VNO-P-L Preferred Stock — Vornado Realty Trust 5.40% Series L Cumulative Redeemable Preferred

Vornado Realty Trust 5.40% Series L Cumulative Redeemable Preferred (VNO-P-L)

VNO-P-L is a Preferred Stock. its trailing-12-month yield is 7.88%. Dividend Vision Distribution Safety Score™ is 91/100 (Safe). Total return is 75.4% over the past 13.7 years, 472.8 points behind SPY at 548.2%.

Vornado Realty Trust is a fully integrated real estate investment trust with a substantial portfolio of office, retail, and multifamily properties concentrated in New York City, along with premier assets in Chicago and San Francisco. This preferred equity security is designed to provide regular income through its cumulative redeemable structure. The security appeals to income-focused investors seeking exposure to real estate with a fixed-income-like characteristic, though preferred shares carry both equity and credit risk.

VNO-P-L performance versus SPY

Price and return data through 2026-09-18.

Total return is 75.4% over the past 13.7 years, 472.8 points behind SPY at 548.2%. Over the past year its total return — price change plus distributions reinvested — is -2.9%. Its deepest 1-year drawdown was 11.2%.

VNO-P-L key facts

Distribution Safety Score™

91 · Safe

Safety-Adjusted Yield

7.17%

Issuer

Vornado

Asset type

Preferred Stock

Asset class

Equity

Distribution frequency

Quarterly

Trailing yield

7.88%

Last close

$17.12 (as of 2026-09-21)

Market cap

$9,829,509,120

Average volume

4519.0

Last ex-dividend date

09/15/2026

Next payment date

10/01/2026

Payout ratio

0.0

P/E ratio

26.4674

Forward P/E

0.0

EPS

$0.64

How Dividend Vision calculates yield and returns

Distribution rate (the posted rate) is the latest regular payout annualized by the fund's stated frequency, divided by the last close. Issuers often publish this as “Distribution Rate” on the fact sheet. Trailing-12-month yield (7.88%) is the sum of distributions paid in the last 12 months, split-adjusted, divided by the last close. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: Vornado or company page; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

VNO-P-L risks and drawbacks

Payments are quarterly, so cash flow is lumpy versus a monthly fund. Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 11.2%.

Who may consider VNO-P-L — and who may not

VNO-P-L may suit someone looking for a high Distribution Safety Score. It is a weaker fit for investors who need monthly cash flow (VNO-P-L pays quarterly); investors hunting double-digit covered-call yields; investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

Frequently asked questions

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