Q1 Loss: Vornado Hit Hard By Impairment Charges
Vornado tumbled into Q1 with a loss after booking more than $165M in impairment charges tied mainly to one of its Virginia office complexes.
The REIT spun off its suburbia shopping centers, malls and warehouse park last year so it could focus on its luxury retail and office towers in NYC and DC, the Wall Street Journal reports.
And it looks like Vornado might need to spin off more—one of its Skyline properties, an eight-building office development in Virginia, alone accounted for $160.7M of the impairment charges.
Overall, Vornado reported a loss of $93.8M, that’s 61 cents a share, compared to last year’s profit of $104.1M, or 45 cents a share. [WSJ]