Vornado Posts $217 Million Loss
From the Washington Business Journal:
Vornado Realty Trust, the biggest owner of office properties in D.C. and New York, lost more than $200 million last quarter as it wrote down the value of some assets.
Vornado lost $216.8 million, or $1.40 per share, compared to net income of $90.9 million, or 57 cents per share in the same quarter a year ago. Revenue was $696.3 million, up 6 percent from a year earlier. Funds from operations, considered a better guide for real estate investment trust performance, was a negative $78 million, compared to a positive $193.4 million in the same quarter of 2007.
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