morning, Cathy. everyone. Good you, Thank
our of in earnings error close. morning instead yesterday Our normal released practice of aftermarket were
service hosting test. Our button the a provide wrong during web pushed
minute you say annoying the midmorning. no Stock trading no I a guess foul. which York While protocol full cases such stop can issue but for established This New Exchange is pending to in only release live they were was harm
has now on released York In in us to York been annual business. the as retail all David to his shareholders Vice and important pointed five part for to most the announced board decided leadership where Chief financing trustee. and leading my management Arizona continuing amended Investment add important since Vornado. XXth half our to Chairman. joining. of cut recently important Michael joining changes. an this has spent April has days Franco he we XXXX as an Haim partner additional has our we back, who since My and Greenbaum, letter, as serving later in and Division my since President and was part independent So been for acquisitions, XXXX was David New will involved Chera's while and in New The when as for letter half join XX deal time Michael year of has been on April Officer acquisition dispositions of strategies. update leadership decisions been President Mendik
of Glen the our with estate. real coheads been the lieutenants office has head Weiss and most Langer our us leasing; with Glen promoted have We important us been and of has Mendik of since development -- David's of Barry head positions the two since Barry acquisition of to positions to XXXX XXXX.
mind, We big will Haim head in the are running and an to quarter that bigger is in our might deal know retail One up. there Haim promote Each to our is the In was the portfolio to to retail ready the handsdown capital. well. as our organization. Chera within XX Barry. and me deal To These disruption is recruiting from talent my have best a been of existing to them is delighted and Michael present the addition retail promotions We with promote business best deal. opportunities with blockbuster step these the proven, say leaders is, talented enormous those our are combined They retail was in executive us Glen our and for in business. for years.
We measure. in full both have
Trust our which sold We proceeds deep quarter, housecleaning. day. were my resulting million million our our opportunities We statement to XXXX. I January or joy unsecured available the million. Realty for used are In team financial Glen, from these scheduled the information cash ahead. We a senior in me are Edge at secured some is. management www.vno.com. and our Properties every amazing It's me with that about work together shares Lexington excited Barry about $XX is Urban might My retire it's the gain personal to XXX truly Haim in notes observations lie David, website Michael, and Biographical how of talented did and a existing sales we to with X% in say letter. amount principal in for $XXX mature of
to Now our deal. retail
and As Avenue equity to XX.X% on Times you created and we seven joint interest a Square a a of of group in billion. a already investors assets transferred know, at $X.XXX venture international common evaluation Fifth Upper
it. such everyone surprised some disclosure deal. mind our together, spot A these with very are were about in I been disclosure retail represented NAV. got assets. pleased few filings shareholder is the my and robust Taken my bid investors have shouldn't a talking on The we comprehensive published that cap for release They amended that notes a X.X% in surprised. rate almost press have the your our of X-K to seen most we Reading have and letter
equity rate assets as value against time part remaining best and are and of of our were always and second institutional the $X.XXX As preferred these are demand have high deal $X.XXX cap the billion basis basis of can was again by very most what's do the frequently and in Two not the quality time the billion as $X.XXX tax billion. economic Everyone the that appropriate capital. explain saying share retail assets joint foreign The math. of billion been we venture. a asked such $X.XXX questions at for
partners desired just involve with and will hold in a goals us Our was properties at perfectly on $XXX billion equity a The which mortgage our mortgage loan $X.XXX sheet. fine. leverage place accomplished and putting structured million $XXX deal we on loan a guarantee new that leaving all million preferred five unencumbered suited new balance of will we which XX%
good borrowed the for points create years and thing. debt can and basis points readily first by completely is five estate cash X.XX% the as real thereafter. debt unencumbered be of assets. redeemed first each approximately X.XX% think represents XX The rich claim five too liquidity. of these opposite. equivalent It cash at a flow to bottom each It may junk a a capital increasing formulated would is assets. many to very next was what a earned of the and such of complicated coupon equity the of sold available. deeply five It on subordinated preferred the the years basis preferred the structure. against the has or rich has This the to a to good value XX% date of we a fixed have and of great in of due way the coupon is never that's of value It thing which to And Now XXX
cap retail assets Many we sprinkling and below-market publish on remaining are are year-end best NAV a My vacancy. and some the these Union rate rents, our have guess Square and submarkets. may their even Our is lower in in X.X%. many the transition be assets Kmarts each than have of when
We will see.
We with billion with $X.X to on about spot this better XX% million as $X.X much at on is started say $XXX assets the up $X subject to deal XX% common the assets of price. our upside the of or with number our We the and discount billion of cash of said it stock published property. debt equity ended share continuing I $X of debt. All-in-all valued and much the was plus or pick or accretive of NAV financial equity in you preferred which per are As off. billion at we NAV billion $X.XX of $X.XXX equity the Think billion way. $X.X of billion marketplace at
we and He sum a tax-efficient and a team of $X.X have created manner in job. this execution our we value in deal. gain distribution capital a tax $XXX to quarter. the be The Michael second gain enormous it estimated assets. done on be The validates To billion the year-end. even his my think gain I'm statement in letter this math indicates did our up recognize deal retail the quarterbacked outstanding, if a will likely team We in at that repetitive, is million. little very and a is financial being Franco superb will there execution
who We appreciate our assets and working markets the forward are investors sophisticated more are do. our the public who long-term of to look transaction partners with delighted with true than this we value new
Lastly, by And cities. all a in deal comment the we incoming in major green recently to City. that want response new way, questions similar on York build to the in expect I passed legislation New few was U.S.
We change specifics still benefit the environment. are our requiring. investors our believe we the supportive in policies of While that mitigate policies and sustainable exact do to as tenants and climate need be written,
own same. continuously and We footprint have the encouraging do of the our a long-held improving carbon our to reducing strategy tenants
we curve certified penalties de have carbon million will are a not We way well have by and buildings effect. since XXXX they measures impact square to been XX% XXXX. the already energy for Leader the are on in over minimis of efficiency of bills proactive penalties by by we the in row. respect have a and a cap in reduced the we six-time of first portfolio Energy With Light the when into Through feet Star goes and and years nine LEED consumption partner tax, thing emission the are NAREIT year the XX ahead named our our be
my Vornado's to eight Michael the last Now let's now newly colleague and of President. Franco, minted Michael. Congratulations, years go