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Vornado Realty Trust CEO Discusses Q2 Results - Earnings Transcript

Stocks in this article: VNO

And as a remainder, in the first quarter we completed the sale of 350 West Mart Center for coincidently $228 million. In the second quarter we also sold our Washington Office Center which is contiguous to the Washington Design Center and six non-core retail properties.

The total proceeds from second quarter sales of $500 million with a net gain of $177 million. Together with sales in the first quarter, total proceeds are $821 million with a net gain of $232 million.

In the second half of the year, we are contemplating the sale of over $1 billion of assets. Including the beginning of the mall disposition program and continuing the pruning of our strip center portfolio.

We are currently marketing Green Acres Regional Mall and Kings Plaza Regional Mall as well as our 650,000 square foot power ship center, known as the plant in San Jose California today in my field.

Let me now talk about acquisitions. In the second quarter we focused on street retail which I would like to review. First we contracted to buy 114,000 square foot retail condominium at 666 Fifth Avenue for $707 million and 4.5% going in cash cap rate and 5.6% GAAP cap rate. This deal is expected to close in the fourth quarter. As you probably know, we acquired quite a co-controlling 49% interest in the 666 office condominium in December 2011.

Second, we announced last week that we entered into a lease with Host Hotels & Resorts under which we will redevelop the retail and science departments of the New York Marriott Marquis Times Square Hotel. This leads gives us effective control of the retail site that contains options based upon – based on cash flow which effect size (ph) will lead to our ownership and reward us for our redevelopment efforts.

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