Vornado Realty Trust (VNO) will raise its quarterly dividend by 4.8 percent to $0.66 per share in the first quarter of 2019. This follows a 5.0 percent dividend hike by VNO last year and marks the second year of consecutive dividend increases.

The dividend will be payable on February 14, 2019 to shareholders of record on January 28, 2019. The new dividend rate is $2.64 per share annually and yields 4.0% at a stock price of $66.39.

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.