Reddit Posts
Is Novo Nordisk (NVO) going to develope anti-obesity semaglutide or put it on the shelf?
Why is the market pricing Office REITs like they’re going extinct?
Why is the market pricing office REITs like they’re going extinct?
What does this sub think of beaten down Commercial REITS? Trading at 08/09 GFC lows?
I made a bot to pick stocks. Stonkbot.
Could you tell me if the same is possible with VNO that GME?
BEST DIVIDENDS STOCKS TO BUY NOW | 1st Week of May 2021 | Market and Analysis
Mentions
So are we shorting CBRE, JLL, CWK, SLG, and VNO?
Policy has market impacts. $SLG, $VNO
oh i was going to say if its commercial VNO, SLG
RGTI Nov 21 $44 C VNO Nov 21 $40 C TERN Dec 19 $9 C
Interestingly, the assets VNO owns are worth more then their market cap
Exactly what I was thinking. Best ETF Option: VanEck Office and Commercial REIT ETF (DESK) • What it is: DESK tracks the MarketVector™ US Listed Office and Commercial REITs Index, focusing specifically on U.S. office and commercial real estate REITs. It’s pretty much the only ETF out there zeroing in on office properties. • Why it fits: It’s got holdings like Boston Properties (BXP) and Vornado Realty Trust (VNO), giving you a straight shot at the office sector. Perfect if you think office real estate is cucked right now. • Heads-up: DESK is newish (launched in 2023), so its options market might be thin. Lower liquidity could mean wider spreads or trickier trades when buying puts. Check the options chain before diving in. Best REIT Options: Individual Office Heavyweights If liquidity’s your jam or you want a more direct play, individual office REITs might be the move. These guys have solid options markets and are all about commercial offices: • Boston Properties (BXP) • What it is: One of the biggest office REITs, with properties in major cities like Boston, New York, and San Francisco. • Why it works: It’s a broad play on urban office spaces—prime targets if you’re betting on a downturn. Plus, its options are liquid, so buying puts should be smooth. • Vornado Realty Trust (VNO) • What it is: A big NYC office landlord, owning a ton of commercial properties in Manhattan. • Why it works: If you think New York’s office scene is extra screwed, VNO’s your guy. Decent options liquidity here too. • SL Green Realty (SLG) • What it is: Another NYC office REIT, focused on Manhattan’s high-profile buildings. • Why it works: Like VNO, it’s a laser-focused bet on NYC offices. If Manhattan’s vacancy rates keep climbing, SLG puts could pay off. Options trade pretty actively.
VNO NY, NY real estate. Earnings today stay away.
A REIT is a real estate investment trust structure that was created by US law back in the 60's. It's an entity that owns or finances income producing real estate. A REIT can be a private or public. Public simply means that the entity or company is a listed stock that can be traded on a stock exchange. There are several REITs for example that are part of the S&P 500. Many dividend investors will also hold REIT companies in their portfolio. Different REITs will provide exposure to different real estate segments. For example - you want to have exposure to commercial office real estate - there are REITs like VNO or BXP. If you wanted exposure to retail mall real estate - there's REITs like SPG. Etc. Etc. A good list to search for public REITs here - [https://www.reit.com/investing/reit-directory?sector=635&status=309&country=9](https://www.reit.com/investing/reit-directory?sector=635&status=309&country=9) A decent place to learn more about REITs is the NAREIT site here - [https://www.reit.com/what-reit](https://www.reit.com/what-reit)
I'm waiting for someone to mention GE as a bad example of diversified holding company. But seriously - it would depend what an investor wants to track. And if there is a sector or concentration of interest. Companies like MSFT or GOOG are tech diversified and they can provide exposure to tech. Large BHC (bank holding companies) like JPM can provide exposure to financial services. And public REITs like O or VNO can provide exposure to US real estate. Or just keep it simple and create a basket of Dogs of the Dow or one of the Dog variants and rebalance once a year. That's usually just 5 to 10 different companies iirc.
ACLX or VNO if they are able to breakout to the upside. Check the daily and 1 hour charts. Bullish momentum, pull back into consolidation, Relative Strength 90+ ... but then again. what do I know? Probably not much considering I am an extremely unprofitable trader who has not accumulated millions of dollars trading this exact same set up for years... Right?
Up .5%, down .1%, up again, down again. As of 15:17 up about .26%. Do we stay green for the day? VNO (almost +5% (and maybe AAPL) are the only things making any kind of material move
Can't you post them like T-H-I-S, with dashes/dots or something? I checked VNO, WPC, etc. and 1.6 PB and negative EPS of first one, didn't impress me. Not sure where you're finding "pennies on dollar" bargains. Over this side of the sea (Europe), there're also a few good REITs, but almost all are already up 30-40% YTD trading a little above their book value. I find those safer than something at 1.6 PB.
I own it. Almost 50% of their mkt cap is cash. All debt is non-recourse to their balance sheet. 3 properties are debt free (2 in NY, 1 in SF). They recently renewed one of their loans at 4.08% interest what looks like a great deal. Management seems to be super conservative, insiders were buying in $4-6 range. If your'e looking at CRE - PGRE and VNO seems to be the most logic choices, PGRE is much cheaper.
VNO and other REITS getting bids. Anything with a lot of debt that benefits from lower rates. This is why IWM is doing well. I just want my WBD to go as well
Those are broad real estate reits so they also include industrial, retail, housing, etc. If you look at the top holdings of those reits, they tend to hold mostly industrial and retail REITs. If you want to look at CRE REITs - you need to look at REITs like VNO and BXP.
$VNO CALLS, Short New York? let’s fuckin’ go.
$VNO CALLS, Short New York? let’s fuckin’ go.
$VNO CALLS, Short New York? let’s fuckin’ go.
$VNO CALLS, Short New York? let’s fuckin’ go.
CBRE is up bigly. VNO would be a good play for anti office, and anti NYC as well, a small bonus.
Anything related to home building. Go to stay abhead of any Fed rate cuts. Also VNO as people return to work.
I remember in March I was looking at $VNO at $13 and thinking to myself "in retrospect it's gonna be so obvious that buying prime NYC real estate on the dip is a no brainer". I didn't pull the trigger because my money was tied up in puts.
I don't own it but VNO.PR.O up off the lows but still trading at around $13 and change with an 8% yield and par is $25. Preferred so you're above common at least and cumulative if dividend is for whatever reason suspended. I dunno, just thoughts.
What you like in cre? I loaded up on VNO around $14.That and meta sub $120 seem like the most obvious plays of the last year, but it’s easy to Monday morning qb.
Looking into the following ticker symbols $VNO $BXP $ARE Both VNO and BXP have taken a 50% haircut since 2022, ARE performing a bit better with just a 20% slump.
Yes - Also I think someone else mentioned it in the comments. But there is also a distinction to be made between commercial office real estate and other forms of commercial real estate. REITs which are largely office workspace assets such as VNO, BXP, SLG are below their covid low valuations. And in some cases are below their 2008 GFC lows.
Sure. Do your own DD, but here are a few areas: - office REITs: been painted with a broad brush since COVID. Will be a very binary place. If you look at more granular data, all the unoccupied units you are hearing about are in like 10-15% of real estate. So, really good class A, recently built and more “trophy” assets are at close to 100% occupancy. The class C offices built in 1980 with poor amenities have more like 30% occupancy & are where the issues are coming from. So companies like CUZ, SLG (maybe) and BDN (maybe) may be fine, but are being sold off like VNO and ONL. For a nichier play, PSTL is an interesting one (sole tenant is the USPS - so will be more defensive.) - traditional energy (pipelines, oil and gas, etc.): dirty, but necessary industry. Hype is green energy. Market fails to recognize this is a long term transition - the transition to a green economy (if it happens at all frankly) won’t be an overnight thing. Even if it does happen, trad sources will act as a backup - you may have a solar farm out in Texas, but there is normally a gas or oil burning generator associated with that solar farm which kicks in during peak hours (and kicks in quite often I might say.) Demand is there which supply / investment is being throttled. Good macro backdrop. However, these guys have a history of f*cking investors over and plunging money into capex projects that offer poor returns. Be wary. For what it’s worth - Occidental Petroleum is owned by Buffett and can look at EPD (they own a large portfolio of pipelines connecting the major oil & nat gas basins to Texas refineries).
I think NVO is killing off the competition. They bought a Canadian company, [Inversago Pharma](https://inversago.com/en/2023/novo-nordisk-to-acquire-inversago-pharma-to-develop-new-therapies-for-people-living-with-obesity-diabetes-and-other-serious-metabolic-diseases/) that also is working on treating and preventing obesity and other metabolic disorders. Also NVO is trying to sue companies that do compounding and other weight loss alternatives. If only VNO and LLY produce weight loss drugs, I guess prices of the drugs will remain very high because of lack of competition and limited availability.
There are a number of preferreds to consider, too. A VNO director bought a bunch a while back.
A part of me thinks VNO has potentially bottomed. But then I read about babies dying of fentanyl poisoning in daycare centers used for storing drugs where children nap, then this morning daycare facilities used as gun printing operations... https://news.yahoo.com/nypd-discovers-3d-printed-ghost-193840305.html As a new yorker, the city feels more fucked up every day...
I don't own them but if someone wanted to bet on REITs I'd look at preferreds - Vornado preferred's yielding 8%ish and somewhat safer than common stock in a worst case (plus, for example, VNO.PR.O is a cumulative preferred if the dividend is cut - https://www.investopedia.com/terms/c/cumulative_preferred_stock.asp. Par is $25 and trades about half that.)
Some of the trades it found today with high risk to reward ratio and al valid, vProId, symbol, spreadType,: 11, 0x500, IM, IG, 180, 179, 198,199, 21 ,0x230, GED, IC, 173,172, 183, 184, 20 ., 0x430, IBB, IC, 123, 122, 134, 135,20 1, 0x540, IYR, IC, 81, 80, 89, 90, 202309 11, 0xc0, MA, IC, 375, 370, 415, 420,2023 1, 0x40, MDI, IC, 455, 950,500,505,202 1, 0x180, LIN, IC, 360, 355, 400, 405, 20 1, 0x510, XLV, IC, 132,131, 141, 142, 20; 1, 0x5e0, ALB, BC, 195, 200, 0, 0, 202309 17, 0x530, VNO, IC, 78, 77, 86, 87, 202309. I have all entry and exit strategies coded
As luck would have it, Vornado (VNO) is reporting earnings AH today, so have at it.
Here are the EPS expectations for AH earnings today: RIG $ -0.14 (off shore drilling) WDC $ 2.51 (SSD manufacturing) ANET $ 0.70 (cloud equipment) ZI $ 0.26 (Zoom) THC $ 1.11 (healthcare, not a weed stock) VNO $ 0.10 (commercial real estate) LSCC $ 0.51 (semi chip) CAR $ 9.44 (Avis) WELL $ 0.27 (senior living REIT)
The negativity towards commercial RE is largely geared towards urban offices in areas where WFH continues to have an impact and if it continues to have enough of an impact for much longer there could be larger concerns. Pimco has had some defaults, Brookfield has had some defaults. There's also a level where some of these names might have already been pricing in a fair amount. VNO and other NYC real estate names have bounced a bit lately but none of them have been particularly great investments in the last decade or so. Blackstone is largely warehouse and other things. There are tons of different subsectors of REITs - apartments, data centers, malls, billboards, etc. Over time, all of those subsectors have often had differing fundamentals under the broader umbrella of REITs. Aside from data centers, there's never been subsector REIT ETFs for those who want to bet on/against any of these subsectors. In this case, there's some troubled sectors of real estate that could get worse if things don't improve soon, some that are doing okay and some that are doing well. If we have a broad recession then they're all going South. If there is a lot of distressed real estate in the months/years ahead, CSGP's 10-x will likely be a beneficiary. Dan Loeb on Costar from 2021 (was early): "Finally, we believe CoStar will be a material beneficiary of impending COVID-induced disruption in the CRE market. As has been well-publicized, COVID is expected to drive unprecedented changes in demand for office space (via relocation & de-densification), hospitality/retail real estate (due to tenant distress), and other CRE sectors. However, the resultant market impact has been delayed by a combination of government stimulus and long-duration commercial leases. As underlying demand disruption becomes more evident, we believe CRE arms vendors like CoStar will benefit from the increased need for property advertising (to lease vacant spaces) and transactional platforms (to buy/sell distressed properties)." Full thesis from 2021: https://www.gurufocus.com/news/1423832/daniel-loeb-comments-on-costar-group
Buying 2 year LEAPs on $VNO, i think people should check out their fundamentals and the fact that they are undervalued asf
Commercial real estate already crashed a ton, especially office REITs. VNQ is down about 30% from peak. Office REITs like Orion office and VNO are down nearly 80%. Honestly, shorting commercial real estate is pretty stupid at this point. It's actually one of the few reasonably priced assets in this market. It might crash further if the US defaults but otherwise it's huge value. What a lot of people miss is that while there's vacancies, many of these REITs still have solid cash flows and sufficient FFO to cover their dividend, and competition from new construction is pretty much nonexistant. Most businesses are requiring back to office as well. So it will fix itself over time.
if its inevitable then go short SLG or VNO. put your money where your mouth is big boy
Won't get you rich quick but both will be cut in half: BXP VNO The CMA play is good too as they are headed to zero
OK SPY may be flat but commercial real estate amd regional banks are down. They are the canaries in the coal mine. ZION CMA BXP VNO puts cashing...
Office expo matters. High expo ones like VNO and SLG are already tits up. Lower expo ones like RC are solid and wont be hurt further. Priced in its too late for this trade.
Id argue you are late. Look at VNO and SLG for example, some of the bigger non bank lenders that had high office exposure, already tits up. Priced in by now.
$VNO suspends dividend. It was 10%.
2 days after I posted this VNO announced they are switching to this model. They must have seen my thread.
2 days after I posted this VNO announced they are switching to this model. They must have seen my thread.
Office properties. See VNO or SLG for an example.
Have the same sentiment about buying the fear but worries about being too early. I am hoping there will be atleast some panic once the write offs start and we will hopefully get better prices. Evening VNO and ALX
Spent some time on r/AIpornhub Holy shit. Humanity is doomed. But I will definitely be buying an officer big butt for the home. Also, commercial REIT tickers for puts: KRC, SLG, VNO, BXP, SPG The easy money's been made so I'm buying with caution.
I usually hold a lot of REITs including some commercial but the commercial side like VNO has been crushed lately. The major risk as I see it is refinancing risk. Most of the commercial REITs have income coming in its just trending down. But it's not like the lender can repo and flip the property so they are forced to renegotiate. So I'm nibbling a bit at the lows on things I like, SPG, DRN ETF, EWRE, VNO, etc. That said are LADR puts still the play here?
The market is going down a lot more. While you have missed some of the move on VNO etc., its going to get worse. However, because people in washington are in such an echo chamber, they will try to elevate the market through statements and such. Like Yellen's emergencey bank stability meeting today. Or like her changing her official statement wednesday about not insuring all deposits and then say the might. My point is, I believe I will get another chance at entering a short higher. The market didnt go straight down 2007-2008 - techs rallied that summer. ITs happening the same way this time.
Rn just ABR and SLG but looking to short BXP, ARE, DLR, and VNO
People don’t realize the quality of properties SLG, VNO and BXP have. These are mostly Class A office with amenities. It’s the low end office that will is most susceptible to WFH. SLG is getting hammered bc they have nearer term maturities, and one of their buildings was for Credit Suisse through 2037 (but only 3% of all rental square footage). Office has real problems but SLG, VNO and BXP have very high quality properties in good location. They are trading like regional banks that could be gone over a weekend, but their don’t have the funding problems you see with banks on deposits.
This just popped up for me today and it looks really compelling. Do you mind sharing any specifics ways to play it? It looks like VNO Vornado office reit CDS values just spiked and they do have an options chain with workable volume. [check this out?](https://twitter.com/benitoz/status/1639056151101980672?t=HdSv7rhtVtWz6RZAfiUW7A&s=19) I was also thinking about puts on KRE regional banks etf.
Do you not realize what’s going on with commercial real estate?? Check out VNO SLG
There is no reason for VNO & SLG to be so cheap, they are not going bankrupt.
How the f*ck is VNO & SLG so cheap are they going bankrupt?
VNO also. Complete garbage
VNO is below where it was in 2008 and is down nearly 50% from mid Feb. There's also a number of cumulative preferred share classes (VNO.PR.L/M/N and O) I don't own it, have owned the pfd's in the past and are pondering them again.
Brookfield has a variety of real assets inclluding infrastructure but a large chunk remains offices (which...look at office REITs like VNO/BXP) and malls (buying GGP wasn't a good idea.) Additionally, while breaking apart BAM/BN could be argued was creating value, it has only added complexity - Brookfield is worse now than Liberty ever was in regards to various spin offs - it now has two versions of nearly all of its spin-offs. And that's the surface - under the surface with the various funds and other entities, Brookfield's org charts even for one of their spin-offs are similar to the GE org chart joke from "30 Rock." BX has the private equity side too, but with real assets they looked more towards growth with exposure to industrial/warehouses, life science and elsewhere. More value-oriented Brookfield's purchase of GGP now clearly seems like a value trap (and by association, sweeping Brookfield Property under the carpet.) Brookfield is certainly not a bad company, it will probably continue to be a good long-term holding, one can argue that it's cheap here but if commercial RE gets worse, they can be opportunistic about further investments but they are certainly exposed to offices. Again, great company and something maybe I'll look at again in the months ahead, but maybe there's a little too much belief in Bruce Flatt. Sometimes great value investors do run into value traps. Also, if they want to ever narrow the discount there has to be some steps to simplify the company.
VNO is also a REIT. REITs will have issues in a down turn with the entire real estate market, but what does this have with banks?
My VNO shares agree with this
High unemployment is gonna be bad for office REITs and regional banks that deal with it. aka SLG BXP VNO
bought to yolo my port into VNO , KNC puts
>and feels it’s a bargain because it’s price to book value Sofi is not a tech company. They are a financial company. They have all the regulation requirements of a financial company, so they should trade like a financial. The company trades at 1.71 P/TB. Unprofitable financials usually trade at around 0.8x. So it is still 2x overvalued. ​ >neither, both? Neither. Both are overhyped and expensive given their industry. But I would rather own companies that are unliked, have hidden assets that provide a margin of safety and if possible return the money through dividends or buybacks. VNO for example at the moment or something like CRESY
I was really hoping to find a good office REIT ETF and own the entire sector, but none exist. VNO looks solid. I also think JGBS in Washington DC looks interesting. It was actually a VNO spin-off in 2016. I also think the "end of office real estate" narrative is overplayed.
ESRT is on my watch-list. VNO and SLG - have much newer modern buildings which rent for more. ESRT was quick with the dividend cut which I think was smart. ESRT is using that capital to buy back stock.
I'm long VNO, I think the "end of office real estate" narrative is overplayed and will turn out to be false. CRE will have some pain in the next year as recession hits, but ultimately I think this will give companies more leverage to force employees back to office. VNO also has a great portfolio and luxury office space has fared much better than a lot of other CRE's. Recent divvy cut but I think this is a great long term opportunity if you don't think remote work is here to stay. I will continue accumulating over next couple years.
Thanks VNO Vornado Realty Trust and SLG Reality just cut their dividends. If the economy has a soft landing, I think this might be the bottom. I could see them getting back to 2019 prices in 5-10 years which would be a huge return also big while waiting dividends. Few are building CRE right now, so there might be a supply shortage in the future. From my small sample, WFH seems to be ending. People are getting called back, and I don't see that many WFH jobs posted on linkedin anymore. The upcoming recession might actually allow managers to force people back to the office, and make CRE more valuable at a time when prices for it would ordinarily be falling.
I bought some VNO preferreds (vno.pr.o) yesterday. Trading at almost half par, became too tempted to buy a little and hopefully things stabilize enough that the dividend isn't cut.
IMO, there's a moderate chance that this is not good, but "digestable" and eventually works itself out only to start over again down the road. There's a slight chance that it becomes worse. More broadly, my concern with commercial real estate is that you have a continued push for WFH combined with likely recession; look at the NYC REITs - VNO, SLG have cratered and SLG reduced the dividend. Offices are looking very problematic and if you can't get people back into cities, how many other, nearby tenants (restaurants, retail, etc) that count on office traffic are going to be impacted? If Blackstone's commercial RE issues become worse, does that lead to a broader RE crisis? If that's eventually the case, then Costar is a beneficiary. Dan Loeb's Q2 21 thesis, which was perhaps early: "A few months ago, CoStar embarked on 'Act 2' of its journey with a vision to build the "Nasdaq of CRE" a transactional marketplace where properties can be bought and sold online. To enable that vision, CoStar recently acquired Ten-X, the world's largest CRE auction website with 90% market share. We believe Ten-X unlocks a transformational revenue opportunity for CoStar. Real estate is the US' largest spending category but has been the slowest to move online (nearly $1 trillion of CRE transaction volume annually, 98% of which is done offline). As online penetration grows, Ten-X's dominant share suggests it will be the largest beneficiary, with a revenue opportunity 3x-4x larger than CoStar's entire business today. And while Ten-X's auction platform has always offered a compelling value proposition for owners and brokers (particularly in the underserved long tail of smaller CRE transactions), its penetration was historically constrained by weak distribution. Encouragingly, though, our research suggests it has experienced dramatic traffic growth during the past few months as CoStar has started to cross-sell the Ten-X platform into its much larger installed base. As Ten-X scales, we believe CoStar should be able to accelerate revenue growth from mid-teens to 20% and drive EBITDA growth from 20% to 30% over time. **Finally, we believe CoStar will be a material beneficiary of impending COVID-induced disruption in the CRE market. As has been well-publicized, COVID is expected to drive unprecedented changes in demand for office space (via relocation & de-densification), hospitality/retail real estate (due to tenant distress), and other CRE sectors. However, the resultant market impact has been delayed by a combination of government stimulus and long-duration commercial leases. As underlying demand disruption becomes more evident, we believe CRE arms vendors like CoStar will benefit from the increased need for property advertising (to lease vacant spaces) and transactional platforms (to buy/sell distressed properties)."**
"Lower demand for offices across the U.S. could wipe $453 billion off their value in the coming years, according to a study from researchers at New York University and Columbia University recently published in the National Bureau of Economic Research. The study is a working paper, and hasn’t yet been peer-reviewed." (https://observer.com/2022/10/remote-work-could-knock-39-or-50-billion-from-the-value-of-new-york-city-offices/) BAM owns a lot of office space. REITs haven't done well lately, either although it varies depending on subsector. Vornado (VNO) - which is almost entirely NYC real estate - is back to around where it was at the bottom in 2008.
Pick some REITs like $O (diversified) or $DLR (data centers, really good performance, it has bet the SP500 on the last years) or $MPW (hospitals) or $VNO (offices in expensive places, really cheap now because of the "work from home" thing, can be a really good play if the trend reverses)
VNO is a growth style REIT that has huge exposure to SF, Chicago, and New York commercial real estate. and mostly white color and consumer facing businesses. I can’t read well enough for a full DD post but i’m short as of 10 mins ago
1. Walmart and Target have not done well recently but I think some of that is somewhat temporary. 2. Increasing amount of transactions done online but I don't think that retail is going away; you had a massive move to online in the last couple of years followed by a fairly significant snap back to physical retail. Look what what happened to Amazon - massive warehouse expansion and then all the sudden it became apparent that they'd overexpanded. Around the same time, massive warehouse REIT Prologis (who counts Amazon as a major tenant) went down about 30% in a month. 3. There is still probably some ways to go with lower quality retail space going away, but I don't think it's a collapse in retail RE as much as a continued erosion followed by leveling out at some point. Retail real estate is not going to go away but it's not going to be a great business either and will likely be a smaller industry going forward. Outdoor shopping centers over indoor malls. It feels like we've been having this discussion for years though, even before covid so while covid perhaps accelerated the pre-existing decline in malls, it feels like we're already some way through the process. 4. WFH continues to be a factor - while office occupancy has risen in recent months, it still remains in many areas a fair ways off of prior levels. I think office *is* somewhat concerning - I don't know if it turns into a crisis, but it really does feel as if occupancy can contnue to rise but probably won't get back to pre-covid levels for a long time. Vornado (VNO) is slightly under the March 2020 low and other office REITs are close or not that far from that level. It depends on what happens in the months and years ahead, but if office occupancy isn't fully coming back anytime soon there's definitely concerns over not only offices, but surrounding tenants. 5. I don't know that I see a crisis soon, but cities (not just offices, but surrounding retail and other tenants) are a concern if things don't improve much further soon. Retail it feels like e-commerce growth has come back to trend. I do think that there's more and more ship-from-store being done so to some degree high quality retail stands as the dual purpose retail and fulfillment center.
Lol yep. Apparently several of their properties might have gone into foreclosure between 2009-2012. Let history repeat itself. Also check out Vornado Realty Trust $VNO
Personally I would choose VNO if investing in NYC real estate. Both are very undervalued, but VNO has a 30+ year track record.
"Does anyone know of any REITs focused primarily on the Las Vegas residential market?" Almost all REITs are diversified to varying degrees. The only names that are really almost entirely focused on one specific area are the NY REITs - SLG, VNO
After Hours Losers $FTCH -2.6% $RELY -2.0% $VNO -1.8% $CVNA -1.8% $GPS -1.8% $TRIP -1.6% $ENTG -1.5% $SPT -1.5% $KBR -1.5% $KOS -1.4%
Luckily you can't print more land. The loss of business from the pandemic probably knocked \~28% off their value but you've also got \~20% inflation since then propping up those values. Let's go VNO!
The concern that I have with viewing REITs as "income" is that too many people (imo) put yield first, fundamentals second. I think REITs are like any other stock - you have to have a strong view of the fundamentals and be able to make a case for the short and long-term. I think if someone screens for what yields the most and prioritizes that over fundamentals, if the fundamentals aren't there then eventually there's a decent chance the yield won't be, either. Personally, I look for REITs that offer a balance of growth and income, and if there's growth then there's the possibility of dividend increases over time. I don't agree at all with the approach that some people take which is basically picking "what yields the most." Some industrial REITs (warehouses) like PLD are interesting because they continue to benefit from e-commerce. COLD is a temperature controlled warehouse REIT that I think is a good long-term holding that is being impacted short-term (and may continue to be for some time) because of supply chain issues. The data REITs (data center, cell tower) have continued to do well, such as EQIX. Alexandria (ARE) is a REIT that I've considered lately. It does have some technology tenants (Facebook, Uber), but around 90% of its tenants are science/healthcare. Providing lab space is not easily replicated and that space has stayed open through this - if lab work needs to be done, there's no "work from home" for that (which might continue to have an impact on urban office space for a while.) There's no "e-commerce" to disrupt it like there is with mall real estate. I don't have any interest in owning malls, especially indoor malls - some shopping centers may be okay. I don't really have a view towards office REITs, which I think might continue to be impacted by WFH (although if someone thinks everything is going to go back to the office, they can look at things like VNO/SLG.) I've never been interested in hotel REITs, which are very economically sensitive and - aside from the rebound after they crater (2008, 2020) have never been particularly good performers. Billboard REIT Lamar (LAMR) has actually done okay over time but it's definitely quite economically sensitive.
There's very, very, very few area-specific REITs - VNO is a example being almost entirely NYC (see also SLG) The majority of REITs are diversified. I can't think of anything that's majority (or even "a lot") Florida.
You need VNO for the [PEN15 jokes](https://en.wikipedia.org/wiki/15_Penn_Plaza)
2 questions for you since you’re a bright person I’ve encountered on here: 1) what do you think of leaps on Reits? VNO for example is still way below pre pandemic 2) can you think of any high p/e, low iv, good liquidity stock for put leaps? Like Tesla but lower iv and less fame
By buying VNO you are betting that everyone will go back to the office, particularly in the big cities. I think it’s certain that some people will go back some of the time, other people will go back all of the time but all of the people will not go back all the time. Sorry for The historical reference. I don’t feel comfortable taking the risk that I misjudge the going back to the office effect. How about this instead. Hotel REITs. Everyone wants to travel and that means hotels but that’s not enough. Will business travel come back bigger and better? First thought would say no. The technologies that enabled companies to communicate during the lockdown are valuable and will forever replace some business travel. However, nobody wants to commute anymore. It seems likely to me that many employees will work from home most/some of the time. Where will these employees stay when they come back to the city centers for their monthly meeting? I wonder if hotels in city centers are a better investment than office space in the same areas. Now, suppose I’m wrong. Suppose everyone comes back to the office. City centers are busy again and the sidewalks full. Then business travel would also be busy for the same reasons. Everyone wants to be there.
I have a friend from high school who went onto getting a masters in finance and business and he's one of those 'analysts'. He's in reit shop a little different then businesses but 5 years ago he was one of vp at VNO, currently he's at the next bigger corp in an even better position. His salary is 350k + bonuses, "analyzing" one property for 1-2 months, writing up a report about the property saying how overvalued it is, then a year or two later the Corp will put out low ass bid$ to purchase said property for nothing citing all the analysts reports out there giving it a low value.
REITs are generally more diversified with rare instances of ones that are focused on an area (VNO for New York City.) I don't know of any office REITs with a lot of Texas exposure but there are a couple of apartment REITs - BSR REIT in Canada has a significant focus on Texas (there's BSRTF on the pink sheets but be careful - some brokers do charge significant fees for foreign ordinary share trades - symbol ends in F. Contact your broker first). I think NXRT also has a decent amount in the US in Texas (Dallas, Houston) but BSR is the REIT that comes to mind with the most significant exposure to Texas.
VNO really naming their new building PENN15.. https://newyorkyimby.com/2021/02/foster-partners-1270-foot-supertall-penn-15-gets-additional-new-renderings-in-midtown-manhattan.html
ARR ESRT VNO Go balls deep
Remember they came from a to.e where it was socially acceptable to use N word, and every other nasty word you can think of. Gotta think of something else. Maybe try swtcharoo. All in $T All in $KO All in $KR All in $WBA All in $VNO.
does anyone here have any positions in VNO?
VNO looks good too it has a nice q4 revenue
Similar double patter I searched yesterday was CTXS, SLG, VNO, CCL, YELP.
I should've posted about VNO five days ago but this has been a great boomer buy. at $36 it was paying ~6% div yield and now trading +20%. Think it still has room to run over the next year or so