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Vornado Realty Trust Message Board

  • eyesopen2000 eyesopen2000 Jul 25, 2002 9:08 AM Flag

    Back down to $31 on Friday,weak funda

    fundementals and this stock is not very liquid.imo.

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    • Lumber is the best proforming asset class for any ten year period since ww2. There's a difference between lumber and hardwood. The hardwood business has a bright future. As far as dividends, PCL's hasn't changed in four years.

      The cold storage business may have topped out. A lot of the growth was due to new units replacing old, smaller storage buildings built in the 50's and 60's. Today, it's more likely that the units are built near transportation systems than near farms and store frozen processed food vs. frozen bulk food. (eg. apples) This is a very dangerous business. Cold storage units depreciate while logs grow.
      Cold storage units are depreciated over 40 years or roughly twice their usable life. Logs have depletion allounces which means they're written off as the asset appreciates.

    • Let me tell you why you are way off.

      Lehman's downgrade was 100% pure petrified horse manure. VNO has very little rent rollover issues until 2004. By that time I suspect we will be in a lot better shape in terms of office markets.

      VNO didn't lease gobs of space to POS's like ENE and WCOM and the other telecoms. They have high grade leases.

      I think Lehman did a disservice to VNO and should appologize. If I ever found out they used the downgrade to fill their clients accounts they should be sued.

 
VNO
97.55+1.12(+1.16%)Jul 31 4:06 PMEDT