Real Real Estate - VNO, AFP

Vornado Realty - VNO

• Office Buildings - 116 Properties - 31.7 million sq. ft. All in NYC or DC.
• Retail Buildings - 158 - 19.3 million sq. ft. In 21 states, DC, Puerto Rico.
• Merchandise Marts - 9.2 million sq. ft. Found in Chicago area.
• 47.6% ownership of 104 cold storage warehouses.
• 32.9% ownership of Toys "R" Us.
• 32.8% ownership of ALX (REIT).
• Hotel Pennsylvanian in NYC.
• Public equities - MCD, SHLD, GMH
• Lender of various construction and real estate loans.

Properties around the Madison Square project should get a boost in rental rates after completion of project. NYC real estate has not experienced any decline in prices or demand. The Toys"R"Us position allows for land bank opportunity in the struggling toy stores. The $3.60 (3.87%) dividend offers stock stability. Cherry on top: $1.6 billion in cash, short-term investments, and receivables.

United Capital Corp. - AFP

With a market cap of $210 million, AFP offers a serious steal. The balance sheets hold $116 million in net current assets including $150 million in cash. In todays tight credit markets, this is a serious advantage over the competition. So for $94 million ($210-$116= $94) you can but into AFP's real estate holdings and small manufacturer of auto components. The real estate includes 12 department stores and strip malls, 3 hotels, 54 restaurant properties, 9 NYC day cares centers, and manufacturing facilities in NJ and Mexico. 95.6% of properties leased. If that wasn't enough, the company nibbles away at shares outstanding.