Office-based commercial REIT Vornado Realty Trust (VNO) late Thursday posted mixed third quarter earnings results.
The New York-based company reported third quarter earnings of $232.4 million, or $1.24 per share, compared with just $41.1 million, or 22 cents per share, in the year-ago period. Last year’s results were hurt by steep investment losses.
Third quarter funds from operations, or FFO, were $1.34 per share in the latest quarter. Excluding special items, adjusted FFO was $1.14 per share. Funds from operations are the preferred metric for measuring a REIT’s performance.
Revenue rose 3.3% from last year to $711 million.
On average, Wall Street analysts expected higher FFO of $1.16 per share, albeit on lower revenue of $659 million.
Vornado shares were mostly flat in premarket trading Friday.
Vornado Realty Trust (VNO) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.