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Vornado Realty loss from Toys R Us stake narrows

By Associated Press
June 17, 2008 | Comments (0)

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Vornado Realty Trust said it will book a narrower loss from its 33 percent stake in toy retailer Toys R Us in its second-quarter results.

The real estate investment trust said it would book negative funds from operations before income taxes from the holding of $14.6 million, or 8 cents per share. A year ago, the holding led to a loss of $17.9 million, or 10 cents per share.

Funds from operations, or FFO, which adds such items as amortization and depreciation back to net income, is considered a key gauge of REIT strength because it gives a more accurate picture of cash performance.

Vornado expects a net loss from the stake of $15.8 million, or 9 cents per share, compared with a loss of $20 million, or 11 cents per share, a year ago.

Vornado shares slid $1.24 to $95.38 in morning trading.

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