Vornado Swings To 2Q Profit On Year-Ago Loss; FFO Rises

Date : 08/03/2010 @ 9:59AM
Source : Dow Jones News
Stock : Boyd Gaming Corp. (BYD)
Quote : 28.7  0.3 (1.06%) @ 4:06PM

Vornado Swings To 2Q Profit On Year-Ago Loss; FFO Rises

Vornado (NYSE:VNO)
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Vornado Realty Trust (VNO) recovered from a prior-year second-quarter loss as the company reported higher margins and revenue growth on an increase in some occupancy rates from a year ago.

The previous year's loss was caused by a $122.7 million loan loss.

The New Jersey-based real estate investment trust owns and manages commercial real estate, with its main properties totaling more than 100 million square feet in New York; the District of Columbia; Virginia; Puerto Rico, and Illinois.

The occupancy rates in the New York office properties declined from a year ago, but grew in the District of Columbia. Retail occupancy also improved.

Last month, the Wall Street Journal reported MGM Resorts International (MGM) is selling about $80 million worth of land to a partnership led by Vornado. As an owner of the land, Vornado would collect rent from a venture of MGM and Boyd Gaming Corp. (BYD) which owns the hotel, garage and other buildings on the land. The reported deal with Vornado is an unusual step for the real estate giant, which is making its first entrance into the Atlantic City market during one of the gambling haven's most brutal downturns.

For the latest quarter, Vornado reported a profit of $72.1 million, or 31 cents a share, from a year-earlier loss of $37.6 million, or 30 cents a share. The per-share figures include preferred-dividend impacts.

Excluding debt-related payments and other items, funds from operations--a key profitability metric for REITS--rose to $1.18 from $1.08. Analysts polled by Thomson Reuters projected $1.06.

Total revenue climbed 3.3% to $696.1 million.

Operating margins improved to 34.7% from 32.3%.

Shares closed Monday at $86.41 and were inactive in pre-market trading. The stock is up 24% this year.

-By John Kell, Dow Jones Newswires; 212-416-2480; john.kell@dowjones.com


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