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Vornado Rises Most in a Month as Chairman Promises Changes

Vornado Realty Trust, a property owner whose shares have lost more than 9 percent in the past year, rose the most in a month after Chairman Steven Roth vowed to put “everything” on the table to raise performance.

The real estate investment trust will consider options ranging from buying back shares to splitting into smaller firms that would focus on different types of properties, Roth said his annual letter to investors, released after the close of regular trading on April 13.

“We have lost some luster, and we are going to fight to get it back,” Roth wrote, quoting his Chief Executive Officer, Michael Fascitelli.

The company, based in New York, owns more than 100 million square feet of U.S. properties, with a majority of its earnings coming from office buildings in Manhattan and the Washington area. The company plans sell some of its malls and strip shopping centers as it divests “non-core” assets, Roth said. It also plans to start holding conference calls to increase communication with investors.

Vornado rose 2.8 percent to $82.15 at the close in New York, the most since March 13, for the biggest gain in the Standard & Poor’s 500 Index. The stock’s 9.5 percent loss in the past 12 months compares with a 6.6 percent increase in the 120-member Bloomberg REIT Index.

The chairman’s letter included positive commentary on commercial real estate and an “expectation for a long, sustained recovery,” Sheila McGrath, an analyst with Keefe Bruyette & Woods in New York, wrote today in a note to clients. Roth’s tone was “conciliatory -- acknowledging the need for change,” said McGrath, who raised Vornado from market-perform to outperform, the equivalent of a buy rating.

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