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Vornado Announces Second Quarter 2012 Financial Results

VORNADO REALTY TRUST (New York Stock Exchange: VNO) filed its Form 10-Q for the quarter ended June 30, 2012 today and reported:

Second Quarter 2012 Results

NET INCOME attributable to common shareholders for the quarter ended June 30, 2012 was $20.5 million, or $0.11 per diluted share, compared to $91.9 million, or $0.49 per diluted share, for the quarter ended June 30, 2011. Net income for the quarters ended June 30, 2012 and 2011 include $17.1 million and $3.1 million, respectively, of net gains on sale of real estate, and $14.9 million of real estate impairment losses in the quarter ended June 30, 2012. In addition, the quarters ended June 30, 2012 and 2011 include certain other 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 June 30, 2012 and 2011 was $64.5 million and $71.6 million, or $0.35 and $0.38 per diluted share, respectively.

FUNDS FROM OPERATIONS attributable to common shareholders plus assumed conversions (“FFO”) for the quarter ended June 30, 2012 was $166.7 million, or $0.89 per diluted share, compared to $243.4 million, or $1.27 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 June 30, 2012 and 2011 was $211.6 million and $220.3 million, or $1.13 and $1.15 per diluted share, respectively.
 
(Amounts in thousands, except per share amounts)         For the Three Months Ended June 30,
2012     2011
FFO (1) $ 166,672 $ 243,418
Per Share $ 0.89 $ 1.27
 
Items that affect comparability income (expense):
Loss from the mark-to-market of J.C. Penney derivative position $ (58,732) $ (6,762)
FFO attributable to discontinued operations 9,926 15,929
Net gain on sale of condominiums 1,274 -
Net gain resulting from Lexington's stock issuances - 8,308
Our share of LNR's net gain from asset sales - 6,020
Other, net (392) 1,215
(47,924) 24,710
Noncontrolling interests' share of above adjustments 2,998 (1,552)
Items that affect comparability, net $ (44,926) $ 23,158
FFO as adjusted for comparability $ 211,598 $ 220,260
Per Share $ 1.13 $ 1.15
 

(1) See page 4 for a reconciliation of our net income to FFO for the three months ended June 30, 2012 and 2011.
 

First Half 2012 Results

NET INCOME attributable to common shareholders for the six months ended June 30, 2012 was $254.2 million, or $1.36 per diluted share, compared to $491.1 million, or $2.63 per diluted share, for the six months ended June 30, 2011. Net income for the six months ended June 30, 2012 and 2011 include $73.6 million and $55.9 million, respectively, of net gains on sale of real estate, and $23.8 million of real estate impairment losses in the six months ended June 30, 2012. In addition, the six months ended June 30, 2012 and 2011 include certain other 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 six months ended June 30, 2012 and 2011 was $246.0 million and $244.7 million, or $1.32 and $1.34 per diluted share, respectively.

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