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Section 1: 10-Q (10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 FORM 10-Q
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended: 
March 31, 2020
 
 Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from:
 
to
 
 
Commission File Number:
001-11954
(Vornado Realty Trust)
Commission File Number:
001-34482
(Vornado Realty L.P.)

Vornado Realty Trust
Vornado Realty L.P.
 
 
 
(Exact name of registrants as specified in its charter)
Vornado Realty Trust
 
Maryland
 
22-1657560
 
 
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification Number)
 
 
 
 
 
Vornado Realty L.P.
 
Delaware
 
13-3925979
 
 
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification Number)
888 Seventh Avenue,
New York,
New York
10019
(Address of principal executive offices) (Zip Code)
(212)
894-7000
(Registrants’ telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Vornado Realty Trust: Yes ☑   No ☐    Vornado Realty L.P.: Yes ☑   No ☐ 
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  
Vornado Realty Trust: Yes ☑   No ☐    Vornado Realty L.P.: Yes ☑   No ☐ 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” "non-accelerated filer," “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Vornado Realty Trust:
 
 
 
Large Accelerated Filer
 
Accelerated Filer
 
Non-Accelerated Filer
 
Smaller Reporting Company
 
 
 
 
Emerging Growth Company
Vornado Realty L.P.:
 
 
 
Large Accelerated Filer
 
Accelerated Filer
 
Non-Accelerated Filer
 
Smaller Reporting Company
 
 
 
 
Emerging Growth Company




If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  
Vornado Realty Trust: Yes    No ☑    Vornado Realty L.P.: Yes    No ☑ 

Securities registered pursuant to Section 12(b) of the Act:
Registrant
 
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Vornado Realty Trust
 
Common Shares of beneficial interest, $.04 par value per share
 
VNO
 
New York Stock Exchange
 
 
Cumulative Redeemable Preferred Shares of beneficial interest, liquidation preference $25.00 per share:
 
 
 
 
Vornado Realty Trust
 
5.70% Series K
 
VNO/PK
 
New York Stock Exchange
Vornado Realty Trust
 
5.40% Series L
 
VNO/PL
 
New York Stock Exchange
Vornado Realty Trust
 
5.25% Series M
 
VNO/PM
 
New York Stock Exchange
  
As of March 31, 2020, 191,115,726 of Vornado Realty Trust’s common shares of beneficial interest are outstanding.




EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the period ended March 31, 2020 of Vornado Realty Trust and Vornado Realty L.P. Unless stated otherwise or the context otherwise requires, references to “Vornado” refer to Vornado Realty Trust, a Maryland real estate investment trust (“REIT”), and references to the “Operating Partnership” refer to Vornado Realty L.P., a Delaware limited partnership. References to the “Company,” “we,” “us” and “our” mean collectively Vornado, the Operating Partnership and those subsidiaries consolidated by Vornado.
The Operating Partnership is the entity through which we conduct substantially all of our business and own, either directly or through subsidiaries, substantially all of our assets. Vornado is the sole general partner and also a 92.7% limited partner of the Operating Partnership. As the sole general partner of the Operating Partnership, Vornado has exclusive control of the Operating Partnership’s day-to-day management.
Under the limited partnership agreement of the Operating Partnership, unitholders may present their Class A units for redemption at any time (subject to restrictions agreed upon at the time of issuance of the units that may restrict such right for a period of time). Class A units may be tendered for redemption to the Operating Partnership for cash; Vornado, at its option, may assume that obligation and pay the holder either cash or Vornado common shares on a one-for-one basis. Because the number of Vornado common shares outstanding at all times equals the number of Class A units owned by Vornado, the redemption value of each Class A unit is equivalent to the market value of one Vornado common share, and the quarterly distribution to a Class A unitholder is equal to the quarterly dividend paid to a Vornado common shareholder. This one-for-one exchange ratio is subject to specified adjustments to prevent dilution. Vornado generally expects that it will elect to issue its common shares in connection with each such presentation for redemption rather than having the Operating Partnership pay cash. With each such exchange or redemption, Vornado’s percentage ownership in the Operating Partnership will increase. In addition, whenever Vornado issues common shares other than to acquire Class A units of the Operating Partnership, Vornado must contribute any net proceeds it receives to the Operating Partnership and the Operating Partnership must issue to Vornado an equivalent number of Class A units of the Operating Partnership. This structure is commonly referred to as an umbrella partnership REIT, or UPREIT.
The Company believes that combining the quarterly reports on Form 10-Q of Vornado and the Operating Partnership into this single report provides the following benefits:
enhances investors’ understanding of Vornado and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
eliminates duplicative disclosure and provides a more streamlined and readable presentation because a substantial portion of the disclosure applies to both Vornado and the Operating Partnership; and
creates time and cost efficiencies in the preparation of one combined report instead of two separate reports.
The Company believes it is important to understand the few differences between Vornado and the Operating Partnership in the context of how Vornado and the Operating Partnership operate as a consolidated company. The financial results of the Operating Partnership are consolidated into the financial statements of Vornado. Vornado does not have any significant assets, liabilities or operations, other than its investment in the Operating Partnership. The Operating Partnership, not Vornado, generally executes all significant business relationships other than transactions involving the securities of Vornado. The Operating Partnership holds substantially all of the assets of Vornado. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from equity offerings by Vornado, which are contributed to the capital of the Operating Partnership in exchange for Class A units of partnership in the Operating Partnership, and the net proceeds of debt offerings by Vornado, which are contributed to the Operating Partnership in exchange for debt securities of the Operating Partnership, as applicable, the Operating Partnership generates all remaining capital required by the Company’s business. These sources may include working capital, net cash provided by operating activities, borrowings under the revolving credit facility, the issuance of secured and unsecured debt and equity securities and proceeds received from the disposition of certain properties.


3


To help investors better understand the key differences between Vornado and the Operating Partnership, certain information for Vornado and the Operating Partnership in this report has been separated, as set forth below:
Item 1. Financial Statements (unaudited), which includes the following specific disclosures for Vornado Realty Trust and Vornado Realty L.P.:
Note 12. Redeemable Noncontrolling Interests/Redeemable Partnership Units
Note 13. Shareholders' Equity/Partners' Capital
Note 19. Income Per Share/Income Per Class A Unit
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations includes information specific to each entity, where applicable.
This report also includes separate Part I, Item 4. Controls and Procedures sections and separate Exhibits 31 and 32 certifications for each of Vornado and the Operating Partnership in order to establish that the requisite certifications have been made and that Vornado and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934 and 18 U.S.C. §1350.

4


PART I.
Financial Information:
 
Page Number
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Balance Sheets (Unaudited) as of March 31, 2020 and December 31, 2019
 
 
 
 
 
 
 
 
Consolidated Statements of Income (Unaudited) for the Three Months Ended March 31, 2020 and 2019
 
 
 
 
 
 
 
 
Consolidated Statements of Comprehensive Income (Unaudited) for the Three Months Ended March 31, 2020 and 2019
 
 
 
 
 
 
 
 
Consolidated Statements of Changes in Equity (Unaudited) for the Three Months Ended March 31, 2020 and 2019
 
 
 
 
 
 
 
 
Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2020 and 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Balance Sheets (Unaudited) as of March 31, 2020 and December 31, 2019
 
 
 
 
 
 
 
 
Consolidated Statements of Income (Unaudited) for the Three Months Ended March 31, 2020 and 2019
 
 
 
 
 
 
 
 
Consolidated Statements of Comprehensive Income (Unaudited) for the Three Months Ended March 31, 2020 and 2019
 
 
 
 
 
 
 
 
Consolidated Statements of Changes in Equity (Unaudited) for the Three Months Ended March 31, 2020 and 2019
 
 
 
 
 
 
 
 
Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2020 and 2019
 
 
 
 
 
 
 
 
Vornado Realty Trust and Vornado Realty L.P.:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PART II.
Other Information:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

5


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
VORNADO REALTY TRUST
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

(Amounts in thousands, except unit, share, and per share amounts)
As of
 
March 31, 2020
 
December 31, 2019
ASSETS
 
 
 
Real estate, at cost:
 
 
 
Land
$
2,589,800

 
$
2,591,261

Buildings and improvements
7,946,523

 
7,953,163

Development costs and construction in progress
1,532,828

 
1,490,614

Moynihan Train Hall development expenditures
972,199

 
914,960

Leasehold improvements and equipment
126,910

 
124,014

Total
13,168,260

 
13,074,012

Less accumulated depreciation and amortization
(3,049,609
)
 
(3,015,958
)
Real estate, net
10,118,651

 
10,058,054

Right-of-use assets
378,257

 
379,546

Cash and cash equivalents
1,586,738

 
1,515,012

Restricted cash
80,570

 
92,119

Marketable securities

 
33,313

Tenant and other receivables
115,795

 
95,733

Investments in partially owned entities
3,970,791

 
3,999,165

Real estate fund investments
45,129

 
222,649

220 Central Park South condominium units ready for sale
393,417

 
408,918

Receivable arising from the straight-lining of rents
731,807

 
742,206

Deferred leasing costs, net of accumulated amortization of $188,976 and $196,229
353,467

 
353,986

Identified intangible assets, net of accumulated amortization of $100,298 and $98,587
29,123

 
30,965

Other assets
405,914

 
355,347

 
$
18,209,659

 
$
18,287,013

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
 
 
 
Mortgages payable, net
$
5,643,707

 
$
5,639,897

Senior unsecured notes, net
446,076

 
445,872

Unsecured term loan, net
795,974

 
745,840

Unsecured revolving credit facilities
1,075,000

 
575,000

Lease liabilities
497,531

 
498,254

Moynihan Train Hall obligation
972,199

 
914,960

Special dividend/distribution payable

 
398,292

Accounts payable and accrued expenses
407,598

 
440,049

Deferred revenue
54,992

 
59,429

Deferred compensation plan
90,888

 
103,773

Other liabilities
308,683

 
265,754

Total liabilities
10,292,648

 
10,087,120

Commitments and contingencies

 

Redeemable noncontrolling interests:
 
 
 
Class A units - 13,748,709 and 13,298,956 units outstanding
619,264

 
884,380

Series D cumulative redeemable preferred units - 141,401 units outstanding
4,535

 
4,535

Total redeemable noncontrolling interests
623,799

 
888,915

Shareholders' equity:
 
 
 
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 36,795,540 and 36,795,640 shares
891,211

 
891,214

Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 191,115,726 and 190,985,677 shares
7,624

 
7,618

Additional capital
8,112,523

 
7,827,697

Earnings less than distributions
(2,091,612
)
 
(1,954,266
)
Accumulated other comprehensive loss
(82,719
)
 
(40,233
)
Total shareholders' equity
6,837,027

 
6,732,030

Noncontrolling interests in consolidated subsidiaries
456,185

 
578,948

Total equity
7,293,212

 
7,310,978

 
$
18,209,659

 
$
18,287,013

See notes to consolidated financial statements (unaudited).

6


VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)

(Amounts in thousands, except per share amounts)
For the Three Months Ended March 31,
 
2020
 
2019
REVENUES:
 
 
 
Rental revenues
$
401,274

 
$
499,877

Fee and other income
43,258

 
34,791

Total revenues
444,532

 
534,668

EXPENSES:
 
 
 
Operating
(230,007
)
 
(246,895
)
Depreciation and amortization
(92,793
)
 
(116,709
)
General and administrative
(52,834
)
 
(58,020
)
Benefit (expense) from deferred compensation plan liability
11,245

 
(5,433
)
Transaction related costs and other
(71
)
 
(149
)
Total expenses
(364,460
)
 
(427,206
)
 
 
 
 
Income from partially owned entities
19,103

 
7,320

Loss from real estate fund investments
(183,463
)
 
(167
)
Interest and other investment (loss) income, net
(5,904
)
 
5,045

(Loss) income from deferred compensation plan assets
(11,245
)
 
5,433

Interest and debt expense
(58,842
)
 
(102,463
)
Net gains on disposition of wholly owned and partially owned assets
68,589

 
220,294

(Loss) income before income taxes
(91,690
)
 
242,924

Income tax expense
(12,813
)
 
(29,743
)
(Loss) income from continuing operations
(104,503
)
 
213,181

Loss from discontinued operations

 
(137
)
Net (loss) income
(104,503
)
 
213,044

Less net loss (income) attributable to noncontrolling interests in:
 
 
 
Consolidated subsidiaries
122,387

 
(6,820
)
Operating Partnership
(390
)
 
(12,202
)
Net income attributable to Vornado
17,494

 
194,022

Preferred share dividends
(12,531
)
 
(12,534
)
NET INCOME attributable to common shareholders
$
4,963

 
$
181,488

 
 
 
 
INCOME PER COMMON SHARE - BASIC:
 
 
 
Net income per common share
$
0.03

 
$
0.95

Weighted average shares outstanding
191,038

 
190,689

 
 
 
 
INCOME PER COMMON SHARE - DILUTED:
 
 
 
Net income per common share
$
0.03

 
$
0.95

Weighted average shares outstanding
191,113

 
190,996

See notes to consolidated financial statements (unaudited).


7


VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)

(Amounts in thousands)
For the Three Months Ended March 31,
 
2020
 
2019
Net (loss) income
$
(104,503
)
 
$
213,044

Other comprehensive (loss) income:
 
 
 
Reduction in value of interest rate swaps
(45,477
)
 
(17,029
)
Other comprehensive income (loss) of nonconsolidated subsidiaries
8

 
(985
)
Amounts reclassified from accumulated other comprehensive loss relating to a nonconsolidated subsidiary

 
(2,311
)
Comprehensive (loss) income
(149,972
)
 
192,719

Less comprehensive loss (income) attributable to noncontrolling interests
124,980

 
(17,746
)
Comprehensive (loss) income attributable to Vornado
$
(24,992
)
 
$
174,973

See notes to consolidated financial statements (unaudited).


8


VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)

(Amounts in thousands, except per share amounts)
 
 
 
 
 
 
 
 
 
Accumulated
Other
Comprehensive
(Loss) Income
 
Non-controlling Interests in Consolidated Subsidiaries
 
 
 
 
Preferred Shares
 
Common Shares
 
Additional Capital
 
Earnings Less Than Distributions
 
 
 
Total Equity
 
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
Balance as of December 31, 2019
 
36,796

 
$
891,214

 
190,986

 
$
7,618

 
$
7,827,697

 
$
(1,954,266
)
 
$
(40,233
)
 
$
578,948

 
$
7,310,978

Cumulative effect of accounting change (see Note 4)
 

 

 

 

 

 
(16,064
)
 

 

 
(16,064
)
Net income attributable to Vornado
 

 

 

 

 

 
17,494

 

 

 
17,494

Net loss attributable to noncontrolling interests in consolidated subsidiaries
 

 

 

 

 

 

 

 
(122,387
)
 
(122,387
)
Dividends on common shares ($0.66 per share)
 

 

 

 

 

 
(126,106
)
 

 

 
(126,106
)
Dividends on preferred shares (see Note 13 for dividends per share amounts)
 

 

 

 

 

 
(12,531
)
 

 

 
(12,531
)
Common shares issued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Upon redemption of Class A units, at redemption value
 

 

 
27

 
1

 
1,639

 

 

 

 
1,640

Under employees' share option plan
 

 

 
69

 
3

 
3,514

 

 

 

 
3,517

Under dividend reinvestment plan
 

 

 
21

 
1

 
1,381

 

 

 

 
1,382

Contributions:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 


Real estate fund investments
 

 

 

 

 

 

 

 
3,389

 
3,389

Other
 

 

 

 

 

 

 

 
1,397

 
1,397

Distributions
 

 

 

 

 

 

 

 
(5,235
)
 
(5,235
)
Conversion of Series A preferred shares to common shares
 

 
(3
)
 

 

 
3

 

 

 

 

Deferred compensation shares and options
 

 

 
13

 
1

 
297

 
(137
)
 

 

 
161

Other comprehensive income of nonconsolidated subsidiaries
 

 

 

 

 

 

 
8

 

 
8

Reduction in value of interest rate swaps
 

 

 

 

 

 

 
(45,477
)
 

 
(45,477
)
Unearned 2017 Out-Performance Plan awards acceleration
 

 

 

 

 
10,824

 

 

 

 
10,824

Adjustments to carry redeemable Class A units at redemption value
 

 

 

 

 
267,170

 

 

 

 
267,170

Redeemable noncontrolling interests' share of above adjustments
 

 

 

 

 

 

 
2,983

 

 
2,983

Other
 

 

 

 

 
(2
)
 
(2
)
 

 
73

 
69

Balance as of March 31, 2020
 
36,796

 
$
891,211

 
191,116

 
$
7,624

 
$
8,112,523

 
$
(2,091,612
)
 
$
(82,719
)
 
$
456,185

 
$
7,293,212

See notes to consolidated financial statements (unaudited).













9


VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CONTINUED
(UNAUDITED)

(Amounts in thousands, except per share amounts)
 
 
 
 
 
 
 
 
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Non-controlling Interests in Consolidated Subsidiaries
 
 
 
 
Preferred Shares
 
Common Shares
 
Additional Capital
 
Earnings Less Than Distributions
 
 
 
Total Equity
 
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
Balance as of December 31, 2018
 
36,800

 
$
891,294

 
190,535

 
$
7,600

 
$
7,725,857

 
$
(4,167,184
)
 
$
7,664

 
$
642,652

 
$
5,107,883

Net income attributable to Vornado
 

 

 

 

 

 
194,022

 

 

 
194,022

Net income attributable to noncontrolling interests in consolidated subsidiaries
 

 

 

 

 

 

 

 
6,820

 
6,820

Dividends on common shares ($0.66 per share)
 

 

 

 

 

 
(125,876
)
 

 

 
(125,876
)
Dividends on preferred shares (see Note 13 for dividends per share amounts)
 

 

 

 

 

 
(12,534
)
 

 

 
(12,534
)
Common shares issued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Upon redemption of Class A units, at redemption value
 

 

 
48

 
2

 
3,179

 

 

 

 
3,181

Under employees' share option plan
 

 

 
162

 
7

 
1,164

 
(8,692
)
 

 

 
(7,521
)
Under dividend reinvestment plan
 

 

 
5

 

 
340

 

 

 

 
340

Contributions:
 
 
 
 
 


 


 


 


 
 
 
 
 


Real estate fund investments
 

 

 

 

 

 

 

 
3,384

 
3,384

Other
 

 

 

 

 

 

 

 
1,810

 
1,810

Distributions
 

 

 

 

 

 

 

 
(7,764
)
 
(7,764
)
Conversion of Series A preferred shares to common shares
 
(1
)
 
(31
)
 
2

 

 
31

 

 

 

 

Deferred compensation shares and options
 

 

 
9

 

 
297

 

 

 

 
297

Amount reclassified related to a nonconsolidated subsidiary
 

 

 

 

 

 

 
(2,311
)
 

 
(2,311
)
Other comprehensive loss of nonconsolidated subsidiaries
 

 

 

 

 

 

 
(985
)
 

 
(985
)
Reduction in value of interest rate swaps
 

 

 

 

 

 

 
(17,029
)
 

 
(17,029
)
Unearned 2016 Out-Performance Plan awards acceleration
 

 

 

 

 
11,720

 

 

 

 
11,720

Adjustments to carry redeemable Class A units at redemption value
 

 

 

 

 
(65,818
)
 

 

 

 
(65,818
)
Redeemable noncontrolling interests' share of above adjustments
 

 

 

 

 

 

 
1,276

 

 
1,276

Other
 
(1
)
 

 

 

 

 
(1
)
 

 
(2
)
 
(3
)
Balance as of March 31, 2019
 
36,798

 
$
891,263

 
190,761

 
$
7,609

 
$
7,676,770

 
$
(4,120,265
)
 
$
(11,385
)
 
$
646,900

 
$
5,090,892

See notes to consolidated financial statements (unaudited).











10


VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

(Amounts in thousands)
For the Three Months Ended March 31,
 
2020
 
2019
Cash Flows from Operating Activities:
 
 
 
Net (loss) income
$
(104,503
)
 
$
213,044

Adjustments to reconcile net (loss) income to net cash provided by operating activities:
 
 
 
Net unrealized loss (gain) on real estate fund investments
183,520

 
(100
)
Depreciation and amortization (including amortization of deferred financing costs)
96,913

 
123,135

Net gains on disposition of wholly owned and partially owned assets
(68,589
)
 
(220,294
)
Distributions of income from partially owned entities
48,568

 
14,316

Stock-based compensation expense
25,765

 
31,654

Equity in net income of partially owned entities
(19,103
)
 
(7,320
)
Straight-lining of rents
10,165

 
1,140

Credit losses on loans receivable
7,261

 

Decrease (increase) in fair value of marketable securities
4,938

 
(461
)
Amortization of below-market leases, net
(4,206
)
 
(6,525
)
Other non-cash adjustments
4,156

 
1,639

Changes in operating assets and liabilities:
 
 
 
Real estate fund investments
(6,000
)
 
(4,000
)
Tenant and other receivables, net
(20,938
)
 
(835
)
Prepaid assets
(91,878
)
 
(82,862