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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash Flows from Operating Activities:    
Net income $ 73,931 $ 122,278
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization (including amortization of deferred financing costs) 225,694 246,532
Distributions of income from partially owned entities 88,902 95,494
Equity in net income of partially owned entities (53,938) (59,434)
Stock-based compensation expense 23,582 19,001
Net gains on disposition of wholly owned and partially owned assets (8,456) (35,384)
Change in deferred tax liability 5,600 6,457
Amortization of below-market leases, net (2,727) (2,404)
Straight-lining of rents (694) (36,679)
Net realized and unrealized income on real estate fund investments 0 1,128
Write-off of lease receivables deemed uncollectible 0 501
Other non-cash adjustments 7,079 1,929
Changes in operating assets and liabilities:    
Tenant and other receivables (6,380) 2,388
Prepaid assets (18,433) 94,235
Other assets 10,696 (13,455)
Lease liabilities 8,727 7,330
Accounts payable and accrued expenses (2,651) (15,283)
Other liabilities 23,809 (4,009)
Net cash provided by operating activities 374,741 430,625
Cash Flows from Investing Activities:    
Proceeds from maturities of U.S. Treasury bills 468,598 299,668
Development costs and construction in progress (289,792) (418,748)
Proceeds from repayment of participation in 150 West 34th Street mortgage loan 105,000 0
Additions to real estate (100,126) (70,046)
Investments in partially owned entities (37,222) (11,091)
Acquisitions of real estate and other (33,145) (1,000)
Distributions of capital from partially owned entities 18,481 10,066
Proceeds from sale of condominium units at 220 Central Park South 14,216 16,124
Proceeds from sales of real estate 6,363 253,958
Purchase of U.S. Treasury bills 0 (794,793)
Net cash provided by (used in) investing activities 152,373 (715,862)
Cash Flows from Financing Activities:    
Repayments of borrowings (115,800) (1,240,573)
Dividends paid on common shares / Distributions to Vornado (71,950) (203,240)
Dividends paid on preferred shares / Distributions to preferred unitholders (31,058) (31,058)
Repurchase of common shares/ Vornado Class A units owned by Vornado (23,250) 0
Contributions from noncontrolling interests in consolidated subsidiaries 18,328 4,253
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries (9,440) (56,589)
Deferred financing costs (3,078) (31,718)
Proceeds received from exercise of employee share options /Proceeds received from exercise of Vornado stock options and other 146 441
Repurchase of shares / Class A units related to stock compensation agreements and related tax withholdings and other (36) (85)
Proceeds from borrowings 0 1,029,773
Net cash used in financing activities (236,138) (528,796)
Net increase (decrease) in cash and cash equivalents and restricted cash 290,976 (814,033)
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 1,312,133 1,116,318
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 1,133,693 988,398
Restricted cash at end of period 178,440 127,920
Cash and cash equivalents and restricted cash at end of period 1,312,133 1,116,318
Supplemental Disclosure of Cash Flow Information:    
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums 164,356 107,367
Cash payments for income taxes 4,746 5,064
Non-Cash Information:    
Reclassification of assets held for sale (included in "other assets") 96,106 0
Accrued capital expenditures included in accounts payable and accrued expenses 74,852 86,639
Redeemable Class A unit measurement adjustment (67,113) 193,762
Accrual of 1290 Avenue of the Americas 1.00% SOFR interest rate cap up-front payment (30% attributable to noncontrolling interests) (paid on July 3, 2023) 63,100 0
Write-off of fully depreciated assets (26,443) (31,996)
Change in fair value of consolidated interest rate swaps and other (19,879) 83,619
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