• Sun. May 19th, 2024

Vornado Goes on ‘Offense’ in Reaction to Slumping Stock

Bynewsmagzines

May 2, 2023
Vornado Realty Trust, a major New York developer behind the Penn District project surrounding Penn Station, said it plans to buy back stocks after years of resisting the idea. (Andria Cheng/CoStar)

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After “years and years” of balking at stock repurchases, Vornado Realty Trust CEO Steven Roth said he’s had a change of heart. The New York real estate investment trust, which owns prominent office properties around the United States, plans to buy back as much as $200 million of its common shares outstanding while it suspends paying dividends until later this year.

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