Vornado Realty Trust (VNO) will raise its quarterly dividend by five percent to $0.63 per share in the first quarter of 2018. This follows a 4.8 percent dividend cut by VNO last year because of the company's Washington DC business spin-off.

The dividend will be payable on February 15, 2018 to shareholders of record on January 29, 2018. The former annual dividend rate, exclusive of Vornado’s Washington DC business which was spun-off in July 2017, was $2.34 per share. The new dividend rate is $2.52 annually.

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.