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Vornado Announces Its Share Of Toys “R” Us Third 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 or loss. 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
October 27, 2012   October 29, 2011
Reconciliation of Vornado's net loss from its investment in Toys to negative FFO:  
Net loss $ (33,753 ) $ (32,254 )
Depreciation and amortization of real property 17,778 18,039
Real estate impairment losses 1,430 -
Income tax effect of above adjustments   (6,728 )   (6,314 )
Vornado's share of Toys’ negative FFO (1) $ (21,273 ) $ (20,529 )
 

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