Shareholders Equity

9 Months Ended

Sep. 30, 2012

Shareholders' Equity [Abstract]

Shareholders' Equity

13. Partners' Capital

On July 11, 2012, Vornado sold 12,000,0005.70% Series K Cumulative Redeemable Preferred Shares at a price of $25.00 per share in an underwritten public offering pursuant to an effective registration statement. Vornado retained aggregate net proceeds of $291,144,000, after underwriters' discounts and issuance costs and contributed the net proceeds to us in exchange for 12,000,000 Series K Preferred Units (with economic terms that mirror those of Series K Preferred Shares).Distributions on the Series K Preferred Units are cumulative and payable quarterly in arrears. The Series K 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 may require us to redeem the Series K Preferred Units at a redemption price of $25.00 per unit, plus accrued and unpaid distributions through the date of redemption. The Series K Preferred Units have no maturity date and will remain outstanding indefinitely unless redeemed.

On August 16, 2012, weredeemedall of the outstanding7.0% Series E Cumulative Redeemable Preferred Units at par, for an aggregate of $75,000,000 in cash, plus accrued and unpaid dividends through the date of redemption.