Thu, Oct. 30, 6:11 PM
Thu, Oct. 30, 5:48 PM
Tue, Oct. 28, 12:04 PM
Wed, Oct. 1, 2:47 PM
- Vornado Realty Trust's (VNO -0.3%) operating partnership extends the maturity on one of its two $1.25B unsecured revolvers to November 2018 from November 2015, with two six-month extension options. The interest rate is cut by 20 basis points to Libor plus 125 bps, and the facility fee is lowered by five basis points to 20 bps.
- The other line is $1.25B and matures in June 2017.
- Source: Press Release
Wed, Sep. 24, 9:07 AM
- "Simplify, simplify, simplify," is the latest trend among REITs, writes the WSJ's Robbie Whelan. The latest thinking says diversity has become a liability as different types of real estate - offices, warehouses, apartments - are valued on different models, and markets tend to penalize with a discounted valuation those companies not focused on one area.
- Duke Realty (NYSE:DRE) investors have benefitted over the past few years as management has transformed the company from a landlord of diverse types of assets into one getting most of its income from industrial property. "If you're in six different business lines," says COO Jim Connor, "all investors see is the downside and the problems that can arise." After trailing peers from 2003-2007, Duke's annualized total returns over the past three years have been 22% vs. industrial REITs at 20% and REITs overall at 15%.
- The names of those shedding non-core assets is too long to list, but others include: Simon Property Group (NYSE:SPG) which spun off its strip centers and smaller malls into Washington Prime Group; American Realty Capital (NASDAQ:ARCP) which is selling its multi-tenant retail centers; Vornado Realty Trust (NYSE:VNO) which is spinning off its U.S. shopping centers and malls, leaving its focus on office towers and luxury retail properties.
Wed, Sep. 3, 7:10 AM| 1 Comment
Tue, Aug. 5, 9:53 AM
- Adjusted FFO of $271.6M or $1.44 per share vs. $239.3M and $1.27 a year ago. Dividend is $0.73. Adjusted FFO payout ratio falls to 50.7% from 57.5%.
- NYC portfolio same-store occupancy of 97.3% up 120 basis points Y/Y. D.C. portfolio same-store occupancy of 83.5% down 10 bps.
- Retail portfolio occupancy of 94% down 50 bps.
- Conference call at 10 ET
- VNO flat in early trade
- Previously: Vornado Realty Trust beats by $0.02, misses on revenue
Mon, Aug. 4, 5:25 PM| Comment!
Sun, Aug. 3, 5:35 PM
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Thu, Jul. 31, 1:13 PM
Wed, Jul. 9, 6:05 PM
- Vornado (VNO) and Crown Acquisitions are buying the retail condominium attached to Midtown Manhattan's St. Regis Hotel, along with the adjacent retail townhouse, for $700M.
- Vornado will own 67%-80%, and Crown the balance. Final ownership percentages will be "based on the amount of debt financing put on the property and Crowns short-term option to invest additional capital."
Wed, Jul. 9, 9:18 AM
Fri, Jun. 27, 7:20 AM
Thu, Jun. 26, 9:00 AM
- With the investment of an additional $22.7M, Vornado Realty Trust (VNO) is now the majority owner in One Park Avenue, increasing its stake to 55% from 49.7% through a JV with the Canada Pension Plan Investment Board.
- One Park Avenue is a 20-story, 941K square foot office building, with estimated value of $560M. It has a mortgage of $250M.
- Press release
Mon, May. 5, 5:40 PM
Mon, May. 5, 5:28 PM
- Reported as up 5.3% in after-hours action, the trade putting Vornado (VNO) that high looks like a curious one - it's for just one share. Turning back to the Q1 results:
- Adjusted FFO $226.9M or $1.20 per share compares to $211.6M and $1.13 a year ago.
- CC tomorrow at 10 ET
- Source: Press Release
- Previously: Vornado Realty Trust misses by $0.07, misses on revenue
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