Vornado Realty Trust (VNO · NYSE)

Vornado shares have fallen 11.4% over three months to $33.73, leaving the stock 17.6% below its 52-week high, while Q2 net income swung to $32.0M from a $7.3M loss in the prior quarter and earnings beat estimates in three of the last four reports. Leverage remains heavy at 11.7x debt/EBITDA on $9.06B of total debt, though quarterly EBITDA of $303.6M in June marked a sharp improvement from $191.6M in March. Revenue grew 5.0% year over year to $1.88B TTM, but earnings fell 97.8%, and returns are thin with ROE at 0.6% and a 3.6% profit margin. Recent news flow skews negative, including EVP Haim Chera's sale of 90,000 shares ($3.06M) and commentary citing rising-rate pressure on the stock.