The Real Deal Miami

Apollo, Vornado post fourth-quarter losses

February 24, 2010 10:58AM

In the three months since its initial public offering, Apollo Commercial Real Estate Finance lost $1.72 million, or $0.16, per share, the company reported yesterday. Vornado Realty Trust also posted a $151.2 million net fourth quarter loss, or $0.84 per share. Vornado’s loss represents an improvement over the fourth quarter of 2008, when it took a $227 million hit. Apollo, which began operations Sept. 29, 2009, expects better results in 2010, said Stuart Rothstein, the company’s CFO. “We are well positioned to generate results in 2010 which should reflect net investment income based on the continued deployment of capital and a normalized expense level consistent with a full year of operations,” Rothstein said. TRD