I think you better go look at the quarter on quarter losses at VOO and compare to VNO's overall growth rate. Just an eyeballing of it indicates that the losses are not growing much at all. In point of fact VNO and CEI both report that the cold storage business has actually stabilized. Granted that this business does not represent either reit's finest hour.
As for being precise. With all due respect bringing up COFI is exactly what you were doing. COFI has been hemmeraging losses big time not included on CEI. Your expression of concern for VNO as it relates to VOO cannot be discussed unless in the context of COFI because these operating companies were formed because of reit rules. They were not formed to hide operating losses in my opinion. YOu can get the information readily and its not fair to compare to the present failures of other entities.
It is also not fair of you to use PCL in your argument. Anyone who does not understand that by nature of PCL's business which is sale of a commodity that fluctuates on an hourly daily and other basis there is no such thing as guaranteed dividend levels. Those dividend levels will ebb and flow with the price of timber and lumber just like natural gas and oil MLPs.
Mr. Market understands VNO and is voting thumbs up on VNO. As an aside VNO's financial statement is one of the best and easily readible stmts put out.