Real estate investment trust Vornado Realty Trust said Tuesday its first-quarter results nearly doubled, boosted by the sale of its interest in AmeriCold Realty Trust last month.
Funds from operations, or FFO, increased 98 percent to $535.2 million, or $3.28 per share, in the first quarter, from $270.2 million, or $1.65 per share, in the year-ago period.
Excluding certain items related to the REIT's sale of AmeriCold to Yucaipa Cos., FFO was $275.9 million, or $1.69 per share. Vornado completed the sale in April, which generated net proceeds of about $220 million.
On average, analysts polled by Thomson Financial expected FFO of $2.36 per share.
FFO, which adds such items as amortization and depreciation back to net income, is considered a key measure of REIT strength because it gives a more accurate picture of cash performance.
Quarterly net income rose to $397.9 million, or $2.47 per share, from $152.6 million, or 96 cents per share, in the prior year.
Revenue gained 22 percent to $652.5 million from $536.2 million.
Vornado shares slipped 29 cents to $95.82 in afternoon trading.
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