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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows from Operating Activities:    
Net (loss) income $ 14,358 $ 133,501
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization (including amortization of deferred financing costs) 351,123 342,038
Distributions of income from partially owned entities 101,826 131,308
Equity in net income of partially owned entities (82,457) (72,207)
Amortization of interest rate cap premiums 32,792 4,225
Stock-based compensation expense 22,813 33,247
Net gains on disposition of wholly owned and partially owned assets (16,048) (64,592)
Change in deferred tax liability 9,823 14,309
Straight-lining of rents 2,950 (4,770)
Amortization of below-market leases, net (2,842) (4,083)
Net realized and unrealized gain on real estate fund investments 0 (1,861)
Return of capital from real estate fund investments 0 1,861
Other non-cash adjustments 11,427 3,919
Changes in operating assets and liabilities:    
Tenant and other receivables (7,054) (8,267)
Prepaid assets (60,506) (72,194)
Other assets (53,720) (72,201)
Lease liabilities 13,201 13,191
Accounts payable and accrued expenses (12,723) 26,023
Other liabilities 6,580 33,428
Net cash provided by operating activities 331,543 436,875
Cash Flows from Investing Activities:    
Development costs and construction in progress (187,799) (432,439)
Additions to real estate (173,586) (155,080)
Investments in partially owned entities (109,301) (43,737)
Investment in loan receivable (50,000) 0
Proceeds from sale of real estate 31,605 14,216
Proceeds from sales of real estate 2,000 123,550
Proceeds from maturities of U.S. Treasury bills 0 468,598
Proceeds from repayment of participation in 150 West 34th Street mortgage loan 0 105,000
Distributions of capital from partially owned entities 0 18,837
Acquisitions of real estate and other 0 (33,145)
Net cash (used in) provided by investing activities (487,081) 65,800
Cash Flows from Financing Activities:    
Repayments of borrowings (95,696) (119,400)
Proceeds from borrowings 75,000 0
Dividends paid on preferred shares (46,586) (46,587)
Deferred financing costs (13,667) (3,398)
Contributions from noncontrolling interests 5,190 18,534
Distributions to noncontrolling interests (1,269) (9,489)
Dividends paid on common shares 0 (71,950)
Repurchase of common shares 0 (29,183)
Other financing activity, net 57 121
Net cash used in financing activities (76,971) (261,352)
Net (decrease) increase in cash and cash equivalents and restricted cash (232,509) 241,323
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 1,029,075 1,262,480
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 783,596 1,000,362
Restricted cash at end of period 245,479 262,118
Cash and cash equivalents and restricted cash at end of period 1,029,075 1,262,480
Supplemental Disclosure of Cash Flow Information:    
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums 236,892 306,001
Cash payments for income taxes 6,010 8,728
Non-Cash Information:    
Redeemable Class A unit measurement adjustment (180,547) (58,159)
Write-off of fully depreciated assets (78,360) (46,164)
Change in fair value of consolidated interest rate hedges and other (49,539) 2,433
Accrued capital expenditures included in accounts payable and accrued expenses 31,669 64,072
Reclassification of assets held for sale (included in "other assets") 15,279 0
Initial investment in Sunset Pier 94 Joint Venture upon contribution of leasehold interest 0 50,090
Decrease in assets and liabilities resulting from the deconsolidation of Pier 94:    
Real estate 0 21,693
Right-of-use assets 0 7,081
Lease liabilities $ 0 $ (20,692)