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Vornado Realty Lp (1040765) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Vornado Realty Lp

CIK: 1040765
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     Exhibit 99.1
P R E S S R E L E A S E
Vornado Announces Certain Items to be Included in its Fourth Quarter 2020 Financial Results
New York City | January 29, 2021
Vornado Realty Trust (NYSE: VNO) today announced that its financial results for the three months ended December 31, 2020 will include the items listed in the table below, resulting in a decrease in net income attributable to common shareholders ("net income") of $1.10 per diluted share and an increase in FFO attributable to common shareholders plus assumed conversions ("FFO") of $0.06 per diluted share.
(Amounts in thousands, except per share amounts, all at share)For the Three Months Ended December 31, 2020
Net IncomeFFO
AmountPer ShareAmountPer Share
(Loss) income:
Real estate impairment losses (primarily wholly owned retail assets)$(236,286)$(1.16)$— $— 
After-tax net gain on sale of 220 Central Park South condominium units36,274 0.18 36,274 0.18 
Severance and other reduction-in-force related expenses(23,368)(0.12)(23,368)(0.12)
Other(248)— (958)— 
 Total included in "net income" and "FFO" but excluded from "net income, as adjusted" and "FFO, as adjusted"$(223,628)$(1.10)$11,948 $0.06 
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 the completion of year-end closing procedures, audit procedures, or audit adjustments, and any such changes could be material.
C O N T A C T
Matthew Iocco
(212) 894-7000
FFO is computed in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts ("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 requirements and should not be considered as an alternative to net income as a performance measure or cash flow as a liquidity measure. FFO may not be comparable to similarly titled measures employed by other companies. In addition to FFO, we also disclose FFO, as adjusted. Although this non-GAAP measure clearly differs from NAREIT’s definition of FFO, we believe it provides a meaningful presentation of operating performance.
Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2019 and "Item 1A. Risk Factors" in Part II of our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors. Currently, one of the most significant factors is the ongoing adverse effect of the COVID-19 pandemic on our business, financial condition, results of operations, cash flows, operating performance and the effect it will have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general. The extent of the impact of the COVID-19 pandemic will depend on future developments, including the duration of the pandemic, which are highly uncertain at this time but that impact could be material. Moreover, you are cautioned that the COVID-19 pandemic will heighten many of the risks identified in "Item 1A. Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 2019, as well as the risks set forth in "Item 1A. Risk Factors" in Part II of our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020.
NYSE: VNO | WWW.VNO.COM

The following information was filed by Vornado Realty Lp on Friday, January 29, 2021 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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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 Changes In Equity - Parenthetical
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
(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)
220 Central Park South
220 Central Park South - 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 (Estimated Taxable Income) (Details)
Basis Of Presentation And Significant Accounting Policies (Income Taxes) (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 (Narrative) (Details)
Covid-19 Pandemic
Covid-19 Pandemic (Narrative) (Details)
Debt
Debt (Narrative) (Details)
Debt (Principal Repayments Required In The Next Five Years) (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 (Unobservable 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)
Impairment Losses And Transaction Related Costs, Net
Impairment Losses And Transaction Related Costs, Net (Details)
Impairment Losses And Transaction Related Costs, Net (Tables)
Impairment Losses And Transaction Related Costs, Net - Narrative (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 (Fifth Avenue And Times Square Jv) (Details)
Investments In Partially Owned Entities (Management, Development, Leasing And Other Agreements) (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)
Leases
Leases (Tables)
Leases - Lessee, Operating Lease, Liability, Maturity (Details)
Leases - Lessor, Operating Lease, Payments To Be Received (Details)
Leases - Narrative (Details)
Leases - Schedule Of Amounts Included In The Measurement Of Lease Liability (Details)
Leases - Schedule Of Components Of Rent Expense (Details)
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 Noncontrolling Interests (Activity Of Redeemable Noncontrolling Interests) (Details)
Redeemable Noncontrolling Interests (Details Of Redeemable Noncontrolling Interest Units) (Details)
Redeemable Noncontrolling Interests (Narrative) (Details)
Redeemable Noncontrolling Interests (Tables)
Related Party Transactions
Related Party Transactions (Details)
Revenue Recognition
Revenue Recognition (Components Of Lease Revenue) (Details)
Revenue Recognition (Revenue By Segment) (Details)
Revenue Recognition (Tables)
Sec Schedule Iii Real Estate And Accumulated Depreciation
Sec Schedule Iii Real Estate And Accumulated Depreciation (Details)
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)
Segment Information - Narrative (Details)
Shareholders' Equity/Partners' Capital
Shareholders' Equity/Partners' Capital (Aoci By Component) (Details)
Shareholders' Equity/Partners' Capital (Narrative) (Details)
Shareholders' Equity/Partners' Capital (Preferred Shares Of Beneficial Interest) (Details)
Shareholders' Equity/Partners' Capital (Tables)
Stock-Based Compensation
Stock-Based Compensation (Out Performance Plans Narrative) (Details)
Stock-Based Compensation (Performance Conditioned Ao Ltip Units &Amp; Vornado Stock Options Narrative) (Details)
Stock-Based Compensation (Performance Conditioned Ao Ltip Units Vornado Stock Options) (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 Operating Partnership Units Narrative) (Details)
Variable Interest Entities
Variable Interest Entities (Vies) (Narrative) (Details)
CIK: 1040765
Form Type: 10-K Annual Report
Accession Number: 0000899689-21-000009
Submitted to the SEC: Tue Feb 16 2021 4:17:09 PM EST
Accepted by the SEC: Tue Feb 16 2021
Period: Thursday, December 31, 2020
Industry: Real Estate Investment Trusts

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