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Section 1: 10-Q (10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 FORM 10-Q
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended: 
September 30, 2019
 
 Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from:
 
to
 
 
Commission File Number:
001-11954
(Vornado Realty Trust)
Commission File Number:
001-34482
(Vornado Realty L.P.)

Vornado Realty Trust
Vornado Realty L.P.
 
 
 
(Exact name of registrants as specified in its charter)
Vornado Realty Trust
 
Maryland
 
22-1657560
 
 
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification Number)
 
 
 
 
 
Vornado Realty L.P.
 
Delaware
 
13-3925979
 
 
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification Number)
888 Seventh Avenue,
New York,
New York
10019
(Address of principal executive offices) (Zip Code)
(212)
894-7000
(Registrants’ telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Vornado Realty Trust: Yes ☑   No ☐    Vornado Realty L.P.: Yes ☑   No ☐ 
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  
Vornado Realty Trust: Yes ☑   No ☐    Vornado Realty L.P.: Yes ☑   No ☐ 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” "non-accelerated filer," “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Vornado Realty Trust:
 
 
 
Large Accelerated Filer
 
Accelerated Filer
 
Non-Accelerated Filer
 
Smaller Reporting Company
 
 
 
 
Emerging Growth Company
Vornado Realty L.P.:
 
 
 
Large Accelerated Filer
 
Accelerated Filer
 
Non-Accelerated Filer
 
Smaller Reporting Company
 
 
 
 
Emerging Growth Company




If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  
Vornado Realty Trust: Yes    No ☑    Vornado Realty L.P.: Yes    No ☑ 

Securities registered pursuant to Section 12(b) of the Act:
Registrant
 
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Vornado Realty Trust
 
Common Shares of beneficial interest, $.04 par value per share
 
VNO
 
New York Stock Exchange
 
 
Cumulative Redeemable Preferred Shares of beneficial interest, liquidation preference $25.00 per share
 
 
 
 
Vornado Realty Trust
 
5.70% Series K
 
VNO/PK
 
New York Stock Exchange
Vornado Realty Trust
 
5.40% Series L
 
VNO/PL
 
New York Stock Exchange
Vornado Realty Trust
 
5.25% Series M
 
VNO/PM
 
New York Stock Exchange
  
As of September 30, 2019, 190,850,321 of Vornado Realty Trust’s common shares of beneficial interest are outstanding.




EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended September 30, 2019 of Vornado Realty Trust and Vornado Realty L.P. Unless stated otherwise or the context otherwise requires, references to “Vornado” refer to Vornado Realty Trust, a Maryland real estate investment trust (“REIT”), and references to the “Operating Partnership” refer to Vornado Realty L.P., a Delaware limited partnership. References to the “Company,” “we,” “us” and “our” mean collectively Vornado, the Operating Partnership and those subsidiaries consolidated by Vornado.
The Operating Partnership is the entity through which we conduct substantially all of our business and own, either directly or through subsidiaries, substantially all of our assets. Vornado is the sole general partner and also a 93.1% limited partner of the Operating Partnership. As the sole general partner of the Operating Partnership, Vornado has exclusive control of the Operating Partnership’s day-to-day management.
Under the limited partnership agreement of the Operating Partnership, unitholders may present their Class A units for redemption at any time (subject to restrictions agreed upon at the time of issuance of the units that may restrict such right for a period of time). Class A units may be tendered for redemption to the Operating Partnership for cash; Vornado, at its option, may assume that obligation and pay the holder either cash or Vornado common shares on a one-for-one basis. Because the number of Vornado common shares outstanding at all times equals the number of Class A units owned by Vornado, the redemption value of each Class A unit is equivalent to the market value of one Vornado common share, and the quarterly distribution to a Class A unitholder is equal to the quarterly dividend paid to a Vornado common shareholder. This one-for-one exchange ratio is subject to specified adjustments to prevent dilution. Vornado generally expects that it will elect to issue its common shares in connection with each such presentation for redemption rather than having the Operating Partnership pay cash. With each such exchange or redemption, Vornado’s percentage ownership in the Operating Partnership will increase. In addition, whenever Vornado issues common shares other than to acquire Class A units of the Operating Partnership, Vornado must contribute any net proceeds it receives to the Operating Partnership and the Operating Partnership must issue to Vornado an equivalent number of Class A units of the Operating Partnership. This structure is commonly referred to as an umbrella partnership REIT, or UPREIT.
The Company believes that combining the quarterly reports on Form 10-Q of Vornado and the Operating Partnership into this single report provides the following benefits:
enhances investors’ understanding of Vornado and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
eliminates duplicative disclosure and provides a more streamlined and readable presentation because a substantial portion of the disclosure applies to both Vornado and the Operating Partnership; and
creates time and cost efficiencies in the preparation of one combined report instead of two separate reports.
The Company believes it is important to understand the few differences between Vornado and the Operating Partnership in the context of how Vornado and the Operating Partnership operate as a consolidated company. The financial results of the Operating Partnership are consolidated into the financial statements of Vornado. Vornado does not have any significant assets, liabilities or operations, other than its investment in the Operating Partnership. The Operating Partnership, not Vornado, generally executes all significant business relationships other than transactions involving the securities of Vornado. The Operating Partnership holds substantially all of the assets of Vornado. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from equity offerings by Vornado, which are contributed to the capital of the Operating Partnership in exchange for Class A units of partnership in the Operating Partnership, and the net proceeds of debt offerings by Vornado, which are contributed to the Operating Partnership in exchange for debt securities of the Operating Partnership, as applicable, the Operating Partnership generates all remaining capital required by the Company’s business. These sources may include working capital, net cash provided by operating activities, borrowings under the revolving credit facility, the issuance of secured and unsecured debt and equity securities and proceeds received from the disposition of certain properties.


3


To help investors better understand the key differences between Vornado and the Operating Partnership, certain information for Vornado and the Operating Partnership in this report has been separated, as set forth below:
Item 1. Financial Statements (unaudited), which includes the following specific disclosures for Vornado Realty Trust and Vornado Realty L.P.:
Note 12. Redeemable Noncontrolling Interests/Redeemable Partnership Units
Note 13. Shareholders' Equity/Partners' Capital
Note 20. Income Per Share/Income Per Class A Unit
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations includes information specific to each entity, where applicable.
This report also includes separate Part I, Item 4. Controls and Procedures sections and separate Exhibits 31 and 32 certifications for each of Vornado and the Operating Partnership in order to establish that the requisite certifications have been made and that Vornado and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934 and 18 U.S.C. §1350.

4


PART I.
Financial Information:
 
Page Number
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Balance Sheets (Unaudited) as of September 30, 2019 and December 31, 2018
 
 
 
 
 
 
 
 
Consolidated Statements of Income (Unaudited) for the Three and Nine Months Ended September 30, 2019 and 2018
 
 
 
 
 
 
 
 
Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30, 2019 and 2018
 
 
 
 
 
 
 
 
Consolidated Statements of Changes in Equity (Unaudited) for the Three and Nine Months Ended September 30, 2019 and 2018
 
 
 
 
 
 
 
 
Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2019 and 2018
 
 
 
 
 
 
 
 
Financial Statements of Vornado Realty L.P.:
 
 
 
 
 
 
 
 
 
Consolidated Balance Sheets (Unaudited) as of September 30, 2019 and December 31, 2018
 
 
 
 
 
 
 
 
Consolidated Statements of Income (Unaudited) for the Three and Nine Months Ended September 30, 2019 and 2018
 
 
 
 
 
 
 
 
Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30, 2019 and 2018
 
 
 
 
 
 
 
 
Consolidated Statements of Changes in Equity (Unaudited) for the Three and Nine Months Ended September 30, 2019 and 2018
 
 
 
 
 
 
 
 
Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2019 and 2018
 
 
 
 
 
 
 
 
Vornado Realty Trust and Vornado Realty L.P.:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PART II.
Other Information:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SIGNATURES
 
 
 
 

5


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
VORNADO REALTY TRUST
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

(Amounts in thousands, except unit, share, and per share amounts)
September 30, 2019
 
December 31, 2018
ASSETS
 
 
 
Real estate, at cost:
 
 
 
Land
$
2,602,039

 
$
3,306,280

Buildings and improvements
7,888,950

 
10,110,992

Development costs and construction in progress
1,805,846

 
2,266,491

Moynihan Train Hall development expenditures
791,703

 
445,693

Leasehold improvements and equipment
121,164

 
108,427

Total
13,209,702

 
16,237,883

Less accumulated depreciation and amortization
(2,945,107
)
 
(3,180,175
)
Real estate, net
10,264,595

 
13,057,708

Right-of-use assets
370,604

 

Cash and cash equivalents
1,132,491

 
570,916

Restricted cash
113,065

 
145,989

Marketable securities
35,751

 
152,198

Tenant and other receivables
99,499

 
73,322

Investments in partially owned entities
4,023,820

 
858,113

Real estate fund investments
306,596

 
318,758

220 Central Park South condominium units ready for sale
288,135

 
99,627

Receivable arising from the straight-lining of rents
743,646

 
935,131

Deferred leasing costs, net of accumulated amortization of $191,299 and $207,529
360,608

 
400,313

Identified intangible assets, net of accumulated amortization of $99,623 and $172,114
30,773

 
136,781

Other assets
446,516

 
431,938

 
$
18,216,099

 
$
17,180,794

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
 
 
 
Mortgages payable, net
$
5,640,895

 
$
8,167,798

Senior unsecured notes, net
445,668

 
844,002

Unsecured term loan, net
745,585

 
744,821

Unsecured revolving credit facilities
655,000

 
80,000

Lease liabilities
490,978

 

Moynihan Train Hall obligation
791,703

 
445,693

Accounts payable and accrued expenses
453,331

 
430,976

Deferred revenue
62,583

 
167,730

Deferred compensation plan
99,677

 
96,523

Other liabilities
266,090

 
311,806

Total liabilities
9,651,510

 
11,289,349

Commitments and contingencies

 

Redeemable noncontrolling interests:
 
 
 
Class A units - 13,346,927 and 12,544,477 units outstanding
849,798

 
778,134

Series D cumulative redeemable preferred units - 141,401 and 177,101 units outstanding
4,535

 
5,428

Total redeemable noncontrolling interests
854,333

 
783,562

Shareholders' equity:
 
 
 
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 36,797,280 and 36,798,580 shares
891,256

 
891,294

Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 190,850,321 and 190,535,499 shares
7,613

 
7,600

Additional capital
7,872,597

 
7,725,857

Earnings less than distributions
(1,649,035
)
 
(4,167,184
)
Accumulated other comprehensive (loss) income
(47,359
)
 
7,664

Total shareholders' equity
7,075,072

 
4,465,231

Noncontrolling interests in consolidated subsidiaries
635,184

 
642,652

Total equity
7,710,256

 
5,107,883

 
$
18,216,099

 
$
17,180,794

See notes to consolidated financial statements (unaudited).

6


VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)

(Amounts in thousands, except per share amounts)
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
REVENUES:
 
 
 
 
 
 
 
Rental revenues
$
427,638

 
$
503,947

 
$
1,348,814

 
$
1,507,274

Fee and other income
38,323

 
38,101

 
114,918

 
113,029

Total revenues
465,961

 
542,048

 
1,463,732

 
1,620,303

EXPENSES:
 
 
 
 
 
 
 
Operating
(226,359
)
 
(235,575
)
 
(694,006
)
 
(709,158
)
Depreciation and amortization
(96,437
)
 
(113,169
)
 
(326,181
)
 
(333,701
)
General and administrative
(33,237
)
 
(31,977
)
 
(130,129
)
 
(108,937
)
Expense from deferred compensation plan liability
(974
)
 
(1,861
)
 
(7,722
)
 
(3,534
)
Transaction related costs, impairment losses and other
(1,576
)
 
(2,510
)
 
(103,315
)
 
(16,683
)
Total expenses
(358,583
)
 
(385,092
)
 
(1,261,353
)
 
(1,172,013
)
 
 
 
 
 
 
 
 
Income from partially owned entities
25,946

 
7,206

 
56,139

 
6,059

Income (loss) from real estate fund investments
2,190

 
(190
)
 
(13,780
)
 
(37,973
)
Interest and other investment income, net
3,045

 
2,893

 
15,930

 
9,401

Income from deferred compensation plan assets
974

 
1,861

 
7,722

 
3,534

Interest and debt expense
(61,448
)
 
(88,951
)
 
(226,940
)
 
(264,774
)
Net gain on transfer to Fifth Avenue and Times Square JV

 

 
2,571,099

 

Net gains on disposition of wholly owned and partially owned assets
309,657

 
141,269

 
641,664

 
164,828

Income before income taxes
387,742

 
221,044

 
3,254,213

 
329,365

Income tax expense
(23,885
)
 
(1,943
)
 
(80,542
)
 
(4,964
)
Income from continuing operations
363,857

 
219,101

 
3,173,671

 
324,401

(Loss) income from discontinued operations
(8
)
 
61

 
(85
)
 
381

Net income
363,849

 
219,162

 
3,173,586

 
324,782

Less net (income) loss attributable to noncontrolling interests in:
 
 
 
 
 
 
 
Consolidated subsidiaries
(5,774
)
 
(3,312
)
 
(34,045
)
 
31,137

Operating Partnership
(22,637
)
 
(12,671
)
 
(197,354
)
 
(18,992
)
Net income attributable to Vornado
335,438

 
203,179

 
2,942,187

 
336,927

Preferred share dividends
(12,532
)
 
(12,534
)
 
(37,598
)
 
(38,103
)
Preferred share issuance costs

 

 

 
(14,486
)
NET INCOME attributable to common shareholders
$
322,906

 
$
190,645

 
$
2,904,589

 
$
284,338

 
 
 
 
 
 
 
 
INCOME PER COMMON SHARE – BASIC:
 
 
 
 
 
 
 
Net income per common share
$
1.69

 
$
1.00

 
$
15.22

 
$
1.50

Weighted average shares outstanding
190,814

 
190,245

 
190,762

 
190,176

 
 
 
 
 
 
 
 
INCOME PER COMMON SHARE – DILUTED:
 
 
 
 
 
 
 
Net income per common share
$
1.69

 
$
1.00

 
$
15.20

 
$
1.49

Weighted average shares outstanding
191,024

 
191,327

 
191,027

 
191,292

See notes to consolidated financial statements (unaudited).


7


VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)

(Amounts in thousands)
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
363,849

 
$
219,162

 
$
3,173,586

 
$
324,782

Other comprehensive income (loss):
 
 
 
 
 
 
 
Other comprehensive income (loss) of nonconsolidated subsidiaries
11

 
253

 
(949
)
 
989

(Reduction) increase in value of interest rate swaps and other
(9,954
)
 
623

 
(55,495
)
 
13,789

Amount reclassified from accumulated other comprehensive loss relating to a nonconsolidated subsidiary

 

 
(2,311
)
 

Comprehensive income
353,906

 
220,038

 
3,114,831

 
339,560

Less comprehensive (income) loss attributable to noncontrolling interests
(27,761
)
 
(16,037
)
 
(227,667
)
 
11,232

Comprehensive income attributable to Vornado
$
326,145

 
$
204,001

 
$
2,887,164

 
$
350,792

See notes to consolidated financial statements (unaudited).


8


VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)

(Amounts in thousands)
 
Preferred Shares
 
Common Shares
 
Additional Capital
 
Earnings Less Than Distributions
 
Accumulated Other Comprehensive Loss
 
Non-controlling Interests in Consolidated Subsidiaries
 
Total Equity
 
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
For the Three Months Ended
September 30, 2019:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, June 30, 2019
 
36,797

 
$
891,256

 
190,813

 
$
7,611

 
$
7,845,748

 
$
(1,845,995
)
 
$
(38,066
)
 
$
635,590

 
$
7,496,144

Net income attributable to Vornado
 

 

 

 

 

 
335,438

 

 

 
335,438

Net income attributable to noncontrolling interests in consolidated subsidiaries
 

 

 

 

 

 

 

 
5,774

 
5,774

Dividends on common shares ($0.66 per share)
 

 

 

 

 

 
(125,947
)
 

 

 
(125,947
)
Dividends on preferred shares (see Note 13 for dividends per share amounts)
 

 

 

 

 

 
(12,532
)
 

 

 
(12,532
)
Common shares issued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Upon redemption of Class A units, at redemption value
 

 

 
31

 
1

 
1,998

 

 

 

 
1,999

Under dividend reinvestment plan
 

 

 
6

 
1

 
356

 

 

 

 
357

Contributions:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 


Other
 

 

 

 

 

 

 

 
908

 
908

Distributions:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Real estate fund investments
 

 

 

 

 

 

 

 
(6
)
 
(6
)
Other
 

 

 

 

 

 

 

 
(7,086
)
 
(7,086
)
Deferred compensation shares and options
 

 

 

 

 
266

 

 

 

 
266

Other comprehensive income of nonconsolidated subsidiaries
 

 

 

 

 

 

 
11

 

 
11

Reduction in value of interest rate swaps
 

 

 

 

 

 

 
(9,953
)
 

 
(9,953
)
Adjustments to carry redeemable Class A units at redemption value
 

 

 

 

 
24,228

 

 

 

 
24,228