The Real Deal New York

Vornado profits fall

By Adam Pincus | August 05, 2008 02:30PM

Vornado Realty Trust’s net income fell by 17 percent in the latest quarter, despite a strong increase in revenues, the Manhattan-based company said today.

Net income applicable to common shares was $125.4 million in the quarter ending June 30 on revenues of $674 million, compared to net income of $151.6 million on revenues of $583 million in the same period a year ago.

Vacancies in the company’s 28 office buildings in New York City increased slightly in the quarter over the same period a year ago, falling from an occupancy rate of 97.8 percent in last year to 97.5 percent in this year.

The quarterly filing included a $23 million write-off as the company abandoned, at least on paper, its plans to participate in a joint venture with Related to build what’s called Moynihan East, the portion of the Penn Station redevelopment plan that would have moved Madison Square Garden to the Farley Post Office building.

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