NEW YORK – 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.
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.
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.
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