Vornado Realty Trust (VNO)
A fully integrated real estate investment trust that owns and operates office, retail and showroom properties with large concentrations of office and retail properties in the New York City metropolitan area and in the Washington, DC and Northern Virginia.
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THey are postioning well for the post recession, havea warchest to buy up distressed properties...not a lot of action short term but REITS are about long term payouts.
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I said short them at 70 last year they went to the 20's
I reco shorting them now.
Just take a look at Tishman Speyer and their imminent default of a 6 billion dollar deal.
Incredible Cash burn.
VNO was just paying divis in stock..diluting
Manhattan real estate is about to have the worst 2 years in it's history.
I work in Manhattan real estate and I still see the same vacant Vornado spaces I saw 2 years ago.
They own 33% of Toy'r R US which is bankrupt.
This will end badly
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Rated one star.
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Properties in DC area and credit is easing up. Buy the preferreds for now, however.
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There is less momentum, less volume, and less buying going on. We are in the last part of this rally.
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The 1929-1930 equity rally (coming out of The Great Depression) lasted 147 days and the market was up 46%. It has been the same amount of time since the March, 2009 low and we are up about the same percentage. It’s déjà vu (paramnesia), so prepare for a drop of about the same percentage (85%).
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CRE, P/E, M/C...
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Entered this before then doubted myself but i'm back in:
Let Me Explain:
Bankruptcies of huge corperations: Circuit City, Bed Bath and Beyond, Lehman, Bear Stearns....the list can go on and will go on...
Leaves additonal space, in a huge faltering econmy this spaces wont be filled up quickly, just look at rising closures! I dont care if you have the best properties in the world, but without occupancy... you building isn't worth anything.....especailly when your highly leveraged, huge amounts of insiders selling selling selling, get out while you can before she coes bankrupt.... on the opposite side.... plenty of upside or a nice Magin of safety to shorth this one where she belongs.... the court room
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reit wth good properties
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GOOD REIT
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No turnaround for commercial real estate in sight, property values continue to plummet as more and more stores are forced to close. All the unemployed have yet to really affect the economy once the last remnants of their equity are used up in the coming months. This death spiral has a ways to go before unwounding.
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With large concentrations of office and retail properties in the N Y City metropolitan area, Vornado's real estate tenants are at risk of being taxed to death by Bloomberg and Patterson and will likely vacate to more business friendlier sites, leaving Vernado with empty buildings.
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good company
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Credit downgrade is coming.
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"In the Ghetto..." by Elvis Presley.
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Overvalued compared to industry.
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The Real Estate market in NYC finally went cold and is close to a bottom. The company has a great team whom of which has weathered the downturn thus far. It may still drop further down in price in the short-run, but it will once again become a powerhouse once the market swings the other way.
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Show me one other Reit sitting on over 1 billion in cash with a line of credit in excess of 1.5 billion. This is the company that will be acquiring the prime real estate from the banks at blow out prices.
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High quality midtown NYC office assets and other institutional quality assets across the country. Oversold.
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Good mgmt but check the debt before you buy. Revs will suffer through 2009 so this is really a sept 2009 buy, I'd guess.

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