Vornado Realty Trust Earnings Hurt by J.C. Penney Investment (VNO)
Real estate investment trust (REIT), Vornado Realty Trust(VNO) reported a drop in fourth quarter FFO, but beat analysts estimates on Tuesday.
The New York, NY based company reported fourth quarter earnings of $62.6 million, or 33 cents per share, down from $69.5 million, or 37 cents per share last year. Excluding special items, earnings were $81.3 million, or 43 cents per share, up from $20.9 million, or 11 cents per share last year.
Fund from operations (FFO) for the quarter was $55.9 million, or 30 cents per share, down from $280.4 million, or $1.46 per share last year. Adjusted FFO was $1.22 a share, up from $1.03 last year. Analysts expected to see FFO of $1.19 per share.
Revenue for the fourth quarter rose to $697.65 million from $689.96 million a year ago. Analysts expected to see revenue of $623.31 million.
The company said that it took a $224.9 million loss on its 11% stake in J.C. Penney(JCP).
Vornado Realty shares were mostly flat during premarket trading Wednesday. The stock has declined -2% in the past year.
The Bottom Line
Shares of Vornado Realty Trust(VNO) have a 3.52% yield, based on Tuesday’s closing price of $83.
Vornado Realty Trust(VNO) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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