Vornado Announces Fourth Quarter 2012 Financial Results

VORNADO REALTY TRUST (New York Stock Exchange: VNO) filed its Form 10-K for the year ended December 31, 2012 today and reported:

Fourth Quarter 2012 Results

NET INCOME attributable to common shareholders for the quarter ended December 31, 2012 was $62.6 million, or $0.33 per diluted share, compared to $69.5 million, or $0.37 per diluted share for the quarter ended December 31, 2011. Net income for the quarters ended December 31, 2012 and 2011 includes $281.5 million and $1.9 million, respectively, of net gains on sale of real estate, and $117.9 million and $28.8 million, respectively, of real estate impairment losses. In addition, the quarters ended December 31, 2012 and 2011 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 December 31, 2012 and 2011 was $81.3 million and $20.9 million, or $0.43 and $0.11 per diluted share, respectively.

FUNDS FROM OPERATIONS attributable to common shareholders plus assumed conversions (“FFO”) for the quarter ended December 31, 2012 was $55.9 million, or $0.30 per diluted share, compared to $280.4 million, or $1.46 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, 2012 and 2011 was $228.6 million and $197.9 million, or $1.22 and $1.03 per diluted share, respectively.
     
(Amounts in thousands, except per share amounts) For the Quarters Ended December 31,
2012     2011  
FFO (1) $ 55,890   $ 280,369  
Per Share $ 0.30   $ 1.46  
 
Items that affect comparability income (expense):
Non-cash impairment loss on J.C. Penney owned shares $ (224,937 ) $ -
(Loss) income from the mark-to-market of J.C. Penney derivative position (22,472 ) 40,120
Non-cash impairment loss on investment in Toys (40,000 ) -
Accelerated amortization of discount on investment in subordinated debt of Independence Plaza 60,396 -
1290 Avenue of the Americas and 555 California Street priority return and income tax benefit 25,260 -
Net gain resulting from Lexington Realty Trust's stock issuance 14,116 -
FFO attributable to discontinued operations, including our share of discontinued operations
of Alexander's 12,736 25,398
Recognition of disputed receivable from Stop & Shop - 23,521
Other, net (8,825 ) (1,014 )
(183,726 ) 88,025
Noncontrolling interests' share of above adjustments 11,056   (5,532 )
Items that affect comparability, net $ (172,670 ) $ 82,493  
FFO as adjusted for comparability $ 228,560   $ 197,876  
Per Share $ 1.22   $ 1.03  

 

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(1)   See page 4 for a reconciliation of our net income to FFO for the quarters ended December 31, 2012 and 2011.
 

Year Ended 2012 Results

NET INCOME attributable to common shareholders for the year ended December 31, 2012 was $549.3 million, or $2.94 per diluted share, compared to $601.8 million, or $3.23 per diluted share for the year ended December 31, 2011. Net income for the years ended December 31, 2012 and 2011 includes $487.4 million and $61.4 million, respectively, of net gains on sale of real estate, and $141.6 million and $28.8 million, respectively, of real estate impairment losses. In addition, the years ended December 31, 2012 and 2011 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 years ended December 31, 2012 and 2011 was $384.4 million and $314.1 million, or $2.06 and $1.68 per diluted share, respectively.

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