Source: Reuters India (Original Article)
* FFO adjusted FFO $1.04; View $0.84
* Shares fall less than 1 pct
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stock price)
NEW YORK, Feb 23 (Reuters) - Vornado Realty Trust (VNO.N: Quote, Profile, Research),
owner and operator of office and retail properties, reported
quarterly funds from operations that rose, partly on strength
of the Washington, D.C., office market.
Excluding one-time items, adjusted FFO was $189.5 million,
or $1.04 per share, compared with $165.4 million, or $1.07 per
share, a year earlier, the real estate investment trust said on
Tuesday.
Including items that affect comparability, such as
development impairments, loan losses, and charges for the early
extinguishment of debt, FFO was $20,000, or nil per share, on
25 million more shares, compared with a negative $88.2 million,
or 57 cents per share, a year earlier.
FFO, a REIT performance measure, removes the
profit-reducing effect of depreciation, a noncash accounting
item.
Demand for office and retail space has declined due to
bankruptcies, downsizing, layoffs and cost-cutting. Those
trends affected Vornado’s results in 2008 as well as in 2009.
At the end of the year, Vornado owned or had interests in
115 office properties in New York City; the Washington, D.C.,
area; and San Francisco. It also owned 162 retail properties,
primarily in Manhattan, the Northeast, California and Puerto
Rico, as well as the large retail showroom and office property
Merchandise Mart in Chicago.
The New Jersey-based REIT also owns the Hotel Pennsylvania
in Manhattan, about a third of New York real estate company
Alexander’s Inc (ALX.N: Quote, Profile, Research), and a third of Toys R Us Inc. It
invests in other real estate cheap flights Sunshine Coast to Townsville ventures often by providing loans
or buying securities.
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