Vornado Announces Non-cash Impairment Of Its Investment In Toys - Quick Facts

(RTTNews) - Vornado Realty Trust (VNO) announced that its fourth quarter 2013 financial results will include a $162.215 million or $0.82 per share, non-cash impairment of its investment in Toys. Vornado previously announced on December 24, 2013 that its fourth quarter 2013 financial results will include a net loss of $130.851 million or $0.66 per share, representing its 32.6% share of Toys' third quarter 2013 net loss. The company said these combined losses totaling $293.066 million or $1.42 per share, reduce the carrying amount of Vornado's investment in Toys to its estimated fair value of $80.062 million at December 31, 2013. Vornado's share of Toys' negative FFO for the quarter was $282.041 million.

Vornado said it will continue to assess the recoverability of its Toys investment each quarter. To the extent that the estimated fair value of its investment in Toys doesn't change, Vornado will recognize a non-cash impairment equal to its share of Toys' fourth quarter net income, if any, which it records in its first quarter 2014 financial results.