 Shares of Vornado Realty Trust VNO, -0.99 sank 3.7 in premarket trading Thursday, after the New York-based commercial-focused real estate investment trust slashed its quarterly dividend by 29 to 37.5 cents a share. Based on Wednesdays closing price, the dividend cut lowers the implied dividend yield to 6.50 from 9.19, but thats still well above the yield for the Real Estate Select Sector SPDR ETF XLRE, -1.54 of 3.5, and nearly four-times the SP 500s SPX, -1.56 implied yield of 1.72. 