Vornado Reports 2Q Earnings; Maintaining Our FVE
We saw little in no-moat Vornado's recent results that alter our long-term view of the company, and we are leaving our $92 per share fair value estimate in place. While the firm does not provide guidance, results were in line with our estimates, and we continue to believe there’s strength in the post-spin Vornado portfolio. Most notably, the second quarter brought evidence of the shift in Manhattan office property to the west and south in the form of a newly signed lease with Aetna for the entir...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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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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