Vornado Realty Trust announced that it has filed a Schedule 13D with the Securities and Exchange Commission disclosing that through its subsidiaries it has acquired beneficial ownership of approximately 9.9% of the common stock of J.C. Penney Company, Inc.
J.C. Penney is a major retailer that operates 1,108 department stores nationwide, of which 416 are owned, including 119 ground leased.
In the third quarter of 2010, Vornado recorded an unrealized gain of approximately $32.2 million on the portion of this investment that is accounted for as a derivative.
Vornado Realty Trust is a fully integrated equity real estate investment trust.
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