VORNADO REALTY TRUST [VNO] Filings

10-Q 1 vno-20240630.htm 10-Q vno-20240630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark one)


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


			For the quarterly period ended:			June 30, 2024


☐			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

Vornado Realty L.P.

(Exact name of registrants as specified in its charter)

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)

Securities registered pursuant to Section 12(b) of the Act:

Registrant

Title of each class

Trading Symbol(s)

Name of each 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

5.40% Series L

VNO/PL

New York Stock Exchange

Vornado Realty Trust

5.25% Series M

VNO/PM

New York Stock Exchange

Vornado Realty Trust

5.25% Series N

VNO/PN

New York Stock Exchange

Vornado Realty Trust

4.45% Series O

VNO/PO

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Vornado Realty Trust: Yes ☑ No ☐ Vornado Realty L.P.: Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Vornado Realty Trust: Yes ☑ No ☐ Vornado Realty L.P.: Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Vornado Realty Trust:

☑

Large Accelerated Filer

☐

Accelerated Filer

☐

Non-Accelerated Filer

☐

Smaller Reporting Company

☐

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Vornado Realty L.P.:

☐

Large Accelerated Filer

☐

Accelerated Filer

☑

Non-Accelerated Filer

☐

Smaller Reporting Company

☐

Emerging Growth Company

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Vornado Realty Trust: Yes ☐ No ☑ Vornado Realty L.P.: Yes ☐ No ☑

As of June 30, 2024, 190,505,371 of Vornado Realty Trust’s common shares of beneficial interest are outstanding.

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended June 30, 2024 of Vornado Realty Trust and Vornado Realty L.P. Unless stated otherwise or the context otherwise requires, references to “Vornado” refer to Vornado Realty Trust, a Maryland real estate investment trust (“REIT”), and references to the “Operating Partnership” and “VRLP” refer to Vornado Realty L.P., a Delaware limited partnership. References to the “Company,” “we,” “us” and “our” mean collectively Vornado, the Operating Partnership and those subsidiaries consolidated by Vornado.

The Operating Partnership is the entity through which we conduct substantially all of our business and own, either directly or through subsidiaries, substantially all of our assets. Vornado is the sole general partner and also a 90.9% limited partner of the Operating Partnership. As the sole general partner of the Operating Partnership, Vornado has exclusive control of the Operating Partnership’s day-to-day management.

Under the limited partnership agreement of the Operating Partnership, unitholders may present their Class A units for redemption at any time (subject to restrictions agreed upon at the time of issuance of the units that may restrict such right for a period of time). Class A units may be tendered for redemption to the Operating Partnership for cash; Vornado, at its option, may assume that obligation and pay the holder either cash or Vornado common shares on a one-for-one basis. Because the number of Vornado common shares outstanding at all times equals the number of Class A units owned by Vornado, the redemption value of each Class A unit is equivalent to the market value of one Vornado common share, and the distribution to a Class A unitholder is equal to the dividend paid to a Vornado common shareholder. This one-for-one exchange ratio is subject to specified adjustments to prevent dilution. Vornado generally expects that it will elect to issue its common shares in connection with each such presentation for redemption rather than having the Operating Partnership pay cash. With each such exchange or redemption, Vornado’s percentage ownership in the Operating Partnership will increase. In addition, whenever Vornado issues common shares other than to acquire Class A units of the Operating Partnership, Vornado must contribute any net proceeds it receives to the Operating Partnership and the Operating Partnership must issue to Vornado an equivalent number of Class A units of the Operating Partnership. This structure is commonly referred to as an umbrella partnership REIT, or UPREIT.

The Company believes that combining the quarterly reports on Form 10-Q of Vornado and the Operating Partnership into this single report provides the following benefits:

•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.

The Company believes it is important to understand the few differences between Vornado and the Operating Partnership in the context of how Vornado and the Operating Partnership operate as a consolidated company. The financial results of the Operating Partnership are consolidated into the financial statements of Vornado. Vornado does not have any significant assets, liabilities or operations, other than its investment in the Operating Partnership. The Operating Partnership, not Vornado, generally executes all significant business relationships other than transactions involving the securities of Vornado. The Operating Partnership holds substantially all of the assets of Vornado. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from equity offerings by Vornado, which are contributed to the capital of the Operating Partnership in exchange for Class A units of partnership in the Operating Partnership, and the net proceeds of debt offerings by Vornado, which are contributed to the Operating Partnership in exchange for debt securities of the Operating Partnership, as applicable, the Operating Partnership generates all remaining capital required by the Company’s business. These sources may include working capital, net cash provided by operating activities, borrowings under the revolving credit facilities, the issuance of secured and unsecured debt and equity securities and proceeds received from the disposition of certain properties.

To help investors better understand the key differences between Vornado and the Operating Partnership, certain information for Vornado and the Operating Partnership in this report has been separated, as set forth below:

•Item 1. Financial Statements (unaudited), which includes the following specific disclosures for Vornado Realty Trust and Vornado Realty L.P.:

•Note 9. Redeemable Noncontrolling Interests

•Note 10. Shareholders' Equity/Partners' Capital

•Note 12. Income Per Share/Income Per Class A Unit

•Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations includes information specific to each entity, where applicable.

This report also includes separate Part I, Item 4. Controls and Procedures and Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds sections and separate Exhibits 31 and 32 certifications for each of Vornado and the Operating Partnership in order to establish that the requisite certifications have been made and that Vornado and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934 and 18 U.S.C. §1350.

PART I.

Financial Information:

Page Number

Item 1.

Financial Statements of Vornado Realty Trust:

Consolidated Balance Sheets (Unaudited) as of June 30, 2024 and December 31, 2023

Consolidated Statements of Income (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023

Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023

Consolidated Statements of Changes in Equity (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023

Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2024 and 2023

Financial Statements of Vornado Realty L.P.:

Consolidated Balance Sheets (Unaudited) as of June 30, 2024 and December 31, 2023

Consolidated Statements of Income (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023

Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023

Consolidated Statements of Changes in Equity (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023

Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2024 and 2023

Vornado Realty Trust and Vornado Realty L.P.:

Notes to Consolidated Financial Statements (Unaudited)

Reports of Independent Registered Public Accounting Firm

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Item 4.

Controls and Procedures

PART II.

Other Information:

Unregistered Sales of Equity Securities and Use of Proceeds

Item 3.

Defaults Upon Senior Securities

Item 4.

Mine Safety Disclosures

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

VORNADO REALTY TRUST

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


(Amounts in thousands, except unit, share, and per share amounts)	As of
	June 30, 2024		December 31, 2023
ASSETS
Real estate, at cost:
Land	$	2,434,209	$	2,436,221
Buildings and improvements	10,228,821		9,952,954
Development costs and construction in progress	1,156,060		1,281,076
Leasehold improvements and equipment	133,755		130,953
Total	13,952,845		13,801,204
Less accumulated depreciation and amortization	(3,899,475)		(3,752,827)
Real estate, net	10,053,370		10,048,377
Right-of-use assets	678,670		680,044
Cash and cash equivalents	872,609		997,002
Restricted cash	244,245		264,582

Tenant and other receivables	71,213		69,543
Investments in partially owned entities	2,711,080		2,610,558


Receivable arising from the straight-lining of rents	706,157		701,666
Deferred leasing costs, net of accumulated amortization of $259,944 and $249,347	354,395		355,010
Identified intangible assets, net of accumulated amortization of $77,549 and $98,589	122,414		127,082
Other assets	396,028		333,801
	$	16,210,181	$	16,187,665
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net	$	5,672,086	$	5,688,020
Senior unsecured notes, net	1,194,894		1,193,873
Unsecured term loan, net	795,254		794,559
Unsecured revolving credit facilities	575,000		575,000
Lease liabilities	741,762		732,859
Accounts payable and accrued expenses	363,457		411,044
Deferred revenue	30,805		32,199
Deferred compensation plan	108,553		105,245
Other liabilities	316,906		311,132
Total liabilities	9,798,717		9,843,931
Commitments and contingencies
Redeemable noncontrolling interests:
Class A units - 17,160,821 and 17,000,030 units outstanding	451,158		480,251
Series D cumulative redeemable preferred units - 141,400 units outstanding	3,535		3,535
Total redeemable noncontrolling partnership units	454,693		483,786
Redeemable noncontrolling interest in a consolidated subsidiary	138,772		154,662
Total redeemable noncontrolling interests	593,465		638,448
Shareholders' equity:
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,792,902 shares	1,182,459		1,182,459
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 190,505,371 and 190,390,703 shares	7,599		7,594
Additional capital	8,314,657		8,263,291
Earnings less than distributions	(3,983,194)		(4,009,395)
Accumulated other comprehensive income	104,779		65,115
Total shareholders' equity	5,626,300		5,509,064
Noncontrolling interests in consolidated subsidiaries	191,699		196,222
Total equity	5,817,999		5,705,286
	$	16,210,181	$	16,187,665

See notes to consolidated financial statements (unaudited).

VORNADO REALTY TRUST

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)


(Amounts in thousands, except per share amounts)	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
REVENUES:
Rental revenues	$	393,595	$	418,834	$	782,873	$	815,627
Fee and other income	56,671		53,525		103,768		102,655
Total revenues	450,266		472,359		886,641		918,282
EXPENSES:
Operating	(229,380)		(222,723)		(455,604)		(451,496)
Depreciation and amortization	(109,774)		(107,162)		(218,433)		(213,727)
General and administrative	(38,475)		(39,410)		(76,372)		(81,005)
Expense from deferred compensation plan liability	(1,398)		(2,182)		(5,918)		(5,910)
Transaction related costs and other	(3,361)		(30)		(4,014)		(688)
Total expenses	(382,388)		(371,507)		(760,341)		(752,826)

Income from partially owned entities	47,949		37,272		64,228		53,938

Interest and other investment income, net	10,511		13,153		22,235		22,737
Income from deferred compensation plan assets	1,398		2,182		5,918		5,910
Interest and debt expense	(98,401)		(87,165)		(188,879)		(173,402)
Net gains on disposition of wholly owned and partially owned assets	16,048		936		16,048		8,456
Income before income taxes	45,383		67,230		45,850		83,095
Income tax expense	(5,284)		(4,497)		(12,024)		(9,164)
Net income	40,099		62,733		33,826		73,931
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	13,890		2,781		25,872		12,709
Operating Partnership	(3,200)		(3,608)		(2,414)		(4,037)
Net income attributable to Vornado	50,789		61,906		57,284		82,603
Preferred share dividends	(15,529)		(15,529)		(31,058)		(31,058)

NET INCOME attributable to common shareholders	$	35,260	$	46,377	$	26,226	$	51,545

INCOME PER COMMON SHARE - BASIC:


Net income per common share	$	0.19	$	0.24	$	0.14	$	0.27
Weighted average shares outstanding	190,492		191,468		190,460		191,668

INCOME PER COMMON SHARE - DILUTED:


Net income per common share	$	0.18	$	0.24	$	0.13	$	0.27
Weighted average shares outstanding	194,405		194,804		194,518		194,364

See notes to consolidated financial statements (unaudited).

VORNADO REALTY TRUST

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)


(Amounts in thousands)	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Net income	$	40,099	$	62,733	$	33,826	$	73,931
Other comprehensive income (loss):
Change in fair value of consolidated interest rate hedges and other	1,192		61,657		49,401		(19,879)
Other comprehensive (loss) income of nonconsolidated subsidiaries	(1,685)		185		(2,227)		(3,144)


Comprehensive income	39,606		124,575		81,000		50,908
Less comprehensive loss (income) attributable to noncontrolling interests	10,067		(4,751)		15,991		11,087
Comprehensive income attributable to Vornado	$	49,673	$	119,824	$	96,991	$	61,995

See notes to consolidated financial statements (unaudited).

VORNADO REALTY TRUST

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(UNAUDITED)


(Amounts in thousands)											Accumulated Other Comprehensive Income		Non-controlling Interests in Consolidated Subsidiaries

	Preferred Shares			Common Shares			Additional Capital		Earnings Less Than Distributions						Total Equity
	Shares	Amount		Shares	Amount
For the Three Months Ended June 30, 2024:
Balance as of March 31, 2024	48,793	$	1,182,459	190,483	$	7,598	$	8,261,568	$	(4,018,454)	$	105,916	$	195,081	$	5,734,168
Net income attributable to Vornado	—	—		—	—		—		50,789		—		—		50,789
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	—	—		—	—		—		—		—		(5,487)		(5,487)

Dividends on preferred shares (see Note 10 for dividends per share amounts)	—	—		—	—		—		(15,529)		—		—		(15,529)

Common shares issued upon redemption of Class A units, at redemption value	—	—		22	1		550		—		—		—		551

Contributions	—	—		—	—		—		—		—		1,488		1,488
Distributions	—	—		—	—		—		—		—		(107)		(107)


Other comprehensive loss of nonconsolidated subsidiaries	—	—		—	—		—		—		(1,685)		—		(1,685)
Change in fair value of consolidated interest rate hedges and other	—	—		—	—		—		—		1,192		—		1,192
Redeemable Class A unit measurement adjustment	—	—		—	—		52,539		—		(21)		—		52,518
Other comprehensive loss (income) attributable to noncontrolling interests in:
Operating Partnership	—	—		—	—		—		—		100		—		100
Consolidated subsidiaries	—	—		—	—		—		—		(723)		723		—
Other	—	—		—	—		—		—		—		1		1
Balance as of June 30, 2024	48,793	$	1,182,459	190,505	$	7,599	$	8,314,657	$	(3,983,194)	$	104,779	$	191,699	$	5,817,999



	Preferred Shares			Common Shares			Additional Capital		Earnings Less Than Distributions		Accumulated Other Comprehensive Income		Non-controlling Interests in Consolidated Subsidiaries		Total Equity
	Shares	Amount		Shares	Amount
For the Three Months Ended June 30, 2023
Balance as of March 31, 2023	48,793	$	1,182,459	191,881	$	7,654	$	8,367,349	$	(3,961,392)	$	95,562	$	241,026	$	5,932,658
Net income attributable to Vornado	—	—		—	—		—		61,906		—		—		61,906
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	—	—		—	—		—		—		—		5,995		5,995

Dividends on preferred shares (see Note 10 for dividends per share amounts)	—	—		—	—		—		(15,529)		—		—		(15,529)

Common shares issued upon redemption of Class A units, at redemption value	—	—		385	16		5,355		—		—		—		5,371

Contributions	—	—		—	—		—		—		—		16,200		16,200
Distributions	—	—		—	—		—		—		—		(3,000)		(3,000)
Repurchase of common shares	—	—		(1,722)	(69)		—		(23,181)		—		—		(23,250)
Deferred compensation shares and options	—	—		—	—		85		(6)		—		—		79
Other comprehensive income of nonconsolidated subsidiaries	—	—		—	—		—		—		185		—		185
Change in fair value of consolidated interest rate hedges and other	—	—		—	—		—		—		61,657		—		61,657
Redeemable Class A unit measurement adjustment	—	—		—	—		(41,561)		—		(1,709)		—		(43,270)
Other comprehensive (income) loss attributable to noncontrolling interests in:
Operating Partnership	—	—		—	—		—		—		(4,472)		—		(4,472)
Consolidated subsidiaries	—	—		—	—		—		—		548		(548)		—

Balance as of June 30, 2023	48,793	$	1,182,459	190,544	$	7,601	$	8,331,228	$	(3,938,202)	$	151,771	$	259,673	$	5,994,530

See notes to consolidated financial statements (unaudited).

VORNADO REALTY TRUST

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CONTINUED

(UNAUDITED)


(Amounts in thousands)											Accumulated Other Comprehensive Income		Non-controlling Interests in Consolidated Subsidiaries
	Preferred Shares			Common Shares			Additional Capital		Earnings Less Than Distributions						Total Equity
	Shares	Amount		Shares	Amount
For the Six Months Ended June 30, 2024:
Balance as of December 31, 2023	48,793	$	1,182,459	190,391	$	7,594	$	8,263,291	$	(4,009,395)	$	65,115	$	196,222	$	5,705,286
Net income attributable to Vornado	—	—		—	—		—		57,284		—		—		57,284
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	—	—		—	—		—		—		—		(9,982)		(9,982)

Dividends on preferred shares (see Note 10 for dividends per share amounts)	—	—		—	—		—		(31,058)		—		—		(31,058)


Common shares issued upon redemption of Class A units, at redemption value	—	—		115	5		3,035		—		—		—		3,040


Contributions	—	—		—	—		—		—		—		1,758		1,758
Distributions	—	—		—	—		—		—		—		(185)		(185)


Other comprehensive loss of nonconsolidated subsidiaries	—	—		—	—		—		—		(2,227)		—		(2,227)
Change in fair value of consolidated interest rate hedges and other	—	—		—	—		—		—		49,401		—		49,401
Redeemable Class A unit measurement adjustment	—	—		—	—		48,186		—		(43)		—		48,143

Other comprehensive loss (income) attributable to noncontrolling interests in:
Operating Partnership	—	—		—	—		—		—		(3,582)		—		(3,582)
Consolidated subsidiaries	—	—		—	—		—		—		(3,885)		3,885		—
Other	—	—		(1)	—		145		(25)		—		1		121
Balance as of June 30, 2024	48,793	$	1,182,459	190,505	$	7,599	$	8,314,657	$	(3,983,194)	$	104,779	$	191,699	$	5,817,999

See notes to consolidated financial statements (unaudited).

VORNADO REALTY TRUST

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CONTINUED

(UNAUDITED)


(Amounts in thousands, except per share amounts)											Accumulated Other Comprehensive Income		Non-controlling Interests in Consolidated Subsidiaries
	Preferred Shares			Common Shares			Additional Capital		Earnings Less Than Distributions						Total Equity
	Shares	Amount		Shares	Amount
For the Six Months Ended June 30, 2023:
Balance as of December 31, 2022	48,793	$	1,182,459	191,867	$	7,654	$	8,369,228	$	(3,894,580)	$	174,967	$	236,652	$	6,076,380
Net income attributable to Vornado	—	—		—	—		—		82,603		—		—		82,603
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	—	—		—	—		—		—		—		5,311		5,311
Dividends on common shares ($0.375 per share)	—	—		—	—		—		(71,950)		—		—		(71,950)
Dividends on preferred shares (see Note 10 for dividends per share amounts)	—	—		—	—		—		(31,058)		—		—		(31,058)

Common shares issued:
Upon redemption of Class A units, at redemption value	—	—		394	16		5,542		—		—		—		5,558

Under dividend reinvestment plan	—	—		6	—		146		—		—		—		146
Contributions	—	—		—	—		—		—		—		22,328		22,328
Distributions	—	—		—	—		—		—		—		(3,811)		(3,811)
Repurchase of common shares	—	—		(1,722)	(69)		—		(23,181)		—		—		(23,250)
Deferred compensation shares and options	—	—		(1)	—		169		(36)		—		—		133
Other comprehensive loss of nonconsolidated subsidiaries	—	—		—	—		—		—		(3,144)		—		(3,144)
Change in fair value of consolidated interest rate hedges and other	—	—		—	—		—		—		(19,879)		—		(19,879)
Redeemable Class A unit measurement adjustment	—	—		—	—		(64,525)		—		(2,588)		—		(67,113)
Unearned 2020 Out-Performance Plan and 2019 Performance AO LTIP awards	—	—		—	—		20,668		—		—		—		20,668
Other comprehensive loss attributable to noncontrolling interests in:
Operating Partnership	—	—		—	—		—		—		1,608		—		1,608
Consolidated subsidiaries	—	—		—	—		—		—		807		(807)		—

Balance as of June 30, 2023	48,793	$	1,182,459	190,544	$	7,601	$	8,331,228	$	(3,938,202)	$	151,771	$	259,673	$	5,994,530

See notes to consolidated financial statements (unaudited).

VORNADO REALTY TRUST

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


(Amounts in thousands)	For the Six Months Ended June 30,
	2024		2023
Cash Flows from Operating Activities:
Net income	$	33,826	$	73,931
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)	229,797		225,694
Equity in net income of partially owned entities	(64,228)		(53,938)
Distributions of income from partially owned entities	54,618		88,902
Amortization of interest rate cap premiums	22,720		2,167
Stock-based compensation expense	16,269		23,582
Net gains on disposition of wholly owned and partially owned assets	(16,048)		(8,456)
Change in deferred tax liability	5,879		5,600
Straight-lining of rents	(4,372)		(694)
Amortization of below-market leases, net	(1,910)		(2,727)
Other non-cash adjustments	6,304		4,912
Changes in operating assets and liabilities:
Tenant and other receivables	(2,840)		(6,380)
Prepaid assets	(6,965)		(18,433)
Other assets	(48,272)		10,696
Lease liabilities	8,903		8,727
Accounts payable and accrued expenses	(13,074)		(2,651)
Other liabilities	5,557		23,809
Net cash provided by operating activities	226,164		374,741

Cash Flows from Investing Activities:
Development costs and construction in progress	(138,076)		(289,792)
Additions to real estate	(112,578)		(100,126)
Investments in partially owned entities	(90,051)		(37,222)
Proceeds from sale of condominium units at 220 Central Park South	31,605		14,216
Proceeds from sales of real estate	2,000		6,363
Proceeds from maturities of U.S. Treasury bills	—		468,598
Proceeds from repayment of participation in 150 West 34th Street mortgage loan	—		105,000
Distributions of capital from partially owned entities	—		18,481
Acquisitions of real estate and other	—		(33,145)
Net cash (used in) provided by investing activities	(307,100)		152,373

See notes to consolidated financial statements (unaudited).

VORNADO REALTY TRUST

CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED

(UNAUDITED)


(Amounts in thousands)	For the Six Months Ended June 30,
	2024		2023
Cash Flows from Financing Activities:
Repayments of borrowings	$	(95,696)	$	(115,800)
Proceeds from borrowings	75,000		—
Dividends paid on preferred shares	(31,058)		(31,058)
Deferred financing costs	(13,649)		(3,078)
Contributions from noncontrolling interests	1,758		18,328
Distributions to noncontrolling interests	(242)		(9,440)
Dividends paid on common shares	—		(71,950)
Repurchase of common shares	—		(23,250)
Other financing activity, net	93		110
Net cash used in financing activities	(63,794)		(236,138)
Net (decrease) increase in cash and cash equivalents and restricted cash	(144,730)		290,976
Cash and cash equivalents and restricted cash at beginning of period	1,261,584		1,021,157
Cash and cash equivalents and restricted cash at end of period	$	1,116,854	$	1,312,133

Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	$	997,002	$	889,689
Restricted cash at beginning of period	264,582		131,468
Cash and cash equivalents and restricted cash at beginning of period	$	1,261,584	$	1,021,157

Cash and cash equivalents at end of period	$	872,609	$	1,133,693
Restricted cash at end of period	244,245		178,440
Cash and cash equivalents and restricted cash at end of period	$	1,116,854	$	1,312,133

Supplemental Disclosure of Cash Flow Information:
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums	$	152,212	$	164,356
Cash payments for income taxes	$	4,436	$	4,746

Non-Cash Information:
Change in fair value of consolidated interest rate hedges and other	$	49,401	$	(19,879)
Redeemable Class A unit measurement adjustment	48,143		(67,113)
Write-off of fully depreciated assets	(47,840)

VORNADO REALTY TRUST [VNO] Filings
VORNADO REALTY TRUST [VNO-PL] Filings
VORNADO REALTY TRUST [VNO-PM] Filings
VORNADO REALTY TRUST [VNORP] Filings
VORNADO REALTY TRUST [VNO-PN] Filings
VORNADO REALTY TRUST [VNO-PO] Filings
10-Q	[2024-08-05]
10-Q	[2024-05-06]
10-K	[2024-02-12]
10-Q	[2023-10-30]
10-Q	[2023-07-31]
10-Q	[2023-05-01]
10-K	[2023-02-13]
10-Q	[2022-10-31]
10-Q	[2022-08-01]
10-Q	[2022-05-02]
10-K	[2022-02-14]
10-Q	[2021-11-01]
10-Q	[2021-08-02]
10-Q	[2021-05-03]
10-K	[2021-02-16]
10-Q	[2020-11-02]
10-Q	[2020-08-03]
10-Q	[2020-05-04]
10-K	[2020-02-18]
10-Q	[2019-10-28]
10-Q	[2019-07-29]
10-Q	[2019-04-29]
10-K	[2019-02-11]
10-Q	[2018-10-29]
10-Q	[2018-07-30]
10-Q	[2018-04-30]
10-K	[2018-02-12]
10-Q	[2017-10-30]
10-Q	[2017-07-31]
10-Q	[2017-05-01]
10-K	[2017-02-13]
10-Q	[2016-10-31]
10-Q	[2016-08-01]
10-Q	[2016-05-02]
10-K	[2016-02-16]
10-Q	[2015-11-02]
10-Q	[2015-08-03]
10-Q	[2015-05-04]
10-K	[2015-02-17]
10-Q	[2014-11-03]
10-Q	[2014-08-04]
10-Q	[2014-05-05]
10-K	[2014-02-24]
10-Q	[2013-11-04]
10-Q	[2013-08-05]
10-Q	[2013-05-06]
10-K	[2013-02-26]
10-Q	[2012-11-01]
10-Q	[2012-08-06]
10-Q	[2012-05-07]
10-K	[2012-02-27]

VORNADO REALTY TRUST [VNO] Filings

VORNADO REALTY TRUST [VNO-PL] Filings

VORNADO REALTY TRUST [VNO-PM] Filings

VORNADO REALTY TRUST [VNORP] Filings

VORNADO REALTY TRUST [VNO-PN] Filings

VORNADO REALTY TRUST [VNO-PO] Filings