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NEW YORK, Nov 3 (Reuters) - Vornado Realty Trust reported third-quarter funds from operations rose 14.5 percent, boosted by lower expenses. FFO, excluding one-time items, totaled $221.4 million, or $1.18 per share, compared with $193.3 million, or $1.17 per share, a year earlier, the owner of office buildings and retail properties said on Tuesday. Results were 1 cent ahead of the $1.17 per share analysts had forecast, according to Thomson Reuters I/B/E/S. Including items such as impairments for its investment in Lexington Realty Trust; a litigation benefit related to Toys R Us, of which Vornado owns a third; and gains for early extinguishment of debt, FFO was $234.2 million, or $1.25 per share, compared with $159.8 million, or 97 cents per share, a year earlier. FFO, a performance measure for real estate investment trusts, removes the profit-reducing effect of depreciation, a noncash accounting item. Vornado shares were down 1.6 percent at $59.28 at the opening of the New York Stock Exchange. (Reporting by Ilaina Jonas; editing by John Wallace) Keywords: VORNADO/ (ilaina.jonas@thomsonreuters.com ; +1 646 223 6193; Reuters Messaging: ilaina.jonas.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.
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