Vornado Realty (NYSE:VNO) to Acquire 59% Stake in Residential Complex in Manhattan – VNO, LXP, SLG, JCP

Vornado Realty Trust (NYSE:VNO), the real-estate investment trust possesses and manages commercial properties around New York and the District of Columbia, has purchased almost 59% stake in a residential complex in Manhattan, in a pact that worth the property at $844.8 million.

The New York based company reported that the action comes as Vornado has been acquiring up additional in its strongest markets, while shedding properties in its noncore markets.

In 2011, Vornado acquired a 51% stake in the subordinated debt of Independent Plaza, valued $45 million and a warrant to acquire 25% of the equity, worth at $1 million.

Shifting reader’s focus to broader market, let us consider market performance of other stocks that significantly affect same sector. Lexington Realty Trust (NYSE:LXP) fell -0.29% to settle at $10.17, SL Green Realty Corp (NYSE:SLG) moved down -1.35% to end at $76.61 while J.C. Penney Company, Inc. (NYSE:JCP) dropped -2.49% to finish at $19.59 on Friday.

Vornado Realty Trust (NYSE:VNO) last session’s volume of 1.48 million shares was higher than its average volume of 962,576 shares. The stock after opening at $79.53 hit high price of $88.05 and then closed at $79.76 by scoring -0.49%.

VNO generated revenue of $2.82 billion in the previous twelve months and earned $315.71 million. The Company showed a positive 16.29% in the net profit margin as well as in its operating margin which remained at 28.08%. Company’s annual sales growth for the past five years was 8.90%.

The VNO’s past twelve months’ price to sales ratio was 5.26 and price to cash ratio remained 31.87. As far as the returns are concerned, VNO’s return on equity was recorded as 5.54% and return on investment increased 2.54% while its return on asset stayed at 2.26%.

The stock showed weekly upbeat performance of 3.21% which was maintained for the month at 6.52%. Likewise the negative performance for the quarter was recorded as -2.62% and for the year was 7.77% while the YTD performance remained at 7.28%.

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