Press Release

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Joseph Macnow
(201) 587-1000
August 6, 1998
Vornado's operating results for the six months ended June 30, 1998.

SADDLE BROOK, NEW JERSEY......VORNADO REALTY TRUST (NYSE:VNO) today reported that funds from operations for the quarter ended June 30, 1998 were $54.8 million, or $.65 per diluted share, compared to $15.0 million, or $.28 per diluted share, for the quarter ended June 30, 1997. Net income applicable to common shares for the quarter ended June 30, 1998 was $30.9 million, or $.37 per diluted share, versus $8.9 million, or $.17 per diluted share, for the quarter ended June 30, 1997.

 

Funds from operations for the six months ended June 30, 1998 were $99.2 million, or $1.25 per diluted share, compared to $27.2 million, or $.51 per diluted share, for the prior year's period. Net income applicable to common shares for the six months ended June 30, 1998 was $57.0 million, or $.72 per diluted share, versus $18.6 million, or $.35 per diluted share, for the prior year's period.

 

1997"s results reflect an expense of $6.2 million, or $.12 per share, in the quarter and $12.5 million, or $.23 per share, in the six months representing amortization of an officer's employment arrangement.

 

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