Vornado Receives $124 Million in Settlement of Stop & Shop Litigation

  Vornado Receives $124Million in Settlement of Stop & Shop Litigation

Business Wire

PARAMUS, N.J. -- February 6, 2013

Vornado Realty Trust (NYSE:VNO), today announced that it has received
$124million pursuant to a settlement agreement with Stop& Shop for its claim
under a 1992 Agreement which provided for annual rent of $6million for a
period potentially through 2031. The settlement terminates Vornado’s right to
receive this rent under the 1992 Agreement and ends litigation between the
parties which started ten years ago.

In prior years, Vornado recognized $48 million of rental income under the
Agreement. This settlement, net of expenses, will result in Vornado
recognizing $59million of income in the first quarter of 2013.

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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