Warden Capital's Hawkins Entrekin on $VNO and debunking New York City commercial real estate market

Hawkins Entrekin, Founder and Managing Principal of Warden Capital, joins Yet Another Value Podcast today to discuss his thesis on Vornado Realty Trust (NYSE: VNO), a fully-integrated equity real estate investment trust. The conversation begins with an overview on the New York City real estate market in general and transitions to better understand, why, for Hawkins, he picked $VNO over other New York office-focused REITs. For more information about Warden Capital, please visit: https://www.wardencapital.com/ You can Follow Hawkins Entrekin on Twitter @,HawkinsEntrekin here: https://twitter.com/HawkinsEntrekin $VNO on Hawkins' substack: https://warcap.substack.com/p/on-vornado-nyc-office-market-part Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:31] What is Vornado $VNO and why are they interesting [2:32] Are the Commercial Real Estate headlines are wrong? [8:25] Oversupply of office buildings in New York City [19:18] New York City real estate "doom loop" [25:09] Why $VNO over other New York office-focused REITs [29:02] $VNO management team - thoughts on Steve Roth [33:01] $VNO real estate portfolio [41:02] Penn Station area[43:17] $VNO cap rates [48:17] Cap rates on Farley and Penn Station after amenities added [52:03] Citadel 350 Park deal [54:39] $VNO valuation [1:01:55] Sell-side coverage [1:06:09] $VNO final thoughts Today's episode is sponsored by: Stream by Alphasense Are traditional expert calls in the investment world becoming obsolete? According to Stream, they are, and you can access primary research easily and efficiently through their platform. With Stream, you'll have the right insights at your fingertips to make the best investment decisions. They offer a vast library of over 26,000 expert transcripts, powered by AI search technology. Plus, they provide competitive rates on expert call services, and you can even have an experienced buy-side analyst conduct the calls for you. But that's not all. Stream also provides the ability to engage with experts 1-on-1 and get your calls transcribed free-of-charge—all for 40% less than you would pay for 20 calls in a traditional expert network model. So, if you're looking to optimize your research process and increase ROI on investment research spend, Stream has the solution for you. Head over to their website at streamrg.com to learn more. Thanks for listening, and we'll catch you next time. For more information: https://www.streamrg.com/