Vornado Realty Trust : 4Q Earnings Fall Short of Expectations -- Update
(Adds net income.)
By Micah Maidenberg
Profit at Vornado Realty Trust (VNO) rose in the fourth quarter but not as much as analysts expected.
The New York-focused developed and property owner reported earnings rose to $113 million, or 53 cents a share, or $44.3 milion, or 14 cents a share, a year ago.
Net income attributable to common shareholders was $100.5 million, from $27.3 million a year ago.
The company said funds from operations--a profit metric that excludes gains or losses on certain property sales, depreciation and other expenses--increased to $1.10 a share in the fourth quarter from 80 cents a share the year earlier.
Analysts polled by FactSet expected $1.12 a share of funds from operations in the latest period.
Vornado said Monday that revenue rose 1% to $543.4 million in the quarter, less than the $560 million analysts forecasted.
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