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Susequent Events
12 Months Ended
Dec. 31, 2012
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

25.       Subsequent Events

 

 

On February 19, 2013, we redeemed all of the outstanding 6.75% Series F Cumulative Redeemable Preferred Units and 6.75% Series H Cumulative Redeemable Preferred Units at par, for an aggregate of $262,500,000 in cash, plus accrued and unpaid distributions through the date of redemption.

 

On January 25, 2013, Vornado sold 12,000,000 5.40% Series L 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 $290,853,000, after underwriters' discounts and issuance costs and contributed the net proceeds to us in exchange for 12,000,000 Series L Preferred Units (with economic terms that mirror those of the Series L Preferred Shares). Distributions on the Series L Preferred Units are cumulative and payable quarterly in arrears. The Series L 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 L Preferred Units at a redemption price of $25.00 per unit, plus accrued and unpaid distributions through the date of redemption. The Series L Preferred Units have no maturity date and will remain outstanding indefinitely unless redeemed.

 

On February 27, 2013, Vornado announced that Michael D. Fascitelli had resigned from his positions as Vornado's President and Chief Executive Officer, effective April 15, 2013.  Mr. Fascitelli will remain as a member of Vornado's Board of Trustees. Effective upon Mr. Fascitelli's resignation, Vornado's Board of Trustees appointed Steven Roth, Vornado's Chairman, as its Chief Executive Officer. 

 

On March 4, 2013, we sold 10,000,000 of the 18,584,010 J.C. Penney common shares we own, in a block trade at a price of $16.03 per share, or $160,300,000 in the aggregate. As a result of the sale, we will recognize a $36,800,000 loss in the first quarter of 2013.