The S&P 500 was falling 2.35 points, or 0.17%, to 1,367.91.
Shares of Vornado Realty rose 3.18% to $82.48. The real estate investment trust's chairman, Steven Roth, said in a recent annual letter to investors that the company intends to decrease its enclosed-mall holdings and sell any non-core assets, according to Bloomberg. One of these non-core assets is a stake in Toys R Us.
Roth noted in that letter that "everything is on the table," Reuters reported.Vornado has an estimated price-to-earnings ratio for next year of 49.84 times; the average for industrial and office REITs is 49.98. For comparison, Boston Properties (BXP) has a higher forward P/E of 62.06. Ten of the 14 analysts who cover Vornado rated it hold. Three analysts gave the stock a buy rating and one rated it sell. The stock has risen 7.4% year to date.
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