NEW YORK (AP) _ Vornado Realty Trust (VNO) on Monday reported a key measure of profitability in its second quarter. The results missed Wall Street expectations.
The real estate investment trust, based in New York, said it had funds from operations of $173.8 million, or 91 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 94 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 $2.4 billion, or $12.56 per share.
The real estate investment trust posted revenue of $463.1 million in the period, also falling short of Street forecasts. Nine analysts surveyed by Zacks expected $540.7 million.
The company's shares have risen slightly more than 3% since the beginning of the year, while the Standard & Poor's 500 index has climbed 21%. In the final minutes of trading on Monday, shares hit $64.12, a drop of roughly 9% in the last 12 months.