Vornado Realty Trust (VNO) said Wednesday that fourth-quarter income from its stake in toy retailer Toys "R" Us Inc. would be offset by a corresponding non-cash impairment loss of the same amount.
Vornado has a 32.5 percent stake in Toys "R" Us. Vornado said it earned $78.5 million in equity from Toys 'R' Us' fourth quarter that ended February 2. But an impairment loss of the same amount offset the income.
Vornado's income applicable to Toys after the impairment loss in the first quarter ended March 31 is $1.76 million or $0.01 per share, representing management fees earned which are not subject to impairment. In the prior-year quarter, Vornado's income applicable to Toys was $116.5 million or $0.57 per share.
Vornado's share of Toys' Funds From Operations, or FFO after the impairment loss is $16.7 million (which represents depreciation), or $0.08 per share, compared to $132 million or $0.65 per share in the quarter ended March 2012.
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