By Micah Maidenberg
Vornado Realty Trust (VNO) said profit jumped in the third quarter, helped by gains from its sale of a stake in a property in Manhattan as well as condominiums in the borough.
The property company on Monday reported earnings of $322.9 million, or $1.69 a share, up from $190.7 million, or $1 a share, the year earlier.
Vornado reported $179 million in income connected to property sales, including the sale of its 25% stake in a building located on Madison Avenue, west of Grand Central Station in Manhattan. It also reaped $109 million in after-tax gains from condo units located in a property adjacent to Central Park.
Funds from operations for the quarter increased to $1.46 a share, topping expectations of analysts polled by FactSet by two cents.
Revenue fell 14% from the year prior to $465.9 million, Analysts predicted $459 million in revenue for the quarter.
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