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Marketwired
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Vornado Announces Second Quarter 2017 Financial Results

NEW YORK, NY--(Marketwired - July 31, 2017) - VORNADO REALTY TRUST (NYSE: VNO) filed its Form 10-Q for the quarter ended June 30, 2017 today and reported:

Quarter Ended June 30, 2017 Financial Results

  • NET INCOME attributable to common shareholders for the quarter ended June 30, 2017 was $116.0 million, or $0.61 per diluted share, compared to $220.5 million, or $1.16 per diluted share, for the prior year's quarter. Adjusting net income attributable to common shareholders (non-GAAP) for the items listed in the table on the following page, net income attributable to common shareholders for the quarters ended June 30, 2017 and 2016 was $82.0 million and $66.5 million, or $0.43 and $0.35 per diluted share, respectively.
  • FUNDS FROM OPERATIONS attributable to common shareholders plus assumed conversions (non-GAAP) ("FFO") for the quarter ended June 30, 2017 was $257.7 million, or $1.35 per diluted share, compared to $229.4 million, or $1.21 per diluted share, for the prior year's quarter. Adjusting FFO for the items listed in the table on page 3, FFO for the quarters ended June 30, 2017 and 2016 was $237.9 million and $225.0 million, or $1.25 and $1.19 per diluted share, respectively.

Six Months Ended June 30, 2017 Financial Results

  • NET INCOME attributable to common shareholders for the six months ended June 30, 2017 was $163.7 million, or $0.86 per diluted share, compared to $106.3 million, or $0.56 per diluted share, for the six months ended June 30, 2016. Adjusting net income attributable to common shareholders for the items listed in the table on the following page, net income attributable to common shareholders for the six months ended June 30, 2017 and 2016 was $138.6 million and $107.2 million, or $0.73 and $0.56 per diluted share, respectively.
  • FFO for the six months ended June 30, 2017 was $463.4 million, or $2.43 per diluted share, compared to $433.1 million, or $2.28 per diluted share, for the prior year's six months. Adjusting FFO for the items listed in the table on page 3, FFO for the six months ended June 30, 2017 and 2016 was $453.6 million and $424.0 million, or $2.38 and $2.23 per diluted share, respectively.

Basis of Reporting

The above data for both the three and six month periods ended June 30, 2017 and 2016 includes the results of our Washington, DC segment in (i) net income attributable to common shareholders, (ii) net income attributable to common shareholders, as adjusted, (iii) FFO and (iv) FFO, as adjusted. The Washington, DC segment was spun off from Vornado Realty Trust on July 17, 2017. Beginning in the third quarter of 2017, these results will be shown as discontinued operations and will not be included in net income attributable to common shareholders, as adjusted and FFO, as adjusted for all periods presented.

Supplemental Financial Information

Further details regarding results of operations, properties and tenants can be accessed at the Company's website www.vno.com. Vornado Realty Trust is a fully-integrated equity real estate investment trust.

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, as amended, for the year ended December 31, 2016. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors.

(tables to follow)

The following table reconciles our net income to net income, as adjusted (non-GAAP):

(Amounts in thousands, except    For the Three Months   For the Six Months  
 per share amounts)                      Ended                 Ended        
                                       June 30,              June 30,       
                                 --------------------- ---------------------
                                      2017       2016       2017       2016 
                                 ---------- ---------- ---------- ----------
Net income attributable to                                                  
 common shareholders             $ 115,972  $ 220,463  $ 163,724  $ 106,300 
                                  =========  =========  =========  =========
  Per diluted share              $    0.61  $    1.16  $    0.86  $    0.56 
                                  =========  =========  =========  =========
                                                                            
Certain items that impact net                                               
 income attributable to common                                              
 shareholders:                                                              
  Net gain on repayment of our                                              
   Suffolk Downs JV debt                                                    
   investments                   $  11,373  $       -  $  11,373  $       - 
  Acquisition and transaction                                               
   related costs                    (6,471)    (2,879)   (14,476)    (7,486)
  Net income (loss) from                                                    
   discontinued operations and                                              
   sold properties                     663        104        824     (1,325)
  (Loss) income from real estate                                            
   fund investments, net              (304)     7,544     (3,539)    12,855 
  Net gains on sale of real                                                 
   estate                                -    161,721      2,267    161,721 
  Default interest on Skyline                                               
   properties mortgage loan              -     (2,711)         -     (2,711)
  Skyline properties impairment                                             
   loss                                  -          -          -   (160,700)
  Other                                  -          -        501        714 
  Our share of partially owned                                              
   entities:                                                                
    Net gain resulting from                                                 
     Urban Edge Properties                                                  
     ("UE") operating                                                       
     partnership unit issuances     15,900          -     15,900          - 
    Net gains on sale of real                                               
     estate                         15,339        319     17,192        319 
    Real estate impairment                                                  
     losses                           (167)       (49)    (3,218)    (4,402)
    Other                              (67)       (25)       (67)       (25)
                                  ---------  ---------  ---------  ---------
                                    36,266    164,024     26,757     (1,040)
Noncontrolling interests' share                                             
 of above adjustments               (2,245)   (10,104)    (1,662)        91 
                                  ---------  ---------  ---------  ---------
Total of certain items that                                                 
 impact net income attributable                                             
 to common shareholders, net     $  34,021  $ 153,920  $  25,095  $    (949)
                                  =========  =========  =========  =========
                                                                            
Net income attributable to                                                  
 common shareholders,                                                       
  as adjusted (non-GAAP)         $  81,951  $  66,543  $ 138,629  $ 107,249 
                                  =========  =========  =========  =========
  Per diluted share (non-GAAP)   $    0.43  $    0.35  $    0.73  $    0.56 
                                  =========  =========  =========  =========
                                                                            
                                                                            

The following table reconciles our FFO (non-GAAP) to FFO, as adjusted (non-GAAP):

(Amounts in thousands, except    For the Three Months   For the Six Months  
 per share amounts)                      Ended                 Ended        
                                       June 30,              June 30,       
                                 --------------------- ---------------------
                                      2017       2016       2017       2016 
                                 ---------- ---------- ---------- ----------
FFO (non-GAAP) (1)               $ 257,673  $ 229,432  $ 463,422  $ 433,104 
                                  =========  =========  =========  =========
  Per diluted share (non-GAAP)   $    1.35  $    1.21  $    2.43  $    2.28 
                                  =========  =========  =========  =========
                                                                            
Certain items that impact FFO:                                              
  Net gain on repayment of our                                              
   Suffolk Downs JV debt                                                    
   investments                   $  11,373  $       -  $  11,373  $       - 
  Acquisition and transaction                                               
   related costs                    (6,471)    (2,879)   (14,476)    (7,486)
  FFO from discontinued                                                     
   operations and sold                                                      
   properties                          663      2,889        824      6,349 
  (Loss) income from real estate                                            
   fund investments, net              (304)     7,544     (3,539)    12,855 
  Default interest on Skyline                                               
   properties mortgage loan              -     (2,711)         -     (2,711)
  Other                                  -          -        501        714 
  Our share of partially owned                                              
   entities:                                                                
    Net gain resulting from UE                                              
     operating partnership unit                                             
     issuances                      15,900          -     15,900          - 
    Other                              (67)       (25)       (67)       (25)
                                  ---------  ---------  ---------  ---------
                                    21,094      4,818     10,516      9,696 
Noncontrolling interests' share                                             
 of above adjustments               (1,306)      (400)      (653)      (594)
                                  ---------  ---------  ---------  ---------
Total of certain items that                                                 
 impact FFO, net                 $  19,788  $   4,418  $   9,863  $   9,102 
                                  =========  =========  =========  =========
                                                                            
FFO, as adjusted (non-GAAP)      $ 237,885  $ 225,014  $ 453,559  $ 424,002 
                                  =========  =========  =========  =========
  Per diluted share (non-GAAP)   $    1.25  $    1.19  $    2.38  $    2.23 
                                  =========  =========  =========  =========
                                                                            
(1) See page 5 for a reconciliation of our net income to FFO for the three  
 and six months ended June 30, 2017 and 2016.                               
                                                                            
                                                                            
VORNADO REALTY TRUST                            
            OPERATING RESULTS FOR THE THREE AND SIX MONTHS ENDED            
                           JUNE 30, 2017 AND 2016                           
                                                                            
(Amounts in thousands, except  For the Three Months    For the Six Months   
 per share amounts)                    Ended                  Ended         
                                     June 30,               June 30,        
                               --------------------- -----------------------
                                    2017       2016        2017        2016 
                               ---------- ---------- ----------- -----------
Revenues                       $ 626,039  $ 621,708  $1,246,887  $1,234,745 
                                =========  =========  ==========  ==========
                                                                            
Income from continuing                                                      
 operations                    $ 146,821  $ 265,907  $  218,240  $  173,583 
Income from discontinued                                                    
 operations                          663      2,475       3,091       3,191 
                                ---------  ---------  ----------  ----------
Net income                       147,484    268,382     221,331     176,774 
Less net income attributable                                                
 to noncontrolling interests                                                
 in:                                                                        
  Consolidated subsidiaries       (7,677)   (13,025)    (14,414)    (22,703)
  Operating Partnership           (7,706)   (14,531)    (10,935)     (7,044)
                                ---------  ---------  ----------  ----------
Net income attributable to                                                  
 Vornado                         132,101    240,826     195,982     147,027 
Preferred share dividends        (16,129)   (20,363)    (32,258)    (40,727)
                                ---------  ---------  ----------  ----------
Net income attributable to                                                  
 common shareholders           $ 115,972  $ 220,463  $  163,724  $  106,300 
                                =========  =========  ==========  ==========
                                                                            
                                                                            
Income per common share -                                                   
 Basic:                                                                     
  Income from continuing                                                    
   operations, net             $    0.61  $    1.16  $     0.84  $     0.54 
  Income from discontinued                                                  
   operations, net                     -       0.01        0.02        0.02 
                                ---------  ---------  ----------  ----------
  Net income per common share  $    0.61  $    1.17  $     0.86  $     0.56 
                                =========  =========  ==========  ==========
  Weighted average shares                                                   
   outstanding                   189,395    188,772     189,304     188,715 
                                =========  =========  ==========  ==========
                                                                            
Income per common share -                                                   
 Diluted:                                                                   
  Income from continuing                                                    
   operations, net             $    0.61  $    1.15  $     0.84  $     0.54 
  Income from discontinued                                                  
   operations, net                     -       0.01        0.02        0.02 
                                ---------  ---------  ----------  ----------
  Net income per common share  $    0.61  $    1.16  $     0.86  $     0.56 
                                =========  =========  ==========  ==========
  Weighted average shares                                                   
   outstanding                   190,444    189,885     190,674     190,000 
                                =========  =========  ==========  ==========
                                                                            
                                                                            
FFO (non-GAAP)                 $ 257,673  $ 229,432  $  463,422  $  433,104 
                                =========  =========  ==========  ==========
  Per diluted share (non-GAAP) $    1.35  $    1.21  $     2.43  $     2.28 
                                =========  =========  ==========  ==========
                                                                            
FFO, as adjusted (non-GAAP)    $ 237,885  $ 225,014  $  453,559  $  424,002 
                                =========  =========  ==========  ==========
  Per diluted share (non-GAAP) $    1.25  $    1.19  $     2.38  $     2.23 
                                =========  =========  ==========  ==========
                                                                            
Weighted average shares used                                                
 in determining FFO per                                                     
 diluted share (non-GAAP)        190,444    189,885     190,450     190,043 
                                =========  =========  ==========  ==========
                                                                            
                                                                            

The following table reconciles net income to FFO:

(Amounts in thousands, except    For the Three Months   For the Six Months  
 per share amounts)                      Ended                 Ended        
                                       June 30,              June 30,       
                                 --------------------- ---------------------
                                      2017       2016       2017       2016 
                                 ---------- ---------- ---------- ----------
Net income attributable to                                                  
 common shareholders             $ 115,972  $ 220,463  $ 163,724  $ 106,300 
                                  =========  =========  =========  =========
  Per diluted share              $    0.61  $    1.16  $    0.86  $    0.56 
                                  =========  =========  =========  =========
                                                                            
FFO adjustments:                                                            
Depreciation and amortization of                                            
 real property                   $ 128,527  $ 133,218  $ 258,996  $ 267,339 
Net gains on sale of real estate         -   (161,721)    (2,267)  (161,721)
Real estate impairment losses            -          -          -    160,700 
Proportionate share of                                                      
 adjustments to equity in net                                               
 income (loss) of partially                                                 
 owned entities to arrive at                                                
 FFO:                                                                       
  Depreciation and amortization                                             
   of real property                 37,682     38,308     76,756     77,354 
  Net gains on sale of real                                                 
   estate                          (15,339)      (319)   (17,192)      (319)
  Real estate impairment losses        167         49      3,218      4,402 
                                  ---------  ---------  ---------  ---------
                                   151,037      9,535    319,511    347,755 
Noncontrolling interests' share                                             
 of above adjustments               (9,356)      (588)   (19,873)   (21,469)
                                  ---------  ---------  ---------  ---------
FFO adjustments, net             $ 141,681  $   8,947  $ 299,638  $ 326,286 
                                  =========  =========  =========  =========
                                                                            
FFO attributable to common                                                  
 shareholders (non-GAAP)         $ 257,653  $ 229,410  $ 463,362  $ 432,586 
Convertible preferred share                                                 
 dividends                              20         22         60         43 
Earnings allocated to Out-                                                  
 Performance Plan units                  -          -          -        475 
                                  ---------  ---------  ---------  ---------
FFO attributable to common                                                  
 shareholders plus assumed                                                  
 conversions (non-GAAP)          $ 257,673  $ 229,432  $ 463,422  $ 433,104 
                                  =========  =========  =========  =========
  Per diluted share (non-GAAP)   $    1.35  $    1.21  $    2.43  $    2.28 
                                  =========  =========  =========  =========
                                                                            

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 depreciated real estate assets, real estate impairment losses, depreciation and amortization expense from real estate assets and other specified non-cash 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. A reconciliation of our net income to FFO is provided above. 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. Reconciliations of FFO to FFO, as adjusted are provided on page 3 of this press release.

Conference Call and Audio Webcast

As previously announced, the Company will host a quarterly earnings conference call and an audio webcast on Tuesday, August 1, 2017 at 10:00 a.m. Eastern Time (ET). The conference call can be accessed by dialing 800-708-4540 (domestic) or 847-619-6397 (international) and indicating to the operator the passcode 45172407. A telephonic replay of the conference call will be available from 1:00 p.m. ET on August 1, 2017 through August 31, 2017. To access the replay, please dial 888-843-7419 and enter the passcode 45172407#. A live webcast of the conference call will be available on the Company's website at www.vno.com and an online playback of the webcast will be available on the website for 90 days following the conference call.

CONTACT:
Joseph Macnow
(201) 587-1000

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