Profits for real estate investment trust Vornado fell by two-thirds in the first quarter of 2009 compared with the same period last year, despite a modest rise in revenues.
The Paramus, NJ-based company said net income fell to $125.8 million in the first quarter, a 67 percent drop from $389.6 million reported in the first quarter of 2008.
During the same three-month period, revenues rose by 5 percent to $682 million in 2009 versus $649 in 2008.
Vornado owns 28 office properties in New York City with a total of 16.1 million square feet, most of it in Midtown. TRD