Jul. 31, 2014, 1:13 PM
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
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.
- Press release
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
- Source: Press Release
- Previously: Vornado Realty Trust misses by $0.07, misses on revenue
May 5, 2014, 5:16 PM| Comment!
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
Apr. 11, 2014, 5:03 PM
- Vornado's (VNO) shopping center ops, which include 81 strip malls and 4 regular malls, will be spun off into a publicly-traded REIT. A SEC Form 10 filing is expected in Q2, and distribution is expected to finish Q4.
- The strip malls are mostly in the Northeast, and the regular malls are split between NJ and Puerto Rico. Altogether, the properties contain 16.1M sq. feet and had a 95.5% average occupancy at the end of 2013, and are expected to yield 2014 net op. income of $200M. Average base rent is $18.75/sq. foot, above a peer median of $15.66/sq.foot.
- Vornado will hold onto 20 small retail assets (valued at ~$100M) and a couple of properties already under contract to be sold. The company plans to maintain its current $2.92/share dividend.
- Equity One (EQY) CEO Jeffrey Olson will be the spinoff's chairman and CEO.
- Previous: Vornado considers shopping center spinoff
Mar. 11, 2014, 10:03 PM
- "There's no good reason for an office company and a shopping-center company to be housed under the same roof," says Sandler O'Neill analyst Alexander Goldfarb, summing up a major investor gripe over Vornado Realty Trust (VNO).
- Under consideration by Vornado would be the spinoff of its strip malls into a separate company which would then merge with Retail Opportunity Investments (ROIC). Vornado shareholders would take a majority stake in the combined company, avoiding the large tax bill that would come with an outright sale. Talks are continuing and no deal is assured, plus Vornado Chairman and CEO Steven Roth is known to take his time - often years - to pull the trigger on big deals.
- Analysts value the business at $2B-$3B.
- "They'd probably be rewarded by the market if they simplified further and focused more on their New York and D.C. portfolio," says LaSalle Investment Management's Keith Pauley.
Mar. 6, 2014, 7:42 AM
- "Vornado (VNO) has underperformed the REIT index by 15% over the past three years on investments in J.C. Penney and Toys R Us, combined with deterioration in VNO’s Washington DC office portfolio (23% of EBITDA)," says analyst Brad Burke, resuming the name at Conviction Buy with $115 price target. "Our positive view is based in part on improvement against easy comps; J.C. Penney is sold, Toys is being ascribed little to no market value, and DC appears to be at a bottom."
- "We expect CB Richard Ellis (CBG) to generate strong cash flows on cyclical growth, and to deploy cash by acquiring smaller competitors within a fragmented industry," says Burke, resuming the stock at a Buy with $36 PT. "CBG is also a leader in property & facilities management, which is experiencing strong structural market growth."
- "We expect Jones Lang LaSalle (JLL) to benefit from growth in U.S. commercial property sales and to continue to gain share in this higher margin business," he says, resuming with a Buy and $149 PT. "More sizable acquisitions could again come into focus, as deferred acquisition payments are declining and three years have passed since the last large acquisition."
- Another Buy is Boston Properties (BXP): "Underperformance appears overdone (4% under the RMZ over the past two years) as market conditions continue to improve around large development projects like Transbay, and investors have greater visibility on the long-term composition of company management."
- Just getting Neutral ratings are SL Green Realty (SLG) and Empire State Realty (ESRT). Both were among the top performers in the space in 2013, thus making valuation a part of the call. In Empire State's case, there's also the opening of One WTC observatory this year which will significantly increase "observatory supply." Best to stay defensive until the market shows demand is sufficient for both buildings.
Mar. 3, 2014, 8:51 AM
- Following the completion of the redevelopment of Springfield (VA) Town Center, Vornado (VNO) will transfer ownership to Pennsylvania REIT (PEI) in exchange for $340M in cash and $125M of PREIT operating partnership units.
- Don't call it a sale - the deal is designed as a tax-free exchange.
- The redevelopment is expected to be completed in Q4, with closing no later than the end of 2015 Q1.
- Vornado will record a non-cash impairment loss of about $20M this quarter.
- Press release
Feb. 26, 2014, 9:28 AM
- Imperial Capital's David Harris says further outperformance could be a challenge as he pulls his Buy rating.
- Amid questions about whether Vornado (VNO) CEO Steven Roth has lost his touch amid big losses from his J.C. Penney and Toys "R" Us investments, Vornado is ahead about 25% from the lows it set last summer, and hit a 3-year high last week.
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