Press Release

Contact:

Joseph Macnow
Work(212) 894-7000
October 10, 2018

Vornado Announces Certain Items to be Included in its Third Quarter 2018 Financial Results

NEW YORK…..Vornado Realty Trust (NYSE: VNO) today announced that its financial results for the quarter ended September 30, 2018 will include the items listed below, which will result in additional net income of $0.65 per diluted share and will be included in Vornado’s third quarter 2018 “net income attributable to common shareholders” and will be excluded from “net income attributable to common shareholders, as adjusted.” These items will decrease our FFO attributable to common shareholders plus assumed conversions in the third quarter 2018 by $0.02 per diluted share and will be excluded from “FFO attributable to common shareholders plus assumed conversions, as adjusted.” 

  • a $134.0 million net gain (not included in FFO) resulting from the previously announced sale of our 49.5% interest in the 666 Fifth Avenue Office Condominium;

  • $7.3 million of net income and FFO from the repayment of the 666 Fifth Avenue Office Condominium mortgage loan;

  • $8.0 million of net loss and negative FFO related to the change in fair value of marketable securities;

  • $0.6 million of net loss ($2.7 million of negative FFO) from other items. 

The above amounts are preliminary estimates. There can be no assurance that Vornado’s final results will not differ from these preliminary estimates as a result of quarter-end closing procedures, review procedures, or review adjustments, and any such changes could be material.