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Vornado Realty Lp (1040765) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Vornado Realty Lp

CIK: 1040765

EXHIBIT 99.1


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Vornado Announces Certain Items to be Included in its Fourth Quarter 2018 Financial Results

January 23, 2019 04:30 PM Eastern Standard Time

NEW YORK…..Vornado Realty Trust (NYSE: VNO) today announced that its financial results for the quarter ended December 31, 2018 will include the items listed below, resulting in additional net income of $0.26 per diluted share for the quarter. These items will be included in Vornado’s fourth quarter 2018 “net income attributable to common shareholders” and will be excluded from “net income attributable to common shareholders, as adjusted.” These items will increase "FFO attributable to common shareholders plus assumed conversions" in the fourth quarter 2018 by $0.20 per diluted share and will be excluded from “FFO attributable to common shareholders plus assumed conversions, as adjusted.”

$67.3 million of after-tax net income and FFO resulting from the sale of condominium units at 220 Central Park South
$27.3 million of after-tax net income (not included in FFO) resulting from a non-cash purchase price fair value adjustment relating to Vornado's acquisition of a 44.9% additional ownership interest of the joint venture that is developing the Farley Post Office Building, bringing its total ownership interest to 95.0%
$24.4 million of loss and negative FFO resulting from the non-cash mark-to-market fair value adjustments from Vornado's real estate fund (which is in wind-down)
a $12.0 million (not included in FFO) non-cash real estate impairment loss
$5.5 million of net loss ($1.7 million of negative FFO) from other items

In accordance with the National Association of Real Estate Investment Trusts (“NAREIT”) December 2018 restated definition of FFO, Vornado has elected to exclude the mark-to-market adjustments of marketable equity securities from the calculation of FFO. Vornado's FFO for the nine months ended September 30, 2018 has been adjusted to exclude the $26.6 million or $0.13 per share decrease in fair value of marketable equity securities previously reported. “Net income attributable to common shareholders" for the fourth quarter and year ended December 31, 2018 will include $3.7 million and $30.3 million, respectively, of decrease in fair value of marketable equity securities (not included in “net income attributable to common shareholders, as adjusted").

Further, in the fourth quarter of 2018, the tax-assessed value of theMART increased and as a result, 2018 real estate tax expense will be approximately $12 million, or $0.06 per share, higher than previously estimated. Accordingly, "net income attributable to common shareholders," "net income attributable to common shareholders, as adjusted," "FFO attributable to common shareholders plus assumed conversions" and "FFO attributable to common shareholders plus assumed conversions, as adjusted" for the quarter ended December 31, 2018 includes the additional real estate tax expense. In summary, the increase in real estate taxes accrued and expensed in 2018, will be paid in 2019 and approximately 80% reimbursed by tenants in 2019.

The above amounts are preliminary estimates. There can be no assurance that Vornado’s final results will not differ from these preliminary estimates as a result of quarter-end closing procedures, review procedures, or review adjustments, and any such changes could be material.

CONTACT:
JOSEPH MACNOW
(212) 894-7000
_____________________________
FFO is computed in accordance with the definition adopted by the Board of Governors of NAREIT. NAREIT defines FFO as GAAP net income or loss adjusted to exclude net gains from sales of depreciable real estate assets, real estate impairment losses, depreciation and amortization expense from real estate assets and other specified items, including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO and FFO per diluted share are non-GAAP financial measures used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. FFO does not represent cash generated from operating activities and is not necessarily indicative of cash available to fund cash


The following information was filed by Vornado Realty Lp on Wednesday, January 23, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parentheticals)
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
220 Central Park South (Notes)
220 Central Park South - Narrative (Details)
Acquisitions
Acquisitions (Narrative) (Details)
Basis Of Presentation And Significant Accounting Policies
Basis Of Presentation And Significant Accounting Policies (Allowance For Doubtful Accounts) (Details)
Basis Of Presentation And Significant Accounting Policies (Basis Of Presentation) (Details)
Basis Of Presentation And Significant Accounting Policies (Estimated Taxable Income) (Details)
Basis Of Presentation And Significant Accounting Policies (Income Taxes) (Details)
Basis Of Presentation And Significant Accounting Policies (Partially Owned Entities) (Details)
Basis Of Presentation And Significant Accounting Policies (Policies)
Basis Of Presentation And Significant Accounting Policies (Real Estate) (Details)
Basis Of Presentation And Significant Accounting Policies (Recently Issued Accounting Literature) (Details)
Basis Of Presentation And Significant Accounting Policies (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt
Debt (Narrative) (Details)
Debt (Principal Repayments Required In The Next Five Years) (Details)
Debt (Summary Of Debt) (Details)
Debt (Tables)
Dispositions
Dispositions (Assets And Liabilities Related To Dispositions) (Details)
Dispositions (Narrative) (Details)
Dispositions (Tables)
Fair Value Measurements
Fair Value Measurements (Carrying Amounts And Fair Value Of Financial Instruments) (Details)
Fair Value Measurements (Changes In The Fair Value Of Real Estate Fund Investments And Deferred Compensation Plan Assets) (Details)
Fair Value Measurements (Fair Value Measurements On A Nonrecurring Basis) (Details)
Fair Value Measurements (Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details)
Fair Value Measurements (Narrative) (Details)
Fair Value Measurements (Tables)
Fair Value Measurements (Unobervable Quantitative Input Ratios) (Details)
Identified Intangible Assets And Liabilities
Identified Intangible Assets And Liabilities (Details)
Identified Intangible Assets And Liabilities (Tables)
Income Per Share / Income Per Class A Unit
Income Per Share / Income Per Class A Unit (Details)
Income Per Share / Income Per Class A Unit (Narrative) (Details)
Income Per Share / Income Per Class A Unit (Tables)
Interest And Debt Expense
Interest And Debt Expense (Details)
Interest And Debt Expense (Tables)
Interest And Other Investment Income, Net
Interest And Other Investment Income, Net (Details)
Interest And Other Investment Income, Net (Tables)
Investments In Partially Owned Entities
Investments In Partially Owned Entities (Alexander's Inc.) (Details)
Investments In Partially Owned Entities (Independence Plaza, Toys R Us &Amp; 666 Fifth Avenue Office Condominium) (Details)
Investments In Partially Owned Entities (Summary Of Condensed Combined Financial Information) (Details)
Investments In Partially Owned Entities (Summary Of Debt) (Details)
Investments In Partially Owned Entities (Summary Of Income (Loss) ) (Details)
Investments In Partially Owned Entities (Summary Of Investments) (Details)
Investments In Partially Owned Entities (Tables)
Investments In Partially Owned Entities (Urban Edge Properties , Preit Associates L.P. And Toys R Us, Inc.) (Details)
Leases
Leases (Details)
Leases (Schedule Of Future Base Rental) (Details)
Leases (Schedule Of Future Minimum Rental Payments For Operating Leases) (Details)
Leases (Tables)
Marketable Securities
Marketable Securities (Marketable Securities Portfolio) (Details)
Marketable Securities (Narrative) (Details)
Marketable Securities (Tables)
Multiemployer Benefit Plans
Multiemployer Benefit Plans (Details)
Organization And Business
Organization And Business - (Narrative) (Details)
Real Estate Fund Investments
Real Estate Fund Investments (Income From The Fund And The Co-Investment) (Details)
Real Estate Fund Investments (Narrative) (Details)
Real Estate Fund Investments (Tables)
Redeemable Noncontrolling Interests / Redeemable Partnership Units
Redeemable Noncontrolling Interests / Redeemable Partnership Units (Activity Of Redeemable Noncontrolling Interests) (Details)
Redeemable Noncontrolling Interests / Redeemable Partnership Units (Details Of Redeemable Noncontrolling Interest Units) (Details)
Redeemable Noncontrolling Interests / Redeemable Partnership Units (Narrative) (Details)
Redeemable Noncontrolling Interests / Redeemable Partnership Units (Tables)
Related Party Transactions
Related Party Transactions (Details)
Revenue Recognition (Details)
Revenue Recognition (Notes)
Revenue Recognition (Tables)
Sec Schedule Ii Valuation And Qualifying Accounts
Sec Schedule Ii Valuation And Qualifying Accounts (Details)
Sec Schedule Iii Real Estate (Details)
Sec Schedule Iii Real Estate And Accumulated Depreciation
Sec Schedule Iii Rollforward Of Real Estate Assets And Accumulated Depreciation
Sec Schedule Iii Rollforward Of Real Estate Assets And Accumulated Depreciation (Details)
Sec Schedule Iii Rollforward Of Real Estate Assets And Accumulated Depreciation (Tables)
Segment Information
Segment Information (Reconciliation Of Net Income To Noi) (Details)
Segment Information (Summary Of Noi By Segment) (Details)
Segment Information (Tables)
Shareholders' Equity (Aoci By Component) (Details)
Shareholders' Equity (Narrative) (Details)
Shareholders' Equity (Preferred Shares Of Beneficial Interest) (Details)
Shareholders' Equity (Tables)
Shareholders' Equity/Partners' Capital
Stock-Based Compensation
Stock-Based Compensation (Ao Ltip Units &Amp; Vornado Stock Options Narrative) (Details)
Stock-Based Compensation (Ao Ltip Units Vornado Stock Options) (Details)
Stock-Based Compensation (Out Performance Plans Narrative) (Details)
Stock-Based Compensation (Schedule Of Ao Ltip Units &Amp; Share Based Payment Award Stock Options Valuation Assumptions) (Details)
Stock-Based Compensation (Summary Of Restricted Stock Or Restricted Operating Partnership Units) (Details)
Stock-Based Compensation (Summary Of Share Based Compensation Expense) (Details)
Stock-Based Compensation (Summary Of Unrecognized Compensation Expense) (Details)
Stock-Based Compensation (Tables)
Stock-Based Compensation (Vornado Restricted Stock Or Restricted Operating Partnership Units Narrative) (Details)
Summary Of Quarterly Results (Unaudited)
Summary Of Quarterly Results (Unaudited) (Details)
Summary Of Quarterly Results (Unaudited) (Tables)
Variable Interest Entities ("Vies")
Variable Interest Entities ("Vies") (Details)
CIK: 1040765
Form Type: 10-K Annual Report
Accession Number: 0000899689-19-000010
Submitted to the SEC: Mon Feb 11 2019 4:26:42 PM EST
Accepted by the SEC: Mon Feb 11 2019
Period: Monday, December 31, 2018
Industry: Real Estate Investment Trusts

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