Vornado Realty Trust Earnings Hurt by J.C. Penney Investment (VNO)

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.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

Free Updates

Join over 100,000 investors who get the latest news from Dividend.com.

Best Dividend Stocks

Looking for stocks that are poised for growth and pay solid dividends? Visit our list of the:

Best Dividend Stocks

Partner Center

Best CD Rates

Sitting on some extra cash and looking for the most current and profitable CD Rates?

Get The Best CD Rates

14 Day Free Trial

Earn more from your dividend portfolio within the next 14 days.

Sign Up Today