SEC Info - Vornado Realty LP - 10-Q

(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.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 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).

PART I.		Financial Information:	Page Number

	Item 1.	Financial Statements:

		Consolidated Balance Sheets (Unaudited) as of March 31, 2008 and December 31, 2007	3

		Consolidated Statements of Income (Unaudited) for the Three Months Ended March 31, 2008 and March 31, 2007	4

		Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2008 and March 31, 2007	5

		Notes to Consolidated Financial Statements (Unaudited)	7

		Report of Independent Registered Public Accounting Firm	31

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	32

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	56

	Item 4.	Controls and Procedures	57



PART II.		Other Information:

	Item 1.	Legal Proceedings	58

	Item 1A.	Risk Factors	59

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	59

	Item 3.	Defaults Upon Senior Securities	59

	Item 4.	Submission of Matters to a Vote of Security Holders	59

	Item 5.	Other Information	59

	Item 6.	Exhibits	59

Signatures			60

Exhibit Index			61

(Amounts in thousands, except unit and per unit amounts)
ASSETS	March 31, 2008			December 31, 2007
Real estate, at cost:
Land	$	4,551,850		$	4,597,574
Buildings and improvements		11,621,455			11,619,150
Development costs and construction in progress		903,355			822,514
Leasehold improvements and equipment		108,163			106,102
Total		17,184,823			17,145,340
Less accumulated depreciation and amortization		(1,910,438	)		(1,825,696	)
Real estate, net		15,274,385			15,319,644
Cash and cash equivalents		1,541,074			1,154,595
Escrow deposits and restricted cash		378,253			378,732
Marketable securities		304,903			322,992
Accounts receivable, net of allowance for doubtful accounts of $20,151 and $19,151		167,914			168,183
Investments in partially owned entities, including Alexander’s of $127,816 and $122,797		1,193,501			1,206,742
Investment in Toys “R” Us		377,264			298,089
Mezzanine loans receivable		491,868			492,339
Receivable arising from the straight-lining of rents, net of allowance of $3,129 and $3,076		536,920			516,777
Deferred leasing and financing costs, net of accumulated amortization of $132,083 and $123,624		288,177			275,887
Assets related to discontinued operations		108,461			1,533,240
Due from officers		13,186			13,228
Other assets		810,292			798,487
	$	21,486,198		$	22,478,935
LIABILITIES AND PARTNERS’ CAPITAL

Notes and mortgages payable	$	8,613,600		$	7,938,457
Due to Vornado Realty Trust		2,362,825			2,360,412
Senior unsecured notes		698,810			698,656
Exchangeable senior debentures		493,268			492,857
Revolving credit facility debt		—			405,656
Accounts payable and accrued expenses		496,272			475,191
Deferred credit		824,648			848,855
Officers’ deferred compensation plan		71,258			67,714
Deferred tax liabilities		19,741			241,895
Other liabilities		122,381			118,983
Liabilities related to discontinued operations		1,650			1,332,627
Total liabilities		13,704,453			14,981,303
Minority interest		413,879			416,298
Commitments and contingencies
Partners’ Capital:
Equity		7,112,743			7,094,386
Earnings in excess of (less than) distributions		245,602			(42,824	)
Accumulated other comprehensive income		9,521			29,772
Total Partner’s Capital		7,367,866			7,081,334
	$	21,486,198		$	22,478,935

	For The Three Months Ended March 31,
	2008			2007
(Amounts in thousands, except per unit amounts)

REVENUES:
Property rentals	$	536,336		$	434,723
Tenant expense reimbursements		87,477			72,466
Fee and other income		28,708			29,055
Total revenues		652,521			536,244
EXPENSES:
Operating		262,605			212,802
Depreciation and amortization		131,505			89,008
General and administrative		49,388			40,417
Costs of acquisitions not consummated		2,283			8,807
Total expenses		445,781			351,034
Operating income		206,740			185,210
Income applicable to Alexander’s		7,929			13,519
Income applicable to Toys “R” Us		80,362			58,661
(Loss) income from partially owned entities		(30,353	)		8,695
Interest and other investment income		14,104			53,504
Interest and debt expense (including amortization of deferred financing costs of $4,243 and $2,164)		(148,179	)		(130,698	)
Net gain on disposition of wholly owned and partially owned assets other than depreciable real estate		—			909
Minority interest of partially owned entities		406			350
Income before taxes		131,009			190,150
Income tax benefit (expense)		217,329			(89	)
Income from continuing operations		348,338			190,061
Income (loss) from discontinued operations (including $112,690 net gain on sale of Americold Realty Trust in 2008)		111,094			(1,138	)
Net income		459,432			188,923
Preferred unit distributions		(19,092	)		(18,806	)
NET INCOME applicable to CLASS A UNITS	$	440,340		$	170,117

INCOME PER CLASS A UNIT – BASIC:
Income from continuing operations	$	1.96		$	1.03
Income (loss) from discontinued operations		0.66			(0.01	)
Net income per Class A unit	$	2.62		$	1.02

INCOME PER CLASS A UNIT – DILUTED:
Income from continuing operations	$	1.87		$	0.98
Income (loss) from discontinued operations		0.62			(0.01	)
Net income per Class A unit	$	2.49		$	0.97

DIVIDENDS PER CLASS A UNIT	$	0.90		$	0.85

	For The Three Months Ended March 31,
(Amounts in thousands)	2008			2007
Cash Flows from Operating Activities:
Net income	$	459,432		$	188,923
Adjustments to reconcile net income to net cash provided by operating activities:
Write-off of deferred tax liability		(222,174	)		—
Depreciation and amortization (including amortization of debt issuance costs)		156,955			112,956
Equity in income of partially owned entities, including Alexander’s and Toys		(92,529	)		(81,285	)
Net gain on sale of Americold		(112,690	)		—
Write-off of pre-development costs		34,200			—
Amortization of below market leases, net		(23,264	)		(14,005	)
Straight-lining of rental income		(22,050	)		(20,475	)
Net losses (gains) from derivative positions

Maryland		22-1657560
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)

888 Seventh Avenue, New York, New York		10019
(Address of principal executive offices)		(Zip Code)

x Large Accelerated Filer		o Accelerated Filer
o Non-Accelerated Filer (Do not check if smaller reporting company)		o Smaller Reporting Company

Vornado Realty LP · 10-Q · For 3/31/08

Filed On 5/9/08 4:26pm ET · SEC File 0-22685 · Accession Number 1040765-8-8

Quarterly Report · Form 10-Q
Filing Table of Contents

10-Q · Quarterly Report

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Vornado Realty LP · 10-Q · For 3/31/08

Filed On 5/9/08 4:26pm ET · SEC File 0-22685 · Accession Number 1040765-8-8

Quarterly Report · Form 10-QFiling Table of Contents

10-Q · Quarterly Report

This is an EDGAR HTML document rendered as filed. [ Alternative Formats ]

Quarterly Report · Form 10-Q
Filing Table of Contents