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Marketwired
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Vornado Announces Second Quarter 2016 Financial Results

NEW YORK, NY--(Marketwired - August 01, 2016) - VORNADO REALTY TRUST (NYSE: VNO) filed its Form 10-Q for the quarter ended June 30, 2016 today and reported:

Quarter Ended June 30, 2016 Financial Results

NET INCOME attributable to common shareholders for the quarter ended June 30, 2016 was $220.5 million, or $1.16 per diluted share, compared to $165.7 million, or $0.87 per diluted share, for the prior year's quarter. Adjusting net income attributable to common shareholders for the items listed in the table on the following page, net income attributable to common shareholders for the quarters ended June 30, 2016 and 2015 was $72.5 million and $89.1 million, or $0.38 and $0.47 per diluted share, respectively.

FUNDS FROM OPERATIONS attributable to common shareholders plus assumed conversions ("FFO") for the quarter ended June 30, 2016 was $229.4 million, or $1.21 per diluted share, compared to $323.4 million, or $1.71 per diluted share, for the prior year's quarter. Adjusting FFO for the items listed in the table on the following page, FFO for the quarters ended June 30, 2016 and 2015 was $233.0 million and $238.6 million, or $1.23 and $1.26 per diluted share, respectively.

Six Months Ended June 30, 2016 Financial Results

NET INCOME attributable to common shareholders for the six months ended June 30, 2016 was $106.3 million, or $0.56 per diluted share, compared to $250.2 million, or $1.32 per diluted share, for the six months ended June 30, 2015. Adjusting net income attributable to common shareholders for the items listed in the table on the following page, net income attributable to common shareholders for the six months ended June 30, 2016 and 2015 was $115.2 million and $150.0 million, or $0.61 and $0.79 per diluted share, respectively.

FFO for the six months ended June 30, 2016 was $433.1 million, or $2.28 per diluted share, compared to $544.3 million, or $2.87 per diluted share, for the prior year's six months. Adjusting FFO for the items listed in the table on the following page, FFO for the six months ended June 30, 2016 and 2015 was $438.3 million and $441.3 million, or $2.31 and $2.33 per diluted share, respectively.

Supplemental Financial Information

Further details regarding results of operations, properties and tenants can be accessed at the Company's website www.vno.com. Vornado Realty Trust is a fully-integrated equity real estate investment trust.

Certain statements contained herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see "Risk Factors" in Part I, Item 1A, of our Annual Report on Form 10-K, as amended, for the year ended December 31, 2015. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors.

(tables to follow)

The following table reconciles our net income to net income, as adjusted and FFO to FFO, as adjusted:

(Amounts in thousands, except  For the Three Months    For the Six Months   
 per share amounts)                    Ended                  Ended         
                                     June 30,               June 30,        
                               --------------------- -----------------------
                                  2016       2015        2016        2015   
                               ---------- ---------- ------------ ----------
Net income attributable to                                                  
 common shareholders           $ 220,463  $ 165,651  $   106,300  $ 250,244 
                                =========  =========  ===========  =========
  Per diluted share            $    1.16  $    0.87  $      0.56  $    1.32 
                                =========  =========  ===========  =========
                                                                            
Items that impact net income                                                
 attributable to common                                                     
 shareholders:                                                              
  Net gains on sale of real                                                 
   estate and residential                                                   
   condominiums                $ 159,830  $   4,513  $   160,544  $  17,240 
  Net income from discontinued                                              
   operations and sold                                                      
   properties                      3,671      5,168        5,316     17,006 
  Acquisition and transaction                                               
   related costs                  (2,904)    (4,061)      (7,511)    (6,042)
  Default interest on Skyline                                               
   properties mortgage loan       (2,711)         -       (2,711)         - 
  Real estate impairment                                                    
   losses                            (49)   (14,806)    (165,102)   (15,062)
  Reversal of allowance for                                                 
   deferred tax assets (re:                                                 
   taxable REIT subsidiary's                                                
   ability to utilize NOLs)            -     90,030            -     90,030 
                                                                            
  Other                                -        433            -      3,154 
                                ---------  ---------  -----------  ---------
                                 157,837     81,277       (9,464)   106,326 
Noncontrolling interests'                                                   
 share of above adjustments       (9,837)    (4,754)         580     (6,119)
                                ---------  ---------  -----------  ---------
Items that impact net income                                                
 attributable to common                                                     
 shareholders, net             $ 148,000  $  76,523  $    (8,884) $ 100,207 
                                =========  =========  ===========  =========
                                                                            
Net income attributable to                                                  
 common shareholders, as                                                    
 adjusted                      $  72,463  $  89,128  $   115,184  $ 150,037 
                                =========  =========  ===========  =========
  Per diluted share            $    0.38  $    0.47  $      0.61  $    0.79 
                                =========  =========  ===========  =========
                                                                            
                                                                            
FFO (1)                        $ 229,432  $ 323,381  $   433,104  $ 544,305 
                                =========  =========  ===========  =========
  Per diluted share            $    1.21  $    1.71  $      2.28  $    2.87 
                                =========  =========  ===========  =========
                                                                            
Items that impact FFO:                                                      
  Acquisition and transaction                                               
   related costs               $  (2,904) $  (4,061) $    (7,511) $  (6,042)
  Default interest on Skyline                                               
   properties mortgage loan       (2,711)         -       (2,711)         - 
  FFO from discontinued                                                     
   operations and sold                                                      
   properties                      1,794      8,201        3,957     24,796 
  Reversal of allowance for                                                 
   deferred tax assets (re:                                                 
   taxable REIT subsidiary's                                                
   ability to utilize NOLs)            -     90,030            -     90,030 
  Our share of impairment loss                                              
   on India real estate                                                     
   venture's non-depreciable                                                
   real estate                         -     (4,502)           -     (4,502)
                                                                            
  Net gain on sale of                                                       
   residential condominiums            -          -          714      1,860 
  Other                                -        433            -      3,154 
                                ---------  ---------  -----------  ---------
                                  (3,821)    90,101       (5,551)   109,296 
Noncontrolling interests'                                                   
 share of above adjustments          238     (5,270)         339     (6,290)
                                ---------  ---------  -----------  ---------
Items that impact FFO, net     $  (3,583) $  84,831  $    (5,212) $ 103,006 
                                =========  =========  ===========  =========
                                                                            
FFO, as adjusted               $ 233,015  $ 238,550  $   438,316  $ 441,299 
                                =========  =========  ===========  =========
  Per diluted share            $    1.23  $    1.26  $      2.31  $    2.33 
                                =========  =========  ===========  =========
                                                                            
(1)   See page 4 for a reconciliation of our net income to FFO for the three
      and six months ended June 30, 2016 and 2015.                          
                                                                            
VORNADO REALTY TRUST                            
            OPERATING RESULTS FOR THE THREE AND SIX MONTHS ENDED            
                           JUNE 30, 2016 AND 2015                           
                                                                            
                                                                            
(Amounts in thousands, except For the Three Months     For the Six Months   
 per share amounts)                   Ended                  Ended          
                                    June 30,                June 30,        
                              --------------------- ------------------------
                                 2016       2015        2016        2015    
                              ---------- ---------- ------------ -----------
Revenues                      $ 621,708  $ 616,288  $ 1,234,745  $1,223,090 
                               =========  =========  ===========  ==========
                                                                            
Income from continuing                                                      
 operations                   $ 265,907  $ 215,764  $   173,583  $  324,831 
Income (loss) from                                                          
 discontinued operations          2,475       (364)       3,191      15,815 
                               ---------  ---------  -----------  ----------
Net income                      268,382    215,400      176,774     340,646 
Less net income attributable                                                
 to noncontrolling interests                                                
 in:                                                                        
  Consolidated subsidiaries     (13,025)   (19,186)     (22,703)    (35,068)
  Operating Partnership         (14,531)   (10,198)      (7,044)    (15,485)
                               ---------  ---------  -----------  ----------
Net income attributable to                                                  
 Vornado                        240,826    186,016      147,027     290,093 
Preferred share dividends       (20,363)   (20,365)     (40,727)    (39,849)
                               ---------  ---------  -----------  ----------
Net income attributable to                                                  
 common shareholders          $ 220,463  $ 165,651  $   106,300  $  250,244 
                               =========  =========  ===========  ==========
                                                                            
                                                                            
Income per common share -                                                   
 Basic:                                                                     
  Income from continuing                                                    
   operations, net            $    1.16  $    0.88  $      0.54  $     1.25 
  Income from discontinued                                                  
   operations, net                 0.01          -         0.02        0.08 
                               ---------  ---------  -----------  ----------
  Net income per common share $    1.17  $    0.88  $      0.56  $     1.33 
                               =========  =========  ===========  ==========
  Weighted average shares                                                   
   outstanding                  188,772    188,365      188,715     188,183 
                               =========  =========  ===========  ==========
                                                                            
Income per common share -                                                   
 Diluted:                                                                   
  Income from continuing                                                    
   operations, net            $    1.15  $    0.87  $      0.54  $     1.24 
  Income from discontinued                                                  
   operations, net                 0.01          -         0.02        0.08 
                               ---------  ---------  -----------  ----------
  Net income per common share $    1.16  $    0.87  $      0.56  $     1.32 
                               =========  =========  ===========  ==========
  Weighted average shares                                                   
   outstanding                  189,885    189,600      190,000     189,775 
                               =========  =========  ===========  ==========
                                                                            
                                                                            
FFO                           $ 229,432  $ 323,381  $   433,104  $  544,305 
                               =========  =========  ===========  ==========
  Per diluted share           $    1.21  $    1.71  $      2.28  $     2.87 
                               =========  =========  ===========  ==========
                                                                            
FFO, as adjusted              $ 233,015  $ 238,550  $   438,316  $  441,299 
                               =========  =========  ===========  ==========
  Per diluted share           $    1.23  $    1.26  $      2.31  $     2.33 
                               =========  =========  ===========  ==========
                                                                            
Weighted average shares used                                                
 in determining FFO per                                                     
 diluted share                  189,885    189,600      190,043     189,775 
                               =========  =========  ===========  ==========
                                                                            

The following table reconciles our net income to FFO:

(Amounts in thousands, except    For the Three Months   For the Six Months  
 per share amounts)                      Ended                 Ended        
                                       June 30,              June 30,       
                                 --------------------- ---------------------
                                    2016       2015       2016       2015   
                                 ---------- ---------- ---------- ----------
Net income attributable to                                                  
 common shareholders             $ 220,463  $ 165,651  $ 106,300  $ 250,244 
                                  =========  =========  =========  =========
  Per diluted share              $    1.16  $    0.87  $    0.56  $    1.32 
                                  =========  =========  =========  =========
                                                                            
FFO adjustments:                                                            
Depreciation and amortization of                                            
 real property                   $ 133,218  $ 129,296  $ 267,339  $ 247,552 
Net gains on sale of real estate  (161,721)         -   (161,721)   (10,867)
Real estate impairment losses            -          -    160,700        256 
Proportionate share of                                                      
 adjustments to equity in net                                               
 income (loss) of partially                                                 
 owned entities to arrive at                                                
 FFO:                                                                       
  Depreciation and amortization                                             
   of real property                 38,308     32,282     77,354     68,554 
  Net gains on sale of real                                                 
   estate                             (319)    (4,513)      (319)    (4,513)
  Real estate impairment losses         49     10,304      4,402     10,304 
                                  ---------  ---------  ---------  ---------
                                     9,535    167,369    347,755    311,286 
Noncontrolling interests' share                                             
 of above adjustments                 (588)    (9,662)   (21,469)   (18,109)
                                  ---------  ---------  ---------  ---------
FFO adjustments, net             $   8,947  $ 157,707  $ 326,286  $ 293,177 
                                  =========  =========  =========  =========
                                                                            
FFO attributable to common                                                  
 shareholders                    $ 229,410  $ 323,358  $ 432,586  $ 543,421 
Convertible preferred share                                                 
 dividends                              22         23         43         46 
Earnings allocated to Out-                                                  
 Performance Plan units                  -          -        475        838 
                                  ---------  ---------  ---------  ---------
FFO attributable to common                                                  
 shareholders plus assumed                                                  
 conversions                     $ 229,432  $ 323,381  $ 433,104  $ 544,305 
                                  =========  =========  =========  =========
  Per diluted share              $    1.21  $    1.71  $    2.28  $    2.87 
                                  =========  =========  =========  =========
                                                                            

FFO is computed in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT"). NAREIT defines FFO as GAAP net income or loss adjusted to exclude net gains from sales of depreciated real estate assets, real estate impairment losses, depreciation and amortization expense from real estate assets and other specified non-cash items, including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO and FFO per diluted share are non-GAAP financial measures used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. FFO does not represent net income and should not be considered an alternative to net income as a performance measure. FFO may not be comparable to similarly titled measures employed by other companies. A reconciliation of our net income to FFO is provided above. In addition to FFO, we also disclose FFO, as adjusted. Although this non-GAAP measure clearly differs from NAREIT's definition of FFO, we believe it provides a meaningful presentation of operating performance. Reconciliations of FFO to FFO, as adjusted are provided on page 2 of this press release.

Conference Call and Audio Webcast

As previously announced, the Company will host a quarterly earnings conference call and an audio webcast on Tuesday, August 2, 2016 at 10:00 a.m. Eastern Time (ET). The conference call can be accessed by dialing 888-771-4371 (domestic) or 847-585-4405 (international) and indicating to the operator the passcode 42972201. A telephonic replay of the conference call will be available from 1:00 p.m. ET on August 2, 2016 through September 1, 2016. To access the replay, please dial 888-843-7419 and enter the passcode 42972201#. A live webcast of the conference call will be available on the Company's website at www.vno.com and an online playback of the webcast will be available on the website for 90 days following the conference call.

Contact:
Stephen Theriot
(201) 587-1000

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