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Vornado Buys 1.2 stake in McDonald’s

The REIT’s investment in the fast-food firm totals about $500 million.Paramus-based Vornado Realty Trust (NYSE: VNO) Tuesday announced it is buying a 1.2% stake in McDonald”s. In a Securities and Exchange Commission filing, Vornado said it had acquired 858,000 McDonald”s shares for $25,346,000 in July. During the three months ended September 30 it bought another 14,565,000 shares. The investment totaled about $500 million. The company, a real estate investment trust, declined to offer additional comments.

The company reported net income of $27.2 million on revenue of $656.96 million for the third quarter against income of $104.5 million on revenue of $415.3 million for the year-ago period.

Vornado’s shares were down $1.30 to $79.70 in morning trading.

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