Maryland
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No. 001-11954
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No. 22-1657560
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||
(State or Other Jurisdiction
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(Commission File Number)
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(IRS Employer
|
||
of Incorporation)
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Identification No.) |
Delaware
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No. 001-34482
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No. 13-3925979
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||
(State or Other Jurisdiction of
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(Commission
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(IRS Employer
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||
Incorporation)
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File Number) | Identification No.) |
888 Seventh Avenue
New York, New York
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10019
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(Address of Principal Executive offices)
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(Zip Code)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02.
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Results of Operations and Financial Condition.
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Item 8.01
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Other Events.
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Item 9.01.
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Financial Statements, Pro Forma Financial Information and Exhibits.
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(d)
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Exhibit.
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99.1 Press Release, dated April 24, 2013.
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VORNADO REALTY TRUST
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||
(Registrant)
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||
By:
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/s/ Joseph Macnow
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Name:
|
Joseph Macnow
|
|
Title:
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Executive Vice President
- Finance and Administration and
Chief Financial Officer
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VORNADO REALTY L.P.
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||
(Registrant)
|
||
By:
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VORNADO REALTY TRUST,
|
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Sole General Partner
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||
By:
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/s/ Joseph Macnow
|
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Name:
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Joseph Macnow
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Title:
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Executive Vice President
- Finance and Administration and
Chief Financial Officer
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For the Quarter Ended
|
||||||||||||
February 2, 2013
|
January 28, 2012
|
|||||||||||
(Amounts in thousands)
|
Results on a
Historical
Basis
|
Results on
Vornado’s
Purchase Price
Accounting
Basis
|
Results on
Vornado’s
Purchase Price
Accounting
Basis
|
|||||||||
Net sales
|
$
|
5,770,000
|
$
|
5,770,000
|
$
|
5,925,000
|
||||||
Cost of sales
|
3,801,000
|
3,801,000
|
3,944,000
|
|||||||||
Gross margin
|
1,969,000
|
1,969,000
|
1,981,000
|
|||||||||
Selling, general and administrative expenses
|
1,294,000
|
1,302,200
|
1,289,600
|
|||||||||
Depreciation and amortization
|
110,000
|
116,600
|
106,200
|
|||||||||
Other (income) expense, net
|
(13,000
|
)
|
(3,100
|
)
|
9,000
|
|||||||
Total operating expenses
|
1,391,000
|
1,415,700
|
1,404,800
|
|||||||||
Operating earnings
|
578,000
|
553,300
|
576,200
|
|||||||||
Interest expense
|
(130,000
|
)
|
(132,500
|
)
|
(96,600
|
)
|
||||||
Interest income
|
4,000
|
4,000
|
4,000
|
|||||||||
Earnings before income taxes
|
452,000
|
424,800
|
483,600
|
|||||||||
Income tax expense
|
(212,000
|
)
|
(182,800
|
)
|
|
(132,200
|
)
|
|||||
Net earnings
|
240,000
|
242,000
|
351,400
|
|||||||||
Less: Net earnings attributable to noncontrolling interest
|
(1,000
|
)
|
(1,000
|
)
|
(2,000
|
)
|
||||||
Net earnings attributable to Toys “R” Us, Inc.
|
$
|
239,000
|
$
|
241,000
|
$
|
349,400
|
||||||
Vornado’s 32.5% equity in Toys’ net earnings
|
$
|
78,542
|
$
|
114,184
|
||||||||
Impairment loss
|
(78,542
|
)
|
-
|
|||||||||
Management fee from Toys, net
|
1,759
|
2,287
|
||||||||||
Total Vornado net income from its investment in Toys
|
$
|
1,759
|
$
|
116,471
|
||||||||
See page 3 for a reconciliation of net income to FFO.
|
||||||||||||
Reconciliation of Vornado’s net income from its
investment in Toys to EBITDA (1):
|
||||||||||||
Net income
|
$
|
1,759
|
$
|
116,471
|
||||||||
Interest and debt expense
|
43,182
|
31,569
|
||||||||||
Depreciation and amortization
|
37,674
|
34,706
|
||||||||||
Income tax expense
|
59,346
|
43,203
|
||||||||||
Vornado’s share of Toys’ EBITDA (1)
|
$
|
141,961
|
$
|
225,949
|
|
(1)
|
EBITDA represents “Earnings Before Interest, Taxes, Depreciation and Amortization.” Management considers EBITDA a supplemental measure for making decisions and assessing the unlevered performance of its segments as it relates to the total return on assets as opposed to the levered return on equity. EBITDA should not be considered a substitute for net income. EBITDA may not be comparable to similarly titled measures employed by other companies.
|
(Amounts in thousands)
|
For the Quarter Ended
|
||||||
February, 2 2013
|
January 28, 2012
|
||||||
Reconciliation of Vornado's net income from its investment in Toys to FFO (1):
|
|||||||
Net income
|
$
|
1,759
|
$
|
116,471
|
|||
Depreciation and amortization of real property
|
19,326
|
17,288
|
|||||
Real estate impairment losses
|
3,650
|
7,026
|
|||||
Income tax effect of above adjustments
|
(8,050
|
)
|
(8,497
|
)
|
|||
Vornado's share of Toys’ FFO (1)
|
$
|
16,685
|
$
|
132,288
|
|
|
(1)
|
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, extraordinary items and other specified non-cash items, including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO and FFO per diluted share are 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 flows as a liquidity measure. FFO may not be comparable to similarly titled measures employed by other companies.
|
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