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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows from Operating Activities:    
Net (loss) income $ (6,273) $ 11,198
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization (including amortization of deferred financing costs) 114,010 112,578
Distributions of income from partially owned entities 30,438 38,706
Equity in net income of partially owned entities (16,279) (16,666)
Amortization of interest rate cap premiums 11,514 427
Stock-based compensation expense 7,519 11,714
Straight-lining of rents (4,571) 3,821
Change in deferred tax liability 3,947 2,591
Amortization of below-market leases, net (693) (1,367)
Net gains on disposition of wholly owned and partially owned assets 0 (7,520)
Other non-cash adjustments 1,247 1,645
Changes in operating assets and liabilities:    
Tenant and other receivables (8,505) (13,862)
Prepaid assets (57,910) (72,347)
Other assets (32,447) (6,746)
Lease liabilities 4,641 4,332
Accounts payable and accrued expenses (14,251) (1,411)
Other liabilities (902) 24,779
Net cash provided by operating activities 31,485 91,872
Cash Flows from Investing Activities:    
Development costs and construction in progress (75,292) (135,550)
Additions to real estate (51,307) (57,032)
Investments in partially owned entities (2,026) (8,833)
Proceeds from maturities of U.S. Treasury bills 0 197,294
Proceeds from repayment of participation in 150 West 34th Street mortgage loan 0 105,000
Proceeds from sale of condominium units at 220 Central Park South 0 14,216
Distributions of capital from partially owned entities 0 11,559
Acquisitions of real estate and other 0 (1,000)
Net cash (used in) provided by investing activities (128,625) 125,654
Cash Flows from Financing Activities:    
Dividends paid on preferred shares (15,529) (15,529)
Deferred financing costs (279) (2,798)
Contributions from noncontrolling interests 270 2,129
Distributions to noncontrolling interests (106) (6,412)
Repayments of borrowings 0 (110,400)
Dividends paid on common shares 0 (71,950)
Other financing activity, net 120 116
Net cash used in financing activities (15,524) (204,844)
Net (decrease) increase in cash and cash equivalents and restricted cash (112,664) 12,682
Cash and cash equivalents and restricted cash at beginning of period 1,261,584 1,021,157
Cash and cash equivalents and restricted cash at end of period 1,148,920 1,033,839
Reconciliation of Cash and Cash Equivalents and Restricted Cash:    
Cash and cash equivalents at beginning of period 997,002 889,689
Restricted cash at beginning of period 264,582 131,468
Cash and cash equivalents and restricted cash at beginning of period 1,261,584 1,021,157
Cash and cash equivalents at end of period 892,652 890,957
Restricted cash at end of period 256,268 142,882
Cash and cash equivalents and restricted cash at end of period 1,148,920 1,033,839
Supplemental Disclosure of Cash Flow Information:    
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums 69,970 85,429
Cash payments for income taxes 1,605 2,175
Non-Cash Information:    
Change in fair value of consolidated interest rate hedges and other 48,209 (81,536)
Accrued capital expenditures included in accounts payable and accrued expenses 44,254 70,132
Write-off of fully depreciated assets (12,559) (17,776)
Redeemable Class A unit measurement adjustment $ (4,375) $ (23,843)