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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash Flows from Operating Activities:    
Net income $ 11,198 $ 53,375
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization (including amortization of deferred financing costs) 112,578 122,271
Distributions of income from partially owned entities 38,706 37,778
Equity in net income of partially owned entities (16,666) (33,714)
Stock-based compensation expense 11,714 13,155
Net gains on disposition of wholly owned and partially owned assets (7,520) (6,552)
Straight-lining of rents 3,821 (21,335)
Change in deferred tax liability 2,591 3,173
Amortization of below-market leases, net (1,367) (917)
Net realized and unrealized income on real estate fund investments 0 (5,672)
Other non-cash adjustments 2,072 2,035
Changes in operating assets and liabilities:    
Tenant and other receivables (13,862) (3,499)
Prepaid assets (72,347) 29,451
Other assets (6,746) (9,807)
Accounts payable and accrued expenses (1,411) (7,421)
Other liabilities 29,111 (1,307)
Net cash provided by operating activities 91,872 171,014
Cash Flows from Investing Activities:    
Proceeds from maturities of U.S. Treasury bills 197,294 0
Development costs and construction in progress (135,550) (209,738)
Proceeds from repayment of participation in 150 West 34th Street mortgage loan 105,000 0
Additions to real estate (57,032) (30,900)
Proceeds from sale of condominium units at 220 Central Park South 14,216 15,095
Distributions of capital from partially owned entities 11,559 0
Investments in partially owned entities (8,833) (4,571)
Acquisitions of real estate and other (1,000) 0
Purchase of U.S. Treasury bills 0 (645,920)
Proceeds from sales of real estate 0 81,399
Net cash provided by (used in) investing activities 125,654 (794,635)
Cash Flows from Financing Activities:    
Repayments of borrowings (110,400) (5,400)
Dividends paid on common shares / Distributions to Vornado (71,950) (101,616)
Dividends paid on preferred shares / Distributions to preferred unitholders (15,529) (15,529)
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries (6,412) (43,545)
Deferred financing costs (2,798) 0
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries 2,129 481
Proceeds received from exercise of employee share options /Proceeds received from exercise of Vornado stock options and other 146 219
Repurchase of shares / Class A units related to stock compensation agreements and related tax withholdings and other (30) (85)
Net cash used in financing activities (204,844) (165,475)
Net increase (decrease) in cash and cash equivalents and restricted cash 12,682 (789,096)
Cash and cash equivalents and restricted cash at beginning of period 1,021,157 1,930,351
Cash and cash equivalents and restricted cash at end of period 1,033,839 1,141,255
Reconciliation of Cash and Cash Equivalents and Restricted Cash:    
Cash and cash equivalents at beginning of period 889,689 1,760,225
Restricted cash at beginning of period 131,468 170,126
Cash and cash equivalents and restricted cash at beginning of period 1,021,157 1,930,351
Cash and cash equivalents at end of period 890,957 973,858
Restricted cash at end of period 142,882 167,397
Cash and cash equivalents and restricted cash at end of period 1,033,839 1,141,255
Supplemental Disclosure of Cash Flow Information:    
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums 85,429 46,868
Cash payments for income taxes 2,175 2,159
Non-Cash Information:    
Change in fair value of consolidated interest rate swaps and other (81,536) 65,239
Accrued capital expenditures included in accounts payable and accrued expenses 70,132 86,667
Redeemable Class A unit measurement adjustment (23,843) (46,651)
Write-off of fully depreciated assets (17,776) (23,735)
Additional estimated lease liability arising from the recognition of right-of-use asset 0 350,000
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" $ 0 $ 3,024