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.

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.