VORNADO REALTY TRUST (NYSE:VNO) announced today that its Board of
Trustees has declared a regular quarterly dividend of $0.65 per share (a
new indicated annual rate of $2.60) with a cash portion of $0.38 per
share and a stock portion of $.27 per share. The cash portion is
unchanged from that paid in the previous two quarters. The dividend is
payable on September 14, 2009 to common shareholders of record on
August 11, 2009. The dividend will be paid in a combination of cash, not
to exceed 58.5% in the aggregate, and common shares.
In accordance with Internal Revenue Service procedure, shareholders will
be asked to make an election to receive this dividend all in cash or all
in Vornado common shares. To the extent that more than 58.5% cash is
elected, the cash portion will be prorated. Shareholders who do not make
an election will receive 58.5% in cash and 41.5% in common shares.
Shares will be priced at the volume weighted average trading prices of
Vornado’s common shares on the New York Stock Exchange on September 2
and 3, 2009. The Company expects the dividend to be taxable to its
shareholders. Vornado reserves the right to pay the dividend entirely in
cash.
An information letter and election form will be mailed to shareholders
of record promptly after August 11, 2009. The properly completed
election form to receive cash or common shares must be received by
Vornado’s transfer agent prior to 5:00 p.m. (EDT) on September 1, 2009.
Registered shareholders with questions regarding the dividend election
may call American Stock Transfer and Trust Co., Vornado’s transfer
agent, at (718) 921-8521. If your shares are held through a bank, broker
or nominee, and you have questions regarding the dividend election
please contact such bank, broker or nominee, who will also be
responsible for distributing to you the letter and election form and
submitting the election form on your behalf.
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.
Vornado Realty Trust
JOSEPH MACNOW, 201-587-1000
