NEW YORK (AP) _ Vornado Realty Trust (VNO) on Monday reported a key measure of profitability in its first quarter. The results fell short of Wall Street expectations.
The real estate investment trust, based in New York, said it had funds from operations of $137.6 million, or 72 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 76 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $5 million, or 3 cents per share.
The real estate investment trust posted revenue of $444.5 million in the period.
The company's shares have decreased 40% since the beginning of the year, while the Standard & Poor's 500 index has fallen 12%. In the final minutes of trading on Monday, shares hit $39.92, a fall of 41% in the last 12 months.