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)

Updated November 6, 2026.

VNO-P-L is a preferred stock. Its distribution rate is 7.96%, its trailing-12-month yield is 7.96%. Dividend Vision Distribution Safety Score™ is 87/100 (Safe). Total return is 64.8% over the past 13.8 years, 459.0 points behind SPY at 523.8%.

VNO-P-L performance versus SPY

As of Nov 5, 2026

Total return is 64.8% over the past 13.8 years, 459.0 points behind SPY at 523.8%. Over the past year its total return — price change plus distributions reinvested — is 2.9%. Its deepest 1-year drawdown was 10.4%.

VNO-P-L key facts

Distribution Safety Score™

87 · Safe

Safety-Adjusted Yield

6.93%

Issuer

Vornado

Asset type

Preferred Stock

Asset class

Equity

Distribution rate

7.96%

Distribution frequency

Quarterly

Trailing yield

7.96%

Last close

$16.95 (as of 2026-11-06)

Market cap

$9,829,509,120

Average volume

12,129

Ex-dividend date

09/15/2026

Payment date

10/01/2026

How Dividend Vision calculates yield and returns

Distribution rate (7.96%) has no calculation basis on file. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (7.96%) is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. 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.

Yield and safety methodology · 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 10.4%.

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 whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

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Tagged: Preferred Stock, Fixed Income, Dividend.

Frequently asked questions

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