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Vornado Realty Lp (1040765) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Vornado Realty Lp

CIK: 1040765
EXHIBIT 99.1


vnortlogoblack2a1711.jpg

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

July 20, 2020 04:30 PM Eastern Standard Time

NEW YORK…..Vornado Realty Trust (NYSE: VNO) today announced that its financial results for the three months ended June 30, 2020 will include the items listed in the table below, resulting in a reduction in net income attributable to common shareholders ("net income") of $0.99 per diluted share and an increase in FFO attributable to common shareholders plus assumed conversions ("FFO") of $0.51 per diluted share.

(Amounts in thousands, except per share amounts, all at share)For the Three Months Ended June 30, 2020
Net IncomeFFO
AmountPer ShareAmountPer Share
Income (loss):
Non-cash impairment loss on investment in Fifth Avenue and Times Square Joint Venture, reversing a portion of the $2.559 billion gain recognized on the April 2019 transfer to the joint venture attributable to the GAAP required write-up of the retained interest
$(305,859) $(1.50) $—  $—  
Non-cash gain on extinguishment of 608 Fifth Avenue lease liability
70,260  0.34  70,260  0.34  
After-tax net gain on sale of 220 Central Park South condominium units
49,005  0.24  49,005  0.24  
Credit loss on loan receivable
(6,108) (0.03) (6,108) (0.03) 
Loss from real estate fund investments
(6,089) (0.03) (6,089) (0.03) 
Other, net
(2,019) (0.01) (2,459) (0.01) 
Total included in "net income" and "FFO" but excluded from "net income, as adjusted" and "FFO, as adjusted"
$(200,810) $(0.99) $104,609  $0.51  

Further, "net income," "net income, as adjusted," "FFO," and "FFO, as adjusted" for the three months ended June 30, 2020 will be reduced by $0.22 per diluted share as listed in the table below.
(Amounts in thousands, except per share amounts, all at share)For the Three Months Ended June 30, 2020
Net IncomeFFO
AmountPer ShareAmountPer Share
Loss:
Non-cash write-offs of receivables arising from the straight-lining of rents primarily for JC Penney lease at Manhattan Mall and New York & Company Inc. lease at 330 West 34th Street
$(36,297) $(0.18) $(36,297) $(0.18) 
Reserves for uncollectible tenant receivables
(8,822) (0.04) (8,822) (0.04) 
Total included in "net income," "net income, as adjusted," "FFO" and "FFO, as adjusted"
$(45,119) $(0.22) $(45,119) $(0.22) 

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.

1

The following information was filed by Vornado Realty Lp on Monday, July 20, 2020 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-Q Quarterly 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-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (Unaudited)
Consolidated Balance Sheets (Unaudited) (Parentheticals)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Cash Flows (Unaudited) (Parentheticals)
Consolidated Statements Of Changes In Equity (Unaudited)
Consolidated Statements Of Changes In Equity (Unaudited) - Parenthetical (Unaudited)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Income (Unaudited)
(Loss) Income Per Share/(Loss) Income Per Class A Unit
(Loss) Income Per Share/(Loss) Income Per Class A Unit (Details)
(Loss) Income Per Share/(Loss) Income Per Class A Unit (Narrative) (Details)
(Loss) Income Per Share/(Loss) Income Per Class A Unit (Tables)
- Schedule Of Lease Liability Extinguishment Gain (Transaction Related Costs And Impairment Losses) (Details)
220 Central Park South 220 Cps
220 Central Park South 220 Cps - Narrative (Details)
Basis Of Presentation
Commitments And Contingencies
Commitments And Contingencies (Narrative) (Details)
Covid-19 Pandemic
Covid-19 Pandemic - Narrative (Details)
Debt
Debt (Narrative) (Details)
Debt (Summary Of Debt) (Details)
Debt (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 Loans Receivable) (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 (Summary Of Derivative Instruments) (Details)
Fair Value Measurements (Tables)
Fair Value Measurements (Unobervable Quantitative Input Ratios) (Details)
Identified Intangible Assets And Liabilities
Identified Intangible Assets And Liabilities (Tables)
Identified Intangible Assets And Liabilities - Narrative (Details)
Identified Intangible Assets And Liabilities - Schedule Of Future Amortization Expense Of Intangible Assets (Details)
Identified Intangible Assets And Liabilities - Schedule Of Identified Intangible Assets And Intangible Liabilities (Details)
Interest And Debt Expense
Interest And Debt Expense (Details)
Interest And Debt Expense (Tables)
Interest And Debt Expense - Footnote (Details)
Interest And Other Investment (Loss) Income, Net
Interest And Other Investment (Loss) Income, Net (Details)
Interest And Other Investment (Loss) Income, Net (Tables)
Investments In Partially Owned Entities
Investments In Partially Owned Entities (Alexander's Inc.) (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 - Latest Financial Information Of Fifth Avenue And Times Square Jv (Details)
Investments In Partially Owned Entities Narrative (Details)
Lease Liability Extinguishment Gain (Transaction Related Costs And Impairment Losses)
Lease Liability Extinguishment Gain (Transaction Related Costs And Impairment Losses) (Tables)
Lease Liability Extinguishment Gain (Transaction Related Costs And Impairment Losses) - Narrative (Details)
Marketable Securities
Marketable Securities (Marketable Securities Portfolio) (Details)
Marketable Securities (Narrative) (Details)
Marketable Securities (Tables)
Organization
Organization (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)
Recently Issued Accounting Literature
Recently Issued Accounting Literature (Narrative) (Details)
Recently Issued Accounting Literature (Policies)
Redeemable Noncontrolling Interests
Redeemable Noncontrolling Interests (Activity Of Redeemable Noncontrolling Interests) (Details)
Redeemable Noncontrolling Interests (Narrative) (Details)
Redeemable Noncontrolling Interests (Tables)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Components Of Lease Revenue (Details)
Revenue Recognition - Revenues By Segment (Details)
Segment Information
Segment Information (Narrative) (Details)
Segment Information (Summary Of Net Income And Ebitda Reconciliation By Segment) (Details)
Segment Information (Tables)
Segment Information - Summary Of Noi By Segment (Details)
Shareholders' Equity/Partners' Capital
Shareholders' Equity/Partners' Capital Shareholders' Equity/Partners' Capital (Tables)
Shareholders' Equity/Partners' Capital Shareholders' Equity/Partners' Capital - Aoci By Component (Details)
Shareholders' Equity/Partners' Capital Shareholders' Equity/Partners' Capital - Narrative (Details)
Shareholders' Equity/Partners' Capital Shareholders' Equity/Partners' Capital - Schedule Of Dividends (Details)
Stock-Based Compensation
Stock-Based Compensation (Narrative) (Details)
Variable Interest Entities
Variable Interest Entities - Narrative (Details)
CIK: 1040765
Form Type: 10-Q Quarterly Report
Accession Number: 0000899689-20-000039
Submitted to the SEC: Mon Aug 03 2020 4:29:03 PM EST
Accepted by the SEC: Mon Aug 03 2020
Period: Tuesday, June 30, 2020
Industry: Real Estate Investment Trusts

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