By  on May 7, 2013

Vornado Realty Trust logged a $98.8 million first-quarter loss on its star-crossed investment in J.C. Penney Co. Inc.

The red ink included $39.5 million in noncash impairment losses on its remaining stake in the company, a $36.8 million loss on the sale of 10 million Penney’s shares in March and a $22.5 million loss on derivatives tied to the retailer.

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