Vornado Realty Trust VNO
Q4 2012 Earnings Call Transcript

Transcript Call Date 02/27/2013

Operator: Good morning and welcome to the Vornado Realty Trust Fourth Quarter 2012 Earnings Call. My name is Lorraine and I will be your operator for today's call. This call is being recorded for replay purposes. All lines are in a listen-only mode. Our speakers will address your questions at the end of the presentation during the question-and-answer session.

I will now turn the call over to Ms. Cathy Creswell, Director of Investor Relations. Please go ahead.

Cathy Creswell - Director of Investor Relations: Thank you. Welcome to Vornado Realty Trust Fourth Quarter Earnings Call. Yesterday afternoon, we issued our fourth quarter earnings release and filed our annual report on Form 10-K with the Securities and Exchange Commission. These documents, as well as our supplemental financial information package, are available on our website,, under the Investor Relations section.

In these documents and during today's call, we will discuss certain non-GAAP financial measures. Reconciliations of these measures to the most directly comparable GAAP measures are included in our earnings release, Form 10-K and financial supplements. Please be aware that statements made during this call may be deemed forward-looking statements and actual results may differ materially from these statements due to a variety of risks, uncertainties and other factors.

Please refer to our filings with the Securities and Exchange Commission, including our Form 10-K, for more information regarding these risks and uncertainties. The call may include time-sensitive information that may be accurate only as of today's date. The Company does not undertake a duty to update any forward-looking statements.

On the call today from management for our opening comments are Steven Roth, Chairman of the Board; Michael Fascitelli, President and Chief Executive Officer; David Greenbaum, President of the New York Division; Mitchell Schear, President of the Washington, D.C. Division; and Joseph Macnow, Chief Financial Officer.

I will now turn the call over to Steven Roth.

Steven Roth - Chairman of the Board: Thank you, Cathy. Good morning, everybody. Thank you all for joining the call. Earlier this morning, we announced that after 16 great years, our friend and colleague, Mike Fascitelli has decided that now is the time for him to give up his day-to-day responsibilities and that he is stepping down as President and CEO of Vornado effective April 15.

Mike is family. This was entirely his decision. The Board has asked that I come back for another tour as CEO. Mike and I have been partners in running Vornado for the last 16 years. As such, the transition will be seamless. Vornado will continue its business plan of measured growth in its core New York and Washington businesses, simplification and balance sheet fortification.

Mike will continue to be a member of our Vornado family. He will remain a member of the Board of Trustees, maintain an office at 888, our headquarters in New York, and be available for advice and counsel.

Mike has made an indelible impact on the history of Vornado. He joined Vornado 16 years ago as President, Chief Growth Officer and my Partner. He came from Goldman Sachs where he was partner in charge of the firm’s real estate practice. His past 16 years at Vornado have been a period of unprecedented growth and change.

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