* Q1 FFO shr $2.64
* Q1 FFO adjusted shr $1.77 vs Wall St view $2.00
* Shares fall 1 pct
(Adds Wall St view, share price)
NEW YORK, May 3 Vornado Realty Trust (VNO.N),
owner of office buildings and retail centers, on Tuesday reported
first-quarter funds from operations that rose 43 percent, chiefly
on one-time gains from investments.
But stripping out the investments, the company reported FFO
that fell short of analysts forecasts and its stock slipped 1
The company, which also invests in other companies,
including J.C. Penney Co Inc (JCP.N) and special servicer LNR
Property Group, reported funds from operations of $505.9
million, or $2.64 per share, up from $353.8 million, or $1.87
per share, in the year earlier quarter.
Excluding gains from debt investments and income from other
investments including derivatives, FFO was $338.5 million or
$1.77 per share, a slight decrease from $348.6 million, or $1.84
Analysts had expected adjusted FFO of $2.00, according to
Thomson Reuters I/B/E/S.
FFO, a measure of performance of a real estate investment
trust (REIT), removes the profit-reducing effect that
depreciation has on earnings.
Shares of Vornado closed down 98 cents at $95.86 on the New
York Stock Exchange.
(Reporting by Ilaina Jonas; Editing by Steve Orlofsky, Phil