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.

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