated by reference to Annex B to Vornado Realty Trust's Proxy Statement dated April 5, 2019 (File No. 001-11954), filed on April 5, 2019 | * | ||||||||||||||
10.24 | — | Transaction Agreement between Vornado Realty L.P. and Crown Jewel Partner LLC, dated April 18, 2019 - Incorporated by reference to Exhibit 10.42 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 (File No. 001-11954), filed on July 29, 2019 | * | ||||||||||||||
10.25 | ** | — | Form of Vornado Realty Trust 2019 Omnibus Share Plan Restricted Stock Agreement - Incorporated by reference to Exhibit 10.32 to Vornado Realty Trust's Quarterly Report on Form 10-K for the year ended December 31, 2019 (File No. 001-11954), filed on February 18, 2020 | * | |||||||||||||
10.26 | ** | — | Form of Vornado Realty Trust 2019 Omnibus Share Plan Restricted LTIP Unit Agreement - Incorporated by reference to Exhibit 10.33 to Vornado Realty Trust's Quarterly Report on Form 10-K for the year ended December 31, 2019 (File No. 001-11954), filed on February 18, 2020 | * | |||||||||||||
10.27 | ** | — | Form of Vornado Realty Trust 2019 Omnibus Share Plan Incentive/Non-Qualified Stock Option Agreement - Incorporated by reference to Exhibit 10.34 to Vornado Realty Trust's Quarterly Report on Form 10-K for the year ended December 31, 2019 (File No. 001-11954), filed on February 18, 2020 | * | |||||||||||||
10.28 | ** | — | Employment agreement between Vornado Realty Trust and Glen J. Weiss dated May 25, 2018 - Incorporated by reference to Exhibit 10.35 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 (File No. 001-11954), filed on May 4, 2020 | * | |||||||||||||
10.29 | ** | — | Employment agreement between Vornado Realty Trust and Haim Chera dated April 19, 2019 - Incorporated by reference to Exhibit 10.36 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 (File No. 001-11954), filed on May 4, 2020 | * | |||||||||||||
10.30 | ** | — | Form of Vornado Realty Trust 2020 Outperformance Plan Award Agreement - Incorporated by reference to Exhibit 10.37 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 (File No. 001-11954), filed on May 4, 2020 | * | |||||||||||||
** | — | Form of Vornado Realty Trust 2021 Outperformance Plan Award Agreement for Executives – Incorporated by reference to Exhibit 10.42 to Vornado Realty Trust’s Annual Report on Form 10-K for the year ended December 31, 2020 (File No. 001-11954), filed on February 16, 2021 | * | ||||||||||||||
10.32 | ** | — | Form of Vornado Realty Trust 2021 Outperformance Plan Award Agreement for Non-Executives – Incorporated by reference to Exhibit 10.43 to Vornado Realty Trust’s Annual Report on Form 10-K for the year ended December 31, 2020 (File No. 001-11954), filed on February 16, 2021 | * | |||||||||||||
10.33 | — | Second Amended and Restated Revolving Credit Agreement dated as of April 15, 2021 among Vornado Realty L.P., as Borrower, the Banks listed on the signature pages thereof, and JPMorgan Chase Bank N.A., as Administrative Agent for the Banks - Incorporated by reference to Exhibit 10.44 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 (File No. 001-11954), filed on August 2, 2021 | * | ||||||||||||||
— | Amendment No. 1 to Second Amended and Restated Revolving Credit Agreement dated as of April 16, 2021 among Vornado Realty L.P. as Borrower, the Banks listed on the signature pages thereof, and JP Morgan Chase Bank N.A. as Administrative Agent for the Banks - Incorporated by reference to Exhibit 10.45 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 (File No. 001-11954), filed on August 2, 2021 | * | |||||||||||||||
10.35 | — | Amendment No. 2 to Amended and Restated Term Loan Agreement dated as of April 16, 2021 among Vornado Realty L.P. as Borrower, the Banks listed on the signature pages thereof, and JP Morgan Chase Bank N.A. as Administrative Agent for the Banks - Incorporated by reference to Exhibit 10.46 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 (File No. 001-11954), filed on August 2, 2021 | * | ||||||||||||||
— | Form of Vornado Realty Trust 2022 Long-term Performance Plan LTIP Unit Award Agreement | *** | |||||||||||||||
__________________________________________ | |||||||||||||||||
* | Incorporated by reference | ||||||||||||||||
** | Management contract or compensatory agreement | ||||||||||||||||
*** | Filed herewith |
— | Subsidiaries of Vornado Realty Trust and Vornado Realty L.P. | *** | |||||||||||||||
— | Consent of Independent Registered Public Accounting Firm for Vornado Realty Trust | *** | |||||||||||||||
— | Consent of Independent Registered Public Accounting Firm for Vornado Realty L.P. | *** | |||||||||||||||
— | Rule 13a-14 (a) Certification of the Chief Executive Officer of Vornado Realty Trust | *** | |||||||||||||||
— | Rule 13a-14 (a) Certification of the Chief Financial Officer of Vornado Realty Trust | *** | |||||||||||||||
— | Rule 13a-14 (a) Certification of the Chief Executive Officer of Vornado Realty L.P. | *** | |||||||||||||||
— | Rule 13a-14 (a) Certification of the Chief Financial Officer of Vornado Realty L.P. | *** | |||||||||||||||
— | Section 1350 Certification of the Chief Executive Officer of Vornado Realty Trust | *** | |||||||||||||||
— | Section 1350 Certification of the Chief Financial Officer of Vornado Realty Trust | *** | |||||||||||||||
— | Section 1350 Certification of the Chief Executive Officer of Vornado Realty L.P. | *** | |||||||||||||||
— | Section 1350 Certification of the Chief Financial Officer of Vornado Realty L.P. | *** | |||||||||||||||
101 | — | The following financial information from Vornado Realty Trust and Vornado Realty L.P. Annual Report on Form 10-K for the year ended December 31, 2021, formatted in Inline Extensible Business Reporting Language (iXBRL) includes: (i) consolidated balance sheets, (ii) consolidated statements of income, (iii) consolidated statements of comprehensive income, (iv) consolidated statements of changes in equity, (v) consolidated statements of cash flows, and (vi) the notes to consolidated financial statements. | *** | ||||||||||||||
104 | — | The cover page from the Vornado Realty Trust and Vornado Realty L.P. Annual Report on Form 10-K for the year ended December 31, 2021, formatted as iXBRL and contained in Exhibit 101. | *** | ||||||||||||||
_____________________________ | |||||||||||||||||
*** | Filed herewith |
VORNADO REALTY TRUST | ||||||||
(Registrant) | ||||||||
February 14, 2022 | By: | /s/ Deirdre Maddock | ||||||
Deirdre Maddock, Chief Accounting Officer (duly authorized officer and principal accounting officer) |
Signature | Title | Date | |||||||||||||||
By: | /s/Steven Roth | Chairman of the Board of Trustees | February 14, 2022 | ||||||||||||||
(Steven Roth) | and Chief Executive Officer (Principal Executive Officer) | ||||||||||||||||
By: | /s/Candace K. Beinecke | Trustee | February 14, 2022 | ||||||||||||||
(Candace K. Beinecke) | |||||||||||||||||
By: | /s/Michael D. Fascitelli | Trustee | February 14, 2022 | ||||||||||||||
(Michael D. Fascitelli) | |||||||||||||||||
By: | /s/Beatrice Hamza Bassey | Trustee | February 14, 2022 | ||||||||||||||
(Beatrice Hamza Bassey) | |||||||||||||||||
By: | /s/William W. Helman IV | Trustee | February 14, 2022 | ||||||||||||||
(William W. Helman IV) | |||||||||||||||||
By: | /s/David Mandelbaum | Trustee | February 14, 2022 | ||||||||||||||
(David Mandelbaum) | |||||||||||||||||
By: | /s/Mandakini Puri | Trustee | February 14, 2022 | ||||||||||||||
(Mandakini Puri) | |||||||||||||||||
By: | /s/Daniel R. Tisch | Trustee | February 14, 2022 | ||||||||||||||
(Daniel R. Tisch) | |||||||||||||||||
By: | /s/Richard R. West | Trustee | February 14, 2022 | ||||||||||||||
(Richard R. West) | |||||||||||||||||
By: | /s/Russell B. Wight, Jr. | Trustee | February 14, 2022 | ||||||||||||||
(Russell B. Wight, Jr.) | |||||||||||||||||
By: | /s/Michael J. Franco | President and Chief Financial Officer | February 14, 2022 | ||||||||||||||
(Michael J. Franco) | (Principal Financial Officer) | ||||||||||||||||
By: | /s/Deirdre Maddock | Chief Accounting Officer | February 14, 2022 | ||||||||||||||
(Deirdre Maddock) | (Principal Accounting Officer) |
VORNADO REALTY L.P. | ||||||||
(Registrant) | ||||||||
February 14, 2022 | By: | /s/ Deirdre Maddock | ||||||
Deirdre Maddock, Chief Accounting Officer of Vornado Realty Trust, sole General Partner of Vornado Realty L.P. (duly authorized officer and principal accounting officer) |
Signature | Title | Date | |||||||||||||||
By: | /s/Steven Roth | Chairman of the Board of Trustees and | February 14, 2022 | ||||||||||||||
(Steven Roth) | Chief Executive Officer of Vornado Realty Trust (Principal Executive Officer) | ||||||||||||||||
By: | /s/Candace K. Beinecke | Trustee of Vornado Realty Trust | February 14, 2022 | ||||||||||||||
(Candace K. Beinecke) | |||||||||||||||||
By: | /s/Michael D. Fascitelli | Trustee of Vornado Realty Trust | February 14, 2022 | ||||||||||||||
(Michael D. Fascitelli) | |||||||||||||||||
By: | /s/Beatrice Hamza Bassey | Trustee of Vornado Realty Trust | February 14, 2022 | ||||||||||||||
(Beatrice Hamza Bassey) | |||||||||||||||||
By: | /s/William W. Helman IV | Trustee of Vornado Realty Trust | February 14, 2022 | ||||||||||||||
(William W. Helman IV) | |||||||||||||||||
By: | /s/David Mandelbaum | Trustee of Vornado Realty Trust | February 14, 2022 | ||||||||||||||
(David Mandelbaum) | |||||||||||||||||
By: | /s/Mandakini Puri | Trustee of Vornado Realty Trust | February 14, 2022 | ||||||||||||||
(Mandakini Puri) | |||||||||||||||||
By: | /s/Daniel R. Tisch | Trustee of Vornado Realty Trust | February 14, 2022 | ||||||||||||||
(Daniel R. Tisch) | |||||||||||||||||
By: | /s/Richard R. West | Trustee of Vornado Realty Trust | February 14, 2022 | ||||||||||||||
(Richard R. West) | |||||||||||||||||
By: | /s/Russell B. Wight, Jr. | Trustee of Vornado Realty Trust | February 14, 2022 | ||||||||||||||
(Russell B. Wight, Jr.) | |||||||||||||||||
By: | /s/Michael J. Franco | President and Chief Financial Officer of Vornado Realty Trust | February 14, 2022 | ||||||||||||||
(Michael J. Franco) | (Principal Financial Officer) | ||||||||||||||||
By: | /s/Deirdre Maddock | Chief Accounting Officer of Vornado Realty Trust | February 14, 2022 | ||||||||||||||
(Deirdre Maddock) | (Principal Accounting Officer) | ||||||||||||||||
(W*X) | ||
Z |
VORNADO REALTY TRUST | ||||||||||||||
By: | ||||||||||||||
Name: Michael Franco Title: President and Chief Financial Officer | ||||||||||||||
VORNADO REALTY L.P. | ||||||||||||||
By: | Vornado Realty Trust, its general partner | |||||||||||||
By: | ||||||||||||||
Name: Michael Franco Title: President and Chief Financial Officer of Vornado Realty Trust, sole General Partner of Vornado Realty L.P. | ||||||||||||||
VORNADO MANAGEMENT CORPORATION | ||||||||||||||
By: | ||||||||||||||
Name: Michael Franco Title: President and Chief Financial Officer | ||||||||||||||
GRANTEE | ||||||||||||||
Name: | ||||||||||||||
Date of Award Agreement: | [___________] [__], 2022 | ||||
Name of Grantee: | |||||
Number of LTIP Units Subject to Grant: | |||||
Operational LTIP Units: | |||||
Index Relative TSR LTIP Units: | |||||
Northeast Peer Relative TSR LTIP Units: | |||||
Grant Date: | [___________] [__], 2022 |
VORNADO REALTY TRUST AND VORNADO REALTY L.P. | ||||||||||||||||||||
FORM 10-K | ||||||||||||||||||||
SUBSIDIARIES OF THE REGISTRANT | ||||||||||||||||||||
AS OF DECEMBER 31, 2021 | ||||||||||||||||||||
State of | ||||||||||||||||||||
Name of Subsidiary | Organization | |||||||||||||||||||
1 | 11 East 68th Street LLC | Delaware | 1 | |||||||||||||||||
2 | 11 East 68th TRS LLC | Delaware | 2 | |||||||||||||||||
3 | 1290 Management II, LLC | Delaware | 3 | |||||||||||||||||
4 | 131 West 33rd Street Owner LLC | Delaware | 4 | |||||||||||||||||
5 | 137 West 33rd Street Owner LLC | Delaware | 5 | |||||||||||||||||
6 | 138-142 West 32nd EAT LLC | Delaware | 6 | |||||||||||||||||
7 | 144-150 West 34th Street EAT LLC | Delaware | 7 | |||||||||||||||||
8 | 144-150 West 34th Street Owner II LLC | Delaware | 8 | |||||||||||||||||
9 | 148 Spring Street, LLC | Delaware | 9 | |||||||||||||||||
10 | 150 East 58th Garage LLC | Delaware | 10 | |||||||||||||||||
11 | 150 East 58th Street, L.L.C. | New York | 11 | |||||||||||||||||
150 Spring Street LLC | Delaware | |||||||||||||||||||
12 | 1535 Broadway Holdings II LLC | Delaware | 12 | |||||||||||||||||
1535 Broadway LLC | Delaware | |||||||||||||||||||
1535 Broadway Sign LLC | Delaware | |||||||||||||||||||
1535/1540 Broadway Holdings LLC | Delaware | |||||||||||||||||||
1535/1540 Broadway TRS LLC | Delaware | |||||||||||||||||||
1540 Broadway Garage LLC | Delaware | |||||||||||||||||||
1540 Broadway Holdings II LLC | Delaware | |||||||||||||||||||
13 | 1540 Broadway LLC | Delaware | 13 | |||||||||||||||||
14 | 1540 Broadway Sign LLC | Delaware | 14 | |||||||||||||||||
16 | 1800 Park REIT LLC | Delaware | 16 | |||||||||||||||||
17 | 201 East 66th Street LLC | New York | 17 | |||||||||||||||||
18 | 220 CPS Garage LLC | Delaware | 18 | |||||||||||||||||
19 | 220 CPS Tower Club Corp | New York | 19 | |||||||||||||||||
20 | 265 West 34th Street Owner LLC | Delaware | 20 | |||||||||||||||||
280 Park Administration LLC | Delaware | |||||||||||||||||||
21 | 280 Park Cleaning LLC | Delaware | 21 | |||||||||||||||||
22 | 280 Park Holdings LLC | Delaware | 22 | |||||||||||||||||
280 Park Junior Mezzanine LLC | Delaware | |||||||||||||||||||
280 Park Management LLC | Delaware | |||||||||||||||||||
280 Park REIT LLC | Delaware | |||||||||||||||||||
23 | 280 Park Senior Mezzanine LLC | Delaware | 23 | |||||||||||||||||
24 | 280 Park Venture LLC | Delaware | 24 | |||||||||||||||||
25 | 29 West 57th Street Owner LLC | Delaware | 25 | |||||||||||||||||
26 | 304-306 Canal Street LLC | Delaware | 26 | |||||||||||||||||
27 | 31 West 57th Street Owner LLC | Delaware | 27 | |||||||||||||||||
28 | 334 Canal Street LLC | Delaware | 28 | |||||||||||||||||
29 | 350 Park EAT LLC | Delaware | 29 |
30 | 350 Park FC Lessee LLC | Delaware | 30 | |||||||||||||||||
31 | 4 USS LLC | Delaware | 31 | |||||||||||||||||
32 | 40 East 14 Realty Associates, L.L.C. | New York | 32 | |||||||||||||||||
35 | 40 Fulton Street LLC | New York | 35 | |||||||||||||||||
33 | 401 Commercial L.P. | Delaware | 33 | |||||||||||||||||
34 | 401 Commercial Son II LLC | Delaware | 34 | |||||||||||||||||
36 | 401 Commercial Son LLC | Delaware | 36 | |||||||||||||||||
37 | 401 General Partner, L.L.C. | Delaware | 37 | |||||||||||||||||
38 | 401 Hotel General Partner, L.L.C. | Delaware | 38 | |||||||||||||||||
401 Hotel REIT, LLC | Delaware | |||||||||||||||||||
401 Hotel TRS, Inc. | Delaware | |||||||||||||||||||
401 Hotel, L.P. | Delaware | |||||||||||||||||||
408 West 15th Street Owner LLC | Delaware | |||||||||||||||||||
480-486 Broadway, LLC | Delaware | |||||||||||||||||||
486 8th Avenue Owner LLC | Delaware | |||||||||||||||||||
488 Eighth Avenue Owner LLC | Delaware | |||||||||||||||||||
49 West 57th Street Owner LLC | Delaware | |||||||||||||||||||
510 Fifth Avenue LLC | Delaware | |||||||||||||||||||
527 West Kinzie LLC | Delaware | |||||||||||||||||||
58 Central Park II LLC | Delaware | |||||||||||||||||||
58 Central Park III LLC | Delaware | |||||||||||||||||||
58 Central Park LLC | Delaware | |||||||||||||||||||
61 Ninth Avenue Development Holdings LLC | Delaware | |||||||||||||||||||
61 Ninth Avenue Development LLC | Delaware | |||||||||||||||||||
61 Ninth Avenue Development Member LLC | Delaware | |||||||||||||||||||
61 Ninth Avenue Management LLC | Delaware | |||||||||||||||||||
61 Ninth Retail Manager LLC | Delaware | |||||||||||||||||||
640 Fifth Avenue Holdings II LLC | Delaware | |||||||||||||||||||
640 Fifth Avenue Holdings LLC | Delaware | |||||||||||||||||||
640 Fifth Avenue LLC | Delaware | |||||||||||||||||||
640 Fifth Avenue Owner LLC | Delaware | |||||||||||||||||||
650 Madison GP LLC | Delaware | |||||||||||||||||||
650 Madison GP LP | Delaware | |||||||||||||||||||
650 Madison Junior Mezz LLC | Delaware | |||||||||||||||||||
650 Madison Office Manager LLC | Delaware | |||||||||||||||||||
650 Madison Owner LLC | Delaware | |||||||||||||||||||
650 Madison Retail Manager LLC | Delaware | |||||||||||||||||||
650 Madison Senior Mezz LLC | Delaware | |||||||||||||||||||
655 Fifth Avenue Holdings LLC | Delaware | |||||||||||||||||||
655 Fifth Avenue LLC | Delaware | |||||||||||||||||||
655 Fifth Avenue Owner LLC | Delaware | |||||||||||||||||||
655 Fifth Holdings LLC | Delaware | |||||||||||||||||||
655 Fifth II LLC | Delaware | |||||||||||||||||||
655 Fifth III LLC | Delaware | |||||||||||||||||||
666 Fifth Avenue Retail Holdings LLC | Delaware | |||||||||||||||||||
666 Fifth Retail Holdings II LLC | Delaware | |||||||||||||||||||
689 Fifth Avenue Holdings II LLC | Delaware | |||||||||||||||||||
689 Fifth Avenue Holdings LLC | Delaware | |||||||||||||||||||
689 Fifth Avenue L.L.C. | New York |
697 Fifth/2 East 55th Street Manager LLC | Delaware | |||||||||||||||||||
697 Fifth/2 East 55th Street TIC A Holdings LLC | Delaware | |||||||||||||||||||
697 Fifth/2 East 55th Street TIC A Mezz LLC | Delaware | |||||||||||||||||||
697 Fifth/2 East 55th Street TIC A Owner LLC | Delaware | |||||||||||||||||||
697 Fifth/2 East 55th Street TIC A Titleholder LLC | Delaware | |||||||||||||||||||
697 Fifth/2 East 55th Street TIC B Lower-Tier LLC | Delaware | |||||||||||||||||||
697 Fifth/2 East 55th Street TIC B Mezz LLC | Delaware | |||||||||||||||||||
697 Fifth/2 East 55th Street TIC B Upper-Tier LLC | Delaware | |||||||||||||||||||
697 Fifth/2 East 55th TIC B Holdings LLC | Delaware | |||||||||||||||||||
697 Fifth/2 East 55th TIC B Mortgage Borrower LLC | Delaware | |||||||||||||||||||
6M Investor LP | Delaware | |||||||||||||||||||
6M REIT LLC | Delaware | |||||||||||||||||||
7 West 34th Street LLC | New York | |||||||||||||||||||
715 Lexington Avenue LLC | New York | |||||||||||||||||||
715 Lexington Avenue TIC II LLC | Delaware | |||||||||||||||||||
715 Lexington Avenue TIC LLC | Delaware | |||||||||||||||||||
770 Broadway Company LLC | New York | |||||||||||||||||||
770 Broadway Mezzanine LLC | Delaware | |||||||||||||||||||
770 Broadway Owner LLC | Delaware | |||||||||||||||||||
825 Seventh Avenue Holding Corporation | New York | |||||||||||||||||||
825 Seventh Avenue Holding L.L.C. | New York | |||||||||||||||||||
85 Tenth Junior Mezz LLC | Delaware | |||||||||||||||||||
888 Seventh Avenue LLC | Delaware | |||||||||||||||||||
888 Seventh Garage LLC | Delaware | |||||||||||||||||||
909 Third Company, L.P. | New York | |||||||||||||||||||
909 Third GP, LLC | Delaware | |||||||||||||||||||
968 Third, L.L.C. | New York | |||||||||||||||||||
Alexander's, Inc. | Delaware | |||||||||||||||||||
Art Chicago LLC | Delaware | |||||||||||||||||||
Art on theMart Foundation | Illinois | |||||||||||||||||||
Art on theMart LLC | Delaware | |||||||||||||||||||
Art Patron Holdings LLC | Delaware | |||||||||||||||||||
Balena Funding LLC | Delaware | |||||||||||||||||||
Balena Real Estate Development LLC | Delaware | |||||||||||||||||||
Broadway 280 Park Fee LLC | Delaware | |||||||||||||||||||
Building Maintenance Service LLC | Delaware | |||||||||||||||||||
Carpet Care Technologies LLC | Delaware | |||||||||||||||||||
CIF Times Square Mezz 1 LLC | Delaware | |||||||||||||||||||
CIF Times Square Mezz 2 LLC | Delaware | |||||||||||||||||||
CIF Times Square Mezz 3 LLC | Delaware | |||||||||||||||||||
Circle 1 LLC | Delaware | |||||||||||||||||||
Coastal Belmont LLC | Delaware | |||||||||||||||||||
CPTS Domestic Owner LLC | Delaware | |||||||||||||||||||
CPTS Garage LLC | Delaware | |||||||||||||||||||
CPTS Hotel Lessee LLC | Delaware | |||||||||||||||||||
CPTS Hotel Lessee Mezz 1 LLC | Delaware | |||||||||||||||||||
CPTS Hotel Lessee Mezz 2 LLC | Delaware | |||||||||||||||||||
CPTS Hotel Lessee Mezz 3 LLC | Delaware | |||||||||||||||||||
CPTS Parallel Owner LLC | Delaware |
CPTS TRS LLC | Delaware | |||||||||||||||||||
CV Harlem Park LLC | Delaware | |||||||||||||||||||
Dock Parking LLC | Delaware | |||||||||||||||||||
Durham Leasing II L.L.C. | New Jersey | |||||||||||||||||||
Durham Leasing L.L.C. | New Jersey | |||||||||||||||||||
Eleven Penn Plaza LLC | New York | |||||||||||||||||||
Farley Building Commercial Member LLC | Delaware | |||||||||||||||||||
Farley Building Master Tenant LLC | Delaware | |||||||||||||||||||
Farley Building Retail Member LLC | Delaware | |||||||||||||||||||
Farley Building TRS LLC | Delaware | |||||||||||||||||||
Farley Building USPS Member LLC | Delaware | |||||||||||||||||||
Farley Commercial Master Tenant SPE LLC | Delaware | |||||||||||||||||||
Farley Commercial Master Tenant SPE Manager LLC | Delaware | |||||||||||||||||||
Farley Developer LLC | Delaware | |||||||||||||||||||
Farley Lease Management LLC | Delaware | |||||||||||||||||||
Farley Property Manager LLC | Delaware | |||||||||||||||||||
Farley Retail Master Tenant SPE LLC | Delaware | |||||||||||||||||||
Farley Retail Master Tenant SPE Manager LLC | Delaware | |||||||||||||||||||
Farley USPS Master Tenant SPE LLC | Delaware | |||||||||||||||||||
Farley USPS Master Tenant SPE Manager LLC | Delaware | |||||||||||||||||||
Federal Solutions Group LLC | Delaware | |||||||||||||||||||
Fuller Madison LLC | New York | |||||||||||||||||||
Garfield Parcel L.L.C. | New Jersey | |||||||||||||||||||
Geneva Associates Owner LLC | Delaware | |||||||||||||||||||
Going Away LLC | Delaware | |||||||||||||||||||
Green Acres 666 Fifth Retail EAT TIC Owner LLC | Delaware | |||||||||||||||||||
Guard Management Service Corp. | Delaware | |||||||||||||||||||
HBR Properties Annapolis, L.L.C. | Delaware | |||||||||||||||||||
HBR Properties, L.L.C. | Delaware | |||||||||||||||||||
IP Mezz Borrower I LLC | Delaware | |||||||||||||||||||
IP Mezz Borrower II LLC | Delaware | |||||||||||||||||||
IP Mortgage Borrower LLC | Delaware | |||||||||||||||||||
LaSalle Hubbard L.L.C. | Delaware | |||||||||||||||||||
Leva II Holdings LLC | Delaware | |||||||||||||||||||
Leva III Holdings LLC | Delaware | |||||||||||||||||||
Lincoln Road II LLC | Delaware | |||||||||||||||||||
Lincoln Road Management LLC | Delaware | |||||||||||||||||||
Lincoln Road Parallel REIT LLC | Delaware | |||||||||||||||||||
Lincoln Road REIT LLC | Delaware | |||||||||||||||||||
M 393 Associates LLC | New York | |||||||||||||||||||
Madave Holdings LLC | Delaware | |||||||||||||||||||
Madave Properties SPE LLC | Delaware | |||||||||||||||||||
Manhattan High Street Holdings GP LLC | Delaware | |||||||||||||||||||
Manhattan High Street Holdings LLC | Delaware | |||||||||||||||||||
Manhattan High Street Holdings LP | Delaware | |||||||||||||||||||
Manhattan High Street REIT Holdings LLC | Delaware | |||||||||||||||||||
Manhattan High Street Retail Leasing LLC | Delaware | |||||||||||||||||||
Mart Parking II, LLC | Delaware | |||||||||||||||||||
Mart Parking LLC | Delaware |
Mart Trade Show L.L.C. | Delaware | |||||||||||||||||||
MC VNO Soho LLC | Delaware | |||||||||||||||||||
MC VNO Soho Manager LLC | Delaware | |||||||||||||||||||
Merchandise Mart First Mezzanine Borrower L.L.C. | Delaware | |||||||||||||||||||
Merchandise Mart Holdco L.L.C. | Delaware | |||||||||||||||||||
Merchandise Mart L.L.C. | Delaware | |||||||||||||||||||
Merchandise Mart Properties, Inc. | Delaware | |||||||||||||||||||
Merchandise Mart Second Mezzanine Borrower L.L.C. | Delaware | |||||||||||||||||||
MMPI Piers MTS L.L.C. | Delaware | |||||||||||||||||||
Mortgage Owner LLC | Delaware | |||||||||||||||||||
Moynihan Commercial Master Landlord SPE LLC | Delaware | |||||||||||||||||||
Moynihan Food Bar LLC | Delaware | |||||||||||||||||||
Moynihan Interim Tenant LLC | Delaware | |||||||||||||||||||
Moynihan Overlook Bar LLC | Delaware | |||||||||||||||||||
Moynihan Retail Master Landlord SPE LLC | Delaware | |||||||||||||||||||
Moynihan Train Hall Developer LLC | Delaware | |||||||||||||||||||
Moynihan USPS Master Landlord SPE LLC | Delaware | |||||||||||||||||||
MTS-MM L.L.C. | Delaware | |||||||||||||||||||
New Jersey GL LLC | Delaware | |||||||||||||||||||
Ninety Park Garage LLC | Delaware | |||||||||||||||||||
Ninety Park Lender LLC | New York | |||||||||||||||||||
Ninety Park Lender QRS, Inc. | Delaware | |||||||||||||||||||
Ninety Park Manager LLC | New York | |||||||||||||||||||
Ninety Park Owner LLC | Delaware | |||||||||||||||||||
Ninety Park Property LLC | New York | |||||||||||||||||||
One Park Avenue Partners LLC | Delaware | |||||||||||||||||||
One Park Avenue Senior Mezz Partners LLC | Delaware | |||||||||||||||||||
One Park Owner JV LP | Delaware | |||||||||||||||||||
One Penn Plaza LLC | New York | |||||||||||||||||||
One Penn Plaza TRS, Inc. | Delaware | |||||||||||||||||||
Orleans Hubbard LLC | Delaware | |||||||||||||||||||
Paris Associates Owner LLC | Delaware | |||||||||||||||||||
PCJ I Inc. | New York | |||||||||||||||||||
Peak Power One LLC | Delaware | |||||||||||||||||||
Penn 1 Azure LLC | Delaware | |||||||||||||||||||
Penn 1 Birtie LLC | Delaware | |||||||||||||||||||
Penn 1 FC Lessee LLC | Delaware | |||||||||||||||||||
Penn 1 Garage LLC | Delaware | |||||||||||||||||||
Penn 1 Platform LLC | Delaware | |||||||||||||||||||
Penn 1 Powerspace LLC | Delaware | |||||||||||||||||||
Penn 1 Restaurant Manager LLC | Delaware | |||||||||||||||||||
Penn 1 Workspace LLC | Delaware | |||||||||||||||||||
Penn District Benefits Provider LLC | Delaware | |||||||||||||||||||
Penn District BP LLC | Delaware | |||||||||||||||||||
Penn District Station Developer LLC | Delaware | |||||||||||||||||||
Penn Plaza Insurance Company, L.L.C. | Vermont | |||||||||||||||||||
Piers 92/94 LLC | Delaware | |||||||||||||||||||
Powerspace & Services, Inc. | Delaware | |||||||||||||||||||
RV Farley Developer LLC | Delaware |
RVS Partners LLC | Delaware | |||||||||||||||||||
Shenandoah Parent LLC | Delaware | |||||||||||||||||||
Skyline Parent LLC | Delaware | |||||||||||||||||||
SMB Administration LLC | Delaware | |||||||||||||||||||
SMB Tenant Services LLC | Delaware | |||||||||||||||||||
SO Hudson 555 Management, Inc. | Delaware | |||||||||||||||||||
SO Hudson Westside I Corp. | Delaware | |||||||||||||||||||
T53 Condominium, L.L.C. | New York | |||||||||||||||||||
The Armory Show Inc. | New York | |||||||||||||||||||
The Palisades A/V Company, L.L.C. | Delaware | |||||||||||||||||||
Thebes I LLC | Delaware | |||||||||||||||||||
theMart Manager LLC | Delaware | |||||||||||||||||||
TheMart Tots LLC | Delaware | |||||||||||||||||||
Times Square JV LLC | Delaware | |||||||||||||||||||
TMO 1 LLC | Delaware | |||||||||||||||||||
Trees Acquisition Subsidiary, Inc. | Delaware | |||||||||||||||||||
Two Penn Plaza REIT, Inc. | New York | |||||||||||||||||||
VBL Company, L.L.C. | New York | |||||||||||||||||||
VCP COI One Park LP | Delaware | |||||||||||||||||||
VCP IM L.L.C. | Delaware | |||||||||||||||||||
VCP Lincoln Road LLC | Delaware | |||||||||||||||||||
VCP LP L.L.C. | Delaware | |||||||||||||||||||
VCP One Park Parallel REIT LLC | Delaware | |||||||||||||||||||
VCP Parallel COI One Park LP | Delaware | |||||||||||||||||||
Virgin Sign L.L.C. | Delaware | |||||||||||||||||||
VMC Parking LLC | Delaware | |||||||||||||||||||
VNO 100 West 33rd Street LLC | Delaware | |||||||||||||||||||
VNO 11 East 68th Street Holding Company LLC | Delaware | |||||||||||||||||||
VNO 11 East 68th Street Mezz LLC | Delaware | |||||||||||||||||||
VNO 155 Spring Street LLC | Delaware | |||||||||||||||||||
VNO 1750 Pennsylvania Avenue LLC | Delaware | |||||||||||||||||||
VNO 1800 Park LLC | Delaware | |||||||||||||||||||
VNO 220 Development LLC | Delaware | |||||||||||||||||||
VNO 225 West 58th Street LLC | Delaware | |||||||||||||||||||
VNO 225 West 58th Street Mezz Owner LLC | Delaware | |||||||||||||||||||
VNO 267 West 34th LLC | Delaware | |||||||||||||||||||
VNO 280 Park JV Member LLC | Delaware | |||||||||||||||||||
VNO 33 West 57th Street LLC | Delaware | |||||||||||||||||||
VNO 33-00 Northern Blvd LLC | Delaware | |||||||||||||||||||
VNO 401 Commercial Lessee LLC | Delaware | |||||||||||||||||||
VNO 431 Seventh Avenue LLC | Delaware | |||||||||||||||||||
VNO 435 Seventh Avenue LLC | Delaware | |||||||||||||||||||
VNO 443 Broadway Holdings II LLC | Delaware | |||||||||||||||||||
VNO 443 Broadway Holdings III LLC | Delaware | |||||||||||||||||||
VNO 443 Broadway LLC | Delaware | |||||||||||||||||||
VNO 510 Fifth LLC | Delaware | |||||||||||||||||||
VNO 510 West 22nd JV Member LLC | Delaware | |||||||||||||||||||
VNO 510 West 22nd Lender LLC | Delaware | |||||||||||||||||||
VNO 535-545 5th Loan LLC | Delaware |
VNO 537 West 26th Street Owner LLC | Delaware | |||||||||||||||||||
VNO 606 Broadway LLC | Delaware | |||||||||||||||||||
VNO 606 Broadway Manager Member LLC | Delaware | |||||||||||||||||||
VNO 61 Ninth Avenue Member LLC | Delaware | |||||||||||||||||||
VNO 63rd Street LLC | Delaware | |||||||||||||||||||
VNO 650 Madison Investor LLC | Delaware | |||||||||||||||||||
VNO 650 Madison LLC | Delaware | |||||||||||||||||||
VNO 7 West 34th Street Owner LLC | Delaware | |||||||||||||||||||
VNO 7 West 34th Street Sub LLC | Delaware | |||||||||||||||||||
VNO 86 Lex LLC | Delaware | |||||||||||||||||||
VNO 93rd Street LLC | Delaware | |||||||||||||||||||
VNO 966 Third Avenue LLC | Delaware | |||||||||||||||||||
VNO AC LLC | Delaware | |||||||||||||||||||
VNO Building Acquisition LLC | Delaware | |||||||||||||||||||
VNO Capital Partners REIT LLC | Delaware | |||||||||||||||||||
VNO Capital Partners TRS LLC | Delaware | |||||||||||||||||||
VNO CP Co-Investor LP | Delaware | |||||||||||||||||||
VNO CP GP LLC | Delaware | |||||||||||||||||||
VNO CP LLC | Delaware | |||||||||||||||||||
VNO IF GP LLC | Delaware | |||||||||||||||||||
VNO IP Loan LLC | Delaware | |||||||||||||||||||
VNO Island Global LLC | Delaware | |||||||||||||||||||
VNO LF 50 West 57th Street Holding LLC | Delaware | |||||||||||||||||||
VNO LF 50 West 57th Street JV LLC | Delaware | |||||||||||||||||||
VNO LF 50 West 57th Street LLC | Delaware | |||||||||||||||||||
VNO LF 50 West 57th Street Management LLC | Delaware | |||||||||||||||||||
VNO LNR Holdco, L.L.C. | Delaware | |||||||||||||||||||
VNO Mobility LLC | Delaware | |||||||||||||||||||
VNO New York Office Management LLC | Delaware | |||||||||||||||||||
VNO One Park LLC | Delaware | |||||||||||||||||||
VNO One Park Management LLC | Delaware | |||||||||||||||||||
VNO One Park Owner LLC | Delaware | |||||||||||||||||||
VNO Parking Garages LLC | Delaware | |||||||||||||||||||
VNO Pentagon City LLC | Delaware | |||||||||||||||||||
VNO Pier 94 JV Member LLC | Delaware | |||||||||||||||||||
VNO RTR AP, LLC | Delaware | |||||||||||||||||||
VNO SC Note LLC | Delaware | |||||||||||||||||||
VNO Second Building Acquisition LLC | Delaware | |||||||||||||||||||
VNO Wayne License LLC | Delaware | |||||||||||||||||||
VNO Wayne Towne Center Holding LLC | Delaware | |||||||||||||||||||
VNO Wayne Towne Center LLC | Delaware | |||||||||||||||||||
VNO/Farley BL Member LLC | Delaware | |||||||||||||||||||
VNO/Farley Developer Member LLC | Delaware | |||||||||||||||||||
VNO/Farley PM Member LLC | Delaware | |||||||||||||||||||
VOI Parking LLC | Delaware | |||||||||||||||||||
Vornado 220 Central Park South II LLC | Delaware | |||||||||||||||||||
Vornado 220 Central Park South LLC | Delaware | |||||||||||||||||||
Vornado 330 W 34 Mezz LLC | Delaware | |||||||||||||||||||
Vornado 330 West 34th Street L.L.C. | Delaware |
Vornado 40 East 66th Street LLC | Delaware | |||||||||||||||||||
Vornado 40 East 66th Street Member LLC | Delaware | |||||||||||||||||||
Vornado 40 East 66th Street TRS LLC | Delaware | |||||||||||||||||||
Vornado 401 Commercial LLC | Delaware | |||||||||||||||||||
Vornado 601 Madison Avenue, L.L.C. | Delaware | |||||||||||||||||||
Vornado 620 Sixth Avenue L.L.C. | Delaware | |||||||||||||||||||
Vornado 677 Madison LLC | Delaware | |||||||||||||||||||
Vornado 692 Broadway, L.L.C. | Delaware | |||||||||||||||||||
Vornado 90 Park Avenue L.L.C. | Delaware | |||||||||||||||||||
Vornado 90 Park Member L.L.C. | Delaware | |||||||||||||||||||
Vornado 90 Park QRS, Inc. | Delaware | |||||||||||||||||||
Vornado Acquisition Co. LLC | Delaware | |||||||||||||||||||
Vornado Air Rights LLC | Delaware | |||||||||||||||||||
Vornado Auto L.L.C. | Delaware | |||||||||||||||||||
Vornado Capital Partners GP LLC | Delaware | |||||||||||||||||||
Vornado Capital Partners Parallel GP LLC | Delaware | |||||||||||||||||||
Vornado Capital Partners Parallel LP | Delaware | |||||||||||||||||||
Vornado Capital Partners Parallel REIT LLC | Delaware | |||||||||||||||||||
Vornado Capital Partners, L.P. | Delaware | |||||||||||||||||||
Vornado Cogen Holdings LLC | Delaware | |||||||||||||||||||
Vornado Communications, LLC | Delaware | |||||||||||||||||||
Vornado Concierge LLC | Delaware | |||||||||||||||||||
Vornado Condominium Management LLC | Delaware | |||||||||||||||||||
Vornado Dune LLC | Delaware | |||||||||||||||||||
Vornado Eleven Penn Plaza LLC | Delaware | |||||||||||||||||||
Vornado Eleven Penn Plaza Owner LLC | Delaware | |||||||||||||||||||
Vornado Farley Member LLC | Delaware | |||||||||||||||||||
Vornado Fort Lee L.L.C. | Delaware | |||||||||||||||||||
Vornado Fortress LLC | Delaware | |||||||||||||||||||
Vornado Harlem Park LLC | Delaware | |||||||||||||||||||
Vornado India Retail Management LLC | Delaware | |||||||||||||||||||
Vornado Investment Corporation | Delaware | |||||||||||||||||||
Vornado Investments L.L.C. | Delaware | |||||||||||||||||||
Vornado Lending L.L.C. | New Jersey | |||||||||||||||||||
Vornado M 393 L.L.C. | Delaware | |||||||||||||||||||
Vornado Management Corp. | Delaware | |||||||||||||||||||
Vornado Marketing LLC | Delaware | |||||||||||||||||||
Vornado New York RR One L.L.C. | Delaware | |||||||||||||||||||
Vornado NY TRS LLC | Delaware | |||||||||||||||||||
Vornado Office Inc. | Delaware | |||||||||||||||||||
Vornado Office Management LLC | Delaware | |||||||||||||||||||
Vornado Penn Plaza Master Plan Developer LLC | Delaware | |||||||||||||||||||
Vornado Property Advisor LLC | Delaware | |||||||||||||||||||
Vornado Realty L.L.C. | Delaware | |||||||||||||||||||
Vornado Realty, L.P. | Delaware | |||||||||||||||||||
Vornado Retail Finance Manager LLC | Delaware | |||||||||||||||||||
Vornado Rosslyn LLC | Delaware | |||||||||||||||||||
Vornado RTR Urban Development LLC | Delaware | |||||||||||||||||||
Vornado RTR Urban Development TMP LLC | Delaware |
Vornado RTR, Inc. | Delaware | |||||||||||||||||||
Vornado San Jose LLC | Delaware | |||||||||||||||||||
Vornado SC Properties II LLC | Delaware | |||||||||||||||||||
Vornado SC Properties LLC | Delaware | |||||||||||||||||||
Vornado Shenandoah Holdings II LLC | Delaware | |||||||||||||||||||
Vornado Sign LLC | Delaware | |||||||||||||||||||
Vornado Suffolk LLC | Delaware | |||||||||||||||||||
Vornado Sun LLC | Delaware | |||||||||||||||||||
Vornado Title L.L.C. | Delaware | |||||||||||||||||||
Vornado Truck LLC | Delaware | |||||||||||||||||||
Vornado TSQ LLC | Delaware | |||||||||||||||||||
Vornado Two Penn Plaza L.L.C. | Delaware | |||||||||||||||||||
Vornado Two Penn Property L.L.C. | Delaware | |||||||||||||||||||
Vornado Westbury Retail II LLC | Delaware | |||||||||||||||||||
Vornado Westbury Retail LLC | Delaware | |||||||||||||||||||
VRT Development Rights LLC | New York | |||||||||||||||||||
VSPS LLC | Delaware | |||||||||||||||||||
WDC 666 Fifth Retail TIC Owner LLC | Delaware | |||||||||||||||||||
Wells Kinzie L.L.C. | Delaware | |||||||||||||||||||
West 57th Street Holding LLC | Delaware | |||||||||||||||||||
West 57th Street JV LLC | Delaware | |||||||||||||||||||
West 57th Street Management LLC | Delaware | |||||||||||||||||||
WOC 666 Fifth Retail TIC Owner LLC | Delaware | |||||||||||||||||||
February 14, 2022 | ||||||||
/s/ Steven Roth | ||||||||
Steven Roth | ||||||||
Chairman of the Board and Chief Executive Officer |
February 14, 2022 | ||||||||
/s/ Michael J. Franco | ||||||||
Michael J. Franco | ||||||||
President and Chief Financial Officer |
February 14, 2022 | ||||||||
/s/ Steven Roth | ||||||||
Steven Roth | ||||||||
Chairman of the Board and Chief Executive Officer of Vornado Realty Trust, sole General Partner of Vornado Realty L.P. |
February 14, 2022 | ||||||||
/s/ Michael J. Franco | ||||||||
Michael J. Franco | ||||||||
President and Chief Financial Officer of Vornado Realty Trust, sole General Partner of Vornado Realty L.P. |
February 14, 2022 | /s/ Steven Roth | ||||||||||
Name: | Steven Roth | ||||||||||
Title: | Chairman of the Board and Chief Executive Officer |
February 14, 2022 | /s/ Michael J. Franco | ||||||||||
Name: | Michael J. Franco | ||||||||||
Title: | President and Chief Financial Officer |
February 14, 2022 | /s/ Steven Roth | |||||||||||||
Name: | Steven Roth | |||||||||||||
Title: | Chairman of the Board and Chief Executive Officer of Vornado Realty Trust, sole General Partner of Vornado Realty L.P. |
February 14, 2022 | /s/ Michael J. Franco | |||||||||||||
Name: | Michael J. Franco | |||||||||||||
Title: | President and Chief Financial Officer of Vornado Realty Trust, sole General Partner of Vornado Realty L.P. |
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Audit Information |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Auditor Name | DELOITTE & TOUCHE LLP |
Auditor Location | New York, New York |
Auditor Firm ID | 34 |
Vornado Realty L.P. | |
Auditor Name | DELOITTE & TOUCHE LLP |
Auditor Location | New York, New York |
Auditor Firm ID | 34 |
Consolidated Statements of Comprehensive Income (VNO) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 207,553 | $ (461,845) | $ 3,334,262 |
Other comprehensive income (loss): | |||
Increase (reduction) in value of interest rate swaps and other | 51,338 | (29,971) | (47,883) |
Other comprehensive income (loss) of nonconsolidated subsidiaries | 10,275 | (14,342) | (938) |
Amounts reclassified from accumulated other comprehensive loss relating to nonconsolidated subsidiary | 0 | 0 | (2,311) |
Comprehensive income (loss) | 269,166 | (506,158) | 3,283,130 |
Less comprehensive (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (35,602) | 174,287 | (183,090) |
Comprehensive (loss) income attributable to Vornado / Vornado Realty L.P. | $ 233,564 | $ (331,871) | $ 3,100,040 |
Consolidated Statements of Changes in Equity - Parenthetical (VNO) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Statement of Stockholders' Equity [Abstract] | |||
Special dividend (in dollars per share) | $ 1.95 | ||
Common shares/units, dividends (in dollars per share) | $ 2.12 | $ 2.38 | $ 2.64 |
Consolidated Statements of Cash Flows (Parentheticals) (VNO) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Transaction related costs | $ 5,935 | $ 8,001 | $ 4,613 |
Capitalized interest | $ 38,320 | $ 40,855 | 67,980 |
One Park Avenue | |||
Equity method ownership percentage | 45.00% | ||
Working capital, net | $ 5,806 | ||
Cash and restricted cash | $ 39,370 | ||
Fifth Avenue and Times Square JV | |||
Equity method ownership percentage | 51.50% | ||
Transaction related costs | 35,562 | ||
Deconsolidated restricted cash | $ 10,899 |
Consolidated Balance Sheets (Parentheticals) (LP) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
ASSETS | ||
Deferred leasing costs, accumulated amortization (in US dollars) | $ 211,775 | $ 196,972 |
Identified intangible assets, accumulated amortization (in US dollars) | $ 97,186 | $ 93,113 |
Class A | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Outstanding Partnership Units held by Third Parties | 14,033,438 | 13,583,607 |
Class A | Vornado Realty L.P. | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Outstanding Partnership Units held by Third Parties | 14,033,438 | 13,583,607 |
Series D Cumulative Redeemable Preferred Unit | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Outstanding Partnership Units held by Third Parties | 141,400 | 141,401 |
Series D Cumulative Redeemable Preferred Unit | Vornado Realty L.P. | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Outstanding Partnership Units held by Third Parties | 141,400 | 141,401 |
Consolidated Statements of Changes in Equity - Parenthetical (LP) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Special dividend (in dollars per share) | $ 1.95 | ||
Common shares/units, dividends (in dollars per share) | $ 2.12 | $ 2.38 | 2.64 |
Vornado Realty L.P. | |||
Special dividend (in dollars per share) | 1.95 | ||
Common shares/units, dividends (in dollars per share) | $ 2.12 | $ 2.38 | $ 2.64 |
Consolidated Statements of Cash Flows (Parentheticals) (LP) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2019
USD ($)
| |
Transaction related costs | $ 4,613 |
Capitalized interest | 67,980 |
Fifth Avenue and Times Square JV | |
Deconsolidated restricted cash | 10,899 |
Transaction related costs | 35,562 |
Fifth Avenue and Times Square JV | Vornado Realty L.P. | |
Deconsolidated restricted cash | 10,899 |
Transaction related costs | $ 35,562 |
Organization and Business |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business | Organization and Business Vornado Realty Trust (“Vornado”) is a fully‑integrated real estate investment trust (“REIT”) and conducts its business through, and substantially all of its interests in properties are held by, Vornado Realty L.P., a Delaware limited partnership (the “Operating Partnership”). Accordingly, Vornado’s cash flow and ability to pay dividends to its shareholders are dependent upon the cash flow of the Operating Partnership and the ability of its direct and indirect subsidiaries to first satisfy their obligations to creditors. Vornado is the sole general partner of and owned approximately 92.6% of the common limited partnership interest in the Operating Partnership as of December 31, 2021. All references to the “Company,” “we,” “us” and “our” mean, collectively, Vornado, the Operating Partnership and those subsidiaries consolidated by Vornado. We currently own all or portions of: New York: •67 Manhattan operating properties consisting of: •20.6 million square feet of office space in 32 of the properties; •2.7 million square feet of street retail space in 60 of the properties; •1,674 units in eight Manhattan residential properties; •Multiple development sites, including Hotel Pennsylvania; •A 32.4% interest in Alexander’s, Inc. (“Alexander’s”) (NYSE: ALX), which owns six properties in the greater New York metropolitan area, including 731 Lexington Avenue, the 1.1 million square foot Bloomberg, L.P. headquarters building, and The Alexander, a 312-unit apartment tower in Queens; •Signage throughout the Penn District and Times Square; and •Building Maintenance Services LLC ("BMS"), a wholly owned subsidiary, which provides cleaning and security services for our buildings and third parties. Other Real Estate and Investments: •The 3.7 million square foot theMART in Chicago; •A 70% controlling interest in 555 California Street, a three-building office complex in San Francisco’s financial district aggregating 1.8 million square feet; •A 25% interest in Vornado Capital Partners, our real estate fund (the "Fund"). We are the general partner and investment manager of the fund. The fund is in wind-down; and •Other real estate and investments.
|
Basis of Presentation and Significant Accounting Policies |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis Of Presentation And Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All inter-company amounts have been eliminated. Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which require us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Recently Issued Accounting Literature In March 2020, the Financial Accounting Standards Board ("FASB") issued an update ("ASU 2020-04") establishing Accounting Standards Codification ("ASC") Topic 848, Reference Rate Reform. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. We have elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In August 2020, the FASB issued an update ("ASU 2020-06") Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40). ASU 2020-06 simplifies the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock, removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and also simplifies the diluted earnings per share calculation in certain areas. ASU 2020-06 is effective for reporting periods beginning after December 15, 2021, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2020-06 on our consolidated financial statements, but do not believe the adoption of this standard will have a material impact on our consolidated financial statements. 2. Basis of Presentation and Significant Accounting Policies - continued Recently Issued Accounting Literature - continued In July 2021, the FASB issued an update ("ASU 2021-05") Lessors - Certain Leases with Variable Lease Payments to ASC Topic 842, Leases ("ASC 842"). ASU 2021-05 provides additional ASC 842 classification guidance as it relates to a lessor's accounting for certain leases with variable lease payments. ASU 2021-05 requires a lessor to classify a lease with variable payments that do not depend on an index or rate as an operating lease if either a sales-type lease or direct financing lease classification would trigger a day-one loss. ASU 2021-05 is effective for reporting periods beginning after December 15, 2021, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2021-05 on our consolidated financial statements, but do not believe the adoption of this standard will have a material impact on our consolidated financial statements. Significant Accounting Policies Real Estate: Real estate is carried at cost, net of accumulated depreciation and amortization. Betterments, major renewals and certain costs directly related to the improvement and leasing of real estate are capitalized. Maintenance and repairs are expensed as incurred. For redevelopment of existing operating properties, the net book value of the existing property under redevelopment plus the cost for the construction and improvements incurred in connection with the redevelopment, including interest and debt expense, are capitalized to the extent the capitalized costs of the property do not exceed the estimated fair value of the redeveloped property when complete. If the cost of the redeveloped property, including the net book value of the existing property, exceeds the estimated fair value of the redeveloped property, the excess is charged to expense. Depreciation is recognized on a straight-line basis over the estimated useful lives of these assets which range from 7 to 40 years. Tenant allowances are amortized on a straight-line basis over the lives of the related leases, which approximate the useful lives of the assets. Upon the acquisition of real estate, we assess whether the transaction should be accounted for as an asset acquisition or as a business combination. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. Our acquisitions of real estate generally will not meet the definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related identified intangible assets). We assess the fair value of acquired assets (including land, buildings and improvements, identified intangibles, such as acquired above and below-market leases, acquired in-place leases and tenant relationships) and acquired liabilities and we allocate the purchase price based on these assessments which are on a relative fair value basis. We assess fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known trends, and market/economic conditions. We amortize identified intangibles that have finite lives over the period they are expected to contribute directly or indirectly to the future cash flows of the property or business acquired. Our properties, including any related right-of-use ("ROU") assets and intangible assets, are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured based on the excess of the property’s carrying amount over its estimated fair value. Impairment analyses are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. If our estimates of the future cash flows, anticipated holding periods, or market conditions change, our evaluation of impairment losses may be different and such differences could be material to our consolidated financial statements. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future occupancy, rental rates, capital requirements, capitalization rates and discount rates that could differ materially from actual results. 2. Basis of Presentation and Significant Accounting Policies - continued Significant Accounting Policies - continued Partially Owned Entities: We consolidate entities in which we have a controlling financial interest. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider (i) whether the entity is a variable interest entity (“VIE”) in which we are the primary beneficiary or (ii) whether the entity is a voting interest entity in which we have a majority of the voting interests of the entity. We are deemed to be the primary beneficiary of a VIE when we have (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. We generally do not control a partially owned entity if the approval of all of the partners/members is contractually required with respect to decisions that most significantly impact the performance of the partially owned entity. This includes decisions regarding operating/capital budgets, and the placement of new or additional financing secured by the assets of the venture, among others. We account for investments under the equity method when the requirements for consolidation are not met, and we have significant influence over the operations of the investee. Equity method investments are initially recorded at cost and subsequently adjusted for our share of net income or loss and cash contributions and distributions each period. Investments that do not qualify for consolidation or equity method accounting are accounted for under the cost method. Investments in unconsolidated partially owned entities are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recorded when there is a decline in the fair value below the carrying value and we conclude such decline is other-than-temporary. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on current plans, intended holding periods, ability to hold, and available information at the time the analyses are prepared. 220 Central Park South Condominium Units Ready For Sale: Our 220 Central Park South ("220 CPS") residential condominium units are reclassified from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" upon receipt of the unit's temporary certificate of occupancy. These units are substantially complete and ready for sale. Each unit is carried at the lower of its carrying amount or fair value less costs to sell. We have used the relative sales value method to allocate costs to individual condominium units. GAAP income is recognized when legal title transfers upon closing of the condominium unit sales and is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. As of December 31, 2021 and 2020, none of the 220 CPS condominium units ready for sale had a carrying value that exceeded fair value. Cash and Cash Equivalents: Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less and are carried at cost, which approximates fair value due to their short-term maturities. The majority of our cash and cash equivalents consists of (i) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit, (ii) United States Treasury Bills, and (iii) Certificate of Deposits placed through an Account Registry Service. Restricted Cash: Restricted cash consists of security deposits, cash restricted for the purposes of facilitating a Section 1031 Like-Kind exchange, cash restricted in connection with our deferred compensation plan and cash escrowed under loan agreements, including for debt service, real estate taxes, property insurance and capital improvements. Deferred Charges: Direct financing costs are deferred and amortized over the terms of the related agreements as a component of interest expense. Direct and incremental costs related to successful leasing activities are capitalized and amortized on a straight-line basis over the lives of the related leases. All other deferred charges are amortized on a straight-line basis, which approximates the effective interest rate method, in accordance with the terms of the agreements to which they relate. 2. Basis of Presentation and Significant Accounting Policies - continued Significant Accounting Policies - continued Revenue Recognition: •Rental revenues include revenues from the leasing of space at our properties to tenants, revenues from the Hotel Pennsylvania (permanently closed on April 5, 2021), trade shows, tenant services and parking garage revenues. •Revenues from the leasing of space at our properties to tenants includes (i) lease components, including fixed and variable lease payments, and nonlease components which include reimbursement of common area maintenance expenses, and (ii) reimbursement of real estate taxes and insurance expenses. As lessor, we have elected to combine the lease and nonlease components of our operating lease agreements and account for the components as a single lease component in accordance with ASC 842. •Revenues from fixed lease payments for operating leases in our portfolio are recognized on a straight-line basis over the non-cancelable term of the lease, together with renewal options that are reasonably certain of being exercised. We commence revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. •Revenue derived from the reimbursement of real estate taxes, insurance expenses and common area maintenance expenses are generally recognized in the same period as the related expenses are incurred. •We recognize amortization of acquired below-market leases as an increase to rental revenues and amortization of acquired above-market leases as a decrease to rental revenues over the term of the lease (see Note 8 - Identified Intangible Assets and Liabilities). •Hotel revenues arising from the operation of Hotel Pennsylvania, which we permanently closed on April 5, 2021, consists of room revenue, food and beverage revenue, and banquet revenue. Room revenues are recognized when the rooms are made available for the guest, in accordance with ASC 842. •Trade shows revenues arising from the operation of trade shows is primarily booth rentals. These revenues are recognized upon the occurrence of the trade shows when the trade show booths are made available for use by the exhibitors, in accordance with ASC 842. •Tenant services revenues arises from sub-metered electric, elevator, trash removal and other services provided to tenants at their request. These revenues are recognized as the services are transferred in accordance with ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"). •Parking garage revenues arise from the operations of our parking facilities which charge a hourly or monthly fee to provide parking services. These revenues are recognized as the services are transferred in accordance with ASC 606. •Fee and other income includes management, leasing and other revenue arising from contractual agreements with third parties or with partially owned entities and includes BMS cleaning, engineering and security services. This revenue is recognized as the services are transferred in accordance with ASC 606. We evaluate on an individual lease basis whether it is probable that we will collect substantially all amounts due from our tenants and recognize changes in the collectability assessment of our operating leases as adjustments to rental revenue. Management exercises judgment in assessing collectability of tenant receivables and considers payment history, current credit status and publicly available information about the financial condition of the tenant, the impact of COVID-19 on tenants' businesses, and other factors. Tenant receivables, including receivables arising from the straight-lining of rents, are written off when management deems that the collectability of substantially all future lease payments from a specific lease is not probable of collection, at which point, the Company will limit future rental revenues to cash received. We have made a policy election in accordance with the FASB Staff Q&A which provides relief in accounting for leases during the COVID-19 pandemic, allowing us to continue recognizing rental revenue on a straight-line basis for rent deferrals, with no impact to revenue recognition, and to recognize rent abatements as a reduction to rental revenue in the period granted. 2. Basis of Presentation and Significant Accounting Policies - continued Significant Accounting Policies - continued Income Taxes: Vornado operates in a manner intended to enable it to continue to qualify as a REIT under Sections 856‑860 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders. Vornado distributes to its shareholders 100% of its REIT taxable income and therefore, no provision for Federal income taxes is required. Dividends distributed for the year ended December 31, 2021, were characterized, for federal income tax purposes, as 84.2% ordinary income under Section 199A of the Internal Revenue Code and 15.8% qualified dividend income (taxed as long-term capital gain). Dividends distributed for the year ended December 31, 2020, were characterized, for federal income tax purposes, as ordinary income. Dividends distributed for the year ended December 31, 2019, were characterized, for federal income tax purposes, as 62.1% ordinary income and 37.9% long-term capital gain. We have elected to treat certain consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as taxable REIT subsidiaries pursuant to an amendment to the Internal Revenue Code that became effective January 1, 2001. Taxable REIT subsidiaries may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to Federal and State income tax at regular corporate tax rates. Farley Office and Retail, our 220 CPS condominium project and the operations of Hotel Pennsylvania, prior to its closure, are held through taxable REIT subsidiaries. As of December 31, 2021 and 2020, our taxable REIT subsidiaries had deferred tax assets, net of valuation allowances, of $8,582,000 and $15,017,000, respectively, and are included in “other assets” on our consolidated balance sheets. As of December 31, 2021 and 2020, our taxable REIT subsidiaries had deferred tax liabilities of $40,591,000 and $29,348,000, respectively, which are included in "other liabilities" on our consolidated balance sheets. The deferred tax assets and liabilities relate to net operating loss carry forwards and temporary differences between the book and tax basis of assets and liabilities. For the year ended December 31, 2021, we recognized $10,496,000 of income tax benefit based on an effective tax rate of approximately (5.3)%. For the years ended December 31, 2020 and 2019, we recognized $36,630,000 and $103,439,000 of income tax expense, respectively, based on effective tax rates of approximately (8.6)% and 3.0%, respectively. Income tax benefit (expense) recorded in each of the years primarily relates to our consolidated taxable REIT subsidiaries, and certain state, local, and franchise taxes. The year ended December 31, 2021 included $27,910,000 of income tax benefit recognized by our taxable REIT subsidiaries, $10,868,000 of income tax expense resulting from book to tax differences (primarily straight-line rent adjustments and depreciation) on our investment in Farley Office and Retail and $5,711,000 of income tax expense recognized on the sale of 220 CPS condominium units. The years ended December 31, 2020 and 2019, included $49,221,000 and $101,828,000, respectively, of income tax expense recognized on the sale of 220 CPS condominium units. The Company has no uncertain tax positions recognized as of December 31, 2021 and 2020. The Operating Partnership’s partners are required to report their respective share of taxable income on their individual tax returns. The estimated taxable income attributable to Vornado common shareholders (unaudited) for the years ended December 31, 2021, 2020 and 2019 was approximately $413,026,000, $419,812,000, and $917,162,000, respectively. The book to tax differences between net income (loss) and estimated taxable income primarily result from differences in the income recognition or deductibility of depreciation and amortization, gain or loss from the sale of real estate and other capital transactions, impairment losses, straight-line rent adjustments, stock option expense and repairs expense related to the tangible property regulations. The net basis of Vornado’s assets and liabilities for tax reporting purposes is approximately $2.6 billion lower than the amounts reported in Vornado’s consolidated balance sheet as of December 31, 2021.
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Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition Below is a summary of our revenues by segment. Additional financial information related to these reportable segments for the years ended December 31, 2021, 2020 and 2019 is set forth in Note 23 - Segment Information.
____________________ See notes on following page.
See notes on following page. 3. Revenue Recognition - continued
____________________ (1)We cancelled trade shows at theMART beginning late March of 2020 due to the COVID-19 pandemic and resumed in the third quarter of 2021. (2)The components of lease revenues were as follows:
(3)Represents the elimination of theMART and 555 California Street BMS cleaning fees which are included as income in the New York segment. (4)Reduced by $63,204 and $17,237 for the years ended December 31, 2020 and 2019, respectively, for the write-off of lease receivables deemed uncollectible (primarily write-offs of receivables arising from the straight-lining of rents). (5)We temporarily closed the Hotel Pennsylvania on April 1, 2020 and on April 5, 2021, we permanently closed the hotel and plan to develop an office tower on the site.
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Real Estate Fund Investments |
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Real Estate Fund Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Fund Investments | Real Estate Fund Investments We are the general partner and investment manager of Vornado Capital Partners Real Estate Fund (the “Fund”) and own a 25.0% interest in the Fund, which had an initial eight-year term ending February 2019. On January 29, 2018, the Fund's term was extended to February 2023. The Fund's three-year investment period ended in July 2013. The Fund is accounted for under ASC Topic 946, Financial Services – Investment Companies (“ASC 946”) and its investments are reported on its balance sheet at fair value, with changes in value each period recognized in earnings. We consolidate the accounts of the Fund into our consolidated financial statements, retaining the fair value basis of accounting. We are the general partner and investment manager of the Crowne Plaza Times Square Hotel Joint Venture (the “Crowne Plaza Joint Venture”) and own a 57.1% interest in the joint venture which owns the 24.3% interest in the Crowne Plaza Times Square Hotel not owned by the Fund. The Crowne Plaza Joint Venture is also accounted for under ASC 946 and we consolidate the accounts of the joint venture into our consolidated financial statements, retaining the fair value basis of accounting. On June 9, 2020, the joint venture between the Fund and the Crowne Plaza Joint Venture defaulted on the $274,355,000 non-recourse loan on the Crowne Plaza Times Square Hotel. The interest-only loan, which bears interest at a floating rate of LIBOR plus 3.69% (3.79% as of December 31, 2021) and provides for additional default interest of 3.00%, was scheduled to mature on July 9, 2020. On April 12, 2021, the Fund defaulted on the $82,750,000 non-recourse loan on 1100 Lincoln Road. The interest-only loan currently bears interest at a floating rate of prime plus 1.40% (4.65% as of December 31, 2021) and provides for additional default interest of 3.00%. The loan was scheduled to mature on July 27, 2021. On December 7, 2021, the Fund completed the sale of the retail condominium located at 501 Broadway for $27,500,000. From the inception of this investment through its disposition, the Fund realized a $6,346,000 net loss. As of December 31, 2021, we had three real estate fund investments through the Fund and the Crowne Plaza Joint Venture with an aggregate fair value of $7,730,000, $328,055,000 below cost, and had remaining unfunded commitments of $28,465,000, of which our share was $8,849,000. As of December 31, 2020, we had four real estate fund investments with an aggregate fair value of $3,739,000. Below is a summary of income (loss) from the Fund and the Crowne Plaza Joint Venture.
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Investments in Partially Owned Entities |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Partially Owned Entities | Investments in Partially Owned Entities Fifth Avenue and Times Square JV As of December 31, 2021, we own a 51.5% common interest in a joint venture ("Fifth Avenue and Times Square JV") which owns interests in properties located at 640 Fifth Avenue, 655 Fifth Avenue, 666 Fifth Avenue, 689 Fifth Avenue, 697-703 Fifth Avenue, 1535 Broadway and 1540 Broadway (collectively, the "Properties"). The remaining 48.5% common interest in the joint venture is owned by a group of institutional investors (the "Investors"). Our 51.5% common interest in the joint venture represents an effective 51.0% interest in the Properties. The 48.5% common interest in the joint venture owned by the Investors represents an effective 47.2% interest in the Properties. We also own $1.828 billion of preferred equity security interests in certain of the properties. The preferred equity has an annual coupon of 4.25% through April 2024, increasing to 4.75% for the subsequent five years and thereafter at a formulaic rate. It can be redeemed under certain conditions on a tax deferred basis. As of December 31, 2021, the carrying amount of our investment in the joint venture was less than our share of the equity in the net assets of the joint venture by approximately $387,402,000, the basis difference primarily resulting from non-cash impairment losses recognized during 2020. Substantially all of this basis difference was allocated, based on our estimates of the fair values of Fifth Avenue and Times Square JV’s assets and liabilities, to real estate (land and buildings). We are amortizing the basis difference related to the buildings into earnings as a reduction to depreciation expense over their estimated useful lives. Management, Development, Leasing and Other Agreements We provide various services to Fifth Avenue and Times Square JV in accordance with management, development, leasing and other agreements, as described on the following page. 5. Investments in Partially Owned Entities - continued Fifth Avenue and Times Square JV - continued We receive an annual fee for managing the Properties equal to 2% of the gross revenues from the Properties. In addition, we are entitled to a development fee of 5% of development costs, plus reimbursement of certain costs, for development projects performed by us. We are entitled to 1.5% of development costs, plus reimbursement of certain costs, as a supervisory fee for development projects not performed by us. We provide leasing services for fees calculated based on a percentage of rents, less any commissions paid to third-party real estate brokers, if applicable. We jointly provide leasing services for the retail space with Crown Retail Services LLC, and exclusively provide leasing services for the office space. We recognized property management fee income, included in "fee and other income" on our consolidated statements of income, of $4,297,000, $3,982,000 and $3,085,000 for the years ended December 31, 2021, 2020 and 2019, respectively. BMS, our wholly-owned subsidiary, supervises cleaning, security and engineering services at certain of the Properties. We recognized income for these services, included in "fee and other income" on our consolidated statements of income, of $3,993,000, $3,595,000 and $3,087,000 for the years ended December 31, 2021, 2020 and 2019, respectively. We believe, based on comparable fees charged by other real estate companies, that the fees described above are consistent with the market. Alexander’s, Inc As of December 31, 2021, we own 1,654,068 Alexander’s common shares, or approximately 32.4% of Alexander’s common equity. We manage, develop and lease Alexander’s properties pursuant to agreements which expire in March of each year and are automatically renewable. As of December 31, 2021 and 2020, Alexander’s owed us an aggregate of $879,000 and $1,516,000, respectively, pursuant to such agreements. On June 4, 2021, Alexander's completed the sale of a parcel of land in the Bronx, New York for $10,000,000. As a result of the sale, we recognized our $2,956,000 share of the net gain and also received a $300,000 sales commission paid by Alexander's. On October 4, 2021, Alexander's sold its Paramus, New Jersey property to IKEA Property, Inc. ("IKEA"), the tenant at the property, for $75,000,000 pursuant to IKEA's purchase option contained in the lease. The property was encumbered by a $68,000,000 mortgage loan which was repaid at closing of the sale. As a result of the sale, we recognized our $11,620,000 share of the net gain and also received a $750,000 sales commission paid by Alexander's. As of December 31, 2021, the market value (“fair value” pursuant to ASC Topic 820, Fair Value Measurements ("ASC 820")) of our investment in Alexander’s, based on Alexander’s December 31, 2021 closing share price of $260.30, was $430,554,000, or $339,149,000 in excess of the carrying amount on our consolidated balance sheet. As of December 31, 2021, the carrying amount of our investment in Alexander’s, excluding amounts owed to us, exceeds our share of the equity in the net assets of Alexander’s by approximately $30,081,000. The majority of this basis difference resulted from the excess of our purchase price for the Alexander’s common stock acquired over the book value of Alexander’s net assets. Substantially all of this basis difference was allocated, based on our estimates of the fair values of Alexander’s assets and liabilities, to real estate (land and buildings). We are amortizing the basis difference related to the buildings into earnings as additional depreciation expense over their estimated useful lives. This depreciation is not material to our share of equity in Alexander’s net income. Management, Development, Leasing and Other Agreements We receive an annual fee for managing Alexander’s and all of its properties equal to the sum of (i) $2,800,000, (ii) 2% of the gross revenue from the Rego Park II Shopping Center, (iii) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue, and (iv) $344,000, escalating at 3% per annum, for managing the common area of 731 Lexington Avenue. In addition, we are entitled to a development fee of 6% of development costs, as defined. We provide Alexander’s with leasing services for a fee of 3% of rent for the first ten years of a lease term, 2% of rent for the eleventh through twentieth year of a lease term and 1% of rent for the twenty-first through thirtieth year of a lease term, subject to the payment of rents by Alexander’s tenants. In the event third-party real estate brokers are used, our fee increases by 1% and we are responsible for the fees to the third-parties. We are also entitled to a commission upon the sale of any of Alexander’s assets equal to 3% of gross proceeds, as defined, for asset sales less than $50,000,000, and 1% of gross proceeds, as defined, for asset sales of $50,000,000 or more. BMS, our wholly-owned subsidiary, supervises (i) cleaning, engineering and security services at Alexander’s 731 Lexington Avenue property and (ii) security services at Alexander’s Rego Park I, Rego Park II properties and The Alexander apartment tower. During the years ended December 31, 2021, 2020 and 2019, we recognized $4,234,000, $3,613,000 and $3,613,000 of income, respectively, for these services. 5. Investments in Partially Owned Entities - continued Below is a schedule of our investments in partially owned entities.
____________________ (1)Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue (consolidated from August 5, 2021, see Note 7 - Acquisitions and Dispositions for details), 512 West 22nd Street, 61 Ninth Avenue and others. (2)Includes interests in Independence Plaza, Rosslyn Plaza and others. (3)Our negative basis results from distributions in excess of our investment. Below is a schedule of income (loss) from partially owned entities.
____________________ (1)2021 includes decreases in our share of depreciation and amortization expense compared to the prior year of $17,448, primarily resulting from non-cash impairment losses recognized during 2020 (see page 90 for details). 2021 and 2020 include a $13,971 reduction in income related to a Forever 21 lease modification at 1540 Broadway. 2020 also includes $3,125 of write-offs of lease receivables deemed uncollectible. (2)Includes our $4,846 share of write-offs of lease receivables deemed uncollectible. (3)Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue (consolidated from August 5, 2021, see Note 7 - Acquisitions and Dispositions for details), 7 West 34th Street, 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others. (4)Includes interests in Independence Plaza, Rosslyn Plaza, Urban Edge Properties (sold on March 4, 2019), Pennsylvania Real Estate Investment Trust (accounted for as a marketable security from March 12, 2019 and sold on January 23, 2020) and others. 5. Investments in Partially Owned Entities – continued Below is a summary of the debt of our partially owned entities.
________________________________________ (1)All amounts are non-recourse to us except (i) the $500,000 mortgage loan on 640 Fifth Avenue, included in the Fifth Avenue and Times Square JV, and (ii) the $300,000 mortgage loan on 7 West 34th Street. (2)Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue (consolidated from August 5, 2021), 7 West 34th Street, 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others. (3)Includes interests in Independence Plaza, Rosslyn Plaza and others. Based on our ownership interest in the partially owned entities above, our pro rata share of the debt of these partially owned entities was $2,699,405,000 and $2,873,174,000 as of December 31, 2021 and 2020, respectively Summary of Condensed Combined Financial Information The following is a summary of condensed combined financial information for all of our partially owned entities.
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220 Central Park South |
12 Months Ended |
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Dec. 31, 2021 | |
Real Estate [Abstract] | |
220 Central Park South | 220 Central Park South During the year ended December 31, 2021, we closed on the sale of six condominium units at 220 CPS for net proceeds of $137,404,000 resulting in a financial statement net gain of $50,318,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with these sales, $5,711,000 of income tax expense was recognized on our consolidated statements of income. In addition, during 2021 our taxable REIT subsidiaries recognized a $27,910,000 income tax benefit on our consolidated statements of income. From inception to December 31, 2021, we have closed on the sale of 106 units for net proceeds of $3,006,896,000 resulting in financial statement net gains of $1,117,255,000. As of December 31, 2021, 95% of the condominium units have been sold.
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Acquisitions and Dispositions |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and Dispositions | Acquisitions and Dispositions One Park Avenue On August 5, 2021, pursuant to a right of first offer, we increased our ownership interest in One Park Avenue, a 944,000 square foot Manhattan office building, to 100.0% by acquiring our joint venture partner's 45.0% ownership interest in the property. The purchase price values the property at $875,000,000. We paid approximately $158,000,000 in cash and assumed our joint venture partner's share of the $525,000,000 mortgage loan (discussed below). We previously accounted for our investment under the equity method and have consolidated the accounts of the property from the date of acquisition of the additional 45.0% ownership interest. The aggregate purchase price and our existing basis in the property have been allocated between the assets acquired and the liabilities assumed (excluding working capital accounts) as follows:
On February 26, 2021, the joint venture completed a $525,000,000 refinancing of One Park Avenue. The interest-only loan bears a rate of LIBOR plus 1.11% (1.22% as of December 31, 2021) and matures in March 2023, with three -year extension options (March 2026, as fully extended). We realized our $105,000,000 share of net proceeds. The loan replaced the previous $300,000,000 loan that bore interest at LIBOR plus 1.75% and was scheduled to mature in March 2021. Madison Avenue On September 24, 2021, we sold three Manhattan retail properties located at 677-679, 759-771 and 828-850 Madison Avenue in two separate sale transactions for an aggregate sales price of $100,000,000. Net proceeds from the sales were $96,503,000. In connection with the sales, we recorded $7,880,000 of non-cash impairment losses which are included in "impairment losses, transaction related costs and other" on our consolidated statements of income. SoHo Properties On May 10, 2021, we entered into an agreement to sell two Manhattan retail properties located at 478-482 Broadway and 155 Spring Street for a sales price of $84,500,000. On January 13, 2022, we completed the sale transaction and realized net proceeds of $81,399,000. In connection with the sale, we will recognize a net gain of approximately $850,000 in the first quarter of 2022. As of December 31, 2021, $80,005,000 of assets associated with these properties were classified as held-for-sale and are included in "other assets" on our consolidated balance sheets.
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Identified Intangible Assets and Liabilities |
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Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Identified Intangible Assets and Liabilities | Identified Intangible Assets and Liabilities The following summarizes our identified intangible assets (primarily above-market leases) and liabilities (primarily below-market leases).
Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental revenues of $9,249,000, $16,878,000 and $19,830,000 for the years ended December 31, 2021, 2020 and 2019, respectively. Estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding years commencing January 1, 2022 is as follows:
Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $7,330,000, $6,507,000 and $8,666,000 for the years ended December 31, 2021, 2020 and 2019, respectively. Estimated annual amortization of all other identified intangible assets including acquired in-place leases for each of the five succeeding years commencing January 1, 2022 is as follows:
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Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Secured Debt On March 7, 2021, we entered into an interest rate swap agreement for our $500,000,000 PENN 11 mortgage loan to swap the interest rate on the mortgage loan from LIBOR plus 2.75% to a fixed rate of 3.03% through March 2024. On December 1, 2021, we completed a loan modification which reduced the interest rate on the mortgage loan to LIBOR plus 1.95% (2.05% as of December 31, 2021) from LIBOR plus 2.75%, resulting in a fixed rate of 2.23% pursuant to the interest rate swap agreement. On March 26, 2021, we completed a $350,000,000 refinancing of 909 Third Avenue, a 1.4 million square foot Manhattan office building. The interest-only loan bears a fixed rate of 3.23% and matures in April 2031. The loan replaced the previous $350,000,000 loan that bore interest at a fixed rate of 3.91% and was scheduled to mature in May 2021. On May 10, 2021, we completed a $1.2 billion refinancing of 555 California Street, a three-building 1.8 million square foot office campus in San Francisco, in which we own a 70.0% controlling interest. The interest-only loan bears a rate of LIBOR plus 1.93% in years one through five (2.04% as of December 31, 2021), LIBOR plus 2.18% in year six and LIBOR plus 2.43% in year seven. The loan matures in May 2023, with five one-year extension options (May 2028 as fully extended). We swapped the interest rate on our $840,000,000 share of the loan to a fixed rate of 2.26% through May 2024. The loan replaced the previous $533,000,000 loan that bore interest at a fixed rate of 5.10% and was scheduled to mature in September 2021. On May 28, 2021, we repaid the $675,000,000 mortgage loan on theMART, a 3.7 million square foot commercial building in Chicago, with proceeds from our senior unsecured notes offering discussed below. The loan bore interest at 2.70% and was scheduled to mature in September 2021. On November 16, 2021, we completed a $950,000,000 refinancing of 1290 Avenue of the Americas, a 2.1 million square foot Class A Manhattan office building, in which we own a 70.0% controlling interest. The interest-only loan bears a rate of LIBOR plus 1.51% (1.62% as of December 31, 2021) in years one to five, increasing 0.25% in both years six and seven. The loan matures in November 2023 with five r extension options (November 2028 as fully extended). We defeased the existing $950,000,000 loan that bore interest at a fixed rate of 3.34% and was scheduled to mature in November 2022. As a result, we incurred $23,729,000 of defeasance costs, which are included in "interest and debt expense" on our consolidated statements of income, of which $7,119,000 is attributable to noncontrolling interest. Unsecured Revolving Credit Facility On April 15, 2021, we extended our $1.25 billion unsecured revolving credit facility from January 2023 (as fully extended) to April 2026 (as fully extended). The interest rate on the extended facility was lowered to LIBOR plus 0.90% from LIBOR plus 1.00%. We subsequently qualified for a sustainability margin adjustment by achieving certain key performance indicator (KPI) metrics, which reduced our interest rate by 0.01% to LIBOR plus 0.89%. The facility fee remains at 20 basis points. Our separate $1.50 billion unsecured revolving credit facility matures in March 2024 (as fully extended) and has an interest rate of LIBOR plus 0.90% and a facility fee of 20 basis points. Senior Unsecured Notes On May 24, 2021, we completed a green bond public offering of $400,000,000 2.15% senior unsecured notes due June 1, 2026 ("2026 Notes") and $350,000,000 3.40% senior unsecured notes due June 1, 2031 ("2031 Notes"). Interest on the senior unsecured notes is payable semi-annually on June 1 and December 1, commencing December 1, 2021. The 2026 Notes were sold at 99.86% of their face amount to yield 2.18% and the 2031 Notes were sold at 99.59% of their face amount to yield 3.45%. 9. Debt - continued The following is a summary of our debt:
The net carrying amount of properties collateralizing the above indebtedness amounted to $5.6 billion as of December 31, 2021. As of December 31, 2021, the principal repayments required for the next five years and thereafter are as follows:
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Redeemable Noncontrolling Interests |
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Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests Redeemable Noncontrolling Partnership Units Redeemable noncontrolling partnership units are primarily comprised of Class A Operating Partnership units held by third parties and are recorded at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership. Class A units may be tendered for redemption to the Operating Partnership for cash; Vornado, at its option, may assume that obligation and pay the holder either cash or Vornado common shares on a one-for-one basis. Because the number of Vornado common shares outstanding at all times equals the number of Class A units owned by Vornado, the redemption value of each Class A unit is equivalent to the market value of one Vornado common share, and the quarterly distribution to a Class A unitholder is equal to the quarterly dividend paid to a Vornado common shareholder. 10. Redeemable Noncontrolling Interests - continued Redeemable Noncontrolling Partnership Units - continued Below are the details of redeemable noncontrolling partnership units.
________________________________________ (1)Aggregate redemption value was based on Vornado's year-end closing common share price. (2)Redeemed on October 18, 2021. (3)Holders may tender units for redemption to the Operating Partnership for cash at their stated redemption amount; Vornado, at its option, may assume that obligation and pay the holders either cash or Vornado preferred shares on a one-for-one basis. These units are redeemable at Vornado's option at any time. Below is a table summarizing the activity of redeemable noncontrolling partnership units.
Redeemable noncontrolling partnership units exclude our Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units, as they are accounted for as liabilities in accordance with ASC Topic 480, Distinguishing Liabilities and Equity, because of their possible settlement by issuing a variable number of Vornado common shares. Accordingly, the fair value of these units is included as a component of “other liabilities” on our consolidated balance sheets and aggregated $49,659,000 and $50,002,000 as of December 31, 2021 and 2020, respectively. Changes in the value from period to period, if any, are charged to “interest and debt expense” on our consolidated statements of income. Redeemable Noncontrolling Interest in a Consolidated Subsidiary A consolidated joint venture in which we own a 95% interest is developing Farley Office and Retail (the "Project"). During 2020, a historic tax credit investor (the "Tax Credit Investor") funded $92,400,000 of capital contributions and is expected to make additional capital contributions in future periods. The arrangement includes a put option whereby the joint venture may be obligated to purchase the Tax Credit Investor’s ownership interest in the Project at a future date. The put price is calculated based on a pre-determined formula. As exercise of the put option is outside of the joint venture’s control, the Tax Credit Investor’s interest, together with the put option, have been recorded to “redeemable noncontrolling interest in a consolidated subsidiary” on our consolidated balance sheets as of December 31, 2021 and 2020. The redeemable noncontrolling interest is recorded at the greater of the carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership. There was no adjustment required for the years ended December 31, 2021 and 2020. 10. Redeemable Noncontrolling Interests - continued Redeemable Noncontrolling Interest in a Consolidated Subsidiary - continued Below is a table summarizing the activity of the redeemable noncontrolling interest in a consolidated subsidiary.
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Shareholders' Equity/Partners' Capital |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity/Partners' Capital | Shareholders' Equity/Partners' Capital Common Shares (Vornado Realty Trust) As of December 31, 2021, there were 191,723,608 common shares outstanding. During 2021, we paid an aggregate of $406,109,000 of common dividends comprised of quarterly common dividends of $0.53 per share. Class A Units (Vornado Realty L.P.) As of December 31, 2021, there were 191,723,608 Class A units outstanding that were held by Vornado. These units are classified as “partners’ capital” on the consolidated balance sheets of the Operating Partnership. As of December 31, 2021, there were 14,033,438 Class A units outstanding, that were held by third parties. These units are classified outside of “partners’ capital” as “redeemable partnership units” on the consolidated balance sheets of the Operating Partnership (See Note 10 – Redeemable Noncontrolling Interests). During 2021, the Operating Partnership paid an aggregate of $406,109,000 of distributions to Vornado comprised of quarterly common distributions of $0.53 per unit. Preferred Shares/Units On September 22, 2021, Vornado sold 12,000,000 4.45% Series O cumulative redeemable preferred shares at a price of $25.00 per share, pursuant to an effective registration statement. Vornado received aggregate net proceeds of $291,153,000, after underwriters' discount and issuance costs, and contributed the net proceeds to the Operating Partnership in exchange for 12,000,000 4.45% Series O preferred units (with economic terms that mirror those of the Series O preferred shares). Dividends on the Series O preferred shares/units are cumulative and payable quarterly in arrears. The Series O preferred shares/units are not convertible into, or exchangeable for, any of our properties or securities. On or after five years from the date of issuance (or sooner under limited circumstances), Vornado may redeem the Series O preferred shares/units at a redemption price of $25.00 per share/unit, plus accrued and unpaid dividends/distributions through the date of redemption. The Series O preferred shares/units have no maturity date and will remain outstanding indefinitely unless redeemed by Vornado. Vornado used the net proceeds for the redemption of its 5.70% Series K cumulative redeemable preferred shares/units. On October 13, 2021, we redeemed all of the outstanding 5.70% Series K preferred shares/units at their redemption price of $25.00 per share/unit, or $300,000,000 in the aggregate, plus accrued and unpaid dividends/distributions through the date of redemption. We recognized $9,033,000 of previously capitalized issuance costs in "Series K preferred share/unit issuance costs" on our consolidated statements of income during the third quarter of 2021, when the preferred shares/units were called for redemption. 11. Shareholders' Equity/Partners' Capital - continued Preferred Shares/Units - continued The following table sets forth the details of our preferred shares of beneficial interest and the preferred units of the Operating Partnership as of December 31, 2021 and 2020. During 2021, preferred dividends were $65,880,000.
________________________________________ (1)Dividends on preferred shares and distributions on preferred units are cumulative and are payable quarterly in arrears. (2)Redeemable at the option of Vornado under certain circumstances, at a redemption price of 1.9531 common shares/Class A units per Series A Preferred Share/Unit plus accrued and unpaid dividends/distributions through the date of redemption, or convertible at any time at the option of the holder for 1.9531 common shares/Class A units per Series A Preferred Share/Unit. (3)Series L preferred shares/units are redeemable at Vornado's option at a redemption price of $25.00 per share/unit, plus accrued and unpaid dividends/distributions through the date of redemption. Series M preferred shares/units are redeemable commencing December 2022, Series N preferred shares/units are redeemable commencing November 2025 and Series O preferred shares/units are redeemable commencing September 2026. Series K preferred shares/units were redeemed on October 13, 2021. (4)Redeemed on October 13, 2021. (5)Issued in September 2021. Accumulated Other Comprehensive Loss The following table sets forth the changes in accumulated other comprehensive loss by component for the year ended December 31, 2021.
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Variable Interest Entities |
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Dec. 31, 2021 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities Unconsolidated VIEs As of December 31, 2021 and 2020, we have several unconsolidated VIEs. We do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities does not give us power over decisions that significantly affect these entities’ economic performance. We account for our investment in these entities under the equity method (see Note 5 – Investments in Partially Owned Entities). As of December 31, 2021 and 2020, the net carrying amount of our investments in these entities was $69,435,000 and $224,754,000, respectively, and our maximum exposure to loss in these entities is limited to the carrying amount of our investments. Consolidated VIEs Our most significant consolidated VIEs are the Operating Partnership (for Vornado), the Farley joint venture and certain properties that have non-controlling interests. These entities are VIEs because the non-controlling interests do not have substantive kick-out or participating rights. We consolidate these entities because we control all significant business activities. As of December 31, 2021, the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $4,564,621,000 and $2,517,652,000 respectively. As of December 31, 2020, the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $4,053,841,000 and $1,722,719,000, respectively.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements ASC 820 defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities. Accordingly, our fair value estimates, which are made at the end of each reporting period, may be different than the amounts that may ultimately be realized upon sale or disposition of these assets. Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis Financial assets and liabilities that are measured at fair value on our consolidated balance sheets consist of (i) real estate fund investments, (ii) the assets in our deferred compensation plan (for which there is a corresponding liability on our consolidated balance sheets), (iii) loans receivable for which we have elected the fair value option under ASC Subtopic 825-10, Financial Instruments ("ASC 825-10"), (iv) interest rate swaps and (v) mandatorily redeemable instruments (Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units). The tables below aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy.
13. Fair Value Measurements - continued Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued Real Estate Fund Investments As of December 31, 2021, we had three real estate fund investments with an aggregate fair value of $7,730,000, or $328,055,000 below cost. These investments are classified as Level 3. Significant unobservable quantitative inputs used in determining the fair value of each investment include capitalization rates and discount rates. These rates are based on the location, type and nature of each property, current and anticipated market conditions, industry publications and from the experience of our Acquisitions and Capital Markets departments. Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these real estate fund investments.
The inputs above are subject to change based on changes in economic and market conditions and/or changes in use or timing of exit. Changes in discount rates and terminal capitalization rates result in increases or decreases in the fair values of these investments. The discount rates encompass, among other things, uncertainties in the valuation models with respect to terminal capitalization rates and the amount and timing of cash flows. Therefore, a change in the fair value of these investments resulting from a change in the terminal capitalization rate may be partially offset by a change in the discount rate. It is not possible for us to predict the effect of future economic or market conditions on our estimated fair values. The table below summarizes the changes in the fair value of real estate fund investments that are classified as Level 3.
Deferred Compensation Plan Assets Deferred compensation plan assets that are classified as Level 3 consist of investments in limited partnerships and investment funds, which are managed by third parties. We receive quarterly financial reports that provide net asset values on a fair value basis from a third-party administrator, which are compiled from the quarterly reports provided to them from each limited partnership and investment fund. The period of time over which these underlying assets are expected to be liquidated is unknown. The third-party administrator does not adjust these values in determining our share of the net assets and we do not adjust these values when reported in our consolidated financial statements. The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3.
Loans Receivable Loans receivable consist of loan investments in real estate related assets for which we have elected the fair value option under ASC 825-10. These investments are classified as Level 3. Significant unobservable quantitative inputs used in determining the fair value of each investment include capitalization rates and discount rates. These rates are based on the location, type and nature of each property, current and anticipated market conditions, industry publications and from the experience of our Acquisitions and Capital Markets departments. Significant unobservable quantitative inputs in the table on the following page were utilized in determining the fair value of these loans receivable. 13. Fair Value Measurements - continued Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued Loans Receivable - continued
The table below summarizes the changes in fair value of loans receivable that are classified as Level 3.
We utilize various financial instruments to mitigate the impact of interest rate fluctuations on our cash flows and earnings, including hedging strategies, depending on our analysis of the interest rate environment and the costs and risks of such strategies. We recognize the fair values of all derivatives in "other assets" or "other liabilities" on our consolidated balance sheets. Derivatives that are not hedges are adjusted to fair value through earnings. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the hedge asset, liability, or firm commitment through earnings, or recognized in other comprehensive income until the hedged item is recognized in earnings. Reported net income and equity may increase or decrease prospectively, depending on future levels of interest rates and other variables affecting the fair values of derivative instruments and hedged items, but will have no effect on cash flows. The following tables summarize our consolidated derivative instruments, all of which hedge variable rate debt, as of December 31, 2021 and 2020, respectively.
______________________________________________ (1) Entered into on May 15, 2021. (2) Represents our 70.0% share of the $1.2 billion mortgage loan. (3) Entered into on March 7, 2021. (4) Remaining $50,000 balance of our unsecured term loan bears interest at a floating rate of LIBOR plus 1.00%.
(1) Remaining $50,000 balance of our unsecured term loan bears interest at a floating rate of LIBOR plus 1.00%. 13. Fair Value Measurements - continued Fair Value Measurements on a Nonrecurring Basis There were no assets measured at fair value on a nonrecurring basis on our consolidated balance sheet as of December 31, 2021. As of December 31, 2020, assets measured at fair value on a nonrecurring basis on our consolidated balance sheet consisted of real estate assets that have been written down to estimated fair value for impairment purposes. The impairment losses primarily relate to wholly owned street retail assets. Our estimate of the fair value of these assets was measured using widely accepted valuation techniques including (i) discounted cash flow analyses based upon market conditions and expectations of growth and utilized unobservable quantitative inputs, including a capitalization rate of 5.0% and discount rate of 7.0%, and (ii) comparable sales activity.
Financial Assets and Liabilities not Measured at Fair Value Financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash equivalents (primarily money market funds, which invest in obligations of the United States government), and our secured and unsecured debt. Estimates of the fair value of these instruments are determined by the standard practice of modeling the contractual cash flows required under the instrument and discounting them back to their present value at the appropriate current risk adjusted interest rate, which is provided by a third-party specialist. For floating rate debt, we use forward rates derived from observable market yield curves to project the expected cash flows we would be required to make under the instrument. The fair value of cash equivalents and borrowings under our unsecured revolving credit facilities and unsecured term loan are classified as Level 1. The fair value of our secured debt and unsecured debt are classified as Level 2. The table below summarizes the carrying amounts and fair value of these financial instruments.
____________________ (1)Excludes $58,268 and $34,462 of deferred financing costs, net and other as of December 31, 2021 and 2020, respectively.
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Stock-based Compensation |
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Stock-based Compensation | Stock-based Compensation Vornado's 2019 Omnibus Share Plan (the “Plan") provides the Compensation Committee of Vornado's Board of Trustees (the "Committee") the ability to grant incentive and nonqualified Vornado stock options, restricted stock, restricted Operating Partnership units ("OP units"), out-performance plan awards ("OPPs"), appreciation-only long-term incentive plan units (“AO LTIP Units”) and performance conditioned appreciation-only long-term incentive plan units ("Performance Conditioned AO LTIP Units") to certain of our employees and officers. Awards may be granted up to a maximum 5,500,000 shares, if all awards granted are Full Value awards, as defined in the Plan, and up to 11,000,000 shares, if all of the awards granted are Not Full Value Awards, as defined in the Plan. Full Value Awards are awards of securities, such as restricted shares, that, if all vesting requirements are met, do not require the payment of an exercise price or strike price to acquire the securities. Not Full Value Awards are awards of securities, such as options, that do require the payment of an exercise price or strike price. As of December 31, 2021, Vornado has approximately 3,490,000 shares available for future grants under the Plan, if all awards granted are Full Value Awards, as defined. We account for all equity-based compensation in accordance with ASC Topic 718, Compensation - Stock Compensation. Below is a summary of our stock-based compensation expense, a component of "general and administrative" expense on our consolidated statements of income.
Below is a summary of unrecognized compensation expense for the year ended December 31, 2021.
OPPs OPPs are multi-year, performance-based equity compensation plans under which participants have the opportunity to earn a class of units (“OPP units”) of the Operating Partnership if, and only if, Vornado outperforms a predetermined total shareholder return (“TSR”) and/or outperforms the market with respect to a relative TSR during the -year or -year performance period (the “Performance Period”) as described on the following page. OPP units, if earned, become convertible into Class A units of the Operating Partnership (and ultimately into Vornado common shares) following vesting. 2021 OPP On January 12, 2021, the Committee approved the 2021 OPP, a multi-year, $30,000,000 performance-based equity compensation plan. Awards under the 2021 OPP may potentially be earned if Vornado (i) achieves a TSR greater than 28% over a four-year performance period (the “2021 OPP Absolute Component”), and /or (ii) achieves a TSR above a benchmark weighted index (the "Index"), comprised of 80% of the constituents of the SNL US Office REIT Index at the time awards were granted, and 20% of the constituents of the SNL US Retail Index at the time awards were granted, over the Performance Period (the “2021 OPP Relative Component”). 14. Stock-based Compensation – continued 2021 OPP - continued The value of awards under the 2021 OPP Absolute Component and 2021 OPP Relative Component will be calculated separately and will each be subject to an aggregate $30,000,000 maximum award cap for all participants. The two components will be added together to determine the aggregate award size, which shall also be subject to the aggregate $30,000,000 maximum award cap for all participants. In the event awards are earned under the 2021 OPP Absolute Component, but Vornado underperforms the Index by more than 200 basis points per annum over the Performance Period (800 basis points over the four years), the amount earned under the 2021 OPP Absolute Component will be reduced based on the degree by which the Index exceeds Vornado’s TSR with the maximum payout being 50% under the 2021 OPP Absolute Component. In the event awards are earned under the 2021 OPP Relative Component, but Vornado fails to achieve a TSR of at least 2% per annum, awards earned under the 2021 OPP Relative Component will be reduced on a ratable sliding scale based on Vornado’s absolute TSR performance, with the maximum payout being 50% under the 2021 OPP Relative Component in the event Vornado’s TSR during the four-year measurement period is 0% or negative. If the designated performance objectives are achieved, awards earned under 2021 OPP will vest 50% in year four and 50% in year five. In addition, all of Vornado’s senior executives are required to hold any earned and vested awards for one year following each such vesting date. Dividends on awards granted under the 2021 OPP accrue during the four-year performance period and are paid to participants if awards are ultimately earned based on the achievement of the designated performance objectives. Below is the summary of the OPP units granted during the years December 31, 2021, 2020 and 2018.
(1) During the years ended December 31, 2021, 2020 and 2018, $6,140,000, $7,583,000 and $8,040,000, respectively, was immediately expensed on the respective grant date due to acceleration of vesting for employees who are retirement eligible (have reached age 65 or age 60 with at least 20 years of service). Vornado Stock Options Vornado stock options are granted at an exercise price equal to the average of the high and low market price of Vornado’s common shares on the NYSE on the date of grant, generally vest over four years and expire years from the date of grant. Compensation expense related to Vornado stock option awards is recognized on a straight-line basis over the vesting period. Below is a summary of Vornado’s stock option activity for the year ended December 31, 2021.
There were no Vornado stock options granted during the year ended December 31, 2021. The fair value of each option grant is estimated on the date of grant using an option-pricing model with the following weighted-average assumptions for grants in the years ended December 31, 2020 and 2019.
The weighted average grant date fair value per share for options granted during the years ended December 31, 2020 and 2019 was $12.28 and $16.64, respectively. Cash received from option exercises for the years ended December 31, 2021, 2020 and 2019 was $22,000, $3,516,000 and $5,495,000, respectively. The total intrinsic value of options exercised during the years ended December 31, 2021, 2020 and 2019 was $5,500, $859,000 and $18,954,000, respectively. 14. Stock-based Compensation – continued Performance Conditioned AO LTIP Units Performance Conditioned AO LTIP Units are AO LTIP Units that require the achievement of certain performance conditions by a specified date or they are forfeited. The performance-based condition is met if Vornado common shares trade at or above 110% of the grant price per share for any 20 consecutive days on or before the fourth anniversary following the date of grant. If the performance conditions are not met, the awards are forfeited. If the performance conditions are met, once vested, the awards may be converted into Class A Operating Partnership units in the same manner as AO LTIP Units until ten years from the date of grant. Below is a summary of Performance Conditioned AO LTIP Units activity for the year ended December 31, 2021.
________________________________________ (1) Granted in 2019 at a grant price of $64.48 and a fair value of $8,983,000 at the date of grant. The fair value of each Performance Conditioned AO LTIP Units granted is estimated on the date of grant using an option-pricing model with the following weighted average assumptions for grants in the year ended December 31, 2019.
AO LTIP Units AO LTIP Units are a class of partnership interests in the Operating Partnership that are intended to qualify as “profits interests” for federal income tax purposes and generally only allow the recipient to realize value to the extent the fair market value of a Vornado common share exceeds the threshold level set at the time the AO LTIP Units are granted, subject to any vesting conditions applicable to the award. The threshold level is intended to be equal to 100% of the then fair market value of a Vornado common share on the date of grant. The value of vested AO LTIP Units is realized through conversion of the AO LTIP Units into Class A Operating Partnership units. The number of Class A Units into which vested AO LTIP Units may be converted is determined based on the quotient of (i) the excess of the conversion value on the conversion date over the threshold value designated at the time the AO LTIP Unit was granted, divided by (ii) the conversion value on the conversion date. The “conversion value” is the value of a Vornado common share on the conversion date multiplied by the Conversion Factor as defined in the Partnership Agreement, which is currently one. AO LTIP Units have a term of ten years from the grant date. Each holder will generally receive special income allocations in respect of an AO LTIP Unit equal to 10% (or such other percentage specified in the applicable award agreement) of the income allocated in respect of a Class A Unit. Upon conversion of AO LTIP Units to Class A Units, holders will be entitled to receive in respect of each such AO LTIP Unit, on a per unit basis, a special distribution equal to 10% (or such other percentage specified in the applicable award agreement) of the distributions received by a holder of an equivalent number of Class A Units during the period from the grant date of the AO LTIP Units through the date of conversion. Below is a summary of AO LTIP Units activity for the year ended December 31, 2021.
14. Stock-based Compensation – continued AO LTIP Units - continued There were no AO LTIP Units granted during the year ended December 31, 2021. AO LTIP Units granted during the years ended December 31, 2020 and 2019 had a fair value of $4,319,000 and $3,429,000, respectively. The fair value of each AO LTIP Unit granted is estimated on the date of grant using an option-pricing model with the following weighted-average assumptions for grants in the years ended December 31, 2020 and 2019.
OP Units OP Units are granted at the average of the high and low market price of Vornado’s common shares on the NYSE on the date of grant, vest ratably over four years and are subject to a taxable book-up event, as defined. Compensation expense related to OP Units is recognized ratably over the vesting period using a graded vesting attribution model. Distributions paid on unvested OP Units amounted to $2,634,000, $5,316,000 and $4,070,000 in the years ended December 31, 2021, 2020 and 2019, respectively. Below is a summary of restricted OP unit activity for the year ended December 31, 2021.
OP Units granted in 2021, 2020 and 2019 had a fair value of $26,194,000, $18,013,000 and $58,732,000, respectively. The fair value of OP Units that vested during the years ended December 31, 2021, 2020 and 2019 was $36,541,000, $24,373,000 and $27,821,000, respectively. Vornado Restricted Stock Vornado restricted stock awards are granted at the average of the high and low market price of Vornado’s common shares on the NYSE on the date of grant and generally vest over four years. Compensation expense related to Vornado’s restricted stock awards is recognized on a straight-line basis over the vesting period. Dividends paid on unvested Vornado restricted stock are charged directly to retained earnings and amounted to $35,000, $98,000 and $51,000 for the years ended December 31, 2021, 2020 and 2019, respectively. Below is a summary of Vornado’s restricted stock activity for the year ended December 31, 2021.
There were no Vornado restricted stock awards granted during the year ended December 31, 2021. Vornado restricted stock awards granted in 2020 and 2019 had a fair value of $853,000 and $568,000, respectively. The fair value of restricted stock that vested during the years ended December 31, 2021, 2020, and 2019 was $567,000, $602,000 and $477,000, respectively.
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Impairment Losses, Transaction Related Costs and Other |
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Transaction Related Costs, Impairment Losses and Other [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment Losses, Transaction Related Costs and Other | Impairment Losses, Transaction Related Costs and Other The following table sets forth the details of impairment losses, transaction related costs and other:
________________________________________ (1)See Note 7 - Acquisitions and Dispositions for additional information.
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Interest and Other Investment Income (Loss), Net |
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Interest and Other Income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and Other Investment Income (Loss), Net | Interest and Other Investment Income (Loss), Net The following table sets forth the details of interest and other investment income (loss), net:
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Interest and Debt Expense |
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Interest And Debt Expense | Interest and Debt Expense The following table sets forth the details of interest and debt expense:
________________________________________ (1)2021 includes $23,729 of defeasance costs, of which $7,119 is attributable to noncontrolling interest, in connection with the refinancing of 1290 Avenue of the Americas, a property in which we own a 70% controlling interest. See Note 9 - Debt for additional information. 2019 includes $22,540 of debt prepayment costs in connection with the redemption of $400,000 5.00% senior unsecured notes which were scheduled to mature in January 2022.
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Income (Loss) Per Share/Income (Loss) Per Class A Unit |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (Loss) Per Share/Income (Loss) Per Class A Unit | Income (Loss) Per Share/Income (Loss) Per Class A Unit Vornado Realty Trust The following table presents the calculations of (i) basic income (loss) per common share which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares and (ii) diluted income (loss) per common share which includes the weighted average common shares and dilutive share equivalents. Unvested share-based payment awards that contain nonforfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. Earnings are allocated to participating securities, which include restricted stock awards, based on the two-class method. Other potential dilutive share equivalents such as our employee stock options, OP Units, OPPs, AO LTIP Units and Performance Conditioned AO LTIP Units are included in the computation of diluted earnings per share ("EPS") using the treasury stock method, while the dilutive effect of our Series A convertible preferred shares is reflected in diluted EPS by application of the if-converted method.
________________________________________ (1)The effect of dilutive securities excluded an aggregate of 13,835, 14,007 and 13,020 weighted average common share equivalents in the years ended December 31, 2021, 2020 and 2019, respectively, as their effect was anti-dilutive. 18. Income (Loss) Per Share/Income (Loss) Per Class A Unit – continued Vornado Realty L.P. The following table presents the calculations of (i) basic income (loss) per Class A unit which includes the weighted average number of Class A units outstanding without regard to dilutive potential Class A units and (ii) diluted income (loss) per Class A unit which includes the weighted average Class A units and dilutive Class A unit equivalents. Unvested share-based payment awards that contain non-forfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. Earnings are allocated to participating securities, which include Vornado restricted stock awards, OP Units and OPPs, based on the two-class method. Other potential dilutive unit equivalents such as Vornado stock options, AO LTIP Units and Performance Conditioned AO LTIP Units are included in the computation of diluted income per unit ("EPU") using the treasury stock method, while the dilutive effect of our Series A convertible preferred units is reflected in diluted EPU by application of the if-converted method.
________________________________________ (1)The effect of dilutive securities excluded an aggregate of 313, 1,650 and 825 weighted average Class A unit equivalents in the years ended December 31, 2021, 2020 and 2019 respectively, as their effect was anti-dilutive.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases As lessor We lease space to tenants under operating leases. Most of the leases provide for the payment of fixed base rent payable monthly in advance. Leases typically provide for periodic step‑ups in rent over the term of the lease and pass through to tenants their share of increases in real estate taxes and operating expenses over a base year. Certain leases also require additional variable rent payments based on a percentage of the tenants’ sales. Electricity is provided to tenants on a sub-metered basis or included in rent based on surveys and adjusted for subsequent utility rate increases. Leases also typically provide for free rent and tenant improvement allowances for all or a portion of the tenant’s initial construction costs of its premises. As of December 31, 2021, future undiscounted cash flows under non-cancelable operating leases were as follows:
As lessee We have a number of ground leases which are classified as operating leases. As of December 31, 2021, our ROU assets and lease liabilities were $337,197,000 and $370,206,000, respectively. As of December 31, 2020, our ROU assets and lease liabilities were $367,365,000 and $401,008,000, respectively. The discount rate applied to measure each ROU asset and lease liability is based on our incremental borrowing rate ("IBR"). We consider the general economic environment and our credit rating and factor in various financing and asset specific adjustments to ensure the IBR is appropriate to the intended use of the underlying lease. Certain of our ground leases offer renewal options which we assess against relevant economic factors to determine whether we are reasonably certain of exercising or not exercising the option. Lease payments associated with renewal periods that we are reasonably certain will be exercised are included in the measurement of the lease liability and corresponding ROU asset. Certain of our ground leases are subject to fair market rent resets based on a percentage of the appraised value of the underlying assets at specified future dates. Fair market rent resets occurring during the lease term do not give rise to remeasurement of the related ROU assets and lease liabilities. Fair market rent resets occurring during the lease term, which may be material, will be recognized in the periods in which they are incurred as variable rent expense. The following table sets forth information related to the measurement of our lease liabilities as of December 31, 2021, 2020 and 2019:
We recognize rent expense as a component of "operating" expenses on our consolidated statements of income. Rent expense is comprised of fixed and variable lease payments. The following table sets forth the details of rent expense for the years ended December 31, 2021, 2020 and 2019:
19. Leases - continued As lessee - continued As of December 31, 2021, future lease payments under operating ground leases were as follows:
Farley Office and Retail The future lease payments detailed above exclude the ground and building lease at Farley Office and Retail. Our 95% consolidated joint venture has a 99-year triple-net lease with Empire State Development ("ESD") for 845,000 rentable square feet of commercial space at the property, comprised of approximately 730,000 square feet of office space and approximately 115,000 square feet of restaurant and retail space. Our lease of the commercial space at the property is accounted for as a “failed sale-leaseback” as a result of us being deemed the "accounting owner" during development of the property in accordance with ASC 842-40-55 and the lease subsequently meeting "finance lease" classification pursuant to ASC 842-40-25 upon substantial completion. The lease calls for annual rent payments and fixed payments in lieu of real estate taxes ("PILOT") through June 2030. Following the fixed PILOT payment period, the PILOT is calculated in a manner consistent with buildings subject to New York City real estate taxes and assessments. As of December 31, 2021, future rent and fixed PILOT payments are $542,631,000.
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Leases | Leases As lessor We lease space to tenants under operating leases. Most of the leases provide for the payment of fixed base rent payable monthly in advance. Leases typically provide for periodic step‑ups in rent over the term of the lease and pass through to tenants their share of increases in real estate taxes and operating expenses over a base year. Certain leases also require additional variable rent payments based on a percentage of the tenants’ sales. Electricity is provided to tenants on a sub-metered basis or included in rent based on surveys and adjusted for subsequent utility rate increases. Leases also typically provide for free rent and tenant improvement allowances for all or a portion of the tenant’s initial construction costs of its premises. As of December 31, 2021, future undiscounted cash flows under non-cancelable operating leases were as follows:
As lessee We have a number of ground leases which are classified as operating leases. As of December 31, 2021, our ROU assets and lease liabilities were $337,197,000 and $370,206,000, respectively. As of December 31, 2020, our ROU assets and lease liabilities were $367,365,000 and $401,008,000, respectively. The discount rate applied to measure each ROU asset and lease liability is based on our incremental borrowing rate ("IBR"). We consider the general economic environment and our credit rating and factor in various financing and asset specific adjustments to ensure the IBR is appropriate to the intended use of the underlying lease. Certain of our ground leases offer renewal options which we assess against relevant economic factors to determine whether we are reasonably certain of exercising or not exercising the option. Lease payments associated with renewal periods that we are reasonably certain will be exercised are included in the measurement of the lease liability and corresponding ROU asset. Certain of our ground leases are subject to fair market rent resets based on a percentage of the appraised value of the underlying assets at specified future dates. Fair market rent resets occurring during the lease term do not give rise to remeasurement of the related ROU assets and lease liabilities. Fair market rent resets occurring during the lease term, which may be material, will be recognized in the periods in which they are incurred as variable rent expense. The following table sets forth information related to the measurement of our lease liabilities as of December 31, 2021, 2020 and 2019:
We recognize rent expense as a component of "operating" expenses on our consolidated statements of income. Rent expense is comprised of fixed and variable lease payments. The following table sets forth the details of rent expense for the years ended December 31, 2021, 2020 and 2019:
19. Leases - continued As lessee - continued As of December 31, 2021, future lease payments under operating ground leases were as follows:
Farley Office and Retail The future lease payments detailed above exclude the ground and building lease at Farley Office and Retail. Our 95% consolidated joint venture has a 99-year triple-net lease with Empire State Development ("ESD") for 845,000 rentable square feet of commercial space at the property, comprised of approximately 730,000 square feet of office space and approximately 115,000 square feet of restaurant and retail space. Our lease of the commercial space at the property is accounted for as a “failed sale-leaseback” as a result of us being deemed the "accounting owner" during development of the property in accordance with ASC 842-40-55 and the lease subsequently meeting "finance lease" classification pursuant to ASC 842-40-25 upon substantial completion. The lease calls for annual rent payments and fixed payments in lieu of real estate taxes ("PILOT") through June 2030. Following the fixed PILOT payment period, the PILOT is calculated in a manner consistent with buildings subject to New York City real estate taxes and assessments. As of December 31, 2021, future rent and fixed PILOT payments are $542,631,000.
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Multiemployer Benefit Plans |
12 Months Ended |
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Dec. 31, 2021 | |
Multiemployer Plan, Pension, Significant [Abstract] | |
Multiemployer Benefit Plans | Multiemployer Benefit Plans Our subsidiaries make contributions to certain multiemployer defined benefit plans (“Multiemployer Pension Plans”) and health plans (“Multiemployer Health Plans”) for our union represented employees, pursuant to the respective collective bargaining agreements. Multiemployer Pension Plans Multiemployer Pension Plans differ from single-employer pension plans in that (i) contributions to multiemployer plans may be used to provide benefits to employees of other participating employers and (ii) if other participating employers fail to make their contributions, each of our participating subsidiaries may be required to bear its then pro rata share of unfunded obligations. If a participating subsidiary withdraws from a plan in which it participates, it may be subject to a withdrawal liability. As of December 31, 2021, our subsidiaries’ participation in these plans was not significant to our consolidated financial statements. In the years ended December 31, 2021, 2020 and 2019, we contributed $19,851,000, $7,049,000 and $10,793,000, respectively, towards Multiemployer Pension Plans, which is included as a component of “operating” expenses on our consolidated statements of income. During the year ended December 31, 2021, the Company funded its pension withdrawal liability in relation to the permanent closure of Hotel Pennsylvania which resulted in the Company funding more than 5% of total employer contributions to the related plan for the year. For our other Multiemployer Pension Plans, our subsidiaries’ contributions did not represent more than 5% of total employer contributions for the years ended December 31, 2021, 2020 and 2019. Multiemployer Health Plans Multiemployer Health Plans in which our subsidiaries participate provide health benefits to eligible active and retired employees. In the years ended December 31, 2021, 2020 and 2019, our subsidiaries contributed $23,431,000, $26,938,000 and $32,407,000, respectively, towards these plans, which is included as a component of “operating” expenses on our consolidated statements of income.
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Commitments and Contingencies |
12 Months Ended |
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Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Insurance For our properties, we maintain general liability insurance with limits of $300,000,000 per occurrence and per property, of which $250,000,000 includes communicable disease coverage, and we maintain all risk property and rental value insurance with limits of $2.0 billion per occurrence, with sub-limits for certain perils such as flood and earthquake, excluding communicable disease coverage. Our California properties have earthquake insurance with coverage of $350,000,000 per occurrence and in the aggregate, subject to a deductible in the amount of 5% of the value of the affected property. We maintain coverage for certified terrorism acts with limits of $6.0 billion per occurrence and in the aggregate (as listed below), $1.2 billion for non-certified acts of terrorism, and $5.0 billion per occurrence and in the aggregate for terrorism involving nuclear, biological, chemical and radiological (“NBCR”) terrorism events, as defined by the Terrorism Risk Insurance Act of 2002, as amended to date and which has been extended through December 2027. Penn Plaza Insurance Company, LLC (“PPIC”), our wholly owned consolidated subsidiary, acts as a re-insurer with respect to a portion of all risk property and rental value insurance and a portion of our earthquake insurance coverage, and as a direct insurer for coverage for acts of terrorism including NBCR acts. Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insurance companies and the Federal government with no exposure to PPIC. For NBCR acts, PPIC is responsible for a deductible of $1,785,910 and 20% of the balance of a covered loss and the Federal government is responsible for the remaining portion of a covered loss. We are ultimately responsible for any loss incurred by PPIC. Certain condominiums in which we own an interest (including our leasehold interest in the Farley Condominiums) own insurance policies with different per occurrence and aggregate limits than our policies described above. We continue to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism and other events. However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future. We are responsible for uninsured losses and for deductibles and losses in excess of our insurance coverage, which could be material. Our debt instruments, consisting of mortgage loans secured by our properties, senior unsecured notes and revolving credit agreements contain customary covenants requiring us to maintain insurance. Although we believe that we have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future. Further, if lenders insist on greater coverage than we are able to obtain it could adversely affect our ability to finance or refinance our properties and expand our portfolio. Other Commitments and Contingencies We are from time to time involved in legal actions arising in the ordinary course of business. In our opinion, after consultation with legal counsel, the outcome of such matters is not currently expected to have a material adverse effect on our financial position, results of operations or cash flows. Each of our properties has been subjected to varying degrees of environmental assessment at various times. The environmental assessments did not reveal any material environmental contamination. However, there can be no assurance that the identification of new areas of contamination, changes in the extent or known scope of contamination, the discovery of additional sites, or changes in cleanup requirements would not result in significant costs to us. In July 2018, we leased 78,000 square feet at 345 Montgomery Street in San Francisco, CA, to a subsidiary of Regus PLC, for an initial term of 15 years. The obligations under the lease were guaranteed by Regus PLC in an amount of up to $90,000,000. The tenant purported to terminate the lease prior to space delivery. We commenced a suit on October 23, 2019 seeking to enforce the lease and the guaranty. On May 11, 2021, the court issued a final statement of decision in our favor and on July 7, 2021, the Regus subsidiary appealed the decision. On October 9, 2020, the successor to Regus PLC filed for bankruptcy in Luxembourg. We are actively pursuing claims relating to the guaranty against the successor to Regus PLC and its parent in Luxembourg and other jurisdictions. In November 2011, we entered into an agreement with the New York City Economic Development Corporation ("EDC") to lease Piers 92 and 94 (the "Piers"). In February 2019, EDC issued an order for us to vacate Pier 92 due to structural problems. Beginning March 2020 through August 2021, we did not pay EDC the monthly rent due under the non-recourse lease due to the loss of our right to use or occupy Pier 92. On August 31, 2021, both parties entered into a mutual release with respect to claims by EDC for unpaid rent owed and claims by the Company for costs and damages as a result of our inability to use or occupy Pier 92. Our mortgage loans are non-recourse to us, except for the mortgage loans secured by 640 Fifth Avenue, 7 West 34th Street and 435 Seventh Avenue, which we guaranteed and therefore are part of our tax basis. In certain cases we have provided guarantees or master leased tenant space. These guarantees and master leases terminate either upon the satisfaction of specified circumstances or repayment of the underlying loans. In addition, we have guaranteed the rent and payments in lieu of real estate taxes due to ESD, an entity of New York State, for Farley Office and Retail. As of December 31, 2021, the aggregate dollar amount of these guarantees and master leases is approximately $1,648,000,000. 21. Commitments and Contingencies – continued Other Commitments and Contingencies - continued As of December 31, 2021, $15,273,000 of letters of credit were outstanding under one of our unsecured revolving credit facilities. Our unsecured revolving credit facilities contain financial covenants that require us to maintain minimum interest coverage and maximum debt to market capitalization ratios, and provide for higher interest rates in the event of a decline in our ratings below Baa3/BBB. Our unsecured revolving credit facilities also contain customary conditions precedent to borrowing, including representations and warranties, and also contain customary events of default that could give rise to accelerated repayment, including such items as failure to pay interest or principal. Our 95% consolidated joint venture (5% is owned by Related Companies ("Related")) is developing Farley Office and Retail. In connection with the development of the property, the joint venture admitted a historic tax credit investor partner. Under the terms of the historic tax credit arrangement, the joint venture is required to comply with various laws, regulations, and contractual provisions. Non-compliance with applicable requirements could result in projected tax benefits not being realized and, therefore, may require a refund or reduction of the Tax Credit Investor’s capital contributions. As of December 31, 2021, the Tax Credit Investor has made $92,400,000 in capital contributions. Vornado and Related have guaranteed certain of the joint venture’s obligations to the Tax Credit Investor. As investment manager of the Fund we are entitled to an incentive allocation after the limited partners have received a preferred return on their invested capital. The incentive allocation is subject to catch-up and clawback provisions. Accordingly, based on the December 31, 2021 fair value of the Fund assets, at liquidation we would be required to make a $27,100,000 payment to the limited partners, net of amounts owed to us, representing a clawback of previously paid incentive allocations, which would have no income statement impact as it was previously accrued. As of December 31, 2021, we expect to fund additional capital to certain of our partially owned entities aggregating approximately $10,300,000. As of December 31, 2021, we have construction commitments aggregating approximately $494,000,000.
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Related Party Transactions |
12 Months Ended |
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Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Alexander’s, Inc. We own 32.4% of Alexander’s. Steven Roth, the Chairman of Vornado’s Board of Trustee’s and its Chief Executive Officer, is also the Chairman of the Board of Directors and Chief Executive Officer of Alexander’s. We provide various services to Alexander’s in accordance with management, development and leasing agreements. These agreements are described in Note 5 - Investments in Partially Owned Entities. Interstate Properties (“Interstate”) Interstate is a general partnership in which Mr. Roth is the managing general partner. David Mandelbaum and Russell B. Wight, Jr., Trustees of Vornado and Directors of Alexander’s, respectively, are Interstate’s two other general partners. As of December 31, 2021, Interstate and its partners beneficially owned an aggregate of approximately 6.9% of the common shares of beneficial interest of Vornado and 26.1% of Alexander’s common stock. We manage and lease the real estate assets of Interstate pursuant to a management agreement for which we receive an annual fee equal to 4% of annual base rent and percentage rent. The management agreement has a term of one year and is automatically renewable unless terminated by either of the parties on 60 days’ notice at the end of the term. We believe, based upon comparable fees charged by other real estate companies, that the management agreement terms are consistent with the market. We earned $203,000, $203,000, and $300,000 of management fees under the agreement for the years ended December 31, 2021, 2020 and 2019, respectively. Fifth Avenue and Times Square JV We provide various services to Fifth Avenue and Times Square JV in accordance with management, development, leasing and other agreements. These agreements are described in Note 5 - Investments in Partially Owned Entities. Haim Chera, Executive Vice President - Head of Retail, has an investment in Crown Acquisitions Inc. and Crown Retail Services LLC (collectively, "Crown"), companies controlled by Mr. Chera's family. Crown has a nominal minority interest in Fifth Avenue and Times Square JV. Additionally, we have other investments with Crown.
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Segment Information |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information We operate in two reportable segments, New York and Other, which is based on how we manage our business. Net operating income ("NOI") at share represents total revenues less operating expenses including our share of partially owned entities. NOI at share - cash basis represents NOI at share adjusted to exclude straight-line rental income and expense, amortization of acquired below and above market leases, net and other non-cash adjustments. We consider NOI at share - cash basis to be the primary non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on NOI at share - cash basis, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. NOI at share and NOI at share - cash basis should not be considered alternatives to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies. NOI at share - cash basis includes rent that has been deferred as a result of the COVID-19 pandemic. Below is a summary of NOI at share, NOI at share - cash basis and selected balance sheet data by segment for the years ended December 31, 2021, 2020 and 2019.
23. Segment Information - continued
Below is a reconciliation of net income (loss) to NOI at share and NOI at share - cash basis for the years ended December 31, 2021, 2020 and 2019.
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Subsequent Event |
12 Months Ended |
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Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event 2022 Long-Term Performance Award On January 12, 2022, the Compensation Committee approved the 2022 Long-Term Performance Plan (“LTPP”), a multi-year, LTIP units-based performance equity compensation plan. Awards under the 2022 LTPP are bifurcated between operational performance (50%) and relative performance (50%) measurements and may be earned at specified threshold, target and maximum levels. The operational component awards may be earned based on Vornado’s 2022 operational performance in the following categories: •Comparable FFO per share (75% weighting); and •ESG performance metrics consisting of greenhouse emissions reductions, GRESB score and Green Building Certification (LEED) achievements (aggregate 25% weighting). Any LTPP award units tentatively earned based on Vornado’s 2022 operational performance are subject to an absolute return modifier pursuant to which such award units are subject to a potential reduction (but not increase) of up to 30% if Vornado’s aggregate total 3-year TSR for 2022-2025 is below specified levels. Awards under relative components may be earned based on Vornado’s 3-year TSR, measured against the Dow Jones U.S. Real Estate Office Index (50% weighting) and a Northeast peer group custom index (50% weighting). Awards earned under the relative component of the LTPP are subject to reductions of up to 30% if Vornado’s 3-year TSR is below specified levels. If the designated performance objectives are achieved, awards earned under 2022 LTPP will vest 50% in January 2025 and 50% in January 2026. In addition, the Chief Executive Officer is required to hold any earned and vested awards for three years following each such vesting date and all other award recipients are required to hold such awards for one year following each such vesting date. Dividends on awards granted under the 2022 LTPP accrue during the applicable performance period and are paid to participants if awards are ultimately earned based on the achievement of the designated performance objectives. Sale of SoHo Properties On January 13, 2022, we sold two Manhattan retail properties located at 478-482 Broadway and 155 Spring Street. See Note 7 - Acquisitions and Dispositions for additional information.
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SEC Schedule III Real Estate and Accumulated Depreciation |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III Real Estate and Accumulated Depreciation |
________________________________________ (1)Represents contractual debt obligations. (2)The net basis of Vornado's assets and liabilities for tax reporting purposes is approximately $2.6 billion lower than the amounts reported for financial statement purposes. (3)Date of original construction –– many properties have had substantial renovation or additional construction –– see Column D. (4)Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to forty years. (5)Secured amount outstanding on revolving credit facilities. The following is a reconciliation of real estate assets and accumulated depreciation:
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SEC Schedule III Rollforward of Real Estate Assets and Accumulated Depreciation |
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SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III Real Estate and Accumulated Depreciation |
________________________________________ (1)Represents contractual debt obligations. (2)The net basis of Vornado's assets and liabilities for tax reporting purposes is approximately $2.6 billion lower than the amounts reported for financial statement purposes. (3)Date of original construction –– many properties have had substantial renovation or additional construction –– see Column D. (4)Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to forty years. (5)Secured amount outstanding on revolving credit facilities. The following is a reconciliation of real estate assets and accumulated depreciation:
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Basis of Presentation and Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |
Basis of Presentation | Basis of PresentationThe accompanying consolidated financial statements include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All inter-company amounts have been eliminated. Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which require us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. |
Recently Issued Accounting Literature | Recently Issued Accounting Literature In March 2020, the Financial Accounting Standards Board ("FASB") issued an update ("ASU 2020-04") establishing Accounting Standards Codification ("ASC") Topic 848, Reference Rate Reform. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. We have elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In August 2020, the FASB issued an update ("ASU 2020-06") Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40). ASU 2020-06 simplifies the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock, removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and also simplifies the diluted earnings per share calculation in certain areas. ASU 2020-06 is effective for reporting periods beginning after December 15, 2021, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2020-06 on our consolidated financial statements, but do not believe the adoption of this standard will have a material impact on our consolidated financial statements. 2. Basis of Presentation and Significant Accounting Policies - continued Recently Issued Accounting Literature - continued In July 2021, the FASB issued an update ("ASU 2021-05") Lessors - Certain Leases with Variable Lease Payments to ASC Topic 842, Leases ("ASC 842"). ASU 2021-05 provides additional ASC 842 classification guidance as it relates to a lessor's accounting for certain leases with variable lease payments. ASU 2021-05 requires a lessor to classify a lease with variable payments that do not depend on an index or rate as an operating lease if either a sales-type lease or direct financing lease classification would trigger a day-one loss. ASU 2021-05 is effective for reporting periods beginning after December 15, 2021, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2021-05 on our consolidated financial statements, but do not believe the adoption of this standard will have a material impact on our consolidated financial statements.
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Real Estate | Real Estate: Real estate is carried at cost, net of accumulated depreciation and amortization. Betterments, major renewals and certain costs directly related to the improvement and leasing of real estate are capitalized. Maintenance and repairs are expensed as incurred. For redevelopment of existing operating properties, the net book value of the existing property under redevelopment plus the cost for the construction and improvements incurred in connection with the redevelopment, including interest and debt expense, are capitalized to the extent the capitalized costs of the property do not exceed the estimated fair value of the redeveloped property when complete. If the cost of the redeveloped property, including the net book value of the existing property, exceeds the estimated fair value of the redeveloped property, the excess is charged to expense. Depreciation is recognized on a straight-line basis over the estimated useful lives of these assets which range from 7 to 40 years. Tenant allowances are amortized on a straight-line basis over the lives of the related leases, which approximate the useful lives of the assets. Upon the acquisition of real estate, we assess whether the transaction should be accounted for as an asset acquisition or as a business combination. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. Our acquisitions of real estate generally will not meet the definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related identified intangible assets). We assess the fair value of acquired assets (including land, buildings and improvements, identified intangibles, such as acquired above and below-market leases, acquired in-place leases and tenant relationships) and acquired liabilities and we allocate the purchase price based on these assessments which are on a relative fair value basis. We assess fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known trends, and market/economic conditions. We amortize identified intangibles that have finite lives over the period they are expected to contribute directly or indirectly to the future cash flows of the property or business acquired. Our properties, including any related right-of-use ("ROU") assets and intangible assets, are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured based on the excess of the property’s carrying amount over its estimated fair value. Impairment analyses are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. If our estimates of the future cash flows, anticipated holding periods, or market conditions change, our evaluation of impairment losses may be different and such differences could be material to our consolidated financial statements. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future occupancy, rental rates, capital requirements, capitalization rates and discount rates that could differ materially from actual results. The Fund is accounted for under ASC Topic 946, Financial Services – Investment Companies (“ASC 946”) and its investments are reported on its balance sheet at fair value, with changes in value each period recognized in earnings. We consolidate the accounts of the Fund into our consolidated financial statements, retaining the fair value basis of accounting.The Crowne Plaza Joint Venture is also accounted for under ASC 946 and we consolidate the accounts of the joint venture into our consolidated financial statements, retaining the fair value basis of accounting.
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Partially Owned Entities | Partially Owned Entities: We consolidate entities in which we have a controlling financial interest. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider (i) whether the entity is a variable interest entity (“VIE”) in which we are the primary beneficiary or (ii) whether the entity is a voting interest entity in which we have a majority of the voting interests of the entity. We are deemed to be the primary beneficiary of a VIE when we have (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. We generally do not control a partially owned entity if the approval of all of the partners/members is contractually required with respect to decisions that most significantly impact the performance of the partially owned entity. This includes decisions regarding operating/capital budgets, and the placement of new or additional financing secured by the assets of the venture, among others. We account for investments under the equity method when the requirements for consolidation are not met, and we have significant influence over the operations of the investee. Equity method investments are initially recorded at cost and subsequently adjusted for our share of net income or loss and cash contributions and distributions each period. Investments that do not qualify for consolidation or equity method accounting are accounted for under the cost method. Investments in unconsolidated partially owned entities are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recorded when there is a decline in the fair value below the carrying value and we conclude such decline is other-than-temporary. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on current plans, intended holding periods, ability to hold, and available information at the time the analyses are prepared.
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220 Central Park South Condominium Units Ready For Sale | 220 Central Park South Condominium Units Ready For Sale: Our 220 Central Park South ("220 CPS") residential condominium units are reclassified from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" upon receipt of the unit's temporary certificate of occupancy. These units are substantially complete and ready for sale. Each unit is carried at the lower of its carrying amount or fair value less costs to sell. We have used the relative sales value method to allocate costs to individual condominium units. GAAP income is recognized when legal title transfers upon closing of the condominium unit sales and is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. As of December 31, 2021 and 2020, none of the 220 CPS condominium units ready for sale had a carrying value that exceeded fair value. |
Cash And Cash Equivalents | Cash and Cash Equivalents: Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less and are carried at cost, which approximates fair value due to their short-term maturities. The majority of our cash and cash equivalents consists of (i) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit, (ii) United States Treasury Bills, and (iii) Certificate of Deposits placed through an Account Registry Service. |
Restricted Cash | Restricted Cash: Restricted cash consists of security deposits, cash restricted for the purposes of facilitating a Section 1031 Like-Kind exchange, cash restricted in connection with our deferred compensation plan and cash escrowed under loan agreements, including for debt service, real estate taxes, property insurance and capital improvements. |
Deferred Charges | Deferred Charges: Direct financing costs are deferred and amortized over the terms of the related agreements as a component of interest expense. Direct and incremental costs related to successful leasing activities are capitalized and amortized on a straight-line basis over the lives of the related leases. All other deferred charges are amortized on a straight-line basis, which approximates the effective interest rate method, in accordance with the terms of the agreements to which they relate. |
Revenue Recognition | Revenue Recognition: •Rental revenues include revenues from the leasing of space at our properties to tenants, revenues from the Hotel Pennsylvania (permanently closed on April 5, 2021), trade shows, tenant services and parking garage revenues. •Revenues from the leasing of space at our properties to tenants includes (i) lease components, including fixed and variable lease payments, and nonlease components which include reimbursement of common area maintenance expenses, and (ii) reimbursement of real estate taxes and insurance expenses. As lessor, we have elected to combine the lease and nonlease components of our operating lease agreements and account for the components as a single lease component in accordance with ASC 842. •Revenues from fixed lease payments for operating leases in our portfolio are recognized on a straight-line basis over the non-cancelable term of the lease, together with renewal options that are reasonably certain of being exercised. We commence revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. •Revenue derived from the reimbursement of real estate taxes, insurance expenses and common area maintenance expenses are generally recognized in the same period as the related expenses are incurred. •We recognize amortization of acquired below-market leases as an increase to rental revenues and amortization of acquired above-market leases as a decrease to rental revenues over the term of the lease (see Note 8 - Identified Intangible Assets and Liabilities). •Hotel revenues arising from the operation of Hotel Pennsylvania, which we permanently closed on April 5, 2021, consists of room revenue, food and beverage revenue, and banquet revenue. Room revenues are recognized when the rooms are made available for the guest, in accordance with ASC 842. •Trade shows revenues arising from the operation of trade shows is primarily booth rentals. These revenues are recognized upon the occurrence of the trade shows when the trade show booths are made available for use by the exhibitors, in accordance with ASC 842. •Tenant services revenues arises from sub-metered electric, elevator, trash removal and other services provided to tenants at their request. These revenues are recognized as the services are transferred in accordance with ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"). •Parking garage revenues arise from the operations of our parking facilities which charge a hourly or monthly fee to provide parking services. These revenues are recognized as the services are transferred in accordance with ASC 606. •Fee and other income includes management, leasing and other revenue arising from contractual agreements with third parties or with partially owned entities and includes BMS cleaning, engineering and security services. This revenue is recognized as the services are transferred in accordance with ASC 606. We evaluate on an individual lease basis whether it is probable that we will collect substantially all amounts due from our tenants and recognize changes in the collectability assessment of our operating leases as adjustments to rental revenue. Management exercises judgment in assessing collectability of tenant receivables and considers payment history, current credit status and publicly available information about the financial condition of the tenant, the impact of COVID-19 on tenants' businesses, and other factors. Tenant receivables, including receivables arising from the straight-lining of rents, are written off when management deems that the collectability of substantially all future lease payments from a specific lease is not probable of collection, at which point, the Company will limit future rental revenues to cash received. We have made a policy election in accordance with the FASB Staff Q&A which provides relief in accounting for leases during the COVID-19 pandemic, allowing us to continue recognizing rental revenue on a straight-line basis for rent deferrals, with no impact to revenue recognition, and to recognize rent abatements as a reduction to rental revenue in the period granted.
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Income Taxes | Income Taxes: Vornado operates in a manner intended to enable it to continue to qualify as a REIT under Sections 856‑860 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders. Vornado distributes to its shareholders 100% of its REIT taxable income and therefore, no provision for Federal income taxes is required. Dividends distributed for the year ended December 31, 2021, were characterized, for federal income tax purposes, as 84.2% ordinary income under Section 199A of the Internal Revenue Code and 15.8% qualified dividend income (taxed as long-term capital gain). Dividends distributed for the year ended December 31, 2020, were characterized, for federal income tax purposes, as ordinary income. Dividends distributed for the year ended December 31, 2019, were characterized, for federal income tax purposes, as 62.1% ordinary income and 37.9% long-term capital gain. We have elected to treat certain consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as taxable REIT subsidiaries pursuant to an amendment to the Internal Revenue Code that became effective January 1, 2001. Taxable REIT subsidiaries may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to Federal and State income tax at regular corporate tax rates. Farley Office and Retail, our 220 CPS condominium project and the operations of Hotel Pennsylvania, prior to its closure, are held through taxable REIT subsidiaries. As of December 31, 2021 and 2020, our taxable REIT subsidiaries had deferred tax assets, net of valuation allowances, of $8,582,000 and $15,017,000, respectively, and are included in “other assets” on our consolidated balance sheets. As of December 31, 2021 and 2020, our taxable REIT subsidiaries had deferred tax liabilities of $40,591,000 and $29,348,000, respectively, which are included in "other liabilities" on our consolidated balance sheets. The deferred tax assets and liabilities relate to net operating loss carry forwards and temporary differences between the book and tax basis of assets and liabilities.
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Redeemable Noncontrolling Interests | Redeemable noncontrolling partnership units are primarily comprised of Class A Operating Partnership units held by third parties and are recorded at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership. Class A units may be tendered for redemption to the Operating Partnership for cash; Vornado, at its option, may assume that obligation and pay the holder either cash or Vornado common shares on a one-for-one basis. Because the number of Vornado common shares outstanding at all times equals the number of Class A units owned by Vornado, the redemption value of each Class A unit is equivalent to the market value of one Vornado common share, and the quarterly distribution to a Class A unitholder is equal to the quarterly dividend paid to a Vornado common shareholder. Redeemable noncontrolling partnership units exclude our Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units, as they are accounted for as liabilities in accordance with ASC Topic 480, Distinguishing Liabilities and Equity, because of their possible settlement by issuing a variable number of Vornado common shares. Accordingly, the fair value of these units is included as a component of “other liabilities” on our consolidated balance sheets and aggregated $49,659,000 and $50,002,000 as of December 31, 2021 and 2020, respectively. Changes in the value from period to period, if any, are charged to “interest and debt expense” on our consolidated statements of income. Redeemable Noncontrolling Interest in a Consolidated Subsidiary A consolidated joint venture in which we own a 95% interest is developing Farley Office and Retail (the "Project"). During 2020, a historic tax credit investor (the "Tax Credit Investor") funded $92,400,000 of capital contributions and is expected to make additional capital contributions in future periods. The arrangement includes a put option whereby the joint venture may be obligated to purchase the Tax Credit Investor’s ownership interest in the Project at a future date. The put price is calculated based on a pre-determined formula. As exercise of the put option is outside of the joint venture’s control, the Tax Credit Investor’s interest, together with the put option, have been recorded to “redeemable noncontrolling interest in a consolidated subsidiary” on our consolidated balance sheets as of December 31, 2021 and 2020. The redeemable noncontrolling interest is recorded at the greater of the carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership. There was no adjustment required for the years ended December 31, 2021 and 2020.
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Variable Interest Entities | Unconsolidated VIEsAs of December 31, 2021 and 2020, we have several unconsolidated VIEs. We do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities does not give us power over decisions that significantly affect these entities’ economic performance. We account for our investment in these entities under the equity method Consolidated VIEs Our most significant consolidated VIEs are the Operating Partnership (for Vornado), the Farley joint venture and certain properties that have non-controlling interests. These entities are VIEs because the non-controlling interests do not have substantive kick-out or participating rights. We consolidate these entities because we control all significant business activities.
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Fair Value Measurement | ASC 820 defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities. Accordingly, our fair value estimates, which are made at the end of each reporting period, may be different than the amounts that may ultimately be realized upon sale or disposition of these assets. |
Revenue Recognition (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | Below is a summary of our revenues by segment. Additional financial information related to these reportable segments for the years ended December 31, 2021, 2020 and 2019 is set forth in Note 23 - Segment Information.
____________________ See notes on following page.
See notes on following page. 3. Revenue Recognition - continued
____________________ (1)We cancelled trade shows at theMART beginning late March of 2020 due to the COVID-19 pandemic and resumed in the third quarter of 2021. (2)The components of lease revenues were as follows:
(3)Represents the elimination of theMART and 555 California Street BMS cleaning fees which are included as income in the New York segment. (4)Reduced by $63,204 and $17,237 for the years ended December 31, 2020 and 2019, respectively, for the write-off of lease receivables deemed uncollectible (primarily write-offs of receivables arising from the straight-lining of rents). (5)We temporarily closed the Hotel Pennsylvania on April 1, 2020 and on April 5, 2021, we permanently closed the hotel and plan to develop an office tower on the site.
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Operating Lease, Lease Income | The components of lease revenues were as follows:
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Real Estate Fund Investments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Real Estate Fund Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Income And Loss From The Fund | Below is a summary of income (loss) from the Fund and the Crowne Plaza Joint Venture.
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Investments in Partially Owned Entities (Tables) |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments | Below is a schedule of our investments in partially owned entities.
____________________ (1)Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue (consolidated from August 5, 2021, see Note 7 - Acquisitions and Dispositions for details), 512 West 22nd Street, 61 Ninth Avenue and others. (2)Includes interests in Independence Plaza, Rosslyn Plaza and others. (3)Our negative basis results from distributions in excess of our investment. Below is a schedule of income (loss) from partially owned entities.
____________________ (1)2021 includes decreases in our share of depreciation and amortization expense compared to the prior year of $17,448, primarily resulting from non-cash impairment losses recognized during 2020 (see page 90 for details). 2021 and 2020 include a $13,971 reduction in income related to a Forever 21 lease modification at 1540 Broadway. 2020 also includes $3,125 of write-offs of lease receivables deemed uncollectible. (2)Includes our $4,846 share of write-offs of lease receivables deemed uncollectible. (3)Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue (consolidated from August 5, 2021, see Note 7 - Acquisitions and Dispositions for details), 7 West 34th Street, 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others. (4)Includes interests in Independence Plaza, Rosslyn Plaza, Urban Edge Properties (sold on March 4, 2019), Pennsylvania Real Estate Investment Trust (accounted for as a marketable security from March 12, 2019 and sold on January 23, 2020) and others. 5. Investments in Partially Owned Entities – continued Below is a summary of the debt of our partially owned entities.
________________________________________ (1)All amounts are non-recourse to us except (i) the $500,000 mortgage loan on 640 Fifth Avenue, included in the Fifth Avenue and Times Square JV, and (ii) the $300,000 mortgage loan on 7 West 34th Street. (2)Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue (consolidated from August 5, 2021), 7 West 34th Street, 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others. (3)Includes interests in Independence Plaza, Rosslyn Plaza and others. Based on our ownership interest in the partially owned entities above, our pro rata share of the debt of these partially owned entities was $2,699,405,000 and $2,873,174,000 as of December 31, 2021 and 2020, respectively Summary of Condensed Combined Financial Information The following is a summary of condensed combined financial information for all of our partially owned entities.
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Acquisitions and Dispositions (Tables) |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | aggregate purchase price and our existing basis in the property have been allocated between the assets acquired and the liabilities assumed (excluding working capital accounts) as follows:
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Identified Intangible Assets and Liabilities (Tables) |
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Finite-Lived Intangible Assets [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Identified Intangible Assets and Intangible Liabilities | The following summarizes our identified intangible assets (primarily above-market leases) and liabilities (primarily below-market leases).
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Below Market Leases Net Of Above Market Leases | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Schedule of future amortization expense of intangible assets | Estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding years commencing January 1, 2022 is as follows:
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Other Identified Intangible Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of future amortization expense of intangible assets | Estimated annual amortization of all other identified intangible assets including acquired in-place leases for each of the five succeeding years commencing January 1, 2022 is as follows:
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Debt (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | The following is a summary of our debt:
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Schedule of Maturities of Long-Term Debt | As of December 31, 2021, the principal repayments required for the next five years and thereafter are as follows:
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Redeemable Noncontrolling Interests (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Partnership Units Held By Third Parties | Below are the details of redeemable noncontrolling partnership units.
________________________________________ (1)Aggregate redemption value was based on Vornado's year-end closing common share price. (2)Redeemed on October 18, 2021. (3)Holders may tender units for redemption to the Operating Partnership for cash at their stated redemption amount; Vornado, at its option, may assume that obligation and pay the holders either cash or Vornado preferred shares on a one-for-one basis. These units are redeemable at Vornado's option at any time.
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Summary Of Activity Of Redeemable Noncontrolling Interests | Below is a table summarizing the activity of redeemable noncontrolling partnership units.
Below is a table summarizing the activity of the redeemable noncontrolling interest in a consolidated subsidiary.
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Shareholders' Equity/Partners' Capital (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Preferred Units | The following table sets forth the details of our preferred shares of beneficial interest and the preferred units of the Operating Partnership as of December 31, 2021 and 2020. During 2021, preferred dividends were $65,880,000.
________________________________________ (1)Dividends on preferred shares and distributions on preferred units are cumulative and are payable quarterly in arrears. (2)Redeemable at the option of Vornado under certain circumstances, at a redemption price of 1.9531 common shares/Class A units per Series A Preferred Share/Unit plus accrued and unpaid dividends/distributions through the date of redemption, or convertible at any time at the option of the holder for 1.9531 common shares/Class A units per Series A Preferred Share/Unit. (3)Series L preferred shares/units are redeemable at Vornado's option at a redemption price of $25.00 per share/unit, plus accrued and unpaid dividends/distributions through the date of redemption. Series M preferred shares/units are redeemable commencing December 2022, Series N preferred shares/units are redeemable commencing November 2025 and Series O preferred shares/units are redeemable commencing September 2026. Series K preferred shares/units were redeemed on October 13, 2021. (4)Redeemed on October 13, 2021. (5)Issued in September 2021.
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Schedule of Accumulated Other Comprehensive Income (Loss) | The following table sets forth the changes in accumulated other comprehensive loss by component for the year ended December 31, 2021.
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Fair Value Measurements (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value, schedule of assets and liabilities measures on recurring basis | The tables below aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy.
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Schedule of derivative assets at fair value | The following tables summarize our consolidated derivative instruments, all of which hedge variable rate debt, as of December 31, 2021 and 2020, respectively.
______________________________________________ (1) Entered into on May 15, 2021. (2) Represents our 70.0% share of the $1.2 billion mortgage loan. (3) Entered into on March 7, 2021. (4) Remaining $50,000 balance of our unsecured term loan bears interest at a floating rate of LIBOR plus 1.00%.
(1) Remaining $50,000 balance of our unsecured term loan bears interest at a floating rate of LIBOR plus 1.00%.
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Schedule of derivative liabilities at fair value | The following tables summarize our consolidated derivative instruments, all of which hedge variable rate debt, as of December 31, 2021 and 2020, respectively.
______________________________________________ (1) Entered into on May 15, 2021. (2) Represents our 70.0% share of the $1.2 billion mortgage loan. (3) Entered into on March 7, 2021. (4) Remaining $50,000 balance of our unsecured term loan bears interest at a floating rate of LIBOR plus 1.00%.
(1) Remaining $50,000 balance of our unsecured term loan bears interest at a floating rate of LIBOR plus 1.00%.
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Fair value measurements, nonrecurring |
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Schedule of carrying amounts and fair values of financial instruments | The table below summarizes the carrying amounts and fair value of these financial instruments.
____________________ (1)Excludes $58,268 and $34,462 of deferred financing costs, net and other as of December 31, 2021 and 2020, respectively.
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Real estate fund investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value inputs quantitative information | Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these real estate fund investments.
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Summary of changes in level 3 plan assets | The table below summarizes the changes in the fair value of real estate fund investments that are classified as Level 3.
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Deferred Compensation Plan Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of carrying amounts and fair values of financial instruments | The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3.
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Loans Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value inputs quantitative information | Significant unobservable quantitative inputs in the table on the following page were utilized in determining the fair value of these loans receivable. 13. Fair Value Measurements - continued Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued Loans Receivable - continued
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Summary of changes in level 3 plan assets | The table below summarizes the changes in fair value of loans receivable that are classified as Level 3.
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Stock-based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Other Share Based Compensation, Activity | Below is a summary of our stock-based compensation expense, a component of "general and administrative" expense on our consolidated statements of income.
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Schedule of Unrecognized Compensation Expense | Below is a summary of unrecognized compensation expense for the year ended December 31, 2021.
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Schedule Of Share Based Compensation Restricted Operating Partnership Units Earned | Below is the summary of the OPP units granted during the years December 31, 2021, 2020 and 2018.
(1) During the years ended December 31, 2021, 2020 and 2018, $6,140,000, $7,583,000 and $8,040,000, respectively, was immediately expensed on the respective grant date due to acceleration of vesting for employees who are retirement eligible (have reached age 65 or age 60 with at least 20 years of service).
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Schedule Of Share Based Compensation Stock Options Activity | Below is a summary of Vornado’s stock option activity for the year ended December 31, 2021.
Below is a summary of Performance Conditioned AO LTIP Units activity for the year ended December 31, 2021.
________________________________________ (1) Granted in 2019 at a grant price of $64.48 and a fair value of $8,983,000 at the date of grant. Below is a summary of AO LTIP Units activity for the year ended December 31, 2021.
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Schedule Of Share Based Payment Award Stock Options Valuation Assumptions | The fair value of each option grant is estimated on the date of grant using an option-pricing model with the following weighted-average assumptions for grants in the years ended December 31, 2020 and 2019.
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Schedule Of Share Based Compensation Restricted Operating Partnership Units Activity | Below is a summary of restricted OP unit activity for the year ended December 31, 2021.
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Schedule Of Share Based Compensation Restricted Stock And Restricted Stock Units Activity | Below is a summary of Vornado’s restricted stock activity for the year ended December 31, 2021.
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Impairment Losses, Transaction Related Costs and Other (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transaction Related Costs, Impairment Losses and Other [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Impairment Losses and Transaction Related Costs, Net | The following table sets forth the details of impairment losses, transaction related costs and other:
________________________________________ (1)See Note 7 - Acquisitions and Dispositions for additional information.
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Interest and Other Investment Income (Loss), Net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and Other Income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of interest and other investment income (loss), net | The following table sets forth the details of interest and other investment income (loss), net:
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Interest and Debt Expense (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and Debt Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest And Debt Expense | The following table sets forth the details of interest and debt expense:
________________________________________ (1)2021 includes $23,729 of defeasance costs, of which $7,119 is attributable to noncontrolling interest, in connection with the refinancing of 1290 Avenue of the Americas, a property in which we own a 70% controlling interest. See Note 9 - Debt for additional information. 2019 includes $22,540 of debt prepayment costs in connection with the redemption of $400,000 5.00% senior unsecured notes which were scheduled to mature in January 2022.
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Income (Loss) Per Share/Income (Loss) Per Class A Unit (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share Basic and Diluted | Vornado Realty Trust The following table presents the calculations of (i) basic income (loss) per common share which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares and (ii) diluted income (loss) per common share which includes the weighted average common shares and dilutive share equivalents. Unvested share-based payment awards that contain nonforfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. Earnings are allocated to participating securities, which include restricted stock awards, based on the two-class method. Other potential dilutive share equivalents such as our employee stock options, OP Units, OPPs, AO LTIP Units and Performance Conditioned AO LTIP Units are included in the computation of diluted earnings per share ("EPS") using the treasury stock method, while the dilutive effect of our Series A convertible preferred shares is reflected in diluted EPS by application of the if-converted method.
________________________________________ (1)The effect of dilutive securities excluded an aggregate of 13,835, 14,007 and 13,020 weighted average common share equivalents in the years ended December 31, 2021, 2020 and 2019, respectively, as their effect was anti-dilutive.
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Vornado Realty L.P. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share Basic and Diluted | Vornado Realty L.P. The following table presents the calculations of (i) basic income (loss) per Class A unit which includes the weighted average number of Class A units outstanding without regard to dilutive potential Class A units and (ii) diluted income (loss) per Class A unit which includes the weighted average Class A units and dilutive Class A unit equivalents. Unvested share-based payment awards that contain non-forfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. Earnings are allocated to participating securities, which include Vornado restricted stock awards, OP Units and OPPs, based on the two-class method. Other potential dilutive unit equivalents such as Vornado stock options, AO LTIP Units and Performance Conditioned AO LTIP Units are included in the computation of diluted income per unit ("EPU") using the treasury stock method, while the dilutive effect of our Series A convertible preferred units is reflected in diluted EPU by application of the if-converted method.
________________________________________ (1)The effect of dilutive securities excluded an aggregate of 313, 1,650 and 825 weighted average Class A unit equivalents in the years ended December 31, 2021, 2020 and 2019 respectively, as their effect was anti-dilutive.
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Leases (Tables) |
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Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessor, Operating Lease, Payments to be Received, Maturity | As of December 31, 2021, future undiscounted cash flows under non-cancelable operating leases were as follows:
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Schedule of Amounts Included in Measurement of Lease Liability | The following table sets forth information related to the measurement of our lease liabilities as of December 31, 2021, 2020 and 2019:
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Lessor, Operating Rent Expense | The following table sets forth the details of rent expense for the years ended December 31, 2021, 2020 and 2019:
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Lessee, Operating Lease, Liability, Maturity | As of December 31, 2021, future lease payments under operating ground leases were as follows:
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Segment Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Information | Below is a summary of NOI at share, NOI at share - cash basis and selected balance sheet data by segment for the years ended December 31, 2021, 2020 and 2019.
23. Segment Information - continued
Below is a reconciliation of net income (loss) to NOI at share and NOI at share - cash basis for the years ended December 31, 2021, 2020 and 2019.
|
SEC Schedule III Real Estate and Accumulated Depreciation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Real Estate Properties |
________________________________________ (1)Represents contractual debt obligations. (2)The net basis of Vornado's assets and liabilities for tax reporting purposes is approximately $2.6 billion lower than the amounts reported for financial statement purposes. (3)Date of original construction –– many properties have had substantial renovation or additional construction –– see Column D. (4)Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to forty years. (5)Secured amount outstanding on revolving credit facilities. The following is a reconciliation of real estate assets and accumulated depreciation:
|
SEC Schedule III Rollforward of Real Estate Assets and Accumulated Depreciation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Real Estate Properties |
________________________________________ (1)Represents contractual debt obligations. (2)The net basis of Vornado's assets and liabilities for tax reporting purposes is approximately $2.6 billion lower than the amounts reported for financial statement purposes. (3)Date of original construction –– many properties have had substantial renovation or additional construction –– see Column D. (4)Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to forty years. (5)Secured amount outstanding on revolving credit facilities. The following is a reconciliation of real estate assets and accumulated depreciation:
|
Basis of Presentation and Significant Accounting Policies (Real Estate) (Details) |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Real Estate [Line Items] | |
Real estate and accumulated depreciation life used for depreciation | 40 years |
Minimum | |
Real Estate [Line Items] | |
Real estate and accumulated depreciation life used for depreciation | 7 years |
Maximum | |
Real Estate [Line Items] | |
Real estate and accumulated depreciation life used for depreciation | 40 years |
Real Estate Fund Investments (Income from the Fund and the Co-Investment) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Details Of Income From Real Estate Funds | |||
Income (loss) from real estate fund investments | $ 11,066 | $ (226,327) | $ (104,082) |
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (24,014) | 139,894 | 24,547 |
Real estate fund investments | |||
Details Of Income From Real Estate Funds | |||
Net investment income (loss) | 6,445 | (220) | 2,027 |
Net unrealized income (loss) on held investments | 3,257 | (226,107) | (106,109) |
Net realized income on exited investments | 1,364 | 0 | 0 |
Income (loss) from real estate fund investments | 11,066 | (226,327) | (104,082) |
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (7,309) | 163,213 | 55,274 |
Income (loss) from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ 3,757 | $ (63,114) | $ (48,808) |
Investments in Partially Owned Entities (Management, Development, Leasing and Other Agreements for Fifth Avenue and Times Square JV) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Fifth Avenue and Times Square JV | |||
Schedule of Equity Method Investments [Line Items] | |||
Property management fee agreement percentage of income | 2.00% | ||
Development fee percent | 5.00% | ||
Supervisory fee, percent | 1.50% | ||
BMS cleaning fees | |||
Schedule of Equity Method Investments [Line Items] | |||
Fee income recognized by equity method investees for building maintenance services | $ 4,234 | $ 3,613 | $ 3,613 |
BMS cleaning fees | Fifth Avenue and Times Square JV | |||
Schedule of Equity Method Investments [Line Items] | |||
Fee income recognized by equity method investees for building maintenance services | 3,993 | 3,595 | 3,087 |
Property Management Fee | Majority-Owned Subsidiary, Unconsolidated | |||
Schedule of Equity Method Investments [Line Items] | |||
Revenue from related parties | $ 4,297 | $ 3,982 | $ 3,085 |
Investments in Partially Owned Entities (Summary of Condensed Combined Financial Information) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Assets | $ 17,266,588 | $ 16,221,822 | |
Liabilities | 10,062,667 | 8,667,400 | |
Noncontrolling interests | 688,683 | 606,267 | |
Equity | 6,236,346 | 6,533,198 | |
Total revenues | 1,589,210 | 1,527,951 | $ 1,924,700 |
Net income (loss) | 207,553 | (461,845) | 3,334,262 |
Net income (loss) attributable to the entities | 175,999 | (297,005) | 3,147,937 |
Partially Owned Properties | |||
Assets | 12,689,000 | 13,344,000 | |
Liabilities | 7,553,000 | 7,747,000 | |
Noncontrolling interests | 2,069,000 | 2,075,000 | |
Equity | 3,067,000 | 3,522,000 | |
Total revenues | 1,184,000 | 1,163,000 | 1,504,000 |
Net income (loss) | 190,000 | 45,000 | 39,000 |
Net income (loss) attributable to the entities | $ 114,000 | $ (33,000) | $ (32,000) |
220 Central Park South - Narrative (Details) $ in Thousands |
12 Months Ended | 39 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2021
USD ($)
unit
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
Dec. 31, 2021
USD ($)
unit
|
|
Real Estate [Line Items] | ||||
Net gains on sale of real estate | $ 0 | $ 0 | $ 2,571,099 | |
Income tax (benefit) expense | $ (10,496) | 36,630 | 103,439 | |
220 Central Park South | ||||
Real Estate [Line Items] | ||||
Number of units sold | unit | 6 | 106 | ||
Cash proceeds from sale of real estate | $ 137,404 | $ 3,006,896 | ||
Net gains on sale of real estate | 50,318 | $ 1,117,255 | ||
Income tax (benefit) expense | $ 5,711 | $ 49,221 | $ 101,828 | |
Condominium units sold, percentage | 95.00% | 95.00% | ||
Taxable Reit Subsidiaries | ||||
Real Estate [Line Items] | ||||
Income tax (benefit) expense | $ (27,910) |
Acquisitions and Dispositions (Schedule of Business Acquisition) (Details) - One Park Avenue $ in Thousands |
Aug. 05, 2021
USD ($)
|
---|---|
Assets: | |
Land | $ 197,057 |
Building and improvements | 368,956 |
Identified intangible assets | 139,545 |
Assets consolidated | 705,558 |
Liabilities: | |
Mortgages payable | 525,000 |
Deferred revenue | 18,884 |
Liabilities consolidated | 543,884 |
Net assets consolidated (excluding working capital) | $ 161,674 |
Identified Intangible Assets and Liabilities - Schedule of Identified Intangible Assets and Intangible Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Gross amount | $ 252,081 | $ 116,969 |
Accumulated amortization | (97,186) | (93,113) |
Net | 154,895 | 23,856 |
Identified intangible liabilities (included in deferred revenue): | ||
Gross amount | 256,065 | 273,902 |
Accumulated amortization | (212,245) | (238,541) |
Net | $ 43,820 | $ 35,361 |
Identified Intangible Assets and Liabilities - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Below Market Leases Net Of Above Market Leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 9,249 | $ 16,878 | $ 19,830 |
Other Identified Intangible Assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 7,330 | $ 6,507 | $ 8,666 |
Identified Intangible Assets and Liabilities - Schedule of Future Amortization Expense of Intangible Assets (Details) $ in Thousands |
Dec. 31, 2021
USD ($)
|
---|---|
Below Market Leases Net Of Above Market Leases | |
Finite-Lived Intangible Assets [Line Items] | |
2022 | $ 5,531 |
2023 | 5,151 |
2024 | 2,056 |
2025 | 843 |
2026 | 201 |
Other Identified Intangible Assets | |
Finite-Lived Intangible Assets [Line Items] | |
2022 | 9,805 |
2023 | 8,743 |
2024 | 7,906 |
2025 | 6,330 |
2026 | $ 6,136 |
Debt (Principal repayments required in the next five years) (Details) $ in Thousands |
Dec. 31, 2021
USD ($)
|
---|---|
Mortgages Payable | |
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract] | |
2022 | $ 1,046,600 |
2023 | 3,198,400 |
2024 | 773,215 |
2025 | 331,000 |
2026 | 0 |
Thereafter | 750,000 |
Unsecured Debt | |
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract] | |
2022 | 0 |
2023 | 575,000 |
2024 | 800,000 |
2025 | 450,000 |
2026 | 400,000 |
Thereafter | $ 350,000 |
Redeemable Noncontrolling Interests (Narrative) (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Redeemable Noncontrolling Interest | ||
Fair value of Series G convertible preferred units and Series D-13 cumulative redeemable preferred units | $ 49,659 | $ 50,002 |
Farley Office and Retail Building | Joint Venture | ||
Redeemable Noncontrolling Interest | ||
Equity method ownership percentage | 95.00% | |
Capital contributions | $ 92,400 |
Variable Interest Entities (VIEs) (Narrative) (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Variable Interest Entity | ||
Assets | $ 17,266,588 | $ 16,221,822 |
Liabilities | 10,062,667 | 8,667,400 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
Assets | 69,435 | 224,754 |
Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity | ||
Assets | 4,564,621 | 4,053,841 |
Liabilities | $ 2,517,652 | $ 1,722,719 |
Fair Value Measurements (Changes in the Fair Value of Real Estate Fund Investments and Deferred Compensation Plan Assets) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Real estate fund investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 3,739 | $ 222,649 |
Sales/Dispositions | (5,104) | 0 |
Purchases/additional fundings | 4,474 | 7,197 |
Net unrealized income (loss) on held investments | 3,257 | (226,107) |
Net realized income on exited investments | 1,364 | 0 |
Ending balance | 7,730 | 3,739 |
Deferred Compensation Plan Assets | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 39,928 | 32,435 |
Sales/Dispositions | (4,766) | (5,467) |
Purchases/additional fundings | 5,705 | 8,766 |
Realized and unrealized gains | 2,250 | 808 |
Other, net | 1,899 | 3,386 |
Ending balance | $ 45,016 | $ 39,928 |
Fair Value Measurements (Changes in the Fair Value of Loans Receivable) (Details) - Loans Receivable - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | $ 47,743 | $ 59,251 |
Credit losses | 0 | (13,369) |
Interest accrual | 3,714 | 2,461 |
Paydowns | (1,275) | (600) |
Ending balance | $ 50,182 | $ 47,743 |
Fair Value Measurements (Fair Value Measurements on a Nonrecurring Basis) (Details) - Real Estate - Nonrecurring $ in Thousands |
Dec. 31, 2021
USD ($)
|
---|---|
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |
Real estate assets | $ 191,116 |
Level 1 | |
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |
Real estate assets | 0 |
Level 2 | |
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |
Real estate assets | 0 |
Level 3 | |
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |
Real estate assets | $ 191,116 |
Stock-based Compensation (Vornado Restricted Stock or Operating Partnership Units Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Restricted Operating Partnership Units Plan | |||
Share Based Compensation Equity Instruments Other Than Stock Options And Restricted Stock Units Summary | |||
Award vesting period (years) | 4 years | ||
Distributions, share-based compensation | $ 2,634 | $ 5,316 | $ 4,070 |
Grant-date fair value | 26,194 | 18,013 | 58,732 |
Vested in period, fair value | $ 36,541 | 24,373 | 27,821 |
Restricted Stock Units RSU | |||
Share Based Compensation Equity Instruments Other Than Stock Options And Restricted Stock Units Summary | |||
Award vesting period (years) | 4 years | ||
Distributions, share-based compensation | $ 35 | 98 | 51 |
Grant-date fair value | 853 | 568 | |
Vested in period, fair value | $ 567 | $ 602 | $ 477 |
Impairment Losses, Transaction Related Costs and Other (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Transaction Related Costs, Impairment Losses and Other [Line Items] | |||
Real estate impairment losses | $ (7,880) | $ (236,286) | $ (8,065) |
Transaction related costs | (5,935) | (8,001) | (4,613) |
Impairment losses and transaction related costs, net | (13,815) | (174,027) | (106,538) |
608 Fifth Avenue | |||
Transaction Related Costs, Impairment Losses and Other [Line Items] | |||
608 Fifth Avenue lease liability extinguishment gain in 2020 and impairment loss and related write-offs in 2019 | $ 0 | $ 70,260 | $ (93,860) |
Interest and Other Investment Income (Loss), Net (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Interest and Other Income [Abstract] | |||
Interest on loans receivable | $ 2,517 | $ 3,384 | $ 6,326 |
Interest on cash and cash equivalents and restricted cash | 284 | 5,793 | 13,380 |
Credit losses on loans receivable | 0 | (13,369) | 0 |
Market-to-market decrease in the fair value of marketable security (sold on January 23, 2020) | 0 | (4,938) | (5,533) |
Dividends on marketable securities | 0 | 0 | 3,938 |
Other, net | 1,811 | 3,631 | 3,708 |
Interest and other investment income, net | $ 4,612 | $ (5,499) | $ 21,819 |
Interest and Debt Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Interest and Debt Expense [Abstract] | |||
Interest expense | $ 249,169 | $ 251,847 | $ 335,016 |
Capitalized interest and debt expense | (38,320) | (41,056) | (72,200) |
Amortization of deferred financing costs | 20,247 | 18,460 | 23,807 |
Interest and debt expense | $ 231,096 | $ 229,251 | $ 286,623 |
Interest and Debt Expense - Footnote (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Debt Instrument, Redemption [Line Items] | |||
Defeasance cost, noncash expense | $ 23,729 | $ 0 | $ 0 |
Controlling interest, percentage owned | 70.00% | ||
Senior unsecured notes | Senior Unsecured Notes Due 2022 | |||
Debt Instrument, Redemption [Line Items] | |||
Charge related to prepayment and unamortized financing costs | 22,540 | ||
Debt instrument, redeemed | $ 400,000 | ||
Debt instrument, interest rate, stated percentage | 5.00% |
Income (Loss) Per Share/Income (Loss) Per Class A Unit (Narrative) (Details) - shares shares in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Antidilutive Securities Excluded From Computation Of Earnings Per Share | |||
Weighted average common share equivalents of excluded dilutive securities due to anti-dilutive effect | 13,835 | 14,007 | 13,020 |
Vornado Realty L.P. | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share | |||
Weighted average common share equivalents of excluded dilutive securities due to anti-dilutive effect | 313 | 1,650 | 825 |
Leases - Lessor, Operating Lease, Payments to be Received (Details) $ in Thousands |
Dec. 31, 2021
USD ($)
|
---|---|
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | |
2022 | $ 1,313,854 |
2023 | 1,266,425 |
2024 | 1,132,125 |
2025 | 1,021,434 |
2026 | 977,834 |
Thereafter | $ 7,068,874 |
Leases - Narrative (Details) ft² in Thousands, $ in Thousands |
Dec. 31, 2021
USD ($)
ft²
|
Dec. 31, 2020
USD ($)
|
---|---|---|
Leases [Line Items] | ||
Right-of-use assets | $ | $ 337,197 | $ 367,365 |
Lease liabilities | $ | $ 370,206 | $ 401,008 |
Farley Office and Retail Building | ||
Leases [Line Items] | ||
Equity method ownership percentage | 95.00% | |
Lessee, operating lease, lease not yet commenced, term (years) | 99 years | |
Square footage of real estate property (in sqft) | ft² | 845 | |
PILOT payments | $ | $ 542,631 | |
Farley Office and Retail Building | Office Building | ||
Leases [Line Items] | ||
Square footage of real estate property (in sqft) | ft² | 730 | |
Farley Office and Retail Building | Retail | ||
Leases [Line Items] | ||
Square footage of real estate property (in sqft) | ft² | 115 |
Leases - Schedule of Amounts Included in the Measurement of Lease Liability (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Leases [Abstract] | |||
Weighted average remaining lease term (in years) | 44 years 4 months 24 days | 44 years 9 months 18 days | 40 years 2 months 12 days |
Weighted average discount rate (percent) | 4.85% | 4.91% | 4.84% |
Cash paid for operating leases | $ 22,382 | $ 23,932 | $ 27,817 |
Leases - Schedule of Components of Rent Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Leases [Abstract] | |||
Fixed rent expense | $ 24,901 | $ 28,503 | $ 33,738 |
Variable rent expense | 13,078 | 1,178 | 1,978 |
Annual rent payments | $ 37,979 | $ 29,681 | $ 35,716 |
Leases - Lessee, Operating Lease, Liability, Maturity (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Leases [Abstract] | ||
2022 | $ 21,080 | |
2023 | 22,802 | |
2024 | 23,154 | |
2025 | 23,522 | |
2026 | 23,911 | |
Thereafter | 833,728 | |
Total undiscounted cash flows | 948,197 | |
Present value discount | (577,991) | |
Lease liabilities | $ 370,206 | $ 401,008 |
Multiemployer Benefit Plans (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Multiemployer Benefit Plans | |||
Multiemployer plans contributions represent more than 5% of total employer contributions | true | false | false |
Multiemployer Pension Plans | |||
Multiemployer Benefit Plans | |||
Multiemployer plan, period contributions | $ 19,851 | $ 7,049 | $ 10,793 |
Multiemployer Health Plans | |||
Multiemployer Benefit Plans | |||
Multiemployer plan, period contributions | $ 23,431 | $ 26,938 | $ 32,407 |
Related Party Transactions (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Alexanders Inc | |||
Related Party Transaction | |||
Percentage of affiliated entity owned by company | 32.40% | ||
Percentage of affiliated entity owned by related parties | 26.10% | ||
Interstate Properties | |||
Related Party Transaction | |||
Percentage of company owned by related party | 6.90% | ||
Related party transaction annual fee percentage | 4.00% | ||
Term of management agreement | 1 year | ||
Period allowed for termination of automatic renewal of management agreement | 60 days | ||
Fee and other income from related parties (in US dollars) | $ 203 | $ 203 | $ 300 |
Segment Information - Narrative (Details) |
12 Months Ended |
---|---|
Dec. 31, 2021
segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments (segment) | 2 |
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