Vornado’s rough Q3 marks 57 percent decline in net income

TRD New York /
Nov.November 05, 2013 02:57 PM

Vornado Realty Trust was left hurting after it sold its remaining shares in J.C. Penney and lost $34 million investing in Toys “R” Us stake. Based on the real estate investment trust’s third-quarter net income, it shows.

The company’s quarterly net income declined 57 percent to $683.4 million in the third quarter, compared to the same period in 2012, GlobeSt reported, citing the REIT’s latest regulatory filing. Still, the news wasn’t all bad: Analysts had projected a larger drop.

Meanwhile, profits dropped to $104.3 million from $241.3 million year-over-year. The REIT brought in $16.1 million from sales of real estate, as opposed to the $132.2 million worth of real estate gains in last year’s third quarter, GlobeSt said.

In September, Vornado and its affiliates agreed to give up a 6.1 percent stake, or 13.4 million shares, in J.C. Penney, as previously reported. [GlobeSt]Mark Maurer


Related Articles

arrow_forward_ios
Vornado's Steve Roth and 220 Central Park South (Credit: Getty Images, iStock)

Free and clear: Vornado pays off debt at 220 CPS

Vornado chairman and CEO Steven Roth, and 608 Fifth Avenue (Credit: Getty Images)

“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call

Steven Roth, CEO of Vornado and 640 Fifth Avenue (Credit: Getty Images and Vornado Realty Trust)

Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue

Rumble's Chelsea location at 146 West 23rd Street, Noah Neiman and Brian Ripka (inset) (Credit: Getty Images and Google Maps)

The gloves are off: Another lawsuit for boxing chain Rumble

Target ads (right) seen on the corner of 42nd Street Eighth Avenue (Credit: Google Maps)

Target sets bullseye on Times Square with new lease

Black Friday e-commerce grew while brick-and-mortar slipped, another socialist is running in Queens

Black Friday e-commerce grew while brick-and-mortar slipped, another socialist is running in Queens

 Li Ge and 220 Central Park South (Credit: WuXi Biologics and Getty Images)

Biotech billionaire pays $26M for 220 CPS pad

AC Moore's parent company, Nicole Crafts, announced the decision on Monday (Credit: iStock)

Arts-and-crafts retailer AC Moore to close all 145 stores

arrow_forward_ios