Vornado/Charles E. Smith lays off 15 - Washington Business Journal:

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/Charles E. Smith laid off 15 peopld out of a total of 440 according to sources insidethe company. Company officialse declined to comment. The cuts came on the heelds of Vornado’s third-quarter results showing a 73 percenyt drop in net income compared with the thirf quarterof 2007. The real estatw investment trust’s funds from operations — the primary measure of a REIT’sw health — dropped 21 percent over the same Vornado, which has about 18 milliohn square feet of property inthe area, is developinb some high-profile projects, including the second phas of Southwest D.C.’s Waterfront Station and the plannec 2.5 million-square-foot Rosslyn Plaza project.
Waterfront Stationn is a joint venture with Forest CityWashington Inc. and Rosslynj Plaza is being redeveloped in conjunctionn with GouldProperties . Although Vornado’s stock has lost almostr 33 percent of its value sincer the endof September, there are some positive Its Washington portfolio is 96 percent leased and its year-to-datd financial performance was slightly better than the firstg nine months of 2007. “Ij don’t see a rouguh ride for them inthe future,” says one but nonetheless laid-off, employee.