Vornado Realty rallies 15% after Q2 beat, Uniqlo deal
** Vornado Realty Trust's VNO.N shares rally, snapping three-session losing streak on Tues, after commercial REIT posted qtrly beat and said its JV entered transaction with Uniqlo
** VNO shares rise as much as 15% to $31.36 to highest level of 2024. Stock on course for biggest daily gain since Nov 14
** NYC-focused VNO late Mon reported Q2 adj FFO/sh of 57 cents, above LSEG estimate of 53 cents/sh
** Rev in qtr of $450.3 mln surpassed Street forecast of $439.3 mln
** VNO also announced its majority owned retail JV entered into agreement to sell Uniqlo the portion of its U.S. flagship store at 666 Fifth Ave owned by the JV for $350 mln
** Uniqlo is primary subsidiary of Japan's Fast Retailing 9983.T
** The JV will continue to own about 24k sq feet of retail space at 666 Fifth Ave consisting of Abercrombie & Fitch and Tissot stores, VNO said
** All of estimated $340 mln of the sale's net proceeds to partially repay $390 mln of VNO's equity on the asset
** Half of the 14 analysts covering VNO rate stock "hold", rest recommend "sell" or "strong sell" and their median PT is $24 - LSEG
** With move on the session, VNO shares up ~11% YTD
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
</body></html>Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
