Vornado: 3Q Earnings Snapshot
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NEW YORK (AP) _ Vornado Realty Trust (VNO) on Monday reported a key measure of profitability in its third quarter. The results did not meet Wall Street expectations.
The New York-based real estate investment trust said it had funds from operations of $185.6 million, or 97 cents per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of 99 cents per share.
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Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $190.6 million, or $1 per share.
The real estate investment trust posted revenue of $542 million in the period, which topped Street forecasts. Ten analysts surveyed by Zacks expected $537.6 million.
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The company's shares have dropped 13 percent since the beginning of the year, while the Standard & Poor's 500 index has declined 1 percent. In the final minutes of trading on Monday, shares hit $68.23, a decrease of slightly more than 6 percent in the last 12 months.
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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on VNO at https://www.zacks.com/ap/VNO