Lowering Vornado’s FVE To $84, but The Office Landlord Should Reward Patient Investors
We are decreasing our fair value estimate to $84 per share from $92 to reflect lower expectations for leasing spreads in Vornado's retail portfolio and a few other operating items that may take more time than expected to steady. Additionally, we’ve increased our cost of capital estimate to 7.7% from 6.9% to better reflect the company's exposure to rising ratesAfter speaking with management this week, we’ve downwardly adjusted leasing spreads for Vornado’s retail expiration schedule throughout o...
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