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Vornado: 1Q Earnings Snapshot

NEW YORK (AP) _ Vornado Realty Trust (VNO) on Monday reported a key measure of profitability in its first quarter. The results fell short of Wall Street expectations.

The real estate investment trust, based in New York, said it had funds from operations of $149.9 million, or 79 cents per share, in the period.

The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 91 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 $181.5 million, or 95 cents per share.

The real estate investment trust posted revenue of $534.7 million in the period, also falling short of Street forecasts. Ten analysts surveyed by Zacks expected $547.5 million.

The company's shares have increased 12% since the beginning of the year, while the Standard & Poor's 500 index has climbed 17%. The stock has increased almost 3% 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