Vornado Realty Trust (VNO) Reports Q4 FFO and Revenue Beat
NEW YORK -- Vornado Realty Trust (VNO) released its fourth-quarter financial results on Monday, exceeding Wall Street estimates for key profitability metrics.
The New York-based real estate investment trust (REIT) reported funds from operations (FFO) of $122.2 million, or 61 cents per share, for the quarter. This surpassed the average analyst estimate of 51 cents per share, as per a survey conducted by Zacks Investment Research.
FFO, a widely followed metric in the REIT industry, is calculated by adding depreciation and amortization back to net income. Vornado also reported a net income of $1.2 million, or 1 cent per share.
Revenue for the period amounted to $457.8 million, also exceeding market expectations. Eight analysts polled by Zacks had forecast revenue of $447.4 million.
For the full year, Vornado's FFO totaled $447.1 million, while revenue reached $1.79 billion.