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VNO

Vornado

$73.52

-1.58 (-2.10%)

19:20
09/24/18
09/24
19:20
09/24/18
19:20

Vornado now owns 100% interest in retail condo at Marriott Marquis Times Square

Vornado Realty Trust announced that it has acquired from Host Hotels & Resorts an approximate 46% interest in the retail condominium located at the base of the New York Marriott Marquis Times Square hotel for $442M. Vornado had previously acquired a 54% interest and redeveloped the property. The original transaction provided that Vornado would become the 100% owner through a put/call arrangement, based on a pre-negotiated formula. This transaction satisfies the put/call arrangement. Vornado now owns 100% of the fee in 45,000 square feet of retail which is 100% leased to T-Mobile, Invicta, Swatch, Levi's and Sephora, the 1,611 seat Marquis Theater leased to the Nederlander Organization, as well as the largest digital sign in New York with a 330 linear foot, 25,000 square foot display. The property is located at 1535 Broadway in the heart of the bow-tie of Times Square and spans the entire block front from 45th Street to 46th Street on Broadway. It is directly across from Vornado's 1540 Broadway iconic block front retail property. Vornado had previously accounted for its interest in the property as a capital lease. Vornado's basis in the property now totals approximately $663M, inclusive of all capital previously invested and pro forma for approximately $17M of tenant improvements to be paid through 2019. The property will generate an 8.5% stabilized Cash NOI yield on Vornado's $663M investment beginning in the first quarter of 2019.

  • 25

    Sep

VNO Vornado
$73.52

-1.58 (-2.10%)

03/16/18
BMOC
03/16/18
INITIATION
Target $85
BMOC
Outperform
Vornado initiated with an Outperform at BMO Capital
BMO Capital analyst John Kim initiated Vornado with an Outperform rating and a price target of $85. Kim contends that the "demise" of the New York City property market - where Vornado has a premier office and retail landlord presence - is greatly exaggerated or premature. The analyst adds that the REIT is a "cash flow machine" generating up to $3.6B in cash through 2020, while the headwinds in the retail and luxury condo markets are "more than priced in".
06/11/18
EVER
06/11/18
UPGRADE
EVER
Outperform
Vornado upgraded to Outperform from In Line at Evercore ISI
06/27/18
RHCO
06/27/18
NO CHANGE
Target $81
RHCO
Buy
Vornado price target raised to $81 from $78 at SunTrust
SunTrust analyst Michael Lewis raised his price target on Vornado to $81 and kept his Buy rating. Lewis notes that the REIT is trading at a 26% discount relative to his net asset value estimate - a larger discount than 11% average over the past 5 years.
08/17/18
RHCO
08/17/18
NO CHANGE
Target $85
RHCO
Buy
Vornado price target raised to $85 from $81 at SunTrust
SunTrust analyst Michael Lewis raised his price target on Vornado to $85 and kept his Buy rating after its Q2 results showing "another quarter of strong rent spreads and same-store net operating income growth". The analyst adds that while the concerns among investors about retail fundametals are justifiable, he points to Vornado's 25% estimated net-asset-value discount, suggesting that the REIT is "among the more attractive investment opportunities in the sector".

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PXD

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WIN

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BHVN

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AMGN

Amgen

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CE

Celanese

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WIN

Windstream

$3.37

0.2 (6.31%)

, UNIT

Uniti Group

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GLD

SPDR Gold Shares

$124.81

0.77 (0.62%)

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MDLZ

Mondelez

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FN

Fabrinet

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0.67 (1.23%)

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UBER

Uber

$0.00

(0.00%)

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SPX

S&P 500

$0.00

(0.00%)

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2.93 (1.07%)

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ORCL

Oracle

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SBLK

Star Bulk Carriers

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HOLI

Hollysys

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AKS

AK Steel

$2.98

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LPTX

Leap Therapeutics

$1.65

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MPB

Mid Penn Bancorp

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REGN

Regeneron

$423.79

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UPS

UPS

$110.89

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DAL

Delta Air Lines

$51.09

0.58 (1.15%)

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UPS

UPS

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