NEW YORK (AP) _ Vornado Realty Trust (VNO) on Tuesday reported a key measure of profitability in its fourth quarter. The results beat Wall Street expectations.
The real estate investment trust, based in New York, said it had funds from operations of $127.2 million, or 66 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 64 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 a loss of $209.1 million, or $1.09 per share.
The real estate investment trust posted revenue of $376.4 million in the period, also exceeding Street forecasts. Six analysts surveyed by Zacks expected $362.8 million.
For the year, the company reported funds from operations of $483 million, or $2.53 per share. Revenue was reported as $1.53 billion.
The company's shares have climbed slightly since the beginning of the year, while the Standard & Poor's 500 index has climbed almost 5%. In the final minutes of trading on Tuesday, shares hit $37.40, a drop of 45% in the last 12 months.