Share Performance
Mike and I manage the business for long-term wealth creation. We cannot directly influence our share price, but surely our share price over time is a report card on our performance. Since I have run Vornado, from January 1, 1980, total shareholder returns have been 20.0% per annum, compounded. Since Mike joined on January 1, 1997, returns have been 17.4%. Dividends have represented about six percentage points of Vornado's annual return.
(2)	At December 31, 2007, Vornado's share price was $87.95. 2007 was a punishing year for Vornado shareholders and for all REIT investors as well; had we done this calculation as of December 31, 2006, one year earlier when Vornado's share price was $121.50, returns would have been 22.1% during my tenure and 22.9% during Mike's.
	Here is a chart showing Vornado's compound annual return as compared to the RMS Index for various periods ending December 31, 2007 (Past performance is not necessarily indicative of future performance):
(1) The Morgan Stanley REIT Index (RMS) was first published fourteen years ago.