Vornado Realty Trust saw a net profit in the fourth quarter of 2014 as well as an unexpected increase in funds from operations.
The fourth-quarter profit was $533.6 million after suffering from a $48.5 million loss a year earlier, the Wall Street Journal reported. Vornado reported earnings of $2.72 per share, according to the newspaper.
Revenue grew 4.6 percent to $678.1 million, according to the Journal.
Last month, Vornado started Urban Edge Properties, a publicly traded company and a spinoff for its shopping center, with the goal of focusing more on luxury retail properties on Fifth Avenue and its office towers in New York and Washington, D.C., according to the newspaper. [WSJ] — Claire Moses