Vornado Realty: Reviewing The 7%+ Preferreds After The Latest Earnings

Arbitrage TraderInvesting Group LeaderFollow5ShareSavePlay(7min)CommentsSummaryVornado Realty Trust maintains stable financial and credit metrics, with total assets of ~$15.5B and debt of ~$7.94B.VNO’s market-adjusted asset yield is 4.5%, and its expected AFFO yield is 5.05%, among the sector’s highest forward P/AFFOs.Credit ratings remain unchanged: Moody’s Ba1, Fitch BB+, and S&P BBB-, with market-adjusted metrics supporting a Ba1 rating.VNO’s preferred stocks yield 7.34–7.47%, trading below par and offering a yield premium versus sector peers, with moderate credit risk.This idea was discussed in more depth with members of my private investing community, Trade With Beta. Learn More » Getty Images In the following lines, we will take a look at a company that we have reviewed before - Vornado Realty Trust (VNO) and its financial instruments (you can see our last article here). VNO announcedThis article was written byArbitrage Trader15.61K FollowersFollowArbitrage Trader, aka Denislav Iliev has been day trading for 15+ years and leads a team of 40 analysts. They identify mispriced investments in fixed-income and closed-end funds based on simple-to-understand financial logic. Denislav leads the investing group Trade With Beta, features of the service include: frequent picks for mispriced preferred stocks and baby bonds, weekly reviews of 1200+ equities, IPO previews, hedging strategies, an actively managed portfolio, and chat for discussion. Learn more.Analyst’s Disclosure: I/we have a beneficial long position in the shares of VNO.PR.L either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.