☒
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the Fiscal Year Ended:
|
December 31, 2019
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the transition period from
|
|
to
|
|
Commission File Number:
|
001-11954
|
(Vornado Realty Trust)
|
Commission File Number:
|
001-34482
|
(Vornado Realty L.P.)
|
|
|
|
Vornado Realty Trust
|
|
Maryland
|
|
22-1657560
|
|
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification Number)
|
|
|
|
|
|
Vornado Realty L.P.
|
|
Delaware
|
|
13-3925979
|
|
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification Number)
|
888 Seventh Avenue,
|
New York,
|
New York
|
10019
|
(Address of principal executive offices) (Zip Code)
|
(212)
|
894-7000
|
(Registrants’ telephone number, including area code)
|
N/A
|
|
(Former name, former address and former fiscal year, if changed since last report)
|
Registrant
|
|
Title of Each Class
|
|
Trading Symbol(s)
|
|
Name of Exchange on Which Registered
|
Vornado Realty Trust
|
|
Common Shares of beneficial interest, $.04 par value per share
|
|
VNO
|
|
New York Stock Exchange
|
|
|
Cumulative Redeemable Preferred Shares of beneficial
interest, liquidation preference $25.00 per share: |
|
|
|
|
Vornado Realty Trust
|
|
5.70% Series K
|
|
VNO/PK
|
|
New York Stock Exchange
|
Vornado Realty Trust
|
|
5.40% Series L
|
|
VNO/PL
|
|
New York Stock Exchange
|
Vornado Realty Trust
|
|
5.25% Series M
|
|
VNO/PM
|
|
New York Stock Exchange
|
Registrant
|
|
Title of Each Class
|
Vornado Realty Trust
|
|
Series A Convertible Preferred Shares of beneficial interest, liquidation preference $50.00 per share
|
Vornado Realty L.P.
|
|
Class A Units of Limited Partnership Interest
|
|
☑
|
Large Accelerated Filer
|
☐
|
Accelerated Filer
|
|
☐
|
Non-Accelerated Filer
|
☐
|
Smaller Reporting Company
|
|
|
|
☐
|
Emerging Growth Company
|
|
☐
|
Large Accelerated Filer
|
☐
|
Accelerated Filer
|
|
☑
|
Non-Accelerated Filer
|
☐
|
Smaller Reporting Company
|
|
|
|
☐
|
Emerging Growth Company
|
•
|
enhances investors’ understanding of Vornado and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
|
•
|
eliminates duplicative disclosure and provides a more streamlined and readable presentation because a substantial portion of the disclosure applies to both Vornado and the Operating Partnership; and
|
•
|
creates time and cost efficiencies in the preparation of one combined report instead of two separate reports.
|
•
|
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities;
|
•
|
Item 6. Selected Financial Data;
|
•
|
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations includes information specific to each entity, where applicable; and
|
•
|
Item 8. Financial Statements and Supplementary Data which includes the following specific disclosures for Vornado Realty Trust and Vornado Realty L.P.:
|
•
|
Note 11. Redeemable Noncontrolling Interests/Redeemable Partnership Units
|
•
|
Note 12. Shareholders' Equity/Partners' Capital
|
•
|
Note 15. Stock-based Compensation
|
•
|
Note 19. Income Per Share/Income Per Class A Unit
|
•
|
Note 24. Summary of Quarterly Results (Unaudited)
|
|
Item
|
|
Financial Information:
|
|
Page Number
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
(1)
|
These items are omitted in whole or in part because Vornado, the Operating Partnership’s sole general partner, will file a definitive Proxy Statement pursuant to Regulation 14A under the Securities Exchange Act of 1934 with the Securities and Exchange Commission no later than 120 days after December 31, 2019, portions of which are incorporated by reference herein.
|
ITEM 1.
|
BUSINESS
|
•
|
19.1 million square feet of Manhattan office in 35 properties;
|
•
|
2.3 million square feet of Manhattan street retail in 70 properties;
|
•
|
1,991 units in 10 residential properties;
|
•
|
The 1,700 room Hotel Pennsylvania located on Seventh Avenue at 33rd Street in the heart of the Penn District; and
|
•
|
A 32.4% interest in Alexander’s, Inc. (“Alexander’s”) (NYSE: ALX), which owns seven properties in the greater New York metropolitan area, including 731 Lexington Avenue, the 1.3 million square foot Bloomberg, L.P. headquarters building.
|
•
|
The 3.7 million square foot theMART in Chicago;
|
•
|
A 70% controlling interest in 555 California Street, a three-building office complex in San Francisco’s financial district aggregating 1.8 million square feet;
|
•
|
A 25.0% interest in Vornado Capital Partners, our real estate fund (the "Fund"). We are the general partner and investment manager of the Fund; and
|
•
|
Other real estate and investments.
|
•
|
maintaining a superior team of operating and investment professionals and an entrepreneurial spirit;
|
•
|
investing in properties in select markets, such as New York City, where we believe there is a high likelihood of capital appreciation;
|
•
|
acquiring quality properties at a discount to replacement cost and where there is a significant potential for higher rents;
|
•
|
developing and redeveloping our existing properties to increase returns and maximize value; and
|
•
|
investing in operating companies that have a significant real estate component.
|
•
|
$1.61 billion net proceeds from the sale of 54 condominium units at 220 Central Park South;
|
•
|
$168 million sale of all of our 18,468,969 common shares of Lexington Realty Trust;
|
•
|
$109 million conversion and sale of all of our 5,717,184 partnership units of Urban Edge Properties;
|
•
|
$100 million sale of our 25% interest in 330 Madison Avenue; and
|
•
|
$50 million sale of 3040 M Street.
|
•
|
$1.50 billion unsecured revolving credit facilities (increased from $1.25 billion) extended to March 2024, lowering the interest
|
•
|
$800 million refinancing of 650 Madison Avenue ($161 million at our 20.1% interest);
|
•
|
$580 million refinancing of 100 West 33rd Street;
|
•
|
$575 million mortgage loan repayment on PENN2 with proceeds from our unsecured revolving credit facilities;
|
•
|
$500 million financing of 640 Fifth Avenue ($260 million at our 52% interest) with proceeds used for the redemption of our
|
•
|
$400 million redemption of all of the outstanding 5.00% senior unsecured notes;
|
•
|
$375 million mortgage loan on 888 Seventh Avenue extended to December 2025;
|
•
|
$168 million refinancing of 61 Ninth Avenue ($76 million at our 45.1% interest);
|
•
|
$146 million refinancing of 512 West 22nd Street ($80 million at our 55% interest);
|
•
|
$145 million refinancing of Lucida ($36 million at our 25% interest);
|
•
|
$96 million refinancing of 435 Seventh Avenue;
|
•
|
$86 million refinancing of 50-70 West 93rd Street ($43 million at our 49.9% interest);
|
•
|
$75 million refinancing of 606 Broadway ($38 million at our 50% interest);
|
•
|
$60 million refinancing of 825 Seventh Avenue ($30 million at our 50% interest); and
|
•
|
$737 million which fully repaid the $950 million 220 Central Park South loan.
|
ITEM 1A.
|
RISK FACTORS
|
•
|
financial performance and productivity of the media, advertising, professional services, financial, technology, retail, insurance and real estate industries;
|
•
|
business layoffs or downsizing;
|
•
|
industry slowdowns;
|
•
|
relocations of businesses;
|
•
|
changing demographics;
|
•
|
increased telecommuting and use of alternative work places;
|
•
|
changes in the number of domestic and international tourists to our markets (including as a result of changes in the relative strengths of world currencies);
|
•
|
infrastructure quality;
|
•
|
changes in rates or the treatment of the deductibility of state and local taxes; and
|
•
|
any oversupply of, or reduced demand for, real estate.
|
•
|
global, national, regional and local economic conditions;
|
•
|
competition from other available space;
|
•
|
local conditions such as an oversupply of space or a reduction in demand for real estate in the area;
|
•
|
how well we manage our properties;
|
•
|
the development and/or redevelopment of our properties;
|
•
|
changes in market rental rates;
|
•
|
the timing and costs associated with property improvements and rentals;
|
•
|
whether we are able to pass all or portions of any increases in operating costs through to tenants;
|
•
|
changes in real estate taxes and other expenses;
|
•
|
the ability of state and local governments to operate within their budgets;
|
•
|
whether tenants and users such as customers and shoppers consider a property attractive;
|
•
|
changes in consumer preferences adversely affecting retailers and retail store values;
|
•
|
changes in space utilization by our tenants due to technology, economic conditions and business environment;
|
•
|
the financial condition of our tenants, including the extent of tenant bankruptcies or defaults;
|
•
|
consequences of any armed conflict involving, or terrorist attacks against, the United States or individual acts of violence in public spaces;
|
•
|
trends in office real estate;
|
•
|
the impact on our retail tenants and demand for retail space at our properties due to increased competition from online shopping;
|
•
|
availability of financing on acceptable terms or at all;
|
•
|
inflation or deflation;
|
•
|
fluctuations in interest rates;
|
•
|
our ability to obtain adequate insurance;
|
•
|
changes in zoning laws and taxation;
|
•
|
government regulation;
|
•
|
potential liability under environmental or other laws or regulations;
|
•
|
natural disasters;
|
•
|
general competitive factors; and
|
•
|
climate changes.
|
•
|
even if we enter into an acquisition agreement for a property, we may be unable to complete that acquisition after making a non-refundable deposit and incurring certain other acquisition-related costs;
|
•
|
we may be unable to obtain or assume financing for acquisitions on favorable terms or at all;
|
•
|
acquired properties may fail to perform as expected;
|
•
|
the actual costs of repositioning, redeveloping or maintaining acquired properties may be greater than our estimates and may require significantly greater time and attention of management than anticipated;
|
•
|
the acquisition agreement will likely contain conditions to closing, including completion of due diligence investigations to our satisfaction or other conditions that are not within our control, which may not be satisfied;
|
•
|
acquired properties may be located in new markets where we may face risks associated with a lack of market knowledge or understanding of the local economy, lack of business relationships in the area, costs associated with opening a new regional office and unfamiliarity with local governmental and permitting procedures;
|
•
|
we may acquire real estate through the acquisition of the ownership entity subjecting us to the risks of that entity and we may be exposed to the liabilities of properties or companies acquired, some of which we may not be aware of at the time of acquisition; and
|
•
|
we may be unable to quickly and efficiently integrate new acquisitions, particularly acquisitions of portfolios of properties, into our existing operations, and this could have an adverse effect on our results of operations and financial condition.
|
•
|
cause Vornado to issue additional authorized but unissued common shares or preferred shares;
|
•
|
classify or reclassify, in one or more series, any unissued preferred shares;
|
•
|
set the preferences, rights and other terms of any classified or reclassified shares that Vornado issues; and
|
•
|
increase, without shareholder approval, the number of shares of beneficial interest that Vornado may issue.
|
•
|
our financial condition and performance;
|
•
|
the financial condition of our tenants, including the extent of tenant bankruptcies or defaults;
|
•
|
actual or anticipated quarterly fluctuations in our operating results and financial condition;
|
•
|
our dividend policy;
|
•
|
the reputation of REITs and real estate investments generally and the attractiveness of REIT equity securities in comparison to other equity securities, including securities issued by other real estate companies, and fixed income securities;
|
•
|
uncertainty and volatility in the equity and credit markets;
|
•
|
fluctuations in interest rates;
|
•
|
changes in revenue or earnings estimates or publication of research reports and recommendations by financial analysts or actions taken by rating agencies with respect to our securities or those of other REITs;
|
•
|
failure to meet analysts’ revenue or earnings estimates;
|
•
|
speculation in the press or investment community;
|
•
|
strategic actions by us or our competitors, such as acquisitions or restructurings;
|
•
|
the extent of institutional investor interest in us;
|
•
|
the extent of short-selling of Vornado common shares and the shares of our competitors;
|
•
|
fluctuations in the stock price and operating results of our competitors;
|
•
|
general financial and economic market conditions and, in particular, developments related to market conditions for REITs and other real estate related companies;
|
•
|
domestic and international economic factors unrelated to our performance;
|
•
|
changes in tax laws and rules; and
|
•
|
all other risk factors addressed elsewhere in this Annual Report on Form 10-K.
|
ITEM 1B.
|
UNRESOLVED STAFF COMMENTS
|
|
|
|
|
|
|
|
|
|
Square Feet
|
||||||||
NEW YORK SEGMENT
Property
|
|
%
Ownership |
|
Type
|
|
%
Occupancy |
|
In Service
|
|
Under
Development
or Not
Available
for Lease
|
|
Total
Property
|
|||||
PENN1 (ground leased through 2098)(1)
|
|
100.0
|
%
|
|
Office / Retail
|
|
90.4
|
%
|
|
2,206,000
|
|
|
339,000
|
|
|
2,545,000
|
|
1290 Avenue of the Americas
|
|
70.0
|
%
|
|
Office / Retail
|
|
98.5
|
%
|
|
2,117,000
|
|
|
—
|
|
|
2,117,000
|
|
PENN2
|
|
100.0
|
%
|
|
Office / Retail
|
|
100.0
|
%
|
|
1,232,000
|
|
|
383,000
|
|
|
1,615,000
|
|
909 Third Avenue (ground leased through 2063)(1)
|
|
100.0
|
%
|
|
Office
|
|
98.6
|
%
|
|
1,352,000
|
|
|
—
|
|
|
1,352,000
|
|
Independence Plaza, Tribeca (1,327 units)(2)
|
|
50.1
|
%
|
|
Retail / Residential
|
|
100.0
|
%
|
(3)
|
1,241,000
|
|
|
16,000
|
|
|
1,257,000
|
|
280 Park Avenue(2)
|
|
50.0
|
%
|
|
Office / Retail
|
|
97.4
|
%
|
|
1,262,000
|
|
|
—
|
|
|
1,262,000
|
|
770 Broadway
|
|
100.0
|
%
|
|
Office / Retail
|
|
99.3
|
%
|
|
1,182,000
|
|
|
—
|
|
|
1,182,000
|
|
PENN11
|
|
100.0
|
%
|
|
Office / Retail
|
|
99.8
|
%
|
|
1,153,000
|
|
|
—
|
|
|
1,153,000
|
|
90 Park Avenue
|
|
100.0
|
%
|
|
Office / Retail
|
|
98.8
|
%
|
|
956,000
|
|
|
—
|
|
|
956,000
|
|
One Park Avenue(2)
|
|
55.0
|
%
|
|
Office / Retail
|
|
100.0
|
%
|
|
943,000
|
|
|
—
|
|
|
943,000
|
|
888 Seventh Avenue (ground leased through 2067)(1)
|
|
100.0
|
%
|
|
Office / Retail
|
|
92.7
|
%
|
|
885,000
|
|
|
—
|
|
|
885,000
|
|
100 West 33rd Street
|
|
100.0
|
%
|
|
Office
|
|
100.0
|
%
|
|
859,000
|
|
|
—
|
|
|
859,000
|
|
Farley Office and Retail Building
(ground and building leased through 2116)(1)
|
|
95.0
|
%
|
|
Office / Retail
|
|
(4
|
)
|
|
—
|
|
|
844,000
|
|
|
844,000
|
|
330 West 34th Street (65.2% ground leased through 2149)(1)
|
|
100.0
|
%
|
|
Office / Retail
|
|
98.6
|
%
|
|
724,000
|
|
|
—
|
|
|
724,000
|
|
85 Tenth Avenue(2)
|
|
49.9
|
%
|
|
Office / Retail
|
|
100.0
|
%
|
|
627,000
|
|
|
—
|
|
|
627,000
|
|
650 Madison Avenue(2)
|
|
20.1
|
%
|
|
Office / Retail
|
|
98.0
|
%
|
|
601,000
|
|
|
—
|
|
|
601,000
|
|
350 Park Avenue
|
|
100.0
|
%
|
|
Office / Retail
|
|
97.8
|
%
|
|
571,000
|
|
|
—
|
|
|
571,000
|
|
150 East 58th Street(5)
|
|
100.0
|
%
|
|
Office / Retail
|
|
98.5
|
%
|
|
543,000
|
|
|
—
|
|
|
543,000
|
|
7 West 34th Street(2)
|
|
53.0
|
%
|
|
Office / Retail
|
|
100.0
|
%
|
|
477,000
|
|
|
—
|
|
|
477,000
|
|
33-00 Northern Boulevard (Center Building)
|
|
100.0
|
%
|
|
Office
|
|
95.5
|
%
|
|
471,000
|
|
|
—
|
|
|
471,000
|
|
595 Madison Avenue
|
|
100.0
|
%
|
|
Office / Retail
|
|
89.8
|
%
|
|
329,000
|
|
|
—
|
|
|
329,000
|
|
640 Fifth Avenue(2)
|
|
52.0
|
%
|
|
Office / Retail
|
|
96.2
|
%
|
|
315,000
|
|
|
—
|
|
|
315,000
|
|
50-70 W 93rd Street (325 units)(2)
|
|
49.9
|
%
|
|
Residential
|
|
96.6
|
%
|
|
283,000
|
|
|
—
|
|
|
283,000
|
|
Manhattan Mall
|
|
100.0
|
%
|
|
Retail
|
|
99.0
|
%
|
|
256,000
|
|
|
—
|
|
|
256,000
|
|
40 Fulton Street
|
|
100.0
|
%
|
|
Office / Retail
|
|
79.9
|
%
|
|
251,000
|
|
|
—
|
|
|
251,000
|
|
4 Union Square South
|
|
100.0
|
%
|
|
Retail
|
|
91.3
|
%
|
|
206,000
|
|
|
—
|
|
|
206,000
|
|
260 Eleventh Avenue (ground leased through 2114)(1)
|
|
100.0
|
%
|
|
Office
|
|
100.0
|
%
|
|
184,000
|
|
|
—
|
|
|
184,000
|
|
512 W 22nd Street(2)
|
|
55.0
|
%
|
|
Office
|
|
100.0
|
%
|
|
20,000
|
|
|
153,000
|
|
|
173,000
|
|
825 Seventh Avenue
|
|
51.2
|
%
|
|
Office (2) / Retail
|
|
(4
|
)
|
|
—
|
|
|
169,000
|
|
|
169,000
|
|
61 Ninth Avenue (ground leased through 2115)(1)(2)
|
|
45.1
|
%
|
|
Office / Retail
|
|
100.0
|
%
|
|
166,000
|
|
|
—
|
|
|
166,000
|
|
1540 Broadway(2)
|
|
52.0
|
%
|
|
Retail
|
|
100.0
|
%
|
|
161,000
|
|
|
—
|
|
|
161,000
|
|
608 Fifth Avenue (ground leased through 2033)(1)(6)
|
|
100.0
|
%
|
|
Office / Retail
|
|
92.4
|
%
|
|
93,000
|
|
|
44,000
|
|
|
137,000
|
|
Paramus
|
|
100.0
|
%
|
|
Office
|
|
87.2
|
%
|
|
129,000
|
|
|
—
|
|
|
129,000
|
|
666 Fifth Avenue (2)(7)
|
|
52.0
|
%
|
|
Retail
|
|
100.0
|
%
|
|
114,000
|
|
|
—
|
|
|
114,000
|
|
1535 Broadway(2)
|
|
52.0
|
%
|
|
Retail / Theatre
|
|
98.2
|
%
|
|
107,000
|
|
|
—
|
|
|
107,000
|
|
57th Street (2 buildings)(2)
|
|
50.0
|
%
|
|
Office / Retail
|
|
70.0
|
%
|
|
103,000
|
|
|
—
|
|
|
103,000
|
|
689 Fifth Avenue(2)
|
|
52.0
|
%
|
|
Office / Retail
|
|
85.3
|
%
|
|
98,000
|
|
|
—
|
|
|
98,000
|
|
478-486 Broadway (2 buildings) (10 units)
|
|
100.0
|
%
|
|
Retail / Residential
|
|
100.0
|
%
|
(3)
|
35,000
|
|
|
50,000
|
|
|
85,000
|
|
150 West 34th Street
|
|
100.0
|
%
|
|
Retail
|
|
100.0
|
%
|
|
78,000
|
|
|
—
|
|
|
78,000
|
|
510 Fifth Avenue
|
|
100.0
|
%
|
|
Retail
|
|
100.0
|
%
|
|
66,000
|
|
|
—
|
|
|
66,000
|
|
655 Fifth Avenue(2)
|
|
50.0
|
%
|
|
Retail
|
|
100.0
|
%
|
|
57,000
|
|
|
—
|
|
|
57,000
|
|
155 Spring Street
|
|
100.0
|
%
|
|
Retail
|
|
97.3
|
%
|
|
50,000
|
|
|
—
|
|
|
50,000
|
|
435 Seventh Avenue
|
|
100.0
|
%
|
|
Retail
|
|
100.0
|
%
|
|
43,000
|
|
|
—
|
|
|
43,000
|
|
|
|
|
|
|
|
|
|
Square Feet
|
||||||||||
NEW YORK SEGMENT – CONTINUED
Property
|
|
%
Ownership |
|
Type
|
|
%
Occupancy |
|
In Service
|
|
Under
Development or Not Available for Lease |
|
Total
Property |
||||||
692 Broadway
|
|
100.0
|
%
|
|
Retail
|
|
|
100.0
|
%
|
|
36,000
|
|
|
—
|
|
|
36,000
|
|
606 Broadway
|
|
50.0
|
%
|
|
Office / Retail
|
|
|
100.0
|
%
|
|
36,000
|
|
|
—
|
|
|
36,000
|
|
697-703 Fifth Avenue(2)
|
|
44.8
|
%
|
|
Retail
|
|
|
100.0
|
%
|
|
26,000
|
|
|
—
|
|
|
26,000
|
|
715 Lexington Avenue
|
|
100.0
|
%
|
|
Retail
|
|
|
100.0
|
%
|
|
16,000
|
|
|
6,000
|
|
|
22,000
|
|
1131 Third Avenue
|
|
100.0
|
%
|
|
Retail
|
|
|
100.0
|
%
|
|
23,000
|
|
|
—
|
|
|
23,000
|
|
759-771 Madison Avenue (40 East 66th Street (5 units))
|
|
100.0
|
%
|
|
Retail / Residential
|
|
|
66.7
|
%
|
(3)
|
26,000
|
|
|
—
|
|
|
26,000
|
|
131-135 West 33rd Street
|
|
100.0
|
%
|
|
Retail
|
|
|
100.0
|
%
|
|
23,000
|
|
|
—
|
|
|
23,000
|
|
828-850 Madison Avenue
|
|
100.0
|
%
|
|
Retail
|
|
|
42.4
|
%
|
|
14,000
|
|
|
4,000
|
|
|
18,000
|
|
443 Broadway
|
|
100.0
|
%
|
|
Retail
|
|
|
100.0
|
%
|
|
16,000
|
|
|
—
|
|
|
16,000
|
|
334 Canal Street (4 units)
|
|
100.0
|
%
|
|
Retail / Residential
|
|
|
—
|
%
|
(3)
|
15,000
|
|
|
—
|
|
|
15,000
|
|
537 West 26th Street
|
|
100.0
|
%
|
|
Retail
|
|
|
—
|
%
|
|
14,000
|
|
|
—
|
|
|
14,000
|
|
304 Canal Street (4 units)
|
|
100.0
|
%
|
|
Retail / Residential
|
|
|
—
|
%
|
(3)
|
13,000
|
|
|
—
|
|
|
13,000
|
|
677-679 Madison Avenue (8 units)
|
|
100.0
|
%
|
|
Retail / Residential
|
|
|
100.0
|
%
|
(3)
|
13,000
|
|
|
—
|
|
|
13,000
|
|
431 Seventh Avenue
|
|
100.0
|
%
|
|
Retail
|
|
|
100.0
|
%
|
|
10,000
|
|
|
—
|
|
|
10,000
|
|
138-142 West 32nd Street
|
|
100.0
|
%
|
|
Retail
|
|
|
100.0
|
%
|
|
8,000
|
|
|
—
|
|
|
8,000
|
|
148 Spring Street
|
|
100.0
|
%
|
|
Retail
|
|
|
100.0
|
%
|
|
8,000
|
|
|
—
|
|
|
8,000
|
|
339 Greenwich Street
|
|
100.0
|
%
|
|
Retail
|
|
|
100.0
|
%
|
|
8,000
|
|
|
—
|
|
|
8,000
|
|
150 Spring Street (1 unit)
|
|
100.0
|
%
|
|
Retail / Residential
|
|
|
100.0
|
%
|
(3)
|
7,000
|
|
|
—
|
|
|
7,000
|
|
966 Third Avenue
|
|
100.0
|
%
|
|
Retail
|
|
|
100.0
|
%
|
|
7,000
|
|
|
—
|
|
|
7,000
|
|
968 Third Avenue(2)
|
|
50.0
|
%
|
|
Retail
|
|
|
100.0
|
%
|
|
7,000
|
|
|
—
|
|
|
7,000
|
|
488 Eighth Avenue
|
|
100.0
|
%
|
|
Retail
|
|
|
100.0
|
%
|
|
6,000
|
|
|
—
|
|
|
6,000
|
|
137 West 33rd Street
|
|
100.0
|
%
|
|
Retail
|
|
|
100.0
|
%
|
|
3,000
|
|
|
—
|
|
|
3,000
|
|
57th Street (3 properties)(2)
|
|
50.0
|
%
|
|
Land
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
Eighth Avenue and 34th Street (4 properties)
|
|
100.0
|
%
|
|
Land
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
Other (3 buildings)
|
|
100.0
|
%
|
|
Retail
|
|
|
70.0
|
%
|
|
15,000
|
|
|
—
|
|
|
15,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Hotel Pennsylvania
|
|
100.0
|
%
|
|
Hotel
|
|
|
n/a
|
|
|
1,400,000
|
|
|
—
|
|
|
1,400,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Alexander's, Inc.:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
731 Lexington Avenue(2)
|
|
32.4
|
%
|
|
Office / Retail
|
|
|
99.0
|
%
|
|
1,051,000
|
|
|
24,000
|
|
|
1,075,000
|
|
Rego Park II, Queens (6.6 acres)(2)
|
|
32.4
|
%
|
|
Retail
|
|
|
91.5
|
%
|
|
609,000
|
|
|
—
|
|
|
609,000
|
|
Rego Park I, Queens (4.8 acres)(2)
|
|
32.4
|
%
|
|
Retail
|
|
|
100.0
|
%
|
|
148,000
|
|
|
195,000
|
|
|
343,000
|
|
The Alexander Apartment Tower, Queens (312 units)(2)
|
|
32.4
|
%
|
|
Residential
|
|
|
93.6
|
%
|
|
255,000
|
|
|
—
|
|
|
255,000
|
|
Flushing, Queens (1.0 acre ground leased through 2037)(1)(2)
|
|
32.4
|
%
|
|
Retail
|
|
|
100.0
|
%
|
|
167,000
|
|
|
—
|
|
|
167,000
|
|
Paramus, New Jersey (30.3 acres
ground leased to IKEA through 2041)(1)(2)
|
|
32.4
|
%
|
|
Retail
|
|
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
Rego Park III (3.4 acres)(2)
|
|
32.4
|
%
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
Total New York Segment
|
|
|
|
|
|
96.8
|
%
|
|
26,526,000
|
|
|
2,227,000
|
|
|
28,753,000
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Our Ownership Interest
|
|
|
|
|
|
96.7
|
%
|
|
20,953,000
|
|
|
1,876,000
|
|
|
22,829,000
|
|
|
|
|
|
|
|
|
|
Square Feet
|
||||||||||
OTHER SEGMENT
Property
|
|
%
Ownership |
|
Type
|
|
%
Occupancy |
|
In Service
|
|
Under
Development or Not Available for Lease |
|
Total
Property
|
||||||
theMART:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
theMART, Chicago
|
|
100.0
|
%
|
|
Office / Retail / Showroom
|
|
|
94.6
|
%
|
|
3,674,000
|
|
|
—
|
|
|
3,674,000
|
|
Piers 92 and 94 (New York) (ground and building leased through 2110)(1)
|
|
100.0
|
%
|
|
—
|
|
|
—
|
%
|
|
133,000
|
|
|
75,000
|
|
|
208,000
|
|
Other (2 properties)(2)
|
|
50.0
|
%
|
|
Retail
|
|
|
100.0
|
%
|
|
19,000
|
|
|
—
|
|
|
19,000
|
|
Total theMART
|
|
|
|
|
|
|
|
94.6
|
%
|
|
3,826,000
|
|
|
75,000
|
|
|
3,901,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Our Ownership Interest
|
|
|
|
|
|
|
|
94.6
|
%
|
|
3,817,000
|
|
|
75,000
|
|
|
3,892,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
555 California Street:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
555 California Street
|
|
70.0
|
%
|
|
Office / Retail
|
|
|
99.7
|
%
|
|
1,506,000
|
|
|
—
|
|
|
1,506,000
|
|
315 Montgomery Street
|
|
70.0
|
%
|
|
Office / Retail
|
|
|
100.0
|
%
|
|
235,000
|
|
|
—
|
|
|
235,000
|
|
345 Montgomery Street
|
|
70.0
|
%
|
|
Office / Retail
|
|
|
(4
|
)
|
|
—
|
|
|
78,000
|
|
|
78,000
|
|
Total 555 California Street
|
|
|
|
|
|
|
99.8
|
%
|
|
1,741,000
|
|
|
78,000
|
|
|
1,819,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Our Ownership Interest
|
|
|
|
|
|
|
99.8
|
%
|
|
1,218,000
|
|
|
55,000
|
|
|
1,273,000
|
|
Vornado Capital Partners Real Estate Fund ("Fund")(8) :
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Crowne Plaza Times Square, NY (0.64 acres owned in
fee; 0.18 acres ground leased through 2187 and
0.05 acres ground leased through 2035) (1)(9)
|
|
75.3
|
%
|
|
Office / Retail / Hotel
|
|
99.9
|
%
|
|
246,000
|
|
|
—
|
|
|
246,000
|
|
Lucida, 86th Street and Lexington Avenue, NY
(ground leased through 2082)(1) (39 units)
|
|
100.0
|
%
|
|
Retail / Residential
|
|
98.1
|
%
|
(3)
|
155,000
|
|
|
—
|
|
|
155,000
|
|
1100 Lincoln Road, Miami, FL
|
|
100.0
|
%
|
|
Retail / Theatre
|
|
86.5
|
%
|
|
130,000
|
|
|
—
|
|
|
130,000
|
|
501 Broadway, NY
|
|
100.0
|
%
|
|
Retail
|
|
100.0
|
%
|
|
9,000
|
|
|
—
|
|
|
9,000
|
|
Total Real Estate Fund
|
|
|
|
|
|
95.7
|
%
|
|
540,000
|
|
|
—
|
|
|
540,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Our Ownership Interest
|
|
|
|
|
|
96.8
|
%
|
|
155,000
|
|
|
—
|
|
|
155,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rosslyn Plaza (197 units)(2)
|
|
46.2
|
%
|
|
Office / Residential
|
|
67.6
|
%
|
(3)
|
685,000
|
|
|
304,000
|
|
|
989,000
|
|
Fashion Centre Mall(2)
|
|
7.5
|
%
|
|
Retail
|
|
96.9
|
%
|
|
868,000
|
|
|
—
|
|
|
868,000
|
|
Washington Tower(2)
|
|
7.5
|
%
|
|
Office
|
|
75.0
|
%
|
|
170,000
|
|
|
—
|
|
|
170,000
|
|
Wayne Towne Center, Wayne (ground leased through 2064)(1)
|
|
100.0
|
%
|
|
Retail
|
|
100.0
|
%
|
|
682,000
|
|
|
—
|
|
|
682,000
|
|
Annapolis (ground leased through 2042)(1)
|
|
100.0
|
%
|
|
Retail
|
|
100.0
|
%
|
|
128,000
|
|
|
—
|
|
|
128,000
|
|
Total Other
|
|
|
|
|
|
89.9
|
%
|
|
2,533,000
|
|
|
304,000
|
|
|
2,837,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Our Ownership Interest
|
|
|
|
|
|
92.7
|
%
|
|
1,198,000
|
|
|
140,000
|
|
|
1,338,000
|
|
(1)
|
Term assumes all renewal options exercised, if applicable.
|
(2)
|
Denotes property not consolidated in the accompanying consolidated financial statements and related financial data included in the Annual Report on Form 10-K.
|
(3)
|
Excludes residential occupancy statistics.
|
(4)
|
Properties under development or to be developed.
|
(5)
|
Includes 962 Third Avenue (the Annex building to 150 East 58th Street) 50.0% ground leased through 2118(1).
|
(6)
|
In August 2019, we delivered notice to the ground lessor that we will surrender the property in May 2020.
|
(7)
|
75,000 square feet is leased from 666 Fifth Avenue Office Condominium.
|
(8)
|
We own a 25% interest in the Fund. The ownership percentage in this section represents the Fund's ownership in the underlying assets.
|
(9)
|
We own a 32.9% economic interest through the Fund and the Crowne Plaza Joint Venture.
|
Residential:
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
Vornado's Ownership Interest
|
||||||||||
|
As of December 31,
|
|
Number of Units
|
|
Number of Units
|
|
Occupancy
Rate
|
|
Average Monthly
Rent Per Unit
|
||||||
|
2019
|
|
|
1,991
|
|
|
955
|
|
|
97.0
|
%
|
|
$
|
3,889
|
|
|
2018
|
|
|
1,999
|
|
|
963
|
|
|
96.6
|
%
|
|
3,803
|
|
|
|
2017
|
|
|
2,009
|
|
|
981
|
|
|
96.7
|
%
|
|
3,722
|
|
|
|
2016
|
(2)
|
|
2,004
|
|
|
977
|
|
|
95.7
|
%
|
|
3,576
|
|
|
|
2015
|
|
|
1,711
|
|
|
886
|
|
|
95.0
|
%
|
|
3,495
|
|
(1)
|
Reflects the transfer of 45.4% of common equity in the properties contributed to the Fifth Avenue and Times Square JV on April 18, 2019.
|
(2)
|
Includes The Alexander Apartment Tower (32.4% ownership) from the date of stabilization in the third quarter of 2016.
|
Tenant
|
|
Square Feet
Leased
|
|
2019
Revenues |
|
Percentage of
New York
Total
Revenues
|
|
Percentage
of Total
Revenues
|
|||||
IPG and affiliates
|
|
924,000
|
|
|
$
|
62,252,000
|
|
|
3.9
|
%
|
|
3.2
|
%
|
Facebook
|
|
758,000
|
|
|
49,180,000
|
|
|
3.1
|
%
|
|
2.6
|
%
|
|
Macy's
|
|
625,000
|
|
|
42,106,000
|
|
|
2.7
|
%
|
|
2.2
|
%
|
|
AXA Equitable Life Insurance
|
|
481,000
|
|
|
42,492,000
|
|
|
2.7
|
%
|
|
2.2
|
%
|
|
Neuberger Berman Group LLC
|
|
412,000
|
|
|
34,388,000
|
|
|
2.2
|
%
|
|
1.8
|
%
|
|
Ziff Brothers Investments, Inc.
|
|
287,000
|
|
|
32,268,000
|
|
|
2.0
|
%
|
|
1.7
|
%
|
Industry
|
|
Percentage
|
|
Office:
|
|
|
|
Financial Services
|
|
15
|
%
|
Communications
|
|
8
|
%
|
Advertising/Marketing
|
|
7
|
%
|
Technology
|
|
6
|
%
|
Family Apparel
|
|
5
|
%
|
Legal Services
|
|
4
|
%
|
Insurance
|
|
4
|
%
|
Real Estate
|
|
4
|
%
|
Publishing
|
|
3
|
%
|
Government
|
|
3
|
%
|
Engineering, Architect,& Surveying
|
|
3
|
%
|
Banking
|
|
2
|
%
|
Entertainment and Electronics
|
|
2
|
%
|
Health Services
|
|
1
|
%
|
Pharmaceutical
|
|
1
|
%
|
Other
|
|
8
|
%
|
|
|
76
|
%
|
Retail:
|
|
|
|
Family Apparel
|
|
7
|
%
|
Luxury Retail
|
|
4
|
%
|
Women's Apparel
|
|
4
|
%
|
Restaurants
|
|
2
|
%
|
Banking
|
|
2
|
%
|
Department Stores
|
|
1
|
%
|
Discount Stores
|
|
1
|
%
|
Other
|
|
3
|
%
|
|
|
24
|
%
|
|
|
|
|
Total
|
|
100
|
%
|
|
|
Number of Expiring Leases
|
|
Square Feet of Expiring Leases(1)
|
|
Percentage of
New York Square Feet
|
|
Weighted Average Annual
Rent of Expiring Leases
|
|
|||||||
Year
|
|
|
|
|
Total
|
|
Per Square Foot
|
|
||||||||
Office:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Month to month
|
|
10
|
|
39,000
|
|
|
0.3%
|
|
$
|
2,593,000
|
|
|
$
|
66.49
|
|
|
2020
|
|
89
|
|
1,090,000
|
|
|
7.1%
|
|
76,599,000
|
|
|
70.27
|
|
(2)
|
||
2021
|
|
130
|
|
1,106,000
|
|
|
7.2%
|
|
86,140,000
|
|
|
77.88
|
|
|
||
2022
|
|
83
|
|
668,000
|
|
|
4.3%
|
|
43,998,000
|
|
|
65.87
|
|
|
||
2023
|
|
92
|
|
1,986,000
|
|
|
12.9%
|
|
166,729,000
|
|
|
83.95
|
|
|
||
2024
|
|
110
|
|
1,484,000
|
|
|
9.6%
|
|
123,761,000
|
|
|
83.40
|
|
|
||
2025
|
|
62
|
|
797,000
|
|
(3)
|
5.2%
|
|
62,199,000
|
|
|
78.04
|
|
|
||
2026
|
|
82
|
|
1,205,000
|
|
|
7.8%
|
|
92,434,000
|
|
|
76.71
|
|
|
||
2027
|
|
74
|
|
1,094,000
|
|
|
7.1%
|
|
79,658,000
|
|
|
72.81
|
|
|
||
2028
|
|
47
|
|
890,000
|
|
|
5.8%
|
|
62,039,000
|
|
|
69.71
|
|
|
||
2029
|
|
36
|
|
679,000
|
|
|
4.4%
|
|
55,356,000
|
|
|
81.53
|
|
|
||
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Month to month
|
|
16
|
|
29,000
|
|
|
2.1%
|
|
$
|
6,911,000
|
|
|
$
|
238.31
|
|
|
2020
|
|
29
|
|
104,000
|
|
|
7.4%
|
|
22,696,000
|
|
|
218.24
|
|
(4)
|
||
2021
|
|
14
|
|
82,000
|
|
|
5.9%
|
|
9,342,000
|
|
|
113.93
|
|
|
||
2022
|
|
8
|
|
25,000
|
|
|
1.8%
|
|
6,713,000
|
|
|
268.52
|
|
|
||
2023
|
|
20
|
|
159,000
|
|
|
11.4%
|
|
35,669,000
|
|
|
224.33
|
|
|
||
2024
|
|
19
|
|
187,000
|
|
|
13.4%
|
|
44,697,000
|
|
|
239.02
|
|
|
||
2025
|
|
10
|
|
37,000
|
|
|
2.6%
|
|
12,473,000
|
|
|
337.11
|
|
|
||
2026
|
|
14
|
|
71,000
|
|
|
5.1%
|
|
26,134,000
|
|
|
368.08
|
|
|
||
2027
|
|
10
|
|
29,000
|
|
|
2.1%
|
|
20,408,000
|
|
|
703.72
|
|
|
||
2028
|
|
13
|
|
25,000
|
|
|
1.8%
|
|
12,750,000
|
|
|
510.00
|
|
|
||
2029
|
|
14
|
|
201,000
|
|
|
14.4%
|
|
39,579,000
|
|
|
196.91
|
|
|
(1)
|
Excludes storage, vacancy and other.
|
(2)
|
Based on current market conditions, we expect to re-lease this space at rents between $80 to $90 per square foot.
|
(3)
|
Excludes 492,000 square feet leased at 909 Third Avenue to the U.S. Post Office through 2038 (including three 5-year renewal options) for which the annual escalated rent is $13.51 per square foot.
|
(4)
|
Based on current market conditions, we expect to re-lease this space at rents between $200 to $225 per square foot.
|
|
For the Year Ended December 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Hotel Pennsylvania:
|
|
|
|
|
|
|
|
|
|
||||||||||
Average occupancy rate
|
82.1
|
%
|
|
86.4
|
%
|
|
87.3
|
%
|
|
84.7
|
%
|
|
90.7
|
%
|
|||||
Average daily rate
|
$
|
137.67
|
|
|
$
|
138.35
|
|
|
$
|
139.09
|
|
|
$
|
134.38
|
|
|
$
|
147.46
|
|
Revenue per available room
|
113.08
|
|
|
119.47
|
|
|
121.46
|
|
|
113.84
|
|
|
133.69
|
|
ITEM 3.
|
LEGAL PROCEEDINGS
|
ITEM 4.
|
MINE SAFETY DISCLOSURES
|
ITEM 5.
|
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
||||||||||||
Vornado Realty Trust
|
$
|
100
|
|
|
$
|
96
|
|
|
$
|
103
|
|
|
$
|
99
|
|
|
$
|
81
|
|
|
$
|
91
|
|
S&P 500 Index
|
100
|
|
|
101
|
|
|
114
|
|
|
138
|
|
|
132
|
|
|
174
|
|
||||||
The NAREIT All Equity Index
|
100
|
|
|
103
|
|
|
112
|
|
|
121
|
|
|
116
|
|
|
150
|
|
(Amounts in thousands, except per share amounts)
|
For the Year Ended December 31,
|
|
||||||||||||||||||
|
2019(1)
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
||||||||||
Operating Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
REVENUES:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Rental revenues
|
$
|
1,767,222
|
|
|
$
|
2,007,333
|
|
|
$
|
1,948,376
|
|
|
$
|
1,883,656
|
|
|
$
|
1,845,605
|
|
|
Fee and other income
|
157,478
|
|
|
156,387
|
|
|
135,750
|
|
|
120,086
|
|
|
139,890
|
|
|
|||||
Total revenues
|
1,924,700
|
|
|
2,163,720
|
|
|
2,084,126
|
|
|
2,003,742
|
|
|
1,985,495
|
|
|
|||||
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating
|
(917,981
|
)
|
|
(963,478
|
)
|
|
(886,596
|
)
|
|
(844,566
|
)
|
|
(824,511
|
)
|
|
|||||
Depreciation and amortization
|
(419,107
|
)
|
|
(446,570
|
)
|
|
(429,389
|
)
|
|
(421,023
|
)
|
|
(379,803
|
)
|
|
|||||
General and administrative
|
(169,920
|
)
|
|
(141,871
|
)
|
|
(150,782
|
)
|
|
(143,643
|
)
|
|
(148,982
|
)
|
|
|||||
(Expense) benefit from deferred compensation plan liability
|
(11,609
|
)
|
|
2,480
|
|
|
(6,932
|
)
|
|
(5,213
|
)
|
|
(111
|
)
|
|
|||||
Transaction related costs, impairment losses and other
|
(106,538
|
)
|
|
(31,320
|
)
|
|
(1,776
|
)
|
|
(9,451
|
)
|
|
(12,511
|
)
|
|
|||||
Total expenses
|
(1,625,155
|
)
|
|
(1,580,759
|
)
|
|
(1,475,475
|
)
|
|
(1,423,896
|
)
|
|
(1,365,918
|
)
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) from partially owned entities
|
78,865
|
|
|
9,149
|
|
|
15,200
|
|
|
168,948
|
|
|
(9,947
|
)
|
|
|||||
(Loss) income from real estate fund investments
|
(104,082
|
)
|
|
(89,231
|
)
|
|
3,240
|
|
|
(23,602
|
)
|
|
74,081
|
|
|
|||||
Interest and other investment income, net
|
21,819
|
|
|
17,057
|
|
|
30,861
|
|
|
24,335
|
|
|
27,129
|
|
|
|||||
Income (loss) from deferred compensation plan assets
|
11,609
|
|
|
(2,480
|
)
|
|
6,932
|
|
|
5,213
|
|
|
111
|
|
|
|||||
Interest and debt expense
|
(286,623
|
)
|
|
(347,949
|
)
|
|
(345,654
|
)
|
|
(330,240
|
)
|
|
(309,298
|
)
|
|
|||||
Net gain on transfer to Fifth Avenue and Times Square JV
|
2,571,099
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|||||
Purchase price fair value adjustment
|
—
|
|
|
44,060
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|||||
Net gains on disposition of wholly owned and partially owned assets
|
845,499
|
|
|
246,031
|
|
|
501
|
|
|
160,433
|
|
|
149,417
|
|
|
|||||
Income before income taxes
|
3,437,731
|
|
|
459,598
|
|
|
319,731
|
|
|
584,933
|
|
|
551,070
|
|
|
|||||
Income tax (expense) benefit
|
(103,439
|
)
|
|
(37,633
|
)
|
|
(42,375
|
)
|
|
(7,923
|
)
|
|
84,849
|
|
|
|||||
Income from continuing operations
|
3,334,292
|
|
|
421,965
|
|
|
277,356
|
|
|
577,010
|
|
|
635,919
|
|
|
|||||
(Loss) income from discontinued operations
|
(30
|
)
|
|
638
|
|
|
(13,228
|
)
|
|
404,912
|
|
|
223,511
|
|
|
|||||
Net income
|
3,334,262
|
|
|
422,603
|
|
|
264,128
|
|
|
981,922
|
|
|
859,430
|
|
|
|||||
Less net loss (income) attributable to noncontrolling interests in:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Consolidated subsidiaries
|
24,547
|
|
|
53,023
|
|
|
(25,802
|
)
|
|
(21,351
|
)
|
|
(55,765
|
)
|
|
|||||
Operating Partnership
|
(210,872
|
)
|
|
(25,672
|
)
|
|
(10,910
|
)
|
|
(53,654
|
)
|
|
(43,231
|
)
|
|
|||||
Net income attributable to Vornado
|
3,147,937
|
|
|
449,954
|
|
|
227,416
|
|
|
906,917
|
|
|
760,434
|
|
|
|||||
Preferred share dividends
|
(50,131
|
)
|
|
(50,636
|
)
|
|
(65,399
|
)
|
|
(75,903
|
)
|
|
(80,578
|
)
|
|
|||||
Preferred share issuance costs
|
—
|
|
|
(14,486
|
)
|
|
—
|
|
|
(7,408
|
)
|
|
—
|
|
|
|||||
NET INCOME attributable to common shareholders
|
$
|
3,097,806
|
|
|
$
|
384,832
|
|
|
$
|
162,017
|
|
|
$
|
823,606
|
|
|
$
|
679,856
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Per Share Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from continuing operations, net - basic
|
$
|
16.23
|
|
|
$
|
2.02
|
|
|
$
|
0.92
|
|
|
$
|
2.35
|
|
|
$
|
2.49
|
|
|
Income from continuing operations, net - diluted
|
16.21
|
|
|
2.01
|
|
|
0.91
|
|
|
2.34
|
|
|
2.48
|
|
|
|||||
Net income per common share - basic
|
16.23
|
|
|
2.02
|
|
|
0.85
|
|
|
4.36
|
|
|
3.61
|
|
|
|||||
Net income per common share - diluted
|
16.21
|
|
|
2.01
|
|
|
0.85
|
|
|
4.34
|
|
|
3.59
|
|
|
|||||
Aggregate quarterly dividends
|
2.64
|
|
|
2.52
|
|
|
2.62
|
|
(2)
|
2.52
|
|
|
2.52
|
|
(3)
|
|||||
Special dividend declared on December 18, 2019
|
1.95
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
18,287,013
|
|
|
$
|
17,180,794
|
|
|
$
|
17,397,934
|
|
|
$
|
20,814,847
|
|
|
$
|
21,143,293
|
|
|
Real estate, at cost
|
13,074,012
|
|
|
16,237,883
|
|
|
14,756,295
|
|
|
14,187,820
|
|
|
13,545,295
|
|
|
|||||
Accumulated depreciation and amortization
|
(3,015,958
|
)
|
|
(3,180,175
|
)
|
|
(2,885,283
|
)
|
|
(2,581,514
|
)
|
|
(2,356,728
|
)
|
|
|||||
Debt, net
|
7,406,609
|
|
|
9,836,621
|
|
|
9,729,487
|
|
|
9,446,670
|
|
|
9,095,670
|
|
|
|||||
Total equity
|
7,310,978
|
|
|
5,107,883
|
|
|
5,007,701
|
|
|
7,618,496
|
|
|
7,476,078
|
|
|
(1)
|
Reflects the transfer of 45.4% of common equity in the properties contributed to the Fifth Avenue and Times Square JV on April 18, 2019.
|
(2)
|
Post spin-off of JBG SMITH Properties (NYSE: JBGS) on July 17, 2017.
|
(3)
|
Post spin-off of Urban Edge Properties (NYSE: UE) on January 15, 2015.
|
(Amounts in thousands)
|
For the Year Ended December 31,
|
||||||||||||||||||
|
2019(1)
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Other Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Funds From Operations ("FFO")(2):
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income attributable to common shareholders
|
$
|
3,097,806
|
|
|
$
|
384,832
|
|
|
$
|
162,017
|
|
|
$
|
823,606
|
|
|
$
|
679,856
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
FFO adjustments:
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization of real property
|
389,024
|
|
|
413,091
|
|
|
467,966
|
|
|
531,620
|
|
|
514,085
|
|
|||||
Net gains on sale of real estate
|
(178,711
|
)
|
|
(158,138
|
)
|
|
(3,797
|
)
|
|
(177,023
|
)
|
|
(289,117
|
)
|
|||||
Real estate impairment losses
|
32,001
|
|
|
12,000
|
|
|
—
|
|
|
160,700
|
|
|
256
|
|
|||||
Net gain on transfer to Fifth Avenue and Times Square JV on April 18, 2019, net of $11,945 attributable to noncontrolling interests
|
(2,559,154
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net gain from sale of Urban Edge ("UE") common shares (sold on March 4, 2019)
|
(62,395
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Decrease (increase) in fair value of marketable securities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Pennsylvania Real Estate Investment Trust ("PREIT")
|
21,649
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Lexington Realty Trust ("Lexington") (sold on March 1, 2019)
|
(16,068
|
)
|
|
26,596
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
(48
|
)
|
|
(143
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
After-tax purchase price fair value adjustment on depreciable real estate
|
—
|
|
|
(27,289
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Proportionate share of adjustments to equity in net income (loss) of partially owned entities to arrive at FFO:
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization of real property
|
134,706
|
|
|
101,591
|
|
|
137,000
|
|
|
154,795
|
|
|
143,960
|
|
|||||
Net gains on sale of real estate
|
—
|
|
|
(3,998
|
)
|
|
(17,777
|
)
|
|
(2,853
|
)
|
|
(4,513
|
)
|
|||||
Real estate impairment losses
|
—
|
|
|
—
|
|
|
7,692
|
|
|
6,328
|
|
|
16,758
|
|
|||||
Decrease in fair value of marketable securities
|
2,852
|
|
|
3,882
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
(2,236,144
|
)
|
|
367,592
|
|
|
591,084
|
|
|
673,567
|
|
|
381,429
|
|
|||||
Noncontrolling interests' share of above adjustments
|
141,679
|
|
|
(22,746
|
)
|
|
(36,420
|
)
|
|
(41,267
|
)
|
|
(22,342
|
)
|
|||||
FFO adjustments, net
|
(2,094,465
|
)
|
|
344,846
|
|
|
554,664
|
|
|
632,300
|
|
|
359,087
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
FFO attributable to common shareholders
|
1,003,341
|
|
|
729,678
|
|
|
716,681
|
|
|
1,455,906
|
|
|
1,038,943
|
|
|||||
Convertible preferred share dividends
|
57
|
|
|
62
|
|
|
77
|
|
|
86
|
|
|
92
|
|
|||||
Earnings allocated to Out-Performance Plan units
|
—
|
|
|
—
|
|
|
1,047
|
|
|
1,591
|
|
|
—
|
|
|||||
FFO attributable to common shareholders plus assumed conversions(1)
|
$
|
1,003,398
|
|
|
$
|
729,740
|
|
|
$
|
717,805
|
|
|
$
|
1,457,583
|
|
|
$
|
1,039,035
|
|
(1)
|
Reflects the transfer of 45.4% of common equity in the properties contributed to the Fifth Avenue and Times Square JV on April 18, 2019.
|
(2)
|
FFO is computed in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”). NAREIT defines FFO as GAAP net income or loss adjusted to exclude net gains from sales of depreciable real estate assets, real estate impairment losses, depreciation and amortization expense from real estate assets and other specified items, including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO and FFO per diluted share are non-GAAP financial measures used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. FFO does not represent cash generated from operating activities and is not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income as a performance measure or cash flow as a liquidity measure. FFO may not be comparable to similarly titled measures employed by other companies.
|
(Amounts in thousands, except per unit amounts)
|
For the Year Ended December 31,
|
|
||||||||||||||||||
|
2019(1)
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
||||||||||
Operating Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
REVENUES:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Rental revenues
|
$
|
1,767,222
|
|
|
$
|
2,007,333
|
|
|
$
|
1,948,376
|
|
|
$
|
1,883,656
|
|
|
$
|
1,845,605
|
|
|
Fee and other income
|
157,478
|
|
|
156,387
|
|
|
135,750
|
|
|
120,086
|
|
|
139,890
|
|
|
|||||
Total revenues
|
1,924,700
|
|
|
2,163,720
|
|
|
2,084,126
|
|
|
2,003,742
|
|
|
1,985,495
|
|
|
|||||
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating
|
(917,981
|
)
|
|
(963,478
|
)
|
|
(886,596
|
)
|
|
(844,566
|
)
|
|
(824,511
|
)
|
|
|||||
Depreciation and amortization
|
(419,107
|
)
|
|
(446,570
|
)
|
|
(429,389
|
)
|
|
(421,023
|
)
|
|
(379,803
|
)
|
|
|||||
General and administrative
|
(169,920
|
)
|
|
(141,871
|
)
|
|
(150,782
|
)
|
|
(143,643
|
)
|
|
(148,982
|
)
|
|
|||||
(Expense) benefit from deferred compensation plan liability
|
(11,609
|
)
|
|
2,480
|
|
|
(6,932
|
)
|
|
(5,213
|
)
|
|
(111
|
)
|
|
|||||
Transaction related costs, impairment losses and other
|
(106,538
|
)
|
|
(31,320
|
)
|
|
(1,776
|
)
|
|
(9,451
|
)
|
|
(12,511
|
)
|
|
|||||
Total expenses
|
(1,625,155
|
)
|
|
(1,580,759
|
)
|
|
(1,475,475
|
)
|
|
(1,423,896
|
)
|
|
(1,365,918
|
)
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) from partially owned entities
|
78,865
|
|
|
9,149
|
|
|
15,200
|
|
|
168,948
|
|
|
(9,947
|
)
|
|
|||||
(Loss) income from real estate fund investments
|
(104,082
|
)
|
|
(89,231
|
)
|
|
3,240
|
|
|
(23,602
|
)
|
|
74,081
|
|
|
|||||
Interest and other investment income, net
|
21,819
|
|
|
17,057
|
|
|
30,861
|
|
|
24,335
|
|
|
27,129
|
|
|
|||||
Income (loss) from deferred compensation plan assets
|
11,609
|
|
|
(2,480
|
)
|
|
6,932
|
|
|
5,213
|
|
|
111
|
|
|
|||||
Interest and debt expense
|
(286,623
|
)
|
|
(347,949
|
)
|
|
(345,654
|
)
|
|
(330,240
|
)
|
|
(309,298
|
)
|
|
|||||
Net gain on transfer to Fifth Avenue and Times Square JV
|
2,571,099
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|||||
Purchase price fair value adjustment
|
—
|
|
|
44,060
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|||||
Net gains on disposition of wholly owned and partially owned assets
|
845,499
|
|
|
246,031
|
|
|
501
|
|
|
160,433
|
|
|
149,417
|
|
|
|||||
Income before income taxes
|
3,437,731
|
|
|
459,598
|
|
|
319,731
|
|
|
584,933
|
|
|
551,070
|
|
|
|||||
Income tax (expense) benefit
|
(103,439
|
)
|
|
(37,633
|
)
|
|
(42,375
|
)
|
|
(7,923
|
)
|
|
84,849
|
|
|
|||||
Income from continuing operations
|
3,334,292
|
|
|
421,965
|
|
|
277,356
|
|
|
577,010
|
|
|
635,919
|
|
|
|||||
(Loss) income from discontinued operations
|
(30
|
)
|
|
638
|
|
|
(13,228
|
)
|
|
404,912
|
|
|
223,511
|
|
|
|||||
Net income
|
3,334,262
|
|
|
422,603
|
|
|
264,128
|
|
|
981,922
|
|
|
859,430
|
|
|
|||||
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries
|
24,547
|
|
|
53,023
|
|
|
(25,802
|
)
|
|
(21,351
|
)
|
|
(55,765
|
)
|
|
|||||
Net income attributable to Vornado Realty L.P.
|
3,358,809
|
|
|
475,626
|
|
|
238,326
|
|
|
960,571
|
|
|
803,665
|
|
|
|||||
Preferred unit distributions
|
(50,296
|
)
|
|
(50,830
|
)
|
|
(65,593
|
)
|
|
(76,097
|
)
|
|
(80,736
|
)
|
|
|||||
Preferred unit issuance costs
|
—
|
|
|
(14,486
|
)
|
|
—
|
|
|
(7,408
|
)
|
|
—
|
|
|
|||||
NET INCOME attributable to Class A unitholders
|
$
|
3,308,513
|
|
|
$
|
410,310
|
|
|
$
|
172,733
|
|
|
$
|
877,066
|
|
|
$
|
722,929
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Per Unit Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from continuing operations, net - basic
|
$
|
16.22
|
|
|
$
|
2.01
|
|
|
$
|
0.91
|
|
|
$
|
2.34
|
|
|
$
|
2.49
|
|
|
Income from continuing operations, net - diluted
|
16.19
|
|
|
2.00
|
|
|
0.90
|
|
|
2.32
|
|
|
2.46
|
|
|
|||||
Net income per Class A unit - basic
|
16.22
|
|
|
2.02
|
|
|
0.84
|
|
|
4.36
|
|
|
3.61
|
|
|
|||||
Net income per Class A unit - diluted
|
16.19
|
|
|
2.00
|
|
|
0.83
|
|
|
4.32
|
|
|
3.57
|
|
|
|||||
Aggregate quarterly distributions
|
2.64
|
|
|
2.52
|
|
|
2.62
|
|
(2)
|
2.52
|
|
|
2.52
|
|
(3)
|
|||||
Special distribution declared on December 18, 2019
|
1.95
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
18,287,013
|
|
|
$
|
17,180,794
|
|
|
$
|
17,397,934
|
|
|
$
|
20,814,847
|
|
|
$
|
21,143,293
|
|
|
Real estate, at cost
|
13,074,012
|
|
|
16,237,883
|
|
|
14,756,295
|
|
|
14,187,820
|
|
|
13,545,295
|
|
|
|||||
Accumulated depreciation and amortization
|
(3,015,958
|
)
|
|
(3,180,175
|
)
|
|
(2,885,283
|
)
|
|
(2,581,514
|
)
|
|
(2,356,728
|
)
|
|
|||||
Debt, net
|
7,406,609
|
|
|
9,836,621
|
|
|
9,729,487
|
|
|
9,446,670
|
|
|
9,095,670
|
|
|
|||||
Total equity
|
7,310,978
|
|
|
5,107,883
|
|
|
5,007,701
|
|
|
7,618,496
|
|
|
7,476,078
|
|
|
(1)
|
Reflects the transfer of 45.4% of common equity in the properties contributed to the Fifth Avenue and Times Square JV on April 18, 2019.
|
(2)
|
Post spin-off of JBG SMITH Properties (NYSE: JBGS) on July 17, 2017.
|
(3)
|
Post spin-off of Urban Edge Properties (NYSE: UE) on January 15, 2015.
|
ITEM 7.
|
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
Page Number
|
Overview
|
|
Overview - Leasing Activity
|
|
Critical Accounting Policies
|
|
Net Operating Income At Share by Segment for the Years Ended December 31, 2019 and 2018
|
|
Results of Operations for the Year Ended December 31, 2019 Compared to December 31, 2018
|
|
Supplemental Information:
|
|
Net Operating Income At Share by Segment for the Three Months Ended December 31, 2019 and 2018
|
|
Three Months Ended December 31, 2019 Compared to December 31, 2018
|
|
Net Operating Income At Share by Segment for the Three Months Ended December 31, 2019 and September 30, 2019
|
|
Three Months Ended December 31, 2019 Compared to September 30, 2019
|
|
Related Party Transactions
|
|
Liquidity and Capital Resources
|
|
Financing Activities and Contractual Obligations
|
|
Certain Future Cash Requirements
|
|
Cash Flows for the Year Ended December 31, 2019 Compared to December 31, 2018
|
|
Capital Expenditures for the Year Ended December 31, 2019
|
|
Capital Expenditures for the Year Ended December 31, 2018
|
|
Funds From Operations for the Three Months and Years Ended December 31, 2019 and 2018
|
(1)
|
Past performance is not necessarily indicative of future performance.
|
•
|
maintaining a superior team of operating and investment professionals and an entrepreneurial spirit;
|
•
|
investing in properties in select markets, such as New York City, where we believe there is a high likelihood of capital appreciation;
|
•
|
acquiring quality properties at a discount to replacement cost and where there is a significant potential for higher rents;
|
•
|
developing and redeveloping our existing properties to increase returns and maximize value; and
|
•
|
investing in operating companies that have a significant real estate component.
|
(Amounts in thousands)
|
For the Three Months Ended
December 31, |
|
For the Year Ended
December 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Certain (income) expense items that impact net income attributable to common shareholders:
|
|
|
|
|
|
|
|
||||||||
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units
|
$
|
(173,655
|
)
|
|
$
|
(67,336
|
)
|
|
$
|
(502,565
|
)
|
|
$
|
(67,336
|
)
|
Our share of loss from real estate fund investments
|
26,600
|
|
|
24,366
|
|
|
48,808
|
|
|
23,749
|
|
||||
Mark-to-market decrease in Pennsylvania Real Estate Investment Trust ("PREIT") common shares (accounted for as a marketable security from March 12, 2019)
|
2,438
|
|
|
—
|
|
|
21,649
|
|
|
—
|
|
||||
Non-cash impairment losses and related write-offs (primarily 608 Fifth Avenue in 2019)
|
565
|
|
|
12,000
|
|
|
109,157
|
|
|
12,000
|
|
||||
After-tax purchase price fair value adjustment related to the increase in ownership of the Farley joint venture
|
—
|
|
|
(27,289
|
)
|
|
—
|
|
|
(27,289
|
)
|
||||
Mark-to-market decrease (increase) in Lexington Realty Trust ("Lexington") common shares (sold on March 1, 2019)
|
—
|
|
|
1,662
|
|
|
(16,068
|
)
|
|
26,596
|
|
||||
Previously capitalized internal leasing costs(1)
|
—
|
|
|
(1,655
|
)
|
|
—
|
|
|
(5,538
|
)
|
||||
Net gain on transfer to Fifth Avenue and Times Square retail JV on April 18, 2019, net of $11,945 attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
(2,559,154
|
)
|
|
—
|
|
||||
Net gains on sale of real estate (primarily our 25% interest in 330 Madison Avenue in 2019)
|
—
|
|
|
—
|
|
|
(178,769
|
)
|
|
(27,786
|
)
|
||||
Net gain from sale of Urban Edge Properties ("UE") common shares (sold on March 4, 2019)
|
—
|
|
|
—
|
|
|
(62,395
|
)
|
|
—
|
|
||||
Prepayment penalty in connection with redemption of $400 million 5.00% senior unsecured notes due January 2022
|
—
|
|
|
—
|
|
|
22,540
|
|
|
—
|
|
||||
Net gain on sale of our ownership interests in 666 Fifth Avenue Office Condominium
|
—
|
|
|
—
|
|
|
—
|
|
|
(134,032
|
)
|
||||
Our share of additional New York City transfer taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
23,503
|
|
||||
Preferred share issuance costs
|
—
|
|
|
—
|
|
|
—
|
|
|
14,486
|
|
||||
Other
|
(2,034
|
)
|
|
3,825
|
|
|
(2,892
|
)
|
|
5,886
|
|
||||
|
(146,086
|
)
|
|
(54,427
|
)
|
|
(3,119,689
|
)
|
|
(155,761
|
)
|
||||
Noncontrolling interests' share of above adjustments
|
9,250
|
|
|
3,369
|
|
|
198,599
|
|
|
9,629
|
|
||||
Total of certain (income) expense items that impact net income attributable to common shareholders
|
$
|
(136,836
|
)
|
|
$
|
(51,058
|
)
|
|
$
|
(2,921,090
|
)
|
|
$
|
(146,132
|
)
|
(Amounts in thousands)
|
For the Three Months Ended
December 31, |
|
For the Year Ended
December 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions:
|
|
|
|
|
|
|
|
||||||||
After-tax net gain on sale of 220 CPS condominium units
|
$
|
(173,655
|
)
|
|
$
|
(67,336
|
)
|
|
$
|
(502,565
|
)
|
|
$
|
(67,336
|
)
|
Our share of loss from real estate fund investments
|
26,600
|
|
|
24,366
|
|
|
48,808
|
|
|
23,749
|
|
||||
Previously capitalized internal leasing costs(1)
|
—
|
|
|
(1,655
|
)
|
|
—
|
|
|
(5,538
|
)
|
||||
Non-cash impairment loss and related write-offs on 608 Fifth Avenue
|
—
|
|
|
—
|
|
|
77,156
|
|
|
—
|
|
||||
Prepayment penalty in connection with redemption of $400 million 5.00% senior unsecured notes due January 2022
|
—
|
|
|
—
|
|
|
22,540
|
|
|
—
|
|
||||
Our share of additional New York City transfer taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
23,503
|
|
||||
Preferred share issuance costs
|
—
|
|
|
—
|
|
|
—
|
|
|
14,486
|
|
||||
Other
|
(3,187
|
)
|
|
1,745
|
|
|
(6,119
|
)
|
|
(6,109
|
)
|
||||
|
(150,242
|
)
|
|
(42,880
|
)
|
|
(360,180
|
)
|
|
(17,245
|
)
|
||||
Noncontrolling interests' share of above adjustments
|
9,396
|
|
|
2,654
|
|
|
22,989
|
|
|
993
|
|
||||
Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net
|
$
|
(140,846
|
)
|
|
$
|
(40,226
|
)
|
|
$
|
(337,191
|
)
|
|
$
|
(16,252
|
)
|
(1)
|
The three months and year ended December 31, 2018 have been reduced by $1,655 and $5,538, respectively, for previously capitalized internal leasing costs to present 2018 “as adjusted” financial results on a comparable basis with the current year as a result of the January 1, 2019 adoption of a new GAAP accounting standard under which internal leasing costs can no longer be capitalized.
|
|
Total
|
|
New York(1)
|
|
theMART
|
|
555 California Street
|
||||
Same store NOI at share % increase (decrease):
|
|
|
|
|
|
|
|
||||
Year ended December 31, 2019 compared to December 31, 2018
|
2.1
|
%
|
|
0.5
|
%
|
|
15.9
|
%
|
(2)
|
9.7
|
%
|
Three months ended December 31, 2019 compared to December 31, 2018
|
7.1
|
%
|
|
2.6
|
%
|
|
114.3
|
%
|
(3)
|
3.3
|
%
|
Three months ended December 31, 2019 compared to September 30, 2019
|
1.7
|
%
|
|
3.0
|
%
|
|
(7.4
|
)%
|
|
(4.8
|
)%
|
|
|
|
|
|
|
|
|
||||
Same store NOI at share - cash basis % increase (decrease):
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2019 compared to December 31, 2018
|
3.6
|
%
|
|
1.6
|
%
|
|
18.6
|
%
|
(2)
|
12.7
|
%
|
Three months ended December 31, 2019 compared to December 31, 2018
|
6.6
|
%
|
|
1.7
|
%
|
|
100.0
|
%
|
(3)
|
4.1
|
%
|
Three months ended December 31, 2019 compared to September 30, 2019
|
2.6
|
%
|
|
3.9
|
%
|
|
(4.8
|
)%
|
|
(5.4
|
)%
|
(1)
|
Excluding Hotel Pennsylvania, same store NOI at share % increase:
|
|
|
|
Year ended December 31, 2019 compared to December 31, 2018
|
0.9
|
%
|
|
Three months ended December 31, 2019 compared to December 31, 2018
|
2.6
|
%
|
|
Three months ended December 31, 2019 compared to September 30, 2019
|
1.7
|
%
|
|
|
|
|
|
Excluding Hotel Pennsylvania, same store NOI at share - cash basis % increase:
|
|
|
|
Year ended December 31, 2019 compared to December 31, 2018
|
2.2
|
%
|
|
Three months ended December 31, 2019 compared to December 31, 2018
|
1.8
|
%
|
|
Three months ended December 31, 2019 compared to September 30, 2019
|
2.6
|
%
|
(2)
|
Primarily due to $11,131,000 of tenant reimbursement revenue received in 2019 related to real estate tax expense accrued in 2018.
|
(3)
|
The three months ended December 31, 2018 includes an additional $12,814,000 real estate tax expense accrual due to an increase in the tax-assessed value of theMART.
|
(Square feet in thousands)
|
New York
|
|
|
|
|
||||||||||
|
Office
|
|
Retail
|
|
theMART
|
|
555 California Street
|
||||||||
Quarter Ended December 31, 2019:
|
|
|
|
|
|
|
|
||||||||
Total square feet leased
|
173
|
|
|
94
|
|
|
52
|
|
|
30
|
|
||||
Our share of square feet leased
|
117
|
|
|
73
|
|
|
52
|
|
|
21
|
|
||||
Initial rent(1)
|
$
|
101.67
|
|
|
$
|
233.55
|
|
|
$
|
50.26
|
|
|
$
|
94.00
|
|
Weighted average lease term (years)
|
6.6
|
|
|
9.4
|
|
|
5.0
|
|
|
5.0
|
|
||||
Second generation relet space:
|
|
|
|
|
|
|
|
||||||||
Square feet
|
54
|
|
|
52
|
|
|
50
|
|
|
21
|
|
||||
GAAP basis:
|
|
|
|
|
|
|
|
||||||||
Straight-line rent(2)
|
$
|
93.62
|
|
|
$
|
309.06
|
|
|
$
|
50.96
|
|
|
$
|
99.81
|
|
Prior straight-line rent
|
$
|
97.06
|
|
|
$
|
308.17
|
|
|
$
|
49.41
|
|
|
$
|
49.77
|
|
Percentage (decrease) increase
|
(3.5
|
)%
|
|
0.3
|
%
|
|
3.1
|
%
|
|
100.5
|
%
|
||||
Cash basis:
|
|
|
|
|
|
|
|
||||||||
Initial rent(1)
|
$
|
94.90
|
|
|
$
|
335.00
|
|
|
$
|
50.02
|
|
|
$
|
94.00
|
|
Prior escalated rent
|
$
|
100.06
|
|
|
$
|
300.90
|
|
|
$
|
51.21
|
|
|
$
|
54.49
|
|
Percentage (decrease) increase
|
(5.2
|
)%
|
|
11.3
|
%
|
|
(2.3
|
)%
|
|
72.5
|
%
|
||||
Tenant improvements and leasing commissions:
|
|
|
|
|
|
|
|
||||||||
Per square foot
|
$
|
89.30
|
|
|
$
|
100.79
|
|
|
$
|
26.91
|
|
|
$
|
36.38
|
|
Per square foot per annum:
|
$
|
13.53
|
|
|
$
|
10.72
|
|
|
$
|
5.38
|
|
|
$
|
7.28
|
|
Percentage of initial rent
|
13.3
|
%
|
|
4.6
|
%
|
|
10.7
|
%
|
|
7.7
|
%
|
Year Ended December 31, 2019:
|
|
|
|
|
|
|
|
||||||||
Total square feet leased
|
987
|
|
|
238
|
|
|
286
|
|
|
172
|
|
||||
Our share of square feet leased
|
793
|
|
|
207
|
|
|
286
|
|
|
120
|
|
||||
Initial rent(1)
|
$
|
82.17
|
|
|
$
|
175.35
|
|
|
$
|
49.43
|
|
|
$
|
88.70
|
|
Weighted average lease term (years)
|
7.7
|
|
|
10.9
|
|
|
6.1
|
|
|
6.1
|
|
||||
Second generation relet space:
|
|
|
|
|
|
|
|
||||||||
Square feet
|
553
|
|
|
171
|
|
|
280
|
|
|
115
|
|
||||
GAAP basis:
|
|
|
|
|
|
|
|
||||||||
Straight-line rent(2)
|
$
|
76.12
|
|
|
$
|
198.05
|
|
|
$
|
48.71
|
|
|
$
|
93.86
|
|
Prior straight-line rent
|
$
|
72.18
|
|
|
$
|
175.46
|
|
|
$
|
44.01
|
|
|
$
|
56.93
|
|
Percentage increase
|
5.5
|
%
|
|
12.9
|
%
|
|
10.7
|
%
|
|
64.9
|
%
|
||||
Cash basis:
|
|
|
|
|
|
|
|
||||||||
Initial rent(1)
|
$
|
77.51
|
|
|
$
|
197.12
|
|
|
$
|
49.25
|
|
|
$
|
88.54
|
|
Prior escalated rent
|
$
|
74.10
|
|
|
$
|
179.49
|
|
|
$
|
47.08
|
|
|
$
|
64.11
|
|
Percentage increase
|
4.6
|
%
|
|
9.8
|
%
|
|
4.6
|
%
|
|
38.1
|
%
|
||||
Tenant improvements and leasing commissions:
|
|
|
|
|
|
|
|
||||||||
Per square foot
|
$
|
83.82
|
|
|
$
|
68.59
|
|
|
$
|
33.87
|
|
|
$
|
53.93
|
|
Per square foot per annum:
|
$
|
10.89
|
|
|
$
|
6.29
|
|
|
$
|
5.55
|
|
|
$
|
8.84
|
|
Percentage of initial rent
|
13.3
|
%
|
|
3.6
|
%
|
|
11.2
|
%
|
|
10.0
|
%
|
(Square feet in thousands)
|
New York
|
|
|
|
|
||||||||||
|
Office
|
|
Retail
|
|
theMART
|
|
555 California Street
|
||||||||
Year Ended December 31, 2018:
|
|
|
|
|
|
|
|
||||||||
Total square feet leased
|
1,827
|
|
|
255
|
|
|
243
|
|
|
249
|
|
||||
Our share of square feet leased:
|
1,627
|
|
|
236
|
|
|
243
|
|
|
174
|
|
||||
Initial rent(1)
|
$
|
79.03
|
|
|
$
|
171.25
|
|
|
$
|
53.47
|
|
|
$
|
89.28
|
|
Weighted average lease term (years)
|
9.6
|
|
|
5.5
|
|
|
5.8
|
|
|
10.3
|
|
||||
Second generation relet space:
|
|
|
|
|
|
|
|
||||||||
Square feet
|
1,347
|
|
|
216
|
|
|
232
|
|
|
62
|
|
||||
GAAP basis:
|
|
|
|
|
|
|
|
||||||||
Straight-line rent(2)
|
$
|
81.57
|
|
|
$
|
180.01
|
|
|
$
|
54.11
|
|
|
$
|
104.06
|
|
Prior straight-line rent
|
$
|
60.99
|
|
|
$
|
232.98
|
|
|
$
|
44.77
|
|
|
$
|
77.46
|
|
Percentage increase (decrease)
|
33.7
|
%
|
|
(22.7
|
)%
|
|
20.9
|
%
|
|
34.3
|
%
|
||||
Cash basis:
|
|
|
|
|
|
|
|
||||||||
Initial rent(1)
|
$
|
79.22
|
|
|
$
|
164.74
|
|
|
$
|
53.49
|
|
|
$
|
97.28
|
|
Prior escalated rent
|
$
|
64.59
|
|
|
$
|
166.35
|
|
|
$
|
47.48
|
|
|
$
|
85.77
|
|
Percentage increase (decrease)
|
22.7
|
%
|
|
(1.0
|
)%
|
|
12.7
|
%
|
|
13.4
|
%
|
||||
Tenant improvements and leasing commissions:
|
|
|
|
|
|
|
|
||||||||
Per square foot
|
$
|
92.69
|
|
|
$
|
59.17
|
|
|
$
|
17.63
|
|
|
$
|
94.98
|
|
Per square foot per annum:
|
$
|
9.66
|
|
|
$
|
10.76
|
|
|
$
|
3.04
|
|
|
$
|
9.22
|
|
Percentage of initial rent
|
12.2
|
%
|
|
6.3
|
%
|
|
5.7
|
%
|
|
10.3
|
%
|
(1)
|
Represents the cash basis weighted average starting rent per square foot, which is generally indicative of market rents. Most leases include free rent and periodic step-ups in rent which are not included in the initial cash basis rent per square foot but are included in the GAAP basis straight-line rent per square foot.
|
(2)
|
Represents the GAAP basis weighted average rent per square foot that is recognized over the term of the respective leases, and includes the effect of free rent and periodic step-ups in rent.
|
•
|
Rental revenues include revenues from the leasing of space at our properties to tenants, lease termination income, revenues from the Hotel Pennsylvania, trade shows and tenant services.
|
◦
|
Revenues from the leasing of space at our properties to tenants includes (i) lease components, including fixed and variable lease payments, and nonlease components which include reimbursement of common area maintenance expenses, and (ii) reimbursement of real estate taxes and insurance expenses. As lessor, we have elected to combine the lease and nonlease components of our operating lease agreements and account for the components as a single lease component. Revenues derived from fixed lease payments are recognized on a straight-line basis over the non-cancelable period of the lease, together with renewal options that are reasonably certain of being exercised. We commence rental revenue recognition when the underlying asset is available for use by the lessee. Revenue derived from the reimbursement of real estate taxes, insurance expenses and common area maintenance expenses are generally recognized in the same period as the related expenses are incurred.
|
◦
|
Lease termination income is recognized immediately if a tenant vacates or is recognized on a straight-line basis over the shortened remaining lease term.
|
◦
|
Hotel revenue arising from the operation of Hotel Pennsylvania consists of room revenue, food and beverage revenue, and banquet revenue. Room revenue is recognized when the rooms are made available for the guest.
|
◦
|
Trade shows revenue arising from the operation of trade shows is primarily booth rentals. This revenue is recognized upon the occurrence of the trade shows when the trade show booths are made available for use by the exhibitors.
|
◦
|
Tenant services revenue arises from sub-metered electric, elevator, trash removal and other services provided to tenants at their request. This revenue is recognized as the services are transferred.
|
•
|
Fee and other income includes management, leasing and other revenue arising from contractual agreements with third parties or with partially owned entities and includes Building Maintenance Services LLC (“BMS”) cleaning, engineering and security services. This revenue is recognized as the services are transferred.
|
(Amounts in thousands)
|
For the Year Ended December 31, 2019
|
||||||||||
|
Total
|
|
New York(1)
|
|
Other
|
||||||
Total revenues
|
$
|
1,924,700
|
|
|
$
|
1,577,860
|
|
|
$
|
346,840
|
|
Operating expenses
|
(917,981
|
)
|
|
(758,304
|
)
|
|
(159,677
|
)
|
|||
NOI - consolidated
|
1,006,719
|
|
|
819,556
|
|
|
187,163
|
|
|||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries
|
(69,332
|
)
|
|
(40,896
|
)
|
|
(28,436
|
)
|
|||
Add: NOI from partially owned entities
|
322,390
|
|
|
294,168
|
|
|
28,222
|
|
|||
NOI at share
|
1,259,777
|
|
|
1,072,828
|
|
|
186,949
|
|
|||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other
|
(6,060
|
)
|
|
(12,318
|
)
|
|
6,258
|
|
|||
NOI at share - cash basis
|
$
|
1,253,717
|
|
|
$
|
1,060,510
|
|
|
$
|
193,207
|
|
(1)
|
Reflects the transfer of 45.4% of common equity in the properties contributed to the Fifth Avenue and Times Square JV on April 18, 2019.
|
(Amounts in thousands)
|
For the Year Ended December 31, 2018
|
||||||||||
|
Total
|
|
New York
|
|
Other
|
||||||
Total revenues
|
$
|
2,163,720
|
|
|
$
|
1,836,036
|
|
|
$
|
327,684
|
|
Operating expenses
|
(963,478
|
)
|
|
(806,464
|
)
|
|
(157,014
|
)
|
|||
NOI - consolidated
|
1,200,242
|
|
|
1,029,572
|
|
|
170,670
|
|
|||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries
|
(71,186
|
)
|
|
(48,490
|
)
|
|
(22,696
|
)
|
|||
Add: NOI from partially owned entities
|
253,564
|
|
|
195,908
|
|
|
57,656
|
|
|||
NOI at share
|
1,382,620
|
|
|
1,176,990
|
|
|
205,630
|
|
|||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other
|
(44,704
|
)
|
|
(45,427
|
)
|
|
723
|
|
|||
NOI at share - cash basis
|
$
|
1,337,916
|
|
|
$
|
1,131,563
|
|
|
$
|
206,353
|
|
(Amounts in thousands)
|
For the Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
New York:
|
|
|
|
||||
Office(1)
|
$
|
724,526
|
|
|
$
|
743,001
|
|
Retail(1)
|
273,217
|
|
|
353,425
|
|
||
Residential
|
23,363
|
|
|
23,515
|
|
||
Alexander's
|
44,325
|
|
|
45,133
|
|
||
Hotel Pennsylvania
|
7,397
|
|
|
11,916
|
|
||
Total New York
|
1,072,828
|
|
|
1,176,990
|
|
||
|
|
|
|
||||
Other:
|
|
|
|
||||
theMART(2)
|
102,071
|
|
|
90,929
|
|
||
555 California Street
|
59,657
|
|
|
54,691
|
|
||
Other investments(3)
|
25,221
|
|
|
60,010
|
|
||
Total Other
|
186,949
|
|
|
205,630
|
|
||
|
|
|
|
||||
NOI at share
|
$
|
1,259,777
|
|
|
$
|
1,382,620
|
|
(1)
|
Reflects the transfer of 45.4% of common equity in the properties contributed to the Fifth Avenue and Times Square JV on April 18, 2019.
|
(2)
|
2019 includes $11,131 of tenant reimbursement revenue related to real estate tax expense accrued in 2018.
|
(3)
|
The year ended December 31, 2018 includes $20,032 from PREIT (accounted for as a marketable security beginning March 12, 2019), $12,145 from 666 Fifth Avenue Office Condominium (sold on August 3, 2018) and $11,822 from UE (sold on March 4, 2019).
|
(Amounts in thousands)
|
For the Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
New York:
|
|
|
|
||||
Office(1)
|
$
|
718,734
|
|
|
$
|
726,108
|
|
Retail(1)
|
267,655
|
|
|
324,219
|
|
||
Residential
|
21,894
|
|
|
22,076
|
|
||
Alexander's
|
45,093
|
|
|
47,040
|
|
||
Hotel Pennsylvania
|
7,134
|
|
|
12,120
|
|
||
Total New York
|
1,060,510
|
|
|
1,131,563
|
|
||
|
|
|
|
||||
Other:
|
|
|
|
||||
theMART(2)
|
108,130
|
|
|
94,070
|
|
||
555 California Street
|
60,156
|
|
|
53,488
|
|
||
Other investments(3)
|
24,921
|
|
|
58,795
|
|
||
Total Other
|
193,207
|
|
|
206,353
|
|
||
|
|
|
|
||||
NOI at share - cash basis
|
$
|
1,253,717
|
|
|
$
|
1,337,916
|
|
(1)
|
Reflects the transfer of 45.4% of common equity in the properties contributed to the Fifth Avenue and Times Square JV on April 18, 2019.
|
(2)
|
2019 includes $11,131 of tenant reimbursement revenue related to real estate tax expense accrued in 2018.
|
(3)
|
The year ended December 31, 2018 includes $19,767 from PREIT (accounted for as a marketable security beginning March 12, 2019), $12,025 from 666 Fifth Avenue Office Condominium (sold on August 3, 2018) and $10,428 from UE (sold on March 4, 2019).
|
(Amounts in thousands)
|
For the Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Net income
|
$
|
3,334,262
|
|
|
$
|
422,603
|
|
Depreciation and amortization expense
|
419,107
|
|
|
446,570
|
|
||
General and administrative expense
|
169,920
|
|
|
141,871
|
|
||
Transaction related costs, impairment losses and other
|
106,538
|
|
|
31,320
|
|
||
Income from partially owned entities
|
(78,865
|
)
|
|
(9,149
|
)
|
||
Loss from real estate fund investments
|
104,082
|
|
|
89,231
|
|
||
Interest and other investment income, net
|
(21,819
|
)
|
|
(17,057
|
)
|
||
Interest and debt expense
|
286,623
|
|
|
347,949
|
|
||
Net gain on transfer to Fifth Avenue and Times Square JV
|
(2,571,099
|
)
|
|
—
|
|
||
Purchase price fair value adjustment
|
—
|
|
|
(44,060
|
)
|
||
Net gains on disposition of wholly owned and partially owned assets
|
(845,499
|
)
|
|
(246,031
|
)
|
||
Income tax expense
|
103,439
|
|
|
37,633
|
|
||
Loss (income) from discontinued operations
|
30
|
|
|
(638
|
)
|
||
NOI from partially owned entities
|
322,390
|
|
|
253,564
|
|
||
NOI attributable to noncontrolling interests in consolidated subsidiaries
|
(69,332
|
)
|
|
(71,186
|
)
|
||
NOI at share
|
1,259,777
|
|
|
1,382,620
|
|
||
Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other
|
(6,060
|
)
|
|
(44,704
|
)
|
||
NOI at share - cash basis
|
$
|
1,253,717
|
|
|
$
|
1,337,916
|
|
|
For the Year Ended December 31,
|
||||
|
2019
|
|
2018
|
||
Region:
|
|
|
|
||
New York City metropolitan area
|
87
|
%
|
|
89
|
%
|
Chicago, IL
|
8
|
%
|
|
7
|
%
|
San Francisco, CA
|
5
|
%
|
|
4
|
%
|
|
100
|
%
|
|
100
|
%
|
(1)
|
Primarily due to (i) $9,882 of lower acquired below-market lease amortization in 2019 as a result of Old Navy's lease modification at 150 West 34th Street, and (ii) $5,967 from the non-cash write-off of straight-line rent receivables related to Topshop at 478-486 Broadway in 2019.
|
(1)
|
2019 includes (i) $10,447 of non-cash stock-based compensation expense for the time-based equity compensation granted in connection with the new leadership group announced in April 2019 (additional non-cash expense associated with these awards will be $9,603 in each of 2020 and 2021, $7,718 in 2022 and $2,655 in 2023), (ii) $8,477 of non-cash stock-based compensation expense for the accelerated vesting of previously issued OP Units and Vornado restricted stock due to the removal of the time-based vesting requirement for participants who have reached 65 years of age, and (iii) $5,538 of previously capitalized internal leasing costs as a result of the January 1, 2019 adoption of Accounting Standard Update 2016-02, Leases, under which internal leasing costs can no longer be capitalized.
|
(2)
|
2019 includes $101,925 of non-cash impairment losses and related write-offs, primarily 608 Fifth Avenue, partially offset by (i) $12,000 non-cash impairment loss in 2018 and (ii) $13,103 additional New York City real property transfer tax ("Transfer Tax") recognized in the first quarter of 2018 related to the acquisition of Independence Plaza. The joint venture that owns Independence Plaza, in which we have a 50.1% economic interest, recognized this expense based on the precedent established by the New York City Tax Appeals Tribunal (the "Tax Tribunal") decision regarding One Park Avenue. See Note 4 - Real Estate Fund Investments to the consolidated financial statements in Part II, Item 8 of this Annual Report on Form 10-K for additional information regarding this matter.
|
(Amounts in thousands)
|
Percentage
Ownership at December 31, 2019 |
|
For the Year Ended December 31,
|
||||||
|
|
2019
|
|
2018
|
|||||
Our share of net income (loss):
|
|
|
|
|
|
||||
Fifth Avenue and Times Square JV(1):
|
|
|
|
|
|
||||
Equity in net income
|
51.5%
|
|
$
|
31,130
|
|
|
$
|
—
|
|
Return on preferred equity, net of our share of the expense
|
|
|
27,586
|
|
|
—
|
|
||
|
|
|
58,716
|
|
|
—
|
|
||
Alexander's(2)
|
32.4%
|
|
23,779
|
|
|
15,045
|
|
||
Partially owned office buildings(3)
|
Various
|
|
(3,443
|
)
|
|
(3,085
|
)
|
||
Other investments(4)
|
Various
|
|
(187
|
)
|
|
(2,811
|
)
|
||
|
|
|
$
|
78,865
|
|
|
$
|
9,149
|
|
(1)
|
The year ended December 31, 2019 includes our 51.5% ownership in the Fifth Avenue and Times Square JV since April 2019. See Note 6 - Investments in Partially Owned Entities to the consolidated financial statements in Part II, Item 8 of this Annual Report on Form 10-K for additional information.
|
(2)
|
2018 includes our $7,708 share of Alexander's additional Transfer Tax related to the November 2012 sale of Kings Plaza Regional Shopping Center. Alexander's recorded this expense based on the precedent established by the Tax Tribunal's decision regarding One Park Avenue. See Note 4 - Real Estate Fund Investments to the consolidated financial statements in Part II, Item 8 of this Annual Report on Form 10-K for additional information regarding this matter.
|
(3)
|
Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 7 West 34th Street, 330 Madison Avenue (sold on July 11, 2019), 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others. 2018 includes our $4,978 share of additional Transfer Tax related to the March 2011 acquisition of One Park Avenue. See Note 4 - Real Estate Fund Investments to the consolidated financial statements in Part II, Item 8 of this Annual Report on Form 10-K for additional information regarding this matter.
|
(4)
|
Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street, 666 Fifth Avenue Office Condominium (sold on August 3, 2018), UE (sold on March 4, 2019), PREIT (accounted for as a marketable security from March 12, 2019) and others.
|
(Amounts in thousands)
|
For the Year Ended December 31,
|
|
||||||
|
2019
|
|
2018
|
|
||||
Net investment income
|
$
|
2,027
|
|
|
$
|
6,105
|
|
|
Net unrealized loss on held investments
|
(106,109
|
)
|
|
(83,794
|
)
|
|
||
Net realized loss on exited investments
|
—
|
|
|
(912
|
)
|
|
||
Transfer tax
|
—
|
|
|
(10,630
|
)
|
(1)
|
||
Loss from real estate fund investments
|
(104,082
|
)
|
|
(89,231
|
)
|
|
||
Less loss attributable to noncontrolling interests in consolidated subsidiaries
|
55,274
|
|
|
61,230
|
|
|
||
Loss from real estate fund investments net of controlling interests in consolidated subsidiaries(2)
|
$
|
(48,808
|
)
|
|
$
|
(28,001
|
)
|
|
(1)
|
Due to the additional Transfer Tax related to the March 2011 acquisition of One Park Avenue which was recognized as a result of the Tax Tribunal decision in the first quarter of 2018. We appealed the Tax Tribunal's decision to the New York State Supreme Court, Appellate Division, First Department ("Appellate Division"). Our appeal was heard on April 2, 2019. On April 25, 2019, the Appellate Division entered a unanimous decision and order that confirmed the decision of the Tax Tribunal and dismissed our appeal. On June 20, 2019, we filed a motion to reargue the Appellate Division's decision or for leave to appeal to the New York State Court of Appeals. That motion was denied on December 12, 2019 and can no longer be appealed.
|
(2)
|
2018 includes $4,252 of loss related to One Park Avenue additional transfer taxes and reduction in carried interest.
|
(Amounts in thousands)
|
For the Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Interest on cash and cash equivalents and restricted cash
|
$
|
13,380
|
|
|
$
|
15,827
|
|
Interest on loans receivable(1)
|
6,326
|
|
|
10,298
|
|
||
Decrease in fair value of marketable securities
|
(5,533
|
)
|
|
(26,453
|
)
|
||
Dividends on marketable securities
|
3,938
|
|
|
13,339
|
|
||
Other, net
|
3,708
|
|
|
4,046
|
|
||
|
$
|
21,819
|
|
|
$
|
17,057
|
|
(1)
|
2018 includes $6,707 of profit participation in connection with an investment in a mezzanine loan which was previously repaid to us.
|
(Amounts in thousands)
|
Total
|
|
New York
|
|
theMART
|
|
555 California Street
|
|
Other
|
|||||||||||
NOI at share for the year ended December 31, 2019
|
$
|
1,259,777
|
|
|
$
|
1,072,828
|
|
|
$
|
102,071
|
|
|
$
|
59,657
|
|
|
$
|
25,221
|
|
|
|
Less NOI at share from:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Acquisitions
|
(334
|
)
|
|
(334
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV
|
(5,479
|
)
|
|
(5,479
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Dispositions
|
(7,420
|
)
|
|
(7,420
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Development properties
|
(54,099
|
)
|
|
(54,099
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Other non-same store (income) expense, net
|
(33,028
|
)
|
|
(5,585
|
)
|
|
(2,635
|
)
|
|
413
|
|
|
(25,221
|
)
|
|||||
Same store NOI at share for the year ended December 31, 2019
|
$
|
1,159,417
|
|
|
$
|
999,911
|
|
|
$
|
99,436
|
|
|
$
|
60,070
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
NOI at share for the year ended December 31, 2018
|
$
|
1,382,620
|
|
|
$
|
1,176,990
|
|
|
$
|
90,929
|
|
|
$
|
54,691
|
|
|
$
|
60,010
|
|
|
|
Less NOI at share from:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Acquisitions
|
(121
|
)
|
|
(121
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV
|
(84,020
|
)
|
|
(84,020
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Dispositions
|
(14,949
|
)
|
|
(14,949
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Development properties
|
(74,720
|
)
|
|
(74,720
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Other non-same store (income) expense, net
|
(72,930
|
)
|
|
(7,825
|
)
|
|
(5,155
|
)
|
|
60
|
|
|
(60,010
|
)
|
|||||
Same store NOI at share for the year ended December 31, 2018
|
$
|
1,135,880
|
|
|
$
|
995,355
|
|
|
$
|
85,774
|
|
|
$
|
54,751
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Increase in same store NOI at share for the year ended December 31, 2019 compared to December 31, 2018
|
$
|
23,537
|
|
|
$
|
4,556
|
|
|
$
|
13,662
|
|
|
$
|
5,319
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
% increase in same store NOI at share
|
2.1
|
%
|
|
0.5
|
%
|
(1)
|
15.9
|
%
|
(2)
|
9.7
|
%
|
|
—
|
%
|
(1)
|
Excluding Hotel Pennsylvania, same store NOI at share increased by 0.9%.
|
(2)
|
Primarily due to $11,131 of tenant reimbursement revenue received in 2019 related to real estate tax expense accrued in 2018.
|
(Amounts in thousands)
|
Total
|
|
New York
|
|
theMART
|
|
555 California Street
|
|
Other
|
|||||||||||
NOI at share - cash basis for the year ended December 31, 2019
|
$
|
1,253,717
|
|
|
$
|
1,060,510
|
|
|
$
|
108,130
|
|
|
$
|
60,156
|
|
|
$
|
24,921
|
|
|
|
Less NOI at share - cash basis from:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Acquisitions
|
(266
|
)
|
|
(266
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV
|
(5,183
|
)
|
|
(5,183
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Dispositions
|
(8,219
|
)
|
|
(8,219
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Development properties
|
(64,359
|
)
|
|
(64,359
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Other non-same store (income) expense, net
|
(52,594
|
)
|
|
(24,892
|
)
|
|
(2,973
|
)
|
|
192
|
|
|
(24,921
|
)
|
|||||
Same store NOI at share - cash basis for the year ended December 31, 2019
|
$
|
1,123,096
|
|
|
$
|
957,591
|
|
|
$
|
105,157
|
|
|
$
|
60,348
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NOI at share - cash basis for the year ended December 31, 2018
|
$
|
1,337,916
|
|
|
$
|
1,131,563
|
|
|
$
|
94,070
|
|
|
$
|
53,488
|
|
|
$
|
58,795
|
|
|
|
Less NOI at share - cash basis from:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Acquisitions
|
(121
|
)
|
|
(121
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV
|
(79,427
|
)
|
|
(79,427
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Dispositions
|
(14,764
|
)
|
|
(14,764
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Development properties
|
(81,137
|
)
|
|
(81,137
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Other non-same store (income) expense, net
|
(78,119
|
)
|
|
(14,011
|
)
|
|
(5,373
|
)
|
|
60
|
|
|
(58,795
|
)
|
|||||
Same store NOI at share - cash basis for the year ended December 31, 2018
|
$
|
1,084,348
|
|
|
$
|
942,103
|
|
|
$
|
88,697
|
|
|
$
|
53,548
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Increase in same store NOI at share - cash basis for the year ended December 31, 2019 compared to December 31, 2018
|
$
|
38,748
|
|
|
$
|
15,488
|
|
|
$
|
16,460
|
|
|
$
|
6,800
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
% increase in same store NOI at share - cash basis
|
3.6
|
%
|
|
1.6
|
%
|
(1)
|
18.6
|
%
|
(2)
|
12.7
|
%
|
|
—
|
%
|
(1)
|
Excluding Hotel Pennsylvania, same store NOI at share - cash basis increased by 2.2%.
|
(2)
|
Primarily due to $11,131 of tenant reimbursement revenue received in 2019 related to real estate tax expense accrued in 2018.
|
(Amounts in thousands)
|
For the Three Months Ended December 31, 2019
|
||||||||||
|
Total
|
|
New York(1)
|
|
Other
|
||||||
Total revenues
|
$
|
460,968
|
|
|
$
|
377,626
|
|
|
$
|
83,342
|
|
Operating expenses
|
(223,975
|
)
|
|
(184,231
|
)
|
|
(39,744
|
)
|
|||
NOI - consolidated
|
236,993
|
|
|
193,395
|
|
|
43,598
|
|
|||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries
|
(17,417
|
)
|
|
(9,885
|
)
|
|
(7,532
|
)
|
|||
Add: NOI from partially owned entities
|
85,990
|
|
|
82,774
|
|
|
3,216
|
|
|||
NOI at share
|
305,566
|
|
|
266,284
|
|
|
39,282
|
|
|||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other
|
(6,590
|
)
|
|
(8,577
|
)
|
|
1,987
|
|
|||
NOI at share - cash basis
|
$
|
298,976
|
|
|
$
|
257,707
|
|
|
$
|
41,269
|
|
(1)
|
Reflects the transfer of 45.4% of common equity in the properties contributed to the Fifth Avenue and Times Square JV on April 18, 2019.
|
(Amounts in thousands)
|
For the Three Months Ended December 31, 2018
|
||||||||||
|
Total
|
|
New York
|
|
Other
|
||||||
Total revenues
|
$
|
543,417
|
|
|
$
|
466,554
|
|
|
$
|
76,863
|
|
Operating expenses
|
(254,320
|
)
|
|
(206,696
|
)
|
|
(47,624
|
)
|
|||
NOI - consolidated
|
289,097
|
|
|
259,858
|
|
|
29,239
|
|
|||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries
|
(19,771
|
)
|
|
(13,837
|
)
|
|
(5,934
|
)
|
|||
Add: NOI from partially owned entities
|
60,205
|
|
|
49,178
|
|
|
11,027
|
|
|||
NOI at share
|
329,531
|
|
|
295,199
|
|
|
34,332
|
|
|||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other
|
(5,532
|
)
|
|
(6,266
|
)
|
|
734
|
|
|||
NOI at share - cash basis
|
$
|
323,999
|
|
|
$
|
288,933
|
|
|
$
|
35,066
|
|
(Amounts in thousands)
|
For the Three Months Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
New York:
|
|
|
|
||||
Office(1)
|
$
|
183,925
|
|
|
$
|
186,832
|
|
Retail(1)
|
59,728
|
|
|
85,549
|
|
||
Residential
|
5,835
|
|
|
5,834
|
|
||
Alexander's
|
10,626
|
|
|
11,023
|
|
||
Hotel Pennsylvania
|
6,170
|
|
|
5,961
|
|
||
Total New York
|
266,284
|
|
|
295,199
|
|
||
|
|
|
|
||||
Other:
|
|
|
|
||||
theMART(2)
|
22,712
|
|
|
10,981
|
|
||
555 California Street
|
14,533
|
|
|
14,005
|
|
||
Other investments(3)
|
2,037
|
|
|
9,346
|
|
||
Total Other
|
39,282
|
|
|
34,332
|
|
||
|
|
|
|
||||
NOI at share
|
$
|
305,566
|
|
|
$
|
329,531
|
|
(1)
|
Reflects the transfer of 45.4% of common equity in the properties contributed to the Fifth Avenue and Times Square JV on April 18, 2019.
|
(2)
|
The three months ended December 31, 2018 includes an additional $12,814 real estate tax expense accrual due to an increase in the tax-assessed value of theMART.
|
(3)
|
The three months ended December 31, 2018 includes $4,683 from PREIT (accounted for as a marketable security beginning March 12, 2019) and $3,198 from UE (sold on March 4, 2019).
|
(Amounts in thousands)
|
For the Three Months Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
New York:
|
|
|
|
||||
Office(1)
|
$
|
180,762
|
|
|
$
|
185,624
|
|
Retail(1)
|
54,357
|
|
|
80,515
|
|
||
Residential
|
5,763
|
|
|
5,656
|
|
||
Alexander's
|
10,773
|
|
|
11,129
|
|
||
Hotel Pennsylvania
|
6,052
|
|
|
6,009
|
|
||
Total New York
|
257,707
|
|
|
288,933
|
|
||
|
|
|
|
||||
Other:
|
|
|
|
||||
theMART(2)
|
24,646
|
|
|
12,758
|
|
||
555 California Street
|
14,491
|
|
|
13,784
|
|
||
Other investments(3)
|
2,132
|
|
|
8,524
|
|
||
Total Other
|
41,269
|
|
|
35,066
|
|
||
|
|
|
|
||||
NOI at share - cash basis
|
$
|
298,976
|
|
|
$
|
323,999
|
|
(1)
|
Reflects the transfer of 45.4% of common equity in the properties contributed to the Fifth Avenue and Times Square JV on April 18, 2019.
|
(2)
|
The three months ended December 31, 2018 includes an additional $12,814 real estate tax expense accrual due to an increase in the tax-assessed value of theMART.
|
(3)
|
The three months ended December 31, 2018 includes $4,612 from PREIT (accounted for as a marketable security beginning March 12, 2019) and $2,320 from UE (sold on March 4, 2019).
|
(Amounts in thousands)
|
For the Three Months Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Net income
|
$
|
160,676
|
|
|
$
|
97,821
|
|
Depreciation and amortization expense
|
92,926
|
|
|
112,869
|
|
||
General and administrative expense
|
39,791
|
|
|
32,934
|
|
||
Transaction related costs, impairment losses and other
|
3,223
|
|
|
14,637
|
|
||
Income from partially owned entities
|
(22,726
|
)
|
|
(3,090
|
)
|
||
Loss from real estate fund investments
|
90,302
|
|
|
51,258
|
|
||
Interest and other investment income, net
|
(5,889
|
)
|
|
(7,656
|
)
|
||
Interest and debt expense
|
59,683
|
|
|
83,175
|
|
||
Purchase price fair value adjustment
|
—
|
|
|
(44,060
|
)
|
||
Net gains on disposition of wholly owned and partially owned assets
|
(203,835
|
)
|
|
(81,203
|
)
|
||
Income tax expense
|
22,897
|
|
|
32,669
|
|
||
Income from discontinued operations
|
(55
|
)
|
|
(257
|
)
|
||
NOI from partially owned entities
|
85,990
|
|
|
60,205
|
|
||
NOI attributable to noncontrolling interests in consolidated subsidiaries
|
(17,417
|
)
|
|
(19,771
|
)
|
||
NOI at share
|
305,566
|
|
|
329,531
|
|
||
Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other
|
(6,590
|
)
|
|
(5,532
|
)
|
||
NOI at share - cash basis
|
$
|
298,976
|
|
|
$
|
323,999
|
|
|
For the Three Months Ended December 31,
|
||||
|
2019
|
|
2018
|
||
Region:
|
|
|
|
||
New York City metropolitan area
|
88
|
%
|
|
92
|
%
|
Chicago, IL
|
7
|
%
|
|
3
|
%
|
San Francisco, CA
|
5
|
%
|
|
5
|
%
|
|
100
|
%
|
|
100
|
%
|
(Amounts in thousands)
|
Total
|
|
New York
|
|
theMART
|
|
555 California Street
|
|
Other
|
|||||||||||
NOI at share for the three months ended December 31, 2019
|
$
|
305,566
|
|
|
$
|
266,284
|
|
|
$
|
22,712
|
|
|
$
|
14,533
|
|
|
$
|
2,037
|
|
|
|
Less NOI at share from:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Acquisitions
|
(122
|
)
|
|
(122
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Dispositions
|
(62
|
)
|
|
(62
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Development properties
|
(16,082
|
)
|
|
(16,082
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Other non-same store (income) expense, net
|
(8,164
|
)
|
|
(5,969
|
)
|
|
(172
|
)
|
|
14
|
|
|
(2,037
|
)
|
|||||
Same store NOI at share for the three months ended December 31, 2019
|
$
|
281,136
|
|
|
$
|
244,049
|
|
|
$
|
22,540
|
|
|
$
|
14,547
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
NOI at share for the three months ended December 31, 2018
|
$
|
329,531
|
|
|
$
|
295,199
|
|
|
$
|
10,981
|
|
|
$
|
14,005
|
|
|
$
|
9,346
|
|
|
|
Less NOI at share from:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV
|
(28,683
|
)
|
|
(28,683
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Dispositions
|
(3,614
|
)
|
|
(3,614
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Development properties
|
(21,797
|
)
|
|
(21,811
|
)
|
|
—
|
|
|
14
|
|
|
—
|
|
|||||
|
Other non-same store (income) expense, net
|
(13,041
|
)
|
|
(3,291
|
)
|
|
(463
|
)
|
|
59
|
|
|
(9,346
|
)
|
|||||
Same store NOI at share for the three months ended December 31, 2018
|
$
|
262,396
|
|
|
$
|
237,800
|
|
|
$
|
10,518
|
|
|
$
|
14,078
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Increase in same store NOI at share for the three months ended December 31, 2019 compared to December 31, 2018
|
$
|
18,740
|
|
|
$
|
6,249
|
|
|
$
|
12,022
|
|
|
$
|
469
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
% increase in same store NOI at share
|
7.1
|
%
|
|
2.6
|
%
|
(1)
|
114.3
|
%
|
(2)
|
3.3
|
%
|
|
—
|
%
|
(1)
|
Excluding Hotel Pennsylvania, same store NOI at share remained unchanged.
|
(2)
|
The three months ended December 31, 2018 includes an additional $12,814 real estate tax expense accrual due to an increase in the tax-assessed value of theMART.
|
(Amounts in thousands)
|
Total
|
|
New York
|
|
theMART
|
|
555 California Street
|
|
Other
|
|||||||||||
NOI at share - cash basis for the three months ended December 31, 2019
|
$
|
298,976
|
|
|
$
|
257,707
|
|
|
$
|
24,646
|
|
|
$
|
14,491
|
|
|
$
|
2,132
|
|
|
|
Less NOI at share - cash basis from:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Acquisitions
|
(54
|
)
|
|
(54
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Dispositions
|
(66
|
)
|
|
(66
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Development properties
|
(16,948
|
)
|
|
(16,948
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Other non-same store income, net
|
(9,736
|
)
|
|
(7,373
|
)
|
|
(172
|
)
|
|
(59
|
)
|
|
(2,132
|
)
|
|||||
Same store NOI at share - cash basis for the three months ended December 31, 2019
|
$
|
272,172
|
|
|
$
|
233,266
|
|
|
$
|
24,474
|
|
|
$
|
14,432
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NOI at share - cash basis for the three months ended December 31, 2018
|
$
|
323,999
|
|
|
$
|
288,933
|
|
|
$
|
12,758
|
|
|
$
|
13,784
|
|
|
$
|
8,524
|
|
|
|
Less NOI at share - cash basis from:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV
|
(27,243
|
)
|
|
(27,243
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Dispositions
|
(3,870
|
)
|
|
(3,870
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Development properties
|
(24,090
|
)
|
|
(24,104
|
)
|
|
—
|
|
|
14
|
|
|
—
|
|
|||||
|
Other non-same store (income) expense, net
|
(13,400
|
)
|
|
(4,416
|
)
|
|
(520
|
)
|
|
60
|
|
|
(8,524
|
)
|
|||||
Same store NOI at share - cash basis for the three months ended December 31, 2018
|
$
|
255,396
|
|
|
$
|
229,300
|
|
|
$
|
12,238
|
|
|
$
|
13,858
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Increase in same store NOI at share - cash basis for the three months ended December 31, 2019 compared to December 31, 2018
|
$
|
16,776
|
|
|
$
|
3,966
|
|
|
$
|
12,236
|
|
|
$
|
574
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
% increase in same store NOI at share - cash basis
|
6.6
|
%
|
|
1.7
|
%
|
(1)
|
100.0
|
%
|
(2)
|
4.1
|
%
|
|
—
|
%
|
(1)
|
Excluding Hotel Pennsylvania, same store NOI at share - cash basis increased by 1.8%.
|
(2)
|
The three months ended December 31, 2018 includes an additional $12,814 real estate tax expense accrual due to an increase in the tax-assessed value of theMART.
|
(Amounts in thousands)
|
For the Three Months Ended December 31, 2019
|
||||||||||
|
Total
|
|
New York
|
|
Other
|
||||||
Total revenues
|
$
|
460,968
|
|
|
$
|
377,626
|
|
|
$
|
83,342
|
|
Operating expenses
|
(223,975
|
)
|
|
(184,231
|
)
|
|
(39,744
|
)
|
|||
NOI - consolidated
|
236,993
|
|
|
193,395
|
|
|
43,598
|
|
|||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries
|
(17,417
|
)
|
|
(9,885
|
)
|
|
(7,532
|
)
|
|||
Add: NOI from partially owned entities
|
85,990
|
|
|
82,774
|
|
|
3,216
|
|
|||
NOI at share
|
305,566
|
|
|
266,284
|
|
|
39,282
|
|
|||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other
|
(6,590
|
)
|
|
(8,577
|
)
|
|
1,987
|
|
|||
NOI at share - cash basis
|
$
|
298,976
|
|
|
$
|
257,707
|
|
|
$
|
41,269
|
|
(Amounts in thousands)
|
For the Three Months Ended September 30, 2019
|
||||||||||
|
Total
|
|
New York
|
|
Other
|
||||||
Total revenues
|
$
|
465,961
|
|
|
$
|
380,568
|
|
|
$
|
85,393
|
|
Operating expenses
|
(226,359
|
)
|
|
(188,159
|
)
|
|
(38,200
|
)
|
|||
NOI - consolidated
|
239,602
|
|
|
192,409
|
|
|
47,193
|
|
|||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries
|
(18,096
|
)
|
|
(9,574
|
)
|
|
(8,522
|
)
|
|||
Add: NOI from partially owned entities
|
86,024
|
|
|
82,649
|
|
|
3,375
|
|
|||
NOI at share
|
307,530
|
|
|
265,484
|
|
|
42,046
|
|
|||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other
|
(4,037
|
)
|
|
(5,560
|
)
|
|
1,523
|
|
|||
NOI at share - cash basis
|
$
|
303,493
|
|
|
$
|
259,924
|
|
|
$
|
43,569
|
|
(Amounts in thousands)
|
For the Three Months Ended
|
||||||
|
December 31, 2019
|
|
September 30, 2019
|
||||
New York:
|
|
|
|
||||
Office
|
$
|
183,925
|
|
|
$
|
177,469
|
|
Retail
|
59,728
|
|
|
68,159
|
|
||
Residential
|
5,835
|
|
|
5,575
|
|
||
Alexander's
|
10,626
|
|
|
11,269
|
|
||
Hotel Pennsylvania
|
6,170
|
|
|
3,012
|
|
||
Total New York
|
266,284
|
|
|
265,484
|
|
||
|
|
|
|
||||
Other:
|
|
|
|
||||
theMART
|
22,712
|
|
|
24,862
|
|
||
555 California Street
|
14,533
|
|
|
15,265
|
|
||
Other investments
|
2,037
|
|
|
1,919
|
|
||
Total Other
|
39,282
|
|
|
42,046
|
|
||
|
|
|
|
||||
NOI at share
|
$
|
305,566
|
|
|
$
|
307,530
|
|
(Amounts in thousands)
|
For the Three Months Ended
|
||||||
|
December 31, 2019
|
|
September 30, 2019
|
||||
New York:
|
|
|
|
||||
Office
|
$
|
180,762
|
|
|
$
|
174,796
|
|
Retail
|
54,357
|
|
|
65,636
|
|
||
Residential
|
5,763
|
|
|
5,057
|
|
||
Alexander's
|
10,773
|
|
|
11,471
|
|
||
Hotel Pennsylvania
|
6,052
|
|
|
2,964
|
|
||
Total New York
|
257,707
|
|
|
259,924
|
|
||
|
|
|
|
||||
Other:
|
|
|
|
||||
theMART
|
24,646
|
|
|
26,588
|
|
||
555 California Street
|
14,491
|
|
|
15,325
|
|
||
Other investments
|
2,132
|
|
|
1,656
|
|
||
Total Other
|
41,269
|
|
|
43,569
|
|
||
|
|
|
|
||||
NOI at share - cash basis
|
$
|
298,976
|
|
|
$
|
303,493
|
|
(Amounts in thousands)
|
For the Three Months Ended
|
||||||
|
December 31, 2019
|
|
September 30, 2019
|
||||
Net income
|
$
|
160,676
|
|
|
$
|
363,849
|
|
Depreciation and amortization expense
|
92,926
|
|
|
96,437
|
|
||
General and administrative expense
|
39,791
|
|
|
33,237
|
|
||
Transaction related costs, impairment losses and other
|
3,223
|
|
|
1,576
|
|
||
Income from partially owned entities
|
(22,726
|
)
|
|
(25,946
|
)
|
||
Loss (income) from real estate fund investments
|
90,302
|
|
|
(2,190
|
)
|
||
Interest and other investment income, net
|
(5,889
|
)
|
|
(3,045
|
)
|
||
Interest and debt expense
|
59,683
|
|
|
61,448
|
|
||
Net gains on disposition of wholly owned and partially owned assets
|
(203,835
|
)
|
|
(309,657
|
)
|
||
Income tax expense
|
22,897
|
|
|
23,885
|
|
||
(Income) loss from discontinued operations
|
(55
|
)
|
|
8
|
|
||
NOI from partially owned entities
|
85,990
|
|
|
86,024
|
|
||
NOI attributable to noncontrolling interests in consolidated subsidiaries
|
(17,417
|
)
|
|
(18,096
|
)
|
||
NOI at share
|
305,566
|
|
|
307,530
|
|
||
Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other
|
(6,590
|
)
|
|
(4,037
|
)
|
||
NOI at share - cash basis
|
$
|
298,976
|
|
|
$
|
303,493
|
|
(Amounts in thousands)
|
Total
|
|
New York
|
|
theMART
|
|
555 California Street
|
|
Other
|
|||||||||||
NOI at share for the three months ended December 31, 2019
|
$
|
305,566
|
|
|
$
|
266,284
|
|
|
$
|
22,712
|
|
|
$
|
14,533
|
|
|
$
|
2,037
|
|
|
|
Less NOI at share from:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Acquisitions
|
(118
|
)
|
|
(118
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Dispositions
|
(62
|
)
|
|
(62
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Development properties
|
(16,087
|
)
|
|
(16,087
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Other non-same store (income) expense, net
|
(8,103
|
)
|
|
(5,968
|
)
|
|
(172
|
)
|
|
74
|
|
|
(2,037
|
)
|
|||||
Same store NOI at share for the three months ended December 31, 2019
|
$
|
281,196
|
|
|
$
|
244,049
|
|
|
$
|
22,540
|
|
|
$
|
14,607
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
NOI at share for the three months ended September 30, 2019
|
$
|
307,530
|
|
|
$
|
265,484
|
|
|
$
|
24,862
|
|
|
$
|
15,265
|
|
|
$
|
1,919
|
|
|
|
Less NOI at share from:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Dispositions
|
(262
|
)
|
|
(262
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Development properties
|
(19,429
|
)
|
|
(19,429
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Other non-same store (income) expense, net
|
(11,254
|
)
|
|
(8,877
|
)
|
|
(532
|
)
|
|
74
|
|
|
(1,919
|
)
|
|||||
Same store NOI at share for the three months ended September 30, 2019
|
$
|
276,585
|
|
|
$
|
236,916
|
|
|
$
|
24,330
|
|
|
$
|
15,339
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Increase (decrease) in same store NOI at share for the three months ended December 31, 2019 compared to September 30, 2019
|
$
|
4,611
|
|
|
$
|
7,133
|
|
|
$
|
(1,790
|
)
|
|
$
|
(732
|
)
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
% increase (decrease) in same store NOI at share
|
1.7
|
%
|
|
3.0
|
%
|
(1)
|
(7.4
|
)%
|
|
(4.8
|
)%
|
|
—
|
%
|
(1)
|
Excluding Hotel Pennsylvania, same store NOI at share increased by 1.7%.
|
(Amounts in thousands)
|
Total
|
|
New York
|
|
theMART
|
|
555 California Street
|
|
Other
|
|||||||||||
NOI at share - cash basis for the three months ended December 31, 2019
|
$
|
298,976
|
|
|
$
|
257,707
|
|
|
$
|
24,646
|
|
|
$
|
14,491
|
|
|
$
|
2,132
|
|
|
|
Less NOI at share - cash basis from:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Acquisitions
|
(49
|
)
|
|
(49
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Dispositions
|
(66
|
)
|
|
(66
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Development properties
|
(16,952
|
)
|
|
(16,952
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Other non-same store income, net
|
(9,678
|
)
|
|
(7,374
|
)
|
|
(172
|
)
|
|
—
|
|
|
(2,132
|
)
|
|||||
Same store NOI at share - cash basis for the three months ended December 31, 2019
|
$
|
272,231
|
|
|
$
|
233,266
|
|
|
$
|
24,474
|
|
|
$
|
14,491
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NOI at share - cash basis for the three months ended September 30, 2019
|
$
|
303,493
|
|
|
$
|
259,924
|
|
|
$
|
26,588
|
|
|
$
|
15,325
|
|
|
$
|
1,656
|
|
|
|
Less NOI at share - cash basis from:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Dispositions
|
(693
|
)
|
|
(693
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Development properties
|
(24,641
|
)
|
|
(24,641
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Other non-same store income, net
|
(12,701
|
)
|
|
(10,174
|
)
|
|
(871
|
)
|
|
—
|
|
|
(1,656
|
)
|
|||||
Same store NOI at share - cash basis for the three months ended September 30, 2019
|
$
|
265,458
|
|
|
$
|
224,416
|
|
|
$
|
25,717
|
|
|
$
|
15,325
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Increase (decrease) in same store NOI at share - cash basis for the three months ended December 31, 2019 compared to September 30, 2019
|
$
|
6,773
|
|
|
$
|
8,850
|
|
|
$
|
(1,243
|
)
|
|
$
|
(834
|
)
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
% increase (decrease) in same store NOI at share - cash basis
|
2.6
|
%
|
|
3.9
|
%
|
(1)
|
(4.8
|
)%
|
|
(5.4
|
)%
|
|
—
|
%
|
(1)
|
Excluding Hotel Pennsylvania, same store NOI at share - cash basis increased by 2.6%.
|
(Amounts in thousands)
|
As of December 31, 2019
|
|
As of December 31, 2018
|
||||||||
Consolidated debt:
|
Balance
|
|
Weighted
Average
Interest Rate
|
|
Balance
|
|
Weighted
Average
Interest Rate
|
||||
Variable rate
|
$
|
1,643,500
|
|
|
3.09%
|
|
$
|
3,292,382
|
|
|
4.31%
|
Fixed rate
|
5,801,516
|
|
|
3.57%
|
|
6,603,465
|
|
|
3.65%
|
||
Total
|
7,445,016
|
|
|
3.46%
|
|
9,895,847
|
|
|
3.87%
|
||
Deferred financing costs, net and other
|
(38,407
|
)
|
|
|
|
(59,226
|
)
|
|
|
||
Total, net
|
$
|
7,406,609
|
|
|
|
|
$
|
9,836,621
|
|
|
|
(1)
|
Excludes committed tenant-related obligations as timing and amounts of payments are uncertain and may only be due upon satisfactory performance of certain conditions.
|
(2)
|
Interest on variable rate debt is computed using rates in effect at December 31, 2019.
|
(3)
|
Represents rent and fixed payments in lieu of real estate taxes due to Empire State Development ("ESD"), an entity of New York State, for the Farley Office and Retail Building.
|
(Amounts in millions, except per square foot data)
|
Total
|
|
New York
|
|
theMART
|
|
555 California Street
|
||||||||
Expenditures to maintain assets
|
$
|
113.0
|
|
|
$
|
90.0
|
|
|
$
|
18.0
|
|
|
$
|
5.0
|
|
Tenant improvements
|
143.0
|
|
|
128.0
|
|
|
15.0
|
|
|
—
|
|
||||
Leasing commissions
|
47.0
|
|
|
42.0
|
|
|
5.0
|
|
|
—
|
|
||||
Total recurring tenant improvements, leasing commissions and other capital expenditures
|
$
|
303.0
|
|
|
$
|
260.0
|
|
|
$
|
38.0
|
|
|
$
|
5.0
|
|
|
|
|
|
|
|
|
|
||||||||
Square feet budgeted to be leased (in thousands)
|
|
|
2,000
|
|
|
400
|
|
|
—
|
|
|||||
Weighted average lease term (years)
|
|
|
10.0
|
|
|
8.5
|
|
|
—
|
|
|||||
Tenant improvements and leasing commissions:
|
|
|
|
|
|
|
|
||||||||
Per square foot
|
|
|
$
|
85.00
|
|
|
$
|
50.00
|
|
|
$
|
—
|
|
||
Per square foot per annum
|
|
|
8.50
|
|
|
6.00
|
|
|
—
|
|
(Amounts in thousands)
|
For the Year Ended December 31,
|
|
(Decrease) Increase in Cash Flow
|
||||||||
|
2019
|
|
2018
|
|
|||||||
Net cash provided by operating activities
|
$
|
662,539
|
|
|
$
|
802,641
|
|
|
$
|
(140,102
|
)
|
Net cash provided by (used in) investing activities
|
2,463,276
|
|
|
(877,722
|
)
|
|
3,340,998
|
|
|||
Net cash used in financing activities
|
(2,235,589
|
)
|
|
(1,122,826
|
)
|
|
(1,112,763
|
)
|
(Amounts in thousands)
|
For the Year Ended December 31,
|
|
Increase (Decrease) in Cash Flow
|
||||||||
|
2019
|
|
2018
|
|
|||||||
Proceeds from sale of condominium units at 220 Central Park South
|
$
|
1,605,356
|
|
|
$
|
214,776
|
|
|
$
|
1,390,580
|
|
Proceeds from transfer of interest in Fifth Avenue and Times Square JV (net of $35,562 of transaction costs and $10,899 of deconsolidated cash and restricted cash)
|
1,248,743
|
|
|
—
|
|
|
1,248,743
|
|
|||
Development costs and construction in progress
|
(649,056
|
)
|
|
(418,186
|
)
|
|
(230,870
|
)
|
|||
Proceeds from redemption of 640 Fifth Avenue preferred equity
|
500,000
|
|
|
—
|
|
|
500,000
|
|
|||
Moynihan Train Hall expenditures
|
(438,935
|
)
|
|
(74,609
|
)
|
|
(364,326
|
)
|
|||
Proceeds from sale of real estate and related investments
|
324,201
|
|
|
219,731
|
|
|
104,470
|
|
|||
Additions to real estate
|
(233,666
|
)
|
|
(234,602
|
)
|
|
936
|
|
|||
Proceeds from sales of marketable securities
|
168,314
|
|
|
4,101
|
|
|
164,213
|
|
|||
Acquisitions of real estate and other
|
(69,699
|
)
|
|
(574,812
|
)
|
|
505,113
|
|
|||
Distributions of capital from partially owned entities
|
24,880
|
|
|
100,178
|
|
|
(75,298
|
)
|
|||
Investments in partially owned entities
|
(18,257
|
)
|
|
(37,131
|
)
|
|
18,874
|
|
|||
Proceeds from repayments of loans receivable
|
1,395
|
|
|
25,757
|
|
|
(24,362
|
)
|
|||
Investments in loans receivable
|
—
|
|
|
(105,000
|
)
|
|
105,000
|
|
|||
Net consolidation of Farley Office and Retail Building
|
—
|
|
|
2,075
|
|
|
(2,075
|
)
|
|||
Net cash provided by (used in) investing activities
|
$
|
2,463,276
|
|
|
$
|
(877,722
|
)
|
|
$
|
3,340,998
|
|
(Amounts in thousands)
|
For the Year Ended December 31,
|
|
(Decrease) Increase in Cash Flow
|
||||||||
|
2019
|
|
2018
|
|
|||||||
Repayments of borrowings
|
$
|
(2,718,987
|
)
|
|
$
|
(685,265
|
)
|
|
$
|
(2,033,722
|
)
|
Proceeds from borrowings
|
1,108,156
|
|
|
526,766
|
|
|
581,390
|
|
|||
Dividends paid on common shares/Distributions to Vornado
|
(503,785
|
)
|
|
(479,348
|
)
|
|
(24,437
|
)
|
|||
Moynihan Train Hall reimbursement from Empire State Development
|
438,935
|
|
|
74,609
|
|
|
364,326
|
|
|||
Purchase of marketable securities in connection with defeasance of mortgage payable
|
(407,126
|
)
|
|
—
|
|
|
(407,126
|
)
|
|||
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries
|
(80,194
|
)
|
|
(76,149
|
)
|
|
(4,045
|
)
|
|||
Dividends paid on preferred shares/Distributions to preferred unitholders
|
(50,131
|
)
|
|
(55,115
|
)
|
|
4,984
|
|
|||
Contributions from noncontrolling interests in consolidated subsidiaries
|
17,871
|
|
|
61,062
|
|
|
(43,191
|
)
|
|||
Prepayment penalty on redemption of senior unsecured notes due 2022
|
(22,058
|
)
|
|
—
|
|
|
(22,058
|
)
|
|||
Debt issuance costs
|
(15,588
|
)
|
|
(12,908
|
)
|
|
(2,680
|
)
|
|||
Repurchase of shares/Class A units related to stock compensation agreements and related tax withholdings and other
|
(8,692
|
)
|
|
(12,969
|
)
|
|
4,277
|
|
|||
Proceeds received from exercise of Vornado stock options and other
|
6,903
|
|
|
7,309
|
|
|
(406
|
)
|
|||
Redemption of preferred shares/units
|
(893
|
)
|
|
(470,000
|
)
|
|
469,107
|
|
|||
Debt prepayment and extinguishment costs
|
—
|
|
|
(818
|
)
|
|
818
|
|
|||
Net cash used in financing activities
|
$
|
(2,235,589
|
)
|
|
$
|
(1,122,826
|
)
|
|
$
|
(1,112,763
|
)
|
(Amounts in thousands)
|
Total
|
|
New York
|
|
theMART
|
|
555 California Street
|
||||||||
Expenditures to maintain assets
|
$
|
93,226
|
|
|
$
|
80,416
|
|
|
$
|
9,566
|
|
|
$
|
3,244
|
|
Tenant improvements
|
98,261
|
|
|
84,870
|
|
|
9,244
|
|
|
4,147
|
|
||||
Leasing commissions
|
18,229
|
|
|
16,316
|
|
|
827
|
|
|
1,086
|
|
||||
Recurring tenant improvements, leasing commissions and other capital expenditures
|
209,716
|
|
|
181,602
|
|
|
19,637
|
|
|
8,477
|
|
||||
Non-recurring capital expenditures
|
30,374
|
|
|
28,269
|
|
|
332
|
|
|
1,773
|
|
||||
Total capital expenditures and leasing commissions
|
$
|
240,090
|
|
|
$
|
209,871
|
|
|
$
|
19,969
|
|
|
$
|
10,250
|
|
(Amounts in thousands)
|
Total
|
|
New York
|
|
theMART
|
|
555 California Street
|
|
Other
|
||||||||||
Farley Office and Retail Building
|
$
|
265,455
|
|
|
$
|
265,455
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
220 CPS
|
181,177
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
181,177
|
|
|||||
PENN1
|
51,168
|
|
|
51,168
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
345 Montgomery Street
|
29,441
|
|
|
—
|
|
|
—
|
|
|
29,441
|
|
|
—
|
|
|||||
PENN2
|
28,719
|
|
|
28,719
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
606 Broadway
|
7,434
|
|
|
7,434
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
1535 Broadway
|
1,031
|
|
|
1,031
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
84,631
|
|
|
78,128
|
|
|
2,322
|
|
|
3,896
|
|
|
285
|
|
|||||
|
$
|
649,056
|
|
|
$
|
431,935
|
|
|
$
|
2,322
|
|
|
$
|
33,337
|
|
|
$
|
181,462
|
|
(Amounts in thousands)
|
Total
|
|
New York
|
|
theMART
|
|
555 California Street
|
||||||||
Expenditures to maintain assets
|
$
|
92,386
|
|
|
$
|
70,954
|
|
|
$
|
13,282
|
|
|
$
|
8,150
|
|
Tenant improvements
|
100,191
|
|
|
76,187
|
|
|
15,106
|
|
|
8,898
|
|
||||
Leasing commissions
|
33,254
|
|
|
29,435
|
|
|
459
|
|
|
3,360
|
|
||||
Recurring tenant improvements, leasing commissions and other capital expenditures
|
225,831
|
|
|
176,576
|
|
|
28,847
|
|
|
20,408
|
|
||||
Non-recurring capital expenditures
|
43,135
|
|
|
31,381
|
|
|
260
|
|
|
11,494
|
|
||||
Total capital expenditures and leasing commissions
|
$
|
268,966
|
|
|
$
|
207,957
|
|
|
$
|
29,107
|
|
|
$
|
31,902
|
|
(Amounts in thousands)
|
Total
|
|
New York
|
|
theMART
|
|
555 California Street
|
|
Other
|
||||||||||
220 CPS
|
$
|
295,827
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
295,827
|
|
Farley Office and Retail Building(1)
|
18,995
|
|
|
18,995
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
345 Montgomery Street
|
18,187
|
|
|
—
|
|
|
—
|
|
|
18,187
|
|
|
—
|
|
|||||
PENN2
|
16,288
|
|
|
16,288
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
606 Broadway
|
15,959
|
|
|
15,959
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
PENN1
|
8,856
|
|
|
8,856
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
1535 Broadway
|
8,645
|
|
|
8,645
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
35,429
|
|
|
20,372
|
|
|
10,790
|
|
|
445
|
|
|
3,822
|
|
|||||
|
$
|
418,186
|
|
|
$
|
89,115
|
|
|
$
|
10,790
|
|
|
$
|
18,632
|
|
|
$
|
299,649
|
|
(Amounts in thousands, except per share amounts)
|
For the Three Months Ended
December 31, |
|
For the Year Ended
December 31, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Reconciliation of our net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions:
|
|
|
|
|
|
|
|
|
|||||||
Net income attributable to common shareholders
|
$
|
193,217
|
|
|
$
|
100,494
|
|
|
$
|
3,097,806
|
|
|
$
|
384,832
|
|
Per diluted share
|
$
|
1.01
|
|
|
$
|
0.53
|
|
|
$
|
16.21
|
|
|
$
|
2.01
|
|
|
|
|
|
|
|
|
|
||||||||
FFO adjustments:
|
|
|
|
|
|
|
|
|
|
||||||
Depreciation and amortization of real property
|
$
|
85,609
|
|
|
$
|
104,067
|
|
|
$
|
389,024
|
|
|
$
|
413,091
|
|
Net losses (gains) on sale of real estate
|
58
|
|
|
—
|
|
|
(178,711
|
)
|
|
(158,138
|
)
|
||||
Real estate impairment losses
|
565
|
|
|
12,000
|
|
|
32,001
|
|
|
12,000
|
|
||||
Net gain on transfer to Fifth Avenue and Times Square JV on April 18, 2019, net of $11,945 attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
(2,559,154
|
)
|
|
—
|
|
||||
Net gain from sale of UE common shares (sold on March 4, 2019)
|
—
|
|
|
—
|
|
|
(62,395
|
)
|
|
—
|
|
||||
Decrease (increase) in fair value of marketable securities:
|
|
|
|
|
|
|
|
||||||||
PREIT
|
2,438
|
|
|
—
|
|
|
21,649
|
|
|
—
|
|
||||
Lexington (sold on March 1, 2019)
|
—
|
|
|
1,662
|
|
|
(16,068
|
)
|
|
26,596
|
|
||||
Other
|
—
|
|
|
(10
|
)
|
|
(48
|
)
|
|
(143
|
)
|
||||
After-tax purchase price fair value adjustment on depreciable real estate
|
—
|
|
|
(27,289
|
)
|
|
—
|
|
|
(27,289
|
)
|
||||
Proportionate share of adjustments to equity in net income of partially owned entities to arrive at FFO:
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization of real property
|
37,389
|
|
|
24,309
|
|
|
134,706
|
|
|
101,591
|
|
||||
Net gains on sale of real estate
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,998
|
)
|
||||
Decrease in fair value of marketable securities
|
864
|
|
|
2,081
|
|
|
2,852
|
|
|
3,882
|
|
||||
|
126,923
|
|
|
116,820
|
|
|
(2,236,144
|
)
|
|
367,592
|
|
||||
Noncontrolling interests' share of above adjustments
|
(8,278
|
)
|
|
(7,229
|
)
|
|
141,679
|
|
|
(22,746
|
)
|
||||
FFO adjustments, net
|
$
|
118,645
|
|
|
$
|
109,591
|
|
|
$
|
(2,094,465
|
)
|
|
$
|
344,846
|
|
|
|
|
|
|
|
|
|
||||||||
FFO attributable to common shareholders
|
$
|
311,862
|
|
|
$
|
210,085
|
|
|
$
|
1,003,341
|
|
|
$
|
729,678
|
|
Convertible preferred share dividends
|
14
|
|
|
15
|
|
|
57
|
|
|
62
|
|
||||
FFO attributable to common shareholders plus assumed conversions
|
$
|
311,876
|
|
|
$
|
210,100
|
|
|
$
|
1,003,398
|
|
|
$
|
729,740
|
|
Per diluted share
|
$
|
1.63
|
|
|
$
|
1.10
|
|
|
$
|
5.25
|
|
|
$
|
3.82
|
|
|
|
|
|
|
|
|
|
||||||||
Reconciliation of Weighted Average Shares
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding
|
190,916
|
|
|
190,348
|
|
|
190,801
|
|
|
190,219
|
|
||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
||||||||
Employee stock options and restricted share awards
|
191
|
|
|
814
|
|
|
216
|
|
|
933
|
|
||||
Convertible preferred shares
|
33
|
|
|
37
|
|
|
34
|
|
|
37
|
|
||||
Denominator for FFO per diluted share
|
191,140
|
|
|
191,199
|
|
|
191,051
|
|
|
191,189
|
|
(Amounts in thousands, except per share and unit amounts)
|
2019
|
|
2018
|
||||||||||||
December 31,
Balance |
|
Weighted
Average
Interest Rate
|
|
Effect of 1%
Change In
Base Rates
|
|
December 31,
Balance |
|
Weighted
Average
Interest Rate
|
|||||||
Consolidated debt:
|
|
|
|
|
|
|
|
|
|
||||||
Variable rate
|
$
|
1,643,500
|
|
|
3.09%
|
|
$
|
16,435
|
|
|
$
|
3,292,382
|
|
|
4.31%
|
Fixed rate
|
5,801,516
|
|
|
3.57%
|
|
—
|
|
|
6,603,465
|
|
|
3.65%
|
|||
|
$
|
7,445,016
|
|
|
3.46%
|
|
16,435
|
|
|
$
|
9,895,847
|
|
|
3.87%
|
|
Pro rata share of debt of non-consolidated entities(1)(2):
|
|
|
|
|
|
|
|
|
|
|
|||||
Variable rate
|
$
|
1,441,690
|
|
|
3.34%
|
|
14,417
|
|
|
$
|
1,237,388
|
|
|
4.06%
|
|
Fixed rate
|
1,361,169
|
|
|
3.93%
|
|
—
|
|
|
1,382,068
|
|
|
4.19%
|
|||
|
$
|
2,802,859
|
|
|
3.62%
|
|
14,417
|
|
|
$
|
2,619,456
|
|
|
4.13%
|
|
Noncontrolling interests’ share of consolidated subsidiaries
|
|
|
|
|
(339
|
)
|
|
|
|
|
|||||
Total change in annual net income attributable to the Operating Partnership
|
|
|
|
|
30,513
|
|
|
|
|
|
|||||
Noncontrolling interests’ share of the Operating Partnership
|
|
|
|
|
(1,944
|
)
|
|
|
|
|
|||||
Total change in annual net income attributable to Vornado
|
|
|
|
|
$
|
28,569
|
|
|
|
|
|
||||
Total change in annual net income attributable to the Operating Partnership per diluted Class A unit
|
|
|
|
|
$
|
0.15
|
|
|
|
|
|
||||
Total change in annual net income attributable to Vornado per diluted share
|
|
|
|
|
$
|
0.15
|
|
|
|
|
|
(1)
|
As a result of the bankruptcy plan of reorganization for Toys "R" Us, Inc. ("Toys") being declared effective and our stock in Toys being canceled, we no longer hold an investment in Toys. Accordingly, no Toys debt is included in our pro rata share of debt of non-consolidated entities.
|
(2)
|
Our pro rata share of debt of non-consolidated entities as of December 31, 2019 and 2018 is net of our $63,409 share of Alexander's participation in its Rego Park II shopping center mortgage loan which is considered partially extinguished as the participation interest is a reacquisition of debt.
|
(Amounts in thousands)
|
|
As of December 31, 2019
|
||||||||||||||
|
|
|
|
|
|
Variable Rate
|
|
|
|
|
||||||
Hedged Item (Interest rate swaps)
|
|
Fair Value
|
|
Notional Amount
|
|
Spread over LIBOR
|
|
Interest Rate
|
|
Swapped Rate
|
|
Expiration Date
|
||||
Included in other assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
770 Broadway mortgage loan
|
|
$
|
4,045
|
|
|
$
|
700,000
|
|
|
L+175
|
|
3.46%
|
|
2.56%
|
|
9/20
|
888 Seventh Avenue mortgage loan
|
|
218
|
|
|
375,000
|
|
|
L+170
|
|
3.44%
|
|
3.25%
|
|
12/20
|
||
Other
|
|
64
|
|
|
175,000
|
|
|
|
|
|
|
|
|
|
||
|
|
$
|
4,327
|
|
|
$
|
1,250,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Included in other liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Unsecured term loan
|
|
$
|
36,809
|
|
|
$
|
750,000
|
|
|
L+100
|
|
2.80%
|
|
3.87%
|
|
10/23
|
33-00 Northern Boulevard mortgage loan
|
|
3,545
|
|
|
100,000
|
|
|
L+180
|
|
3.52%
|
|
4.14%
|
|
1/25
|
||
|
|
$
|
40,354
|
|
|
$
|
850,000
|
|
|
|
|
|
|
|
|
|
|
Page
Number
|
Vornado Realty Trust
|
|
|
|
Consolidated Balance Sheets at December 31, 2019 and 2018
|
|
|
|
Consolidated Statements of Income for the years ended December 31, 2019, 2018 and 2017
|
|
|
|
Consolidated Statements of Comprehensive Income for the years ended December 31, 2019, 2018 and 2017
|
|
|
|
Consolidated Statements of Changes in Equity for the years ended December 31, 2019, 2018 and 2017
|
|
|
|
Consolidated Statements of Cash Flows for the years ended December 31, 2019, 2018 and 2017
|
|
|
|
Vornado Realty L.P.
|
|
|
|
Consolidated Balance Sheets at December 31, 2019 and 2018
|
|
|
|
Consolidated Statements of Income for the years ended December 31, 2019, 2018 and 2017
|
|
|
|
Consolidated Statements of Comprehensive Income for the years ended December 31, 2019, 2018 and 2017
|
|
|
|
Consolidated Statements of Changes in Equity for the years ended December 31, 2019, 2018 and 2017
|
|
|
|
Consolidated Statements of Cash Flows for the years ended December 31, 2019, 2018 and 2017
|
|
|
|
|
|
•
|
We tested the effectiveness of controls over management’s determination of control over the joint venture, the resulting deconsolidation of the Properties, and whether a gain or loss should be recognized.
|
•
|
We read transaction agreements, traced and agreed the facts included in the Company’s accounting treatment memo to the agreements, and evaluated the assumptions used to arrive at the determined conclusion.
|
•
|
We consulted with our consolidation subject matter experts to assess the reasonableness of the Company’s accounting conclusions.
|
•
|
We evaluated whether the assumptions were consistent with evidence obtained in other areas of the audit.
|
•
|
We tested the effectiveness of controls over the Company’s review of the compilation of inputs related to the valuation and the determination of fair value of assets acquired and liabilities assumed, including management’s valuation methodology.
|
•
|
With the assistance of our fair value specialists, we assessed the reasonableness of management’s significant assumptions, such as discount and capitalization rates, using comparable market data.
|
•
|
With the assistance of our fair value specialists, we evaluated the reasonableness of the significant assumptions, including testing the source information underlying the determination of these assumptions, testing the mathematical accuracy of the calculation, and developing a range of independent estimates and comparing those to the assumptions selected by management.
|
•
|
We evaluated whether the assumptions were consistent with evidence obtained in other areas of the audit.
|
•
|
We tested the effectiveness of controls over management’s evaluation of the recoverability of long-lived assets based on undiscounted cash flows and the measurement of impairment based on discounted cash flows, including those over the market rental rates, capitalization rates, and discount rates used in the assessment.
|
•
|
With the assistance of our fair value specialists, we evaluated the reasonableness of significant assumptions in the undiscounted and discounted cash flow analyses, including estimates of market rental rates, capitalization rates, and discount rates, for properties with impairment indicators. We developed independent estimates of the market rental rates, capitalization rates, and discount rates, focusing on geographical location and property type and compared our independent estimates to the estimates and assumptions used by the Company. In addition, we tested the mathematical accuracy of the undiscounted and discounted cash flow analyses.
|
•
|
We evaluated the reasonableness of management’s undiscounted and discounted cash flow analyses by comparing management’s projections to the Company’s historical results and external market sources.
|
•
|
We evaluated whether the assumptions were consistent with evidence obtained in other areas of the audit.
|
(Amounts in thousands, except unit, share and per share amounts)
|
As of December 31,
|
||||||
|
2019
|
|
2018
|
||||
ASSETS
|
|
|
|
||||
Real estate, at cost:
|
|
|
|
||||
Land
|
$
|
2,591,261
|
|
|
$
|
3,306,280
|
|
Buildings and improvements
|
7,953,163
|
|
|
10,110,992
|
|
||
Development costs and construction in progress
|
1,490,614
|
|
|
2,266,491
|
|
||
Moynihan Train Hall development expenditures
|
914,960
|
|
|
445,693
|
|
||
Leasehold improvements and equipment
|
124,014
|
|
|
108,427
|
|
||
Total
|
13,074,012
|
|
|
16,237,883
|
|
||
Less accumulated depreciation and amortization
|
(3,015,958
|
)
|
|
(3,180,175
|
)
|
||
Real estate, net
|
10,058,054
|
|
|
13,057,708
|
|
||
Right-of-use assets
|
379,546
|
|
|
—
|
|
||
Cash and cash equivalents
|
1,515,012
|
|
|
570,916
|
|
||
Restricted cash
|
92,119
|
|
|
145,989
|
|
||
Marketable securities
|
33,313
|
|
|
152,198
|
|
||
Tenant and other receivables
|
95,733
|
|
|
73,322
|
|
||
Investments in partially owned entities
|
3,999,165
|
|
|
858,113
|
|
||
Real estate fund investments
|
222,649
|
|
|
318,758
|
|
||
220 Central Park South condominium units ready for sale
|
408,918
|
|
|
99,627
|
|
||
Receivable arising from the straight-lining of rents
|
742,206
|
|
|
935,131
|
|
||
Deferred leasing costs, net of accumulated amortization of $196,229 and $207,529
|
353,986
|
|
|
400,313
|
|
||
Identified intangible assets, net of accumulated amortization of $98,587 and $172,114
|
30,965
|
|
|
136,781
|
|
||
Other assets
|
355,347
|
|
|
431,938
|
|
||
|
$
|
18,287,013
|
|
|
$
|
17,180,794
|
|
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
|
|
|
|
||||
Mortgages payable, net
|
$
|
5,639,897
|
|
|
$
|
8,167,798
|
|
Senior unsecured notes, net
|
445,872
|
|
|
844,002
|
|
||
Unsecured term loan, net
|
745,840
|
|
|
744,821
|
|
||
Unsecured revolving credit facilities
|
575,000
|
|
|
80,000
|
|
||
Lease liabilities
|
498,254
|
|
|
—
|
|
||
Moynihan Train Hall obligation
|
914,960
|
|
|
445,693
|
|
||
Special dividend/distribution payable on January 15, 2020
|
398,292
|
|
|
—
|
|
||
Accounts payable and accrued expenses
|
440,049
|
|
|
430,976
|
|
||
Deferred revenue
|
59,429
|
|
|
167,730
|
|
||
Deferred compensation plan
|
103,773
|
|
|
96,523
|
|
||
Other liabilities
|
265,754
|
|
|
311,806
|
|
||
Total liabilities
|
10,087,120
|
|
|
11,289,349
|
|
||
Commitments and contingencies
|
|
|
|
||||
Redeemable noncontrolling interests:
|
|
|
|
||||
Class A units - 13,298,956 and 12,544,477 units outstanding
|
884,380
|
|
|
778,134
|
|
||
Series D cumulative redeemable preferred units - 141,401 and 177,101 units outstanding
|
4,535
|
|
|
5,428
|
|
||
Total redeemable noncontrolling interests
|
888,915
|
|
|
783,562
|
|
||
Shareholders' equity:
|
|
|
|
||||
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 36,795,640 and 36,798,580 shares
|
891,214
|
|
|
891,294
|
|
||
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 190,985,677 and 190,535,499 shares
|
7,618
|
|
|
7,600
|
|
||
Additional capital
|
7,827,697
|
|
|
7,725,857
|
|
||
Earnings less than distributions
|
(1,954,266
|
)
|
|
(4,167,184
|
)
|
||
Accumulated other comprehensive (loss) income
|
(40,233
|
)
|
|
7,664
|
|
||
Total shareholders' equity
|
6,732,030
|
|
|
4,465,231
|
|
||
Noncontrolling interests in consolidated subsidiaries
|
578,948
|
|
|
642,652
|
|
||
Total equity
|
7,310,978
|
|
|
5,107,883
|
|
||
|
$
|
18,287,013
|
|
|
$
|
17,180,794
|
|
(Amounts in thousands)
|
For the Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net income
|
$
|
3,334,262
|
|
|
$
|
422,603
|
|
|
$
|
264,128
|
|
Other comprehensive (loss) income:
|
|
|
|
|
|
||||||
(Reduction) increase in value of interest rate swaps and other
|
(47,883
|
)
|
|
(14,635
|
)
|
|
15,477
|
|
|||
Amounts reclassified from accumulated other comprehensive (loss) income relating to nonconsolidated subsidiaries
|
(2,311
|
)
|
|
—
|
|
|
14,402
|
|
|||
Other comprehensive (loss) income of nonconsolidated subsidiaries
|
(938
|
)
|
|
1,155
|
|
|
1,425
|
|
|||
Reduction in unrealized net gain on available-for-sale securities
|
—
|
|
|
—
|
|
|
(20,951
|
)
|
|||
Comprehensive income
|
3,283,130
|
|
|
409,123
|
|
|
274,481
|
|
|||
Less comprehensive (income) loss attributable to noncontrolling interests
|
(183,090
|
)
|
|
28,187
|
|
|
(37,356
|
)
|
|||
Comprehensive income attributable to Vornado
|
$
|
3,100,040
|
|
|
$
|
437,310
|
|
|
$
|
237,125
|
|
(Amounts in thousands, except per share amounts)
|
|
Common Shares
|
|
Additional
Capital
|
|
Earnings
Less Than
Distributions
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Non-
controlling
Interests in
Consolidated
Subsidiaries
|
|
Total
Equity
|
||||||||||||||||||||||
|
|
Preferred Shares
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
|
|||||||||||||||||||||
Balance, December 31, 2018
|
|
36,800
|
|
|
$
|
891,294
|
|
|
190,535
|
|
|
$
|
7,600
|
|
|
$
|
7,725,857
|
|
|
$
|
(4,167,184
|
)
|
|
$
|
7,664
|
|
|
$
|
642,652
|
|
|
$
|
5,107,883
|
|
Net income attributable to Vornado
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,147,937
|
|
|
—
|
|
|
—
|
|
|
3,147,937
|
|
|||||||
Net loss attributable to noncontrolling interests in consolidated subsidiaries
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(24,547
|
)
|
|
(24,547
|
)
|
|||||||
Dividends on common shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Special dividend ($1.95 per share)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(372,380
|
)
|
|
—
|
|
|
—
|
|
|
(372,380
|
)
|
|||||||
Aggregate quarterly dividends (see Note 12 for dividends per share amounts)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(503,785
|
)
|
|
—
|
|
|
—
|
|
|
(503,785
|
)
|
|||||||
Dividends on preferred shares (see Note 12 for dividends per share amounts)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(50,131
|
)
|
|
—
|
|
|
—
|
|
|
(50,131
|
)
|
|||||||
Common shares issued:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Upon redemption of Class A units, at redemption value
|
|
—
|
|
|
—
|
|
|
171
|
|
|
7
|
|
|
11,243
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,250
|
|
|||||||
Under employees' share option plan
|
|
—
|
|
|
—
|
|
|
245
|
|
|
10
|
|
|
5,479
|
|
|
(8,587
|
)
|
|
—
|
|
|
—
|
|
|
(3,098
|
)
|
|||||||
Under dividend reinvestment plan
|
|
—
|
|
|
—
|
|
|
22
|
|
|
1
|
|
|
1,413
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,414
|
|
|||||||
Contributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Real estate fund investments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,023
|
|
|
9,023
|
|
|||||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,848
|
|
|
8,848
|
|
|||||||
Distributions
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(45,587
|
)
|
|
(45,587
|
)
|
|||||||
Conversion of Series A preferred shares to common shares
|
|
(2
|
)
|
|
(80
|
)
|
|
6
|
|
|
—
|
|
|
80
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Deferred compensation shares and options
|
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
1,095
|
|
|
(105
|
)
|
|
—
|
|
|
—
|
|
|
990
|
|
|||||||
Amounts reclassified related to a nonconsolidated subsidiary
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,311
|
)
|
|
—
|
|
|
(2,311
|
)
|
|||||||
Other comprehensive loss of nonconsolidated subsidiaries
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(938
|
)
|
|
—
|
|
|
(938
|
)
|
|||||||
Reduction in value of interest rate swaps
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(47,885
|
)
|
|
—
|
|
|
(47,885
|
)
|
|||||||
Unearned 2016 Out-Performance Plan awards acceleration
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,720
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,720
|
|
|||||||
Adjustments to carry redeemable Class A units at redemption value
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
70,810
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
70,810
|
|
|||||||
Redeemable noncontrolling interests' share of above adjustments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,235
|
|
|
—
|
|
|
3,235
|
|
|||||||
Deconsolidation of partially owned entity
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,441
|
)
|
|
(11,441
|
)
|
|||||||
Other
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
2
|
|
|
—
|
|
|
(29
|
)
|
|||||||
Balance, December 31, 2019
|
|
36,796
|
|
|
$
|
891,214
|
|
|
190,986
|
|
|
$
|
7,618
|
|
|
$
|
7,827,697
|
|
|
$
|
(1,954,266
|
)
|
|
$
|
(40,233
|
)
|
|
$
|
578,948
|
|
|
$
|
7,310,978
|
|
(Amounts in thousands, except per share amount)
|
|
Common Shares
|
|
Additional
Capital
|
|
Earnings
Less Than
Distributions
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Non-
controlling
Interests in
Consolidated
Subsidiaries
|
|
Total
Equity
|
||||||||||||||||||||||
|
|
Preferred Shares
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
|
|||||||||||||||||||||
Balance, December 31, 2017
|
|
36,800
|
|
|
$
|
891,988
|
|
|
189,984
|
|
|
$
|
7,577
|
|
|
$
|
7,492,658
|
|
|
$
|
(4,183,253
|
)
|
|
$
|
128,682
|
|
|
$
|
670,049
|
|
|
$
|
5,007,701
|
|
Cumulative effect of accounting change
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
122,893
|
|
|
(108,374
|
)
|
|
—
|
|
|
14,519
|
|
|||||||
Net income attributable to Vornado
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
449,954
|
|
|
—
|
|
|
—
|
|
|
449,954
|
|
|||||||
Net loss attributable to noncontrolling interests in consolidated subsidiaries
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(53,023
|
)
|
|
(53,023
|
)
|
|||||||
Dividends on common shares ($2.52 per share)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(479,348
|
)
|
|
—
|
|
|
—
|
|
|
(479,348
|
)
|
|||||||
Dividends on preferred shares
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(50,636
|
)
|
|
—
|
|
|
—
|
|
|
(50,636
|
)
|
|||||||
Series G and Series I cumulative redeemable preferred shares issuance costs
|
|
—
|
|
|
(663
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,486
|
)
|
|
—
|
|
|
—
|
|
|
(15,149
|
)
|
|||||||
Common shares issued:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Upon redemption of Class A units, at redemption value
|
|
—
|
|
|
—
|
|
|
244
|
|
|
10
|
|
|
17,058
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,068
|
|
|||||||
Under employees' share option plan
|
|
—
|
|
|
—
|
|
|
279
|
|
|
12
|
|
|
5,907
|
|
|
(12,185
|
)
|
|
—
|
|
|
—
|
|
|
(6,266
|
)
|
|||||||
Under dividend reinvestment plan
|
|
—
|
|
|
—
|
|
|
20
|
|
|
1
|
|
|
1,389
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,390
|
|
|||||||
Contributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Real estate fund investments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
46,942
|
|
|
46,942
|
|
|||||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,715
|
|
|
15,715
|
|
|||||||
Distributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real estate fund investments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,665
|
)
|
|
(12,665
|
)
|
|||||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(33,250
|
)
|
|
(33,250
|
)
|
|||||||
Conversion of Series A preferred shares to common shares
|
|
—
|
|
|
(31
|
)
|
|
2
|
|
|
—
|
|
|
30
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||||||
Deferred compensation shares and options
|
|
—
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
1,157
|
|
|
(121
|
)
|
|
—
|
|
|
—
|
|
|
1,036
|
|
|||||||
Other comprehensive income of nonconsolidated subsidiaries
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,155
|
|
|
—
|
|
|
1,155
|
|
|||||||
Reduction in value of interest rate swaps
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,634
|
)
|
|
—
|
|
|
(14,634
|
)
|
|||||||
Unearned 2015 Out-Performance Plan awards acceleration
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,046
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,046
|
|
|||||||
Adjustments to carry redeemable Class A units at redemption value
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
198,064
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
198,064
|
|
|||||||
Redeemable noncontrolling interests' share of above adjustments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
836
|
|
|
—
|
|
|
836
|
|
|||||||
Consolidation of the Farley joint venture
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,720
|
|
|
8,720
|
|
|||||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
548
|
|
|
(2
|
)
|
|
(1
|
)
|
|
164
|
|
|
709
|
|
|||||||
Balance, December 31, 2018
|
|
36,800
|
|
|
$
|
891,294
|
|
|
190,535
|
|
|
$
|
7,600
|
|
|
$
|
7,725,857
|
|
|
$
|
(4,167,184
|
)
|
|
$
|
7,664
|
|
|
$
|
642,652
|
|
|
$
|
5,107,883
|
|
(Amounts in thousands, except per share amount)
|
|
Common Shares
|
|
Additional
Capital
|
|
Earnings
Less Than
Distributions
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Non-
controlling
Interests in
Consolidated
Subsidiaries
|
|
Total
Equity
|
||||||||||||||||||||||
|
|
Preferred Shares
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
|
|||||||||||||||||||||
Balance, December 31, 2016
|
|
42,825
|
|
|
$
|
1,038,055
|
|
|
189,101
|
|
|
$
|
7,542
|
|
|
$
|
7,153,332
|
|
|
$
|
(1,419,382
|
)
|
|
$
|
118,972
|
|
|
$
|
719,977
|
|
|
$
|
7,618,496
|
|
Net income attributable to Vornado
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
227,416
|
|
|
—
|
|
|
—
|
|
|
227,416
|
|
|||||||
Net income attributable to noncontrolling interests in consolidated subsidiaries
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25,802
|
|
|
25,802
|
|
|||||||
Dividends on common shares ($2.62 per share)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(496,490
|
)
|
|
—
|
|
|
—
|
|
|
(496,490
|
)
|
|||||||
Dividends on preferred shares
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(65,399
|
)
|
|
—
|
|
|
—
|
|
|
(65,399
|
)
|
|||||||
Series M cumulative redeemable preferred shares issuance
|
|
12,780
|
|
|
309,609
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
309,609
|
|
|||||||
Series G and Series I cumulative redeemable preferred shares called for redemption
|
|
(18,800
|
)
|
|
(455,514
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(455,514
|
)
|
|||||||
Common shares issued:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Upon redemption of Class A units, at redemption value
|
|
—
|
|
|
—
|
|
|
403
|
|
|
16
|
|
|
38,731
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38,747
|
|
|||||||
Under employees' share option plan
|
|
—
|
|
|
—
|
|
|
449
|
|
|
18
|
|
|
28,235
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28,253
|
|
|||||||
Under dividend reinvestment plan
|
|
—
|
|
|
—
|
|
|
17
|
|
|
1
|
|
|
1,458
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,459
|
|
|||||||
Contributions
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,044
|
|
|
1,044
|
|
|||||||
Distributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
JBG SMITH Properties
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,428,345
|
)
|
|
—
|
|
|
—
|
|
|
(2,428,345
|
)
|
|||||||
Real estate fund investments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(73,850
|
)
|
|
(73,850
|
)
|
|||||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,618
|
)
|
|
(2,618
|
)
|
|||||||
Conversion of Series A preferred shares to common shares
|
|
(5
|
)
|
|
(162
|
)
|
|
10
|
|
|
—
|
|
|
162
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Deferred compensation shares and options
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,246
|
|
|
(418
|
)
|
|
—
|
|
|
—
|
|
|
1,828
|
|
|||||||
Reduction in unrealized net gain on available-for-sale securities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20,951
|
)
|
|
—
|
|
|
(20,951
|
)
|
|||||||
Amounts reclassified related to a nonconsolidated subsidiary
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,402
|
|
|
—
|
|
|
14,402
|
|
|||||||
Other comprehensive income of nonconsolidated subsidiaries
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,425
|
|
|
—
|
|
|
1,425
|
|
|||||||
Increase in value of interest rate swaps
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,477
|
|
|
—
|
|
|
15,477
|
|
|||||||
Adjustments to carry redeemable Class A units at redemption value
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
268,494
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
268,494
|
|
|||||||
Redeemable noncontrolling interests' share of above adjustments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(642
|
)
|
|
—
|
|
|
(642
|
)
|
|||||||
Other
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
(635
|
)
|
|
(1
|
)
|
|
(306
|
)
|
|
(942
|
)
|
|||||||
Balance, December 31, 2017
|
|
36,800
|
|
|
$
|
891,988
|
|
|
189,984
|
|
|
$
|
7,577
|
|
|
$
|
7,492,658
|
|
|
$
|
(4,183,253
|
)
|
|
$
|
128,682
|
|
|
$
|
670,049
|
|
|
$
|
5,007,701
|
|
(Amounts in thousands)
|
For the Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Cash Flows from Operating Activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
3,334,262
|
|
|
$
|
422,603
|
|
|
$
|
264,128
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Net gain on transfer to Fifth Avenue and Times Square JV
|
(2,571,099
|
)
|
|
—
|
|
|
—
|
|
|||
Net gains on disposition of wholly owned and partially owned assets
|
(845,499
|
)
|
|
(246,031
|
)
|
|
(501
|
)
|
|||
Depreciation and amortization (including amortization of deferred financing costs)
|
438,933
|
|
|
472,785
|
|
|
529,826
|
|
|||
Distributions of income from partially owned entities
|
116,826
|
|
|
78,831
|
|
|
82,095
|
|
|||
Net realized and unrealized loss on real estate fund investments
|
106,109
|
|
|
84,706
|
|
|
15,267
|
|
|||
Equity in net income of partially owned entities
|
(78,865
|
)
|
|
(9,149
|
)
|
|
(15,635
|
)
|
|||
Non-cash impairment loss on 608 Fifth Avenue right-of-use asset
|
75,220
|
|
|
—
|
|
|
—
|
|
|||
Stock-based compensation expense
|
53,908
|
|
|
31,722
|
|
|
32,829
|
|
|||
Real estate impairment losses and related write-offs
|
26,705
|
|
|
12,000
|
|
|
—
|
|
|||
Prepayment penalty on redemption of senior unsecured notes due 2022
|
22,058
|
|
|
—
|
|
|
—
|
|
|||
Amortization of below-market leases, net
|
(19,830
|
)
|
|
(38,573
|
)
|
|
(46,790
|
)
|
|||
Straight-lining of rents
|
9,679
|
|
|
(7,605
|
)
|
|
(45,792
|
)
|
|||
Decrease in fair value of marketable securities
|
5,533
|
|
|
26,453
|
|
|
—
|
|
|||
Purchase price fair value adjustment
|
—
|
|
|
(44,060
|
)
|
|
—
|
|
|||
Return of capital from real estate fund investments
|
—
|
|
|
20,290
|
|
|
91,606
|
|
|||
Change in valuation of deferred tax assets and liabilities
|
—
|
|
|
12,835
|
|
|
34,800
|
|
|||
Net gains on real estate and other
|
—
|
|
|
—
|
|
|
(3,489
|
)
|
|||
Other non-cash adjustments
|
13,765
|
|
|
7,499
|
|
|
23,651
|
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||||||
Real estate fund investments
|
(10,000
|
)
|
|
(68,950
|
)
|
|
—
|
|
|||
Tenant and other receivables, net
|
(25,988
|
)
|
|
(14,532
|
)
|
|
1,183
|
|
|||
Prepaid assets
|
7,558
|
|
|
151,533
|
|
|
(12,292
|
)
|
|||
Other assets
|
(4,302
|
)
|
|
(84,222
|
)
|
|
(79,199
|
)
|
|||
Accounts payable and accrued expenses
|
5,940
|
|
|
5,869
|
|
|
3,760
|
|
|||
Other liabilities
|
1,626
|
|
|
(11,363
|
)
|
|
(15,305
|
)
|
|||
Net cash provided by operating activities
|
662,539
|
|
|
802,641
|
|
|
860,142
|
|
|||
|
|
|
|
|
|
||||||
Cash Flows from Investing Activities:
|
|
|
|
|
|
||||||
Proceeds from sale of condominium units at 220 Central Park South
|
1,605,356
|
|
|
214,776
|
|
|
—
|
|
|||
Proceeds from transfer of interest in Fifth Avenue and Times Square JV (net of $35,562 of transaction costs and $10,899 of deconsolidated cash and restricted cash)
|
1,248,743
|
|
|
—
|
|
|
—
|
|
|||
Development costs and construction in progress
|
(649,056
|
)
|
|
(418,186
|
)
|
|
(355,852
|
)
|
|||
Proceeds from redemption of 640 Fifth Avenue preferred equity
|
500,000
|
|
|
—
|
|
|
—
|
|
|||
Moynihan Train Hall expenditures
|
(438,935
|
)
|
|
(74,609
|
)
|
|
—
|
|
|||
Proceeds from sale of real estate and related investments
|
324,201
|
|
|
219,731
|
|
|
9,543
|
|
|||
Additions to real estate
|
(233,666
|
)
|
|
(234,602
|
)
|
|
(271,308
|
)
|
|||
Proceeds from sales of marketable securities
|
168,314
|
|
|
4,101
|
|
|
—
|
|
|||
Acquisitions of real estate and other
|
(69,699
|
)
|
|
(574,812
|
)
|
|
(30,607
|
)
|
|||
Distributions of capital from partially owned entities
|
24,880
|
|
|
100,178
|
|
|
366,155
|
|
|||
Investments in partially owned entities
|
(18,257
|
)
|
|
(37,131
|
)
|
|
(40,537
|
)
|
|||
Proceeds from repayments of loans receivable
|
1,395
|
|
|
25,757
|
|
|
659
|
|
|||
Investments in loans receivable
|
—
|
|
|
(105,000
|
)
|
|
—
|
|
|||
Net consolidation of Farley Office and Retail Building
|
—
|
|
|
2,075
|
|
|
—
|
|
|||
Proceeds from the repayment of JBG SMITH Properties loan receivable
|
—
|
|
|
—
|
|
|
115,630
|
|
|||
Net cash provided by (used in) investing activities
|
2,463,276
|
|
|
(877,722
|
)
|
|
(206,317
|
)
|
(Amounts in thousands)
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Cash Flows from Financing Activities:
|
|
|
|
|
|
||||||
Repayments of borrowings
|
$
|
(2,718,987
|
)
|
|
$
|
(685,265
|
)
|
|
$
|
(631,681
|
)
|
Proceeds from borrowings
|
1,108,156
|
|
|
526,766
|
|
|
1,055,872
|
|
|||
Dividends paid on common shares
|
(503,785
|
)
|
|
(479,348
|
)
|
|
(496,490
|
)
|
|||
Moynihan Train Hall reimbursement from Empire State Development
|
438,935
|
|
|
74,609
|
|
|
—
|
|
|||
Purchase of marketable securities in connection with defeasance of mortgage payable
|
(407,126
|
)
|
|
—
|
|
|
—
|
|
|||
Distributions to noncontrolling interests
|
(80,194
|
)
|
|
(76,149
|
)
|
|
(109,697
|
)
|
|||
Dividends paid on preferred shares
|
(50,131
|
)
|
|
(55,115
|
)
|
|
(64,516
|
)
|
|||
Contributions from noncontrolling interests
|
17,871
|
|
|
61,062
|
|
|
1,044
|
|
|||
Prepayment penalty on redemption of senior unsecured notes due 2022
|
(22,058
|
)
|
|
—
|
|
|
—
|
|
|||
Debt issuance costs
|
(15,588
|
)
|
|
(12,908
|
)
|
|
(12,325
|
)
|
|||
Repurchase of shares related to stock compensation agreements and related tax withholdings and other
|
(8,692
|
)
|
|
(12,969
|
)
|
|
(418
|
)
|
|||
Proceeds received from exercise of employee share options and other
|
6,903
|
|
|
7,309
|
|
|
29,712
|
|
|||
Redemption of preferred shares
|
(893
|
)
|
|
(470,000
|
)
|
|
—
|
|
|||
Debt prepayment and extinguishment costs
|
—
|
|
|
(818
|
)
|
|
(3,217
|
)
|
|||
Cash and cash equivalents and restricted cash included in the spin-off of JBG SMITH Properties ($275,000 plus The Bartlett financing proceeds less transaction costs and other mortgage items)
|
—
|
|
|
—
|
|
|
(416,237
|
)
|
|||
Proceeds from issuance of preferred units
|
—
|
|
|
—
|
|
|
309,609
|
|
|||
Net cash used in financing activities
|
(2,235,589
|
)
|
|
(1,122,826
|
)
|
|
(338,344
|
)
|
|||
Net increase (decrease) in cash and cash equivalents and restricted cash
|
890,226
|
|
|
(1,197,907
|
)
|
|
315,481
|
|
|||
Cash and cash equivalents and restricted cash at beginning of period
|
716,905
|
|
|
1,914,812
|
|
|
1,599,331
|
|
|||
Cash and cash equivalents and restricted cash at end of period
|
$
|
1,607,131
|
|
|
$
|
716,905
|
|
|
$
|
1,914,812
|
|
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
|
|
|
|
|
|
||||||
Cash and cash equivalents at beginning of period
|
$
|
570,916
|
|
|
$
|
1,817,655
|
|
|
$
|
1,501,027
|
|
Restricted cash at beginning of period
|
145,989
|
|
|
97,157
|
|
|
95,032
|
|
|||
Restricted cash included in discontinued operations at beginning of period
|
—
|
|
|
—
|
|
|
3,272
|
|
|||
Cash and cash equivalents and restricted cash at beginning of period
|
$
|
716,905
|
|
|
$
|
1,914,812
|
|
|
$
|
1,599,331
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents at end of period
|
$
|
1,515,012
|
|
|
$
|
570,916
|
|
|
$
|
1,817,655
|
|
Restricted cash at end of period
|
92,119
|
|
|
145,989
|
|
|
97,157
|
|
|||
Cash and cash equivalents and restricted cash at end of period
|
$
|
1,607,131
|
|
|
$
|
716,905
|
|
|
$
|
1,914,812
|
|
(Amounts in thousands)
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Supplemental Disclosure of Cash Flow Information:
|
|
|
|
|
|
||||||
Cash payments for interest, excluding capitalized interest of $67,980, $67,402 and $43,071
|
$
|
283,613
|
|
|
$
|
311,835
|
|
|
$
|
338,983
|
|
Cash payments for income taxes
|
$
|
59,834
|
|
|
$
|
62,225
|
|
|
$
|
6,727
|
|
|
|
|
|
|
|
||||||
Non-Cash Investing and Financing Activities:
|
|
|
|
|
|
||||||
Investments received in exchange for transfer to Fifth Avenue and Times Square JV:
|
|
|
|
|
|
||||||
Preferred equity
|
$
|
2,327,750
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Common equity
|
1,449,495
|
|
|
—
|
|
|
—
|
|
|||
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale"
|
1,311,468
|
|
|
233,179
|
|
|
—
|
|
|||
Lease liabilities arising from the recognition of right-of-use assets
|
526,866
|
|
|
—
|
|
|
—
|
|
|||
Marketable securities transferred in connection with the defeasance of mortgage payable
|
(407,126
|
)
|
|
—
|
|
|
—
|
|
|||
Special dividend/distribution declared and payable on January 15, 2020
|
398,292
|
|
|
—
|
|
|
—
|
|
|||
Defeased mortgage payable
|
390,000
|
|
|
—
|
|
|
—
|
|
|||
Write-off of fully depreciated assets
|
(122,813
|
)
|
|
(86,064
|
)
|
|
(58,810
|
)
|
|||
Accrued capital expenditures included in accounts payable and accrued expenses
|
109,975
|
|
|
88,115
|
|
|
102,976
|
|
|||
Adjustments to carry redeemable Class A units at redemption value
|
70,810
|
|
|
198,064
|
|
|
268,494
|
|
|||
Recognition of negative basis related to the sale of our investment in 330 Madison Avenue
|
60,052
|
|
|
—
|
|
|
—
|
|
|||
Amounts related to our investment in Pennsylvania Real Estate Investment Trust reclassified from "investments in partially owned entities" and "accumulated other comprehensive (loss) income" to "marketable securities" upon conversion of operating partnership units to common shares
|
54,962
|
|
|
—
|
|
|
—
|
|
|||
Increase in assets and liabilities resulting from the consolidation of Farley Office and Retail Building:
|
|
|
|
|
|
||||||
Real estate, net
|
—
|
|
|
401,708
|
|
|
—
|
|
|||
Mortgage payable, net
|
—
|
|
|
249,459
|
|
|
—
|
|
|||
Increase in assets and liabilities resulting from the consolidation of Moynihan Train Hall:
|
|
|
|
|
|
||||||
Real estate, net
|
—
|
|
|
346,926
|
|
|
—
|
|
|||
Moynihan Train Hall obligation
|
—
|
|
|
346,926
|
|
|
—
|
|
|||
Non-cash distribution to JBG SMITH Properties:
|
|
|
|
|
|
||||||
Assets
|
—
|
|
|
—
|
|
|
3,432,738
|
|
|||
Liabilities
|
—
|
|
|
—
|
|
|
(1,414,186
|
)
|
|||
Equity
|
—
|
|
|
—
|
|
|
(2,018,552
|
)
|
|||
Reclassification of Series G and Series I cumulative redeemable preferred shares to liabilities upon call for redemption
|
—
|
|
|
—
|
|
|
455,514
|
|
|||
Loan receivable established upon the spin-off of JBG SMITH Properties
|
—
|
|
|
—
|
|
|
115,630
|
|
|||
Reduction in unrealized net gain on available-for-sale securities
|
—
|
|
|
—
|
|
|
(20,951
|
)
|
•
|
We tested the effectiveness of controls over management’s determination of control over the joint venture, the resulting deconsolidation of the Properties, and whether a gain or loss should be recognized.
|
•
|
We read transaction agreements, traced and agreed the facts included in the Partnership’s accounting treatment memo to the agreements, and evaluated the assumptions used to arrive at the determined conclusion.
|
•
|
We consulted with our consolidation subject matter experts to assess the reasonableness of the Partnership’s accounting conclusions.
|
•
|
We evaluated whether the assumptions were consistent with evidence obtained in other areas of the audit.
|
•
|
We tested the effectiveness of controls over the Partnership’s review of the compilation of inputs related to the valuation and the determination of fair value of assets acquired and liabilities assumed, including management’s valuation methodology.
|
•
|
With the assistance of our fair value specialists, we assessed the reasonableness of management’s significant assumptions, such as discount and capitalization rates, using comparable market data.
|
•
|
With the assistance of our fair value specialists, we evaluated the reasonableness of the significant assumptions, including testing the source information underlying the determination of these assumptions, testing the mathematical accuracy of the calculation, and developing a range of independent estimates and comparing those to the assumptions selected by management.
|
•
|
We evaluated whether the assumptions were consistent with evidence obtained in other areas of the audit.
|
•
|
We tested the effectiveness of controls over management’s evaluation of the recoverability of long-lived assets based on undiscounted cash flows and the measurement of impairment based on discounted cash flows, including those over the market rental rates, capitalization rates, and discount rates used in the assessment.
|
•
|
With the assistance of our fair value specialists, we evaluated the reasonableness of significant assumptions in the undiscounted and discounted cash flow analyses, including estimates of market rental rates, capitalization rates, and discount rates, for properties with impairment indicators. We developed independent estimates of the market rental rates, capitalization rates, and discount rates, focusing on geographical location and property type and compared our independent estimates to the estimates and assumptions used by the Partnership. In addition, we tested the mathematical accuracy of the undiscounted and discounted cash flow analyses.
|
•
|
We evaluated the reasonableness of management’s undiscounted and discounted cash flow analyses by comparing management’s projections to the Partnership’s historical results and external market sources.
|
•
|
We evaluated whether the assumptions were consistent with evidence obtained in other areas of the audit.
|
(Amounts in thousands, except unit amounts)
|
As of December 31,
|
||||||
|
2019
|
|
2018
|
||||
ASSETS
|
|
|
|
||||
Real estate, at cost:
|
|
|
|
||||
Land
|
$
|
2,591,261
|
|
|
$
|
3,306,280
|
|
Buildings and improvements
|
7,953,163
|
|
|
10,110,992
|
|
||
Development costs and construction in progress
|
1,490,614
|
|
|
2,266,491
|
|
||
Moynihan Train Hall development expenditures
|
914,960
|
|
|
445,693
|
|
||
Leasehold improvements and equipment
|
124,014
|
|
|
108,427
|
|
||
Total
|
13,074,012
|
|
|
16,237,883
|
|
||
Less accumulated depreciation and amortization
|
(3,015,958
|
)
|
|
(3,180,175
|
)
|
||
Real estate, net
|
10,058,054
|
|
|
13,057,708
|
|
||
Right-of-use assets
|
379,546
|
|
|
—
|
|
||
Cash and cash equivalents
|
1,515,012
|
|
|
570,916
|
|
||
Restricted cash
|
92,119
|
|
|
145,989
|
|
||
Marketable securities
|
33,313
|
|
|
152,198
|
|
||
Tenant and other receivables
|
95,733
|
|
|
73,322
|
|
||
Investments in partially owned entities
|
3,999,165
|
|
|
858,113
|
|
||
Real estate fund investments
|
222,649
|
|
|
318,758
|
|
||
220 Central Park South condominium units ready for sale
|
408,918
|
|
|
99,627
|
|
||
Receivable arising from the straight-lining of rents
|
742,206
|
|
|
935,131
|
|
||
Deferred leasing costs, net of accumulated amortization of $196,229 and $207,529
|
353,986
|
|
|
400,313
|
|
||
Identified intangible assets, net of accumulated amortization of $98,587 and $172,114
|
30,965
|
|
|
136,781
|
|
||
Other assets
|
355,347
|
|
|
431,938
|
|
||
|
$
|
18,287,013
|
|
|
$
|
17,180,794
|
|
|
|
|
|
||||
LIABILITIES, REDEEMABLE PARTNERSHIP UNITS AND EQUITY
|
|
|
|
||||
Mortgages payable, net
|
$
|
5,639,897
|
|
|
$
|
8,167,798
|
|
Senior unsecured notes, net
|
445,872
|
|
|
844,002
|
|
||
Unsecured term loan, net
|
745,840
|
|
|
744,821
|
|
||
Unsecured revolving credit facilities
|
575,000
|
|
|
80,000
|
|
||
Lease liabilities
|
498,254
|
|
|
—
|
|
||
Moynihan Train Hall obligation
|
914,960
|
|
|
445,693
|
|
||
Special distribution payable on January 15, 2020
|
398,292
|
|
|
—
|
|
||
Accounts payable and accrued expenses
|
440,049
|
|
|
430,976
|
|
||
Deferred revenue
|
59,429
|
|
|
167,730
|
|
||
Deferred compensation plan
|
103,773
|
|
|
96,523
|
|
||
Other liabilities
|
265,754
|
|
|
311,806
|
|
||
Total liabilities
|
10,087,120
|
|
|
11,289,349
|
|
||
Commitments and contingencies
|
|
|
|
|
|
||
Redeemable partnership units:
|
|
|
|
|
|
||
Class A units - 13,298,956 and 12,544,477 units outstanding
|
884,380
|
|
|
778,134
|
|
||
Series D cumulative redeemable preferred units - 141,401 and 177,101 units outstanding
|
4,535
|
|
|
5,428
|
|
||
Total redeemable partnership units
|
888,915
|
|
|
783,562
|
|
||
Partners' equity:
|
|
|
|
||||
Partners' capital
|
8,726,529
|
|
|
8,624,751
|
|
||
Earnings less than distributions
|
(1,954,266
|
)
|
|
(4,167,184
|
)
|
||
Accumulated other comprehensive (loss) income
|
(40,233
|
)
|
|
7,664
|
|
||
Total partners' equity
|
6,732,030
|
|
|
4,465,231
|
|
||
Noncontrolling interests in consolidated subsidiaries
|
578,948
|
|
|
642,652
|
|
||
Total equity
|
7,310,978
|
|
|
5,107,883
|
|
||
|
$
|
18,287,013
|
|
|
$
|
17,180,794
|
|
(Amounts in thousands, except per unit amounts)
|
For the Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
REVENUES:
|
|
|
|
|
|
||||||
Rental revenues
|
$
|
1,767,222
|
|
|
$
|
2,007,333
|
|
|
$
|
1,948,376
|
|
Fee and other income
|
157,478
|
|
|
156,387
|
|
|
135,750
|
|
|||
Total revenues
|
1,924,700
|
|
|
2,163,720
|
|
|
2,084,126
|
|
|||
EXPENSES:
|
|
|
|
|
|
||||||
Operating
|
(917,981
|
)
|
|
(963,478
|
)
|
|
(886,596
|
)
|
|||
Depreciation and amortization
|
(419,107
|
)
|
|
(446,570
|
)
|
|
(429,389
|
)
|
|||
General and administrative
|
(169,920
|
)
|
|
(141,871
|
)
|
|
(150,782
|
)
|
|||
(Expense) benefit from deferred compensation plan liability
|
(11,609
|
)
|
|
2,480
|
|
|
(6,932
|
)
|
|||
Transaction related costs, impairment losses and other
|
(106,538
|
)
|
|
(31,320
|
)
|
|
(1,776
|
)
|
|||
Total expenses
|
(1,625,155
|
)
|
|
(1,580,759
|
)
|
|
(1,475,475
|
)
|
|||
|
|
|
|
|
|
|
|
|
|||
Income from partially owned entities
|
78,865
|
|
|
9,149
|
|
|
15,200
|
|
|||
(Loss) income from real estate fund investments
|
(104,082
|
)
|
|
(89,231
|
)
|
|
3,240
|
|
|||
Interest and other investment income, net
|
21,819
|
|
|
17,057
|
|
|
30,861
|
|
|||
Income (loss) from deferred compensation plan assets
|
11,609
|
|
|
(2,480
|
)
|
|
6,932
|
|
|||
Interest and debt expense
|
(286,623
|
)
|
|
(347,949
|
)
|
|
(345,654
|
)
|
|||
Net gain on transfer to Fifth Avenue and Times Square JV
|
2,571,099
|
|
|
—
|
|
|
—
|
|
|||
Purchase price fair value adjustment
|
—
|
|
|
44,060
|
|
|
—
|
|
|||
Net gains on disposition of wholly owned and partially owned assets
|
845,499
|
|
|
246,031
|
|
|
501
|
|
|||
Income before income taxes
|
3,437,731
|
|
|
459,598
|
|
|
319,731
|
|
|||
Income tax expense
|
(103,439
|
)
|
|
(37,633
|
)
|
|
(42,375
|
)
|
|||
Income from continuing operations
|
3,334,292
|
|
|
421,965
|
|
|
277,356
|
|
|||
(Loss) income from discontinued operations
|
(30
|
)
|
|
638
|
|
|
(13,228
|
)
|
|||
Net income
|
3,334,262
|
|
|
422,603
|
|
|
264,128
|
|
|||
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries
|
24,547
|
|
|
53,023
|
|
|
(25,802
|
)
|
|||
Net income attributable to Vornado Realty L.P.
|
3,358,809
|
|
|
475,626
|
|
|
238,326
|
|
|||
Preferred unit distributions
|
(50,296
|
)
|
|
(50,830
|
)
|
|
(65,593
|
)
|
|||
Preferred unit issuance costs
|
—
|
|
|
(14,486
|
)
|
|
—
|
|
|||
NET INCOME attributable to Class A unitholders
|
$
|
3,308,513
|
|
|
$
|
410,310
|
|
|
$
|
172,733
|
|
|
|
|
|
|
|
||||||
INCOME PER CLASS A UNIT - BASIC:
|
|
|
|
|
|
||||||
Income from continuing operations, net
|
$
|
16.22
|
|
|
$
|
2.01
|
|
|
$
|
0.91
|
|
Income (loss) from discontinued operations, net
|
—
|
|
|
0.01
|
|
|
(0.07
|
)
|
|||
Net income per Class A unit
|
$
|
16.22
|
|
|
$
|
2.02
|
|
|
$
|
0.84
|
|
Weighted average units outstanding
|
202,947
|
|
|
202,068
|
|
|
201,214
|
|
|||
|
|
|
|
|
|
||||||
INCOME PER CLASS A UNIT - DILUTED:
|
|
|
|
|
|
||||||
Income from continuing operations, net
|
$
|
16.19
|
|
|
$
|
2.00
|
|
|
$
|
0.90
|
|
Loss from discontinued operations, net
|
—
|
|
|
—
|
|
|
(0.07
|
)
|
|||
Net income per Class A unit
|
$
|
16.19
|
|
|
$
|
2.00
|
|
|
$
|
0.83
|
|
Weighted average units outstanding
|
203,248
|
|
|
203,412
|
|
|
203,300
|
|
(Amounts in thousands)
|
For the Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net income
|
$
|
3,334,262
|
|
|
$
|
422,603
|
|
|
$
|
264,128
|
|
Other comprehensive (loss) income:
|
|
|
|
|
|
||||||
(Reduction) increase in value of interest rate swaps and other
|
(47,883
|
)
|
|
(14,635
|
)
|
|
15,477
|
|
|||
Amounts reclassified from accumulated other comprehensive (loss) income relating to nonconsolidated subsidiaries
|
(2,311
|
)
|
|
—
|
|
|
14,402
|
|
|||
Other comprehensive (loss) income of nonconsolidated subsidiaries
|
(938
|
)
|
|
1,155
|
|
|
1,425
|
|
|||
Reduction in unrealized net gain on available-for-sale securities
|
—
|
|
|
—
|
|
|
(20,951
|
)
|
|||
Comprehensive income
|
3,283,130
|
|
|
409,123
|
|
|
274,481
|
|
|||
Less comprehensive loss (income) attributable to noncontrolling interests in consolidated subsidiaries
|
24,547
|
|
|
53,023
|
|
|
(25,802
|
)
|
|||
Comprehensive income attributable to Vornado Realty L.P.
|
$
|
3,307,677
|
|
|
$
|
462,146
|
|
|
$
|
248,679
|
|
(Amounts in thousands, except per unit amounts)
|
|
Preferred Units
|
|
Class A Units
Owned by Vornado
|
|
Earnings
Less Than Distributions |
|
Accumulated
Other Comprehensive Income (Loss) |
|
Non-
controlling Interests in Consolidated Subsidiaries |
|
Total
Equity |
||||||||||||||||||
|
|
Units
|
|
Amount
|
|
Units
|
|
Amount
|
|
|
|
|
||||||||||||||||||
Balance, December 31, 2018
|
|
36,800
|
|
|
$
|
891,294
|
|
|
190,535
|
|
|
$
|
7,733,457
|
|
|
$
|
(4,167,184
|
)
|
|
$
|
7,664
|
|
|
$
|
642,652
|
|
|
$
|
5,107,883
|
|
Net income attributable to Vornado Realty L.P.
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,358,809
|
|
|
—
|
|
|
—
|
|
|
3,358,809
|
|
||||||
Net income attributable to redeemable partnership units
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(210,872
|
)
|
|
—
|
|
|
—
|
|
|
(210,872
|
)
|
||||||
Net loss attributable to noncontrolling interests in consolidated subsidiaries
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(24,547
|
)
|
|
(24,547
|
)
|
||||||
Distributions to Vornado:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Special distribution ($1.95 per Class A unit)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(372,380
|
)
|
|
—
|
|
|
—
|
|
|
(372,380
|
)
|
||||||
Aggregate quarterly distributions to Vornado (see Note 12 for distributions per unit amounts)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(503,785
|
)
|
|
—
|
|
|
—
|
|
|
(503,785
|
)
|
||||||
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(50,131
|
)
|
|
—
|
|
|
—
|
|
|
(50,131
|
)
|
||||||
Class A Units issued to Vornado:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Upon redemption of redeemable Class A units, at redemption value
|
|
—
|
|
|
—
|
|
|
171
|
|
|
11,250
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,250
|
|
||||||
Under Vornado's employees' share option plan
|
|
—
|
|
|
—
|
|
|
245
|
|
|
5,489
|
|
|
(8,587
|
)
|
|
—
|
|
|
—
|
|
|
(3,098
|
)
|
||||||
Under Vornado's dividend reinvestment plan
|
|
—
|
|
|
—
|
|
|
22
|
|
|
1,414
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,414
|
|
||||||
Contributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real estate fund investments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,023
|
|
|
9,023
|
|
||||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,848
|
|
|
8,848
|
|
||||||
Distributions
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(45,587
|
)
|
|
(45,587
|
)
|
||||||
Conversion of Series A preferred units to Class A units
|
|
(2
|
)
|
|
(80
|
)
|
|
6
|
|
|
80
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Deferred compensation units and options
|
|
—
|
|
|
—
|
|
|
7
|
|
|
1,095
|
|
|
(105
|
)
|
|
—
|
|
|
—
|
|
|
990
|
|
||||||
Amounts reclassified related to a nonconsolidated subsidiary
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,311
|
)
|
|
—
|
|
|
(2,311
|
)
|
||||||
Other comprehensive loss of nonconsolidated subsidiaries
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(938
|
)
|
|
—
|
|
|
(938
|
)
|
||||||
Reduction in value of interest rate swaps
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(47,885
|
)
|
|
—
|
|
|
(47,885
|
)
|
||||||
Unearned 2016 Out-Performance Plan awards acceleration
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,720
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,720
|
|
||||||
Adjustments to carry redeemable Class A units at redemption value
|
|
—
|
|
|
—
|
|
|
—
|
|
|
70,810
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
70,810
|
|
||||||
Redeemable partnership units' share of above adjustments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,235
|
|
|
—
|
|
|
3,235
|
|
||||||
Deconsolidation of partially owned entity
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,441
|
)
|
|
(11,441
|
)
|
||||||
Other
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
2
|
|
|
—
|
|
|
(29
|
)
|
||||||
Balance, December 31, 2019
|
|
36,796
|
|
|
$
|
891,214
|
|
|
190,986
|
|
|
$
|
7,835,315
|
|
|
$
|
(1,954,266
|
)
|
|
$
|
(40,233
|
)
|
|
$
|
578,948
|
|
|
$
|
7,310,978
|
|
(Amounts in thousands, except per unit amount)
|
|
Preferred Units
|
|
Class A Units
Owned by Vornado
|
|
Earnings
Less Than Distributions |
|
Accumulated
Other Comprehensive Income (Loss) |
|
Non-
controlling Interests in Consolidated Subsidiaries |
|
Total
Equity |
||||||||||||||||||
|
|
Units
|
|
Amount
|
|
Units
|
|
Amount
|
|
|
|
|
||||||||||||||||||
Balance, December 31, 2017
|
|
36,800
|
|
|
$
|
891,988
|
|
|
189,984
|
|
|
$
|
7,500,235
|
|
|
$
|
(4,183,253
|
)
|
|
$
|
128,682
|
|
|
$
|
670,049
|
|
|
$
|
5,007,701
|
|
Cumulative effect of accounting change
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
122,893
|
|
|
(108,374
|
)
|
|
—
|
|
|
14,519
|
|
||||||
Net income attributable to Vornado Realty L.P.
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
475,626
|
|
|
—
|
|
|
—
|
|
|
475,626
|
|
||||||
Net income attributable to redeemable partnership units
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(25,672
|
)
|
|
—
|
|
|
—
|
|
|
(25,672
|
)
|
||||||
Net loss attributable to noncontrolling interests in consolidated subsidiaries
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(53,023
|
)
|
|
(53,023
|
)
|
||||||
Distributions to Vornado ($2.52 per Class A unit)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(479,348
|
)
|
|
—
|
|
|
—
|
|
|
(479,348
|
)
|
||||||
Distributions to preferred unitholders
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(50,636
|
)
|
|
—
|
|
|
—
|
|
|
(50,636
|
)
|
||||||
Series G and Series I cumulative redeemable preferred units issuance costs
|
|
—
|
|
|
(663
|
)
|
|
—
|
|
|
—
|
|
|
(14,486
|
)
|
|
—
|
|
|
—
|
|
|
(15,149
|
)
|
||||||
Class A Units issued to Vornado:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Upon redemption of redeemable Class A units, at redemption value
|
|
—
|
|
|
—
|
|
|
244
|
|
|
17,068
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,068
|
|
||||||
Under Vornado's employees' share option plan
|
|
—
|
|
|
—
|
|
|
279
|
|
|
5,919
|
|
|
(12,185
|
)
|
|
—
|
|
|
—
|
|
|
(6,266
|
)
|
||||||
Under Vornado's dividend reinvestment plan
|
|
—
|
|
|
—
|
|
|
20
|
|
|
1,390
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,390
|
|
||||||
Contributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real estate fund investments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
46,942
|
|
|
46,942
|
|
||||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,715
|
|
|
15,715
|
|
||||||
Distributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real estate fund investments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,665
|
)
|
|
(12,665
|
)
|
||||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(33,250
|
)
|
|
(33,250
|
)
|
||||||
Conversion of Series A preferred units to Class A units
|
|
—
|
|
|
(31
|
)
|
|
2
|
|
|
30
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||||
Deferred compensation units and options
|
|
—
|
|
|
—
|
|
|
6
|
|
|
1,157
|
|
|
(121
|
)
|
|
—
|
|
|
—
|
|
|
1,036
|
|
||||||
Other comprehensive income of nonconsolidated subsidiaries
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,155
|
|
|
—
|
|
|
1,155
|
|
||||||
Reduction in value of interest rate swaps
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,634
|
)
|
|
—
|
|
|
(14,634
|
)
|
||||||
Unearned 2015 Out-Performance Plan awards acceleration
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,046
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,046
|
|
||||||
Adjustments to carry redeemable Class A units at redemption value
|
|
—
|
|
|
—
|
|
|
—
|
|
|
198,064
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
198,064
|
|
||||||
Redeemable partnership units' share of above adjustments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
836
|
|
|
—
|
|
|
836
|
|
||||||
Consolidation of the Farley joint venture
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,720
|
|
|
8,720
|
|
||||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
548
|
|
|
(2
|
)
|
|
(1
|
)
|
|
164
|
|
|
709
|
|
||||||
Balance, December 31, 2018
|
|
36,800
|
|
|
$
|
891,294
|
|
|
190,535
|
|
|
$
|
7,733,457
|
|
|
$
|
(4,167,184
|
)
|
|
$
|
7,664
|
|
|
$
|
642,652
|
|
|
$
|
5,107,883
|
|
(Amounts in thousands, except per unit amount)
|
|
Preferred Units
|
|
Class A Units
Owned by Vornado
|
|
Earnings
Less Than Distributions |
|
Accumulated
Other Comprehensive Income (Loss) |
|
Non-
controlling Interests in Consolidated Subsidiaries |
|
Total
Equity |
||||||||||||||||||
|
|
Units
|
|
Amount
|
|
Units
|
|
Amount
|
|
|
|
|
||||||||||||||||||
Balance, December 31, 2016
|
|
42,825
|
|
|
$
|
1,038,055
|
|
|
189,101
|
|
|
$
|
7,160,874
|
|
|
$
|
(1,419,382
|
)
|
|
$
|
118,972
|
|
|
$
|
719,977
|
|
|
$
|
7,618,496
|
|
Net income attributable to Vornado Realty L.P.
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
238,326
|
|
|
—
|
|
|
—
|
|
|
238,326
|
|
||||||
Net income attributable to redeemable partnership units
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,910
|
)
|
|
—
|
|
|
—
|
|
|
(10,910
|
)
|
||||||
Net income attributable to noncontrolling interests in consolidated subsidiaries
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25,802
|
|
|
25,802
|
|
||||||
Distributions to Vornado ($2.62 per Class A unit)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(496,490
|
)
|
|
—
|
|
|
—
|
|
|
(496,490
|
)
|
||||||
Distributions to preferred unitholders
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(65,399
|
)
|
|
—
|
|
|
—
|
|
|
(65,399
|
)
|
||||||
Series M cumulative redeemable preferred units issuance
|
|
12,780
|
|
|
309,609
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
309,609
|
|
||||||
Series G and Series I cumulative redeemable preferred units called for redemption
|
|
(18,800
|
)
|
|
(455,514
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(455,514
|
)
|
||||||
Class A Units issued to Vornado:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Upon redemption of redeemable Class A units, at redemption value
|
|
—
|
|
|
—
|
|
|
403
|
|
|
38,747
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38,747
|
|
||||||
Under Vornado's employees' share option plan
|
|
—
|
|
|
—
|
|
|
449
|
|
|
28,253
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28,253
|
|
||||||
Under Vornado's dividend reinvestment plan
|
|
—
|
|
|
—
|
|
|
17
|
|
|
1,459
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,459
|
|
||||||
Contributions
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,044
|
|
|
1,044
|
|
||||||
Distributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
JBG SMITH Properties
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,428,345
|
)
|
|
—
|
|
|
—
|
|
|
(2,428,345
|
)
|
||||||
Real estate fund investments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(73,850
|
)
|
|
(73,850
|
)
|
||||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,618
|
)
|
|
(2,618
|
)
|
||||||
Conversion of Series A preferred units to Class A units
|
|
(5
|
)
|
|
(162
|
)
|
|
10
|
|
|
162
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Deferred compensation units and options
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,246
|
|
|
(418
|
)
|
|
—
|
|
|
—
|
|
|
1,828
|
|
||||||
Reduction in unrealized net gain on available-for-sale securities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20,951
|
)
|
|
—
|
|
|
(20,951
|
)
|
||||||
Amounts reclassified related to a nonconsolidated subsidiary
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,402
|
|
|
—
|
|
|
14,402
|
|
||||||
Other comprehensive income of nonconsolidated subsidiaries
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,425
|
|
|
—
|
|
|
1,425
|
|
||||||
Increase in value of interest rate swaps
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,477
|
|
|
—
|
|
|
15,477
|
|
||||||
Adjustments to carry redeemable Class A units at redemption value
|
|
—
|
|
|
—
|
|
|
—
|
|
|
268,494
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
268,494
|
|
||||||
Redeemable partnership units' share of above adjustments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(642
|
)
|
|
—
|
|
|
(642
|
)
|
||||||
Other
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
(635
|
)
|
|
(1
|
)
|
|
(306
|
)
|
|
(942
|
)
|
||||||
Balance, December 31, 2017
|
|
36,800
|
|
|
$
|
891,988
|
|
|
189,984
|
|
|
$
|
7,500,235
|
|
|
$
|
(4,183,253
|
)
|
|
$
|
128,682
|
|
|
$
|
670,049
|
|
|
$
|
5,007,701
|
|
(Amounts in thousands)
|
For the Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Cash Flows from Operating Activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
3,334,262
|
|
|
$
|
422,603
|
|
|
$
|
264,128
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Net gain on transfer to Fifth Avenue and Times Square JV
|
(2,571,099
|
)
|
|
—
|
|
|
—
|
|
|||
Net gains on disposition of wholly owned and partially owned assets
|
(845,499
|
)
|
|
(246,031
|
)
|
|
(501
|
)
|
|||
Depreciation and amortization (including amortization of deferred financing costs)
|
438,933
|
|
|
472,785
|
|
|
529,826
|
|
|||
Distributions of income from partially owned entities
|
116,826
|
|
|
78,831
|
|
|
82,095
|
|
|||
Net realized and unrealized loss on real estate fund investments
|
106,109
|
|
|
84,706
|
|
|
15,267
|
|
|||
Equity in net income of partially owned entities
|
(78,865
|
)
|
|
(9,149
|
)
|
|
(15,635
|
)
|
|||
Non-cash impairment loss on 608 Fifth Avenue right-of-use asset
|
75,220
|
|
|
—
|
|
|
—
|
|
|||
Stock-based compensation expense
|
53,908
|
|
|
31,722
|
|
|
32,829
|
|
|||
Real estate impairment losses and related write-offs
|
26,705
|
|
|
12,000
|
|
|
—
|
|
|||
Prepayment penalty on redemption of senior unsecured notes due 2022
|
22,058
|
|
|
—
|
|
|
—
|
|
|||
Amortization of below-market leases, net
|
(19,830
|
)
|
|
(38,573
|
)
|
|
(46,790
|
)
|
|||
Straight-lining of rents
|
9,679
|
|
|
(7,605
|
)
|
|
(45,792
|
)
|
|||
Decrease in fair value of marketable securities
|
5,533
|
|
|
26,453
|
|
|
—
|
|
|||
Purchase price fair value adjustment
|
—
|
|
|
(44,060
|
)
|
|
—
|
|
|||
Return of capital from real estate fund investments
|
—
|
|
|
20,290
|
|
|
91,606
|
|
|||
Change in valuation of deferred tax assets and liabilities
|
—
|
|
|
12,835
|
|
|
34,800
|
|
|||
Net gains on real estate and other
|
—
|
|
|
—
|
|
|
(3,489
|
)
|
|||
Other non-cash adjustments
|
13,765
|
|
|
7,499
|
|
|
23,651
|
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||||||
Real estate fund investments
|
(10,000
|
)
|
|
(68,950
|
)
|
|
—
|
|
|||
Tenant and other receivables, net
|
(25,988
|
)
|
|
(14,532
|
)
|
|
1,183
|
|
|||
Prepaid assets
|
7,558
|
|
|
151,533
|
|
|
(12,292
|
)
|
|||
Other assets
|
(4,302
|
)
|
|
(84,222
|
)
|
|
(79,199
|
)
|
|||
Accounts payable and accrued expenses
|
5,940
|
|
|
5,869
|
|
|
3,760
|
|
|||
Other liabilities
|
1,626
|
|
|
(11,363
|
)
|
|
(15,305
|
)
|
|||
Net cash provided by operating activities
|
662,539
|
|
|
802,641
|
|
|
860,142
|
|
|||
|
|
|
|
|
|
||||||
Cash Flows from Investing Activities:
|
|
|
|
|
|
||||||
Proceeds from sale of condominium units at 220 Central Park South
|
1,605,356
|
|
|
214,776
|
|
|
—
|
|
|||
Proceeds from transfer of interest in Fifth Avenue and Times Square JV (net of $35,562 of transaction costs and $10,899 of deconsolidated cash and restricted cash)
|
1,248,743
|
|
|
—
|
|
|
—
|
|
|||
Development costs and construction in progress
|
(649,056
|
)
|
|
(418,186
|
)
|
|
(355,852
|
)
|
|||
Proceeds from redemption of 640 Fifth Avenue preferred equity
|
500,000
|
|
|
—
|
|
|
—
|
|
|||
Moynihan Train Hall expenditures
|
(438,935
|
)
|
|
(74,609
|
)
|
|
—
|
|
|||
Proceeds from sale of real estate and related investments
|
324,201
|
|
|
219,731
|
|
|
9,543
|
|
|||
Additions to real estate
|
(233,666
|
)
|
|
(234,602
|
)
|
|
(271,308
|
)
|
|||
Proceeds from sales of marketable securities
|
168,314
|
|
|
4,101
|
|
|
—
|
|
|||
Acquisitions of real estate and other
|
(69,699
|
)
|
|
(574,812
|
)
|
|
(30,607
|
)
|
|||
Distributions of capital from partially owned entities
|
24,880
|
|
|
100,178
|
|
|
366,155
|
|
|||
Investments in partially owned entities
|
(18,257
|
)
|
|
(37,131
|
)
|
|
(40,537
|
)
|
|||
Proceeds from repayments of loans receivable
|
1,395
|
|
|
25,757
|
|
|
659
|
|
|||
Investments in loans receivable
|
—
|
|
|
(105,000
|
)
|
|
—
|
|
|||
Net consolidation of Farley Office and Retail Building
|
—
|
|
|
2,075
|
|
|
—
|
|
|||
Proceeds from the repayment of JBG SMITH Properties loan receivable
|
—
|
|
|
—
|
|
|
115,630
|
|
|||
Net cash provided by (used in) investing activities
|
2,463,276
|
|
|
(877,722
|
)
|
|
(206,317
|
)
|
(Amounts in thousands)
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Cash Flows from Financing Activities:
|
|
|
|
|
|
||||||
Repayments of borrowings
|
$
|
(2,718,987
|
)
|
|
$
|
(685,265
|
)
|
|
$
|
(631,681
|
)
|
Proceeds from borrowings
|
1,108,156
|
|
|
526,766
|
|
|
1,055,872
|
|
|||
Distributions to Vornado
|
(503,785
|
)
|
|
(479,348
|
)
|
|
(496,490
|
)
|
|||
Moynihan Train Hall reimbursement from Empire State Development
|
438,935
|
|
|
74,609
|
|
|
—
|
|
|||
Purchase of marketable securities in connection with defeasance of mortgage payable
|
(407,126
|
)
|
|
—
|
|
|
—
|
|
|||
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries
|
(80,194
|
)
|
|
(76,149
|
)
|
|
(109,697
|
)
|
|||
Distributions to preferred unitholders
|
(50,131
|
)
|
|
(55,115
|
)
|
|
(64,516
|
)
|
|||
Contributions from noncontrolling interests in consolidated subsidiaries
|
17,871
|
|
|
61,062
|
|
|
1,044
|
|
|||
Prepayment penalty on redemption of senior unsecured notes due 2022
|
(22,058
|
)
|
|
—
|
|
|
—
|
|
|||
Debt issuance costs
|
(15,588
|
)
|
|
(12,908
|
)
|
|
(12,325
|
)
|
|||
Repurchase of Class A units related to stock compensation agreements and related tax withholdings and other
|
(8,692
|
)
|
|
(12,969
|
)
|
|
(418
|
)
|
|||
Proceeds received from exercise of Vornado stock options and other
|
6,903
|
|
|
7,309
|
|
|
29,712
|
|
|||
Redemption of preferred units
|
(893
|
)
|
|
(470,000
|
)
|
|
—
|
|
|||
Debt prepayment and extinguishment costs
|
—
|
|
|
(818
|
)
|
|
(3,217
|
)
|
|||
Cash and cash equivalents and restricted cash included in the spin-off of JBG SMITH Properties ($275,000 plus The Bartlett financing proceeds less transaction costs and other mortgage items)
|
—
|
|
|
—
|
|
|
(416,237
|
)
|
|||
Proceeds from issuance of preferred units
|
—
|
|
|
—
|
|
|
309,609
|
|
|||
Net cash used in financing activities
|
(2,235,589
|
)
|
|
(1,122,826
|
)
|
|
(338,344
|
)
|
|||
Net increase (decrease) in cash and cash equivalents and restricted cash
|
890,226
|
|
|
(1,197,907
|
)
|
|
315,481
|
|
|||
Cash and cash equivalents and restricted cash at beginning of period
|
716,905
|
|
|
1,914,812
|
|
|
1,599,331
|
|
|||
Cash and cash equivalents and restricted cash at end of period
|
$
|
1,607,131
|
|
|
$
|
716,905
|
|
|
$
|
1,914,812
|
|
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
|
|
|
|
|
|
||||||
Cash and cash equivalents at beginning of period
|
$
|
570,916
|
|
|
$
|
1,817,655
|
|
|
$
|
1,501,027
|
|
Restricted cash at beginning of period
|
145,989
|
|
|
97,157
|
|
|
95,032
|
|
|||
Restricted cash included in discontinued operations at beginning of period
|
—
|
|
|
—
|
|
|
3,272
|
|
|||
Cash and cash equivalents and restricted cash at beginning of period
|
$
|
716,905
|
|
|
$
|
1,914,812
|
|
|
$
|
1,599,331
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents at end of period
|
$
|
1,515,012
|
|
|
$
|
570,916
|
|
|
$
|
1,817,655
|
|
Restricted cash at end of period
|
92,119
|
|
|
145,989
|
|
|
97,157
|
|
|||
Cash and cash equivalents and restricted cash at end of period
|
$
|
1,607,131
|
|
|
$
|
716,905
|
|
|
$
|
1,914,812
|
|
(Amounts in thousands)
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Supplemental Disclosure of Cash Flow Information:
|
|
|
|
|
|
||||||
Cash payments for interest, excluding capitalized interest of $67,980, $67,402 and $43,071
|
$
|
283,613
|
|
|
$
|
311,835
|
|
|
$
|
338,983
|
|
Cash payments for income taxes
|
$
|
59,834
|
|
|
$
|
62,225
|
|
|
$
|
6,727
|
|
|
|
|
|
|
|
||||||
Non-Cash Investing and Financing Activities:
|
|
|
|
|
|
||||||
Investments received in exchange for transfer to Fifth Avenue and Times Square JV:
|
|
|
|
|
|
||||||
Preferred equity
|
$
|
2,327,750
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Common equity
|
1,449,495
|
|
|
—
|
|
|
—
|
|
|||
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale"
|
1,311,468
|
|
|
233,179
|
|
|
—
|
|
|||
Lease liabilities arising from the recognition of right-of-use assets
|
526,866
|
|
|
—
|
|
|
—
|
|
|||
Marketable securities transferred in connection with the defeasance of mortgage payable
|
(407,126
|
)
|
|
—
|
|
|
—
|
|
|||
Special distribution declared and payable on January 15, 2020
|
398,292
|
|
|
—
|
|
|
—
|
|
|||
Defeased mortgage payable
|
390,000
|
|
|
—
|
|
|
—
|
|
|||
Write-off of fully depreciated assets
|
(122,813
|
)
|
|
(86,064
|
)
|
|
(58,810
|
)
|
|||
Accrued capital expenditures included in accounts payable and accrued expenses
|
109,975
|
|
|
88,115
|
|
|
102,976
|
|
|||
Adjustments to carry redeemable Class A units at redemption value
|
70,810
|
|
|
198,064
|
|
|
268,494
|
|
|||
Recognition of negative basis related to the sale of our investment in 330 Madison Avenue
|
60,052
|
|
|
—
|
|
|
—
|
|
|||
Amounts related to our investment in Pennsylvania Real Estate Investment Trust reclassified from "investments in partially owned entities" and "accumulated other comprehensive (loss) income" to "marketable securities" upon conversion of operating partnership units to common shares
|
54,962
|
|
|
—
|
|
|
—
|
|
|||
Increase in assets and liabilities resulting from the consolidation of Farley Office and Retail Building:
|
|
|
|
|
|
||||||
Real estate, net
|
—
|
|
|
401,708
|
|
|
—
|
|
|||
Mortgage payable, net
|
—
|
|
|
249,459
|
|
|
—
|
|
|||
Increase in assets and liabilities resulting from the consolidation of Moynihan Train Hall:
|
|
|
|
|
|
||||||
Real estate, net
|
—
|
|
|
346,926
|
|
|
—
|
|
|||
Moynihan Train Hall obligation
|
—
|
|
|
346,926
|
|
|
—
|
|
|||
Non-cash distribution to JBG SMITH Properties:
|
|
|
|
|
|
||||||
Assets
|
—
|
|
|
—
|
|
|
3,432,738
|
|
|||
Liabilities
|
—
|
|
|
—
|
|
|
(1,414,186
|
)
|
|||
Equity
|
—
|
|
|
—
|
|
|
(2,018,552
|
)
|
|||
Reclassification of Series G and Series I cumulative redeemable preferred shares to liabilities upon call for redemption
|
—
|
|
|
—
|
|
|
455,514
|
|
|||
Loan receivable established upon the spin-off of JBG SMITH Properties
|
—
|
|
|
—
|
|
|
115,630
|
|
|||
Reduction in unrealized net gain on available-for-sale securities
|
—
|
|
|
—
|
|
|
(20,951
|
)
|
1.
|
Organization and Business
|
•
|
19.1 million square feet of Manhattan office in 35 properties;
|
•
|
2.3 million square feet of Manhattan street retail in 70 properties;
|
•
|
1,991 units in 10 residential properties;
|
•
|
The 1,700 room Hotel Pennsylvania located on Seventh Avenue at 33rd Street in the heart of the Penn District; and
|
•
|
A 32.4% interest in Alexander’s, Inc. (“Alexander’s”) (NYSE: ALX), which owns seven properties in the greater New York metropolitan area, including 731 Lexington Avenue, the 1.3 million square foot Bloomberg, L.P. headquarters building.
|
•
|
The 3.7 million square foot theMART in Chicago;
|
•
|
A 70% controlling interest in 555 California Street, a three-building office complex in San Francisco’s financial district aggregating 1.8 million square feet;
|
•
|
A 25.0% interest in Vornado Capital Partners, our real estate fund. We are the general partner and investment manager of the fund; and
|
•
|
Other real estate and investments.
|
2.
|
Basis of Presentation and Significant Accounting Policies
|
2.
|
Basis of Presentation and Significant Accounting Policies - continued
|
2.
|
Basis of Presentation and Significant Accounting Policies - continued
|
2.
|
Basis of Presentation and Significant Accounting Policies - continued
|
2.
|
Basis of Presentation and Significant Accounting Policies - continued
|
(Amounts in thousands)
|
For the Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net income attributable to Vornado common shareholders
|
$
|
3,097,806
|
|
|
$
|
384,832
|
|
|
$
|
162,017
|
|
Book to tax differences (unaudited):
|
|
|
|
|
|
||||||
Sale of real estate and other capital transactions
|
(2,575,435
|
)
|
|
31,527
|
|
|
11,991
|
|
|||
Depreciation and amortization
|
200,913
|
|
|
234,325
|
|
|
213,083
|
|
|||
Earnings of partially owned entities
|
150,550
|
|
|
15,711
|
|
|
(3,054
|
)
|
|||
Impairment losses
|
95,371
|
|
|
11,260
|
|
|
49,062
|
|
|||
Tangible property regulations
|
(57,078
|
)
|
|
(86,040
|
)
|
|
—
|
|
|||
Vornado stock options
|
(16,597
|
)
|
|
(22,992
|
)
|
|
(6,383
|
)
|
|||
Straight-line rent adjustments
|
9,057
|
|
|
(7,133
|
)
|
|
(36,696
|
)
|
|||
Tax expense related to the reduction of our taxable REIT subsidiaries' deferred tax assets
|
—
|
|
|
—
|
|
|
32,663
|
|
|||
Other, net
|
12,575
|
|
|
18,956
|
|
|
25,057
|
|
|||
Estimated taxable income (unaudited)
|
$
|
917,162
|
|
|
$
|
580,446
|
|
|
$
|
447,740
|
|
3.
|
Revenue Recognition
|
•
|
Rental revenues include revenues from the leasing of space at our properties to tenants, lease termination income, revenues from the Hotel Pennsylvania, trade shows and tenant services.
|
◦
|
Revenues from the leasing of space at our properties to tenants includes (i) lease components, including fixed and variable lease payments, and nonlease components which include reimbursement of common area maintenance expenses, and (ii) reimbursement of real estate taxes and insurance expenses. As lessor, we have elected to combine the lease and nonlease components of our operating lease agreements and account for the components as a single lease component in accordance with ASC 842. Lease revenues and reimbursement of common area maintenance, real estate taxes and insurance are presented in the following tables as "property rentals." Revenues derived from fixed lease payments are recognized on a straight-line basis over the non-cancelable period of the lease, together with renewal options that are reasonably certain of being exercised. We commence rental revenue recognition when the underlying asset is available for use by the lessee. Revenue derived from the reimbursement of real estate taxes, insurance expenses and common area maintenance expenses are generally recognized in the same period as the related expenses are incurred.
|
◦
|
Lease termination income is recognized immediately if a tenant vacates or is recognized on a straight-line basis over the shortened remaining lease term in accordance with ASC 842.
|
◦
|
Hotel revenue arising from the operation of Hotel Pennsylvania consists of room revenue, food and beverage revenue, and banquet revenue. Room revenue is recognized when the rooms are made available for the guest, in accordance with ASC 842.
|
◦
|
Trade shows revenue arising from the operation of trade shows is primarily booth rentals. This revenue is recognized upon the occurrence of the trade shows when the trade show booths are made available for use by the exhibitors, in accordance with ASC 842.
|
◦
|
Tenant services revenue arises from sub-metered electric, elevator, trash removal and other services provided to tenants at their request. This revenue is recognized as the services are transferred in accordance with ASC Topic 606, Revenue from Contracts with Customers ("ASC 606").
|
•
|
Fee and other income includes management, leasing and other revenue arising from contractual agreements with third parties or with partially owned entities and includes Building Maintenance Services LLC (“BMS”) cleaning, engineering and security services. This revenue is recognized as the services are transferred in accordance with ASC 606.
|
(Amounts in thousands)
|
For the Year Ended December 31, 2019
|
|
||||||||||
|
Total
|
|
New York
|
|
Other
|
|
||||||
Property rentals
|
$
|
1,589,539
|
|
|
$
|
1,300,385
|
|
|
$
|
289,154
|
|
|
Hotel Pennsylvania
|
89,594
|
|
|
89,594
|
|
|
—
|
|
|
|||
Trade shows
|
40,577
|
|
|
—
|
|
|
40,577
|
|
|
|||
Lease revenues
|
1,719,710
|
|
|
1,389,979
|
|
|
329,731
|
|
|
|||
Tenant services
|
47,512
|
|
|
35,011
|
|
|
12,501
|
|
|
|||
Rental revenues
|
1,767,222
|
|
|
1,424,990
|
|
|
342,232
|
|
|
|||
BMS cleaning fees
|
124,674
|
|
|
133,358
|
|
|
(8,684
|
)
|
(1)
|
|||
Management and leasing fees
|
13,542
|
|
|
13,694
|
|
|
(152
|
)
|
|
|||
Other income
|
19,262
|
|
|
5,818
|
|
|
13,444
|
|
|
|||
Fee and other income
|
157,478
|
|
|
152,870
|
|
|
4,608
|
|
|
|||
Total revenues
|
$
|
1,924,700
|
|
|
$
|
1,577,860
|
|
|
$
|
346,840
|
|
|
3.
|
Revenue Recognition - continued
|
(Amounts in thousands)
|
For the Year Ended December 31, 2018
|
|
||||||||||
|
Total
|
|
New York
|
|
Other
|
|
||||||
Property rentals
|
$
|
1,816,329
|
|
|
$
|
1,548,226
|
|
|
$
|
268,103
|
|
|
Hotel Pennsylvania
|
94,399
|
|
|
94,399
|
|
|
—
|
|
|
|||
Trade shows
|
42,684
|
|
|
—
|
|
|
42,684
|
|
|
|||
Lease revenues
|
1,953,412
|
|
|
1,642,625
|
|
|
310,787
|
|
|
|||
Tenant services
|
53,921
|
|
|
41,351
|
|
|
12,570
|
|
|
|||
Rental revenues
|
2,007,333
|
|
|
1,683,976
|
|
|
323,357
|
|
|
|||
BMS cleaning fees
|
120,357
|
|
|
129,088
|
|
|
(8,731
|
)
|
(1)
|
|||
Management and leasing fees
|
13,324
|
|
|
12,203
|
|
|
1,121
|
|
|
|||
Other income
|
22,706
|
|
|
10,769
|
|
|
11,937
|
|
|
|||
Fee and other income
|
156,387
|
|
|
152,060
|
|
|
4,327
|
|
|
|||
Total revenues
|
$
|
2,163,720
|
|
|
$
|
1,836,036
|
|
|
$
|
327,684
|
|
|
(1)
|
See note below.
|
(Amounts in thousands)
|
For the Year Ended December 31, 2017
|
|
||||||||||
|
Total
|
|
New York
|
|
Other
|
|
||||||
Property rentals
|
$
|
1,762,824
|
|
|
$
|
1,512,617
|
|
|
$
|
250,207
|
|
|
Hotel Pennsylvania
|
89,302
|
|
|
89,302
|
|
|
—
|
|
|
|||
Trade shows
|
42,207
|
|
|
—
|
|
|
42,207
|
|
|
|||
Lease revenues
|
1,894,333
|
|
|
1,601,919
|
|
|
292,414
|
|
|
|||
Tenant services
|
54,043
|
|
|
42,273
|
|
|
11,770
|
|
|
|||
Rental revenues
|
1,948,376
|
|
|
1,644,192
|
|
|
304,184
|
|
|
|||
BMS cleaning fees
|
104,143
|
|
|
110,986
|
|
|
(6,843
|
)
|
(1)
|
|||
Management and leasing fees
|
10,087
|
|
|
8,599
|
|
|
1,488
|
|
|
|||
Other income
|
21,520
|
|
|
15,530
|
|
|
5,990
|
|
|
|||
Fee and other income
|
135,750
|
|
|
135,115
|
|
|
635
|
|
|
|||
Total revenues
|
$
|
2,084,126
|
|
|
$
|
1,779,307
|
|
|
$
|
304,819
|
|
|
(1)
|
Represents the elimination of theMART and 555 California Street BMS cleanings fees which are included as income in the New York segment.
|
4.
|
Real Estate Fund Investments
|
(Amounts in thousands)
|
For the Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net investment income
|
$
|
2,027
|
|
|
$
|
6,105
|
|
|
$
|
18,507
|
|
Net unrealized loss on held investments
|
(106,109
|
)
|
|
(83,794
|
)
|
|
(25,807
|
)
|
|||
Net realized (loss) gain on exited investments
|
—
|
|
|
(912
|
)
|
|
36,078
|
|
|||
Previously recorded unrealized gain on exited investment
|
—
|
|
|
—
|
|
|
(25,538
|
)
|
|||
New York City real property transfer tax (the "Transfer Tax")
|
—
|
|
|
(10,630
|
)
|
(1)
|
—
|
|
|||
(Loss) income from real estate fund investments
|
(104,082
|
)
|
|
(89,231
|
)
|
|
3,240
|
|
|||
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries
|
55,274
|
|
|
61,230
|
|
|
(14,044
|
)
|
|||
Loss from real estate fund investments net of controlling interests in consolidated subsidiaries(2)
|
$
|
(48,808
|
)
|
|
$
|
(28,001
|
)
|
|
$
|
(10,804
|
)
|
(1)
|
Due to the additional Transfer Tax related to the March 2011 acquisition of One Park Avenue which was recognized as a result of the New York City Tax Appeals Tribunal (the "Tax Tribunal") decision in the first quarter of 2018. We appealed the Tax Tribunal's decision to the New York State Supreme Court, Appellate Division, First Department ("Appellate Division"). Our appeal was heard on April 2, 2019. On April 25, 2019, the Appellate Division entered a unanimous decision and order that confirmed the decision of the Tax Tribunal and dismissed our appeal. On June 20, 2019, we filed a motion to reargue the Appellate Division's decision or for leave to appeal to the New York State Court of Appeals. That motion was denied on December 12, 2019 and can no longer be appealed.
|
(2)
|
2018 includes $4,252 of loss related to One Park Avenue additional transfer taxes and reduction in carried interest.
|
5.
|
Marketable Securities
|
5.
|
Marketable Securities - continued
|
6.
|
Investments in Partially Owned Entities
|
6.
|
Investments in Partially Owned Entities - continued
|
6.
|
Investments in Partially Owned Entities - continued
|
6.
|
Investments in Partially Owned Entities – continued
|
(Amounts in thousands)
|
Percentage
Ownership at December 31, 2019 |
|
As of December 31,
|
||||||
|
|
2019
|
|
2018
|
|||||
Investments:
|
|
|
|
|
|
||||
Fifth Avenue and Times Square JV (see pages 110 and 111 for details)
|
51.5%
|
|
$
|
3,291,231
|
|
|
$
|
—
|
|
Partially owned office buildings/land(1)
|
Various
|
|
464,109
|
|
|
499,005
|
|
||
Alexander’s
|
32.4%
|
|
98,543
|
|
|
107,983
|
|
||
PREIT(2)
|
N/A
|
|
—
|
|
|
59,491
|
|
||
UE(3)
|
N/A
|
|
—
|
|
|
45,344
|
|
||
Other investments(4)
|
Various
|
|
145,282
|
|
|
146,290
|
|
||
|
|
|
$
|
3,999,165
|
|
|
$
|
858,113
|
|
Investments in partially owned entities included in other liabilities(5):
|
|
|
|
|
|
||||
7 West 34th Street
|
53.0%
|
|
$
|
(54,004
|
)
|
|
$
|
(51,579
|
)
|
85 Tenth Avenue
|
49.9%
|
|
(6,186
|
)
|
|
—
|
|
||
330 Madison Avenue(6)
|
N/A
|
|
—
|
|
|
(58,117
|
)
|
||
|
|
|
$
|
(60,190
|
)
|
|
$
|
(109,696
|
)
|
(1)
|
Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 512 West 22nd Street, 61 Ninth Avenue and others.
|
(2)
|
On March 12, 2019, we converted all of our PREIT operating partnership units into common shares and began accounting for our investment as a marketable security in accordance with ASC 321 (see Note 5 - Marketable Securities).
|
(3)
|
Sold on March 4, 2019 (see page 112 for details).
|
(4)
|
Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street and others.
|
(5)
|
Our negative basis results from distributions in excess of our investment.
|
(6)
|
Sold on July 11, 2019 (see page 112 for details).
|
(Amounts in thousands)
|
Percentage
Ownership at December 31, 2019 |
|
For the Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|||||||
Our share of net income (loss):
|
|
|
|
|
|
|
|
||||||
Fifth Avenue and Times Square JV (see pages 110 and 111 for details):
|
|
|
|
|
|
|
|
||||||
Equity in net income
|
51.5%
|
|
$
|
31,130
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Return on preferred equity, net of our share of the expense
|
|
|
27,586
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
58,716
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
||||||
Alexander's (see page 111 for details):
|
|
|
|
|
|
|
|
||||||
Equity in net income(1)
|
32.4%
|
|
19,204
|
|
|
10,485
|
|
|
25,820
|
|
|||
Management, leasing and development fees
|
|
|
4,575
|
|
|
4,560
|
|
|
6,033
|
|
|||
|
|
|
23,779
|
|
|
15,045
|
|
|
31,853
|
|
|||
|
|
|
|
|
|
|
|
||||||
Partially owned office buildings(2)
|
Various
|
|
(3,443
|
)
|
|
(3,085
|
)
|
|
2,109
|
|
|||
|
|
|
|
|
|
|
|
||||||
Other investments(3)
|
Various
|
|
(187
|
)
|
|
(2,811
|
)
|
|
(18,762
|
)
|
|||
|
|
|
|
|
|
|
|
||||||
|
|
|
$
|
78,865
|
|
|
$
|
9,149
|
|
|
$
|
15,200
|
|
(1)
|
2018 includes our $7,708 share of Alexander's additional Transfer Tax related to the November 2012 sale of Kings Plaza Regional Shopping Center. Alexander's recorded this expense based on the precedent established by the Tax Tribunal's decision regarding One Park Avenue (see Note 4 - Real Estate Fund Investments).
|
(2)
|
Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 7 West 34th Street, 330 Madison Avenue (sold on July 11, 2019), 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others. 2018 includes our $4,978 share of additional Transfer Tax related to the March 2011 acquisition of One Park Avenue (see Note 4 - Real Estate Fund Investments).
|
(3)
|
Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street, 666 Fifth Avenue Office Condominium (sold on August 3, 2018), UE (sold on March 4, 2019), PREIT (accounted as a marketable security from March 12, 2019) and others. In 2018 and 2017, we recognized net losses of $4,873 and $25,414, respectively, from our 666 Fifth Avenue Office Condominium joint venture as a result of our share of depreciation expense. 2017 includes (i) a $44,465 non-cash impairment loss on our investment in PREIT (ii) $21,100 of net gains resulting from UE operating partnership unit issuances and (iii) $26,687 of net gains, comprised of $15,314 for our share of a net gain on the sale of Suffolk Downs and $11,373 for the net gain on repayment of our debt investments in Suffolk Downs JV.
|
6.
|
Investments in Partially Owned Entities – continued
|
(Amounts in thousands)
|
Percentage
Ownership at December 31, 2019 |
|
Maturity
|
|
Interest
Rate at December 31, 2019 |
|
100% Partially Owned Entities’
Debt at December 31,(1)
|
||||||
|
|
|
|
2019
|
|
2018
|
|||||||
Partially owned office buildings(2):
|
|
|
|
|
|
|
|
|
|
||||
Mortgages payable
|
Various
|
|
2021-2029
|
|
3.68%
|
|
$
|
3,604,104
|
|
|
$
|
3,985,855
|
|
|
|
|
|
|
|
|
|
|
|
||||
Alexander's:
|
|
|
|
|
|
|
|
|
|
||||
Mortgages payable
|
32.4%
|
|
2021-2025
|
|
2.98%
|
|
974,836
|
|
|
1,170,544
|
|
||
|
|
|
|
|
|
|
|
|
|
||||
Fifth Avenue and Times Square JV:
|
|
|
|
|
|
|
|
|
|
||||
Mortgages payable
|
51.5%
|
|
2022-2024
|
|
3.31%
|
|
950,000
|
|
|
—
|
|
||
|
|
|
|
|
|
|
|
|
|
||||
Other(3):
|
|
|
|
|
|
|
|
|
|
||||
Mortgages payable and other
|
Various
|
|
2021-2025
|
|
4.36%
|
|
1,290,227
|
|
|
4,564,489
|
|
(1)
|
All amounts are non-recourse to us except (i) the $500,000 mortgage loan on 640 Fifth Avenue, included in the Fifth Avenue and Times Square JV, and (ii) the $300,000 mortgage loan on 7 West 34th Street which we guaranteed in connection with the sale of a 47.0% equity interest in May 2016.
|
(2)
|
Includes 280 Park Avenue, 85 Tenth Avenue, One Park Avenue, 650 Madison Avenue, 7 West 34th Street, 61 Ninth Avenue, 512 West 22nd Street, 330 Madison Avenue (in 2018 only) and others.
|
(3)
|
Includes Independence Plaza, Rosslyn Plaza, Fashion Centre Mall/Washington Tower, 50-70 West 93rd Street, UE (in 2018 only), PREIT (in 2018 only) and others.
|
(Amounts in thousands)
|
As of December 31,
|
||||||
|
2019
|
|
2018
|
||||
Balance Sheet:
|
|
|
|
||||
Assets
|
$
|
13,384,000
|
|
|
$
|
13,258,000
|
|
Liabilities
|
7,548,000
|
|
|
10,456,000
|
|
||
Noncontrolling interests
|
2,054,000
|
|
|
139,000
|
|
||
Equity
|
3,782,000
|
|
|
2,663,000
|
|
(Amounts in thousands)
|
For the Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Income Statement:
|
|
|
|
|
|
||||||
Total revenue
|
$
|
1,504,000
|
|
|
$
|
1,798,000
|
|
|
$
|
12,991,000
|
|
Net income (loss)
|
39,000
|
|
|
52,000
|
|
|
(542,000
|
)
|
7.
|
220 Central Park South ("220 CPS")
|
8.
|
Dispositions
|
9.
|
Identified Intangible Assets and Liabilities
|
(Amounts in thousands)
|
As of December 31,
|
||||||
|
2019
|
|
2018
|
||||
Identified intangible assets:
|
|
|
|
||||
Gross amount
|
$
|
129,552
|
|
|
$
|
308,895
|
|
Accumulated amortization
|
(98,587
|
)
|
|
(172,114
|
)
|
||
Total, net
|
$
|
30,965
|
|
|
$
|
136,781
|
|
Identified intangible liabilities (included in deferred revenue):
|
|
|
|
||||
Gross amount
|
$
|
316,119
|
|
|
$
|
503,373
|
|
Accumulated amortization
|
(262,580
|
)
|
|
(341,779
|
)
|
||
Total, net
|
$
|
53,539
|
|
|
$
|
161,594
|
|
10.
|
Debt
|
10.
|
Debt - continued
|
(Amounts in thousands)
|
Weighted Average
Interest Rate at December 31, 2019 |
|
Balance as of December 31,
|
||||||
|
|
2019
|
|
2018
|
|||||
Mortgages Payable:
|
|
|
|
|
|
||||
Fixed rate
|
3.52%
|
|
$
|
4,601,516
|
|
|
$
|
5,003,465
|
|
Variable rate
|
3.30%
|
|
1,068,500
|
|
|
3,212,382
|
|
||
Total
|
3.48%
|
|
5,670,016
|
|
|
8,215,847
|
|
||
Deferred financing costs, net and other
|
|
|
(30,119
|
)
|
|
(48,049
|
)
|
||
Total, net
|
|
|
$
|
5,639,897
|
|
|
$
|
8,167,798
|
|
Unsecured Debt:
|
|
|
|
|
|
||||
Senior unsecured notes
|
3.50%
|
|
$
|
450,000
|
|
|
$
|
850,000
|
|
Deferred financing costs, net and other
|
|
|
(4,128
|
)
|
|
(5,998
|
)
|
||
Senior unsecured notes, net
|
|
|
445,872
|
|
|
844,002
|
|
||
|
|
|
|
|
|
||||
Unsecured term loan
|
3.87%
|
|
750,000
|
|
|
750,000
|
|
||
Deferred financing costs, net and other
|
|
|
(4,160
|
)
|
|
(5,179
|
)
|
||
Unsecured term loan, net
|
|
|
745,840
|
|
|
744,821
|
|
||
|
|
|
|
|
|
||||
Unsecured revolving credit facilities
|
2.70%
|
|
575,000
|
|
|
80,000
|
|
||
|
|
|
|
|
|
||||
Total, net
|
|
|
$
|
1,766,712
|
|
|
$
|
1,668,823
|
|
|
(Amounts in thousands)
|
Mortgages Payable
|
|
Senior Unsecured
Notes, Unsecured Term Loan and Unsecured
Revolving Credit Facilities
|
|
||||
|
Year Ended December 31,
|
|
|
|
|
||||
|
2020
|
$
|
1,541,567
|
|
|
$
|
—
|
|
|
|
2021
|
1,635,549
|
|
|
—
|
|
|
||
|
2022
|
971,600
|
|
|
—
|
|
|
||
|
2023
|
23,400
|
|
|
575,000
|
|
|
||
|
2024
|
766,900
|
|
|
750,000
|
|
|
||
|
Thereafter
|
731,000
|
|
|
450,000
|
|
|
11.
|
Redeemable Noncontrolling Interests/Redeemable Partnership Units
|
(Amounts in thousands, except units and per unit amounts)
|
|
Balance as of
December 31, |
|
Units Outstanding as of
December 31, |
|
Per Unit
Liquidation
Preference
|
|
Preferred or
Annual
Distribution
Rate
|
||||||||||||||
Unit Series
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
||||||||||||
Common:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Class A units held by third parties
|
|
$
|
884,380
|
|
|
$
|
778,134
|
|
|
13,298,956
|
|
|
12,544,477
|
|
|
n/a
|
|
|
$
|
2.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Perpetual Preferred/Redeemable Preferred(1):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
5.00% D-16 Cumulative Redeemable
|
|
$
|
1,000
|
|
|
$
|
1,000
|
|
|
1
|
|
|
1
|
|
|
$
|
1,000,000.00
|
|
|
$
|
50,000.00
|
|
3.25% D-17 Cumulative Redeemable
|
|
$
|
3,535
|
|
|
$
|
4,428
|
|
|
141,400
|
|
|
177,100
|
|
|
$
|
25.00
|
|
|
$
|
0.8125
|
|
(1)
|
Holders may tender units for redemption to the Operating Partnership for cash at their stated redemption amount; Vornado, at its option, may assume that obligation and pay the holders either cash or Vornado preferred shares on a one-for-one basis. These units are redeemable at Vornado's option at any time.
|
(Amounts in thousands)
|
For the Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Beginning balance
|
$
|
783,562
|
|
|
$
|
984,937
|
|
Net income
|
210,872
|
|
|
25,672
|
|
||
Other comprehensive loss
|
(3,235
|
)
|
|
(836
|
)
|
||
Distributions
|
(34,607
|
)
|
|
(31,828
|
)
|
||
Special distribution declared on December 18, 2019 (see Note 12 - Shareholders' Equity/Partners' Capital)
|
(25,912
|
)
|
|
—
|
|
||
Redemption of Class A units for Vornado common shares, at redemption value
|
(11,250
|
)
|
|
(17,068
|
)
|
||
Adjustments to carry redeemable Class A units at redemption value
|
(70,810
|
)
|
|
(198,064
|
)
|
||
Other, net
|
40,295
|
|
|
20,749
|
|
||
Ending balance
|
$
|
888,915
|
|
|
$
|
783,562
|
|
12.
|
Shareholders' Equity/Partners' Capital
|
(1)
|
Dividends on preferred shares and distributions on preferred units are cumulative and are payable quarterly in arrears.
|
(2)
|
Redeemable at the option of Vornado under certain circumstances, at a redemption price of 1.9531 common shares/Class A units per Series A Preferred Share/Unit plus accrued and unpaid dividends/distributions through the date of redemption, or convertible at any time at the option of the holder for 1.9531 common shares/Class A units per Series A Preferred Share/Unit.
|
(3)
|
Redeemable at Vornado's option at a redemption price of $25.00 per share/unit, plus accrued and unpaid dividends/distributions through the date of redemption.
|
(1)
|
Amount reclassified related to the conversion of our PREIT operating partnership units into common shares.
|
13.
|
Variable Interest Entities
|
14.
|
Fair Value Measurements
|
14.
|
Fair Value Measurements - continued
|
(Amounts in thousands)
|
As of December 31, 2019
|
||||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Marketable securities
|
$
|
33,313
|
|
|
$
|
33,313
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Real estate fund investments
|
222,649
|
|
|
—
|
|
|
—
|
|
|
222,649
|
|
||||
Deferred compensation plan assets ($11,819 included in restricted cash and $91,954 in other assets)
|
103,773
|
|
|
71,338
|
|
|
—
|
|
|
32,435
|
|
||||
Interest rate swaps (included in other assets)
|
4,327
|
|
|
—
|
|
|
4,327
|
|
|
—
|
|
||||
Total assets
|
$
|
364,062
|
|
|
$
|
104,651
|
|
|
$
|
4,327
|
|
|
$
|
255,084
|
|
|
|
|
|
|
|
|
|
||||||||
Mandatorily redeemable instruments (included in other liabilities)
|
$
|
50,561
|
|
|
$
|
50,561
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest rate swaps (included in other liabilities)
|
40,354
|
|
|
—
|
|
|
40,354
|
|
|
—
|
|
||||
Total liabilities
|
$
|
90,915
|
|
|
$
|
50,561
|
|
|
$
|
40,354
|
|
|
$
|
—
|
|
(Amounts in thousands)
|
As of December 31, 2018
|
||||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Marketable securities
|
$
|
152,198
|
|
|
$
|
152,198
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Real estate fund investments
|
318,758
|
|
|
—
|
|
|
—
|
|
|
318,758
|
|
||||
Deferred compensation plan assets ($8,402 included in restricted cash and $88,122 in other assets)
|
96,524
|
|
|
58,716
|
|
|
—
|
|
|
37,808
|
|
||||
Interest rate swaps (included in other assets)
|
27,033
|
|
|
—
|
|
|
27,033
|
|
|
—
|
|
||||
Total assets
|
$
|
594,513
|
|
|
$
|
210,914
|
|
|
$
|
27,033
|
|
|
$
|
356,566
|
|
|
|
|
|
|
|
|
|
||||||||
Mandatorily redeemable instruments (included in other liabilities)
|
$
|
50,561
|
|
|
$
|
50,561
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest rate swaps (included in other liabilities)
|
15,236
|
|
|
—
|
|
|
15,236
|
|
|
—
|
|
||||
Total liabilities
|
$
|
65,797
|
|
|
$
|
50,561
|
|
|
$
|
15,236
|
|
|
$
|
—
|
|
|
Range
|
|
Weighted Average
(based on fair value of investments) |
||||
Unobservable Quantitative Input
|
December 31, 2019
|
|
December 31, 2018
|
|
December 31, 2019
|
|
December 31, 2018
|
Discount rates
|
8.2% to 12.0%
|
|
10.0% to 15.0%
|
|
9.3%
|
|
13.4%
|
Terminal capitalization rates
|
4.6% to 8.2%
|
|
5.4% to 7.7%
|
|
5.3%
|
|
5.7%
|
14.
|
Fair Value Measurements - continued
|
(Amounts in thousands)
|
For the Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Beginning balance
|
$
|
318,758
|
|
|
$
|
354,804
|
|
Net unrealized loss on held investments
|
(106,109
|
)
|
|
(83,794
|
)
|
||
Purchases/additional fundings
|
10,000
|
|
|
68,950
|
|
||
Dispositions
|
—
|
|
|
(20,290
|
)
|
||
Net realized loss on exited investments
|
—
|
|
|
(912
|
)
|
||
Ending balance
|
$
|
222,649
|
|
|
$
|
318,758
|
|
(Amounts in thousands)
|
For the Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Beginning balance
|
$
|
37,808
|
|
|
$
|
40,128
|
|
Sales
|
(27,053
|
)
|
|
(12,621
|
)
|
||
Purchases
|
18,494
|
|
|
9,183
|
|
||
Realized and unrealized gains (losses)
|
1,947
|
|
|
(274
|
)
|
||
Other, net
|
1,239
|
|
|
1,392
|
|
||
Ending balance
|
$
|
32,435
|
|
|
$
|
37,808
|
|
(Amounts in thousands)
|
As of December 31, 2018
|
||||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Real estate asset
|
$
|
14,971
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
14,971
|
|
14.
|
Fair Value Measurements – continued
|
(Amounts in thousands)
|
As of December 31, 2019
|
|
As of December 31, 2018
|
||||||||||||
|
Carrying
Amount
|
|
Fair
Value
|
|
Carrying
Amount
|
|
Fair
Value
|
||||||||
Cash equivalents
|
$
|
1,276,815
|
|
|
$
|
1,277,000
|
|
|
$
|
261,981
|
|
|
$
|
262,000
|
|
Debt:
|
|
|
|
|
|
|
|
||||||||
Mortgages payable
|
$
|
5,670,016
|
|
|
$
|
5,714,000
|
|
|
$
|
8,215,847
|
|
|
$
|
8,179,000
|
|
Senior unsecured notes
|
450,000
|
|
|
468,000
|
|
|
850,000
|
|
|
847,000
|
|
||||
Unsecured term loan
|
750,000
|
|
|
750,000
|
|
|
750,000
|
|
|
750,000
|
|
||||
Unsecured revolving credit facilities
|
575,000
|
|
|
575,000
|
|
|
80,000
|
|
|
80,000
|
|
||||
Total
|
$
|
7,445,016
|
|
(1)
|
$
|
7,507,000
|
|
|
$
|
9,895,847
|
|
(1)
|
$
|
9,856,000
|
|
(1)
|
Excludes $38,407 and $59,226 of deferred financing costs, net and other as of December 31, 2019 and 2018 respectively.
|
(Amounts in thousands)
|
|
As of December 31, 2019
|
||||||||||||||
|
|
|
|
|
|
Variable Rate
|
|
|
|
|
||||||
Hedged Item (Interest rate swaps)
|
|
Fair Value
|
|
Notional Amount
|
|
Spread over LIBOR
|
|
Interest Rate
|
|
Swapped Rate
|
|
Expiration Date
|
||||
Included in other assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
770 Broadway mortgage loan
|
|
$
|
4,045
|
|
|
$
|
700,000
|
|
|
L+175
|
|
3.46%
|
|
2.56%
|
|
9/20
|
888 Seventh Avenue mortgage loan
|
|
218
|
|
|
375,000
|
|
|
L+170
|
|
3.44%
|
|
3.25%
|
|
12/20
|
||
Other
|
|
64
|
|
|
175,000
|
|
|
|
|
|
|
|
|
|
||
|
|
$
|
4,327
|
|
|
$
|
1,250,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Included in other liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Unsecured term loan
|
|
$
|
36,809
|
|
|
$
|
750,000
|
|
|
L+100
|
|
2.80%
|
|
3.87%
|
|
10/23
|
33-00 Northern Boulevard mortgage loan
|
|
3,545
|
|
|
100,000
|
|
|
L+180
|
|
3.52%
|
|
4.14%
|
|
1/25
|
||
|
|
$
|
40,354
|
|
|
$
|
850,000
|
|
|
|
|
|
|
|
|
|
15.
|
Stock-based Compensation
|
(Amounts in thousands)
|
For the Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
OP Units
|
$
|
39,969
|
|
|
$
|
17,763
|
|
|
$
|
20,630
|
|
Performance Conditioned AO LTIP Units
|
8,263
|
|
|
—
|
|
|
—
|
|
|||
AO LTIP Units
|
2,636
|
|
|
2,113
|
|
|
—
|
|
|||
OPPs
|
1,944
|
|
|
10,689
|
|
|
10,723
|
|
|||
Vornado restricted stock
|
549
|
|
|
570
|
|
|
729
|
|
|||
Vornado stock options
|
547
|
|
|
587
|
|
|
747
|
|
|||
|
$
|
53,908
|
|
|
$
|
31,722
|
|
|
$
|
32,829
|
|
(Amounts in thousands)
|
As of
December 31, 2019 |
|
Weighted-Average
Remaining Contractual Term
|
||
OP Units
|
$
|
36,390
|
|
|
2.0
|
AO LTIP Units
|
2,029
|
|
|
1.5
|
|
OPPs
|
1,783
|
|
|
1.6
|
|
Vornado restricted stock
|
833
|
|
|
1.7
|
|
Vornado stock options
|
832
|
|
|
1.7
|
|
Performance Conditioned AO LTIP Units
|
720
|
|
|
1.6
|
|
|
$
|
42,587
|
|
|
1.9
|
15.
|
Stock-based Compensation - continued
|
Plan Year
|
|
Total Plan
Notional Amount
|
|
Percentage of Notional
Amount Granted
|
|
Grant Date
Fair Value(1)
|
|
OPP Units Earned
|
|||||
2018
|
|
$
|
35,000,000
|
|
|
78.2
|
%
|
|
$
|
10,300,000
|
|
|
To be determined in 2021
|
2017
|
|
35,000,000
|
|
|
86.6
|
%
|
|
10,800,000
|
|
|
Not earned
|
||
2016
|
|
40,000,000
|
|
|
86.7
|
%
|
|
11,800,000
|
|
|
Not earned
|
(1)
|
During the years ended December 31, 2018 and 2017, $8,040,000, and $7,558,000, respectively, was immediately expensed on the respective grant date due to acceleration of vesting for employees who are retirement eligible (have reached age 65 or age 60 with at least 20 years of service).
|
15.
|
Stock-based Compensation - continued
|
|
Shares
|
|
Weighted-
Average
Exercise
Price
|
|
Weighted-
Average
Remaining
Contractual
Term
|
|
Aggregate
Intrinsic
Value
|
|||||
Outstanding as of December 31, 2018
|
2,280,126
|
|
|
$
|
50.81
|
|
|
|
|
|
||
Granted
|
35,106
|
|
|
62.68
|
|
|
|
|
|
|||
Exercised
|
(534,972
|
)
|
|
29.25
|
|
|
|
|
|
|||
Cancelled or expired
|
(11,383
|
)
|
|
78.07
|
|
|
|
|
|
|||
Outstanding as of December 31, 2019
|
1,768,877
|
|
|
$
|
57.39
|
|
|
1.1
|
|
$
|
16,247,000
|
|
Options vested and expected to vest as of December 31, 2019
|
1,767,546
|
|
|
$
|
57.37
|
|
|
1.1
|
|
$
|
16,246,000
|
|
Options exercisable as of December 31, 2019
|
1,693,192
|
|
|
$
|
56.87
|
|
|
0.8
|
|
$
|
16,133,000
|
|
|
As of December 31,
|
||||
|
2019
|
|
2018
|
|
2017
|
Expected volatility
|
35%
|
|
35%
|
|
35%
|
Expected life
|
5.0 years
|
|
5.0 years
|
|
5.0 years
|
Risk free interest rate
|
2.50%
|
|
2.25%
|
|
1.95%
|
Expected dividend yield
|
2.9%
|
|
2.9%
|
|
3.0%
|
15.
|
Stock-based Compensation - continued
|
|
Units
|
|
Weighted-Average
Grant-Date Fair Value |
|||
Granted
|
496,762
|
|
|
$
|
62.62
|
|
Outstanding as of December 31, 2019
|
496,762
|
|
|
62.62
|
|
|
As of December 31, 2019
|
Expected volatility
|
35%
|
Expected life
|
8.0 years
|
Risk free interest rate
|
2.76%
|
Expected dividend yield
|
3.1%
|
|
|
Units
|
|
Weighted-Average
Grant-Date Fair Value |
|||
Outstanding as of December 31, 2018
|
|
183,233
|
|
|
$
|
70.34
|
|
Granted
|
|
207,808
|
|
|
62.66
|
|
|
Vested
|
|
(46,285
|
)
|
|
70.31
|
|
|
Cancelled or expired
|
|
(7,058
|
)
|
|
67.59
|
|
|
Outstanding as of December 31, 2019
|
|
337,698
|
|
|
65.67
|
|
15.
|
Stock-based Compensation - continued
|
|
As of December 31,
|
||
|
2019
|
|
2018
|
Expected volatility
|
35%
|
|
35%
|
Expected life
|
5.0 years
|
|
5.0 years
|
Risk free interest rate
|
2.50%
|
|
2.25%
|
Expected dividend yield
|
2.9%
|
|
2.9%
|
Unvested Units
|
|
Units
|
|
Weighted-Average
Grant-Date
Fair Value
|
|||
Unvested as of December 31, 2018
|
|
641,844
|
|
|
$
|
72.79
|
|
Granted
|
|
927,812
|
|
|
63.30
|
|
|
Vested
|
|
(418,692
|
)
|
|
66.45
|
|
|
Cancelled or expired
|
|
(2,651
|
)
|
|
68.34
|
|
|
Unvested as of December 31, 2019
|
|
1,148,313
|
|
|
67.45
|
|
Unvested Shares
|
|
Shares
|
|
Weighted-Average
Grant-Date
Fair Value
|
|||
Unvested as of December 31, 2018
|
|
16,686
|
|
|
$
|
77.54
|
|
Granted
|
|
8,805
|
|
|
64.48
|
|
|
Vested
|
|
(5,996
|
)
|
|
79.47
|
|
|
Cancelled or expired
|
|
(568
|
)
|
|
73.98
|
|
|
Unvested as of December 31, 2019
|
|
18,927
|
|
|
70.96
|
|
16.
|
Transaction Related Costs, Impairment Losses and Other
|
(Amounts in thousands)
|
For the Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Non-cash impairment losses and related write-offs(1)
|
$
|
101,925
|
|
|
$
|
12,000
|
|
|
$
|
—
|
|
Transaction related costs
|
4,613
|
|
|
6,217
|
|
|
1,776
|
|
|||
Transfer tax(2)
|
—
|
|
|
13,103
|
|
|
—
|
|
|||
|
$
|
106,538
|
|
|
$
|
31,320
|
|
|
$
|
1,776
|
|
(1)
|
2019 primarily from 608 Fifth Avenue (see below).
|
(2)
|
Additional Transfer Tax recorded in the first quarter 2018 related to the acquisition of Independence Plaza. The joint venture, in which we have a 50.1% economic interest, that owns Independence Plaza recognized this expense based on the precedent established by the Tax Tribunal's decision regarding One Park Avenue (see Note 4 - Real Estate Fund Investments).
|
17.
|
Interest and Other Investment Income, Net
|
(Amounts in thousands)
|
For the Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
(Decrease) increase in fair value of marketable securities:
|
|
|
|
|
|
|
|
|
|||
PREIT (see page 110 for details)
|
$
|
(21,649
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Lexington (see page 109 for details)
|
16,068
|
|
|
(26,596
|
)
|
|
—
|
|
|||
Other
|
48
|
|
|
143
|
|
|
—
|
|
|||
|
(5,533
|
)
|
|
(26,453
|
)
|
|
—
|
|
|||
Interest on cash and cash equivalents and restricted cash
|
13,380
|
|
|
15,827
|
|
|
8,171
|
|
|||
Interest on loans receivable
|
6,326
|
|
|
10,298
|
|
(1)
|
4,352
|
|
|||
Dividends on marketable securities
|
3,938
|
|
|
13,339
|
|
|
13,276
|
|
|||
Other, net
|
3,708
|
|
|
4,046
|
|
|
5,062
|
|
|||
|
$
|
21,819
|
|
|
$
|
17,057
|
|
|
$
|
30,861
|
|
(1)
|
Includes $6,707 of profit participation in connection with an investment in a mezzanine loan which was previously repaid to us.
|
18.
|
Interest and Debt Expense
|
(Amounts in thousands)
|
For the Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Interest expense
|
$
|
335,016
|
|
(1)
|
$
|
389,136
|
|
|
$
|
359,819
|
|
Capitalized interest and debt expense
|
(72,200
|
)
|
|
(73,166
|
)
|
|
(48,231
|
)
|
|||
Amortization of deferred financing costs
|
23,807
|
|
|
31,979
|
|
|
34,066
|
|
|||
|
$
|
286,623
|
|
|
$
|
347,949
|
|
|
$
|
345,654
|
|
(Amounts in thousands, except per share amounts)
|
For the Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Numerator:
|
|
|
|
|
|
||||||
Income from continuing operations, net of income attributable to noncontrolling interests
|
$
|
3,147,965
|
|
|
$
|
449,356
|
|
|
$
|
239,824
|
|
(Loss) income from discontinued operations, net of income attributable to noncontrolling interests
|
(28
|
)
|
|
598
|
|
|
(12,408
|
)
|
|||
Net income attributable to Vornado
|
3,147,937
|
|
|
449,954
|
|
|
227,416
|
|
|||
Preferred share dividends
|
(50,131
|
)
|
|
(50,636
|
)
|
|
(65,399
|
)
|
|||
Preferred share issuance costs
|
—
|
|
|
(14,486
|
)
|
|
—
|
|
|||
Net income attributable to common shareholders
|
3,097,806
|
|
|
384,832
|
|
|
162,017
|
|
|||
Earnings allocated to unvested participating securities
|
(309
|
)
|
|
(44
|
)
|
|
(46
|
)
|
|||
Numerator for basic income per share
|
3,097,497
|
|
|
384,788
|
|
|
161,971
|
|
|||
Impact of assumed conversions:
|
|
|
|
|
|
||||||
Convertible preferred share dividends
|
57
|
|
|
62
|
|
|
—
|
|
|||
Earnings allocated to Out-Performance Plan units
|
9
|
|
|
174
|
|
|
230
|
|
|||
Numerator for diluted income per share
|
$
|
3,097,563
|
|
|
$
|
385,024
|
|
|
$
|
162,201
|
|
|
|
|
|
|
|
||||||
Denominator:
|
|
|
|
|
|
||||||
Denominator for basic income per share – weighted average shares
|
190,801
|
|
|
190,219
|
|
|
189,526
|
|
|||
Effect of dilutive securities (1):
|
|
|
|
|
|
||||||
Employee stock options and restricted stock awards
|
216
|
|
|
933
|
|
|
1,448
|
|
|||
Convertible preferred shares
|
34
|
|
|
37
|
|
|
—
|
|
|||
Out-Performance Plan units
|
2
|
|
|
101
|
|
|
284
|
|
|||
Denominator for diluted income per share – weighted average shares and assumed conversions
|
191,053
|
|
|
191,290
|
|
|
191,258
|
|
|||
|
|
|
|
|
|
||||||
INCOME PER COMMON SHARE - BASIC:
|
|
|
|
|
|
||||||
Income from continuing operations, net
|
$
|
16.23
|
|
|
$
|
2.02
|
|
|
$
|
0.92
|
|
Loss from discontinued operations, net
|
—
|
|
|
—
|
|
|
(0.07
|
)
|
|||
Net income per common share
|
$
|
16.23
|
|
|
$
|
2.02
|
|
|
$
|
0.85
|
|
|
|
|
|
|
|
||||||
INCOME PER COMMON SHARE - DILUTED:
|
|
|
|
|
|
||||||
Income from continuing operations, net
|
$
|
16.21
|
|
|
$
|
2.01
|
|
|
$
|
0.91
|
|
Loss from discontinued operations, net
|
—
|
|
|
—
|
|
|
(0.06
|
)
|
|||
Net income per common share
|
$
|
16.21
|
|
|
$
|
2.01
|
|
|
$
|
0.85
|
|
(1)
|
The effect of dilutive securities in the years ended December 31, 2019, 2018 and 2017 excludes an aggregate of 13,020, 12,232 and 12,165 weighted average common share equivalents, respectively, as their effect was anti-dilutive.
|
19.
|
Income Per Share/Income Per Class A Unit – continued
|
(Amounts in thousands, except per unit amounts)
|
For the Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Numerator:
|
|
|
|
|
|
||||||
Income from continuing operations, net of income attributable to noncontrolling interests in consolidated subsidiaries
|
$
|
3,358,839
|
|
|
$
|
474,988
|
|
|
$
|
251,554
|
|
(Loss) income from discontinued operations
|
(30
|
)
|
|
638
|
|
|
(13,228
|
)
|
|||
Net income attributable to Vornado Realty L.P.
|
3,358,809
|
|
|
475,626
|
|
|
238,326
|
|
|||
Preferred unit distributions
|
(50,296
|
)
|
|
(50,830
|
)
|
|
(65,593
|
)
|
|||
Preferred unit issuance costs
|
—
|
|
|
(14,486
|
)
|
|
—
|
|
|||
Net income attributable to Class A unitholders
|
3,308,513
|
|
|
410,310
|
|
|
172,733
|
|
|||
Earnings allocated to unvested participating securities
|
(17,296
|
)
|
|
(2,973
|
)
|
|
(3,232
|
)
|
|||
Numerator for basic income per Class A unit
|
3,291,217
|
|
|
407,337
|
|
|
169,501
|
|
|||
Impact of assumed conversions:
|
|
|
|
|
|
||||||
Convertible preferred unit distributions
|
57
|
|
|
62
|
|
|
—
|
|
|||
Numerator for diluted income per Class A unit
|
$
|
3,291,274
|
|
|
$
|
407,399
|
|
|
$
|
169,501
|
|
|
|
|
|
|
|
||||||
Denominator:
|
|
|
|
|
|
||||||
Denominator for basic income per Class A unit – weighted average units
|
202,947
|
|
|
202,068
|
|
|
201,214
|
|
|||
Effect of dilutive securities (1):
|
|
|
|
|
|
||||||
Vornado stock options, Vornado restricted stock awards, OP Units and OPPs
|
267
|
|
|
1,307
|
|
|
2,086
|
|
|||
Convertible preferred units
|
34
|
|
|
37
|
|
|
—
|
|
|||
Denominator for diluted income per Class A unit – weighted average units and assumed conversions
|
203,248
|
|
|
203,412
|
|
|
203,300
|
|
|||
|
|
|
|
|
|
||||||
INCOME PER CLASS A UNIT - BASIC:
|
|
|
|
|
|
||||||
Income from continuing operations, net
|
$
|
16.22
|
|
|
$
|
2.01
|
|
|
$
|
0.91
|
|
Income (loss) from discontinued operations, net
|
—
|
|
|
0.01
|
|
|
(0.07
|
)
|
|||
Net income per Class A unit
|
$
|
16.22
|
|
|
$
|
2.02
|
|
|
$
|
0.84
|
|
|
|
|
|
|
|
||||||
INCOME PER CLASS A UNIT - DILUTED:
|
|
|
|
|
|
||||||
Income from continuing operations, net
|
$
|
16.19
|
|
|
$
|
2.00
|
|
|
$
|
0.90
|
|
Loss from discontinued operations, net
|
—
|
|
|
—
|
|
|
(0.07
|
)
|
|||
Net income per Class A unit
|
$
|
16.19
|
|
|
$
|
2.00
|
|
|
$
|
0.83
|
|
(1)
|
The effect of dilutive securities in the years ended December 31, 2019, 2018 and 2017 excludes an aggregate of 825, 110 and 124 weighted average Class A unit equivalents, respectively, as their effect was anti-dilutive.
|
20.
|
Leases
|
(Amounts in thousands)
|
As of December 31, 2019
|
||
For the year ended December 31,
|
|
||
2020
|
$
|
1,285,867
|
|
2021
|
1,248,659
|
|
|
2022
|
1,181,887
|
|
|
2023
|
1,067,014
|
|
|
2024
|
894,362
|
|
|
Thereafter
|
4,435,225
|
|
(Amounts in thousands)
|
As of December 31, 2018
|
||
For the year ended December 31:
|
|
||
2019
|
$
|
1,547,162
|
|
2020
|
1,510,097
|
|
|
2021
|
1,465,024
|
|
|
2022
|
1,407,615
|
|
|
2023
|
1,269,141
|
|
|
Thereafter
|
5,832,467
|
|
(Amounts in thousands)
|
For the Year Ended December 31, 2019
|
||
Fixed lease revenues
|
$
|
1,513,033
|
|
Variable lease revenues
|
206,677
|
|
|
Lease revenues
|
$
|
1,719,710
|
|
(Amounts in thousands)
|
As of December 31, 2019
|
||
Weighted average remaining lease term (in years)
|
40.20
|
|
|
Weighted average discount rate
|
4.84
|
%
|
|
Cash paid for operating leases
|
$
|
27,817
|
|
(Amounts in thousands)
|
For the Year Ended December 31, 2019
|
||
Fixed rent expense
|
$
|
33,738
|
|
Variable rent expense
|
1,978
|
|
|
Rent expense
|
$
|
35,716
|
|
(Amounts in thousands)
|
As of December 31, 2019
|
||
For the year ended December 31,
|
|
||
2020
|
$
|
28,192
|
|
2021
|
29,711
|
|
|
2022
|
30,640
|
|
|
2023
|
31,085
|
|
|
2024
|
31,551
|
|
|
Thereafter
|
1,054,881
|
|
|
Total undiscounted cash flows
|
1,206,060
|
|
|
Present value discount
|
(707,806
|
)
|
|
Lease liabilities
|
$
|
498,254
|
|
(Amounts in thousands)
|
As of December 31, 2018
|
||
For the year ended December 31,
|
|
||
2019
|
$
|
46,147
|
|
2020
|
45,258
|
|
|
2021
|
42,600
|
|
|
2022
|
43,840
|
|
|
2023
|
44,747
|
|
|
Thereafter
|
1,612,627
|
|
22.
|
Commitments and Contingencies
|
22.
|
Commitments and Contingencies – continued
|
23.
|
Related Party Transactions
|
24.
|
Summary of Quarterly Results (Unaudited)
|
(Amounts in thousands, except per share amounts)
|
For the Three Months Ended
|
||||||||||||||
|
March 31, 2019
|
|
June 30, 2019
|
|
September 30, 2019
|
|
December 31, 2019
|
||||||||
Revenues
|
$
|
534,668
|
|
|
$
|
463,103
|
|
|
$
|
465,961
|
|
|
$
|
460,968
|
|
Net income attributable to common shareholders(1)
|
181,488
|
|
|
2,400,195
|
|
|
322,906
|
|
|
193,217
|
|
||||
Per share - basic(2)
|
0.95
|
|
|
12.58
|
|
|
1.69
|
|
|
1.01
|
|
||||
Per share - diluted(2)
|
0.95
|
|
|
12.56
|
|
|
1.69
|
|
|
1.01
|
|
||||
|
|
|
|
|
|
|
|
||||||||
(Amounts in thousands, except per share amounts)
|
For the Three Months Ended
|
||||||||||||||
|
March 31, 2018
|
|
June 30, 2018
|
|
September 30, 2018
|
|
December 31, 2018
|
||||||||
Revenues
|
$
|
536,437
|
|
|
$
|
541,818
|
|
|
$
|
542,048
|
|
|
$
|
543,417
|
|
Net (loss) income attributable to common shareholders(1)
|
(17,841
|
)
|
|
111,534
|
|
|
190,645
|
|
|
100,494
|
|
||||
Per share - basic(2)
|
(0.09
|
)
|
|
0.59
|
|
|
1.00
|
|
|
0.53
|
|
||||
Per share - diluted(2)
|
(0.09
|
)
|
|
0.58
|
|
|
1.00
|
|
|
0.53
|
|
(1)
|
Fluctuations among quarters resulted primarily from non-cash impairment losses, net gain on transfer to Fifth Avenue and Times Square JV, net gains on sale of real estate and other items and from seasonality of business operations.
|
(2)
|
The total for the year may differ from the sum of the quarters as a result of weighting.
|
(Amounts in thousands, except per share amounts)
|
For the Three Months Ended
|
||||||||||||||
|
March 31, 2019
|
|
June 30, 2019
|
|
September 30, 2019
|
|
December 31, 2019
|
||||||||
Revenues
|
$
|
534,668
|
|
|
$
|
463,103
|
|
|
$
|
465,961
|
|
|
$
|
460,968
|
|
Net income attributable to Class A unitholders(1)
|
193,649
|
|
|
2,562,669
|
|
|
345,501
|
|
|
206,694
|
|
||||
Per unit - basic(2)
|
0.95
|
|
|
12.58
|
|
|
1.69
|
|
|
1.01
|
|
||||
Per unit - diluted(2)
|
0.95
|
|
|
12.54
|
|
|
1.69
|
|
|
1.01
|
|
||||
|
|
|
|
|
|
|
|
||||||||
(Amounts in thousands, except per share amounts)
|
For the Three Months Ended
|
||||||||||||||
|
March 31, 2018
|
|
June 30, 2018
|
|
September 30, 2018
|
|
December 31, 2018
|
||||||||
Revenues
|
$
|
536,437
|
|
|
$
|
541,818
|
|
|
$
|
542,048
|
|
|
$
|
543,417
|
|
Net (loss) income attributable to Class A unitholders(1)
|
(19,014
|
)
|
|
118,931
|
|
|
203,268
|
|
|
107,125
|
|
||||
Per unit - basic(2)
|
(0.10
|
)
|
|
0.58
|
|
|
1.00
|
|
|
0.53
|
|
||||
Per unit - diluted(2)
|
(0.10
|
)
|
|
0.58
|
|
|
0.99
|
|
|
0.52
|
|
(1)
|
Fluctuations among quarters resulted primarily from non-cash impairment losses, net gain on transfer to Fifth Avenue and Times Square JV, net gains on sale of real estate and other items and from seasonality of business operations.
|
(2)
|
The total for the year may differ from the sum of the quarters as a result of weighting.
|
(Amounts in thousands)
|
For the Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net income
|
$
|
3,334,262
|
|
|
$
|
422,603
|
|
|
$
|
264,128
|
|
Depreciation and amortization expense
|
419,107
|
|
|
446,570
|
|
|
429,389
|
|
|||
General and administrative expense
|
169,920
|
|
|
141,871
|
|
|
150,782
|
|
|||
Transaction related costs, impairment losses and other
|
106,538
|
|
|
31,320
|
|
|
1,776
|
|
|||
Income from partially owned entities
|
(78,865
|
)
|
|
(9,149
|
)
|
|
(15,200
|
)
|
|||
Loss (income) from real estate fund investments
|
104,082
|
|
|
89,231
|
|
|
(3,240
|
)
|
|||
Interest and other investment income, net
|
(21,819
|
)
|
|
(17,057
|
)
|
|
(30,861
|
)
|
|||
Interest and debt expense
|
286,623
|
|
|
347,949
|
|
|
345,654
|
|
|||
Net gain on transfer to Fifth Avenue and Times Square JV
|
(2,571,099
|
)
|
|
—
|
|
|
—
|
|
|||
Purchase price fair value adjustment
|
—
|
|
|
(44,060
|
)
|
|
—
|
|
|||
Net gains on disposition of wholly owned and partially owned assets
|
(845,499
|
)
|
|
(246,031
|
)
|
|
(501
|
)
|
|||
Income tax expense
|
103,439
|
|
|
37,633
|
|
|
42,375
|
|
|||
Loss (income) from discontinued operations
|
30
|
|
|
(638
|
)
|
|
13,228
|
|
|||
NOI from partially owned entities
|
322,390
|
|
|
253,564
|
|
|
269,164
|
|
|||
NOI attributable to noncontrolling interests in consolidated subsidiaries
|
(69,332
|
)
|
|
(71,186
|
)
|
|
(65,311
|
)
|
|||
NOI at share
|
1,259,777
|
|
|
1,382,620
|
|
|
1,401,383
|
|
|||
Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other
|
(6,060
|
)
|
|
(44,704
|
)
|
|
(86,842
|
)
|
|||
NOI at share - cash basis
|
$
|
1,253,717
|
|
|
$
|
1,337,916
|
|
|
$
|
1,314,541
|
|
(Amounts in thousands)
|
For the Year Ended December 31, 2019
|
||||||||||
|
Total
|
|
New York
|
|
Other
|
||||||
Total revenues
|
$
|
1,924,700
|
|
|
$
|
1,577,860
|
|
|
$
|
346,840
|
|
Operating expenses
|
(917,981
|
)
|
|
(758,304
|
)
|
|
(159,677
|
)
|
|||
NOI - consolidated
|
1,006,719
|
|
|
819,556
|
|
|
187,163
|
|
|||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries
|
(69,332
|
)
|
|
(40,896
|
)
|
|
(28,436
|
)
|
|||
Add: NOI from partially owned entities
|
322,390
|
|
|
294,168
|
|
|
28,222
|
|
|||
NOI at share
|
1,259,777
|
|
|
1,072,828
|
|
|
186,949
|
|
|||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other
|
(6,060
|
)
|
|
(12,318
|
)
|
|
6,258
|
|
|||
NOI at share - cash basis
|
$
|
1,253,717
|
|
|
$
|
1,060,510
|
|
|
$
|
193,207
|
|
|
|
|
|
|
|
||||||
Balance Sheet Data:
|
|
|
|
|
|
||||||
Real estate, at cost
|
$
|
13,074,012
|
|
|
$
|
10,272,458
|
|
|
$
|
2,801,554
|
|
Investments in partially owned entities
|
3,999,165
|
|
|
3,964,289
|
|
|
34,876
|
|
|||
Total assets
|
18,287,013
|
|
|
16,429,159
|
|
|
1,857,854
|
|
(Amounts in thousands)
|
For the Year Ended December 31, 2018
|
||||||||||
|
Total
|
|
New York
|
|
Other
|
||||||
Total revenues
|
$
|
2,163,720
|
|
|
$
|
1,836,036
|
|
|
$
|
327,684
|
|
Operating expenses
|
(963,478
|
)
|
|
(806,464
|
)
|
|
(157,014
|
)
|
|||
NOI - consolidated
|
1,200,242
|
|
|
1,029,572
|
|
|
170,670
|
|
|||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries
|
(71,186
|
)
|
|
(48,490
|
)
|
|
(22,696
|
)
|
|||
Add: NOI from partially owned entities
|
253,564
|
|
|
195,908
|
|
|
57,656
|
|
|||
NOI at share
|
1,382,620
|
|
|
1,176,990
|
|
|
205,630
|
|
|||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other
|
(44,704
|
)
|
|
(45,427
|
)
|
|
723
|
|
|||
NOI at share - cash basis
|
$
|
1,337,916
|
|
|
$
|
1,131,563
|
|
|
$
|
206,353
|
|
|
|
|
|
|
|
||||||
Balance Sheet Data:
|
|
|
|
|
|
||||||
Real estate, at cost
|
$
|
16,237,883
|
|
|
$
|
12,351,943
|
|
|
$
|
3,885,940
|
|
Investments in partially owned entities
|
858,113
|
|
|
719,456
|
|
|
138,657
|
|
|||
Total assets
|
17,180,794
|
|
|
14,628,712
|
|
|
2,552,082
|
|
(Amounts in thousands)
|
For the Year Ended December 31, 2017
|
||||||||||
|
Total
|
|
New York
|
|
Other
|
||||||
Total revenues
|
$
|
2,084,126
|
|
|
$
|
1,779,307
|
|
|
$
|
304,819
|
|
Operating expenses
|
(886,596
|
)
|
|
(756,670
|
)
|
|
(129,926
|
)
|
|||
NOI - consolidated
|
1,197,530
|
|
|
1,022,637
|
|
|
174,893
|
|
|||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries
|
(65,311
|
)
|
|
(45,899
|
)
|
|
(19,412
|
)
|
|||
Add: Our share of NOI from partially owned entities
|
269,164
|
|
|
189,327
|
|
|
79,837
|
|
|||
NOI at share
|
1,401,383
|
|
|
1,166,065
|
|
|
235,318
|
|
|||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other
|
(86,842
|
)
|
|
(79,202
|
)
|
|
(7,640
|
)
|
|||
NOI at share - cash basis
|
$
|
1,314,541
|
|
|
$
|
1,086,863
|
|
|
$
|
227,678
|
|
ITEM 9.
|
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
|
ITEM 9A.
|
CONTROLS AND PROCEDURES
|
ITEM 9B.
|
OTHER INFORMATION
|
ITEM 10.
|
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
|
Name
|
|
Age
|
|
PRINCIPAL OCCUPATION, POSITION AND OFFICE
(Current and during past five years with Vornado unless otherwise stated)
|
|
||||
Steven Roth
|
|
78
|
|
Chairman of the Board; Chief Executive Officer since April 2013 and from May 1989 to May 2009; Managing General Partner of Interstate Properties, an owner of shopping centers and an investor in securities and partnerships; Chief Executive Officer of Alexander’s, Inc. since March 1995, a Director since 1989, and Chairman of the Board since May 2004.
|
|
||||
David R. Greenbaum
|
|
68
|
|
Vice Chairman since April 2019; President of the New York Division from April 1997 to April 2019.
|
|
||||
Michael J. Franco
|
|
51
|
|
President since April 2019; Executive Vice President - Chief Investment Officer from April 2015 to April 2019; Executive Vice President - Head of Acquisitions and Capital Markets from November 2010 to April 2015.
|
|
||||
Joseph Macnow
|
|
74
|
|
Executive Vice President - Chief Financial Officer and Chief Administrative Officer since February 2017; Executive Vice President - Finance and Chief Administrative Officer from June 2013 to February 2017; Executive Vice President - Finance and Administration from January 1998 to June 2013, and Chief Financial Officer from March 2001 to June 2013; Treasurer since May 2017, and Executive Vice President and Chief Financial Officer from August 1995 to April 2017 of Alexander's Inc.
|
|
||||
Haim Chera
|
|
50
|
|
Executive Vice President - Head of Retail since April 2019; Principal at Crown Acquisitions from January 2000 - April 2019.
|
|
||||
Barry S. Langer
|
|
41
|
|
Executive Vice President - Development - Co-Head of Real Estate since April 2019; Executive Vice President - Head of Development from May 2015 to April 2019.
|
|
||||
Glen J. Weiss
|
|
50
|
|
Executive Vice President - Office Leasing - Co-Head of Real Estate since April 2019; Executive Vice President - Office Leasing from May 2013 to April 2019.
|
ITEM 11.
|
EXECUTIVE COMPENSATION
|
ITEM 12.
|
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
|
Plan Category
|
|
Number of securities to be
issued upon exercise of
outstanding options, warrants and rights
|
|
Weighted-average
exercise price of
outstanding options, warrants and rights
|
|
Number of securities remaining
available for future issuance
under equity compensation plans
(excluding securities reflected in the second column)
|
|
||||
Equity compensation plans approved by security holders
|
|
4,663,964
|
|
(1)
|
$
|
57.39
|
|
|
5,207,363
|
|
(2)
|
Equity compensation awards not approved by security holders
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
Total
|
|
4,663,964
|
|
|
$
|
57.39
|
|
|
5,207,363
|
|
|
(1)
|
Includes an aggregate of 2,895,087 shares/units, comprised of (i) 18,927 restricted Vornado common shares, (ii) 1,148,313 restricted Operating Partnership units, (iii) 337,698 Appreciation-Only Long-Term Incentive Plan units (iv) 496,762 Performance Conditioned AO LTIP Units and (v) 893,387 Out-Performance Plan units, which do not have an exercise price.
|
(2)
|
Based on awards being granted as "Full Value Awards," as defined. If we were to grant "Not Full Value Awards," as defined, the number of securities available for future grants would be 10,414,725.
|
ITEM 13.
|
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
|
ITEM 14.
|
PRINCIPAL ACCOUNTING FEES AND SERVICES
|
ITEM 15.
|
EXHIBITS, FINANCIAL STATEMENT SCHEDULES
|
(a)
|
The following documents are filed as part of this report:
|
1.
|
The consolidated financial statements are set forth in Item 8 of this Annual Report on Form 10-K.
|
|
Page in this
Annual Report
on Form 10-K
|
III--Real Estate and Accumulated Depreciation as of December 31, 2019, 2018 and 2017
|
COLUMN A
|
COLUMN B
|
|
COLUMN C
|
|
COLUMN D
|
|
COLUMN E
|
|
COLUMN F
|
COLUMN G
|
COLUMN H
|
COLUMN I
|
||||||||||||||||||||||
|
Encumbrances (1)
|
|
Initial cost to company
|
|
Costs
capitalized subsequent to acquisition |
|
Gross amount at which
carried at close of period |
|
Accumulated
depreciation and amortization |
Date of
construction (3) |
Date
acquired |
Life on which
depreciation in latest income statement is computed |
||||||||||||||||||||||
Land
|
|
Buildings
and improvements |
Land
|
|
Buildings
and improvements |
|
Total (2)
|
|||||||||||||||||||||||||||
New York
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Manhattan
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
1290 Avenue of the Americas
|
$
|
950,000
|
|
|
$
|
518,244
|
|
|
$
|
926,992
|
|
|
$
|
245,488
|
|
|
$
|
518,244
|
|
|
$
|
1,172,480
|
|
|
$
|
1,690,724
|
|
|
$
|
371,498
|
|
1963
|
2007
|
(4)
|
350 Park Avenue
|
400,000
|
|
|
265,889
|
|
|
363,381
|
|
|
50,983
|
|
|
265,889
|
|
|
414,364
|
|
|
680,253
|
|
|
142,819
|
|
1960
|
2006
|
(4)
|
||||||||
PENN1
|
—
|
|
|
—
|
|
|
412,169
|
|
|
355,815
|
|
|
—
|
|
|
767,984
|
|
|
767,984
|
|
|
313,467
|
|
1972
|
1998
|
(4)
|
||||||||
100 West 33rd Street
|
398,402
|
|
|
242,776
|
|
|
247,970
|
|
|
36,785
|
|
|
242,776
|
|
|
284,755
|
|
|
527,531
|
|
|
96,665
|
|
1911
|
2007
|
(4)
|
||||||||
150 West 34th Street
|
205,000
|
|
|
119,657
|
|
|
268,509
|
|
|
—
|
|
|
119,657
|
|
|
268,509
|
|
|
388,166
|
|
|
30,767
|
|
1900
|
2015
|
(4)
|
||||||||
PENN2
|
575,000
|
|
(5)
|
53,615
|
|
|
164,903
|
|
|
139,650
|
|
|
52,689
|
|
|
305,479
|
|
|
358,168
|
|
|
156,464
|
|
1968
|
1997
|
(4)
|
||||||||
90 Park Avenue
|
—
|
|
|
8,000
|
|
|
175,890
|
|
|
195,597
|
|
|
8,000
|
|
|
371,487
|
|
|
379,487
|
|
|
144,841
|
|
1964
|
1997
|
(4)
|
||||||||
Manhattan Mall
|
181,598
|
|
|
88,595
|
|
|
113,473
|
|
|
66,604
|
|
|
88,595
|
|
|
180,077
|
|
|
268,672
|
|
|
64,806
|
|
2009
|
2007
|
(4)
|
||||||||
770 Broadway
|
700,000
|
|
|
52,898
|
|
|
95,686
|
|
|
146,545
|
|
|
52,898
|
|
|
242,231
|
|
|
295,129
|
|
|
100,740
|
|
1907
|
1998
|
(4)
|
||||||||
888 Seventh Avenue
|
375,000
|
|
|
—
|
|
|
117,269
|
|
|
154,252
|
|
|
—
|
|
|
271,521
|
|
|
271,521
|
|
|
132,586
|
|
1980
|
1998
|
(4)
|
||||||||
PENN11
|
450,000
|
|
|
40,333
|
|
|
85,259
|
|
|
110,048
|
|
|
40,333
|
|
|
195,307
|
|
|
235,640
|
|
|
85,014
|
|
1923
|
1997
|
(4)
|
||||||||
909 Third Avenue
|
350,000
|
|
|
—
|
|
|
120,723
|
|
|
122,351
|
|
|
—
|
|
|
243,074
|
|
|
243,074
|
|
|
105,540
|
|
1969
|
1999
|
(4)
|
||||||||
150 East 58th Street
|
—
|
|
|
39,303
|
|
|
80,216
|
|
|
52,036
|
|
|
39,303
|
|
|
132,252
|
|
|
171,555
|
|
|
64,382
|
|
1969
|
1998
|
(4)
|
||||||||
595 Madison Avenue
|
—
|
|
|
62,731
|
|
|
62,888
|
|
|
44,762
|
|
|
62,731
|
|
|
107,650
|
|
|
170,381
|
|
|
45,576
|
|
1968
|
1999
|
(4)
|
||||||||
330 West 34th Street
|
—
|
|
|
—
|
|
|
8,599
|
|
|
154,874
|
|
|
—
|
|
|
163,473
|
|
|
163,473
|
|
|
37,686
|
|
1925
|
1998
|
(4)
|
||||||||
828-850 Madison Avenue
|
—
|
|
|
107,937
|
|
|
28,261
|
|
|
6,225
|
|
|
107,937
|
|
|
34,486
|
|
|
142,423
|
|
|
10,365
|
|
|
2005
|
(4)
|
||||||||
715 Lexington Avenue
|
—
|
|
|
—
|
|
|
26,903
|
|
|
65,078
|
|
|
63,000
|
|
|
28,981
|
|
|
91,981
|
|
|
10,048
|
|
1923
|
2001
|
(4)
|
||||||||
478-486 Broadway
|
—
|
|
|
30,000
|
|
|
20,063
|
|
|
36,562
|
|
|
30,000
|
|
|
56,625
|
|
|
86,625
|
|
|
15,186
|
|
2009
|
2007
|
(4)
|
||||||||
4 Union Square South
|
120,000
|
|
|
24,079
|
|
|
55,220
|
|
|
3,509
|
|
|
24,079
|
|
|
58,729
|
|
|
82,808
|
|
|
22,579
|
|
1965/2004
|
1993
|
(4)
|
||||||||
Farley Office and Retail Building
|
—
|
|
|
—
|
|
|
476,235
|
|
|
321,046
|
|
|
—
|
|
|
797,281
|
|
|
797,281
|
|
|
—
|
|
1912
|
2018
|
(4)
|
||||||||
Moynihan Train Hall
|
—
|
|
|
—
|
|
|
346,926
|
|
|
568,034
|
|
|
—
|
|
|
914,960
|
|
|
914,960
|
|
|
—
|
|
1912
|
2018
|
(4)
|
||||||||
260 Eleventh Avenue
|
—
|
|
|
—
|
|
|
80,482
|
|
|
4,378
|
|
|
—
|
|
|
84,860
|
|
|
84,860
|
|
|
9,998
|
|
1911
|
2015
|
(4)
|
||||||||
510 Fifth Avenue
|
—
|
|
|
34,602
|
|
|
18,728
|
|
|
32,300
|
|
|
48,403
|
|
|
37,227
|
|
|
85,630
|
|
|
8,754
|
|
|
2010
|
(4)
|
||||||||
606 Broadway
|
67,804
|
|
|
45,406
|
|
|
8,993
|
|
|
46,535
|
|
|
45,298
|
|
|
55,636
|
|
|
100,934
|
|
|
564
|
|
|
2016
|
(4)
|
||||||||
40 Fulton Street
|
—
|
|
|
15,732
|
|
|
26,388
|
|
|
35,050
|
|
|
15,732
|
|
|
61,438
|
|
|
77,170
|
|
|
19,976
|
|
1987
|
1998
|
(4)
|
||||||||
443 Broadway
|
—
|
|
|
11,187
|
|
|
41,186
|
|
|
—
|
|
|
11,187
|
|
|
41,186
|
|
|
52,373
|
|
|
6,864
|
|
|
2013
|
(4)
|
||||||||
40 East 66th Street
|
—
|
|
|
13,616
|
|
|
34,635
|
|
|
159
|
|
|
13,616
|
|
|
34,794
|
|
|
48,410
|
|
|
12,220
|
|
|
2005
|
(4)
|
||||||||
155 Spring Street
|
—
|
|
|
13,700
|
|
|
30,544
|
|
|
6,976
|
|
|
13,700
|
|
|
37,520
|
|
|
51,220
|
|
|
11,127
|
|
|
2007
|
(4)
|
||||||||
435 Seventh Avenue
|
95,696
|
|
|
19,893
|
|
|
19,091
|
|
|
2,073
|
|
|
19,893
|
|
|
21,164
|
|
|
41,057
|
|
|
8,571
|
|
2002
|
1997
|
(4)
|
||||||||
608 Fifth Avenue (6)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
1932
|
2012
|
(4)
|
||||||||
692 Broadway
|
—
|
|
|
6,053
|
|
|
22,908
|
|
|
3,739
|
|
|
6,053
|
|
|
26,647
|
|
|
32,700
|
|
|
9,965
|
|
|
2005
|
(4)
|
||||||||
131-135 West 33rd Street
|
—
|
|
|
8,315
|
|
|
21,312
|
|
|
316
|
|
|
8,315
|
|
|
21,628
|
|
|
29,943
|
|
|
1,971
|
|
|
2016
|
(4)
|
COLUMN A
|
COLUMN B
|
|
COLUMN C
|
|
COLUMN D
|
|
COLUMN E
|
|
COLUMN F
|
COLUMN G
|
COLUMN H
|
COLUMN I
|
||||||||||||||||||||||
|
Encumbrances (1)
|
|
Initial cost to company
|
|
Costs
capitalized subsequent to acquisition |
|
Gross amount at which
carried at close of period |
|
Accumulated
depreciation and amortization |
Date of
construction (3) |
Date
acquired |
Life on which
depreciation in latest income statement is computed |
||||||||||||||||||||||
Land
|
|
Buildings
and improvements |
Land
|
|
Buildings
and improvements |
|
Total (2)
|
|||||||||||||||||||||||||||
New York - continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Manhattan - continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
265 West 34th Street
|
$
|
—
|
|
|
$
|
28,500
|
|
|
$
|
—
|
|
|
$
|
295
|
|
|
$
|
28,500
|
|
|
$
|
295
|
|
|
$
|
28,795
|
|
|
$
|
—
|
|
1920
|
2015
|
(4)
|
304 Canal Street
|
—
|
|
|
3,511
|
|
|
12,905
|
|
|
(684
|
)
|
|
3,511
|
|
|
12,221
|
|
|
15,732
|
|
|
986
|
|
1910
|
2014
|
(4)
|
||||||||
677-679 Madison Avenue
|
—
|
|
|
13,070
|
|
|
9,640
|
|
|
556
|
|
|
13,070
|
|
|
10,196
|
|
|
23,266
|
|
|
3,425
|
|
|
2006
|
(4)
|
||||||||
1131 Third Avenue
|
—
|
|
|
7,844
|
|
|
7,844
|
|
|
5,708
|
|
|
7,844
|
|
|
13,552
|
|
|
21,396
|
|
|
2,299
|
|
|
1997
|
(4)
|
||||||||
486 Eighth Avenue
|
—
|
|
|
20,000
|
|
|
71
|
|
|
244
|
|
|
20,000
|
|
|
315
|
|
|
20,315
|
|
|
—
|
|
1928
|
2016
|
(4)
|
||||||||
431 Seventh Avenue
|
—
|
|
|
16,700
|
|
|
2,751
|
|
|
—
|
|
|
16,700
|
|
|
2,751
|
|
|
19,451
|
|
|
877
|
|
|
2007
|
(4)
|
||||||||
138-142 West 32nd Street
|
—
|
|
|
9,252
|
|
|
9,936
|
|
|
968
|
|
|
9,252
|
|
|
10,904
|
|
|
20,156
|
|
|
1,223
|
|
1920
|
2015
|
(4)
|
||||||||
334 Canal Street
|
—
|
|
|
1,693
|
|
|
6,507
|
|
|
7,609
|
|
|
1,693
|
|
|
14,116
|
|
|
15,809
|
|
|
1,682
|
|
|
2011
|
(4)
|
||||||||
267 West 34th Street
|
—
|
|
|
5,099
|
|
|
10,037
|
|
|
(9,760
|
)
|
|
5,099
|
|
|
277
|
|
|
5,376
|
|
|
—
|
|
|
2013
|
(4)
|
||||||||
966 Third Avenue
|
—
|
|
|
8,869
|
|
|
3,631
|
|
|
—
|
|
|
8,869
|
|
|
3,631
|
|
|
12,500
|
|
|
575
|
|
|
2013
|
(4)
|
||||||||
148 Spring Street
|
—
|
|
|
3,200
|
|
|
8,112
|
|
|
398
|
|
|
3,200
|
|
|
8,510
|
|
|
11,710
|
|
|
2,491
|
|
|
2008
|
(4)
|
||||||||
150 Spring Street
|
—
|
|
|
3,200
|
|
|
5,822
|
|
|
274
|
|
|
3,200
|
|
|
6,096
|
|
|
9,296
|
|
|
1,776
|
|
|
2008
|
(4)
|
||||||||
137 West 33rd Street
|
—
|
|
|
6,398
|
|
|
1,550
|
|
|
—
|
|
|
6,398
|
|
|
1,550
|
|
|
7,948
|
|
|
184
|
|
1932
|
2015
|
(4)
|
||||||||
488 Eighth Avenue
|
—
|
|
|
10,650
|
|
|
1,767
|
|
|
(4,643
|
)
|
|
6,859
|
|
|
915
|
|
|
7,774
|
|
|
267
|
|
|
2007
|
(4)
|
||||||||
484 Eighth Avenue
|
—
|
|
|
3,856
|
|
|
762
|
|
|
773
|
|
|
3,856
|
|
|
1,535
|
|
|
5,391
|
|
|
—
|
|
|
1997
|
(4)
|
||||||||
825 Seventh Avenue
|
—
|
|
|
1,483
|
|
|
697
|
|
|
2,697
|
|
|
1,483
|
|
|
3,394
|
|
|
4,877
|
|
|
419
|
|
|
1997
|
(4)
|
||||||||
537 West 26th Street
|
—
|
|
|
10,370
|
|
|
17,632
|
|
|
16,301
|
|
|
26,631
|
|
|
17,672
|
|
|
44,303
|
|
|
866
|
|
|
2018
|
(4)
|
||||||||
339 Greenwich
|
—
|
|
|
2,622
|
|
|
12,333
|
|
|
—
|
|
|
2,622
|
|
|
12,333
|
|
|
14,955
|
|
|
898
|
|
|
2017
|
(4)
|
||||||||
Other (Including Signage)
|
—
|
|
|
72,372
|
|
|
19,135
|
|
|
88,457
|
|
|
72,372
|
|
|
107,592
|
|
|
179,964
|
|
|
18,952
|
|
|
|
|
||||||||
Total Manhattan
|
4,868,500
|
|
|
2,051,250
|
|
|
4,632,934
|
|
|
3,116,963
|
|
|
2,139,487
|
|
|
7,661,660
|
|
|
9,801,147
|
|
|
2,077,959
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Other Properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Hotel Pennsylvania, New York
|
—
|
|
|
29,903
|
|
|
121,712
|
|
|
125,590
|
|
|
29,903
|
|
|
247,302
|
|
|
277,205
|
|
|
129,258
|
|
1919
|
1997
|
(4)
|
||||||||
33-00 Northern Boulevard, Queens,
New York
|
100,000
|
|
|
46,505
|
|
|
86,226
|
|
|
9,808
|
|
|
46,505
|
|
|
96,034
|
|
|
142,539
|
|
|
12,491
|
|
1915
|
2015
|
(4)
|
||||||||
Paramus, New Jersey
|
—
|
|
|
—
|
|
|
—
|
|
|
23,392
|
|
|
1,036
|
|
|
22,356
|
|
|
23,392
|
|
|
16,964
|
|
1967
|
1987
|
(4)
|
||||||||
Total Other Properties
|
100,000
|
|
|
76,408
|
|
|
207,938
|
|
|
158,790
|
|
|
77,444
|
|
|
365,692
|
|
|
443,136
|
|
|
158,713
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total New York
|
4,968,500
|
|
|
2,127,658
|
|
|
4,840,872
|
|
|
3,275,753
|
|
|
2,216,931
|
|
|
8,027,352
|
|
|
10,244,283
|
|
|
2,236,672
|
|
|
|
|
COLUMN A
|
COLUMN B
|
|
COLUMN C
|
|
COLUMN D
|
|
COLUMN E
|
|
COLUMN F
|
COLUMN G
|
COLUMN H
|
COLUMN I
|
||||||||||||||||||||||
|
Encumbrances (1)
|
|
Initial cost to company
|
|
Costs
capitalized subsequent to acquisition |
|
Gross amount at which
carried at close of period |
|
Accumulated
depreciation and amortization |
Date of
construction (3) |
Date
acquired |
Life on which
depreciation in latest income statement is computed |
||||||||||||||||||||||
Land
|
|
Buildings
and improvements |
Land
|
|
Buildings
and improvements |
|
Total (2)
|
|||||||||||||||||||||||||||
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
theMART
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
theMART, Illinois
|
$
|
675,000
|
|
|
$
|
64,528
|
|
|
$
|
319,146
|
|
|
$
|
414,558
|
|
|
$
|
64,535
|
|
|
$
|
733,697
|
|
|
$
|
798,232
|
|
|
$
|
329,198
|
|
1930
|
1998
|
(4)
|
527 West Kinzie, Illinois
|
—
|
|
|
5,166
|
|
|
—
|
|
|
67
|
|
|
5,166
|
|
|
67
|
|
|
5,233
|
|
|
—
|
|
|
1998
|
(4)
|
||||||||
Piers 92 and 94, New York
|
—
|
|
|
—
|
|
|
—
|
|
|
16,961
|
|
|
—
|
|
|
16,961
|
|
|
16,961
|
|
|
3,335
|
|
|
2008
|
(4)
|
||||||||
Total theMART
|
675,000
|
|
|
69,694
|
|
|
319,146
|
|
|
431,586
|
|
|
69,701
|
|
|
750,725
|
|
|
820,426
|
|
|
332,533
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
555 California Street, California
|
548,075
|
|
|
223,446
|
|
|
895,379
|
|
|
227,455
|
|
|
211,459
|
|
|
1,134,821
|
|
|
1,346,280
|
|
|
326,893
|
|
1922,1969 -1970
|
2007
|
(4)
|
||||||||
220 Central Park South, New York
|
—
|
|
|
115,720
|
|
|
16,445
|
|
|
200,598
|
|
|
—
|
|
|
332,763
|
|
|
332,763
|
|
|
—
|
|
|
2005
|
(4)
|
||||||||
Borgata Land, Atlantic City, NJ
|
53,441
|
|
|
83,089
|
|
|
—
|
|
|
—
|
|
|
83,089
|
|
|
—
|
|
|
83,089
|
|
|
—
|
|
|
2010
|
|
||||||||
40 East 66th Residential, New York
|
—
|
|
|
8,454
|
|
|
13,321
|
|
|
—
|
|
|
8,454
|
|
|
13,321
|
|
|
21,775
|
|
|
4,231
|
|
|
2005
|
(4)
|
||||||||
677-679 Madison Avenue, New York
|
—
|
|
|
1,462
|
|
|
1,058
|
|
|
285
|
|
|
1,627
|
|
|
1,178
|
|
|
2,805
|
|
|
510
|
|
|
2006
|
(4)
|
||||||||
Annapolis, Maryland
|
—
|
|
|
—
|
|
|
9,652
|
|
|
—
|
|
|
—
|
|
|
9,652
|
|
|
9,652
|
|
|
4,211
|
|
|
2005
|
(4)
|
||||||||
Wayne Towne Center, New Jersey
|
—
|
|
|
—
|
|
|
26,137
|
|
|
57,453
|
|
|
—
|
|
|
83,590
|
|
|
83,590
|
|
|
25,103
|
|
|
2010
|
(4)
|
||||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
5,335
|
|
|
—
|
|
|
5,335
|
|
|
5,335
|
|
|
1,536
|
|
|
|
(4)
|
||||||||
Total Other
|
1,276,516
|
|
|
501,865
|
|
|
1,281,138
|
|
|
922,712
|
|
|
374,330
|
|
|
2,331,385
|
|
|
2,705,715
|
|
|
695,017
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Leasehold improvements equipment and other
|
—
|
|
|
—
|
|
|
—
|
|
|
124,014
|
|
|
—
|
|
|
124,014
|
|
|
124,014
|
|
|
84,269
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
December 31, 2019
|
$
|
6,245,016
|
|
|
$
|
2,629,523
|
|
|
$
|
6,122,010
|
|
|
$
|
4,322,479
|
|
|
$
|
2,591,261
|
|
|
$
|
10,482,751
|
|
|
$
|
13,074,012
|
|
|
$
|
3,015,958
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Represents contractual debt obligations.
|
(2)
|
The net basis of Vornado's assets and liabilities for tax reporting purposes is approximately $4.0 billion lower than the amounts reported for financial statement purposes.
|
(3)
|
Date of original construction –– many properties have had substantial renovation or additional construction –– see Column D.
|
(4)
|
Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to forty years.
|
(5)
|
Secured amount outstanding on revolving credit facilities.
|
(6)
|
In August 2019, we delivered notice to the ground lessor that we will surrender the property in May 2020.
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Real Estate
|
|
|
|
|
|
||||||
Balance at beginning of period
|
$
|
16,237,883
|
|
|
$
|
14,756,295
|
|
|
$
|
14,187,820
|
|
Additions during the period:
|
|
|
|
|
|
||||||
Land
|
46,074
|
|
|
170,065
|
|
|
21,298
|
|
|||
Buildings & improvements and other
|
1,391,784
|
|
|
1,665,684
|
|
|
598,820
|
|
|||
|
17,675,741
|
|
|
16,592,044
|
|
|
14,807,938
|
|
|||
Less: Assets sold, written-off, reclassified to ready for sale and deconsolidated
|
4,601,729
|
|
|
354,161
|
|
|
51,643
|
|
|||
Balance at end of period
|
$
|
13,074,012
|
|
|
$
|
16,237,883
|
|
|
$
|
14,756,295
|
|
|
|
|
|
|
|
||||||
Accumulated Depreciation
|
|
|
|
|
|
||||||
Balance at beginning of period
|
$
|
3,180,175
|
|
|
$
|
2,885,283
|
|
|
$
|
2,581,514
|
|
Additions charged to operating expenses
|
360,194
|
|
|
381,500
|
|
|
360,391
|
|
|||
|
3,540,369
|
|
|
3,266,783
|
|
|
2,941,905
|
|
|||
Less: Accumulated depreciation on assets sold, written-off and deconsolidated
|
524,411
|
|
|
86,608
|
|
|
56,622
|
|
|||
Balance at end of period
|
$
|
3,015,958
|
|
|
$
|
3,180,175
|
|
|
$
|
2,885,283
|
|
Exhibit No.
|
|
|
|
|
|
|
—
|
Master Transaction Agreement, dated as of October 31, 2016, by and among Vornado Realty Trust, Vornado Realty L.P., JBG
|
*
|
||
|
|
|
|
Properties, Inc., JBG/Operating Partners, L.P., certain affiliates of JBG Properties Inc. and JBG/Operating Partners set
|
|
|
|
|
|
forth on Schedule A thereto, JBG SMITH Properties and JBG SMITH Properties LP. Incorporated by reference to
|
|
|
|
|
|
Exhibit 2.1 to Vornado Realty Trust's Annual Report on Form 10-K for the year ended December 31, 2016 (File No.
|
|
|
|
|
|
001-11954), filed February 13, 2017
|
|
|
|
|
|
|
|
|
—
|
Articles of Restatement of Vornado Realty Trust, as filed with the State Department of Assessments and Taxation of Maryland
|
*
|
||
|
|
|
|
on July 30, 2007 - Incorporated by reference to Exhibit 3.75 to Vornado Realty Trust’s Quarterly Report on Form 10-Q
|
|
|
|
|
|
for the quarter ended June 30, 2007 (File No. 001-11954), filed on July 31, 2007
|
|
|
|
|
|
|
|
|
—
|
Amended and Restated Bylaws of Vornado Realty Trust, as amended on March 2, 2000 - Incorporated by reference to Exhibit
|
*
|
||
|
|
|
|
3.12 to Vornado Realty Trust’s Annual Report on Form 10-K for the year ended December 31, 1999 (File No.
|
|
|
|
|
|
001-11954), filed on Thursday, March 9, 2000
|
|
|
|
|
|
|
|
|
—
|
Articles Supplementary, 5.40% Series L Cumulative Redeemable Preferred Shares of Beneficial Interest, liquidation preference
|
*
|
||
|
|
|
|
$25.00 per share, no par value – Incorporated by reference to Exhibit 3.6 to Vornado Realty Trust’s Registration
|
|
|
|
|
|
Statement on Form 8-A (File No. 001-11954), filed on January 25, 2013
|
|
|
|
|
|
|
|
|
—
|
Articles Supplementary Classifying Vornado Realty Trust's 5.25% Series M Cumulative Redeemable Preferred Shares of
|
*
|
||
|
|
|
|
Beneficial Interest, liquidation preference $25.00 per share, no par value - Incorporated by reference to Exhibit 3.7 to
|
|
|
|
|
|
Vornado Realty Trust's Registration Statement on Form 8-A (File No. 001-11954), filed on December 13, 2017
|
|
|
|
|
|
|
|
3.5
|
|
—
|
Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of October 20, 1997
|
*
|
|
|
|
|
|
(the “Partnership Agreement”) – Incorporated by reference to Exhibit 3.26 to Vornado Realty Trust’s Quarterly Report
|
|
|
|
|
|
on Form 10-Q for the quarter ended March 31, 2003 (File No. 001-11954), filed on May 8, 2003
|
|
|
|
|
|
|
|
|
—
|
Amendment to the Partnership Agreement, dated as of December 16, 1997 – Incorporated by reference to Exhibit 3.27 to
|
*
|
||
|
|
|
|
Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2003 (File No. 001-11954),
|
|
|
|
|
|
filed on May 8, 2003
|
|
|
|
|
|
|
|
3.7
|
|
—
|
Second Amendment to the Partnership Agreement, dated as of April 1, 1998 – Incorporated by reference to Exhibit 3.5 to
|
*
|
|
|
|
|
|
Vornado Realty Trust’s Registration Statement on Form S-3 (File No. 333-50095), filed on April 14, 1998
|
|
|
|
|
|
|
|
3.8
|
|
—
|
Third Amendment to the Partnership Agreement, dated as of November 12, 1998 - Incorporated by reference to Exhibit 3.2 to
|
*
|
|
|
|
|
|
Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on November 30, 1998
|
|
|
|
|
|
|
|
3.9
|
|
—
|
Fourth Amendment to the Partnership Agreement, dated as of November 30, 1998 - Incorporated by reference to Exhibit 3.1 to
|
*
|
|
|
|
|
|
Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on February 9, 1999
|
|
|
|
|
|
|
|
|
—
|
Fifth Amendment to the Partnership Agreement, dated as of March 3, 1999 - Incorporated by reference to Exhibit 3.1 to
|
*
|
||
|
|
|
|
Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on March 17, 1999
|
|
|
|
|
|
|
|
|
—
|
Sixth Amendment to the Partnership Agreement, dated as of March 17, 1999 - Incorporated by reference to Exhibit 3.2 to
|
*
|
||
|
|
|
|
Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on July 7, 1999
|
|
|
|
|
|
|
|
|
—
|
Seventh Amendment to the Partnership Agreement, dated as of May 20, 1999 - Incorporated by reference to Exhibit 3.3 to
|
*
|
||
|
|
|
|
Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on July 7, 1999
|
|
|
|
|
|
|
|
|
—
|
Eighth Amendment to the Partnership Agreement, dated as of May 27, 1999 - Incorporated by reference to Exhibit 3.4 to
|
*
|
||
|
|
|
|
Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on July 7, 1999
|
|
|
|
|
|
|
|
|
—
|
Ninth Amendment to the Partnership Agreement, dated as of September 3, 1999 - Incorporated by reference to Exhibit 3.3 to
|
*
|
||
|
|
|
|
Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on October 25, 1999
|
|
|
|
|
|
|
|
|
—
|
Tenth Amendment to the Partnership Agreement, dated as of September 3, 1999 - Incorporated by reference to Exhibit 3.4 to
|
*
|
||
|
|
|
|
Vornado Realty Trust's Current Report on Form 8-K (File No. 001-11954), filed on October 25, 1999
|
|
|
|
|
|
|
|
|
—
|
Eleventh Amendment to the Partnership Agreement, dated as of November 24, 1999 - Incorporated by reference to Exhibit 3.2 to
|
*
|
||
|
|
|
|
Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on December 23, 1999
|
|
|
|
|
|
|
|
|
—
|
Twelfth Amendment to the Partnership Agreement, dated as of May 1, 2000 - Incorporated by reference to Exhibit 3.2 to
|
*
|
||
|
|
|
|
Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on May 19, 2000
|
|
|
|
|
|
|
|
|
—
|
Thirteenth Amendment to the Partnership Agreement, dated as of May 25, 2000 - Incorporated by reference to Exhibit 3.2 to
|
*
|
||
|
|
|
|
Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on June 16, 2000
|
|
|
|
|
|
__________________________________________
|
|
|
*
|
|
|
Incorporated by reference
|
|
|
—
|
Fourteenth Amendment to the Partnership Agreement, dated as of December 8, 2000 - Incorporated by reference to Exhibit 3.2
|
*
|
||
|
|
|
|
to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on December 28, 2000
|
|
|
|
|
|
|
|
|
—
|
Fifteenth Amendment to the Partnership Agreement, dated as of December 15, 2000 - Incorporated by reference to Exhibit 4.35
|
*
|
||
|
|
|
|
to Vornado Realty Trust’s Registration Statement on Form S-8 (File No. 333-68462), filed on August 27, 2001
|
|
|
|
|
|
|
|
|
—
|
Sixteenth Amendment to the Partnership Agreement, dated as of July 25, 2001 - Incorporated by reference to Exhibit 3.3 to
|
*
|
||
|
|
|
|
Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on October 12, 2001
|
|
|
|
|
|
|
|
|
—
|
Seventeenth Amendment to the Partnership Agreement, dated as of September 21, 2001 - Incorporated by reference to Exhibit
|
*
|
||
|
|
|
|
3.4 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on October 12, 2001
|
|
|
|
|
|
|
|
|
—
|
Eighteenth Amendment to the Partnership Agreement, dated as of January 1, 2002 - Incorporated by reference to Exhibit 3.1 to
|
*
|
||
|
|
|
|
Vornado Realty Trust’s Current Report on Form 8-K/A (File No. 001-11954), filed on March 18, 2002
|
|
|
|
|
|
|
|
|
—
|
Nineteenth Amendment to the Partnership Agreement, dated as of July 1, 2002 - Incorporated by reference to Exhibit 3.47 to
|
*
|
||
|
|
|
|
Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2002 (File No. 001-11954),
|
|
|
|
|
|
filed on August 7, 2002
|
|
|
|
|
|
|
|
|
—
|
Twentieth Amendment to the Partnership Agreement, dated April 9, 2003 - Incorporated by reference to Exhibit 3.46 to Vornado
|
*
|
||
|
|
|
|
Realty Trust’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2003 (File No. 001-11954), filed on May
|
|
|
|
|
|
8, 2003
|
|
|
|
|
|
|
|
|
—
|
Twenty-First Amendment to the Partnership Agreement, dated as of July 31, 2003 - Incorporated by reference to Exhibit 3.47 to
|
*
|
||
|
|
|
|
Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2003 (File No. 001-11954),
|
|
|
|
|
|
filed on November 7, 2003
|
|
|
|
|
|
|
|
|
—
|
Twenty-Second Amendment to the Partnership Agreement, dated as of November 17, 2003 – Incorporated by reference to
|
*
|
||
|
|
|
|
Exhibit 3.49 to Vornado Realty Trust’s Annual Report on Form 10-K for the year ended December 31, 2003
|
|
|
|
|
|
(File No. 001-11954), filed on March 3, 2004
|
|
|
|
|
|
|
|
|
—
|
Twenty-Third Amendment to the Partnership Agreement, dated May 27, 2004 – Incorporated by reference to Exhibit 99.2 to
|
*
|
||
|
|
|
|
Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on June 14, 2004
|
|
|
|
|
|
|
|
|
—
|
Twenty-Fourth Amendment to the Partnership Agreement, dated August 17, 2004 – Incorporated by reference to Exhibit 3.57
|
*
|
||
|
|
|
|
to Vornado Realty Trust and Vornado Realty L.P.’s Registration Statement on Form S-3 (File No. 333-122306), filed on
|
|
|
|
|
|
January 26, 2005
|
|
|
|
|
|
|
|
|
—
|
Twenty-Fifth Amendment to the Partnership Agreement, dated November 17, 2004 – Incorporated by reference to Exhibit 3.58
|
*
|
||
|
|
|
|
to Vornado Realty Trust and Vornado Realty L.P.’s Registration Statement on Form S-3 (File No. 333-122306), filed on
|
|
|
|
|
|
January 26, 2005
|
|
|
|
|
|
|
|
|
—
|
Twenty-Sixth Amendment to the Partnership Agreement, dated December 17, 2004 – Incorporated by reference to Exhibit 3.1 to
|
*
|
||
|
|
|
|
Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on December 21, 2004
|
|
|
|
|
|
|
|
|
—
|
Twenty-Seventh Amendment to the Partnership Agreement, dated December 20, 2004 – Incorporated by reference to Exhibit 3.2
|
*
|
||
|
|
|
|
to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on December 21, 2004
|
|
|
|
|
|
|
|
|
—
|
Twenty-Eighth Amendment to the Partnership Agreement, dated December 30, 2004 - Incorporated by reference to Exhibit 3.1
|
*
|
||
|
|
|
|
to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on January 4, 2005
|
|
|
|
|
|
|
|
|
—
|
Twenty-Ninth Amendment to the Partnership Agreement, dated June 17, 2005 - Incorporated by reference to Exhibit 3.1 to
|
*
|
||
|
|
|
|
Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on June 21, 2005
|
|
|
|
|
|
|
|
|
—
|
Thirtieth Amendment to the Partnership Agreement, dated August 31, 2005 - Incorporated by reference to Exhibit 3.1 to Vornado
|
*
|
||
|
|
|
|
Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on September 1, 2005
|
|
|
|
|
|
|
|
|
—
|
Thirty-First Amendment to the Partnership Agreement, dated September 9, 2005 - Incorporated by reference to Exhibit 3.1 to
|
*
|
||
|
|
|
|
Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on September 14, 2005
|
|
|
|
|
|
|
|
|
—
|
Thirty-Second Amendment and Restated Agreement of Limited Partnership, dated as of December 19, 2005 – Incorporated by
|
*
|
||
|
|
|
|
reference to Exhibit 3.59 to Vornado Realty L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2006
|
|
|
|
|
|
(File No. 000-22685), filed on May 8, 2006
|
|
|
|
|
|
__________________________________________
|
|
|
*
|
|
|
Incorporated by reference
|
|
|
—
|
Thirty-Third Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of April 25, 2006 –
|
*
|
||
|
|
|
|
Incorporated by reference to Exhibit 10.2 to Vornado Realty Trust’s Form 8-K (File No. 001-11954), filed on May 1, 2006
|
|
|
|
|
|
|
|
|
—
|
Thirty-Fourth Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of May 2, 2006 –
|
*
|
||
|
|
|
|
Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685),
|
|
|
|
|
|
filed on May 3, 2006
|
|
|
|
|
|
|
|
|
—
|
Thirty-Fifth Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of August 17, 2006 –
|
*
|
||
|
|
|
|
Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Form 8-K (File No. 000-22685), filed on August 23,
|
|
|
|
|
|
2006
|
|
|
|
|
|
|
|
|
—
|
Thirty-Sixth Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of October 2, 2006 –
|
*
|
||
|
|
|
|
Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Form 8-K (File No. 000-22685), filed on January 22,
|
|
|
|
|
|
2007
|
|
|
|
|
|
|
|
|
—
|
Thirty-Seventh Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of June 28, 2007 –
|
*
|
||
|
|
|
|
Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.'s Current Report on Form 8-K (File No. 000-22685),
|
|
|
|
|
|
filed on June 27, 2007
|
|
|
|
|
|
|
|
|
—
|
Thirty-Eighth Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of June 28, 2007 –
|
*
|
||
|
|
|
|
Incorporated by reference to Exhibit 3.2 to Vornado Realty L.P.'s Current Report on Form 8-K (File No. 000-22685),
|
|
|
|
|
|
filed on June 27, 2007
|
|
|
|
|
|
|
|
|
—
|
Thirty-Ninth Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of June 28, 2007 –
|
*
|
||
|
|
|
|
Incorporated by reference to Exhibit 3.3 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685),
|
|
|
|
|
|
filed on June 27, 2007
|
|
|
|
|
|
|
|
|
—
|
Fortieth Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of June 28, 2007 –
|
*
|
||
|
|
|
|
Incorporated by reference to Exhibit 3.4 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685),
|
|
|
|
|
|
filed on June 27, 2007
|
|
|
|
|
|
|
|
|
—
|
Forty-First Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of March 31, 2008 –
|
*
|
||
|
|
|
|
Incorporated by reference to Exhibit 3.44 to Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter ended
|
|
|
|
|
|
March 31, 2008 (file No. 001-11954), filed on May 6, 2008
|
|
|
|
|
|
|
|
|
—
|
Forty-Second Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of December 17, 2010
|
*
|
||
|
|
|
|
– Incorporated by reference to Exhibit 99.1 to Vornado Realty L.P.'s Current Report on Form 8-K (File No 000-22685),
|
|
|
|
|
|
filed on December 21, 2010
|
|
|
|
|
|
|
|
|
—
|
Forty-Third Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of April 20, 2011 –
|
*
|
||
|
|
|
|
Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.'s Current Report on Form 8-K (File No. 000-22685),
|
|
|
|
|
|
filed on April 21, 2011
|
|
|
|
|
|
|
|
|
—
|
Forty-Fourth Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as,
|
*
|
||
|
|
|
|
of March 30, 2012 - Incorporated by reference to Exhibit 99.1 to Vornado Realty L.P.'s Current Report on Form 8-K
|
|
|
|
|
|
(File No. 001-34482), filed on April 5, 2012
|
|
|
|
|
|
|
|
|
—
|
Forty-Fourth Amendment to Second Amended and Restated Agreement of Limited Partnership dated as of July 18, 2012 –
|
*
|
||
|
|
|
|
Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 001-34482),
|
|
|
|
|
|
filed on July 18, 2012
|
|
|
|
|
|
|
|
|
—
|
Forty-Fifth Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of January 25, 2013 –
|
*
|
||
|
|
|
|
Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 001-34482),
|
|
|
|
|
|
filed on January 25, 2013
|
|
|
|
|
|
|
|
|
—
|
Forty-Sixth Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated
|
*
|
||
|
|
|
|
April 1, 2015 - Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.'s Current Report on Form 8-K (File No.
|
|
|
|
|
|
001-34482), filed on April 2, 2015
|
|
|
|
|
|
|
|
**
|
—
|
Forty-Seventh Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated
|
*
|
||
|
|
|
|
December 13, 2017 - Incorporated by reference to Exhibit 3.2 to Vornado Realty L.P.'s Current Report on Form 8-K
|
|
|
|
|
|
(File No. 001-34482), filed on December 13, 2017
|
|
|
|
|
|
__________________________________________
|
|
|
*
|
|
|
Incorporated by reference
|
|
|
**
|
|
|
Management contract or compensatory agreement
|
|
**
|
—
|
Forty-Eighth Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as
|
*
|
||
|
|
|
|
of January 12, 2018 - Incorporated by reference to Exhibit 3.53 to Vornado Realty Trust's Annual Report on 10-K for the
|
|
|
|
|
|
year ended December 31, 2017 (File No. 001-11954), filed on February 12, 2018
|
|
|
|
|
|
|
|
|
—
|
Articles of Amendment to Declaration of Trust, dated June 13, 2018 - Incorporated by reference to Exhibit 3.54 to Vornado
|
*
|
||
|
|
|
|
Realty Trust's Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 (File No. 001-11954), filed on July
|
|
|
|
|
|
30, 2018
|
|
|
|
|
|
|
|
|
—
|
Amended and Restated Bylaws of Vornado Realty Trust, as amended on July 25, 2018 - Incorporated by reference to Exhibit
|
*
|
||
|
|
|
|
3.55 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 (File No. 001-11954),
|
|
|
|
|
|
filed on July 30, 2018
|
|
|
|
|
|
|
|
|
—
|
Forty-Ninth Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as
|
*
|
||
|
|
|
|
of August 7, 2019 - Incorporated by reference to Exhibit 3.2 to Vornado Realty Trust's Current Report on Form 8-K
|
|
|
|
|
|
(File No. 001-11954), filed on August 8, 2019
|
|
|
|
|
|
|
|
|
—
|
Indenture, dated as of November 25, 2003, between Vornado Realty L.P. and The Bank of New York, as Trustee - Incorporated
|
*
|
||
|
|
|
|
by reference to Exhibit 4.10 to Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter ended March 31,
|
|
|
|
|
|
2005 (File No. 001-11954), filed on April 28, 2005
|
|
|
|
|
|
|
|
|
—
|
Indenture, dated as of November 20, 2006, among Vornado Realty Trust, as Issuer, Vornado Realty L.P., as Guarantor and The
|
*
|
||
|
|
|
|
Bank of New York, as Trustee – Incorporated by reference to Exhibit 4.1 to Vornado Realty Trust’s Current Report on
|
|
|
|
|
|
Form 8-K (File No. 001-11954), filed on November 27, 2006
|
|
|
|
|
Certain instruments defining the rights of holders of long-term debt securities of Vornado Realty Trust and its subsidiaries are
|
|
|
|
|
|
|
omitted pursuant to Item 601(b)(4)(iii) of Regulation S-K. Vornado Realty Trust hereby undertakes to furnish to the
|
|
|
|
|
|
Securities and Exchange Commission, upon request, copies of such instruments
|
|
|
|
|
|
|
|
|
—
|
Description of the Vornado Realty Trust securities registered pursuant to Section 12 of the Securities Exchange Act
|
***
|
||
|
|
|
|
|
|
|
—
|
Description of Class A units of Vornado Realty L.P. and certain provisions of its agreement of limited partnership
|
***
|
||
|
|
|
|
|
|
10.1
|
|
—
|
Registration Rights Agreement between Vornado, Inc. and Steven Roth, dated December 29, 1992 - Incorporated by reference
|
*
|
|
|
|
|
|
to Vornado Realty Trust’s Annual Report on Form 10-K for the year ended December 31, 1992 (File No. 001-11954),
|
|
|
|
|
|
filed February 16, 1993
|
|
|
|
|
|
|
|
10.2
|
**
|
—
|
Management Agreement between Interstate Properties and Vornado, Inc. dated July 13, 1992 – Incorporated by reference to
|
*
|
|
|
|
|
|
Vornado, Inc.’s Annual Report on Form 10-K for the year ended December 31, 1992 (File No. 001-11954), filed
|
|
|
|
|
|
February 16, 1993
|
|
|
|
|
|
|
|
**
|
—
|
Employment Agreement, dated as of April 15, 1997, by and among Vornado Realty Trust, The Mendik Company, L.P. and
|
*
|
||
|
|
|
|
David R. Greenbaum - Incorporated by reference to Exhibit 10.4 to Vornado Realty Trust’s Current Report on Form 8-K
|
|
|
|
|
|
(File No. 001-11954), filed on April 30, 1997
|
|
|
|
|
|
|
|
|
—
|
Tax Reporting and Protection Agreement, dated December 31, 2001, by and among Vornado, Vornado Realty L.P., Charles E.
|
*
|
||
|
|
|
|
Smith Commercial Realty L.P. and Charles E. Smith Commercial Realty L.L.C. - Incorporated by reference to Exhibit
|
|
|
|
|
|
10.3 to Vornado Realty Trust’s Current Report on Form 8-K/A (File No. 1-11954), filed on March 18, 2002
|
|
|
|
|
|
|
|
**
|
—
|
Amendment to Real Estate Retention Agreement, dated as of July 3, 2002, by and between Alexander’s, Inc. and Vornado Realty
|
*
|
||
|
|
|
|
L.P. - Incorporated by reference to Exhibit 10(i)(E)(3) to Alexander’s Inc.’s Quarterly Report for the quarter ended
|
|
|
|
|
|
June 30, 2002 (File No. 001-06064), filed on August 7, 2002
|
|
|
|
|
|
|
|
**
|
—
|
59th Street Real Estate Retention Agreement, dated as of July 3, 2002, by and between Vornado Realty L.P., 731 Residential
|
*
|
||
|
|
|
|
LLC and 731 Commercial LLC - Incorporated by reference to Exhibit 10(i)(E)(4) to Alexander’s Inc.’s Quarterly Report
|
|
|
|
|
|
for the quarter ended June 30, 2002 (File No. 001-06064), filed on August 7, 2002
|
|
|
|
|
|
|
|
|
—
|
Amended and Restated Management and Development Agreement, dated as of July 3, 2002, by and between Alexander's, Inc.,
|
*
|
||
|
|
|
|
the subsidiaries party thereto and Vornado Management Corp. - Incorporated by reference to Exhibit 10(i)(F)(1) to
|
|
|
|
|
|
Alexander's Inc.'s Quarterly Report on Form 10-Q for the quarter ended June 30, 2002 (File No. 001-06064), filed on
|
|
|
|
|
|
August 7, 2002
|
|
|
|
|
|
|
|
10.8
|
**
|
—
|
Amended and Restated Employment Agreement between Vornado Realty Trust and Joseph Macnow dated July 27, 2006 –
|
*
|
|
|
|
|
|
Incorporated by reference to Exhibit 10.54 to Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter
|
|
|
|
|
|
ended June 30, 2006 (File No. 001-11954), filed on August 1, 2006
|
|
|
|
|
|
__________________________________________
|
|
|
*
|
|
|
Incorporated by reference
|
|
|
**
|
|
|
Management contract or compensatory agreement
|
|
|
***
|
|
|
Filed herewith
|
|
10.9
|
**
|
—
|
Second Amendment to Real Estate Retention Agreement, dated January 1, 2007, by and between Vornado Realty L.P. and
|
*
|
|
|
|
|
|
Alexander’s Inc. – Incorporated by reference to Exhibit 10.55 to Vornado Realty Trust’s Annual Report on Form 10-K
|
|
|
|
|
|
for the year ended December 31, 2006 (File No. 001-11954), filed on February 27, 2007
|
|
|
|
|
|
|
|
10.10
|
**
|
—
|
Amendment to 59th Street Real Estate Retention Agreement, dated January 1, 2007, by and among Vornado Realty L.P., 731
|
*
|
|
|
|
|
|
Retail One LLC, 731 Restaurant LLC, 731 Office One LLC and 731 Office Two LLC. – Incorporated by reference to
|
|
|
|
|
|
Exhibit 10.56 to Vornado Realty Trust’s Annual Report on Form 10-K for the year ended December 31, 2006 (File No.
|
|
|
|
|
|
001-11954), filed on February 27, 2007
|
|
|
|
|
|
|
|
10.11
|
**
|
—
|
Amendment to Employment Agreement between Vornado Realty Trust and Joseph Macnow, dated December 29, 2008 -
|
*
|
|
|
|
|
|
Incorporated by reference to Exhibit 10.48 to Vornado Realty Trust’s Annual Report on Form 10-K for the year ended
|
|
|
|
|
|
December 31, 2008 (File No. 001-11954) filed on February 24, 2009
|
|
|
|
|
|
|
|
10.12
|
**
|
—
|
Amendment to Employment Agreement between Vornado Realty Trust and David R. Greenbaum, dated December 29, 2008 -
|
*
|
|
|
|
|
|
Incorporated by reference to Exhibit 10.49 to Vornado Realty Trust’s Annual Report on Form 10-K for the year ended
|
|
|
|
|
|
December 31, 2008 (File No. 001-11954) filed on February 24, 2009
|
|
|
|
|
|
|
|
10.13
|
**
|
—
|
Amendment to Indemnification Agreement between Vornado Realty Trust and David R. Greenbaum, dated December 29, 2008 -
|
*
|
|
|
|
|
|
Incorporated by reference to Exhibit 10.50 to Vornado Realty Trust’s Annual Report on Form 10-K for the year ended
|
|
|
|
|
|
December 31, 2008 (File No. 001-11954) filed on February 24, 2009
|
|
|
|
|
|
|
|
10.14
|
**
|
—
|
Vornado Realty Trust's 2010 Omnibus Share Plan - Incorporated by reference to Exhibit 10.41 to Vornado Realty Trust's
|
*
|
|
|
|
|
|
Quarterly Report on Form 10-Q for the quarter ended June 30, 2010 (File No. 001-11954) filed on August 3, 2010
|
|
|
|
|
|
|
|
10.15
|
**
|
—
|
Form of Vornado Realty Trust 2010 Omnibus Share Plan Incentive / Non-Qualified Stock Option Agreement - Incorporated
|
*
|
|
|
|
|
|
by reference to Exhibit 99.1 to Vornado Realty Trust's Current Report on Form 8-K (File No. 001-11954) filed on April
|
|
|
|
|
|
5, 2012
|
|
|
|
|
|
|
|
10.16
|
**
|
—
|
Form of Vornado Realty Trust 2010 Omnibus Share Plan Restricted Stock Agreement - Incorporated by reference to Exhibit
|
*
|
|
|
|
|
|
99.2 to Vornado Realty Trust's Current Report on Form 8-K (File No. 001-11954) filed on April 5, 2012
|
|
|
|
|
|
|
|
10.17
|
**
|
—
|
Form of Vornado Realty Trust 2010 Omnibus Share Plan Restricted LTIP Unit Agreement - Incorporated by reference to Exhibit
|
*
|
|
|
|
|
|
99.3 to Vornado Realty Trust's Current Report on Form 8-K (File No. 001-11954) filed on April 5, 2012
|
|
|
|
|
|
|
|
10.18
|
**
|
—
|
Form of Vornado Realty Trust 2012 Outperformance Plan Award Agreement - Incorporated by reference to Exhibit 10.45 to
|
*
|
|
|
|
|
|
Vornado Realty Trust's Annual Report on Form 10-K for the year ended December 31, 2012 (File No. 001-11954)
|
|
|
|
|
|
filed on February 26, 2013
|
|
|
|
|
|
|
|
10.19
|
**
|
—
|
Form of Vornado Realty Trust 2013 Outperformance Plan Award Agreement - Incorporated by reference to Exhibit 10.50 to
|
*
|
|
|
|
|
|
Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 (File No. 001-11954),
|
|
|
|
|
|
filed on May 6, 2013
|
|
|
|
|
|
|
|
10.20
|
**
|
—
|
Employment agreement between Vornado Realty Trust and Michael J. Franco dated January 10, 2014 - Incorporated by
|
*
|
|
|
|
|
|
reference to Exhibit 10.52 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended March 31,
|
|
|
|
|
|
2014 (File No. 001-11954), filed on May 5, 2014
|
|
|
|
|
|
|
|
10.21
|
**
|
—
|
Form of 2017 Amendment to Vornado Realty Trust 2015, 2016, 2017 Outperformance Plan Award Agreements - Incorporated
|
*
|
|
|
|
|
|
by reference to Exhibit 10.32 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended June 30, 2017
|
|
|
|
|
|
(File No. 001-11954), filed on July 31, 2017
|
|
|
|
|
|
|
|
10.22
|
**
|
—
|
Form of Vornado Realty Trust 2010 Omnibus Share Plan AO LTIP Unit Award Agreement - Incorporated by reference to Exhibit
|
*
|
|
|
|
|
|
10.34 to Vornado Realty Trust's Annual Report on Form 10-K for the year ended December 31, 2017 (File No.
|
|
|
|
|
|
001-11954), filed on February 12, 2018
|
|
|
|
|
|
|
|
10.23
|
**
|
—
|
Form of Vornado Realty Trust 2018 Outperformance Plan Award Agreement - Incorporated by reference to Exhibit 10.35 to
|
*
|
|
|
|
|
|
Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 (File No. 001-11954) filed
|
|
|
|
|
|
on April 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
__________________________________________
|
|
|
*
|
|
|
Incorporated by reference
|
|
|
**
|
|
|
Management contract or compensatory agreement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
Amended and Restated Term Loan Agreement dated as of October 26, 2018 among Vornado Realty L.P. as Borrower, Vornado
|
*
|
||
|
|
|
|
Realty Trust as General Partner, the Banks listed on the signature pages thereof, and JP Morgan Chase Bank N.A. as
|
|
|
|
|
|
Administrative Agent for the Banks - Incorporated by reference to Exhibit 10.36 to Vornado Realty Trust's Quarterly
|
|
|
|
|
|
Report on Form 10-Q for the quarter ended September 30, 2018 (File No. 001-11954), filed on October 29, 2018
|
|
|
|
|
|
|
|
**
|
—
|
Form of Performance Conditioned AO LTIP Award Agreement - Incorporated by reference to Exhibit 10.36 to Vornado Realty
|
*
|
||
|
|
|
|
Trust's Annual Report on Form 10-K for the year ended December 31, 2018 (File No. 001-11954), filed on February 11,
|
|
|
|
|
|
2019
|
|
|
|
|
|
|
|
**
|
—
|
Form of 2019 Amendment to Restricted LTIP Unit and Restricted Stock Agreements - Incorporated by reference to Exhibit
|
*
|
||
|
|
|
|
10.37 to Vornado Realty Trust's Annual Report on Form 10-K for the year ended December 31, 2018 (File No.
|
|
|
|
|
|
001-11954), filed on February 11, 2019
|
|
|
|
|
|
|
|
**
|
—
|
Form of Vornado Realty Trust 2010 Omnibus Share Plan Restricted LTIP Unit Agreement - Incorporated by reference to
|
*
|
||
|
|
|
|
Exhibit 10.38 to Vornado Realty Trust's Annual Report on Form 10-K for the year ended December 31, 2018 (File No.
|
|
|
|
|
|
001-11954), filed on February 11, 2019
|
|
|
|
|
|
|
|
**
|
—
|
Form of Vornado Realty Trust 2010 Omnibus Share Plan Restricted Stock Agreement - Incorporated by reference to Exhibit
|
*
|
||
|
|
|
|
10.39 to Vornado Realty Trust's Annual Report on Form 10-K for the year ended December 31, 2018 (File No.
|
|
|
|
|
|
001-11954), filed on February 11, 2019
|
|
|
|
|
|
|
|
|
—
|
Second Amended and Restated Revolving Credit Agreement dated as of March 26, 2019, among Vornado Realty L.P., as
|
*
|
||
|
|
|
|
Borrower, Vornado Realty Trust as General Partner, the Banks listed on the signature pages thereof, and JPMorgan
|
|
|
|
|
|
Chase Bank N.A., as Administrative Agent for the Banks - Incorporated by reference to Exhibit 10.40 to Vornado
|
|
|
|
|
|
Realty Trust's Quarterly Report on Form 10-Q for the quarter ended March 31, 2019 (File No. 001-11954), filed on
|
|
|
|
|
|
April 29, 2019
|
|
|
|
|
|
|
|
10.30
|
**
|
—
|
Form of Vornado Realty Trust 2019 Omnibus Share Plan - Incorporated by reference to Annex B to Vornado Realty Trust's
|
*
|
|
|
|
|
|
Proxy Statement dated April 5, 2019 (File No. 001-11954), filed on April 5, 2019
|
|
|
|
|
|
|
|
10.31
|
|
—
|
Transaction Agreement between Vornado Realty L.P. and Crown Jewel Partner LLC, dated April 18, 2019 - Incorporated by
|
*
|
|
|
|
|
|
reference to Exhibit 10.42 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended June 30, 2019
|
|
|
|
|
|
(File No. 001-11954), filed on July 29, 2019
|
|
|
|
|
|
|
|
**
|
—
|
Form of Vornado Realty Trust 2019 Omnibus Share Plan Restricted Stock Agreement
|
***
|
||
|
|
|
|
|
|
**
|
—
|
Form of Vornado Realty Trust 2019 Omnibus Share Plan Restricted LTIP Unit Agreement
|
***
|
||
|
|
|
|
|
|
**
|
—
|
Form of Vornado Realty Trust 2019 Omnibus Share Plan Incentive/Non-Qualified Stock Option Agreement
|
***
|
||
|
|
|
|
__________________________________________
|
|
|
*
|
|
|
Incorporated by reference
|
|
|
**
|
|
|
Management contract or compensatory agreement
|
|
|
***
|
|
|
Filed herewith
|
|
|
—
|
Subsidiaries of Vornado Realty Trust and Vornado Realty L.P.
|
***
|
||
|
|
|
|
|
|
|
—
|
Consent of Independent Registered Public Accounting Firm for Vornado Realty Trust
|
***
|
||
|
|
|
|
|
|
|
—
|
Consent of Independent Registered Public Accounting Firm for Vornado Realty L.P.
|
***
|
||
|
|
|
|
|
|
|
—
|
Rule 13a-14 (a) Certification of the Chief Executive Officer of Vornado Realty Trust
|
***
|
||
|
|
|
|
|
|
|
—
|
Rule 13a-14 (a) Certification of the Chief Financial Officer of Vornado Realty Trust
|
***
|
||
|
|
|
|
|
|
|
—
|
Rule 13a-14 (a) Certification of the Chief Executive Officer of Vornado Realty L.P.
|
***
|
||
|
|
|
|
|
|
|
—
|
Rule 13a-14 (a) Certification of the Chief Financial Officer of Vornado Realty L.P.
|
***
|
||
|
|
|
|
|
|
|
—
|
Section 1350 Certification of the Chief Executive Officer of Vornado Realty Trust
|
***
|
||
|
|
|
|
|
|
|
—
|
Section 1350 Certification of the Chief Financial Officer of Vornado Realty Trust
|
***
|
||
|
|
|
|
|
|
|
—
|
Section 1350 Certification of the Chief Executive Officer of Vornado Realty L.P.
|
***
|
||
|
|
|
|
|
|
|
—
|
Section 1350 Certification of the Chief Financial Officer of Vornado Realty L.P.
|
***
|
||
|
|
|
|
|
|
101
|
|
—
|
The following financial information from Vornado Realty Trust and Vornado Realty L.P. Annual Report on Form 10-K for the
|
***
|
|
|
|
|
|
year ended December 31, 2019 formatted in Inline Extensible Business Reporting Language (iXBRL) includes:
|
|
|
|
|
|
(i) consolidated balance sheets, (ii) consolidated statements of income, (iii) consolidated statements of comprehensive
|
|
|
|
|
|
income, (iv) consolidated statements of changes in equity, (v) consolidated statements of cash flows, and
|
|
|
|
|
|
(vi) the notes to consolidated financial statements.
|
|
|
|
|
|
|
|
104
|
|
—
|
The cover page from the Vornado Realty Trust and Vornado Realty L.P. Annual Report on Form 10-K for the year ended
|
***
|
|
|
|
|
|
December 31, 2019, formatted as iXBRL and contained in Exhibit 101
|
|
|
|
|
|
|
|
|
|
|
|
__________________________________________
|
|
|
***
|
|
|
Filed herewith
|
|
ITEM 16.
|
FORM 10-K SUMMARY
|
|
|
VORNADO REALTY TRUST
|
|
|
(Registrant)
|
|
|
|
Date: February 18, 2020
|
By:
|
/s/ Matthew Iocco
|
|
|
Matthew Iocco, Chief Accounting Officer
(duly authorized officer and principal accounting officer)
|
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
|
By:
|
/s/Steven Roth
|
|
Chairman of the Board of Trustees
|
|
February 18, 2020
|
|
(Steven Roth)
|
|
and Chief Executive Officer
(Principal Executive Officer)
|
|
|
|
|
|
|
|
|
By:
|
/s/Candace K. Beinecke
|
|
Trustee
|
|
February 18, 2020
|
|
(Candace K. Beinecke)
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/Michael D. Fascitelli
|
|
Trustee
|
|
February 18, 2020
|
|
(Michael D. Fascitelli)
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/William W. Helman IV
|
|
Trustee
|
|
February 18, 2020
|
|
(William W. Helman IV)
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/David Mandelbaum
|
|
Trustee
|
|
February 18, 2020
|
|
(David Mandelbaum)
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/Mandakini Puri
|
|
Trustee
|
|
February 18, 2020
|
|
(Mandakini Puri)
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/Daniel R. Tisch
|
|
Trustee
|
|
February 18, 2020
|
|
(Daniel R. Tisch)
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/Richard R. West
|
|
Trustee
|
|
February 18, 2020
|
|
(Richard R. West)
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/Russell B. Wight, Jr.
|
|
Trustee
|
|
February 18, 2020
|
|
(Russell B. Wight, Jr.)
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/Joseph Macnow
|
|
Chief Financial Officer
|
|
February 18, 2020
|
|
(Joseph Macnow)
|
|
(Principal Financial Officer)
|
|
|
|
|
|
|
|
|
By:
|
/s/Matthew Iocco
|
|
Chief Accounting Officer
|
|
February 18, 2020
|
|
(Matthew Iocco)
|
|
(Principal Accounting Officer)
|
|
|
|
|
VORNADO REALTY L.P.
|
|
|
(Registrant)
|
|
|
|
Date: February 18, 2020
|
By:
|
/s/ Matthew Iocco
|
|
|
Matthew Iocco, Chief Accounting Officer of Vornado Realty Trust, sole General Partner of Vornado Realty L.P. (duly authorized officer and principal accounting officer)
|
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
|
By:
|
/s/Steven Roth
|
|
Chairman of the Board of Trustees and
|
|
February 18, 2020
|
|
(Steven Roth)
|
|
Chief Executive Officer of Vornado Realty Trust
(Principal Executive Officer)
|
|
|
|
|
|
|
|
|
By:
|
/s/Candace K. Beinecke
|
|
Trustee of Vornado Realty Trust
|
|
February 18, 2020
|
|
(Candace K. Beinecke)
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/Michael D. Fascitelli
|
|
Trustee of Vornado Realty Trust
|
|
February 18, 2020
|
|
(Michael D. Fascitelli)
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/William W. Helman IV
|
|
Trustee of Vornado Realty Trust
|
|
February 18, 2020
|
|
(William W. Helman IV)
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/David Mandelbaum
|
|
Trustee of Vornado Realty Trust
|
|
February 18, 2020
|
|
(David Mandelbaum)
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/Mandakini Puri
|
|
Trustee of Vornado Realty Trust
|
|
February 18, 2020
|
|
(Mandakini Puri)
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/Daniel R. Tisch
|
|
Trustee of Vornado Realty Trust
|
|
February 18, 2020
|
|
(Daniel R. Tisch)
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/Richard R. West
|
|
Trustee of Vornado Realty Trust
|
|
February 18, 2020
|
|
(Richard R. West)
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/Russell B. Wight, Jr.
|
|
Trustee of Vornado Realty Trust
|
|
February 18, 2020
|
|
(Russell B. Wight, Jr.)
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/Joseph Macnow
|
|
Chief Financial Officer of Vornado Realty Trust
|
|
February 18, 2020
|
|
(Joseph Macnow)
|
|
(Principal Financial Officer)
|
|
|
|
|
|
|
|
|
By:
|
/s/Matthew Iocco
|
|
Chief Accounting Officer of Vornado Realty Trust
|
|
February 18, 2020
|
|
(Matthew Iocco)
|
|
(Principal Accounting Officer)
|
|
|
|
|
|
|
|
|
(a)
|
Common Shares, $0.04 par value share
|
•
|
in the case of excess shares resulting from a purported transfer for value, the price per share in the purported transfer that resulted in the automatic exchange for excess shares, or in the case of excess shares resulting from some other event, the market price of the Common Shares exchanged on the date of the automatic exchange for excess shares; and
|
•
|
the market price of the Common Shares exchanged for the excess shares on the date that Vornado accepts the deemed offer to sell the excess shares.
|
(b)
|
Preferred Shares of beneficial interest, no par value
|
(c)
|
Certain Provisions of Maryland Law and of our Declaration of Trust and our bylaws
|
•
|
any person who beneficially owns, directly or indirectly, ten percent or more of the voting power of the trust's outstanding shares; or
|
•
|
an affiliate or associate of the trust who, at any time within the two-year period prior to the date in question, was the beneficial owner, directly or indirectly, of ten percent or more of the voting power of the then-outstanding voting shares of the trust.
|
•
|
80% of the votes entitled to be cast by holders of outstanding shares of the trust; and
|
•
|
two-thirds of the votes entitled to be cast by holders of voting shares of the trust other than voting shares held by the interested shareholder with whom or with whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested shareholder.
|
•
|
one-tenth or more but less than one-third,
|
•
|
one-third or more but less than a majority, or
|
•
|
a majority or more of all voting power.
|
•
|
15,640 series A preferred units;
|
•
|
12,000,000 series K pass-through preferred units;
|
•
|
12,000,000 series L pass-through preferred units;
|
•
|
12,780,000 series M preferred units;
|
•
|
1,867,311 series D-13 preferred units;
|
•
|
1 series D-16 preferred unit;
|
•
|
141,400 series D-17 preferred units;
|
•
|
5,828 series G-1 preferred units;
|
•
|
14,424 series G-2 preferred units;
|
•
|
43,532 series G-3 preferred units;
|
•
|
91,335 series G-4 preferred units;
|
•
|
2,680,773 restricted operating partnership units (“LTIP units”), including 855,373 appreciation-only long-term incentive plan units issued in connection with out-performance plan awards; and
|
•
|
202,458,052 class A units, including 11,472,375 not held by Vornado Realty Trust.
|
•
|
The series A preferred units entitle Vornado Realty Trust as their holder to a cumulative preferential distribution at an annual rate of $3.25 per series A preferred unit, which we refer to as the "series A preferred distribution preference." The series A preferred units correspond to Vornado Realty Trust’s series A convertible preferred shares.
|
•
|
The series K preferred units entitle their holder to a preferential distribution at the annual rate of $1.425 per unit, which we refer to as the "series K preferred distribution preference." The series K preferred units correspond to Vornado Realty Trust’s series K preferred shares.
|
•
|
The series L preferred units entitle their holder to a preferential distribution at the annual rate of $1.35 per unit, which we refer to as the "series L preferred distribution preference." The series L preferred units correspond to Vornado Realty Trust’s series L preferred shares.
|
•
|
The series M preferred units entitle their holder to a preferential distribution at the annual rate of $1.3125 per unit, which we refer to as the "series M preferred distribution preference." The series M preferred units correspond to Vornado’s series M preferred shares.
|
•
|
The series D-13 preferred units entitle their holder to a preferential distribution at the annual rate of $0.75 per unit, which we refer to as the "series D-13 preferred distribution preference."
|
•
|
The series D-16 preferred unit entitles their holder to a preferential distribution at the annual rate of $50,000 per unit, which we refer to as the "series D-16 preferred distribution preference."
|
•
|
The series D-17 preferred units entitle their holder to a preferential distribution at the annual rate of $0.8125 per unit, which we refer to as the "series D-17 preferred distribution preference."
|
•
|
The series G-1 preferred units entitle their holder to a preferential distribution at the annual rate of LIBOR plus 90 basis points per unit, which we refer to as the "series G-1 preferred distribution preference."
|
•
|
The series G-2 preferred units entitle their holder to a preferential distribution at the annual rate of $1.375 per unit, which we refer to as the "series G-2 preferred distribution preference."
|
•
|
The series G-3 preferred units entitle their holder to a preferential distribution at the annual rate of LIBOR plus 90 basis points per unit, which we refer to as the "series G-3 preferred distribution preference."
|
•
|
The series G-4 preferred units entitle their holder to a preferential distribution at the annual rate of $1.375 per unit, which we call the "series G-4 preferred distribution preference."
|
•
|
costs and expenses relating to the continuity of is existence and any entity in which Vornado Realty Trust owns an equity interest;
|
•
|
costs and expenses relating to any of the offer or registration of securities;
|
•
|
costs and expenses associated with preparing and filing of periodic reports under federal, state and local laws, including SEC filings;
|
•
|
costs and expenses associated with its compliance with laws, rules and regulations applicable to it; and
|
•
|
all other operating or administrative expenses incurred in the ordinary course of its business.
|
•
|
first, to holders of any class of preferred units ranking senior, as to distributions or redemption or voting rights, to class A units and LTIP units; and
|
•
|
second, to holders of class A units and LTIP units.
|
•
|
$50.00 per series A preferred unit;
|
•
|
$25.00 per series K unit, series L preferred unit, series M preferred unit, series D-13 preferred unit, series D-17 preferred unit, series G-1 preferred unit, series G-2 preferred unit, series G-3 preferred unit and series G-4 preferred unit; and
|
•
|
$1,000,000 per series D-16 preferred unit
|
•
|
the act or omission of the indemnified person was material to the matter giving rise to the proceeding and either was committed in bad faith or was the result of active and deliberate dishonesty;
|
•
|
the indemnified person actually received an improper personal benefit in money, property or services; or
|
•
|
in the case of any criminal proceeding, the indemnified person had reasonable cause to believe that the act or omission was unlawful.
|
•
|
convert a limited partner's interest into a general partner's interest;
|
•
|
modify the limited liability of a limited partner;
|
•
|
amend Section 7.11.A, which prohibits Vornado Realty Trust from taking any action in contravention of an express prohibition or limitation in the partnership agreement without the written consent of all partners adversely affected by the action or any lower percentage of the limited partnership interests that may be specifically provided for in the partnership agreement or under the Delaware Revised Uniform Limited Partnership Act;
|
•
|
amend Article V, which governs distributions, Article VI, which governs allocations of income and loss for capital account purposes, or Section 13.2.A(3), which provides for distributions, after payment of partnership debts, among partners according to their capital accounts upon a winding up of the operating partnership;
|
•
|
amend Section 8.6, which provides redemption rights; or
|
•
|
amend the provision being described in this paragraph.
|
•
|
Section 4.2.A, which authorizes issuance of additional limited partnership interests;
|
•
|
Section 5.1.C, which requires that if Vornado Realty Trust is not a REIT or a publicly traded entity it must for each taxable year make cash distributions equal to at least 95% of the operating partnership's taxable income;
|
•
|
Section 7.5, which prohibits Vornado Realty Trust from conducting any business other than in connection with the ownership of interests in the operating partnership except with the consent of a majority of the common limited partners, excluding Vornado Realty Trust and any entity controlled by Vornado Realty Trust;
|
•
|
Section 7.6, which limits the operating partnership's ability to enter into transactions with affiliates;
|
•
|
Section 7.8, which establishes limits on Vornado Realty Trust’s liabilities to the operating partnership and the limited partners;
|
•
|
Section 11.2, which limits Vornado Realty Trust’ ability to transfer its interests in the operating partnership;
|
•
|
Section 13.1, which describes the manner and circumstances in which the operating partnership will be dissolved;
|
•
|
Section 14.1.C, which establishes the limitations on amendments being described in this paragraph; or
|
•
|
Section 14.2, which establishes the rules governing meetings of partners.
|
•
|
to execute, swear to, acknowledge, deliver, file and record in the appropriate public offices (a) all certificates, documents and other instruments including, among other things, the partnership agreement and the certificate of limited partnership and all amendments or restatements of the certificate of limited partnership that Vornado Realty Trust or any liquidator deems appropriate or necessary to form, qualify or maintain the existence of the operating partnership as a limited partnership in the State of Delaware and in all other jurisdictions in which the operating partnership may conduct business or own property, (b) all instruments that Vornado Realty Trust or any liquidator deems appropriate or necessary to reflect any amendment or restatement of the partnership agreement in accordance with its terms, (c) all conveyances and other instruments that Vornado Realty Trust or any liquidator deems appropriate or necessary to reflect the dissolution and liquidation of the operating partnership under the terms of the partnership agreement, (d) all instruments relating to the admission, withdrawal, removal or substitution of any partner, any transfer of units or the capital contribution of any partner and (e) all certificates, documents and other instruments relating to the determination of the rights, preferences and privileges of partnership interests; and
|
•
|
to execute, swear to, acknowledge and file all ballots, consents, approvals, waivers, certificates and other instruments appropriate or necessary, in the sole and absolute discretion of Vornado Realty Trust or any liquidator, to make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other action which is made or given by the partners under the partnership agreement or is consistent with the terms of the partnership agreement or appropriate or necessary, in the sole discretion of Vornado Realty Trust or any liquidator, to effectuate the terms or intent of the partnership agreement.
|
•
|
Vornado Realty Trust’s withdrawal as general partner without the permitted transfer of its interest to a successor general partner, except in some limited circumstances;
|
•
|
the sale of all or substantially all of the operating partnership's assets and properties, subject to the lock-up agreements during the period when the lock-up agreements are in effect;
|
•
|
the entry of a decree of judicial dissolution of the operating partnership under the provisions of the Delaware Revised Uniform Limited Partnership Act;
|
•
|
the entry of a final non-appealable order for relief in a bankruptcy proceeding of the general partner, or the entry of a final non-appealable judgment ruling that the general partner is bankrupt or insolvent, except that, in either of these cases, in some circumstances the limited partners other than Vornado Realty Trust may vote to continue the operating partnership and substitute a new general partner in Vornado Realty Trust’s place; or
|
•
|
after December 31, 2046, on election by Vornado Realty Trust, in its sole and absolute discretion.
|
|
VORNADO REALTY TRUST
|
|
|
|
|
|
|
|
|
By:
|
|
|
|
Name: Joseph Macnow
|
|
|
Title: Executive Vice President - Finance
Chief Administrative Officer
Chief Financial Officer
|
|
|
|
|
|
|
|
Name:
|
Date of Restricted Stock Agreement:
|
|
Name of Employee:
|
|
Number of Common Shares Subject to Grant:
|
|
Date of Grant:
|
|
Date on Which Restricted Stock is Fully Vested:
|
|
Vesting Period:
|
|
“Annual Vesting Amount”
Insert the number of Restricted Shares that vest each year or other applicable vesting schedule. |
|
“Annual Vesting Date”
(or if such date is not a business day, on the next succeeding business day): Insert the calendar date of each year on which Restricted Shares will vest or other appropriate vesting schedule. |
|
|
VORNADO REALTY TRUST
|
|
||||||
|
|
|
||||||
|
|
|
||||||
|
By:
|
|
|
|||||
|
Joseph Macnow
|
|
||||||
|
Executive Vice President - Finance
Chief Administrative Officer
Chief Financial Officer
|
|
||||||
|
|
|
||||||
|
|
|
||||||
|
VORNADO REALTY L.P.
|
|
||||||
|
|
|
||||||
|
By: Vornado Realty Trust, its general partner
|
|
||||||
|
|
|
||||||
|
|
|
||||||
|
By:
|
|
|
|
||||
|
Joseph Macnow
|
|
||||||
|
Executive Vice President - Finance
Chief Administrative Officer
Chief Financial Officer
|
|
||||||
|
|
|
||||||
|
EMPLOYEE
|
|
||||||
|
|
|
||||||
|
|
|
||||||
|
|
|
||||||
|
Name:
|
|
||||||
|
|
|
||||||
|
|
|
|
|
|
|
|
|
Signature Line for Limited Partner:
|
||||
|
|
||||
|
|
||||
|
Name:
|
|
|||
|
|
|
|||
|
|
|
|
|
|
|
Date:
|
|
|
|
, 20__
|
|
|
||||
|
Address of Limited Partner:
|
||||
|
|
||||
|
|
||||
|
|
|
Date of Restricted LTIP Unit Agreement:
|
As of:
|
Name of Employee:
|
|
Number of LTIP Units Subject to Grant:
|
|
Date of Grant:
|
|
Date on Which Restricted LTIP Units are Fully Vested:
|
|
Vesting Period:
|
|
“Annual Vesting Amount”
Insert the number of LTIP Units that vest each year or other applicable vesting schedule. |
|
“Annual Vesting Date” (or if such date is not a business day, on the next succeeding business day):
Insert the calendar date of each year on which LTIP Units will vest or other appropriate vesting schedule. |
|
Additional Matters:
|
|
|
VORNADO REALTY TRUST
|
|||
|
|
|||
|
|
|||
|
By:
|
|
|
|
|
|
Joseph Macnow
|
||
|
|
Executive Vice President - Finance
Chief Administrative Officer
Chief Financial Officer
|
||
|
|
|
||
|
|
|||
|
|
|||
|
|
|
|
|
|
Name:
|
Date of Option Agreement:
|
|
Name of Employee:
|
|
Number of Common Shares Subject to Grant:
|
|
“Exercise Price”:
|
|
Date of Grant:
|
|
Incentive and/or Non-Qualified Options:
|
Number of:
Incentive Stock Options (ISO)
Non-Qualified Stock Options (NQ)
|
Term of Option from Date of Grant:
|
(Check the applicable box to indicate term of Option)
|
|
[ ] Ten years
|
|
[ ] Five years
|
|
[ ] ___________
|
Vesting Period:
|
|
“Annual Option Vesting Amount”
Insert the number of Options that vest each year or other applicable vesting schedule. |
|
“Annual Vesting Date” (or if such date is not a business day, on the next succeeding business day): Insert the calendar date of each year on which Options will vest or other appropriate vesting schedule.
|
|
“Applicable Option Exercise Period”:
Insert the period following termination for which an Option may still be exercised for each event referenced and as cross-referenced to the applicable Section of the Agreement. |
Death (Section 7(I)): 6 months
Disability (Section 7(II)): 6 months
Retirement (Section 7(III)): 60 days
Cause (Section 7(IV)): 60 days
Other Termination (Section 7(V)): 60 days
|
|
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
|
|
||||
|
FORM 10-K
|
|
||||
|
SUBSIDIARIES OF THE REGISTRANT
|
|
||||
|
AS OF DECEMBER 31, 2019
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State of
|
|
|
Name of Subsidiary
|
|
|
|
Organization
|
|
|
|
|
|
|
|
|
1
|
11 East 68th Street LLC
|
|
|
|
Delaware
|
1
|
2
|
11 East 68th TRS LLC
|
|
|
|
Delaware
|
2
|
3
|
1290 Management II, LLC
|
|
|
|
Delaware
|
3
|
4
|
131 West 33rd Street Owner LLC
|
|
|
|
Delaware
|
4
|
5
|
137 West 33rd Street Owner LLC
|
|
|
|
Delaware
|
5
|
6
|
138-142 West 32nd EAT LLC
|
|
|
|
Delaware
|
6
|
7
|
144-150 West 34th Street EAT LLC
|
|
|
|
Delaware
|
7
|
8
|
144-150 West 34th Street Owner II LLC
|
|
|
|
Delaware
|
8
|
9
|
148 Spring Street, LLC
|
|
|
|
Delaware
|
9
|
10
|
150 East 58th Street, L.L.C.
|
|
|
|
New York
|
10
|
11
|
150 Spring Street LLC
|
|
|
|
Delaware
|
11
|
|
1535 Broadway Holdings II LLC
|
|
|
|
Delaware
|
|
12
|
1535 Broadway LLC
|
|
|
|
Delaware
|
12
|
|
1535 Broadway Sign LLC
|
|
|
|
Delaware
|
|
|
1535/1540 Broadway Holdings LLC
|
|
|
|
Delaware
|
|
|
1535/1540 Broadway TRS LLC
|
|
|
|
Delaware
|
|
|
1540 Broadway Holdings II LLC
|
|
|
|
Delaware
|
|
|
1540 Broadway LLC
|
|
|
|
Delaware
|
|
|
1540 Broadway Sign LLC
|
|
|
|
Delaware
|
|
13
|
1800 Park REIT LLC
|
|
|
|
Delaware
|
13
|
14
|
201 East 66th Street LLC
|
|
|
|
New York
|
14
|
16
|
220 CPS Tower Club Corp
|
|
|
|
New York
|
16
|
17
|
265 West 34th Street Owner LLC
|
|
|
|
Delaware
|
17
|
18
|
27 Washington Sq North Owner LLC
|
|
|
|
Delaware
|
18
|
19
|
280 Park Administration LLC
|
|
|
|
Delaware
|
19
|
20
|
280 Park Cleaning LLC
|
|
|
|
Delaware
|
20
|
|
280 Park Holdings LLC
|
|
|
|
Delaware
|
|
21
|
280 Park Junior Mezzanine LLC
|
|
|
|
Delaware
|
21
|
22
|
280 Park Management LLC
|
|
|
|
Delaware
|
22
|
|
280 Park REIT LLC
|
|
|
|
Delaware
|
|
|
280 Park Senior Mezzanine LLC
|
|
|
|
Delaware
|
|
|
280 Park Venture LLC
|
|
|
|
Delaware
|
|
23
|
29 West 57th Street Owner LLC
|
|
|
|
Delaware
|
23
|
24
|
304-306 Canal Street LLC
|
|
|
|
Delaware
|
24
|
25
|
31 West 57th Street Owner LLC
|
|
|
|
Delaware
|
25
|
26
|
330 Madison Company LLC
|
|
|
|
Delaware
|
26
|
27
|
330 Madison Property Owner LLC
|
|
|
|
Delaware
|
27
|
28
|
334 Canal Street LLC
|
|
|
|
Delaware
|
28
|
29
|
350 Park EAT LLC
|
|
|
|
Delaware
|
29
|
30
|
4 USS LLC
|
|
|
|
Delaware
|
30
|
31
|
40 East 14 Realty Associates, L.L.C.
|
|
|
|
New York
|
31
|
32
|
40 Fulton Street LLC
|
|
|
|
New York
|
32
|
35
|
401 Commercial L.P.
|
|
|
|
Delaware
|
35
|
33
|
401 Commercial Son II LLC
|
|
|
|
Delaware
|
33
|
34
|
401 Commercial Son LLC
|
|
|
|
Delaware
|
34
|
36
|
401 General Partner, L.L.C.
|
|
|
|
Delaware
|
36
|
37
|
401 Hotel General Partner, L.L.C.
|
|
|
|
Delaware
|
37
|
38
|
401 Hotel REIT, LLC
|
|
|
|
Delaware
|
38
|
|
401 Hotel TRS, Inc.
|
|
|
|
Delaware
|
|
|
401 Hotel, L.P.
|
|
|
|
Delaware
|
|
|
408 West 15th Street Owner LLC
|
|
|
|
Delaware
|
|
|
480-486 Broadway, LLC
|
|
|
|
Delaware
|
|
|
486 8th Avenue Owner LLC
|
|
|
|
Delaware
|
|
|
488 Eighth Avenue Owner LLC
|
|
|
|
Delaware
|
|
|
49 West 57th Street Owner LLC
|
|
|
|
Delaware
|
|
|
50 East 86th Street Owner LLC
|
|
|
|
Delaware
|
|
|
501 Broadway Parallel REIT LLC
|
|
|
|
Delaware
|
|
|
501 Broadway REIT LLC
|
|
|
|
Delaware
|
|
|
510 Fifth Avenue LLC
|
|
|
|
Delaware
|
|
|
527 West Kinzie LLC
|
|
|
|
Delaware
|
|
|
555 California Restaurant LLC
|
|
|
|
Delaware
|
|
|
555 California Restaurant Trust
|
|
|
|
Maryland
|
|
|
555 California Services JV LLC
|
|
|
|
Delaware
|
|
|
555 California TRS LLC
|
|
|
|
Delaware
|
|
|
58 Central Park III LLC
|
|
|
|
Delaware
|
|
|
58 Central Park II LLC
|
|
|
|
Delaware
|
|
|
58 Central Park LLC
|
|
|
|
Delaware
|
|
|
61 Ninth Avenue Development Holdings LLC
|
|
|
|
Delaware
|
|
|
61 Ninth Avenue Development LLC
|
|
|
|
Delaware
|
|
|
61 Ninth Avenue Development Member LLC
|
|
|
|
Delaware
|
|
|
61 Ninth Avenue Management LLC
|
|
|
|
Delaware
|
|
|
61 Ninth Retail Manager LLC
|
|
|
|
Delaware
|
|
|
640 Fifth Avenue Holdings II LLC
|
|
|
|
Delaware
|
|
|
640 Fifth Avenue Holdings LLC
|
|
|
|
Delaware
|
|
|
640 Fifth Avenue LLC
|
|
|
|
Delaware
|
|
|
640 Fifth Avenue Owner LLC
|
|
|
|
Delaware
|
|
|
650 Madison GP LLC
|
|
|
|
Delaware
|
|
|
650 Madison GP LP
|
|
|
|
Delaware
|
|
|
650 Madison Junior Mezz LLC
|
|
|
|
Delaware
|
|
|
650 Madison Office Manager LLC
|
|
|
|
Delaware
|
|
|
650 Madison Owner LLC
|
|
|
|
Delaware
|
|
|
650 Madison Retail Manager LLC
|
|
|
|
Delaware
|
|
|
650 Madison Senior Mezz LLC
|
|
|
|
Delaware
|
|
|
655 Fifth Avenue Holdings LLC
|
|
|
|
Delaware
|
|
|
655 Fifth Avenue LLC
|
|
|
|
Delaware
|
|
|
655 Fifth Avenue Owner LLC
|
|
|
|
Delaware
|
|
|
655 Fifth Holdings LLC
|
|
|
|
Delaware
|
|
|
655 Fifth II LLC
|
|
|
|
Delaware
|
|
|
655 Fifth III LLC
|
|
|
|
Delaware
|
|
|
666 Fifth Avenue Retail Holdings LLC
|
|
|
|
Delaware
|
|
|
666 Fifth Retail Holdings II LLC
|
|
|
|
Delaware
|
|
|
689 Fifth Avenue Holdings II LLC
|
|
|
|
Delaware
|
|
|
689 Fifth Avenue Holdings LLC
|
|
|
|
Delaware
|
|
|
689 Fifth Avenue L.L.C.
|
|
|
|
New York
|
|
|
697 Fifth/2 East 55th Street Manager LLC
|
|
|
|
Delaware
|
|
|
697 Fifth/2 East 55th Street TIC A Holdings LLC
|
|
|
|
Delaware
|
|
|
697 Fifth/2 East 55th Street TIC A Mezz LLC
|
|
|
|
Delaware
|
|
|
697 Fifth/2 East 55th Street TIC A Owner LLC
|
|
|
|
Delaware
|
|
|
697 Fifth/2 East 55th Street TIC A Titleholder LLC
|
|
|
|
Delaware
|
|
|
697 Fifth/2 East 55th Street TIC B Lower-Tier LLC
|
|
|
|
Delaware
|
|
|
697 Fifth/2 East 55th Street TIC B Mezz LLC
|
|
|
|
Delaware
|
|
|
697 Fifth/2 East 55th Street TIC B Upper-Tier LLC
|
|
|
|
Delaware
|
|
|
697 Fifth/2 East 55th TIC B Holdings LLC
|
|
|
|
Delaware
|
|
|
697 Fifth/2 East 55th TIC B Mortgage Borrower LLC
|
|
|
|
Delaware
|
|
|
6M Investor LP
|
|
|
|
Delaware
|
|
|
6M REIT LLC
|
|
|
|
Delaware
|
|
|
7 West 34th Street LLC
|
|
|
|
New York
|
|
|
715 Lexington Avenue LLC
|
|
|
|
New York
|
|
|
715 Lexington Avenue TIC II LLC
|
|
|
|
Delaware
|
|
|
715 Lexington Avenue TIC LLC
|
|
|
|
Delaware
|
|
|
770 Broadway Company LLC
|
|
|
|
New York
|
|
|
770 Broadway Mezzanine LLC
|
|
|
|
Delaware
|
|
|
770 Broadway Owner LLC
|
|
|
|
Delaware
|
|
|
825 Seventh Avenue Holding Corporation
|
|
|
|
New York
|
|
|
825 Seventh Avenue Holding L.L.C.
|
|
|
|
New York
|
|
|
85 Tenth Junior Mezz LLC
|
|
|
|
Delaware
|
|
|
888 Seventh Avenue LLC
|
|
|
|
Delaware
|
|
|
909 Third Avenue Assignee LLC
|
|
|
|
New York
|
|
|
909 Third Company, L.P.
|
|
|
|
New York
|
|
|
909 Third GP, LLC
|
|
|
|
Delaware
|
|
|
968 Third, L.L.C.
|
|
|
|
New York
|
|
|
Alexander's, Inc.
|
|
|
|
Delaware
|
|
|
Art Chicago LLC
|
|
|
|
Delaware
|
|
|
Art on theMart LLC
|
|
|
|
Delaware
|
|
|
Art Patron Holdings LLC
|
|
|
|
Delaware
|
|
|
Balena Funding LLC
|
|
|
|
Delaware
|
|
|
Balena Real Estate Development II LLC
|
|
|
|
Delaware
|
|
|
Balena Real Estate Development III LLC
|
|
|
|
Delaware
|
|
|
Balena Real Estate Development IV LLC
|
|
|
|
Delaware
|
|
|
Balena Real Estate Development LLC
|
|
|
|
Delaware
|
|
|
Broadway 280 Park Fee LLC
|
|
|
|
Delaware
|
|
|
Building Maintenance Service LLC
|
|
|
|
Delaware
|
|
|
CIF Times Square Mezz 1 LLC
|
|
|
|
Delaware
|
|
|
CIF Times Square Mezz 2 LLC
|
|
|
|
Delaware
|
|
|
CIF Times Square Mezz 3 LLC
|
|
|
|
Delaware
|
|
|
Circle 1 LLC
|
|
|
|
Delaware
|
|
|
Coastal Belmont LLC
|
|
|
|
Delaware
|
|
|
CPTS Domestic Owner LLC
|
|
|
|
Delaware
|
|
|
CPTS Hotel Lessee LLC
|
|
|
|
Delaware
|
|
|
CPTS Hotel Lessee Mezz 1 LLC
|
|
|
|
Delaware
|
|
|
CPTS Hotel Lessee Mezz 2 LLC
|
|
|
|
Delaware
|
|
|
CPTS Hotel Lessee Mezz 3 LLC
|
|
|
|
Delaware
|
|
|
CPTS Parallel Owner LLC
|
|
|
|
Delaware
|
|
|
CPTS TRS LLC
|
|
|
|
Delaware
|
|
|
CV Harlem Park LLC
|
|
|
|
Delaware
|
|
|
Durham Leasing II L.L.C.
|
|
|
|
New Jersey
|
|
|
Durham Leasing L.L.C.
|
|
|
|
New Jersey
|
|
|
Eleven Penn Plaza LLC
|
|
|
|
New York
|
|
|
Farley Building Leasing LLC
|
|
|
|
Delaware
|
|
|
Farley Building Master Tenant LLC
|
|
|
|
Delaware
|
|
|
Farley Building TRS LLC
|
|
|
|
Delaware
|
|
|
Farley Cleaning LLC
|
|
|
|
Delaware
|
|
|
Farley Developer LLC
|
|
|
|
Delaware
|
|
|
Farley Lease Management LLC
|
|
|
|
Delaware
|
|
|
Farley Property Manager LLC
|
|
|
|
Delaware
|
|
|
Franconia GP, L.L.C.
|
|
|
|
Delaware
|
|
|
Fuller Madison LLC
|
|
|
|
New York
|
|
|
Garfield Parcel L.L.C.
|
|
|
|
New Jersey
|
|
|
Geneva Associates Owner LLC
|
|
|
|
Delaware
|
|
|
Going Away LLC
|
|
|
|
Delaware
|
|
|
Green Acres 666 Fifth Retail TIC Owner LLC
|
|
|
|
Delaware
|
|
|
Guard Management Service Corp.
|
|
|
|
Delaware
|
|
|
HBR Properties Annapolis, L.L.C.
|
|
|
|
Delaware
|
|
|
HBR Properties, L.L.C.
|
|
|
|
Delaware
|
|
|
IP Mezz Borrower I LLC
|
|
|
|
Delaware
|
|
|
IP Mezz Borrower II LLC
|
|
|
|
Delaware
|
|
|
IP Mortgage Borrower LLC
|
|
|
|
Delaware
|
|
|
LaSalle Hubbard L.L.C.
|
|
|
|
Delaware
|
|
|
Leva II Holdings LLC
|
|
|
|
Delaware
|
|
|
Leva III Holdings LLC
|
|
|
|
Delaware
|
|
|
Lincoln Road II LLC
|
|
|
|
Delaware
|
|
|
Lincoln Road Management LLC
|
|
|
|
Delaware
|
|
|
Lincoln Road Parallel REIT LLC
|
|
|
|
Delaware
|
|
|
Lincoln Road REIT LLC
|
|
|
|
Delaware
|
|
|
M 330 Associates L.P.
|
|
|
|
New York
|
|
|
M 393 Associates LLC
|
|
|
|
New York
|
|
|
Madave Holdings LLC
|
|
|
|
Delaware
|
|
|
Madave Properties SPE LLC
|
|
|
|
Delaware
|
|
|
Manhattan High Street Holdings GP LLC
|
|
|
|
Delaware
|
|
|
Manhattan High Street Holdings LLC
|
|
|
|
Delaware
|
|
|
Manhattan High Street Holdings LP
|
|
|
|
Delaware
|
|
|
Manhattan High Street REIT Holdings LLC
|
|
|
|
Delaware
|
|
|
Manhattan High Street Retail Leasing LLC
|
|
|
|
Delaware
|
|
|
Mart Parking II, LLC
|
|
|
|
Delaware
|
|
|
Mart Parking LLC
|
|
|
|
Delaware
|
|
|
Mart Trade Show L.L.C.
|
|
|
|
Delaware
|
|
|
Menands Holding Corporation
|
|
|
|
New York
|
|
|
Merchandise Mart First Mezzanine Borrower L.L.C.
|
|
|
|
Delaware
|
|
|
Merchandise Mart Holdco L.L.C.
|
|
|
|
Delaware
|
|
|
Merchandise Mart L.L.C.
|
|
|
|
Delaware
|
|
|
Merchandise Mart Properties, Inc.
|
|
|
|
Delaware
|
|
|
Merchandise Mart Second Mezzanine Borrower L.L.C.
|
|
|
|
Delaware
|
|
|
MMPI Piers MTS L.L.C.
|
|
|
|
Delaware
|
|
|
MMPI Volta LLC
|
|
|
|
Delaware
|
|
|
Mortgage Owner LLC
|
|
|
|
Delaware
|
|
|
Moynihan Interim Tenant LLC
|
|
|
|
Delaware
|
|
|
Moynihan Train Hall Developer LLC
|
|
|
|
Delaware
|
|
|
MTS-MM L.L.C.
|
|
|
|
Delaware
|
|
|
New Jersey GL LLC
|
|
|
|
Delaware
|
|
|
Ninety Park Lender LLC
|
|
|
|
New York
|
|
|
Ninety Park Lender QRS, Inc.
|
|
|
|
Delaware
|
|
|
Ninety Park Manager LLC
|
|
|
|
New York
|
|
|
Ninety Park Property LLC
|
|
|
|
New York
|
|
|
One Park Avenue Partners LLC
|
|
|
|
Delaware
|
|
|
One Park Avenue Senior Mezz Partners LLC
|
|
|
|
Delaware
|
|
|
One Park Owner JV LP
|
|
|
|
Delaware
|
|
|
One Penn Plaza LLC
|
|
|
|
New York
|
|
|
One Penn Plaza TRS, Inc.
|
|
|
|
Delaware
|
|
|
Orleans Hubbard LLC
|
|
|
|
Delaware
|
|
|
Paris Associates Owner LLC
|
|
|
|
Delaware
|
|
|
PCJ I Inc.
|
|
|
|
New York
|
|
|
Peak Power One LLC
|
|
|
|
Delaware
|
|
|
Penn District Benefits Provider
|
|
|
|
Delaware
|
|
|
Penn District Station Developer LLC
|
|
|
|
Delaware
|
|
|
Penn Plaza Insurance Company, L.L.C.
|
|
|
|
Vermont
|
|
|
Piers 92/94 LLC
|
|
|
|
Delaware
|
|
|
Powerspace & Services, Inc.
|
|
|
|
Delaware
|
|
|
Rahway Leasing L.L.C.
|
|
|
|
New Jersey
|
|
|
RTR VW LLC
|
|
|
|
Delaware
|
|
|
RV Farley Developer LLC
|
|
|
|
Delaware
|
|
|
RVS Partners LLC
|
|
|
|
Delaware
|
|
|
Shenandoah Parent LLC
|
|
|
|
Delaware
|
|
|
Skyline Parent LLC
|
|
|
|
Delaware
|
|
|
SMB Administration LLC
|
|
|
|
Delaware
|
|
|
SMB Tenant Services LLC
|
|
|
|
Delaware
|
|
|
SO Hudson 555 Management, Inc.
|
|
|
|
Delaware
|
|
|
SO Hudson Westside I Corp.
|
|
|
|
Delaware
|
|
|
T53 Condominium, L.L.C.
|
|
|
|
New York
|
|
|
The Armory Show Inc.
|
|
|
|
New York
|
|
|
The Palisades A/V Company, L.L.C.
|
|
|
|
Delaware
|
|
|
The Park Laurel Condominium
|
|
|
|
Delaware
|
|
|
The Pennsy Holdings LLC
|
|
|
|
Delaware
|
|
|
Thebes I LLC
|
|
|
|
Delaware
|
|
|
theMart Manager LLC
|
|
|
|
Delaware
|
|
|
TheMart Tots LLC
|
|
|
|
Delaware
|
|
|
Times Square JV LLC
|
|
|
|
Delaware
|
|
|
TMO 1 LLC
|
|
|
|
Delaware
|
|
|
Trees Acquisition Subsidiary, Inc.
|
|
|
|
Delaware
|
|
|
Two Guys From Harrison N.Y. L.L.C.
|
|
|
|
New York
|
|
|
Two Penn Plaza REIT, Inc.
|
|
|
|
New York
|
|
|
Umbra Holdings LLC
|
|
|
|
Delaware
|
|
|
VBL Company, L.L.C.
|
|
|
|
New York
|
|
|
VCP COI One Park LP
|
|
|
|
Delaware
|
|
|
VCP IM L.L.C.
|
|
|
|
Delaware
|
|
|
VCP Lincoln Road LLC
|
|
|
|
Delaware
|
|
|
VCP LP L.L.C.
|
|
|
|
Delaware
|
|
|
VCP One Park Parallel REIT LLC
|
|
|
|
Delaware
|
|
|
VCP Parallel COI One Park LP
|
|
|
|
Delaware
|
|
|
Virgin Sign L.L.C.
|
|
|
|
Delaware
|
|
|
VMS Lender LLC
|
|
|
|
Delaware
|
|
|
VNK L.L.C.
|
|
|
|
Delaware
|
|
|
VNO 100 West 33rd Street LLC
|
|
|
|
Delaware
|
|
|
VNO 11 East 68th Street Holding Company LLC
|
|
|
|
Delaware
|
|
|
VNO 11 East 68th Street Mezz LLC
|
|
|
|
Delaware
|
|
|
VNO 155 Spring Street LLC
|
|
|
|
Delaware
|
|
|
VNO 1750 Pennsylvania Avenue LLC
|
|
|
|
Delaware
|
|
|
VNO 1800 Park LLC
|
|
|
|
Delaware
|
|
|
VNO 220 Development LLC
|
|
|
|
Delaware
|
|
|
VNO 225 West 58th Street LLC
|
|
|
|
Delaware
|
|
|
VNO 225 West 58th Street Mezz Owner LLC
|
|
|
|
Delaware
|
|
|
VNO 267 West 34th LLC
|
|
|
|
Delaware
|
|
|
VNO 280 Park JV Member LLC
|
|
|
|
Delaware
|
|
|
VNO 33 West 57th Street LLC
|
|
|
|
Delaware
|
|
|
VNO 33-00 Northern Blvd LLC
|
|
|
|
Delaware
|
|
|
VNO 3500 US Highway 9 LLC
|
|
|
|
Delaware
|
|
|
VNO 401 Commercial Lessee LLC
|
|
|
|
Delaware
|
|
|
VNO 431 Seventh Avenue LLC
|
|
|
|
Delaware
|
|
|
VNO 435 Seventh Avenue LLC
|
|
|
|
Delaware
|
|
|
VNO 443 Broadway Holdings II LLC
|
|
|
|
Delaware
|
|
|
VNO 443 Broadway Holdings III LLC
|
|
|
|
Delaware
|
|
|
VNO 443 Broadway LLC
|
|
|
|
Delaware
|
|
|
VNO 501 Broadway LLC
|
|
|
|
Delaware
|
|
|
VNO 510 Fifth LLC
|
|
|
|
Delaware
|
|
|
VNO 510 West 22nd JV Member LLC
|
|
|
|
Delaware
|
|
|
VNO 510 West 22nd Lender LLC
|
|
|
|
Delaware
|
|
|
VNO 535-545 5th Loan LLC
|
|
|
|
Delaware
|
|
|
VNO 537 West 26th Street Owner LLC
|
|
|
|
Delaware
|
|
|
VNO 606 Broadway LLC
|
|
|
|
Delaware
|
|
|
VNO 606 Broadway Manager Member LLC
|
|
|
|
Delaware
|
|
|
VNO 61 Ninth Avenue Member LLC
|
|
|
|
Delaware
|
|
|
VNO 63rd Street LLC
|
|
|
|
Delaware
|
|
|
VNO 650 Madison Investor LLC
|
|
|
|
Delaware
|
|
|
VNO 650 Madison LLC
|
|
|
|
Delaware
|
|
|
VNO 7 West 34th Street Owner LLC
|
|
|
|
Delaware
|
|
|
VNO 7 West 34th Street Sub LLC
|
|
|
|
Delaware
|
|
|
VNO 701 Seventh Avenue Mezz LLC
|
|
|
|
Delaware
|
|
|
VNO 701 Seventh Avenue TRS LLC
|
|
|
|
Delaware
|
|
|
VNO 757 Third Avenue LLC
|
|
|
|
Delaware
|
|
|
VNO 86 Lex LLC
|
|
|
|
Delaware
|
|
|
VNO 93rd Street LLC
|
|
|
|
Delaware
|
|
|
VNO 966 Third Avenue LLC
|
|
|
|
Delaware
|
|
|
VNO AC LLC
|
|
|
|
Delaware
|
|
|
VNO Building Acquisition LLC
|
|
|
|
Delaware
|
|
|
VNO Capital Partners REIT LLC
|
|
|
|
Delaware
|
|
|
VNO Capital Partners TRS LLC
|
|
|
|
Delaware
|
|
|
VNO CP Co-Investor LP
|
|
|
|
Delaware
|
|
|
VNO CP GP LLC
|
|
|
|
Delaware
|
|
|
VNO CP LLC
|
|
|
|
Delaware
|
|
|
VNO Fashion LLC
|
|
|
|
Delaware
|
|
|
VNO IF GP LLC
|
|
|
|
Delaware
|
|
|
VNO IP Loan LLC
|
|
|
|
Delaware
|
|
|
VNO Island Global LLC
|
|
|
|
Delaware
|
|
|
VNO LF 50 West 57th Street Holding LLC
|
|
|
|
Delaware
|
|
|
VNO LF 50 West 57th Street JV LLC
|
|
|
|
Delaware
|
|
|
VNO LF 50 West 57th Street LLC
|
|
|
|
Delaware
|
|
|
VNO LF 50 West 57th Street Management LLC
|
|
|
|
Delaware
|
|
|
VNO LNR Holdco, L.L.C.
|
|
|
|
Delaware
|
|
|
VNO Morris Avenue GL LLC
|
|
|
|
Delaware
|
|
|
VNO New York Office Management LLC
|
|
|
|
Delaware
|
|
|
VNO One Park LLC
|
|
|
|
Delaware
|
|
|
VNO One Park Management LLC
|
|
|
|
Delaware
|
|
|
VNO Pentagon City LLC
|
|
|
|
Delaware
|
|
|
VNO Roosevelt Hotel Mezz II LLC
|
|
|
|
Delaware
|
|
|
VNO Roosevelt Hotel Mezz LLC
|
|
|
|
Delaware
|
|
|
VNO RTR AP, LLC
|
|
|
|
Delaware
|
|
|
VNO SC Note LLC
|
|
|
|
Delaware
|
|
|
VNO/SC Sign JV LLC
|
|
|
|
Delaware
|
|
|
VNO Second Building Acquisition LLC
|
|
|
|
Delaware
|
|
|
VNO SM GP LLC
|
|
|
|
Delaware
|
|
|
VNO SM LLC
|
|
|
|
Delaware
|
|
|
VNO Surplus 2006 LLC
|
|
|
|
Delaware
|
|
|
VNO VE LLC
|
|
|
|
Delaware
|
|
|
VNO Wayne License LLC
|
|
|
|
Delaware
|
|
|
VNO Wayne Towne Center Holding LLC
|
|
|
|
Delaware
|
|
|
VNO Wayne Towne Center LLC
|
|
|
|
Delaware
|
|
|
VNO/Farley BL Member LLC
|
|
|
|
Delaware
|
|
|
VNO/Farley Developer LLC
|
|
|
|
Delaware
|
|
|
VNO/Farley PM Member LLC
|
|
|
|
Delaware
|
|
|
Vornado 1399 LLC
|
|
|
|
Delaware
|
|
|
Vornado 220 Central Park South II LLC
|
|
|
|
Delaware
|
|
|
Vornado 220 Central Park South LLC
|
|
|
|
Delaware
|
|
|
Vornado 25W14 LLC
|
|
|
|
Delaware
|
|
|
Vornado 3040 M Street LLC
|
|
|
|
Delaware
|
|
|
Vornado 330 W 34 Mezz LLC
|
|
|
|
Delaware
|
|
|
Vornado 330 West 34th Street L.L.C.
|
|
|
|
Delaware
|
|
|
Vornado 40 East 66th Street LLC
|
|
|
|
Delaware
|
|
|
Vornado 40 East 66th Street Member LLC
|
|
|
|
Delaware
|
|
|
Vornado 40 East 66th Street TRS LLC
|
|
|
|
Delaware
|
|
|
Vornado 401 Commercial LLC
|
|
|
|
Delaware
|
|
|
Vornado 601 Madison Avenue, L.L.C.
|
|
|
|
Delaware
|
|
|
Vornado 620 Sixth Avenue L.L.C.
|
|
|
|
Delaware
|
|
|
Vornado 677 Madison LLC
|
|
|
|
Delaware
|
|
|
Vornado 692 Broadway, L.L.C.
|
|
|
|
Delaware
|
|
|
Vornado 90 Park Avenue L.L.C.
|
|
|
|
Delaware
|
|
|
Vornado 90 Park Member L.L.C.
|
|
|
|
Delaware
|
|
|
Vornado 90 Park QRS, Inc.
|
|
|
|
Delaware
|
|
|
Vornado Acquisition Co. LLC
|
|
|
|
Delaware
|
|
|
Vornado Air Rights LLC
|
|
|
|
Delaware
|
|
|
Vornado Auto L.L.C.
|
|
|
|
Delaware
|
|
|
Vornado Capital Partners GP LLC
|
|
|
|
Delaware
|
|
|
Vornado Capital Partners Parallel GP LLC
|
|
|
|
Delaware
|
|
|
Vornado Capital Partners Parallel LP
|
|
|
|
Delaware
|
|
|
Vornado Capital Partners Parallel REIT LLC
|
|
|
|
Delaware
|
|
|
Vornado Capital Partners, L.P.
|
|
|
|
Delaware
|
|
|
Vornado Cogen Holdings LLC
|
|
|
|
Delaware
|
|
|
Vornado Communications, LLC
|
|
|
|
Delaware
|
|
|
Vornado Concierge LLC
|
|
|
|
Delaware
|
|
|
Vornado Condominium Management LLC
|
|
|
|
Delaware
|
|
|
Vornado Dune LLC
|
|
|
|
Delaware
|
|
|
Vornado Eleven Penn Plaza LLC
|
|
|
|
Delaware
|
|
|
Vornado Eleven Penn Plaza Owner LLC
|
|
|
|
Delaware
|
|
|
Vornado Farley Member LLC
|
|
|
|
Delaware
|
|
|
Vornado Finance GP L.L.C.
|
|
|
|
Delaware
|
|
|
Vornado Finance L.P.
|
|
|
|
Delaware
|
|
|
Vornado Fort Lee L.L.C.
|
|
|
|
Delaware
|
|
|
Vornado Fortress LLC
|
|
|
|
Delaware
|
|
|
Vornado Harlem Park LLC
|
|
|
|
Delaware
|
|
|
Vornado India Retail Management LLC
|
|
|
|
Delaware
|
|
|
Vornado Investment Corporation
|
|
|
|
Delaware
|
|
|
Vornado Investments L.L.C.
|
|
|
|
Delaware
|
|
|
Vornado Lending L.L.C.
|
|
|
|
New Jersey
|
|
|
Vornado Lodi L.L.C.
|
|
|
|
Delaware
|
|
|
Vornado M 330 L.L.C.
|
|
|
|
Delaware
|
|
|
Vornado M 393 L.L.C.
|
|
|
|
Delaware
|
|
|
Vornado Management Corp.
|
|
|
|
Delaware
|
|
|
Vornado Manhattan House Mortgage LLC
|
|
|
|
Delaware
|
|
|
Vornado Marketing LLC
|
|
|
|
Delaware
|
|
|
Vornado New York RR One L.L.C.
|
|
|
|
Delaware
|
|
|
Vornado NY TRS LLC
|
|
|
|
Delaware
|
|
|
Vornado Office Inc.
|
|
|
|
Delaware
|
|
|
Vornado Office Management LLC
|
|
|
|
Delaware
|
|
|
Vornado PC LLC
|
|
|
|
Delaware
|
|
|
Vornado Penn Plaza Master Plan Developer LLC
|
|
|
|
Delaware
|
|
|
Vornado Property Advisor LLC
|
|
|
|
Delaware
|
|
|
Vornado Realty L.L.C.
|
|
|
|
Delaware
|
|
|
Vornado Realty, L.P.
|
|
|
|
Delaware
|
|
|
Vornado Records 2006, L.L.C.
|
|
|
|
Delaware
|
|
|
Vornado Retail Finance Manager LLC
|
|
|
|
Delaware
|
|
|
Vornado Rosslyn LLC
|
|
|
|
Delaware
|
|
|
Vornado RTR DC LLC
|
|
|
|
Delaware
|
|
|
Vornado RTR Lessee JV LLC
|
|
|
|
Delaware
|
|
|
Vornado RTR Sub LLC
|
|
|
|
Delaware
|
|
|
Vornado RTR Urban Development LLC
|
|
|
|
Delaware
|
|
|
Vornado RTR Urban Development TMP LLC
|
|
|
|
Delaware
|
|
|
Vornado RTR, Inc.
|
|
|
|
Delaware
|
|
|
Vornado San Jose LLC
|
|
|
|
Delaware
|
|
|
Vornado Savanna LLC
|
|
|
|
Delaware
|
|
|
Vornado Savanna SM LLC
|
|
|
|
Delaware
|
|
|
Vornado SB LLC
|
|
|
|
Delaware
|
|
|
Vornado SC Properties II LLC
|
|
|
|
Delaware
|
|
|
Vornado SC Properties LLC
|
|
|
|
Delaware
|
|
|
Vornado Shenandoah Holdings II LLC
|
|
|
|
Delaware
|
|
|
Vornado Sign LLC
|
|
|
|
Delaware
|
|
|
Vornado Springfield Mall LLC
|
|
|
|
Delaware
|
|
|
Vornado Square Mile LLC
|
|
|
|
Delaware
|
|
|
Vornado Suffolk LLC
|
|
|
|
Delaware
|
|
|
Vornado Sun LLC
|
|
|
|
Delaware
|
|
|
Vornado Title L.L.C.
|
|
|
|
Delaware
|
|
|
Vornado Truck LLC
|
|
|
|
Delaware
|
|
|
Vornado TSQ LLC
|
|
|
|
Delaware
|
|
|
Vornado Two Penn Plaza L.L.C.
|
|
|
|
Delaware
|
|
|
Vornado Two Penn Property L.L.C.
|
|
|
|
Delaware
|
|
|
Vornado Westbury Retail II LLC
|
|
|
|
Delaware
|
|
|
Vornado Westbury Retail LLC
|
|
|
|
Delaware
|
|
|
VRT Development Rights LLC
|
|
|
|
New York
|
|
|
VSPS LLC
|
|
|
|
Delaware
|
|
|
Washington Mart SPE LLC
|
|
|
|
Delaware
|
|
|
Washington Office Center L.L.C.
|
|
|
|
Delaware
|
|
|
WDC 666 Fifth Retail TIC Owner LLC
|
|
|
|
Delaware
|
|
|
Wells Kinzie L.L.C.
|
|
|
|
Delaware
|
|
|
West 57th Street Holding LLC
|
|
|
|
Delaware
|
|
|
West 57th Street JV LLC
|
|
|
|
Delaware
|
|
|
West 57th Street Management LLC
|
|
|
|
Delaware
|
|
|
WOC 666 Fifth Retail TIC Owner LLC
|
|
|
|
Delaware
|
|
|
WREC San Pasqual LLC
|
|
|
|
Delaware
|
|
1.
|
I have reviewed this Annual Report on Form 10-K of Vornado Realty Trust;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a‑15(e) and 15d‑15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
February 18, 2020
|
|
|
|
|
|
/s/ Steven Roth
|
|
|
Steven Roth
|
|
|
Chairman of the Board and Chief Executive Officer
|
|
1.
|
I have reviewed this Annual Report on Form 10-K of Vornado Realty Trust;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a‑15(e) and 15d‑15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
February 18, 2020
|
|
|
|
|
|
/s/ Joseph Macnow
|
|
|
Joseph Macnow
|
|
|
Executive Vice President – Chief Financial Officer and
Chief Administrative Officer
|
|
1.
|
I have reviewed this Annual Report on Form 10-K of Vornado Realty L.P.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a‑15(e) and 15d‑15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
February 18, 2020
|
|
|
|
|
|
/s/ Steven Roth
|
|
|
Steven Roth
|
|
|
Chairman of the Board and Chief Executive Officer
of Vornado Realty Trust, sole General Partner of Vornado Realty L.P.
|
|
1.
|
I have reviewed this Annual Report on Form 10-K of Vornado Realty L.P.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a‑15(e) and 15d‑15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
February 18, 2020
|
|
|
|
|
|
/s/ Joseph Macnow
|
|
|
Joseph Macnow
|
|
|
Executive Vice President – Chief Financial Officer and
Chief Administrative Officer of Vornado Realty Trust, sole General Partner of Vornado Realty L.P. |
|
February 18, 2020
|
|
|
/s/ Steven Roth
|
|
|
Name:
|
Steven Roth
|
|
|
Title:
|
Chairman of the Board and Chief Executive Officer
|
February 18, 2020
|
|
|
/s/ Joseph Macnow
|
|
|
Name:
|
Joseph Macnow
|
|
|
Title:
|
Executive Vice President – Chief Financial Officer
and Chief Administrative Officer
|
|
|
|
||
February 18, 2020
|
|
|
/s/ Steven Roth
|
|
|
|
Name:
|
Steven Roth
|
|
|
|
Title:
|
Chairman of the Board and Chief Executive Officer
of Vornado Realty Trust, sole General Partner of Vornado Realty L.P. |
|
|
|
||
February 18, 2020
|
|
|
/s/ Joseph Macnow
|
|
|
|
Name:
|
Joseph Macnow
|
|
|
|
Title:
|
Executive Vice President – Chief Financial Officer
and Chief Administrative Officer of Vornado Realty Trust, sole General Partner of Vornado Realty L.P. |