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Vornado Announces Its Share Of Toys “R” Us’ Second Quarter Financial Results

(1) EBITDA represents “Earnings Before Interest, Taxes, Depreciation and Amortization.” Management considers EBITDA a supplemental measure for making decisions and assessing the unlevered performance of its segments as it relates to the total return on assets as opposed to the levered return on equity. EBITDA should not be considered a substitute for net income. EBITDA may not be comparable to similarly titled measures employed by other companies.

 
Toys "R" Us, Inc.
Funds From Operations - Unaudited
 
(Amounts in thousands) For the Quarter Ended
July 28, 2012   July 30, 2011
Reconciliation of Vornado's net loss from its investment in Toys to FFO:  
Net loss $ (8,585 ) $ (9,304 )
Depreciation and amortization of real property 16,905 17,947
Income tax effect of above adjustment (5,917 ) (6,280 )
Vornado's share of Toys’ FFO (1) $ 2,403 $ 2,363
 

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