Vornado Realty Trust (VNO) 4Q Adjusted Profit Rises 15%
Vornado Realty Trust (NYSE:VNO) reported a profit for the fourth quarter compared to a loss in the prior year quarter. However, on an adjusted basis, profit would have grown 15.1% in the December quarter. Similarly, the company’s funds flow from operations also turned to positive from negative in the previous year quarter.
Vornado Realty Trust (NYSE:VNO) reported net income of $513.24 million or $2.72 a share for the fourth quarter. In comparison, it suffered a net loss of $68.89 million or a loss of 37 cents a share in the year-ago quarter. On an adjusted basis, its net income would have witnessed 15.1% growth to $113 million from $98.2 million in the same quarter last year. Similarly, its earnings advanced 15.4% to 60 cents a share from 52 cents a share in the 2013-fourth quarter.
The company’s funds flow from operations was $240.14 million compared to a negative FFO of $6.78 million. Its FFO per share was $1.22 versus a negative four cents in the previous year quarter. However, its adjusted FFO grew 9.1% to $256.14 million from $234.8 million and FFO per share rose 8.8% to $1.36 from $1.25 in the same quarter last year.
Vornado Realty Trust (NYSE:VNO) said that its top line grew 4.6% to $679.1 million from $649.4 million in the year-ago quarter. On average, Street analysts’ estimated the company to deliver FFO of $1.23 a share and $677.44 million revenue for the December quarter.
Full Year Results
The company’s net income nearly doubled to $783.388 million or $4.15 a share from $392.03 million or $2.09 a share in the prior year. Its FFO also jumped 42% to $911.11 million or $4.83 a share from $641 million or $3.41 a share in 2013. Its Adjusted FFO rose 9% to $980.3 million of $5.2 a share from $896.5 million or $4.77 a share in the previous year.
However, Vornado Realty Trust (NYSE:VNO)’s total revenue dipped 1.3% to $2.64 billion from $2.67 billion in the previous year.
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