Vornado Has The Highest Quality Commercial Properties | Thomas Hayes |
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Vornado
I own the preferred shares of Vornado, Series M
Man I wish I found this channel sooner
Fortunately for VNO they built up a decent balance sheet in anticipation of major new construction around Penn Central. Only recently the approvals were given and now during the current market conditions they have postponed most of their construction plans. One building they plan to start in two years is Citadel's new Park Ave headquarters where they supply the land and Citadel pays the construction. Their investor presentation on their investors relations website is very informative. I also like SLG, my favorite. SLG has better buildings, but more leverage. The 10K of both VNO and SLG are very informative. Risky but really cheap.
challenges are secular changes for some of their properties, which is hard to analyze and come to a definitive, additionally, it appears Commercial property values still have more to fall with credit tightening and vacancies increasing, especially in NYC and San Fran. The dividend change is also eyebrow-raising, everyone knows that you keep your dividend policy consistent any change, especially in distress means there is more going on than what they are saying.
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