The Real Deal Miami

Vornado income increases five-fold

November 03, 2009 01:03PM

Vornado Realty Trust saw net income attributable to shareholders at $126.3 million in the third quarter this year, according to a report released this morning, compared to the third quarter a year ago when that figure was just $22.7 million. The jump marks a five-fold increase in Vornado’s income year-over-year. This comes to an income of $0.69 per diluted share this past quarter, compared to $0.14 during the same time period a year ago. The year-over-year difference comes as Vornado has been preparing to rapidly snap up the “stupid, stupid, stupid cheap” assets that have amassed in the down market, as The Real Deal previously reported. TRD