NEW YORK (AP) — Vornado Realty Trust (VNO) on Monday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations.
The New York-based real estate investment trust said it had funds from operations of $124.4 million, or 65 cents per share, in the period.
The average estimate of 11 analysts surveyed by Zacks Investment Research was for funds from operations of 63 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 $4.1 million, or 2 cents per share.
The real estate investment trust posted revenue of $380 million in the period, falling short of Street forecasts. Eight analysts surveyed by Zacks expected $384.6 million.
The company's shares have increased 22% since the beginning of the year, while the S&P's 500 index has risen 12%. In the final minutes of trading on Monday, shares hit $45.71, a climb of roughly 9% in the last 12 months.