UPDATE 2-Vornado Realty third-quarter FFO rises - News

Runway Angels
The superbowl of fashion shows, models walk down the runway at the 2009 Victoria's Secret Show.
Smartphone Guide
Here's a need-to-know guide to nine devices, based on features, price, network and platform.
Wines for the Holidays
Not quite sure what wine to pair with Turkey or Creme Brulee? Our experts do.

FEATURED QUIZZES

How Well Do You Know Your Bird?
Let's talk turkey. Test your turkey knowledge and perhaps pick up a bit of trivia to trot out at your holiday meal.
A Healthier & Wealthier You
Take the following quiz and find out how much you know about the impact of obesity on the health of the U.S. economy.
The Billionaire BFF's
Philanthropists. Bridge partners. Hockey players. Which responses are based on facts from Buffett's and Gates' real lives?

SPECIAL REPORTS

Winterizing Your Portfolio
If 2009 was the winter of our discontent, will 2010 be a winter wonderland for investors? A lot depends on the recovery—or lack thereof.
Investor's Guide to Real Estate
Some even say the long-awaited recovery is here. Regardless, buyers and sellers alike can profit from our guide.
Alternative Investing
Stocks and bonds? Sure. But it's a big world out there for investors.

CNBC ON DIGG

UPDATE 2-Vornado Realty third-quarter FFO rises

By: AFX | 03 Nov 2009 | 10:31 AM ET

Text Size

By Ilaina Jonas NEW YORK, Nov 3 (Reuters) - Vornado Realty Trust, owner and operator of office and retail properties, 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 real estate investment trust 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 REIT performance measure, removes the profit-reducing effect of depreciation, a noncash accounting item. Third-quarter revenue was $671.2 million, better than Wall Street's forecast of $637.32 million, Thomson Reuters I/B/E/S. Vornado, which on Monday said it would use its stockpile of cash to buy back up to $2 billion of convertible debt, said it had $84.8 million remaining of debt maturing this year and $899.1 million in 2010. It also said it is exploring issuing commercial mortgage-backed securities (CMBS) that would be eligible for U.S. Federal Reserve's Term Asset-Backed Loan Facility (TALF) program, designed to jump-start the commercial real estate lending market. Vornado shares rose 36 cents, or 0.6 percent, at $60.60 in early trading on the New York Stock Exchange, versus a 0.1 percent increase in the benchmark MSCI U.S. REIT Index (Reporting by Ilaina Jonas, editing by Dave Zimmerman) 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.

The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

Tools: