NEW YORK CITY-Vornado Realty Trust on Tuesday said third-quarternet income was down about 25% year over year to $95.2 million, adifference the office and retail REIT attributed to income fromdiscontinued operations in Q3 2009. However, both funds fromoperations and total quarterly revenues were up compared to 12months earlier.
FFO increased to $230.9 million, or $1.22 per diluted share, a4.3% gain from the Q3 ’09 level of $221.4 million, or $1.18 perdiluted share. According to the Wall Street Journal,analysts polled by Thomson Reuters had predicted Vornado’squarterly FFO would be $1.21 per share.
Quarterly revenues were buoyed by stronger leasing activity, andfinished Q3 at $707 million, up from the $671.2 million of a yearearlier. Year to date revenues stand at $2.1 billion, with incomefrom continuing operations nearly double the $222.6 million in thefirst nine months of ’09.
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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.
