BRIEF: Vornado reports gain in the third quarter

Tue. November 03, 2009; Posted: 12:17 PM

Nov 03, 2009 (The Record - McClatchy-Tribune Information Services via COMTEX) -- VNO | Quote | Chart | News | PowerRating -- Vornado Realty Trust said funds from operations rose to $234 million, or $1.25 a share, in the third quarter, from FFO of $160 million, or 97 cents, from the same period a year ago.

FFO is a common performance measure for real estate investment trusts, which must distribute 90 percent of their taxable income to shareholders to maintain federal tax breaks.

Vornado, which has offices in Paramus and New York, is among the largest office landlords in the country, with a market capitalization of about $10.8 billion. Most of the company's properties are in New York and Washington, D.C. In addition to office space, Vornado invests in retail real estate, such as the Bergen Town Center in Paramus.

Rising unemployment during the recession has cut into office landlords' rental income, as tenants have laid off workers and cut back on office space.

In the third quarter, Vornado saw relatively flat revenues of $671 million, a decrease of less than 1 percent from the same quarter a year ago. At the same time, the company's expenses fell by 4 percent.

Vornado reported net income of $126 million, or 69 cents a share, in the third quarter, up from $23 million, or 14 cents, in the same period a year ago.

E-mail:tangel@northjersey.com

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For full details on Vornado Realty Trust (VNO) click here. Vornado Realty Trust (VNO) has Short Term PowerRatings of 4. Details on Vornado Realty Trust (VNO) Short Term PowerRatings is available at This Link.

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