Vornado Announces Release of Estimated Q1 2009 Results
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54 minutes ago - Businesswire
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VNO 47.00 16.63%
As of 4:03 PM ET 4/21/09
Vornado Realty Trust (NYSE:VNO) announced today that it commenced a public offering for 12,500,000 of its common shares. In connection with the commencement of the public offering, Vornado announced that although we have not completed the closing procedures that we are currently performing in connection with the preparation and filing of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2009, we currently estimate that our net income attributable to common shares for the quarter ended March 31, 2009 will be approximately $0.77 per diluted share, versus $2.38 per diluted share, for the quarter ended March 31, 2008.
Net income for the quarter ended March 31, 2008 includes $6.0 million of net gains on sales of real estate, which includes our share of net gains on sales of real estate of partially-owned entities. In addition, estimated net income for the quarter ended March 31, 2009 and net income for the quarter ended March 31, 2008 also include certain items that affect comparability which are listed in the table below.
The aggregate of the net gains on the sale of real estate and the items in the table below, net of allocation to redeemable noncontrolling interests, decreased our estimated net income attributable to common shareholders for the quarter ended March 31, 2009 by approximately $0.10 per diluted share and increased our net income attributable to common shareholders for the quarter ended March 31, 2008 by $1.55 per diluted share. Estimated total revenue for the quarter ended March 31, 2009 was $682.0 million, compared to total revenue of $649.3 million for the quarter ended March 31, 2008.
We currently estimate that funds from operations attributable to common shares plus assumed conversions ("FFO") for the quarter ended March 31, 2009 will be approximately $1.60 per diluted share, compared to $3.17 per diluted share for the quarter ended March 31, 2008. Adjusting FFO for certain items that affect comparability which are listed in the table below, we currently estimate FFO for the quarter ended March 31, 2009 will be approximately $1.70 per share, compared to $1.61 per share for the quarter ended March 31, 2008. |
