Vornado Realty Trust released its second-quarter earnings today, citing a net loss to shareholders of $51.9 million. Same quarter earnings a year ago were drastically different — Vornado saw $116.9 million in net income to shareholders in the second quarter of 2008.
The REIT also posted a distinct drop in funds from operations from a year earlier. Vornado’s second-quarter FFO were at $93.5 million, less than half of the figure posted in the same quarter of 2008. Its FFO from the last two quarters combined totaled $355.8 million — again, less than half of what Vornado posted a year ago.
This news comes on the heels of increased worry over the commercial real estate market and broad concern over REIT market stability. Much of Vornado’s New York City portfolio consists of long-term office leases, so the company may not yet have felt the full impact of the weak market.
Vornado declined to comment on the earnings report. TRD