REIT Pick #1: Vornado Realty Trust (VNO)
Vornado Realty Trust (VNO) is one of the premier commercial REITs in the nation. It holds a number of properties in the very attractive area of New York City, and this includes prime real estate like Madison Avenue between 59th and 60th — as in, the entire western block. That property alone has more than a half million square feet of office space and 71,000 square feet of retail space.
And that’s just one property. VNO has so many more in NYC, as well as Chicago and Washington, D.C. The list goes on and on.
In fact, this REIT has so many properties that it can sell any number of them whenever it wants, raise capital and redeploy it into some other property.
VNO stock yields 3.2%, which isn’t screamingly high, but solid.