Partner's Capital

6 Months Ended

Jun. 30, 2011

Partners Capital Disclosure [Abstract]

Stockholders Equity Note Disclosure Text Block

11. Partners' Capital

On April 20, 2011, Vornado sold 7,000,000 6.875% Series J Cumulative Redeemable Preferred Shares at a price of $25.00 per share, in an underwritten public offering pursuant to an effective registration statement. On April 21, 2011, the underwriters exercised their option to purchase an additional 1,050,000 shares to cover over-allotments. On May 5, 2011,Vornado sold an additional 800,000 sharesat a price of $25.00 per share. Vornado retained aggregate net proceeds of $214,538,000, after underwriters' discounts and issuance costs and contributed the net proceeds to us in exchange for 8,850,000 Series J Preferred Units (with economic terms that mirror those of the Series J Preferred Shares). Distributions on the Series J Preferred Units are cumulative and payable quarterly in arrears. The Series J Preferred Units are not convertible into, or exchangeable for, any of our properties or securities. On or after five years from the date of issuance (or sooner under limited circumstances), Vornado, at its option, may require us to redeem the Series J Preferred Units at a redemption price of $25.00 per share, plus accrued and unpaid distributions through the date of redemption. The Series J Preferred Units have no maturity date and will remain outstanding indefinitely unless redeemed.