Intrinsic value of Vornado Realty Trust - VNO

Previous Close

$73.50

  Intrinsic Value

$24.92

stock screener

  Rating & Target

str. sell

-66%

Previous close

$73.50

 
Intrinsic value

$24.92

 
Up/down potential

-66%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as VNO.

We calculate the intrinsic value of VNO stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 14.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.69
  4.72
  4.75
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
Revenue, $m
  2,167
  2,256
  2,351
  2,451
  2,558
  2,670
  2,790
  2,916
  3,049
  3,190
  3,338
  3,495
  3,659
  3,833
  4,016
  4,209
  4,411
  4,624
  4,849
  5,085
  5,333
  5,593
  5,867
  6,156
  6,459
  6,777
  7,111
  7,463
  7,832
  8,220
Variable operating expenses, $m
  1,366
  1,420
  1,478
  1,539
  1,604
  1,673
  1,746
  1,823
  1,905
  1,991
  2,040
  2,135
  2,236
  2,342
  2,454
  2,572
  2,695
  2,826
  2,963
  3,107
  3,258
  3,418
  3,585
  3,761
  3,946
  4,141
  4,345
  4,560
  4,786
  5,023
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,366
  1,420
  1,478
  1,539
  1,604
  1,673
  1,746
  1,823
  1,905
  1,991
  2,040
  2,135
  2,236
  2,342
  2,454
  2,572
  2,695
  2,826
  2,963
  3,107
  3,258
  3,418
  3,585
  3,761
  3,946
  4,141
  4,345
  4,560
  4,786
  5,023
Operating income, $m
  801
  836
  873
  912
  953
  997
  1,044
  1,093
  1,144
  1,199
  1,298
  1,359
  1,423
  1,491
  1,562
  1,637
  1,716
  1,799
  1,886
  1,978
  2,074
  2,176
  2,282
  2,394
  2,512
  2,636
  2,766
  2,903
  3,046
  3,197
EBITDA, $m
  2,872
  2,990
  3,115
  3,248
  3,390
  3,539
  3,697
  3,864
  4,041
  4,227
  4,424
  4,631
  4,850
  5,080
  5,322
  5,577
  5,846
  6,128
  6,426
  6,738
  7,067
  7,413
  7,776
  8,158
  8,559
  8,981
  9,424
  9,890
  10,379
  10,893
Interest expense (income), $m
  369
  278
  277
  276
  275
  274
  273
  271
  270
  268
  267
  265
  263
  262
  260
  258
  255
  253
  251
  248
  246
  243
  240
  237
  234
  230
  227
  223
  219
  215
  210
Earnings before tax, $m
  523
  559
  597
  637
  679
  724
  772
  823
  876
  932
  1,033
  1,096
  1,162
  1,231
  1,304
  1,382
  1,463
  1,548
  1,638
  1,732
  1,831
  1,936
  2,045
  2,161
  2,282
  2,409
  2,543
  2,684
  2,832
  2,987
Tax expense, $m
  141
  151
  161
  172
  183
  196
  208
  222
  237
  252
  279
  296
  314
  332
  352
  373
  395
  418
  442
  468
  494
  523
  552
  583
  616
  651
  687
  725
  765
  806
Net income, $m
  382
  408
  435
  465
  496
  529
  564
  601
  639
  681
  754
  800
  848
  899
  952
  1,009
  1,068
  1,130
  1,196
  1,264
  1,337
  1,413
  1,493
  1,577
  1,666
  1,759
  1,857
  1,959
  2,067
  2,180

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  -4,352
  -4,531
  -4,720
  -4,922
  -5,136
  -5,362
  -5,602
  -5,855
  -6,123
  -6,405
  -6,703
  -7,017
  -7,348
  -7,697
  -8,064
  -8,451
  -8,858
  -9,286
  -9,736
  -10,210
  -10,708
  -11,232
  -11,782
  -12,361
  -12,969
  -13,608
  -14,280
  -14,985
  -15,727
  -16,506
Adjusted assets (=assets-cash), $m
  -4,352
  -4,531
  -4,720
  -4,922
  -5,136
  -5,362
  -5,602
  -5,855
  -6,123
  -6,405
  -6,703
  -7,017
  -7,348
  -7,697
  -8,064
  -8,451
  -8,858
  -9,286
  -9,736
  -10,210
  -10,708
  -11,232
  -11,782
  -12,361
  -12,969
  -13,608
  -14,280
  -14,985
  -15,727
  -16,506
Revenue / Adjusted assets
  -0.498
  -0.498
  -0.498
  -0.498
  -0.498
  -0.498
  -0.498
  -0.498
  -0.498
  -0.498
  -0.498
  -0.498
  -0.498
  -0.498
  -0.498
  -0.498
  -0.498
  -0.498
  -0.498
  -0.498
  -0.498
  -0.498
  -0.498
  -0.498
  -0.498
  -0.498
  -0.498
  -0.498
  -0.498
  -0.498
Average production assets, $m
  20,293
  21,125
  22,010
  22,950
  23,947
  25,003
  26,120
  27,301
  28,549
  29,866
  31,255
  32,720
  34,263
  35,889
  37,602
  39,404
  41,302
  43,298
  45,398
  47,606
  49,929
  52,370
  54,937
  57,636
  60,471
  63,451
  66,583
  69,874
  73,331
  76,963
Working capital, $m
  -11,695
  -12,175
  -12,685
  -13,226
  -13,801
  -14,410
  -15,053
  -15,734
  -16,453
  -17,212
  -18,013
  -18,857
  -19,746
  -20,683
  -21,670
  -22,709
  -23,803
  -24,953
  -26,163
  -27,436
  -28,774
  -30,182
  -31,661
  -33,216
  -34,850
  -36,568
  -38,373
  -40,269
  -42,261
  -44,354
Total debt, $m
  1,459
  1,454
  1,448
  1,442
  1,435
  1,428
  1,421
  1,413
  1,405
  1,396
  1,387
  1,377
  1,367
  1,356
  1,344
  1,332
  1,320
  1,307
  1,293
  1,278
  1,262
  1,246
  1,229
  1,211
  1,192
  1,173
  1,152
  1,130
  1,107
  1,083
Total liabilities, $m
  -135
  -140
  -146
  -153
  -159
  -166
  -174
  -182
  -190
  -199
  -208
  -218
  -228
  -239
  -250
  -262
  -275
  -288
  -302
  -317
  -332
  -348
  -365
  -383
  -402
  -422
  -443
  -465
  -488
  -512
Total equity, $m
  -4,217
  -4,390
  -4,574
  -4,769
  -4,977
  -5,196
  -5,428
  -5,674
  -5,933
  -6,207
  -6,495
  -6,800
  -7,120
  -7,458
  -7,814
  -8,189
  -8,583
  -8,998
  -9,434
  -9,893
  -10,376
  -10,883
  -11,417
  -11,978
  -12,567
  -13,186
  -13,837
  -14,521
  -15,239
  -15,994
Total liabilities and equity, $m
  -4,352
  -4,530
  -4,720
  -4,922
  -5,136
  -5,362
  -5,602
  -5,856
  -6,123
  -6,406
  -6,703
  -7,018
  -7,348
  -7,697
  -8,064
  -8,451
  -8,858
  -9,286
  -9,736
  -10,210
  -10,708
  -11,231
  -11,782
  -12,361
  -12,969
  -13,608
  -14,280
  -14,986
  -15,727
  -16,506
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  382
  408
  435
  465
  496
  529
  564
  601
  639
  681
  754
  800
  848
  899
  952
  1,009
  1,068
  1,130
  1,196
  1,264
  1,337
  1,413
  1,493
  1,577
  1,666
  1,759
  1,857
  1,959
  2,067
  2,180
Depreciation, amort., depletion, $m
  2,071
  2,154
  2,243
  2,337
  2,436
  2,542
  2,654
  2,772
  2,896
  3,028
  3,125
  3,272
  3,426
  3,589
  3,760
  3,940
  4,130
  4,330
  4,540
  4,761
  4,993
  5,237
  5,494
  5,764
  6,047
  6,345
  6,658
  6,987
  7,333
  7,696
Funds from operations, $m
  2,453
  2,562
  2,678
  2,801
  2,932
  3,071
  3,217
  3,372
  3,536
  3,709
  3,880
  4,072
  4,274
  4,488
  4,712
  4,949
  5,198
  5,460
  5,735
  6,025
  6,330
  6,650
  6,987
  7,341
  7,713
  8,104
  8,515
  8,947
  9,400
  9,877
Change in working capital, $m
  -450
  -479
  -510
  -542
  -575
  -609
  -644
  -681
  -719
  -759
  -801
  -844
  -890
  -937
  -987
  -1,039
  -1,093
  -1,150
  -1,210
  -1,273
  -1,338
  -1,407
  -1,479
  -1,555
  -1,634
  -1,717
  -1,805
  -1,896
  -1,992
  -2,093
Cash from operations, $m
  2,902
  3,041
  3,188
  3,343
  3,507
  3,679
  3,861
  4,053
  4,255
  4,468
  4,680
  4,916
  5,164
  5,425
  5,699
  5,988
  6,291
  6,610
  6,945
  7,298
  7,668
  8,057
  8,466
  8,896
  9,347
  9,821
  10,320
  10,843
  11,393
  11,970
Maintenance CAPEX, $m
  -1,951
  -2,029
  -2,113
  -2,201
  -2,295
  -2,395
  -2,500
  -2,612
  -2,730
  -2,855
  -2,987
  -3,125
  -3,272
  -3,426
  -3,589
  -3,760
  -3,940
  -4,130
  -4,330
  -4,540
  -4,761
  -4,993
  -5,237
  -5,494
  -5,764
  -6,047
  -6,345
  -6,658
  -6,987
  -7,333
New CAPEX, $m
  -780
  -832
  -885
  -940
  -997
  -1,056
  -1,117
  -1,181
  -1,248
  -1,317
  -1,389
  -1,465
  -1,544
  -1,626
  -1,712
  -1,803
  -1,897
  -1,996
  -2,100
  -2,209
  -2,322
  -2,442
  -2,567
  -2,698
  -2,836
  -2,980
  -3,132
  -3,290
  -3,457
  -3,632
Cash from investing activities, $m
  -2,731
  -2,861
  -2,998
  -3,141
  -3,292
  -3,451
  -3,617
  -3,793
  -3,978
  -4,172
  -4,376
  -4,590
  -4,816
  -5,052
  -5,301
  -5,563
  -5,837
  -6,126
  -6,430
  -6,749
  -7,083
  -7,435
  -7,804
  -8,192
  -8,600
  -9,027
  -9,477
  -9,948
  -10,444
  -10,965
Free cash flow, $m
  171
  180
  191
  202
  215
  229
  244
  260
  277
  296
  305
  326
  348
  372
  398
  425
  454
  484
  516
  550
  585
  623
  662
  704
  748
  794
  843
  894
  948
  1,005
Issuance/(repayment) of debt, $m
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
Issuance/(repurchase) of shares, $m
  -163
  -173
  -184
  -195
  -207
  -219
  -232
  -245
  -259
  -274
  -289
  -304
  -321
  -338
  -356
  -375
  -394
  -415
  -436
  -459
  -483
  -507
  -533
  -561
  -589
  -619
  -651
  -684
  -718
  -755
Cash from financing (excl. dividends), $m  
  -169
  -179
  -190
  -201
  -214
  -226
  -239
  -253
  -267
  -283
  -298
  -314
  -331
  -349
  -367
  -387
  -407
  -428
  -450
  -474
  -498
  -523
  -550
  -579
  -608
  -639
  -672
  -706
  -741
  -779
Total cash flow (excl. dividends), $m
  2
  2
  1
  0
  1
  2
  4
  7
  10
  13
  7
  12
  17
  24
  31
  38
  47
  56
  65
  76
  87
  99
  112
  125
  140
  155
  171
  188
  207
  226
Retained Cash Flow (-), $m
  163
  173
  184
  195
  207
  219
  232
  245
  259
  274
  289
  304
  321
  338
  356
  375
  394
  415
  436
  459
  483
  507
  533
  561
  589
  619
  651
  684
  718
  755
Prev. year cash balance distribution, $m
  4,055
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  4,219
  175
  185
  196
  208
  222
  236
  252
  269
  287
  295
  316
  338
  362
  387
  413
  441
  471
  502
  535
  570
  606
  645
  686
  729
  774
  822
  872
  925
  981
Discount rate, %
  12.50
  13.13
  13.78
  14.47
  15.19
  15.95
  16.75
  17.59
  18.47
  19.39
  20.36
  21.38
  22.45
  23.57
  24.75
  25.99
  27.29
  28.65
  30.08
  31.59
  33.17
  34.82
  36.57
  38.39
  40.31
  42.33
  44.45
  46.67
  49.00
  51.45
PV of cash for distribution, $m
  3,751
  136
  125
  114
  103
  91
  80
  69
  59
  49
  38
  31
  24
  19
  14
  10
  7
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Vornado Realty Trust is a real estate investment trust (REIT). The Company conducts its business through Vornado Realty L.P. (the Operating Partnership). The Company operates through two segments: New York and Washington, DC. As of December 31, 2016, the Company's New York segment consisted of 28.3 million square feet in 86 properties. Its properties include 1290 Avenue of the Americas, Two Penn Plaza, 770 Broadway and 90 Park Avenue. As of December 31, 2016, the Company's Washington, DC segment consisted of 58 properties aggregating 14.7 million square feet, including 11.1 million square feet of office space in 44 properties, nine residential properties containing 3,156 units and a hotel property. Its properties include 2001 Jefferson Davis Highway, 223 23rd Street, 2221 South Clark Street and 1700 M Street. The Company's interests in properties are held by the Operating Partnership. As of December 31, 2016, the Company owned the 3.7 million square foot Mart (theMart) in Chicago.

FINANCIAL RATIOS  of  Vornado Realty Trust (VNO)

Valuation Ratios
P/E Ratio 15.3
Price to Sales 5.5
Price to Book 2
Price to Tangible Book
Price to Cash Flow 13.9
Price to Free Cash Flow -252.7
Growth Rates
Sales Growth Rate 0.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -16.9%
Cap. Spend. - 3 Yr. Gr. Rate 2.7%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 136.9%
Total Debt to Equity 136.9%
Interest Coverage 4
Management Effectiveness
Return On Assets 6.1%
Ret/ On Assets - 3 Yr. Avg. 6%
Return On Total Capital 5.3%
Ret/ On T. Cap. - 3 Yr. Avg. 5%
Return On Equity 13.3%
Return On Equity - 3 Yr. Avg. 12.5%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 59.1%
Gross Margin - 3 Yr. Avg. 59.2%
EBITDA Margin 77.7%
EBITDA Margin - 3 Yr. Avg. 68.4%
Operating Margin 41.4%
Oper. Margin - 3 Yr. Avg. 33.9%
Pre-Tax Margin 39.2%
Pre-Tax Margin - 3 Yr. Avg. 28.9%
Net Profit Margin 36.2%
Net Profit Margin - 3 Yr. Avg. 34.7%
Effective Tax Rate 0.8%
Eff/ Tax Rate - 3 Yr. Avg. -2.9%
Payout Ratio 61.3%

VNO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VNO stock intrinsic value calculation we used $2084 million for the last fiscal year's total revenue generated by Vornado Realty Trust. The default revenue input number comes from 2017 income statement of Vornado Realty Trust. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our VNO stock valuation model: a) initial revenue growth rate of 4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 12.5%, whose default value for VNO is calculated based on our internal credit rating of Vornado Realty Trust, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Vornado Realty Trust.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of VNO stock the variable cost ratio is equal to 63.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for VNO stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 19% for Vornado Realty Trust.

Corporate tax rate of 27% is the nominal tax rate for Vornado Realty Trust. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the VNO stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for VNO are equal to 936.3%.

Life of production assets of 10 years is the average useful life of capital assets used in Vornado Realty Trust operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for VNO is equal to -539.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Vornado Realty Trust - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 190 million for Vornado Realty Trust is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Vornado Realty Trust at the current share price and the inputted number of shares is $14.0 billion.

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COMPANY NEWS

▶ [$$] Kushner Family Closes Deal to Unload 666 Fifth Avenue   [Aug-03-18 08:45PM  The Wall Street Journal]
▶ [$$] Kushner Family Closes Deal to Unload 666 Fifth Avenue   [04:24PM  The Wall Street Journal]
▶ Kushners to exit 666 Fifth, Brookfield signs 99-year lease   [03:47PM  American City Business Journals]
▶ Urban Edge swipes two Federal Realty executives   [Aug-02-18 12:03PM  American City Business Journals]
▶ Vornado: 2Q Earnings Snapshot   [04:48PM  Associated Press]
▶ Vornado Declares Quarterly $.63 Dividend on Common Shares   [Jul-26-18 01:29PM  GlobeNewswire]
▶ [$$] Toys R Us workers press investors for hardship fund   [Jul-19-18 01:24AM  Financial Times]
▶ [$$] Lawmakers Question KKR, Bain Capital Over Toys 'R' Us Failure   [Jul-06-18 01:11PM  The Wall Street Journal]
▶ How Retail Real Estate Continues To Change   [Jun-24-18 10:00AM  Forbes]
▶ Vornado Completes Refinancing of Independence Plaza   [Jun-12-18 04:46PM  GlobeNewswire]
▶ Beacon Capital exits Tysons, opens door for more development   [02:18PM  American City Business Journals]
▶ Springfield Town Center owner now pursuing parking lot development   [Jun-08-18 11:58AM  American City Business Journals]
▶ [$$] Kushner Cos. Signs Deal to Buy Remaining Stake in 666 Fifth Ave.   [Jun-01-18 08:19PM  The Wall Street Journal]
▶ [$$] Kushner Cos. and LNR Negotiating Debt on Manhattan Skyscraper   [May-23-18 01:01AM  The Wall Street Journal]
▶ Kushner Cos. in talks to sell stake in struggling skyscraper   [May-17-18 08:23PM  Associated Press]
▶ Crystal City BID weighing expansion into neighboring Arlington markets as HQ2 looms   [May-09-18 02:40PM  American City Business Journals]
▶ [$$] Rizzo's Take: Toys 'R' Us Workers Push for Severance Checks   [May-07-18 05:28PM  The Wall Street Journal]
▶ Why a New York-REIT is cheering on Crystal City as an HQ2 frontrunner   [May-03-18 03:01PM  American City Business Journals]
▶ Vornado Announces First Quarter 2018 Financial Results   [Apr-30-18 04:19PM  GlobeNewswire]
▶ Vornado Declares Quarterly Dividends On Preferred Shares   [Apr-25-18 04:46PM  GlobeNewswire]
▶ Charles Kushner: 666 Fifth Ave. deal was my 'bad' idea, not Jared's   [Apr-24-18 12:16PM  American City Business Journals]
▶ Vornado Releases 2017 Sustainability Report   [Apr-09-18 04:26PM  GlobeNewswire]
▶ [$$] Kushner Companies near deal for 666 Fifth Avenue   [Apr-07-18 10:04PM  Financial Times]
▶ Kushner Cos. Has 'Handshake' Deal With Vornado for New York Office Tower   [Apr-06-18 07:49PM  The Wall Street Journal]
▶ Recalls this week: space heaters, toy sets   [01:38PM  Associated Press]
▶ Here's Why BMO Is 'A Fan' Of Vornado Realty   [Mar-16-18 01:36PM  Benzinga]
▶ Vornado Realty Trust Has a Bounce In Its Step   [Mar-15-18 11:54AM  TheStreet.com]
▶ Stocks That Fell to 3-Year Lows in the Week of March 2   [Mar-03-18 08:43PM  GuruFocus.com]
▶ [$$] Kushner Cos. in Talks to Buy Remaining Stake in 666 Fifth Ave.   [Feb-28-18 12:22AM  The Wall Street Journal]
▶ Kushner Cos. in talks to buy out partner in Fifth Ave tower   [Feb-27-18 05:01PM  Associated Press]
▶ Canadian fund takes major stake in JBG Smith's Dupont Circle project   [01:04PM  American City Business Journals]
▶ [$$] Vornado's Plan to Focus on New York Real Estate Hits a Snag   [Feb-14-18 01:19PM  The Wall Street Journal]
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