NEW YORK – NEW YORK (AP) _ Vornado Realty Trust (VNO) on Monday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in New York, said it had funds from operations of $209.7 million, or $1.10 per share, in the period.
The average estimate of 11 analysts surveyed by Zacks Investment Research was for funds from operations of 97 cents per share.
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 $111.5 million, or 58 cents per share.
The real estate investment trust posted revenue of $541.8 million in the period, also exceeding Street forecasts. Eleven analysts surveyed by Zacks expected $536.3 million.
The company's shares have dropped 10 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed roughly 5 percent. In the final minutes of trading on Monday, shares hit $70.05, a decrease of 11 percent in the last 12 months.
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