UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
February 17, 2015
VORNADO REALTY TRUST
(Exact Name of Registrant as Specified in Charter)
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Maryland |
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No. 001-11954 |
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No. 22-1657560 |
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(State or Other |
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(Commission |
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(IRS Employer |
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Jurisdiction of |
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File Number) |
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Identification No.) |
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Incorporation) |
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VORNADO REALTY L.P.
(Exact Name of Registrant as Specified in Charter)
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Delaware |
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No. 001-34482 |
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No. 13-3925979 |
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(State or Other |
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(Commission |
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(IRS Employer |
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Jurisdiction of |
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File Number) |
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Identification No.) |
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Incorporation) |
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888 Seventh Avenue |
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10019 |
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(Address of Principal Executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: (212) 894-7000
Former name or former address, if changed since last report: N/A
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2.):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition.
On February 17, 2015, Vornado Realty Trust (the “Company”), the general partner of Vornado Realty L.P., issued a press release announcing its financial results for the fourth quarter of 2014. That press release referred to certain supplemental financial information that is available on the Company’s website. That press release and the supplemental financial information are attached to this Current Report on Form 8-K as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.
Exhibits 99.1 and 99.2 hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company or Vornado Realty L.P. under the Securities Act of 1933 or the Exchange Act.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
The following exhibits are being furnished as part of this Current Report on Form 8-K:
99.1 Vornado Realty Trust press release dated February 17, 2015.
99.2 Vornado Realty Trust supplemental operating and financial data for the year ended
December 31, 2014.
1
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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VORNADO REALTY TRUST | |
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(Registrant) | |
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By: |
/s/ Stephen W. Theriot |
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Name: |
Stephen W. Theriot |
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Title: |
Chief Financial Officer (duly authorized officer |
Date: February 18, 2015
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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VORNADO REALTY L.P. | |
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(Registrant) | |
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By: |
VORNADO REALTY TRUST, |
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Sole General Partner |
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By: |
/s/ Stephen W. Theriot |
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Name: |
Stephen W. Theriot |
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Title: |
Chief Financial Officer of Vornado Realty Trust, |
Date: February 18, 2015
2
Exhibit Index
99.1 Vornado Realty Trust press release dated February 17, 2015.
99.2 Vornado Realty Trust supplemental operating and financial data for the year ended
December 31, 2014.
3
EXHIBIT 99.1
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CONTACT: |
STEPHEN THERIOT |
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(201) 587-1000 |
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210 Route 4 East | |
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Paramus, NJ 07652 | ||
FOR IMMEDIATE RELEASE – February 17, 2015
Vornado Announces Fourth Quarter 2014 Financial Results
PARAMUS, NEW JERSEY.......VORNADO REALTY TRUST (NYSE: VNO) filed its Form 10-K for the year ended December 31, 2014 today and reported:
Fourth Quarter 2014 Results
NET INCOME attributable to common shareholders for the quarter ended December 31, 2014 was $513.2 million, or $2.72 per diluted share, compared to net loss of $68.9 million, or $0.37 per diluted share for the quarter ended December 31, 2013. Net income for the quarter ended December 31, 2014 and net loss for the quarter ended December 31, 2013 include $460.2 million and $127.5 million, respectively, of net gains on sale of real estate, and $5.7 million and $32.9 million, respectively, of real estate impairment losses. In addition, the quarters ended December 31, 2014 and 2013 include certain other items that affect comparability which are listed in the table below. Adjusting net income (loss) attributable to common shareholders for net gains on sale of real estate, real estate impairment losses and the items in the table below, net of amounts attributable to noncontrolling interests, net income attributable to common shareholders for the quarters ended December 31, 2014 and 2013 was $113.0 million and $98.2 million, or $0.60 and $0.52 per diluted share, respectively.
FUNDS FROM OPERATIONS attributable to common shareholders plus assumed conversions (“FFO”) for the quarter ended December 31, 2014 was a positive $230.1 million, or $1.22 per diluted share, compared to a negative $6.8 million, or $0.04 per diluted share for the prior year’s quarter. Adjusting FFO for certain items that affect comparability which are listed in the table below, FFO for the quarters ended December 31, 2014 and 2013 was $256.1 million and $234.8 million, or $1.36 and $1.25 per diluted share, respectively.
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(Amounts in thousands, except per share amounts) |
For the Quarters Ended December 31, | |||||||
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2014 |
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2013 | ||||||
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FFO (negative FFO) (1) |
$ |
230,143 |
$ |
(6,784) | ||||
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Per Share |
$ |
1.22 |
$ |
(0.04) | ||||
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Items that affect comparability income (expense): |
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Acquisition and transaction related costs |
$ |
(18,376) |
$ |
(18,088) | ||||
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Write-off of deferred financing costs and defeasance costs in connection with refinancings |
(16,747) |
(8,436) | ||||||
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FFO from discontinued operations |
8,656 |
15,757 | ||||||
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Toys "R" Us FFO (negative FFO) (including a $162,215 impairment loss in 2013) |
606 |
(282,041) | ||||||
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Net gain on sale of residential condominiums and land parcels |
363 |
481 | ||||||
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Net gain on sale of Harlem Park property under development |
- |
23,507 | ||||||
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Deferred income tax reversal |
- |
16,055 | ||||||
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Other, net |
(2,097) |
(4,183) | ||||||
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(27,595) |
(256,948) | |||||||
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Noncontrolling interests' share of above adjustments |
1,601 |
15,343 | ||||||
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Items that affect comparability, net |
$ |
(25,994) |
$ |
(241,605) | ||||
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FFO as adjusted for comparability |
$ |
256,137 |
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$ |
234,821 | |||
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Per Share |
$ |
1.36 |
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$ |
1.25 | |||
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_______________________________________________________________________________________________________________________ |
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(1) See page 4 for a reconciliation of our net income (loss) to FFO (negative FFO) for the quarters ended December 31, 2014 and 2013. | ||||||||
Year Ended 2014 Results
NET INCOME attributable to common shareholders for the year ended December 31, 2014 was $783.4 million, or $4.15 per diluted share, compared to $392.0 million, or $2.09 per diluted share for the year ended December 31, 2013. Net income for the years ended December 31, 2014 and 2013 includes $518.8 million and $412.1 million, respectively, of net gains on sale of real estate, and $26.5 million and $43.7 million, respectively, of real estate impairment losses. In addition, the years ended December 31, 2014 and 2013 include certain other items that affect comparability which are listed in the table below. Adjusting net income attributable to common shareholders for net gains on sale of real estate, real estate impairment losses and the items in the table below, net of amounts attributable to noncontrolling interests, net income attributable to common shareholders for the years ended December 31, 2014 and 2013 was $411.8 million and $365.4 million, or $2.18 and $1.95 per diluted share, respectively.
FFO for the year ended December 31, 2014 was $911.1 million, or $4.83 per diluted share, compared to $641.0 million, or $3.41 per diluted share for the prior year. Adjusting FFO for certain items that affect comparability which are listed in the table below, FFO for the years ended December 31, 2014 and 2013 was $980.3 million and $896.5 million, or $5.20 and $4.77 per diluted share, respectively.
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(Amounts in thousands, except per share amounts) |
For the Years Ended December 31, | |||||||
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2014 |
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2013 | ||||||
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FFO (1) |
$ |
911,130 |
$ |
641,037 | ||||
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Per Share |
$ |
4.83 |
$ |
3.41 | ||||
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Items that affect comparability income (expense): |
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Toys "R" Us negative FFO (including impairment losses of $75,196 and $240,757, |
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respectively) |
$ |
(60,024) |
$ |
(312,788) | ||||
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FFO from discontinued operations, including LNR in 2013 |
39,525 |
80,779 | ||||||
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Acquisition and transaction related costs |
(31,348) |
(24,857) | ||||||
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Write-off of deferred financing costs and defeasance costs in connection with refinancings |
(22,660) |
(8,814) | ||||||
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Net gain on sale of residential condominiums and land parcels |
13,568 |
2,997 | ||||||
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Impairment loss and loan reserve on investment in Suffolk Downs |
(10,263) |
- | ||||||
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Losses from the disposition of investment in J.C. Penney |
- |
(127,888) | ||||||
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Stop & Shop litigation settlement income |
- |
59,599 | ||||||
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Net gain on sale of marketable securities |
- |
31,741 | ||||||
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Net gain on sale of Harlem Park property under development |
- |
23,507 | ||||||
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Other, net |
(2,097) |
3,847 | ||||||
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(73,299) |
(271,877) | |||||||
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Noncontrolling interests' share of above adjustments |
4,177 |
16,375 | ||||||
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Items that affect comparability, net |
$ |
(69,122) |
$ |
(255,502) | ||||
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FFO as adjusted for comparability |
$ |
980,252 |
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$ |
896,539 | |||
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Per Share |
$ |
5.20 |
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$ |
4.77 | |||
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(1) See page 4 for a reconciliation of our net income to FFO for the years ended December 31, 2014 and 2013. | ||||||||
Supplemental Financial Information
Further details regarding the Company’s results of operations, properties and tenants can be accessed at the Company’s website www.vno.com. Vornado Realty Trust is a fully – integrated equity real estate investment trust.
Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2014. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors.
(tables to follow)
2
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VORNADO REALTY TRUST |
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OPERATING RESULTS FOR THE QUARTERS AND YEARS ENDED |
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DECEMBER 31, 2014 AND 2013 |
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For The Quarters |
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For The Years |
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(Amounts in thousands, except per share amounts) |
Ended December 31, |
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Ended December 31, |
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2014 |
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2013 |
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2014 |
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2013 |
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Revenues |
$ |
679,101 |
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$ |
649,403 |
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$ |
2,635,940 |
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$ |
2,669,269 |
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Income (loss) from continuing operations |
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124,430 |
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(166,120) |
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494,183 |
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118,006 |
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Income from discontinued operations |
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451,556 |
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127,361 |
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514,843 |
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446,734 |
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Net income (loss) |
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575,986 |
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(38,759) |
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1,009,026 |
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564,740 |
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Less net (income) loss attributable to noncontrolling interests in: |
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Consolidated Subsidiaries |
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(11,322) |
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(13,903) |
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(96,561) |
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(63,952) |
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Operating Partnership |
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(31,049) |
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4,155 |
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(47,563) |
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(23,659) |
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Preferred unit distributions of the Operating Partnership |
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(12) |
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(12) |
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(50) |
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(1,158) |
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Net income (loss) attributable to Vornado |
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533,603 |
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(48,519) |
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864,852 |
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475,971 |
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Preferred share dividends |
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(20,365) |
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(20,368) |
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(81,464) |
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(82,807) |
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Preferred unit and share redemptions |
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- |
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- |
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- |
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(1,130) |
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Net income (loss) attributable to common shareholders |
$ |
513,238 |
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$ |
(68,887) |
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$ |
783,388 |
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$ |
392,034 |
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Net income (loss) per common share: |
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Basic |
$ |
2.73 |
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$ |
(0.37) |
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$ |
4.18 |
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$ |
2.10 |
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Diluted |
$ |
2.72 |
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$ |
(0.37) |
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$ |
4.15 |
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$ |
2.09 |
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Weighted average shares: |
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Basic |
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187,776 |
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187,109 |
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187,572 |
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186,941 |
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Diluted |
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188,970 |
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187,109 |
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188,690 |
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187,709 |
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FFO (negative FFO) attributable to common shareholders plus |
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assumed conversions |
$ |
230,143 |
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$ |
(6,784) |
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$ |
911,130 |
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$ |
641,037 |
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Per diluted share |
$ |
1.22 |
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$ |
(0.04) |
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$ |
4.83 |
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$ |
3.41 |
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FFO as adjusted for comparability |
$ |
256,137 |
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$ |
234,821 |
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$ |
980,252 |
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$ |
896,539 |
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Per diluted share |
$ |
1.36 |
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$ |
1.25 |
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$ |
5.20 |
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$ |
4.77 |
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Weighted average shares used in determining FFO per diluted share |
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188,970 |
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187,109 |
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188,690 |
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187,757 |
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3
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The following table reconciles our net income (loss) to FFO (negative FFO): | |||||||||||||
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For The Quarters |
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For The Years | |||||||||||
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(Amounts in thousands) |
Ended December 31, |
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Ended December 31, | ||||||||||
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2014 |
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2013 |
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2014 |
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2013 | ||||||
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Reconciliation of our net income (loss) to FFO (negative FFO): |
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Net income (loss) attributable to Vornado |
$ |
533,603 |
$ |
(48,519) |
$ |
864,852 |
$ |
475,971 | |||||
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Depreciation and amortization of real property |
129,944 |
124,611 |
517,493 |
501,753 | |||||||||
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Net gains on sale of real estate |
(449,396) |
(127,512) |
(507,192) |
(411,593) | |||||||||
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Real estate impairment losses |
5,676 |
32,443 |
26,518 |
37,170 | |||||||||
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Proportionate share of adjustments to equity in net loss of |
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Toys, to arrive at FFO: |
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Depreciation and amortization of real property |
- |
16,506 |
21,579 |
69,741 | |||||||||
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Net gains on sale of real estate |
- |
- |
(760) |
- | |||||||||
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Real estate impairment losses |
- |
456 |
- |
6,552 | |||||||||
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Income tax effect of above adjustments |
- |
(5,937) |
(7,287) |
(26,703) | |||||||||
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Proportionate share of adjustments to equity in net income of |
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partially owned entities, excluding Toys, to arrive at FFO: |
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Depreciation and amortization of real property |
24,350 |
25,282 |
96,187 |
87,529 | |||||||||
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Net gains on sale of real estate |
(10,820) |
- |
(10,820) |
(465) | |||||||||
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Noncontrolling interests' share of above adjustments |
17,127 |
(3,746) |
(8,073) |
(15,089) | |||||||||
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FFO |
250,484 |
13,584 |
992,497 |
724,866 | |||||||||
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Preferred share dividends |
(20,365) |
(20,368) |
(81,464) |
(82,807) | |||||||||
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Preferred unit and share redemptions |
- |
- |
- |
(1,130) | |||||||||
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FFO (negative FFO) attributable to common shareholders |
230,119 |
(6,784) |
911,033 |
640,929 | |||||||||
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Convertible preferred share dividends |
24 |
- |
97 |
108 | |||||||||
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FFO (negative FFO) attributable to common shareholders |
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plus assumed conversions |
$ |
230,143 |
$ |
(6,784) |
$ |
911,130 |
$ |
641,037 | |||||
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 gain from sales of depreciated real estate assets, real estate impairment losses, depreciation and amortization expense from real estate assets, extraordinary items and other specified non-cash items, including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO and FFO per diluted share are 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 flows as a liquidity measure. FFO may not be comparable to similarly titled measures employed by other companies. A reconciliation of our net income to FFO is provided above. In addition to FFO, we also disclose FFO before certain items that affect comparability. Although this non-GAAP measure clearly differs from NAREIT’s definition of FFO, we believe it provides a meaningful presentation of operating performance. A reconciliation of FFO to FFO as adjusted for comparability is provided on page 1 and page 2 of this press release.
Conference Call and Audio Webcast
As previously announced, the Company will host a quarterly earnings conference call and audio webcast on February 18, 2015 at 10:00 a.m. Eastern Time (ET). The conference call can be accessed by dialing 800-708-4539 (domestic) or 847-619-6396 (international) and indicating to the operator the passcode 38886534. A telephonic replay of the conference call will be available from 1:00 p.m. ET on February 18, 2015 through March 20, 2015. To access the replay, please dial 888-843-7419 and enter the passcode 38886534#. A live webcast of the conference call will be available on the Company’s website at www.vno.com and an online playback of the webcast will be available on the website for 90 days following the conference call.
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4
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INDEX | ||||||
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Page |
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Investor Information |
2 |
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2014 Business Developments |
3 - 4 |
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Common Shares Data |
5 |
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Financial Highlights |
6 |
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Funds From Operations |
7 - 8 |
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Funds Available for Distribution |
9 |
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Net Income / EBITDA (Consolidated and by Segment) |
10 - 15 |
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EBITDA by Segment and Region |
16 |
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Consolidated Balance Sheets |
17 |
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Capital Structure |
18 |
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Debt Analysis |
19 - 21 |
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Unconsolidated Joint Ventures |
22 - 24 |
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Square Footage |
25 |
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Top 30 Tenants |
26 |
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Lease Expirations |
27 - 29 |
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Leasing Activity |
30 - 31 |
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Occupancy, Same Store EBITDA and Residential Statistics |
32 |
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Capital Expenditures |
33 - 37 |
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|
Development Costs and Construction in Progress |
38 |
|||||
|
Property Table |
39 - 56 |
|||||
|
Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “would,” “may” or other similar expressions in this supplemental package. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2014. | ||||||
|
For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this supplemental package. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of our Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as applicable, and this supplemental package. | ||||||
|
INVESTOR INFORMATION | |||||
|
|
|
|
|
|
|
|
Key Employees: |
|
|
| ||
|
Steven Roth |
Chairman of the Board and Chief Executive Officer | ||||
|
Michael J. Franco |
Executive Vice President - Co-Head of Acquisitions and Capital Markets | ||||
|
David R. Greenbaum |
President - New York Division | ||||
|
Joseph Macnow |
Executive Vice President - Finance and Chief Administrative Officer | ||||
|
Robert Minutoli |
Executive Vice President - Retail Division |
||||
|
Mitchell N. Schear |
President - Vornado / Charles E. Smith Washington, DC Division | ||||
|
Wendy Silverstein |
Executive Vice President - Co-Head of Acquisitions and Capital Markets | ||||
|
Stephen W. Theriot |
Chief Financial Officer | ||||
|
Jeffrey S. Olson |
Chief Executive Officer of Vornado's Retail Spinoff Urban Edge Properties | ||||
|
RESEARCH COVERAGE - EQUITY | |||||
|
James Feldman / Scott Freitag |
Steve Sakwa / Gabriel Hilmoe |
Alexander Goldfarb / Andrew Schaffer | |||
|
Bank of America / Merrill Lynch |
Evercore ISI |
Sandler O'Neill | |||
|
646-855-5808 / 646-855-3197 |
212-446-9462 / 212-446-9459 |
212-466-7937 / 212-466-8062 | |||
|
Ross Smotrich / Peter Siciliano |
Brad K. Burke |
John W. Guinee / Erin T. Aslakson | |||
|
Barclays Capital |
Goldman Sachs |
Stifel Nicolaus & Company | |||
|
212-526-2306 / 212-526-3098 |
917-343-2082 |
443-224-1307 / 443-224-1350 | |||
|
Michael Bilerman / Emmanuel Korchman |
John Bejjani |
Michael Lewis | |||
|
Citi |
Green Street Advisors |
SunTrust Robinson Humphrey | |||
|
212-816-1383 / 212-816-1382 |
949-640-8780 |
212-319-5659 | |||
|
Ian Weissman |
Anthony Paolone |
Ross T. Nussbaum / Nick Yulico | |||
|
Credit Suisse |
JP Morgan |
UBS | |||
|
212-538-6889 |
212-622-6682 |
212-713-2484 / 212-713-3402 | |||
|
Vincent Chao |
Vance H. Edelson |
||||
|
Deutsche Bank |
Morgan Stanley |
||||
|
212-250-6799 |
212-761-0078 |
||||
|
RESEARCH COVERAGE - DEBT | |||||
|
Scott Frost |
Robert Haines / Craig Guttenplan |
Thierry Perrein | |||
|
Bank of America / Merrill Lynch |
Credit Sights |
Wells Fargo Securities | |||
|
646-855-8078 |
212-340-3835 / 212-340-3859 |
704-715-8455 | |||
|
Peter Troisi |
Ron Perrotta |
||||
|
Barclays Capital |
Goldman Sachs |
||||
|
212-412-3695 |
212-902-7885 |
||||
|
Thomas Cook |
Mark Streeter |
||||
|
Citi |
JP Morgan |
||||
|
212-723-1112 |
212-834-5086 |
||||
|
This information is provided as a service to interested parties and not as an endorsement of any report, or representation as to the accuracy of any information contained therein. Opinions, forecasts and other forward-looking statements expressed in analysts' reports are subject to change without notice.
| |||||
- 2 -
|
2014 BUSINESS DEVELOPMENTS |
||||
|
| ||||
Urban Edge Properties (“UE”) (NYSE: UE) spin-off
On January 15, 2015, we completed the spin-off of substantially all of our retail segment comprised of 79 strip shopping centers, three malls, a warehouse park and $225 million of cash to Urban Edge Properties (“UE”) (NYSE: UE). As part of this transaction, we received 5,712,000 UE operating partnership units (5.4% ownership interest).
Acquisitions
Since January 1, 2014, we completed the following acquisitions:
· A 74.3% interest in the retail condominium of the St. Regis Hotel, located on the Southeast corner of 55th Street and Fifth Avenue, for $700 million
· The land under our 715 Lexington Avenue retail property, located on the Southeast corner of 58th Street and Lexington Avenue in Manhattan, for $63 million
· We increased our ownership in One Park to 55.0% from 46.5% through a joint venture with an institutional investor
· We increased our ownership in Crowne Plaza Times Square Hotel to 33% from 11% by co-investing with our 25% owned Real Estate Fund and one of the Fund’s limited partners to buy out the Fund’s joint venture partner’s 57% interest
Dispositions
Since January 1, 2014, we sold nine assets for an aggregate of $1.025 billion, with net proceeds of approximately $989 million. Below is a summary of these sales:
· 1740 Broadway for $605 million resulting in net proceeds of approximately $580 million
· Beverly Connection Shopping Center for $260 million resulting in net proceeds of $252 million
· Broadway Mall for $94 million resulting in net proceeds of $92.2 million
· Six retail assets for an aggregate of $66.4 million resulting in net proceeds of $64.8 million
- 3 -
|
2014 BUSINESS DEVELOPMENTS |
||||
|
| ||||
Financing Activities
Since January 1, 2014, we completed the following financing transactions:
· Extended one of two $1.25 billion unsecured revolving credit facilities to November 2018 with two six-month extension options, lowering the interest rate to LIBOR plus 1.05% from LIBOR plus 1.25% and reducing the facility fee to 20 basis points from 25 basis points
· Issued $450 million 2.50% senior unsecured notes due June 2019
· Redeemed $445 million 7.875% senior unsecured notes due October 2039
· Redeemed $500 million 4.25% senior unsecured notes due April 2015
· Obtained $2.0 billion of mortgage financings and repaid $519 million and defeased $193 million of existing mortgages for aggregate net proceeds of $1.3 billion
- 4 -
|
COMMON SHARES DATA (NYSE: VNO) |
||||||||||||||||||
|
(unaudited) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
Vornado Realty Trust common shares are traded on the New York Stock Exchange ("NYSE") under the symbol VNO. Below is a summary of performance and dividends for VNO common shares (based on NYSE prices): |
||||||||||||||||||
|
|
Fourth Quarter 2014 |
Third Quarter 2014 |
Second Quarter 2014 |
First Quarter 2014 |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
High Price |
$ |
120.23 |
$ |
109.12 |
$ |
109.01 |
$ |
100.02 |
||||||||||
|
Low Price |
$ |
93.09 |
$ |
99.26 |
$ |
96.93 |
$ |
87.82 |
||||||||||
|
Closing Price - end of quarter |
$ |
117.71 |
$ |
99.96 |
$ |
106.73 |
$ |
98.56 |
||||||||||
|
Annualized Dividend per share |
$ |
2.92 |
$ |
2.92 |
$ |
2.92 |
$ |
2.92 |
||||||||||
|
Annualized Dividend Yield - on Closing Price |
2.5% |
2.9% |
2.7% |
3.0% |
||||||||||||||
|
Outstanding shares, Class A units and convertible preferred units |
||||||||||||||||||
|
as converted, excluding stock options (in thousands) |
199,753 |
199,721 |
199,652 |
199,583 |
||||||||||||||
|
Closing market value of outstanding shares, Class A units and |
||||||||||||||||||
|
convertible preferred units as converted, excluding stock options |
$ |
23.5 Billion |
$ |
20.0 Billion |
$ |
21.3 Billion |
$ |
19.7 Billion |
||||||||||
|
TIMING |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
Quarterly financial results and related earnings conference calls for the next three quarters are expected to occur as follows: |
||||||||||||||||||
|
Filing Date |
Earnings Call |
|
|
| ||||||||||||||
|
First Quarter 2015 |
Monday, May 4, 2015 |
Tuesday, May 5, 2015 10AM ET |
||||||||||||||||
|
Second Quarter 2015 |
Monday, August 3, 2015 |
Tuesday, August 4, 2015 10AM ET |
||||||||||||||||
|
Third Quarter 2015 |
Monday, November 2, 2015 |
Tuesday, November 3, 2015 10AM ET |
||||||||||||||||
- 5 -
|
FINANCIAL HIGHLIGHTS | |||||||||||||||||||||
|
(unaudited and in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
This section includes non-GAAP financial measures, including Earnings Before Interest Taxes Depreciation and Amortization ("EBITDA"), Funds From Operations attributable to common shares plus assumed conversions ("FFO"), FFO as adjusted for comparability, and Funds Available for Distribution ("FAD"). A description of these non-GAAP measures and reconciliations to the most directly comparable GAAP measures are provided on the pages that follow. | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
Three Months Ended |
|
Year Ended | |||||||||||||||
|
December 31, |
September 30, |
December 31, | |||||||||||||||||||
|
|
2014 |
2013 |
2014 |
2014 |
2013 | ||||||||||||||||
|
Total revenues |
$ |
679,101 |
$ |
649,403 |
$ |
657,209 |
$ |
2,635,940 |
$ |
2,669,269 | |||||||||||
|
Net income (loss) attributable to common shareholders |
$ |
513,238 |
$ |
(68,887) |
$ |
131,159 |
$ |
783,388 |
$ |
392,034 | |||||||||||
|
Per common share: |
|||||||||||||||||||||
|
Basic |
$ |
2.73 |
$ |
(0.37) |
$ |
0.70 |
$ |
4.18 |
$ |
2.10 | |||||||||||
|
Diluted |
$ |
2.72 |
$ |
(0.37) |
$ |
0.69 |
$ |
4.15 |
$ |
2.09 | |||||||||||
|
|
FFO as adjusted for comparability |
|
|
|
$ |
256,137 |
$ |
234,821 |
$ |
240,039 |
$ |
980,252 |
$ |
896,539 | |||||||
|
Per diluted share |
|
|
|
$ |
1.36 |
$ |
1.25 |
$ |
1.27 |
$ |
5.20 |
$ |
4.77 | ||||||||
|
FFO (negative FFO) |
$ |
230,143 |
$ |
(6,784) |
$ |
217,362 |
$ |
911,130 |
$ |
641,037 | |||||||||||
|
FFO (negative FFO) - Operating Partnership Basis ("OP Basis") |
$ |
244,315 |
$ |
(7,206) |
$ |
230,783 |
$ |
967,447 |
$ |
680,628 | |||||||||||
|
Per diluted share |
$ |
1.22 |
$ |
(0.04) |
$ |
1.15 |
$ |
4.83 |
$ |
3.41 | |||||||||||
|
FAD |
$ |
143,681 |
$ |
135,654 |
$ |
163,669 |
$ |
649,370 |
$ |
613,026 | |||||||||||
|
Per diluted share |
$ |
0.76 |
$ |
0.72 |
$ |
0.87 |
$ |
3.44 |
$ |
3.26 | |||||||||||
|
Dividends per common share |
$ |
0.73 |
$ |
0.73 |
$ |
0.73 |
$ |
2.92 |
$ |
2.92 | |||||||||||
|
FFO payout ratio (based on FFO as adjusted for comparability) |
53.7% |
58.4% |
57.5% |
56.2% |
61.2% | ||||||||||||||||
|
FAD payout ratio |
96.1% |
101.4% |
83.9% |
84.9% |
89.6% | ||||||||||||||||
|
Weighted average shares used in determining FFO per diluted share - REIT basis |
188,970 |
187,109 |
188,812 |
188,690 |
187,757 | ||||||||||||||||
|
Convertible units: |
|||||||||||||||||||||
|
Class A |
10,599 |
10,564 |
10,651 |
10,641 |
10,610 | ||||||||||||||||
|
D-13 |
429 |
531 |
446 |
465 |
564 | ||||||||||||||||
|
G1-G4 |
73 |
96 |
84 |
76 |
98 | ||||||||||||||||
|
Equity awards - unit equivalents |
536 |
442 |
477 |
481 |
324 | ||||||||||||||||
|
Weighted average shares used in determining FFO per diluted share - OP Basis |
200,607 |
198,742 |
200,470 |
200,353 |
199,353 | ||||||||||||||||
- 6 -
|
RECONCILIATION OF NET INCOME (LOSS) TO FFO (NEGATIVE FFO) (1) |
|
|
|
|
|
|
|
| ||||||||||||
|
(unaudited and in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended | |||||||||||
|
|
|
|
December 31, |
|
September 30, |
December 31, | ||||||||||||||
|
|
|
|
2014 |
2013 |
|
2014 |
|
2014 |
|
2013 | ||||||||||
|
Reconciliation of our net income (loss) to FFO (negative FFO): |
|
|
|
|
|
|
|
|
| |||||||||||
|
|
Net income (loss) attributable to Vornado |
$ |
533,603 |
$ |
(48,519) |
|
$ |
151,524 |
$ |
864,852 |
$ |
475,971 | ||||||||
|
Depreciation and amortization of real property |
|
|
|
129,944 |
124,611 |
|
|
123,578 |
517,493 |
501,753 | ||||||||||
|
Net gains on sale of real estate |
(449,396) |
(127,512) |
|
|
(57,796) |
(507,192) |
(411,593) | |||||||||||||
|
Real estate impairment losses |
5,676 |
32,443 |
|
|
- |
26,518 |
37,170 | |||||||||||||
|
Proportionate share of adjustments to equity in net loss of |
|
|
|
|
|
|
|
|
| |||||||||||
|
|
|
Toys, to arrive at FFO: |
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
Depreciation and amortization of real property |
- |
16,506 |
|
|
1,350 |
21,579 |
69,741 | ||||||||||
|
Net gains on sale of real estate |
- |
- |
|
|
(760) |
(760) |
- | |||||||||||||
|
Real estate impairment losses |
- |
456 |
|
|
- |
- |
6,552 | |||||||||||||
|
Income tax effect of above adjustments |
|
|
|
- |
(5,937) |
|
|
(207) |
(7,287) |
(26,703) | ||||||||||
|
Proportionate share of adjustments to equity in net income of |
|
|
|
|
|
|
|
|
| |||||||||||
|
|
|
partially owned entities, excluding Toys, to arrive at FFO: |
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
Depreciation and amortization of real property |
24,350 |
25,282 |
|
|
25,254 |
96,187 |
87,529 | ||||||||||
|
Net gains on sale of real estate |
(10,820) |
- |
|
|
- |
(10,820) |
(465) | |||||||||||||
|
Noncontrolling interests' share of above adjustments |
17,127 |
(3,746) |
|
|
(5,240) |
(8,073) |
(15,089) | |||||||||||||
|
FFO |
250,484 |
13,584 |
|
|
237,703 |
992,497 |
724,866 | |||||||||||||
|
Preferred share dividends |
(20,365) |
(20,368) |
|
|
(20,365) |
(81,464) |
(82,807) | |||||||||||||
|
Preferred unit and share redemptions |
- |
- |
|
|
- |
- |
(1,130) | |||||||||||||
|
FFO (negative FFO) attributable to common shareholders |
230,119 |
(6,784) |
|
|
217,338 |
911,033 |
640,929 | |||||||||||||
|
Convertible preferred share dividends |
|
24 |
- |
|
|
24 |
|
97 |
108 | |||||||||||
|
FFO (negative FFO) attributable to common shareholders plus assumed conversions |
230,143 |
(6,784) |
|
|
217,362 |
911,130 |
641,037 | |||||||||||||
|
Add back of income (loss) allocated to noncontrolling interests of the |
|
|
|
|
|
|
|
|
| |||||||||||
|
|
|
Operating Partnership |
|
|
|
14,172 |
(422) |
|
|
13,421 |
56,317 |
39,591 | ||||||||
|
FFO (negative FFO) - OP Basis (1) |
|
|
$ |
244,315 |
$ |
(7,206) |
|
$ |
230,783 |
$ |
967,447 |
$ |
680,628 | |||||||
|
FFO (negative FFO) per diluted share (1) |
|
|
$ |
1.22 |
$ |
(0.04) |
|
$ |
1.15 |
$ |
4.83 |
$ |
3.41 | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) 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 depreciated real estate assets, real estate impairment losses, depreciation and amortization expense from real estate assets, extraordinary items and other specified non-cash items, including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO and FFO per diluted share are 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 flows as a liquidity measure. FFO may not be comparable to similarly titled measures employed by other companies. | ||||||||||||||||||||
- 7 -
|
RECONCILIATION OF FFO (NEGATIVE FFO) TO FFO AS ADJUSTED FOR COMPARABILITY |
|||||||||||||||||
|
(unaudited and in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
Three Months Ended |
|
Year Ended | ||||||||||||||
|
|
December 31, |
September 30, |
|
December 31, | |||||||||||||
|
|
2014 |
2013 |
2014 |
|
2014 |
|
2013 | ||||||||||
|
FFO (negative FFO) attributable to common shareholders plus assumed |
|
||||||||||||||||
|
conversions |
(A) |
$ |
230,143 |
$ |
(6,784) |
$ |
217,362 |
$ |
911,130 |
$ |
641,037 | ||||||
|
Per diluted share |
|
$ |
1.22 |
$ |
(0.04) |
$ |
1.15 |
$ |
4.83 |
$ |
3.41 | ||||||
|
Items that affect comparability income (expense): |
|
||||||||||||||||
|
Acquisition and transaction related costs |
|
(18,376) |
(18,088) |
(7,105) |
(31,348) |
(24,857) | |||||||||||
|
Write-off of deferred financing costs and defeasance costs in connection |
|
||||||||||||||||
|
with refinancings |
(16,747) |
(8,436) |
(324) |
(22,660) |
(8,814) | ||||||||||||
|
FFO from discontinued operations, including LNR in the year ended |
|||||||||||||||||
|
December 31, 2013 |
8,656 |
15,757 |
8,985 |
39,525 |
80,779 | ||||||||||||
|
|
Toys FFO (negative FFO) (including impairment losses of $162,215 |
||||||||||||||||
|
in the three months ended December 31, 2013, and $75,196 and |
|||||||||||||||||
|
$240,757 in the years ended December 31, 2014 and 2013, respectively) |
606 |
(282,041) |
(18,035) |
(60,024) |
(312,788) | ||||||||||||
|
|
Net gain on sale of residential condominiums and land parcels |
363 |
481 |
2,665 |
13,568 |
2,997 | |||||||||||
|
Net gain on sale of Harlem Park property under development |
|
- |
23,507 |
- |
- |
23,507 | |||||||||||
|
Deferred income tax reversal |
|
- |
16,055 |
- |
- |
16,055 | |||||||||||
|
Impairment loss and loan reserve on investment in Suffolk Downs |
|
- |
- |
(10,263) |
(10,263) |
- | |||||||||||
|
Losses from the disposition of investment in J.C. Penney |
|
- |
- |
- |
- |
(127,888) | |||||||||||
|
Stop & Shop litigation settlement income |
|
- |
- |
- |
- |
59,599 | |||||||||||
|
Net gain on sale of marketable securities |
|
- |
- |
- |
- |
31,741 | |||||||||||
|
Other, net |
|
(2,097) |
(4,183) |
- |
(2,097) |
(12,208) | |||||||||||
|
|
(27,595) |
(256,948) |
(24,077) |
(73,299) |
(271,877) | ||||||||||||
|
Noncontrolling interests' share of above adjustments |
|
1,601 |
15,343 |
1,400 |
4,177 |
16,375 | |||||||||||
|
Items that affect comparability, net |
(B) |
$ |
(25,994) |
$ |
(241,605) |
$ |
(22,677) |
$ |
(69,122) |
$ |
(255,502) | ||||||
|
Per diluted share |
|
$ |
(0.14) |
$ |
(1.29) |
$ |
(0.12) |
$ |
(0.37) |
$ |
(1.36) | ||||||
|
|
|||||||||||||||||
|
FFO attributable to common shareholders plus assumed conversions, |
|
|
|
|
|||||||||||||
|
as adjusted for comparability |
(A-B) |
$ |
256,137 |
$ |
234,821 |
$ |
240,039 |
|
$ |
980,252 |
|
$ |
896,539 | ||||
|
Per diluted share |
|
$ |
1.36 |
$ |
1.25 |
$ |
1.27 |
|
$ |
5.20 |
|
$ |
4.77 | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
- 8 -
|
RECONCILIATION OF FFO (NEGATIVE FFO) TO FAD(1) |
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
(unaudited and in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended | |||||||||||
|
|
|
December 31, |
September 30, |
|
December 31, | ||||||||||||
|
|
|
2014 |
|
2013 |
2014 |
|
2014 |
|
2013 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
FFO (negative FFO) attributable to common shareholders plus assumed conversions |
(A) |
$ |
230,143 |
|
$ |
(6,784) |
$ |
217,362 |
$ |
911,130 |
$ |
641,037 | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Adjustments to arrive at FAD: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
Recurring tenant improvements, leasing commissions and other capital expenditures |
101,756 |
|
|
98,371 |
73,405 |
303,582 |
|
|
298,507 | |||||||
|
|
Items that affect comparability per page 8, excluding FFO attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
discontinued operations |
|
|
(36,251) |
|
|
(272,705) |
(33,062) |
(112,824) |
(352,847) | ||||||
|
Straight-line rentals |
|
|
24,951 |
|
|
20,837 |
23,664 |
82,247 |
|
|
66,404 | ||||||
|
Amortization of acquired below-market leases, net |
13,331 |
|
|
11,303 |
9,181 |
42,914 |
45,838 | ||||||||||
|
Amortization of debt issuance costs |
|
|
(9,945) |
|
|
(10,473) |
(6,968) |
(24,263) |
|
|
(25,179) | ||||||
|
Stock-based compensation expense |
(8,252) |
|
|
(9,118) |
(8,315) |
(36,641) |
(34,914) | ||||||||||
|
Carried interest and our share of net unrealized gains from Real Estate Fund |
|
|
7,725 |
|
|
12,830 |
617 |
30,587 |
|
|
39,673 | ||||||
|
Non real estate depreciation |
(1,529) |
|
|
(2,346) |
(1,514) |
(7,662) |
(8,342) | ||||||||||
|
Noncontrolling interests' share of above adjustments |
|
|
(5,324) |
|
|
8,863 |
(3,315) |
(16,180) |
|
|
(1,129) | ||||||
|
|
(B) |
86,462 |
|
|
(142,438) |
53,693 |
261,760 |
|
|
28,011 | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
FAD(1) |
(A-B) |
$ |
143,681 |
|
$ |
135,654 |
$ |
163,669 |
|
$ |
649,370 |
|
$ |
613,026 | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
FAD per diluted share |
|
$ |
0.76 |
|
$ |
0.72 |
$ |
0.87 |
|
$ |
3.44 |
|
$ |
3.26 | |||
|
FAD payout ratio (2) |
|
|
96.1% |
|
|
101.4% |
83.9% |
|
|
84.9% |
|
|
89.6% | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) FAD is defined as FFO less (i) recurring tenant improvements, leasing commissions and capital expenditures, (ii) straight-line rents and amortization of acquired below-market leases, net, and (iii) other non-cash income, plus (iv) other non-cash charges. FAD is a non-GAAP financial measure that is not intended to represent cash flow and is not indicative of cash flow provided by operating activities as determined in accordance with GAAP. FAD is presented solely as a supplemental disclosure that management believes provides useful information regarding the Company's ability to fund its dividends. | |||||||||||||||||
|
(2) FAD payout ratios on a quarterly basis are not necessarily indicative of amounts for the full year due to fluctuation in timing of cash based expenditures, the commencement of new leases and the seasonality of our operations. | |||||||||||||||||
- 9 -
|
CONSOLIDATED NET INCOME / EBITDA (1) |
|
|
|
|
|
|
|
|
|
|
| |||
|
(unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
Three Months Ended | ||||||||||
|
|
December 31, |
September 30, | ||||||||||||
|
|
2014 |
2013 |
Inc (Dec) |
2014 | ||||||||||
|
Property rentals |
|
$ |
500,322 |
$ |
492,230 |
$ |
8,092 |
$ |
492,837 | |||||
|
Straight-line rent adjustments |
|
|
24,951 |
20,837 |
4,114 |
23,664 | ||||||||
|
Amortization of acquired below-market leases, net |
|
|
14,122 |
11,889 |
2,233 |
10,039 | ||||||||
|
Total rentals |
|
|
539,395 |
524,956 |
14,439 |
526,540 | ||||||||
|
Tenant expense reimbursements |
|
|
86,558 |
76,995 |
9,563 |
84,264 | ||||||||
|
Cleveland Medical Mart development project |
|
|
- |
2,343 |
(2,343) |
- | ||||||||
|
Fee and other income: |
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
BMS cleaning fees |
|
|
22,040 |
17,434 |
4,606 |
22,467 | |||||||
|
Signage revenue |
|
|
12,040 |
9,300 |
2,740 |
7,698 | ||||||||
|
Management and leasing fees |
|
|
4,355 |
4,976 |
(621) |
4,662 | ||||||||
|
Lease termination fees |
|
|
4,940 |
5,144 |
(204) |
3,764 | ||||||||
|
Other income |
|
|
9,773 |
8,255 |
1,518 |
7,814 | ||||||||
|
Total revenues |
|
|
679,101 |
649,403 |
29,698 |
657,209 | ||||||||
|
Operating expenses |
|
|
275,143 |
257,739 |
17,404 |
264,562 | ||||||||
|
Depreciation and amortization |
|
|
135,933 |
127,777 |
8,156 |
127,991 | ||||||||
|
General and administrative |
|
|
44,651 |
50,396 |
(5,745) |
44,547 | ||||||||
|
Cleveland Medical Mart development project |
|
|
- |
2,446 |
(2,446) |
- | ||||||||
|
Acquisition and transaction related costs, and impairment losses |
|
20,419 |
37,088 |
(16,669) |
7,105 | |||||||||
|
Total expenses |
|
|
476,146 |
475,446 |
700 |
444,205 | ||||||||
|
Operating income |
|
|
202,955 |
173,957 |
28,998 |
213,004 | ||||||||
|
Income from Real Estate Fund |
|
|
20,616 |
28,951 |
(8,335) |
24,160 | ||||||||
|
Income (loss) applicable to Toys |
|
|
606 |
(293,066) |
293,672 |
(18,418) | ||||||||
|
Income (loss) from partially owned entities |
|
18,689 |
(99) |
18,788 |
(7,245) | |||||||||
|
Interest and debt expense |
|
|
(126,102) |
(120,625) |
(5,477) |
(115,120) | ||||||||
|
Interest and other investment income, net |
|
|
9,947 |
8,196 |
1,751 |
7,577 | ||||||||
|
Net gain on disposition of wholly owned and partially owned assets |
363 |
23,988 |
(23,625) |
2,665 | ||||||||||
|
Income (loss) before income taxes |
|
|
127,074 |
(178,698) |
305,772 |
106,623 | ||||||||
|
Income tax (expense) benefit |
|
|
(2,644) |
12,578 |
(15,222) |
(3,177) | ||||||||
|
Income (loss) from continuing operations |
|
|
124,430 |
(166,120) |
290,550 |
103,446 | ||||||||
|
Income from discontinued operations |
|
|
451,556 |
127,361 |
324,195 |
65,751 | ||||||||
|
Net income (loss) |
|
|
575,986 |
(38,759) |
614,745 |
169,197 | ||||||||
|
Less net (income) loss attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
|
|
|
| |||
|
|
Consolidated subsidiaries |
(11,322) |
(13,903) |
2,581 |
(9,685) | |||||||||
|
Operating Partnership |
(31,049) |
4,155 |
(35,204) |
(7,975) | ||||||||||
|
Preferred unit distributions of the Operating Partnership |
(12) |
(12) |
- |
(13) | ||||||||||
|
Net income (loss) attributable to Vornado |
|
|
533,603 |
(48,519) |
582,122 |
151,524 | ||||||||
|
Interest and debt expense |
|
|
143,674 |
207,424 |
(63,750) |
160,252 | ||||||||
|
Depreciation and amortization |
|
|
155,921 |
183,685 |
(27,764) |
160,270 | ||||||||
|
Income tax expense |
|
|
2,759 |
8,270 |
(5,511) |
2,232 | ||||||||
|
EBITDA |
|
$ |
835,957 |
|
$ |
350,860 |
|
$ |
485,097 |
|
$ |
474,278 | ||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Capitalized leasing and development payroll |
|
$ |
5,762 |
$ |
4,682 |
$ |
1,080 |
$ |
4,608 | |||||
|
Capitalized interest and debt expense |
|
$ |
16,269 |
$ |
14,279 |
$ |
1,990 |
$ |
16,335 | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) EBITDA represents "Earnings Before Interest, Taxes, Depreciation and Amortization." Management considers EBITDA a supplemental measure for making decisions and assessing the unlevered performance of its segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on a multiple of EBITDA, management utilizes this measure to make investment decisions as well as to compare the performance of its assets to that of its peers. EBITDA should not be considered a substitute for net income. EBITDA may not be comparable to similarly titled measures employed by other companies. | ||||||||||||||
- 10 -
|
CONSOLIDATED NET INCOME / EBITDA |
|||||||||||
|
|
(unaudited and in thousands) |
|
|
|
|
|
|
|
|
| |
|
|
Year Ended December 31, |
| |||||||||
|
|
2014 |
2013 |
Inc (Dec) |
| |||||||
|
|
Property rentals |
$ |
1,982,273 |
$ |
1,964,583 |
$ |
17,690 |
| |||
|
|
Straight-line rent adjustments |
82,247 |
66,404 |
15,843 |
| ||||||
|
|
Amortization of acquired below-market leases, net |
46,277 |
50,128 |
(3,851) |
| ||||||
|
|
Total rentals |
2,110,797 |
2,081,115 |
29,682 |
| ||||||
|
|
Tenant expense reimbursements |
329,398 |
301,167 |
28,231 |
| ||||||
|
|
Cleveland Medical Mart development project |
- |
36,369 |
(36,369) |
| ||||||
|
|
Fee and other income: |
| |||||||||
|
|
BMS cleaning fees |
85,658 |
66,505 |
19,153 |
| ||||||
|
|
Signage revenue |
37,929 |
32,866 |
5,063 |
| ||||||
|
|
Management and leasing fees |
21,382 |
24,637 |
(3,255) |
| ||||||
|
|
Lease termination fees |
17,042 |
92,497 |
(75,455) |
| ||||||
|
|
Other income |
33,734 |
34,113 |
(379) |
| ||||||
|
|
Total revenues |
2,635,940 |
2,669,269 |
(33,329) |
| ||||||
|
|
Operating expenses |
1,064,753 |
1,030,951 |
33,802 |
| ||||||
|
|
Depreciation and amortization |
536,230 |
515,724 |
20,506 |
| ||||||
|
|
General and administrative |
185,924 |
196,267 |
(10,343) |
| ||||||
|
|
Cleveland Medical Mart development project |
- |
32,210 |
(32,210) |
| ||||||
|
|
Acquisition and transaction related costs, and impairment losses |
33,391 |
43,857 |
(10,466) |
| ||||||
|
|
Total expenses |
1,820,298 |
1,819,009 |
1,289 |
| ||||||
|
|
Operating income |
815,642 |
850,260 |
(34,618) |
| ||||||
|
|
Income from Real Estate Fund |
163,034 |
102,898 |
60,136 |
| ||||||
|
|
Loss applicable to Toys |
(73,556) |
(362,377) |
288,821 |
| ||||||
|
|
Income from partially owned entities |
15,425 |
23,592 |
(8,167) |
| ||||||
|
|
Interest and debt expense |
(467,715) |
(481,304) |
13,589 |
| ||||||
|
|
Interest and other investment income (loss), net |
38,787 |
(24,876) |
63,663 |
| ||||||
|
|
Net gain on disposition of wholly owned and partially owned assets |
13,568 |
3,407 |
10,161 |
| ||||||
|
|
Income before income taxes |
505,185 |
111,600 |
393,585 |
| ||||||
|
|
Income tax (expense) benefit |
(11,002) |
6,406 |
(17,408) |
| ||||||
|
|
Income from continuing operations |
494,183 |
118,006 |
376,177 |
| ||||||
|
|
Income from discontinued operations |
514,843 |
446,734 |
68,109 |
| ||||||
|
|
Net income |
1,009,026 |
564,740 |
444,286 |
| ||||||
|
|
Less net income attributable to noncontrolling interests in: |
| |||||||||
|
|
Consolidated subsidiaries |
(96,561) |
(63,952) |
(32,609) |
| ||||||
|
|
Operating Partnership |
(47,563) |
(23,659) |
(23,904) |
| ||||||
|
|
Preferred unit distributions of the Operating Partnership |
(50) |
(1,158) |
1,108 |
| ||||||
|
|
Net income attributable to Vornado |
864,852 |
475,971 |
388,881 |
| ||||||
|
|
Interest and debt expense |
654,398 |
758,781 |
(104,383) |
| ||||||
|
|
Depreciation and amortization |
685,973 |
732,757 |
(46,784) |
| ||||||
|
|
Income tax expense |
24,248 |
26,371 |
(2,123) |
| ||||||
|
|
EBITDA |
$ |
2,229,471 |
$ |
1,993,880 |
$ |
235,591 |
| |||
|
|
| ||||||||||
|
|
Capitalized leasing and development payroll |
$ |
20,154 |
|
$ |
16,209 |
|
$ |
3,945 |
| |
|
Capitalized interest and debt expense |
$ |
62,786 |
|
$ |
42,303 |
|
$ |
20,483 |
| ||
- 11 -
|
EBITDA BY SEGMENT |
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
(unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2014 |
| |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail |
|
|
|
|
|
|
|
|
| |
|
|
|
|
Total |
|
New York |
|
|
Washington, DC |
|
|
Properties |
|
|
Toys |
Other |
| |||||||||
|
Property rentals |
$ |
500,322 |
$ |
282,362 |
|
|
$ |
109,326 |
|
|
$ |
57,679 |
|
|
$ |
- |
$ |
50,955 |
| ||||||
|
Straight-line rent adjustments |
|
24,951 |
12,642 |
|
|
|
2,359 |
|
|
|
793 |
|
|
|
- |
9,157 |
| ||||||||
|
Amortization of acquired below-market leases, net |
|
14,122 |
9,680 |
|
|
|
426 |
|
|
|
3,070 |
|
|
|
- |
946 |
| ||||||||
|
Total rentals |
|
539,395 |
304,684 |
|
|
|
112,111 |
|
|
|
61,542 |
|
|
|
- |
61,058 |
| ||||||||
|
Tenant expense reimbursements |
|
86,558 |
47,774 |
|
|
|
11,369 |
|
|
|
21,369 |
|
|
|
- |
6,046 |
| ||||||||
|
Fee and other income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
BMS cleaning fees |
|
22,040 |
26,968 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
(4,928) |
| |||||||
|
|
Signage revenue |
|
12,040 |
12,040 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
- |
| |||||||
|
|
Management and leasing fees |
|
4,355 |
1,652 |
|
|
|
2,618 |
|
|
|
309 |
|
|
|
- |
(224) |
| |||||||
|
|
Lease termination fees |
|
4,940 |
2,935 |
|
|
|
1,812 |
|
|
|
- |
|
|
|
- |
193 |
| |||||||
|
|
Other income |
|
9,773 |
4,106 |
|
|
|
5,596 |
|
|
|
258 |
|
|
|
- |
(187) |
| |||||||
|
Total revenues |
|
679,101 |
400,159 |
|
|
|
133,506 |
|
|
|
83,478 |
|
|
|
- |
61,958 |
| ||||||||
|
Operating expenses |
|
275,143 |
169,324 |
|
|
|
52,353 |
|
|
|
30,097 |
|
|
|
- |
23,369 |
| ||||||||
|
Depreciation and amortization |
|
135,933 |
68,360 |
|
|
|
33,501 |
|
|
|
15,475 |
|
|
|
- |
18,597 |
| ||||||||
|
General and administrative |
|
44,651 |
6,055 |
|
|
|
6,866 |
|
|
|
3,757 |
|
|
|
- |
27,973 |
| ||||||||
|
Acquisition and transaction related costs, and impairment losses |
|
20,419 |
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
20,419 |
| ||||||||
|
Total expenses |
|
476,146 |
243,739 |
|
|
|
92,720 |
|
|
|
49,329 |
|
|
|
- |
90,358 |
| ||||||||
|
Operating income (loss) |
|
202,955 |
156,420 |
|
|
|
40,786 |
|
|
|
34,149 |
|
|
|
- |
(28,400) |
| ||||||||
|
Income from Real Estate Fund |
|
20,616 |
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
20,616 |
| ||||||||
|
Income applicable to Toys |
|
606 |
- |
|
|
|
- |
|
|
|
- |
|
|
|
606 |
- |
| ||||||||
|
Income from partially owned entities |
|
18,689 |
4,329 |
|
|
|
1,248 |
|
|
|
480 |
|
|
|
- |
12,632 |
| ||||||||
|
Interest and debt expense |
|
(126,102) |
(48,457) |
|
|
|
(18,703) |
|
|
|
(14,453) |
|
|
|
- |
(44,489) |
| ||||||||
|
Interest and other investment income, net |
|
9,947 |
1,822 |
|
|
|
90 |
|
|
|
9 |
|
|
|
- |
8,026 |
| ||||||||
|
Net gain on disposition of wholly owned and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
partially owned assets |
|
363 |
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
363 |
| |||||||
|
Income (loss) before income taxes |
|
127,074 |
114,114 |
|
|
|
23,421 |
|
|
|
20,185 |
|
|
|
606 |
(31,252) |
| ||||||||
|
Income tax expense |
|
(2,644) |
(1,308) |
|
|
|
(196) |
|
|
|
(146) |
|
|
|
- |
(994) |
| ||||||||
|
Income (loss) from continuing operations |
|
124,430 |
112,806 |
|
|
|
23,225 |
|
|
|
20,039 |
|
|
|
606 |
(32,246) |
| ||||||||
|
Income from discontinued operations |
|
451,556 |
445,762 |
|
|
|
- |
|
|
|
5,794 |
|
|
|
- |
- |
| ||||||||
|
Net income (loss) |
|
575,986 |
558,568 |
|
|
|
23,225 |
|
|
|
25,833 |
|
|
|
606 |
(32,246) |
| ||||||||
|
Less net income attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
Consolidated subsidiaries |
|
(11,322) |
(1,423) |
|
|
|
- |
|
|
|
(5) |
|
|
|
- |
(9,894) |
| |||||||
|
|
Operating Partnership |
|
(31,049) |
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
(31,049) |
| |||||||
|
|
Preferred unit distributions of the Operating Partnership |
|
(12) |
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
(12) |
| |||||||
|
Net income (loss) attributable to Vornado |
|
533,603 |
557,145 |
|
|
|
23,225 |
|
|
|
25,828 |
|
|
|
606 |
(73,201) |
| ||||||||
|
Interest and debt expense |
|
143,674 |
61,809 |
|
|
|
21,979 |
|
|
|
15,597 |
|
|
|
- |
44,289 |
| ||||||||
|
Depreciation and amortization |
|
155,921 |
83,199 |
|
|
|
37,486 |
|
|
|
17,046 |
|
|
|
- |
18,190 |
| ||||||||
|
Income tax expense |
|
2,759 |
1,326 |
|
|
|
200 |
|
|
|
146 |
|
|
|
- |
1,087 |
| ||||||||
|
EBITDA for the three months ended December 31, 2014 |
$ |
835,957 |
|
|
$ |
703,479 |
|
|
$ |
82,890 |
|
|
$ |
58,617 |
|
|
$ |
606 |
|
|
$ |
(9,635) |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA for the three months ended December 31, 2013 |
$ |
350,860 |
|
|
$ |
375,392 |
|
|
$ |
83,259 |
|
|
$ |
25,704 |
|
|
$ |
(176,808) |
|
|
$ |
43,313 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA as adjusted for comparability - OP basis: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
For the three months ended December 31, 2014 |
$ |
422,849 |
|
|
$ |
257,380 |
(1) |
|
$ |
81,090 |
(2) |
|
$ |
52,169 |
(3) |
|
$ |
- |
|
|
$ |
32,210 |
(4) | |
|
|
For the three months ended December 31, 2013 |
$ |
410,095 |
|
|
$ |
239,114 |
(1) |
|
$ |
83,259 |
(2) |
|
$ |
50,451 |
(3) |
|
$ |
- |
|
|
$ |
37,271 |
(4) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes on pages 14 and 15. | |||||||||||||||||||||||||
- 12 -
|
EBITDA BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
|
(unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2014 |
| |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail |
|
|
|
|
|
|
|
|
| |
|
|
|
|
Total |
New York |
|
|
Washington, DC |
|
|
Properties |
|
|
Toys |
Other |
| ||||||||||
|
Property rentals |
$ |
1,982,273 |
$ |
1,095,689 |
|
|
$ |
443,862 |
|
|
$ |
227,868 |
|
|
$ |
- |
$ |
214,854 |
| ||||||
|
Straight-line rent adjustments |
|
82,247 |
44,757 |
|
|
|
6,385 |
|
|
|
2,645 |
|
|
|
- |
28,460 |
| ||||||||
|
Amortization of acquired below-market leases, net |
|
46,277 |
30,787 |
|
|
|
1,817 |
|
|
|
9,285 |
|
|
|
- |
4,388 |
| ||||||||
|
Total rentals |
|
2,110,797 |
1,171,233 |
|
|
|
452,064 |
|
|
|
239,798 |
|
|
|
- |
247,702 |
| ||||||||
|
Tenant expense reimbursements |
|
329,398 |
181,521 |
|
|
|
42,798 |
|
|
|
84,129 |
|
|
|
- |
20,950 |
| ||||||||
|
Fee and other income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
BMS cleaning fees |
|
85,658 |
105,116 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
(19,458) |
| |||||||
|
|
Signage revenue |
|
37,929 |
37,929 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
- |
| |||||||
|
|
Management and leasing fees |
|
21,382 |
8,935 |
|
|
|
11,697 |
|
|
|
1,477 |
|
|
|
- |
(727) |
| |||||||
|
|
Lease termination fees |
|
17,042 |
9,375 |
|
|
|
5,764 |
|
|
|
680 |
|
|
|
- |
1,223 |
| |||||||
|
|
Other income |
|
33,734 |
6,736 |
|
|
|
24,828 |
|
|
|
863 |
|
|
|
- |
1,307 |
| |||||||
|
Total revenues |
|
2,635,940 |
1,520,845 |
|
|
|
537,151 |
|
|
|
326,947 |
|
|
|
- |
250,997 |
| ||||||||
|
Operating expenses |
|
1,064,753 |
651,832 |
|
|
|
200,960 |
|
|
|
115,003 |
|
|
|
- |
96,958 |
| ||||||||
|
Depreciation and amortization |
|
536,230 |
266,155 |
|
|
|
129,720 |
|
|
|
65,517 |
|
|
|
- |
74,838 |
| ||||||||
|
General and administrative |
|
185,924 |
28,479 |
|
|
|
27,339 |
|
|
|
16,686 |
|
|
|
- |
113,420 |
| ||||||||
|
Acquisition and transaction related costs, and impairment losses |
|
33,391 |
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
33,391 |
| ||||||||
|
Total expenses |
|
1,820,298 |
946,466 |
|
|
|
358,019 |
|
|
|
197,206 |
|
|
|
- |
318,607 |
| ||||||||
|
Operating income (loss) |
|
815,642 |
574,379 |
|
|
|
179,132 |
|
|
|
129,741 |
|
|
|
- |
(67,610) |
| ||||||||
|
Income from Real Estate Fund |
|
163,034 |
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
163,034 |
| ||||||||
|
Loss applicable to Toys |
|
(73,556) |
- |
|
|
|
- |
|
|
|
- |
|
|
|
(73,556) |
- |
| ||||||||
|
Income (loss) from partially owned entities |
|
15,425 |
20,701 |
|
|
|
(3,677) |
|
|
|
1,730 |
|
|
|
- |
(3,329) |
| ||||||||
|
Interest and debt expense |
|
(467,715) |
(183,427) |
|
|
|
(75,395) |
|
|
|
(54,754) |
|
|
|
- |
(154,139) |
| ||||||||
|
Interest and other investment income, net |
|
38,787 |
6,711 |
|
|
|
183 |
|
|
|
35 |
|
|
|
- |
31,858 |
| ||||||||
|
Net gain on disposition of wholly owned and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
partially owned assets |
|
13,568 |
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
13,568 |
| |||||||
|
Income (loss) before income taxes |
|
505,185 |
418,364 |
|
|
|
100,243 |
|
|
|
76,752 |
|
|
|
(73,556) |
(16,618) |
| ||||||||
|
Income tax expense |
|
(11,002) |
(4,305) |
|
|
|
(242) |
|
|
|
(1,721) |
|
|
|
- |
(4,734) |
| ||||||||
|
Income (loss) from continuing operations |
|
494,183 |
414,059 |
|
|
|
100,001 |
|
|
|
75,031 |
|
|
|
(73,556) |
(21,352) |
| ||||||||
|
Income from discontinued operations |
|
514,843 |
463,163 |
|
|
|
- |
|
|
|
50,873 |
|
|
|
- |
807 |
| ||||||||
|
Net income (loss) |
|
1,009,026 |
877,222 |
|
|
|
100,001 |
|
|
|
125,904 |
|
|
|
(73,556) |
(20,545) |
| ||||||||
|
Less net income attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
Consolidated subsidiaries |
|
(96,561) |
(8,626) |
|
|
|
- |
|
|
|
(119) |
|
|
|
- |
(87,816) |
| |||||||
|
|
Operating Partnership |
|
(47,563) |
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
(47,563) |
| |||||||
|
|
Preferred unit distributions of the Operating Partnership |
|
(50) |
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
(50) |
| |||||||
|
Net income (loss) attributable to Vornado |
|
864,852 |
868,596 |
|
|
|
100,001 |
|
|
|
125,785 |
|
|
|
(73,556) |
(155,974) |
| ||||||||
|
Interest and debt expense |
|
654,398 |
241,959 |
|
|
|
89,448 |
|
|
|
59,322 |
|
|
|
100,549 |
163,120 |
| ||||||||
|
Depreciation and amortization |
|
685,973 |
324,239 |
|
|
|
145,853 |
|
|
|
73,433 |
|
|
|
64,533 |
77,915 |
| ||||||||
|
Income tax expense |
|
24,248 |
4,395 |
|
|
|
288 |
|
|
|
1,721 |
|
|
|
12,106 |
5,738 |
| ||||||||
|
EBITDA for the year ended December 31, 2014 |
$ |
2,229,471 |
|
|
$ |
1,439,189 |
|
|
$ |
335,590 |
|
|
$ |
260,261 |
|
|
$ |
103,632 |
|
|
$ |
90,799 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA for the year ended December 31, 2013 |
$ |
1,993,880 |
|
|
$ |
1,079,682 |
|
|
$ |
341,223 |
|
|
$ |
541,017 |
|
|
$ |
(12,081) |
|
|
$ |
44,039 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA as adjusted for comparability - OP basis: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
For the year ended December 31, 2014 |
$ |
1,672,096 |
|
|
$ |
975,028 |
(1) |
|
$ |
333,790 |
(2) |
|
$ |
204,859 |
(3) |
|
$ |
- |
|
|
$ |
158,419 |
(4) | |
|
|
For the year ended December 31, 2013 |
$ |
1,606,441 |
|
|
$ |
914,490 |
(1) |
|
$ |
341,223 |
(2) |
|
$ |
198,228 |
(3) |
|
$ |
- |
|
|
$ |
152,500 |
(4) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes on pages 14 and 15. |
| ||||||||||||||||||||||||
- 13 -
|
NOTES TO EBITDA BY SEGMENT |
|
|
| |||||||||||||||||
|
(unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
The elements of "New York" EBITDA as adjusted for comparability are summarized below. |
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
Year Ended December 31, |
|
|
| |||||||||
|
|
|
|
|
|
|
|
2014 |
2013 |
2014 |
|
2013 |
|
|
| ||||||
|
|
|
Office (including BMS EBITDA of $6,105, $5,457, $23,918 and $20,581, respectively) |
$ |
159,518 |
$ |
148,028 |
$ |
623,023 |
|
$ |
596,413 |
|
|
| ||||||
|
|
|
Retail |
|
|
|
|
75,495 |
68,930 |
279,677 |
|
|
245,874 |
|
|
| |||||
|
|
|
Alexander's |
|
|
|
|
10,487 |
10,339 |
41,575 |
|
|
41,480 |
|
|
| |||||
|
|
|
Hotel Pennsylvania |
|
|
|
|
11,880 |
11,817 |
30,753 |
|
|
30,723 |
|
|
| |||||
|
|
|
Total New York |
|
|
|
$ |
257,380 |
$ |
239,114 |
$ |
975,028 |
|
$ |
914,490 |
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) |
The elements of "Washington, DC" EBITDA as adjusted for comparability are summarized below. |
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
Year Ended December 31, |
|
|
| |||||||||
|
|
|
|
|
|
|
|
2014 |
2013 |
2014 |
|
2013 |
|
|
| ||||||
|
|
|
Office, excluding the Skyline Properties |
|
|
|
$ |
64,841 |
$ |
65,910 |
$ |
265,059 |
|
$ |
268,373 |
|
|
| |||
|
|
|
Skyline properties |
|
|
|
|
5,880 |
6,953 |
27,150 |
|
|
29,499 |
|
|
| |||||
|
|
|
Total Office |
|
|
|
|
70,721 |
72,863 |
292,209 |
|
|
297,872 |
|
|
| |||||
|
|
|
Residential |
|
|
|
|
10,369 |
10,396 |
41,581 |
|
|
43,351 |
|
|
| |||||
|
|
|
Total Washington, DC |
|
|
|
$ |
81,090 |
$ |
83,259 |
$ |
333,790 |
|
$ |
341,223 |
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) |
The elements of "Retail Properties" EBITDA as adjusted for comparability are summarized below. |
|
|
|
|
|
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
Year Ended December 31, |
|
|
| |||||||||
|
|
|
|
|
|
|
|
2014 |
2013 |
2014 |
|
2013 |
|
|
| ||||||
|
|
|
Strip shopping centers |
|
|
|
$ |
36,490 |
$ |
36,110 |
$ |
147,112 |
|
$ |
142,108 |
|
|
| |||
|
|
|
Regional malls |
|
|
|
|
15,679 |
14,341 |
57,747 |
|
|
56,120 |
|
|
| |||||
|
|
|
Total Retail properties |
|
|
|
$ |
52,169 |
$ |
50,451 |
$ |
204,859 |
|
$ |
198,228 |
|
|
| |||
- 14 -
|
NOTES TO EBITDA BY SEGMENT | ||||||||||||||||
|
(unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) |
The elements of "other" EBITDA as adjusted for comparability are summarized below. |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
Year Ended December 31, | |||||||||
|
|
|
|
2014 |
|
2013 |
2014 |
|
2013 | ||||||||
|
Our share of Real Estate Fund: |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
Income before net realized/unrealized gains |
|
|
$ |
1,380 |
|
$ |
2,015 |
$ |
8,056 |
$ |
7,752 | |||
|
Net realized/unrealized gains on investments |
|
|
|
4,646 |
|
|
6,574 |
37,535 |
23,489 | |||||||
|
Carried interest |
|
|
|
3,079 |
|
|
6,256 |
24,715 |
18,230 | |||||||
|
Total |
|
|
|
9,105 |
|
|
14,845 |
70,306 |
49,471 | |||||||
|
The Mart and trade shows |
|
|
|
18,598 |
|
|
20,038 |
79,004 |
74,270 | |||||||
|
555 California Street |
|
|
|
13,278 |
|
|
10,296 |
48,844 |
42,667 | |||||||
|
India real estate ventures |
|
|
|
1,860 |
|
|
1,133 |
6,434 |
5,841 | |||||||
|
Other investments |
|
|
|
3,445 |
|
|
4,592 |
17,095 |
25,785 | |||||||
|
|
|
|
|
46,286 |
|
|
50,904 |
221,683 |
198,034 | |||||||
|
Corporate general and administrative expenses(a) |
|
|
|
(22,977) |
|
|
(23,850) |
(94,929) |
(94,904) | |||||||
|
Investment income and other, net(a) |
|
|
|
8,901 |
|
|
10,217 |
31,665 |
49,370 | |||||||
|
Total Other |
|
|
$ |
32,210 |
|
$ |
37,271 |
$ |
158,419 |
$ |
152,500 | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
The amounts in these captions (for this table only) exclude income / expense from the mark-to-market of our deferred compensation plan of $3,425 and $4,429 for the three months ended December 31, 2014 and 2013, respectively, and $11,557 and $10,636 for the years ended December 31, 2014 and 2013, respectively. | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 15 -
|
EBITDA BY SEGMENT AND REGION |
||||||||||
|
(unaudited) |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
| |||
|
The following tables set forth the percentages of EBITDA, by operating segment and by geographic region (excluding discontinued operations, other gains and losses that affect comparability and our Toys and Other Segments). |
| |||||||||
|
| ||||||||||
|
| ||||||||||
|
|
| |||||||||
|
|
Three Months Ended December 31, |
Year Ended December 31, |
| |||||||
|
|
2014 |
2013 |
2014 |
2013 |
| |||||
|
|
|
|
|
|
|
| ||||
|
Segment |
|
|
|
|
|
| ||||
|
New York |
66% |
64% |
|
64% |
|
63% |
| |||
|
Washington, DC |
21% |
22% |
|
22% |
|
23% |
| |||
|
Retail Properties |
13% |
14% |
14% |
14% |
| |||||
|
100% |
100% |
100% |
100% |
| ||||||
|
| ||||||||||
|
Region |
| |||||||||
|
New York City metropolitan area |
76% |
74% |
75% |
73% |
| |||||
|
Washington, DC / Northern Virginia area |
22% |
23% |
23% |
24% |
| |||||
|
Puerto Rico |
1% |
2% |
1% |
2% |
| |||||
|
Other geographies |
1% |
1% |
1% |
1% |
| |||||
|
100% |
100% |
100% |
100% |
| ||||||
- 16 -
|
CONSOLIDATED BALANCE SHEETS |
||||||||||||||
|
(unaudited and in thousands) |
|
|
|
|
|
|
|
|
||||||
|
December 31, |
|
December 31, |
(Decrease) |
| ||||||||||
|
2014 |
2013 |
Increase |
| |||||||||||
|
ASSETS |
|
|
|
| ||||||||||
|
Real estate, at cost: |
|
|
|
| ||||||||||
|
Land |
$ |
4,240,009 |
$ |
4,016,851 |
$ |
223,158 |
| |||||||
|
Buildings and improvements |
13,338,445 |
12,245,111 |
1,093,334 |
| ||||||||||
|
Development costs and construction in progress |
1,136,344 |
1,024,714 |
111,630 |
| ||||||||||
|
Leasehold improvements and equipment |
130,594 |
132,270 |
(1,676) |
| ||||||||||
|
Total |
18,845,392 |
17,418,946 |
1,426,446 |
| ||||||||||
|
Less accumulated depreciation and amortization |
(3,629,135) |
(3,296,717) |
(332,418) |
| ||||||||||
|
Real estate, net |
15,216,257 |
14,122,229 |
1,094,028 |
| ||||||||||
|
Cash and cash equivalents |
1,198,477 |
583,290 |
615,187 |
| ||||||||||
|
Restricted cash |
186,512 |
262,440 |
(75,928) |
| ||||||||||
|
Marketable securities |
206,323 |
191,917 |
14,406 |
| ||||||||||
|
Tenant and other receivables, net |
124,144 |
115,862 |
8,282 |
| ||||||||||
|
Investments in partially owned entities |
1,246,496 |
1,166,443 |
80,053 |
| ||||||||||
|
Investment in Toys |
- |
83,224 |
(83,224) |
| ||||||||||
|
Real Estate Fund investments |
513,973 |
667,710 |
(153,737) |
| ||||||||||
|
Receivable arising from the straight-lining of rents, net |
877,486 |
795,256 |
82,230 |
| ||||||||||
|
Deferred leasing and financing costs, net |
503,384 |
404,907 |
98,477 |
| ||||||||||
|
Identified intangible assets, net |
276,239 |
307,436 |
(31,197) |
| ||||||||||
|
Assets related to discontinued operations |
477,620 |
874,050 |
(396,430) |
| ||||||||||
|
Other assets |
421,409 |
522,460 |
(101,051) |
| ||||||||||
|
Total assets |
$ |
21,248,320 |
$ |
20,097,224 |
$ |
1,151,096 |
| |||||||
|
| ||||||||||||||
|
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY |
| |||||||||||||
|
Liabilities: |
| |||||||||||||
|
Mortgages payable |
$ |
9,551,700 |
$ |
8,331,993 |
$ |
1,219,707 |
| |||||||
|
Senior unsecured notes |
1,347,159 |
1,350,855 |
(3,696) |
| ||||||||||
|
Revolving credit facility debt |
- |
295,870 |
(295,870) |
| ||||||||||
|
Accounts payable and accrued expenses |
499,702 |
422,276 |
77,426 |
| ||||||||||
|
Deferred revenue |
519,280 |
529,002 |
(9,722) |
| ||||||||||
|
Deferred compensation plan |
117,284 |
116,515 |
769 |
| ||||||||||
|
Deferred tax liabilities |
1,146 |
1,280 |
(134) |
| ||||||||||
|
Liabilities related to discontinued operations |
211 |
14,709 |
(14,498) |
| ||||||||||
|
Other liabilities |
384,676 |
436,360 |
(51,684) |
| ||||||||||
|
Total liabilities |
12,421,158 |
11,498,860 |
922,298 |
| ||||||||||
|
Redeemable noncontrolling interests |
1,337,780 |
1,003,620 |
334,160 |
| ||||||||||
|
Vornado shareholders' equity |
6,745,426 |
6,765,232 |
(19,806) |
| ||||||||||
|
Noncontrolling interests in consolidated subsidiaries |
743,956 |
829,512 |
(85,556) |
| ||||||||||
|
Total liabilities, redeemable noncontrolling interests and equity |
$ |
21,248,320 |
$ |
20,097,224 |
$ |
1,151,096 |
| |||||||
- 17 -
|
CAPITAL STRUCTURE |
||||||||||||||
|
(unaudited and in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt: |
|
|
|
|
|
|
|
December 31, 2014 |
|||||
|
Consolidated debt: |
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
Mortgages payable |
|
|
|
|
|
|
|
$ |
9,551,700 |
||
|
Senior unsecured notes |
|
|
|
|
|
|
|
|
1,347,159 |
|||||
|
$2.5 billion revolving credit facilities |
|
|
|
|
|
|
|
|
- |
|||||
|
|
|
|
|
|
|
|
|
|
10,898,859 |
|||||
|
Pro rata share of non-consolidated debt in partially owned entities |
||||||||||||||
|
(excluding $1,874,278 of Toys' debt) |
|
|
|
|
|
|
|
|
2,399,354 |
|||||
|
Less: Noncontrolling interests' share of consolidated debt |
||||||||||||||
|
(primarily 1290 Avenue of the Americas and 555 California Street) |
(474,860) |
|||||||||||||
|
Total debt |
|
|
|
|
|
|
|
|
12,823,353 |
|||||
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
Perpetual Preferred: |
|
|
Shares/Units |
Par Value |
|||||||||
|
5.00% Preferred Unit (D-16) (1 unit @ $1,000) |
|
|
|
|
|
|
|
|
1,000 |
|||||
|
6.625% Series G Preferred Shares |
|
|
8,000 |
25.00 |
200,000 |
|||||||||
|
6.625% Series I Preferred Shares |
|
|
10,800 |
25.00 |
270,000 |
|||||||||
|
6.875% Series J Preferred Shares |
|
|
9,850 |
25.00 |
246,250 |
|||||||||
|
5.70% Series K Preferred Shares |
|
|
12,000 |
25.00 |
300,000 |
|||||||||
|
5.40% Series L Preferred Shares |
|
|
12,000 |
25.00 |
300,000 |
|||||||||
|
|
|
|
|
|
|
|
|
|
1,317,250 |
|||||
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2014 |
|||||
|
|
|
|
Converted |
Common |
||||||||||
|
Equity: |
|
|
Shares |
Share Price |
||||||||||
|
Common shares |
|
|
187,887 |
$ |
117.71 |
22,116,179 |
||||||||
|
Class A units |
|
|
10,590 |
117.71 |
1,246,549 |
|||||||||
|
Convertible share equivalents: |
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
Equity awards - unit equivalents |
|
|
766 |
117.71 |
90,166 |
|||||||
|
D-13 preferred units |
|
|
397 |
117.71 |
46,731 |
|||||||||
|
G1-G4 units |
|
|
72 |
117.71 |
8,475 |
|||||||||
|
Series A preferred shares |
|
|
41 |
117.71 |
4,826 |
|||||||||
|
|
|
|
|
|
|
|
|
|
23,512,926 |
|||||
|
Total Market Capitalization |
|
|
|
|
|
|
|
$ |
37,653,529 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
| |||||||||||
- 18 -
|
DEBT ANALYSIS |
|
|
|
|
|
| ||||||||||||||||
|
(unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
As of December 31, 2014 | |||||||||||||
|
|
|
|
|
|
|
Total |
|
Variable |
|
Fixed | ||||||||||||
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
|
|
Weighted |
|
|
|
|
Weighted | |||
|
|
|
|
|
|
|
|
|
|
Average |
|
|
|
|
Average |
|
|
|
|
Average | |||
|
|
|
|
|
|
|
Amount |
Interest Rate |
|
Amount |
|
Interest Rate |
|
Amount |
|
Interest Rate | |||||||
|
Consolidated debt |
|
|
|
|
$ |
10,898,859 |
4.00% |
|
$ |
1,840,769 |
2.20% |
|
$ |
9,058,090 |
|
|
4.37% | |||||
|
Pro rata share of non-consolidated debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
Toys |
|
|
|
|
|
1,874,278 |
7.23% |
|
|
1,199,835 |
6.47% |
|
|
674,443 |
|
|
8.57% | ||||
|
|
All other |
|
|
|
|
|
2,399,354 |
5.20% |
|
|
319,387 |
1.74% |
|
|
2,079,967 |
|
|
5.73% | ||||
|
Total |
|
|
|
|
|
15,172,491 |
4.59% |
|
|
3,359,991 |
3.68% |
|
|
11,812,500 |
|
|
4.85% | |||||
|
Less: Noncontrolling interests' share of consolidated debt |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
(primarily 1290 Avenue of the Americas and 555 California Street) |
(474,860) |
|
|
|
(10,500) |
|
|
(464,360) |
|
|
| ||||||||||
|
Company's pro rata share of total debt |
|
|
|
|
$ |
14,697,631 |
4.61% |
|
$ |
3,349,491 |
3.69% |
|
$ |
11,348,140 |
|
|
4.88% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior Unsecured Notes |
|
|
Unencumbered EBITDA | ||||||||||
|
|
|
|
|
|
|
|
|
Due 2015(1) |
|
Due 2019 |
Due 2022 |
|
|
|
|
4Q 2014 | ||||||
|
Settlement Date |
|
|
|
|
|
|
|
|
3/26/2010 |
|
|
6/16/2014 |
12/7/2011 |
|
|
|
|
Annualized | ||||
|
Principal Amount |
|
|
|
|
|
|
|
|
$ 500,000 |
|
|
$ 450,000 |
$ 400,000 |
|
|
New York |
$ |
412,428 | ||||
|
Issue Price |
|
|
|
|
|
|
|
|
99.834% |
|
|
99.619% |
99.546% |
|
|
Washington, DC |
|
153,320 | ||||
|
Coupon |
|
|
|
|
|
|
|
|
4.250% |
|
|
2.500% |
5.000% |
|
|
Retail Properties |
|
49,116 | ||||
|
Effective economic interest rate |
|
|
|
|
|
|
|
|
4.287% |
|
|
2.581% |
5.057% |
|
|
Other |
|
36,516 | ||||
|
Ratings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
$ |
651,380 | ||
|
|
Moody's |
|
|
|
|
|
|
|
|
Baa2 |
|
|
Baa2 |
Baa2 |
|
|
|
|
|
| ||
|
|
S&P |
|
|
|
|
|
|
|
|
BBB |
|
|
BBB |
BBB |
|
|
|
|
|
| ||
|
|
Fitch |
|
|
|
|
|
|
|
|
BBB |
|
|
BBB |
BBB |
|
|
|
|
|
| ||
|
Maturity Date / Put Date |
|
|
|
|
|
|
|
|
4/1/2015 |
|
|
6/30/2019 |
1/15/2022 |
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Covenant Ratios: (2) |
|
|
|
Senior Unsecured Notes |
|
Revolving Credit Facilities | ||||||||||||||||
|
|
|
|
|
|
Actual |
|
|
|
|
|
| |||||||||||
|
|
|
|
|
|
Required |
|
Due 2015(1) |
|
Due 2019 |
|
Due 2022 |
|
Required |
|
Actual | |||||||
|
Total Outstanding Debt / Total Assets (3) |
|
|
|
Less than 65% |
43% |
|
|
43% |
43% |
|
Less than 60% |
|
|
31% | ||||||||
|
Secured Debt / Total Assets |
|
|
|
Less than 50% |
37% |
|
|
37% |
37% |
|
Less than 50% |
|
|
27% | ||||||||
|
Interest Coverage Ratio (Annualized Combined |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
EBITDA to Annualized Interest Expense) |
|
|
|
Greater than 1.50 |
2.72 |
|
|
2.72 |
2.72 |
|
|
|
|
N/A | |||||||
|
Fixed Charge Coverage |
|
|
|
|
|
N/A |
|
|
N/A |
N/A |
|
Greater than 1.40 |
|
|
2.65 | |||||||
|
Unencumbered Assets / Unsecured Debt |
|
|
|
Greater than 150% |
779% |
|
|
779% |
779% |
|
|
|
|
N/A | ||||||||
|
Unsecured Debt / Cap Value of Unencumbered Assets |
N/A |
|
|
N/A |
N/A |
|
Less than 60% |
|
|
7% | ||||||||||||
|
Unencumbered Coverage Ratio |
|
|
|
|
|
|
|
|
N/A |
|
|
N/A |
N/A |
|
Greater than 1.50 |
|
|
10.60 | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
These notes were redeemed in full on January 1, 2015. | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
(2) |
Our debt covenant ratios are computed in accordance with the terms of our senior unsecured notes and revolving credit facilities, as applicable. The methodology used for these computations may differ significantly from similarly titled ratios of other companies. For additional information regarding the methodology used to compute these ratios, please see our filings with the SEC of our revolving credit facilities, senior debt indentures and applicable prospectuses and prospectus supplements. | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
(3) |
Total assets includes EBITDA capped at 7.5% under the senior unsecured notes and 6.0% under the revolving credit facilities. | |||||||||||||||||||||
- 19 -
|
DEBT MATURITIES |
||||||||||||||||||||||||||||||||||
|
(unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
Spread |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity |
|
over |
|
Interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Property |
|
Date (1) |
|
LIBOR |
|
Rate |
2015 |
|
2016 |
|
2017 |
|
2018 |
|
2019 |
|
Thereafter |
|
Total | |||||||||||||||
|
2200 / 2300 Clarendon Boulevard |
|
03/15 |
|
L+75 |
|
0.91% |
$ |
35,132 |
$ |
- |
$ |
- |
$ |
- |
$ |
- |
$ |
- |
$ |
35,132 | ||||||||||||||
|
Senior unsecured notes due 2015 (2) |
|
04/15 |
|
|
|
4.25% |
499,958 |
- |
- |
- |
- |
- |
499,958 | |||||||||||||||||||||
|
River House Apartments |
|
04/15 |
|
|
|
5.43% |
195,546 |
- |
- |
- |
- |
- |
195,546 | |||||||||||||||||||||
|
888 Seventh Avenue |
|
01/16 |
|
|
|
5.71% |
- |
318,554 |
- |
- |
- |
- |
318,554 | |||||||||||||||||||||
|
510 5th Avenue |
|
01/16 |
|
|
|
5.60% |
- |
30,154 |
- |
- |
- |
- |
30,154 | |||||||||||||||||||||
|
770 Broadway |
|
03/16 |
|
|
|
5.65% |
- |
353,000 |
- |
- |
- |
- |
353,000 | |||||||||||||||||||||
|
Bowen Building |
|
06/16 |
|
|
|
6.14% |
- |
115,022 |
- |
- |
- |
- |
115,022 | |||||||||||||||||||||
|
1730 M and 1150 17th Street |
|
06/16 |
|
L+125 |
|
1.41% |
- |
43,581 |
- |
- |
- |
- |
43,581 | |||||||||||||||||||||
|
Montehiedra Town Center |
|
07/16 |
|
|
|
6.04% |
- |
120,000 |
- |
- |
- |
- |
120,000 | |||||||||||||||||||||
|
The Mart |
|
12/16 |
|
|
|
5.57% |
- |
550,000 |
- |
- |
- |
- |
550,000 | |||||||||||||||||||||
|
350 Park Avenue |
|
01/17 |
|
|
|
3.75% |
- |
- |
294,484 |
- |
- |
- |
294,484 | |||||||||||||||||||||
|
100 West 33rd Street - office and retail |
|
03/17 |
|
L+150 |
|
1.67% |
- |
- |
325,000 |
- |
- |
- |
325,000 | |||||||||||||||||||||
|
2011 Crystal Drive |
|
08/17 |
|
|
|
7.30% |
- |
- |
77,438 |
- |
- |
- |
77,438 | |||||||||||||||||||||
|
North Bergen (Tonnelle Avenue) |
|
01/18 |
|
|
|
4.59% |
- |
- |
- |
75,000 |
- |
- |
75,000 | |||||||||||||||||||||
|
220 20th Street |
|
02/18 |
|
|
|
4.61% |
- |
- |
- |
71,256 |
- |
- |
71,256 | |||||||||||||||||||||
|
River House Apartments |
|
04/18 |
|
L+153 |
|
1.68% |
- |
- |
- |
64,000 |
- |
- |
64,000 | |||||||||||||||||||||
|
828-850 Madison Avenue Retail Condominium |
|
06/18 |
|
|
|
5.29% |
- |
- |
- |
80,000 |
- |
- |
80,000 | |||||||||||||||||||||
|
$1.25 Billion unsecured revolving credit facility |
|
06/18 |
|
L+115 |
|
- |
- |
- |
- |
- |
- |
- |
- | |||||||||||||||||||||
|
220 Central Park South |
|
01/19 |
|
L+275 |
|
2.92% |
- |
- |
- |
- |
600,000 |
- |
600,000 | |||||||||||||||||||||
|
Senior unsecured notes due 2019 |
|
06/19 |
|
|
|
2.50% |
- |
- |
- |
- |
448,457 |
- |
448,457 | |||||||||||||||||||||
|
435 Seventh Avenue - retail |
|
08/19 |
|
L+225 |
|
2.41% |
- |
- |
- |
- |
98,000 |
- |
98,000 | |||||||||||||||||||||
|
$1.25 Billion unsecured revolving credit facility |
|
11/19 |
|
L+105 |
|
- |
- |
- |
- |
- |
- |
- |
- | |||||||||||||||||||||
|
4 Union Square South - retail |
|
11/19 |
|
L+215 |
|
2.31% |
- |
- |
- |
- |
119,847 |
- |
119,847 | |||||||||||||||||||||
|
Cross-collateralized mortgages on 40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
strip shopping centers |
|
09/20 |
|
(3) |
|
4.10% |
- |
- |
- |
- |
- |
607,231 |
607,231 | ||||||||||||||||||||
|
Eleven Penn Plaza |
|
12/20 |
|
|
|
3.95% |
- |
- |
- |
- |
- |
450,000 |
450,000 | |||||||||||||||||||||
|
Borgata Land |
|
02/21 |
|
|
|
5.14% |
- |
- |
- |
- |
- |
58,452 |
58,452 | |||||||||||||||||||||
|
909 Third Avenue |
|
05/21 |
|
|
|
3.91% |
- |
- |
- |
- |
- |
350,000 |
350,000 | |||||||||||||||||||||
|
West End 25 |
|
06/21 |
|
|
|
4.88% |
- |
- |
- |
- |
- |
101,671 |
101,671 | |||||||||||||||||||||
|
Universal Buildings |
|
08/21 |
|
L+190 |
|
2.06% |
- |
- |
- |
- |
- |
185,000 |
185,000 | |||||||||||||||||||||
|
555 California Street |
|
09/21 |
|
|
|
5.10% |
- |
- |
- |
- |
- |
597,868 |
597,868 | |||||||||||||||||||||
|
655 Fifth Avenue |
|
10/21 |
|
L+140 |
|
1.56% |
- |
- |
- |
- |
- |
140,000 |
140,000 | |||||||||||||||||||||
|
Two Penn Plaza |
|
12/21 |
|
(4) |
|
3.99% |
- |
- |
- |
- |
- |
575,000 |
575,000 | |||||||||||||||||||||
|
Senior unsecured notes due 2022 |
|
01/22 |
|
|
|
5.00% |
- |
- |
- |
- |
- |
398,744 |
398,744 | |||||||||||||||||||||
|
Skyline Properties |
|
02/22 |
|
|
|
2.97% |
- |
- |
- |
- |
- |
678,000 |
678,000 | |||||||||||||||||||||
|
1290 Avenue of the Americas |
|
11/22 |
|
|
|
3.34% |
- |
- |
- |
- |
- |
950,000 |
950,000 | |||||||||||||||||||||
|
2121 Crystal Drive |
|
03/23 |
|
|
|
5.51% |
- |
- |
- |
- |
- |
146,214 |
146,214 | |||||||||||||||||||||
|
666 Fifth Avenue Retail Condominium |
|
03/23 |
|
|
|
3.61% |
- |
- |
- |
- |
- |
390,000 |
390,000 | |||||||||||||||||||||
|
Bergen Town Center |
|
04/23 |
|
|
|
3.56% |
- |
- |
- |
- |
- |
300,000 |
300,000 | |||||||||||||||||||||
|
Las Catalinas |
|
08/24 |
|
|
|
4.43% |
- |
- |
- |
- |
- |
130,000 |
130,000 | |||||||||||||||||||||
|
2101 L Street |
|
08/24 |
|
|
|
3.97% |
- |
- |
- |
- |
- |
148,922 |
148,922 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
See notes on the following page. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
- 20 -
|
DEBT MATURITIES |
||||||||||||||||||||||||||||
|
(unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
Spread |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity |
|
over |
Interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Property |
|
Date (1) |
|
LIBOR |
Rate |
2015 |
2016 |
2017 |
2018 |
2019 |
Thereafter |
Total | ||||||||||||||||
|
1215 Clark Street, 200 12th Street & |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
251 18th Street |
|
01/25 |
|
|
|
7.94% |
$ |
- |
$ |
- |
$ |
- |
$ |
- |
$ |
- |
$ |
97,584 |
$ |
97,584 | |||||||
|
Other properties |
|
Various |
|
|
|
|
|
|
12,091 |
- |
- |
28,571 |
- |
38,194 |
78,856 | |||||||||||||
|
Purchase accounting valuation adjustments |
|
Various |
|
|
|
|
|
|
(15) |
- |
- |
- |
- |
903 |
888 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total |
|
|
|
|
|
|
|
$ |
742,712 |
$ |
1,530,311 |
$ |
696,922 |
$ |
318,827 |
$ |
1,266,304 |
$ |
6,343,783 |
$ |
10,898,859 | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average rate |
|
|
|
|
|
|
|
|
4.45% |
5.58% |
3.17% |
4.08% |
2.67% |
3.92% |
4.00% | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed rate debt |
|
|
|
|
|
|
|
$ |
707,580 |
$ |
1,486,730 |
$ |
371,922 |
$ |
237,827 |
$ |
448,457 |
$ |
5,805,574 |
$ |
9,058,090 | |||||||
|
Fixed weighted average rate expiring |
|
|
|
|
|
|
|
|
4.63% |
5.70% |
4.49% |
4.91% |
2.50% |
4.11% |
4.37% | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Floating rate debt |
|
|
|
|
|
|
|
$ |
35,132 |
$ |
43,581 |
$ |
325,000 |
$ |
81,000 |
$ |
817,847 |
$ |
538,209 |
$ |
1,840,769 | |||||||
|
Floating weighted average rate expiring |
|
|
|
|
|
|
|
|
0.91% |
1.41% |
1.67% |
1.64% |
2.77% |
1.89% |
2.20% | |||||||||||||
|
|
|
|
|
|
|
|
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|
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| |
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|
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|
|
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|
|
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|
|
|
|
|
|
|
|
(1) |
Represents the extended maturity for certain loans in which we have the unilateral right to extend. | |||||||||||||||||||||||||||
|
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|
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|
| |
|
(2) |
These notes were redeemed in full on January 1, 2015. | |||||||||||||||||||||||||||
|
|
|
|
|
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|
|
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|
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|
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|
|
|
|
|
|
|
|
|
|
|
| |
|
(3) |
Comprised of (i) a $550,589 fixed rate loan with an interest rate of 4.29%, and a (ii) $60,000 variable rate loan at LIBOR plus 1.36% (2.36% at December 31, 2014), subject to a LIBOR floor of 1.00%. | |||||||||||||||||||||||||||
|
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|
|
|
|
| |
|
(4) |
Pursuant to an existing swap agreement, $422,000 of the new loan bears interest at a fixed rate of 4.78% through March 2018, and the balance of $153,000 floats through March 2018. The entire $575,000 will float thereafter for the duration of the loan. | |||||||||||||||||||||||||||
|
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| |
- 21 -
|
UNCONSOLIDATED JOINT VENTURES |
|
|
|
| ||||||||||||||
|
(unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2014 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Debt | |||||||
|
|
|
|
|
|
Percentage |
|
Company's |
|
Company's |
|
|
| ||||||
|
|
|
|
|
Asset |
|
Ownership at |
|
Carrying |
|
Pro rata |
|
|
100% of | |||||
|
Joint Venture Name |
|
Category |
December 31, 2014 |
|
Amount |
Share |
|
|
Joint Venture | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Toys |
|
|
Retailer |
32.6% |
|
$ |
- |
$ |
1,874,278 |
|
|
$ |
5,748,350 | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Alexander's, Inc. |
|
|
Office/Retail |
32.4% |
|
$ |
131,616 |
$ |
334,621 |
|
|
$ |
1,032,780 | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
India real estate ventures |
|
|
Office/Land |
4.1% to 36.5% |
|
|
76,752 |
45,885 |
|
|
|
183,541 | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Partially owned office buildings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
280 Park Avenue |
|
|
Office |
50.0% |
|
|
294,633 |
365,086 |
|
|
|
730,171 | ||||
|
One Park Avenue |
|
|
Office |
55.0% |
|
|
138,433 |
137,500 |
|
|
|
250,000 | ||||||
|
650 Madison Avenue |
|
|
Office/Retail |
20.1% |
|
|
114,271 |
161,024 |
|
|
|
800,000 | ||||||
|
Rosslyn Plaza |
|
Office/Residential |
43.7% to 50.4% |
|
|
53,452 |
16,881 |
|
|
|
33,488 | |||||||
|
666 Fifth Avenue Office Condominium |
|
|
Office |
49.5% |
|
|
52,431 |
605,516 |
|
|
|
1,223,265 | ||||||
|
West 57th Street properties |
|
|
Office |
50.0% |
|
|
42,958 |
10,000 |
|
|
|
20,000 | ||||||
|
330 Madison Avenue |
|
|
Office |
25.0% |
|
|
30,837 |
37,500 |
|
|
|
150,000 | ||||||
|
Warner Building |
|
|
Office |
55.0% |
|
|
20,008 |
160,985 |
|
|
|
292,700 | ||||||
|
Fairfax Square |
|
|
Office |
20.0% |
|
|
5,916 |
18,000 |
|
|
|
90,000 | ||||||
|
1101 17th Street |
|
|
Office |
55.0% |
|
|
- |
17,050 |
|
|
|
31,000 | ||||||
|
Other partially owned office buildings |
|
|
Office |
Various |
|
|
7,810 |
27,715 |
|
|
|
70,650 | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Other investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
Independence Plaza |
|
|
Residential |
50.1% |
|
|
153,084 |
275,550 |
|
|
|
550,000 | ||||
|
Monmouth Mall |
|
|
Retail |
50.0% |
|
|
6,094 |
77,469 |
|
|
|
154,938 | ||||||
|
Other investments |
|
|
Various |
Various |
|
|
118,201 |
108,572 |
|
|
|
775,547 | ||||||
|
|
|
|
|
|
|
|
|
$ |
1,246,496 |
$ |
2,399,354 |
|
|
$ |
6,388,080 | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
- 22 -
|
UNCONSOLIDATED JOINT VENTURES |
|
|
|
|
|
|
|
| |||||||||||
|
(unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage |
|
Our Share of Net Income (Loss) for the |
|
Our Share of EBITDA for the |
| ||||||||||
|
|
|
|
|
Ownership at |
|
Three Months Ended December 31, |
|
Three Months Ended December 31, |
| ||||||||||
|
Joint Venture Name |
|
December 31, 2014 |
|
2014 |
|
2013 |
|
2014 |
|
|
2013 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Toys |
|
|
32.6% |
|
$ |
606 |
|
$ |
(293,066) |
|
$ |
606 |
|
|
$ |
(176,808) |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
Alexander's, Inc. |
|
|
32.4% |
|
$ |
5,704 |
|
$ |
4,936 |
|
$ |
10,657 |
|
|
$ |
11,069 |
|
|
|
|
West 57th Street properties (partially under development) |
|
|
50.0% |
|
|
(3,262) |
|
|
126 |
|
|
336 |
|
|
|
548 |
|
|
|
|
330 Madison Avenue |
|
|
25.0% |
|
|
1,756 |
|
|
1,459 |
|
|
2,677 |
|
|
|
2,346 |
|
|
|
|
Independence Plaza |
|
|
50.1% |
|
|
(1,716) |
|
|
(2,850) |
|
|
4,047 |
|
|
|
3,718 |
|
|
|
|
666 Fifth Avenue Office Condominium |
|
|
49.5% |
|
|
1,229 |
|
|
1,935 |
|
|
4,815 |
|
|
|
7,183 |
|
|
|
|
825 Seventh Avenue |
|
|
50.0% |
|
|
686 |
|
|
378 |
|
|
811 |
|
|
|
685 |
|
|
|
|
650 Madison Avenue (acquired in September 2013) |
|
|
20.1% |
|
|
(551) |
|
|
(2,229) |
|
|
2,983 |
|
|
|
3,058 |
|
|
|
|
One Park Avenue |
|
|
55.0% |
|
|
461 |
|
|
68 |
|
|
4,252 |
|
|
|
1,974 |
|
|
|
|
280 Park Avenue (partially under development) |
|
|
50.0% |
|
|
183 |
|
|
(2,069) |
|
|
6,117 |
|
|
|
5,346 |
|
|
|
|
Other |
|
|
Various |
|
|
(161) |
|
|
(247) |
|
|
864 |
|
|
|
742 |
|
|
|
|
|
|
|
|
|
|
4,329 |
|
|
1,507 |
|
|
37,559 |
|
|
|
36,669 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington, DC: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
Rosslyn Plaza |
|
|
43.7% to 50.4% |
|
|
(616) |
|
|
(1,207) |
|
|
935 |
|
|
|
1,495 |
|
|
|
|
Warner Building |
|
|
55.0% |
|
|
(373) |
|
|
(1,880) |
|
|
3,461 |
|
|
|
1,942 |
|
|
|
|
1101 17th Street |
|
|
55.0% |
|
|
323 |
|
|
2,252 |
|
|
651 |
|
|
|
692 |
|
|
|
|
Fairfax Square |
|
|
20.0% |
|
|
(185) |
|
|
(59) |
|
|
394 |
|
|
|
505 |
|
|
|
|
Other |
|
|
Various |
|
|
2,099 |
|
|
471 |
|
|
3,072 |
|
|
|
1,372 |
|
|
|
|
|
|
|
|
|
|
1,248 |
|
|
(423) |
|
|
8,513 |
|
|
|
6,006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Properties: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
Monmouth Mall |
|
|
50.0% |
|
|
458 |
|
|
562 |
|
|
2,429 |
|
|
|
2,474 |
|
|
|
|
Other |
|
|
Various |
|
|
22 |
|
|
23 |
|
|
114 |
|
|
|
117 |
|
|
|
|
|
|
|
|
|
|
480 |
|
|
585 |
|
|
2,543 |
|
|
|
2,591 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
Green Courte |
|
|
8.3% |
|
|
12,467 |
|
|
(68) |
|
|
13,000 |
|
|
|
474 |
|
|
|
|
India real estate ventures(1) |
|
|
4.1% to 36.5% |
|
|
(5,869) |
|
|
(903) |
|
|
(3,910) |
|
|
|
1,133 |
|
|
|
|
Alexander's corporate fee income |
|
|
32.4% |
|
|
3,834 |
|
|
1,664 |
|
|
3,834 |
|
|
|
1,664 |
|
|
|
|
Other |
|
|
Various |
|
|
2,200 |
|
|
(2,461) |
|
|
4,104 |
|
|
|
5,452 |
|
|
|
|
|
|
|
|
|
|
12,632 |
|
|
(1,768) |
|
|
17,028 |
|
|
|
8,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
18,689 |
|
$ |
(99) |
|
$ |
65,643 |
|
|
$ |
53,989 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Includes a $5,771 non-cash impairment loss in 2014. | ||||||||||||||||||
- 23 -
|
UNCONSOLIDATED JOINT VENTURES |
|
|
|
|
|
|
|
| |||||||||||
|
(unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage |
|
Our Share of Net Income (Loss) for the |
|
Our Share of EBITDA for the |
| ||||||||||
|
|
|
|
|
Ownership at |
|
Year Ended December 31, |
|
Year Ended December 31, |
| ||||||||||
|
Joint Venture Name |
|
December 31, 2014 |
|
2014 |
|
2013 |
|
2014 |
|
|
2013 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Toys |
|
|
32.6% |
|
$ |
(73,556) |
|
$ |
(362,377) |
|
$ |
103,632 |
|
|
$ |
(12,081) |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
Alexander's, Inc. |
32.4% |
|
$ |
21,287 |
|
$ |
17,721 |
|
$ |
41,745 |
|
|
$ |
42,210 |
| ||
|
|
|
West 57th Street properties (partially under development) |
|
|
50.0% |
|
|
(13,912) |
|
|
541 |
|
|
1,585 |
|
|
|
2,466 |
|
|
|
|
666 Fifth Avenue Office Condominium |
|
|
49.5% |
|
|
7,163 |
|
|
7,711 |
|
|
27,033 |
|
|
|
27,585 |
|
|
|
|
825 Seventh Avenue |
|
|
50.0% |
|
|
7,095 |
|
|
1,529 |
|
|
3,300 |
|
|
|
2,762 |
|
|
|
|
330 Madison Avenue |
|
|
25.0% |
|
|
6,433 |
|
|
5,173 |
|
|
9,895 |
|
|
|
8,807 |
|
|
|
|
Independence Plaza |
|
|
50.1% |
|
|
(4,829) |
|
|
(6,049) |
|
|
18,490 |
|
|
|
10,543 |
|
|
|
|
650 Madison Avenue (acquired in September 2013) |
|
|
20.1% |
|
|
(3,619) |
|
|
(2,229) |
|
|
12,283 |
|
|
|
3,058 |
|
|
|
|
One Park Avenue |
|
|
55.0% |
|
|
1,371 |
|
|
1,122 |
|
|
12,650 |
|
|
|
8,098 |
|
|
|
|
280 Park Avenue (partially under development) |
|
|
50.0% |
|
|
715 |
|
|
(8,549) |
|
|
23,395 |
|
|
|
20,350 |
|
|
|
|
Other |
|
|
Various |
|
|
(1,003) |
|
|
(1,443) |
|
|
3,035 |
|
|
|
2,690 |
|
|
|
|
|
|
|
|
|
|
20,701 |
|
|
15,527 |
|
|
153,411 |
|
|
|
128,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington, DC: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
Warner Building |
|
|
55.0% |
|
|
(4,732) |
|
|
(8,226) |
|
|
10,368 |
|
|
|
6,906 |
|
|
|
|
Rosslyn Plaza |
|
|
43.7% to 50.4% |
|
|
(3,390) |
|
|
(3,365) |
|
|
4,454 |
|
|
|
6,287 |
|
|
|
|
1101 17th Street |
|
|
55.0% |
|
|
1,202 |
|
|
3,248 |
|
|
2,486 |
|
|
|
2,665 |
|
|
|
|
Fairfax Square |
|
|
20.0% |
|
|
(99) |
|
|
(146) |
|
|
2,183 |
|
|
|
2,099 |
|
|
|
|
Other |
|
|
Various |
|
|
3,342 |
|
|
1,521 |
|
|
7,064 |
|
|
|
5,174 |
|
|
|
|
|
|
|
|
|
|
(3,677) |
|
|
(6,968) |
|
|
26,555 |
|
|
|
23,131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Properties: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
Monmouth Mall |
|
|
50.0% |
|
|
1,646 |
|
|
2,012 |
|
|
9,237 |
|
|
|
9,556 |
|
|
|
|
Other |
|
|
Various |
|
|
84 |
|
|
85 |
|
|
453 |
|
|
|
467 |
|
|
|
|
|
|
|
|
|
|
1,730 |
|
|
2,097 |
|
|
9,690 |
|
|
|
10,023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
Green Courte |
|
|
8.3% |
|
|
12,467 |
|
|
- |
|
|
14,606 |
|
|
|
2,130 |
|
|
|
|
Alexander's corporate fee income |
|
|
32.4% |
|
|
8,722 |
|
|
6,681 |
|
|
8,722 |
|
|
|
6,681 |
|
|
|
|
India real estate ventures (1) |
|
|
4.1% to 36.5% |
|
|
(8,309) |
|
|
(3,533) |
|
|
663 |
|
|
|
5,841 |
|
|
|
|
Other(2)(3) |
|
|
Various |
|
|
(16,209) |
|
|
9,788 |
|
|
8,616 |
|
|
|
50,065 |
|
|
|
|
|
|
|
|
|
|
(3,329) |
|
|
12,936 |
|
|
32,607 |
|
|
|
64,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
15,425 |
|
$ |
23,592 |
|
$ |
222,263 |
|
|
$ |
226,440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Includes a $5,771 non-cash impairment loss in 2014. | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
(2) |
In the third quarter of 2014, we recognized a $10,263 non-cash charge, comprised of a $5,959 impairment loss and a $4,304 loan loss reserve, on our equity and debt investments in Suffolk Downs. | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
(3) |
On April 19, 2013, LNR was sold. | ||||||||||||||||||
- 24 -
|
SQUARE FOOTAGE in service |
| ||||||||||||||
|
(unaudited and square feet in thousands) |
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
Owned by Company |
| ||||||||
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio |
|
Total |
|
Office |
|
Retail |
|
Showroom |
|
Other |
|
|
Segment: |
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
New York: |
| |||||||||||||
|
|
|
Office |
20,052 |
16,808 |
16,625 |
- |
183 |
- |
| ||||||
|
|
|
Retail |
2,450 |
2,179 |
- |
2,179 |
- |
- |
| ||||||
|
|
|
Alexander's (32.4% interest) |
2,178 |
706 |
287 |
419 |
- |
- |
| ||||||
|
|
|
Hotel Pennsylvania |
1,400 |
1,400 |
- |
- |
- |
1,400 |
| ||||||
|
|
|
Residential (1,654 units) |
1,524 |
763 |
- |
- |
- |
763 |
| ||||||
|
|
|
|
|
27,604 |
21,856 |
16,912 |
2,598 |
183 |
2,163 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington, DC: |
| |||||||||||||
|
|
|
Office, excluding the Skyline Properties |
13,461 |
11,083 |
10,265 |
818 |
- |
- |
| ||||||
|
|
|
Skyline Properties |
2,648 |
2,648 |
2,599 |
49 |
- |
- |
| ||||||
|
|
|
Total Office |
16,109 |
13,731 |
12,864 |
867 |
- |
- |
| ||||||
|
|
|
Residential (2,414 units) |
2,597 |
2,455 |
- |
- |
- |
2,455 |
| ||||||
|
|
|
Other |
384 |
384 |
- |
9 |
- |
375 |
| ||||||
|
|
|
|
|
19,090 |
16,570 |
12,864 |
876 |
- |
2,830 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Properties: |
| |||||||||||||
|
|
|
Strip Shopping Centers |
13,346 |
12,920 |
- |
12,920 |
- |
- |
| ||||||
|
|
|
Regional Malls |
3,451 |
2,353 |
- |
2,353 |
- |
- |
| ||||||
|
|
|
|
|
16,797 |
15,273 |
- |
15,273 |
- |
- |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other: |
| |||||||||||||
|
|
|
The Mart |
3,587 |
3,578 |
1,691 |
99 |
1,788 |
- |
| ||||||
|
|
|
555 California Street (70% interest) |
1,801 |
1,261 |
1,168 |
93 |
- |
- |
| ||||||
|
|
|
Primarily Warehouses |
1,555 |
942 |
- |
- |
- |
942 |
| ||||||
|
|
|
|
|
6,943 |
5,781 |
2,859 |
192 |
1,788 |
942 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total square feet at December 31, 2014 |
70,434 |
59,480 |
32,635 |
18,939 |
1,971 |
5,935 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total square feet at September 30, 2014 |
69,427 |
58,601 |
31,836 |
18,834 |
1,971 |
5,960 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of |
|
Number of |
| ||||
|
Parking Garages (not included above): |
Square Feet |
|
Garages |
|
Spaces |
| |||||||||
|
|
New York |
1,668 |
10 |
4,909 |
| ||||||||||
|
|
Washington, DC |
8,928 |
56 |
29,628 |
| ||||||||||
|
|
The Mart |
558 |
4 |
1,664 |
| ||||||||||
|
|
555 California Street |
168 |
1 |
453 |
| ||||||||||
|
|
Total at December 31, 2014 |
11,322 |
71 |
36,654 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 25 -
|
TOP 30 TENANTS |
|||||||||
|
(unaudited) |
|
|
|
|
|
|
|
| |
|
2014 |
|||||||||
|
Annualized |
% of 2014 | ||||||||
|
Square |
Revenues |
Annualized | |||||||
|
Tenants |
|
Footage |
(in thousands) |
Revenues | |||||
|
|
|
|
|
|
|
| |||
|
U.S. Government |
|
4,210,685 |
$ |
151,158 |
5.6% | ||||
|
IPG and affiliates |
|
754,979 |
42,339 |
1.6% | |||||
|
Bank of America |
|
636,317 |
40,057 |
1.5% | |||||
|
AXA Equitable Life Insurance |
|
423,174 |
37,495 |
1.4% | |||||
|
Macy's |
|
690,433 |
36,803 |
1.4% | |||||
|
Amazon.com |
|
470,143 |
32,157 |
1.2% | |||||
|
McGraw-Hill Companies, Inc. |
|
479,557 |
27,380 |
1.0% | |||||
|
Ziff Brothers Investments, Inc. |
|
287,030 |
26,766 |
1.0% | |||||
|
Hennes & Mauritz |
|
110,646 |
25,301 |
0.9% | |||||
|
J. Crew |
|
398,250 |
25,216 |
0.9% | |||||
|
New York Stock Exchange |
|
381,425 |
24,920 |
0.9% | |||||
|
Madison Square Garden |
|
392,786 |
24,204 |
0.9% | |||||
|
New York & Co |
|
379,863 |
21,942 |
0.8% | |||||
|
Topshop |
|
94,349 |
21,438 |
0.8% | |||||
|
Fast Retailing (Uniqlo) |
|
92,577 |
20,776 |
0.8% | |||||
|
Motorola Mobility (guaranteed by Google) |
|
607,872 |
20,066 |
0.7% | |||||
|
Sears Holding Company (Kmart Corporation and Sears Corporation) |
|
834,148 |
19,879 |
0.7% | |||||
|
AOL |
|
233,264 |
19,685 |
0.7% | |||||
|
The Home Depot |
|
993,541 |
19,435 |
0.7% | |||||
|
Forever 21 |
|
125,279 |
18,961 |
0.7% | |||||
|
AMC Networks, Inc. |
|
283,745 |
18,653 |
0.7% | |||||
|
JCPenney |
|
426,370 |
17,637 |
0.6% | |||||
|
Wal-Mart |
|
1,438,730 |
17,526 |
0.6% | |||||
|
Hollister |
|
21,741 |
17,269 |
0.6% | |||||
|
Family Health International |
|
359,085 |
16,284 |
0.6% | |||||
|
Bryan Cave LLP |
|
213,946 |
15,940 |
0.6% | |||||
|
Lockheed Martin |
|
328,919 |
14,828 |
0.5% | |||||
|
Cushman & Wakefield |
|
166,287 |
13,879 |
0.5% | |||||
|
Lowe's |
|
976,415 |
12,859 |
0.5% | |||||
|
Information Builders, Inc. |
|
243,486 |
12,341 |
0.5% | |||||
|
|
|||||||||
- 26 -
|
LEASE EXPIRATIONS |
| ||||||||||||||||||
|
NEW YORK SEGMENT |
| ||||||||||||||||||
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
Our share of |
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
Square Feet |
|
Weighted Average Annual |
|
Percentage of |
| |||||||||||
|
|
Year of Lease |
|
of Expiring |
|
Rent of Expiring Leases |
|
Annualized |
| |||||||||||
|
|
|
Expiration |
Leases |
Total |
Per Sq. Ft. |
Escalated Rent |
| ||||||||||||
|
|
| ||||||||||||||||||
|
Office: |
|
Month to Month |
38,000 |
$ |
2,044,000 |
$ |
53.79 |
0.2% |
| ||||||||||
|
|
|
| |||||||||||||||||
|
|
First Quarter 2015 |
77,000 |
4,058,000 |
52.70 |
0.4% |
| |||||||||||||
|
|
Second Quarter 2015 |
480,000 |
29,032,000 |
60.48 |
2.9% |
| |||||||||||||
|
|
Third Quarter 2015 |
121,000 |
9,631,000 |
79.60 |
1.0% |
| |||||||||||||
|
|
Fourth Quarter 2015 |
168,000 |
11,649,000 |
69.34 |
1.2% |
| |||||||||||||
|
|
Total 2015 |
846,000 |
54,370,000 |
64.27 |
5.5% |
| |||||||||||||
|
|
2016 |
1,246,000 |
78,552,000 |
63.04 |
7.7% |
| |||||||||||||
|
|
2017 |
713,000 |
45,551,000 |
63.89 |
4.4% |
| |||||||||||||
|
|
2018 |
1,017,000 |
76,091,000 |
74.82 |
7.5% |
| |||||||||||||
|
|
2019 |
987,000 |
66,135,000 |
67.01 |
6.6% |
| |||||||||||||
|
|
2020 |
1,367,000 |
81,391,000 |
59.54 |
8.2% |
| |||||||||||||
|
|
2021 |
1,139,000 |
74,125,000 |
65.08 |
7.4% |
| |||||||||||||
|
|
2022 |
862,000 |
54,673,000 |
63.43 |
5.6% |
| |||||||||||||
|
|
2023 |
1,587,000 |
110,510,000 |
69.63 |
11.3% |
| |||||||||||||
|
|
2024 |
1,098,000 |
79,538,000 |
72.44 |
7.8% |
| |||||||||||||
|
|
| ||||||||||||||||||
|
Retail: |
Month to Month |
32,000 |
$ |
4,809,000 |
$ |
150.28 |
1.4% |
| |||||||||||
|
|
|
| |||||||||||||||||
|
|
First Quarter 2015 |
52,000 |
14,969,000 |
287.87 |
4.5% |
| |||||||||||||
|
|
Second Quarter 2015 |
3,000 |
1,051,000 |
350.33 |
0.3% |
| |||||||||||||
|
|
Third Quarter 2015 |
31,000 |
2,601,000 |
83.90 |
0.8% |
| |||||||||||||
|
|
Fourth Quarter 2015 |
8,000 |
1,621,000 |
202.63 |
0.5% |
| |||||||||||||
|
|
Total 2015 |
94,000 |
20,242,000 |
215.34 |
6.0% |
| |||||||||||||
|
2016 |
56,000 |
16,378,000 |
292.46 |
4.9% |
| ||||||||||||||
|
|
2017 |
14,000 |
2,999,000 |
214.21 |
0.9% |
| |||||||||||||
|
|
2018 |
159,000 |
38,525,000 |
242.30 |
11.5% |
| |||||||||||||
|
|
2019 |
121,000 |
30,882,000 |
255.22 |
9.2% |
| |||||||||||||
|
|
2020 |
61,000 |
8,909,000 |
146.05 |
2.7% |
| |||||||||||||
|
|
2021 |
38,000 |
7,361,000 |
193.71 |
2.2% |
| |||||||||||||
|
|
2022 |
30,000 |
3,641,000 |
121.37 |
1.1% |
| |||||||||||||
|
|
2023 |
81,000 |
18,271,000 |
225.57 |
5.5% |
| |||||||||||||
|
|
2024 |
171,000 |
53,064,000 |
310.32 |
15.8% |
| |||||||||||||
- 27 -
|
LEASE EXPIRATIONS |
|||||||||||||||||||
|
WASHINGTON, DC SEGMENT |
|||||||||||||||||||
|
(unaudited) |
|
|
|
|
|
|
|
|
|
||||||||||
|
Our share of |
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
Square Feet |
|
Weighted Average Annual |
|
Percentage of |
||||||||||||
|
|
Year of Lease |
|
of Expiring |
|
Rent of Expiring Leases |
|
Annualized |
||||||||||||
|
|
|
Expiration |
Leases |
Total |
Per Sq. Ft. |
Escalated Rent |
|||||||||||||
|
|
|||||||||||||||||||
|
Office: |
|
Month to Month |
324,000 |
$ |
9,293,000 |
$ |
28.70 |
2.1% |
|||||||||||
|
|
|
||||||||||||||||||
|
|
First Quarter 2015 |
471,000 |
20,819,000 |
44.25 |
4.7% |
| |||||||||||||
|
|
Second Quarter 2015 |
257,000 |
12,683,000 |
49.26 |
2.8% |
| |||||||||||||
|
|
Third Quarter 2015 |
327,000 |
13,665,000 |
41.80 |
3.1% |
| |||||||||||||
|
|
Fourth Quarter 2015 |
625,000 |
24,917,000 |
39.84 |
5.6% |
| |||||||||||||
|
|
Total 2015 |
1,680,000 |
72,084,000 |
42.90 |
16.2% |
| |||||||||||||
|
|
2016 |
1,179,000 |
50,596,000 |
42.93 |
11.4% |
| |||||||||||||
|
|
2017 |
626,000 |
25,649,000 |
40.97 |
5.8% |
| |||||||||||||
|
|
2018 |
987,000 |
43,790,000 |
44.36 |
9.8% |
| |||||||||||||
|
|
2019 |
1,557,000 |
65,604,000 |
42.13 |
14.7% |
| |||||||||||||
|
|
2020 |
728,000 |
36,326,000 |
49.89 |
8.2% |
| |||||||||||||
|
|
2021 |
573,000 |
26,117,000 |
45.58 |
5.9% |
| |||||||||||||
|
|
2022 |
963,000 |
42,194,000 |
43.80 |
9.5% |
| |||||||||||||
|
|
2023 |
161,000 |
7,473,000 |
46.38 |
1.7% |
| |||||||||||||
|
|
2024 |
374,000 |
14,547,000 |
38.85 |
3.3% |
| |||||||||||||
|
| |||||||||||||||||||
- 28 -
|
LEASE EXPIRATIONS |
|||||||||||||||||||
|
RETAIL PROPERTIES SEGMENT |
|||||||||||||||||||
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
Our share of |
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
Square Feet |
|
Weighted Average Annual |
|
Percentage of |
||||||||||||
|
|
Year of Lease |
|
of Expiring |
|
Rent of Expiring Leases |
|
Annualized |
||||||||||||
|
|
|
Expiration |
Leases |
Total |
Per Sq. Ft. |
Escalated Rent |
|||||||||||||
|
|
|||||||||||||||||||
|
Strip Shopping Centers: |
|
Month to Month |
38,000 |
$ |
1,036,000 |
$ |
27.03 |
0.6% |
|||||||||||
|
|
|
|
|||||||||||||||||
|
|
First Quarter 2015 |
26,000 |
1,156,000 |
44.61 |
0.7% |
| |||||||||||||
|
|
Second Quarter 2015 |
9,000 |
241,000 |
25.54 |
0.1% |
| |||||||||||||
|
|
Third Quarter 2015 |
52,000 |
1,766,000 |
33.67 |
1.0% |
| |||||||||||||
|
|
Fourth Quarter 2015 |
90,000 |
2,635,000 |
29.29 |
1.5% |
| |||||||||||||
|
|
Total 2015 |
177,000 |
5,798,000 |
32.62 |
3.3% |
| |||||||||||||
|
|
2016 |
606,000 |
10,304,000 |
16.99 |
5.8% |
| |||||||||||||
|
|
2017 |
425,000 |
7,525,000 |
17.69 |
4.3% |
| |||||||||||||
|
|
2018 |
1,293,000 |
18,767,000 |
14.51 |
10.6% |
| |||||||||||||
|
|
2019 |
1,317,000 |
20,056,000 |
15.23 |
11.3% |
| |||||||||||||
|
|
2020 |
1,142,000 |
15,751,000 |
13.79 |
8.9% |
| |||||||||||||
|
|
2021 |
578,000 |
8,572,000 |
14.83 |
4.8% |
| |||||||||||||
|
|
2022 |
927,000 |
11,147,000 |
12.03 |
6.3% |
| |||||||||||||
|
|
2023 |
1,136,000 |
18,424,000 |
16.22 |
10.4% |
| |||||||||||||
|
|
2024 |
1,225,000 |
14,966,000 |
12.22 |
8.5% |
| |||||||||||||
|
| |||||||||||||||||||
|
Regional Malls: |
|
Month to Month |
30,000 |
$ |
952,000 |
$ |
32.10 |
1.9% |
|||||||||||
|
|
|
|
|||||||||||||||||
|
|
First Quarter 2015 |
26,000 |
1,284,000 |
49.60 |
2.6% |
| |||||||||||||
|
|
Second Quarter 2015 |
13,000 |
865,000 |
64.79 |
1.7% |
| |||||||||||||
|
|
Third Quarter 2015 |
33,000 |
554,000 |
16.73 |
1.1% |
| |||||||||||||
|
|
Fourth Quarter 2015 |
8,000 |
705,000 |
85.32 |
1.4% |
| |||||||||||||
|
|
Total 2015 |
80,000 |
3,408,000 |
42.27 |
6.8% |
| |||||||||||||
|
|
2016 |
87,000 |
4,065,000 |
46.75 |
8.1% |
| |||||||||||||
|
|
2017 |
40,000 |
2,453,000 |
61.82 |
4.9% |
| |||||||||||||
|
|
2018 |
53,000 |
3,476,000 |
65.09 |
6.9% |
| |||||||||||||
|
|
2019 |
173,000 |
6,298,000 |
36.38 |
12.5% |
| |||||||||||||
|
|
2020 |
105,000 |
4,738,000 |
45.22 |
9.4% |
| |||||||||||||
|
|
2021 |
130,000 |
3,721,000 |
28.72 |
7.4% |
| |||||||||||||
|
|
2022 |
37,000 |
1,370,000 |
37.28 |
2.7% |
| |||||||||||||
|
|
2023 |
37,000 |
1,454,000 |
39.55 |
2.9% |
| |||||||||||||
|
|
2024 |
105,000 |
3,253,000 |
31.06 |
6.5% |
| |||||||||||||
|
| |||||||||||||||||||
- 29 -
|
LEASING ACTIVITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The leasing activity presented below is based on leases signed during the period and is not intended to coincide with the commencement of rental revenue in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Tenant improvements and leasing commissions presented below are based on square feet leased during the period. Second generation relet space represents square footage that has not been vacant for more than nine months. |
|
| |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York |
|
Washington, DC |
|
|
Retail Properties |
|
| |||||||||
|
|
(square feet in thousands) |
Office |
|
Retail |
|
Office |
|
|
Strips |
|
Malls |
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
Total square feet leased |
|
1,248 |
|
|
51 |
|
658 |
|
|
|
210 |
|
|
57 |
|
| ||||
|
|
|
Our share of square feet leased: |
|
1,095 |
|
|
51 |
|
619 |
|
|
|
210 |
|
|
51 |
|
| ||||
|
|
|
|
Initial rent (1) |
$ |
66.79 |
|
$ |
410.63 |
$ |
36.86 |
|
|
$ |
18.98 |
|
$ |
49.18 |
|
| |||
|
|
|
|
Weighted average lease term (years) |
|
12.3 |
|
|
11.5 |
|
9.4 |
|
|
|
6.6 |
|
|
6.4 |
|
| |||
|
|
|
|
Second generation relet space: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
Square feet |
|
732 |
|
|
45 |
|
461 |
|
|
|
92 |
|
|
15 |
|
| ||
|
|
|
|
|
Cash basis: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
Initial rent (1) |
$ |
68.25 |
|
$ |
260.31 |
$ |
36.64 |
|
|
$ |
13.16 |
|
$ |
69.20 |
|
| |
|
|
|
|
|
|
Prior escalated rent |
$ |
60.63 |
|
$ |
175.49 |
$ |
39.68 |
|
|
$ |
13.16 |
|
$ |
69.64 |
|
| |
|
|
|
|
|
|
Percentage increase (decrease) |
|
12.6% |
|
|
48.3% |
|
(7.7%) |
|
|
|
- |
|
|
(0.6%) |
|
| |
|
|
|
|
|
GAAP basis: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
Straight-line rent (2) |
$ |
67.80 |
|
$ |
307.92 |
$ |
34.42 |
|
|
$ |
13.21 |
|
$ |
70.22 |
|
| |
|
|
|
|
|
|
Prior straight-line rent |
$ |
55.87 |
|
$ |
173.75 |
$ |
36.89 |
|
|
$ |
12.72 |
|
$ |
67.21 |
|
| |
|
|
|
|
|
|
Percentage increase (decrease) |
|
21.4% |
|
|
77.2% |
|
(6.7%) |
|
|
|
3.9% |
|
|
4.5% |
|
| |
|
|
|
|
Tenant improvements and leasing commissions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
Per square foot |
$ |
78.45 |
|
$ |
177.43 |
$ |
61.48 |
|
|
$ |
5.24 |
|
$ |
16.53 |
|
| ||
|
|
|
|
|
Per square foot per annum |
$ |
6.38 |
|
$ |
15.43 |
$ |
6.54 |
|
|
$ |
0.79 |
|
$ |
2.58 |
|
| ||
|
|
|
|
|
|
Percentage of initial rent |
|
9.5% |
|
|
3.8% |
|
17.7% |
|
|
|
4.2% |
|
|
5.3% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
Total square feet leased |
|
3,973 |
|
|
119 |
|
1,817 |
(3) |
|
|
890 |
|
|
161 |
|
| ||||
|
|
|
Our share of square feet leased: |
|
3,416 |
|
|
114 |
|
1,674 |
(3) |
|
|
890 |
|
|
142 |
|
| ||||
|
|
|
|
Initial rent (1) |
$ |
66.78 |
|
$ |
327.38 |
$ |
38.57 |
|
|
$ |
19.15 |
|
$ |
36.19 |
|
| |||
|
|
|
|
Weighted average lease term (years) |
|
11.3 |
|
|
11.2 |
|
8.2 |
|
|
|
6.8 |
|
|
5.6 |
|
| |||
|
|
|
|
Second generation relet space: |
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
Square feet |
|
2,550 |
|
|
92 |
|
1,121 |
|
|
|
434 |
|
|
70 |
|
| ||
|
|
|
|
|
Cash basis: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
Initial rent (1) |
$ |
68.18 |
|
$ |
289.74 |
$ |
38.57 |
|
|
$ |
20.31 |
|
$ |
34.16 |
|
| |
|
|
|
|
|
|
Prior escalated rent |
$ |
60.50 |
|
$ |
206.62 |
$ |
41.37 |
|
|
$ |
19.45 |
|
$ |
32.98 |
|
| |
|
|
|
|
|
|
Percentage increase (decrease) |
|
12.7% |
|
|
40.2% |
|
(6.8%) |
|
|
|
4.4% |
|
|
3.6% |
|
| |
|
|
|
|
|
GAAP basis: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
Straight-line rent (2) |
$ |
67.44 |
|
$ |
331.33 |
$ |
36.97 |
|
|
$ |
20.53 |
|
$ |
34.71 |
|
| |
|
|
|
|
|
|
Prior straight-line rent |
$ |
56.76 |
|
$ |
204.15 |
$ |
38.25 |
|
|
$ |
18.77 |
|
$ |
32.29 |
|
| |
|
|
|
|
|
|
Percentage increase (decrease) |
|
18.8% |
|
|
62.3% |
|
(3.3%) |
|
|
|
9.4% |
|
|
7.5% |
|
| |
|
|
|
|
Tenant improvements and leasing commissions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
Per square foot |
$ |
75.89 |
|
$ |
110.60 |
$ |
46.77 |
|
|
$ |
10.66 |
(4) |
$ |
11.96 |
|
| ||
|
|
|
|
|
Per square foot per annum |
$ |
6.72 |
|
$ |
9.88 |
$ |
5.70 |
|
|
$ |
1.57 |
(4) |
$ |
2.14 |
|
| ||
|
|
|
|
|
|
Percentage of initial rent |
|
10.1% |
|
|
3.0% |
|
14.8% |
|
|
|
8.2% |
(4) |
|
5.9% |
|
| |
- 30 -
|
LEASING ACTIVITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
(unaudited) |
|
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York |
|
Washington, DC |
|
Retail Properties |
||||||||||
|
(square feet in thousands) |
Office |
|
Retail |
|
Office |
|
Strips |
|
Malls |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
Year Ended December 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
Total square feet leased |
|
2,410 |
|
|
138 |
|
1,836 |
|
1,388 |
|
|
674 |
||||||
|
Our share of square feet leased: |
|
2,024 |
|
|
121 |
|
1,392 |
|
1,388 |
|
|
600 |
||||||||
|
Initial rent (1) |
$ |
60.78 |
|
$ |
268.52 |
$ |
39.91 |
$ |
17.27 |
|
$ |
26.39 |
||||||||
|
Weighted average lease term (years) |
|
11.0 |
|
|
8.6 |
|
7.0 |
|
6.2 |
|
|
8.1 |
||||||||
|
Second generation relet space: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
Square feet |
|
1,716 |
|
|
103 |
|
910 |
|
959 |
|
|
205 |
||||
|
Cash basis: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
Initial rent (1) |
$ |
60.04 |
|
$ |
262.67 |
$ |
40.91 |
$ |
16.57 |
|
$ |
23.59 |
|||
|
Prior escalated rent |
$ |
56.84 |
|
$ |
117.45 |
$ |
41.16 |
$ |
15.18 |
|
$ |
22.76 |
||||||||
|
Percentage increase (decrease) |
|
5.6% |
|
|
123.7% |
|
(0.6%) |
|
9.2% |
|
|
3.6% |
||||||||
|
GAAP basis: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
Straight-line rent (2) |
$ |
59.98 |
$ |
293.45 |
$ |
40.87 |
$ |
16.91 |
|
$ |
24.04 |
||||
|
Prior straight-line rent |
$ |
52.61 |
$ |
152.34 |
$ |
39.36 |
$ |
14.76 |
|
$ |
21.87 |
|||||||||
|
Percentage increase |
|
14.0% |
92.6% |
3.8% |
14.6% |
|
|
9.9% |
||||||||||||
|
Tenant improvements and leasing commissions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
Per square foot |
$ |
61.78 |
$ |
100.93 |
$ |
33.24 |
$ |
3.96 |
|
$ |
20.69 |
|||||
|
Per square foot per annum |
$ |
5.61 |
$ |
11.64 |
$ |
4.75 |
$ |
0.64 |
|
$ |
2.55 |
|||||||||
|
Percentage of initial rent |
|
9.2% |
4.3% |
11.9% |
3.7% |
|
|
9.7% |
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|
(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. |
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(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. |
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(3) |
Excludes (i) 165 square feet leased to WeWork that will be redeveloped into rental residential apartments, and (ii) 82 square feet of retail space that was leased at an initial rent of $46.76 per square foot. |
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(4) |
Tenant improvements and leasing commissions for the quarter and the year ended December 31, 2014 reflect first generation leasing activity at our Kearny strip shopping center. |
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- 31 -
|
OCCUPANCY, SAME STORE EBITDA AND RESIDENTIAL STATISTICS | |||||||||||||||
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(unaudited) |
| ||||||||||||||
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|
Occupancy and Same Store EBITDA: | ||||||||||||||
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| |
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New York |
|
Washington, DC(1) |
|
Retail Properties |
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| |
|
|
Occupancy rate at: |
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| ||||||||
|
|
|
December 31, 2014 |
96.9% |
|
83.8% |
|
95.9% |
| |||||||
|
|
|
September 30, 2014 |
96.7% |
|
83.4% |
|
95.2% |
| |||||||
|
|
|
December 31, 2013 |
96.7% |
|
83.4% |
|
95.4% |
| |||||||
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
Same store EBITDA % increase (decrease): |
|
|
|
|
|
| ||||||||
|
|
|
Year ended December 31, 2014 vs. December 31, 2013 |
4.7% |
|
(2.4%) |
|
1.7% |
| |||||||
|
|
|
Three months ended December 31, 2014 vs. December 31, 2013 |
3.3% |
|
(2.3%) |
|
1.9% |
| |||||||
|
|
|
Three months ended December 31, 2014 vs. September 30, 2014 |
1.8% |
|
(3.0%) |
|
0.6% |
| |||||||
|
|
|
|
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|
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|
||||
|
Cash basis same store EBITDA % increase (decrease): |
|
|
|
|
|
| |||||||||
|
|
|
Year ended December 31, 2014 vs. December 31, 2013 |
7.6% |
|
(2.3%) |
|
2.3% |
| |||||||
|
|
|
Three months ended December 31, 2014 vs. December 31, 2013 |
8.2% |
|
(3.8%) |
|
2.4% |
| |||||||
|
|
|
Three months ended December 31, 2014 vs. September 30, 2014 |
4.7% |
|
(3.4%) |
|
0.7% |
| |||||||
|
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||||
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|||||||||||||
|
(1) |
The total office occupancy rates for the Washington, DC segment were as follows: |
| |||||||||||||
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|
|
|
|
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|
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|
|
|
|
|
|
December 31, 2014 |
80.9% |
|
|
|
|
|
| |||||
|
|
|
|
September 30, 2014 |
80.5% |
|
|
|
|
|
| |||||
|
|
|
|
December 31, 2013 |
80.7% |
|
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| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
|
|
|
Residential Statistics: | ||||||||||||||
|
|
|
|
|
|
|
|
|
Average Monthly |
|
|
|
|
| ||
|
|
|
|
|
|
Number of Units |
|
Occupancy Rate |
|
Rent Per Unit |
|
|
|
|
| |
|
|
|
New York: |
|
|
|
|
|
| |||||||
|
|
|
|
December 31, 2014 |
1,654 |
95.2% |
$ |
3,163 |
|
|
|
|
| |||
|
|
|
|
September 30, 2014 |
1,655 |
94.7% |
$ |
3,074 |
|
|
|
|
| |||
|
|
|
|
December 31, 2013 |
1,653 |
94.8% |
$ |
2,864 |
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington, DC: |
|
|
|
|
|
| |||||||
|
|
|
|
December 31, 2014 |
2,414 |
97.4% |
$ |
2,078 |
|
|
|
|
| |||
|
|
|
|
September 30, 2014 |
2,414 |
97.0% |
$ |
2,102 |
|
|
|
|
| |||
|
|
|
|
December 31, 2013 |
2,405 |
96.3% |
$ |
2,101 |
|
|
|
|
| |||
- 32 -
|
CAPITAL EXPENDITURES, |
||||||||||||
|
TENANT IMPROVEMENTS AND LEASING COMMISSIONS |
||||||||||||
|
CONSOLIDATED |
||||||||||||
|
(unaudited and in thousands) |
||||||||||||
|
Year Ended December 31, |
||||||||||||
|
Capital expenditures (accrual basis): |
2014 |
2013 |
2012 |
|||||||||
|
Expenditures to maintain assets |
$ |
107,728 |
$ |
73,130 |
$ |
69,912 |
||||||
|
Tenant improvements |
205,037 |
120,139 |
169,205 |
|||||||||
|
Leasing commissions |
79,636 |
51,476 |
56,203 |
|||||||||
|
Non-recurring capital expenditures |
122,330 |
49,441 |
17,198 |
|||||||||
|
Total capital expenditures and leasing commissions (accrual basis) |
514,731 |
294,186 |
312,518 |
|||||||||
|
Adjustments to reconcile to cash basis: |
||||||||||||
|
Expenditures in the current year applicable to prior periods |
140,490 |
155,035 |
105,350 |
|||||||||
|
Expenditures to be made in future periods for the current period |
(313,746) |
(150,067) |
(170,744) |
|||||||||
|
Total capital expenditures and leasing commissions (cash basis) |
$ |
341,475 |
$ |
299,154 |
$ |
247,124 |
||||||
|
Our share of square feet leased |
6,236 |
5,525 |
5,217 |
|||||||||
|
Tenant improvements and leasing commissions per square foot per annum |
$ |
5.98 |
$ |
4.33 |
$ |
4.16 |
||||||
|
Percentage of initial rent |
10.6% |
9.5% |
9.6% |
|||||||||
|
Development and redevelopment expenditures: |
|
|
|
|
||||||||
|
Springfield Mall |
$ |
127,467 |
$ |
68,716 |
$ |
18,278 |
||||||
|
Marriott Marquis Times Square - retail and signage |
112,390 |
40,356 |
9,092 |
|||||||||
|
220 Central Park South |
78,059 |
243,687 |
12,191 |
|||||||||
|
330 West 34th Street |
41,592 |
6,832 |
8 |
|||||||||
|
The Bartlett |
38,163 |
6,289 |
3,008 |
|||||||||
|
608 Fifth Avenue |
20,377 |
3,492 |
- |
|||||||||
|
Wayne Towne Center |
19,740 |
4,927 |
3,452 |
|||||||||
|
7 West 34th Street |
11,555 |
- |
- |
|||||||||
|
Other |
94,844 |
95,118 |
110,844 |
|||||||||
|
$ |
544,187 |
$ |
469,417 |
$ |
156,873 |
|||||||
- 33 -
|
CAPITAL EXPENDITURES, |
||||||||||||
|
TENANT IMPROVEMENTS AND LEASING COMMISSIONS |
||||||||||||
|
NEW YORK SEGMENT |
||||||||||||
|
(unaudited and in thousands) |
||||||||||||
|
|
Year Ended December 31, |
|||||||||||
|
Capital expenditures (accrual basis): |
2014 |
2013 |
2012 |
|||||||||
|
Expenditures to maintain assets |
$ |
48,518 |
$ |
34,553 |
$ |
27,434 |
||||||
|
Tenant improvements |
143,007 |
87,275 |
71,572 |
|||||||||
|
Leasing commissions |
66,369 |
39,348 |
27,573 |
|||||||||
|
Non-recurring capital expenditures |
64,423 |
11,579 |
5,822 |
|||||||||
|
Total capital expenditures and leasing commissions (accrual basis) |
322,317 |
172,755 |
132,401 |
|||||||||
|
Adjustments to reconcile to cash basis: |
||||||||||||
|
Expenditures in the current year applicable to prior periods |
67,577 |
56,345 |
41,975 |
|||||||||
|
Expenditures to be made in future periods for the current period |
(205,258) |
(91,107) |
(76,283) |
|||||||||
|
Total capital expenditures and leasing commissions (cash basis) |
$ |
184,636 |
$ |
137,993 |
$ |
98,093 |
||||||
|
Our share of square feet leased |
3,530 |
2,145 |
1,939 |
|||||||||
|
Tenant improvements and leasing commissions per square foot per annum |
$ |
6.82 |
$ |
5.89 |
$ |
5.48 |
||||||
|
Percentage of initial rent |
9.1% |
8.1% |
8.8% |
|||||||||
|
Development and redevelopment expenditures: |
|
|||||||||||
|
Marriott Marquis Times Square - retail and signage |
$ |
112,390 |
$ |
40,356 |
$ |
9,092 |
||||||
|
330 West 34th Street |
41,592 |
6,832 |
8 |
|||||||||
|
608 Fifth Avenue |
20,377 |
3,492 |
- |
|||||||||
|
7 West 34th Street |
11,555 |
- |
- |
|||||||||
|
Other |
27,892 |
35,305 |
42,460 |
|||||||||
|
$ |
213,806 |
$ |
85,985 |
$ |
51,560 |
|||||||
- 34 -
|
CAPITAL EXPENDITURES, |
|
|
|
|
|
|
|
| ||||
|
|
TENANT IMPROVEMENTS AND LEASING COMMISSIONS |
|||||||||||
|
|
|
|
|
|
|
|
| |||||
|
|
WASHINGTON, DC SEGMENT |
|
|
|
|
|
|
|
| |||
|
|
(unaudited and in thousands) |
|
|
|
|
|
|
|
| |||
|
|
|
|
|
Year Ended December 31, |
||||||||
|
Capital expenditures (accrual basis): |
2014 |
|
2013 |
2012 |
||||||||
|
Expenditures to maintain assets |
$ |
23,425 |
|
$ |
22,165 |
$ |
20,582 |
|||||
|
Tenant improvements |
37,842 |
|
|
6,976 |
41,846 |
|||||||
|
Leasing commissions |
5,857 |
|
|
4,389 |
11,393 |
|||||||
|
Non-recurring capital expenditures |
37,798 |
|
|
37,342 |
10,296 |
|||||||
|
Total capital expenditures and leasing commissions (accrual basis) |
104,922 |
|
|
70,872 |
84,117 |
|||||||
|
Adjustments to reconcile to cash basis: |
|
|
|
|
|
|
|
| ||||
|
|
|
Expenditures in the current year applicable to prior periods |
45,084 |
|
|
26,075 |
24,370 |
|||||
|
Expenditures to be made in future periods for the current period |
(63,283) |
|
|
(36,702) |
(43,600) |
|||||||
|
Total capital expenditures and leasing commissions (cash basis) |
$ |
86,723 |
|
$ |
60,245 |
$ |
64,887 |
|||||
|
|
|
|
|
|
|
|
| |||||
|
|
Our share of square feet leased |
1,674 |
|
|
1,392 |
1,901 |
||||||
|
Tenant improvements and leasing commissions per square foot per annum |
$ |
5.70 |
|
$ |
4.75 |
$ |
4.86 |
|||||
|
Percentage of initial rent |
14.8% |
|
|
11.9% |
12.0% |
|||||||
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development and redevelopment expenditures: |
|
|
|
|
|
|
|
|
|
| |
|
|
|
The Bartlett |
$ |
38,163 |
|
$ |
6,289 |
$ |
3,008 |
|||
|
Other |
45,482 |
|
|
35,412 |
36,326 |
|||||||
|
$ |
83,645 |
|
$ |
41,701 |
$ |
39,334 |
||||||
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 35 -
|
CAPITAL EXPENDITURES, |
||||||||||||
|
TENANT IMPROVEMENTS AND LEASING COMMISSIONS |
||||||||||||
|
RETAIL PROPERTIES SEGMENT |
||||||||||||
|
(unaudited and in thousands) |
||||||||||||
|
|
Year Ended December 31, |
|||||||||||
|
Capital expenditures (accrual basis): |
2014 |
2013 |
2012 |
|||||||||
|
Expenditures to maintain assets |
$ |
16,715 |
$ |
5,664 |
$ |
4,676 |
||||||
|
Tenant improvements |
551 |
12,431 |
9,052 |
|||||||||
|
Leasing commissions |
145 |
2,113 |
2,368 |
|||||||||
|
Non-recurring capital expenditures |
10,014 |
- |
- |
|||||||||
|
Total capital expenditures and leasing commissions (accrual basis) |
27,425 |
20,208 |
16,096 |
|||||||||
|
Adjustments to reconcile to cash basis: |
||||||||||||
|
Expenditures in the current year applicable to prior periods |
5,124 |
5,562 |
10,353 |
|||||||||
|
Expenditures to be made in future periods for the current period |
(9,814) |
(14,011) |
(7,754) |
|||||||||
|
Total capital expenditures and leasing commissions (cash basis) |
$ |
22,735 |
$ |
11,759 |
$ |
18,695 |
||||||
|
Our share of square feet leased |
1,032 |
1,988 |
1,377 |
|||||||||
|
Tenant improvements and leasing commissions per square foot per annum |
$ |
1.63 |
$ |
1.33 |
$ |
1.04 |
||||||
|
Percentage of initial rent |
7.6% |
6.6% |
5.2% |
|||||||||
|
Development and redevelopment expenditures: |
|
|
|
|
||||||||
|
Springfield Mall |
$ |
127,467 |
|
$ |
68,716 |
$ |
18,278 |
|||||
|
Wayne Towne Center |
19,740 |
|
4,927 |
3,452 |
||||||||
|
Other |
8,048 |
20,283 |
31,816 |
|||||||||
|
$ |
155,255 |
$ |
93,926 |
$ |
53,546 |
|||||||
- 36 -
|
CAPITAL EXPENDITURES, |
|
|
|
|
|
|
|
|
|
| |||||
|
|
TENANT IMPROVEMENTS AND LEASING COMMISSIONS |
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER |
|
|
|
|
|
|
|
|
|
| ||||
|
|
(unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
Year Ended December 31, |
|
| |||||||||
|
|
Capital expenditures (accrual basis): |
2014 |
|
|
2013 |
|
|
2012 |
|
| |||||
|
|
Expenditures to maintain assets |
$ |
19,070 |
|
|
$ |
10,748 |
|
|
$ |
17,220 |
|
| ||
|
|
Tenant improvements |
23,637 |
|
|
|
13,457 |
|
|
|
46,735 |
|
| |||
|
|
Leasing commissions |
7,265 |
|
|
|
5,626 |
|
|
|
14,869 |
|
| |||
|
|
Non-recurring capital expenditures |
10,095 |
|
|
|
520 |
|
|
|
1,080 |
|
| |||
|
|
Total capital expenditures and leasing commissions (accrual basis) |
60,067 |
|
|
|
30,351 |
|
|
|
79,904 |
|
| |||
|
|
Adjustments to reconcile to cash basis: |
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
Expenditures in the current year applicable to prior periods |
22,705 |
|
|
|
67,053 |
|
|
|
28,652 |
|
| ||
|
|
|
Expenditures to be made in future periods for the current period |
(35,391) |
|
|
|
(8,247) |
|
|
|
(43,107) |
|
| ||
|
|
Total capital expenditures and leasing commissions (cash basis) |
$ |
47,381 |
|
|
$ |
89,157 |
|
|
$ |
65,449 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development and redevelopment expenditures: |
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
220 Central Park South |
$ |
78,059 |
|
|
$ |
243,687 |
|
|
$ |
12,191 |
|
| |
|
|
|
Other |
13,422 |
|
|
|
4,118 |
|
|
|
242 |
|
| ||
|
|
|
|
|
$ |
91,481 |
|
|
$ |
247,805 |
|
|
$ |
12,433 |
|
|
- 37 -
|
DEVELOPMENT COSTS AND CONSTRUCTION IN PROGRESS | |||||||||||||||||||
|
(unaudited and in thousands, except square feet) | |||||||||||||||||||
|
|
|
Square Feet |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
At December 31, 2014 | ||||||||||
|
Development Projects |
|
|
|
|
|
Total |
|
|
Development Costs Expended |
|
|
Land and Acquisition Costs | |||||||
|
New York: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
220 Central Park South - Residential Condominiums |
|
472,000 |
(1) |
|
|
$ |
593,080 |
|
|
$ |
94,313 |
$ |
498,767 | ||||
|
1535 Broadway - Marriott Marquis - Retail & Signage |
|
108,000 |
|
|
|
|
249,253 |
|
|
|
90,853 |
158,400 | |||||||
|
Other |
|
|
|
|
|
|
89,787 |
|
|
|
89,787 |
- | |||||||
|
Total New York |
|
|
|
|
|
|
932,120 |
|
|
|
274,953 |
657,167 | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Washington, DC: |
|
|
|
|
|
|
|
|
|||||||||||
|
The Bartlett - Rental Residential / Retail |
|
618,000 |
|
|
|
|
90,590 |
|
|
|
49,290 |
41,300 | |||||||
|
Other |
|
|
|
|
|
|
101,675 |
|
|
|
101,675 |
- | |||||||
|
Total Washington, DC |
|
|
|
|
|
|
192,265 |
|
|
|
150,965 |
41,300 | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
Other Projects |
|
|
|
|
|
|
11,959 |
|
|
|
11,959 |
- | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
Total Amount on the Balance Sheet |
|
|
|
|
|
|
$ |
1,136,344 |
|
|
$ |
437,877 |
|
$ |
698,467 | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Square Feet |
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
Undeveloped Land |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington, DC: |
|
|
|
|
|
|||||||||||||
|
1900 Crystal Drive |
|
|
712,000 |
|
|
|
$ |
35,356 |
|
|
|
|
|
|
|
| |||
|
|
Metropolitan Park 6, 7 & 8: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
Retail |
|
|
23,818 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Residential (1,403 Units) |
|
|
|
|
|
|
|
82,898 |
|
|
|
|
|
|
|
| |
|
|
PenPlace: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
Office |
|
|
553,000 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Hotel (300 Units) |
|
|
|
|
|
|
|
61,970 |
|
|
|
|
|
|
|
| |
|
|
Square 649 - Office |
|
|
675,000 |
|
|
|
|
11,597 |
|
|
|
|
|
|
|
| ||
|
|
Total |
|
|
|
|
|
|
$ |
191,821 |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Zoning square feet. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
- 38 -
|
NEW YORK SEGMENT | ||||||||||||||||||||
|
PROPERTY TABLE | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
Weighted |
|
Square Feet |
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
Under Development |
|
|
|
|
| |
|
|
|
|
|
% |
|
% |
|
Annual Rent |
|
Total |
|
|
|
or Not Available |
|
Encumbrances |
|
| ||
|
Property |
|
Ownership |
|
Occupancy |
|
PSF (1) |
|
Property |
|
In Service |
|
for Lease |
|
(in thousands) |
|
Major Tenants | ||||
|
NEW YORK: |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
Penn Plaza: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
One Penn Plaza |
|
|
|
|
|
|
|
|
|
|
Cisco, MWB Leasing, Parsons Brinkerhoff, | |||||||||
|
(ground leased through 2098) |
|
|
|
|
|
|
|
|
|
|
United Health Care, United States Customs Department, | |||||||||
|
-Office |
100.0% |
94.5% |
$ |
59.29 |
|
2,251,000 |
|
2,251,000 |
|
- |
|
|
|
|
URS Corporation Group Consulting, Lion Resources | |||||
|
-Retail |
100.0% |
99.5% |
121.23 |
|
270,000 |
|
270,000 |
|
- |
|
|
|
|
Bank of America, Kmart Corporation | ||||||
|
100.0% |
95.1% |
65.92 |
|
2,521,000 |
|
2,521,000 |
|
- |
|
$ |
- |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Two Penn Plaza |
|
|
|
|
|
|
|
|
|
|
EMC, Forest Electric, Information Builders, Inc., | |||||||||
|
-Office |
100.0% |
99.6% |
54.58 |
|
1,569,000 |
|
1,569,000 |
|
- |
|
|
|
|
Madison Square Garden, McGraw-Hill Companies, Inc. | ||||||
|
-Retail |
100.0% |
38.2% |
191.38 |
|
50,000 |
|
50,000 |
|
- |
|
|
|
|
Chase Manhattan Bank | ||||||
|
100.0% |
97.7% |
58.80 |
|
1,619,000 |
1,619,000 |
|
- |
|
|
575,000 |
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eleven Penn Plaza |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Office |
100.0% |
99.5% |
57.99 |
|
1,135,000 |
|
1,135,000 |
|
- |
|
|
|
|
Macy's, Madison Square Garden, AMC Networks, Inc. | ||||
|
-Retail |
100.0% |
74.4% |
207.56 |
|
17,000 |
|
17,000 |
|
- |
|
|
|
|
PNC Bank National Association | ||||||
|
100.0% |
99.1% |
60.20 |
|
1,152,000 |
1,152,000 |
|
- |
|
|
450,000 |
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100 West 33rd Street |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Office |
100.0% |
99.6% |
54.57 |
|
849,000 |
|
849,000 |
|
- |
|
|
223,242 |
|
IPG and affiliates, Rocket Fuel | ||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Manhattan Mall |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Retail |
100.0% |
92.6% |
132.50 |
|
256,000 |
|
256,000 |
|
- |
|
|
101,758 |
|
JCPenney, Aeropostale, Express, Victoria's Secret | ||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
330 West 34th Street |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
(ground leased through 2148 - 34.8% |
|
|
|
|
|
|
|
|
|
|
Deutsch, Inc. (lease not commenced), | ||||||||
|
ownership interest in the land) |
|
|
|
|
|
|
|
|
|
|
New York & Co., Yodle, Inc. (lease not commenced) | |||||||||
|
-Office |
100.0% |
100.0% |
53.14 |
|
658,000 |
|
379,000 |
|
279,000 |
|
|
|
|
| ||||||
|
|
|
-Retail |
100.0% |
- |
- |
|
13,000 |
|
- |
|
13,000 |
|
|
|
|
| ||||
|
|
|
|
|
100.0% |
100.0% |
53.14 |
|
671,000 |
379,000 |
|
292,000 |
|
|
50,150 |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
435 Seventh Avenue |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Retail |
100.0% |
100.0% |
266.44 |
|
43,000 |
|
43,000 |
|
- |
|
|
98,000 |
|
Hennes & Mauritz | ||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
7 West 34th Street |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Office |
100.0% |
100.0% |
62.80 |
|
456,000 |
|
456,000 |
|
- |
|
|
|
|
Amazon | ||||
|
-Retail |
100.0% |
100.0% |
291.61 |
|
24,000 |
|
24,000 |
|
- |
|
|
|
|
Mango NY Inc., Amazon (lease not commenced) | ||||||
|
100.0% |
100.0% |
74.24 |
|
480,000 |
480,000 |
|
- |
|
|
- |
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
484 Eighth Avenue |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Retail |
100.0% |
- |
- |
|
16,000 |
|
16,000 |
|
- |
|
|
- |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
431 Seventh Avenue |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Retail |
100.0% |
100.0% |
219.44 |
|
10,000 |
|
10,000 |
|
- |
|
|
- |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
488 Eighth Avenue |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Retail |
100.0% |
100.0% |
71.98 |
|
6,000 |
|
6,000 |
|
- |
|
|
- |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
267 West 34th Street |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Retail |
100.0% |
100.0% |
163.65 |
|
6,000 |
|
6,000 |
|
- |
|
|
- |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Penn Plaza |
|
7,629,000 |
|
7,337,000 |
|
292,000 |
|
|
1,498,150 |
|
| ||||||||
- 39 -
|
NEW YORK SEGMENT | ||||||||||||||||||||
|
PROPERTY TABLE | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
Weighted |
|
Square Feet |
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
Under Development |
|
|
|
|
| |
|
|
|
|
|
% |
|
% |
|
Annual Rent |
|
Total |
|
|
|
or Not Available |
|
Encumbrances |
|
| ||
|
Property |
|
Ownership |
|
Occupancy |
|
PSF (1) |
|
Property |
|
In Service |
|
for Lease |
|
(in thousands) |
|
Major Tenants | ||||
|
NEW YORK (Continued): |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
Midtown East: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
909 Third Avenue |
|
|
|
|
|
|
|
|
|
|
IPG and affiliates, Forest Laboratories, Geller & Company, | |||||||||
|
(ground leased through 2063) |
|
|
|
|
|
|
|
|
|
|
Morrison Cohen LLP, Robeco USA Inc., | |||||||||
|
-Office |
100.0% |
100.0% |
$ |
56.74 |
(2) |
1,344,000 |
|
1,344,000 |
|
- |
|
$ |
350,000 |
|
United States Post Office, The Procter & Gamble Distributing LLC | |||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
150 East 58th Street |
|
|
|
|
|
|
|
|
|
|
Castle Harlan, Tournesol Realty LLC. (Peter Marino), | |||||||||
|
-Office |
100.0% |
98.2% |
67.25 |
|
542,000 |
|
542,000 |
|
- |
|
|
|
|
Various showroom tenants | ||||||
|
-Retail |
100.0% |
100.0% |
171.69 |
|
2,000 |
|
2,000 |
|
- |
|
|
|
|
| ||||||
|
|
|
|
|
100.0% |
98.2% |
67.63 |
|
544,000 |
|
544,000 |
|
- |
|
|
- |
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
715 Lexington |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Retail |
100.0% |
100.0% |
251.66 |
|
23,000 |
|
23,000 |
|
- |
|
|
- |
|
New York & Company, Zales | ||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
966 Third Avenue |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Retail |
100.0% |
100.0% |
88.91 |
|
7,000 |
|
7,000 |
|
- |
|
|
- |
|
McDonald's | ||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
968 Third Avenue |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Retail |
50.0% |
100.0% |
244.69 |
|
6,000 |
|
6,000 |
|
- |
|
|
- |
|
Capital One Financial Corporation | ||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
Total Midtown East |
|
1,924,000 |
|
1,924,000 |
|
- |
|
|
350,000 |
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Midtown West: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
888 Seventh Avenue |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
(ground leased through 2067) |
|
|
|
|
|
|
|
|
|
|
Soros Fund, TPG-Axon Capital, | ||||||||
|
-Office |
100.0% |
93.6% |
87.96 |
|
862,000 |
|
862,000 |
|
- |
|
|
|
|
Vornado Executive Headquarters | ||||||
|
-Retail |
100.0% |
100.0% |
201.62 |
|
15,000 |
|
15,000 |
|
- |
|
|
|
|
Redeye Grill L.P. | ||||||
|
100.0% |
93.7% |
89.90 |
|
877,000 |
|
877,000 |
|
- |
|
|
318,554 |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
57th Street - 5 buildings |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Office |
50.0% |
95.2% |
54.45 |
|
132,000 |
|
132,000 |
|
- |
|
|
|
|
Various | ||||
|
-Retail |
50.0% |
100.0% |
121.28 |
|
53,000 |
|
26,000 |
|
27,000 |
|
|
|
|
| ||||||
|
|
|
|
|
50.0% |
96.6% |
73.60 |
|
185,000 |
158,000 |
|
27,000 |
|
|
20,000 |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
825 Seventh Avenue |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Office |
50.0% |
100.0% |
73.99 |
|
170,000 |
|
170,000 |
|
- |
|
|
|
|
Young & Rubicam | ||||
|
-Retail |
100.0% |
100.0% |
256.65 |
|
4,000 |
|
4,000 |
|
- |
|
|
|
|
Lindy's | ||||||
|
51.1% |
100.0% |
78.19 |
|
174,000 |
174,000 |
|
- |
|
|
20,500 |
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Midtown West |
|
1,236,000 |
|
1,209,000 |
|
27,000 |
|
|
359,054 |
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Park Avenue: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
280 Park Avenue |
|
|
|
|
|
|
|
|
|
|
Cohen & Steers Inc. | |||||||||
|
-Office |
50.0% |
100.0% |
96.03 |
|
1,223,000 |
|
751,000 |
|
472,000 |
|
|
|
|
Investcorp International Inc. | ||||||
|
-Retail |
50.0% |
100.0% |
218.92 |
|
18,000 |
|
4,000 |
|
14,000 |
|
|
|
|
Scottrade Inc., Starbucks | ||||||
|
50.0% |
100.0% |
97.81 |
|
1,241,000 |
755,000 |
|
486,000 |
|
|
730,171 |
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
350 Park Avenue |
|
|
|
|
|
|
|
|
|
|
Kissinger Associates Inc., Ziff Brothers Investment Inc., | |||||||||
|
-Office |
100.0% |
99.3% |
91.59 |
|
553,000 |
|
553,000 |
|
- |
|
|
|
|
MFA Financial Inc., M&T Bank | ||||||
|
-Retail |
100.0% |
100.0% |
201.31 |
|
17,000 |
|
17,000 |
|
- |
|
|
|
|
Fidelity Investment, AT&T Wireless, Valley National Bank | ||||||
|
100.0% |
99.4% |
94.86 |
|
570,000 |
570,000 |
|
- |
|
|
294,484 |
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Park Avenue |
|
1,811,000 |
|
1,325,000 |
|
486,000 |
|
|
1,024,655 |
|
| ||||||||
- 40 -
|
NEW YORK SEGMENT | ||||||||||||||||||||
|
PROPERTY TABLE | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
Weighted |
|
Square Feet |
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
Under Development |
|
|
|
|
| |
|
|
|
|
|
% |
|
% |
|
Annual Rent |
|
Total |
|
|
|
or Not Available |
|
Encumbrances |
|
| ||
|
Property |
|
Ownership |
|
Occupancy |
|
PSF (1) |
|
Property |
|
In Service |
|
for Lease |
|
(in thousands) |
|
Major Tenants | ||||
|
NEW YORK (Continued): |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
Grand Central: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
90 Park Avenue |
|
|
|
|
|
|
|
|
|
|
Alston & Bird, Amster, Rothstein & Ebenstein, | |||||||||
|
|
|
|
|
|
|
|
|
|
|
Capital One, First Manhattan Consulting, | ||||||||||
|
-Office |
100.0% |
97.1% |
$ |
75.25 |
|
910,000 |
|
910,000 |
|
- |
|
|
|
|
Factset Research Systems Inc., Foley & Lardner | |||||
|
-Retail |
100.0% |
100.0% |
114.10 |
|
26,000 |
|
26,000 |
|
- |
|
|
|
|
Citibank | ||||||
|
100.0% |
97.2% |
76.33 |
|
936,000 |
|
936,000 |
|
- |
|
$ |
- |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
330 Madison Avenue |
|
|
|
|
|
|
|
|
|
|
Guggenheim Partners LLC, HSBC Bank AFS, | |||||||||
|
-Office |
25.0% |
99.0% |
67.51 |
|
806,000 |
|
806,000 |
|
- |
|
|
|
|
Jones Lang LaSalle Inc., Wells Fargo | ||||||
|
-Retail |
25.0% |
100.0% |
280.98 |
|
32,000 |
|
32,000 |
|
- |
|
|
|
|
Ann Taylor Retail Inc., Citibank | ||||||
|
25.0% |
99.1% |
75.66 |
|
838,000 |
|
838,000 |
|
- |
|
|
150,000 |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
510 Fifth Avenue |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Retail |
100.0% |
90.6% |
141.08 |
|
65,000 |
|
65,000 |
|
- |
|
|
30,154 |
|
Joe Fresh | ||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
Total Grand Central |
|
1,839,000 |
|
1,839,000 |
|
- |
|
|
180,154 |
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Madison/Fifth: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
640 Fifth Avenue |
|
|
|
|
|
|
|
|
|
|
Fidelity Investments, Janus Capital Group Inc., | |||||||||
|
|
|
|
|
|
|
|
|
|
|
Scout Capital Management, | ||||||||||
|
-Office |
100.0% |
87.5% |
84.47 |
|
263,000 |
|
263,000 |
|
- |
|
|
|
|
Legg Mason Investment Counsel | ||||||
|
-Retail |
100.0% |
100.0% |
244.67 |
|
62,000 |
|
62,000 |
|
- |
|
|
|
|
Citibank, Hennes & Mauritz | ||||||
|
100.0% |
89.9% |
115.03 |
|
325,000 |
|
325,000 |
|
- |
|
|
- |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
666 Fifth Avenue |
|
|
|
|
|
|
|
|
|
|
Fulbright & Jaworski, Colliers International NY LLC, | |||||||||
|
-Office (Office Condo) |
49.5% |
76.2% |
74.73 |
|
1,371,000 |
|
1,371,000 |
|
- |
|
|
1,223,265 |
|
Integrated Holding Group, Vinson & Elkins LLP | ||||||
|
-Retail (Office Condo) |
49.5% |
100.0% |
164.83 |
|
45,000 |
|
45,000 |
|
- |
|
|
- |
|
HSBC Bank USA, Citibank (lease not yet commenced) | ||||||
|
-Retail (Retail Condo) |
100.0% |
100.0% |
365.71 |
|
114,000 |
(3) |
114,000 |
|
- |
|
|
390,000 |
|
Uniqlo, Hollister, Swatch | ||||||
|
78.7% |
99.06 |
|
1,530,000 |
|
1,530,000 |
|
- |
|
|
1,613,265 |
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
595 Madison Avenue |
|
|
|
|
|
|
|
|
|
|
Beauvais Carpets, Levin Capital Strategies LP, | |||||||||
|
-Office |
100.0% |
98.6% |
72.52 |
|
292,000 |
|
292,000 |
|
- |
|
|
|
|
Cosmetech Mably Int'l LLC. | ||||||
|
-Retail |
100.0% |
100.0% |
778.99 |
|
30,000 |
|
30,000 |
|
- |
|
|
|
|
Coach, Prada | ||||||
|
100.0% |
98.7% |
138.34 |
|
322,000 |
|
322,000 |
|
- |
|
|
- |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
650 Madison Avenue |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Office |
20.1% |
86.2% |
103.16 |
|
527,000 |
|
527,000 |
|
- |
|
|
|
|
Memorial Sloan Kettering Cancer Center, Polo Ralph Lauren | ||||
|
-Retail |
20.1% |
100.0% |
266.46 |
|
71,000 |
|
71,000 |
|
- |
|
|
|
|
Crate & Barrel | ||||||
|
20.1% |
87.9% |
122.55 |
|
598,000 |
|
598,000 |
|
- |
|
|
800,000 |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
689 Fifth Avenue |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Office |
100.0% |
100.0% |
69.47 |
|
82,000 |
|
82,000 |
|
- |
|
|
|
|
Yamaha Artist Services Inc. | ||||
|
-Retail |
100.0% |
100.0% |
724.55 |
|
17,000 |
|
17,000 |
|
- |
|
|
|
|
MAC Cosmetics, Massimo Dutti | ||||||
|
100.0% |
100.0% |
181.95 |
|
99,000 |
|
99,000 |
|
- |
|
|
- |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
655 Fifth Avenue |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Retail |
92.5% |
100.0% |
189.00 |
|
57,000 |
|
57,000 |
|
- |
|
|
140,000 |
|
Ferragamo | ||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
697-703 5th Avenue (St. Regis) |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Retail |
74.3% |
100.0% |
340.14 |
|
25,000 |
|
25,000 |
|
- |
|
|
- |
|
Bottega Veneta, DeBeers Diamond Jewelers | ||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
Total Madison/Fifth |
|
2,956,000 |
|
2,956,000 |
|
- |
|
|
2,553,265 |
|
| ||||||||
- 41 -
|
NEW YORK SEGMENT | ||||||||||||||||||||
|
PROPERTY TABLE | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
Weighted |
|
Square Feet |
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
Under Development |
|
|
|
|
| |
|
|
|
|
|
% |
|
% |
|
Annual Rent |
|
Total |
|
|
|
or Not Available |
|
Encumbrances |
|
| ||
|
Property |
|
Ownership |
|
Occupancy |
|
PSF (1) |
|
Property |
|
In Service |
|
for Lease |
|
(in thousands) |
|
Major Tenants | ||||
|
NEW YORK (Continued): |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
Midtown South: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
770 Broadway |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Office |
100.0% |
100.0% |
$ |
66.60 |
|
982,000 |
|
982,000 |
|
- |
|
|
|
|
AOL, J. Crew, Facebook, Structure Tone | |||
|
-Retail |
100.0% |
100.0% |
49.80 |
|
166,000 |
|
166,000 |
|
- |
|
|
|
|
Ann Taylor Retail Inc., Bank of America, Kmart Corporation | ||||||
|
100.0% |
100.0% |
64.18 |
|
1,148,000 |
|
1,148,000 |
|
- |
|
$ |
353,000 |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One Park Avenue |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Office |
55.0% |
96.5% |
44.77 |
|
864,000 |
|
864,000 |
|
- |
|
|
|
|
New York University, Public Service Mutual Insurance | ||||
|
-Retail |
55.0% |
100.0% |
61.59 |
|
79,000 |
|
79,000 |
|
- |
|
|
|
|
Bank of Baroda, Citibank, Equinox, Men's Wearhouse | ||||||
|
55.0% |
96.8% |
46.18 |
|
943,000 |
|
943,000 |
|
- |
|
|
250,000 |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 Union Square South |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Retail |
100.0% |
100.0% |
92.38 |
|
206,000 |
|
206,000 |
|
- |
|
|
119,847 |
|
Burlington Coat Factory, Whole Foods Market, DSW, Forever 21 | ||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
692 Broadway |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Retail |
100.0% |
100.0% |
69.76 |
|
35,000 |
|
35,000 |
|
- |
|
|
- |
|
Equinox, Major League Baseball | ||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
Total Midtown South |
|
2,332,000 |
|
2,332,000 |
|
- |
|
|
722,847 |
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rockefeller Center: |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
1290 Avenue of the Americas |
|
|
|
|
|
|
|
|
|
|
AXA Equitable Life Insurance, Hachette Book Group Inc., | |||||||||
|
|
|
|
|
|
|
|
|
|
|
Bryan Cave LLP, Neuberger Berman (lease not commenced), | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
Warner Music Group, Cushman & Wakefield, Fitzpatrick, | ||||||||||
|
-Office |
70.0% |
97.8% |
75.90 |
|
2,036,000 |
|
2,036,000 |
|
- |
|
|
|
|
Cella, Harper & Scinto, Columbia University, SSB Realty LLC, | ||||||
|
-Retail |
70.0% |
100.0% |
159.18 |
|
73,000 |
|
73,000 |
|
- |
|
|
|
|
Duane Reade, JPMorgan Chase Bank, Sovereign Bank | ||||||
|
70.0% |
97.8% |
78.78 |
|
2,109,000 |
|
2,109,000 |
|
- |
|
|
950,000 |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
608 Fifth Avenue (ground leased through 2033) |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Office |
100.0% |
93.9% |
58.04 |
|
81,000 |
|
81,000 |
|
- |
|
|
|
|
| ||||
|
|
|
-Retail |
100.0% |
100.0% |
365.75 |
|
44,000 |
|
44,000 |
|
- |
|
|
|
|
Topshop | ||||
|
100.0% |
96.0% |
166.36 |
|
125,000 |
125,000 |
|
- |
|
|
- |
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Rockefeller Center |
|
2,234,000 |
|
2,234,000 |
|
- |
|
|
950,000 |
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wall Street/Downtown: |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
20 Broad Street (ground leased through 2081) |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Office |
100.0% |
99.3% |
58.54 |
|
472,000 |
|
472,000 |
|
- |
|
|
- |
|
New York Stock Exchange | ||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
40 Fulton Street |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Office |
100.0% |
99.0% |
37.32 |
|
244,000 |
|
244,000 |
|
- |
|
|
|
|
Market News International Inc., Sapient Corp. | ||||
|
-Retail |
100.0% |
100.0% |
97.78 |
|
5,000 |
|
5,000 |
|
- |
|
|
|
|
TD Bank | ||||||
|
100.0% |
99.0% |
38.54 |
|
249,000 |
249,000 |
|
- |
|
|
- |
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Wall Street/Downtown |
|
721,000 |
|
721,000 |
|
- |
|
|
- |
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Times Square: |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
1540 Broadway |
|
|
|
|
|
|
|
|
|
|
Forever 21, Planet Hollywood, Disney, Sunglass Hut, | |||||||||
|
-Retail |
100.0% |
100.0% |
213.74 |
|
160,000 |
|
160,000 |
|
- |
|
|
- |
|
MAC Cosmetics, U.S. Polo | ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
1535 Broadway (Marriott Marquis - retail and signage) |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
(ground and building leased through 2032) |
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
-Retail |
100.0% |
100.0% |
2,050.00 |
|
46,000 |
|
4,000 |
|
42,000 |
|
|
|
|
T-Mobile (lease not yet commenced) | ||||
|
-Theatre |
100.0% |
100.0% |
13.49 |
|
62,000 |
|
62,000 |
|
- |
|
|
|
|
Nederlander-Marquis Theatre | ||||||
|
100.0% |
100.0% |
136.91 |
|
108,000 |
66,000 |
|
42,000 |
|
|
- |
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Times Square |
|
268,000 |
|
226,000 |
|
42,000 |
|
|
- |
|
| ||||||||
- 42 -
|
NEW YORK SEGMENT | ||||||||||||||||||||
|
PROPERTY TABLE | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
Weighted |
|
Square Feet |
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
Under Development |
|
|
|
|
| |
|
|
|
|
|
% |
|
% |
|
Annual Rent |
|
Total |
|
|
|
or Not Available |
|
Encumbrances |
|
| ||
|
Property |
|
Ownership |
|
Occupancy |
|
PSF (1) |
|
Property |
|
In Service |
|
for Lease |
|
(in thousands) |
|
Major Tenants | ||||
|
NEW YORK (Continued): |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
Soho: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
478-486 Broadway - 2 buildings |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Retail |
100.0% |
100.0% |
$ |
150.49 |
|
85,000 |
|
85,000 |
|
- |
|
$ |
- |
|
Topshop, Madewell, J. Crew | |||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
443 Broadway |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Retail |
100.0% |
100.0% |
127.30 |
|
16,000 |
|
16,000 |
|
- |
|
|
- |
|
Necessary Clothing | ||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
304 Canal Street |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Retail |
100.0% |
- |
- |
|
14,000 |
|
- |
|
14,000 |
|
|
- |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
334 Canal Street |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Retail |
100.0% |
100.0% |
- |
|
15,000 |
|
3,000 |
|
12,000 |
|
|
- |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
155 Spring Street |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Retail |
100.0% |
98.5% |
78.84 |
|
49,000 |
|
49,000 |
|
- |
|
|
- |
|
Sigrid Olsen | ||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
148 Spring Street |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Retail |
100.0% |
100.0% |
127.68 |
|
7,000 |
|
7,000 |
|
- |
|
|
- |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
150 Spring Street |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Retail |
100.0% |
100.0% |
237.64 |
|
7,000 |
|
7,000 |
|
- |
|
|
- |
|
Sandro | ||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
Total Soho |
|
193,000 |
|
167,000 |
|
26,000 |
|
|
- |
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Upper East Side: |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
828-850 Madison Avenue |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Retail |
100.0% |
100.0% |
574.22 |
|
18,000 |
|
18,000 |
|
- |
|
|
80,000 |
|
Gucci, Chloe, Cartier | ||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
677-679 Madison Avenue |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Retail |
100.0% |
100.0% |
440.24 |
|
8,000 |
|
8,000 |
|
- |
|
|
- |
|
Anne Fontaine | ||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
40 East 66th Street |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Retail |
100.0% |
100.0% |
855.53 |
|
11,000 |
|
11,000 |
|
- |
|
|
- |
|
John Varvatos, Nespresso USA, J. Crew | ||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
1131 Third Avenue |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Retail |
100.0% |
85.9% |
109.09 |
|
22,000 |
|
22,000 |
|
- |
|
|
- |
|
Nike, Boom Fitness | ||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
Total Upper East Side |
|
59,000 |
|
59,000 |
|
- |
|
|
80,000 |
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey: |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
Paramus |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Office |
100.0% |
96.1% |
21.41 |
|
129,000 |
|
129,000 |
|
- |
|
|
- |
|
Vornado's Administrative Headquarters | ||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Washington D.C.: |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
3040 M Street |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
-Retail |
100.0% |
100.0% |
61.67 |
|
44,000 |
|
44,000 |
|
- |
|
|
- |
|
Nike, Barneys | ||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
New York Office: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
96.1% |
|
$ |
67.08 |
|
20,803,000 |
|
20,052,000 |
|
751,000 |
|
$ |
6,758,366 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vornado's Ownership Interest |
|
|
|
96.9% |
|
$ |
65.37 |
|
17,323,000 |
|
16,808,000 |
|
515,000 |
|
$ |
4,881,607 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York Retail: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
96.7% |
|
$ |
168.48 |
|
2,572,000 |
|
2,450,000 |
|
122,000 |
|
$ |
959,759 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vornado's Ownership Interest |
|
|
|
96.4% |
|
$ |
174.08 |
|
2,281,000 |
|
2,179,000 |
|
102,000 |
|
$ |
959,759 |
|
| |
- 43 -
|
NEW YORK SEGMENT | ||||||||||||||||||||
|
PROPERTY TABLE | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
Weighted |
|
Square Feet |
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
Under Development |
|
|
|
|
| |
|
|
|
|
|
% |
|
% |
|
Annual Rent |
|
Total |
|
|
|
or Not Available |
|
Encumbrances |
|
| ||
|
Property |
|
Ownership |
|
Occupancy |
|
PSF (1) |
|
Property |
|
In Service |
|
for Lease |
|
(in thousands) |
|
Major Tenants | ||||
|
NEW YORK (Continued): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
ALEXANDER'S, INC.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
New York: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
731 Lexington Avenue, Manhattan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
-Office |
|
32.4% |
100.0% |
$ |
98.38 |
|
885,000 |
|
885,000 |
|
- |
|
$ |
300,000 |
|
Bloomberg | ||
|
-Retail |
|
32.4% |
100.0% |
174.95 |
|
174,000 |
|
174,000 |
|
- |
|
|
320,000 |
|
Hennes & Mauritz, The Home Depot, The Container Store | |||||
|
|
|
32.4% |
100.0% |
109.95 |
|
1,059,000 |
1,059,000 |
|
- |
|
|
620,000 |
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rego Park I, Queens (4.8 acres) |
|
32.4% |
100.0% |
37.97 |
|
343,000 |
|
343,000 |
|
- |
|
|
78,246 |
|
Sears, Burlington Coat Factory, Bed Bath & Beyond, Marshalls | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Rego Park II (adjacent to Rego Park I), |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
Queens (6.6 acres) |
|
32.4% |
98.9% |
41.70 |
|
609,000 |
|
609,000 |
|
- |
|
|
266,534 |
|
Century 21, Costco, Kohl's, TJ Maxx, Toys "R" Us | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Flushing, Queens (4) (1.0 acre) |
|
32.4% |
100.0% |
16.53 |
|
167,000 |
|
167,000 |
|
- |
|
|
- |
|
New World Mall LLC | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Paramus, New Jersey |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
(30.3 acres ground leased to IKEA |
|
32.4% |
100.0% |
- |
|
- |
|
- |
|
- |
|
|
68,000 |
|
IKEA (ground lessee) | ||||
|
through 2041) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property under Development: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Rego Park II Apartment Tower, Queens, NY |
|
32.4% |
- |
- |
|
255,000 |
|
- |
|
255,000 |
|
|
- |
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property to be Developed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Rego Park III (adjacent to Rego Park II), |
|
32.4% |
- |
- |
|
- |
|
- |
|
- |
|
|
- |
|
| |||||
|
|
Queens, NY (3.4 acres) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Alexander's |
|
|
|
99.7% |
72.2 |
|
2,433,000 |
|
2,178,000 |
|
255,000 |
|
|
1,032,780 |
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Pennsylvania: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Hotel (1,700 Keys) |
|
100.0% |
- |
- |
|
1,400,000 |
1,400,000 |
|
- |
|
|
- |
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
50-70 W 93rd Street (326 units) |
|
49.9% |
98.8% |
- |
|
283,000 |
283,000 |
|
- |
|
|
65,000 |
|
| ||||||
|
|
|
|
|
|
|
|
|
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|
Independence Plaza, Tribeca (1,328 units) |
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|
|
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|
|
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|
| ||
|
|
|
-Residential |
|
50.1% |
95.0% |
- |
|
1,190,000 |
|
1,190,000 |
|
- |
|
|
|
|
| |||
|
|
|
-Retail |
|
50.1% |
91.5% |
61.14 |
|
51,000 |
|
51,000 |
|
- |
|
|
|
|
Duane Reade, Food Emporium | |||
|
|
|
|
|
|
|
|
|
|
1,241,000 |
1,241,000 |
|
- |
|
|
550,000 |
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Residential |
|
|
|
95.2% |
|
1,524,000 |
|
1,524,000 |
|
- |
|
|
615,000 |
|
| ||||
|
|
|
|
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|
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|
|
|
Total New York |
|
|
|
|
96.4% |
|
$ |
77.67 |
|
28,732,000 |
|
27,604,000 |
|
1,128,000 |
|
$ |
9,365,905 |
|
| |
|
|
|
|
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|
|
|
Vornado's Ownership Interest |
|
|
|
96.9% |
|
$ |
77.58 |
|
22,555,000 |
|
21,856,000 |
|
699,000 |
|
$ |
6,483,971 |
|
| ||
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(1) |
Weighted Average Annual Rent PSF excludes ground rent, storage rent, garages and residential. | |||||||||||||||||||
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(2) |
Excludes US Post Office leased through 2038 (including four five-year renewal options) for which the annual escalated rent is $11.27 PSF. | |||||||||||||||||||
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(3) |
75,000 square feet is leased from the office condo. | |||||||||||||||||||
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(4) |
Leased by Alexander's through January 2037. | |||||||||||||||||||
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- 44 -
|
WASHINGTON, DC SEGMENT |
| |||||||||||||||||||
|
PROPERTY TABLE |
| |||||||||||||||||||
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Weighted |
|
Square Feet |
|
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| |||||
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|
|
Average |
|
|
|
|
|
Under Development |
|
|
|
|
|
| |
|
|
|
|
% |
|
% |
|
Annual Rent |
|
Total |
|
|
|
or Not Available |
|
Encumbrances |
|
|
| ||
|
Property |
|
Ownership |
|
Occupancy |
|
PSF (1) |
|
Property |
|
In Service |
|
for Lease |
|
(in thousands) |
|
Major Tenants |
| |||
|
WASHINGTON, DC: |
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| ||||||||
|
Crystal City: |
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| ||||||||
|
2011-2451 Crystal Drive - 5 buildings |
100.0% |
89.3% |
$ |
43.29 |
|
2,321,000 |
|
2,321,000 |
|
- |
|
$ |
223,652 |
|
General Services Administration, Lockheed Martin, |
| ||||
|
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Conservation International, Smithsonian Institution, |
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Natl. Consumer Coop. Bank, Council on Foundations, |
|
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Vornado / Charles E. Smith Headquarters, KBR, Scitor Corp., |
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Food Marketing Institute, Finmeccanica |
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|
S. Clark Street / 12th Street - 5 buildings |
100.0% |
76.9% |
40.81 |
|
1,540,000 |
|
1,540,000 |
|
- |
|
|
58,829 |
|
General Services Administration, |
| |||||
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Boeing, L-3 Communications, |
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The Int'l Justice Mission, Management Systems International |
|
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|
1550-1750 Crystal Drive / |
100.0% |
80.4% |
40.62 |
|
1,484,000 |
|
1,484,000 |
|
- |
|
|
40,865 |
|
General Services Administration, |
| |||||
|
|
241-251 18th Street - 4 buildings |
|
|
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|
Alion Science & Technologies, Booz Allen, |
| |||||||
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Arete Associates, Battelle Memorial Institute |
|
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|
1800, 1851 and 1901 South Bell Street |
100.0% |
93.8% |
40.22 |
|
869,000 |
|
506,000 |
|
363,000 |
|
|
- |
|
General Services Administration, |
| |||||
|
|
- 3 buildings |
|
|
|
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|
|
Lockheed Martin |
| |||||||
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| |
|
2100 / 2200 Crystal Drive - 2 buildings |
100.0% |
100.0% |
33.32 |
|
529,000 |
|
529,000 |
|
- |
|
|
- |
|
General Services Administration, |
| |||||
|
|
|
|
|
|
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|
Public Broadcasting Service |
|
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|
223 23rd Street / 2221 South Clark Street |
100.0% |
- |
- |
|
316,000 |
|
- |
|
316,000 |
|
|
- |
|
WeWork |
| |||||
|
|
- 2 buildings |
|
|
|
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|
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| |||||||
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|
2001 Jefferson Davis Highway |
100.0% |
63.1% |
36.45 |
|
162,000 |
|
162,000 |
|
- |
|
|
- |
|
Institute for the Psychology Sciences, VT Aepco, Inc., |
| |||||
|
|
|
|
|
|
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|
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|
National Crime Prevention |
|
|
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|
|
|
|
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|
|
|
|
|
|
Crystal City Shops at 2100 |
100.0% |
96.0% |
25.74 |
|
80,000 |
|
80,000 |
|
- |
|
|
- |
|
Various |
| |||||
|
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|
Crystal Drive Retail |
100.0% |
100.0% |
45.81 |
|
57,000 |
|
57,000 |
|
- |
|
|
- |
|
Various |
| |||||
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|
|
|
|
|
|
Total Crystal City |
100.0% |
85.2% |
40.66 |
|
7,358,000 |
|
6,679,000 |
|
679,000 |
|
|
323,346 |
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
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|
|
|
|
|
Central Business District: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
Universal Buildings |
100.0% |
98.4% |
44.57 |
|
685,000 |
|
685,000 |
|
- |
|
|
185,000 |
|
Family Health International, WeWork |
| |||||
|
|
1825-1875 Connecticut Avenue, NW |
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
- 2 buildings |
|
|
|
|
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|
|
|
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|
| |||||||
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|
|
|
|
|
|
|
Warner Building - 1299 Pennsylvania |
55.0% |
77.4% |
68.96 |
|
613,000 |
|
613,000 |
|
- |
|
|
292,700 |
|
Baker Botts LLP, General Electric, Cooley LLP, |
| |||||
|
|
Avenue, NW |
|
|
|
|
|
|
|
|
|
|
Facebook, Live Nation |
| |||||||
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2101 L Street, NW |
100.0% |
99.0% |
66.51 |
|
380,000 |
|
380,000 |
|
- |
|
|
148,922 |
|
Greenberg Traurig, LLP, US Green Building Council, |
| |||||
|
|
|
|
|
|
|
|
|
|
|
American Insurance Association, RTKL Associates, DTZ |
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1750 Pennsylvania Avenue, NW |
100.0% |
94.0% |
48.37 |
|
277,000 |
|
277,000 |
|
- |
|
|
- |
|
General Services Administration, UN Foundation, AOL |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1150 17th Street, NW |
100.0% |
91.7% |
45.13 |
|
241,000 |
|
241,000 |
|
- |
|
|
28,728 |
|
American Enterprise Institute |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bowen Building - 875 15th Street, NW |
100.0% |
100.0% |
68.24 |
|
231,000 |
|
231,000 |
|
- |
|
|
115,022 |
|
Paul Hastings LLP, Millennium Challenge Corporation |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1101 17th Street, NW |
55.0% |
97.2% |
47.73 |
|
214,000 |
|
214,000 |
|
- |
|
|
31,000 |
|
AFSCME, Verto Solutions |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1730 M Street, NW |
100.0% |
90.8% |
46.53 |
|
203,000 |
|
203,000 |
|
- |
|
|
14,853 |
|
General Services Administration |
| |||||
|
|
(ground rent through 2061) |
|
|
|
|
|
|
|
|
|
|
|
| |||||||
- 45 -
|
WASHINGTON, DC SEGMENT |
| ||||||||||||||||||
|
PROPERTY TABLE |
| ||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
Square Feet |
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
Average |
|
|
|
|
|
Under Development |
|
|
|
|
|
| |
|
|
|
% |
|
% |
|
Annual Rent |
|
Total |
|
|
|
or Not Available |
|
Encumbrances |
|
|
| ||
|
Property |
|
Ownership |
|
Occupancy |
|
PSF (1) |
|
Property |
|
In Service |
|
for Lease |
|
(in thousands) |
|
Major Tenants |
| ||
|
WASHINGTON, DC (Continued): |
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
1726 M Street, NW |
100.0% |
98.0% |
$ |
42.60 |
|
92,000 |
|
92,000 |
|
- |
|
$ |
- |
|
Aptima, Inc., Nelnet Corporation |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Waterfront Station |
2.5% |
- |
- |
|
675,000 |
|
- |
|
675,000 |
* |
|
- |
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1501 K Street, NW |
5.0% |
100.0% |
66.80 |
|
379,000 |
|
379,000 |
|
- |
|
|
- |
|
Sidley Austin LLP, UBS |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1399 New York Avenue, NW |
100.0% |
90.4% |
79.64 |
|
129,000 |
|
129,000 |
|
- |
|
|
- |
|
Bloomberg, Abbott Laboratories, Abbvie US LLC |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Central Business District |
93.9% |
55.17 |
|
4,119,000 |
|
3,444,000 |
|
675,000 |
|
|
816,225 |
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Skyline Properties: |
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Skyline Place - 7 buildings |
100.0% |
42.2% |
33.39 |
|
2,130,000 |
|
2,130,000 |
|
- |
|
|
560,392 |
|
General Services Administration, Analytic Services, |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northrop Grumman, Axiom Resource Management, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Booz Allen, Intellidyne, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One Skyline Tower |
100.0% |
100.0% |
33.17 |
|
518,000 |
|
518,000 |
|
- |
|
|
138,938 |
|
General Services Administration |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Skyline Properties |
100.0% |
53.5% |
33.30 |
|
2,648,000 |
|
2,648,000 |
|
- |
|
|
699,330 |
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rosslyn / Ballston: |
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
2200 / 2300 Clarendon Blvd |
100.0% |
94.7% |
44.06 |
|
638,000 |
|
638,000 |
|
- |
|
|
35,132 |
|
Arlington County, General Services Administration, |
| ||||
|
(Courthouse Plaza) - 2 buildings |
|
|
|
|
|
|
|
|
|
|
AMC Theaters |
| |||||||
|
(ground leased through 2062) |
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rosslyn Plaza - 4 buildings |
46.2% |
55.8% |
40.89 |
|
736,000 |
|
534,000 |
|
202,000 |
|
|
33,488 |
|
General Services Administration, Corporate Executive Board |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nathan Associates, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Rosslyn / Ballston |
83.7% |
43.42 |
|
1,374,000 |
|
1,172,000 |
|
202,000 |
|
|
68,620 |
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reston: |
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Commerce Executive - 3 buildings |
100.0% |
` |
86.8% |
32.82 |
|
419,000 |
|
400,000 |
|
19,000 |
* |
|
- |
|
L-3 Communications, Allworld Language Consultants, |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BT North America, Applied Information Sciences, Clarabridge Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rockville/Bethesda: |
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Democracy Plaza One |
100.0% |
92.4% |
32.08 |
|
216,000 |
|
216,000 |
|
- |
|
|
- |
|
National Institutes of Health |
| ||||
|
(ground leased through 2084) |
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tysons Corner: |
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Fairfax Square - 3 buildings |
20.0% |
86.2% |
41.96 |
|
559,000 |
|
559,000 |
|
- |
|
|
90,000 |
|
Dean & Company, Womble Carlyle |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pentagon City: |
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Fashion Centre Mall |
7.5% |
98.0% |
41.53 |
|
821,000 |
|
821,000 |
|
- |
|
|
410,000 |
|
Macy's, Nordstrom |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington Tower |
7.5% |
100.0% |
41.68 |
|
170,000 |
|
170,000 |
|
- |
|
|
40,000 |
|
The Rand Corporation |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Pentagon City |
98.4% |
41.56 |
|
991,000 |
|
991,000 |
|
- |
|
|
450,000 |
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Washington, DC office properties |
|
|
|
82.1% |
|
$ |
43.64 |
|
17,684,000 |
|
16,109,000 |
|
1,575,000 |
|
$ |
2,447,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vornado's Ownership Interest |
|
|
|
80.9% |
|
$ |
42.69 |
|
14,534,000 |
|
13,731,000 |
|
803,000 |
|
$ |
1,797,000 |
|
|
|
- 46 -
|
WASHINGTON, DC SEGMENT |
| ||||||||||||||||||
|
PROPERTY TABLE |
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
Square Feet |
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
Average |
|
|
|
|
|
Under Development |
|
|
|
|
|
| |
|
|
|
% |
|
% |
|
Annual Rent |
|
Total |
|
|
|
or Not Available |
|
Encumbrances |
|
|
| ||
|
Property |
|
Ownership |
|
Occupancy |
|
PSF (1) |
|
Property |
|
In Service |
|
for Lease |
|
(in thousands) |
|
Major Tenants |
| ||
|
WASHINGTON, DC (Continued): |
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Residential: |
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
For rent residential: |
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Riverhouse - 3 buildings (1,670 units) |
100.0% |
97.4% |
$ |
- |
|
1,802,000 |
|
1,802,000 |
|
- |
|
$ |
259,546 |
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
West End 25 (283 units) |
100.0% |
96.8% |
- |
|
273,000 |
|
273,000 |
|
- |
|
|
101,671 |
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
220 20th Street (265 units) |
100.0% |
98.5% |
- |
|
269,000 |
|
269,000 |
|
- |
|
|
71,256 |
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rosslyn Plaza - 2 buildings (196 units) |
43.7% |
95.9% |
- |
|
253,000 |
|
253,000 |
|
- |
|
|
- |
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Residential |
97.4% |
|
2,597,000 |
|
2,597,000 |
|
- |
|
|
432,473 |
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other: |
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Crystal City Hotel |
100.0% |
100.0% |
- |
|
266,000 |
|
266,000 |
|
- |
|
|
- |
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Met Park / Warehouses - 1 building |
100.0% |
100.0% |
- |
|
129,000 |
|
109,000 |
|
20,000 |
* |
|
- |
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Bartlett - 1 building |
100.0% |
- |
- |
|
618,000 |
|
- |
|
618,000 |
|
|
- |
|
Whole Foods |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other - 3 buildings |
100.0% |
100.0% |
- |
|
11,000 |
|
9,000 |
|
2,000 |
* |
|
- |
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Other |
100.0% |
|
1,024,000 |
|
384,000 |
|
640,000 |
|
|
- |
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Washington, DC |
|
|
|
84.5% |
|
$ |
43.64 |
|
21,305,000 |
|
19,090,000 |
|
2,215,000 |
|
$ |
2,879,994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vornado's Ownership Interest |
|
|
|
83.8% |
|
$ |
42.69 |
|
18,012,000 |
|
16,570,000 |
|
1,442,000 |
|
$ |
2,229,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* We do not capitalize interest or real estate taxes on this space. |
|
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Weighted Average Annual Rent PSF excludes ground rent, storage rent, garages and residential. |
|
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 47 -
|
RETAIL PROPERTIES SEGMENT | |||||||||||||||||||||
|
PROPERTY TABLE | |||||||||||||||||||||
|
|
|
|
|
|
|
Weighted |
|
Square Feet |
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
Average |
|
|
|
In Service |
|
Under Development |
|
|
|
|
|
| |||
|
|
|
% |
|
% |
|
Annual Rent |
|
Total |
|
Owned by |
|
Owned By |
|
or Not Available |
|
Encumbrances |
|
| |||
|
Property |
|
Ownership |
|
Occupancy |
|
PSF (1) |
|
Property |
|
Company |
|
Tenant (2) |
|
for Lease |
|
(in thousands) |
|
Major Tenants | |||
|
RETAIL PROPERTIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
STRIP SHOPPING CENTERS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
New Jersey: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Wayne Town Center, Wayne |
|
100.0% |
100.0% |
$ |
26.25 |
|
663,000 |
|
101,000 |
|
443,000 |
|
119,000 |
|
$ |
- |
|
|
JCPenney, Costco, Dick's Sporting Goods | ||
|
(ground leased through 2064) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
East Brunswick |
100.0% |
100.0% |
17.10 |
|
427,000 |
|
254,000 |
|
173,000 |
|
- |
|
|
35,793 |
(3) |
|
Lowe's, Kohl's, Dick's Sporting Goods, P.C. Richard & Son, | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
T.J. Maxx, LA Fitness | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North Bergen (Tonnelle Avenue) |
100.0% |
98.9% |
25.81 |
|
410,000 |
|
204,000 |
|
206,000 |
|
- |
|
|
75,000 |
|
|
Wal-Mart, BJ's Wholesale Club, PetSmart, Staples | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
East Hanover (200 - 240 Route 10 West) |
100.0% |
86.3% |
19.52 |
|
343,000 |
|
337,000 |
|
6,000 |
|
- |
|
|
37,345 |
(3) |
|
The Home Depot, Dick's Sporting Goods, Marshalls | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bricktown |
100.0% |
92.8% |
18.23 |
|
278,000 |
|
275,000 |
|
3,000 |
|
- |
|
|
31,192 |
(3) |
|
Kohl's, ShopRite, Marshalls | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Union (Route 22 and Morris Avenue) |
100.0% |
99.4% |
25.59 |
|
276,000 |
|
113,000 |
|
163,000 |
|
- |
|
|
31,567 |
(3) |
|
Lowe's, Toys "R" Us, Office Depot | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hackensack |
100.0% |
74.5% |
23.44 |
|
275,000 |
|
269,000 |
|
6,000 |
|
- |
|
|
39,592 |
(3) |
|
The Home Depot, Staples, Petco | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Totowa |
100.0% |
100.0% |
19.28 |
|
271,000 |
|
177,000 |
|
94,000 |
|
- |
|
|
24,183 |
(3) |
|
The Home Depot, Bed Bath & Beyond, | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
buy buy Baby, Marshalls, Staples |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cherry Hill |
100.0% |
97.3% |
15.41 |
|
261,000 |
|
68,000 |
|
193,000 |
|
- |
|
|
13,536 |
(3) |
|
Wal-Mart, Toys "R" Us | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jersey City |
100.0% |
100.0% |
23.18 |
|
236,000 |
|
66,000 |
|
170,000 |
|
- |
|
|
19,796 |
(3) |
|
Lowe's, P.C. Richard & Son | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Union (2445 Springfield Avenue) |
100.0% |
100.0% |
17.85 |
|
232,000 |
|
232,000 |
|
- |
|
- |
|
|
27,822 |
(3) |
|
The Home Depot | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Middletown |
100.0% |
94.9% |
14.82 |
|
231,000 |
|
179,000 |
|
52,000 |
|
- |
|
|
16,960 |
(3) |
|
Kohl's, Stop & Shop | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Woodbridge |
100.0% |
100.0% |
21.08 |
|
226,000 |
|
86,000 |
|
140,000 |
|
- |
|
|
20,171 |
(3) |
|
Wal-Mart | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marlton |
100.0% |
100.0% |
13.94 |
|
213,000 |
|
209,000 |
|
4,000 |
|
- |
|
|
16,853 |
(3) |
|
Kohl's (4), ShopRite, PetSmart | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North Plainfield |
100.0% |
88.3% |
17.62 |
|
212,000 |
|
60,000 |
|
152,000 |
|
- |
|
|
- |
|
|
Costco, The Tile Shop | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bergen Town Center - East, Paramus |
100.0% |
93.6% |
38.04 |
|
211,000 |
|
44,000 |
|
167,000 |
|
- |
|
|
- |
|
|
Lowe's, REI | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Manalapan |
100.0% |
100.0% |
16.58 |
|
208,000 |
|
206,000 |
|
2,000 |
|
- |
|
|
20,545 |
(3) |
|
Best Buy, Bed Bath & Beyond, Babies "R" Us, | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Modell's Sporting Goods, PetSmart |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
East Rutherford |
100.0% |
100.0% |
34.43 |
|
197,000 |
|
42,000 |
|
155,000 |
|
- |
|
|
13,269 |
(3) |
|
Lowe's | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Garfield |
100.0% |
100.0% |
21.47 |
|
195,000 |
|
46,000 |
|
149,000 |
|
- |
|
|
- |
|
|
Wal-Mart, Marshalls | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Morris Plains |
100.0% |
95.9% |
20.76 |
|
177,000 |
|
176,000 |
|
1,000 |
|
- |
|
|
20,866 |
(3) |
|
Kohl's, ShopRite (7) | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dover |
100.0% |
93.0% |
12.37 |
|
173,000 |
|
167,000 |
|
6,000 |
|
- |
|
|
12,841 |
(3) |
|
ShopRite, T.J. Maxx | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lodi (Route 17 North) |
100.0% |
100.0% |
11.92 |
|
171,000 |
|
171,000 |
|
- |
|
- |
|
|
11,075 |
(3) |
|
National Wholesale Liquidators | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Watchung |
100.0% |
96.6% |
25.93 |
|
170,000 |
|
54,000 |
|
116,000 |
|
- |
|
|
14,713 |
(3) |
|
BJ's Wholesale Club | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lawnside |
100.0% |
100.0% |
14.11 |
|
145,000 |
|
142,000 |
|
3,000 |
|
- |
|
|
10,433 |
(3) |
|
The Home Depot, PetSmart | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hazlet |
100.0% |
100.0% |
2.64 |
|
123,000 |
|
123,000 |
|
- |
|
- |
|
|
- |
|
|
Stop & Shop (7) | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kearny |
100.0% |
100.0% |
16.31 |
|
104,000 |
|
91,000 |
|
13,000 |
|
- |
|
|
- |
|
|
Marshalls, LA Fitness (lease not commenced) | ||||
- 48 -
|
RETAIL PROPERTIES SEGMENT | |||||||||||||||||||||
|
PROPERTY TABLE | |||||||||||||||||||||
|
|
|
|
|
|
|
Weighted |
|
Square Feet |
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
Average |
|
|
|
In Service |
|
Under Development |
|
|
|
|
|
| |||
|
|
|
% |
|
% |
|
Annual Rent |
|
Total |
|
Owned by |
|
Owned By |
|
or Not Available |
|
Encumbrances |
|
| |||
|
Property |
|
Ownership |
|
Occupancy |
|
PSF (1) |
|
Property |
|
Company |
|
Tenant (2) |
|
for Lease |
|
(in thousands) |
|
Major Tenants | |||
|
RETAIL PROPERTIES (Continued): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Turnersville |
100.0% |
96.3% |
$ |
6.40 |
|
96,000 |
|
93,000 |
|
3,000 |
|
- |
|
$ |
- |
|
|
Haynes Furniture | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lodi (Washington Street) |
100.0% |
94.1% |
19.85 |
|
85,000 |
|
85,000 |
|
- |
|
- |
|
|
- |
|
|
Blink Fitness, Aldi | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlstadt (ground leased through 2050) |
100.0% |
100.0% |
21.63 |
|
78,000 |
|
78,000 |
|
- |
|
- |
|
|
- |
|
|
Stop & Shop | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paramus (ground leased through 2033) |
100.0% |
100.0% |
42.23 |
|
63,000 |
|
63,000 |
|
- |
|
- |
|
|
- |
|
|
24 Hour Fitness | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North Bergen (Kennedy Boulevard) |
100.0% |
100.0% |
26.76 |
|
62,000 |
|
6,000 |
|
56,000 |
|
- |
|
|
4,976 |
(3) |
|
Food Basics | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South Plainfield (ground leased through 2039) |
100.0% |
85.9% |
22.04 |
|
56,000 |
|
56,000 |
|
- |
|
- |
|
|
5,003 |
(3) |
|
Staples, Party City | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Englewood |
100.0% |
73.6% |
19.96 |
|
41,000 |
|
41,000 |
|
- |
|
- |
|
|
11,571 |
|
|
New York Sports Club | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eatontown |
100.0% |
73.7% |
29.09 |
|
30,000 |
|
30,000 |
|
- |
|
- |
|
|
- |
|
|
Petco | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
East Hanover (280 Route 10 West) |
100.0% |
100.0% |
35.20 |
|
26,000 |
|
26,000 |
|
- |
|
- |
|
|
4,441 |
(3) |
|
REI | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Montclair |
100.0% |
100.0% |
23.34 |
|
18,000 |
|
18,000 |
|
- |
|
- |
|
|
2,568 |
(3) |
|
Whole Foods Market | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total New Jersey |
|
6,983,000 |
|
4,388,000 |
|
2,476,000 |
|
119,000 |
|
|
522,111 |
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Bronx (Bruckner Boulevard) |
100.0% |
89.6% |
20.87 |
|
501,000 |
|
387,000 |
|
114,000 |
|
- |
|
|
- |
|
|
Kmart, Toys "R" Us, Marshalls, Old Navy, Gap | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Buffalo (Amherst) |
100.0% |
100.0% |
9.84 |
|
311,000 |
|
242,000 |
|
69,000 |
|
- |
|
|
- |
|
|
BJ's Wholesale Club, T.J. Maxx, Home Goods, | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Toys "R" Us, LA Fitness |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Huntington |
100.0% |
100.0% |
14.81 |
|
324,000 |
(5) |
205,000 |
|
119,000 |
(5) |
- |
|
|
16,265 |
(3) |
|
The Home Depot (5), Kmart, Marshalls, Old Navy, Petco | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rochester |
100.0% |
100.0% |
- |
|
205,000 |
|
- |
|
205,000 |
|
- |
|
|
4,280 |
(3) |
|
Wal-Mart | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mt. Kisco |
100.0% |
100.0% |
23.45 |
|
189,000 |
|
72,000 |
|
117,000 |
|
- |
|
|
27,733 |
|
|
Target, A&P | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Freeport (437 East Sunrise Highway) |
100.0% |
100.0% |
18.86 |
|
173,000 |
|
173,000 |
|
- |
|
- |
|
|
20,866 |
(3) |
|
The Home Depot, Staples | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rochester (Henrietta) |
100.0% |
96.2% |
3.81 |
|
165,000 |
|
158,000 |
|
7,000 |
|
- |
|
|
- |
|
|
Kohl's | ||||
|
(ground leased through 2056) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Staten Island |
100.0% |
88.2% |
23.74 |
|
165,000 |
|
165,000 |
|
- |
|
- |
|
|
17,000 |
|
|
Western Beef, Planet Fitness | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Hyde Park (ground and building |
100.0% |
100.0% |
20.21 |
|
101,000 |
|
101,000 |
|
- |
|
- |
|
|
- |
|
|
Stop & Shop | ||||
|
leased through 2029) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inwood |
100.0% |
80.1% |
18.94 |
|
96,000 |
|
96,000 |
|
- |
|
- |
|
|
- |
|
|
Stop & Shop | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
West Babylon |
100.0% |
95.4% |
17.41 |
|
66,000 |
|
66,000 |
|
- |
|
- |
|
|
- |
|
|
Best Market, Rite Aid | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 49 -
|
RETAIL PROPERTIES SEGMENT | |||||||||||||||||||||
|
PROPERTY TABLE | |||||||||||||||||||||
|
|
|
|
|
|
|
Weighted |
|
Square Feet |
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
Average |
|
|
|
In Service |
|
Under Development |
|
|
|
|
|
| |||
|
|
|
% |
|
% |
|
Annual Rent |
|
Total |
|
Owned by |
|
Owned By |
|
or Not Available |
|
Encumbrances |
|
|
| ||
|
Property |
|
Ownership |
|
Occupancy |
|
PSF (1) |
|
Property |
|
Company |
|
Tenant (2) |
|
for Lease |
|
(in thousands) |
|
|
Major Tenants | ||
|
RETAIL PROPERTIES (Continued): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Bronx (1750-1780 Gun Hill Road) |
100.0% |
90.7% |
$ |
32.63 |
|
77,000 |
|
77,000 |
|
- |
|
- |
|
$ |
- |
|
|
Aldi, Planet Fitness | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commack |
100.0% |
100.0% |
21.45 |
|
47,000 |
|
47,000 |
|
- |
|
- |
|
|
- |
|
|
PetSmart, Ace Hardware | ||||
|
(ground and building leased through 2021) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dewitt |
100.0% |
100.0% |
20.46 |
|
46,000 |
|
46,000 |
|
- |
|
- |
|
|
- |
|
|
Best Buy | ||||
|
(ground leased through 2041) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Freeport (240 West Sunrise Highway) |
100.0% |
100.0% |
20.28 |
|
44,000 |
|
44,000 |
|
- |
|
- |
|
|
- |
|
|
Bob's Discount Furniture | ||||
|
(ground and building leased through 2040) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oceanside |
100.0% |
100.0% |
28.00 |
|
16,000 |
|
16,000 |
|
- |
|
- |
|
|
- |
|
|
Party City | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total New York |
|
2,526,000 |
|
1,895,000 |
|
631,000 |
|
- |
|
|
86,144 |
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Allentown |
100.0% |
100.0% |
15.04 |
|
554,000 |
(5) |
270,000 |
|
284,000 |
(5) |
- |
|
|
29,266 |
(3) |
|
Wal-Mart (5), Burlington Coat Factory, Giant Food, | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dick's Sporting Goods, T.J. Maxx, Petco |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wilkes-Barre (461 - 499 Mundy Street) |
100.0% |
91.7% |
12.81 |
|
329,000 |
(5) |
204,000 |
|
125,000 |
(5) |
- |
|
|
- |
|
|
Target (5), Bob's Discount Furniture, Babies "R" Us, | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ross Dress for Less, Marshalls, Petco |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lancaster |
100.0% |
82.1% |
15.68 |
|
228,000 |
|
58,000 |
|
170,000 |
|
- |
|
|
5,270 |
(3) |
|
Lowe's, Sleepy's | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bensalem |
100.0% |
98.9% |
11.60 |
|
185,000 |
|
177,000 |
|
8,000 |
|
- |
|
|
14,526 |
(3) |
|
Kohl's, Ross Dress for Less, Staples, Petco | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Broomall |
100.0% |
100.0% |
11.09 |
|
169,000 |
|
147,000 |
|
22,000 |
|
- |
|
|
10,433 |
(3) |
|
Giant Food (4), Planet Fitness, A.C. Moore, PetSmart | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bethlehem |
100.0% |
98.9% |
8.01 |
|
147,000 |
|
144,000 |
|
3,000 |
|
- |
|
|
5,457 |
(3) |
|
Giant Food, Petco | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
York |
100.0% |
86.2% |
8.75 |
|
111,000 |
|
111,000 |
|
- |
|
- |
|
|
5,083 |
(3) |
|
Ashley Furniture, Tractor Supply Company, Aldi | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Glenolden |
100.0% |
100.0% |
25.84 |
|
102,000 |
|
10,000 |
|
92,000 |
|
- |
|
|
6,688 |
(3) |
|
Wal-Mart | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wyomissing |
100.0% |
93.2% |
15.56 |
|
76,000 |
|
76,000 |
|
- |
|
- |
|
|
- |
|
|
LA Fitness, PetSmart | ||||
|
(ground and building leased through 2065) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Springfield |
100.0% |
100.0% |
20.90 |
|
41,000 |
|
41,000 |
|
- |
|
- |
|
|
- |
|
|
PetSmart | ||||
|
(ground and building leased through 2025) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Pennsylvania |
|
1,942,000 |
|
1,238,000 |
|
704,000 |
|
- |
|
|
76,723 |
|
|
| |||||||
- 50 -
|
RETAIL PROPERTIES SEGMENT | |||||||||||||||||||||
|
PROPERTY TABLE | |||||||||||||||||||||
|
|
|
|
|
|
|
Weighted |
|
Square Feet |
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
Average |
|
|
|
In Service |
|
Under Development |
|
|
|
|
|
| |||
|
|
|
% |
|
% |
|
Annual Rent |
|
Total |
|
Owned by |
|
Owned By |
|
or Not Available |
|
Encumbrances |
|
|
| ||
|
Property |
|
Ownership |
|
Occupancy |
|
PSF (1) |
|
Property |
|
Company |
|
Tenant (2) |
|
for Lease |
|
(in thousands) |
|
|
Major Tenants | ||
|
RETAIL PROPERTIES (Continued): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
California: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
San Francisco (2675 Geary Street) |
100.0% |
100.0% |
$ |
50.34 |
|
55,000 |
|
55,000 |
|
- |
|
- |
|
$ |
- |
|
|
Best Buy | |||
|
(ground and building leased through 2043) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Signal Hill |
100.0% |
100.0% |
24.08 |
|
45,000 |
|
45,000 |
|
- |
|
- |
|
|
- |
|
|
Best Buy | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vallejo |
100.0% |
100.0% |
17.51 |
|
45,000 |
|
45,000 |
|
- |
|
- |
|
|
- |
|
|
Best Buy | ||||
|
(ground leased through 2043) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Walnut Creek (1149 South Main Street) |
100.0% |
100.0% |
45.11 |
|
29,000 |
|
29,000 |
|
- |
|
- |
|
|
- |
|
|
Barnes & Noble | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Walnut Creek (Mt. Diablo) |
95.0% |
100.0% |
70.00 |
|
7,000 |
|
7,000 |
|
- |
|
- |
|
|
- |
|
|
Anthropologie | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total California |
|
181,000 |
|
181,000 |
|
- |
|
- |
|
|
- |
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Chicopee |
100.0% |
100.0% |
- |
|
224,000 |
|
- |
|
224,000 |
|
- |
|
|
8,106 |
(3) |
|
Wal-Mart | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Springfield |
100.0% |
100.0% |
16.39 |
|
182,000 |
|
33,000 |
|
149,000 |
|
- |
|
|
5,591 |
(3) |
|
Wal-Mart | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Milford |
100.0% |
100.0% |
9.01 |
|
83,000 |
|
83,000 |
|
- |
|
- |
|
|
- |
|
|
Kohl's | ||||
|
(ground and building leased through 2019) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cambridge |
100.0% |
100.0% |
21.83 |
|
48,000 |
|
48,000 |
|
- |
|
- |
|
|
- |
|
|
PetSmart, Modell's Sporting Goods | ||||
|
(ground and building leased through 2033) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Massachusetts |
|
537,000 |
|
164,000 |
|
373,000 |
|
- |
|
|
13,697 |
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Baltimore (Towson) |
100.0% |
100.0% |
16.49 |
|
155,000 |
|
155,000 |
|
- |
|
- |
|
|
15,248 |
(3) |
|
Shoppers Food Warehouse, h.h.gregg, Staples, | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home Goods, Golf Galaxy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annapolis |
100.0% |
100.0% |
8.99 |
|
128,000 |
|
128,000 |
|
- |
|
- |
|
|
- |
|
|
The Home Depot | ||||
|
(ground and building leased through 2042) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Glen Burnie |
100.0% |
90.5% |
10.56 |
|
121,000 |
|
65,000 |
|
56,000 |
|
- |
|
|
- |
|
|
Gavigan's Home Furnishings, Pep Boys | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rockville |
100.0% |
98.1% |
23.92 |
|
94,000 |
|
94,000 |
|
- |
|
- |
|
|
- |
|
|
Regal Cinemas | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wheaton |
100.0% |
100.0% |
14.94 |
|
66,000 |
|
66,000 |
|
- |
|
- |
|
|
- |
|
|
Best Buy | ||||
|
(ground leased through 2060) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Maryland |
|
564,000 |
|
508,000 |
|
56,000 |
|
- |
|
|
15,248 |
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 51 -
|
RETAIL PROPERTIES SEGMENT | |||||||||||||||||||||
|
PROPERTY TABLE | |||||||||||||||||||||
|
|
|
|
|
|
|
Weighted |
|
Square Feet |
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
Average |
|
|
|
In Service |
|
Under Development |
|
|
|
|
|
| |||
|
|
|
% |
|
% |
|
Annual Rent |
|
Total |
|
Owned by |
|
Owned By |
|
or Not Available |
|
Encumbrances |
|
|
| ||
|
Property |
|
Ownership |
|
Occupancy |
|
PSF (1) |
|
Property |
|
Company |
|
Tenant (2) |
|
for Lease |
|
(in thousands) |
|
|
Major Tenants | ||
|
RETAIL PROPERTIES (Continued): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Connecticut: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Newington |
100.0% |
100.0% |
$ |
18.61 |
|
188,000 |
|
29,000 |
|
159,000 |
|
- |
|
$ |
10,969 |
(3) |
|
Wal-Mart, Staples | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Waterbury |
100.0% |
68.8% |
16.58 |
|
148,000 |
|
143,000 |
|
5,000 |
|
- |
|
|
13,643 |
(3) |
|
ShopRite | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Connecticut |
|
336,000 |
|
172,000 |
|
164,000 |
|
- |
|
|
24,612 |
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Virginia: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Norfolk |
100.0% |
100.0% |
6.44 |
|
114,000 |
|
114,000 |
|
- |
|
- |
|
|
- |
|
|
BJ's Wholesale Club | ||||
|
(ground and building leased through 2069) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tyson's Corner |
100.0% |
100.0% |
39.13 |
|
38,000 |
|
38,000 |
|
- |
|
- |
|
|
- |
|
|
Best Buy | ||||
|
(ground and building leased through 2035) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Virginia |
|
152,000 |
|
152,000 |
|
- |
|
- |
|
|
- |
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Illinois: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Arlington Heights |
100.0% |
100.0% |
9.00 |
|
46,000 |
|
46,000 |
|
- |
|
- |
|
|
- |
|
|
Value City Furniture | ||||
|
(ground and building leased through 2043) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chicago |
100.0% |
100.0% |
8.95 |
|
41,000 |
|
41,000 |
|
- |
|
- |
|
|
- |
|
|
| ||||
|
(ground and building leased through 2051) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Illinois |
|
87,000 |
|
87,000 |
|
- |
|
- |
|
|
- |
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
San Antonio |
100.0% |
100.0% |
10.63 |
|
43,000 |
|
43,000 |
|
- |
|
- |
|
|
- |
|
|
Best Buy | ||||
|
(ground and building leased through 2041) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South Carolina: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Charleston |
100.0% |
100.0% |
14.19 |
|
45,000 |
|
45,000 |
|
- |
|
- |
|
|
- |
|
|
Best Buy | ||||
|
(ground leased through 2063) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Hampshire: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Salem |
100.0% |
100.0% |
- |
|
37,000 |
|
- |
|
37,000 |
|
- |
|
|
- |
|
|
Babies "R" Us | ||||
|
(ground leased through 2102) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Owensboro |
100.0% |
100.0% |
7.66 |
|
32,000 |
|
32,000 |
|
- |
|
- |
|
|
- |
|
|
Best Buy | ||||
|
(ground and building leased through 2046) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Strip Shopping Centers |
|
|
|
96.1% |
|
$ |
17.45 |
|
13,465,000 |
|
8,905,000 |
|
4,441,000 |
|
119,000 |
|
$ |
738,535 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Vornado's Ownership Interest |
|
|
|
96.1% |
|
$ |
17.45 |
|
13,039,000 |
|
8,905,000 |
|
4,015,000 |
|
119,000 |
|
$ |
738,535 |
|
|
|
- 52 -
|
RETAIL PROPERTIES SEGMENT | |||||||||||||||||||||
|
PROPERTY TABLE | |||||||||||||||||||||
|
|
|
|
|
|
|
Weighted |
|
Square Feet |
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
Average |
|
|
|
In Service |
|
Under Development |
|
|
|
|
|
| |||
|
|
|
% |
|
% |
|
Annual Rent |
|
Total |
|
Owned by |
|
Owned By |
|
or Not Available |
|
Encumbrances |
|
|
| ||
|
Property |
|
Ownership |
|
Occupancy |
|
PSF (1) |
|
Property |
|
Company |
|
Tenant (2) |
|
for Lease |
|
(in thousands) |
|
|
Major Tenants | ||
|
RETAIL PROPERTIES (Continued): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
REGIONAL MALLS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Monmouth Mall, Eatontown, NJ |
50.0% |
92.5% |
$ |
35.39 |
(6) |
1,463,000 |
(5) |
851,000 |
|
612,000 |
(5) |
- |
|
$ |
166,408 |
|
|
Macy's (5), JCPenney (5), Lord & Taylor, Boscov's, | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loews Theatre, Barnes & Noble, Forever 21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bergen Town Center - West, Paramus, NJ |
100.0% |
99.4% |
44.03 |
(6) |
952,000 |
|
921,000 |
|
31,000 |
|
- |
|
|
300,000 |
|
|
Target, Century 21, Whole Foods Market, Marshalls, | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nordstrom Rack, Saks Off 5th, Home Goods, Old Navy, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hennes & Mauritz, Neiman Marcus Last Call Studio, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bloomingdale's Outlet, Nike Factory Store |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Montehiedra, Puerto Rico |
100.0% |
90.9% |
37.84 |
(6) |
542,000 |
|
542,000 |
|
- |
|
- |
|
|
120,000 |
|
|
The Home Depot, Kmart, Marshalls, Caribbean Theatres, | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tiendas Capri, Nike Factory Store |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Catalinas, Puerto Rico |
100.0% |
94.0% |
55.35 |
(6) |
494,000 |
(5) |
355,000 |
|
139,000 |
(5) |
- |
|
|
130,000 |
|
|
Kmart, Sears (5) | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Regional Malls |
|
|
|
94.7% |
|
$ |
42.27 |
|
3,451,000 |
|
2,669,000 |
|
782,000 |
|
- |
|
$ |
716,408 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vornado's Ownership Interest |
|
|
|
95.1% |
|
$ |
43.89 |
|
2,353,000 |
|
2,244,000 |
|
109,000 |
|
- |
|
$ |
633,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Retail Properties |
|
|
|
95.8% |
|
|
|
|
16,916,000 |
|
11,574,000 |
|
5,223,000 |
|
119,000 |
|
$ |
1,454,943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vornado's Ownership Interest |
|
|
|
95.9% |
|
|
|
|
15,392,000 |
|
11,149,000 |
|
4,124,000 |
|
119,000 |
|
$ |
1,371,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* We do not capitalize interest or real estate taxes on this space. |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Weighted Average Annual Rent PSF excludes ground rent, storage rent and garages. |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Owned by tenant on land leased from the company. | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) These encumbrances are cross-collateralized under a blanket mortgage in the amount of $607,231 as of December 31, 2014. | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) The lease for these former Bradlees locations is guaranteed by Stop & Shop. | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5) Includes square footage of anchors who own the land and building. | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6) Weighted Average Annual Rent PSF shown is for in-line tenants only. | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7) The tenant has ceased operations at these locations but continues to pay rent. | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 53 -
|
OTHER | |||||||||||||||||||||
|
PROPERTY TABLE | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
Weighted |
|
Square Feet |
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
Under Development |
|
|
|
|
|
| |
|
|
|
|
|
% |
|
% |
|
Annual Rent |
|
Total |
|
|
|
or Not Available |
|
Encumbrances |
|
|
| ||
|
Property |
|
Ownership |
|
Occupancy |
|
PSF (1) |
|
Property |
|
In Service |
|
for Lease |
|
(in thousands) |
|
|
Major Tenants | ||||
|
555 CALIFORNIA STREET: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
555 California Street |
70.0% |
97.0% |
$ |
67.10 |
|
1,506,000 |
|
1,506,000 |
|
- |
|
$ |
597,868 |
|
|
Bank of America, Dodge & Cox, Goldman Sachs & Co., | |||||
|
|
|
|
|
|
|
|
|
|
|
|
Jones Day, Kirkland & Ellis LLP, Morgan Stanley & Co. Inc., | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
McKinsey & Company Inc., UBS Financial Services, | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
KKR Financial, Microsoft Corporation, | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Fenwick & West LLP (lease not commenced) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
315 Montgomery Street |
70.0% |
100.0% |
50.12 |
|
231,000 |
|
231,000 |
|
- |
|
|
- |
|
|
Bank of America, Regus (lease not commenced) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
345 Montgomery Street |
70.0% |
100.0% |
96.83 |
|
64,000 |
|
64,000 |
|
- |
|
|
- |
|
|
Bank of America | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Total 555 California Street |
|
|
|
97.6% |
|
$ |
65.98 |
|
1,801,000 |
|
1,801,000 |
|
- |
|
$ |
597,868 |
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vornado's Ownership Interest |
|
|
|
97.6% |
|
$ |
65.98 |
|
1,261,000 |
|
1,261,000 |
|
- |
|
$ |
418,508 |
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Mart: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Illinois: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
The Mart, Chicago |
100.0% |
94.7% |
$ |
35.97 |
|
3,568,000 |
|
3,568,000 |
|
- |
|
$ |
550,000 |
|
|
American Intercontinental University (AIU), Steelcase, | |||||
|
|
|
|
|
|
|
|
|
|
|
|
Baker, Knapp & Tubbs, Motorola Mobility (guaranteed by Google), | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
CCC Information Services, Ogilvy Group (WPP), | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Chicago Teachers Union, Publicis Groupe, | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Office of the Special Deputy Receiver, Holly Hunt Ltd., | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Razorfish, 1871, Chicago School of Professional Psychology, | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Yelp Inc., Paypal, Inc. | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Other |
50.0% |
100.0% |
32.18 |
|
19,000 |
|
19,000 |
|
- |
|
|
22,808 |
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
Total Illinois |
94.7% |
35.94 |
|
3,587,000 |
|
3,587,000 |
|
- |
|
|
572,808 |
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Total The Mart |
|
|
|
94.7% |
|
$ |
35.94 |
|
3,587,000 |
|
3,587,000 |
|
- |
|
$ |
572,808 |
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Vornado's Ownership Interest |
|
|
|
94.7% |
|
$ |
35.94 |
|
3,578,000 |
|
3,578,000 |
|
- |
|
$ |
561,404 |
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Weighted Average Annual Rent PSF excludes ground rent, storage rent and garages. |
|
|
|
|
|
|
|
|
|
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 54 -
|
REAL ESTATE FUND | |||||||||||||||||||
|
PROPERTY TABLE | |||||||||||||||||||
|
|
|
|
|
|
|
Weighted |
|
Square Feet |
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
Average |
|
|
|
|
|
Under Development |
|
|
|
|
|
| |
|
|
|
Fund |
|
% |
|
Annual Rent |
|
Total |
|
|
|
or Not Available |
|
Encumbrances |
|
|
| ||
|
Property |
|
Ownership % |
|
Occupancy |
|
PSF (1) |
|
Property |
|
In Service |
|
for Lease |
|
(in thousands) |
|
Major Tenants |
| ||
|
VORNADO CAPITAL PARTNERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REAL ESTATE FUND: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York, NY: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lucida, 86th Street and Lexington Avenue |
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
(ground leased through 2082) |
|
|
|
|
|
|
|
|
|
|
Barnes & Noble, Hennes & Mauritz, |
| |||||||
|
- Retail |
100.0% |
100.0% |
$ |
188.31 |
|
95,000 |
|
95,000 |
|
- |
|
|
|
|
Sephora, Bank of America |
| |||
|
- Residential |
100.0% |
100.0% |
- |
|
51,000 |
|
51,000 |
|
- |
|
|
|
|
|
| ||||
|
|
|
100.0% |
100.0% |
- |
|
146,000 |
|
146,000 |
|
- |
|
$ |
146,000 |
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11 East 68th Street Retail |
100.0% |
100.0% |
783.65 |
|
11,000 |
|
8,000 |
|
3,000 |
|
|
- |
|
Belstaff, Kent & Curwen |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crowne Plaza Times Square |
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
- Hotel (795 Keys) |
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
- Retail |
38.2% |
100.0% |
353.24 |
|
15,000 |
|
15,000 |
|
- |
|
|
|
|
Hershey |
| ||||
|
- Office |
38.2% |
100.0% |
38.09 |
|
220,000 |
|
220,000 |
|
- |
|
|
|
|
American Management Association |
| ||||
|
|
|
38.2% |
100.0% |
58.21 |
|
235,000 |
|
235,000 |
|
- |
|
|
310,000 |
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
501 Broadway |
100.0% |
100.0% |
240.10 |
|
9,000 |
|
9,000 |
|
- |
|
|
20,000 |
|
Capital One |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Santa Monica, CA: |
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Premier Office Centers LLC, Diversified Mercury Comm, |
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520 Broadway |
100.0% |
90.9% |
55.35 |
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112,000 |
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112,000 |
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30,000 |
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Microsoft Corporation |
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Culver City, CA: |
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Meredith Corp., West Publishing Corp., Symantec Corp., |
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800 Corporate Pointe - 2 buildings |
100.0% |
57.0% |
34.38 |
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243,000 |
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243,000 |
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60,094 |
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Syska Hennessy Group, X Prize Foundation |
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Miami, FL: |
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1100 Lincoln Road |
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- Retail |
100.0% |
100.0% |
126.29 |
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48,000 |
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48,000 |
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Anthropologie, Banana Republic |
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- Theatre |
100.0% |
100.0% |
35.63 |
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79,000 |
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79,000 |
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Regal Cinema |
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100.0% |
100.0% |
70.14 |
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127,000 |
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127,000 |
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66,000 |
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Total Real Estate Fund |
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83.5% |
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84.4% |
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883,000 |
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880,000 |
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3,000 |
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$ |
632,000 |
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Vornado's Ownership Interest |
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20.9% |
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84.4% |
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185,000 |
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184,000 |
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1,000 |
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$ |
110,000 |
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(1) Weighted Average Annual Rent PSF excludes ground rent, storage rent, garages and residential. |
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OTHER | |||||||||||||||||||||
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PROPERTY TABLE | |||||||||||||||||||||
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Weighted |
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Square Feet |
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Average |
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Under Development |
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Annual Rent |
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Total |
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or Not Available |
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Encumbrances |
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Property |
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Ownership |
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Occupancy |
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PSF (1) |
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Property |
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In Service |
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for Lease |
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(in thousands) |
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Major Tenants | ||||
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OTHER: |
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NEW YORK |
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85 Tenth Avenue, Manhattan |
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Google, General Services Administration, | |||
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Telehouse International Corp., L-3 Communications, | ||||
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- Office |
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100.0% |
$ |
58.47 |
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575,000 |
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575,000 |
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- |
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Moet Hennessy USA, Inc. | ||||
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- Retail |
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100.0% |
60.02 |
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38,000 |
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38,000 |
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- |
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Craft Restaurants Inc., IL Posto LLC, Toro NYC Restaurant | |||||
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n/a (2) |
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100.0% |
58.56 |
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613,000 |
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613,000 |
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$ |
270,000 |
(3) |
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NEW JERSEY |
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East Hanover Warehouse Park - 5 buildings |
100.0% |
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60.8% |
4.41 |
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942,000 |
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942,000 |
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- |
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Foremost Groups Inc., Fidelity Paper & Supply Inc., | |||||
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Consolidated Simon Distributors Inc., Givaudan Flavors Corp., | ||||
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J & J Tri-State Delivery (lease not commenced), | ||||
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Meyer Distributing Inc. | ||||
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Total Other |
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76.3% |
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$ |
32.41 |
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1,555,000 |
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1,555,000 |
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- |
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$ |
270,000 |
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Vornado's Ownership Interest |
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60.8% |
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$ |
4.41 |
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942,000 |
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942,000 |
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- |
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$ |
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(1) |
Weighted Average Annual Rent PSF excludes ground rent, storage rent and garages. | ||||||||||||||||||||
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(2) |
As of December 31, 2014, we own junior and senior mezzanine loans of 85 Tenth Avenue with an accreted balance of $147.6 million. The junior and senior mezzanine loans bear paid-in-kind interest of 12% and 9%, respectively and mature in May 2017. We account for our investment in 85 Tenth Avenue using the equity method of accounting because we will receive a 49.9% interest in the property after repayment of the junior mezzanine loan. As a result of recording our share of the GAAP losses of the property, the net carrying amount of these loans is $28.2 million on our consolidated balance sheets. | ||||||||||||||||||||
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(3) |
Excludes the Company's junior and senior mezzanine loans which are accounted for as equity. | ||||||||||||||||||||
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