Vornado Realty Trust | 5.25% Series M Cumulative Redeemable Preferred Shares (VNO.PRM)
Prospectus excerpt: We are offering to the public 12,000,000 of our 5.25% Series M Cumulative Redeemable Preferred Shares of Beneficial Interest, liquidation preference $25.00 per share, which we refer to as the "Series M Preferred Shares." Dividends on the Series M Preferred Shares will be cumulative from the date of original issue of this series and payable quarterly in arrears on January 1, April 1, July 1 and October 1 of each year, commencing on April 1, 2018, at the rate of 5.25% of the liquidation preference per annum, or $1.3125 per Series M Preferred Share per annum. Except in instances relating to preservation of our status as a real estate investment trust, the Series M Preferred Shares are not redeemable until December 13, 2022. On and after December 13, 2022, we may redeem the Series M Preferred Shares in whole at any time or in part from time to time at a redemption price of $25.00 per share, plus any accrued and unpaid dividends through the date of redemption. The Series M Preferred Shares have no maturity date and will remain outstanding indefinitely unless redeemed.
Vornado Realty Trust is a real estate investment trust and conducts its business through, and substantially all of its interests in properties are held by, Vornado Realty L.P. (the Operating Partnership). Co. is the sole general partner of the Operating Partnership. Co. owns and operates office and retail properties with a concentration in the New York City metropolitan area. In addition, Co. has interest in Alexander's, Inc., which owns properties in the New York metropolitan area, as well as interests in other real estate and investments.