Vornado Realty rallies 15% after Q2 beat, Uniqlo deal
** Vornado Realty Trust's VNO.N shares rally, snapping three-session losing streak on Tues, after commercial REIT posted qtrly beat and said its JV entered transaction with Uniqlo
** VNO shares rise as much as 15% to $31.36 to highest level of 2024. Stock on course for biggest daily gain since Nov 14
** NYC-focused VNO late Mon reported Q2 adj FFO/sh of 57 cents, above LSEG estimate of 53 cents/sh
** Rev in qtr of $450.3 mln surpassed Street forecast of $439.3 mln
** VNO also announced its majority owned retail JV entered into agreement to sell Uniqlo the portion of its U.S. flagship store at 666 Fifth Ave owned by the JV for $350 mln
** Uniqlo is primary subsidiary of Japan's Fast Retailing 9983.T
** The JV will continue to own about 24k sq feet of retail space at 666 Fifth Ave consisting of Abercrombie & Fitch and Tissot stores, VNO said
** All of estimated $340 mln of the sale's net proceeds to partially repay $390 mln of VNO's equity on the asset
** Half of the 14 analysts covering VNO rate stock "hold", rest recommend "sell" or "strong sell" and their median PT is $24 - LSEG
** With move on the session, VNO shares up ~11% YTD
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
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