The loss on J.C. Penney was a recurring theme for Vornado in 2012 as the company's full-year (2012) FFO attributable to common shareholders (plus assumed conversions) came to $818.6 million, or $4.39 per share, compared to $1.23 billion, or $6.42 per share, in 2011. I've often argued that Vornado looks more like a hedge fund instead of a REIT. The company has been trying to revitalize its stock by purging several of its strip malls and exiting the furniture-mart business; however, it continues to take considerable losses in the J.C. Penney investment—clearly this is not a simple business model. Vornado's highly complex REIT model—operating a variety of unique operating platforms—makes the other "pure play" REITs look extraordinarily simple. Most notably, Vornado's business lines (that investors want to see the company exit) are the ones that are either hard to sell (like J.C. Penney) or because they're illiquid like Toys 'R' Us.