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Vornado Realty Trust CEO Discusses Q2 Results - Earnings Transcript

Please be aware of the statements made during this call maybe be in forward-looking statements and actual results may differ materially from these statements due to a variety of risks, uncertainties and other factors. Please refer to our filings with the Securities and Exchange Commission including our annual report on Form 10-Q for more information regarding these risks and uncertainties.

The call may include non-sensitive information that maybe accurate only as of today’s date, August 7, 2012. The Company does not undertake a duty to update any forward-looking statements.

On the call today for management for our opening comments are Michael Fascitelli, President and Chief Executive Officer and Joseph Macnow, Chief Financial Officer. In addition Steven Roth, Chairman of the Board, David Greenbaum, President of the New York Division and Mitchell Schear, President of the Washington D.C. Division are here to answer questions during the question-and-answer session.

I will now turn the call over to Michael Fascitelli.

Michael Fascitelli

Thanks, Cathy. Good afternoon and welcome to our first earnings call. There is quite a few on the phone, we are happy and delighted and that you all are joining us today. We’d appreciate your time and attention.

After my prepared remarks, Joe Macnow, our Chief Financial Officer will provide a financial overview and then we will answer your questions. We will end at approximately 2 PM. It has been a very productive quarter for us and we are making significant progress on the We Will statements made in these shareholders letter.

We have had substantial progress on simplifying the company and are committed to continue this. I would like to remind everyone that 80% of our earnings come from New York and Washington office and retails holdings where we have great platforms and great management teams.

Let’s start out by talking about asset sales. As we said in the past, we are exiting the mart business. In the second quarter we sold or contracted to sell four mart assets for $228 million, the L.A. Mart, the Boston Design Center, the Washington Design Center and the Canadian Trade Show Business.

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