NEW YORK CITY-Vornado’s funds from operations for the first quarter rose 43% year over year, according to financial results the office and retail REIT released Tuesday. The FFO of $2.64 per diluted share, or $505.9 million, was up from $1.87 per share the year prior and beat the average estimate of $2.03 per diluted share from 12 analysts polled by Bloomberg. A portion of that stemmed from its disposition of its High Point, NC furniture showrooms, which removed nearly $84 million in liabilities from its balance sheet at quarter’s end.

The REIT’s Q1 net income of $399.2 million, or $2.12 per diluted share, nearly doubled the $200.3 million net income recorded for the first quarter of 2010. It included $51.2 million realized in net gains on sales of real estate.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.