Vornado Realty Trust Q1 FFO Declines

(RTTNews) - Vornado Realty Trust (VNO) reported net income for the first quarter of $104.1 million or $0.45 per share, compared to $82.7 million or $0.33 per share for the year-ago quarter.

Excluding items adjusted net income for the first quarter was $65.8 million or $0.35 per share, compared to $45.8 million or $0.24 per share in the prior year quarter.

Funds from operations for the first quarter was $220.1 million or $1.16 per share, compared to $247.1 million or $1.31 per share in the first quarter of last year.

Adjusted FFO for the first quarter was $209.3 million or or $1.10 per share, compared to $187.3 million or $0.99 per share in the year-ago quarter.

Revenue for the first quarter rose to $606.80 million from $562.38 million a year ago.

Analysts polled by Thomson Reuters expected the company to report FFO of $1.19 per share on revenue of $624.59 million for the first quarter. Analysts' estimates typically exclude special items.