v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows from Operating Activities:    
Net income $ 913,051 $ 33,826
Adjustments to reconcile net income to net cash provided by operating activities:    
Prepaid lease payment (net of initial direct costs) 901,409 0
Gain on sales-type lease (803,248) 0
Depreciation and amortization (including amortization of deferred financing costs) 241,538 229,797
Equity in net income of partially owned entities (113,648) (64,228)
Distributions of income from partially owned entities 54,205 54,618
Net gains on disposition of wholly owned and partially owned assets (24,039) (16,048)
Straight-lining of rents (19,706) (4,372)
Amortization of interest rate cap premiums 14,176 22,720
Stock-based compensation expense 13,541 16,269
Change in deferred tax liability 4,488 5,879
Amortization of below-market leases, net (184) (1,910)
Other non-cash adjustments 4,022 6,304
Changes in operating assets and liabilities:    
Tenant and other receivables (5,265) (2,840)
Prepaid assets 14,578 (6,965)
Other assets (48,632) (48,272)
Lease liabilities (39,498) 8,903
Accounts payable and accrued expenses (20,388) (13,074)
Other liabilities (7,454) 5,557
Net cash provided by operating activities 1,078,946 226,164
Cash Flows from Investing Activities:    
Proceeds from partial redemption of Fifth Avenue and Times Square JV preferred equity 749,000 0
Additions to real estate (152,513) (112,578)
Development costs and construction in progress (82,064) (138,076)
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South 24,839 31,605
Acquisitions of real estate and other (22,771) 0
Proceeds from sales of real estate 22,308 2,000
Investments in partially owned entities (16,967) (90,051)
Distributions of capital from partially owned entities 3,323 0
Net cash provided by (used in) investing activities 525,155 (307,100)
Cash Flows from Financing Activities:    
Repayments of borrowings (1,278,232) (95,696)
Proceeds from borrowings 120,000 75,000
Distributions to preferred unitholders (31,052) (31,058)
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries (1,365) (242)
Contributions from noncontrolling interests in consolidated subsidiaries 673 1,758
Deferred financing costs (470) (13,649)
Other financing activity, net 24 93
Net cash used in financing activities (1,190,422) (63,794)
Net increase (decrease) in cash and cash equivalents and restricted cash 413,679 (144,730)
Cash and cash equivalents and restricted cash at beginning of period 949,619 1,261,584
Cash and cash equivalents and restricted cash at end of period 1,363,298 1,116,854
Reconciliation of Cash and Cash Equivalents and Restricted Cash:    
Cash and cash equivalents at beginning of period 733,947 997,002
Restricted cash at beginning of period 215,672 264,582
Cash and cash equivalents and restricted cash at beginning of period 949,619 1,261,584
Cash and cash equivalents at end of period 1,204,863 872,609
Restricted cash at end of period 158,435 244,245
Cash and cash equivalents and restricted cash at end of period 1,363,298 1,116,854
Supplemental Disclosure of Cash Flow Information:    
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums 167,233 152,212
Cash payments for income taxes 3,627 4,436
Non-Cash Information:    
Real estate 172,120 0
Receivable arising from the straight-lining of rents 26,362 0
Deferred leasing costs, net of accumulated amortization 60,308 0
Other 7,322 0
Redeemable Class A unit measurement adjustment 102,388 48,143
Write-off of fully depreciated assets (68,003) (47,840)
Change in fair value of consolidated interest rate hedges and other (41,142) 49,401
Accrued capital expenditures included in accounts payable and accrued expenses 21,323 25,997
Reclassification of assets held for sale (included in "other assets") 0 15,224
Vornado Realty L.P.    
Cash Flows from Operating Activities:    
Net income 913,051 33,826
Adjustments to reconcile net income to net cash provided by operating activities:    
Prepaid lease payment (net of initial direct costs) 901,409 0
Gain on sales-type lease (803,248) 0
Depreciation and amortization (including amortization of deferred financing costs) 241,538 229,797
Equity in net income of partially owned entities (113,648) (64,228)
Distributions of income from partially owned entities 54,205 54,618
Net gains on disposition of wholly owned and partially owned assets (24,039) (16,048)
Straight-lining of rents (19,706) (4,372)
Amortization of interest rate cap premiums 14,176 22,720
Stock-based compensation expense 13,541 16,269
Change in deferred tax liability 4,488 5,879
Amortization of below-market leases, net (184) (1,910)
Other non-cash adjustments 4,022 6,304
Changes in operating assets and liabilities:    
Tenant and other receivables (5,265) (2,840)
Prepaid assets 14,578 (6,965)
Other assets (48,632) (48,272)
Lease liabilities (39,498) 8,903
Accounts payable and accrued expenses (20,388) (13,074)
Other liabilities (7,454) 5,557
Net cash provided by operating activities 1,078,946 226,164
Cash Flows from Investing Activities:    
Proceeds from partial redemption of Fifth Avenue and Times Square JV preferred equity 749,000 0
Additions to real estate (152,513) (112,578)
Development costs and construction in progress (82,064) (138,076)
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South 24,839 31,605
Acquisitions of real estate and other (22,771) 0
Proceeds from sales of real estate 22,308 2,000
Investments in partially owned entities (16,967) (90,051)
Distributions of capital from partially owned entities 3,323 0
Net cash provided by (used in) investing activities 525,155 (307,100)
Cash Flows from Financing Activities:    
Repayments of borrowings (1,278,232) (95,696)
Proceeds from borrowings 120,000 75,000
Distributions to preferred unitholders (31,052) (31,058)
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries (1,365) (242)
Contributions from noncontrolling interests in consolidated subsidiaries 673 1,758
Deferred financing costs (470) (13,649)
Other financing activity, net 24 93
Net cash used in financing activities (1,190,422) (63,794)
Net increase (decrease) in cash and cash equivalents and restricted cash 413,679 (144,730)
Cash and cash equivalents and restricted cash at beginning of period 949,619 1,261,584
Cash and cash equivalents and restricted cash at end of period 1,363,298 1,116,854
Reconciliation of Cash and Cash Equivalents and Restricted Cash:    
Cash and cash equivalents at beginning of period 733,947 997,002
Restricted cash at beginning of period 215,672 264,582
Cash and cash equivalents and restricted cash at beginning of period 949,619 1,261,584
Cash and cash equivalents at end of period 1,204,863 872,609
Restricted cash at end of period 158,435 244,245
Cash and cash equivalents and restricted cash at end of period 1,363,298 1,116,854
Supplemental Disclosure of Cash Flow Information:    
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums 167,233 152,212
Cash payments for income taxes 3,627 4,436
Non-Cash Information:    
Real estate 172,120 0
Receivable arising from the straight-lining of rents 26,362 0
Deferred leasing costs, net of accumulated amortization 60,308 0
Other 7,322 0
Redeemable Class A unit measurement adjustment 102,388 48,143
Write-off of fully depreciated assets (68,003) (47,840)
Change in fair value of consolidated interest rate hedges and other (41,142) 49,401
Accrued capital expenditures included in accounts payable and accrued expenses 21,323 25,997
Reclassification of assets held for sale (included in "other assets") $ 0 $ 15,224