NEW YORK, NY--(Marketwired - January 18, 2017) - VORNADO REALTY TRUST (NYSE: VNO) today announced that its Board of Trustees has declared a quarterly dividend at an increased rate of $.71 per share, a 2017 annual dividend rate of $2.84. The dividend will be payable on February 15, 2017 to shareholders of record on January 30, 2017.
The 2016 annual dividend was $2.52 per share, which included $.15 per share of income from the sale of an interest in 7 West 34th Street, partially offset by a loss on the disposition of the Skyline properties.
Vornado's Washington DC business accounts for $.56 per share of both the 2017 and the 2016 annual dividends. As previously announced, this business is expected to be spun-off from Vornado and merged with the JBG Companies to form JBG SMITH in the second quarter of 2017.
Taxable income included in the 2017 annual dividend attributable to fees and interest charged by Vornado to its TRS which is developing the 220 Central Park South residential condominium is projected to be $.48 per share. In the 2016 annual dividend, the taxable income from 220 Central Park South was $.33 per share. The taxable income from 220 Central Park South began in 2015 when construction commenced and is expected to end in 2019 when the project is completed.
Adjusting for the above items, Vornado's recurring taxable income included in the 2016 annual dividend was $1.48 per share, which is being increased $.32 per share or 21.6% to a 2017 annual dividend rate of $1.80 per share.
Vornado Realty Trust is a fully-integrated equity real estate investment trust.
Certain statements contained herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors.