Opinions
Jim Cramer - Mad Money
Vornado Realty Trust
VNO-N
DON'T BUY
Mar 22, 2023
N/A
Stock price when the opinion was issued
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Very high quality office portfolio. They have properties in California and New York, which is an undersupplied market. You are going to see the combination of rent growth and occupancy growth really contributing to the dividend increasing over time. They have a very strong balance sheet. Dividend yield of 2.62%.
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Office REITs haven't recovered from Covid as workers resist returning to the office and rising interest rates are eating into revenues. 18% of their portfolio is retail, but it's mostly office space. Is down 33% YTD. Yesterday, it suffered one downgrade to sell, but also one upgrade. Its properties are good, and shares have been oversold.