On 3/13/14, Vornado Realty Trust's 5.40% Series L Cumulative Redeemable Preferred Shares (VNO.PRL) will trade ex-dividend, for its quarterly dividend of $0.3375, payable on 4/1/14. As a percentage of VNO.PRL's recent share price of $21.10, this dividend works out to approximately 1.60%, so look for shares of VNO.PRL to trade 1.60% lower — all else being equal — when VNO.PRL shares open for trading on 3/13/14. On an annualized basis, the current yield is approximately 6.39%, which compares to an average yield of 7.41% in the "Real Estate" preferred stock category, according to Preferred Stock Channel.
As of last close, VNO.PRL was trading at a 15.40% discount to its liquidation preference amount. The chart below shows the one year performance of VNO.PRL shares, versus VNO:
Below is a dividend history chart for VNO.PRL, showing historical dividends prior to the most recent $0.3375 on Vornado Realty Trust's 5.40% Series L Cumulative Redeemable Preferred Shares: