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Vornado (VNO) Focuses of Value Creation: Should You Hold?
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We updated our research report on Vornado Realty Trust (VNO - Free Report) on Nov 21, 2016. This NY-based real estate investment trust (REIT) is the owner and manager of commercial real estate in the United States. It has a portfolio that is primarily concentrated in the New York City and Washington D.C. areas.
On Oct 31, the board of trustees of the company approved a tax-free spin-off of its Washington, DC business. This deal is in sync with Vornado’s value creation strategy which will produce three top-class REITs - Vornado itself, Urban Edge Properties and JBG SMITH. Further, the $4.8 billion deal is likely to turn the company into a New York-based office and retail REIT.
The company reported third-quarter 2016 funds from operations (“FFO”) per share of $1.24, which missed the Zacks Consensus Estimate of $1.28. The adjusted FFO per share for the third-quarter 2015 was $1.21.
The stock presently carries a Zacks Rank #3 (Hold). Over the past seven days, its current quarter estimates remained unchanged at $1.32 per share.
Seritage Growth Properties’ current-quarter estimates have moved up 1.7% over the past one month to 59 cents.
Duke Realty’ current-quarter estimates have moved up 3.3% over the past one month to 31 cents.
Current-quarter estimates for DCT Industrial Trust remained unchanged at 56 cents over the past month.
Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. All EPS numbers presented in this write up represent FFO per share.
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Vornado (VNO) Focuses of Value Creation: Should You Hold?
We updated our research report on Vornado Realty Trust (VNO - Free Report) on Nov 21, 2016. This NY-based real estate investment trust (REIT) is the owner and manager of commercial real estate in the United States. It has a portfolio that is primarily concentrated in the New York City and Washington D.C. areas.
On Oct 31, the board of trustees of the company approved a tax-free spin-off of its Washington, DC business. This deal is in sync with Vornado’s value creation strategy which will produce three top-class REITs - Vornado itself, Urban Edge Properties and JBG SMITH. Further, the $4.8 billion deal is likely to turn the company into a New York-based office and retail REIT.
The company reported third-quarter 2016 funds from operations (“FFO”) per share of $1.24, which missed the Zacks Consensus Estimate of $1.28. The adjusted FFO per share for the third-quarter 2015 was $1.21.
The stock presently carries a Zacks Rank #3 (Hold). Over the past seven days, its current quarter estimates remained unchanged at $1.32 per share.
VORNADO RLTY TR Price
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Some better-ranked stocks in the same space include Seritage Growth Properties (SRG - Free Report) , Duke Realty Corporation 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 Rank (Strong Buy) stocks here.
Seritage Growth Properties’ current-quarter estimates have moved up 1.7% over the past one month to 59 cents.
Duke Realty’ current-quarter estimates have moved up 3.3% over the past one month to 31 cents.
Current-quarter estimates for DCT Industrial Trust remained unchanged at 56 cents over the past month.
Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. All EPS numbers presented in this write up represent FFO per share.
The Best Place to Start Your Stock Search
Today, you are invited to download the full list of 220 Zacks Rank #1 "Strong Buy" stocks – absolutely free of charge. Since 1988, Zacks Rank #1 stocks have nearly tripled the market, with average gains of +26% per year. Plus, you can access the list of portfolio-killing Zacks Rank #5 "Strong Sells" and other private research. See these stocks free >>