In its 10-Q filing Tuesday, Vornado noted that the Q2 results for this year and last year include "certain items that affect comparability." The aggregate of these items increased net loss for Q2 '09 by $91.5 million and increased net income for Q2 2008 by $49 million. For example, Q2 '08 results include $58.6 million of net gains on the sale of real estate.
Funds from operations for Q2 was $93.5 million, compared to $200.8 million for the same quarter in '08. The adjusted FFO for the two quarters was $186.2 million and $205 million, respectively.
Last week, Vornado declared quarterly dividends on both common and preferred shares. It also completed an $82.5-million refinancing of 2011 Crystal Dr., a 442,000-square-foot office in Arlington, VA. After repaying the existing loan and closing costs, the company realized net proceeds of approximately $44.5 million, according to a release.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
