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Vornado Announces Second Quarter 2013 Financial Results

VORNADO REALTY TRUST (New York Stock Exchange: VNO) filed its Form 10-Q for the quarter ended June 30, 2013 today and reported:

Second Quarter 2013 Results

NET INCOME attributable to common shareholders for the quarter ended June 30, 2013 was $145.9 million, or $0.78 per diluted share, compared to $20.5 million, or $0.11 per diluted share for the quarter ended June 30, 2012. Net income for the quarters ended June 30, 2013 and 2012 include $65.7 million and $17.1 million, respectively, of net gains on sale of real estate, and $3.1 million and $14.9 million, respectively, of real estate impairment losses. In addition, the quarters ended June 30, 2013 and 2012 include certain other items that affect comparability, which are listed in the table below. Adjusting net income attributable to common shareholders for net gains on sale of real estate, real estate impairment losses and the items in the table below, net of amounts attributable to noncontrolling interests, net income attributable to common shareholders for the quarters ended June 30, 2013 and 2012 was $107.9 million and $69.4 million, or $0.58 and $0.37 per diluted share, respectively.

FUNDS FROM OPERATIONS attributable to common shareholders plus assumed conversions (“FFO”) for the quarter ended June 30, 2013 was $235.3 million, or $1.25 per diluted share, compared to $166.7 million, or $0.89 per diluted share for the prior year’s quarter. Adjusting FFO for certain items that affect comparability which are listed in the table below, FFO for the quarters ended June 30, 2013 and 2012 was $245.0 million and $198.5 million, or $1.30 and $1.06 per diluted share, respectively.

   
(Amounts in thousands, except per share amounts) For the Three Months Ended June 30,
2013     2012
FFO (1) $ 235,348 $ 166,672
Per Share $ 1.25 $ 0.89
 
Items that affect comparability income (expense):
Toys "R" Us FFO $ (25,088) $ (7,660)
Income (loss) from the mark-to-market of J.C. Penney derivative position 9,065 (58,732)
Preferred unit redemptions 8,100 -
FFO from discontinued operations, including LNR and discontinued operations of
Alexander's 985 31,885
Acquisition related costs (3,350) (2,559)
Other, net (484) 2,646
(10,772) (34,420)
Noncontrolling interests' share of above adjustments 1,127 2,604
Items that affect comparability, net $ (9,645) $ (31,816)
 
FFO as adjusted for comparability $ 244,993 $ 198,488
Per Share $ 1.30 $ 1.06

 

(1) See page 4 for a reconciliation of our net income to FFO for the three months ended June 30, 2013 and 2012.

 

First Half 2013 Results

NET INCOME attributable to common shareholders for the six months ended June 30, 2013 was $377.9 million, or $2.01 per diluted share, compared to $254.2 million, or $1.36 per diluted share for the six months ended June 30, 2012. Net income for the six months ended June 30, 2013 and 2012 include $268.5 million and $73.6 million, respectively, of net gains on sale of real estate, and $8.3 million and $23.8 million, respectively, of real estate impairment losses. In addition, the six months ended June 30, 2013 and 2012 include certain other items that affect comparability, which are listed in the table below. Adjusting net income attributable to common shareholders for net gains on sale of real estate, real estate impairment losses and the items in the table below, net of amounts attributable to noncontrolling interests, net income attributable to common shareholders for the six months ended June 30, 2013 and 2012 was $180.4 million and $116.4 million, or $0.96 and $0.62 per diluted share, respectively.

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