A Shift in Manhattan Office Property Should Benefit Vornado in the Long Run
No-moat-rated Vornado is poised to benefit from an improving neighborhood with 6.5 million square feet of office space and half a million square feet of retail property just east of the incoming Hudson Yards development. The stock currently trades at a 16% discount to our $92 fair value estimate.The stock, along with office REITs in general, has been beaten down in recent months amidst an improving jobs market and a streamlined portfolio focused almost exclusively on Manhattan. We were pleased ...
Vornado Realty Trust is a real estate investment trust and conducts its business through, and substantially all of its interests in properties are held by, Vornado Realty L.P. (the Operating Partnership). The company is the sole general partner of the Operating Partnership. The company owns and operates office and retail properties with a concentration in the New York City metropolitan area. In addition, the company has interest in Alexander's, Inc., which owns properties in the New York metropolitan area, as well as interests in other real estate and related investments.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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