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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: | March 31, 2022 | |
Or
| | | | | |
☐ | 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,” "non-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 |
| | | | | | | | | | | | | | | | | |
Vornado Realty L.P.: | | |
| ☐ | 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. ☐
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 March 31, 2022, 191,743,490 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 March 31, 2022 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” 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 92.6% 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 quarterly distribution to a Class A unitholder is equal to the quarterly 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 facility, 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 11. Redeemable Noncontrolling Interests
•Note 12. Shareholders' Equity/Partners' Capital
•Note 18. 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 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.
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PART I. | Financial Information: | | Page Number |
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| | Consolidated Balance Sheets (Unaudited) as of March 31, 2022 and December 31, 2021 | | |
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| | Consolidated Statements of Income (Unaudited) for the Three Months Ended March 31, 2022 and 2021 | | |
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| | Consolidated Statements of Comprehensive Income (Unaudited) for the Three Months Ended March 31, 2022 and 2021 | | |
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| | Consolidated Statements of Changes in Equity (Unaudited) for the Three Months Ended March 31, 2022 and 2021 | | |
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| | Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2022 and 2021 | | |
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| | Consolidated Balance Sheets (Unaudited) as of March 31, 2022 and December 31, 2021 | | |
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| | Consolidated Statements of Income (Unaudited) for the Three Months Ended March 31, 2022 and 2021 | | |
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| | Consolidated Statements of Comprehensive Income (Unaudited) for the Three Months Ended March 31, 2022 and 2021 | | |
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| | Consolidated Statements of Changes in Equity (Unaudited) for the Three Months Ended March 31, 2022 and 2021 | | |
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| | Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2022 and 2021 | | |
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| | Vornado Realty Trust and Vornado Realty L.P.: | | |
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PART II. | Other Information: | | |
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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 |
| March 31, 2022 | | December 31, 2021 |
ASSETS | | | |
Real estate, at cost: | | | |
Land | $ | 2,540,193 | | | $ | 2,540,193 | |
Buildings and improvements | 9,956,681 | | | 9,839,166 | |
Development costs and construction in progress | 751,555 | | | 718,694 | |
Leasehold improvements and equipment | 120,979 | | | 119,792 | |
Total | 13,369,408 | | | 13,217,845 | |
Less accumulated depreciation and amortization | (3,455,145) | | | (3,376,347) | |
Real estate, net | 9,914,263 | | | 9,841,498 | |
Right-of-use assets | 687,642 | | | 337,197 | |
Cash and cash equivalents | 973,858 | | | 1,760,225 | |
Restricted cash | 167,397 | | | 170,126 | |
Investments in U.S. Treasury bills | 645,360 | | | — | |
Tenant and other receivables | 83,126 | | | 79,661 | |
Investments in partially owned entities | 3,299,629 | | | 3,297,389 | |
Real estate fund investments | 13,402 | | | 7,730 | |
220 Central Park South condominium units ready for sale | 51,072 | | | 57,142 | |
Receivable arising from the straight-lining of rents | 677,627 | | | 656,318 | |
Deferred leasing costs, net of accumulated amortization of $216,880 and $211,775 | 388,724 | | | 391,693 | |
Identified intangible assets, net of accumulated amortization of $99,663 and $97,186 | 149,613 | | | 154,895 | |
Other assets | 440,648 | | | 512,714 | |
| $ | 17,492,361 | | | $ | 17,266,588 | |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | | | |
Mortgages payable, net | $ | 6,050,693 | | | $ | 6,053,343 | |
Senior unsecured notes, net | 1,190,301 | | | 1,189,792 | |
Unsecured term loan, net | 798,075 | | | 797,812 | |
Unsecured revolving credit facilities | 575,000 | | | 575,000 | |
Lease liabilities | 723,432 | | | 370,206 | |
Accounts payable and accrued expenses | 541,825 | | | 613,497 | |
Deferred revenue | 46,238 | | | 48,118 | |
Deferred compensation plan | 107,170 | | | 110,174 | |
Other liabilities | 274,496 | | | 304,725 | |
Total liabilities | 10,307,230 | | | 10,062,667 | |
Commitments and contingencies | | | |
Redeemable noncontrolling interests: | | | |
Class A units - 14,259,103 and 14,033,438 units outstanding | 646,223 | | | 587,440 | |
Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | | | 3,535 | |
Total redeemable noncontrolling partnership units | 649,758 | | | 590,975 | |
Redeemable noncontrolling interest in a consolidated subsidiary | 97,403 | | | 97,708 | |
Total redeemable noncontrolling interests | 747,161 | | | 688,683 | |
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 191,743,490 and 191,723,608 shares | 7,649 | | | 7,648 | |
Additional capital | 8,097,523 | | | 8,143,093 | |
Earnings less than distributions | (3,154,549) | | | (3,079,320) | |
Accumulated other comprehensive income (loss) | 51,776 | | | (17,534) | |
Total shareholders' equity | 6,184,858 | | | 6,236,346 | |
Noncontrolling interests in consolidated subsidiaries | 253,112 | | | 278,892 | |
Total equity | 6,437,970 | | | 6,515,238 | |
| $ | 17,492,361 | | | $ | 17,266,588 | |
See notes to consolidated financial statements (unaudited).
VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
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(Amounts in thousands, except per share amounts) | For the Three Months Ended March 31, | | |
| 2022 | | 2021 | | | | |
REVENUES: | | | | | | | |
Rental revenues | $ | 397,283 | | | $ | 339,317 | | | | | |
Fee and other income | 44,847 | | | 40,660 | | | | | |
Total revenues | 442,130 | | | 379,977 | | | | | |
EXPENSES: | | | | | | | |
Operating | (216,529) | | | (190,979) | | | | | |
Depreciation and amortization | (117,443) | | | (95,354) | | | | | |
General and administrative | (41,216) | | | (44,186) | | | | | |
Benefit (expense) from deferred compensation plan liability | 1,944 | | | (3,245) | | | | | |
Transaction related costs and other | (1,005) | | | (843) | | | | | |
Total expenses | (374,249) | | | (334,607) | | | | | |
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Income from partially owned entities | 33,714 | | | 29,073 | | | | | |
Income (loss) from real estate fund investments | 5,674 | | | (169) | | | | | |
Interest and other investment income, net | 1,018 | | | 1,522 | | | | | |
(Loss) income from deferred compensation plan assets | (1,944) | | | 3,245 | | | | | |
Interest and debt expense | (52,109) | | | (50,064) | | | | | |
Net gains on disposition of wholly owned and partially owned assets | 6,552 | | | — | | | | | |
Income before income taxes | 60,786 | | | 28,977 | | | | | |
Income tax expense | (7,411) | | | (1,984) | | | | | |
Net income | 53,375 | | | 26,993 | | | | | |
Less net income attributable to noncontrolling interests in: | | | | | | | |
Consolidated subsidiaries | (9,374) | | | (6,114) | | | | | |
Operating Partnership | (1,994) | | | (329) | | | | | |
Net income attributable to Vornado | 42,007 | | | 20,550 | | | | | |
Preferred share dividends | (15,529) | | | (16,467) | | | | | |
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NET INCOME attributable to common shareholders | $ | 26,478 | | | $ | 4,083 | | | | | |
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INCOME PER COMMON SHARE - BASIC: | | | | | | | |
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Net income per common share | $ | 0.14 | | | $ | 0.02 | | | | | |
Weighted average shares outstanding | 191,724 | | | 191,418 | | | | | |
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INCOME PER COMMON SHARE - DILUTED: | | | | | | | |
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Net income per common share | $ | 0.14 | | | $ | 0.02 | | | | | |
Weighted average shares outstanding | 192,038 | | | 192,031 | | | | | |
See notes to consolidated financial statements (unaudited).
VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
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(Amounts in thousands) | For the Three Months Ended March 31, | | |
| 2022 | | 2021 | | | | |
Net income | $ | 53,375 | | | $ | 26,993 | | | | | |
Other comprehensive income: | | | | | | | |
Change in fair value of interest rate swaps and other | 65,239 | | | 11,641 | | | | | |
Other comprehensive income of nonconsolidated subsidiaries | 9,205 | | | 3,591 | | | | | |
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Comprehensive income | 127,819 | | | 42,225 | | | | | |
Less comprehensive income attributable to noncontrolling interests | (16,502) | | | (7,329) | | | | | |
Comprehensive income attributable to Vornado | $ | 111,317 | | | $ | 34,896 | | | | | |
See notes to consolidated financial statements (unaudited).
VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)
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(Amounts in thousands, except per share amounts) | | | | | | | | | | | | Non-controlling Interests in Consolidated Subsidiaries | | |
| | | | | | | | | | | | | | Accumulated Other Comprehensive (Loss) Income | | | |
| | Preferred Shares | | Common Shares | | Additional Capital | | Earnings Less Than Distributions | | | | Total Equity |
| Shares | | Amount | | Shares | | Amount | | | | | |
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Balance as of December 31, 2021 | | 48,793 | | | $ | 1,182,459 | | | 191,724 | | | $ | 7,648 | | | $ | 8,143,093 | | | $ | (3,079,320) | | | $ | (17,534) | | | $ | 278,892 | | | $ | 6,515,238 | |
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Net income attributable to Vornado | | — | | | — | | | — | | | — | | | — | | | 42,007 | | | — | | | — | | | 42,007 | |
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 9,679 | | | 9,679 | |
Dividends on common shares ($0.53 per share) | | — | | | — | | | — | | | — | | | — | | | (101,616) | | | — | | | — | | | (101,616) | |
Dividends on preferred shares (see Note 12 for dividends per share amounts) | | — | | | — | | | — | | | — | | | — | | | (15,529) | | | — | | | — | | | (15,529) | |
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Common shares issued: | | | | | | | | | | | | | | | | | | |
Upon redemption of Class A units, at redemption value | | — | | | — | | | 16 | | | 1 | | | 716 | | | — | | | — | | | — | | | 717 | |
Under employees' share option plan | | — | | | — | | | — | | | — | | | 7 | | | — | | | — | | | — | | | 7 | |
Under dividend reinvestment plan | | — | | | — | | | 5 | | | — | | | 212 | | | — | | | — | | | — | | | 212 | |
Contributions | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 481 | | | 481 | |
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Distributions | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (35,961) | | | (35,961) | |
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Deferred compensation shares and options | | — | | | — | | | (2) | | | — | | | 146 | | | (85) | | | — | | | — | | | 61 | |
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Other comprehensive income of nonconsolidated subsidiaries | | — | | | — | | | — | | | — | | | — | | | — | | | 9,205 | | | — | | | 9,205 | |
Change in fair value of interest rate swaps and other | | — | | | — | | | — | | | — | | | — | | | — | | | 65,239 | | | — | | | 65,239 | |
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Redeemable Class A unit measurement adjustment | | — | | | — | | | — | | | — | | | (46,651) | | | — | | | — | | | — | | | (46,651) | |
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Redeemable noncontrolling interests' share of above adjustments | | — | | | — | | | — | | | — | | | — | | | — | | | (5,134) | | | — | | | (5,134) | |
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Other | | — | | | — | | | — | | | — | | | — | | | (6) | | | — | | | 21 | | | 15 | |
Balance as of March 31, 2022 | | 48,793 | | | $ | 1,182,459 | | | 191,743 | | | $ | 7,649 | | | $ | 8,097,523 | | | $ | (3,154,549) | | | $ | 51,776 | | | $ | 253,112 | | | $ | 6,437,970 | |
See notes to consolidated financial statements (unaudited).
VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CONTINUED
(UNAUDITED)
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(Amounts in thousands, except per share amounts) | | | | | | | | | | | | Non-controlling Interests in Consolidated Subsidiaries | | |
| | | | | | | | | | | | | | Accumulated Other Comprehensive Loss | | | |
| | Preferred Shares | | Common Shares | | Additional Capital | | Earnings Less Than Distributions | | | | Total Equity |
| Shares | | Amount | | Shares | | Amount | | | | | |
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Balance as of December 31, 2020 | | 48,793 | | | $ | 1,182,339 | | | 191,355 | | | $ | 7,633 | | | $ | 8,192,507 | | | $ | (2,774,182) | | | $ | (75,099) | | | $ | 414,957 | | | $ | 6,948,155 | |
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Net income attributable to Vornado | | — | | | — | | | — | | | — | | | — | | | 20,550 | | | — | | | — | | | 20,550 | |
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 6,197 | | | 6,197 | |
Dividends on common shares ($0.53 per share) | | — | | | — | | | — | | | — | | | — | | | (101,467) | | | — | | | — | | | (101,467) | |
Dividends on preferred shares (see Note 12 for dividends per share amounts) | | — | | | — | | | — | | | — | | | — | | | (16,467) | | | — | | | — | | | (16,467) | |
Common shares issued: | | | | | | | | | | | | | | | | | | |
Upon redemption of Class A units, at redemption value | | — | | | — | | | 107 | | | 4 | | | 4,099 | | | — | | | — | | | — | | | 4,103 | |
Under employees' share option plan | | — | | | — | | | — | | | — | | | 4 | | | — | | | — | | | — | | | 4 | |
Under dividend reinvestment plan | | — | | | — | | | 6 | | | — | | | 211 | | | — | | | — | | | — | | | 211 | |
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Distributions | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (5,877) | | | (5,877) | |
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Deferred compensation shares and options | | — | | | — | | | (3) | | | — | | | 224 | | | (114) | | | — | | | — | | | 110 | |
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Other comprehensive income of nonconsolidated subsidiaries | | — | | | — | | | — | | | — | | | — | | | — | | | 3,591 | | | — | | | 3,591 | |
Change in fair value of interest rate swaps | | — | | | — | | | — | | | — | | | — | | | — | | | 11,642 | | | — | | | 11,642 | |
Unearned 2018 Out-Performance Plan awards acceleration | | — | | | — | | | — | | | — | | | 10,283 | | | — | | | — | | | — | | | 10,283 | |
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Redeemable Class A unit measurement adjustment | | — | | | — | | | — | | | — | | | (126,936) | | | — | | | — | | | — | | | (126,936) | |
Redeemable noncontrolling interests' share of above adjustments | | — | | | — | | | — | | | — | | | — | | | — | | | (886) | | | — | | | (886) | |
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Other | | — | | | (28) | | | — | | | 1 | | | — | | | (1) | | | (1) | | | 1 | | | (28) | |
Balance as of March 31, 2021 | | 48,793 | | | $ | 1,182,311 | | | 191,465 | | | $ | 7,638 | | | $ | 8,080,392 | | | $ | (2,871,681) | | | $ | (60,753) | | | $ | 415,278 | | | $ | 6,753,185 | |
See notes to consolidated financial statements (unaudited).
VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
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(Amounts in thousands) | For the Three Months Ended March 31, |
| 2022 | | 2021 |
Cash Flows from Operating Activities: | | | |
Net income | $ | 53,375 | | | $ | 26,993 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Depreciation and amortization (including amortization of deferred financing costs) | 122,271 | | | 100,034 | |
Distributions of income from partially owned entities | 37,778 | | | 61,157 | |
Equity in net income of partially owned entities | (33,714) | | | (29,073) | |
Straight-lining of rents | (21,335) | | | 5,073 | |
Stock-based compensation expense | 13,155 | | | 21,225 | |
Net gains on disposition of wholly owned and partially owned assets | (6,552) | | | — | |
Net unrealized (income) loss on real estate fund investments | (5,672) | | | 494 | |
Amortization of below-market leases, net | (917) | | | (3,166) | |
Write-off of lease receivables deemed uncollectible | — | | | 3,670 | |
Other non-cash adjustments | 5,208 | | | 1,348 | |
Changes in operating assets and liabilities: | | | |
Real estate fund investments | — | | | (494) | |
Tenant and other receivables | (3,499) | | | (1,077) | |
Prepaid assets | 29,451 | | | 48,599 | |
Other assets | (9,807) | | | (20,693) | |
Accounts payable and accrued expenses | (7,421) | | | 9,842 | |
Other liabilities | (1,307) | | | 253 | |
Net cash provided by operating activities | 171,014 | | | 224,185 | |
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Cash Flows from Investing Activities: | | | |
Purchase of U.S. Treasury bills | (645,920) | | | — | |
Development costs and construction in progress | (209,738) | | | (130,318) | |
Proceeds from sales of real estate | 81,399 | | | — | |
Additions to real estate | (30,900) | | | (27,410) | |
Proceeds from sale of a condominium unit at 220 Central Park South | 15,095 | | | — | |
Investments in partially owned entities | (4,571) | | | (4,816) | |
Distributions of capital from partially owned entities | — | | | 106,005 | |
Net cash used in investing activities | (794,635) | | | (56,539) | |
See notes to consolidated financial statements (unaudited).
VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
(UNAUDITED)
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(Amounts in thousands) | For the Three Months Ended March 31, |
| 2022 | | 2021 |
Cash Flows from Financing Activities: | | | |
Dividends paid on common shares | $ | (101,616) | | | $ | (101,467) | |
Distributions to noncontrolling interests | (43,545) | | | (13,338) | |
Dividends paid on preferred shares | (15,529) | | | (16,467) | |
Repayments of borrowings | (5,400) | | | (358,331) | |
Contributions from noncontrolling interests | 481 | | | — | |
Proceeds received from exercise of employee share options and other | 219 | | | 215 | |
Repurchase of shares related to stock compensation agreements and related tax withholdings and other | (85) | | | (113) | |
Proceeds from borrowings | — | | | 350,000 | |
Debt issuance costs | — | | | (2,904) | |
Net cash used in financing activities | (165,475) | | | (142,405) | |
Net (decrease) increase in cash and cash equivalents and restricted cash | (789,096) | | | 25,241 | |
Cash and cash equivalents and restricted cash at beginning of period | 1,930,351 | | | 1,730,369 | |
Cash and cash equivalents and restricted cash at end of period | $ | 1,141,255 | | | $ | 1,755,610 | |
| | | |
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | | | |
Cash and cash equivalents at beginning of period | $ | 1,760,225 | | | $ | 1,624,482 | |
Restricted cash at beginning of period | 170,126 | | | 105,887 | |
Cash and cash equivalents and restricted cash at beginning of period | $ | 1,930,351 | | | $ | 1,730,369 | |
| | | |
Cash and cash equivalents at end of period | $ | 973,858 | | | $ | 1,636,093 | |
Restricted cash at end of period | 167,397 | | | 119,517 | |
Cash and cash equivalents and restricted cash at end of period | $ | 1,141,255 | | | $ | 1,755,610 | |
| | | |
Supplemental Disclosure of Cash Flow Information: | | | |
Cash payments for interest, excluding capitalized interest of $3,520 and $10,267 | $ | 46,868 | | | $ | 50,394 | |
Cash payments for income taxes | $ | 2,159 | | | $ | 4,002 | |
| | | |
Non-Cash Investing and Financing Activities: | | | |
Additional estimated lease liability arising from the recognition of right-of-use asset | $ | 350,000 | | | $ | — | |
Accrued capital expenditures included in accounts payable and accrued expenses | 86,667 | | | 68,986 | |
Increase in accumulated other comprehensive income due to change in fair value of consolidated interest rate swaps and other | 65,239 | | | 11,641 | |
Redeemable Class A unit measurement adjustment | (46,651) | | | (126,936) | |
Write-off of fully depreciated assets | (23,735) | | | (30,782) | |
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | 3,024 | | | 2,739 | |
See notes to consolidated financial statements (unaudited).
VORNADO REALTY L.P.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
| | | | | | | | | | | |
(Amounts in thousands, except unit amounts) | As of |
| March 31, 2022 | | December 31, 2021 |
ASSETS | | | |
Real estate, at cost: | | | |
Land | $ | 2,540,193 | | | $ | 2,540,193 | |
Buildings and improvements | 9,956,681 | | | 9,839,166 | |
Development costs and construction in progress | 751,555 | | | 718,694 | |
Leasehold improvements and equipment | 120,979 | | | 119,792 | |
Total | 13,369,408 | | | 13,217,845 | |
Less accumulated depreciation and amortization | (3,455,145) | | | (3,376,347) | |
Real estate, net | 9,914,263 | | | 9,841,498 | |
Right-of-use assets | 687,642 | | | 337,197 | |
Cash and cash equivalents | 973,858 | | | 1,760,225 | |
Restricted cash | 167,397 | | | 170,126 | |
Investments in U.S. Treasury bills | 645,360 | | | — | |
Tenant and other receivables | 83,126 | | | 79,661 | |
Investments in partially owned entities | 3,299,629 | | | 3,297,389 | |
Real estate fund investments | 13,402 | | | 7,730 | |
220 Central Park South condominium units ready for sale | 51,072 | | | 57,142 | |
Receivable arising from the straight-lining of rents | 677,627 | | | 656,318 | |
Deferred leasing costs, net of accumulated amortization of $216,880 and $211,775 | 388,724 | | | 391,693 | |
Identified intangible assets, net of accumulated amortization of $99,663 and $97,186 | 149,613 | | | 154,895 | |
Other assets | 440,648 | | | 512,714 | |
| $ | 17,492,361 | | | $ | 17,266,588 | |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | | | |
Mortgages payable, net | $ | 6,050,693 | | | $ | 6,053,343 | |
Senior unsecured notes, net | 1,190,301 | | | 1,189,792 | |
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