Analyst Alexander D. Goldfarb of Sandler O’Neill + Partners says Vornado Realty Trust (VNO) announced this year a strategy to redirect its focus to the company’s core office and retail portfolio.
“Over two years ago we had advocated the company split up, sell off or spin off the shopping center portfolio and focus its attention on its core office and street retail portfolio, and in fact that’s what the company has done,” Goldfarb said.
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Goldfarb says for the past two years Vornado’s announcements have been about simplification, and looking at the company’s results and press releases this year, much has revolved around announcing leases that are adding NOI, which boosts NAV and grows FFO.
“We think that that continues as the company now becomes 100% focused on its core office and street retail portfolio in New York and D.C., and that investors will continue to benefit from improvements in NOI and the 100% focus of the management team on just this one business area, rather than being spread out across many different unrelated investments,” Goldfarb said.
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