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Organization
6 Months Ended
Jun. 30, 2014
Organization [Abstract]  
Organization

1. Organization

 

Vornado Realty L.P. (the “Operating Partnership” and/or the “Company”) is a Delaware limited partnership. Vornado Realty Trust (“Vornado”) is the sole general partner of, and owned approximately 94.0% of the common limited partnership interest in the Operating Partnership at June 30, 2014. All references to “we,” “us,” “our,” the “Company” and the Operating Partnership” refer to Vornado Realty L.P. and its consolidated subsidiaries.

 

On April 11, 2014, we announced a plan to spin off our shopping center business, consisting of 80 strip centers, four malls and a warehouse park adjacent to our East Hanover strip center, into a new publicly traded REIT (“SpinCo”). The spin-off is expected to be effectuated through a pro rata distribution of SpinCo's shares to Vornado common shareholders and Vornado Realty L.P. common unitholders, and is intended to be treated as tax-free for U.S. federal income tax purposes. On June 26, 2014, SpinCo filed its initial registration statement on Form 10 with the Securities and Exchange Commission (“SEC”). We expect the spin-off to be completed by the end of 2014, subject to certain conditions, including the SEC declaring SpinCo's registration statement effective, filing and approval of SpinCo's listing application with the NYSE, receipt of third party consents, and formal approval and declaration of the distribution by Vornado's Board of Trustees. Vornado may, at any time and for any reason until the proposed transaction is complete, abandon the separation or modify or change its terms. Vornado will retain, for disposition in the near term, 22 small retail assets which do not fit SpinCo's strategy, and the Springfield Town Center, which is under contract for disposition (see Note 8 – Dispositions).