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 $1.15 per diluted share, respectively.
|(Amounts in thousands, except per share amounts)||For the Three Months Ended June 30,|
|Items that affect comparability income (expense):|
|Loss from the mark-to-market of J.C. Penney derivative position||$||(58,732)||$||(6,762)|
|FFO attributable to discontinued operations||9,926||15,929|
|Net gain on sale of condominiums||1,274||-|
|Net gain resulting from Lexington's stock issuances||-||8,308|
|Our share of LNR's net gain from asset sales||-||6,020|
|Noncontrolling interests' share of above adjustments||2,998||(1,552)|
|Items that affect comparability, net||$||(44,926)||$||23,158|
|FFO as adjusted for comparability||$||211,598||$||220,260|
(1) See page 4 for a reconciliation of our net income to FFO for the three months ended June 30, 2012 and 2011.
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