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Vornado books YOY decline in Q2 FFO per share

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Vornado books YOY decline in Q2 FFO per share

Vornado Realty Trust's second-quarter funds from operations attributable to common shareholders plus assumed conversions fell year over year to $209.7 million, or $1.10 per share, from $257.7 million, or $1.35 per share.

The office real estate investment trust's second-quarter AFFO grew year over year to $187.4 million, or 98 cents per share, from $180.5 million, or 95 cents per share.

The S&P Capital IQ consensus FFO-per-share estimate was $1.08.

Total revenues for the quarter increased to $541.8 million from $511.1 million in the year-ago quarter.

In addition, a Vornado joint venture completed a $255.0 million refinancing of the Crowne Plaza Times Square Hotel at 1605 Broadway and 48th St. in New York City. The loan bears interest at London Interbank Offered Rate plus 3.51% and expires in May 2020, with three one-year extension options.