Vornado Realty (VNO) Terminates Land Sale; To Record $27M in Termination Income in Q409
Vornado Realty Trust (NYSE: VNO) today announced that its agreement to sell an 8.6 acre parcel of land in the Pentagon City area of Arlington, Virginia has been terminated and the purchaser has forfeited a $27 million deposit. As a result of the forfeiture, Vornado will record termination income of $27 million in the fourth quarter. Further, Vornado will write-down the carrying value of the land from $108 million to approximately $83 million in the fourth quarter.
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