NEW YORK (AP) — NEW YORK (AP) — Vornado Realty Trust (VNO) on Monday reported a key measure of profitability in its first 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 $116.3 million, or 60 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 62 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 $5.2 million, or 3 cents per share.
The real estate investment trust, based in New York, posted revenue of $445.9 million in the period, which beat Street forecasts. Five analysts surveyed by Zacks expected $443.7 million.
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