One of the leading real estate investment trust (REIT),
Vornado Realty Trust (
, recently announced that its Chief Executive Officer (CEO),
Michael D. Fascitelli, decided to step down from his post
effective Apr 15, 2013. Consequently, the Board of Trustees
appointed Steven Roth as his replacement.
Michael D. Fascitelli, 56, has been with Vornado for 16 years.
Since the last four years, he has been serving as the company's
CEO. Post resignation, Fascitelli will continue to be a member of
company's Board of Trustees. During his reign, Vornado achieved
great heights benefitting from his vast knowledge in the real
estate industry. Also, under his leadership, the company gained
much success in strengthening its office portfolio reach in two
of the best U.S. long-term office markets.
The new CEO, Steven Roth, 70, has been serving Vornado since
1980. He is currently the Chairman of the company's Board of
Trustees. Notably, he has also been on the post of CEO of Vornado
from May 1989 to May 2009, prior to the appointment of
Fascitelli. On previous occasions, Roth was also the Chairman of
the National Association of Real Estate Investment Trusts
With his vast know-how in the REIT industry, Roth can easily be
regarded as a veteran of that sector. We expect the company to
reach new heights benefitting from his coherent and strategic
Lately, Vornado reported fourth quarter 2012 results with
adjusted FFO (funds from operations) per share of $1.22, beating
the Zacks Consensus Estimate by 7 cents. Moreover, the earnings
exceeded the year-ago adjusted FFO of $1.03 by 18.4%. The results
were attributable to the company's successful execution of
Recently, another REIT
UDR, Inc. (
witnessed management changes. The company appointed a new Chief
Financial Officer (CFO) and Senior Vice President, Tom Herzog, in
late Dec 2012, after the retirement of its previous CFO in May.
Vornado currently has a Zacks Rank #3 (Hold). REITs that are
performing better than Vornado include
Agree Realty Corp. (
Simon Property Group Inc. (
. Both these stocks carry a Zacks Rank #2 (Buy).
Note: FFO, a widely used metric to gauge the performance of
REITs, is obtained after adding depreciation and amortization and
other non-cash expenses to net income.
AGREE RLTY CORP (ADC): Free Stock Analysis
SIMON PROPERTY (SPG): Free Stock Analysis
UDR INC (UDR): Free Stock Analysis Report
VORNADO RLTY TR (VNO): Free Stock Analysis
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