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Vornado Declares Final Disposition of Skyline Properties
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Vornado Realty Trust (VNO - Free Report) , the New York-based real estate investment trust (“REIT”) has announced the final disposition of its Skyline properties in Fairfax, VA. This disposition by the receiver will eliminate all the assets and liabilities pertaining to Skyline properties from the balance sheet of the REIT.
In fact, the news of disposition of the Skyline office center, located in Baileys Crossroads, has been in the news for quite some time. Low vacancy rates in the 2.6 million-square-foot office center and the idleness in the office leasing market in Northern Virginia might have prompted Vornado to consider such a move. (Read more: Vornado Considers Disposition of Skyline Office Center).
Nevertheless, with this deal, Vornado will make a non-cash financial statement gain of around $486 million and no taxable income. This disposition erases all obligations of the company related to Skyline Properties.
Shares of Vornado underperformed the Zacks categorized REIT and Equity Trust - Other industry, year to date. During the same time span, shares of the company gained 2.9%, whereas the industry grew 3.6%. Over the past 30 days, its current-year estimates declined 0.8% to $4.80 per share.
Vornado currently carries a Zacks Rank # 3 (Hold).
AGNC Investment’s current-year estimates have moved up 4% to $2.36 per share, over the past 60 days.
Seritage Growths’ current-year estimates have moved up 0.9% to $2.34 per share, over the past 60 days.
DCT Industrial Trust’s current-year estimates have moved up 2.3%, over the past 60 days to $2.24 per share.
Zacks’ Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2017?
Who wouldn't? As of early December, the 2016 Top 10 produced 5 double-digit winners including oil and natural gas giant Pioneer Natural Resources which racked up a stellar +50% gain. The new list is painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. Be among the very first to see it>>
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Vornado Declares Final Disposition of Skyline Properties
Vornado Realty Trust (VNO - Free Report) , the New York-based real estate investment trust (“REIT”) has announced the final disposition of its Skyline properties in Fairfax, VA. This disposition by the receiver will eliminate all the assets and liabilities pertaining to Skyline properties from the balance sheet of the REIT.
In fact, the news of disposition of the Skyline office center, located in Baileys Crossroads, has been in the news for quite some time. Low vacancy rates in the 2.6 million-square-foot office center and the idleness in the office leasing market in Northern Virginia might have prompted Vornado to consider such a move. (Read more: Vornado Considers Disposition of Skyline Office Center).
Nevertheless, with this deal, Vornado will make a non-cash financial statement gain of around $486 million and no taxable income. This disposition erases all obligations of the company related to Skyline Properties.
Shares of Vornado underperformed the Zacks categorized REIT and Equity Trust - Other industry, year to date. During the same time span, shares of the company gained 2.9%, whereas the industry grew 3.6%. Over the past 30 days, its current-year estimates declined 0.8% to $4.80 per share.
Vornado currently carries a Zacks Rank # 3 (Hold).
Some better-ranked stocks in the real estate space include AGNC Investment Corp. (AGNC - Free Report) , Seritage Growth Properties (SRG - Free Report) and DCT Industrial Trust Inc. . All these stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
AGNC Investment’s current-year estimates have moved up 4% to $2.36 per share, over the past 60 days.
Seritage Growths’ current-year estimates have moved up 0.9% to $2.34 per share, over the past 60 days.
DCT Industrial Trust’s current-year estimates have moved up 2.3%, over the past 60 days to $2.24 per share.
Zacks’ Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2017?
Who wouldn't? As of early December, the 2016 Top 10 produced 5 double-digit winners including oil and natural gas giant Pioneer Natural Resources which racked up a stellar +50% gain. The new list is painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. Be among the very first to see it>>