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Security Details
- Coupon Rate
- 4.45%
- Liquidation Preference
- $25.00
- Call Price
- $25.00
- Call / Redemption Date
- 9/22/2026
- Maturity Date
- None
- Distribution Period
- Q
- Rate Type
- Fixed
- Annual Distribution
- 1.1125
- Distribution Dates
- 1/1, 4/1, 7/1 & 10/1
- Credit Ratings
- Moody's Ba3 · S&P B+ (4/21/2024)
- Tax-Advantaged Dividends
- No
Security Profile
- CUSIP
- 929042794
- Market Cap
- Small Cap · $300 Million
- IPO
- 9/13/2021 · $25.00/share
- Previous Symbol
- VNOOP (changed 9/29/2021)
- Parent Company
- Vornado Realty Trust (VNO)
Business: Vornado Realty Trust, 4.45% Series O Cumulative Redeemable Preferred Shares of Beneficial Interest, liquidation preference $25 per share, redeemable at the issuer's option on or after 09/22/2026 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. <p> Cumulative distributions of 4.45% per annum ($1.1125 per annum or 0.278125 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). <p> 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.
Notes: The 4.45% Series O preferred shares were issued on 09/13/2021 and started trading temporarily on the Other OTC market 09/14/2021 under the ticker symbol VNOOV until they start trading on the NYSE. The shares are expected to start trading on the NYSE within 30 days of their issue date under their permanent ticker symbol of VNO-O. For information on securities trading on the Other OTC, see our discussion on this subject on our What Income Investors Should Know page which can be found on our Information menu at the top of any page.
Company Contact
- CEO
- Steven Roth
- CFO
- Michael J. Franco
- Headquarters
- 888 Seventh Avenue, New York, NY 10019
- Phone
- 212-894-7000
- Fax
- 201-587-0600
- Investor Relations
- Cathy Creswell · 212-587-1000