In October 2005, Newkirk became a publicly-traded company. Michael Ashner, Newkirk's Chairman and CEO, a long-time friend and a talented deal guy, has run this netlease business from the beginning. Simplistically, our investment here, which was initiated in 1998 and grew to a max of approximately $170 million, was, over time, more than fully repaid from the proceeds of multiple re-financings and operations. Today, our entire investment has been returned plus $30 million, and we own listed securities with a trading value of $186 million. Joe, rather precisely, calculates that our $216 million profit here produced a return on investment of 21.8%.

GMH(15) hit a speed bump. Please refer to their press releases and securities filings available at www.gmhcommunities.com. We bridged this company to its November 2004 IPO. The stock, which reached a high of $16.77, was $11.64 at the end of first quarter 2006 and is now trading at $12.33. Our investment here consists of two tranches— 8,038,000 units and common shares at a cost basis of $8.03 and a warrant to purchase 6,085,180 common shares at a strike price of $8.22. Currently, our actual cash investment is $65 million, which, to put in perspective, is $.38 per Vornado share. Our current mark-to-market economic profit on these units and shares is $34.6 million and our unrealized gain on the warrant is $19.1 million.(16) The warrant expires on May 2nd and may be exercised or net settled. Our shares and units represent 11.3% of the company which would increase to 18.1% including the warrants.