Vornado Realty Trust estimates that its third-quarter funds from operations per share attributable to common shareholders, plus assumed conversions, will decrease by 2 cents.
The office landlord said the estimated decrease is because of certain items that will be included in its third-quarter financial results. These include a $134.0 million net gain resulting from the sale of the company's 49.5% interest in the 666 Fifth Ave. office condominium in New York City and $7.3 million of net income and FFO from the repayment of the mortgage loan on the property.
The items also include $8.0 million of net loss and negative FFO pertaining to the change in fair value of marketable securities.
Vornado, however, expects the inclusion of the items to result in additional net income of 65 cents per share, to be included in its third-quarter net income attributable to common shareholders.