2018 Q3 Form 10-Q Financial Statement

#000089968918000067 Filed on October 29, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $542.0M $528.8M
YoY Change 2.51% 5.17%
Cost Of Revenue $235.6M $225.2M
YoY Change 4.62% 5.33%
Gross Profit $306.5M $303.5M
YoY Change 0.99% 5.02%
Gross Profit Margin 56.54% 57.4%
Selling, General & Admin $32.00M $36.30M
YoY Change -11.85% 8.04%
% of Gross Profit 10.44% 11.96%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $120.1M $117.6M
YoY Change 2.13% -19.73%
% of Gross Profit 39.18% 38.75%
Operating Expenses $385.1M $366.5M
YoY Change 5.07% 3.45%
Operating Profit $157.0M $162.2M
YoY Change -3.25% 9.28%
Interest Expense -$79.80M -$122.8M
YoY Change -35.02% 71.03%
% of Operating Profit -50.84% -75.69%
Other Income/Expense, Net $928.0K $1.632M
YoY Change -43.14% -23.99%
Pretax Income $221.0M $38.36M
YoY Change 476.18% -52.1%
Income Tax $1.943M $1.188M
% Of Pretax Income 0.88% 3.1%
Net Earnings $203.2M -$12.90M
YoY Change -1675.28% -113.93%
Net Earnings / Revenue 37.48% -2.44%
Basic Earnings Per Share $1.00 -$0.15
Diluted Earnings Per Share $1.00 -$0.15
COMMON SHARES
Basic Shares Outstanding 190.2M shares 189.6M shares
Diluted Shares Outstanding 191.3M shares 190.8M shares

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $930.5M $1.475B
YoY Change -36.93% -4.87%
Cash & Equivalents $772.5M $1.282B
Short-Term Investments $158.0M $193.1M
Other Short-Term Assets
YoY Change
Inventory $308.0M
Prepaid Expenses
Receivables $1.007B $973.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.088B $2.255B
YoY Change -7.41% -8.85%
LONG-TERM ASSETS
Property, Plant & Equipment $11.97B $11.78B
YoY Change 1.6% -20.62%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.437B $1.610B
YoY Change -10.75% -27.31%
Other Assets $591.0M $460.0M
YoY Change 28.48% -20.69%
Total Long-Term Assets $14.59B $14.59B
YoY Change 0.02% -20.66%
TOTAL ASSETS
Total Short-Term Assets $2.088B $2.255B
Total Long-Term Assets $14.59B $14.59B
Total Assets $16.68B $16.84B
YoY Change -0.97% -19.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $416.0M $412.0M
YoY Change 0.97% -10.63%
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 $416.0M $412.0M
YoY Change 0.97% -10.63%
LONG-TERM LIABILITIES
Long-Term Debt $9.793B $9.352B
YoY Change 4.72% -16.5%
Other Long-Term Liabilities $508.0M $820.0M
YoY Change -38.05% -6.92%
Total Long-Term Liabilities $10.30B $10.17B
YoY Change 1.27% -15.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $416.0M $412.0M
Total Long-Term Liabilities $10.30B $10.17B
Total Liabilities $10.72B $10.58B
YoY Change 1.25% -15.61%
SHAREHOLDERS EQUITY
Retained Earnings -$4.136B -$4.098B
YoY Change 0.91% 110.01%
Common Stock $7.589M $7.571M
YoY Change 0.24% 0.45%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.378B $4.571B
YoY Change
Total Liabilities & Shareholders Equity $16.68B $16.84B
YoY Change -0.97% -19.26%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $203.2M -$12.90M
YoY Change -1675.28% -113.93%
Depreciation, Depletion And Amortization $120.1M $117.6M
YoY Change 2.13% -19.73%
Cash From Operating Activities $246.7M $345.4M
YoY Change -28.58% 36.2%
INVESTING ACTIVITIES
Capital Expenditures -$583.1M -$151.8M
YoY Change 284.12% -37.04%
Acquisitions
YoY Change
Other Investing Activities $185.7M $349.0M
YoY Change -46.79% -9048.72%
Cash From Investing Activities -$397.4M $197.2M
YoY Change -301.52% -180.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -141.5M -714.6M
YoY Change -80.2% 152.96%
NET CHANGE
Cash From Operating Activities 246.7M 345.4M
Cash From Investing Activities -397.4M 197.2M
Cash From Financing Activities -141.5M -714.6M
Net Change In Cash -292.2M -172.0M
YoY Change 69.88% -37.23%
FREE CASH FLOW
Cash From Operating Activities $246.7M $345.4M
Capital Expenditures -$583.1M -$151.8M
Free Cash Flow $829.8M $497.2M
YoY Change 66.89% 0.51%

Facts In Submission

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CY2018Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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221044000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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329365000 USD
CY2017Q3 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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37176000 USD
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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225078000 USD
CY2018Q3 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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219101000 USD
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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324401000 USD
CY2017Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
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us-gaap Income Loss From Continuing Operations Per Basic Share
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0.78
CY2018Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
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1.00
us-gaap Income Loss From Continuing Operations Per Basic Share
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1.50
CY2017Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
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0.09
us-gaap Income Loss From Continuing Operations Per Diluted Share
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0.78
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1.00
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1.49
CY2017Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax
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us-gaap Income Loss From Discontinued Operations Net Of Tax
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61000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax
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381000 USD
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us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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57000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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357000 USD
CY2017Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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0.00
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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0.00
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us-gaap Income Tax Expense Benefit
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CY2018Q3 us-gaap Income Tax Expense Benefit
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1943000 USD
us-gaap Income Tax Expense Benefit
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4964000 USD
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5292000 USD
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27609000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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11662000 USD
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27065000 USD
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-15911000 USD
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-13849000 USD
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70949000 USD
us-gaap Increase Decrease In Prepaid Expense
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0 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
303000 shares
CY2018Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
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37000 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
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38000 shares
CY2017Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1254000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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1553000 shares
CY2018Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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1045000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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3599000 USD
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2004000 USD
us-gaap Interest And Fee Income Loans And Leases
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8952000 USD
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89675000 USD
us-gaap Interest Costs Incurred
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263037000 USD
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290006000 USD
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31243000 USD
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45292000 USD
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257173000 USD
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9923000 USD
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3354000 USD
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10060000 USD
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1056829000 USD
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909440000 USD
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Land
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13337000 USD
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CY2018Q3 us-gaap Liabilities
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CY2017Q4 us-gaap Liabilities And Stockholders Equity
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CY2018Q3 us-gaap Liabilities And Stockholders Equity
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3620000 USD
CY2018Q3 us-gaap Liabilities Of Disposal Group Including Discontinued Operation
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205000 USD
us-gaap Limited Liability Company Llc Or Limited Partnership Lp Members Or Limited Partners Ownership Interest
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0 USD
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0 USD
us-gaap Marketable Securities Unrealized Gain Loss
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0 USD
CY2018Q3 us-gaap Marketable Securities Unrealized Gain Loss
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25663000 USD
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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23867000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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661625000 USD
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188000 USD
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CY2018Q3 us-gaap Net Income Loss
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9057000 USD
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us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
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us-gaap Net Income Loss Available To Common Stockholders Basic
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134698000 USD
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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190645000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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284338000 USD
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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134856000 USD
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190643000 USD
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284479000 USD
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4022000 USD
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18436000 USD
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3312000 USD
us-gaap Noncontrolling Interest In Net Income Loss Joint Venture Partners Nonredeemable
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us-gaap Operating Costs And Expenses
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661585000 USD
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235575000 USD
us-gaap Operating Costs And Expenses
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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0 USD
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6611000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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5656000 USD
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0 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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0 USD
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2820000 USD
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us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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33000 USD
us-gaap Payments For Capital Improvements
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us-gaap Payments For Repurchase Of Preferred Stock And Preference Stock
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us-gaap Payments For Repurchase Of Preferred Stock And Preference Stock
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470000000 USD
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818000 USD
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us-gaap Payments Of Debt Issuance Costs
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7451000 USD
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us-gaap Payments Of Dividends Minority Interest
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32728000 USD
us-gaap Payments To Acquire Real Estate
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us-gaap Preferred Stock Dividends Income Statement Impact
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us-gaap Preferred Stock Dividends Income Statement Impact
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38103000 USD
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0
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0 USD
us-gaap Preferred Stock Redemption Premium
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0 USD
CY2018Q3 us-gaap Preferred Stock Redemption Premium
PreferredStockRedemptionPremium
0 USD
us-gaap Preferred Stock Redemption Premium
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14486000 USD
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110000000 shares
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650000 USD
us-gaap Proceeds From Collection Of Notes Receivable
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0 USD
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229042000 USD
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59924000 USD
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9543000 USD
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219731000 USD
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25011000 USD
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5262000 USD
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219162000 USD
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324782000 USD
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0 USD
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307552000 USD
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2885283000 USD
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3109361000 USD
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14756295000 USD
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15076150000 USD
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11966789000 USD
CY2016Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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CY2017Q3 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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CY2018Q3 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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924582000 USD
CY2017Q4 us-gaap Redeemable Noncontrolling Interest Equity Common Carrying Amount
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CY2018Q3 us-gaap Redeemable Noncontrolling Interest Equity Common Carrying Amount
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CY2017Q4 us-gaap Redeemable Noncontrolling Interest Equity Preferred Carrying Amount
RedeemableNoncontrollingInterestEquityPreferredCarryingAmount
5428000 USD
CY2018Q3 us-gaap Redeemable Noncontrolling Interest Equity Preferred Carrying Amount
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5428000 USD
us-gaap Repayments Of Long Term Debt
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us-gaap Repayments Of Long Term Debt
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CY2017Q3 us-gaap Restricted Cash And Cash Equivalents
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CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
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CY2018Q3 us-gaap Restricted Cash And Cash Equivalents
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CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
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us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
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us-gaap Stock Issued During Period Value Conversion Of Units
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us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
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us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
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us-gaap Stock Issued During Period Value Employee Stock Ownership Plan
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23892000 USD
us-gaap Stock Issued During Period Value Employee Stock Ownership Plan
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us-gaap Stock Issued During Period Value Share Based Compensation
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us-gaap Stock Issued During Period Value Share Based Compensation
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CY2017Q4 us-gaap Stockholders Equity
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CY2018Q3 us-gaap Stockholders Equity
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CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2017Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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us-gaap Stockholders Equity Other
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us-gaap Straight Line Rent
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us-gaap Straight Line Rent
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us-gaap Transfer To Other Real Estate
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us-gaap Transfer To Other Real Estate
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CY2017Q4 us-gaap Unsecured Debt
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CY2018Q3 us-gaap Unsecured Debt
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CY2017Q4 us-gaap Unsecured Long Term Debt
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CY2018Q3 us-gaap Unsecured Long Term Debt
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CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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191327000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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189401000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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vno Assets Transferred In Spin Off Transaction
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vno Assets Transferred In Spin Off Transaction
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CY2017Q3 vno Capitalized Interest And Debt Expenses
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vno Capitalized Interest And Debt Expenses
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34979000 USD
CY2018Q3 vno Capitalized Interest And Debt Expenses
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vno Capitalized Interest And Debt Expenses
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CY2017Q3 vno Cash Basis Property Level Noi
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vno Cash Basis Property Level Noi
CashBasisPropertyLevelNOI
972263000 USD
CY2018Q3 vno Cash Basis Property Level Noi
CashBasisPropertyLevelNOI
340881000 USD
vno Cash Basis Property Level Noi
CashBasisPropertyLevelNOI
1013917000 USD
vno Cash Cash Equivalents Restricted Cashand Restricted Cash Equivalents Includedin Spin Off
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vno Cash Cash Equivalents Restricted Cashand Restricted Cash Equivalents Includedin Spin Off
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vno Commitment To Fund Additional Capital To Partially Owned Entities
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19000000 USD
CY2017Q4 vno Cumulative Redeemable Preferred Shares Calledfor Redemption
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455514000 USD
CY2018Q3 vno Cumulative Redeemable Preferred Shares Calledfor Redemption
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CY2017Q4 vno Deferred Leasing And Financing Costs Amortization
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CY2018Q3 vno Deferred Leasing And Financing Costs Amortization
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CY2017Q4 vno Deferred Leasing And Financing Costs Net Of Accumulated Amortization
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CY2018Q3 vno Deferred Leasing And Financing Costs Net Of Accumulated Amortization
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CY2017Q3 vno Depreciation And Amortization Including Partially Owned Entities
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vno Depreciation And Amortization Including Partially Owned Entities
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315223000 USD
CY2018Q3 vno Depreciation And Amortization Including Partially Owned Entities
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vno Depreciation And Amortization Including Partially Owned Entities
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CY2017Q3 vno Disposal Group Including Discontinued Operation Spinoff Transaction
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vno Disposal Group Including Discontinued Operation Spinoff Transaction
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CY2017Q3 vno Disposal Group Including Discontinued Operation Total Expenses
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vno Disposal Group Including Discontinued Operation Total Expenses
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CY2018Q3 vno Disposal Group Including Discontinued Operation Total Expenses
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113000 USD
vno Disposal Group Including Discontinued Operation Total Expenses
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1104000 USD
vno Distributions Of Capital From Partially Owned Entities
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347776000 USD
vno Distributions Of Capital From Partially Owned Entities
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CY2017Q3 vno Earnings Allocated To Out Performance Plan Units
EarningsAllocatedToOutPerformancePlanUnits
0 USD
vno Earnings Allocated To Out Performance Plan Units
EarningsAllocatedToOutPerformancePlanUnits
195000 USD
CY2018Q3 vno Earnings Allocated To Out Performance Plan Units
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0 USD
vno Earnings Allocated To Out Performance Plan Units
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127000 USD
vno Equity Transferred In Spin Off Transaction
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vno Equity Transferred In Spin Off Transaction
EquityTransferredInSpinOffTransaction
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CY2017Q3 vno Fee And Other Income
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33292000 USD
vno Fee And Other Income
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CY2018Q3 vno Fee And Other Income
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38101000 USD
vno Fee And Other Income
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CY2017Q4 vno Finite Lived Intangible Liabilities Net
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205600000 USD
CY2018Q3 vno Finite Lived Intangible Liabilities Net
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169803000 USD
CY2017Q4 vno Finite Lived Intangible Liability Accumulated Amortization
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324897000 USD
CY2018Q3 vno Finite Lived Intangible Liability Accumulated Amortization
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CY2017Q4 vno Finite Lived Intangible Liability Gross
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CY2018Q3 vno Finite Lived Intangible Liability Gross
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CY2017Q3 vno Gain Loss Of Investments In Deferred Compensation Plan
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1975000 USD
vno Gain Loss Of Investments In Deferred Compensation Plan
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5233000 USD
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1861000 USD
vno Gain Loss Of Investments In Deferred Compensation Plan
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3534000 USD
CY2017Q3 vno Gain Loss On Sale Of Continuing Assets
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0 USD
vno Gain Loss On Sale Of Continuing Assets
GainLossOnSaleOfContinuingAssets
501000 USD
CY2018Q3 vno Gain Loss On Sale Of Continuing Assets
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141269000 USD
vno Gain Loss On Sale Of Continuing Assets
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CY2018Q3 vno Guarantees And Master Leases
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CY2017Q3 vno Income From Real Estate Fund
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vno Income From Real Estate Fund
IncomeFromRealEstateFund
5578000 USD
CY2018Q3 vno Income From Real Estate Fund
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7206000 USD
vno Income From Real Estate Fund
IncomeFromRealEstateFund
6059000 USD
CY2017Q3 vno Income Loss From Equity Method Investments Including Fees Earned
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vno Income Loss From Equity Method Investments Including Fees Earned
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5578000 USD
CY2018Q3 vno Income Loss From Equity Method Investments Including Fees Earned
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7206000 USD
vno Income Loss From Equity Method Investments Including Fees Earned
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6059000 USD
CY2017Q3 vno Income Loss From Equity Method Investments Including Fees Earned Discontinued Operations
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93000 USD
vno Income Loss From Equity Method Investments Including Fees Earned Discontinued Operations
IncomeLossFromEquityMethodInvestmentsIncludingFeesEarnedDiscontinuedOperations
435000 USD
CY2018Q3 vno Income Loss From Equity Method Investments Including Fees Earned Discontinued Operations
IncomeLossFromEquityMethodInvestmentsIncludingFeesEarnedDiscontinuedOperations
0 USD
vno Income Loss From Equity Method Investments Including Fees Earned Discontinued Operations
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0 USD
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6013000 USD
vno Income Loss From Equity Method Investments Including Fees Earned Including Discontinued Operations
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6059000 USD
CY2017Q3 vno Incomelossfromrealestatefundinvestments
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vno Increase Decreasein Real Estate Fund Investments
IncreaseDecreaseinRealEstateFundInvestments
0 USD
CY2018Q3 vno Incomelossfromrealestatefundinvestments
Incomelossfromrealestatefundinvestments
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vno Increase Decreasein Real Estate Fund Investments
IncreaseDecreaseinRealEstateFundInvestments
68950000 USD
CY2017Q3 vno Interest And Other Investment Loss Income Net
InterestAndOtherInvestmentLossIncomeNet
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vno Interest And Other Investment Loss Income Net
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CY2018Q3 vno Interest And Other Investment Loss Income Net
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vno Interest And Other Investment Loss Income Net
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CY2017Q3 vno Intereston Cashand Cash Equivalentsand Restricted Cash
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1636000 USD
vno Intereston Cashand Cash Equivalentsand Restricted Cash
InterestonCashandCashEquivalentsandRestrictedCash
4264000 USD
CY2018Q3 vno Intereston Cashand Cash Equivalentsand Restricted Cash
InterestonCashandCashEquivalentsandRestrictedCash
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vno Intereston Cashand Cash Equivalentsand Restricted Cash
InterestonCashandCashEquivalentsandRestrictedCash
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CY2017Q3 vno Lease Termination Fees
LeaseTerminationFees
991000 USD
vno Lease Termination Fees
LeaseTerminationFees
5947000 USD
CY2018Q3 vno Lease Termination Fees
LeaseTerminationFees
356000 USD
vno Lease Termination Fees
LeaseTerminationFees
1505000 USD
vno Liabilities Transferred In Spin Off Transaction
LiabilitiesTransferredInSpinOffTransaction
-1414186000 USD
vno Liabilities Transferred In Spin Off Transaction
LiabilitiesTransferredInSpinOffTransaction
0 USD
CY2017Q3 vno Management And Leasing Fees
ManagementAndLeasingFees
2330000 USD
vno Management And Leasing Fees
ManagementAndLeasingFees
7382000 USD
CY2018Q3 vno Management And Leasing Fees
ManagementAndLeasingFees
4734000 USD
vno Management And Leasing Fees
ManagementAndLeasingFees
10205000 USD
CY2017Q3 vno Marktomarket Expense Benefitof Investmentsin Deferred Compensation Plan
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1975000 USD
vno Marktomarket Expense Benefitof Investmentsin Deferred Compensation Plan
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5233000 USD
CY2018Q3 vno Marktomarket Expense Benefitof Investmentsin Deferred Compensation Plan
MarktomarketExpenseBenefitofInvestmentsinDeferredCompensationPlan
1861000 USD
vno Marktomarket Expense Benefitof Investmentsin Deferred Compensation Plan
MarktomarketExpenseBenefitofInvestmentsinDeferredCompensationPlan
3534000 USD
CY2017Q3 vno Net Operating Income Loss Cash Basis Consolidated
NetOperatingIncomeLossCashBasisConsolidated
303529000 USD
vno Net Operating Income Loss Cash Basis Consolidated
NetOperatingIncomeLossCashBasisConsolidated
886315000 USD
CY2018Q3 vno Net Operating Income Loss Cash Basis Consolidated
NetOperatingIncomeLossCashBasisConsolidated
306473000 USD
vno Net Operating Income Loss Cash Basis Consolidated
NetOperatingIncomeLossCashBasisConsolidated
911145000 USD
CY2017Q3 vno Net Operating Income Loss Cash Basis Partially Owned Entities
NetOperatingIncomeLossCashBasisPartiallyOwnedEntities
66876000 USD
vno Net Operating Income Loss Cash Basis Partially Owned Entities
NetOperatingIncomeLossCashBasisPartiallyOwnedEntities
199989000 USD
CY2018Q3 vno Net Operating Income Loss Cash Basis Partially Owned Entities
NetOperatingIncomeLossCashBasisPartiallyOwnedEntities
60094000 USD
vno Net Operating Income Loss Cash Basis Partially Owned Entities
NetOperatingIncomeLossCashBasisPartiallyOwnedEntities
193359000 USD
CY2017Q3 vno Net Operating Income Loss Including Portion Attributableto Noncontrolling Interest Total
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-16171000 USD
vno Net Operating Income Loss Including Portion Attributableto Noncontrolling Interest Total
NetOperatingIncomeLossIncludingPortionAttributabletoNoncontrollingInterestTotal
-48778000 USD
CY2018Q3 vno Net Operating Income Loss Including Portion Attributableto Noncontrolling Interest Total
NetOperatingIncomeLossIncludingPortionAttributabletoNoncontrollingInterestTotal
-16943000 USD
vno Net Operating Income Loss Including Portion Attributableto Noncontrolling Interest Total
NetOperatingIncomeLossIncludingPortionAttributabletoNoncontrollingInterestTotal
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CY2017Q3 vno Net Operating Income Lossfrom Equity Method Investments
NetOperatingIncomeLossfromEquityMethodInvestments
66876000 USD
vno Net Operating Income Lossfrom Equity Method Investments
NetOperatingIncomeLossfromEquityMethodInvestments
199989000 USD
CY2018Q3 vno Net Operating Income Lossfrom Equity Method Investments
NetOperatingIncomeLossfromEquityMethodInvestments
60094000 USD
vno Net Operating Income Lossfrom Equity Method Investments
NetOperatingIncomeLossfromEquityMethodInvestments
193359000 USD
vno Net Realized And Unrealized Gain On Real Estate Fund Investments
NetRealizedAndUnrealizedGainOnRealEstateFundInvestments
-18537000 USD
vno Net Realized And Unrealized Gain On Real Estate Fund Investments
NetRealizedAndUnrealizedGainOnRealEstateFundInvestments
-33709000 USD
vno Noncontrolling Interest Increase From Limited Partners Contribution
NoncontrollingInterestIncreaseFromLimitedPartnersContribution
1044000 USD
CY2017 vno Number Of Investments Held By Fund
NumberOfInvestmentsHeldByFund
5 investment
vno Real Estate Acquisitionand Related Transaction Cost
RealEstateAcquisitionandRelatedTransactionCost
1073000 USD
CY2017Q3 vno Numerator For Basic Income Per Share
NumeratorForBasicIncomePerShare
-29035000 USD
vno Numerator For Basic Income Per Share
NumeratorForBasicIncomePerShare
134661000 USD
CY2018Q3 vno Numerator For Basic Income Per Share
NumeratorForBasicIncomePerShare
190628000 USD
vno Numerator For Basic Income Per Share
NumeratorForBasicIncomePerShare
284305000 USD
CY2017Q3 vno Operating Income From Discontinued Operations
OperatingIncomeFromDiscontinuedOperations
4039000 USD
vno Operating Income From Discontinued Operations
OperatingIncomeFromDiscontinuedOperations
49039000 USD
CY2018Q3 vno Operating Income From Discontinued Operations
OperatingIncomeFromDiscontinuedOperations
61000 USD
vno Operating Income From Discontinued Operations
OperatingIncomeFromDiscontinuedOperations
-237000 USD
CY2017Q3 vno Operating Income Loss Cash Basis
OperatingIncomeLossCashBasis
354234000 USD
vno Operating Income Loss Cash Basis
OperatingIncomeLossCashBasis
1037526000 USD
CY2018Q3 vno Operating Income Loss Cash Basis
OperatingIncomeLossCashBasis
349624000 USD
vno Operating Income Loss Cash Basis
OperatingIncomeLossCashBasis
1053089000 USD
CY2017Q3 vno Operating Leases Income Statement Base Rent
OperatingLeasesIncomeStatementBaseRent
398734000 USD
vno Operating Leases Income Statement Base Rent
OperatingLeasesIncomeStatementBaseRent
1175692000 USD
CY2018Q3 vno Operating Leases Income Statement Base Rent
OperatingLeasesIncomeStatementBaseRent
403029000 USD
vno Operating Leases Income Statement Base Rent
OperatingLeasesIncomeStatementBaseRent
1215520000 USD
CY2017Q3 vno Other Comprehensive Income Loss Derivatives Qualifying As Hedges And Other Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesAndOtherNetOfTax
1973000 USD
vno Other Comprehensive Income Loss Derivatives Qualifying As Hedges And Other Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesAndOtherNetOfTax
6611000 USD
CY2018Q3 vno Other Comprehensive Income Loss Derivatives Qualifying As Hedges And Other Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesAndOtherNetOfTax
623000 USD
vno Other Comprehensive Income Loss Derivatives Qualifying As Hedges And Other Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesAndOtherNetOfTax
13789000 USD
vno Other Net Attributable To Redeemable Noncontrolling Interest
OtherNetAttributableToRedeemableNoncontrollingInterest
30168000 USD
vno Other Net Attributable To Redeemable Noncontrolling Interest
OtherNetAttributableToRedeemableNoncontrollingInterest
15666000 USD
CY2017Q3 vno Our Share Of Partially Owned Entities Oci Adjustments
OurShareOfPartiallyOwnedEntitiesOciAdjustments
-626000 USD
vno Our Share Of Partially Owned Entities Oci Adjustments
OurShareOfPartiallyOwnedEntitiesOciAdjustments
-1657000 USD
CY2018Q3 vno Our Share Of Partially Owned Entities Oci Adjustments
OurShareOfPartiallyOwnedEntitiesOciAdjustments
253000 USD
vno Our Share Of Partially Owned Entities Oci Adjustments
OurShareOfPartiallyOwnedEntitiesOciAdjustments
989000 USD
CY2017Q3 vno Out Performance Plan Units
OutPerformancePlanUnits
0 shares
vno Out Performance Plan Units
OutPerformancePlanUnits
0 shares
CY2018Q3 vno Out Performance Plan Units
OutPerformancePlanUnits
0 shares
vno Out Performance Plan Units
OutPerformancePlanUnits
106000 shares
CY2017Q3 vno Pro Rata Amounts Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ProRataAmountsReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
646000 USD
vno Pro Rata Amounts Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ProRataAmountsReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-8622000 USD
CY2018Q3 vno Pro Rata Amounts Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ProRataAmountsReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
0 USD
vno Pro Rata Amounts Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ProRataAmountsReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
0 USD
CY2017Q3 vno Real Estate Acquisitionand Related Transaction Cost
RealEstateAcquisitionandRelatedTransactionCost
61000 USD
CY2018Q3 vno Real Estate Acquisitionand Related Transaction Cost
RealEstateAcquisitionandRelatedTransactionCost
2510000 USD
vno Real Estate Acquisitionand Related Transaction Cost
RealEstateAcquisitionandRelatedTransactionCost
16683000 USD
CY2017Q4 vno Real Estate Fund Nondepreciable Real Estate
RealEstateFundNondepreciableRealEstate
354804000 USD
CY2018Q3 vno Real Estate Fund Nondepreciable Real Estate
RealEstateFundNondepreciableRealEstate
369767000 USD
CY2017Q4 vno Receivables Arising From Straight Lining Of Rents Allowance
ReceivablesArisingFromStraightLiningOfRentsAllowance
954000 USD
CY2018Q3 vno Receivables Arising From Straight Lining Of Rents Allowance
ReceivablesArisingFromStraightLiningOfRentsAllowance
1705000 USD
vno Recognition Of Deferred Revenue Adjusted For Discontinued Operations
RecognitionOfDeferredRevenueAdjustedForDiscontinuedOperations
35446000 USD
vno Recognition Of Deferred Revenue Adjusted For Discontinued Operations
RecognitionOfDeferredRevenueAdjustedForDiscontinuedOperations
31480000 USD
vno Repaymentof Loans Receivable
RepaymentofLoansReceivable
-115630000 USD
vno Repaymentof Loans Receivable
RepaymentofLoansReceivable
0 USD
vno Repurchase Of Shares Related To Stock Compensation Arrangements And Related Tax Withholdings
RepurchaseOfSharesRelatedToStockCompensationArrangementsAndRelatedTaxWithholdings
418000 USD
vno Repurchase Of Shares Related To Stock Compensation Arrangements And Related Tax Withholdings
RepurchaseOfSharesRelatedToStockCompensationArrangementsAndRelatedTaxWithholdings
784000 USD
vno Return Of Capital From Real Estate Fund Investments
ReturnOfCapitalFromRealEstateFundInvestments
80294000 USD
vno Return Of Capital From Real Estate Fund Investments
ReturnOfCapitalFromRealEstateFundInvestments
20291000 USD
CY2017Q3 vno Straightline Rents And Other Adjustments
StraightlineRentsAndOtherAdjustments
22307000 USD
vno Straightline Rents And Other Adjustments
StraightlineRentsAndOtherAdjustments
65263000 USD
CY2018Q3 vno Straightline Rents And Other Adjustments
StraightlineRentsAndOtherAdjustments
8743000 USD
vno Straightline Rents And Other Adjustments
StraightlineRentsAndOtherAdjustments
39172000 USD
CY2017Q3 vno Tenant Cleaning Fees
TenantCleaningFees
26429000 USD
vno Tenant Cleaning Fees
TenantCleaningFees
75925000 USD
CY2018Q3 vno Tenant Cleaning Fees
TenantCleaningFees
28873000 USD
vno Tenant Cleaning Fees
TenantCleaningFees
88095000 USD
CY2017Q3 vno Tenant Common Expense Reimbursements
TenantCommonExpenseReimbursements
47462000 USD
vno Tenant Common Expense Reimbursements
TenantCommonExpenseReimbursements
132828000 USD
CY2018Q3 vno Tenant Common Expense Reimbursements
TenantCommonExpenseReimbursements
50760000 USD
vno Tenant Common Expense Reimbursements
TenantCommonExpenseReimbursements
143412000 USD
CY2017Q3 vno Tenant Direct Services
TenantDirectServices
15939000 USD
vno Tenant Direct Services
TenantDirectServices
41263000 USD
CY2018Q3 vno Tenant Direct Services
TenantDirectServices
15627000 USD
vno Tenant Direct Services
TenantDirectServices
41597000 USD
CY2017Q3 vno Tenant Expense Reimbursement
TenantExpenseReimbursement
63401000 USD
vno Tenant Expense Reimbursement
TenantExpenseReimbursement
174091000 USD
CY2018Q3 vno Tenant Expense Reimbursement
TenantExpenseReimbursement
66387000 USD
vno Tenant Expense Reimbursement
TenantExpenseReimbursement
185009000 USD
CY2017Q3 vno Tenant Reimbursements Total
TenantReimbursementsTotal
63401000 USD
vno Tenant Reimbursements Total
TenantReimbursementsTotal
174091000 USD
CY2018Q3 vno Tenant Reimbursements Total
TenantReimbursementsTotal
66387000 USD
vno Tenant Reimbursements Total
TenantReimbursementsTotal
185009000 USD
vno Unearned Out Performance Plan
UnearnedOutPerformancePlan
9046000 USD
vno Write Off Of Fully Amortized And Depreciated Assets
WriteOffOfFullyAmortizedAndDepreciatedAssets
41458000 USD
vno Write Off Of Fully Amortized And Depreciated Assets
WriteOffOfFullyAmortizedAndDepreciatedAssets
61120000 USD
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;">(&#8220;ASC 815&#8221;). 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 &#8220;other comprehensive income (loss).&#8221; 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>
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;color:#ff0000;"> </font><font style="font-family:inherit;font-size:10pt;">93.5%</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;">September&#160;30, 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>
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 &#8220;Joint Venture&#8221;) 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 &#8220;Transfer Tax&#8221;) and filed a Real Property Tax Return (&#8220;RPTR&#8221;) with the New York City Department of Finance (the &#8220;Department of Finance&#8221;). 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 (&#8220;ALJ&#8221;) 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 &#8220;Tax Tribunal&#8221;) 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 &#8220;loss from real estate fund investments&#8221; 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 &#8220;income (loss) from partially owned entities&#8221; (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 for the </font><font style="font-family:inherit;font-size:10pt;">nine months ended September 30, 2018</font><font style="font-family:inherit;font-size:10pt;">. 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;">On April 19, 2018, the joint venture between the Fund and the Crowne Plaza Joint Venture completed a </font><font style="font-family:inherit;font-size:10pt;">$255,000,000</font><font style="font-family:inherit;font-size:10pt;"> refinancing of the Crowne Plaza Times Square Hotel. The interest-only loan is at LIBOR plus </font><font style="font-family:inherit;font-size:10pt;">3.51%</font><font style="font-family:inherit;font-size:10pt;"> (</font><font style="font-family:inherit;font-size:10pt;">5.66%</font><font style="font-family:inherit;font-size:10pt;"> at </font><font style="font-family:inherit;font-size:10pt;">September 30, 2018</font><font style="font-family:inherit;font-size:10pt;">) and matures in May 2020 with </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;">-year extension options. In connection therewith, the joint venture purchased an interest rate cap </font><font style="font-family:inherit;font-size:10pt;">that caps LIBOR at a rate of </font><font style="font-family:inherit;font-size:10pt;">4.00%</font><font style="font-family:inherit;font-size:10pt;">. The Crowne Plaza Times Square Hotel was previously encumbered by a </font><font style="font-family:inherit;font-size:10pt;">$310,000,000</font><font style="font-family:inherit;font-size:10pt;"> interest-only mortgage at LIBOR plus </font><font style="font-family:inherit;font-size:10pt;">2.80%</font><font style="font-family:inherit;font-size:10pt;">, which was scheduled to mature in December 2018.</font><font style="font-family:inherit;font-size:10pt;"> </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:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">6</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">.</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Real Estate Fund Investments</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> - continued</font></div></td></tr></table><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;">September&#160;30, 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;">$369,767,000</font><font style="font-family:inherit;font-size:10pt;">, or </font><font style="font-family:inherit;font-size:10pt;">$44,203,000</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;">$50,494,000</font><font style="font-family:inherit;font-size:10pt;">, of which our share was </font><font style="font-family:inherit;font-size:10pt;">$16,119,000</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;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 loss from the Fund and the Crowne Plaza Joint Venture for the </font><font style="font-family:inherit;font-size:10pt;">three and nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September 30, 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="16" rowspan="1"></td></tr><tr><td style="width:57%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" 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:8%;" 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:8%;" 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:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="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<br clear="none"/>September 30,</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="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 Nine Months Ended<br clear="none"/>September 30,</font></div></td></tr><tr><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="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><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="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 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="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;">3,093</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;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">6,028</font></div></td><td style="vertical-align:bottom;background-color:#ccffff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</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;">6,366</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;">16,888</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 style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="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;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;">(3,283</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;">(11,220</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;">(32,796</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;">(28,860</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></tr><tr><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="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Net realized gain (loss) 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;">&#8212;</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><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;">35,620</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><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;">(913</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;">35,861</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 style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Previously recorded unrealized gain on exited investment</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><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;">(36,736</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><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;">(25,538</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></tr><tr><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="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;border-bottom:1px solid #000000;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;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;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><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;border-bottom:1px solid #000000;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;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;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><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;border-bottom:1px solid #000000;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;">(10,630</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;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;border-bottom:1px solid #000000;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;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;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 style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="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</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(190</font></div></td><td style="vertical-align:bottom;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;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;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(6,308</font></div></td><td style="vertical-align:bottom;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;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;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(37,973</font></div></td><td style="vertical-align:bottom;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;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;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(1,649</font></div></td><td style="vertical-align:bottom;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><tr><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="text-align:left;padding-left:24px;text-indent:-24px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;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;">(558</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;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;border-bottom:1px solid #000000;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;">(1,486</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;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;border-bottom:1px solid #000000;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;">34,338</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;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><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;border-bottom:1px solid #000000;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;">(9,684</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;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 style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="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 the Operating Partnership<br clear="none"/>(nine months ended September 30, 2018 includes $4,252 of loss related to One Park Avenue potential additional transfer taxes and reduction in carried interest)</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(748</font></div></td><td style="vertical-align:bottom;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;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;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(7,794</font></div></td><td style="vertical-align:bottom;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;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;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(3,635</font></div></td><td style="vertical-align:bottom;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;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;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(11,333</font></div></td><td style="vertical-align:bottom;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><tr><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="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;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;">46</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;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><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;border-bottom:1px solid #000000;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;">485</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;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><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;border-bottom:1px solid #000000;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;">224</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;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><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;border-bottom:1px solid #000000;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;">706</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;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 style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="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;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;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;">(702</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;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;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;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;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(7,309</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;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;">(3,411</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;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;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;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;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;">(10,627</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;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>

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