Vornado owns and has an ownership interest in Class A office and retail properties highly concentrated in Manhattan, with additional properties in San Francisco and Chicago. It operates as a real estate investment trust.
P/FFO (Price to Funds From Operations) is calculated by adding amortization and depreciation to the net income and then deducting the gains on the sale of properties. P/FFO can be quoted as the entire entity's figure in full or on a per-share basis.
In REITs, as the accounting net income is distorted, it ends up being inefficient to use the Earnings per share (EPS), so the FFO is used in the formula instead of the Net Income.
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