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Vornado Realty Trust (VNO)

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VORNADO REALTY LP 10-Q 2012

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vno10q1q2012.htm - Generated by SEC Publisher for SEC Filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark one)

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended:

March 31, 2012

o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from:

Commission File Number:

001-11954

VORNADO REALTY TRUST

(Exact name of registrant as specified in its charter)

Maryland		22-1657560
(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

(Registrant’s 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. Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted 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). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

x Large Accelerated Filer		o Accelerated Filer
o Non-Accelerated Filer (Do not check if smaller reporting company)		o Smaller Reporting Company

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of March 31, 2012, 185,642,051 of the registrant’s common shares of beneficial interest are outstanding.


PART I.		Financial Information:	Page Number

	Item 1.	Financial Statements:

		Consolidated Balance Sheets (Unaudited) as of
		March 31, 2012 and December 31, 2011	3

		Consolidated Statements of Income (Unaudited) for the
		Three Months Ended March 31, 2012 and 2011	4

		Consolidated Statements of Comprehensive Income (Unaudited) for the
		Three Months Ended March 31, 2012 and 2011	5

		Consolidated Statements of Changes in Equity (Unaudited) for the
		Three Months Ended March 31, 2012 and 2011	6

		Consolidated Statements of Cash Flows (Unaudited) for the
		Three Months Ended March 31, 2012 and 2011	7

		Notes to the Consolidated Financial Statements (Unaudited)	9

		Report of Independent Registered Public Accounting Firm	35

	Item 2.	Management's Discussion and Analysis of Financial
		Condition and Results of Operations	36

	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	61

	Item 4.	Controls and Procedures	62


PART II.		Other Information:

	Item 1.	Legal Proceedings	63

	Item 1A.	Risk Factors	64

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	64

	Item 3.	Defaults Upon Senior Securities	64

	Item 4.	Mine Safety Disclosures	64

	Item 5.	Other Information	64

	Item 6.	Exhibits	64

SIGNATURES			65

EXHIBIT INDEX			66

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

VORNADO REALTY TRUST
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

(Amounts in thousands, except share and per share amounts)			March 31,		December 31,
ASSETS			2012		2011
Real estate, at cost:
	Land		$	4,677,940	$	4,666,929
	Buildings and improvements			12,720,139		12,709,356
	Development costs and construction in progress			118,811		122,075
	Leasehold improvements and equipment			128,391		128,651
		Total		17,645,281		17,627,011
	Less accumulated depreciation and amortization			(3,173,515)		(3,095,037)
Real estate, net				14,471,766		14,531,974
Cash and cash equivalents				614,359		606,553
Restricted cash				117,423		98,068
Marketable securities				754,510		741,321
Accounts receivable, net of allowance for doubtful accounts of $42,785 and $43,241				191,184		171,798
Investments in partially owned entities				1,285,104		1,233,650
Investment in Toys "R" Us				597,860		506,809
Real Estate Fund investments				324,514		346,650
Mezzanine loans receivable				133,143		133,948
Receivable arising from the straight-lining of rents, net of allowance of $3,986 and $4,046				750,017		728,626
Deferred leasing and financing costs, net of accumulated amortization of $218,111 and $245,087				387,481		376,292
Identified intangible assets, net of accumulated amortization of $361,856 and $359,944				304,385		319,704
Assets related to discontinued operations				-		251,202
Due from officers				-		13,127
Other assets				337,983		386,765
			$	20,269,729	$	20,446,487

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Notes and mortgages payable			$	8,434,938	$	8,558,275
Senior unsecured notes				1,357,748		1,357,661
Exchangeable senior debentures				499,680		497,898
Convertible senior debentures				10,233		10,168
Revolving credit facility debt				-		138,000
Accounts payable and accrued expenses				453,578		423,512
Deferred revenue				500,266		516,259
Deferred compensation plan				99,810		95,457
Deferred tax liabilities				13,380		13,315
Liabilities related to discontinued operations				-		14,153
Other liabilities				139,660		152,665
	Total liabilities			11,509,293		11,777,363
Commitments and contingencies
Redeemable noncontrolling interests:
	Class A units - 12,172,197 and 12,160,771 units outstanding			1,024,899		934,677
	Series D cumulative redeemable preferred units - 9,000,001 units outstanding			226,000		226,000
		Total redeemable noncontrolling interests		1,250,899		1,160,677
Vornado shareholders' equity:
	Preferred shares of beneficial interest: no par value per share; authorized 110,000,000
		shares; issued and outstanding 42,184,609 and 42,186,709 shares		1,021,555		1,021,660
	Common shares of beneficial interest: $.04 par value per share; authorized
		250,000,000 shares; issued and outstanding 185,642,051 and 185,080,020 shares		7,396		7,373
	Additional capital			7,058,212		7,127,258
	Earnings less than distributions			(1,312,670)		(1,401,704)
	Accumulated other comprehensive income			67,174		73,729
		Total Vornado shareholders' equity		6,841,667		6,828,316
Noncontrolling interests in consolidated subsidiaries				667,870		680,131
	Total equity			7,509,537		7,508,447
			$	20,269,729	$	20,446,487

See notes to consolidated financial statements (unaudited).

VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)

		For the Three
		Months Ended March 31,
(Amounts in thousands, except per share amounts)		2012		2011

REVENUES:
	Property rentals	$	557,413	$	562,252
	Tenant expense reimbursements		81,607		89,669
	Cleveland Medical Mart development project		55,059		40,699
	Fee and other income		33,387		34,263
Total revenues			727,466		726,883
EXPENSES:
	Operating		276,826		286,362
	Depreciation and amortization		139,437		129,833
	General and administrative		55,890		58,946
	Cleveland Medical Mart development project		52,761		38,278
	Acquisition related costs and tenant buy-outs		685		18,270
Total expenses			525,599		531,689
Operating income			201,867		195,194
Income applicable to Toys "R" Us			116,471		112,944
Income from partially owned entities			20,033		16,284
Income from Real Estate Fund (of which $7,933 and ($74), respectively,
	are attributable to noncontrolling interests)		11,762		1,080
Interest and other investment income, net			15,681		117,108
Interest and debt expense (including amortization of deferred financing
	costs of $5,867 and $4,633, respectively)		(135,169)		(134,710)
Net gain on disposition of wholly owned and partially owned assets			-		6,677
Income before income taxes			230,645		314,577
Income tax expense			(7,096)		(6,382)
Income from continuing operations			223,549		308,195
Income from discontinued operations			56,715		137,626
Net income			280,264		445,821
Less net income attributable to noncontrolling interests in:
	Consolidated subsidiaries		(9,597)		(1,350)
	Operating Partnership, including unit distributions		(19,145)		(31,808)
Net income attributable to Vornado			251,522		412,663
Preferred share dividends			(17,787)		(13,448)
NET INCOME attributable to common shareholders		$	233,735	$	399,215

INCOME PER COMMON SHARE - BASIC:
	Income from continuing operations, net	$	0.97	$	1.47
	Income from discontinued operations, net		0.29		0.70
	Net income per common share	$	1.26	$	2.17
	Weighted average shares outstanding		185,370		183,988

INCOME PER COMMON SHARE - DILUTED:
	Income from continuing operations, net	$	0.97	$	1.45
	Income from discontinued operations, net		0.28		0.67
	Net income per common share	$	1.25	$	2.12
	Weighted average shares outstanding		191,886		191,529

DIVIDENDS PER COMMON SHARE		$	0.69	$	0.69


See notes to consolidated financial statements (unaudited).

VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)


		For the Three
		Months Ended March 31,
(Amounts in thousands)		2012		2011

Net income		$	280,264	$	445,821
Other comprehensive income (loss):
	Change in unrealized net gain on securities available-for-sale		12,693		68,039
	Pro rata share of other comprehensive loss of nonconsolidated subsidiaries		(21,944)		(3,791)
	Change in value of interest rate swap		2,386		(7,146)
	Other		(123)		59
Comprehensive income			273,276		502,982
Less comprehensive income attributable to noncontrolling interests			(28,309)		(36,759)
Comprehensive income attributable to Vornado		$	244,967	$	466,223


See notes to consolidated financial statements (unaudited).

VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)
															Accumulated
(Amounts in thousands)													Earnings		Other		Non-
			Preferred Shares				Common Shares				Additional		Less Than		Comprehensive		controlling		Total
			Shares		Amount		Shares		Amount		Capital		Distributions		Income		Interests		Equity
Balance, December 31, 2010				32,340	$	783,088		183,662	$	7,317	$	6,932,728	$	(1,480,876)	$	73,453	$	514,695	$	6,830,405
Net income				-		-		-		-		-		412,663		-		1,350		414,013
Dividends on common shares				-		-		-		-		-		(126,936)		-		-		(126,936)
Dividends on preferred shares				-		-		-		-		-		(13,559)		-		-		(13,559)
Common shares issued:
	Upon redemption of Class A
		units, at redemption value		-		-		320		13		27,526		-		-		-		27,539
	Under employees' share
		option plan		-		-		240		10		15,027		(398)		-		-		14,639
	Under dividend reinvestment plan			-		-		5		-		434		-		-		-		434
Contributions:
	Real Estate Fund			-		-		-		-		-		-		-		92,068		92,068
	Other			-		-		-		-		-		-		-		170		170
Distributions:
	Real Estate Fund			-		-		-		-		-		-		-		(11,027)		(11,027)
Conversion of Series A preferred
	shares to common shares			(1)		(50)		2		-		50		-		-		-		-
Deferred compensation shares
	and options			-		-		11		-		2,370		-		-		-		2,370
Change in unrealized net gain
	on securities available-for-sale			-		-		-		-		-		-		68,039		-		68,039
Pro rata share of other
	comprehensive loss of
	nonconsolidated subsidiaries			-		-		-		-		-		-		(3,791)		-		(3,791)
Change in value of interest rate swap				-		-		-		-		-		-		(7,146)		-		(7,146)
Adjustments to carry redeemable
	Class A units at redemption value			-		-		-		-		(42,227)		-		-		-		(42,227)
Other				-		(105)		-		-		(173)		113		59		(41)		(147)
Balance, March 31, 2011				32,339	$	782,933		184,240	$	7,340	$	6,935,735	$	(1,208,993)	$	130,614	$	597,215	$	7,244,844

															Accumulated
(Amounts in thousands)													Earnings		Other		Non-
			Preferred Shares				Common Shares				Additional		Less Than		Comprehensive		controlling		Total
			Shares		Amount		Shares		Amount		Capital		Distributions		Income		Interests		Equity
Balance, December 31, 2011				42,187	$	1,021,660		185,080	$	7,373	$	7,127,258	$	(1,401,704)	$	73,729	$	680,131	$	7,508,447
Net income				-		-		-		-		-		251,522		-		9,597		261,119
Dividends on common shares				-		-		-		-		-		(127,973)		-		-		(127,973)
Dividends on preferred shares				-		-		-		-		-		(17,787)		-		-		(17,787)
Common shares issued:
	Upon redemption of Class A
		units, at redemption value		-		-		158		6		13,022		-

Vornado Realty Trust (VNO)

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