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Vornado Realty Trust VNO

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Morningstar’s Analysis

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Economic Moat




Vornado Announces Major Leasing Deal as Facebook Signs for New Office Space in Manhattan

Yousuf Hafuda Equity Analyst

Analyst Note

| Yousuf Hafuda |

Vornado Realty reported mixed second-quarter results, with the newly signed Facebook lease providing a boost to sentiment surrounding the Manhattan office market. The company reported adjusted funds from operations of $0.55 per share for the second quarter of 2020, compared with $0.91 per share for the second quarter of 2019. The steep decline accounts for various impacts that are one-time in nature, with results for the core portfolio declining somewhat. Vornado’s results have exposure to revenue that is hit by the coronavirus pandemic, such as parking, signage, and trade show space. With second-quarter results failing to provide any major surprises, we are maintaining our $58 fair value estimate for no-moat-rated Vornado.

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Company Profile

Business Description

Vornado owns and has ownership interest in Class A office and retail properties highly concentrated in Manhattan, with additional properties in San Francisco and Chicago. It operates as a real estate investment trust.

888 Seventh Avenue
New York, NY, 10019
T +1 212 894-7000
Sector Real Estate
Industry REIT - Office
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Hard Assets
Employees 4,008