VNO - Vornado Realty Trust

NYSE - NYSE Delayed Price. Currency in USD
36.00
+1.08 (+3.09%)
At close: 4:00PM EDT
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Momentum

Momentum

Performance Outlook
  • Short Term
    2W - 6W
  • Mid Term
    6W - 9M
  • Long Term
    9M+
Previous Close34.92
Open34.74
Bid0.00 x 2200
Ask75.00 x 900
Day's Range34.74 - 36.14
52 Week Range27.64 - 68.68
Volume1,513,348
Avg. Volume2,795,874
Market Cap6.88B
Beta (5Y Monthly)1.36
PE Ratio (TTM)2.35
EPS (TTM)15.29
Earnings DateAug 03, 2020
Forward Dividend & Yield2.64 (7.33%)
Ex-Dividend DateMay 08, 2020
1y Target Est43.25
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
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  • Bloomberg

    Cuomo’s Penn Station Plan Would Fund Fix With Office Complex

    (Bloomberg) -- A New York state plan to redevelop the neighborhood surrounding Penn Station would clear the way for more than 14 million square feet of new offices, a massive addition of space that would accelerate the shift of Manhattan’s core toward the West side.The project would use new construction on eight sites to fund improvements to the existing Penn Station and create underground tracks and platforms to the south of the transit hub, according to a draft proposal posted online.New York Governor Andrew Cuomo first proposed the plan in January, promising to expand the Penn Station’s capacity by 40% and create new development projects to finance improvements to the transit hub.Empire State Development, the state’s economic development agency, is seeking authority to override New York City zoning rules to allow for larger buildings than currently permitted. The agency is working with Vornado Realty Trust, a major landowner in the area, the proposal said.“Governor Cuomo has advanced a bold vision to build New York back stronger than ever,” Empire State Development said in a statement. “The environmental scoping document just released is the first step of a comprehensive public review process that will study all impacts of this project and include the local community in ensuring it achieves these goals.Vornado didn’t respond to a request for comment. The project, dubbed the Empire Station Complex, could take 16 years to complete and calls for more than 800,000 square feet of retail space and nearly 1,300 hotel rooms, according to the published documents.The retail and lodging industries have been among the hardest hit by the pandemic, raising the prospect that existing properties could be converted to other uses. The future of the Manhattan office market is also uncertain, as employers get comfortable with remote-work, and city-dwellers who fled New York in the early days of the pandemic consider relocating permanently.But the Penn Station project’s long time horizon will give New York’s economy time to recover, and its West side location puts the proposed development in the middle of an emerging office hub.The first phase of Hudson Yards, a few blocks west of Penn Station, included more than 8 million square feet of office space. Macy’s Inc., meanwhile, has proposed building a 1.5 million square foot office building atop its nearby flagship store on 34th Street, a block east of the train station.For its part, Vornado is in the process of converting the former James A. Farley Post Office, across the street from Penn Station, into a massive office building.The company has said it will spend more than $2 billion to redevelop over 5 million square feet of real estate in the area.The state’s plan would likely require agreements with the Metropolitan Transportation Authority and other parties, according to the proposal. The state is holding a virtual session on July 20 to discuss the project.(Updates with state from Empire State Development.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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    UBS-Barclays Commercial Mortgage Trust 2012-C2 -- Moody's affirms seven and downgrades five classes of UBS-Barclays 2012-C2

    Moody's Investors Service, ("Moody's") has affirmed the ratings on seven classes and downgraded the ratings on five classes in UBS-Barclays Commercial Mortgage Trust 2012-C2, Commercial Mortgage Pass-Through Certificates, Series 2012-C2. The ratings on four P&I classes, Cl. D, Cl. E, Cl. F and Cl. G, were downgraded due to higher anticipated losses as a result of the decline in pool performance, particularly in relation to three regional malls, Louis Joliet Mall (9.6% of the pool), Crystal Mall (9.6% of the pool) and Pierre Bossier Mall (4.7% of the pool).

  • Trump’s Quiet Workhorses Are the Prize in Vornado Sale Plan
    Bloomberg

    Trump’s Quiet Workhorses Are the Prize in Vornado Sale Plan

    (Bloomberg) -- Manhattan’s 1290 Sixth Avenue and San Francisco’s 555 California Street are outliers in President Donald Trump’s real-estate portfolio. His name doesn’t appear in big letters there. Trump owns only 30% of them. His company doesn’t have a management role.Yet without fanfare, the two office towers are also among the Trump Organization’s most lucrative assets, together generating tens of millions in cash flow each year, according to a Bloomberg analysis. Now the properties could propel the most lucrative real estate deal involving Trump’s company during tenure in the White House.Vornado Realty Trust, which holds the remaining 70% in the buildings, said this week it’s seeking to recapitalize them. People familiar with the matter said Vornado is looking to sell the high-rises and would lead the effort, meaning Trump’s family would be a step removed from talks. The Trump Organization is likely to sell its stakes as part of a deal, the people said.The president bucked decades of tradition by declining to divest from his family business when joining the White House, and he has been dogged by lawsuits alleging his businesses open the door to spending by favor-seekers. In any sale, opponents and ethics organizations will surely scrutinize the buyer’s motives and the fairness of terms. A deal could yield hundreds of millions of dollars that the president’s company could plow into new investments, which could benefit from some of the real-estate friendly tax policies and banking regulations enacted by his administration.Vornado declined to comment. The Trump Organization didn’t respond to requests for comment.The two office buildings occupy prime commercial zones in two of the U.S.’s priciest cities, with tenants including Cushman & Wakefield and Neuberger Berman in Manhattan, and Microsoft Corp. and Goldman Sachs Group Inc in San Francisco. Vornado’s stakes in the two could be worth $2.6 billion, according to an analysis by Green Street Advisors, a real estate advisory firm. That implies that Trump’s stake could be worth as much as $1.1 billion before accounting for his share of debt.The 45-floor Sixth Avenue building generated $63 million of net cash flow after debt payments last year, according to loan disclosures compiled by Bloomberg. Trump’s share of that, $19 million, is more than the combined $15 million in net cash flow after debt generated by offices at two of his marquee office properties, Trump Tower and 40 Wall Street.“This is is a significant asset,” said Danny Ismail, an analyst at Green Street. With more than 2 million square feet, it has a roster of blue chip tenants and gets healthy rents given its quality and location, he said. ”It would be a good North Star in terms of where investors are valuing NYC office buildings.”Beyond the challenges posed by a minority partner who is running for re-election, it is an uncertain time to be marketing office properties. A recent report from Savills found that asking rents in Manhattan could plunge 26% to the lowest level since 2012 in the event of a prolonged recession.Companies are re-evaluating their need for space as the continuing coronavirus surge in the U.S. has left millions of workers uncertain about when they’ll return to their offices.“Last week everything was looking pretty good. Now all of a sudden we have new outbreaks so maybe things aren’t so good,” said Joshua Stein, a New York-based real estate attorney. “The value of this building could change by the minute.”Such a sale could give Vornado the chance to make a statement about the value of its portfolio of commercial properties, after the coronavirus pandemic helped depress its shares in March to levels reminiscent of the troughs of 2009. The stock is down about 45% for the year after slipping 3.4% on Friday in New York to $36.64. Both properties have rent rolls filled with tenants in long leases that are likely to outlast the economic upheaval. To handle the sales, Vornado turned to two firms that specialize in high-end commercial real estate. San Francisco’s 555 California is being brokered by Eastdil Secured, a real estate investment banking company. Cushman & Wakefield, which has handled an assortment of billion-dollar transactions in Manhattan in recent years, is representing 1290 Sixth Avenue.Trump’s office properties are his company’s most reliable income generators, and throughout the years have helped fuel the companies acquisition of higher-risk assets, including golf courses.This isn’t the first time that Vornado’s chairman, Steve Roth, has featured prominently in Trump family dealings. Kushner Cos., the family firm of Trump’s son-in-law Jared Kushner, co-owned another midtown office building, 666 Fifth Avenue, with Vornado prior to its sale in 2018.(Updates shares.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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  • Bloomberg

    Trump Stakes in Play as Vornado Explores Office Building Sales

    (Bloomberg) -- Vornado Realty Trust is exploring the potential sale of two office towers that it co-owns with the Trump Organization, a deal that could be complicated by the president’s ownership and an uncertain commercial real estate market.The New York-based real estate investment trust is working with brokers to market its 70% interest in the properties, 555 California Street in San Francisco and 1290 Avenue of the Americas in Manhattan. The Trump Organization may also sell its stakes in the buildings, according to to people familiar with the matter who asked not to be identified.The property in San Francisco could fetch more than $2 billion, according to some of the people.Vornado said in a statement Tuesday that it was exploring options for recapitalizing the properties, without elaborating on price or whether the president’s company would also sell its stakes. Representatives for Trump declined to comment.The Trump Organization’s 30% stake in the buildings has been described as passive, meaning the business doesn’t actively oversee the properties. The San Francisco building is home to tenants including Goldman Sachs Group Inc., KKR & Co., Microsoft Corp. and McKinsey & Co.Neuberger Berman and State Street Bank are among the tenants at 1290 Avenue of the Americas.Critics have long faulted Trump for his refusal to sell his business when entering the White House. His ownership stakes could make a potential deal harder at a time when investors are struggling to home in on values for office buildings. The pandemic has slowed commercial real estate deals to a trickle and forced many companies to rethink their needs for space.Years AgoVornado’s shares were little changed on Tuesday. The stock has dropped 27% since the beginning of March, with investors concerned that Manhattan offices face a long recovery from the pandemic. The company is spending more than $2 billion to redevelop the area around Pennsylvania Station, hoping to draw tenants to an area that is typically bustling with commuters and tourists.Vornado, a major New York landlord run by Steven Roth, has a partnership with Trump in the San Francisco and Manhattan buildings as the result of a series of transactions that began years ago. It started when Trump’s majority partners in a residential project in Manhattan’s west side sold the development against Trump’s wishes.Trump, believing the properties could have fetched more, sued his partners, including investors Henry Cheng and Vincent Lo, who then bought 555 California and 1290 Sixth Avenue. In 2007, while Trump’s lawsuit was ongoing, Vornado bought the investor group’s 70% stake in the office buildings for $1.8 billion.In 2015, as Salesforce Tower was being constructed nearby, Roth told investors that 555 California was the area’s “dominant building.”“It has the best roster of financial services tenants of any building anywhere in the United States including in Manhattan,” Roth said.Trump’s minority stake in the two properties was worth $765 million after accounting for his share of debt in them, according to a Bloomberg Billionaires Index assessment last year.(Adds potential price in third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • GlobeNewswire

    Vornado to Explore Options to Recapitalize 1290 Avenue of the Americas and 555 California Street

    VORNADO REALTY TRUST (VNO) announced today that it is initiating a process to explore options to recapitalize, either together or separately, 1290 Avenue of the Americas, a 2.1 million square foot Manhattan office building, and 555 California Street, a three building, 1.8 million square foot office campus in San Francisco. Vornado owns 70% controlling interests in the partnerships that own these properties and has sole decision-making authority. Cushman & Wakefield is the exclusive agent for 1290 Avenue of the Americas and Eastdil Secured is the exclusive agent for 555 California Street.

  • Why Vornado Realty Trust (VNO) is the Best REIT Stock to Buy Now
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    Why Vornado Realty Trust (VNO) is the Best REIT Stock to Buy Now

    Third Avenue Management recently released its Q1 2020 Investor Letter, a copy of which you can download here. The Third Avenue Value Fund posted a return of -42.08% for the quarter, underperforming its benchmark, the MSCI World Index which returned -20.95% in the same quarter. You should check out Third Avenue Management's top 5 stock […]

  • Vornado Realty Trust (VNO): Hedge Funds Taking Some Chips Off The Table
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    Vornado Realty Trust (VNO): Hedge Funds Taking Some Chips Off The Table

    In this article we will take a look at whether hedge funds think Vornado Realty Trust (NYSE:VNO) is a good investment right now. We check hedge fund and billionaire investor sentiment before delving into hours of research. Hedge funds spend millions of dollars on Ivy League graduates, unconventional data sources, expert networks, and get tips […]

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  • Vornado (VNO) Catches Eye: Stock Jumps 5.9%
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    Vornado (VNO) Catches Eye: Stock Jumps 5.9%

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  • Why Is Vornado (VNO) Up 1.7% Since Last Earnings Report?
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    Why Is Vornado (VNO) Up 1.7% Since Last Earnings Report?

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  • Thomson Reuters StreetEvents

    Edited Transcript of VNO earnings conference call or presentation 5-May-20 2:00pm GMT

    Q1 2020 Vornado Realty Trust and Alexander's Inc Earnings Call

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  • Vornado Realty Trust (VNO) Q1 2020 Earnings Call Transcript
    Motley Fool

    Vornado Realty Trust (VNO) Q1 2020 Earnings Call Transcript

    VNO earnings call for the period ending March 31, 2020.

  • Barrons.com

    Vornado Says It Collected Only 53% of Rent From Retail Tenants

    Nonetheless, longtime CEO Steve Roth is optimistic about New York City’s commercial real-estate market.

  • Vornado (VNO) Q1 FFO Misses Estimates, Revenues Surpass
    Zacks

    Vornado (VNO) Q1 FFO Misses Estimates, Revenues Surpass

    Vornado's (VNO) Q1 results reflect a decline in same-store NOI performance of the New York portfolio as well as theMART.

  • Benzinga

    Benzinga Pro's Top 5 Stocks To Watch For Tues., May 5, 2020: CCL, BYND, TEAM, ROKU, VNO

    Today's 5 Stock Ideas: * Carnival (CCL) \- A play on recent heavy option and block trade volume. On Monday, the company announced it will return eight of its cruise ships to operations in August. * Beyond Meat (BYND) \- An earnings play. Will report quarterly results after the close Tuesday. * Atlassian (TEAM) \- A play on a software stock trading at new all-time highs. * Roku (ROKU) \- An earnings play on streaming. The company will report quarterly results after the close on Thursday. * Vornado (VNO) \- A play on a real estate operator. The company on Monday said "We have collected substantially all of the rent due for March 2020 and collected 90% of rent due from our office tenants for the month of April 2020 and 53% of the rent due from our retail tenants for the month of April 2020."See more from Benzinga * Benzinga Pro's Top 5 Stocks To Watch For Wed., Apr. 15, 2020: SONN, MAR, TSCO, CCL, LAKE * Benzinga Pro's Top 5 Stocks To Watch For Wed., Mar. 18, 2020: GIS, TSLA, BYND, ARMK, APRN(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Vornado (VNO) Misses Q1 FFO Estimates
    Zacks

    Vornado (VNO) Misses Q1 FFO Estimates

    Vornado (VNO) delivered FFO and revenue surprises of -5.26% and 3.46%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?

  • GlobeNewswire

    Vornado Announces First Quarter 2020 Financial Results

    NEW YORK, May 04, 2020 -- VORNADO REALTY TRUST (NYSE: VNO) reported today: Quarter Ended March 31, 2020 Financial Results NET INCOME attributable to common shareholders for.

  • GlobeNewswire

    Vornado Announces Virtual 2020 Annual Meeting of Shareholders

    VORNADO REALTY TRUST (VNO) announced today that, due to the public health impact of COVID-19, the Company will hold its 2020 Annual Meeting of Shareholders in a virtual meeting format only, via audio webcast. As described in the proxy materials for the Annual Meeting, shareholders are entitled to participate in the Annual Meeting if they were a shareholder as of the close of business on March 16, 2020, the record date. Regardless of whether you plan to participate in the Annual Meeting, we urge you to vote and submit your proxy in advance of the meeting by one of the methods described in the proxy materials for the Annual Meeting.