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Sep. 24, 2014, 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.
Sep. 3, 2014, 7:10 AM
Aug. 5, 2014, 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
Aug. 4, 2014, 5:25 PM
- Vornado Realty Trust (NYSE:VNO): Q2 EPS of $1.15 beats by $0.02.
- Revenue of $666.6M (-1.4% Y/Y) misses by $1.67M.
Aug. 3, 2014, 5:35 PM
- ACLS, ACXM, AEIS, AIG, ANV, APL, AREX, BRS, CAR, CHGG, CKEC, CKP, CNQR, CRK, CUTR, DRC, ECOM, ELNK, ENH, EOX, EPAM, GTAT, ININ, IRWD, JMBA, KAMN, KONA, LF, LLNW, LMNS, MCEP, MDR, MRO, MWA, NLS, OGS, OTTR, PHH, PL, PLOW, PXD, QLYS, REGI, ROSE, RP, RTEC, SALE, SNHY, THC, TNET, TNET, TSRA, TXRH, VNO, VNR, VVC, WAGE, Y
Jul. 31, 2014, 1:13 PM
- Vornado Realty Trust (NYSE:VNO) declares $0.73/share quarterly dividend, in line with previous.
- Forward yield 2.74%
- Payable Aug. 21; for shareholders of record Aug. 11; ex-div Aug. 7.
Jul. 9, 2014, 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."
Jul. 9, 2014, 9:18 AM
- Power shopping center Beverly Connection sold for $260M - $239M in cash and $21M in seller financing. The sale results in a net gain of about $44M which Vornado (VNO) will recognize in Q3.
Jun. 27, 2014, 7:20 AM
Jun. 26, 2014, 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.
May 5, 2014, 5:40 PM
May 5, 2014, 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
- Previously: Vornado Realty Trust misses by $0.07, misses on revenue
May 5, 2014, 5:16 PM
- Vornado Realty Trust (VNO): Q1 EPS of $1.20 misses by $0.07.
- Revenue of $660.61M (-8.1% Y/Y) misses by $9.97M.
- Shares +5.26% AH.
May 5, 2014, 3:07 PM
- Apollo Investment (AINV +1.5%) is upgraded to Overweight at Barclays with a $9.00 PT.
- Credit Suisse upgrades BB&T (BBT +0.1%) to Outperform with $46.5 PT.
- Macerich (MAC -0.1%) is upgraded to Buy by Global Hunter Securities.
- KBW buys the dip in Och-Ziff Capital Management Group (OZM +1.7%), upgrading to Outperform.
- ISI upgrades Vornado Realty Trust (VNO) to a Neutral rating with $98.00 PT.
- Raymond James upgrades Virtus Investment Partners (VRTS +0.2%) to Outperform with $220.00 PT.
- Santander Consumer USA Holdings (SC +0.9%) gets a boost from Bank of America to Buy with $28.00 PT.
- Rafferty Capital upgrades Greenhill (GHL +3.9%) to Buy with $60.00 PT.
- Oaktree Capital Group (OAK -0.5%) is downgraded to Market Perform by both KBW and Morgan Stanley.
May 4, 2014, 5:35 PM
- AEIS, AIG, APC, APL, ARE, AXLL, BDE, BNFT, CATM, CFN, CKEC, CKP, CRK, DATA, ECOL, ECOM, EGOV, ELNK, ENH, EOG, EOX, FLDM, FN, G, HCLP, HGR, HI, IDTI, ININ, KAR, LF, MCEP, MED, MR, NLS, OAS, OTTR, PIKE, PRI, PSMI, QLYS, RBC, RGR, ROSE, RWT, SALE, SKH, SMG, SNHY, STAG, SZYM, THC, TXRH, UAM, VECO, VNO, VVUS, WG, YY, ZIPR.
May 1, 2014, 12:38 PM
- Vornado Realty Trust (VNO) declares $0.73/share quarterly dividend, in line with previous.
- Forward yield 2.85%
- Payable May 22; for shareholders of record May 12; ex-div May 8.
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