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Business Description
Vornado Realty Trust operates as a real estate investment trust (REIT). The company conducts its business primarily through Vornado Realty L.P. As of December 31, 2004, it owned 86 office properties aggregating approximately 27.6 million square feet in the New York City metropolitan area, as well as in the Washington and northern Virginia area; 94 retail properties in 7 states and Puerto Rico aggregating approximately 14.2 million square feet; 8.6 million square feet of showroom and office space, including 3.4 million square foot Merchandise Mart in Chicago; and a 47.6% interest in Americold Realty Trust, which owned and operated 88 cold storage warehouses in the United States. The company also owned the Hotel Pennsylvania in New York City; seven dry warehouse/industrial properties in New Jersey; and a 22.4% interest in The Newkirk Master Limited Partnership that owned office, retail, and industrial properties, as of the above date. Vornado Realty Trust qualifies as a REIT under Sections 856-860 of the Internal Revenue Code of 1986. As a REIT, the company would not be subject to federal income tax purposes, provided that it distributes atleast 90% of taxable income to its shareholders. Vornado Realty Trust is based in New York City.

Financial Information
For the nine months ended 9/30/04, revenues rose 8% to $1.21 billion. Net income from continuing operations and applicable to Common rose 16% to $259 million. Results reflect an increase in average occupancy rates, and higher interest income and other income.