Vornado Realty Trust (VNO) reported that its fourth-quarter funds from operations attributable to common shareholders plus assumed conversions or FFO was $280.4 million or $1.46 per share, down from $432.9 million or $2.27 per share, for the prior year's quarter.
Adjusting FFO, quarter was $220.1 million or $1.15 and $218.3 million, or $1.15 per share last year.
Revenues for the quarter rose to $741.82 million from $702.84 million in the prior year quarter.
Net income attributable to common shareholders for the quarter was $69.5 million, or $0.37 per share, compared to $243.4 million, or $1.31 per share, for the quarter ended December 31, 2010.
Net income for the quarters ended December 31, 2011 and 2010 includes $1.9 million and $62.7 million, respectively, of net gains on sale of real estate, and $28.8 million and $104.0 million, respectively, of real estate impairment losses.
Adjusting net income attributable to common shareholders for the quarter was $34.5 million or $0.18, down from $69.9 million, or and $0.40 per share in the year ago quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $1.24 per share on revenues of $666.64 million for the quarter. Analysts' estimates typically exclude special items.
by RTT Staff Writer
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