VNO Vornado Realty Trust

   By Mary de Wet 
 

Vornado Realty Trust (VNO) said Wednesday that its fourth-quarter earnings will include items that result in additional net income of 26 cents per diluted share.

The items will be included in Vornado's net income attributable to common shareholders and will be excluded from its adjusted earnings per share.

FFO attributable to common shareholders plus assumed conversions will increase by 20 cents per diluted share and will be excluded from adjusted FFO.

The items are:

-- $67.3 million of after-tax net income and FFO resulting from the sale of condominium units at 220 Central Park South;

-- $27.3 million of after-tax net income (not included in FFO) resulting from a non-cash purchase price fair value adjustment relating to Vornado's acquisition of a 44.9% additional ownership interest of the joint venture that is developing the Farley Post Office Building, bringing its total ownership interest to 95%;

-- $24.4 million of loss and negative FFO resulting from the non-cash mark-to-market fair value adjustments from Vornado's real estate fund (which is being wound down);

-- a $12 million (not included in FFO) non-cash real estate impairment loss;

-- $5.5 million of net loss ($1.7 million of negative FFO) from other items.

In addition, the tax-assessed value of theMART increased in the fourth quarter, resulting in 2018 real estate taxes about $12 million, or 6 cents a share, higher than previously estimated. Vornado's fourth-quarter earnings includes the additional tax expense. The increase in real estate taxes accrued and expensed in 2018 will be paid in 2019, and about 80% reimbursed by tenants in 2019, the company said.

Write to Mary de Wet at mary.dewet@wsj.com

(END) Dow Jones Newswires

January 23, 2019 17:46 ET (22:46 GMT)

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