Relaunching Coverage on Office REITs: Boston Properties and Vornado
We are reinitiating coverage of the office real estate investment trusts as the result of an analyst change. For Boston Properties and Vornado, we assign fair value estimates per share of $126 and $119, respectively, and no-moat ratings. Both companies own and operate office and retail space in central business districts (CBD) across the country—most notably Manhattan, San Francisco, and Washington D.C. They offer tenants premier Class A office space and achieve some of the highest rents per squ...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.
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