So what are REITs doing with all of that extra capital they've raised? In the case of Vornado Realty Trust, it is investing in tenants.
On Friday, the company announced that it owns 9.9% of J.C. Penney's common stock. So far the investment has paid off well for Vornado. In the third quarter, the firm made $32.2 million on the investment.
Of course, this is not the first time Vornado has invested in a high-profile retailer. It has a sizable investment in Toys "R" Us, a chain that is soon expected to file an IPO.
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