Vornado Realty Trust, a fully-integrated equity real estate investment trust, will pay a special dividend of $1.95 per share. Approximately $1.74 of the special dividend will be long-term capital gain. The special dividend will be paid on January 15, 2020 to shareholders of record on December 30, 2019.

The dividend is the result of gains from the transfer of a 45.4% common equity interest in Vornado’s portfolio of flagship high street retail assets on Upper Fifth Avenue and Times Square, the sale of its 25% interest in 330 Madison Avenue and other previously disclosed asset sales, partially offset by a tax deduction resulting from its former investment in Toys “R” Us.

Earlier this year Vornado hiked its regular quarterly dividend 4.8 percent to 66 cents per share. The regular annual dividend of $2.64 per share yields 4.0% at a stock price of $66.20.

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.