Vornado Realty Trust 3Q FFO improves |
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Tue, 30 Oct 2007 17:30
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PARAMUS, N.J. (AP) - Real estate investment trust Vornado Realty Trust said Tuesday its third-quarter funds from operations improved on increased gains from property sales.FFO increased to $221.2 million, or $1.35 per share, compared with $204.5 million, or $1.31 per share, in the prior year.Adjusted FFO rose to $199.7 million, or $1.22 per share, from $162.4 million, or $1.04 per share.Analysts predicted third-quarter FFO of $1.35 per share.FFO, which the real estate industry uses to gauge operating performance, adds depreciation and amortization expenses, as well as other non-operating items, back to net income.Gains from property sales grew to $31.9 million from $10.8 million.Net income after preferred dividends climbed 3 percent to $116.5 million, or 74 cents per share, from $113.6 million, or 76 cents per share.Per-share earnings fell because the company has more outstanding shares in the current period.Quarterly revenue rose 26 percent to $853 million from $675.9 million in the year-ago period.Shares of Vornado Realty Trust fell 25 cents to $109.67 in afternoon trading. In the past year, the stock has traded between $83.59 and $136.55.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Vornado Realty Trust 3Q funds from operations in line with estimates 