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Vornado Realty Trust Reports Operating Results (10-Q)

August 06, 2012 | About:
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Vornado Realty Trust (VNO) filed Quarterly Report for the period ended 2012-06-30.

Vornado Realty Trust has a market cap of $15.9 billion; its shares were traded at around $85.64 with a P/E ratio of 15.9 and P/S ratio of 5.5. The dividend yield of Vornado Realty Trust stocks is 3.2%. Vornado Realty Trust had an annual average earning growth of 2.6% over the past 10 years.

Highlight of Business Operations:The leasing activity in the table below is based on leases signed during the period and is not intended to coincide with the commencement of rental revenue in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Tenant improvements and leasing commissions are based on our share of square feet leased during the period. Second generation relet space represents square footage that has not been vacant for more than nine months. The leasing activity for the New York segment excludes Alexander s and the Hotel Pennsylvania.

Our revenues, which consist of property rentals, tenant expense reimbursements, hotel revenues, trade shows revenues, amortization of acquired below-market leases, net of above-market leases and fee income, were $700,591,000 in the three months ended June 30, 2012, compared to $696,038,000 in the prior year s quarter, an increase of $4,553,000. Below are the details of the increase (decrease) by segment:

We have reclassified the revenues and expenses of the properties that were sold and that are currently held for sale to “income from discontinued operations” and the related assets and liabilities to “assets related to discontinued operations” and “liabilities related to discontinued operations” for all the periods presented in the accompanying financial statements. The table below sets forth the combined results of assets related to discontinued operations for the three months ended June 30, 2012 and 2011.

Our revenues, which consist of property rentals, tenant expense reimbursements, hotel revenues, trade shows revenues, amortization of acquired below-market leases, net of above-market leases and fee income, were $1,403,015,000 for the six months ended June 30, 2012, compared to $1,397,437,000 in the prior year s six months, an increase of $5,578,000. Below are the details of the increase (decrease) by segment:

We have reclassified the revenues and expenses of the properties that were sold and that are currently being held for sale to “income from discontinued operations” and the related assets and liabilities to “assets related to discontinued operations” and “liabilities related to discontinued operations” for all the periods presented in the accompanying financial statements. The table below sets forth the combined results of assets related to discontinued operations for the six months ended June 30, 2012 and 2011.

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