Vornado Realty Trust (VNO · NYSE)

Vornado shares have slid 13.3% over three months to $34.73, leaving the stock 15.1% below its 52-week high despite a 1.0% gain in the latest session. Earnings swung sharply year over year, down 97.8%, while revenue grew 5.0% to $1.88B TTM; the most recent quarter showed net income of $32.0M on $462.2M in revenue, and the company beat estimates in three of its last four reports. Leverage remains heavy at 11.7x debt/EBITDA on $9.06B of total debt, with quarterly free cash flow of $43.4M after $120.3M in capex. Leasing activity at Penn 1 (On) and potential Times Square interest from Round 1 offer some support, while an officer's planned sale of roughly $3.07M in shares drew a Form 144 filing.