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Vornado's total return to shareholders was 46% in 2004. After all is said and done, our trading price is the report card we value most.
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Vornado's 2004 EBITDA was $1.286 billion. FFO was $750 million.(1)
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Our New York and Washington Office, Retail and Mart businesses each performed at or above budget and each had outstanding same store results. Our financial performance continues to benefit from our strategy of having several lines of business (our three-legged stool) and from concentrating our assets in New York and Washington, DC, the two very best markets in the nation.
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We made tremendous progress towards accomplishing our goals for AmeriCold.
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In 2004 and so far this year, we had an additional unrealized mark-to-market gain of $200 million on our Alexander's shares, as its stock price doubled. 731 Lexington Avenue, Alexander's flagship tower, the new home of Bloomberg LP and One Beacon Court, enjoyed universal acclaim.
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As of this date, we scored a $181 million unrealized gain on our investment in Sears and a $62 million unrealized gain on our investment in GMH.
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We recently agreed to invest about $450 million of equity for a one-third interest in Toys "R" Us, partnering with private equity firms Bain Capital and Kohlberg Kravis Roberts.
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