Tags: reit | vornado

REIT Vornado Reports Lower Quarterly FFO

Monday, 27 February 2012 06:24 PM

Vornado Realty Trust , which owns office and retail properties mostly in New York and the Washington, D.C., area, reported lower fourth-quarter earnings, in part because of one-time gains reported a year earlier.

Vornado said on Monday that its fourth-quarter funds from operations attributable to common shareholders was $280.4 million, or $1.46 per share, compared with $432.9 million, or $2.27 per share, a year ago.

Excluding one-time items, FFO was $220 million, or $1.15 per share about flat with the $218 million or $1.15 per share the company reported in the year-earlier quarter.

The items included lower income from its derivative position in J C Penney Co Inc and a gain in 2010 from the early extinguishment of debt.

FFO, a measure of performance at a real estate investment trust (REIT), removes the profit-reducing effect that depreciation has on earnings and gains or losses from property sales.

© 2019 Thomson/Reuters. All rights reserved.

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Monday, 27 February 2012 06:24 PM
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