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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, 2020
 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 TrustMaryland22-1657560
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
Vornado Realty L.P.Delaware13-3925979
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
888 Seventh Avenue,New York,New York10019
(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 FilerAccelerated Filer
Non-Accelerated FilerSmaller Reporting Company
Emerging Growth Company
Vornado Realty L.P.:
Large Accelerated FilerAccelerated Filer
Non-Accelerated FilerSmaller 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:
RegistrantTitle of each classTrading Symbol(s)Name of each exchange on which registered
Vornado Realty TrustCommon Shares of beneficial interest, $.04 par value per shareVNONew York Stock Exchange
Cumulative Redeemable Preferred Shares of beneficial interest, liquidation preference $25.00 per share:
Vornado Realty Trust5.70% Series KVNO/PKNew York Stock Exchange
Vornado Realty Trust5.40% Series LVNO/PLNew York Stock Exchange
Vornado Realty Trust5.25% Series MVNO/PMNew York Stock Exchange
  
As of September 30, 2020, 191,260,981 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, 2020 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 92.7% 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
Note 13. Shareholders' Equity/Partners' Capital
Note 20. Income (Loss) Per Share/Income (Loss) 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, 2020 and December 31, 2019
Consolidated Statements of Income (Unaudited) for the Three and Nine Months Ended September 30, 2020 and 2019
Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30,
2020 and 2019
Consolidated Statements of Changes in Equity (Unaudited) for the Three and Nine Months Ended September 30, 2020
and 2019
Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2020 and 2019
Consolidated Balance Sheets (Unaudited) as of September 30, 2020 and December 31, 2019
Consolidated Statements of Income (Unaudited) for the Three and Nine Months Ended September 30, 2020 and 2019
Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30,
2020 and 2019
Consolidated Statements of Changes in Equity (Unaudited) for the Three and Nine Months Ended September 30, 2020
and 2019
Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2020 and 2019
Vornado Realty Trust and Vornado Realty L.P.:
PART II.Other Information:

    
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)As of
September 30, 2020December 31, 2019
ASSETS
Real estate, at cost:
Land$2,589,452 $2,591,261 
Buildings and improvements8,004,206 7,953,163 
Development costs and construction in progress1,514,941 1,490,614 
Moynihan Train Hall development expenditures1,223,600 914,960 
Leasehold improvements and equipment128,642 124,014 
Total13,460,841 13,074,012 
Less accumulated depreciation and amortization(3,155,416)(3,015,958)
Real estate, net10,305,425 10,058,054 
Right-of-use assets374,805 379,546 
Cash and cash equivalents1,411,047 1,515,012 
Restricted cash79,291 92,119 
Marketable securities 33,313 
Tenant and other receivables103,051 95,733 
Investments in partially owned entities3,504,328 3,999,165 
Real estate fund investments3,739 222,649 
220 Central Park South condominium units ready for sale181,041 408,918 
Receivable arising from the straight-lining of rents678,381 742,206 
Deferred leasing costs, net of accumulated amortization of $191,093 and $196,229
385,089 353,986 
Identified intangible assets, net of accumulated amortization of $95,567 and $98,587
25,746 30,965 
Other assets510,955 355,347 
 $17,562,898 $18,287,013 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net$5,639,151 $5,639,897 
Senior unsecured notes, net446,482 445,872 
Unsecured term loan, net796,499 745,840 
Unsecured revolving credit facilities575,000 575,000 
Lease liabilities425,646 498,254 
Moynihan Train Hall obligation1,223,600 914,960 
Special dividend/distribution payable 398,292 
Accounts payable and accrued expenses430,446 440,049 
Deferred revenue45,473 59,429 
Deferred compensation plan98,543 103,773 
Other liabilities302,622 265,754 
Total liabilities9,983,462 10,087,120 
Commitments and contingencies
Redeemable noncontrolling interests:
Class A units - 13,670,466 and 13,298,956 units outstanding
594,934 884,380 
Series D cumulative redeemable preferred units - 141,401 units outstanding
4,535 4,535 
Total redeemable noncontrolling partnership units599,469 888,915 
Redeemable noncontrolling interest in a consolidated subsidiary94,282  
Total redeemable noncontrolling interests693,751 888,915 
Shareholders' equity:
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 36,793,402 and 36,795,640 shares
891,156 891,214 
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 191,260,981 and 190,985,677 shares
7,629 7,618 
Additional capital8,123,524 7,827,697 
Earnings less than distributions(2,463,635)(1,954,266)
Accumulated other comprehensive loss(89,834)(40,233)
Total shareholders' equity6,468,840 6,732,030 
Noncontrolling interests in consolidated subsidiaries416,845 578,948 
Total equity6,885,685 7,310,978 
 $17,562,898 $18,287,013 
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,
2020201920202019
REVENUES:
Rental revenues$322,253 $427,638 $1,038,721 $1,348,814 
Fee and other income41,709 38,323 112,799 114,918 
Total revenues363,962 465,961 1,151,520 1,463,732 
EXPENSES:
Operating(195,645)(226,359)(600,077)(694,006)
Depreciation and amortization(107,013)(96,437)(292,611)(326,181)
General and administrative(32,407)(33,237)(120,255)(130,129)
(Expense) benefit from deferred compensation plan liability(4,341)(974)548 (7,722)
(Expense from transaction related costs and impairment losses) and gain from lease liability extinguishment, net(584)(1,576)68,566 (103,315)
Total expenses(339,990)(358,583)(943,829)(1,261,353)

(Loss) income from partially owned entities(80,909)25,946 (353,679)56,139 
(Loss) income from real estate fund investments(13,823)2,190 (225,328)(13,780)
Interest and other investment income (loss), net1,729 3,045 (7,068)15,930 
Income (loss) from deferred compensation plan assets4,341 974 (548)7,722 
Interest and debt expense(57,371)(61,448)(174,618)(226,940)
Net gain on transfer to Fifth Avenue and Times Square JV   2,571,099 
Net gains on disposition of wholly owned and partially owned assets214,578 309,657 338,862 641,664 
Income (loss) before income taxes92,517 387,742 (214,688)3,254,213 
Income tax expense(23,781)(23,885)(38,431)(80,542)
Income (loss) from continuing operations68,736 363,857 (253,119)3,173,671 
Loss from discontinued operations (8) (85)
Net income (loss)68,736 363,849 (253,119)3,173,586 
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries848 (5,774)141,003 (34,045)
Operating Partnership(3,884)(22,637)10,090 (197,354)
Net income (loss) attributable to Vornado65,700 335,438 (102,026)2,942,187 
Preferred share dividends(12,530)(12,532)(37,591)(37,598)
NET INCOME (LOSS) attributable to common shareholders$53,170 $322,906 $(139,617)$2,904,589 
INCOME (LOSS) PER COMMON SHARE - BASIC:
Net income (loss) per common share$0.28 $1.69 $(0.73)$15.22 
Weighted average shares outstanding191,162 190,814 191,102 190,762 
INCOME (LOSS) PER COMMON SHARE - DILUTED:
Net income (loss) per common share$0.28 $1.69 $(0.73)$15.20 
Weighted average shares outstanding191,162 191,024 191,102 191,027 
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,
2020201920202019
Net income (loss)$68,736 $363,849 $(253,119)$3,173,586 
Other comprehensive (loss) income:
Other comprehensive (loss) income of nonconsolidated subsidiaries(15,634)11 (15,626)(949)
Increase (reduction) in value of interest rate swaps and other7,926 (9,954)(37,473)(55,495)
Amounts reclassified from accumulated other comprehensive loss relating to a nonconsolidated subsidiary   (2,311)
Comprehensive income (loss)61,028 353,906 (306,218)3,114,831 
Less comprehensive (income) loss attributable to noncontrolling interests(2,516)(27,761)154,591 (227,667)
Comprehensive income (loss) attributable to Vornado$58,512 $326,145 $(151,627)$2,887,164 
See notes to consolidated financial statements (unaudited).

8


VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)
(Amounts in thousands, except per share amounts)
Non-controlling Interests in Consolidated Subsidiaries
Accumulated
Other
Comprehensive
Loss
Preferred SharesCommon SharesAdditional CapitalEarnings Less Than DistributionsTotal Equity
SharesAmountSharesAmount
For the Three Months Ended
September 30, 2020
Balance as of June 30, 202036,794 $891,164 191,151 $7,625 $8,095,774 $(2,415,500)$(82,646)$432,492 6,928,909 
Net income attributable to Vornado— — — — — 65,700 — — 65,700 
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries— — — — — — — (1,019)(1,019)
Dividends on common shares
   ($0.53 per share)
— — — — — (101,311)— — (101,311)
Dividends on preferred shares (see Note 13 for dividends per share amounts)
— — — — — (12,530)— — (12,530)
Common shares issued:
Upon redemption of Class A units, at redemption value
— — 100 4 3,582 — — — 3,586 
Under dividend reinvestment plan
— — 9 1 299 — — — 300 
Contributions
— — — — — — — 358 358 
Distributions
— — — — — — — (14,987)(14,987)
Conversion of Series A preferred shares to common shares
(1)(7)— — 7 — — —  
Deferred compensation shares and options
— — — — 304 — — — 304 
Other comprehensive loss of nonconsolidated subsidiaries
— — — — — — (15,634)— (15,634)
Increase in value of interest rate
swaps
— — — — — — 7,926 — 7,926 
Redeemable Class A unit measurement adjustment— — — — 23,557 — — — 23,557 
Redeemable noncontrolling interests' share of above adjustments
— — — — — — 520 — 520 
Other
— (1)1 (1)1 6 — 1 6 
Balance as of September 30, 202036,793 $891,156 191,261 $7,629 $8,123,524 $(2,463,635)$(89,834)$416,845 $6,885,685 
See notes to consolidated financial statements (unaudited).
9


VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CONTINUED
(UNAUDITED)
(Amounts in thousands, except per share amounts)
Non-controlling Interests in Consolidated Subsidiaries
Accumulated
Other
Comprehensive
Loss
Preferred SharesCommon SharesAdditional CapitalEarnings Less Than DistributionsTotal Equity
SharesAmountSharesAmount
For the Three Months Ended
September 30, 2019:
Balance as of June 30, 201936,797 $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
— — — — — — — 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)
Redeemable Class A unit measurement adjustment— — — — 24,228 — — — 24,228 
Redeemable noncontrolling interests' share of above adjustments
— — — — — — 650 — 650 
Other
— — — — 1 1 (1)4 5 
Balance as of September 30, 201936,797 $891,256 190,850 $7,613 $7,872,597 $(1,649,035)