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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows from Operating Activities:    
Net income $ 133,501 $ 142,390
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization (including amortization of deferred financing costs) 342,038 386,697
Distributions of income from partially owned entities 131,308 137,758
Equity in net income of partially owned entities (72,207) (83,775)
Net gains on disposition of wholly owned and partially owned assets (64,592) (35,384)
Stock-based compensation expense 33,247 22,887
Change in deferred tax liability 14,309 9,992
Straight-lining of rents (4,770) (45,835)
Amortization of interest rate cap premiums 4,225 66
Amortization of below-market leases, net (4,083) (3,788)
Net realized and unrealized (gain) loss on real estate fund investments (1,861) 1,128
Return of capital from real estate fund investments 1,861 0
Write-off of lease receivables deemed uncollectible 0 782
Other non-cash adjustments 3,919 2,494
Changes in operating assets and liabilities:    
Tenant and other receivables (8,267) (2,128)
Prepaid assets (72,194) 33,995
Other assets (72,201) (22,706)
Lease liabilities 13,191 11,363
Accounts payable and accrued expenses 26,023 6,649
Other liabilities 33,428 (2,758)
Net cash provided by operating activities 436,875 559,827
Cash Flows from Investing Activities:    
Proceeds from maturities of U.S. Treasury bills 468,598 349,461
Development costs and construction in progress (432,439) (557,884)
Additions to real estate (155,080) (120,124)
Proceeds from sales of real estate 123,550 253,958
Proceeds from repayment of participation in 150 West 34th Street mortgage loan 105,000 0
Investments in partially owned entities (43,737) (15,046)
Acquisitions of real estate and other (33,145) (2,000)
Distributions of capital from partially owned entities 18,837 20,566
Proceeds from sale of condominium units at 220 Central Park South 14,216 16,124
Purchase of U.S. Treasury bills 0 (794,793)
Net cash provided by (used in) investing activities 65,800 (849,738)
Cash Flows from Financing Activities:    
Repayments of borrowings (119,400) (1,245,973)
Dividends paid on common shares / Distributions to Vornado (71,950) (304,896)
Dividends paid on preferred shares / Distributions to preferred unitholders (46,587) (46,587)
Repurchase of common shares/ Vornado Class A units owned by Vornado (29,183) 0
Contributions from noncontrolling interests in consolidated subsidiaries 18,534 4,903
Distributions to noncontrolling interests (9,489) (68,716)
Deferred financing costs (3,398) (32,473)
Proceeds received from exercise of employee share options /Proceeds received from exercise of Vornado stock options and other 146 662
Repurchase of shares / Class A units related to stock compensation agreements and related tax withholdings and other (25) (85)
Proceeds from borrowings 0 1,029,773
Net cash used in financing activities (261,352) (663,392)
Net increase (decrease) in cash and cash equivalents and restricted cash 241,323 (953,303)
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 1,262,480 977,048
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 1,000,362 845,423
Restricted cash at end of period 262,118 131,625
Cash and cash equivalents and restricted cash at end of period 1,262,480 977,048
Supplemental Disclosure of Cash Flow Information:    
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums 306,001 170,839
Cash payments for income taxes 8,728 6,919
Non-Cash Information:    
Accrued capital expenditures included in accounts payable and accrued expenses 64,072 86,844
Redeemable Class A unit measurement adjustment (58,159) 215,619
Write-off of fully depreciated assets (46,164) (52,475)
Initial investment in Pier 94 joint venture upon contribution of leasehold interest 50,090 0
Decrease in assets and liabilities resulting from the deconsolidation of Pier 94:    
Real estate 21,693 0
Right-of-use assets 7,081 0
Lease liabilities (20,692) 0
Change in fair value of consolidated interest rate hedges and other 2,433 200,838
Additional estimated lease liability arising from the recognition of right-of-use asset 0 350,000
Reclassification of assets held for sale (included in "other assets") 0 64,177
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" $ 0 $ 30,542