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Stephen Sakwa

Senior Managing Director and Senior Equity Research Analyst at Evercore ISI

Stephen Sakwa is a Senior Managing Director and Senior Equity Research Analyst at Evercore ISI, specializing in REITs and the finance sector. He covers around 50 companies including Paramount Group (PGRE), Mid-America Apartment Communities (MAA), Lineage (LINE), Extra Space Storage (EXR), and UDR, with a performance track record showing a 52% success rate and 1.05% average return according to Stock Analysis, alongside consistent Institutional Investor recognition as a top REIT analyst for 16 years, ranking No. 1 or No. 2 including top spot since 2022. Sakwa joined Evercore ISI after serving as Managing Director and lead REIT analyst at Merrill Lynch where he also acted as global property coordinator, with prior roles at Morgan Stanley and starting his career at the May Co.; he holds an MBA from New York University’s Stern School of Business and a B.A. in economics from the University of Michigan.

Stephen Sakwa's questions to ALEXANDERS (ALX) leadership

Question · Q4 2025

Stephen Sakwa asked for an update on Vornado's overall leasing pipeline and current tenant conversations regarding available space. He also followed up on Vornado's strategy for share buybacks, particularly if the company would more aggressively pursue dispositions to fund buybacks given the stock's valuation disconnect.

Answer

Glen Weiss, EVP of Office Leasing, reported a strong leasing pipeline, with over half of the activity from new tenants and significant expansion from financial services, law firms, and tech. Steven Roth, Chairman and CEO, affirmed a "double yes" to aggressively pursuing dispositions to fund share buybacks, stating that Vornado's stock is "stupid cheap" and represents the best investment currently, aside from 623 Fifth Avenue.

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Question · Q4 2025

Stephen Sakwa asked for an update on Vornado's overall leasing pipeline, including tenant conversations and the types of tenants showing interest, and followed up on the company's strategy regarding share buybacks and potential asset dispositions given the stock's valuation disconnect.

Answer

Glen Weiss, EVP of Leasing, stated the pipeline remains strong, with over half of activity from new tenants and significant expansion from financial services, law firms, and tech. Steven Roth, Chairman and CEO, affirmed a "double yes" to more aggressive dispositions to fund buybacks, calling the stock "stupid cheap" and a top investment priority alongside 623 Fifth Avenue.

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Stephen Sakwa's questions to VORNADO REALTY TRUST (VNO) leadership

Question · Q4 2025

Stephen Sakwa inquired about Vornado's overall leasing pipeline, current tenant conversations, and whether the company would more aggressively pursue dispositions to fund share buybacks given the stock's valuation.

Answer

Glen Weiss (EVP) described the pipeline as strong, with over half of the activity from new tenants and significant expansion from financial services, law firms, and tech. Steven Roth (Chairman and CEO) confirmed that Vornado would aggressively pursue dispositions to generate capital for share buybacks, stating the stock is "stupid cheap" and the best investment currently, alongside 623 Fifth Avenue.

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Fintool

Fintool can predict VORNADO REALTY TRUST logo VNO's earnings beat/miss a week before the call