Vornado More Likely to Sell Than Buy After Prices Rise

Vornado Realty Trust, owner of more than 100 million square feet (9.3 million square meters) of U.S. properties, will probably sell more real estate than it acquires following a surge in values, Chairman Steven Roth said today.

“I can see the bubble on the horizon; the fat lady entering the building,” Roth wrote in his annual letter to investors, filed with the U.S. Securities and Exchange Commission. “My belly tells me that prices are now higher than future prospects and therefore, we will buy carefully and likely sell more than we buy.”