Vornado Realty Trust's board declared a special dividend of $1.95 per share, to be paid Jan. 15, 2020, to shareholders of record as of Dec. 30.

The office real estate investment trust said that about $1.74 of the dividend will be long-term capital gain.

It stems from gains from the company's sale of its 45.4% common equity interest in its portfolio of flagship New York City high-street retail assets on Upper Fifth Avenue and Times Square, as well as the sale of its 25% stake in 330 Madison Ave. and other prior sales, somewhat counterbalanced by a tax deduction from its prior investment in Toys R Us.