“We were a little too large,” Roth, whose New York-based company owns more than 100 million square feet (9.3 million square meters) of office buildings and other real estate, told business students at a Georgetown University forum today. “It never threatened the company, not for one second, but it made us reluctant to really jump into the game” when “they were giving stuff away in 2009 and 2008,” he said.
Roth’s remarks, during a panel discussion at the Washington university’s McDonough School of Business, were his first since saying that Vornado intends to sell assets and to hold quarterly conference calls with investors for the first time to help raise the company’s stock price. Those plans were disclosed on April 13 in Roth’s annual letter to shareholders.
Vornado was “constrained by our balance sheet, which wasn’t vulnerable, but not ready to rock,” Roth said at today’s event, co-sponsored by the National Association of Real Estate Investment Trusts.
To contact the reporter on this story: David M. Levitt in New York at dlevitt@bloomberg.net
To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net
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