1
EXHIBIT 99.2
------------
VORNADO REALTY TRUST
Park 00 Xxxx, Xxxxx XX
Xxxxxx Xxxxx, Xxx Xxxxxx 00000
FOR IMMEDIATE RELEASE - AUGUST 25, 1997
---------------------------------------
SADDLE BROOK, NEW JERSEY.......VORNADO REALTY TRUST (NYSE:VNO) has
signed a definitive agreement to merge Arbor Property Trust (NYSE:ABR) into
Vornado. Under the terms of the agreement, Arbor's shareholders can elect to
receive, for each Arbor Common Share, either 15.3846% of a share of Vornado's
Convertible Preferred Stock or 12.1905% of a share of Vornado's Common Stock.
The approximate value of the transaction is $225 million, including assumed debt
of $125 million.
Arbor is a single asset REIT which owns the Green Acres Mall, a four
department store enclosed regional shopping mall containing approximately 1.8
million square feet, including the Plaza at Green Acres. Green Acres is located
in Nassau County, Long Island on Sunrise Highway, approximately one mile east of
Queens, New York.
Vornado is a fully-integrated equity real estate investment trust which
owns, leases, develops, redevelops and manages retail, office and industrial
properties primarily located in the Northeast and Midatlantic regions of the
United States.
The closing, which is expected in December, is subject to the approval of
Arbor's shareholders and certain other conditions; accordingly, there can be no
assurance that the proposed transaction will be ultimately completed.
# # # #
Page 7
