The Real Deal New York

Vornado posts fourth-quarter loss

February 24, 2009 12:45PM
By Adam Pincus

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Despite a rise in revenues, Vornado Realty Trust reported a steep loss in the fourth quarter of 2008.

In the final quarter of last year, the Paramus, NJ, real estate investment trust recorded a net loss applicable to common shares of $216.8 million compared to a net gain of $90.9 million in the same period a year earlier, Vornado said in a statement released today.

At the same time, however, revenues rose 5 percent to $696 million in the fourth quarter from $657 million in the year-earlier period, the company said.

The company recorded $283 million in fourth-quarter charges, including a $100 million write-down for its investment in New York real estate investment firm Lexington Realty Trust, and $135 million in write-downs for development costs in wholly and partially owned projects.

For the full year, the company reported a net gain of $337 million compared to a net gain of $568 million in 2007, and it showed a slight revenue increase to $2.7 billion in 2008 from $2.4 billion in 2007, the company said.

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