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NEW YORK CITY-Vornado Trust Reality today revealed second quarter financial results reporting lower net income compared to the year ago quarter. Vornado for the quarter reported net income applicable to common shareholders of $148.76 million or $0.99 per share, compared to $172.70 million or $1.25 per share for the same quarter last year.

Net income for the quarter includes a net loss of $7.9 million from its investment in Toys “R” Us and a $17.6 million net gain on sale of real estate. Funds from Operations applicable to common shareholders for the quarter was $230.4 million or $1.49 per share, compared to $215.8 million or $1.51 per diluted share in the same period last year.

Revenues for the quarter rose to $663 million from $591.5 million in the second quarter last year. Net income applicable to common shares for the six months ended June 30, 2006 was $283.6 million, or $1.90 per diluted share, versus $360.1 million, or $2.63 per diluted share, for the six months ended June 30, 2005. Revenues for the first half of the fiscal rose to $1.31 billion from $1.18 billion in the same period the previous year.

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