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Vornado Realty Lp (1040765) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

Vornado Realty Lp

CIK: 1040765
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P R E S S R E L E A S E                                        EXHIBIT 99.1
Vornado Announces First Quarter 2021 Financial Results
New York City | May 3, 2021
Vornado Realty Trust (NYSE: VNO) reported today:
Quarter Ended March 31, 2021 Financial Results
NET INCOME attributable to common shareholders for the quarter ended March 31, 2021 was $4,083,000, or $0.02 per diluted share, compared to $4,963,000, or $0.03 per diluted share, for the prior year's quarter. Adjusting for the items that impact period-to-period comparability listed in the table below, net income attributable to common shareholders, as adjusted (non-GAAP) for the quarters ended March 31, 2021 and 2020 was $12,446,000 and $31,947,000, or $0.06 and $0.17 per diluted share, respectively.
FUNDS FROM OPERATIONS ("FFO") attributable to common shareholders plus assumed conversions (non-GAAP) for the quarter ended March 31, 2021 was $118,407,000, or $0.62 per diluted share, compared to $130,360,000, or $0.68 per diluted share, for the prior year's quarter. Adjusting for the items that impact period-to-period comparability listed in the table on the following page, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the quarters ended March 31, 2021 and 2020 was $124,359,000 and $146,829,000, or $0.65 and $0.77 per diluted share, respectively.

The following table reconciles our net income attributable to common shareholders to net income attributable to common shareholders, as adjusted (non-GAAP):
(Amounts in thousands, except per share amounts)For the Three Months Ended
March 31,
 20212020
Net income attributable to common shareholders$4,083 $4,963 
Per diluted share$0.02 $0.03 
Certain expense (income) items that impact net income attributable to common shareholders:
Hotel Pennsylvania (temporarily closed on April 1, 2020, permanently closed on April 5, 2021)$8,990 $12,393 
Our share of (income) loss from real estate fund investments(260)56,158 
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units— (59,911)
Credit losses on loans receivable— 7,261 
Mark-to-market decrease in Pennsylvania Real Estate Investment Trust ("PREIT") common shares (sold on January 23, 2020)— 4,938 
Other194 7,896 
8,924 28,735 
Noncontrolling interests' share of above adjustments(561)(1,751)
Total of certain expense (income) items that impact net income attributable to common shareholders$8,363 $26,984 
Net income attributable to common shareholders, as adjusted (non-GAAP)$12,446 $31,947 
Per diluted share (non-GAAP)$0.06 $0.17 
NYSE: VNO | WWW.VNO.COM
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The following information was filed by Vornado Realty Lp on Tuesday, May 4, 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-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

Cover
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) (Parentheticals)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Income (Unaudited)
(Transaction Related Costs And Other) Lease Liability Extinguishment Gain
(Transaction Related Costs And Other) Lease Liability Extinguishment Gain (Tables)
(Transaction Related Costs And Other) Lease Liability Extinguishment Gain - (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 (Unobservable Quantitative Input Ratios) (Details)
Identified Intangible Assets And Liabilities
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)
Identified Intangible Assets And Liabilities (Tables)
Income (Loss) Per Share/Income (Loss) Per Class A Unit
Income (Loss) Per Share/Income (Loss) Per Class A Unit (Details)
Income (Loss) Per Share/Income (Loss) Per Class A Unit (Tables)
Income (Loss) Per Share/Income (Loss) Per Class A Unit - Narrative (Details)
Interest And Debt Expense
Interest And Debt Expense (Details)
Interest And Debt Expense (Tables)
Interest And Other Investment Income (Loss), Net
Interest And Other Investment Income (Loss), Net (Details)
Interest And Other Investment Income (Loss), 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 (One Park Avenue) (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)
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 (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 (Components Of Lease Revenue) (Details)
Revenue Recognition (Revenues By Segment) (Details)
Revenue Recognition (Tables)
Segment Information
Segment Information (Narrative) (Details)
Segment Information (Net Income To Noi Reconciliation) (Details)
Segment Information (Summary Of Noi By Segment) (Details)
Segment Information (Tables)
Shareholders' Equity/Partners' Capital
Shareholders' Equity/Partners' Capital (Aoci By Component) (Details)
Shareholders' Equity/Partners' Capital (Schedule Of Dividends) (Details)
Shareholders' Equity/Partners' Capital (Tables)
Stock-Based Compensation
Stock-Based Compensation (Narrative) (Details)
Variable Interest Entities (Vies)
Variable Interest Entities (Vies) (Narrative) (Details)
CIK: 1040765
Form Type: 10-Q Quarterly Report
Accession Number: 0000899689-21-000040
Submitted to the SEC: Mon Aug 02 2021 4:21:29 PM EST
Accepted by the SEC: Mon Aug 02 2021
Period: Wednesday, June 30, 2021
Industry: Real Estate Investment Trusts

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