Vornado just 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.

It's been a time filled with activity for the REIT. Last month, Vornado Realty LP, called for the redemption of all of its 8.5% Series D-1 Cumulative Redeemable Preferred Units that were issued in 1998. The units were to be redeemed at a redemption price equal to $25 per unit or an aggregate of $87.5 million plus accrued distributions. In late October, the REIT made a $200 million mezzanine loan secured by partnership interests in the GM Building, which was acquired by Macklowe Properties in September for $1.4 billion.

Vornado's net income applicable to common shares for the quarter ended Sept. 30, 2003 was $71 million as compared to $59.2 million, for the quarter ended Sept. 30, 2002. Net for the nine months ended Sept. 30, 2003 was $239.6 million versus $169.2 million for the nine months ended Sept. 30, 2002.