4 unchanged sentences
We are managed by, and our properties are leased and developed by, Vornado Realty Trust (“Vornado”) (NYSE:
−Removed: We have seven properties in the greater New York City metropolitan area consisting of:
+Added: We have six properties in the New York City metropolitan area consisting of:
Operating properties
• 731 Lexington Avenue, a 1,079,000 square foot multi-use building, comprising the entire block bounded by Lexington Avenue, East 59 th Street, Third Avenue and East 58 th Street in Manhattan.
−Removed: The building contains 920,000 and 155,000 of net rentable square feet of office and retail space, respectively, which we own, and 248,000 square feet of residential space consisting of 105 condominium units, which we sold.
+Added: The building contains 939,000 and 140,000 of net rentable square feet of office and retail space, respectively.
Bloomberg L.P.
5 unchanged sentences
The center is anchored by a 145,000 square foot Costco and a 133,000 square foot Kohl’s, which has been subleased;
−Removed: On September 10, 2020, Century 21 ($6,400,000 of annual revenue) filed for Chapter 11 bankruptcy and closed its 135,000 square foot store on December 7, 2020;
• The Alexander apartment tower, located above our Rego Park II shopping center, contains 312 units aggregating 255,000 square feet;
−Removed: • Paramus, located at the intersection of Routes 4 and 17 in Paramus, New Jersey, consists of 30.3 acres of land that is ground leased to IKEA;
−Removed: • Flushing, a 167,000 square foot building, located on Roosevelt Avenue and Main Street in Queens, that is sub-leased to New World Mall LLC for the remainder of our ground lease term.
+Added: • Flushing, a 167,000 square foot building, located on Roosevelt Avenue and Main Street in Queens, that is sub-leased to New World Mall LLC through January 2037.
+Added: The property is ground leased through January 2027 with one 10-year extension option.
Property to be developed
• Rego Park III, a 140,000 square foot land parcel adjacent to the Rego Park II shopping center in Queens, at the intersection of Junction Boulevard and the Horace Harding Service Road.
+Added: Real estate sales
+Added: • On June 4, 2021, we sold a parcel of land in the Bronx, New York (“Bronx Land Parcel”) for $10,000,000.
+Added: Net proceeds from the sale were $9,291,000 after closing costs and the financial statement gain was $9,124,000.
+Added: • On October 4, 2021, we sold 30.3 acres of land located in Paramus, New Jersey (“Paramus Property”) to IKEA Property, Inc.
+Added: (“IKEA”), the tenant at the property, for $75,000,000, pursuant to IKEA’s purchase option contained in the lease.
+Added: Net proceeds from the sale were $4,580,000 after closing costs and the repayment of the $68,000,000 mortgage loan.
Relationship with Vornado
6 unchanged sentences
(who are also directors of the Company and trustees of Vornado) owned, in the aggregate, 26.0% of our outstanding common stock, in addition to the 2.2% they indirectly own through Vornado.
−Removed: Matthew Iocco, our Chief Financial Officer, is the Executive Vice President - Chief Accounting Officer of Vornado.
Significant Tenant
−Removed: Bloomberg accounted for revenue of $109,066,000, $109,113,000 and $107,356,000 in the years ended December 31, 2020, 2019, and 2018, respectively, representing approximately 55%, 48% and 46% of our total revenues in each year, respectively.
−Removed: No other tenant accounted for more than 10% of our total revenues.
+Added: Bloomberg accounted for revenue of $113,140,000, $109,066,000, and $109,113,000 in the years ended December 31, 2021, 2020, and 2019, respectively, representing approximately 55%, 55% and 48% of our rental revenues in each year, respectively.
+Added: No other tenant accounted for more than 10% of our rental revenues.
If we were to lose Bloomberg as a tenant, or if Bloomberg were to be unable to fulfill its obligations under its lease, it would adversely affect our results of operations and financial condition.
2 unchanged sentences
We operate in a highly competitive environment.
−Removed: All of our properties are located in the greater New York City metropolitan area.
−Removed: We compete with a large number of real estate investors, property owners and developers.
+Added: All of our properties are located in the New York City metropolitan area.
+Added: We compete with a large number of property owners and developers.
Principal factors of competition are rents charged, attractiveness of location, the quality of the property and the breadth and the quality of services provided.
3 unchanged sentences
Since we are externally managed by Vornado, we do not have separate employees that provide management, leasing and development services.
−Removed: We currently have 70 property-level employees who provide cleaning, engineering and security services.
+Added: We currently have 70 property-level employees w ho provide cleaning, engineering and security services.
Our employees are managed by Vornado in accordance with its employee policies and they have access to Vornado’s benefits, training and other programs.
6 unchanged sentences
Copies of these documents are also available directly from us, free of charge.
+Added: The contents of our website provided above are not intended to be incorporated by reference into this Annual Report on Form 10-K or in any other report or document we file with the SEC.
In May 2009, Vornado and Interstate each filed with the SEC an amendment to their respective Schedule 13D indicating that they, as a group, own 47.2% of our common stock.
4 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.