Vornado previously announced on
These combined losses totaling
Vornado will continue to assess the recoverability of its Toys investment each quarter. To the extent that the estimated fair value of its investment in Toys doesn’t change, Vornado will recognize a non-cash impairment equal to its share of Toys’ fourth quarter net income, if any, which it records in its first quarter 2014 financial results.
Attached is a reconciliation of Vornado’s total net loss from its investment in Toys to total negative Funds From Operations (“FFO”) that it will include in its fourth quarter 2013 financial results. Vornado’s share of Toys’ negative FFO will be treated as non-comparable.
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. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors.
Funds From Operations – Unaudited
For the Quarter Ended
(Amounts in thousands)
Reconciliation of Vornado's net loss from its
|Depreciation and amortization of real property||16,506|
|Real estate impairment losses||456|
|Income tax effect of above adjustments||(5,937||)|
|Vornado's share of Toys’ negative FFO (1)||$|
FFO is computed in accordance with the definition adopted by the