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Vornado Realty Lp (VRLP) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

Vornado Realty Lp

CIK: 1040765
 

EXHIBIT 99.1

CONTACT:

STEPHEN THERIOT

 

 

(201) 587-1000

 

 

 

  Description: Vornado Logo 282

 

                                                                                                                                                                                                                                                                      

               210 Route 4 East

                                                                                                                                                                                                                                                              

               Paramus, NJ 07652

FOR IMMEDIATE RELEASE – February 17, 2015

 

Vornado Announces Fourth Quarter 2014 Financial Results

 

PARAMUS, NEW JERSEY.......VORNADO REALTY TRUST (NYSE: VNO) filed its Form 10-K for the year ended December 31, 2014 today and reported:

 

Fourth Quarter 2014 Results

 

NET INCOME attributable to common shareholders for the quarter ended December 31, 2014 was $513.2 million, or $2.72 per diluted share, compared to net loss of $68.9 million, or $0.37 per diluted share for the quarter ended December 31, 2013.  Net income for the quarter ended December 31, 2014 and net loss for the quarter ended December 31, 2013 include $460.2 million and $127.5 million, respectively, of net gains on sale of real estate, and $5.7 million and $32.9 million, respectively, of real estate impairment losses.  In addition, the quarters ended December 31, 2014 and 2013 include certain other items that affect comparability which are listed in the table below.  Adjusting net income (loss) attributable to common shareholders for net gains on sale of real estate, real estate impairment losses and the items in the table below, net of amounts attributable to noncontrolling interests, net income attributable to common shareholders for the quarters ended December 31, 2014 and 2013 was $113.0 million and $98.2 million, or $0.60 and $0.52 per diluted share, respectively.   

 

FUNDS FROM OPERATIONS attributable to common shareholders plus assumed conversions (“FFO”) for the quarter ended December 31, 2014 was a positive $230.1 million, or $1.22 per diluted share, compared to a negative $6.8 million, or $0.04 per diluted share for the prior year’s quarter.  Adjusting FFO for certain items that affect comparability which are listed in the table below, FFO for the quarters ended December 31, 2014 and 2013 was $256.1 million and $234.8 million, or $1.36 and $1.25 per diluted share, respectively.

 

(Amounts in thousands, except per share amounts)

For the Quarters Ended December 31,

2014 

2013 

FFO (negative FFO) (1)

$

230,143 

$

(6,784)

Per Share

$

1.22 

$

(0.04)

Items that affect comparability income (expense):

Acquisition and transaction related costs

$

(18,376)

$

(18,088)

Write-off of deferred financing costs and defeasance costs in connection with refinancings

(16,747)

(8,436)

FFO from discontinued operations

8,656 

15,757 

Toys "R" Us FFO (negative FFO) (including a $162,215 impairment loss in 2013)

606 

(282,041)

Net gain on sale of residential condominiums and land parcels

363 

481 

Net gain on sale of Harlem Park property under development

-   

23,507 

Deferred income tax reversal

-   

16,055 

Other, net

(2,097)

(4,183)

(27,595)

(256,948)

Noncontrolling interests' share of above adjustments

1,601 

15,343 

Items that affect comparability, net

$

(25,994)

$

(241,605)

FFO as adjusted for comparability

$

256,137 

$

234,821 

Per Share

$

1.36 

$

1.25 

 

 

 

_______________________________________________________________________________________________________________________

(1) See page 4 for a reconciliation of our net income (loss) to FFO (negative FFO) for the quarters ended December 31, 2014 and 2013.

 

 


The following information was filed by Vornado Realty Lp on Wednesday, February 18, 2015 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 Comprehensive Income
Consolidated Statements Of Income
Acquisitions
Acquisitions (narratives) (details)
Basis Of Presentation And Significant Accounting Policies
Basis Of Presentation And Significant Accounting Policies (details 1)
Basis Of Presentation And Significant Accounting Policies (details 2)
Basis Of Presentation And Significant Accounting Policies (details)
Basis Of Presentation And Significant Accounting Policies (policy)
Basis Of Presentation And Significant Accounting Policies (tables)
Commitments And Contingencies
Commitments And Contingencies (details)
Debt
Debt (narratives) (details)
Debt (summary Of Debt) (details)
Debt (tables)
Dispositions
Dispositions (details 1)
Dispositions (narratives) (details)
Dispositions (tables)
Fair Value Measurements
Fair Value Measurements (details 1)
Fair Value Measurements (details 2)
Fair Value Measurements (details)
Fair Value Measurements (narratives) (details)
Fair Value Measurements (tables)
Fee And Other Income
Fee And Other Income (details)
Fee And Other Income (tables)
Identified Intangible Assets And Intangible Liabilities (details)
Identified Intangible Assets And Intangible Liabilities (tables)
Identified Intangible Assets And Liabilities
Income Per Class A Unit
Income Per Class A Unit (details)
Income Per Class A Unit (parentheticals) (details)
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 (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 (details)
Investments In Partially Owned Entities (lnr) (details)
Investments In Partially Owned Entities (one Park Avenue And 61 Ninth Avenue) (details)
Investments In Partially Owned Entities (tables)
Investments In Partially Owned Entities - Debt (details)
Leases
Leases (details)
Leases (tables)
Marketable Securities And Derivative Instruments
Marketable Securities And Derivative Instruments (tables)
Marketable Securities And Derivative Instruments: Derivative Instruments (narratives) (details)
Marketable Securities And Derivative Instruments: Marketable Securities (details)
Mortgage And Mezzanine Loans Receivable
Mortgage And Mezzanine Loans Receivable (narratives) (details)
Multiemployer Benefit Plans
Multiemployer Plans (details)
Organization And Business
Organization And Business (details)
Partners' Capital
Partners' Capital (details 1)
Partners' Capital (details)
Partners' Capital (tables)
Redeemable Partnership Units
Redeemable Partnership Units (details)
Redeemable Partnership Units (tables)
Related Party Transactions
Related Party Transactions (details)
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 (details)
Segment Information
Segment Information (details)
Segment Information (parentheticals) (details)
Segment Information (tables)
Stock-based Compensation
Stock-based Compensation (details 1)
Stock-based Compensation (narratives) (details)
Stock-based Compensation (tables)
Summary Of Quarterly Results (details)
Summary Of Quarterly Results (tables)
Summary Of Quarterly Results (unaudited)
Variable Interest Entities ("vies")
Variable Interest Entities (details)
Vornado Capital Partners Real Estate Fund (the "fund")
Vornado Capital Partners Real Estate Fund (the "fund") (details 1)
Vornado Capital Partners Real Estate Fund (the "fund") (narratives) (details)
Vornado Capital Partners Real Estate Fund (the "fund") (tables)
CIK: 1040765
Form Type: 10-K Annual Report
Accession Number: 0001040765-15-000003
Submitted to the SEC: Mon Feb 23 2015 4:38:02 PM EST
Accepted by the SEC: Mon Feb 23 2015
Period: Wednesday, December 31, 2014
Industry: Real Estate Investment Trusts

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