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):
October 31, 2016
VORNADO REALTY TRUST
(Exact Name of Registrant as Specified in Charter)
Maryland |
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No. 001-11954 |
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No. 22-1657560 |
(State or Other |
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(Commission |
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(IRS Employer |
Jurisdiction of |
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File Number) |
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Identification No.) |
Incorporation) |
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VORNADO REALTY L.P.
(Exact Name of Registrant as Specified in Charter)
Delaware |
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No. 001-34482 |
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No. 13-3925979 |
(State or Other |
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(Commission |
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(IRS Employer |
Jurisdiction of |
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File Number) |
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Identification No.) |
Incorporation) |
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888 Seventh Avenue |
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10019 |
(Address of Principal Executive offices) |
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(Zip Code) |
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.):
o |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
On October 31, 2016, Vornado Realty Trust (the “Company”), the general partner of Vornado Realty L.P., issued a press release announcing its financial results for the third quarter of 2016. 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 October 31, 2016. |
99.2 |
Vornado Realty Trust supplemental operating and financial data for the quarter ended September 30, 2016. |
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 |
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Date: November 1, 2016
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, |
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Date: November 1, 2016
2
Exhibit Index
99.1 |
Vornado Realty Trust press release dated October 31, 2016. |
99.2 |
Vornado Realty Trust supplemental operating and financial data for the quarter ended September 30, 2016. |
3
EXHIBIT 99.1
CONTACT: |
STEPHEN THERIOT |
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(201) 587-1000 |
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888 Seventh Avenue |
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New York, NY 10019 |
FOR IMMEDIATE RELEASE – October 31, 2016
Vornado Announces Third Quarter 2016 Financial Results
NEW YORK.......VORNADO REALTY TRUST (New York Stock Exchange: VNO) filed its Form 10-Q for the quarter ended September 30, 2016 today and reported:
Quarter Ended September 30, 2016 Financial Results
NET INCOME attributable to common shareholders for the quarter ended September 30, 2016 was $66.1 million, or $0.35 per diluted share, compared to $198.9 million, or $1.05 per diluted share, for the prior year’s quarter. Adjusting net income attributable to common shareholders for the items listed in the table on the following page, net income attributable to common shareholders for the quarters ended September 30, 2016 and 2015 was $74.7 million and $70.1 million, or $0.39 and $0.37 per diluted share, respectively.
FUNDS FROM OPERATIONS attributable to common shareholders plus assumed conversions (“FFO”) for the quarter ended September 30, 2016 was $225.5 million, or $1.19 per diluted share, compared to $236.0 million, or $1.25 per diluted share, for the prior year’s quarter. Adjusting FFO for the items listed in the table on the following page, FFO for the quarters ended September 30, 2016 and 2015 was $235.8 million and $229.4 million, or $1.24 and $1.21 per diluted share, respectively.
Nine Months Ended September 30, 2016 Financial Results
NET INCOME attributable to common shareholders for the nine months ended September 30, 2016 was $172.4 million, or $0.91 per diluted share, compared to $449.1 million, or $2.37 per diluted share, for the nine months ended September 30, 2015. Adjusting net income attributable to common shareholders for the items listed in the table on the following page, net income attributable to common shareholders for the nine months ended September 30, 2016 and 2015 was $190.3 million and $219.8 million, or $1.00 and $1.16 per diluted share, respectively.
FFO for the nine months ended September 30, 2016 was $658.9 million, or $3.47 per diluted share, compared to $779.5 million, or $4.11 per diluted share, for the prior year’s nine months. Adjusting FFO for the items listed in the table on the following page, FFO for the nine months ended September 30, 2016 and 2015 was $674.3 million and $670.0 million, or $3.55 and $3.53 per diluted share, respectively.
Supplemental Financial Information
Further details regarding 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, as amended, for the year ended December 31, 2015. 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)
1
The following table reconciles our net income to net income, as adjusted and FFO to FFO, as adjusted:
(Amounts in thousands, except per share amounts) |
For the Three Months Ended |
|
For the Nine Months Ended | ||||||||||
|
September 30, |
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September 30, | ||||||||||
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2016 |
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2015 |
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2016 |
|
2015 | ||||
Net income attributable to common shareholders |
$ |
66,125 |
|
$ |
198,870 |
|
$ |
172,425 |
|
$ |
449,114 | ||
|
Per diluted share |
$ |
0.35 |
|
$ |
1.05 |
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$ |
0.91 |
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$ |
2.37 | |
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|
|
|
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|
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|
Items that impact net income attributable to common shareholders: |
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|
|
|
|
|
|
|
|
|
| ||
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Preferred share issuance costs (Series J redemption) |
$ |
(7,408) |
|
$ |
- |
|
$ |
(7,408) |
|
$ |
- | |
|
Acquisition and transaction related costs |
|
(3,808) |
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|
(1,518) |
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|
(11,319) |
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|
(7,560) | |
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Net income from discontinued operations and sold properties |
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2,969 |
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|
6,599 |
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8,285 |
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23,605 | |
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Default interest on Skyline properties mortgage loan |
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(2,632) |
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- |
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(5,343) |
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- | |
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Net gains on sale of real estate and residential condominiums |
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2,522 |
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|
136,190 |
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|
163,066 |
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153,430 | |
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Real estate impairment losses |
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(1,134) |
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(2,313) |
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(166,236) |
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(17,375) | |
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Reversal of allowance for deferred tax assets (re: taxable |
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|
|
|
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|
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|
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REIT subsidiary's ability to utilize NOLs) |
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- |
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- |
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- |
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90,030 |
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Other |
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- |
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(1,821) |
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- |
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1,333 | |
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(9,491) |
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137,137 |
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(18,955) |
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243,463 |
Noncontrolling interests' share of above adjustments |
|
939 |
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(8,344) |
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1,116 |
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(14,194) | ||
Items that impact net income attributable to common shareholders, net |
$ |
(8,552) |
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$ |
128,793 |
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$ |
(17,839) |
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$ |
229,269 | ||
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Net income attributable to common shareholders, as adjusted |
$ |
74,677 |
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$ |
70,077 |
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$ |
190,264 |
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$ |
219,845 | ||
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Per diluted share |
$ |
0.39 |
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$ |
0.37 |
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$ |
1.00 |
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$ |
1.16 |
FFO (1) |
$ |
225,529 |
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$ |
236,039 |
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$ |
658,880 |
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$ |
779,506 | ||
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Per diluted share |
$ |
1.19 |
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$ |
1.25 |
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$ |
3.47 |
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$ |
4.11 | |
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Items that impact FFO: |
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|
|
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|
|
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|
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| ||
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Preferred share issuance costs (Series J redemption) |
$ |
(7,408) |
|
$ |
- |
|
$ |
(7,408) |
|
$ |
- | |
|
Acquisition and transaction related costs |
|
(3,808) |
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(1,518) |
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(11,319) |
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(7,560) | |
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FFO from discontinued operations and sold properties |
|
2,969 |
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9,346 |
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6,926 |
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34,142 | |
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Default interest on Skyline properties mortgage loan |
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(2,632) |
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- |
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(5,343) |
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- | |
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Net gain on sale of residential condominiums |
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- |
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633 |
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|
714 |
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2,493 | |
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Reversal of allowance for deferred tax assets (re: taxable |
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|
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| |
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REIT subsidiary's ability to utilize NOLs) |
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- |
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- |
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- |
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90,030 |
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Our share of impairment loss on India real estate venture's |
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non-depreciable real estate |
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- |
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- |
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- |
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(4,502) |
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Other |
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- |
|
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(1,821) |
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- |
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1,333 | |
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|
|
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(10,879) |
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|
6,640 |
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(16,430) |
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|
115,936 |
Noncontrolling interests' share of above adjustments |
|
651 |
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(4) |
|
|
964 |
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(6,397) | ||
Items that impact FFO, net |
$ |
(10,228) |
|
$ |
6,636 |
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$ |
(15,466) |
|
$ |
109,539 | ||
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|
|
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|
|
|
|
|
|
|
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FFO, as adjusted |
$ |
235,757 |
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$ |
229,403 |
|
$ |
674,346 |
|
$ |
669,967 | ||
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Per diluted share |
$ |
1.24 |
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$ |
1.21 |
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$ |
3.55 |
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$ |
3.53 |
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(1) |
See page 4 for a reconciliation of our net income to FFO for the three and nine months ended September 30, 2016 and 2015. |
2
VORNADO REALTY TRUST | ||||||||||||||
OPERATING RESULTS FOR THE THREE AND NINE MONTHS ENDED | ||||||||||||||
SEPTEMBER 30, 2016 AND 2015 | ||||||||||||||
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(Amounts in thousands, except per share amounts) |
For the Three Months Ended |
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For the Nine Months Ended | |||||||||||
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September 30, |
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September 30, | |||||||||||
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2016 |
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2015 |
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2016 |
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2015 | ||||
Revenues |
$ |
633,197 |
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$ |
627,596 |
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$ |
1,867,942 |
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$ |
1,850,686 | |||
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|
|
|
|
|
|
|
|
|
|
| |||
Income from continuing operations |
$ |
97,635 |
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$ |
200,777 |
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$ |
271,218 |
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$ |
525,608 | |||
Income from discontinued operations |
|
2,969 |
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|
34,463 |
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|
6,160 |
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|
50,278 | |||
Net income |
|
100,604 |
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|
235,240 |
|
|
277,378 |
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|
575,886 | |||
Less net income attributable to noncontrolling interests in: |
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|
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|
|
|
|
|
|
| |||
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Consolidated subsidiaries |
|
(3,658) |
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|
(3,302) |
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|
(26,361) |
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|
(38,370) | ||
|
Operating Partnership |
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(4,366) |
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(12,704) |
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|
(11,410) |
|
|
(28,189) | ||
Net income attributable to Vornado |
|
92,580 |
|
|
219,234 |
|
|
239,607 |
|
|
509,327 | |||
Preferred share dividends |
|
(19,047) |
|
|
(20,364) |
|
|
(59,774) |
|
|
(60,213) | |||
Preferred share issuance costs (Series J redemption) |
|
(7,408) |
|
|
- |
|
|
(7,408) |
|
|
- | |||
Net income attributable to common shareholders |
$ |
66,125 |
|
$ |
198,870 |
|
$ |
172,425 |
|
$ |
449,114 | |||
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Income per common share - Basic: |
|
|
|
|
|
|
|
|
|
|
| |||
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Income from continuing operations, net |
$ |
0.34 |
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$ |
0.88 |
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$ |
0.88 |
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$ |
2.13 | ||
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Income from discontinued operations, net |
|
0.01 |
|
|
0.17 |
|
|
0.03 |
|
|
0.25 | ||
|
Net income per common share |
$ |
0.35 |
|
$ |
1.05 |
|
$ |
0.91 |
|
$ |
2.38 | ||
|
Weighted average shares outstanding |
|
188,901 |
|
|
188,504 |
|
|
188,778 |
|
|
188,291 | ||
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|
|
|
|
|
|
|
|
|
|
|
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Income per common share - Diluted: |
|
|
|
|
|
|
|
|
|
|
| |||
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Income from continuing operations, net |
$ |
0.33 |
|
$ |
0.88 |
|
$ |
0.88 |
|
$ |
2.12 | ||
|
Income from discontinued operations, net |
|
0.02 |
|
|
0.17 |
|
|
0.03 |
|
|
0.25 | ||
|
Net income per common share |
$ |
0.35 |
|
$ |
1.05 |
|
$ |
0.91 |
|
$ |
2.37 | ||
|
Weighted average shares outstanding |
|
190,048 |
|
|
189,581 |
|
|
190,086 |
|
|
189,789 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO |
$ |
225,529 |
|
$ |
236,039 |
|
$ |
658,880 |
|
$ |
779,506 | |||
|
Per diluted share |
$ |
1.19 |
|
$ |
1.25 |
|
$ |
3.47 |
|
$ |
4.11 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO, as adjusted |
$ |
235,757 |
|
$ |
229,403 |
|
$ |
674,346 |
|
$ |
669,967 | |||
|
Per diluted share |
$ |
1.24 |
|
$ |
1.21 |
|
$ |
3.55 |
|
$ |
3.53 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares used in determining FFO per diluted share |
|
190,090 |
|
|
189,581 |
|
|
190,129 |
|
|
189,524 |
3
The following table reconciles our net income to FFO:
(Amounts in thousands, except per share amounts) |
For the Three Months Ended |
|
For the Nine Months Ended | ||||||||||
|
|
|
September 30, |
|
September 30, | ||||||||
|
|
|
2016 |
|
2015 |
|
2016 |
|
2015 | ||||
Net income attributable to common shareholders |
$ |
66,125 |
|
$ |
198,870 |
|
$ |
172,425 |
|
$ |
449,114 | ||
|
Per diluted share |
$ |
0.35 |
|
$ |
1.05 |
|
$ |
0.91 |
|
$ |
2.37 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO adjustments: |
|
|
|
|
|
|
|
|
|
|
| ||
Depreciation and amortization of real property |
$ |
130,892 |
|
$ |
134,623 |
|
$ |
398,231 |
|
$ |
382,175 | ||
Net gains on sale of real estate |
|
- |
|
|
(135,557) |
|
|
(161,721) |
|
|
(146,424) | ||
Real estate impairment losses |
|
- |
|
|
- |
|
|
160,700 |
|
|
256 | ||
Proportionate share of adjustments to equity in net income (loss) of |
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|
|
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| ||
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partially owned entities to arrive at FFO: |
|
|
|
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|
|
|
|
|
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| |
|
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Depreciation and amortization of real property |
|
40,281 |
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|
38,131 |
|
|
117,635 |
|
|
106,685 |
|
|
Net gains on sale of real estate |
|
(2,522) |
|
|
- |
|
|
(2,841) |
|
|
(4,513) |
|
|
Real estate impairment losses |
|
1,134 |
|
|
2,313 |
|
|
5,536 |
|
|
12,617 |
|
|
|
|
169,785 |
|
|
39,510 |
|
|
517,540 |
|
|
350,796 |
Noncontrolling interests' share of above adjustments |
|
(10,403) |
|
|
(2,364) |
|
|
(31,872) |
|
|
(20,473) | ||
FFO adjustments, net |
$ |
159,382 |
|
$ |
37,146 |
|
$ |
485,668 |
|
$ |
330,323 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO attributable to common shareholders |
$ |
225,507 |
|
$ |
236,016 |
|
$ |
658,093 |
|
$ |
779,437 | ||
Convertible preferred share dividends |
|
22 |
|
|
23 |
|
|
65 |
|
|
69 | ||
Earnings allocated to Out-Performance Plan units |
|
- |
|
|
- |
|
|
722 |
|
|
- | ||
FFO attributable to common shareholders plus assumed conversions |
$ |
225,529 |
|
$ |
236,039 |
|
$ |
658,880 |
|
$ |
779,506 | ||
|
Per diluted share |
$ |
1.19 |
|
$ |
1.25 |
|
$ |
3.47 |
|
$ |
4.11 |
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 and other specified non-cash items, including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO and FFO per diluted share are non-GAAP financial measures used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. FFO does not represent net income and should not be considered an alternative to net income as a performance 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, as adjusted. Although this non-GAAP measure clearly differs from NAREIT’s definition of FFO, we believe it provides a meaningful presentation of operating performance. Reconciliations of FFO to FFO, as adjusted are provided on page 2 of this press release.
Conference Call and Audio Webcast
As previously announced, the Company will host a quarterly earnings conference call and an audio webcast on Tuesday, November 1, 2016 at 10:00 a.m. Eastern Time (ET). The conference call can be accessed by dialing 888-771-4371 (domestic) or 847-585-4405 (international) and indicating to the operator the passcode 43587461. A telephonic replay of the conference call will be available from 1:00 p.m. ET on November 1, 2016 through December 1, 2016. To access the replay, please dial 888-843-7419 and enter the passcode 43587461#. 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.
#####
4
INDEX |
|
|
|
|
Page |
Investor Information |
3 |
2016 Business Developments |
4 - 5 |
Common Shares Data |
6 |
Financial Highlights |
7 |
Funds From Operations |
8 |
Net Income, as Adjusted |
9 |
Funds From Operations, as Adjusted |
10 |
Funds Available for Distribution |
11 |
Net Income / EBITDA (Consolidated and by Segment) |
12 - 18 |
EBITDA by Segment and Region |
19 |
Consolidated Balance Sheets |
20 |
Capital Structure |
21 |
Debt Analysis |
22 - 24 |
Unconsolidated Joint Ventures |
25 - 27 |
Square Footage |
28 |
Top 30 Tenants |
29 |
Lease Expirations |
30 - 31 |
Leasing Activity |
32 - 34 |
Occupancy, Same Store EBITDA and Residential Statistics |
35 |
Development / Redevelopment Summary |
36 |
Capital Expenditures |
37 - 40 |
Property Table |
41 - 54 |
|
|
|
|
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 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. We also note the following forward-looking statements: in the case of our development and redevelopment projects, the estimated completion date, estimated project cost and cost to complete; and estimates of future capital expenditures, dividends to common and preferred shareholders and operating partnership distributions. 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, as amended, for the year ended December 31, 2015. 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, as amended, or Quarterly Report on Form 10-Q, as applicable, and this supplemental package.
INVESTOR INFORMATION | |||||
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|
|
|
Executive Officers: |
|
|
|
|
|
Steven Roth |
Chairman of the Board and Chief Executive Officer | ||||
David R. Greenbaum |
President - New York Division | ||||
Mitchell N. Schear |
President - Washington, DC Division | ||||
Michael J. Franco |
Executive Vice President - Chief Investment Officer | ||||
Joseph Macnow |
Executive Vice President - Finance and Chief Administrative Officer | ||||
Stephen W. Theriot |
Chief Financial Officer | ||||
|
|
|
|
|
|
RESEARCH COVERAGE - EQUITY | |||||
|
|
|
|
|
|
James Feldman / Scott Freitag |
|
|
Brad K. Burke |
|
John W. Guinee / Erin T. Aslakson |
Bank of America / Merrill Lynch |
|
|
Goldman Sachs |
|
Stifel Nicolaus & Company |
646-855-5808 / 646-855-3197 |
|
|
917-343-2082 |
|
443-224-1307 / 443-224-1350 |
|
|
|
|
|
|
Ross Smotrich / Peter Siciliano |
|
|
Jed Reagan / Daniel Ismail |
|
Michael Lewis |
Barclays Capital |
|
|
Green Street Advisors |
|
SunTrust Robinson Humphrey |
212-526-2306 / 212-526-3098 |
|
|
949-640-8780 |
|
212-319-5659 |
|
|
|
|
|
|
Michael Bilerman / Emmanuel Korchman |
|
|
Anthony Paolone / Gene Nusinzon |
|
Nick Yulico / Frank Lee |
Citi |
|
|
JP Morgan |
|
UBS |
212-816-1383 / 212-816-1382 |
|
|
212-622-6682 / 212-633-1041 |
|
212-713-3402 / 412-352-5679 |
|
|
|
|
|
|
Vincent Chao |
|
|
Vikram Malhotra / Sumit Sharma |
|
|
Deutsche Bank |
|
|
Morgan Stanley |
|
|
212-250-6799 |
|
|
212-761-7064 / 212-761-7567 |
|
|
|
|
|
|
|
|
Steve Sakwa / Robert Simone |
|
|
Alexander Goldfarb / Daniel Santos |
|
|
Evercore ISI |
|
|
Sandler O'Neill |
|
|
212-446-9462 / 212-446-9459 |
|
|
212-466-7937 / 212-466-7927 |
|
|
|
|
|
|
|
|
RESEARCH COVERAGE - DEBT | |||||
|
|
|
|
|
|
Scott Frost |
|
|
Robert Haines / Craig Guttenplan |
|
Thierry Perrein |
Bank of America / Merrill Lynch |
|
|
CreditSights |
|
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.
|
- 3 -
2016 BUSINESS DEVELOPMENTS |
|
Subsequent Event
On October 31, 2016, our Board of Trustees approved the tax-free spin-off of our Washington, DC business and we entered into a definitive agreement to merge it with the business and certain select assets of The JBG Companies (“JBG”), a Washington, DC real estate company. Steven Roth, our Chairman and Chief Executive Officer, will be Chairman of the Board of Trustees of the new combined company. Mitchell Schear, President of our Washington, DC business, will be a member of management's Executive Committee and a Trustee of the new combined company.
The pro rata distribution to Vornado common shareholders and Vornado Realty L.P. common unitholders is intended to be treated as a tax-free spin-off for U.S. federal income tax purposes. It is expected to be made on a pro rata 1:2 basis.
The initial Form 10 registration statement relating to the spin-off is expected to be filed with the Securities and Exchange Commission (“SEC”) in the fourth quarter of 2016, and the distribution and combination are expected to be completed in the second quarter of 2017. The transactions are subject to certain conditions, including the SEC declaring the Form 10 registration statement effective, filing and approval of the new company’s listing application, receipt of regulatory approvals and third party consents by each of Vornado and JBG, and formal declaration of the distribution by our Board of Trustees. The transactions are not subject to a vote by Vornado shareholders. Our Board of Trustees has approved the transaction. JBG’s investors have consented to the transaction. There can be no assurance that this transaction will be completed.
Investment Activities
On March 17, 2016, we entered into a joint venture, in which we own a 33.3% interest, which owns a $146,004,000 mezzanine loan. The interest rate is LIBOR plus 8.875% (9.38% at September 30, 2016) and the debt matures in November 2016, with two three-month extension options. At September 30, 2016, the joint venture has a $3,996,000 remaining commitment, of which our share is $1,332,000. The joint venture’s investment is subordinate to $350,000,000 of third party debt. We account for our investment in the joint venture under the equity method.
On May 20, 2016, we contributed $19,650,000 for a 50.0% equity interest in a joint venture that will develop 606 Broadway, a 33,000 square foot office and retail building, located on Houston Street in Manhattan. The development cost of this project is estimated to be approximately $104,000,000. At closing, the joint venture obtained a $65,000,000 construction loan, of which approximately $22,500,000 was outstanding at September 30, 2016. The loan, which bears interest at LIBOR plus 3.00% (3.52% at September 30, 2016), matures in May 2019 with two one-year extension options. Because this joint venture is a variable interest entity (“VIE”) and we determined we are the primary beneficiary, we consolidate the accounts of this joint venture from the date of our investment.
Dispositions
On May 27, 2016, we sold a 47% ownership interest in 7 West 34th Street, a 477,000 square foot Manhattan office building leased to Amazon, and retained the remaining 53% interest. This transaction was based on a property value of approximately $561,000,000 or $1,176 per square foot. We received net proceeds of $127,382,000 from the sale and realized a net gain of $203,324,000, of which $159,511,000 was recognized in the second quarter and is included in “net gain on disposition of wholly owned and partially owned assets” in our consolidated statements of income. The remaining net gain of $43,813,000 has been deferred until our guarantee of payment of loan principal and interest is removed or the loan is repaid. We realized a net tax gain of $90,017,000. We continue to manage and lease the property. We share control over major decisions with our joint venture partner. Accordingly, this property is accounted for under the equity method from the date of sale.
- 4 -
2016 BUSINESS DEVELOPMENTS |
|
Financing Activities
On February 8, 2016, we completed a $700,000,000 refinancing of 770 Broadway, a 1,158,000 square foot Manhattan office building. The five-year loan is interest only at LIBOR plus 1.75%, (2.28% at September 30, 2016) which was swapped for four and a half years to a fixed rate of 2.56%. The Company realized net proceeds of approximately $330,000,000. The property was previously encumbered by a 5.65%, $353,000,000 mortgage which was scheduled to mature in March 2016.
On March 7, 2016, the joint venture, in which we have a 55% ownership interest, completed a $300,000,000 refinancing of One Park Avenue, a 947,000 square foot Manhattan office building. The loan matures in March 2021 and is interest only at LIBOR plus 1.75% (2.28% at September 30, 2016). The property was previously encumbered by a 4.995%, $250,000,000 mortgage which matured in March 2016.
On May 6, 2016, the joint venture, in which we have a 55% ownership interest, completed a $273,000,000 refinancing of The Warner Building, a 621,000 square foot Washington, DC office building. The loan matures in June 2023, has a fixed rate of 3.65%, is interest only for the first two years and amortizes based on a 30-year schedule beginning in year three. The property was previously encumbered by a 6.26%, $293,000,000 mortgage which matured in May 2016.
On May 11, 2016, the joint venture, in which we have a 50% ownership interest, completed a $900,000,000 refinancing of 280 Park Avenue, a 1,250,000 square foot Manhattan office building. The three-year loan with four one-year extensions is interest only at LIBOR plus 2.00% (2.51% at September 30, 2016). The property was previously encumbered by a 6.35%, $721,000,000 mortgage which was scheduled to mature in June 2016.
On May 16, 2016, we completed a $300,000,000 recourse financing of 7 West 34th Street. The ten-year loan is interest only at a fixed rate of 3.65% and matures in June 2026.
On August 3, 2016, the joint venture, in which we have 49.9% ownership interest, completed an $80,000,000 refinancing of 50-70 West 93rd Street, a 326 unit Manhattan residential complex. The three-year loan with two one-year extensions is interest only at LIBOR plus 1.70% (2.22% at September 30, 2016). The property was previously encumbered by a $44,980,000 first mortgage at LIBOR plus 1.90% and an $18,481,000 second mortgage at LIBOR plus 1.65%, which were scheduled to mature in September 2016.
On September 1, 2016, we redeemed all of the outstanding 6.875% Series J cumulative redeemable preferred shares at their redemption price of $25.00 per share, or $246,250,000 in the aggregate, plus accrued and unpaid dividends through the date of redemption. In connection therewith, we expensed $7,408,000 of issuance costs, which reduced net income attributable to common shareholders in the three months ended September 30, 2016. These costs had been initially recorded as a reduction of shareholders’ equity.
On September 6, 2016, we completed a $675,000,000 refinancing of theMART, a 3,644,000 square foot commercial building in Chicago. The five-year loan is interest only and has a fixed rate of 2.70%. The Company realized net proceeds of approximately $124,000,000. The property was previously encumbered by a 5.57%, $550,000,000 mortgage which was scheduled to mature in December 2016.
- 5 -
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): | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter 2016 |
|
|
Second Quarter 2016 |
|
|
First Quarter 2016 |
|
|
Fourth Quarter 2015 | ||||
High Price |
|
$ |
108.69 |
|
|
$ |
100.13 |
|
|
$ |
99.97 |
|
|
$ |
103.41 | |
Low Price |
|
$ |
97.18 |
|
|
$ |
90.13 |
|
|
$ |
78.91 |
|
|
$ |
89.32 | |
Closing Price - end of quarter |
|
$ |
101.21 |
|
|
$ |
100.12 |
|
|
$ |
94.43 |
|
|
$ |
99.96 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized Dividend per share |
|
$ |
2.52 |
|
|
$ |
2.52 |
|
|
$ |
2.52 |
|
|
$ |
2.52 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized Dividend Yield - on Closing Price |
|
|
2.5% |
|
|
|
2.5% |
|
|
|
2.7% |
|
|
|
2.5% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding shares, Class A units and convertible preferred units as converted, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
excluding stock options (in thousands) |
|
|
201,816 |
|
|
|
201,760 |
|
|
|
201,763 |
|
|
|
201,367 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing market value of outstanding shares, Class A units and convertible preferred |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
units as converted, excluding stock options |
|
$ |
20.4 Billion |
|
|
$ |
20.2 Billion |
|
|
$ |
19.1 Billion |
|
|
$ |
20.1 Billion |
- 6 -
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"), net income attributable to common shareholders, as adjusted, FFO, as adjusted, 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 |
|
Nine Months Ended | |||||||||||
|
|
|
|
September 30, |
|
June 30, |
|
September 30, | |||||||||
|
|
|
|
2016 |
|
2015 |
|
2016 |
|
2016 |
|
2015 | |||||
|
Total revenues |
$ |
633,197 |
|
$ |
627,596 |
|
$ |
621,708 |
|
$ |
1,867,942 |
|
$ |
1,850,686 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to common shareholders |
$ |
66,125 |
|
$ |
198,870 |
|
$ |
220,463 |
|
$ |
172,425 |
|
$ |
449,114 | ||
|
|
Per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Basic |
$ |
0.35 |
|
$ |
1.05 |
|
$ |
1.17 |
|
$ |
0.91 |
|
$ |
2.38 |
|
|
|
Diluted |
$ |
0.35 |
|
$ |
1.05 |
|
$ |
1.16 |
|
$ |
0.91 |
|
$ |
2.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to common shareholders, as adjusted |
$ |
74,677 |
|
$ |
70,077 |
|
$ |
72,463 |
|
$ |
190,264 |
|
$ |
219,845 | ||
|
|
Per diluted share |
$ |
0.39 |
|
$ |
0.37 |
|
$ |
0.38 |
|
$ |
1.00 |
|
$ |
1.16 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO, as adjusted |
$ |
235,757 |
|
$ |
229,403 |
|
$ |
233,015 |
|
$ |
674,346 |
|
$ |
669,967 | ||
|
|
Per diluted share |
$ |
1.24 |
|
$ |
1.21 |
|
$ |
1.23 |
|
$ |
3.55 |
|
$ |
3.53 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO |
$ |
225,529 |
|
$ |
236,039 |
|
$ |
229,432 |
|
$ |
658,880 |
|
$ |
779,506 | ||
|
FFO - Operating Partnership Basis ("OP Basis") |
$ |
240,466 |
|
$ |
251,331 |
|
$ |
244,682 |
|
$ |
701,786 |
|
$ |
828,923 | ||
|
|
Per diluted share |
$ |
1.19 |
|
$ |
1.25 |
|
$ |
1.21 |
|
$ |
3.47 |
|
$ |
4.11 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per common share |
$ |
0.63 |
|
$ |
0.63 |
|
$ |
0.63 |
|
$ |
1.89 |
|
$ |
1.89 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO payout ratio (based on FFO, as adjusted) |
|
50.8% |
|
|
52.1% |
|
|
51.2% |
|
|
53.2% |
|
|
53.5% | ||
|
FAD payout ratio |
|
95.5% |
|
|
77.8% |
|
|
118.9% |
|
|
109.2% |
|
|
79.7% | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares used in determining FFO per diluted share - REIT basis |
|
190,090 |
|
|
189,581 |
|
|
189,885 |
|
|
190,129 |
|
|
189,524 | ||
|
Convertible units: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
Class A |
|
11,557 |
|
|
11,105 |
|
|
11,596 |
|
|
11,523 |
|
|
10,819 | |
|
|
D-13 |
|
459 |
|
|
504 |
|
|
490 |
|
|
496 |
|
|
467 | |
|
|
G1-G4 |
|
38 |
|
|
86 |
|
|
41 |
|
|
39 |
|
|
93 | |
|
|
Equity awards - unit equivalents |
|
536 |
|
|
587 |
|
|
494 |
|
|
323 |
|
|
636 | |
|
Weighted average shares used in determining FFO per diluted share - OP Basis |
|
202,680 |
|
|
201,863 |
|
|
202,506 |
|
|
202,510 |
|
|
201,539 |
- 7 -
RECONCILIATION OF NET INCOME TO FFO (1) |
|
|
|
|
|
|
|
| ||||||||||||
(unaudited and in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended | |||||||||||
|
|
|
|
|
|
|
September 30, |
|
June 30, |
|
September 30, | |||||||||
|
|
|
|
|
|
|
2016 |
|
2015 |
|
2016 |
|
2016 |
|
2015 | |||||
Reconciliation of our net income to FFO: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Net income attributable to common shareholders |
|
|
$ |
66,125 |
|
$ |
198,870 |
|
$ |
220,463 |
|
$ |
172,425 |
|
$ |
449,114 | |||
|
|
Per diluted share |
|
|
$ |
0.35 |
|
$ |
1.05 |
|
$ |
1.16 |
|
$ |
0.91 |
|
$ |
2.37 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Depreciation and amortization of real property |
|
|
$ |
130,892 |
|
$ |
134,623 |
|
$ |
133,218 |
|
$ |
398,231 |
|
$ |
382,175 | |||
|
Net gains on sale of real estate |
|
|
|
- |
|
|
(135,557) |
|
|
(161,721) |
|
|
(161,721) |
|
|
(146,424) | |||
|
Real estate impairment losses |
|
|
|
- |
|
|
- |
|
|
- |
|
|
160,700 |
|
|
256 | |||
|
Proportionate share of adjustments to equity in net income (loss) of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
partially owned entities to arrive at FFO: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
Depreciation and amortization of real property |
|
|
|
40,281 |
|
|
38,131 |
|
|
38,308 |
|
|
117,635 |
|
|
106,685 | |
|
|
|
Net gains on sale of real estate |
|
|
|
(2,522) |
|
|
- |
|
|
(319) |
|
|
(2,841) |
|
|
(4,513) | |
|
|
|
Real estate impairment losses |
|
|
|
1,134 |
|
|
2,313 |
|
|
49 |
|
|
5,536 |
|
|
12,617 | |
|
|
|
|
|
169,785 |
|
|
39,510 |
|
|
9,535 |
|
|
517,540 |
|
|
350,796 | |||
|
Noncontrolling interests' share of above adjustments |
|
|
|
(10,403) |
|
|
(2,364) |
|
|
(588) |
|
|
(31,872) |
|
|
(20,473) | |||
|
FFO adjustments, net |
|
|
$ |
159,382 |
|
$ |
37,146 |
|
$ |
8,947 |
|
$ |
485,668 |
|
$ |
330,323 | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO attributable to common shareholders |
|
|
$ |
225,507 |
|
$ |
236,016 |
|
$ |
229,410 |
|
$ |
658,093 |
|
$ |
779,437 | |||
|
Convertible preferred share dividends |
|
|
|
22 |
|
|
23 |
|
|
22 |
|
|
65 |
|
|
69 | |||
|
Earnings allocated to Out-Performance Plan units |
|
|
|
- |
|
|
- |
|
|
- |
|
|
722 |
|
|
- | |||
|
FFO attributable to common shareholders plus assumed conversions |
|
|
|
225,529 |
|
|
236,039 |
|
|
229,432 |
|
|
658,880 |
|
|
779,506 | |||
|
Add back of income allocated to noncontrolling interests of the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
Operating Partnership |
|
|
|
14,937 |
|
|
15,292 |
|
|
15,250 |
|
|
42,906 |
|
|
49,417 | ||
|
FFO - OP Basis (1) |
|
|
$ |
240,466 |
|
$ |
251,331 |
|
$ |
244,682 |
|
$ |
701,786 |
|
$ |
828,923 | |||
|
FFO per diluted share (1) |
|
|
$ |
1.19 |
|
$ |
1.25 |
|
$ |
1.21 |
|
$ |
3.47 |
|
$ |
4.11 | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 and other specified non-cash items, including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO and FFO per diluted share are non-GAAP financial measures used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. FFO does not represent net income and should not be considered an alternative to net income as a performance measure. FFO may not be comparable to similarly titled measures employed by other companies. |
- 8 -
RECONCILIATION OF NET INCOME TO NET INCOME, AS ADJUSTED |
|
|
| ||||||||||||||
(unaudited and in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
Three Months Ended |
|
Nine Months Ended | |||||||||||
|
|
|
|
September 30, |
|
June 30, |
|
September 30, | |||||||||
|
|
|
|
2016 |
|
2015 |
|
2016 |
|
2016 |
|
2015 | |||||
Net income attributable to common shareholders |
(A) |
$ |
66,125 |
|
$ |
198,870 |
|
$ |
220,463 |
|
$ |
172,425 |
|
$ |
449,114 | ||
|
Per diluted share |
|
$ |
0.35 |
|
$ |
1.05 |
|
$ |
1.16 |
|
$ |
0.91 |
|
$ |
2.37 | |
Items that impact net income attributable to common shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Preferred share issuance costs (Series J redemption) |
$ |
(7,408) |
|
$ |
- |
|
$ |
- |
|
$ |
(7,408) |
|
$ |
- | ||
|
Acquisition and transaction related costs |
(3,808) |
|
|
(1,518) |
|
|
(2,904) |
|
|
(11,319) |
|
|
(7,560) | |||
|
Net income from discontinued operations and sold properties |
|
|
2,969 |
|
|
6,599 |
|
|
3,671 |
|
|
8,285 |
|
|
23,605 | |
|
Default interest on Skyline properties mortgage loan |
(2,632) |
|
|
- |
|
|
(2,711) |
|
|
(5,343) |
|
|
- | |||
|
Net gains on sale of real estate and residential condominiums |
2,522 |
|
|
136,190 |
|
|
159,830 |
|
|
163,066 |
|
|
153,430 | |||
|
Real estate impairment losses |
(1,134) |
|
|
(2,313) |
|
|
(49) |
|
|
(166,236) |
|
|
(17,375) | |||
|
Reversal of allowance for deferred tax assets (re: taxable REIT subsidiary's |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
ability to utilize NOLs) |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
90,030 |
|
Other |
|
|
- |
|
|
(1,821) |
|
|
- |
|
|
- |
|
|
1,333 | |
|
|
|
|
|
(9,491) |
|
|
137,137 |
|
|
157,837 |
|
|
(18,955) |
|
|
243,463 |
Noncontrolling interests' share of above adjustments |
|
|
939 |
|
|
(8,344) |
|
|
(9,837) |
|
|
1,116 |
|
|
(14,194) | ||
Items that impact net income attributable to common shareholders, net |
(B) |
$ |
(8,552) |
|
$ |
128,793 |
|
$ |
148,000 |
|
$ |
(17,839) |
|
$ |
229,269 | ||
|
Per diluted share |
|
$ |
(0.04) |
|
$ |
0.68 |
|
$ |
0.78 |
|
$ |
(0.09) |
|
$ |
1.21 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to common shareholders, as adjusted |
(A-B) |
$ |
74,677 |
|
$ |
70,077 |
|
$ |
72,463 |
|
$ |
190,264 |
|
$ |
219,845 | ||
|
Per diluted share |
|
$ |
0.39 |
|
$ |
0.37 |
|
$ |
0.38 |
|
$ |
1.00 |
|
$ |
1.16 |
- 9 -
RECONCILIATION OF FFO TO FFO, AS ADJUSTED |
|
|
| ||||||||||||||
(unaudited and in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
Three Months Ended |
|
Nine Months Ended | |||||||||||
|
|
|
|
September 30, |
|
June 30, |
|
September 30, | |||||||||
|
|
|
|
2016 |
|
2015 |
|
2016 |
|
2016 |
|
2015 | |||||
FFO attributable to common shareholders plus assumed conversions |
(A) |
$ |
225,529 |
|
$ |
236,039 |
|
$ |
229,432 |
|
$ |
658,880 |
|
$ |
779,506 | ||
|
Per diluted share |
|
$ |
1.19 |
|
$ |
1.25 |
|
$ |
1.21 |
|
$ |
3.47 |
|
$ |
4.11 | |
Items that impact FFO: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Preferred share issuance costs (Series J redemption) |
|
$ |
(7,408) |
|
$ |
- |
|
$ |
- |
|
$ |
(7,408) |
|
$ |
- | |
|
Acquisition and transaction related costs |
|
|
(3,808) |
|
|
(1,518) |
|
|
(2,904) |
|
|
(11,319) |
|
|
(7,560) | |
|
FFO from discontinued operations and sold properties |
2,969 |
|
|
9,346 |
|
|
1,794 |
|
|
6,926 |
|
|
34,142 | |||
|
Default interest on Skyline properties mortgage loan |
(2,632) |
|
|
- |
|
|
(2,711) |
|
|
(5,343) |
|
|
- | |||
|
Net gain on sale of residential condominiums |
- |
|
|
633 |
|
|
- |
|
|
714 |
|
|
2,493 | |||
|
Reversal of allowance for deferred tax assets (re: taxable REIT subsidiary's |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
ability to utilize NOLs) |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
90,030 |
|
Our share of impairment loss on India real estate venture's |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
non-depreciable real estate |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(4,502) |
|
Other, net |
|
|
- |
|
|
(1,821) |
|
|
- |
|
|
- |
|
|
1,333 | |
|
|
|
|
|
(10,879) |
|
|
6,640 |
|
|
(3,821) |
|
|
(16,430) |
|
|
115,936 |
Noncontrolling interests' share of above adjustments |
|
|
651 |
|
|
(4) |
|
|
238 |
|
|
964 |
|
|
(6,397) | ||
Items that impact FFO, net |
(B) |
$ |
(10,228) |
|
$ |
6,636 |
|
$ |
(3,583) |
|
$ |
(15,466) |
|
$ |
109,539 | ||
|
Per diluted share |
|
$ |
(0.05) |
|
$ |
0.04 |
|
$ |
(0.02) |
|
$ |
(0.08) |
|
$ |
0.58 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO, as adjusted |
(A-B) |
$ |
235,757 |
|
$ |
229,403 |
|
$ |
233,015 |
|
$ |
674,346 |
|
$ |
669,967 | ||
|
Per diluted share |
|
$ |
1.24 |
|
$ |
1.21 |
|
$ |
1.23 |
|
$ |
3.55 |
|
$ |
3.53 |
- 10 -
RECONCILIATION OF FFO TO FAD(1) |
|
|
|
|
|
|
|
|
|
|
|
| |||||
(unaudited and in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended | |||||||||||
|
|
|
|
September 30, |
|
June 30, |
|
September 30, | |||||||||
|
|
|
|
2016 |
|
2015 |
|
2016 |
|
2016 |
|
2015 | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO attributable to common shareholders plus assumed conversions |
(A) |
$ |
225,529 |
|
$ |
236,039 |
|
$ |
229,432 |
|
$ |
658,880 |
|
$ |
779,506 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to arrive at FAD: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Recurring tenant improvements, leasing commissions and other capital expenditures |
|
87,090 |
|
|
44,013 |
|
|
101,060 |
|
|
262,719 |
|
|
167,549 | ||
|
Straight-line rentals |
34,915 |
|
|
44,424 |
|
|
42,284 |
|
|
118,960 |
|
|
108,382 | |||
|
Adjustments to FFO per page 10, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
excluding FFO attributable to discontinued operations and sold properties |
|
|
(11,449) |
|
|
(2,706) |
|
|
(5,615) |
|
|
(20,957) |
|
|
81,794 |
|
Amortization of acquired below-market leases, net |
11,410 |
|
|
19,328 |
|
|
11,843 |
|
|
40,302 |
|
|
44,240 | |||
|
Amortization of debt issuance costs |
|
(8,539) |
|
|
(7,864) |
|
|
(8,508) |
|
|
(26,312) |
|
|
(22,817) | ||
|
Stock-based compensation expense |
|
(6,117) |
|
|
(6,501) |
|
|
(7,215) |
|
|
(27,903) |
|
|
(33,328) | ||
|
Non real estate depreciation |
|
(1,447) |
|
|
(1,317) |
|
|
(2,006) |
|
|
(5,277) |
|
|
(4,906) | ||
|
Carried interest and our share of net unrealized gain |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
from real estate fund investments |
|
|
(97) |
|
|
(636) |
|
|
5,598 |
|
|
8,639 |
|
|
9,728 |
|
Noncontrolling interests' share of above adjustments |
|
(6,326) |
|
|
(5,399) |
|
|
(8,566) |
|
|
(20,297) |
|
|
(20,904) | ||
|
|
|
(B) |
|
99,440 |
|
|
83,342 |
|
|
128,875 |
|
|
329,874 |
|
|
329,738 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FAD(1) |
(A-B) |
$ |
126,089 |
|
$ |
152,697 |
|
$ |
100,557 |
|
$ |
329,006 |
|
$ |
449,768 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FAD payout ratio(2) |
|
|
95.5% |
|
|
77.8% |
|
|
118.9% |
|
|
109.2% |
|
|
79.7% | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
FAD is defined as FFO less (i) cash basis 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. |
- 11 -
CONSOLIDATED NET INCOME / EBITDA (1) |
|
|
|
|
|
|
|
|
|
|
|
| |||
(unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
Three Months Ended | |||||||||||
|
|
|
|
September 30, |
|
June 30, | |||||||||
|
|
|
|
2016 |
|
|
2015 |
|
Inc (Dec) |
|
2016 | ||||
Property rentals |
|
$ |
477,215 |
|
|
$ |
462,127 |
|
$ |
15,088 |
|
$ |
472,593 | ||
Straight-line rent adjustments |
|
|
34,915 |
|
|
|
44,424 |
|
|
(9,509) |
|
|
42,284 | ||
Amortization of acquired below-market leases, net |
|
|
11,868 |
|
|
|
19,786 |
|
|
(7,918) |
|
|
12,301 | ||
Total rentals |
|
|
523,998 |
|
|
|
526,337 |
|
|
(2,339) |
|
|
527,178 | ||
Tenant expense reimbursements |
|
|
71,425 |
|
|
|
67,098 |
|
|
4,327 |
|
|
60,841 | ||
Fee and other income: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
BMS cleaning fees |
|
|
20,820 |
|
|
|
18,563 |
|
|
2,257 |
|
|
18,794 | |
|
Management and leasing fees |
|
|
6,644 |
|
|
|
4,045 |
|
|
2,599 |
|
|
4,604 | |
|
Lease termination fees |
|
|
2,118 |
|
|
|
1,517 |
|
|
601 |
|
|
3,199 | |
|
Other income |
|
|
8,192 |
|
|
|
10,036 |
|
|
(1,844) |
|
|
7,092 | |
Total revenues |
|
|
633,197 |
|
|
|
627,596 |
|
|
5,601 |
|
|
621,708 | ||
Operating expenses |
|
|
260,826 |
|
|
|
256,561 |
|
|
4,265 |
|
|
245,138 | ||
Depreciation and amortization |
|
|
138,968 |
|
|
|
141,920 |
|
|
(2,952) |
|
|
141,313 | ||
General and administrative |
|
|
40,442 |
|
|
|
36,157 |
|
|
4,285 |
|
|
45,564 | ||
Impairment loss and acquisition and transaction related costs |
|
3,808 |
|
|
|
1,518 |
|
|
2,290 |
|
|
2,879 | |||
Total expenses |
|
|
444,044 |
|
|
|
436,156 |
|
|
7,888 |
|
|
434,894 | ||
Operating income |
|
|
189,153 |
|
|
|
191,440 |
|
|
(2,287) |
|
|
186,814 | ||
Income (loss) from partially owned entities |
|
|
4,127 |
|
|
|
(325) |
|
|
4,452 |
|
|
642 | ||
Income from real estate fund investments |
|
1,077 |
|
|
|
1,665 |
|
|
(588) |
|
|
16,389 | |||
Interest and other investment income, net |
|
|
6,508 |
|
|
|
3,160 |
|
|
3,348 |
|
|
10,236 | ||
Interest and debt expense |
|
|
(98,365) |
|
|
|
(95,344) |
|
|
(3,021) |
|
|
(105,576) | ||
Net gain on disposition of wholly owned and partially owned assets |
|
- |
|
|
|
103,037 |
|
|
(103,037) |
|
|
159,511 | |||
Income before income taxes |
|
|
102,500 |
|
|
|
203,633 |
|
|
(101,133) |
|
|
268,016 | ||
Income tax expense |
|
|
(4,865) |
|
|
|
(2,856) |
|
|
(2,009) |
|
|
(2,109) | ||
Income from continuing operations |
|
|
97,635 |
|
|
|
200,777 |
|
|
(103,142) |
|
|
265,907 | ||
Income from discontinued operations |
|
|
2,969 |
|
|
|
34,463 |
|
|
(31,494) |
|
|
2,475 | ||
Net income |
|
|
100,604 |
|
|
|
235,240 |
|
|
(134,636) |
|
|
268,382 | ||
Less net income attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Consolidated subsidiaries |
|
(3,658) |
|
|
|
(3,302) |
|
|
(356) |
|
|
(13,025) | ||
|
Operating Partnership |
|
(4,366) |
|
|
|
(12,704) |
|
|
8,338 |
|
|
(14,531) | ||
Net income attributable to Vornado |
|
|
92,580 |
|
|
|
219,234 |
|
|
(126,654) |
|
|
240,826 | ||
Net income attributable to noncontrolling interests in the Operating Partnership |
|
4,366 |
|
|
|
12,704 |
|
|
(8,338) |
|
|
14,531 | |||
Interest and debt expense |
|
|
122,979 |
|
|
|
118,977 |
|
|
4,002 |
|
|
127,799 | ||
Depreciation and amortization |
|
|
172,980 |
|
|
|
174,209 |
|
|
(1,229) |
|
|
173,352 | ||
Income tax expense |
|
|
5,102 |
|
|
|
3,043 |
|
|
2,059 |
|
|
4,704 | ||
EBITDA |
|
$ |
398,007 |
|
|
$ |
528,167 |
|
$ |
(130,160) |
|
$ |
561,212 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalized leasing and development payroll |
|
$ |
5,412 |
|
|
$ |
4,835 |
|
$ |
577 |
|
$ |
5,786 | ||
Capitalized interest and debt expense |
|
$ |
8,384 |
|
|
$ |
26,005 |
|
$ |
(17,621) |
|
$ |
7,367 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
EBITDA represents "Earnings Before Interest, Taxes, Depreciation and Amortization." We calculate EBITDA on an Operating Partnership basis which is before allocation to the noncontrolling interest of the Operating Partnership. We consider EBITDA a non-GAAP financial measure for making decisions and assessing the unlevered performance of our 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, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. EBITDA should not be considered a substitute for net income. EBITDA may not be comparable to similarly titled measures employed by other companies. |
- 12 -
CONSOLIDATED NET INCOME / EBITDA |
|
|
|
|
|
|
|
|
| |
(unaudited and in thousands) |
|
|
|
|
|
|
|
|
| |
|
|
Nine Months Ended September 30, | ||||||||
|
|
2016 |
|
|
2015 |
|
Inc (Dec) | |||
Property rentals |
$ |
1,410,032 |
|
|
$ |
1,387,458 |
|
$ |
22,574 | |
Straight-line rent adjustments |
|
118,960 |
|
|
|
108,382 |
|
|
10,578 | |
Amortization of acquired below-market leases, net |
|
41,676 |
|
|
|
45,614 |
|
|
(3,938) | |
Total rentals |
|
1,570,668 |
|
|
|
1,541,454 |
|
|
29,214 | |
Tenant expense reimbursements |
|
191,841 |
|
|
|
196,234 |
|
|
(4,393) | |
Fee and other income: |
|
|
|
|
|
|
|
|
| |
|
BMS cleaning fees |
|
57,760 |
|
|
|
62,937 |
|
|
(5,177) |
|
Management and leasing fees |
|
16,047 |
|
|
|
12,511 |
|
|
3,536 |
|
Lease termination fees |
|
7,722 |
|
|
|
8,157 |
|
|
(435) |
|
Other income |
|
23,904 |
|
|
|
29,393 |
|
|
(5,489) |
Total revenues |
|
1,867,942 |
|
|
|
1,850,686 |
|
|
17,256 | |
Operating expenses |
|
762,313 |
|
|
|
753,744 |
|
|
8,569 | |
Depreciation and amortization |
|
423,238 |
|
|
|
402,999 |
|
|
20,239 | |
General and administrative |
|
134,710 |
|
|
|
133,838 |
|
|
872 | |
Impairment loss and acquisition and transaction related costs |
|
171,994 |
|
|
|
7,560 |
|
|
164,434 | |
Total expenses |
|
1,492,255 |
|
|
|
1,298,141 |
|
|
194,114 | |
Operating income |
|
375,687 |
|
|
|
552,545 |
|
|
(176,858) | |
Income (loss) from partially owned entities |
|
529 |
|
|
|
(8,709) |
|
|
9,238 | |
Income from real estate fund investments |
|
28,750 |
|
|
|
52,122 |
|
|
(23,372) | |
Interest and other investment income, net |
|
20,262 |
|
|
|
19,618 |
|
|
644 | |
Interest and debt expense |
|
(304,430) |
|
|
|
(279,110) |
|
|
(25,320) | |
Net gain on disposition of wholly owned and partially owned assets |
|
160,225 |
|
|
|
104,897 |
|
|
55,328 | |
Income before income taxes |
|
281,023 |
|
|
|
441,363 |
|
|
(160,340) | |
Income tax (expense) benefit |
|
(9,805) |
|
|
|
84,245 |
|
|
(94,050) | |
Income from continuing operations |
|
271,218 |
|
|
|
525,608 |
|
|
(254,390) | |
Income from discontinued operations |
|
6,160 |
|
|
|
50,278 |
|
|
(44,118) | |
Net income |
|
277,378 |
|
|
|
575,886 |
|
|
(298,508) | |
Less net income attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
|
| |
|
Consolidated subsidiaries |
|
(26,361) |
|
|
|
(38,370) |
|
|
12,009 |
|
Operating Partnership |
|
(11,410) |
|
|
|
(28,189) |
|
|
16,779 |
Net income attributable to Vornado |
|
239,607 |
|
|
|
509,327 |
|
|
(269,720) | |
Net income attributable to noncontrolling interests in the Operating Partnership |
|
11,410 |
|
|
|
28,189 |
|
|
(16,779) | |
Interest and debt expense |
|
376,898 |
|
|
|
348,725 |
|
|
28,173 | |
Depreciation and amortization |
|
521,143 |
|
|
|
493,904 |
|
|
27,239 | |
Income tax expense (benefit) |
|
13,067 |
|
|
|
(85,349) |
|
|
98,416 | |
EBITDA |
$ |
1,162,125 |
|
|
$ |
1,294,796 |
|
$ |
(132,671) | |
|
|
|
|
|
|
|
|
|
|
|
Capitalized leasing and development payroll |
$ |
17,340 |
|
|
$ |
15,220 |
|
$ |
2,120 | |
Capitalized interest and debt expense |
$ |
24,822 |
|
|
$ |
48,817 |
|
$ |
(23,995) |
- 13 -
EBITDA BY SEGMENT |
|
|
| ||||||||||||||
(unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
Three Months Ended September 30, 2016 |
| |||||||||||||
|
|
|
Total |
|
|
New York |
|
|
Washington, DC |
|
|
Other |
| ||||
Property rentals |
$ |
477,215 |
|
|
$ |
314,175 |
|
|
$ |
105,078 |
|
|
$ |
57,962 |
| ||
Straight-line rent adjustments |
|
34,915 |
|
|
|
23,157 |
|
|
|
7,459 |
|
|
|
4,299 |
| ||
Amortization of acquired below-market leases, net |
|
11,868 |
|
|
|
10,781 |
|
|
|
339 |
|
|
|
748 |
| ||
Total rentals |
|
523,998 |
|
|
|
348,113 |
|
|
|
112,876 |
|
|
|
63,009 |
| ||
Tenant expense reimbursements |
|
71,425 |
|
|
|
54,964 |
|
|
|
10,468 |
|
|
|
5,993 |
| ||
Fee and other income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
BMS cleaning fees |
|
20,820 |
|
|
|
25,250 |
|
|
|
- |
|
|
|
(4,430) |
| |
|
Management and leasing fees |
|
6,644 |
|
|
|
1,749 |
|
|
|
4,860 |
|
|
|
35 |
| |
|
Lease termination fees |
|
2,118 |
|
|
|
1,222 |
|
|
|
299 |
|
|
|
597 |
| |
|
Other income |
|
8,192 |
|
|
|
1,571 |
|
|
|
5,943 |
|
|
|
678 |
| |
Total revenues |
|
633,197 |
|
|
|
432,869 |
|
|
|
134,446 |
|
|
|
65,882 |
| ||
Operating expenses |
|
260,826 |
|
|
|
184,343 |
|
|
|
50,807 |
|
|
|
25,676 |
| ||
Depreciation and amortization |
|
138,968 |
|
|
|
86,563 |
|
|
|
33,091 |
|
|
|
19,314 |
| ||
General and administrative |
|
40,442 |
|
|
|
9,783 |
|
|
|
6,858 |
|
|
|
23,801 |
| ||
Acquisition and transaction related costs |
|
3,808 |
|
|
|
- |
|
|
|
- |
|
|
|
3,808 |
| ||
Total expenses |
|
444,044 |
|
|
|
280,689 |
|
|
|
90,756 |
|
|
|
72,599 |
| ||
Operating income (loss) |
|
189,153 |
|
|
|
152,180 |
|
|
|
43,690 |
|
|
|
(6,717) |
| ||
Income (loss) from partially owned entities |
|
4,127 |
|
|
|
(579) |
|
|
|
(452) |
|
|
|
5,158 |
| ||
Income from real estate fund investments |
|
1,077 |
|
|
|
- |
|
|
|
- |
|
|
|
1,077 |
| ||
Interest and other investment income, net |
|
6,508 |
|
|
|
1,355 |
|
|
|
49 |
|
|
|
5,104 |
| ||
Interest and debt expense |
|
(98,365) |
|
|
|
(51,212) |
|
|
|
(18,644) |
|
|
|
(28,509) |
| ||
Net gain on disposition of wholly owned and partially owned assets |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
| ||
Income (loss) before income taxes |
|
102,500 |
|
|
|
101,744 |
|
|
|
24,643 |
|
|
|
(23,887) |
| ||
Income tax expense |
|
(4,865) |
|
|
|
(2,356) |
|
|
|
(302) |
|
|
|
(2,207) |
| ||
Income (loss) from continuing operations |
|
97,635 |
|
|
|
99,388 |
|
|
|
24,341 |
|
|
|
(26,094) |
| ||
Income from discontinued operations |
|
2,969 |
|
|
|
- |
|
|
|
- |
|
|
|
2,969 |
| ||
Net income (loss) |
|
100,604 |
|
|
|
99,388 |
|
|
|
24,341 |
|
|
|
(23,125) |
| ||
Less net income attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Consolidated subsidiaries |
|
(3,658) |
|
|
|
(2,985) |
|
|
|
- |
|
|
|
(673) |
| |
|
Operating Partnership |
|
(4,366) |
|
|
|
- |
|
|
|
- |
|
|
|
(4,366) |
| |
Net income (loss) attributable to Vornado |
|
92,580 |
|
|
|
96,403 |
|
|
|
24,341 |
|
|
|
(28,164) |
| ||
Net income attributable to noncontrolling interests in the Operating Partnership |
|
4,366 |
|
|
|
- |
|
|
|
- |
|
|
|
4,366 |
| ||
Interest and debt expense |
|
122,979 |
|
|
|
66,314 |
|
|
|
20,991 |
|
|
|
35,674 |
| ||
Depreciation and amortization |
|
172,980 |
|
|
|
111,731 |
|
|
|
37,123 |
|
|
|
24,126 |
| ||
Income tax expense |
|
5,102 |
|
|
|
2,445 |
|
|
|
310 |
|
|
|
2,347 |
| ||
EBITDA for the three months ended September 30, 2016 |
$ |
398,007 |
|
|
$ |
276,893 |
|
|
$ |
82,765 |
|
|
$ |
38,349 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA for the three months ended September 30, 2015 |
$ |
528,167 |
|
|
$ |
282,390 |
|
|
$ |
182,688 |
|
|
$ |
63,089 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA, as adjusted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
For the three months ended September 30, 2016 |
$ |
397,458 |
|
|
$ |
276,893 |
(1) |
|
$ |
82,765 |
(2) |
|
$ |
37,800 |
(3) | |
|
For the three months ended September 30, 2015 |
$ |
386,611 |
|
|
$ |
276,715 |
(1) |
|
$ |
78,683 |
(2) |
|
$ |
31,213 |
(3) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes on page 16. |
- 14 -
EBITDA BY SEGMENT |
|
|
|
| |||||||||||||
(unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
Nine Months Ended September 30, 2016 |
| |||||||||||||
|
|
|
Total |
|
|
New York |
|
|
Washington, DC |
|
|
Other |
| ||||
Property rentals |
$ |
1,410,032 |
|
|
$ |
920,060 |
|
|
$ |
310,610 |
|
|
$ |
179,362 |
| ||
Straight-line rent adjustments |
|
118,960 |
|
|
|
77,317 |
|
|
|
20,235 |
|
|
|
21,408 |
| ||
Amortization of acquired below-market leases, net |
|
41,676 |
|
|
|
37,590 |
|
|
|
1,012 |
|
|
|
3,074 |
| ||
Total rentals |
|
1,570,668 |
|
|
|
1,034,967 |
|
|
|
331,857 |
|
|
|
203,844 |
| ||
Tenant expense reimbursements |
|
191,841 |
|
|
|
146,858 |
|
|
|
29,010 |
|
|
|
15,973 |
| ||
Fee and other income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
BMS cleaning fees |
|
57,760 |
|
|
|
71,316 |
|
|
|
- |
|
|
|
(13,556) |
| |
|
Management and leasing fees |
|
16,047 |
|
|
|
5,142 |
|
|
|
10,787 |
|
|
|
118 |
| |
|
Lease termination fees |
|
7,722 |
|
|
|
6,388 |
|
|
|
599 |
|
|
|
735 |
| |
|
Other income |
|
23,904 |
|
|
|
4,793 |
|
|
|
17,673 |
|
|
|
1,438 |
| |
Total revenues |
|
1,867,942 |
|
|
|
1,269,464 |
|
|
|
389,926 |
|
|
|
208,552 |
| ||
Operating expenses |
|
762,313 |
|
|
|
533,992 |
|
|
|
146,755 |
|
|
|
81,566 |
| ||
Depreciation and amortization |
|
423,238 |
|
|
|
256,870 |
|
|
|
106,855 |
|
|
|
59,513 |
| ||
General and administrative |
|
134,710 |
|
|
|
27,557 |
|
|
|
22,117 |
|
|
|
85,036 |
| ||
Impairment loss ($160,700 for Skyline properties) and acquisition and transaction related costs |
|
171,994 |
|
|
|
- |
|
|
|
160,700 |
|
|
|
11,294 |
| ||
Total expenses |
|
1,492,255 |
|
|
|
818,419 |
|
|
|
436,427 |
|
|
|
237,409 |
| ||
Operating income (loss) |
|
375,687 |
|
|
|
451,045 |
|
|
|
(46,501) |
|
|
|
(28,857) |
| ||
Income (loss) from partially owned entities |
|
529 |
|
|
|
(5,143) |
|
|
|
(5,453) |
|
|
|
11,125 |
| ||
Income from real estate fund investments |
|
28,750 |
|
|
|
- |
|
|
|
- |
|
|
|
28,750 |
| ||
Interest and other investment income, net |
|
20,262 |
|
|
|
3,684 |
|
|
|
141 |
|
|
|
16,437 |
| ||
Interest and debt expense |
|
(304,430) |
|
|
|
(162,193) |
|
|
|
(54,396) |
|
|
|
(87,841) |
| ||
Net gain on disposition of wholly owned and partially owned assets |
|
160,225 |
|
|
|
159,511 |
|
|
|
- |
|
|
|
714 |
| ||
Income (loss) before income taxes |
|
281,023 |
|
|
|
446,904 |
|
|
|
(106,209) |
|
|
|
(59,672) |
| ||
Income tax expense |
|
(9,805) |
|
|
|
(4,131) |
|
|
|
(884) |
|
|
|
(4,790) |
| ||
Income (loss) from continuing operations |
|
271,218 |
|
|
|
442,773 |
|
|
|
(107,093) |
|
|
|
(64,462) |
| ||
Income from discontinued operations |
|
6,160 |
|
|
|
- |
|
|
|
- |
|
|
|
6,160 |
| ||
Net income (loss) |
|
277,378 |
|
|
|
442,773 |
|
|
|
(107,093) |
|
|
|
(58,302) |
| ||
Less net income attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Consolidated subsidiaries |
|
(26,361) |
|
|
|
(9,811) |
|
|
|
- |
|
|
|
(16,550) |
| |
|
Operating Partnership |
|
(11,410) |
|
|
|
- |
|
|
|
- |
|
|
|
(11,410) |
| |
Net income (loss) attributable to Vornado |
|
239,607 |
|
|
|
432,962 |
|
|
|
(107,093) |
|
|
|
(86,262) |
| ||
Net income attributable to noncontrolling interests in the Operating Partnership |
|
11,410 |
|
|
|
- |
|
|
|
- |
|
|
|
11,410 |
| ||
Interest and debt expense |
|
376,898 |
|
|
|
208,683 |
|
|
|
63,038 |
|
|
|
105,177 |
| ||
Depreciation and amortization |
|
521,143 |
|
|
|
331,448 |
|
|
|
119,109 |
|
|
|
70,586 |
| ||
Income tax expense |
|
13,067 |
|
|
|
4,424 |
|
|
|
2,780 |
|
|
|
5,863 |
| ||
EBITDA for the nine months ended September 30, 2016 |
$ |
1,162,125 |
|
|
$ |
977,517 |
|
|
$ |
77,834 |
|
|
$ |
106,774 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA for the nine months ended September 30, 2015 |
$ |
1,294,796 |
|
|
$ |
807,323 |
|
|
$ |
351,579 |
|
|
$ |
135,894 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA, as adjusted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
For the nine months ended September 30, 2016 |
$ |
1,167,321 |
|
|
$ |
814,886 |
(1) |
|
$ |
238,534 |
(2) |
|
$ |
113,901 |
(3) | |
|
For the nine months ended September 30, 2015 |
$ |
1,127,052 |
|
|
$ |
788,772 |
(1) |
|
$ |
243,584 |
(2) |
|
$ |
94,696 |
(3) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes on following page. |
|
- 15 -
NOTES TO EBITDA BY SEGMENT | |||||||||||||||||
(unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
The elements of "New York" EBITDA, as adjusted, are summarized below. |
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, | ||||||||
|
|
|
|
|
|
|
2016 |
|
2015 |
|
2016 |
|
2015 | ||||
|
Office (including BMS EBITDA of $6,508, $5,634, $17,981, and $17,908, respectively) |
$ |
159,937 |
|
$ |
156,017 |
|
$ |
472,791 |
|
$ |
463,554 | |||||
|
Retail |
|
95,274 |
|
|
97,080 |
|
|
284,027 |
|
|
263,463 | |||||
|
Residential |
|
6,214 |
|
|
5,495 |
|
|
18,901 |
|
|
16,254 | |||||
|
Alexander's |
|
11,506 |
|
|
10,502 |
|
|
34,880 |
|
|
31,150 | |||||
|
Hotel Pennsylvania |
|
3,962 |
|
|
7,621 |
|
|
4,287 |
|
|
14,351 | |||||
|
|
Total New York |
$ |
276,893 |
|
$ |
276,715 |
|
$ |
814,886 |
|
$ |
788,772 | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) |
The elements of "Washington, DC" EBITDA, as adjusted, are summarized below. |
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, | ||||||||
|
|
|
|
|
|
|
2016 |
|
2015 |
|
2016 |
|
2015 | ||||
|
Office, excluding the Skyline properties |
$ |
67,073 |
|
$ |
62,278 |
|
$ |
191,646 |
|
$ |
194,166 | |||||
|
Skyline properties |
|
4,222 |
|
|
5,998 |
|
|
14,177 |
|
|
19,037 | |||||
|
|
Total Office |
|
71,295 |
|
|
68,276 |
|
|
205,823 |
|
|
213,203 | ||||
|
Residential |
|
11,470 |
|
|
10,407 |
|
|
32,711 |
|
|
30,381 | |||||
|
|
Total Washington, DC |
$ |
82,765 |
|
$ |
78,683 |
|
$ |
238,534 |
|
$ |
243,584 |
(3) |
The elements of "Other" EBITDA, as adjusted, are summarized below. |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, | ||||||||
|
|
|
|
|
|
|
2016 |
|
2015 |
|
2016 |
|
2015 | ||||
|
Our share of real estate fund investments: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
Income before net realized/unrealized gains and losses |
|
|
|
$ |
2,552 |
|
$ |
2,594 |
|
$ |
6,309 |
|
$ |
6,879 | |
|
|
Net realized/unrealized (losses) gains on investments |
|
|
|
|
(2,118) |
|
|
(922) |
|
|
3,333 |
|
|
9,542 | |
|
|
Carried interest |
|
|
|
|
373 |
|
|
(49) |
|
|
4,020 |
|
|
6,248 | |
|
Total |
|
|
|
|
807 |
|
|
1,623 |
|
|
13,662 |
|
|
22,669 | ||
|
theMART (including trade shows) |
|
|
|
|
21,696 |
|
|
19,044 |
|
|
70,689 |
|
|
62,229 | ||
|
555 California Street |
|
|
|
|
11,405 |
|
|
13,005 |
|
|
35,137 |
|
|
38,237 | ||
|
India real estate ventures |
|
|
|
|
836 |
|
|
13 |
|
|
2,585 |
|
|
2,229 | ||
|
Other investments |
|
|
|
|
17,704 |
|
|
13,917 |
|
|
48,875 |
|
|
30,100 | ||
|
|
|
|
|
|
|
|
52,448 |
|
|
47,602 |
|
|
170,948 |
|
|
155,464 |
|
Corporate general and administrative expenses(a) (b) |
|
|
|
|
(21,519) |
|
|
(22,341) |
|
|
(76,364) |
|
|
(82,043) | ||
|
Investment income and other, net(a) |
|
|
|
|
6,871 |
|
|
5,952 |
|
|
19,317 |
|
|
21,275 | ||
|
|
Total Other |
|
|
|
$ |
37,800 |
|
$ |
31,213 |
|
$ |
113,901 |
|
$ |
94,696 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
The amounts in these captions (for this table only) exclude the results of the mark-to-market of our deferred compensation plan of $204 of income and $2,577 of loss for the three months ended September 30, 2016 and 2015, respectively, and $2,625 of income and $327 of loss for the nine months ended September 30, 2016 and 2015, respectively. | |||||||||||||||
|
(b) |
The nine months ended September 30, 2015 includes a cumulative catch up of $4,542 from the acceleration of recognition of compensation expense related to the modification of the 2012-2014 Out-Performance Plans. |
- 16 -
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA TO EBITDA, AS ADJUSTED | |||||||||||||||||
(unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
Three Months Ended September 30, 2016 | |||||||||||||
|
|
|
|
Total |
|
|
New York |
|
|
Washington, DC |
|
|
Other | ||||
Net income (loss) attributable to Vornado |
|
$ |
92,580 |
|
|
$ |
96,403 |
|
|
$ |
24,341 |
|
|
$ |
(28,164) | ||
Net income attributable to noncontrolling interests in the Operating Partnership |
|
|
4,366 |
|
|
|
- |
|
|
|
- |
|
|
|
4,366 | ||
Interest and debt expense |
|
|
122,979 |
|
|
|
66,314 |
|
|
|
20,991 |
|
|
|
35,674 | ||
Depreciation and amortization |
|
|
172,980 |
|
|
|
111,731 |
|
|
|
37,123 |
|
|
|
24,126 | ||
Income tax expense |
|
|
5,102 |
|
|
|
2,445 |
|
|
|
310 |
|
|
|
2,347 | ||
EBITDA |
(A) |
|
398,007 |
|
|
|
276,893 |
|
|
|
82,765 |
|
|
|
38,349 | ||
Items that impact EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Acquisition and transaction related costs |
|
|
(3,808) |
|
|
|
- |
|
|
|
- |
|
|
|
(3,808) | |
|
EBITDA from discontinued operations |
|
|
2,969 |
|
|
|
- |
|
|
|
- |
|
|
|
2,969 | |
|
Net gains on sale of real estate |
|
|
2,522 |
|
|
|
- |
|
|
|
- |
|
|
|
2,522 | |
|
Real estate impairment loss |
|
|
(1,134) |
|
|
|
- |
|
|
|
- |
|
|
|
(1,134) | |
|
|
|
(B) |
|
549 |
|
|
|
- |
|
|
|
- |
|
|
|
549 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA, as adjusted |
(A-B) |
$ |
397,458 |
|
|
$ |
276,893 |
|
|
$ |
82,765 |
|
|
$ |
37,800 |
|
|
|
|
Three Months Ended September 30, 2015 | |||||||||||||
|
|
|
|
Total |
|
|
New York |
|
|
Washington, DC |
|
|
Other | ||||
Net income (loss) attributable to Vornado |
|
$ |
219,234 |
|
|
$ |
117,317 |
|
|
$ |
114,252 |
|
|
$ |
(12,335) | ||
Net income attributable to noncontrolling interests in the Operating Partnership |
|
|
12,704 |
|
|
|
- |
|
|
|
- |
|
|
|
12,704 | ||
Interest and debt expense |
|
|
118,977 |
|
|
|
64,653 |
|
|
|
20,010 |
|
|
|
34,314 | ||
Depreciation and amortization |
|
|
174,209 |
|
|
|
99,206 |
|
|
|
48,132 |
|
|
|
26,871 | ||
Income tax expense |
|
|
3,043 |
|
|
|
1,214 |
|
|
|
294 |
|
|
|
1,535 | ||
EBITDA |
(A) |
|
528,167 |
|
|
|
282,390 |
|
|
|
182,688 |
|
|
|
63,089 | ||
Items that impact EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Net gains on sale of real estate and residential condominiums |
|
|
136,190 |
|
|
|
- |
|
|
|
102,404 |
|
|
|
33,786 | |
|
EBITDA from discontinued operations and sold properties |
|
|
9,792 |
|
|
|
5,675 |
|
|
|
1,601 |
|
|
|
2,516 | |
|
Real estate impairment loss |
|
|
(2,313) |
|
|
|
- |
|
|
|
- |
|
|
|
(2,313) | |
|
Acquisition and transaction related costs |
|
|
(1,518) |
|
|
|
- |
|
|
|
- |
|
|
|
(1,518) | |
|
Other |
|
|
(595) |
|
|
|
- |
|
|
|
- |
|
|
|
(595) | |
|
|
(B) |
|
141,556 |
|
|
|
5,675 |
|
|
|
104,005 |
|
|
|
31,876 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA, as adjusted |
(A-B) |
$ |
386,611 |
|
|
$ |
276,715 |
|
|
$ |
78,683 |
|
|
$ |
31,213 |
- 17 -
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA TO EBITDA, AS ADJUSTED | |||||||||||||||||
(unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
Nine Months Ended September 30, 2016 | |||||||||||||
|
|
|
|
Total |
|
|
New York |
|
|
Washington, DC |
|
|
Other | ||||
Net income (loss) attributable to Vornado |
|
$ |
239,607 |
|
|
$ |
432,962 |
|
|
$ |
(107,093) |
|
|
$ |
(86,262) | ||
Net income attributable to noncontrolling interests in the Operating Partnership |
|
|
11,410 |
|
|
|
- |
|
|
|
- |
|
|
|
11,410 | ||
Interest and debt expense |
|
|
376,898 |
|
|
|
208,683 |
|
|
|
63,038 |
|
|
|
105,177 | ||
Depreciation and amortization |
|
|
521,143 |
|
|
|
331,448 |
|
|
|
119,109 |
|
|
|
70,586 | ||
Income tax expense |
|
|
13,067 |
|
|
|
4,424 |
|
|
|
2,780 |
|
|
|
5,863 | ||
EBITDA |
(A) |
|
1,162,125 |
|
|
|
977,517 |
|
|
|
77,834 |
|
|
|
106,774 | ||
Items that impact EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Real estate impairment losses |
|
|
(166,236) |
|
|
|
- |
|
|
|
(160,700) |
|
|
|
(5,536) | |
|
Net gains on sale of real estate and residential condominums |
|
|
163,066 |
|
|
|
159,511 |
|
|
|
- |
|
|
|
3,555 | |
|
Acquisition and transaction related costs |
|
|
(11,319) |
|
|
|
- |
|
|
|
- |
|
|
|
(11,319) | |
|
EBITDA from discontinued operations and a sold property |
|
|
9,293 |
|
|
|
3,120 |
|
|
|
- |
|
|
|
6,173 | |
|
|
(B) |
|
(5,196) |
|
|
|
162,631 |
|
|
|
(160,700) |
|
|
|
(7,127) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA, as adjusted |
(A-B) |
$ |
1,167,321 |
|
|
$ |
814,886 |
|
|
$ |
238,534 |
|
|
$ |
113,901 |
|
|
|
|
Nine Months Ended September 30, 2015 | |||||||||||||
|
|
|
|
Total |
|
|
New York |
|
|
Washington, DC |
|
|
Other | ||||
Net income attributable to Vornado |
|
$ |
509,327 |
|
|
$ |
330,681 |
|
|
$ |
154,335 |
|
|
$ |
24,311 | ||
Net income attributable to noncontrolling interests in the Operating Partnership |
|
|
28,189 |
|
|
|
- |
|
|
|
- |
|
|
|
28,189 | ||
Interest and debt expense |
|
|
348,725 |
|
|
|
184,377 |
|
|
|
62,413 |
|
|
|
101,935 | ||
Depreciation and amortization |
|
|
493,904 |
|
|
|
288,897 |
|
|
|
136,687 |
|
|
|
68,320 | ||
Income tax (benefit) expense |
|
|
(85,349) |
|
|
|
3,368 |
|
|
|
(1,856) |
|
|
|
(86,861) | ||
EBITDA |
(A) |
|
1,294,796 |
|
|
|
807,323 |
|
|
|
351,579 |
|
|
|
135,894 | ||
Items that impact EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Net gains on sale of real estate and residential condominiums |
|
|
153,430 |
|
|
|
- |
|
|
|
102,404 |
|
|
|
51,026 | |
|
EBITDA from discontinued operations and sold properties |
|
|
38,544 |
|
|
|
17,251 |
|
|
|
5,591 |
|
|
|
15,702 | |
|
Real estate impairment losses |
|
|
(17,375) |
|
|
|
- |
|
|
|
- |
|
|
|
(17,375) | |
|
Acquisition and transaction related costs |
|
|
(7,560) |
|
|
|
- |
|
|
|
- |
|
|
|
(7,560) | |
|
Other |
|
|
705 |
|
|
|
1,300 |
|
|
|
- |
|
|
|
(595) | |
|
|
(B) |
|
167,744 |
|
|
|
18,551 |
|
|
|
107,995 |
|
|
|
41,198 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA, as adjusted |
(A-B) |
$ |
1,127,052 |
|
|
$ |
788,772 |
|
|
$ |
243,584 |
|
|
$ |
94,696 |
- 18 -
EBITDA, AS ADJUSTED BY SEGMENT AND REGION |
|
|
|
|
|
| |||
(unaudited) |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
The following tables set forth the percentages of EBITDA, as adjusted by geographic region. | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, | ||||
|
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Segment and Region |
|
|
|
|
|
|
|
| |
|
New York |
|
70% |
|
71% |
|
70% |
|
70% |
|
Washington, DC |
|
21% |
|
21% |
|
21% |
|
22% |
|
theMART, Chicago (included in "Other" segment) |
|
6% |
|
5% |
|
6% |
|
5% |
|
555 California Street, San Francisco (included in "Other" segment) |
|
3% |
|
3% |
|
3% |
|
3% |
|
|
|
100% |
|
100% |
|
100% |
|
100% |
- 19 -
CONSOLIDATED BALANCE SHEETS |
|
|
|
|
|
|
|
| ||||
(unaudited and in thousands) |
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
September 30, 2016 |
|
December 31, 2015 |
|
(Decrease) Increase | |||
ASSETS |
|
|
|
|
|
|
|
| ||||
Real estate, at cost: |
|
|
|
|
|
|
|
| ||||
|
Land |
$ |
4,129,497 |
|
$ |
4,164,799 |
|
$ |
(35,302) | |||
|
Buildings and improvements |
|
12,654,086 |
|
|
12,582,671 |
|
|
71,415 | |||
|
Development costs and construction in progress |
|
1,369,953 |
|
|
1,226,637 |
|
|
143,316 | |||
|
Leasehold improvements and equipment |
|
114,026 |
|
|
116,030 |
|
|
(2,004) | |||
|
|
Total |
|
18,267,562 |
|
|
18,090,137 |
|
|
177,425 | ||
|
Less accumulated depreciation and amortization |
|
(3,430,832) |
|
|
(3,418,267) |
|
|
(12,565) | |||
Real estate, net |
|
14,836,730 |
|
|
14,671,870 |
|
|
164,860 | ||||
Cash and cash equivalents |
|
1,352,697 |
|
|
1,835,707 |
|
|
(483,010) | ||||
Restricted cash |
|
111,941 |
|
|
107,799 |
|
|
4,142 | ||||
Marketable securities |
|
198,165 |
|
|
150,997 |
|
|
47,168 | ||||
Tenant and other receivables, net |
|
94,057 |
|
|
98,062 |
|
|
(4,005) | ||||
Investments in partially owned entities |
|
1,497,925 |
|
|
1,550,422 |
|
|
(52,497) | ||||
Real estate fund investments |
|
519,386 |
|
|
574,761 |
|
|
(55,375) | ||||
Receivable arising from the straight-lining of rents, net |
|
1,027,319 |
|
|
931,245 |
|
|
96,074 | ||||
Deferred leasing costs, net |
|
462,179 |
|
|
480,421 |
|
|
(18,242) | ||||
Identified intangible assets, net |
|
201,450 |
|
|
227,901 |
|
|
(26,451) | ||||
Assets related to discontinued operations |
|
5,546 |
|
|
37,020 |
|
|
(31,474) | ||||
Other assets |
|
551,974 |
|
|
477,088 |
|
|
74,886 | ||||
|
Total assets |
$ |
20,859,369 |
|
$ |
21,143,293 |
|
$ |
(283,924) | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY |
|
|
|
|
|
|
| |||||
Liabilities: |
|
|
|
|
|
|
|
| ||||
|
Mortgages payable, net |
$ |
9,867,550 |
|
$ |
9,513,713 |
|
$ |
353,837 | |||
|
Senior unsecured notes, net |
|
845,223 |
|
|
844,159 |
|
|
1,064 | |||
|
Unsecured revolving credit facilities |
|
115,630 |
|
|
550,000 |
|
|
(434,370) | |||
|
Unsecured term loan, net |
|
371,835 |
|
|
183,138 |
|
|
188,697 | |||
|
Accounts payable and accrued expenses |
|
461,234 |
|
|
443,955 |
|
|
17,279 | |||
|
Deferred revenue |
|
301,017 |
|
|
346,119 |
|
|
(45,102) | |||
|
Deferred compensation plan |
|
118,359 |
|
|
117,475 |
|
|
884 | |||
|
Liabilities related to discontinued operations |
|
3,284 |
|
|
12,470 |
|
|
(9,186) | |||
|
Other liabilities |
|
457,928 |
|
|
426,965 |
|
|
30,963 | |||
Total liabilities |
|
12,542,060 |
|
|
12,437,994 |
|
|
104,066 | ||||
Redeemable noncontrolling interests |
|
1,248,323 |
|
|
1,229,221 |
|
|
19,102 | ||||
Vornado shareholders' equity |
|
6,315,831 |
|
|
6,697,595 |
|
|
(381,764) | ||||
Noncontrolling interests in consolidated subsidiaries |
|
753,155 |
|
|
778,483 |
|
|
(25,328) | ||||
|
Total liabilities, redeemable noncontrolling interests and equity |
$ |
20,859,369 |
|
$ |
21,143,293 |
|
$ |
(283,924) |
- 20 -
CAPITAL STRUCTURE |
|
|
|
|
|
|
|
|
| |||
(unaudited and in thousands, except per share and unit amounts) |
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2016 | |
Debt (contractual balances): |
|
|
|
|
|
|
|
|
| |||
|
Consolidated debt: |
|
|
|
|
|
|
|
|
| ||
|
|
Mortgages payable |
|
|
|
|
|
|
|
$ |
9,968,499 | |
|
|
Senior unsecured notes |
|
|
|
|
|
|
|
|
850,000 | |
|
|
Unsecured term loan |
|
|
|
|
|
|
|
|
375,000 | |
|
|
$2.5 Billion unsecured revolving credit facilities |
|
|
|
|
|
|
|
|
115,630 | |
|
|
|
|
|
|
|
|
|
|
|
|
11,309,129 |
|
Pro rata share of debt of non-consolidated entities |
|
|
|
|
|
| |||||
|
|
(excluding $1,747,526 of Toys' debt) |
|
|
|
|
|
|
|
|
2,917,916 | |
|
Less: Noncontrolling interests' share of consolidated debt |
|
|
| ||||||||
|
|
(primarily 1290 Avenue of the Americas, 555 California Street, and St. Regis - retail) |
|
|
|
|
|
|
(597,265) | |||
|
|
|
|
|
|
|
|
|
13,629,780 | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares/Units |
|
Par Value |
|
|
| |
Perpetual Preferred: |
|
|
|
|
|
|
|
|
| |||
5.00% Preferred Unit (D-16) (1 unit @ $1,000,000 per unit) |
|
|
|
|
|
|
|
|
1,000 | |||
3.25% Preferred Units (D-17) (177,100 units @ $25 per unit) |
|
|
|
|
|
|
|
|
4,428 | |||
6.625% Series G Preferred Shares |
|
|
8,000 |
|
$ |
25.00 |
|
|
200,000 | |||
6.625% Series I Preferred Shares |
|
|
10,800 |
|
|
25.00 |
|
|
270,000 | |||
5.70% Series K Preferred Shares |
|
|
12,000 |
|
|
25.00 |
|
|
300,000 | |||
5.40% Series L Preferred Shares |
|
|
12,000 |
|
|
25.00 |
|
|
300,000 | |||
|
|
|
|
|
|
|
|
|
|
|
|
1,075,428 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2016 |
|
|
| |
|
|
|
|
|
|
Converted |
|
Common |
|
|
| |
|
|
|
|
|
|
Shares |
|
Share Price |
|
|
| |
Equity: |
|
|
|
|
|
|
|
|
| |||
Common shares |
|
|
188,994 |
|
$ |
101.21 |
|
|
19,128,083 | |||
Class A units |
|
|
11,515 |
|
|
101.21 |
|
|
1,165,433 | |||
Convertible share equivalents: |
|
|
|
|
|
|
|
|
| |||
|
Equity awards - unit equivalents |
|
|
766 |
|
|
101.21 |
|
|
77,527 | ||
|
D-13 preferred units |
|
|
461 |
|
|
101.21 |
|
|
46,658 | ||
|
G1-G4 units |
|
|
38 |
|
|
101.21 |
|
|
3,846 | ||
|
Series A preferred shares |
|
|
42 |
|
|
101.21 |
|
|
4,251 | ||
|
|
|
|
|
|
|
|
|
|
|
|
20,425,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Market Capitalization |
|
|
|
|
|
|
|
$ |
35,131,006 |
- 21 -
DEBT ANALYSIS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
As of September 30, 2016 |
|
|
| ||||||||||||||||
|
|
|
|
Total |
|
Variable |
|
Fixed |
|
|
| ||||||||||||
|
|
|
|
|
|
|
Weighted |
|
|
|
|
Weighted |
|
|
|
|
Weighted |
|
|
| |||
|
|
|
|
|
|
|
Average |
|
|
|
|
Average |
|
|
|
|
Average |
|
|
| |||
(Contractual debt balances) |
|
|
Amount |
|
Interest Rate |
|
Amount |
|
Interest Rate |
|
Amount |
|
Interest Rate |
|
|
| |||||||
Consolidated debt |
|
|
$ |
11,309,129 |
|
|
3.34% |
|
$ |
3,773,523 |
|
|
2.25% |
|
$ |
7,535,606 |
|
|
3.88% |
|
|
| |
Pro rata share of debt of non-consolidated entities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Toys |
|
|
|
1,747,526 |
|
|
7.30% |
|
|
1,046,564 |
|
|
6.36% |
|
|
700,962 |
|
|
8.70% |
|
|
|
|
All other |
|
|
|
2,917,916 |
|
|
4.05% |
|
|
1,122,472 |
|
|
2.34% |
|
|
1,795,444 |
|
|
5.12% |
|
|
|
Total |
|
|
|
15,974,571 |
|
|
3.90% |
|
|
5,942,559 |
|
|
2.99% |
|
|
10,032,012 |
|
|
4.44% |
|
|
| |
Less: Noncontrolling interests' share of consolidated debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
(primarily 1290 Avenue of the Americas, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
555 California Street, and St. Regis - retail) |
|
|
(597,265) |
|
|
|
|
|
(137,617) |
|
|
|
|
|
(459,648) |
|
|
|
|
|
| |
Company's pro rata share of total debt |
|
|
$ |
15,377,306 |
|
|
3.91% |
|
$ |
5,804,942 |
|
|
3.01% |
|
$ |
9,572,364 |
|
|
4.46% |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior Unsecured Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
Due 2019 |
|
Due 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Maturity Date / Put Date |
|
|
|
6/30/2019 |
|
|
1/15/2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Principal Amount |
|
|
$ |
450,000 |
|
$ |
400,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Coupon / Effective Economic Interest Rate |
|
|
|
2.500% / 2.581% |
|
|
5.000% / 5.057% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Ratings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Moody's / S&P / Fitch |
|
|
|
Baa2 / BBB / BBB |
|
|
Baa2 / BBB / BBB |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Covenant Ratios:(1) |
|
|
Senior Unsecured Notes |
|
Unsecured Revolving Credit Facilities |
|
Unsecured Term Loan | ||||||||||||||||
|
|
|
|
|
|
|
Actual |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
Required |
|
Due 2019 |
|
Due 2022 |
|
Required |
|
Actual |
|
Required |
|
|
Actual | ||||||
Total Outstanding Debt / Total Assets(2) |
|
|
Less than 65% |
|
|
48% |
|
|
48% |
|
Less than 60% |
|
|
34% |
|
Less than 60% |
|
|
34% | ||||
Secured Debt / Total Assets |
|
|
Less than 50% |
|
|
41% |
|
|
41% |
|
Less than 50% |
|
|
28% |
|
Less than 50% |
|
|
28% | ||||
Interest Coverage Ratio (Annualized Combined |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
EBITDA to Annualized Interest Expense) |
|
|
Greater than 1.50 |
|
|
3.22 |
|
|
3.22 |
|
|
|
|
N/A |
|
|
|
|
|
N/A | ||
Fixed Charge Coverage |
|
|
|
|
|
|
N/A |
|
|
N/A |
|
Greater than 1.40 |
|
|
2.82 |
|
Greater than 1.40 |
|
|
2.82 | |||
Unencumbered Assets / Unsecured Debt |
|
|
Greater than 150% |
|
|
664% |
|
|
664% |
|
|
|
|
N/A |
|
|
|
|
N/A | ||||
Unsecured Debt / Cap Value of Unencumbered Assets |
|
|
|
|
|
N/A |
|
|
N/A |
|
Less than 60% |
|
|
12% |
|
Less than 60% |
|
|
12% | ||||
Unencumbered Coverage Ratio |
|
|
|
|
|
|
N/A |
|
|
N/A |
|
Greater than 1.50 |
|
|
14.00 |
|
Greater than 1.50 |
|
|
14.00 | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unencumbered EBITDA: |
|
|
Q3 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
Annualized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
New York |
|
|
$ |
434,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Washington, DC |
|
|
|
159,976 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Other |
|
|
|
27,568 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total |
|
|
$ |
622,444 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Our debt covenant ratios are computed in accordance with the terms of our senior unsecured notes, unsecured revolving credit facilities, and unsecured term loan, 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. | ||||||||||||||||||||||
(2) |
Total assets includes EBITDA capped at 7.5% under the senior unsecured notes and 6.0% under the unsecured revolving credit facilities and unsecured term loan. |
- 22 -
DEBT MATURITIES (CONTRACTUAL BALANCES) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
(unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
Spread |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity |
|
over |
|
Interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property |
|
Date (1) |
|
LIBOR |
|
Rate |
|
2016 |
|
|
2017 |
|
|
2018 |
|
|
2019 |
|
|
2020 |
|
|
Thereafter |
|
|
Total | ||||||||
Skyline properties(2) |
|
04/16 |
|
|
|
4.51% |
|
$ |
678,000 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
678,000 | |
1700 & 1730 M Street |
|
11/16 |
|
L+125 |
|
1.77% |
|
|
43,581 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
43,581 | |
350 Park Avenue |
|
01/17 |
|
|
|
3.75% |
|
|
- |
|
|
|
284,319 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
284,319 | |
2011 Crystal Drive |
|
08/17 |
|
|
|
7.30% |
|
|
- |
|
|
|
75,328 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
75,328 | |
220 20th Street |
|
02/18 |
|
|
|
4.61% |
|
|
- |
|
|
|
- |
|
|
|
68,789 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
68,789 | |
$1.25 Billion unsecured revolving credit facility |
|
06/18 |
|
L+115 |
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- | |
828-850 Madison Avenue Retail Condominium |
|
06/18 |
|
|
|
5.29% |
|
|
- |
|
|
|
- |
|
|
|
80,000 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
80,000 | |
33-00 Northern Boulevard |
|
10/18 |
|
|
|
4.43% |
|
|
- |
|
|
|
- |
|
|
|
61,034 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
61,034 | |
Senior unsecured notes due 2019 |
|
06/19 |
|
|
|
2.50% |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
450,000 |
|
|
|
- |
|
|
|
- |
|
|
|
450,000 | |
435 Seventh Avenue - retail |
|
08/19 |
|
L+225 |
|
2.78% |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
98,000 |
|
|
|
- |
|
|
|
- |
|
|
|
98,000 | |
$1.25 Billion unsecured revolving credit facility |
|
11/19 |
|
L+105 |
|
1.57% |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
115,630 |
|
|
|
- |
|
|
|
- |
|
|
|
115,630 | |
4 Union Square South - retail |
|
11/19 |
|
L+215 |
|
2.67% |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
116,493 |
|
|
|
- |
|
|
|
- |
|
|
|
116,493 | |
2200 / 2300 Clarendon Boulevard (Courthouse Plaza) |
05/20 |
|
L+160 |
|
2.11% |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
23,250 |
|
|
|
- |
|
|
|
23,250 | ||
150 West 34th Street |
|
06/20 |
|
L+225 |
|
2.78% |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
205,000 |
|
|
|
- |
|
|
|
205,000 | |
100 West 33rd Street - office and retail |
|
07/20 |
|
L+165 |
|
2.17% |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
580,000 |
|
|
|
- |
|
|
|
580,000 | |
220 Central Park South |
|
09/20 |
|
L+200 |
|
2.52% |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
950,000 |
|
|
|
- |
|
|
|
950,000 | |
Unsecured Term Loan |
|
10/20 |
|
L+115 |
|
1.67% |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
375,000 |
|
|
|
- |
|
|
|
375,000 | |
Eleven Penn Plaza |
|
12/20 |
|
|
|
3.95% |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
450,000 |
|
|
|
- |
|
|
|
450,000 | |
888 Seventh Avenue |
|
12/20 |
|
|
|
3.15% |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
375,000 |
|
|
|
- |
|
|
|
375,000 | |
Borgata Land |
|
02/21 |
|
|
|
5.14% |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
56,851 |
|
|
|
56,851 | |
770 Broadway |
|
03/21 |
|
|
|
2.56% |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
700,000 |
|
|
|
700,000 | |
909 Third Avenue |
|
05/21 |
|
|
|
3.91% |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
350,000 |
|
|
|
350,000 | |
606 Broadway |
|
05/21 |
|
L+300 |
|
3.52% |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
22,474 |
|
|
|
22,474 | |
West End 25 |
|
06/21 |
|
|
|
4.88% |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
101,196 |
|
|
|
101,196 | |
Universal Buildings |
|
08/21 |
|
L+190 |
|
2.42% |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
185,000 |
|
|
|
185,000 | |
555 California Street |
|
09/21 |
|
|
|
5.10% |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
582,159 |
|
|
|
582,159 | |
theMART |
|
09/21 |
|
|
|
2.70% |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
675,000 |
|
|
|
675,000 | |
655 Fifth Avenue |
|
10/21 |
|
L+140 |
|
1.92% |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
140,000 |
|
|
|
140,000 | |
Two Penn Plaza |
|
12/21 |
|
(3) |
|
4.05% |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
575,000 |
|
|
|
575,000 | |
Senior unsecured notes due 2022 |
|
01/22 |
|
|
|
5.00% |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
400,000 |
|
|
|
400,000 | |
1290 Avenue of the Americas |
|
11/22 |
|
|
|
3.34% |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
950,000 |
|
|
|
950,000 | |
697-703 Fifth Avenue (St. Regis - retail) |
|
12/22 |
|
L+180 |
|
2.32% |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
450,000 |
|
|
|
450,000 | |
2121 Crystal Drive |
|
03/23 |
|
|
|
5.51% |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
142,227 |
|
|
|
142,227 | |
666 Fifth Avenue Retail Condominium |
|
03/23 |
|
|
|
3.61% |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
390,000 |
|
|
|
390,000 | |
2101 L Street |
|
08/24 |
|
|
|
3.97% |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
144,135 |
|
|
|
144,135 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes on the following page. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 23 -
DEBT MATURITIES (CONTRACTUAL BALANCES) |
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
Spread |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity |
|
over |
|
Interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property |
|
Date (1) |
|
LIBOR |
|
Rate |
|
2016 |
|
2017 |
|
2018 |
|
2019 |
|
2020 |
|
Thereafter |
|
Total | ||||||||
1215 Clark Street, 200 12th Street & |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
251 18th Street |
|
01/25 |
|
|
|
7.94% |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
91,893 |
|
$ |
91,893 |
RiverHouse Apartments |
|
04/25 |
|
L+128 |
|
1.81% |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
307,710 |
|
|
307,710 | |
Other |
|
Various |
|
|
|
4.51% |
|
|
16,060 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
16,060 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total consolidated debt (contractual) |
|
|
|
|
|
|
|
$ |
737,641 |
|
$ |
359,647 |
|
$ |
209,823 |
|
$ |
780,123 |
|
$ |
2,958,250 |
|
$ |
6,263,645 |
|
$ |
11,309,129 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average rate |
|
|
|
|
|
|
|
4.35% |
|
|
4.49% |
|
|
4.82% |
|
|
2.42% |
|
|
2.66% |
|
|
3.53% |
|
|
3.34% | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed rate debt |
|
|
|
|
|
|
|
$ |
694,060 |
|
$ |
359,647 |
|
$ |
209,823 |
|
$ |
450,000 |
|
$ |
825,000 |
|
$ |
4,997,076 |
|
$ |
7,535,606 | |
Fixed weighted average rate expiring |
|
|
4.51% |
|
|
4.49% |
|
|
4.82% |
|
|
2.50% |
|
|
3.59% |
|
|
3.88% |
|
|
3.88% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floating rate debt |
|
|
|
|
|
|
|
$ |
43,581 |
|
$ |
- |
|
$ |
- |
|
$ |
330,123 |
|
$ |
2,133,250 |
|
$ |
1,266,569 |
|
$ |
3,773,523 | |
Floating weighted average rate expiring |
|
|
|
|
|
|
1.77% |
|
|
- |
|
|
- |
|
|
2.32% |
|
|
2.30% |
|
|
2.17% |
|
|
2.25% | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Represents the extended maturity for certain loans in which we have the unilateral right to extend. | |||||||||||||||||||||||||||
(2) |
On March 15, 2016, we notified the servicer of the $678,000 non-recourse mortgage loan on the Skyline properties in Virginia that cash flow will be insufficient to service the debt and pay other property related costs and expenses and that we were not willing to fund additional cash shortfalls. Accordingly, at our request, the loan has been transferred to the special servicer. Consequently, based on our shortened estimated holding period for the underlying assets, we concluded that the excess of carrying amount over our estimate of fair value was not recoverable and recognized a $160,700 non-cash impairment loss in the first quarter of 2016. The Company’s estimate of fair value was derived from a discounted cash flow model based upon market conditions and expectations of growth and utilized unobservable quantitative inputs including a capitalization rate of 8.0% and a discount rate of 8.2%. In the second quarter of 2016, cash flow became insufficient to service the debt and we ceased making debt service payments. Pursuant to the loan agreement, the loan is in default, causing the loan to be immediately due and payable, and is subject to incremental default interest which increased the weighted average interest rate from 2.97% to 4.51% while the outstanding balance remains unpaid. For the three and nine months ended September 30, 2016, we accrued $2,632 and $5,343 of default interest expense, respectively. We continue to negotiate with the special servicer. There can be no assurance as to the timing or ultimate resolution of this matter. | |||||||||||||||||||||||||||
(3) |
Pursuant to an existing swap agreement, $414,000 of the loan bears interest at a fixed rate of 4.78% through March 2018, and the balance of $161,000 floats through March 2018. The entire $575,000 will float thereafter for the duration of the loan. |
- 24 -
UNCONSOLIDATED JOINT VENTURES |
|
|
|
|
|
|
| ||||||||||
(unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
As of September 30, 2016 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Contractual Debt Balances | |||||
|
|
|
|
|
|
Percentage |
|
Company's |
|
Company's |
|
|
| ||||
|
|
|
|
Asset |
Ownership at |
|
Carrying |
|
Pro rata |
|
|
100% of | |||||
Joint Venture Name |
|
Category |
September 30, 2016 |
|
Amount |
|
Share |
|
|
Joint Venture | |||||||
Alexander's, Inc. |
|
|
Office/Retail |
|
32.4% |
|
$ |
130,485 |
|
$ |
342,478 |
|
|
$ |
1,057,032 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania Real Estate Investment Trust (“PREIT”) |
|
|
REIT |
|
8.0% |
|
|
124,300 |
|
|
138,325 |
|
|
|
1,721,880 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
India real estate ventures |
|
|
Office/Land |
|
4.1% to 36.5% |
|
|
44,671 |
|
|
47,541 |
|
|
|
190,162 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Urban Edge Properties (“UE”) |
|
|
REIT |
|
5.4% |
|
|
25,817 |
|
|
65,615 |
|
|
|
1,214,289 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Partially owned office buildings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
280 Park Avenue |
|
|
Office |
|
50.0% |
|
|
273,122 |
|
|
450,000 |
|
|
|
900,000 |
|
|
One Park Avenue |
|
|
Office |
|
55.0% |
|
|
121,792 |
|
|
165,000 |
|
|
|
300,000 |
|
|
650 Madison Avenue |
|
|
Office/Retail |
|
20.1% |
|
|
119,310 |
|
|
161,024 |
|
|
|
800,000 |
|
|
512 West 22nd Street |
|
|
Office |
|
55.0% |
|
|
63,755 |
|
|
31,131 |
|
|
|
56,601 |
|
|
666 Fifth Avenue Office Condominium |
|
|
Office |
|
49.5% |
|
|
62,184 |
|
|
676,930 |
|
|
|
1,367,536 |
|
|
Rosslyn Plaza |
|
Office/Residential |
|
43.7% to 50.4% |
|
|
46,189 |
|
|
19,544 |
|
|
|
38,770 | |
|
|
West 57th Street properties |
|
|
Office |
|
50.0% |
|
|
43,018 |
|
|
9,939 |
|
|
|
19,878 |
|
|
Warner Building |
|
|
Office |
|
55.0% |
|
|
37,099 |
|
|
150,150 |
|
|
|
273,000 |
|
|
330 Madison Avenue |
|
|
Office |
|
25.0% |
|
|
28,754 |
|
|
37,500 |
|
|
|
150,000 |
|
|
825 Seventh Avenue |
|
|
Office |
|
50.0% |
|
|
4,199 |
|
|
10,250 |
|
|
|
20,500 |
|
|
1101 17th Street |
|
|
Office |
|
55.0% |
|
|
(3,234) |
|
|
17,050 |
|
|
|
31,000 |
|
|
Fairfax Square |
|
|
Office |
|
20.0% |
|
|
1,452 |
|
|
18,000 |
|
|
|
90,000 |
|
|
Other |
|
|
Office |
|
Various |
|
|
13,422 |
|
|
17,465 |
|
|
|
50,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
Independence Plaza |
|
|
Residential |
|
50.1% |
|
|
147,464 |
|
|
275,550 |
|
|
|
550,000 |
|
|
Toys "R" Us, Inc. |
|
|
Retailer |
|
32.5% |
|
|
- |
|
|
1,747,526 |
|
|
|
5,377,002 |
|
|
Other |
|
|
Various |
|
Various |
|
|
214,126 |
|
|
125,424 |
|
|
|
726,778 |
|
|
|
|
|
|
|
|
|
$ |
1,497,925 |
|
$ |
4,506,442 |
|
|
$ |
14,934,578 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7 West 34th Street(1) |
|
|
Office/Retail |
|
53.0% |
|
$ |
(41,439) |
|
$ |
159,000 |
|
|
$ |
300,000 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Our negative basis results from a $43,813 deferred gain from the sale of a 47.0% ownership interest in the property and is included in "other liabilities" on our consolidated balance sheet. |
- 25 -
UNCONSOLIDATED JOINT VENTURES |
|
|
|
|
|
|
| |||||||||||
(unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage |
|
Our Share of Net (Loss) Income for the |
|
Our Share of EBITDA for the | ||||||||||
|
|
|
|
Ownership at |
|
Three Months Ended September 30, |
|
Three Months Ended September 30, | ||||||||||
|
|
|
|
September 30, 2016 |
|
2016 |
|
2015 |
|
2016 |
|
|
2015 | |||||
Joint Venture Name |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
New York: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
666 Fifth Avenue Office Condominium |
|
|
49.5% |
|
$ |
(11,706) |
|
$ |
(9,476) |
|
$ |
6,864 |
|
|
$ |
6,162 |
|
|
Alexander's, Inc. |
|
|
32.4% |
|
|
6,891 |
|
|
5,716 |
|
|
11,506 |
|
|
|
10,502 |
|
|
330 Madison Avenue |
|
|
25.0% |
|
|
1,440 |
|
|
1,542 |
|
|
2,385 |
|
|
|
2,448 |
|
|
650 Madison Avenue (retail under development) |
|
|
20.1% |
|
|
(1,319) |
|
|
5,967 |
|
|
2,231 |
|
|
|
10,196 |
|
|
7 West 34th Street |
|
|
53.0% |
|
|
1,252 |
|
|
- |
|
|
3,447 |
|
|
|
- |
|
|
Independence Plaza |
|
|
50.1% |
|
|
1,184 |
|
|
(1,491) |
|
|
5,439 |
|
|
|
4,996 |
|
|
One Park Avenue |
|
|
55.0% |
|
|
829 |
|
|
952 |
|
|
3,564 |
|
|
|
3,911 |
|
|
825 Seventh Avenue |
|
|
50.0% |
|
|
694 |
|
|
669 |
|
|
855 |
|
|
|
825 |
|
|
280 Park Avenue |
|
|
50.0% |
|
|
(102) |
|
|
727 |
|
|
7,917 |
|
|
|
7,663 |
|
|
West 57th Street properties (partially under development) |
|
|
50.0% |
|
|
12 |
|
|
(63) |
|
|
307 |
|
|
|
266 |
|
|
Other |
|
|
Various |
|
|
246 |
|
|
(533) |
|
|
2,529 |
|
|
|
895 |
|
|
|
|
|
|
|
|
(579) |
|
|
4,010 |
|
|
47,044 |
|
|
|
47,864 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington, DC: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
Rosslyn Plaza |
|
|
43.7% to 50.4% |
|
|
(1,002) |
|
|
(778) |
|
|
943 |
|
|
|
1,088 |
|
|
1101 17th Street |
|
|
55.0% |
|
|
440 |
|
|
299 |
|
|
863 |
|
|
|
748 |
|
|
Fairfax Square |
|
|
20.0% |
|
|
(85) |
|
|
(45) |
|
|
363 |
|
|
|
411 |
|
|
Warner Building |
|
|
55.0% |
|
|
80 |
|
|
(1,712) |
|
|
2,658 |
|
|
|
2,222 |
|
|
Other |
|
|
Various |
|
|
115 |
|
|
327 |
|
|
1,108 |
|
|
|
1,227 |
|
|
|
|
|
|
|
|
(452) |
|
|
(1,909) |
|
|
5,935 |
|
|
|
5,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
UE |
|
|
5.4% |
|
|
2,158 |
|
|
1,400 |
|
|
3,567 |
|
|
|
2,923 |
|
|
Alexander's corporate fee income |
|
|
32.4% |
|
|
1,894 |
|
|
1,828 |
|
|
1,894 |
|
|
|
1,828 |
|
|
India real estate ventures |
|
|
4.1% to 36.5% |
|
|
(917) |
|
|
(1,704) |
|
|
836 |
|
|
|
13 |
|
|
PREIT |
|
|
8.0% |
|
|
52 |
|
|
(3,481) |
|
|
4,748 |
|
|
|
1,545 |
|
|
Other |
|
|
Various |
|
|
1,971 |
|
|
(469) |
|
|
10,435 |
|
|
|
6,663 |
|
|
|
|
|
|
|
|
5,158 |
|
|
(2,426) |
|
|
21,480 |
|
|
|
12,972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,127 |
|
$ |
(325) |
|
$ |
74,459 |
|
|
$ |
66,532 |
- 26 -
UNCONSOLIDATED JOINT VENTURES |
|
|
|
|
|
|
| |||||||||||
(unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage |
|
Our Share of Net (Loss) Income for the |
|
Our Share of EBITDA for the | ||||||||||
|
|
|
|
Ownership at |
|
Nine Months Ended September 30, |
|
Nine Months Ended September 30, | ||||||||||
|
|
|
|
September 30, 2016 |
|
2016 |
|
2015 |
|
2016 |
|
|
2015 | |||||
Joint Venture Name |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
New York: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
666 Fifth Avenue Office Condominium |
|
|
49.5% |
|
$ |
(33,663) |
|
$ |
(27,370) |
|
$ |
21,505 |
|
|
$ |
18,814 |
|
|
Alexander's, Inc. |
32.4% |
|
|
20,640 |
|
|
16,757 |
|
|
34,880 |
|
|
|
31,150 | ||
|
|
330 Madison Avenue |
|
|
25.0% |
|
|
4,593 |
|
|
4,560 |
|
|
7,404 |
|
|
|
7,527 |
|
|
280 Park Avenue |
|
|
50.0% |
|
|
(4,127) |
|
|
500 |
|
|
23,734 |
|
|
|
20,342 |
|
|
Independence Plaza |
|
|
50.1% |
|
|
4,079 |
|
|
(4,582) |
|
|
16,559 |
|
|
|
14,921 |
|
|
650 Madison Avenue (retail under development) |
|
|
20.1% |
|
|
(3,810) |
|
|
9,940 |
|
|
6,781 |
|
|
|
21,722 |
|
|
One Park Avenue |
|
|
55.0% |
|
|
2,514 |
|
|
2,364 |
|
|
10,824 |
|
|
|
12,281 |
|
|
825 Seventh Avenue |
|
|
50.0% |
|
|
2,085 |
|
|
2,088 |
|
|
2,567 |
|
|
|
2,515 |
|
|
7 West 34th Street |
|
|
53.0% |
|
|
1,723 |
|
|
- |
|
|
4,783 |
|
|
|
- |
|
|
West 57th Street properties (partially under development) |
|
|
50.0% |
|
|
56 |
|
|
(2,379) |
|
|
966 |
|
|
|
517 |
|
|
Other |
|
|
Various |
|
|
767 |
|
|
(355) |
|
|
8,096 |
|
|
|
3,072 |
|
|
|
|
|
|
|
|
(5,143) |
|
|
1,523 |
|
|
138,099 |
|
|
|
132,861 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington, DC: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
Rosslyn Plaza |
|
|
43.7% to 50.4% |
|
|
(2,767) |
|
|
(2,293) |
|
|
3,046 |
|
|
|
3,340 |
|
|
Warner Building |
|
|
55.0% |
|
|
(2,577) |
|
|
(5,401) |
|
|
7,040 |
|
|
|
6,423 |
|
|
1101 17th Street |
|
|
55.0% |
|
|
(563) |
|
|
3,076 |
|
|
2,535 |
|
|
|
2,308 |
|
|
Fairfax Square |
|
|
20.0% |
|
|
(318) |
|
|
(61) |
|
|
1,046 |
|
|
|
1,291 |
|
|
Other |
|
|
Various |
|
|
772 |
|
|
1,096 |
|
|
3,672 |
|
|
|
3,811 |
|
|
|
|
|
|
|
|
(5,453) |
|
|
(3,583) |
|
|
17,339 |
|
|
|
17,173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
Alexander's corporate fee income |
|
|
32.4% |
|
|
5,307 |
|
|
5,801 |
|
|
5,307 |
|
|
|
5,801 |
|
|
PREIT |
|
|
8.0% |
|
|
(4,763) |
|
|
(3,845) |
|
|
10,378 |
|
|
|
1,545 |
|
|
UE |
|
|
5.4% |
|
|
4,523 |
|
|
2,888 |
|
|
9,010 |
|
|
|
5,753 |
|
|
India real estate ventures |
|
|
4.1% to 36.5% |
|
|
(3,537) |
|
|
(18,380) |
|
|
2,585 |
|
|
|
(12,577) |
|
|
Other |
|
|
Various |
|
|
9,595 |
|
|
6,887 |
|
|
26,272 |
|
|
|
26,202 |
|
|
|
|
|
|
|
|
11,125 |
|
|
(6,649) |
|
|
53,552 |
|
|
|
26,724 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
529 |
|
$ |
(8,709) |
|
$ |
208,990 |
|
|
$ |
176,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 27 -
SQUARE FOOTAGE in service |
|
|
| |||||||||||
(unaudited and square feet in thousands) |
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
Owned by Company | ||||||||
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio |
|
Total |
|
Office |
|
Retail |
|
Showroom |
|
Other |
Segment: |
|
|
|
|
|
|
|
|
|
|
|
| ||
|
New York: |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
Office |
|
20,219 |
|
16,956 |
|
16,773 |
|
- |
|
183 |
|
- |
|
|
Retail |
|
2,697 |
|
2,476 |
|
- |
|
2,476 |
|
- |
|
- |
|
|
Residential - 1,690 units |
|
1,559 |
|
826 |
|
- |
|
- |
|
- |
|
826 |
|
|
Alexander's (32.4% interest), |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
including 312 residential units |
|
2,437 |
|
790 |
|
288 |
|
419 |
|
- |
|
83 |
|
|
Hotel Pennsylvania |
|
1,400 |
|
1,400 |
|
- |
|
- |
|
- |
|
1,400 |
|
|
|
|
28,312 |
|
22,448 |
|
17,061 |
|
2,895 |
|
183 |
|
2,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington, DC: |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
Office, excluding the Skyline properties |
|
12,875 |
|
10,450 |
|
9,677 |
|
773 |
|
- |
|
- |
|
|
Skyline properties |
|
2,649 |
|
2,649 |
|
2,594 |
|
55 |
|
- |
|
- |
|
|
Total Office |
|
15,524 |
|
13,099 |
|
12,271 |
|
828 |
|
- |
|
- |
|
|
Residential - 3,058 units |
|
3,164 |
|
3,022 |
|
- |
|
43 |
|
- |
|
2,979 |
|
|
Other |
|
330 |
|
330 |
|
- |
|
9 |
|
- |
|
321 |
|
|
|
|
19,018 |
|
16,451 |
|
12,271 |
|
880 |
|
- |
|
3,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other: |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
theMART |
|
3,665 |
|
3,656 |
|
1,927 |
|
98 |
|
1,631 |
|
- |
|
|
555 California Street (70% interest) |
|
1,736 |
|
1,215 |
|
1,122 |
|
93 |
|
- |
|
- |
|
|
Other |
|
784 |
|
784 |
|
- |
|
784 |
|
- |
|
- |
|
|
|
|
6,185 |
|
5,655 |
|
3,049 |
|
975 |
|
1,631 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total square feet at September 30, 2016 |
|
53,515 |
|
44,554 |
|
32,381 |
|
4,750 |
|
1,814 |
|
5,609 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total square feet at June 30, 2016 |
|
53,410 |
|
44,473 |
|
32,441 |
|
4,706 |
|
1,815 |
|
5,511 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of |
|
Number of |
|
|
|
|
Parking Garages (not included above): |
Square Feet |
|
Garages |
|
Spaces |
|
|
|
| |||||
|
New York |
|
|
|
1,686 |
|
11 |
|
4,970 |
|
|
|
| |
|
Washington, DC |
|
|
|
9,018 |
|
54 |
|
29,897 |
|
|
|
| |
|
theMART |
|
|
|
558 |
|
4 |
|
1,664 |
|
|
|
| |
|
555 California Street |
|
|
|
168 |
|
1 |
|
453 |
|
|
|
| |
|
Total at September 30, 2016 |
|
|
|
11,430 |
|
70 |
|
36,984 |
|
|
|
|
- 28 -
TOP 30 TENANTS |
|
|
|
|
|
|
|
| ||
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
Annualized |
|
| ||
|
|
|
Square |
|
Revenues(1) |
|
% of Annualized | |||
Tenants (consolidated properties only) |
|
Footage(1) |
|
(in thousands) |
|
Revenues | ||||
U.S. Government |
|
|
|
4,281,187 |
|
$ |
143,714 |
|
|
5.7% |
IPG and affiliates |
|
|
|
923,896 |
|
|
56,041 |
|
|
2.2% |
Swatch Group USA |
|
|
|
32,374 |
|
|
47,760 |
|
|
1.9% |
AXA Equitable Life Insurance |
|
|
|
480,923 |
|
|
45,112 |
|
|
1.8% |
Macy's |
|
|
|
646,434 |
|
|
37,797 |
|
|
1.5% |
Victoria's Secret |
|
|
|
63,779 |
|
|
32,000 |
|
|
1.3% |
|
|
|
|
355,370 |
|
|
31,603 |
|
|
1.2% |
Neuberger Berman Group LLC |
|
|
|
411,893 |
|
|
31,066 |
|
|
1.2% |
AOL (Verizon) |
|
|
|
327,138 |
|
|
29,897 |
|
|
1.2% |
Ziff Brothers Investments, Inc. |
|
|
|
287,030 |
|
|
28,993 |
|
|
1.1% |
McGraw-Hill Companies, Inc. |
|
|
|
479,557 |
|
|
27,920 |
|
|
1.1% |
J. Crew |
|
|
|
310,233 |
|
|
23,062 |
|
|
0.9% |
The City of New York |
|
|
|
549,088 |
|
|
22,458 |
|
|
0.9% |
AMC Networks, Inc. |
|
|
|
393,470 |
|
|
22,300 |
|
|
0.9% |
Topshop |
|
|
|
94,349 |
|
|
22,286 |
|
|
0.9% |
Bank of America |
|
|
|
320,930 |
|
|
22,284 |
|
|
0.9% |
Fast Retailing (Uniqlo) |
|
|
|
90,732 |
|
|
21,949 |
|
|
0.9% |
Madison Square Garden |
|
|
|
353,134 |
|
|
21,725 |
|
|
0.9% |
Forever 21 |
|
|
|
127,779 |
|
|
21,624 |
|
|
0.9% |
Motorola Mobility (guaranteed by Google) |
|
|
|
609,071 |
|
|
21,458 |
|
|
0.8% |
Cushman & Wakefield |
|
|
|
224,928 |
|
|
19,216 |
|
|
0.8% |
JCPenney |
|
|
|
426,370 |
|
|
18,707 |
|
|
0.7% |
Hollister |
|
|
|
21,741 |
|
|
18,705 |
|
|
0.7% |
Bryan Cave LLP |
|
|
|
213,947 |
|
|
17,139 |
|
|
0.7% |
PricewaterhouseCoopers LLP |
|
|
|
243,434 |
|
|
16,884 |
|
|
0.7% |
Family Health International |
|
|
|
320,791 |
|
|
15,121 |
|
|
0.6% |
Lockheed Martin |
|
|
|
312,754 |
|
|
14,798 |
|
|
0.6% |
Alston & Bird LLP |
|
|
163,883 |
|
|
13,569 |
|
|
0.5% | |
Sears Holding Company (Kmart Corporation and Sears Corporation) |
|
|
286,705 |
|
|
13,390 |
|
|
0.5% | |
New York & Company, Inc. |
|
|
|
197,154 |
|
|
13,167 |
|
|
0.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes leases not yet commenced. |
|
|
|
|
|
|
|
|
|
|
- 29 -
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 |
|
|
27,000 |
|
$ |
1,877,000 |
|
$ |
69.52 |
|
|
0.2% |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter 2016 |
|
|
113,000 |
|
|
8,064,000 |
|
|
71.36 |
|
|
0.8% |
| |
|
|
|
|
|
First Quarter 2017 |
|
|
114,000 |
|
|
8,879,000 |
|
|
77.89 |
|
|
0.8% |
| |
|
|
|
|
|
Second Quarter 2017 |
|
|
218,000 |
|
|
13,085,000 |
|
|
60.02 |
|
|
1.2% |
| |
|
|
|
|
|
Third Quarter 2017 |
|
|
171,000 |
|
|
9,248,000 |
|
|
54.08 |
|
|
0.9% |
| |
|
|
|
|
|
Fourth Quarter 2017 |
|
|
96,000 |
|
|
6,585,000 |
|
|
68.59 |
|
|
0.6% |
| |
|
|
|
|
|
Total 2017 |
|
|
599,000 |
|
|
37,797,000 |
|
|
63.10 |
|
|
3.5% |
| |
|
|
|
|
|
2018 |
|
|
1,187,000 |
|
|
90,181,000 |
|
|
75.97 |
|
|
8.5% |
| |
|
|
|
|
|
2019 |
|
|
852,000 |
|
|
58,161,000 |
|
|
68.26 |
|
|
5.5% |
| |
|
|
|
|
|
2020 |
|
|
1,389,000 |
|
|
91,694,000 |
|
|
66.01 |
|
|
8.6% |
| |
|
|
|
|
|
2021 |
|
|
1,208,000 |
|
|
84,005,000 |
|
|
69.54 |
|
|
7.9% |
| |
|
|
|
|
|
2022 |
|
|
703,000 |
|
|
41,206,000 |
|
|
58.61 |
|
|
3.9% |
| |
|
|
|
|
|
2023 |
|
|
1,705,000 |
|
|
129,496,000 |
|
|
75.95 |
|
|
12.2% |
| |
|
|
|
|
|
2024 |
|
|
1,208,000 |
|
|
92,566,000 |
|
|
76.63 |
|
|
8.7% |
| |
|
|
|
|
|
2025 |
|
|
734,000 |
|
|
52,334,000 |
|
|
71.30 |
|
|
4.9% |
| |
|
|
|
|
|
2026 |
|
|
1,306,000 |
|
|
93,042,000 |
|
|
71.24 |
|
|
8.7% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail: |
|
Month to Month |
|
|
32,000 |
|
$ |
2,268,000 |
|
$ |
70.88 |
|
|
0.5% |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter 2016 |
|
|
45,000 |
|
|
10,673,000 |
|
|
237.18 |
|
|
2.5% |
| |
|
|
|
|
|
First Quarter 2017 |
|
|
26,000 |
|
|
7,907,000 |
|
|
304.12 |
|
|
1.9% |
| |
|
|
|
|
|
Second Quarter 2017 |
|
|
7,000 |
|
|
4,967,000 |
|
|
709.57 |
|
|
1.2% |
| |
|
|
|
|
|
Third Quarter 2017 |
|
|
1,000 |
|
|
512,000 |
|
|
512.00 |
|
|
0.1% |
| |
|
|
|
|
|
Fourth Quarter 2017 |
|
|
11,000 |
|
|
2,195,000 |
|
|
199.55 |
|
|
0.5% |
| |
|
|
|
|
|
Total 2017 |
|
|
45,000 |
|
|
15,581,000 |
|
|
346.24 |
|
|
3.7% |
| |
|
|
|
|
|
2018 |
|
|
157,000 |
|
|
42,180,000 |
|
|
268.66 |
|
|
9.9% |
| |
|
|
|
|
|
2019 |
|
|
202,000 |
|
|
34,037,000 |
|
|
168.50 |
|
|
8.0% |
| |
|
|
|
|
|
2020 |
|
|
72,000 |
|
|
10,837,000 |
|
|
150.51 |
|
|
2.5% |
| |
|
|
|
|
|
2021 |
|
|
56,000 |
|
|
10,733,000 |
|
|
191.66 |
|
|
2.5% |
| |
|
|
|
|
|
2022 |
|
|
33,000 |
|
|
3,834,000 |
|
|
116.18 |
|
|
0.9% |
| |
|
|
|
|
|
2023 |
|
|
81,000 |
|
|
20,379,000 |
|
|
251.59 |
|
|
4.8% |
| |
|
|
|
|
|
2024 |
|
|
150,000 |
|
|
59,682,000 |
|
|
397.88 |
|
|
14.0% |
| |
|
|
|
|
|
2025 |
|
|
38,000 |
|
|
19,042,000 |
|
|
501.11 |
|
|
4.5% |
| |
|
|
|
|
|
2026 |
|
|
136,000 |
|
|
41,994,000 |
|
|
308.78 |
|
|
9.9% |
|
- 30 -
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 |
|
|
153,000 |
|
$ |
5,546,000 |
|
$ |
36.25 |
|
|
1.3% |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter 2016 |
|
|
420,000 |
|
|
17,496,000 |
|
|
41.66 |
|
|
4.2% |
| |
|
|
|
|
|
First Quarter 2017 |
|
|
157,000 |
|
|
5,710,000 |
|
|
36.37 |
|
|
1.4% |
| |
|
|
|
|
|
Second Quarter 2017 |
|
|
163,000 |
|
|
6,802,000 |
|
|
41.73 |
|
|
1.6% |
| |
|
|
|
|
|
Third Quarter 2017 |
|
|
529,000 |
|
|
20,582,000 |
|
|
38.91 |
|
|
4.9% |
| |
|
|
|
|
|
Fourth Quarter 2017 |
|
|
123,000 |
|
|
5,338,000 |
|
|
43.40 |
|
|
1.3% |
| |
|
|
|
|
|
Total 2017 |
|
|
972,000 |
|
|
38,432,000 |
|
|
39.54 |
|
|
9.2% |
| |
|
|
|
|
|
2018 |
|
|
1,087,000 |
|
|
47,101,000 |
|
|
43.33 |
|
|
11.2% |
| |
|
|
|
|
|
2019 |
|
|
1,516,000 |
|
|
64,410,000 |
|
|
42.49 |
|
|
15.3% |
| |
|
|
|
|
|
2020 |
|
|
956,000 |
|
|
45,593,000 |
|
|
47.69 |
|
|
10.8% |
| |
|
|
|
|
|
2021 |
|
|
778,000 |
|
|
34,457,000 |
|
|
44.29 |
|
|
8.2% |
| |
|
|
|
|
|
2022 |
|
|
1,132,000 |
|
|
50,924,000 |
|
|
44.99 |
|
|
12.1% |
| |
|
|
|
|
|
2023 |
|
|
211,000 |
|
|
9,777,000 |
|
|
46.34 |
|
|
2.3% |
| |
|
|
|
|
|
2024 |
|
|
457,000 |
|
|
18,396,000 |
|
|
40.25 |
|
|
4.4% |
| |
|
|
|
|
|
2025 |
|
|
334,000 |
|
|
13,136,000 |
|
|
39.33 |
|
|
3.1% |
| |
|
|
|
|
|
2026 |
|
|
226,000 |
|
|
10,237,000 |
|
|
45.30 |
|
|
2.4% |
|
- 31 -
LEASING ACTIVITY |
|
|
|
|
|
|
|
|
|
|
| ||||
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The leasing activity and related statistics in the table below are based on leases signed during the period and are not intended to coincide with the commencement of rental revenue in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Second generation relet space represents square footage that has not been vacant for more than nine months and tenant improvements and leasing commissions are based on our share of square feet leased during the period. | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(square feet in thousands) |
|
|
|
New York |
|
Washington, DC | |||||||||
|
|
|
|
|
|
|
|
Office |
|
Retail |
|
Office | |||
Three Months Ended September 30, 2016 |
|
|
|
|
|
|
|
|
|
|
| ||||
|
Total square feet leased |
|
|
|
|
335 |
|
|
7 |
|
|
177 | |||
|
Our share of square feet leased: |
|
|
|
|
308 |
|
|
7 |
|
|
138 | |||
|
|
Initial rent (1) |
|
|
|
$ |
68.11 |
|
$ |
338.50 |
|
$ |
40.62 | ||
|
|
Weighted average lease term (years) |
|
|
|
|
6.5 |
|
|
8.4 |
|
|
5.0 | ||
|
|
Second generation relet space: |
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
Square feet |
|
|
|
|
278 |
|
|
7 |
|
|
92 | |
|
|
|
GAAP basis: |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Straight-line rent (2) |
|
|
|
$ |
65.87 |
|
$ |
335.58 |
|
$ |
43.75 |
|
|
|
|
Prior straight-line rent |
|
|
|
$ |
61.48 |
|
$ |
198.36 |
|
$ |
45.96 |
|
|
|
|
Percentage increase (decrease) |
|
|
|
|
7.1% |
|
|
69.2% |
|
|
(4.8%) |
|
|
|
Cash basis: |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Initial rent (1) |
|
|
|
$ |
67.29 |
|
$ |
308.11 |
|
$ |
43.75 |
|
|
|
|
Prior escalated rent |
|
|
|
$ |
63.39 |
|
$ |
200.80 |
|
$ |
48.75 |
|
|
|
|
Percentage increase (decrease) |
|
|
|
|
6.2% |
|
|
53.4% |
|
|
(10.3%) |
|
|
Tenant improvements and leasing commissions: |
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
Per square foot |
|
|
|
$ |
49.49 |
|
$ |
103.45 |
|
$ |
37.86 | |
|
|
|
Per square foot per annum |
|
|
|
$ |
7.61 |
|
$ |
12.32 |
|
$ |
7.57 | |
|
|
|
|
Percentage of initial rent |
|
|
|
|
11.2% |
|
|
3.6% |
|
|
18.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes on page 34. |
- 32 -
LEASING ACTIVITY |
|
|
|
|
|
|
|
|
|
|
| ||||
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York Office |
|
|
|
|
|
| ||||
(square feet in thousands) |
|
|
|
Long Island City |
|
New York |
|
Washington, DC | |||||||
|
|
|
|
|
Manhattan |
|
(Center Building) |
|
Retail |
|
Office | ||||
Nine Months Ended September 30, 2016 |
|
|
|
|
|
|
|
|
|
|
| ||||
|
Total square feet leased |
|
1,330 |
|
|
285 |
|
|
101 |
|
|
1,098 | |||
|
Our share of square feet leased: |
|
1,109 |
|
|
285 |
|
|
80 |
|
|
1,039 | |||
|
|
Initial rent (1) |
$ |
79.23 |
|
$ |
40.10 |
|
$ |
206.71 |
|
$ |
40.05 | ||
|
|
Weighted average lease term (years) |
|
9.9 |
|
|
5.8 |
|
|
9.0 |
|
|
4.1 | ||
|
|
Second generation relet space: |
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
Square feet |
|
1,024 |
|
|
285 |
|
|
62 |
|
|
800 | |
|
|
|
GAAP basis: |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Straight-line rent (2) |
$ |
78.72 |
|
$ |
38.68 |
|
$ |
208.06 |
|
$ |
37.92 |
|
|
|
|
Prior straight-line rent |
$ |
64.12 |
|
$ |
28.69 |
|
$ |
166.36 |
|
$ |
39.67 |
|
|
|
|
Percentage increase (decrease) |
|
22.8% |
|
|
34.8% |
|
|
25.1% |
|
|
(4.4%) |
|
|
|
Cash basis: |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Initial rent (1) |
$ |
78.79 |
|
$ |
40.10 |
|
$ |
198.28 |
|
$ |
40.80 |
|
|
|
|
Prior escalated rent |
$ |
66.50 |
|
$ |
30.53 |
|
$ |
174.08 |
|
$ |
42.93 |
|
|
|
|
Percentage increase (decrease) |
|
18.5% |
|
|
31.4% |
|
|
13.9% |
|
|
(5.0%) |
|
|
Tenant improvements and leasing commissions: |
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
Per square foot |
$ |
72.47 |
|
$ |
18.47 |
|
$ |
105.45 |
|
$ |
18.55 | |
|
|
|
Per square foot per annum |
$ |
7.32 |
|
$ |
3.18 |
|
$ |
11.72 |
|
$ |
4.52 | |
|
|
|
|
Percentage of initial rent |
|
9.2% |
|
|
7.9% |
|
|
5.7% |
|
|
11.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes on the following page. |
|
|
|
|
|
|
|
|
|
|
|
- 33 -
LEASING ACTIVITY |
|
|
|
|
|
|
|
| ||||
(unaudited) |
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
(square feet in thousands) |
New York |
|
Washington, DC | |||||||||
|
|
|
|
|
Office |
|
Retail |
|
Office | |||
Year Ended December 31, 2015 |
|
|
|
|
|
|
|
| ||||
|
Total square feet leased |
|
2,276 |
|
|
91 |
|
|
1,987 | |||
|
Our share of square feet leased: |
|
1,838 |
|
|
82 |
|
|
1,847 | |||
|
|
Initial rent (1) |
$ |
78.55 |
|
$ |
917.59 |
|
$ |
40.20 | ||
|
|
Weighted average lease term (years) |
|
9.2 |
|
|
13.7 |
|
|
8.6 | ||
|
|
Second generation relet space: |
|
|
|
|
|
|
|
| ||
|
|
|
Square feet |
|
1,297 |
|
|
74 |
|
|
1,322 | |
|
|
|
GAAP basis: |
|
|
|
|
|
|
|
| |
|
|
|
|
Straight-line rent (2) |
$ |
77.03 |
|
$ |
1,056.66 |
|
$ |
39.57 |
|
|
|
|
Prior straight-line rent |
$ |
62.73 |
|
$ |
529.31 |
|
$ |
43.08 |
|
|
|
|
Percentage increase (decrease) |
|
22.8% |
|
|
99.6% |
|
|
(8.2%) |
|
|
|
Cash basis: |
|
|
|
|
|
|
|
| |
|
|
|
|
Initial rent (1) |
$ |
78.89 |
|
$ |
907.49 |
|
$ |
40.12 |
|
|
|
|
Prior escalated rent |
$ |
66.21 |
|
$ |
364.56 |
|
$ |
43.99 |
|
|
|
|
Percentage increase (decrease) |
|
19.1% |
|
|
148.9% |
|
|
(8.8%) |
|
|
Tenant improvements and leasing commissions: |
|
|
|
|
|
|
|
| ||
|
|
|
Per square foot |
$ |
69.36 |
|
$ |
688.42 |
|
$ |
55.14 | |
|
|
|
|
Per square foot per annum |
$ |
7.54 |
|
$ |
50.25 |
|
$ |
6.41 |
|
|
|
|
Percentage of initial rent |
|
9.6% |
|
|
5.5% |
|
|
15.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Represents the cash basis weighted average starting rent per square foot, which is generally indicative of market rents. Most leases include free rent and periodic step-ups in rent which are not included in the initial cash basis rent per square foot but are included in the GAAP basis straight-line rent per square foot. | |||||||||||
(2) |
Represents the GAAP basis weighted average rent per square foot that is recognized over the term of the respective leases, and includes the effect of free rent and periodic step-ups in rent. |
- 34 -
OCCUPANCY, SAME STORE EBITDA AND RESIDENTIAL STATISTICS | |||||||||||||
(unaudited) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy and Same Store EBITDA: |
|
|
|
|
|
|
|
|
New York |
|
Washington, DC | ||
Occupancy rate at: |
|
|
|
|
|
|
|
|
|
|
| ||
|
September 30, 2016 |
|
|
|
|
|
|
|
|
95.8% |
|
83.9% (1) | |
|
June 30, 2016 |
|
|
|
|
|
|
|
|
96.0% |
|
84.0% (1) | |
|
December 31, 2015 |
|
|
|
|
|
|
|
|
96.4% |
|
84.8% (1) | |
|
September 30, 2015 |
|
|
|
|
|
|
|
|
96.2% |
|
84.7% (1) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same store EBITDA % increase (decrease): |
|
|
|
|
|
|
| ||||||
|
Three months ended September 30, 2016 vs. September 30, 2015 |
|
|
|
|
4.9% (2) |
|
5.2% | |||||
|
Nine months ended September 30, 2016 vs. September 30, 2015 |
|
|
|
|
5.7% (3) |
|
0.7% | |||||
|
Three months ended September 30, 2016 vs. June 30, 2016 |
|
|
|
|
(1.4%)(4) |
|
1.2% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash basis same store EBITDA % increase: |
|
|
|
|
|
|
| ||||||
|
Three months ended September 30, 2016 vs. September 30, 2015 |
|
|
|
|
9.6% (2) |
|
6.7% | |||||
|
Nine months ended September 30, 2016 vs. September 30, 2015 |
|
|
|
|
5.6% (3) |
|
0.8% | |||||
|
Three months ended September 30, 2016 vs. June 30, 2016 |
|
|
|
|
1.3% (4) |
|
1.9% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Office occupancy rates for the Washington, DC segment, including and excluding the Skyline properties, were as follows: | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Including |
|
Excluding |
|
|
|
|
| ||
|
|
|
|
Skyline Properties |
|
Skyline Properties |
|
|
|
|
| ||
|
|
September 30, 2016 |
|
80.6% |
|
89.1% |
|
|
|
|
| ||
|
|
June 30, 2016 |
|
80.7% |
|
89.2% |
|
|
|
|
| ||
|
|
December 31, 2015 |
|
82.1% |
|
90.0% |
|
|
|
|
| ||
|
|
September 30, 2015 |
|
82.2% |
|
89.8% |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) |
Excluding Hotel Pennsylvania, same store EBITDA increased by 6.5% and by 11.7% on a cash basis. | ||||||||||||
(3) |
Excluding Hotel Pennsylvania, same store EBITDA increased by 7.2% and by 7.3% on a cash basis. | ||||||||||||
(4) |
Excluding Hotel Pennsylvania, same store EBITDA decreased by 1.5% and increased by 1.2% on a cash basis. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Statistics: |
|
Number of Units |
|
|
|
|
|
Average Monthly |
| |||
|
|
|
|
(in service) |
|
Occupancy Rate |
|
Rent Per Unit |
| |||
|
New York: |
|
|
|
|
|
|
|
|
|
| |
|
|
September 30, 2016(1) |
|
2,002 |
|
|
96.1 |
% |
|
$ |
3,506 |
|
|
|
June 30, 2016 |
|
1,698 |
|
|
94.8 |
% |
|
$ |
3,555 |
|
|
|
December 31, 2015 |
|
1,711 |
|
|
95.0 |
% |
|
$ |
3,509 |
|
|
|
September 30, 2015 |
|
1,677 |
|
|
95.3 |
% |
|
$ |
3,390 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington, DC: |
|
|
|
|
|
|
|
|
|
| |
|
|
September 30, 2016 |
|
3,058 |
|
|
98.1 |
% |
|
$ |
2,122 |
|
|
|
June 30, 2016 |
|
2,889 |
|
|
98.2 |
% |
|
$ |
2,086 |
|
|
|
December 31, 2015 |
|
2,630 |
|
|
96.4 |
% |
|
$ |
2,068 |
|
|
|
September 30, 2015 |
|
2,630 |
|
|
95.6 |
% |
|
$ |
2,105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Includes The Alexander (32.4% ownership) from the date of stabilization in the third quarter 2016. |
|
- 35 -
DEVELOPMENT / REDEVELOPMENT SUMMARY | ||||||||||||||||||||||
(unaudited and in thousands, except square feet) |
|
|
|
|
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
As of September 30, 2016 | |||||||||||||
|
|
|
|
|
|
|
|
|
(At Vornado's Ownership Interest) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full |
| |
|
|
|
|
|
|
|
Property |
|
Excluding Land Costs |
|
|
|
|
|
|
|
Quarter |
| ||||
|
|
|
|
|
|
|
Rentable |
|
Incremental |
|
Amount |
|
% |
|
|
|
Initial |
|
Stabilized |
| ||
Current Projects: |
|
Segment |
|
Sq. Ft. |
|
Budget |
|
Expended |
|
Complete |
|
Start |
|
Occupancy |
|
Operations |
| |||||
220 Central Park South - residential condominiums |
|
Other |
|
397,000 |
|
$ |
1,300,000 |
|
$ |
534,920 |
(1) |
41.1% |
|
Q3 2012 |
|
N/A |
|
N/A |
| |||
90 Park Avenue - substantial renovation |
|
New York |
|
956,000 |
|
|
81,000 |
|
|
70,014 |
|
86.4% |
|
Q3 2014 |
|
N/A |
|
N/A |
(2) | |||
512 W 22nd Street (55.0% interest) |
|
New York |
|
173,000 |
|
|
72,000 |
|
|
13,356 |
(3) |
18.6% |
|
Q4 2015 |
|
Q1 2018 |
|
Q1 2020 |
| |||
61 Ninth Avenue (45.1% interest) |
|
New York |
|
167,000 |
|
|
68,000 |
|
|
11,802 |
(4) |
17.4% |
|
Q1 2016 |
|
Q1 2018 |
|
Q1 2020 |
| |||
606 Broadway (50.0% interest) |
|
New York |
|
33,000 |
|
|
30,000 |
|
|
8,191 |
(5) |
27.3% |
|
Q2 2016 |
|
Q1 2019 |
|
Q2 2020 |
| |||
The Bartlett - rental residential / retail |
|
Washington, DC |
|
621,000 |
|
|
250,000 |
|
|
219,153 |
(6) |
87.7% |
|
Q3 2013 |
|
Q2 2016 |
|
Q3 2017 |
| |||
|
Total current projects |
|
|
|
|
|
|
|
|
$ |
857,436 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
Property |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Zoning |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Future Opportunities: |
|
Segment |
|
Sq. Ft. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Penn Plaza District - multiple opportunities - office / residential / retail |
|
New York |
|
TBD |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Hotel Pennsylvania - mixed use |
|
New York |
|
2,052,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
260 Eleventh Avenue - office |
|
New York |
|
300,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
1770 Crystal Drive - office |
|
Washington, DC |
|
270,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Square Block - retail |
|
Washington, DC |
|
300,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
2121 Crystal Drive - retail |
|
Washington, DC |
|
25,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
1150 17th Street and 1726 M Street (1700 M Street) - office |
|
Washington, DC |
|
335,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
1851 South Bell St (1900 Crystal Drive) - office / rental residential (515 units) / retail |
|
Washington, DC |
|
815,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
223 23rd Street - rental residential (1,000 units) / retail |
|
Washington, DC |
|
937,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
RiverHouse Apartments - rental residential (934 units) |
|
Washington, DC |
|
800,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Commerce Metro - office / rental residential (500 units) |
|
Washington, DC |
|
825,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Rosslyn Plaza (46.0% interest) - office / rental residential (333 units) / retail |
|
Washington, DC |
|
1,050,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Undeveloped Land: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
29, 31, 33 West 57th Street (50.0% interest) |
|
New York |
|
150,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Metropolitan Park 6, 7 & 8 - rental residential (1,403 units) / retail |
|
Washington, DC |
|
1,144,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
PenPlace - office / hotel / rental residential (300 units) |
|
Washington, DC |
|
1,381,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Square 649 |
|
Washington, DC |
|
675,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
527 West Kinzie, Chicago |
|
Other |
|
330,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Total undeveloped land |
|
|
|
3,680,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Excludes land and acquisition costs of $496,390 ($589,500 on an economic basis). Delivery of condo units is expected to commence in mid-2018. | |||||||||||||||||||||
(2) |
Substantial renovation of 90 Park Avenue was completed in Q2 2016. | |||||||||||||||||||||
(3) |
Excludes land and acquisition costs of $57,000. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
(4) |
The building is subject to a ground lease which expires in 2115. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
(5) |
Excludes land and acquisition costs of $22,703. | |||||||||||||||||||||
(6) |
Excludes land and acquisition costs of $41,687. Includes the 40,000 square foot Whole Foods Market at the base of the building which was placed into service in the fourth quarter of 2015. |
- 36 -
CAPITAL EXPENDITURES, |
|
|
|
|
|
|
|
|
| |
TENANT IMPROVEMENTS AND LEASING COMMISSIONS |
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED |
|
|
|
|
|
|
|
|
| |
(unaudited and in thousands) |
|
|
|
|
|
|
|
|
| |
|
|
|
Nine Months Ended |
|
Year Ended December 31, | |||||
|
|
|
September 30, 2016 |
|
2015 |
|
2014 | |||
Capital expenditures (accrual basis): |
|
|
|
|
|
|
|
|
| |
Expenditures to maintain assets |
|
$ |
68,381 |
|
$ |
125,215 |
|
$ |
107,728 | |
Tenant improvements |
|
|
62,556 |
|
|
153,696 |
|
|
205,037 | |
Leasing commissions |
|
|
30,462 |
|
|
50,081 |
|
|
79,636 | |
Non-recurring capital expenditures |
|
|
27,503 |
|
|
116,875 |
|
|
122,330 | |
Total capital expenditures and leasing commissions (accrual basis) |
|
|
188,902 |
|
|
445,867 |
|
|
514,731 | |
Adjustments to reconcile to cash basis: |
|
|
|
|
|
|
|
|
| |
|
Expenditures in the current year applicable to prior periods |
|
|
199,260 |
|
|
156,753 |
|
|
140,490 |
|
Expenditures to be made in future periods for the current period |
|
|
(80,348) |
|
|
(222,469) |
|
|
(313,746) |
Total capital expenditures and leasing commissions (cash basis) |
|
$ |
307,814 |
|
$ |
380,151 |
|
$ |
341,475 | |
|
|
|
|
|
|
|
|
|
| |
Our share of square feet leased |
|
|
2,513 |
|
|
3,767 |
|
|
5,204 | |
Tenant improvements and leasing commissions per square foot per annum |
|
$ |
6.42 |
|
$ |
8.43 |
|
$ |
6.53 | |
Percentage of initial rent |
|
|
10.2% |
|
|
10.8% |
|
|
10.3% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development and redevelopment expenditures: |
|
|
|
|
|
|
|
|
| |
|
220 Central Park South |
|
$ |
213,170 |
|
$ |
158,014 |
|
$ |
78,059 |
|
The Bartlett |
|
|
62,093 |
|
|
103,878 |
|
|
38,163 |
|
90 Park Avenue |
|
|
28,288 |
|
|
29,937 |
|
|
8,910 |
|
640 Fifth Avenue |
|
|
23,415 |
|
|
17,899 |
|
|
440 |
|
theMART |
|
|
21,613 |
|
|
588 |
|
|
3,066 |
|
2221 South Clark Street (residential conversion) |
|
|
14,408 |
|
|
23,711 |
|
|
3,481 |
|
Penn Plaza |
|
|
10,195 |
|
|
17,701 |
|
|
4,009 |
|
Wayne Towne Center |
|
|
7,910 |
|
|
20,633 |
|
|
19,740 |
|
330 West 34th Street |
|
|
3,968 |
|
|
32,613 |
|
|
41,592 |
|
Marriott Marquis Times Square - retail and signage |
|
|
3,291 |
|
|
21,929 |
|
|
112,390 |
|
Other |
|
|
38,290 |
|
|
63,916 |
|
|
234,337 |
|
|
|
$ |
426,641 |
|
$ |
490,819 |
|
$ |
544,187 |
- 37 -
CAPITAL EXPENDITURES, |
|
|
|
|
|
|
|
|
| |
TENANT IMPROVEMENTS AND LEASING COMMISSIONS |
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
NEW YORK SEGMENT |
|
|
|
|
|
|
|
| ||
(unaudited and in thousands) |
|
|
|
|
|
|
|
| ||
|
|
|
Nine Months Ended |
|
Year Ended December 31, | |||||
|
|
|
September 30, 2016 |
|
2015 |
|
2014 | |||
Capital expenditures (accrual basis): |
|
|
|
|
|
|
|
|
| |
Expenditures to maintain assets |
|
$ |
39,001 |
|
$ |
57,752 |
|
$ |
48,518 | |
Tenant improvements |
|
|
48,175 |
|
|
68,869 |
|
|
143,007 | |
Leasing commissions |
|
|
26,214 |
|
|
35,099 |
|
|
66,369 | |
Non-recurring capital expenditures |
|
|
20,224 |
|
|
81,240 |
|
|
64,423 | |
Total capital expenditures and leasing commissions (accrual basis) |
|
|
133,614 |
|
|
242,960 |
|
|
322,317 | |
Adjustments to reconcile to cash basis: |
|
|
|
|
|
|
|
|
| |
|
Expenditures in the current year applicable to prior periods |
|
|
100,542 |
|
|
93,105 |
|
|
67,577 |
|
Expenditures to be made in future periods for the current period |
|
|
(63,919) |
|
|
(118,911) |
|
|
(205,258) |
Total capital expenditures and leasing commissions (cash basis) |
|
$ |
170,237 |
|
$ |
217,154 |
|
$ |
184,636 | |
|
|
|
|
|
|
|
|
|
| |
Our share of square feet leased |
|
|
1,474 |
|
|
1,920 |
|
|
3,530 | |
Tenant improvements and leasing commissions per square foot per annum |
|
$ |
7.02 |
|
$ |
10.20 |
|
$ |
6.82 | |
Percentage of initial rent |
|
|
8.9% |
|
|
8.9% |
|
|
9.1% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development and redevelopment expenditures: |
|
|
|
|
|
|
|
|
| |
|
90 Park Avenue |
|
$ |
28,288 |
|
$ |
29,937 |
|
$ |
8,910 |
|
640 Fifth Avenue |
|
|
23,415 |
|
|
17,899 |
|
|
440 |
|
Penn Plaza |
|
|
10,195 |
|
|
17,701 |
|
|
4,009 |
|
330 West 34th Street |
|
|
3,968 |
|
|
32,613 |
|
|
41,592 |
|
Marriott Marquis Times Square - retail and signage |
|
|
3,291 |
|
|
21,929 |
|
|
112,390 |
|
Other |
|
|
4,874 |
|
|
8,100 |
|
|
46,465 |
|
|
|
$ |
74,031 |
|
$ |
128,179 |
|
$ |
213,806 |
- 38 -
CAPITAL EXPENDITURES, |
|
|
|
|
|
|
|
|
| |
TENANT IMPROVEMENTS AND LEASING COMMISSIONS |
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
WASHINGTON, DC SEGMENT |
|
|
|
|
|
|
|
|
| |
(unaudited and in thousands) |
|
|
|
|
|
|
|
|
| |
|
|
|
Nine Months Ended |
|
Year Ended December 31, | |||||
|
|
|
September 30, 2016 |
|
2015 |
|
2014 | |||
Capital expenditures (accrual basis): |
|
|
|
|
|
|
|
|
| |
Expenditures to maintain assets |
|
$ |
14,080 |
|
$ |
25,589 |
|
$ |
23,425 | |
Tenant improvements |
|
|
8,638 |
|
|
51,497 |
|
|
37,842 | |
Leasing commissions |
|
|
2,943 |
|
|
6,761 |
|
|
5,857 | |
Non-recurring capital expenditures |
|
|
6,052 |
|
|
34,428 |
|
|
37,798 | |
Total capital expenditures and leasing commissions (accrual basis) |
|
|
31,713 |
|
|
118,275 |
|
|
104,922 | |
Adjustments to reconcile to cash basis: |
|
|
|
|
|
|
|
|
| |
|
Expenditures in the current year applicable to prior periods |
|
|
64,174 |
|
|
35,805 |
|
|
45,084 |
|
Expenditures to be made in future periods for the current period |
|
|
(13,550) |
|
|
(73,227) |
|
|
(63,283) |
Total capital expenditures and leasing commissions (cash basis) |
|
$ |
82,337 |
|
$ |
80,853 |
|
$ |
86,723 | |
|
|
|
|
|
|
|
|
|
| |
Our share of square feet leased |
|
|
1,039 |
|
|
1,847 |
|
|
1,674 | |
Tenant improvements and leasing commissions per square foot per annum |
|
$ |
4.52 |
|
$ |
6.41 |
|
$ |
5.70 | |
Percentage of initial rent |
|
|
11.3% |
|
|
15.9% |
|
|
14.8% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development and redevelopment expenditures: |
|
|
|
|
|
|
|
|
| |
|
The Bartlett |
|
$ |
62,093 |
|
$ |
103,878 |
|
$ |
38,163 |
|
2221 South Clark Street (residential conversion) |
|
|
14,408 |
|
|
23,711 |
|
|
3,481 |
|
Other |
|
|
31,754 |
|
|
40,696 |
|
|
42,001 |
|
|
|
$ |
108,255 |
|
$ |
168,285 |
|
$ |
83,645 |
- 39 -
CAPITAL EXPENDITURES, |
|
|
|
|
|
|
|
|
| |
TENANT IMPROVEMENTS AND LEASING COMMISSIONS |
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
OTHER |
|
|
|
|
|
|
|
|
| |
(unaudited and in thousands) |
|
|
|
|
|
|
|
|
| |
|
|
|
Nine Months Ended |
|
Year Ended December 31, | |||||
|
|
|
September 30, 2016 |
|
2015 |
|
2014 | |||
Capital expenditures (accrual basis): |
|
|
|
|
|
|
|
|
| |
Expenditures to maintain assets |
|
$ |
15,300 |
|
$ |
41,874 |
|
$ |
35,785 | |
Tenant improvements |
|
|
5,743 |
|
|
33,330 |
|
|
24,188 | |
Leasing commissions |
|
|
1,305 |
|
|
8,221 |
|
|
7,410 | |
Non-recurring capital expenditures |
|
|
1,227 |
|
|
1,207 |
|
|
20,109 | |
Total capital expenditures and leasing commissions (accrual basis) |
|
|
23,575 |
|
|
84,632 |
|
|
87,492 | |
Adjustments to reconcile to cash basis: |
|
|
|
|
|
|
|
|
| |
|
Expenditures in the current year applicable to prior periods |
|
|
34,544 |
|
|
27,843 |
|
|
27,829 |
|
Expenditures to be made in future periods for the current period |
|
|
(2,879) |
|
|
(30,331) |
|
|
(45,205) |
Total capital expenditures and leasing commissions (cash basis) |
|
$ |
55,240 |
|
$ |
82,144 |
|
$ |
70,116 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development and redevelopment expenditures: |
|
|
|
|
|
|
|
|
| |
|
220 Central Park South |
|
$ |
213,170 |
|
$ |
158,014 |
|
$ |
78,059 |
|
theMART |
|
|
21,613 |
|
|
588 |
|
|
3,066 |
|
Wayne Towne Center |
|
|
7,910 |
|
|
20,633 |
|
|
19,740 |
|
Other |
|
|
1,662 |
|
|
15,120 |
|
|
145,871 |
|
|
|
$ |
244,355 |
|
$ |
194,355 |
|
$ |
246,736 |
- 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) (7) |
|
Major Tenants | ||||
NEW YORK: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Penn Plaza: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
One Penn Plaza |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cisco, Lion Resources, | ||
|
(ground leased through 2098) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parsons Brinckerhoff, Symantec Corporation, | |
|
|
-Office |
|
100.0% |
|
90.5% |
|
$ |
61.59 |
|
2,251,000 |
|
2,251,000 |
|
- |
|
|
|
|
United Health Care, URS Corporation Group Counseling, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of America, Kmart Corporation, |
|
|
-Retail |
|
100.0% |
|
96.3% |
|
|
126.08 |
|
271,000 |
|
271,000 |
|
- |
|
|
|
|
Shake Shack, Starbucks |
|
|
|
|
100.0% |
|
91.1% |
|
|
68.52 |
|
2,522,000 |
|
2,522,000 |
|
- |
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Two Penn Plaza |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EMC, Information Builders, Inc., | ||
|
|
-Office |
|
100.0% |
|
99.8% |
|
|
56.85 |
|
1,582,000 |
|
1,582,000 |
|
- |
|
|
|
|
Madison Square Garden, McGraw-Hill Companies, Inc. |
|
|
-Retail |
|
100.0% |
|
69.7% |
|
|
234.37 |
|
49,000 |
|
49,000 |
|
- |
|
|
|
|
Chase Manhattan Bank |
|
|
|
|
100.0% |
|
98.9% |
|
|
62.18 |
|
1,631,000 |
|
1,631,000 |
|
- |
|
|
575,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eleven Penn Plaza |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Office |
|
100.0% |
|
99.5% |
|
|
58.42 |
|
1,115,000 |
|
1,115,000 |
|
- |
|
|
|
|
Macy's, Madison Square Garden, AMC Networks, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PNC Bank National Association, Starbucks, |
|
|
-Retail |
|
100.0% |
|
85.2% |
|
|
145.56 |
|
36,000 |
|
36,000 |
|
- |
|
|
|
|
Madison Square Garden |
|
|
|
|
100.0% |
|
99.1% |
|
|
61.14 |
|
1,151,000 |
|
1,151,000 |
|
- |
|
|
450,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100 West 33rd Street |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Office |
|
100.0% |
|
98.2% |
|
|
61.73 |
|
855,000 |
|
855,000 |
|
- |
|
|
398,402 |
|
IPG and affiliates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Manhattan Mall |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Retail |
|
100.0% |
|
99.2% |
|
|
132.54 |
|
256,000 |
|
256,000 |
|
- |
|
|
181,598 |
|
JCPenney, Aeropostale, Express, Starbucks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
330 West 34th Street |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
(ground leased through 2149 - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
34.8% ownership interest in the land) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York & Company, Inc., Structure Tone | |
|
|
-Office |
|
100.0% |
|
87.4% |
|
|
59.21 |
|
700,000 |
|
700,000 |
|
- |
|
|
|
|
Deutsch, Inc., Yodle, Inc., Footlocker |
|
|
-Retail |
|
100.0% |
|
81.4% |
|
|
100.00 |
|
18,000 |
|
18,000 |
|
- |
|
|
|
|
|
|
|
|
|
100.0% |
|
87.3% |
|
|
59.21 |
|
718,000 |
|
718,000 |
|
- |
|
|
50,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
435 Seventh Avenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Retail |
|
100.0% |
|
100.0% |
|
|
284.70 |
|
43,000 |
|
43,000 |
|
- |
|
|
98,000 |
|
Hennes & Mauritz |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7 West 34th Street |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Office |
|
53.0% |
|
100.0% |
|
|
62.80 |
|
458,000 |
|
458,000 |
|
- |
|
|
|
|
Amazon |
|
|
-Retail |
|
53.0% |
|
100.0% |
|
|
272.68 |
|
21,000 |
|
21,000 |
|
- |
|
|
|
|
Amazon |
|
|
|
|
53.0% |
|
100.0% |
|
|
72.00 |
|
479,000 |
|
479,000 |
|
- |
|
|
300,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
484 Eighth Avenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Retail |
|
100.0% |
|
- |
|
|
- |
|
16,000 |
|
- |
|
16,000 |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
431 Seventh Avenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Retail |
|
100.0% |
|
100.0% |
|
|
255.02 |
|
10,000 |
|
10,000 |
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
488 Eighth Avenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Retail |
|
100.0% |
|
100.0% |
|
|
77.59 |
|
6,000 |
|
6,000 |
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
267 West 34th Street |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Retail |
|
100.0% |
|
100.0% |
|
|
171.15 |
|
6,000 |
|
6,000 |
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 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) (7) |
|
Major Tenants | ||||
NEW YORK (Continued): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Penn Plaza (Continued): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
138-142 West 32nd Street |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Retail |
|
100.0% |
|
67.4% |
|
$ |
94.25 |
|
8,000 |
|
8,000 |
|
- |
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
150 West 34th Street |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Retail |
|
100.0% |
|
100.0% |
|
|
70.19 |
|
78,000 |
|
78,000 |
|
- |
|
|
205,000 |
|
Old Navy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
137 West 33rd Street |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Retail |
|
100.0% |
|
100.0% |
|
|
93.20 |
|
3,000 |
|
3,000 |
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
265 West 34th Street |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Retail |
|
100.0% |
|
100.0% |
|
|
491.00 |
|
3,000 |
|
3,000 |
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
131-135 West 33rd Street |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Retail |
|
100.0% |
|
100.0% |
|
|
39.03 |
|
23,000 |
|
23,000 |
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
486 Eighth Avenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Retail |
|
100.0% |
|
- |
|
|
- |
|
3,000 |
|
- |
|
3,000 |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Penn Plaza |
|
|
|
|
|
|
|
|
7,811,000 |
|
7,792,000 |
|
19,000 |
|
|
2,258,150 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Midtown East: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
909 Third Avenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IPG and affiliates, Forest Laboratories, | ||
|
(ground leased through 2063) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Geller & Company, Morrison Cohen LLP, Robeco USA Inc., | |
|
|
-Office |
|
100.0% |
|
100.0% |
|
|
57.49 |
(2) |
1,346,000 |
|
1,346,000 |
|
- |
|
|
350,000 |
|
United States Post Office, The Procter & Gamble Distributing LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
150 East 58th Street |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Office |
|
100.0% |
|
98.2% |
|
|
71.46 |
|
542,000 |
|
542,000 |
|
- |
|
|
|
|
Castle Harlan, Tournesol Realty LLC. (Peter Marino), |
|
|
-Retail |
|
100.0% |
|
100.0% |
|
|
172.34 |
|
2,000 |
|
2,000 |
|
- |
|
|
|
|
Various showroom tenants |
|
|
|
|
100.0% |
|
98.2% |
|
|
71.83 |
|
544,000 |
|
544,000 |
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
715 Lexington Avenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Retail |
|
100.0% |
|
100.0% |
|
|
250.55 |
|
23,000 |
|
23,000 |
|
- |
|
|
- |
|
New York & Company, Inc., Zales, Jonathan Adler |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
966 Third Avenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Retail |
|
100.0% |
|
100.0% |
|
|
91.09 |
|
7,000 |
|
7,000 |
|
- |
|
|
- |
|
McDonald's |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
968 Third Avenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Retail |
|
50.0% |
|
100.0% |
|
|
262.96 |
|
6,000 |
|
6,000 |
|
- |
|
|
- |
|
Capital One Financial Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Midtown East |
|
|
|
|
|
|
|
|
1,926,000 |
|
1,926,000 |
|
- |
|
|
350,000 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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- 42 -
NEW YORK SEGMENT | ||||||||||||||||||||
PROPERTY TABLE |
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| ||
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Weighted |
|
Square Feet |
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|
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| ||||||
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|
|
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|
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Average |
|
|
|
|
|
Under Development |
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|
|
|
| |
|
|
|
|
% |
|
% |
|
Annual Rent |
|
Total |
|
|
|
or Not Available |
|
Encumbrances |
|
| ||
Property |
|
Ownership |
|
Occupancy |
|
PSF (1) |
|
Property |
|
In Service |
|
for Lease |
|
(in thousands) (7) |
|
Major Tenants | ||||
NEW YORK (Continued): |
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|
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|
|
|
|
|
|
|
| ||
Midtown West: |
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|
|
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|
|
|
|
|
|
|
| ||
888 Seventh Avenue |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TPG-Axon Capital, Lone Star US Acquisitions LLC, | ||
|
(ground leased through 2067) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pershing Square Capital Management, | |
|
|
-Office |
|
100.0% |
|
91.2% |
|
$ |
92.89 |
|
870,000 |
|
870,000 |
|
- |
|
|
|
|
Vornado Executive Headquarters |
|
|
-Retail |
|
100.0% |
|
100.0% |
|
|
253.00 |
|
15,000 |
|
15,000 |
|
- |
|
|
|
|
Redeye Grill L.P. |
|
|
|
|
100.0% |
|
91.3% |
|
|
95.60 |
|
885,000 |
|
885,000 |
|
- |
|
$ |
375,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
57th Street - 2 buildings |
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|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Office |
|
50.0% |
|
92.7% |
|
|
55.99 |
|
81,000 |
|
81,000 |
|
- |
|
|
19,878 |
|
Various |
|
|
-Retail |
|
50.0% |
|
100.0% |
|
|
126.41 |
|
22,000 |
|
22,000 |
|
- |
|
|
- |
|
|
|
|
|
|
50.0% |
|
94.3% |
|
|
71.03 |
|
103,000 |
|
103,000 |
|
- |
|
|
19,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
825 Seventh Avenue |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Office |
|
50.0% |
|
100.0% |
|
|
78.70 |
|
165,000 |
|
165,000 |
|
- |
|
|
20,500 |
|
Young & Rubicam |
|
|
-Retail |
|
100.0% |
|
100.0% |
|
|
269.02 |
|
4,000 |
|
4,000 |
|
- |
|
|
- |
|
Lindy's |
|
|
|
|
51.2% |
|
100.0% |
|
|
83.20 |
|
169,000 |
|
169,000 |
|
- |
|
|
20,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Midtown West |
|
|
|
|
|
|
|
|
1,157,000 |
|
1,157,000 |
|
- |
|
|
415,378 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
Park Avenue: |
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|
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|
|
|
|
|
|
|
| ||
280 Park Avenue |
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|
Cohen & Steers Inc., GIC Inc, Franklin Templeton Co. LLC, | ||
|
|
-Office |
|
50.0% |
|
87.6% |
|
|
98.33 |
|
1,222,000 |
|
1,222,000 |
|
- |
|
|
|
|
PJT Partners, Investcorp International Inc. |
|
|
-Retail |
|
50.0% |
|
100.0% |
|
|
94.24 |
|
26,000 |
|
26,000 |
|
- |
|
|
|
|
Scottrade Inc., Starbucks, The Four Seasons Restaurant |
|
|
|
|
50.0% |
|
87.8% |
|
|
98.24 |
|
1,248,000 |
|
1,248,000 |
|
- |
|
|
900,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
350 Park Avenue |
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
Kissinger Associates Inc., Ziff Brothers Investment Inc., | ||
|
|
-Office |
|
100.0% |
|
100.0% |
|
|
100.15 |
|
554,000 |
|
554,000 |
|
- |
|
|
|
|
MFA Financial Inc., M&T Bank |
|
|
-Retail |
|
100.0% |
|
100.0% |
|
|
211.54 |
|
17,000 |
|
17,000 |
|
- |
|
|
|
|
Fidelity Investment, AT&T Wireless, Valley National Bank |
|
|
|
|
100.0% |
|
100.0% |
|
|
103.46 |
|
571,000 |
|
571,000 |
|
- |
|
|
284,319 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Park Avenue |
|
|
|
|
|
|
|
|
1,819,000 |
|
1,819,000 |
|
- |
|
|
1,184,319 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grand Central: |
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|
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|
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|
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|
|
|
|
|
| ||
90 Park Avenue |
|
|
|
|
|
|
|
|
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|
|
Alston & Bird, Amster, Rothstein & Ebenstein, | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital One, Factset Research Systems Inc., Foley & Lardner, |
|
|
-Office |
|
100.0% |
|
95.8% |
|
|
75.39 |
|
935,000 |
|
935,000 |
|
- |
|
|
|
|
PricewaterhouseCoopers LLP |
|
|
-Retail |
|
100.0% |
|
100.0% |
|
|
128.85 |
|
24,000 |
|
24,000 |
|
- |
|
|
|
|
Citibank, Starbucks |
|
|
|
|
|
|
95.9% |
|
|
76.73 |
|
959,000 |
|
959,000 |
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
330 Madison Avenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guggenheim Partners LLC, HSBC Bank AFS, | ||
|
|
-Office |
|
25.0% |
|
87.1% |
|
|
72.81 |
|
808,000 |
|
808,000 |
|
- |
|
|
|
|
Jones Lang LaSalle Inc., Wells Fargo, American Century |
|
|
-Retail |
|
25.0% |
|
100.0% |
|
|
299.75 |
|
33,000 |
|
33,000 |
|
- |
|
|
|
|
Ann Taylor Retail Inc., Citibank, Starbucks |
|
|
|
|
25.0% |
|
87.6% |
|
|
81.71 |
|
841,000 |
|
841,000 |
|
- |
|
|
150,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
510 Fifth Avenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Retail |
|
100.0% |
|
100.0% |
|
|
146.30 |
|
66,000 |
|
66,000 |
|
- |
|
|
- |
|
The North Face, The Yard (lease not yet commenced) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Grand Central |
|
|
|
|
|
|
|
|
1,866,000 |
|
1,866,000 |
|
- |
|
|
150,000 |
|
|
- 43 -
NEW YORK SEGMENT | ||||||||||||||||||||
PROPERTY TABLE |
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|
|
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|
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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) (7) |
|
Major Tenants | ||||
NEW YORK (Continued): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Madison/Fifth: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
640 Fifth Avenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fidelity Investments, Owl Creek Asset Management LP, | ||
|
|
-Office |
|
100.0% |
|
93.6% |
|
$ |
90.27 |
|
245,000 |
|
245,000 |
|
- |
|
|
|
|
Stifel Financial Corp., GCA Savvian Inc |
|
|
-Retail |
|
100.0% |
|
96.2% |
|
|
769.58 |
|
69,000 |
|
69,000 |
|
- |
|
|
|
|
Victoria's Secret |
|
|
|
|
100.0% |
|
94.1% |
|
|
239.55 |
|
314,000 |
|
314,000 |
|
- |
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
666 Fifth Avenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colliers International NY LLC, Fulbright & Jaworski, | ||
|
|
-Office (Office Condo) |
|
49.5% |
|
- |
|
|
- |
|
1,403,000 |
|
- |
|
1,403,000 |
|
|
1,367,536 |
|
Integrated Holding Group, Vinson & Elkins LLP |
|
|
-Retail (Office Condo) |
|
49.5% |
|
- |
|
|
- |
|
45,000 |
|
- |
|
45,000 |
|
|
- |
|
HSBC Bank USA, Citibank |
|
|
-Retail (Retail Condo) |
|
100.0% |
(3) |
100.0% |
|
|
434.61 |
|
114,000 |
|
114,000 |
|
- |
|
|
390,000 |
|
Fast Retailing (Uniqlo), Hollister, Tissot |
|
|
|
|
|
|
|
|
|
|
|
1,562,000 |
|
114,000 |
|
1,448,000 |
|
|
1,757,536 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
595 Madison Avenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beauvais Carpets, Levin Capital Strategies LP, | ||
|
|
-Office |
|
100.0% |
|
98.5% |
|
|
80.41 |
|
293,000 |
|
293,000 |
|
- |
|
|
|
|
Cosmetech Mably Int'l LLC. |
|
|
-Retail |
|
100.0% |
|
100.0% |
|
|
807.40 |
|
30,000 |
|
30,000 |
|
- |
|
|
|
|
Coach, Prada |
|
|
|
|
100.0% |
|
98.6% |
|
|
147.94 |
|
323,000 |
|
323,000 |
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
650 Madison Avenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memorial Sloan Kettering Cancer Center, Polo Ralph Lauren, | ||
|
|
-Office |
|
20.1% |
|
94.3% |
|
|
111.33 |
|
525,000 |
|
525,000 |
|
- |
|
|
|
|
Willett Advisors LLC |
|
|
-Retail |
|
20.1% |
|
100.0% |
|
|
985.66 |
|
67,000 |
|
27,000 |
|
40,000 |
|
|
|
|
Bottega Veneta Inc., Moncler USA Inc. |
|
|
|
|
20.1% |
|
94.9% |
|
|
210.29 |
|
592,000 |
|
552,000 |
|
40,000 |
|
|
800,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
689 Fifth Avenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Office |
|
100.0% |
|
100.0% |
|
|
78.52 |
|
82,000 |
|
82,000 |
|
- |
|
|
|
|
Yamaha Artist Services Inc., Brunello Cucinelli USA Inc. |
|
|
-Retail |
|
100.0% |
|
100.0% |
|
|
812.49 |
|
18,000 |
|
18,000 |
|
- |
|
|
|
|
MAC Cosmetics, Massimo Dutti |
|
|
|
|
100.0% |
|
100.0% |
|
|
210.63 |
|
100,000 |
|
100,000 |
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
655 Fifth Avenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Retail |
|
92.5% |
|
100.0% |
|
|
222.53 |
|
57,000 |
|
57,000 |
|
- |
|
|
140,000 |
|
Ferragamo |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
697-703 Fifth Avenue (St. Regis - retail) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Retail |
|
74.3% |
|
100.0% |
|
|
2,461.24 |
|
26,000 |
|
26,000 |
|
- |
|
|
450,000 |
|
Swatch Group USA, Harry Winston |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Madison/Fifth |
|
|
|
|
|
|
|
|
2,974,000 |
|
1,486,000 |
|
1,488,000 |
|
|
3,147,536 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Midtown South: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
770 Broadway |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Office |
|
100.0% |
|
98.0% |
|
|
80.56 |
|
990,000 |
|
990,000 |
|
- |
|
|
|
|
Facebook, AOL (Verizon), J. Crew |
|
|
-Retail |
|
100.0% |
|
100.0% |
|
|
54.17 |
|
168,000 |
|
168,000 |
|
- |
|
|
|
|
Ann Taylor Retail Inc., Bank of America, Kmart Corporation |
|
|
|
|
100.0% |
|
98.3% |
|
|
76.73 |
|
1,158,000 |
|
1,158,000 |
|
- |
|
|
700,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One Park Avenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York University, Clarins USA Inc., | ||
|
|
-Office |
|
55.0% |
|
85.5% |
|
|
47.98 |
|
869,000 |
|
869,000 |
|
- |
|
|
|
|
Public Service Mutual Insurance |
|
|
-Retail |
|
55.0% |
|
100.0% |
|
|
64.82 |
|
79,000 |
|
79,000 |
|
- |
|
|
|
|
Bank of Baroda, Citibank, Equinox, Men's Wearhouse |
|
|
|
|
55.0% |
|
86.7% |
|
|
49.38 |
|
948,000 |
|
948,000 |
|
- |
|
|
300,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 Union Square South |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Retail |
|
100.0% |
|
100.0% |
|
|
100.79 |
|
206,000 |
|
206,000 |
|
- |
|
|
116,493 |
|
Burlington Coat Factory, Whole Foods Market, DSW, Forever 21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
692 Broadway |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Retail |
|
100.0% |
|
100.0% |
|
|
88.20 |
|
36,000 |
|
36,000 |
|
- |
|
|
- |
|
Equinox, AOL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Retail |
|
50.0% |
|
- |
|
|
- |
|
32,000 |
|
32,000 |
|
- |
|
|
30,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Midtown South |
|
|
|
|
|
|
|
|
2,380,000 |
|
2,380,000 |
|
- |
|
|
1,146,493 |
|
|
- 44 -
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) (7) |
|
Major Tenants | ||||
NEW YORK (Continued): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Rockefeller Center: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
1290 Avenue of the Americas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AXA Equitable Life Insurance, Hachette Book Group Inc., | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bryan Cave LLP, Neuberger Berman Group LLC, SSB Realty LLC, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cushman & Wakefield, Fitzpatrick, |
|
|
-Office |
|
70.0% |
|
99.2% |
|
$ |
79.89 |
|
2,031,000 |
|
2,031,000 |
|
- |
|
|
|
|
Cella, Harper & Scinto, Columbia University |
|
|
-Retail |
|
70.0% |
|
100.0% |
|
|
169.61 |
|
79,000 |
|
79,000 |
|
- |
|
|
|
|
Duane Reade, JPMorgan Chase Bank, Sovereign Bank, Starbucks |
|
|
|
|
70.0% |
|
99.2% |
|
|
83.25 |
|
2,110,000 |
|
2,110,000 |
|
- |
|
$ |
950,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
608 Fifth Avenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
(ground leased through 2033) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
-Office |
|
100.0% |
|
91.9% |
|
|
60.20 |
|
92,000 |
|
92,000 |
|
- |
|
|
|
|
|
|
|
-Retail |
|
100.0% |
|
100.0% |
|
|
443.04 |
|
44,000 |
|
44,000 |
|
- |
|
|
|
|
Topshop |
|
|
|
|
|
|
94.5% |
|
|
184.06 |
|
136,000 |
|
136,000 |
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Rockefeller Center |
|
|
|
|
|
|
|
|
2,246,000 |
|
2,246,000 |
|
- |
|
|
950,000 |
|
| |
Wall Street/Downtown: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
40 Fulton Street |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Office |
|
100.0% |
|
92.6% |
|
|
38.49 |
|
245,000 |
|
245,000 |
|
- |
|
|
|
|
Market News International Inc., Sapient Corp. |
|
|
-Retail |
|
100.0% |
|
100.0% |
|
|
101.96 |
|
5,000 |
|
5,000 |
|
- |
|
|
|
|
TD Bank |
|
|
|
|
100.0% |
|
92.7% |
|
|
39.76 |
|
250,000 |
|
250,000 |
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Soho: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
478-486 Broadway - 2 buildings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Retail |
|
100.0% |
|
100.0% |
|
|
238.67 |
|
65,000 |
|
65,000 |
|
- |
|
|
|
|
Topshop, Madewell, J. Crew |
|
|
-Residential (10 units) |
|
100.0% |
|
100.0% |
|
|
|
|
20,000 |
|
20,000 |
|
- |
|
|
|
|
|
|
|
|
|
100.0% |
|
|
|
|
|
|
85,000 |
|
85,000 |
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
443 Broadway |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Retail |
|
100.0% |
|
100.0% |
|
|
109.30 |
|
16,000 |
|
16,000 |
|
- |
|
|
- |
|
Necessary Clothing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
304 Canal Street |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Retail |
|
100.0% |
|
- |
|
|
- |
|
4,000 |
|
- |
|
4,000 |
|
|
|
|
|
|
|
-Residential (4 units) |
|
100.0% |
|
- |
|
|
|
|
9,000 |
|
- |
|
9,000 |
|
|
|
|
|
|
|
|
|
100.0% |
|
|
|
|
|
|
13,000 |
|
- |
|
13,000 |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
334 Canal Street |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Retail |
|
100.0% |
|
- |
|
|
- |
|
3,000 |
|
3,000 |
|
- |
|
|
|
|
|
|
|
-Residential (4 units) |
|
100.0% |
|
100.0% |
|
|
|
|
11,000 |
|
11,000 |
|
- |
|
|
|
|
|
|
|
|
|
100.0% |
|
|
|
|
|
|
14,000 |
|
14,000 |
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
155 Spring Street |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Retail |
|
100.0% |
|
100.0% |
|
|
114.67 |
|
50,000 |
|
50,000 |
|
- |
|
|
- |
|
Vera Bradley |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
148 Spring Street |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Retail |
|
100.0% |
|
100.0% |
|
|
145.70 |
|
7,000 |
|
7,000 |
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
150 Spring Street |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Retail |
|
100.0% |
|
100.0% |
|
|
267.65 |
|
6,000 |
|
6,000 |
|
- |
|
|
|
|
Sandro |
|
|
-Residential (1 unit) |
|
100.0% |
|
100.0% |
|
|
|
|
1,000 |
|
1,000 |
|
- |
|
|
|
|
|
|
|
|
|
100.0% |
|
|
|
|
|
|
7,000 |
|
7,000 |
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Residential (26 units) |
|
100.0% |
|
96.2% |
|
|
|
|
35,000 |
|
35,000 |
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Soho |
|
|
|
|
|
|
|
|
227,000 |
|
214,000 |
|
13,000 |
|
|
- |
|
|
- 45 -
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) (7) |
|
Major Tenants | ||||
NEW YORK (Continued): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Times Square: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
1540 Broadway |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forever 21, Planet Hollywood, Disney, Sunglass Hut, | ||
|
|
-Retail |
|
100.0% |
|
100.0% |
|
$ |
244.64 |
|
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% |
|
31.6% |
|
|
1,540.44 |
|
46,000 |
|
46,000 |
|
- |
|
|
|
|
T-Mobile, Invicta, Swatch, Laline |
|
|
-Theatre |
|
100.0% |
|
100.0% |
|
|
13.15 |
|
62,000 |
|
62,000 |
|
- |
|
|
|
|
Nederlander-Marquis Theatre |
|
|
|
|
100.0% |
|
70.9% |
|
|
291.84 |
|
108,000 |
|
108,000 |
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Times Square |
|
|
|
|
|
|
|
|
268,000 |
|
268,000 |
|
- |
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Upper East Side: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
828-850 Madison Avenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Retail |
|
100.0% |
|
100.0% |
|
|
604.08 |
|
18,000 |
|
18,000 |
|
- |
|
|
80,000 |
|
Gucci, Chloe, Cartier, Cho Cheng, Christofle Silver Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
677-679 Madison Avenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Retail |
|
100.0% |
|
100.0% |
|
|
473.49 |
|
8,000 |
|
8,000 |
|
- |
|
|
|
|
Berluti |
|
|
-Residential (8 units) |
|
100.0% |
|
50.0% |
|
|
|
|
5,000 |
|
5,000 |
|
- |
|
|
|
|
|
|
|
|
|
100.0% |
|
|
|
|
|
|
13,000 |
|
13,000 |
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40 East 66th Street |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Residential (5 units) |
|
100.0% |
|
100.0% |
|
|
|
|
12,000 |
|
12,000 |
|
- |
|
|
|
|
|
|
|
-Retail |
|
100.0% |
|
100.0% |
|
|
1,124.08 |
|
11,000 |
|
11,000 |
|
- |
|
|
|
|
John Varvatos, Nespresso USA, J. Crew |
|
|
|
|
100.0% |
|
|
|
|
|
|
23,000 |
|
23,000 |
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1131 Third Avenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Retail |
|
100.0% |
|
100.0% |
|
|
145.66 |
|
23,000 |
|
23,000 |
|
- |
|
|
- |
|
Nike, Crunch LLC, J.Jill |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Retail - 2 buildings |
|
100.0% |
|
100.0% |
|
|
- |
|
12,000 |
|
12,000 |
|
- |
|
|
|
|
|
|
|
-Residential (8 units) |
|
100.0% |
|
75.0% |
|
|
|
|
7,000 |
|
7,000 |
|
- |
|
|
|
|
|
|
|
|
|
100.0% |
|
|
|
|
|
|
19,000 |
|
19,000 |
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Upper East Side |
|
|
|
|
|
|
|
|
96,000 |
|
96,000 |
|
- |
|
|
80,000 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long Island City: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
33-00 Northern Boulevard (Center Building) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Office |
|
100.0% |
|
95.7% |
|
|
32.94 |
|
472,000 |
|
472,000 |
|
- |
|
|
61,034 |
|
The City of New York, NYC Transit Authority |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chelsea/Meatpacking District: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
260 Eleventh Avenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
(ground leased through 2114) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
-Office |
|
100.0% |
|
100.0% |
|
|
46.96 |
|
184,000 |
|
184,000 |
|
- |
|
|
- |
|
The City of New York |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
85 Tenth Avenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Google, General Services Administration, | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Telehouse International Corp., L-3 Communications, |
|
|
-Office |
|
49.9% |
(4) |
100.0% |
|
|
81.25 |
|
578,000 |
|
578,000 |
|
- |
|
|
270,000 |
(5) |
Moet Hennessy USA. Inc. |
|
|
-Retail |
|
49.9% |
(4) |
100.0% |
|
|
56.61 |
|
40,000 |
|
40,000 |
|
- |
|
|
- |
|
Craft Restaurants Inc., IL Posto LLC, Toro NYC Restaurant |
|
|
|
|
|
|
100.0% |
|
|
79.67 |
|
618,000 |
|
618,000 |
|
- |
|
|
270,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Chelsea/Meatpacking District |
|
|
|
|
|
|
|
|
802,000 |
|
802,000 |
|
- |
|
|
270,000 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 46 -
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) (7) |
|
Major Tenants | ||||
NEW YORK (Continued): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Upper West Side: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
50-70 W 93rd Street |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Residential (326 units) |
|
49.9% |
|
96.6% |
|
|
|
|
283,000 |
|
283,000 |
|
- |
|
$ |
80,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tribeca: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Independence Plaza, Tribeca |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Residential (1,327 units) |
|
50.1% |
|
96.2% |
|
|
|
|
1,185,000 |
|
1,185,000 |
|
- |
|
|
550,000 |
|
|
|
|
-Retail |
|
50.1% |
|
100.0% |
|
$ |
45.31 |
|
72,000 |
|
60,000 |
|
12,000 |
|
|
- |
|
Duane Reade |
|
|
|
|
50.1% |
|
|
|
|
|
|
1,257,000 |
|
1,245,000 |
|
12,000 |
|
|
550,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Paramus |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Office |
|
100.0% |
|
94.7% |
|
|
21.96 |
|
129,000 |
|
129,000 |
|
- |
|
|
- |
|
Vornado's Administrative Headquarters |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington D.C.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
3040 M Street |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Retail |
|
100.0% |
|
86.7% |
|
|
56.77 |
|
44,000 |
|
44,000 |
|
- |
|
|
- |
|
Nike |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Properties to be Developed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
512 West 22nd Street |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Office |
|
55.0% |
|
- |
|
|
- |
|
173,000 |
|
- |
|
173,000 |
|
|
56,601 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
61 Ninth Avenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
(ground leased through 2115) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
-Office |
|
45.1% |
|
- |
|
|
- |
|
147,000 |
|
- |
|
147,000 |
|
|
- |
|
|
|
|
-Retail |
|
45.1% |
|
- |
|
|
- |
|
23,000 |
|
- |
|
23,000 |
|
|
- |
|
Starbucks (lease not commenced) |
|
|
|
|
45.1% |
|
- |
|
|
- |
|
170,000 |
|
- |
|
170,000 |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
606 Broadway |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Office |
|
50.0% |
|
- |
|
|
- |
|
23,000 |
|
- |
|
23,000 |
|
|
- |
|
|
|
|
-Retail |
|
50.0% |
|
- |
|
|
- |
|
11,000 |
|
- |
|
11,000 |
|
|
22,474 |
|
|
|
|
|
|
50.0% |
|
- |
|
|
- |
|
34,000 |
|
- |
|
34,000 |
|
|
22,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Properties to be Developed |
|
|
|
|
|
|
|
|
377,000 |
|
- |
|
377,000 |
|
|
79,075 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York Office: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
95.0% |
|
$ |
70.58 |
|
21,965,000 |
|
20,219,000 |
|
1,746,000 |
|
$ |
8,378,420 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vornado's Ownership Interest |
|
|
|
95.5% |
|
$ |
68.54 |
|
17,823,000 |
|
16,956,000 |
|
867,000 |
|
$ |
5,711,723 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York Retail: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
96.9% |
|
$ |
208.75 |
|
2,851,000 |
|
2,697,000 |
|
154,000 |
|
$ |
1,713,565 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vornado's Ownership Interest |
|
|
|
96.7% |
|
$ |
206.28 |
|
2,551,000 |
|
2,476,000 |
|
75,000 |
|
$ |
1,560,978 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York Residential: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
96.1% |
|
|
|
|
1,568,000 |
|
1,559,000 |
|
9,000 |
|
$ |
630,000 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vornado's Ownership Interest |
|
|
|
96.0% |
|
|
|
|
835,000 |
|
826,000 |
|
9,000 |
|
$ |
315,470 |
|
|
- 47 -
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) (7) |
|
Major Tenants | ||||
NEW YORK (Continued): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
ALEXANDER'S, INC.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
New York: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
731 Lexington Avenue, Manhattan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
-Office |
|
32.4% |
|
100.0% |
|
$ |
113.91 |
|
889,000 |
|
889,000 |
|
- |
|
$ |
300,000 |
|
Bloomberg |
|
|
-Retail |
|
32.4% |
|
100.0% |
|
|
180.17 |
|
174,000 |
|
174,000 |
|
- |
|
|
350,000 |
|
Hennes & Mauritz, The Home Depot, The Container Store |
|
|
|
|
32.4% |
|
100.0% |
|
|
123.89 |
|
1,063,000 |
|
1,063,000 |
|
- |
|
|
650,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rego Park I, Queens (4.8 acres) |
|
32.4% |
|
100.0% |
|
|
40.55 |
|
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% |
|
99.9% |
|
|
44.65 |
|
609,000 |
|
609,000 |
|
- |
|
|
260,786 |
|
Century 21, Costco, Kohl's, TJ Maxx, Toys "R" Us | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flushing, Queens (6) (1.0 acre) |
|
32.4% |
|
100.0% |
|
|
17.36 |
|
167,000 |
|
167,000 |
|
- |
|
|
- |
|
New World Mall LLC | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Alexander Apartment Tower, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Rego Park, Queens, NY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
-Residential (312 units) |
|
32.4% |
|
97.4% |
|
|
- |
|
255,000 |
|
255,000 |
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Paramus, New Jersey |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
(30.3 acres ground leased to IKEA |
|
32.4% |
|
100.0% |
|
|
- |
|
- |
|
- |
|
- |
|
|
68,000 |
|
IKEA (ground lessee) | |
|
through 2041) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property to be Developed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Rego Park III (adjacent to Rego Park II), |
|
32.4% |
|
- |
|
|
- |
|
- |
|
- |
|
- |
|
|
- |
|
| ||
|
Queens, NY (3.4 acres) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Alexander's |
|
|
|
99.7% |
|
|
80.35 |
|
2,437,000 |
|
2,437,000 |
|
- |
|
|
1,057,032 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
|
Hotel Pennsylvania: |
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|
|
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|
|
|
|
|
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|
|
|
|
|
|
| ||
|
-Hotel (1,700 Keys) |
|
|
|
- |
|
|
- |
|
1,400,000 |
|
1,400,000 |
|
- |
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
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|
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|
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|
|
|
|
Total New York |
|
|
|
95.7% |
|
$ |
85.39 |
|
30,221,000 |
|
28,312,000 |
|
1,909,000 |
|
$ |
11,779,017 |
|
| ||
|
|
|
|
|
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|
|
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|
|
|
|
|
|
Vornado's Ownership Interest |
|
|
|
95.8% |
|
$ |
72.93 |
|
23,399,000 |
|
22,448,000 |
|
951,000 |
|
$ |
7,930,649 |
|
| ||
|
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|
(1) |
Weighted Average Annual Rent PSF for office properties excludes garages and diminimous amounts of storage space. Weighted Average Annual Rent PSF for retail excludes non-selling space. | |||||||||||||||||||
(2) |
Excludes US Post Office leased through 2038 (including four five-year renewal options) for which the annual escalated rent is $11.78 PSF. | |||||||||||||||||||
(3) |
75,000 square feet is leased from the office condo. | |||||||||||||||||||
(4) |
As of September 30, 2016, we own junior and senior mezzanine loans of 85 Tenth Avenue with an accreted balance of $174.3 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% equity 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 $29.1 million on our consolidated balance sheets. | |||||||||||||||||||
(5) |
Excludes the Company's junior and senior mezzanine loans which are accounted for as equity. | |||||||||||||||||||
(6) |
Leased by Alexander's through January 2037. | |||||||||||||||||||
(7) |
Represents the contractual debt obligations. |
- 48 -
WASHINGTON, DC SEGMENT | ||||||||||||||||||||
PROPERTY TABLE |
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| ||
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|
Weighted |
|
Square Feet |
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|
|
|
| |||||
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|
|
|
|
|
|
|
Average |
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|
|
|
|
Under Development |
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|
|
|
| |
|
|
|
|
% |
|
% |
|
Annual Rent |
|
Total |
|
|
|
or Not Available |
|
Encumbrances |
|
| ||
Property |
|
Ownership |
|
Occupancy |
|
PSF (1) |
|
Property |
|
In Service |
|
for Lease |
|
(in thousands) (2) |
|
Major Tenants | ||||
WASHINGTON, DC: |
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| ||
Crystal City: |
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|
|
|
|
|
|
|
|
| ||
2011-2451 Crystal Drive - 5 buildings |
|
100.0% |
|
91.4% |
|
$ |
44.34 |
|
2,326,000 |
|
2,326,000 |
|
- |
|
$ |
217,555 |
|
General Services Administration, Lockheed Martin, Finmeccanica, | ||
|
|
|
|
|
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|
|
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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, American Diabetes Association |
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S. Clark Street / 12th Street - 5 buildings |
|
100.0% |
|
82.6% |
|
|
37.02 |
|
1,547,000 |
|
1,547,000 |
|
- |
|
|
54,227 |
|
General Services Administration, L-3 Communications, | ||
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|
|
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The Int'l Justice Mission, Management Systems International |
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|
|
|
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|
1550-1750 Crystal Drive / |
|
100.0% |
|
87.6% |
|
|
39.39 |
|
1,482,000 |
|
1,462,000 |
|
20,000 |
* |
|
37,666 |
|
General Services Administration, | ||
|
|
241-251 18th Street - 4 buildings |
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|
|
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Chemonics, Dominion Dental, Booz Allen, |
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|
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|
Arete Associates, Battelle Memorial Institute |
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|
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|
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|
1800, 1851 and 1901 South Bell Street |
|
100.0% |
|
94.6% |
|
|
40.07 |
|
869,000 |
|
506,000 |
|
363,000 |
* |
|
- |
|
General Services Administration, Lockheed Martin, | ||
|
|
- 3 buildings |
|
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University of Phoenix, Inc. |
|
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|
2100 / 2200 Crystal Drive - 2 buildings |
|
100.0% |
|
84.7% |
|
|
34.55 |
|
529,000 |
|
529,000 |
|
- |
|
|
- |
|
General Services Administration, Deloitte LLP, | ||
|
|
|
|
|
|
|
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|
Public Broadcasting Service |
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|
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|
|
|
|
|
|
|
|
|
|
|
223 23rd Street |
|
100.0% |
|
- |
|
|
- |
|
147,000 |
|
- |
|
147,000 |
* |
|
- |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
2001 Jefferson Davis Highway |
|
100.0% |
|
55.9% |
|
|
33.42 |
|
162,000 |
|
162,000 |
|
- |
|
|
- |
|
Institute for the Psychology Sciences, VT Aepco, Inc. | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crystal City Shops at 2100 |
|
100.0% |
|
97.6% |
|
|
23.30 |
|
80,000 |
|
80,000 |
|
- |
|
|
- |
|
Various | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
Crystal Drive Retail |
|
100.0% |
|
100.0% |
|
|
49.56 |
|
57,000 |
|
57,000 |
|
- |
|
|
- |
|
Various | ||
|
|
|
|
|
|
|
|
|
|
|
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|
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|
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|
|
Total Crystal City |
|
100.0% |
|
87.5% |
|
|
40.15 |
|
7,199,000 |
|
6,669,000 |
|
530,000 |
|
|
309,448 |
|
| ||
|
|
|
|
|
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|
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|
Central Business District: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
1825-1875 Connecticut Avenue, NW |
|
100.0% |
|
99.0% |
|
|
45.80 |
|
686,000 |
|
686,000 |
|
- |
|
|
185,000 |
|
Family Health International, WeWork | ||
|
|
Universal Buildings - 2 buildings |
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|
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|
1299 Pennsylvania Avenue, NW |
|
55.0% |
|
91.1% |
|
|
70.75 |
|
621,000 |
|
621,000 |
|
- |
|
|
273,000 |
|
Baker Botts LLP, General Electric, Cooley LLP, | ||
|
|
Warner Building |
|
|
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|
Facebook, Live Nation, APCO Worldwide Inc |
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|
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|
2101 L Street, NW |
|
100.0% |
|
99.0% |
|
|
66.91 |
|
380,000 |
|
380,000 |
|
- |
|
|
144,135 |
|
Greenberg Traurig, LLP, US Green Building Council, | ||
|
|
|
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|
American Insurance Association, RTKL Associates, DTZ |
|
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|
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|
|
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|
|
|
875 15th Street, NW - Bowen Building |
|
100.0% |
|
84.5% |
|
|
69.86 |
|
231,000 |
|
231,000 |
|
- |
|
|
- |
|
Paul Hastings LLP, General Services Administration | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1101 17th Street, NW |
|
55.0% |
|
99.5% |
|
|
48.11 |
|
216,000 |
|
216,000 |
|
- |
|
|
31,000 |
|
AFSCME, Verto Solutions | ||
|
|
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|
|
|
|
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|
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|
|
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|
|
|
|
1730 M Street, NW |
|
100.0% |
|
92.3% |
|
|
46.57 |
|
205,000 |
|
205,000 |
|
- |
|
|
14,853 |
|
General Services Administration | ||
|
|
(ground leased through 2061) |
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|
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|
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|
|
|
|
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|
|
1700 M Street |
|
100.0% |
|
- |
|
|
- |
|
333,000 |
|
- |
|
333,000 |
|
|
28,728 |
|
| ||
|
|
|
|
|
|
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|
|
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|
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| ||
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|
|
|
- 49 -
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) (2) |
|
Major Tenants | ||||
WASHINGTON, DC (Continued): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Central Business District (Continued): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
1501 K Street, NW |
|
5.0% |
|
91.5% |
|
$ |
68.18 |
|
400,000 |
|
400,000 |
|
- |
|
$ |
- |
|
Sidley Austin LLP, UBS | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
1399 New York Avenue, NW |
|
100.0% |
|
92.9% |
|
|
85.61 |
|
129,000 |
|
129,000 |
|
- |
|
|
- |
|
Bloomberg, Abbott Laboratories, Abbvie US LLC | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total Central Business District |
|
|
|
95.0% |
|
|
59.29 |
|
3,201,000 |
|
2,868,000 |
|
333,000 |
|
|
676,716 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Skyline Properties: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Skyline Properties - 8 buildings |
|
100.0% |
|
47.2% |
|
|
32.13 |
|
2,649,000 |
|
2,649,000 |
|
- |
|
|
694,060 |
|
General Services Administration, Analytic Services, | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Axiom Resource Management, | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Booz Allen, Deloitte LLP | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Rosslyn / Ballston: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2200 / 2300 Clarendon Blvd |
|
100.0% |
|
93.3% |
|
|
45.64 |
|
639,000 |
|
639,000 |
|
- |
|
|
23,250 |
|
Arlington County, General Services Administration, | ||
(Courthouse Plaza) - 2 buildings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMC Theaters | ||
(ground leased through 2062) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Rosslyn Plaza - 4 buildings |
|
46.2% |
|
60.1% |
|
|
42.36 |
|
736,000 |
|
492,000 |
|
244,000 |
* |
|
38,770 |
|
General Services Administration, Corporate Executive Board, | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nathan Associates, Inc. | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total Rosslyn / Ballston |
|
|
|
84.4% |
|
|
44.98 |
|
1,375,000 |
|
1,131,000 |
|
244,000 |
|
|
62,020 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Reston: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Commerce Executive - 3 buildings |
|
100.0% |
` |
93.3% |
|
|
33.75 |
|
407,000 |
|
393,000 |
|
14,000 |
* |
|
- |
|
L-3 Communications, Allworld Language Consultants, | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BT North America, Applied Information Sciences, Clarabridge Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Rockville/Bethesda: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Democracy Plaza One |
|
100.0% |
|
97.6% |
|
|
32.14 |
|
214,000 |
|
214,000 |
|
- |
|
|
- |
|
National Institutes of Health | ||
(ground leased through 2084) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Tysons Corner: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Fairfax Square - 3 buildings |
|
20.0% |
|
66.2% |
|
|
40.83 |
|
561,000 |
|
561,000 |
|
- |
|
|
90,000 |
|
Dean & Company, Womble Carlyle | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Pentagon City: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Fashion Centre Mall |
|
7.5% |
|
96.9% |
|
|
49.96 |
|
869,000 |
|
869,000 |
|
- |
|
|
410,000 |
|
Macy's, Nordstrom | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Washington Tower |
|
7.5% |
|
100.0% |
|
|
45.40 |
|
170,000 |
|
170,000 |
|
- |
|
|
40,000 |
|
The Rand Corporation | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total Pentagon City |
|
|
|
97.4% |
|
|
49.12 |
|
1,039,000 |
|
1,039,000 |
|
- |
|
|
450,000 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total Washington, DC office properties |
|
|
|
81.8% |
|
$ |
44.38 |
|
16,645,000 |
|
15,524,000 |
|
1,121,000 |
|
$ |
2,282,244 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vornado's Ownership Interest |
|
|
|
80.6% |
|
$ |
42.67 |
|
14,083,000 |
|
13,099,000 |
|
984,000 |
|
$ |
1,637,967 |
|
|
- 50 -
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) (2) |
|
Major Tenants | ||||
WASHINGTON, DC (Continued): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Residential: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
For rent residential: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
RiverHouse Apartments - 3 buildings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
(1,670 units) |
|
100.0% |
|
97.9% |
|
$ |
- |
|
1,802,000 |
|
1,802,000 |
|
- |
|
$ |
307,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
West End 25 (283 units) |
100.0% |
|
98.9% |
|
|
- |
|
273,000 |
|
273,000 |
|
- |
|
|
101,196 |
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
220 20th Street (265 units) |
100.0% |
|
97.4% |
|
|
- |
|
269,000 |
|
269,000 |
|
- |
|
|
68,789 |
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2221 South Clark Street (216 units) |
100.0% |
|
100.0% |
|
|
- |
|
171,000 |
|
171,000 |
|
- |
|
|
- |
|
WeWork (residential and office) | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
The Bartlett - 1 building |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
-Residential (699 units) |
|
100.0% |
|
61.2 % |
(3) |
|
- |
|
577,000 |
|
353,000 |
|
224,000 |
|
|
|
|
|
|
|
-Retail |
|
100.0% |
|
100.0% |
|
|
- |
|
43,000 |
|
43,000 |
|
- |
|
|
|
|
Whole Foods |
|
|
|
|
|
|
|
|
|
|
|
620,000 |
|
396,000 |
|
224,000 |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rosslyn Plaza - 2 buildings (196 units) |
43.7% |
|
97.5% |
|
|
- |
|
253,000 |
|
253,000 |
|
- |
|
|
- |
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Residential |
|
|
98.1% |
|
|
- |
|
3,388,000 |
|
3,164,000 |
|
224,000 |
|
|
477,695 |
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Crystal City Hotel |
100.0% |
|
100.0% |
|
|
- |
|
266,000 |
|
266,000 |
|
- |
|
|
- |
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Met Park / Warehouses - 1 building |
100.0% |
|
100.0% |
|
|
- |
|
129,000 |
|
53,000 |
|
76,000 |
* |
|
- |
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other - 3 buildings |
100.0% |
|
100.0% |
|
|
- |
|
11,000 |
|
11,000 |
|
- |
|
|
- |
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Other |
|
|
100.0% |
|
|
|
|
406,000 |
|
330,000 |
|
76,000 |
|
|
- |
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Washington, DC |
|
|
84.5% |
|
$ |
44.38 |
|
20,439,000 |
|
19,018,000 |
|
1,421,000 |
|
$ |
2,759,939 |
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vornado's Ownership Interest |
|
|
83.9% |
|
$ |
42.67 |
|
17,734,000 |
|
16,451,000 |
|
1,283,000 |
|
$ |
2,115,662 |
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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. | |||||||||||||||||||
(2) |
Represents the contractual debt obligations. | |||||||||||||||||||
(3) |
During lease-up, the residential portion of the Bartlett is excluded from occupancy statistics for the Washington, DC segment. |
- 51 -
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) (2) |
|
Major Tenants | ||||
555 California Street: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
555 California Street |
|
70.0% |
|
97.6% |
|
$ |
68.79 |
|
1,504,000 |
|
1,504,000 |
|
- |
|
$ |
582,159 |
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
315 Montgomery Street |
|
70.0% |
|
43.3% |
|
|
54.61 |
|
232,000 |
|
232,000 |
|
- |
|
|
- |
|
Bank of America, Regus | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
345 Montgomery Street |
|
70.0% |
|
- |
|
|
- |
|
64,000 |
|
- |
|
64,000 |
|
|
- |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total 555 California Street |
|
|
|
90.3% |
|
$ |
67.88 |
|
1,800,000 |
|
1,736,000 |
|
64,000 |
|
$ |
582,159 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Vornado's Ownership Interest |
|
|
|
90.3% |
|
$ |
67.88 |
|
1,260,000 |
|
1,215,000 |
|
45,000 |
|
$ |
407,511 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
theMART: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
theMART, Chicago |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Motorola Mobility (guaranteed by Google), | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CCC Information Services, Ogilvy Group (WPP), | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Publicis Groupe (MSL Group, Medicus Group, Razorfish), | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1871, Yelp Inc., Paypal, Inc., Allscripts Healthcare, | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chicago School of Professional Psychology, | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Innovation Development Institute, Inc., Chicago Teachers Union, | ||
|
-Office |
|
100.0% |
|
98.2% |
|
$ |
34.69 |
|
1,927,000 |
|
1,927,000 |
|
- |
|
|
|
|
ConAgra Foods Inc., Allstate Insurance Company, | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steelcase, Baker, Knapp & Tubbs, Holly Hunt Ltd., |
|
-Showroom/Trade show |
|
100.0% |
|
98.4% |
|
|
44.60 |
|
1,631,000 |
|
1,631,000 |
|
- |
|
|
|
|
Allsteel Inc., Herman Miller Inc., Knoll Inc., Teknion LLC | |
|
-Retail |
|
100.0% |
|
97.1% |
|
|
44.42 |
|
88,000 |
|
88,000 |
|
- |
|
|
|
|
| |
|
|
100.0% |
|
98.2% |
|
|
39.22 |
|
3,646,000 |
|
3,646,000 |
|
- |
|
$ |
675,000 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Other |
|
50.0% |
|
100.0% |
|
|
36.28 |
|
19,000 |
|
19,000 |
|
- |
|
|
33,878 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total theMART |
|
|
|
98.2% |
|
$ |
39.20 |
|
3,665,000 |
|
3,665,000 |
|
- |
|
$ |
708,878 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vornado's Ownership Interest |
|
|
|
98.2% |
|
$ |
39.20 |
|
3,656,000 |
|
3,656,000 |
|
- |
|
$ |
691,939 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Weighted Average Annual Rent PSF excludes ground rent, storage rent and garages. | |||||||||||||||||||
(2) |
Represents the contractual debt obligations. |
- 52 -
REAL ESTATE FUND | ||||||||||||||||||||
PROPERTY TABLE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Weighted |
|
Square Feet |
|
|
|
|
| |||||
|
|
|
|
Fund |
|
|
|
Average |
|
|
|
|
|
Under Development |
|
|
|
|
| |
|
|
|
|
% |
|
% |
|
Annual Rent |
|
Total |
|
|
|
or Not Available |
|
Encumbrances |
|
| ||
Property |
|
Ownership |
|
Occupancy |
|
PSF (1) |
|
Property |
|
In Service |
|
for Lease |
|
(in thousands) (3) |
|
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% |
|
$ |
222.68 |
|
95,000 |
|
95,000 |
|
- |
|
|
|
|
Sephora, Bank of America | ||
- Residential (39 units) |
|
100.0% |
|
84.6% |
|
|
- |
|
59,000 |
|
59,000 |
|
- |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
154,000 |
|
154,000 |
|
- |
|
$ |
146,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11 East 68th Street Retail |
|
100.0% |
|
100.0% |
|
|
678.59 |
|
11,000 |
|
11,000 |
|
- |
|
|
60,000 |
|
Belstaff, Kent & Curwen, Rag & Bone | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crowne Plaza Times Square |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
- Hotel (795 Keys) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
- Retail |
|
75.3% |
(2) |
100.0% |
|
|
149.49 |
|
46,000 |
|
46,000 |
|
- |
|
|
|
|
Hershey's, MAC Cosmetics | ||
- Office |
|
75.3% |
(2) |
60.3% |
|
|
44.36 |
|
194,000 |
|
194,000 |
|
- |
|
|
|
|
American Management Association | ||
|
|
|
|
67.9% |
|
|
64.51 |
|
240,000 |
|
240,000 |
|
- |
|
|
310,000 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
501 Broadway |
|
100.0% |
|
100.0% |
|
|
263.08 |
|
9,000 |
|
9,000 |
|
- |
|
|
23,000 |
|
Capital One | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Culver City, CA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
800 Corporate Pointe - 2 buildings |
|
100.0% |
|
96.0% |
|
|
38.35 |
|
246,000 |
|
246,000 |
|
- |
|
|
61,662 |
|
Ares Management LLC, Meredith Corp., West Publishing Corp., | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Syska Hennessy Group, Symantec Corp., X Prize Foundation | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Miami, FL: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
1100 Lincoln Road |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
- Retail |
|
100.0% |
|
94.6% |
|
|
191.28 |
|
49,000 |
|
49,000 |
|
- |
|
|
|
|
Regal Cinema, Anthropologie, Banana Republic | ||
- Theatre |
|
100.0% |
|
100.0% |
|
|
39.35 |
|
79,000 |
|
79,000 |
|
- |
|
|
|
|
| ||
|
|
|
|
|
|
|
95.70 |
|
128,000 |
|
128,000 |
|
- |
|
|
66,000 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Real Estate Fund |
|
92.5% |
|
89.5% |
|
|
|
|
788,000 |
|
788,000 |
|
- |
|
$ |
666,662 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vornado's Ownership Interest |
|
27.4% |
|
85.8% |
|
|
|
|
216,000 |
|
216,000 |
|
- |
|
$ |
147,523 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Weighted Average Annual Rent PSF excludes ground rent, storage rent, garages and residential. |
|
|
|
| ||||||||||||||||
(2) Vornado's effective ownership through its Real Estate Fund and its co-investment is 33%. |
|
|
|
| ||||||||||||||||
(3) Represents the contractual debt obligations. |
|
|
|
|
- 53 -
OTHER | ||||||||||||||||||||
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) (3) |
|
Major Tenants | ||
Other Properties: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wayne Town Center, Wayne |
|
100.0% |
|
100.0% |
|
$ |
29.62 |
|
656,000 |
|
213,000 |
|
443,000 |
|
- |
|
$ |
- |
|
JCPenney, Costco, Dick's Sporting Goods, |
(ground leased through 2064) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nordstrom Rack, 24 Hour Fitness |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annapolis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(ground and building leased through 2042) |
|
100.0% |
|
100.0% |
|
|
8.99 |
|
128,000 |
|
128,000 |
|
- |
|
- |
|
|
- |
|
The Home Depot |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Other Properties |
|
|
|
100.0% |
|
$ |
26.25 |
|
784,000 |
|
341,000 |
|
443,000 |
|
- |
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vornado's Ownership Interest |
|
|
|
100.0% |
|
$ |
26.25 |
|
784,000 |
|
341,000 |
|
443,000 |
|
- |
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Weighted Average Annual Rent PSF excludes ground rent, storage rent, garages and residential. | ||||||||||||||||||||
(2) Owned by tenant on land leased from the company. | ||||||||||||||||||||
(3) Represents the contractual debt obligations. |
- 54 -