Observational Notes On Vornado Realty Trust (VNO)

Journal Entry: 12 Aug 2013

Vornado Realty Trust Capitalization Rate
in millions except shares outstanding

Closing price: $83.46

Shares Outstanding: 186,991,076
market value of equity: $15,606.27
Debt, fair value: $10,024.74
Cash & Equivalents: $2,369.18
Enterprise Value: $23,261.83

EBITDA less CapEx: $2,010.91

Pre-tax Cap Rate: 8.64%

From the 2Q 2013 earnings call:

• cash position today is $1.1 billion, with over $2.4 billion available on $2.5 billion of credit revolvers
• Chairman and CEO Steve Roth stated, "We have an enormous profit in our Washington business at the value that I believe the stock market values Washington, I would be a buyer rather than a seller of that business all day long."
• closed on the sale of 12 assets with proceeds of $586 million and net gain of $65 million, specifically: LNR for $241 million; the plant in San Jose, California for $203 million; the Philadelphia market's retail property for $60 million; our 50% interest in the Downtown Crossing, Boston site for $45 million; and 8 other retail assets for $37 million

I have no positions in the above company mentioned, but may initiate a long position over the next 72 hours.
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