Partner's Capital

6 Months Ended

Jun. 30, 2013

Partners Capital Disclosure [Abstract]

Partners' Capital

12. Partners' Capital

On January 25, 2013, Vornado sold 12,000,0005.40% 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 $290,536,000, 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 19, 2013, we redeemedall of the outstanding6.75% Series F Cumulative Redeemable Preferred Units and 6.75%Series H Cumulative Redeemable Preferred Unitsat par, for an aggregate of $262,500,000 in cash, plus accrued and unpaid distributionsthrough the date of redemption.