NEW YORK (AP) — NEW YORK (AP) — Vornado Realty Trust (VNO) on Monday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.
The New York-based real estate investment trust said it had funds from operations of $112.8 million, or 57 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 55 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 $35.3 million, or 18 cents per share.
The real estate investment trust, based in New York, posted revenue of $450.3 million in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $434.6 million.
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