Vornado Realty
18 марта, 11:01

Президент без имени: за год у власти Дональд Трамп потерял $400 млн

Сила личного бренда Трампа падает: рабочие убирают его имя с вывесок отелей, принадлежащих президенту США

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15 марта, 19:01

Hard impact expected to be felt from bankruptcy of Toys R Us

THE demise of Toys R Us will have a ripple effect on everything from toymakers to consumers to landlords. The 70-year-old retailer is headed toward shuttering its US operations, jeopardizing the jobs

15 марта, 13:25

Toys R Us Closing Rumors Prove Everything is Not Awesome in Toyland

Bad news, Barbie. Toys R Us declared bankruptcy recently and may close every location in the United States. Here's what that means for your kids

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14 марта, 16:18

Vornado (VNO) Up 1.1% Since Earnings Report: Can It Continue?

Vornado (VNO) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.

12 марта, 16:45

Here's Why Hold Strategy is Apt for Vornado (VNO) Stock Now

Strong New York business and diversified tenant base is anticipated to keep the growth momentum alive for Vornado Realty (VNO). However, asset pruning efforts are likely to tamper growth in near term.

09 марта, 00:47

Toys "R" Us Preparing To Liquidate

Less than 6 months after Toys "R" Us shockingly filed for Chapter 11, its bonds tumbling from par to pennies on the dollar in under a month... ... the once iconic toy retailer is set for the dust bin of history, and having failed to find a buyer in bankruptcy court is preparing for the final indignity: liquidation. As Bloomberg reports in describing the "fluid situation" at Toys, a winding down of the US division has become increasingly likely in recent days according to "people, who asked not to be identified because the information is private." And with every passing day, hopes are fading that a buyer will emerge to keep some of the business operating, or that lenders will agree on terms of a debt restructuring. The toy chain, which was LBOed for $6.6 billion in 2005 by KKR, Bain Capital and Vornado Realty Trust, entered bankruptcy in September due to unsustainable leverage, the speed of its failure taking even the most seasoned professionals by surprise. Its goal was to emerge as a leaner business, with fewer stores, a more sustainable debt load, and the ability to fight of Amazon and other online retailers. It had secured a $3.1BN DIP loan to keep it funded throughout bankruptcy, but Toys “R” Us’s results deteriorated drastically and even more than expected during the holidays, casting doubt on the chain’s viability. Meanwhile, as Bloomberg adds, the situation has also deteriorated for many of the retailer’s overseas divisions, which weren’t part of the bankruptcy. Toys “R” Us’s U.K. unit put itself in the hands of a court administrator after talks to sell the business fell apart. Its European arm is seeking takeover bids. And talks are being held tooffload the growing Asian business, the company’s most profitable arm. It’s not yet clear what will happen to the Canadian unit, which filed at the same time as the U.S. division. And so, Jeff Bezos' unstoppable juggernaut claims yet another casualty, one which may have taken the shortest possible from Chapter 11 to Chapter 7.

01 марта, 06:05

"They're Finally Accepting Reality" - Manhattan Landlords Are Slashing Rents To Fill Vacant Storefronts

Owners of Manhattan's commercial real-estate might soon begin to regret their decision to hike rents to absurdly high levels in the hope of attracting the next Chase, Bank of America or Duane Reade capable of paying their extortionate prices. As Bloomberg reports, owners of prime retail storefronts in the heart of Soho - a trendy shopping district in downtown Manhattan - are struggling to find and retain tenants willing to pay the record rents being demanded by landlords. The Bloomberg story begins by recounting the story of one boutique clothing shop that threatened to vacate its space six years early and just eat its security deposit unless the landlord agreed to a lower rate. The Kooples, a French clothing seller, is threatening to vacate its space six years ahead of schedule if it can’t get landlord Thor Equities to cut the rent. With brick-and-mortar stores suffering from a retail industry shakeout, the company says it isn’t making enough money at the property and wants to focus on the web. The scene unfolding on the cobblestones of one of New York’s trendiest shopping areas shows the increasingly fraught negotiations between tenants and landlords as vacancies soar and retail rents plunge. Similar scenarios are playing out along Madison Avenue to the north and along other thoroughfares in the city that have long been a draw for those shopping for designer clothing and other luxury goods. Property owners are confronting demands once unheard of in Manhattan, from rent reductions to short-term leases. Again and again, we've pointed to the stagnant deals and rents in some of Manhattan's wealthiest and most expensive areas as a sign that the New York real-estate market is heading for a downturn after years of torrid growth in the valuations of residential and commercial real-estate. According to Bloomberg, after a lull in leasings, landlords are beginning to accept their new reality, according to Patrick Smith, a vice chairman of the retail brokerage at Jones Lang LaSalle Inc. It no longer makes sense to keep rents so high in the hopes of landing one of the few corporate clients willing to pay. Indeed, "landlords are adjusting the way they do business to market conditions," Smith said. "It’s healthy. It certainly has stimulated activity." Of course, outside of Manhattan, many landlords are struggling with an even more ominous problem: As more brick and mortar retailers close, malls and other commercial storefronts are struggling to find somebody - anybody - who would be willing to fill their vacant spaces. As a result, American malls are being forced to close, or suffer the indignity that accompanies having so many vacant storefronts. In Manhattan, home to some of the most valuable retail real estate in the world, a sharp rise in rents following the recession exacerbated the problem, with property owners clinging to unrealistic income expectations. Today, the glut of empty space is taking a toll, pushing landlords to make concessions to plug holes. Some are signing shorter-term leases to draw tenants that may be reluctant to make long-term commitments. In Soho, Hermes is negotiating a deal at 63 Greene St. that gives the retailer the option to leave after one year, while a few blocks over at 375 West Broadway, Gucci signed a lease that allows it to vacate the space if sales don’t meet expectations after two years, according to people familiar with the deals, who asked not to be identified because terms are private. Historically, a typical lease term in New York was between 10 and 15 years. Representatives for Gucci and Hermes didn’t respond to emails seeking comment. “Landlords, more today than in the past, are coming around to the retailer’s mentality,” said Steve Soutendijk, an executive director at Cushman. Both sides are making calculations on store sales “and how much can they pay in rent. If a store is unprofitable for them, it doesn’t make sense to keep it open.” To be sure, these issues aren't confined to downtown - it's a problem that's beginning to manifest throughout Manhattan and even in some trendy outer-borough neighborhoods. Downtown landlords aren’t the only ones caving. On a tony corridor of Madison Avenue on the Upper East Side, an 18,000-square-foot (1,670-square meter) stretch of luxury retail is facing vacancies. Landlord Vornado Realty Trust doesn’t expect tenants including Gucci and Cartier to sign long-term renewals to leases that expire in September given market conditions, according to mortgage documents tied to the property. It’s offering short-term agreements at lower rates to keep the space occupied, the documents show. As of last month, no deals had been struck. Vornado, which recently paid off its mortgage at the property, declined to comment. “Landlords have to be open-minded,” said Robert Cohen, a vice chairman at retail brokerage RKF. In Soho, retail rents in the area have since plunged, dropping 17 percent in the past year to an average of $440 a square foot, the largest decline in all of Manhattan, according to the latest data from Cushman. But across the city, the number of new leases is falling and landlords in both retail and commercial are offering more rent concessions than they have in years. This might soon translate to a crash in the number of real-estate deals, mirroring a dire situation that's playing out across the country, as high prices and a paucity of supply caused pending home sales to crash the most since 2010 in January.

01 марта, 01:25

The Knives Are Out For Kushner: Loans With Deutsche Under Scrutiny By Regulator

The knives are out for Jared Kushner. After losing his top secret security clearance and reportedly falling under intense scrutiny by Robert Mueller's probe, the New York Department of Financial Services has asked Deutsche Bank two local lenders for information about their dealings with Jared Kushner, the Kushner companies and his family, according to Bloomberg.  Letters were sent by department superintendent Maria Vullo to Deutsche Bank, Signature Bank and New York Community Bank last week, said a person who had seen the letter which seeks a response by March 5. Vullo was appointed by New York's Democratic governor, Andrew Cuomo. The requested information is broad, and include the banks' processes for approving loans. Vullo requested copies of emails and other communications between the Kushners and the banks related to financing requests that have been denied or are pending. She also asked whether the banks have conducted any internal reviews of the Kushners and their companies and the results of any such inquiries revealed. The most detailed information about the Kushners’ finances can be found in their government disclosures. The couple had unsecured lines of credit of $5 million to $25 million each from Deutsche Bank, Signature Bank and New York Community Bank according to a late December filing.  Deutsche Bank’s line of credit was extended to Kushner and his mother; lines from the other two banks were extended to Kushner and his father. Signature Bank also extended a secured line of credit to the couple of $1 million to $5 million, according to the disclosure. -Bloomberg A spokeswoman for the Kushner Cos, Christine Taylor, said “We have not received a copy of any letter from the New York State Department of Financial Services," adding "Our company is a multi-billion enterprise that is extremely financially strong. Prior to our CEO voluntarily resigning to serve our country, we never had any type of inquiries. These type of inquiries appear to be harassment solely for political reasons.” Kushner's family business, the Kushner Companies, has had longstanding financial troubles related to 666 Fifth Avenue, "the most expensive building ever purchased", in New York City. After Kushner bought the Fifth Avenue property in late 2006 for $1.8 billion - with zero skin in the game coming from Kushner, the building came under intense pressure during the financial crisis. Vornado Realty Trust stepped in with financing in exchange for a 49.5% stake in the building, which is now carrying over $1.4 billion in debt according to a March release by Vornado.  The Kushner companies are also reportedly negotiating with Vornado to buy their stake back.  While Jared has separated himself from his family's business and placed assets in a trust, he has fallen into the crosshairs of Special Counsel Robert Mueller. Of interest are discussions between Kushner and Chinese investors during the transition, according to sources familiar with the investigation. Kushner met with executives of troubled Chinese conglomerate Anbang Insurance which was recently taken over by China's insurance regulator. Talks between Kushner and Anbang's chairman, Wu Xiaohui, broke down in March 2017, according to the New York Times.  Also of interest to Mueller are Kushner's dealings with a Qatari investor over the 666 property, for which Kusher reportedly sought financing from former Prime Minister Jassim Al Thani, according to The Intercept. The discussion apparently went nowhere, similar to the Anbang deal. Kushner in the crosshairs Dovetailing off of the reports of Kushner's meetings to shore up his finances, the Washington Post reported this week that officials from at least four countries - China, Israel, Mexico and the United Arab Emirates have explored ways to manipulate Kushner by taking advantage of his "complex business arrangements, financial difficulties and lack of foreign policy experience." The story cited current and former US intelligence officials - and noted that it is unclear on whether the cited countries took any action.  Meanwhile, the presidential son-in-law's security clearance was downgraded from "Top Secret/SCI-level" to "secret" this week, walling him off from the most sensitive information.  Many had expected that Trump would grant Kushner a waiver, even though Trump himself said Friday that he would let Chief of Staff John Kelly decide if such an exception should be granted. In a statement issued last week, Kelly said that any changes to Kushner's security clearance wouldn't impact his ability to do his job: "As I told Jared days ago, I have full confidence in his ability to continue performing his duties in his foreign policy portfolio including overseeing our Israeli-Palestinian peace effort and serving as an integral part of our relationship with Mexico," Kelly said in the statement. At the end of the day, unless Kushner or his company broke the law, it appears that this entire exercise is meant to embarrass the president's son-in-law over his troubled 666 property. 

28 февраля, 18:23

John Podesta: "Kushner Better Start Wearing His Kevlar On His Back"

Former Clinton campaign manager John Podesta raised some eyebrows in a Tuesday tweet directed at Presidential son-in-law Jared Kushner, who reportedly just lost his access to top secret information amid accusations that "officials in at least four countries" had discussed ways to manipulate the 37-year-old real estate magnate.  "Jared better start wearing his kevlar on his back," Podesta tweeted after suggesting that Kushner's troubles had just begun - referencing a widely mocked picture taken Iraq of Jared awkwardly wearing a bulletproof vest over a blazer.  Seems like those “unnamed sources peddling second-hand hearsay with rank speculation that continue to leak inaccurate information,” came straight from 1600 Penn. Jared better start wearing his kevlar on his back. https://t.co/Aps6BEkJDd — John Podesta (@johnpodesta) February 27, 2018 Wearing a blazer in Iraq is the most Jared Kushner thing Jared Kushner has ever done. pic.twitter.com/0QXE1OXmk6 — David Q (@DavidQ09) April 6, 2017 As we reported yesterday, all White House aides working on the highest-level interim security clearance were informed on Friday that they will have their clearance downgraded from "Top Secret/SCI-level" to "secret" - walling them off from the most sensitive information - including Kushner.  Many had expected that Trump would grant Kushner a waiver, even though Trump himself said Friday that he would let Chief of Staff John Kelly decide if such an exception should be granted. In a statement issued last week, Kelly said that any changes to Kushner's security clearance wouldn't impact his ability to do his job: "As I told Jared days ago, I have full confidence in his ability to continue performing his duties in his foreign policy portfolio including overseeing our Israeli-Palestinian peace effort and serving as an integral part of our relationship with Mexico," Kelly said in the statement. Meanwhile, hours after Politico dropped the news about Kushner's security downgrade, the Washington Post - where John Podesta now hangs his hat, reported that officials from at least four countries - China, Israel, Mexico and the United Arab Emirates have explored ways to manipulate Kushner by taking advantage of his "complex business arrangements, financial difficulties and lack of foreign policy experience." The story cited current and former US intelligence officials - and noted that it is unclear on whether the cited countries took any action.  White House officials, including National Security Advisor HR McMaster were reportedly uncomfortable about some of Kushner's contacts, and eventually worked out a system where any contacts he had with foreign officials were to be carefully monitored. Officials in the White House were concerned that Kushner was “naive and being tricked” in conversations with foreign officials, some of whom said they wanted to deal only with Kushner directly and not more experienced personnel, said one former White House official. Kushner has an unusually complex set of business arrangements and foreign entanglements for a senior White House aide, experts have said. But his behavior while in office has only drawn more scrutiny and raised concerns that he would be unable to obtain a final security clearance, which he needs to perform the many jobs Trump has entrusted to him, from negotiating foreign trade deals to overseeing a Middle East peace process. -WaPo Kushner's family business, the Kushner Companies, was famously having money troubles tied to 666 Fifth Avenue, "the most expensive building ever purchased", in New York City at least. Though earlier today the Wall Street Journal reported that the family business was planning to buy out Vornado Realty's stake in the building. Of course - as we also noted yesterday - a key piece of context is buried more than a dozen paragraphs deep: The notion that foreign governments routinely discuss how they can influence senior administration officials - not just Kushner. Foreign governments routinely discuss ways they can influence senior officials in all administrations. “Every country will seek to find their point of leverage,” said one person familiar with intelligence intercepts of foreign officials discussing Kushner. But Kushner came to his position with an unusually complex set of business holdings and a family company facing significant debt issues. In light of what appears to be yet another nothingburger - perhaps Podesta's tweet about Jared wearing kevlar was nothing more than hyperbole - unless of course he meant it literally.

28 февраля, 02:55

Foreign Officials Discussed How To Manipulate "Naive" Jared Kushner

Just hours after Politico reported that White House senior advisor and Trump son-in-law Jared Kushner had been stripped of his top-level security clearance, the Washington Post dropped a bombshell report that purports to provide an unprecedented level of insight into why Kushner wasn't granted an exemption. According to WaPo, officials in at least four countries have privately discussed how to manipulate Kushner by taking advantage of his "complex business arrangements, financial difficulties and lack of foreign policy experience." The story cited current and former US intelligence officials. Kushner's family business, the Kushner Companies, was famously having money troubles tied to 666 Fifth Avenue, "the most expensive building ever purchased", in New York City at least. Though earlier today the Wall Street Journal reported that the family business was planning to buy out Vornado Realty's stake in the building. The officials - who were not named or - were from China, the United Arab Emirates, Israel and Mexico. White House officials, including National Security Advisor HR McMaster were reportedly uncomfortable about some of Kushner's contacts, and eventually worked out a system where any contacts he had with foreign officials were to be carefully monitored. McMaster raised questions about some of Kushner's meetings, and why there weren't people with more foreign policy experience in the room with him. Officials in the White House were concerned that Kushner was “naive and being tricked” in conversations with foreign officials, some of whom said they wanted to deal only with Kushner directly and not more experienced personnel, said one former White House official. Kushner has an unusually complex set of business arrangements and foreign entanglements for a senior White House aide, experts have said. But his behavior while in office has only drawn more scrutiny and raised concerns that he would be unable to obtain a final security clearance, which he needs to perform the many jobs Trump has entrusted to him, from negotiating foreign trade deals to overseeing a Middle East peace process. “We will not respond substantively to unnamed sources peddling second-hand hearsay with rank speculation that continue to leak inaccurate information,” said Peter Mirijanian, a spokesman for Kushner’s lawyer. White House officials said McMaster was taken aback by some of Kushner’s foreign contacts. “When he learned about it, it surprised him,” one official said. “He thought that was weird...It was an unusual thing. I don’t know that any White House has done it this way before.” The official said that McMaster was “not concerned but wanted an explanation. It seemed unusual to him.” In the months since, McMaster and Kushner have worked to coordinate so that the National Security Council is aware of Kushner’s contacts with foreign officials and so Kushner has access to the council’s country experts to prepare for meetings. Of course, as is often the case in WaPo stories, a key piece of context is buried more than a dozen paragraphs deep: The notion that foreign governments routinely discuss how they can influence senior administration officials - not just Kushner. Foreign governments routinely discuss ways they can influence senior officials in all administrations. “Every country will seek to find their point of leverage,” said one person familiar with intelligence intercepts of foreign officials discussing Kushner. But Kushner came to his position with an unusually complex set of business holdings and a family company facing significant debt issues. WaPo also said officials from the UAE identified Kushner as particularly manipulable in the spring of 2017 because of his family’s search for investors in their real estate company. Reports that the Kushners were close to a deal with Anbang, the giant Chinese conglomerate that was recently taken over by China's insurance regulator, for a deal involving 666 Fifth Ave, raised conflict of interest concerns last year. Though Kushner's repeated amendments to his security clearance filings don't look great in retrospect. We now wait for a reaction from the White House - or possibly from Trump himself.

20 февраля, 02:27

Kushner In Probe Crosshairs As Mueller Shifts From Russia To China

Special Counsel Robert Mueller has expanded his interest in Jared Kushner's contacts with Russians to encompass the young real estate mogul's efforts to secure financing from foreign investors for his troubled 666 Fifth Avenue property, CNN reports. If true, it would mark a significant departure from Mueller's mandate to investigate Russian influence in the 2016 election - as Kushner's discussions with Chinese investors are now on the table.  Mueller's team began asking questions over Kushner's efforts to shore up troubled loans for the beleaguered 666 Fifth Avenue property - first profiled here all the way back in 2009 - and purchased by Kushner in December 2006 for $1.8 billion, financed entirely with debt.  In September 2017, the Washington Post reported "With one-fourth of its offices empty, lease revenue does not cover monthly interest payments, according to lending documents. A $1.2 billion mortgage, with escalating interest rates, comes due in 18 months. A ratings agency has classified a $115 million portion of the loan as 'troubled,' and company officials decline to say whether it will be fully repaid." Kushner divested from the 666 Fifth Avenue property in early 2017, with his interests sold to a family trust that Kushner does not benefit from - a spokesman said at the time. During the transition, however, Kushner reportedly met with Sergey Gorkov, chairman of Russian state-owned Vnesheconombank - which the Presidential son-in-law told Congress was for official US government purposes. The Russian bank, however, maintains that the meeting was part of their "roadshow of business meetings," and that the sit-down was arranged due to Kushner's role as the head of Kushner Companies. Mueller has reportedly been scrutinizing this meeting.  Kushner spoke with Mueller's investigators in November for less than two hours, primarily about Michael Flynn, according to two people familiar with the discussions. From China to Qatar Of interest to Mueller's probe are discussions between Kushner and Chinese investors during the transition, according to sources familiar with the investigation.  In particular, Kushner met with executives of troubled Chinese conglomerate Anbang Insurance which also owns the Waldorf Astoria hotel in New York City locate four blocks away from the 666 5th avenue property. Talks between Kushner and Anbang's chairman, Wu Xiaohui, broke down in March 2017, according to the New York Times.  Also of interest to Mueller are Kushner's dealings with a Qatari investor over the 666 property, for which Kusher reportedly sought financing from former Prime Minister Jassim Al Thani, according to The Intercept. The discussion apparently went nowhere, similar to the Anbang deal. A devil of a time with 666 After Kushner bought the Fifth Avenue property in late 2006 for $1.8 billion - with zero skin in the game coming from Kushner, the building came under intense pressure during the financial crisis. Vornado Realty Trust stepped in with financing in exchange for a 49.5% stake in the building, which is now carring over $1.4 billion in debt according to a March release by Vornado.  In March 2017, Zaha Hadid Architects announced a $12 billion plan to build a 1,400 foot, 464,000 sqft. skyscraper for the Kushner organization to replace the current building, which will include retail space, eleven stories devoted to a hotel, and a new address - changed to 660 5th avenue in order to shed the building's current and ominous 666 designation. The new construction would be completed by 2025 at the earliest, and would face a park after razing an entire block of buildings.  Eternal symbol of Kushner/Trump dynasty, looming over Manhattan like a Swarovski phallus https://t.co/HpcE9j38cy — Tero Kuittinen (@teroterotero) March 21, 2017 appropriate that Jared Kushner would erect a giant middle finger.https://t.co/lyBDl1TgJn — Rob Flaherty (@Rob_Flaherty) March 21, 2017 Indeed.

13 февраля, 17:11

Vornado Realty (VNO) Q4 FFO and Revenues Beat Estimates

Vornado Realty's (VNO) Q4 performance reflects growth in occupancy and same-store net operating income (NOI) in the New York portfolio. The company also achieved growth in revenues in the quarter.

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09 февраля, 18:09

REITs to Watch for Q4 Earnings on Feb 12: VNO, NNN & More

Underlying asset categories and the location of properties play a crucial role in determining the performance of REITs.

07 февраля, 17:15

Why an Earnings Beat Is Unlikely for Vornado (VNO) in Q4

Vornado's (VNO) business streamlining measures and spin-offs are expected to dent its Q4 performance.

24 января, 19:01

Toy retailer to shut 180 stores in US

TOYS R Us, squeezed by Amazon.com and huge chains like Walmart, will close 20 percent of its US stores, or 180 locations, within months. Hobbled by US$5 billion in debt, the company that once dominated

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22 января, 15:30

Vornado Realty Trust upgraded to buy from hold at SunTrust RH

This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.

19 января, 17:50

Vornado Realty Announces Items to Impact its 4Q Results

Vornado Realty (VNO) announces certain expenses and losses that will have impact on its Q4 earnings.

18 января, 17:09

Vornado Realty (VNO) Pleases Investors With 5% Dividend Hike

Vornado Realty Trust's (VNO) dividend rate likely to be sustainable backed by diversified tenant base, robust New York business and solid balance sheet strength.