Vornado stock drop 11% after it postpones dividend
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Dow Jones
Vornado Realty Trust (VNO) stock fell 11% in premarket trades Thursday after the New York-based real estate investment trust said it will postpone dividends on its common shares until the end of 2023. Upon finalization of its 2023 taxable income, it will pay the dividend either in cash or in a combination of cash and securities. The income figure will include the impact of asset sales. The REIT will also purchase up to $200 million in its own stock in a move to "enhance shareholder value."
-Steve Gelsi
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04-27-23 0849ET
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