: Vornado Realty cuts dividend, blaming it on ‘state of the economy’

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Vornado Realty Trust VNO, -0.99% said late Wednesday its board has trimmed the company’s dividend to 37.5 cents a share, from 53 cents a share, thanks to “the current state of the economy and capital markets.” The reduced dividend is also a reflection of Vornado’s reduced projected 2023 taxable income, mostly thanks to higher interest expenses, the company said. Vornado is expected to report quarterly results in mid-February. The company owns properties in New York City, San Francisco, and Chicago. The stock ended the regular trading day Wednesday down 0.9% and traded 2.9% lower in the extended session.

This article was originally published by Marketwatch.com. Read the original article here.

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