Word: vornado
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...from its peak in February 2007, according to the NAREIT. So investors are willing to pay up for REITs based on their longer-term outlooks and potential windfall in the distressed real estate market, says Bohjalian. REITs touted as likely buyers in the distressed market are Simon Property Group, Vornado Realty Trust, Boston Properties and Host Hotels & Resorts...
...firms are starting to defy this unspoken rule. A team of PE players joined forces with publicly held Vornado Realty earlier this year to try to derail Blackstone's agreement to buy office giant Equity Office Properties Trust. Although the PE contingent, which included Starwood and Walton Street Capital, eventually dropped out, the ensuing bidding war wound up costing Blackstone significantly more to buy Equity Office in what became the largest leveraged buyout in Street history. Blackstone was forced to boost its bid to $55.50 a share, or $39 billion, from the original $48.50 a share. Another deal jumper...
...AHEAD, TOUCH IT The Vornado Zippi desktop fan ($20) is ideal for a small office or even a child's bedroom. The blades are soft nylon flaps, so even at top speed, they won't hurt your hand. The fan is also available in green or yellow...
Kahan recommends preferred shares (yielding 6% to 8%) of bank companies, including Fleet Financial and HSBC, and of real estate investment trusts, including Vornado Realty and Health Care Properties. He likes junk-bond mutual funds, including Columbia High Yield and Northeast Investors. He also favors short-maturity bond funds (which yield just north of 1%) like Vanguard Short-Term Bond. Bank CDs are another alternative to money-market funds. Keep a mix of CDs that come due in three, six, 12 and 18 months. You can get 2% on a three-year CD, but you'll run the risk...
...couple years as investors dumped them for more lucrative returns in the tech sector. Now, with tech wobbling, the real estate market remains hot, so REITs have been rising. Analysts favor those with holdings in high-occupancy areas or with long-term commercial leases. Leading performers this year include: Vornado Realty Trust and Spieker Properties. The risk: if interest rates keep rising, REITs could take another...