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Vornado Announces Fourth Quarter 2013 Financial Results.

Vornado Realty Trust (NYSE:VNO) filed its Form 10-K for the year ended December 31, 2013 today and reported:

Fourth Quarter 2013 Results

NET LOSS attributable to common shareholders for the quarter ended December 31, 2013 was $68.9 million, or $0.37 per diluted share, compared to net income of $62.6 million, or $0.33 per diluted share for the quarter ended December 31, 2012. Net loss for the quarter ended December 31, 2013 and net income for the quarter ended December 31, 2012 include $127.5 million and $281.5 million, respectively, of net gains on sale of real estate, and $32.9 million and $117.9 million, respectively, of real estate impairment losses. In addition, the quarters ended December 31, 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 December 31, 2013 and 2012 was $107.6 million and $77.4 million, or $0.57 and $0.41 per diluted share, respectively.

FUNDS FROM OPERATIONS attributable to common shareholders plus assumed conversions (“FFO”) for the quarter ended December 31, 2013 was a negative $6.8 million, or $0.04 per diluted share, compared to a positive $55.9 million, or $0.30 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 December 31, 2013 and 2012 was $248.7 million and $207.3 million, or $1.33 and $1.11 per diluted share, respectively.

(Amounts in thousands, except per share amounts)     For the Quarters Ended December 31,
2013       2012
(Negative FFO) FFO (1) $ (6,784 ) $ 55,890  
Per Share $ (0.04 ) $ 0.30  
 
Items that affect comparability income (expense):
Toys "R" Us Negative FFO (including impairment losses of $162,215 and $40,000, respectively) $ (282,041 ) $ (61,358 )
Acquisition related costs (18,088 ) (6,934 )
Non-cash impairment loss on J.C. Penney common shares - (224,937 )
Loss from the mark-to-market of J.C. Penney derivative position - (22,472 )
Net gain on sale of land parcels and residential condominiums 23,988 -

FFO attributable to discontinued operations, including LNR and discontinued operations of Alexander's in 2012

1,671 46,365
Accelerated amortization of discount on investment in subordinated debt of Independence Plaza - 60,396
1290 Avenue of the Americas and 555 California Street priority return and income tax benefit - 25,260
Net gain resulting from Lexington Realty Trust's stock issuance - 14,116
Other, net 3,436   8,425  
(271,034 ) (161,139 )
Noncontrolling interests' share of above adjustments 15,555   9,778  
Items that affect comparability, net $ (255,479 ) $ (151,361 )
 
FFO as adjusted for comparability $ 248,695   $ 207,251  
Per Share $ 1.33   $ 1.11  
 
 
(1) See page 4 for a reconciliation of our net (loss) income to (Negative FFO) FFO for the quarters ended December 31, 2013 and 2012.
 

Year Ended 2013 Results

NET INCOME attributable to common shareholders for the year ended December 31, 2013 was $392.0 million, or $2.09 per diluted share, compared to $549.3 million, or $2.94 per diluted share for the year ended December 31, 2012. Net income for the years ended December 31, 2013 and 2012 includes $412.1 million and $487.4 million, respectively, of net gains on sale of real estate, and $43.7 million and $141.6 million, respectively, of real estate impairment losses. In addition, the years ended December 31, 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 years ended December 31, 2013 and 2012 was $395.3 million and $262.2 million, or $2.11 and $1.40 per diluted share, respectively.

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