EX-99 4 exhibit991.htm EXHIBIT 99.1 exhibit991.htm - Generated by SEC Publisher for SEC Filing

 

 

EXHIBIT 99.1

ITEM 6. SELECTED FINANCIAL DATA

Year Ended December 31,

(Amounts in thousands, except per share amounts)

2014 

2013 

2012 

2011 

2010 

Operating Data:

Revenues:

Property rentals

$

1,911,487 

$

1,880,405 

$

1,771,264 

$

1,802,871 

$

1,790,769 

Tenant expense reimbursements

245,819 

226,831 

207,149 

213,200 

217,999 

Cleveland Medical Mart development project

36,369 

235,234 

154,080 

Fee and other income

155,206 

155,571 

119,077 

123,452 

121,103 

Total revenues

2,312,512 

2,299,176 

2,332,724 

2,293,603 

2,129,871 

Expenses:

Operating

953,611 

928,565 

891,637 

878,777 

848,112 

Depreciation and amortization

481,303 

461,627 

435,545 

441,223 

416,324 

General and administrative

169,270 

177,366 

167,194 

163,238 

170,460 

Cleveland Medical Mart development project

32,210 

226,619 

145,824 

Acquisition and transaction related costs,

and impairment losses

18,435 

24,857 

17,386 

34,930 

38,563 

Total expenses

1,622,619 

1,624,625 

1,738,381 

1,663,992 

1,473,459 

Operating income

689,893 

674,551 

594,343 

629,611 

656,412 

Income (loss) from Real Estate Fund

163,034 

102,898 

63,936 

22,886 

(303)

(Loss) income applicable to Toys "R" Us

(73,556)

(362,377)

14,859 

48,540 

71,624 

Income from partially owned entities

15,425 

23,592 

408,267 

70,072 

14,601 

Interest and debt expense

(412,755)

(425,782)

(431,235)

(453,420)

(473,938)

Interest and other investment income (loss), net

38,752 

(24,887)

(261,200)

148,540 

234,768 

Net gain on disposition of wholly owned and partially

owned assets

13,568 

2,030 

4,856 

10,856 

81,432 

Net loss on extinguishment of debt

(10,782)

Income (loss) before income taxes

434,361 

(9,975)

393,826 

477,085 

573,814 

Income tax (expense) benefit

(9,281)

8,717 

(8,132)

(23,891)

(22,100)

Income (loss) from continuing operations

425,080 

(1,258)

385,694 

453,194 

551,714 

Income from discontinued operations

583,946 

565,998 

308,847 

286,806 

156,317 

Net income

1,009,026 

564,740 

694,541 

740,000 

708,031 

Less net income attributable to noncontrolling interests in:

Consolidated subsidiaries

(96,561)

(63,952)

(32,018)

(21,786)

(4,920)

Operating Partnership

(47,563)

(23,659)

(35,327)

(41,059)

(44,033)

Preferred unit distributions of the Operating Partnership

(50)

(1,158)

(9,936)

(14,853)

(11,195)

Net income attributable to Vornado

864,852 

475,971 

617,260 

662,302 

647,883 

Preferred share dividends

(81,464)

(82,807)

(76,937)

(65,531)

(55,534)

Preferred unit and share redemptions

(1,130)

8,948 

5,000 

4,382 

Net income attributable to common shareholders

$

783,388 

$

392,034 

$

549,271 

$

601,771 

$

596,731 

Per Share Data:

Income (loss) from continuing operations, net - basic

$

1.24 

$

(0.74)

$

1.38 

$

1.81 

$

2.47 

Income (loss) from continuing operations, net - diluted

1.23 

(0.74)

1.38 

1.79 

2.45 

Net income per common share - basic

4.18 

2.10 

2.95 

3.26 

3.27 

Net income per common share - diluted

4.15 

2.09 

2.94 

3.23 

3.24 

Dividends per common share

2.92 

2.92 

3.76 

(1)

2.76 

2.60 

Balance Sheet Data:

Total assets

$

21,248,320 

$

20,097,224 

$

22,065,049 

$

20,446,487 

$

20,517,471 

Real estate, at cost

16,822,358 

15,392,968 

15,287,078 

13,383,927 

13,140,535 

Accumulated depreciation

(3,161,633)

(2,829,862)

(2,524,718)

(2,346,498)

(2,045,122)

Debt

9,610,324 

8,777,956 

9,790,816 

8,436,085 

8,760,554 

Total equity

7,489,382 

7,594,744 

7,904,144 

7,508,447 

6,830,405 

(1) Includes a special long-term capital gain dividend of $1.00 per share.

 

 

 


 

 

 

ITEM 6. SELECTED FINANCIAL DATA - CONTINUED

Year Ended December 31,

(Amounts in thousands)

2014 

2013 

2012 

2011 

2010 

Other Data:

Funds From Operations ("FFO")(1):

Net income attributable to Vornado

$

864,852 

$

475,971 

$

617,260 

$

662,302 

$

647,883 

Depreciation and amortization of real property

517,493 

501,753 

504,407 

530,113 

505,806 

Net gains on sale of real estate

(507,192)

(411,593)

(245,799)

(51,623)

(57,248)

Real estate impairment losses

26,518 

37,170 

129,964 

28,799 

97,500 

Proportionate share of adjustments to equity in net

(loss) income of Toys, to arrive at FFO:

Depreciation and amortization of real property

21,579 

69,741 

68,483 

70,883 

70,174 

Net gains on sale of real estate

(760)

(491)

Real estate impairment losses

6,552 

9,824 

Income tax effect of above adjustments

(7,287)

(26,703)

(27,493)

(24,634)

(24,561)

Proportionate share of adjustments to equity in net income of

partially owned entities, excluding Toys, to arrive at FFO:

Depreciation and amortization of real property

96,187 

87,529 

86,197 

99,992 

78,151 

Net gains on sale of real estate

(10,820)

(465)

(241,602)

(9,276)

(5,784)

Real estate impairment losses

1,849 

11,481 

Noncontrolling interests' share of above adjustments

(8,073)

(15,089)

(16,649)

(40,957)

(46,794)

FFO attributable to Vornado

992,497 

724,866 

886,441 

1,265,108 

1,276,608 

Preferred share dividends

(81,464)

(82,807)

(76,937)

(65,531)

(55,534)

Preferred unit and share redemptions

(1,130)

8,948 

5,000 

4,382 

FFO attributable to common shareholders

911,033 

640,929 

818,452 

1,204,577 

1,225,456 

Convertible preferred share dividends

97 

108 

113 

124 

160 

Interest on 3.88% exchangeable senior debentures

26,272 

25,917 

FFO attributable to common shareholders

plus assumed conversions(1)

$

911,130 

$

641,037 

$

818,565 

$

1,230,973 

$

1,251,533 

 

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(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 gain 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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