Gains related to principal investments held by certain consolidated real estate funds contributed to relative improvement in Morgan Stanley’s earnings for the fourth quarter and the full year in 2010.
Results for 2010 included gains of $431 million in Merchant Banking related to principal investments held by certain consolidated real estate funds.
In the fourth quarter of 2010 there were gains of $109 million related to principal investments held by certain consolidated real estate funds.
On an unaudited basis, Morgan Stanley said in its financial supplement that its consolidated income for the fourth quarter of 2010 was $867 million, up from $460 million during the fourth quarter of 2009. It said its consolidated income for the year was about $4.46 billion in 2010, up from approximately $1.28 billion for 2009.
For 2010, on a diluted earnings per share basis, the net income applicable to Morgan Stanley including discontinued operations was $2.63. It took a net loss of $0.77 in this category in 2009. For the fourth quarter of 2010, net income on an earnings per diluted share basis—including discontinued operations—was $0.41. Net income on an earnings per diluted share basis was $0.29 in the fourth quarter of 2009.
