VORNADO REALTY TRUST (NYSE: VNO) announced today that its 32.4%
affiliate, Alexander’s, Inc. completed the previously announced sale of
the Kings Plaza Mall, Brooklyn, New York for $751 million. Vornado’s
share of the financial statement gain is approximately $180 million.
Vornado will receive a special long-term capital gain dividend from
Alexander’s of approximately $202 million from the sale. In turn,
Vornado’s Board of Trustees has declared a special long-term capital
gain dividend of $1.00 per Vornado share payable on December 21, 2012 to
shareholders of record on December 10, 2012.
Vornado Realty Trust is a fully integrated equity real estate investment
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.