Vornado Realty Trust (VNO) will cut its quarterly dividend from $0.71 to $0.60 per share. The next dividend will be payable on August 18, 2017 to common shareholders of record on August 7, 2017.

The new indicated annual dividend rate when combined with the expected dividend of JBG SMITH (JBGS), which was spun-off from Vornado on July 18, 2017, is the same $2.84 annual rate that was previously paid by Vornado on its common shares.

Vornado Realty Trust is a fully-integrated real estate operating company. The  company operates through two segments: New York and Washington, DC. The company holds office, residential and hotel properties, including the 3.7 million square foot Mart (theMart) in Chicago and Manhattan street retail, residential and office space, including Hotel Pennsylvania located on Seventh Avenue at 33rd Street in the heart of the Penn District and 220 Central Park South, a 950-foot super-tall luxury residential condominium tower containing 400,000 salable square feet.