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NEW YORK CITY-Vornado Realty Trust reported a 57% year-over-year drop in quarterly net income for the three months that ended Sept. 30, according to its 10-Q report filed Monday. Losses from the New York City-based office and retail REIT‘s Toys “R” Us stake and from the sale of its remaining J.C. Penney shares weighed heavily on quarterly results, as did smaller gains from asset sales, although the Wall Street Journal reported that adjusted funds from operations beat analysts’ expectations.

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