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| EXHIBIT 99.1 |
ITEM 6. SELECTED FINANCIAL DATA | | |
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| Year Ended December 31, |
(Amounts in thousands, except per unit amounts) | 2014 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
Operating Data: | | |
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Revenues: | | |
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| Property rentals | $ | 1,911,487 |
| $ | 1,880,405 | | $ | 1,771,264 |
| $ | 1,802,871 | | $ | 1,790,769 |
| Tenant expense reimbursements | | 245,819 |
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| 226,831 | | | 207,149 |
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| 213,200 | | | 217,999 |
| Cleveland Medical Mart development project | | - |
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| 36,369 | | | 235,234 |
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| 154,080 | | | - |
| Fee and other income | | 155,206 |
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| 155,571 | | | 119,077 |
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| 123,452 | | | 121,103 |
Total revenues | | 2,312,512 |
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| 2,299,176 | | | 2,332,724 |
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| 2,293,603 | | | 2,129,871 |
Expenses: | | |
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| Operating | | 953,611 |
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| 928,565 | | | 891,637 |
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| 878,777 | | | 848,112 |
| Depreciation and amortization | | 481,303 |
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| 461,627 | | | 435,545 |
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| 441,223 | | | 416,324 |
| General and administrative | | 169,270 |
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| 177,366 | | | 167,194 |
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| 163,238 | | | 170,460 |
| Cleveland Medical Mart development project | | - |
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| 32,210 | | | 226,619 |
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| 145,824 | | | - |
| Acquisition and transaction related costs, | | |
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| and impairment losses | | 18,435 |
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| 24,857 | | | 17,386 |
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| 34,930 | | | 38,563 |
Total expenses | | 1,622,619 |
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| 1,624,625 | | | 1,738,381 |
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| 1,663,992 | | | 1,473,459 |
Operating income | | 689,893 |
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| 674,551 | | | 594,343 |
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| 629,611 | | | 656,412 |
Income (loss) from Real Estate Fund | | 163,034 |
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| 102,898 | | | 63,936 |
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| 22,886 | | | (303) |
(Loss) income applicable to Toys "R" Us | | (73,556) |
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| (362,377) | | | 14,859 |
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| 48,540 | | | 71,624 |
Income from partially owned entities | | 15,425 |
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| 23,592 | | | 408,267 |
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| 70,072 | | | 14,601 |
Interest and debt expense | | (412,755) |
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| (425,782) | | | (431,235) |
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| (453,420) | | | (473,938) |
Interest and other investment income (loss), net | | 38,752 |
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| (24,887) | | | (261,200) |
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| 148,540 | | | 234,768 |
Net gain on disposition of wholly owned and partially | | |
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| owned assets | | 13,568 |
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| 2,030 | | | 4,856 |
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| 10,856 | | | 81,432 |
Net loss on extinguishment of debt | | - |
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| - | | | - |
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| - | | | (10,782) |
Income (loss) before income taxes | | 434,361 |
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| (9,975) | | | 393,826 |
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| 477,085 | | | 573,814 |
Income tax (expense) benefit | | (9,281) |
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| 8,717 | | | (8,132) |
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| (23,891) | | | (22,100) |
Income (loss) from continuing operations | | 425,080 |
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| (1,258) | | | 385,694 |
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| 453,194 | | | 551,714 |
Income from discontinued operations | | 583,946 |
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| 565,998 | | | 308,847 |
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| 286,806 | | | 156,317 |
Net income | | 1,009,026 |
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| 564,740 | | | 694,541 |
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| 740,000 | | | 708,031 |
Less net income attributable to noncontrolling | | |
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| interests in consolidated subsidiaries | | (96,561) |
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| (63,952) | | | (32,018) |
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| (21,786) | | | (4,920) |
Net income attributable to Vornado Realty L.P. | | 912,465 |
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| 500,788 | | | 662,523 |
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| 718,214 | | | 703,111 |
Preferred unit distributions | | (81,514) |
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| (83,965) | | | (86,873) |
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| (80,384) | | | (66,729) |
Preferred unit redemptions | | - |
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| (1,130) | | | 8,948 |
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| 5,000 | | | 4,382 |
Net income attributable to Class A unitholders | $ | 830,951 |
| $ | 415,693 | | $ | 584,598 |
| $ | 642,830 | | $ | 640,764 |
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Per Unit Data: | | |
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| Income (loss) from continuing operations, net - basic | $ | 1.22 |
| $ | (0.76) | | $ | 1.37 |
| $ | 1.80 | | $ | 2.47 |
| Income (loss) from continuing operations, net - diluted | | 1.22 |
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| (0.75) | | | 1.36 |
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| 1.78 | | | 2.43 |
| Net income per Class A unit - basic | | 4.17 |
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| 2.09 | | | 2.95 |
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| 3.26 | | | 3.27 |
| Net income per Class A unit - diluted | | 4.14 |
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| 2.08 | | | 2.93 |
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| 3.23 | | | 3.23 |
| Distributions per Class A unit | | 2.92 |
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| 2.92 | | | 3.76 | (1) |
| 2.76 | | | 2.60 |
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Balance Sheet Data: | | |
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| Total assets | $ | 21,248,320 |
| $ | 20,097,224 | | $ | 22,065,049 |
| $ | 20,446,487 | | $ | 20,517,471 |
| Real estate, at cost | | 16,822,358 |
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| 15,392,968 | | | 15,287,078 |
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| 13,383,927 | | | 13,140,535 |
| Accumulated depreciation | | (3,161,633) |
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| (2,829,862) | | | (2,524,718) |
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| (2,346,498) | | | (2,045,122) |
| Debt | | 9,610,324 |
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| 8,777,956 | | | 9,790,816 |
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| 8,436,085 | | | 8,760,554 |
| Total equity | | 7,489,382 |
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| 7,594,744 | | | 7,904,144 |
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| 7,508,447 | | | 6,830,405 |
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(1) Includes a special long-term capital gain distribution of $1.00 per Class A unit. |
