Vornado Announces Certain Items to be Included in its Fourth Quarter 2020 Financial Results

NEW YORK, Jan. 29, 2021 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE: VNO) today announced that its financial results for the three months ended December 31, 2020 will include the items listed in the table below, resulting in a decrease in net income attributable to common shareholders ("net income") of $1.10 per diluted share and an increase in FFO attributable to common shareholders plus assumed conversions ("FFO") of $0.06 per diluted share.

(Amounts in thousands, except per share amounts, all at share)	For the Three Months Ended December 31, 2020
	Net Income								FFO
	Amount				Per Share				Amount				Per Share
(Loss) income:
Real estate impairment losses (primarily wholly owned retail assets)	$	(236,286	)		$	(1.16	)		$	—			$	—
After-tax net gain on sale of 220 Central Park South condominium units	36,274				0.18				36,274				0.18
Severance and other reduction-in-force related expenses	(23,368		)		(0.12		)		(23,368		)		(0.12		)
Other	(248		)		—				(958		)		—
Total included in "net income" and "FFO" but excluded from "net income, as adjusted" and "FFO, as adjusted"	$	(223,628	)		$	(1.10	)		$	11,948			$	0.06

The above amounts are preliminary estimates. There can be no assurance that Vornado’s final results will not differ from these preliminary estimates as a result of the completion of year-end closing procedures, audit procedures, or audit adjustments, and any such changes could be material.