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Vornado Sells $120M of Preferred Shares

NEW YORK CITY-Vornado Realty Trust sells $40 million in shares and its operating partnership sells $80 million in preferred units.

By Barbara Jarvie | Updated on November 19, 2003

NEW YORK CITY-Vornado Realty Trust sold $40 million of 7.00% Series D-10 Cumulative Redeemable Preferred Shares to an institutional investor in a public offering. Immediately prior to that sale, Vornado Realty LP, the operating partnership through which Vornado Realty Trust conducts its business, sold $80 million of 7.00% Series D-10 Cumulative Redeemable Preferred Units to an institutional investor in a separate private offering. The company had no further comment other than what was contained in a statement regarding the sales.

Both the perpetual Preferred Units and perpetual Preferred Shares may be called without penalty at the option of the issuer commencing in November 2008. The company, headquarterd in Paramus, NJ, says the Cumulative Redeemable Preferred Units have not been and will not be registered under the Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. The Cumulative Redeemable Preferred Stock was sold pursuant to an effective registration statement.

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