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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash Flows from Operating Activities:    
Net income $ 122,278 $ 103,825
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization (including amortization of deferred financing costs) 246,532 194,225
Distributions of income from partially owned entities 95,494 109,089
Equity in net income of partially owned entities (59,434) (60,499)
Straight-lining of rents (36,679) 9,835
Net gains on disposition of wholly owned and partially owned assets (35,384) (25,724)
Stock-based compensation expense 19,001 27,379
Change in deferred tax liability 6,457 1,192
Amortization of below-market leases, net (2,404) (5,717)
Net realized and unrealized loss on real estate fund investments 1,128 789
Write-off of lease receivables deemed uncollectible 501 5,239
Other non-cash adjustments 1,929 3,033
Changes in operating assets and liabilities:    
Real estate fund investments 0 (789)
Tenant and other receivables 2,388 10,477
Prepaid assets 94,235 127,958
Other assets (13,455) (26,262)
Accounts payable and accrued expenses (15,283) 2,243
Other liabilities 3,321 (3,584)
Net cash provided by operating activities 430,625 472,709
Cash Flows from Investing Activities:    
Purchase of U.S. Treasury bills (794,793) 0
Development costs and construction in progress (418,748) (269,376)
Proceeds from maturities of U.S. Treasury bills 299,668 0
Proceeds from sales of real estate 253,958 3,521
Additions to real estate (70,046) (90,138)
Proceeds from sale of condominium units at 220 Central Park South 16,124 72,216
Investments in partially owned entities (11,091) (6,357)
Distributions of capital from partially owned entities 10,066 106,005
Acquisitions of real estate and other (1,000) 0
Proceeds from repayments of loan receivables 0 675
Net cash used in investing activities (715,862) (183,454)
Cash Flows from Financing Activities:    
Repayments of borrowings (1,240,573) (1,573,443)
Proceeds from borrowings 1,029,773 2,298,007
Dividends paid on common shares / Distributions to Vornado (203,240) (202,989)
Distribution to noncontrolling interests / redeemable security holders and noncontrolling interests in consolidated subsidiaries (56,589) (159,926)
Debt issuance costs (31,718) (32,875)
Dividends paid on preferred shares / Distributions to preferred unitholders (31,058) (32,934)
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries 4,253 1,547
Proceeds received from exercise of employee share options (Vornado stock options) and other 441 440
Repurchase of shares / Class A units related to stock compensation agreements and related tax withholdings and other (85) (114)
Net cash (used in) provided by financing activities (528,796) 297,713
Net (decrease) increase in cash and cash equivalents and restricted cash (814,033) 586,968
Cash and cash equivalents and restricted cash at beginning of period 1,930,351 1,730,369
Cash and cash equivalents and restricted cash at end of period 1,116,318 2,317,337
Reconciliation of Cash and Cash Equivalents and Restricted Cash:    
Cash and cash equivalents at beginning of period 1,760,225 1,624,482
Restricted cash at beginning of period 170,126 105,887
Cash and cash equivalents and restricted cash at beginning of period 1,930,351 1,730,369
Cash and cash equivalents at end of period 988,398 2,172,195
Restricted cash at end of period 127,920 145,142
Cash and cash equivalents and restricted cash at end of period 1,116,318 2,317,337
Supplemental Disclosure of Cash Flow Information:    
Cash payments for interest, excluding capitalized interest of $7,221 and $21,046 107,367 93,376
Cash payments for income taxes 5,064 6,797
Non-Cash Investing and Financing Activities:    
Additional estimated lease liability arising from the recognition of right-of-use asset 350,000 0
Redeemable Class A unit measurement adjustment 193,762 (142,948)
Accrued capital expenditures included in accounts payable and accrued expenses 86,639 80,649
Increase in accumulated other comprehensive income due to change in fair value of consolidated interest rate swaps and other 83,619 20,193
Write-off of fully depreciated assets (31,996) (48,190)
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" 3,024 9,227
Reclassification of assets held for sale (included in "other assets") $ 0 $ 79,210