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