2018 Q1 Form 10-Q Financial Statement

#000089968918000030 Filed on April 30, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $536.4M $508.1M
YoY Change 5.59% 3.91%
Cost Of Revenue $237.6M $220.7M
YoY Change 7.66% -13.89%
Gross Profit $298.8M $287.4M
YoY Change 3.97% -19.43%
Gross Profit Margin 55.7% 56.57%
Selling, General & Admin $43.60M $47.20M
YoY Change -7.63% -3.08%
% of Gross Profit 14.59% 16.42%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $115.3M $145.9M
YoY Change -20.94% -3.16%
% of Gross Profit 38.6% 50.76%
Operating Expenses $401.6M $376.2M
YoY Change 6.73% -38.65%
Operating Profit $133.8M $131.8M
YoY Change 1.48% -47176.07%
Interest Expense -$127.0M -$77.30M
YoY Change 64.29% -23.31%
% of Operating Profit -94.94% -58.64%
Other Income/Expense, Net $949.0K $2.645M
YoY Change -64.12% 77.16%
Pretax Income $3.199M $60.38M
YoY Change -94.7% -167.47%
Income Tax $2.554M $1.851M
% Of Pretax Income 79.84% 3.07%
Net Earnings $9.680M $63.88M
YoY Change -84.85% -168.1%
Net Earnings / Revenue 1.8% 12.57%
Basic Earnings Per Share -$0.09 $0.25
Diluted Earnings Per Share -$0.09 $0.25
COMMON SHARES
Basic Shares Outstanding 190.1M shares 189.2M shares
Diluted Shares Outstanding 190.1M shares 190.4M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.477B $1.674B
YoY Change -11.73% -8.83%
Cash & Equivalents $1.327B $1.485B
Short-Term Investments $149.8M $188.7M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $999.0M $1.136B
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.326B $2.621B
YoY Change -11.26% -4.52%
LONG-TERM ASSETS
Property, Plant & Equipment $11.96B $14.86B
YoY Change -19.51% 1.89%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.520B $2.059B
YoY Change -26.18% -9.77%
Other Assets $496.0M $555.0M
YoY Change -10.63% -12.04%
Total Long-Term Assets $14.54B $18.11B
YoY Change -19.72% -0.1%
TOTAL ASSETS
Total Short-Term Assets $2.326B $2.621B
Total Long-Term Assets $14.54B $18.11B
Total Assets $16.86B $20.73B
YoY Change -18.65% -0.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $431.0M $451.0M
YoY Change -4.43% 0.67%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $431.0M $451.0M
YoY Change -4.43% 0.67%
LONG-TERM LIABILITIES
Long-Term Debt $9.774B $10.62B
YoY Change -7.92% -4.02%
Other Long-Term Liabilities $777.0M $835.0M
YoY Change -6.95% -6.07%
Total Long-Term Liabilities $10.55B $11.45B
YoY Change -7.85% -4.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $431.0M $451.0M
Total Long-Term Liabilities $10.55B $11.45B
Total Liabilities $10.98B $11.90B
YoY Change -7.73% -17.05%
SHAREHOLDERS EQUITY
Retained Earnings $111.2M -$1.506B
YoY Change -107.38%
Common Stock $7.584M $7.551M
YoY Change 0.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.360B $6.842B
YoY Change
Total Liabilities & Shareholders Equity $16.86B $20.73B
YoY Change -18.65% -0.68%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $9.680M $63.88M
YoY Change -84.85% -168.1%
Depreciation, Depletion And Amortization $115.3M $145.9M
YoY Change -20.94% -3.16%
Cash From Operating Activities $265.4M $301.3M
YoY Change -11.9% 10.96%
INVESTING ACTIVITIES
Capital Expenditures -$185.2M -$166.8M
YoY Change 11.03% -18.83%
Acquisitions
YoY Change
Other Investing Activities -$5.400M $10.10M
YoY Change -153.47% -134.01%
Cash From Investing Activities -$190.6M -$156.7M
YoY Change 21.68% -33.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $144.8M $6.987M
YoY Change 1972.74% -99.23%
Cash From Financing Activities -$571.5M -$160.9M
YoY Change 255.11% -18.38%
NET CHANGE
Cash From Operating Activities $265.4M $301.3M
Cash From Investing Activities -$190.6M -$156.7M
Cash From Financing Activities -$571.5M -$160.9M
Net Change In Cash -$496.7M -$16.32M
YoY Change 2944.33% -89.85%
FREE CASH FLOW
Cash From Operating Activities $265.4M $301.3M
Capital Expenditures -$185.2M -$166.8M
Free Cash Flow $450.6M $468.1M
YoY Change -3.73% -1.88%

Facts In Submission

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CY2018Q1 vno Cumulative Redeemable Preferred Shares Calledfor Redemption
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CY2017Q1 vno Numerator For Basic Income Per Share
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67513000 USD
CY2017Q1 vno Net Realized And Unrealized Gain On Real Estate Fund Investments
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CY2018Q1 vno Net Realized And Unrealized Gain On Real Estate Fund Investments
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CY2017Q1 vno Noncontrolling Interest Increase From Limited Partners Contribution
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75000 USD
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8370000 USD
CY2017 vno Number Of Investments Held By Fund
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20571000 USD
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337158000 USD
CY2018Q1 vno Operating Income Loss Cash Basis
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349036000 USD
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383843000 USD
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5842000 USD
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10258000 USD
CY2017Q1 vno Other Net Attributable To Redeemable Noncontrolling Interest
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14495000 USD
CY2018Q1 vno Other Net Attributable To Redeemable Noncontrolling Interest
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3713000 USD
CY2017Q1 vno Our Share Of Partially Owned Entities Oci Adjustments
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-51000 USD
CY2018Q1 vno Our Share Of Partially Owned Entities Oci Adjustments
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346000 USD
CY2017Q1 vno Pro Rata Amounts Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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CY2018Q1 vno Pro Rata Amounts Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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0 USD
CY2017Q1 vno Real Estate Acquisitionand Related Transaction Cost
RealEstateAcquisitionandRelatedTransactionCost
752000 USD
CY2018Q1 vno Real Estate Acquisitionand Related Transaction Cost
RealEstateAcquisitionandRelatedTransactionCost
13156000 USD
CY2017Q4 vno Real Estate Fund Nondepreciable Real Estate
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354804000 USD
CY2018Q1 vno Real Estate Fund Nondepreciable Real Estate
RealEstateFundNondepreciableRealEstate
336552000 USD
CY2017Q4 vno Receivables Arising From Straight Lining Of Rents Allowance
ReceivablesArisingFromStraightLiningOfRentsAllowance
954000 USD
CY2018Q1 vno Receivables Arising From Straight Lining Of Rents Allowance
ReceivablesArisingFromStraightLiningOfRentsAllowance
739000 USD
CY2017Q1 vno Recognition Of Deferred Revenue Adjusted For Discontinued Operations
RecognitionOfDeferredRevenueAdjustedForDiscontinuedOperations
11459000 USD
CY2018Q1 vno Recognition Of Deferred Revenue Adjusted For Discontinued Operations
RecognitionOfDeferredRevenueAdjustedForDiscontinuedOperations
10581000 USD
CY2017Q1 vno Repurchase Of Shares Related To Stock Compensation Arrangements And Related Tax Withholdings
RepurchaseOfSharesRelatedToStockCompensationArrangementsAndRelatedTaxWithholdings
264000 USD
CY2018Q1 vno Repurchase Of Shares Related To Stock Compensation Arrangements And Related Tax Withholdings
RepurchaseOfSharesRelatedToStockCompensationArrangementsAndRelatedTaxWithholdings
784000 USD
CY2017Q1 vno Return Of Capital From Real Estate Fund Investments
ReturnOfCapitalFromRealEstateFundInvestments
0 USD
CY2018Q1 vno Return Of Capital From Real Estate Fund Investments
ReturnOfCapitalFromRealEstateFundInvestments
14966000 USD
CY2017Q1 vno Straightline Rents And Other Adjustments
StraightlineRentsAndOtherAdjustments
20481000 USD
CY2018Q1 vno Straightline Rents And Other Adjustments
StraightlineRentsAndOtherAdjustments
17948000 USD
CY2017Q1 vno Tenant Cleaning Fees
TenantCleaningFees
25071000 USD
CY2018Q1 vno Tenant Cleaning Fees
TenantCleaningFees
28355000 USD
CY2017Q1 vno Tenant Common Expense Reimbursements
TenantCommonExpenseReimbursements
46401000 USD
CY2018Q1 vno Tenant Common Expense Reimbursements
TenantCommonExpenseReimbursements
47846000 USD
CY2017Q1 vno Tenant Direct Services
TenantDirectServices
12632000 USD
CY2018Q1 vno Disposal Group Including Discontinued Operation Total Expenses
DisposalGroupIncludingDiscontinuedOperationTotalExpenses
717000 USD
CY2018Q1 vno Tenant Direct Services
TenantDirectServices
12464000 USD
CY2018Q1 vno Unearned Out Performance Plan
UnearnedOutPerformancePlan
9046000 USD
CY2017Q1 vno Distributions Of Capital From Partially Owned Entities
DistributionsOfCapitalFromPartiallyOwnedEntities
11592000 USD
CY2018Q1 vno Distributions Of Capital From Partially Owned Entities
DistributionsOfCapitalFromPartiallyOwnedEntities
2086000 USD
CY2017Q1 vno Write Off Of Fully Amortized And Depreciated Assets
WriteOffOfFullyAmortizedAndDepreciatedAssets
15809000 USD
CY2018Q1 vno Write Off Of Fully Amortized And Depreciated Assets
WriteOffOfFullyAmortizedAndDepreciatedAssets
15707000 USD
CY2017Q1 vno Fee And Other Income
FeeAndOtherIncome
34133000 USD
CY2018Q1 us-gaap Derivatives Methods Of Accounting Hedging Derivatives
DerivativesMethodsOfAccountingHedgingDerivatives
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2017, the FASB issued an update (&#8220;ASU 2017-12&#8221;) </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Targeted Improvements to Accounting for Hedging Activities </font><font style="font-family:inherit;font-size:10pt;">to ASC Topic 815, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Derivatives and Hedging </font><font style="font-family:inherit;font-size:10pt;">("ASC 815"). ASU 2017-12 amends the hedge accounting recognition and presentation requirements in ASC 815. The update is intended to more closely align hedge accounting with companies&#8217; risk management strategies, simplify the application of hedge accounting and increase transparency as to the scope and results of hedge programs. ASU 2017-12 requires subsequent changes in fair value of a hedging instrument that has been designated and qualifies as a cash flow hedge to be recognized as a component of "other comprehensive income (loss)." ASU 2017-12 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2018, with early adoption permitted. We early adopted ASU 2017-12 on January 1, 2018 using the modified retrospective approach. The adoption of this update did not have a material impact on our consolidated financial statements.</font></div></div>
CY2017Q1 vno Disposal Group Including Discontinued Operation Total Expenses
DisposalGroupIncludingDiscontinuedOperationTotalExpenses
95712000 USD
CY2018Q1 vno Deferred Leasing And Financing Costs Net Of Accumulated Amortization
DeferredLeasingAndFinancingCostsNetOfAccumulatedAmortization
405209000 USD
CY2017Q1 vno Depreciation And Amortization Including Partially Owned Entities
DepreciationAndAmortizationIncludingPartiallyOwnedEntities
105128000 USD
CY2018Q1 vno Depreciation And Amortization Including Partially Owned Entities
DepreciationAndAmortizationIncludingPartiallyOwnedEntities
108686000 USD
CY2017Q1 vno Disposal Group Including Discontinued Operation Spinoff Transaction
DisposalGroupIncludingDiscontinuedOperationSpinoffTransaction
7253000 USD
CY2018Q1 vno Disposal Group Including Discontinued Operation Spinoff Transaction
DisposalGroupIncludingDiscontinuedOperationSpinoffTransaction
0 USD
CY2018Q1 vno Fee And Other Income
FeeAndOtherIncome
36017000 USD
CY2017Q4 vno Finite Lived Intangible Liabilities Net
FiniteLivedIntangibleLiabilitiesNet
205600000 USD
CY2018Q1 vno Finite Lived Intangible Liabilities Net
FiniteLivedIntangibleLiabilitiesNet
193902000 USD
CY2017Q4 vno Finite Lived Intangible Liability Accumulated Amortization
FiniteLivedIntangibleLiabilityAccumulatedAmortization
324897000 USD
CY2018Q1 vno Finite Lived Intangible Liability Accumulated Amortization
FiniteLivedIntangibleLiabilityAccumulatedAmortization
336049000 USD
CY2017Q4 vno Finite Lived Intangible Liability Gross
FiniteLivedIntangibleLiabilityGross
530497000 USD
CY2018Q1 vno Finite Lived Intangible Liability Gross
FiniteLivedIntangibleLiabilityGross
529951000 USD
CY2017Q1 vno Gain Loss Of Investments In Deferred Compensation Plan
GainLossOfInvestmentsInDeferredCompensationPlan
2469000 USD
CY2018Q1 vno Gain Loss Of Investments In Deferred Compensation Plan
GainLossOfInvestmentsInDeferredCompensationPlan
-404000 USD
CY2017Q1 vno Gain Loss On Sale Of Continuing Assets
GainLossOnSaleOfContinuingAssets
501000 USD
CY2018Q1 vno Gain Loss On Sale Of Continuing Assets
GainLossOnSaleOfContinuingAssets
0 USD
CY2018Q1 vno Guarantees And Master Leases
GuaranteesAndMasterLeases
647000000 USD
CY2017Q1 vno Income From Real Estate Fund
IncomeFromRealEstateFund
1358000 USD
CY2018Q1 vno Income From Real Estate Fund
IncomeFromRealEstateFund
-9904000 USD
CY2017Q1 vno Income Loss From Equity Method Investments Including Fees Earned
IncomeLossFromEquityMethodInvestmentsIncludingFeesEarned
1358000 USD
CY2018Q1 vno Income Loss From Equity Method Investments Including Fees Earned
IncomeLossFromEquityMethodInvestmentsIncludingFeesEarned
-9904000 USD
CY2017Q1 vno Income Loss From Equity Method Investments Including Fees Earned Including Discontinued Operations
IncomeLossFromEquityMethodInvestmentsIncludingFeesEarnedIncludingDiscontinuedOperations
1445000 USD
CY2018Q1 vno Income Loss From Equity Method Investments Including Fees Earned Including Discontinued Operations
IncomeLossFromEquityMethodInvestmentsIncludingFeesEarnedIncludingDiscontinuedOperations
-9904000 USD
CY2017Q1 vno Incomelossfromrealestatefundinvestments
Incomelossfromrealestatefundinvestments
268000 USD
CY2018Q1 vno Incomelossfromrealestatefundinvestments
Incomelossfromrealestatefundinvestments
-8807000 USD
CY2017Q1 vno Increase Decreasein Real Estate Fund Investments
IncreaseDecreaseinRealEstateFundInvestments
0 USD
CY2018Q1 vno Increase Decreasein Real Estate Fund Investments
IncreaseDecreaseinRealEstateFundInvestments
2950000 USD
CY2017Q1 vno Interest And Other Investment Loss Income Net
InterestAndOtherInvestmentLossIncomeNet
6695000 USD
CY2018Q1 vno Interest And Other Investment Loss Income Net
InterestAndOtherInvestmentLossIncomeNet
-24384000 USD
CY2017Q1 vno Lease Termination Fees
LeaseTerminationFees
3850000 USD
CY2018Q1 vno Lease Termination Fees
LeaseTerminationFees
345000 USD
CY2017Q1 vno Management And Leasing Fees
ManagementAndLeasingFees
2275000 USD
CY2018Q1 vno Management And Leasing Fees
ManagementAndLeasingFees
2764000 USD
CY2017Q1 vno Marktomarket Expense Benefitof Investmentsin Deferred Compensation Plan
MarktomarketExpenseBenefitofInvestmentsinDeferredCompensationPlan
2469000 USD
CY2018Q1 vno Marktomarket Expense Benefitof Investmentsin Deferred Compensation Plan
MarktomarketExpenseBenefitofInvestmentsinDeferredCompensationPlan
-404000 USD
CY2017Q1 vno Net Operating Income Loss Cash Basis Consolidated
NetOperatingIncomeLossCashBasisConsolidated
287399000 USD
CY2018Q1 vno Net Operating Income Loss Cash Basis Consolidated
NetOperatingIncomeLossCashBasisConsolidated
298835000 USD
CY2017Q1 vno Net Operating Income Loss Cash Basis Partially Owned Entities
NetOperatingIncomeLossCashBasisPartiallyOwnedEntities
66097000 USD
CY2018Q1 vno Net Operating Income Loss Cash Basis Partially Owned Entities
NetOperatingIncomeLossCashBasisPartiallyOwnedEntities
67513000 USD
CY2018Q1 us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Vornado Realty Trust (&#8220;Vornado&#8221;) is a fully integrated real estate investment trust (&#8220;REIT&#8221;) and conducts its business through, and substantially all of its interests in properties are held by, Vornado Realty L.P., a Delaware limited partnership (the &#8220;Operating Partnership&#8221;). Vornado is the sole general partner of, and owned approximately </font><font style="font-family:inherit;font-size:10pt;">93.4%</font><font style="font-family:inherit;font-size:10pt;"> of the common limited partnership interest in, the Operating Partnership as of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">. All references to the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; and &#8220;our&#8221; mean collectively Vornado, the Operating Partnership and those entities/subsidiaries consolidated by Vornado.</font></div></div>
CY2018Q1 vno Real Estate Fund Textblock
RealEstateFundTextblock
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Real Estate Fund Investments</font></div><div style="line-height:120%;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;color:#ffffff;">.</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We are the general partner and investment manager of Vornado Capital Partners Real Estate Fund (the &#8220;Fund&#8221;) and own a </font><font style="font-family:inherit;font-size:10pt;">25.0%</font><font style="font-family:inherit;font-size:10pt;"> interest in the Fund, which had an initial </font><font style="font-family:inherit;font-size:10pt;">eight</font><font style="font-family:inherit;font-size:10pt;">-year term ending February 2019. On January 29, 2018, the Fund's term was extended to February 2023. The Fund's </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;">-year investment period ended in </font><font style="font-family:inherit;font-size:10pt;">July 2013</font><font style="font-family:inherit;font-size:10pt;">. The Fund is accounted for under ASC Topic 946, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Services &#8211; Investment Companies</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASC 946&#8221;) and its investments are reported on its balance sheet at fair value, with changes in value each period recognized in earnings. We consolidate the accounts of the Fund into our consolidated financial statements, retaining the fair value basis of accounting.</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We are also the general partner and investment manager of the Crowne Plaza Times Square Hotel Joint Venture (the &#8220;Crowne Plaza Joint Venture&#8221;) and own a </font><font style="font-family:inherit;font-size:10pt;">57.1%</font><font style="font-family:inherit;font-size:10pt;"> interest in the joint venture which owns the </font><font style="font-family:inherit;font-size:10pt;">24.7%</font><font style="font-family:inherit;font-size:10pt;"> interest in the Crowne Plaza Times Square Hotel not owned by the Fund. The Crowne Plaza Joint Venture is also accounted for under ASC 946 and we consolidate the accounts of the joint venture into our consolidated financial statements, retaining the fair value basis of accounting.</font></div><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On January 17, 2018, the Fund completed the sale of the retail condominium at 11 East 68th Street, a property located on Madison Avenue and 68th Street, for </font><font style="font-family:inherit;font-size:10pt;">$82,000,000</font><font style="font-family:inherit;font-size:10pt;">. From the inception of this investment through its disposition, the Fund realized a </font><font style="font-family:inherit;font-size:10pt;">$46,259,000</font><font style="font-family:inherit;font-size:10pt;"> net gain.</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2011, a joint venture (the "Joint Venture") owned </font><font style="font-family:inherit;font-size:10pt;">64.7%</font><font style="font-family:inherit;font-size:10pt;"> by the Fund, </font><font style="font-family:inherit;font-size:10pt;">30.3%</font><font style="font-family:inherit;font-size:10pt;"> by Vornado and </font><font style="font-family:inherit;font-size:10pt;">5.0%</font><font style="font-family:inherit;font-size:10pt;"> by a third party, acquired One Park Avenue for </font><font style="font-family:inherit;font-size:10pt;">$394,000,000</font><font style="font-family:inherit;font-size:10pt;">. In connection with the acquisition, the Joint Venture paid </font><font style="font-family:inherit;font-size:10pt;">$3,000,000</font><font style="font-family:inherit;font-size:10pt;"> of New York City real property transfer tax (the "Transfer Tax") and filed a Real Property Tax Return ("RPTR") with the New York City Department of Finance (the "Department of Finance"). The RPTR was audited by the Department of Finance in 2014 and an increased Transfer Tax was assessed. The Joint Venture appealed the increased Transfer Tax assessment and the Joint Venture's appeal was upheld by a New York City Administrative Law Judge ("ALJ") in January 2017. The Department of Finance appealed the ALJ's decision and on February 16, 2018 the New York City Tax Appeals Tribunal (the "Tax Tribunal") reversed the ALJ's decision and assessed </font><font style="font-family:inherit;font-size:10pt;">$9,491,000</font><font style="font-family:inherit;font-size:10pt;"> of additional Transfer Tax and </font><font style="font-family:inherit;font-size:10pt;">$6,764,000</font><font style="font-family:inherit;font-size:10pt;"> of interest. As a result of the Tax Tribunal's decision, we recorded an expense of </font><font style="font-family:inherit;font-size:10pt;">$15,608,000</font><font style="font-family:inherit;font-size:10pt;">, before noncontrolling interests, during the first quarter of 2018, which was subsequently paid on April 5, 2018, in order to permit us to appeal the Tax Tribunal's decision and stop the accrual of interest, of which </font><font style="font-family:inherit;font-size:10pt;">$10,630,000</font><font style="font-family:inherit;font-size:10pt;"> is included in "(loss) income from real estate fund investments" and </font><font style="font-family:inherit;font-size:10pt;">$4,978,000</font><font style="font-family:inherit;font-size:10pt;"> is included in "(loss) income from partially owned entities" (see Note </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">8</font><font style="font-family:inherit;font-size:10pt;"> - </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Investments in Partially Owned Entities</font><font style="font-family:inherit;font-size:10pt;">) on our consolidated statements of income. We are appealing the Tax Tribunal's decision.</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, we had </font><font style="font-family:inherit;font-size:10pt;">four</font><font style="font-family:inherit;font-size:10pt;"> real estate fund investments through the Fund and the Crowne Plaza Joint Venture with an aggregate fair value of </font><font style="font-family:inherit;font-size:10pt;">$336,552,000</font><font style="font-family:inherit;font-size:10pt;">, or </font><font style="font-family:inherit;font-size:10pt;">$77,678,000</font><font style="font-family:inherit;font-size:10pt;"> in excess of cost, and had remaining unfunded commitments of </font><font style="font-family:inherit;font-size:10pt;">$114,872,000</font><font style="font-family:inherit;font-size:10pt;">, of which our share was </font><font style="font-family:inherit;font-size:10pt;">$33,513,000</font><font style="font-family:inherit;font-size:10pt;">. At December 31, 2017, we had </font><font style="font-family:inherit;font-size:10pt;">five</font><font style="font-family:inherit;font-size:10pt;"> real estate fund investments with an aggregate fair value of </font><font style="font-family:inherit;font-size:10pt;">$354,804,000</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> Below is a summary of income from the Fund and the Crowne Plaza Joint Venture for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">March 31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td style="width:2%;" rowspan="1" colspan="1"></td><td style="width:67%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(Amounts in thousands)</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the Three Months Ended March 31,</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;background-color:#ccffff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Net investment income</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,734</font></div></td><td style="vertical-align:bottom;background-color:#ccffff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">7,214</font></div></td><td style="vertical-align:bottom;background-color:#ccffff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Transfer Tax</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(10,630</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;background-color:#ccffff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Net realized (loss) gain on exited investments</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(911</font></div></td><td style="vertical-align:bottom;background-color:#ccffff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#ccffff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">241</font></div></td><td style="vertical-align:bottom;background-color:#ccffff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Net unrealized loss on held investments</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(7,187</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;background-color:#ccffff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;padding-left:24px;text-indent:-24px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(Loss) income from real estate fund investments</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(8,807</font></div></td><td style="vertical-align:bottom;background-color:#ccffff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#ccffff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">268</font></div></td><td style="vertical-align:bottom;background-color:#ccffff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;padding-left:24px;text-indent:-24px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">5,369</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(3,503</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;background-color:#ccffff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="padding-left:24px;text-indent:-24px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Loss from real estate fund investments attributable to the Operating Partnership (2018 includes $4,252 of loss related to One Park Avenue potential additional transfer taxes and reduction in carried interest) </font><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(3,438</font></div></td><td style="vertical-align:bottom;background-color:#ccffff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#ccffff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(3,235</font></div></td><td style="vertical-align:bottom;background-color:#ccffff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;padding-left:24px;text-indent:-24px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Less loss attributable to noncontrolling interests in the Operating Partnership</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">212</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">202</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;background-color:#ccffff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;padding-left:24px;text-indent:-24px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Loss from real estate fund investments attributable to Vornado</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(3,226</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#ccffff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(3,033</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">____________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Excludes </font><font style="font-family:inherit;font-size:8pt;">$440</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$1,000</font><font style="font-family:inherit;font-size:8pt;"> of management and leasing fees for the </font><font style="font-family:inherit;font-size:8pt;">three</font><font style="font-family:inherit;font-size:8pt;"> months ended </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">2017</font><font style="font-family:inherit;font-size:8pt;">, respectively, which are included as a component of "fee and other income" on our consolidated statements of income.</font></div></td></tr></table></div>

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