Hawkins Entrekin, Founder and Managing Principal of Warden Capital, joins Yet Another Value Podcast today to discuss his thesis on Vornado Realty Trust (NYSE: VNO), a fully-integrated equity real estate investment trust. The conversation begins with an overview on the New York City real estate market in general and transitions to better understand, why, for Hawkins, he picked $VNO over other New York office-focused REITs.
For more information about Warden Capital, please visit: https://www.wardencapital.com/
You can Follow Hawkins Entrekin on Twitter @,HawkinsEntrekin here: https://twitter.com/HawkinsEntrekin
$VNO on Hawkins' substack: https://warcap.substack.com/p/on-vornado-nyc-office-market-part
Chapters:
[0:00] Introduction + Episode sponsor: Stream by Alphasense
[1:31] What is Vornado $VNO and why are they interesting
[2:32] Are the Commercial Real Estate headlines are wrong?
[8:25] Oversupply of office buildings in New York City
[19:18] New York City real estate "doom loop"
[25:09] Why $VNO over other New York office-focused REITs
[29:02] $VNO management team - thoughts on Steve Roth
[33:01] $VNO real estate portfolio
[41:02] Penn Station area[43:17] $VNO cap rates
[48:17] Cap rates on Farley and Penn Station after amenities added
[52:03] Citadel 350 Park deal
[54:39] $VNO valuation
[1:01:55] Sell-side coverage
[1:06:09] $VNO final thoughts
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