Vornado Continues Strong Into 2019
Vornado’s fourth-quarter and full-year 2018 results were largely in line with our expectations, and we will maintain our no-moat rating and $76 per share fair value estimate for the company. Vornado’s funds from operations grew at a reasonable rate, 1.9%, to $3.82 during the full year. Vornado seems to be executing on the pure-play New York strategy better than some of the other REITs in our coverage, though we recognize that Vornado has a more diversified portfolio with investments in many non-...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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