研究警报：CFRA对Vornado Realty Trust的股票持有意见

10:45 AM EDT, 11/01/2022 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

美国东部夏令时2022年11月1日上午10：45(MT Newswres)--独立研究提供商CFRA向MT Newswres提供了以下研究警报。CFRA的分析师总结了他们的观点如下：

We lower our target $6 to $28 on a forward P/FFO of 9.5x, a premium to U.S. office peer average at 8.6x given VNO's concentration in the Manhattan office market, where we expect to see rental rates hold up better in 2023. We lower our FFO in 2022 by $0.03 to $3.17 and 2023's by $0.30 to $2.95. VNO post Q3 2022 FFO of $0.79, $0.06 better than consensus. In Q3 2022, cash NOI rose 15.0% Y/Y and NY occupancy was 90.3%, 10 bps lower than a year ago. New leasing activity in NY office was 167,000 sq. ft. at initial rent of $87.69 per sq. ft. and renewal leases at $86.16. In the Penn District, VNO has a $2.4b budget and has spent $1.8b with $625m remaining that excludes future development projects of Hotel Pennsylvania (2.1m sq. ft.) and other pipeline. Top 20 tenants are 45.5% of total annualized rental revenue. Higher interest rates will increase VNO's finance costs with 28% variable debt on $10.5b total debt including JV pro rata share. Current dividend yield is near 9.0% signaling office real estate weakness.

我们将目标市盈率下调至28美元，预期市盈率为9.5倍，高于美国写字楼同行平均水平的8.6倍，因为VNO专注于曼哈顿写字楼市场，我们预计2023年曼哈顿的租金将保持更好的水平。我们将2022年的FFO下调0.03美元至3.17美元，将2023年的FFO下调0.30美元至2.95美元。VNO发布2022年第三季度FFO为0.79美元，比共识高出0.06美元。2022年第三季度，现金NOI同比增长15.0%，纽约入住率为90.3%，比一年前下降10个基点。纽约写字楼的新租赁活动为167,000平方米。英国《金融时报》起租为每平方英尺87.69美元。英国《金融时报》续签租约价格为86.16美元。在宾夕法尼亚地区，VNO的预算为24亿美元，目前已花费18亿美元，剩余6.25亿美元，其中不包括宾夕法尼亚酒店未来的开发项目(210万平方米。英国《金融时报》)和其他管道。排名前20的租户占年化租金总收入的45.5%。更高的利率将增加VNO的融资成本，105亿美元的总债务中有28%的可变债务，包括合资企业按比例分享。目前的股息收益率接近9.0%，表明写字楼房地产疲软。

炒股开户享福利，入金抽188元红包，100%中奖！

海量资讯、精准解读，尽在新浪财经APP