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