Vornado Realty Lp 10-Q Quarterly Report August 2020

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 Income						FFO
	Amount		Per Share		Amount		Per 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 Income						FFO
	Amount		Per Share		Amount		Per 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.

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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Vornado Realty Lp provided additional information to their SEC Filing as exhibits

Exhibit 15.1: Letter Regards Unaudited Interim Financial Information

Exhibit 15.2: Letter Regards Unaudited Interim Financial Information

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.3: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.4: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Exhibit 32.3: Section 1350 Certification

Exhibit 32.4: Section 1350 Certification

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