Business: Vornado Realty Trust, 5.25% Series N Cumulative Redeemable Preferred Shares of Beneficial Interest, liquidation preference $25 per share, redeemable at the issuer's option on or after 11/24/2025 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. <p> Cumulative distributions of 5.25% per annum ($1.3125 per annum or 0.328125 per quarter) will be paid quarterly on 1/1, 4/1, 7/1 & 10/1 to holders of record on the record date fixed by the board, not more than 30 days prior to the payment date (NOTE: the ex-dividend date is at least one business day prior to the record date). Dividends paid by preferreds issued by REITs are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. <p> This security was rated as Baa3 by Moody’s and BB+ by S&P at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.