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Vornado: 3Q Earnings Snapshot

·1 min read

NEW YORK (AP) _ Vornado Realty Trust (VNO) on Monday reported a key measure of profitability in its third quarter. The results did not meet Wall Street expectations.

The real estate investment trust, based in New York, said it had funds from operations of $112.6 million, or 59 cents per share, in the period.

The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 64 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 $53.2 million, or 28 cents per share.

The real estate investment trust posted revenue of $364 million in the period, topping Street forecasts. Eight analysts surveyed by Zacks expected $363 million.

The company's shares have decreased 51% since the beginning of the year, while the Standard & Poor's 500 index has risen 2.5%. In the final minutes of trading on Monday, shares hit $32.50, a drop of 50% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on VNO at https://www.zacks.com/ap/VNO