Vornado to Sell Green Acres Mall for $500 Million and Alexander’s to Sell Kings Plaza Mall for $751 Million

  Vornado to Sell Green Acres Mall for $500 Million and Alexander’s to Sell
  Kings Plaza Mall for $751 Million

Business Wire

PARAMUS, N.J. -- October 22, 2012

VORNADOREALTYTRUST(NYSE:VNO) announced today that it has entered into an
agreement to sell the Green Acres Mall, ValleyStream, Long Island, New York
to The Macerich Company (NYSE: MAC) for $500million. Net proceeds from the
sale will be approximately $185million after repaying the existing loan and
closing costs.

The financial statement gain will be approximately $195million. The tax gain
will be approximately $304 million, which is expected to be deferred as part
of a like-kind exchange.

This sale is expected to be completed in the first quarter of 2013.

Further, Vornado will realize a financial statement gain of approximately $181
million and a tax gain of approximately $202 million from the sale of the
Kings Plaza Mall, Brooklyn, New York. This mall, which is owned by
Alexander’s, Vornado’s 32.4% affiliate, is being sold to The Macerich Company
for $751 million. Vornado’s $202 million tax gain is expected to be paid out
to shareholders as a special long-term capital gain dividend. This sale is
expected to be completed in the fourth quarter.

The sales of both malls are subject to customary closing conditions and the
Green Acres sale is conditioned on the closing of the Kings Plaza sale.

Vornado Realty Trust is a fully integrated equity real estate investment
trust.

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.

Contact:

Vornado Realty Trust
Joseph Macnow, 201-587-1000
 
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