NEW YORK, Jan. 29, 2021 (Globe NEWSWIRE) — Vornado Realty Believe in (NYSE: VNO) today introduced that its economical results for the a few months finished December 31, 2020 will contain the objects shown in the desk below, ensuing in a reduce in net cash flow attributable to prevalent shareholders (“net income”) of $1.10 per diluted share and an boost in FFO attributable to frequent shareholders as well as assumed conversions (“FFO”) of $.06 per diluted share.
| (Amounts in countless numbers, besides for every share quantities, all at share) | For the Three Months Finished December 31, 2020 | ||||||||||||||
| Internet Revenue | FFO | ||||||||||||||
| Amount of money | Per Share | Volume | For each Share | ||||||||||||
| (Reduction) money: | |||||||||||||||
| Real estate impairment losses (mostly wholly owned retail assets) | $ | (236,286 | ) | $ | (1.16 | ) | $ | — | $ | — | |||||
| Right after-tax web attain on sale of 220 Central Park South condominium units | 36,274 | .18 | 36,274 | .18 | |||||||||||
| Severance and other reduction-in-drive related charges | (23,368 | ) | (.12 | ) | (23,368 | ) | (.12 | ) | |||||||
| Other | (248 | ) | — | (958 | ) | — | |||||||||
| Complete involved in “web income” and “FFO” but excluded from “net profits, as adjusted” and “FFO, as modified” | $ | (223,628 | ) | $ | (1.10 | ) | $ | 11,948 | $ | .06 | |||||
The earlier mentioned quantities are preliminary estimates. There can be no assurance that Vornado’s remaining success will not differ from these preliminary estimates as a end result of the completion of year-conclusion closing methods, audit methods, or audit changes, and any these kinds of adjustments could be material.
C O N T A C T
Matthew Iocco
(212) 894-7000
FFO is computed in accordance with the definition adopted by the Board of Governors of the Countrywide Association of Genuine Estate Expense Trusts (“NAREIT”). NAREIT defines FFO as GAAP net cash flow or reduction adjusted to exclude web gains from profits of depreciable true estate property, genuine estate impairment losses, depreciation and amortization cost from real estate property and other specified products, which includes the pro rata share of this sort of adjustments of unconsolidated subsidiaries. FFO and FFO per diluted share are non-GAAP economical measures utilized by administration, buyers and analysts to aid meaningful comparisons of operating general performance concerning periods and among our friends for the reason that it excludes the impact of authentic estate depreciation and amortization and internet gains on sales, which are based on historic expenses and implicitly suppose that the benefit of genuine estate diminishes predictably over time, fairly than fluctuating dependent on existing sector ailments. FFO does not characterize dollars generated from running pursuits and is not necessarily indicative of cash accessible to fund cash needs and need to not be regarded as as an alternate to web money as a performance measure or money circulation as a liquidity evaluate. FFO may not be equivalent to likewise titled actions utilized by other corporations. In addition to FFO, we also disclose FFO, as altered. Despite the fact that this non-GAAP evaluate obviously differs from NAREIT’s definition of FFO, we believe it supplies a meaningful presentation of functioning performance.
Specified statements contained herein may well represent “forward-searching statements” in just the this means of the Personal Securities Litigation Reform Act of 1995. This sort of ahead-looking statements entail identified and unidentified hazards, uncertainties and other factors which may well induce the real effects, functionality or achievements of the Corporation to be materially various from any long run benefits, functionality or achievements expressed or implied by these forward-on the lookout statements. For a discussion of components that could materially have an impact on the result of our forward-looking statements and our long term success and financial issue, see “Risk Factors” in Element I, Merchandise 1A, of our Annual Report on Kind 10-K for the 12 months finished December 31, 2019 and “Item 1A. Chance Factors” in Part II of our Quarterly Report on Variety 10-Q for the quarterly period of time ended September 30, 2020. These aspects include things like, amid some others, challenges affiliated with the timing of and costs affiliated with assets improvements, financing commitments and standard aggressive things. Currently, 1 of the most major aspects is the ongoing adverse effect of the COVID-19 pandemic on our business, economical situation, results of functions, income flows, functioning performance and the impact it will have on our tenants, the international, national, regional and area economies and financial markets and the authentic estate current market in general. The extent of the impact of the COVID-19 pandemic will rely on foreseeable future developments, together with the period of the pandemic, which are very unsure at this time but that effect could be materials. Furthermore, you are cautioned that the COVID-19 pandemic will heighten quite a few of the threats determined in “Item 1A. Danger Factors” in Portion I of our Yearly Report on Kind 10-K for the 12 months ended December 31, 2019, as very well as the hazards established forth in “Item 1A. Danger Factors” in Part II of our Quarterly Report on Sort 10-Q for the quarterly period finished September 30, 2020.