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Vornado Announces Third Quarter 2013 Financial Results

Stocks in this article: VNO

VORNADO REALTY TRUST (NYSE:VNO) filed its Form 10-Q for the quarter ended September 30, 2013 today and reported:

Third Quarter 2013 Results

NET INCOME attributable to common shareholders for the quarter ended September 30, 2013 was $83.0 million, or $0.44 per diluted share, compared to $232.4 million, or $1.24 per diluted share for the quarter ended September 30, 2012. Net income for the quarters ended September 30, 2013 and 2012 include $16.1 million and $132.2 million, respectively, of net gains on sale of real estate, and $2.5 million of real estate impairment losses in the quarter ended September 30, 2013. In addition, the quarters ended September 30, 2013 and 2012 include certain other items that affect comparability, which are listed in the table below. Adjusting net income 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 September 30, 2013 and 2012 was $107.6 million and $69.1 million, or $0.57 and $0.37 per diluted share, respectively.

FUNDS FROM OPERATIONS attributable to common shareholders plus assumed conversions (“FFO”) for the quarter ended September 30, 2013 was $210.6 million, or $1.12 per diluted share, compared to $251.0 million, or $1.34 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 September 30, 2013 and 2012 was $238.2 million and $192.2 million, or $1.27 and $1.03 per diluted share, respectively.

           
(Amounts in thousands, except per share amounts) For the Three Months Ended September 30,
2013   2012
FFO (1) $ 210,627   $ 251,019  
Per Share $ 1.12   $ 1.34  
 
Items that affect comparability income (expense):
Net gain on sale of marketable securities $ 31,741 $ -

FFO from discontinued operations, including LNR and discontinued operations of Alexander's

699 32,454
Toys "R" Us FFO (22,343 ) 2,403
(Loss) income from the mark-to-market of J.C. Penney derivative position (20,012 ) 4,344
Loss on sale of J.C. Penney common shares (18,114 ) -
Acquisition related costs (2,818 ) (1,070 )
After-tax net gain on sale of Canadian Trade Shows - 19,657
Other, net 1,511   5,013  
(29,336 ) 62,801
Noncontrolling interests' share of above adjustments 1,714   (4,022 )
Items that affect comparability, net $ (27,622 ) $ 58,779  
 
FFO as adjusted for comparability $ 238,249   $ 192,240  
Per Share $ 1.27   $ 1.03  
 
 
(1) See page 4 for a reconciliation of our net income to FFO for the three months ended September 30, 2013 and 2012.
 

Nine Months 2013 Results

NET INCOME attributable to common shareholders for the nine months ended September 30, 2013 was $460.9 million, or $2.46 per diluted share, compared to $486.6 million, or $2.61 per diluted share for the nine months ended September 30, 2012. Net income for the nine months ended September 30, 2013 and 2012 include $284.5 million and $205.9 million, respectively, of net gains on sale of real estate, and $10.8 million and $23.8 million, respectively, of real estate impairment losses. In addition, the nine months ended September 30, 2013 and 2012 include certain other items that affect comparability, which are listed in the table below. Adjusting net income 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 nine months ended September 30, 2013 and 2012 was $288.1 million and $185.8 million, or $1.54 and $1.00 per diluted share, respectively.

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