Press Release

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Joseph Macnow
(201) 587-1000
November 6, 1998
Vornado's operating results for the nine months ended September 30, 1998.

SADDLE BROOK, NEW JERSEY......VORNADO REALTY TRUST (NYSE:VNO) today reported that funds from operations for the quarter ended September 30, 1998 were $58.6 million, or $.69 per diluted share, compared to $17.1 million, or $.32 per diluted share, for the quarter ended September 30, 1997. Net income applicable to common shares for the quarter ended September 30, 1998 was $39.7 million, or $.46 per diluted share, versus $10.4 million, or $.19 per diluted share, for the quarter ended September 30, 1997.

 

Funds from operations for the nine months ended September 30, 1998 were $157.8 million, or $1.94 per diluted share, compared to $43.8 million, or $.82 per diluted share, for the prior year's period. Net income applicable to common shares for the nine months ended September 30, 1998 was $96.6 million, or $1.19 per diluted share, versus $29.0 million, or $.54 per diluted share, for the prior year's period.

 

1998's net income applicable to common shares for the three and nine months include a net gain of $9.6 million or $.12 per share resulting from an insurance settlement and a condemnation proceeding. This gain is not included in Funds From Operations.

 

1997"s results reflect an expense of $6.2 million, or $.12 per share, in the quarter and $18.7 million, or $.35 per share, in the nine months representing amortization of an officer's employment arrangement.

 

Vornado Realty Trust is a fully-integrated equity real estate investment trust.