Vornado Realty Trust

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  • uploads///Unemployment rate LT
    Financials

    Why pay attention to last week’s extremely important releases?

    Last week had some extremely important economic data, with the ISM report, construction spending, GDP, and the jobs report. The advance estimate of first quarter GDP came in at 0.1%.

    By Brent Nyitray, CFA, MBA
  • uploads///Nonfarm Payrolls
    Financials

    Why strong payroll growth is shaping REIT and homebuilder stocks

    We had quite a few important economic releases last week, starting with construction spending, which came in lower than expected. But the prior month was revised upward in a big way.

    By Brent Nyitray, CFA, MBA
  • uploads///Retail Sales
    Financials

    Why real estate investors should focus on overseas events

    The bond market has been reacting strangely to domestic reports lately, which probably means something international is causing some sort of flight to safety.

    By Brent Nyitray, CFA, MBA
  • uploads///Spin off
    Miscellaneous

    How does Manitowoc view the split?

    MTW expects its two newly formed companies to be consistent in capital structure and credit rating with that of Manitowoc.

    By Diana Key
  • uploads///MBA Mortgage Apps LT
    Real Estate

    Good credit conditions help commercial REITs like Boston Properties

    Increased credit availability is extremely important to commercial REITs like Simon Property Group (SPG), Boston Properties (BXP), Kilroy (KRC), Vornado (VNO), and S.L. Green (SLG).

    By Brent Nyitray, CFA, MBA
  • uploads///Capacity Utilization
    Real Estate

    A rebound in capacity utilization helps office REITs like SL Green

    While most people don’t think of industrial data affecting office REITs, it does influence the top-line growth of commercial REITs like SL Green (SLG).

    By Brent Nyitray, CFA, MBA
  • uploads///VNO FFO
    Real Estate

    Why does Vornado report an increase in funds from operations?

    Many REITs use funds from operations, including office REITs like Vornado (VNO), S.L. Green (SLG), and Boston Properties (BXP) as well as retail REITs like Simon Property (SPG) and General Growth Properties (GGP).

    By Brent Nyitray, CFA, MBA
  • uploads///Fed Assets
    Real Estate

    Must-know: Thinking about quantitative easing going forward

    The Fed currently supports $4 trillion in assets with about $55 billion in equity. Under any other entity, that would be considered an unthinkable leverage ratio.

    By Brent Nyitray, CFA, MBA
  • uploads///NFIB Small Business Optimism
    Real Estate

    Why small business optimism continues to recover slowly

    Small business accounts for roughly half of the U.S. gross domestic product (or GDP) and jobs.

    By Brent Nyitray, CFA, MBA
  • uploads///chart
    Macroeconomic Analysis

    A Subsector Overview of ICF’s Holdings

    ICF currently manages a total portfolio of 30 holdings, all hailing from the financial sector. The fund manages a total portfolio of $3.6 billion.

    By Ivan Kading
  • uploads///Mortgage Rates
    Real Estate

    Why does the Fed now see increasing confidence in credit?

    On the household front, it noted that home price appreciation continues—although it did say it believed credit standards remain tight.

    By Brent Nyitray, CFA, MBA
  • uploads///ISM non manf
    Real Estate

    Must-know: Why did the service sector report a pick-up in May?

    The Institute of Supply Management (ISM) Purchasing Manager’s Index (PMI) is similar to the other regional PMI indices, but it covers the entire country. It’s the sister index to the ISM Manufacturing Purchasing Managers Index.

    By Brent Nyitray, CFA, MBA
  • uploads///Office Vacancy Rates
    Real Estate

    Why 2 different forces are driving REITs like Vornado right now

    Economic forces that work at cross-purposes to each other are driving the commercial REIT sector. This is similar to the situation that non-agency mortgage REITs are facing.

    By Brent Nyitray, CFA, MBA
  • uploads///GDP
    Macroeconomic Analysis

    Week In Review: Strong GDP, Weak Spending And Confidence

    Last week was a short one, with the Thanksgiving Day holiday on Thursday and a half day on Friday. Most of the week’s data was front-loaded into Monday through Wednesday.

    By Brent Nyitray, CFA, MBA
  • uploads///Screenshot
    Fund Managers

    B/E Aerospace spun off KLX business on activist push

    On December 17, 2014, B/E Aerospace completed its spin-off of KLX, Inc., from B/E Aerospace, and KLX started trading on NASDAQ under the ticker symbol KLXI.

    By Diana Key
  • uploads///ISM non manf
    Real Estate

    Why a service sector rebound in March affects key office REITs

    The index showed that overall activity in the non-manufacturing sector increased for the 50th consecutive month and the pace of growth is accelerating.

    By Brent Nyitray, CFA, MBA
  • uploads///Retail Sales
    Financials

    The latest drivers for mortgage and commercial REITs and builders

    On Tuesday, we had the NFIB Small Business Optimism Report and also the JOLTS job openings report. Interestingly, job openings are at their highest levels since 2001.

    By Brent Nyitray, CFA, MBA
  • uploads///gks ubp or
    Earnings Report

    Sales Boost Urstadt Biddle’s Revenue in 3Q15

    Urstadt Biddle Properties (UBP), a $132.35 million, self-administered equity REIT, has proved successful again in 3Q15. The company’s revenue is up 49.2% with an increase in base rents of 49.8%.

    By Gabriel Kane
  • uploads///ADP Payrolls
    Real Estate

    Jobs report shows hiring is picking up—good for commercial REITs

    Private sector employment increased by 238,000 in December, while November’s numbers were revised upward from 215,000 to 229,000.

    By Brent Nyitray, CFA, MBA
  • uploads///Hourly Earnings
    Real Estate

    The Fed’s end of quantitative easing affects REITs and builders

    Last week was all about the FOMC meeting for mortgage REITs. The Fed maintained the target Fed Funds rate and ended quantitative easing, as it previously said it would.

    By Brent Nyitray, CFA, MBA
  • uploads///Capacity Utilization
    Real Estate

    Why capacity utilization is an important economic indicator

    Capacity utilization rates are approaching long-term historical averages.

    By Brent Nyitray, CFA, MBA
  • uploads///JOLT Job Openings
    Real Estate

    Must know: Why the rise in job openings is good for office REITs

    The activity and decisions of the Fed are probably the biggest driver of returns in the financial sector right now.

    By Brent Nyitray, CFA, MBA
  • uploads///VNO DVD
    Real Estate

    Vornado Realty Trust’s 3Q14 earnings: Company overview

    Vornado has maintained a $0.73 dividend since early 2013. Late in 2012, it paid a $1 long-term capital gain along with its then-recurring dividend of $0.69 a share.

    By Brent Nyitray, CFA, MBA
  • uploads///Markit Non Manufacturing PMI
    Real Estate

    Why Markit suggests the June payroll forecasts are too low

    Markit is forecasting a June payroll number of 250,000. Wall Street is forecasting that the ADP report will come in at 208,000 and that the BLS payroll number will come in at 200,000 when they’re released next week.

    By Brent Nyitray, CFA, MBA
  • uploads///Fed funds target
    Consumer

    Why the FOMC meeting will dominate the headlines this week

    The upcoming week has some important economic data, like housing starts and industrial production, but the FOMC meeting will dominate. Further tapering is more or less assured. The taper should completely finish by the end of the year.

    By Brent Nyitray, CFA, MBA
  • uploads///civeo crude
    Fund Managers

    Civeo cuts workforce and postpones dividend

    Due to decreasing demand and declining revenues, Civeo has cut its workforce by 30% in Canada and by 45% in the US. More than 1,000 employees have lost their jobs in total.

    By Adam Rogers
  • uploads///Office Vacancy Rates
    Real Estate

    Why the ISM Services report drives REITs like Boston Properties

    The strength of the services economy in particular is an important driver of the office REITs like Boston Properties (BXP), Kilroy (KRC), Vornado Realty Trust (VNO), S.L. Green (SLG), and Highwoods (HIW).

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Mortgage Apps
    Financials

    Mortgage REIT highlights: Mel Watt may come to the rescue

    FHFA Chairman Mel Watt discussed ways to increase access to credit, particularly for the first time-homebuyer. Probably the biggest one was a proposal to allow 3% down Fannie Mae loans.

    By Brent Nyitray, CFA, MBA
  • uploads///Capacity Utilization
    Real Estate

    Capacity utilization approaches historical levels, helping REITs

    Industrial production and capacity utilization are numbers that get a lot of focus at the Fed. These figures not only help forecast economic activity, but they’re also important inputs into inflation.

    By Brent Nyitray, CFA, MBA
  • uploads///Capacity Utilization
    Real Estate

    The US witnesses an unexpected drop in capacity utilization

    From 1972 to 2012, capacity utilization averaged 80.2% and bottomed at 66.9% in 2009 suggesting there’s a lot of room for production to expand before we start feeling inflationary pressures.

    By Brent Nyitray, CFA, MBA
  • uploads///JOLT Job Openings
    Real Estate

    JOLT job openings are flat at 13-year highs, driving office REITs

    The Bureau of Labor Statistics (or BLS) compiles data from a random sample of private non-farm businesses. Job openings are one piece of the report. The other is hires versus separations.

    By Brent Nyitray, CFA, MBA
  • uploads///NFIB Small Business Optimism
    Real Estate

    Must-konw update: Small business optimism hurt by the deep freeze

    Small business accounts for roughly half of the U.S. GDP and jobs.

    By Brent Nyitray, CFA, MBA
  • uploads///Fed funds target
    Financials

    Rate decision: Why last week’s FOMC results surprised no one

    The highlight of last week was the FOMC rate decision. The Fed maintained the Fed funds rate and reduced asset purchases by $10 billion a month.

    By Brent Nyitray, CFA, MBA
  • uploads///Nonfarm Payrolls
    Macroeconomic Analysis

    November Payrolls Exceed Wall Street Expectations

    In November, payrolls increased by 321,000, well in excess of Wall Street expectations of 230,000. Government employment increased by 7,000 jobs.

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Mortgage Apps
    Real Estate

    Why credit conditions ease, but mortgage credit is still tight

    Overall, the financial situation didn’t change materially between the April and June Federal Open Market Committee (or FOMC) meetings.

    By Brent Nyitray, CFA, MBA
  • uploads///Nonfarm Payrolls
    Financials

    Why the Fed is remaining on its glide path after the jobs report

    We had some other important data, primarily the ISM reports, which showed manufacturing accelerating. The ISM Services report showed that sector accelerating as well.

    By Brent Nyitray, CFA, MBA
  • uploads///Fed  unemployment forecast
    Real Estate

    Why the Fed’s economic projections became more optimistic

    The staff economists took up their near-term estimate of GDP growth based on stronger retail sales despite the government shutdown.

    By Brent Nyitray, CFA, MBA
  • uploads///VNO DVD
    Financials

    Must-know: Vornado maintains dividends and plans spin-off

    Given that REITs are required to distribute 90% of their earnings to shareholders via dividends, they tend to have somewhat more volatile dividend streams than more traditional companies.

    By Brent Nyitray, CFA, MBA
  • uploads///Nonfarm Payrolls
    Macroeconomic Analysis

    Last Week Was All About The Employment Situation Report

    The Employment Situation Report last week was the highlight for mortgage real estate investment trusts (or REITs) and real estate investors.

    By Brent Nyitray, CFA, MBA
  • uploads///ISM non manf
    Financials

    The US services economy continues to hum along

    Expansion was reported in 16 of the industries. The best-performing sectors were construction, retail, and agriculture. Two industries—entertainment and utilities—reported declines.

    By Brent Nyitray, CFA, MBA
  • uploads///Office Vacancy Rates
    Real Estate

    Must-know: Why all commercial real estate is local

    Vacancy rates are determined not only by demand, but also by the supply of office space. Since the real estate bubble burst, we’ve had a lack of new construction, which has limited supply of office space.

    By Brent Nyitray, CFA, MBA
  • uploads/// year bond yield LT
    Financials

    Bonds rally on the slightly bullish FOMC minutes

    Bonds rallied on the FOMC minutes, touching as low as 1.93% before selling off and finishing the day with a modest rally.

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Mortgage Apps
    Financials

    Rates are falling, but corporate spreads are widening

    The Fed noted that during the October through December intermeeting period, long-term interest rates fell and corporate spreads widened.

    By Brent Nyitray, CFA, MBA
  • uploads///Office Vacancy Rates
    Real Estate

    The push-pull effect of economic strength on the REIT sector

    Economic forces that work at cross-purposes are driving the commercial REIT sector. Economic strength is good, but increasing interest rates are a negative.

    By Brent Nyitray, CFA, MBA
  • uploads/// year bond yield LT
    Real Estate

    Bonds Rally And Commercial REITs Analyze The October FOMC Minutes

    The FOMC minutes go deeper than the FOMC statement and explain the current discussions. Commercial real estate investment trusts are sensitive to the interest rate. So, these companies carefully analyze the minutes.

    By Brent Nyitray, CFA, MBA
  • uploads///Nonfarm Payrolls
    Real Estate

    October payrolls increase: Good news for office REITs

    Private payrolls increased by 209,000 while manufacturing payrolls rose by 15,000. Private services payrolls increased by 181,000. Government employment increased by 5,000 jobs.

    By Brent Nyitray, CFA, MBA
  • uploads///Office Vacancy Rates
    Real Estate

    Pay attention to office REITs’ focus on geography

    Office REITs are driven in part by economy’s strength The strength of the services economy, in particular, is an important driver of office real estate investment trusts (or REITs) such as Boston Properties, Inc. (BXP), Kilroy Realty Corporation (KRC), Vornado Realty Trust (VNO), SL Green Realty Corp. (SLG), and Highwoods Properties Inc. (HIW). Strength increases […]

    By Brent Nyitray, CFA, MBA
  • uploads///Nonfarm Payrolls
    Financials

    The week ahead: Jobs plus Annaly and other mortgage REIT earnings

    We have a big week ahead, with a slew of important economic data and earnings from the mortgage REIT sector. The biggest REIT will be Annaly Capital reporting on Wednesday.

    By Brent Nyitray, CFA, MBA
  • uploads///Office Vacancy Rates
    Real Estate

    Why geography matters to REIT investors

    The strength of the services economy, in particular, is an important driver of office REITs. Strength increases demand and prices for office space. It lowers vacancy rates.

    By Brent Nyitray, CFA, MBA
  • uploads///Nonfarm Payrolls
    Financials

    Payrolls Up By A Quarter Million In December

    Private payrolls increased by 228,000, and manufacturing payrolls rose by 17,000. Construction payrolls rose 48,000, a big jump.

    By Brent Nyitray, CFA, MBA
  • uploads///Retail Sales
    Consumer

    Disappointing retail sales affect commercial REITs

    Commercial retail REITs such as Simon Property Group (SPG) and General Growth Properties (GGP) focused most on disappointing retail sales data on Tuesday.

    By Brent Nyitray, CFA, MBA
  • uploads///Office Vacancy Rates
    Real Estate

    Change in the economy’s speed limit will affect commercial REITs

    The REIT sector uses a lot of leverage. The REITs have to payout 90% of their income as dividends. As a result, they aren’t able to build up big cash cushions. This limitation leaves REITs at the mercy of the credit markets.

    By Brent Nyitray, CFA, MBA
  • uploads///Article
    Company & Industry Overviews

    SPG Investments, US Portfolio Built Up in Upcoming Quarters

    As of 3Q17, Simon Property Group had liquidity of more than $6.5 billion of cash on hand, which includes cash from its joint ventures and revolving credit facilities.

    By Raina Brown
  • uploads///Art  Ratings
    Company & Industry Overviews

    How Do Wall Street Analysts Rate Boston Properties?

    In this article, we’ll look into the rating analysts have given Boston Properties and also compare these ratings with those of the company’s close peers.

    By Jennifer Mathews
  • uploads///Art  Val
    Company & Industry Overviews

    How Does Boston Properties Compare to Peers?

    Boston Properties’ (BXP) valuation multiple can help us understand its expected performance for the rest of the year.

    By Jennifer Mathews
  • uploads///Art  Dividend
    Company & Industry Overviews

    How Boston Properties Returns Value to Shareholders

    In order to qualify as REITs (real estate investment trusts), companies usually have to pay 90% of their profits (excluding capital gains) as dividends.

    By Jennifer Mathews
  • uploads///Art  Debt
    Company & Industry Overviews

    What’s Boston Properties’ Balance Sheet Position?

    REITs depend on equity and debt for their working capital.

    By Jennifer Mathews
  • uploads///Art  Growth
    Company & Industry Overviews

    How Boston Property Is Flourishing despite Rising Interest Rates

    Although it is a common belief that high interest rates are usually bad for REITs like Boston Properties (BXP), Simon Property (SPG), Prologis (PLD), and Vornado Realty Trust (VNO), we find that REITs have continued in their growth trajectory in the past few months.

    By Jennifer Mathews
  • uploads///Interest
    Company & Industry Overviews

    Can Boston Properties Flourish amid Higher Interest Rates?

    REITs have flourished for a considerable period in a record-low-interest-rate environment because they depend on debt and equity for their working capital.

    By Jennifer Mathews
  • uploads///Art  Initiatives
    Company & Industry Overviews

    Boston Properties Could Ride High on These Factors

    Boston Property (BXP) has strong business momentum and has been maintaining a decent growth trajectory for the past few years.

    By Jennifer Mathews
  • uploads///Art  Guidance rntal growth
    Company & Industry Overviews

    What Lies Ahead for Boston Properties in 2017?

    Boston Properties raised its EPS (earnings per share) outlook for 2017 to a range of $2.72 to $2.77 per share.

    By Jennifer Mathews
  • uploads///Art  Revenue
    Company & Industry Overviews

    How Did Boston Properties Fare in 1H17?

    The growing economy has acted as a boon to REITs, and with the help of their strategic initiatives, these REITs have been able to take advantage of the opportunity and report higher revenue and profits.

    By Jennifer Mathews
  • uploads///Art  FFO
    Company & Industry Overviews

    Why Boston Properties Could Be Strong Enough to Combat Headwinds

    Boston Properties’ recent upbeat results came on the back of higher leasing activity as well as strong occupancy levels, which led to revenue growth.

    By Jennifer Mathews
  • uploads///Debt
    Company & Industry Overviews

    Commercial REITs Have Higher Debt-to-Equity Ratios

    GGP’s (GGP) debt-to-equity was 1.55x for 2Q17, which was higher than the industrial mean of 1.07x. As of 2Q17, GGP had $2.0 billion of liquidity.

    By Jennifer Mathews
  • uploads///SPG Development
    Company & Industry Overviews

    Development Activities of Commercial REITs in 2Q17

    Simon Property Group (SPG) had 25 redevelopment expansion projects under construction as of 2Q17.

    By Jennifer Mathews
  • uploads///Revenue
    Company & Industry Overviews

    The Top Lines for REITs Simon Property, GGP, and Vornado

    When we consider the top line performance of commercial REITs, we find that they have performed decently during the second quarter.

    By Jennifer Mathews
  • uploads///PFFO
    Earnings Report

    How Vornado Stacks Up against Peers

    Vornado’s recent development and redevelopment activities have made investors optimistic about the stock.

    By Jennifer Mathews
  • uploads///Debt
    Earnings Report

    Financing Helped Vornado Maintain Strong Balance Sheet in 2Q17

    During 2Q17, Vornado Realty Trust (VNO) reported higher year-over-year top-line and bottom-line results backed by growth in rent and occupancy level.

    By Jennifer Mathews
  • uploads///Art  NOI
    Earnings Report

    Did Vornado’s Cost Reduction Efforts Bear Fruit in 2Q17?

    Vornado Realty Trust reported adjusted FFO (funds from operation) of $1.35 per share, which beat Wall Street estimates of $1.20 per share.

    By Jennifer Mathews
  • uploads///Disposition
    Earnings Report

    How Recent Disposition Activities Helped Vornado in 2Q17

    Vornado Trust’s (VNO) top-line and bottom-line results improved year-over-year backed by higher rent growth and lower operational costs.

    By Jennifer Mathews
  • uploads///Development
    Earnings Report

    Project Development Spurred Vornado’s Growth in 2Q17

    Vornado Realty Trust (VNO) reported decent results in 2Q17. Its top line and bottom line surpassed results from 2Q16 backed by higher rent and new lease activities.

    By Jennifer Mathews
  • uploads///Art  FFO
    Earnings Report

    Where Does Vornado Stand after 2Q17 Earnings?

    Vornado Realty Trust (VNO) reported core funds from operation (or FFO) of $1.35 per share in 2Q17, which surpassed Wall Street estimates of $1.20 per share.

    By Jennifer Mathews
  • uploads///Art  Expansion
    Earnings Report

    How Vornado’s New York Office Segment Performed in 2Q17

    Vornado Realty Trust (VNO) reported higher year-over-year top-line and bottom-line results during 2Q17 backed by higher rent growth, lower costs, and new leases during the quarter.

    By Jennifer Mathews
  • uploads///Art  Revenue
    Earnings Report

    Vornado’s New Leases Drove Revenue in 2Q17

    VNO posted rental revenue of $626 million in 2Q17, missing Wall Street’s estimates of $633.2 million.

    By Jennifer Mathews
  • uploads///Art  Rating
    Earnings Report

    How Wall Street Analysts Rate Vornado

    Analysts assigned VNO a mean price target of $89.52, 13.8% higher than its current price level.

    By Jennifer Mathews
  • uploads///Art  Val
    Earnings Report

    How Vornado Stacks Up against Other Industry Players

    VNO’s current price-to-FFO multiple is 17.77x. The company has been able to return value to its shareholders consistently in the form of dividends and share repurchases.

    By Jennifer Mathews
  • uploads///Art  Sentiment
    Earnings Report

    Will Vornado Benefit from a Growing Economy in 2Q17?

    Although Vornado Realty Trust (VNO) may witness lower margins during a higher interest rate environment, it may see significant growth in the near future.

    By Jennifer Mathews
  • uploads///Art  Interest
    Earnings Report

    How Macro Issues Could Affect Vornado in 2Q17

    Wall Street expects Vornado Realty Trust (VNO) to post flat year-over-year top-line and bottom-line results in 2Q17.

    By Jennifer Mathews
  • uploads///Art  Expansion
    Earnings Report

    These Factors Could Affect Vornado’s 2Q17 Results

    Vornado Realty Trust (VNO) is scheduled to report its 2Q17 earnings on July 31, 2017.

    By Jennifer Mathews
  • uploads///Art  NOI
    Earnings Report

    Will Vornado’s Project Streamlining Drive Net Operating Income?

    Wall Street analysts expect Vornado Realty Trust (VNO) to report net operating income of $338.1 million in 2Q17.

    By Jennifer Mathews
  • uploads///Art  Revenue
    Earnings Report

    How Vornado’s Revenue Could Benefit from Strategic Initiatives

    Analysts expect Vornado Realty Trust (VNO) to report revenues of $622.3 million for 2Q17 when it releases its earnings on July 31, 2017.

    By Jennifer Mathews
  • uploads///Art  FFO
    Earnings Report

    What’s in Store for Vornado’s 2Q17 Earnings?

    Vornado Realty Trust (VNO) is scheduled to report its 2Q17 earnings on July 31, 2017.

    By Jennifer Mathews
  • uploads///Art  Ratings
    Company & Industry Overviews

    How Wall Street Analysts Rate Vornado Realty Trust

    Analysts assigned VNO a mean price target of $108.18, which is 12.9% higher than its current price level.

    By Jennifer Mathews
  • uploads///Art  Val
    Company & Industry Overviews

    Where Vornado Stands among Its Peers

    Vornado Realty Trust (VNO) currently offers a next-12-month (or NTM) dividend yield of 3%, which is in line with its close competitors.

    By Jennifer Mathews
  • uploads///Art  DE
    Company & Industry Overviews

    How Well Does Vornado Leverage Its Balance Sheet?

    Vornado Realty Trust’s (VNO) total debt-to-total-equity ratio was 153.8%.

    By Jennifer Mathews
  • uploads///Art  Dividend
    Company & Industry Overviews

    An Analysis of Vornado’s Shareholder Returns

    Vornado Realty Trust (VNO) has been paying dividends to its shareholders consistently in every quarter since it became a public company in 1998.

    By Jennifer Mathews
  • uploads///Art  Consumer Sentiment
    Company & Industry Overviews

    Vornado amid the Economic Transition under President Trump

    According to the University of Michigan, the June 2017 consumer sentiment index gained 1.7% year-over-year, standing at 95.1%.

    By Jennifer Mathews
  • uploads///Art  Interest
    Company & Industry Overviews

    The Fed’s Interest Rate Hike—A Challenge for Vornado Realty Trust

    After increasing interest rates in December 2016, the Fed hiked rates in March and June 2017 by 0.25%.

    By Jennifer Mathews
  • uploads///Art  development
    Company & Industry Overviews

    Vornado Realty Trust—Development, Redevelopment, and Occupancy

    Vornado Realty Trust (VNO) invested in developing a high-demand office property in Highline at 512 West 22nd Street in Manhattan, which covers 173,000 square feet.

    By Jennifer Mathews
  • uploads///Part  chart
    Company & Industry Overviews

    Vornado Realty Trust Works to Streamline Its Operations

    Vornado Realty Trust (VNO) disposed of its 32.7% stake in Toys “R” Us and Urban Edge Properties as part of its strategy to concentrate on its core business.

    By Jennifer Mathews
  • uploads///Art  Revenue
    Company & Industry Overviews

    A Look at Vornado’s Top-Line Performance

    Vornado Realty Trust (VNO) is in talks to finalize the tax-free spinoff of its business in Washington, D.C. VNO expects to concentrate solely on its New York business after the spinoff.

    By Jennifer Mathews
  • uploads///Art  FFO
    Company & Industry Overviews

    Vornado Realty: A Commercial REIT Thriving amid a Retail Crisis

    Vornado Realty Trust (VNO) is selling off its non-performing assets and focusing on its core business in a move to improve its profitability. Analysts are encouraged by Vornado’s strategy of optimizing its profits.

    By Jennifer Mathews
  • uploads///Post Q IR Debt
    Earnings Report

    Why Ingersoll Rand’s Net Debt Decreased in 2Q16

    In 2Q16, Ingersoll Rand’s debt and net debt decreased by 9% and 18%, respectively, over 1Q16.

    By Jessica Stephans
  • uploads///uba pbv
    Earnings Report

    How Does Urstadt Biddle Properties Compare to Its Peers?

    The PE ratios of Urstadt Biddle Properties (UBA), Vornado Realty Trust (VNO), Acadia Realty Trust (AKR), and Boston Properties (BXP) are 16.6x, 40.3x, 34.2x, and 32.1x, respectively.

    By Gabriel Kane
  • uploads///chart
    Macroeconomic Analysis

    Performance Drivers, Portfolio Composition of 3 Real Estate Funds

    The movement in prices for TRREX, CSRSX, and FRESX shows a close relationship to the performance of the top holding in each portfolio.

    By Pete Raine
  • uploads///NCREIF REIT Index
    Macroeconomic Analysis

    Direct Property Investment versus Private Equity Investment

    In a private equity fund, you just have to put in the money, and the fund takes care of everything else.

    By Arthur Penn
  • uploads///Nonfarm Payrolls
    Real Estate

    Why September’s rising payrolls matter for office REITs

    In September, payrolls increased by 248,000, which came in well above Wall Street expectations of 215,000. The ADP survey predicted the number would come in at 213,000.

    By Brent Nyitray, CFA, MBA
  • uploads///ISM non manf
    Real Estate

    Services activity hits a record in August, supporting office REITs

    The index showed that overall activity in the non-manufacturing sector increased for the 55th consecutive month, and the rate of growth is accelerating.

    By Brent Nyitray, CFA, MBA
  • uploads///Housing Starts LT
    Financials

    Must-know: FOMC minutes will dominate the week ahead

    Mortgage real estate investment trusts (or REITs), like American Capital Agency (AGNC) and Annaly (NLY), will focus on data that will move the bond market. The most important data point will be the FOMC minutes.

    By Brent Nyitray, CFA, MBA
  • uploads///VNO DVD
    Financials

    Vornado maintains its dividend and plans to spin off its retail portfolio

    Vornado has maintained a $0.73 dividend since early 2013. Late in 2012, it paid a $1 long-term capital gain along with its then-recurring dividend of $0.69 a share.

    By Brent Nyitray, CFA, MBA
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