EX-99.3 5 y86186exv99w3.txt EXCERPTS FROM REPORT ON FORM 8-K FILED 04/24/2003 Exhibit 99.3 EXCERPT FROM VORNADO REALTY TRUST'S CURRENT REPORT ON FORM 8-K, DATED APRIL 23, 2003, FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON APRIL 24, 2003 * * * The following tables reconcile net income and funds from operations as restated:
(Amounts in thousands) 2002 2001 2000 Net income applicable to common shares .................. $ 209,736 $ 227,233 $ 195,301 Cumulative effect of a change in accounting principle ... 30,129 4,110 -- Depreciation and amortization of real property .......... 195,808 119,568 97,744 Amortization of below market leases, net ................ (12,634) -- -- Appreciation of securities held in officer's deferred compensation trust ................................. -- 3,023 4,765 Net gains on sale of real estate ........................ -- (12,445) (10,965) Net gain from condemnation proceeding ................... -- (3,050) -- Proportionate share of adjustments to equity in net income of partially-owned entities to arrive at funds from operations: Depreciation and amortization of real property . 51,881 65,588 63,791 Net gain on sales of real estate ............... (3,431) (6,298) -- Other .......................................... 2,552 1,449 6,896 Minority interest in excess of preferential distributions ...................................... (50,498) (20,049) (20,043) --------- --------- --------- 423,543 379,129 337,489 Series A preferred shares ............................... 6,150 19,505 21,689 --------- --------- --------- Funds from operations -- diluted ........................ $ 429,693 $ 398,634 $ 359,178 ========= ========= ========= Shares used for determining diluted funds from operations per share .................... 112,600 99,719 96,710 ========= ========= =========
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