Shares of Vornado Realty Trust VNO sank 3.7% in premarket trading Thursday, after the New York-based commercial-focused real estate investment trust slashed its quarterly dividend by 29% to 37.5 cents a share. Based on Wednesday’s closing price, the dividend cut lowers the implied dividend yield to 6.50% from 9.19%, but that’s still well above the yield for the Real Estate Select Sector SPDR ETF XLRE of 3.5%, and nearly four-times the S&P 500’s SPX implied yield of 1.72. Among other office REITs, the dividend yields based on Wednesday’s stock closing prices were 11.82% for Brandywine Realty Trust BDN, 5.51% for Boston Properties Inc. BXP, 8.73% for SL Green Realty Corp. SLG and 8.48% for Piedmont Office Realty Trust Inc. PDM
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
0
0
