Vornado is streamlining its portfolio and looking to become a premier Manhattan landlord.
Quarterly evidence continues to support our thesis that no-moat Vornado's strategy of focusing on New York central business district multi-asset properties will continue to drive growth, and we will reaffirm our $76 per share fair value estimate for the firm. Although Vornado's unadjusted funds from operations of $1.10 beat our expectations of $0.97 per share, after adjusting for non-core activities such as increases in the fair value of marketable securities, Vornado reported a still-strong qua...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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