Vornado is a fullyintegrated REIT and conducts its business through, and
substantially all of its interests in properties are held by, the Operating
Partnership, a Delaware limited partnership. Accordingly, Vornado's cash flow
and ability to pay dividends to its shareholders is dependent upon the cash flow
of the Operating Partnership and the ability of its direct and indirect
subsidiaries to first satisfy their obligations to creditors. Vornado is the
sole general partner of, and owned approximately 93.7% of the common limited
partnership interest in the Operating Partnership at December 31, 2016.
On October 31, 2016, Vornado's Board of Trustees approved the tax-free spin-off
of our Washington, DC segment and we entered into a definitive agreement to
merge it with the business and certain select assets of The JBG Companies
("JBG"), a Washington, DC real estate company.