Here is something long overdue
haven't looked into it yet, so don't know it it's company, industry, JCP, or region issue.
UPDATE 1-Vornado reports lower quarterly earnings
6:12pm EST
By Ilaina Jonas
NEW YORK, Feb 27 (Reuters) - Vornado Realty Trust , which owns office and retail properties mostly in New York and the Washington, D.C., area, reported lower fourth-quarter earnings, in part because of one-time gains reported a year earlier.
Vornado said on Monday that its fourth-quarter funds from operations attributable to common shareholders was $280.4 million, or $1.46 per share, compared with $432.9 million, or $2.27 per share, a year ago.
Excluding one-time items, FFO was $220 million, or $1.15 per share about flat with the $218 million or $1.15 per share the company reported in the year-earlier quarter.
The items included lower income from its derivative position in J C Penney Co Inc and a gain in 2010 from the early extinguishment of debt.
FFO, a measure of performance at a real estate investment trust (REIT), removes the profit-reducing effect that depreciation has on earnings and gains or losses from property sales.
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