| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||
Net income | ||||||||||
60,075 | 32,844 | 80,509 | 86,477 | 76,907 | 67,925 | 56,915 | 674,993 | 81,046 | 67,445 | 132,941 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
Depreciation and amortization, including amortization of debt issuance costs | ||||||||||
36,515 | 38,499 | 38,681 | 36,374 | 33,671 | 31,919 | 31,395 | 36,363 | 37,086 | 34,849 | 30,445 |
Straight-lining of rental income | ||||||||||
-2,413 | -5,924 | -4,297 | -2,347 | 1,418 | 2,538 | 3,707 | 4,475 | 12,609 | 15,182 | 23,381 |
Stock-based compensation expense | ||||||||||
394 | 394 | 394 | 450 | 600 | 394 | 394 | 300 | 300 | 0 | 0 |
Liability for stock appreciation rights | ||||||||||
- | - | - | - | - | - | - | - | - | - | 34,275 |
Change in fair value of marketable securities | ||||||||||
-8,757 | -11,990 | 0 | 0 | - | - | - | - | - | - | - |
Reversal of income tax liability | ||||||||||
- | - | - | - | - | -420 | -206 | 0 | 2,561 | 5,113 | 42,472 |
Net gain on sale of real estate | ||||||||||
- | - | - | - | - | - | - | 599,628 | 0 | 0 | - |
Change in operating assets and liabilities: | ||||||||||
Other non-cash adjustments | ||||||||||
- | - | - | - | - | - | - | - | - | -1,238 | -1,884 |
Tenant and other receivables, net | ||||||||||
2,017 | 1,382 | -363 | -958 | 1,801 | -712 | 972 | -234 | -1,672 | 2,065 | -4,421 |
Other assets | ||||||||||
-21,553 | 1,197 | 2,627 | 9,894 | 4,777 | 4,334 | 472 | -4,318 | 5,484 | 6,068 | 12,421 |
Amounts due to Vornado | ||||||||||
789 | -1,907 | 1,626 | -1,913 | 2,228 | -42,779 | -3,138 | -2,405 | -2,445 | -12,881 | -1,344 |
Payment for stock appreciation rights | ||||||||||
- | - | - | - | - | - | - | - | - | - | -22,838 |
Accounts payable and accrued expenses | ||||||||||
-1,800 | -11,760 | 211 | 16,049 | 822 | -1,373 | -6,284 | -107 | -4,547 | 13,273 | 4,668 |
Income tax liability of taxable REIT subsidiary | ||||||||||
- | - | - | - | - | - | - | - | - | 704 | 2,054 |
Other liabilities | ||||||||||
-609 | 133 | -28 | -28 | -31 | -19 | -42 | 114 | 56 | -178 | -103 |
Net cash provided by operating activities | ||||||||||
126,070 | 73,538 | 123,426 | 130,820 | 106,201 | 49,487 | 73,883 | 109,707 | 92,514 | 76,022 | 39,579 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||
Construction in progress and real estate additions | ||||||||||
9,449 | 3,966 | 3,434 | 15,506 | 50,121 | 61,964 | 7,671 | 7,351 | 14,415 | 42,310 | 74,855 |
Rego Park II loan participation | ||||||||||
0 | 0 | 200,000 | 0 | 0 | - | - | - | - | - | - |
Proceeds from maturing short-term investments | ||||||||||
- | - | - | - | -24,998 | 24,998 | 0 | 5,000 | 23,000 | 40,000 | 15,000 |
Repayment of Rego Park II loan participation | ||||||||||
0 | 2,829 | 1,463 | 0 | 0 | - | - | - | - | - | - |
Purchases of short-term investments | ||||||||||
- | - | - | - | - | - | - | 0 | 5,000 | 23,000 | 55,000 |
Restricted cash | ||||||||||
- | - | - | - | - | -5,442 | -351 | 1,626 | 3,202 | -5,917 | 86,427 |
Proceeds from sale of real estate | ||||||||||
- | - | - | - | - | - | - | 714,054 | 0 | 0 | - |
Net cash used in investing activities | ||||||||||
-9,449 | -1,137 | -201,971 | -15,506 | -25,123 | -81,520 | -7,320 | 710,077 | 383 | -19,393 | -201,282 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||
Dividends paid | ||||||||||
92,124 | 92,100 | 86,961 | 81,822 | 71,571 | 66,436 | 56,197 | 699,791 | 61,277 | 38,295 | 0 |
Debt issuance costs | ||||||||||
15 | 2,189 | 12,186 | 30 | 4,075 | 4,255 | 87 | 400 | 6,142 | 57 | 146 |
Debt repayments | ||||||||||
0 | 160,142 | 303,707 | 3,440 | 323,193 | 317,179 | 15,957 | 265,016 | 508,479 | 68,619 | 105,252 |
Proceeds from borrowing | ||||||||||
0 | 78,246 | 500,000 | 0 | 350,000 | 300,000 | 0 | 0 | 593,000 | 34,828 | 162,961 |
Acquisition of the noncontrolling interest | ||||||||||
- | - | - | - | - | - | - | 7,800 | 0 | 0 | - |
Net cash used in financing activities | ||||||||||
-92,139 | -176,185 | 97,146 | -85,292 | -48,839 | -87,870 | -72,241 | -973,007 | 16,502 | -72,143 | 58,497 |
Distributions to the noncontrolling interest | ||||||||||
- | - | - | - | - | - | - | - | 600 | 0 | 0 |
Excercise of stock options | ||||||||||
- | - | - | - | - | - | - | - | - | - | 934 |
Net increase (decrease) in cash and cash equivalents and restricted cash | ||||||||||
24,482 | -103,784 | 18,601 | 30,022 | 32,239 | -119,903 | -5,678 | -153,223 | 109,399 | -15,514 | -103,206 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||||||||||
Cash payments for interest | ||||||||||
34,669 | 38,231 | 26,994 | 19,517 | 22,354 | 30,656 | 42,121 | 47,932 | 53,343 | 52,889 | 57,906 |
NON-CASH TRANSACTIONS | ||||||||||
Liability for real estate additions, including $146 and $24 for development fees due to Vornado in 2020 and 2019, respectively | ||||||||||
3,191 | 631 | 705 | 322 | 10,139 | 13,529 | 1,084 | 221 | 3,052 | 0 | 22,409 |
Marketable securities received in connection with the sale of real estate | ||||||||||
- | - | - | - | - | - | - | 30,000 | 0 | 0 | - |
Commission payable to Vornado incurred in connection with the sale of real estate | ||||||||||
- | - | - | - | - | - | - | 7,510 | 0 | 0 | - |
Write-off of fully amortized and/or depreciated assets | ||||||||||
0 | 16,090 | 4,265 | 1,691 | 20,786 | 10,626 | 0 | 648 | 6,799 | 0 | 0 |
Lease liability arising from the recognition of right-of-use asset | ||||||||||
5,428 | 0 | 0 | - | - | - | - | - | - | - | - |
Reclassification of prepaid real estate taxes to construction in progress for property in redevelopment | ||||||||||
1,466 | 0 | 0 | - | - | - | - | - | - | - | - |
Derecognition of Rego Park II loan participation asset (see Note 2) | ||||||||||
0 | 195,708 | 0 | - | - | - | - | - | - | - | - |
Change in unrealized net gain on available-for-sale securities | ||||||||||
- | - | - | - | -1,455 | - | - | - | - | 0 | - |