Vornado's Q2 Numbers Beat Estimates

NEW YORK CITY-Vornado Realty Trust beat expectations for its latest round of quarterly earnings, reporting funds from operations of $235.3 million, or $1.25 per share, for the quarter that ended June 30. Analysts had predicted a consensus of $1.21 per share for the office and retail REIT’s second quarter.

Both FFO and net income were up year over year. VNO’s FFO for Q2 2012 was $166.7 million, or 89 centers per share, while its $20.5-million quarterly net income the year prior was bested by the most recent quarter’s $145.9 million. Quarterly results this year were aided by VNO’s share of the $1.05-billion sale of special servicer LNR, which closed during Q2, and from a mark-to-market value increase in its JC Penney position, along with increases in income from continuing operations.