Vornado Realty Doubles Down On Manhattan, I'm Buying Its Series O Preferreds

2025-08-29 14:54:55 ET

Vornado Realty's ( VNO ) preferreds are set to be boosted by pending rate cuts and moves by the REIT to dispose of non-core assets. I own a substantial position in the 4.45% Series O cumulative preferreds ( VNO.PR.O ), but highlighted some occupancy slippage as the primary transient risk when I last covered the ticker. VNO's elevated leverage profile on a historical basis, despite its portfolio formed from high-quality prime Manhattan properties, was flagged by Fitch Ratings as a reason to keep its credit rating affirmed just a notch under investment grade at " BB+ ". The office REIT held an investment-grade rating until a downgrade in the summer of 2023....

Read the full article on Seeking Alpha

For further details see: