Is Vornado Realty Trust Still Cheap? [The Motley Fool]
NEW YORK REIT (NYRT)
US:NYSE Investor Relations:
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Company Research
Source: The Motley Fool
The New York REIT definitely appears cheap, but where are the buyers? Vornado Realty Trust ( NYSE:VNO ) looks cheap. Hey, even the executives of this New York City REIT say it's cheap. In September 2017, chief investment officer Michael Franco told an audience at the Bank of America Merrill Lynch Global Real Estate Conference, We view there is no downside in the stock, and it's cheap. He continued: Frankly, we are a little mystified where the stock's trading. We think there's a lot of good things that we've done, that we are continuing to do, and you get it for free today. Vornado's stock price at the time: around $75. Its stock today: about $72. Factor in the company's dividend, and an investor a year ago is about even today. These figures, of course, don't include the spinoff of JBG Smith Properties ( NYSE:JBGS ) , a REIT focused on the Washington, D.C., market -- a transaction that set up Vornado as a near pure play on New York City real estate. Image
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