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Vornado Announces Third Quarter 2012 FFO Of $1.34 Per Share

FFO for the nine months ended September 30, 2012 was $767.3 million, or $4.07 per diluted share, compared to $951.1 million, or $4.96 per diluted share for the prior year’s nine months. Adjusting FFO for certain items that affect comparability which are listed in the table below, FFO for the nine months ended September 30, 2012 and 2011 was $744.4 million and $746.1 million, or $3.95 and $3.89 per diluted share, respectively.

(Amounts in thousands, except per share amounts) For the Nine Months Ended September 30,
    2012   2011
FFO (1) $ 767,347   $ 951,054  
Per Share $ 4.07   $ 4.96  
 
Items that affect comparability income (expense):
FFO attributable to discontinued operations, including discontinued operations of
a partially owned entity $ 52,768 $ 63,785
After-tax net gain on sale of Canadian Trade Shows 19,657 -
Discount on preferred unit redemptions 11,700 7,000
Net gain on sale of residential condominiums 1,274 5,884
Net gain on extinguishment of debt - 83,907
Mezzanine loans loss reversal and net gain on disposition - 82,744
Our share of LNR's asset sales and tax settlement gains - 14,997
Net gain resulting from Lexington's stock issuances - 9,760
Loss from the mark-to-market of J.C. Penney derivative position (53,343 ) (27,136 )
Verde Realty impairment loss (4,936 ) -
Buy-out of below-market leases - (16,593 )
Other, net (2,704 ) (5,604 )
24,416 218,744
Noncontrolling interests' share of above adjustments (1,507 ) (13,773 )
Items that affect comparability, net $ 22,909   $ 204,971  
FFO as adjusted for comparability $ 744,438   $ 746,083  
Per Share $ 3.95   $ 3.89  
     
 
(1) See page 4 for a reconciliation of our net income to FFO for the nine months ended September 30, 2012 and 2011.

Supplemental Financial Information

Further details regarding results of operations, properties and tenants can be accessed at the Company’s website www.vno.com. Vornado Realty Trust is a fully – integrated equity real estate investment trust.

Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K, as amended, for the year ended December 31, 2011. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors.

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