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

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
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
“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
Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue
Kohler Interiors' Rachel Kohler with  21-05 51st Avenue (Loopnet, Getty)
Tile retailer Ann Sacks inks 21K sf lease in Long Island City
Tile retailer Ann Sacks inks 21K sf lease in Long Island City
Vornado's Steve Roth with 1540 Broadway
Vornado writes down portfolio by $600M
Vornado writes down portfolio by $600M
(Photo Illustration by The Real Deal with Getty)
Big-box retail growth has Bed Bath & Beyond landlords thinking
Big-box retail growth has Bed Bath & Beyond landlords thinking
Steve Roth finally flips Madoff’s former Montauk home
Steve Roth finally flips Madoff’s former Montauk home
Steve Roth finally flips Madoff’s former Montauk home
Vornado Realty Trust chairman Steve Roth and 401 Seventh Avenue (Getty, LoopNet, Vornado Realty Trust)
Vornado eyeing NYC’s casino sweepstakes
Vornado eyeing NYC’s casino sweepstakes
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...