Vornado Reports Mixed 1Q Results; Maintaining Our $76 FVE
Vornado Realty Trust reported first-quarter results roughly in line with our expectations, as short-term negative impacts were outweighed by the continued strength of the company’s core portfolio. Adjusted funds from operations came in at $0.79 per share, down from $0.91 per share a year earlier. The decrease was largely attributed to an $0.08 per share impact from a noncash expense for the vesting of previously issued operating partnership units and Vornado restricted stock. Although these resu...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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