Vornado Announces Certain Items to be Included in its Third Quarter 2020 Financial Results

NEW YORK, Oct. 20, 2020 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE: VNO) today announced that its financial results for the three months ended September 30, 2020 will include the items listed in the table below, resulting in an increase in net income attributable to common shareholders ("net income") of $0.37 per diluted share and an increase in FFO attributable to common shareholders plus assumed conversions ("FFO") of $0.87 per diluted share.

	For the Three Months Ended September 30, 2020
(Amounts in thousands, except per share amounts, all at share)	Net Income								FFO
	Amount				Per Share				Amount				Per Share
Income (loss):
After-tax net gain on sale of 220 Central Park South condominium units	$	186,909			$	0.92			$	186,909			$	0.92
Non-cash impairment loss on investment in Fifth Avenue and Times Square Joint Venture, reversing a portion of the $2.559 billion gain recognized on the April 2019 transfer to the Joint Venture attributable to the GAAP required write-up of the retained interest	(103,201		)		(0.50		)		—				—
Severance accrual related to Hotel Pennsylvania closure, net of $3,145 of income tax benefit	(6,101		)		(0.03		)		(6,101		)		(0.03		)
Loss from real estate fund investments ($2,524) and other	(3,290		)		(0.02		)		(2,905		)		(0.02		)
Total included in "net income" and "FFO" but excluded from "net income, as adjusted" and "FFO, as adjusted"	$	74,317			$	0.37			$	177,903			$	0.87

Further, "net income," "net income, as adjusted," "FFO," and "FFO, as adjusted" for the three months ended September 30, 2020 will be reduced by $0.13 per diluted share as listed in the table below.