WECT TV6 - WECT.com - Wilmington, NC news and weather - Vornado posts jump in 3Q FFO on K Street sale
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PARAMUS, N.J. (AP) - Vornado Realty Trust on Tuesday said its third-quarter profit rose 15 percent, benefiting from the sale of an office building in Washington, D.C. and its investment in Toys R Us.
The company posted funds from operations of $234.2 million, or $1.25 per share, compared with $159.8 million, or 97 cents per share, in the third quarter of 2008.
Adjusted for certain items, FFO rose a penny to $1.18 per share.
The per-share results reflect a 14 percent hike in the number of outstanding shares year- over-year following a public offering during the quarter.
Analysts polled by Thomson Reuters, on average, expected FFO of $1.17 per share. Their estimates typically exclude one-time items.
FFO, a widely used gauge of real estate operating performance, adds depreciation and amortization expenses, as well as other non-operating items, back to net income.
Revenue slipped to $671.2 million, from $676.1 million in the year-ago period.
Wall Street expected revenue of $637.3 million.
Net income jumped more than fivefold, to $126.3 million, or 69 cents per share, from $22.7 million, or 14 cents per share, last year.
The results reflected a $41.2 million gain on the Sept. 1 sale of 1999 K Street, a newly developed Washington, D.C., office building.
Vornado's shares rose 25 cents to $60.49 in afternoon trading.
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