Vornado increases ownership in One Park Avenue to 55% Vornado has invested an additional $22.7M to increase its ownership interest in One Park Avenue to 55% from 49.7% through a joint venture with the Canada Pension Plan Investment Board who will increase its existing ownership interest to 45%. The estimated value of the property is $560M. The property is encumbered by a $250M mortgage. One Park Avenue is a 20-story, 941,000 square foot office building located on the full eastern block front of Park Avenue between 32nd and 33rd Streets in Midtown South.
Vornado declares quarterly dividend of 63c per share Vornado Realty Trust (VNO) announced that its Board of Trustees has declared a regular quarterly dividend of 63c per common share, a new indicated annual rate of $2.52. The dividend will be payable on February 17 to common shareholders of record on February 2. The new indicated annual dividend rate when combined with the expected dividend of Urban Edge Properties (UE), which was spun-off from Vornado on January 15, is the same $2.92 annual rate that was paid by Vornado on its common shares in 2014.
Vornado downgraded to Underperform from Neutral at Credit Suisse Credit Suisse downgraded Vornado to Underperform based on relative valuation and exposure to New York City. Price target raised to $111 from $103.50.