Vornado Announces Postponement of Common Share Dividends Until Year-End and Authorization of $200 Million Share Repurchase Program
27 April 2023 - 8:06AM
Vornado Realty Trust (NYSE:VNO) announced today that it will
postpone dividends on its common shares until the end of 2023, at
which time, upon finalization of its 2023 taxable income, including
the impact of asset sales, it will pay the 2023 dividend in either
(i) cash, or (ii) a combination of cash and securities, as
determined by its Board of Trustees.
Vornado also announced that, in order to enhance
shareholder value, its Board of Trustees has authorized the
repurchase of up to $200 million of its outstanding common shares
under a newly established share repurchase program. Cash retained
from dividends or from asset sales will be used to reduce debt
and/or fund share repurchases.
Share repurchases may be made from time to time
in the open market, through privately negotiated transactions or
through other means as permitted by federal securities laws,
including through block trades, accelerated share repurchase
transactions and/or trading plans intended to qualify under Rule
10b5-1. The timing, manner, price and amount of any repurchases
will be determined in Vornado’s discretion depending on business,
economic and market conditions, corporate and regulatory
requirements, prevailing prices for Vornado’s common shares,
alternative uses for capital and other considerations. The program
does not have an expiration date and may be suspended or
discontinued at any time and does not obligate Vornado to make any
repurchases of its common shares.
Vornado Realty Trust is a fully-integrated
equity real estate investment trust.
CONTACT
Thomas J. Sanelli(212) 894-7000
Certain statements contained herein may
constitute “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are not guarantees of performance. They represent
our intentions, plans, expectations and beliefs and are subject to
numerous assumptions, risks and uncertainties. Our future
results, financial condition and business may differ materially
from those expressed in these forward-looking statements. You can
find many of these statements by looking for words such as
"approximates," "believes," "expects," "anticipates," "estimates,"
"intends," "plans," "would," "may" or other similar expressions in
this press release. We also note the following forward-looking
statements: the amount and form of potential share repurchases
and/or any asset sales and the expectation regarding the form of
any 2023 dividend payments. For a discussion of factors that could
materially affect the outcome of our forward-looking statements and
our future results and financial condition, see “Risk Factors” in
Part I, Item 1A, of our Annual Report on Form 10-K for the year
ended December 31, 2022. Currently, some of the factors are the
increase in interest rates and inflation and the continuing effect
of the COVID-19 pandemic on our business, financial condition,
results of operations, cash flows, operating performance and the
effect that these factors have had and may continue to have on our
tenants, the global, national, regional and local economies and
financial markets and the real estate market in general.
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