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VNO · Vornado Realty Trust · Tenji

REIT - Office

VNO

Vornado Realty Trust

Date

Oct 4

News

Soft jobs report cools rate-hike bets, but 5.28% yields still threaten real-estate refinancing

September payrolls missed expectations, lifting stocks and easing bets on another Fed rate hike. But the 10-year Treasury yield is still 5.28%. That keeps refinancing costly for real estate trusts (REITs) like Vornado, and for the borrowers of property lender Starwood, whether or not the Fed hikes again.

Bad for ↓VNOBXP

May 12

News

Iran War Inflation Shock Reprices Fed Path — Long Dollar-Hedged Staples, Short Rate-Sensitive REITs

US CPI hits 3.8% — highest since May 2023 — driven by Iran war energy costs. Fed rate cut expectations must be repriced sharply. REITs, which rallied on cut expectations and now trade at stretched multiples with 10Y yields at 4.45% and rising, face a double compression: higher discount rates and energy-inflated operating costs. Short rate-sensitive equity REITs.

Bad for ↓BXPVNO

STWD

Bloomberg·Oct 4

SPG

BBC News·May 12

Real Estate

Big event