{"id":2817,"date":"2021-05-21T04:15:53","date_gmt":"2021-05-21T09:15:53","guid":{"rendered":"https:\/\/1reason.com\/re\/vornado-announces-first-quarter-2021-financial-results\/2817\/"},"modified":"2021-05-21T23:15:53","modified_gmt":"2021-05-22T04:15:53","slug":"vornado-announces-first-quarter-2021-financial-results","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/vornado-announces-first-quarter-2021-financial-results\/2817\/","title":{"rendered":"Vornado Announces First Quarter 2021 Financial Results"},"content":{"rendered":"
Adjusting for the items that impact period-to-period comparability listed in the table below, net income attributable to common shareholders, as adjusted (non-GAAP) for the quarters ended March 31, 2021 and 2020 was $12,446,000 and $31,947,000, or $0.06 and $0.17 per diluted share, respectively. <\/p>\n

FUNDS FROM OPERATIONS (“FFO”) attributable to common shareholders plus assumed conversions (non-GAAP) for the quarter ended March 31, 2021 was $118,407,000, or $0.62 per diluted share, compared to $130,360,000, or $0.68 per diluted share, for the prior year’s quarter.Adjusting for the items that impact period-to-period comparability listed in the table on the following page, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the quarters ended March 31, 2021 and 2020 was $124,359,000 and $146,829,000, or $0.65 and $0.77 per diluted share, respectively.<\/p>\n

The following table reconciles our net income attributable to common shareholders to net income attributable to common shareholders, as adjusted (non-GAAP):<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(Amounts in thousands, except per share amounts)<\/td>\nFor the Three Months Ended
<\/strong>March 31,<\/strong><\/td>\n<\/tr>\n
\n2021<\/strong><\/td>\n\n2020<\/strong><\/td>\n<\/tr>\n
Net income attributable to common shareholders<\/td>\n$<\/td>\n4,083<\/td>\n\n\n\n$<\/td>\n4,963<\/td>\n\n<\/tr>\n
Per diluted share<\/td>\n$<\/td>\n0.02<\/td>\n\n\n\n$<\/td>\n0.03<\/td>\n\n<\/tr>\n
\n\n\n<\/tr>\n
Certain expense (income) items that impact net income attributable to common shareholders:<\/td>\n\n\n<\/tr>\n
Hotel Pennsylvania (temporarily closed on April 1, 2020, permanently closed on April 5, 2021)<\/td>\n$<\/td>\n8,990<\/td>\n\n\n\n$<\/td>\n12,393<\/td>\n\n<\/tr>\n
Our share of (income) loss from real estate fund investments<\/td>\n(260<\/td>\n)<\/td>\n\n\n56,158<\/td>\n\n<\/tr>\n
After-tax net gain on sale of 220 Central Park South (“220 CPS”) condominium units<\/td>\n\u2014<\/td>\n\n\n\n(59,911<\/td>\n)<\/td>\n<\/tr>\n
Credit losses on loans receivable<\/td>\n\u2014<\/td>\n\n\n\n7,261<\/td>\n\n<\/tr>\n
Mark-to-market decrease in Pennsylvania Real Estate Investment Trust (“PREIT”) common shares (sold on January 23, 2020)<\/td>\n\u2014<\/td>\n\n\n\n4,938<\/td>\n\n<\/tr>\n
Other<\/td>\n194<\/td>\n\n\n\n7,896<\/td>\n\n<\/tr>\n
\n8,924<\/td>\n\n\n\n28,735<\/td>\n\n<\/tr>\n
Noncontrolling interests’ share of above adjustments<\/td>\n(561<\/td>\n)<\/td>\n\n\n(1,751<\/td>\n)<\/td>\n<\/tr>\n
Total of certain expense (income) items that impact net income attributable to common shareholders<\/td>\n$<\/td>\n8,363<\/td>\n\n\n\n$<\/td>\n26,984<\/td>\n\n<\/tr>\n
\n\n\n<\/tr>\n
Net income attributable to common shareholders, as adjusted (non-GAAP)<\/td>\n$<\/td>\n12,446<\/td>\n\n\n\n$<\/td>\n31,947<\/td>\n\n<\/tr>\n
Per diluted share (non-GAAP)<\/td>\n$<\/td>\n0.06<\/td>\n\n\n\n$<\/td>\n0.17<\/td>\n\n<\/tr>\n<\/table>\n

The following table reconciles our FFO attributable to common shareholders plus assumed conversions (non-GAAP) to FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP):<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(Amounts in thousands, except per share amounts)<\/td>\nFor the Three Months Ended<\/strong>
March 31,<\/strong><\/td>\n<\/tr>\n
\n2021<\/strong><\/td>\n\n2020<\/strong><\/td>\n<\/tr>\n
FFO attributable to common shareholders plus assumed conversions (non-GAAP)(1)<\/strong><\/sup><\/td>\n$<\/td>\n118,407<\/td>\n\n\n\n$<\/td>\n130,360<\/td>\n\n<\/tr>\n
Per diluted share (non-GAAP)<\/td>\n$<\/td>\n0.62<\/td>\n\n\n\n$<\/td>\n0.68<\/td>\n\n<\/tr>\n
\n\n\n<\/tr>\n
Certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions:<\/td>\n\n\n<\/tr>\n
Hotel Pennsylvania (temporarily closed on April 1, 2020, permanently closed on April 5, 2021)<\/td>\n$<\/td>\n6,228<\/td>\n\n\n\n$<\/td>\n9,825<\/td>\n\n<\/tr>\n
Our share of (income) loss from real estate fund investments<\/td>\n(260<\/td>\n)<\/td>\n\n\n56,158<\/td>\n\n<\/tr>\n
After-tax net gain on sale of 220 CPS condominium units<\/td>\n\u2014<\/td>\n\n\n\n(59,911<\/td>\n)<\/td>\n<\/tr>\n
Credit losses on loans receivable<\/td>\n\u2014<\/td>\n\n\n\n7,261<\/td>\n\n<\/tr>\n
Other<\/td>\n383<\/td>\n\n\n\n4,205<\/td>\n\n<\/tr>\n
\n6,351<\/td>\n\n\n\n17,538<\/td>\n\n<\/tr>\n
Noncontrolling interests’ share of above adjustments<\/td>\n(399<\/td>\n)<\/td>\n\n\n(1,069<\/td>\n)<\/td>\n<\/tr>\n
Total of certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions, net<\/td>\n$<\/td>\n5,952<\/td>\n\n\n\n$<\/td>\n16,469<\/td>\n\n<\/tr>\n
\n\n\n<\/tr>\n
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)<\/td>\n$<\/td>\n124,359<\/td>\n\n\n\n$<\/td>\n146,829<\/td>\n\n<\/tr>\n
Per diluted share (non-GAAP)<\/td>\n$<\/td>\n0.65<\/td>\n\n\n\n$<\/td>\n0.77<\/td>\n\n<\/tr>\n<\/table>\n

____________________________________________________________<\/strong><\/p>\n\n\n
(1)<\/strong><\/td>\nSee page 10 for a reconciliation of our net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three months ended March 31, 2021 and 2020.<\/td>\n<\/tr>\n<\/table>\n

COVID-19 Pandemic<\/u><\/em><\/strong><\/p>\n

Our business has been adversely affected as a result of the COVID-19 pandemic and the preventive measures taken to curb the spread of the virus. Some of the effects on us include the following:<\/p>\n