Vornado Announces Final Disposition of Skyline Properties
Recognizing $486 Million Gain
NEW YORK....Vornado Realty Trust (NYSE: VNO) today announced the final disposition by the receiver of its Skyline properties in Fairfax, Virginia. As a result, all assets (approximately $237 million) and liabilities (approximately $723 million) related to the Skyline properties will be removed from Vornado’s balance sheet and in the fourth quarter of 2016, Vornado will recognize a non-cash financial statement gain of approximately $486 million and no taxable income. Vornado has no further obligations relating to the Skyline Properties.
Vornado Realty Trust is a fully integrated equity real estate investment trust.