VNO's Q2 Hit By Toys ‘R' Us Losses

NEW YORTK CITY—Nonetheless, the REIT beat consensus estimates on funds from operations for the three months that ended June 30.

By Paul Bubny | Updated on August 05, 2014

NEW YORK CITY—Higher losses on its stake in Toys “R” Us ate into Vornado Realty Trust‘s results for the second quarter. Net income for the office and retail REIT was off on a year-over-year basis, as was funds from operations, although adjusted FFO showed an increase on the year prior.

For three months ended June 30, net income was $76.6 million, or $0.41 per diluted share, compared to $145.9 million, or $0.78 per diluted share for the quarter ended June 30, 2013. FFO declined to $216.5 million, or $1.15 per diluted share, compared to $235.3 million, or $1.25 per diluted share a year ago, although it edged out a Zacks consensus estimate of $1.11 per share. However, AFFO for Q2 this year and last year was $271.6 million and $239.3 million, or $1.44 and $1.27 per diluted share, respectively.

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