Vornado suspends common stock dividends until 2023 end, authorizes $200M stock buyback

Vornado Realty Trust (NYSE:VNO) said Wednesday it will postpone dividends on its common shares until the end of 2023.
Shares -9.5% at $13.52 after hours.
The company said upon finalization of its 2023 taxable income, including the impact of asset sales, it will pay the 2023 dividend in either in cash or a combination of cash and securities.
Cash retained from dividends or from asset sales will be used to reduce debt and/or fund share repurchases, Vornado said.
Vornado has also launched a new stock buyback program of up to $200 million of its outstanding common shares.
Press Release.
In a separate announcement, the company declared dividends on its preferred shares.

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