Vornado: A Full Recovery Is Priced In
- Vornado Realty Trust is one of the largest office real estate REITs in the markets.
- VNO's Q3 results were in line with estimates but showed YoY declines in revenue and FFO/share, reflecting a challenging environment.
- The demand for office space remains weak due to the rise of remote work, with significant vacancy rates and new supply entering the market.
- The REIT's shares have fully priced in a recovery back to 95%+ occupancy rates when reality is much lower. I rate VNO a hold.
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I last wrote about Vornado Realty Trust (NYSE:VNO) at the beginning of the year, when I downgraded the stock after a strong rally through the end of last year. At the time, VNO's shares had rallied back
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