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Organization and Business
12 Months Ended
Dec. 31, 2012
Organization and Business [Abstract]  
Organization And Business

1. Organization and Business

 

 

Vornado Realty Trust (“Vornado”) is a fully-integrated real estate investment trust (“REIT”) and conducts its business through, and substantially all of its interests in properties are held by, Vornado Realty L.P., a Delaware limited partnership (the “Operating Partnership”). Accordingly, Vornado's cash flow and ability to pay dividends to its shareholders is dependent upon the cash flow of the Operating Partnership and the ability of its direct and indirect subsidiaries to first satisfy their obligations to creditors. Vornado is the sole general partner of, and owned approximately 94.0% of the common limited partnership interest in the Operating Partnership at December 31, 2012. All references to “we,” “us,” “our,” the “Company” and “Vornado” refer to Vornado Realty Trust and its consolidated subsidiaries, including the Operating Partnership.

       

As of December 31, 2012, we own all or portions of:

 

New York:

 

  • 19.7 million square feet of Manhattan office space in 31 properties and four residential properties containing 1,655 units;

     

  • 2.2 million square feet of Manhattan street retail space in 49 properties;

     

  • The 1,700 room Hotel Pennsylvania located on Seventh Avenue at 33rd Street in the heart of the Penn Plaza district;

     

  • A 32.4% interest in Alexander's, Inc. (NYSE: ALX), which owns six properties in the greater New York metropolitan area, including 731 Lexington Avenue, the 1.3 million square foot Bloomberg, L.P. headquarters building;

     

    Washington, DC:

     

  • 73 properties aggregating 19.1 million square feet, including 59 office properties aggregating 16.1 million square feet and seven residential properties containing 2,414 units;

     

    Retail Properties:

     

  • 114 strip shopping centers and single tenant retail assets aggregating 15.6 million square feet, primarily in the northeast states and California;

     

  • Six regional malls aggregating 5.2 million square feet, located in the northeast / mid-Atlantic states and Puerto Rico;

     

     

    Other Real Estate and Related Investments:

     

  • The 3.5 million square foot Merchandise Mart in Chicago;

     

  • A 70% controlling interest in 555 California Street, a three-building office complex in San Francisco's financial district aggregating 1.8 million square feet, known as the Bank of America Center;

     

  • A 25.0% interest in Vornado Capital Partners, our $800 million real estate fund. We are the general partner and investment manager of the fund;

     

  • A 32.6% interest in Toys “R” Us, Inc.;

     

  • A 10.7% interest in J.C. Penney Company, Inc. (NYSE: JCP); and

     

  • Other real estate and related investments and mortgage and mezzanine loans on real estate.