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Vornado Announces Fourth Quarter 2011 FFO Of $1.46 Per Share

VORNADO REALTY TRUST (New York Stock Exchange: VNO) today reported:

Fourth Quarter 2011 Results

NET INCOME attributable to common shareholders for the quarter ended December 31, 2011 was $69.5 million, or $0.37 per diluted share, compared to $243.4 million, or $1.31 per diluted share, for the quarter ended December 31, 2010. Net income for the quarters ended December 31, 2011 and 2010 includes $1.9 million and $62.7 million, respectively, of net gains on sale of real estate, and $28.8 million and $104.0 million, respectively, of real estate impairment losses. In addition, the quarters ended December 31, 2011 and 2010 include certain items that affect comparability which are listed in the table below. Adjusting net income attributable to common shareholders for net gains on sale of real estate, real estate impairment losses and the items in the table below, net of amounts attributable to noncontrolling interests, net income attributable to common shareholders for the quarters ended December 31, 2011 and 2010 was $34.5 million and $69.9 million, or $0.18 and $0.40 per diluted share, respectively.

FUNDS FROM OPERATIONS attributable to common shareholders plus assumed conversions (“FFO”) for the quarter ended December 31, 2011 was $280.4 million, or $1.46 per diluted share, compared to $432.9 million, or $2.27 per diluted share, for the prior year’s quarter. Adjusting FFO for certain items that affect comparability which are listed in the table below, FFO for the quarters ended December 31, 2011 and 2010 was $220.1 million and $218.3 million, or $1.15 and $1.15 per diluted share, respectively.

   
(Amounts in thousands, except per share amounts) For the Quarters Ended December 31,
    2011   2010
FFO (1) $ 280,369 $ 432,860
Per Share $ 1.46 $ 2.27
 
Items that affect comparability income (expense):
Income from the mark-to-market of J.C. Penney derivative position $ 40,120 $ 97,904
Recognition of disputed receivable from Stop & Shop 23,521 -
Net gain from Suffolk Downs' sale of a partial interest 12,525 -
Our share of LNR's income tax benefit 12,380 -
Net gain on extinguishment of debt - 93,946
Mezzanine loan loss reversal - 60,000
Net gain resulting from Lexington Realty Trust's stock issuance - 7,712
Non-cash asset write-downs:
Real estate - development related - (30,013)
Partially owned entities (13,794) -
Tenant buy-outs and acquisition costs (10,656) (4,094)
FFO attributable to discontinued operations 5,039 7,373
Other, net (4,833) (3,174)
64,302 229,654
Noncontrolling interests' share of above adjustments (4,041) (15,089)
Items that affect comparability, net $ 60,261 $ 214,565
Per Share $ 0.31 $ 1.12
 
FFO as adjusted for comparability $ 220,108 $ 218,295
Per Share $ 1.15 $ 1.15
     
 
(1) See page 4 for a reconciliation of our net income to FFO for the quarters ended December 31, 2011 and 2010.
 

Year Ended 2011 Results

NET INCOME attributable to common shareholders for the year ended December 31, 2011 was $601.8 million, or $3.23 per diluted share, compared to $596.7 million, or $3.24 per diluted share, for the year ended December 31, 2010. Net income for the years ended December 31, 2011 and 2010 includes $61.4 million and $63.0 million, respectively, of net gains on sale of real estate, and $28.8 million and $109.0 million, respectively, of real estate impairment losses. In addition, the years ended December 31, 2011 and 2010 include certain items that affect comparability which are listed in the table below. Adjusting net income attributable to common shareholders for net gains on sale of real estate, real estate impairment losses and the items in the table below, net of amounts attributable to noncontrolling interests, net income attributable to common shareholders for the years ended December 31, 2011 and 2010 was $358.2 million and $407.9 million, or $1.92 and $2.21 per diluted share, respectively.

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