Vornado's Funds From Operations for the year ended December 31, 2006 was $858.7 million, $5.51 per diluted share, compared to $757.2 million, $5.21 per diluted share, for the year ended December 31, 2005.

 

Net Income applicable to common shares for the year ended December 31, 2006 was $502.6 million, $3.35 per diluted share, versus $493.1 million, $3.50 per diluted share, for the previous year. Here are the financial results by segment:



This letter and this Annual Report contain forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. The Company's future results, financial condition and business may differ materially from those expressed in these forward-looking statements. These forward-looking statements are subject to numerous assumptions, risks and uncertainties. Many of the factors that will determine these items are beyond our ability to control or predict. For further discussion of these factors, see "Forward-Looking Statements" and "Item 1. Business - Risk Factors" in the Company's annual report on Form 10-K for the year ended December 31, 2006 which is included in this document.