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Vornado Posts Q2 Loss of $52M

NEW YORK CITY-First-quarter results enabled the REIT to post positive numbers for the first six months of this year.

By Paul Bubny | Updated on August 04, 2009

NEW YORK CITY-Vornado Realty Trust reported a second-quarter loss Tuesday of $51.9 million compared to net income of $116.9 million for Q2 last year, although Q1 2009 results were strong enough to enable the REIT to post positive numbers for the year-to-date. Net income for the six months ended June 30 was $73.9 million, compared to $506.4 million for the same time period last year.

In its 10-Q filing Tuesday, Vornado noted that the Q2 results for this year and last year include “certain items that affect comparability.” The aggregate of these items increased net loss for Q2 ’09 by $91.5 million and increased net income for Q2 2008 by $49 million. For example, Q2 ’08 results include $58.6 million of net gains on the sale of real estate.

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