PARAMUS, N.J. (AP) — Vornado Realty Trust on Wednesday announced the resignation of its CEO and named its current chairman and former CEO as his replacement.
The Paramus, N.J.-based real estate investment trust said that Michael Fascitelli’s departure is effective April 15. Fascitelli plans to take a break and then pursue new opportunities, but will continue to serve on Vornado’s board, the company said.
Fascitelli joined Vornado 16 years ago as president and trustee. He became CEO in 2009, taking over for Steven Roth.
Roth, who returns to the company’s top job, had served as CEO for the 20 years before Fascitelli’s appointment. He originally joined Vornado in 1980 and has served as chairman since 1989.
Also late Tuesday, Vornado said its fourth-quarter funds from operations tumbled, hurt by losses related to its investment in J.C. Penney.
Funds from operations, or FFO, is considered a key measure of a real estate investment trust’s performance. It adds items such as amortization and depreciation to net income.
Vornado said FFO dropped to $55.9 million, or 30 cents per share, from $280.4 million, or $1.46 per share, in the same quarter of 2011. Excluding one-time items such as $224.9 million in J.C. Penney related losses, the company said its FFO for the recent quarter totaled $1.22 per share.
Analysts, on average, expected FFO of $1.20 per share.
Vornado shares fell 2 cents to $82.98 in afternoon trading. They have traded in a 52-week range of $72.64 to $88.50.
