Vornado Receives $124 Million in Settlement of
Stop & Shop Litigation
PARAMUS, NEW JERSEY....Vornado Realty Trust (NYSE:VNO), today announced that it has received $124 million pursuant to a settlement agreement with Stop & Shop for its claim under a 1992 Agreement which provided for annual rent of $6 million for a period potentially through 2031. The settlement terminates Vornado’s right to receive this rent under the 1992 Agreement and ends litigation between the parties which started ten years ago.
In prior years, Vornado recognized $48 million of rental income under the Agreement. This settlement, net of expenses, will result in Vornado recognizing $59 million of income in the first quarter of 2013.
Vornado Realty Trust is a fully-integrated equity real estate investment trust.