Redeemable partnership units on our consolidated balance sheets are primarily comprised of Class A units held by third parties. Redeemable partnership units on our consolidated balance sheets are recorded at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to “partners' capital” on our consolidated balance sheets. Below is a table summarizing the activity of redeemable partnership units.

(Amounts in thousands)
Balance at December 31, 2011	$	1,160,677
Net income		40,595
Other comprehensive loss		(15,717)
Distributions		(34,138)
Redemption of Class A units, at redemption value		(51,216)
Adjustments to carry redeemable Class A units at redemption value		63,657
Redemption of Series D-10 and D-14 redeemable units		(168,300)
Other, net		(59)
Balance at September 30, 2012	$	995,499

Balance at December 31, 2012	$	944,152
Net income		28,960
Other comprehensive income		5,982
Distributions		(25,827)
Redemption of Class A units, at redemption value		(19,627)
Adjustments to carry redeemable Class A units at redemption value		43,709
Redemption of Series D-15 redeemable units		(36,900)
Other, net		10,649
Balance at September 30, 2013	$	951,098

As of September 30, 2013 and December 31, 2012, the aggregate redemption value of redeemable Class A units, which are those units held by third parties, was $950,098,000 and $898,152,000, respectively.

Redeemable partnership units exclude our Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units, as they are accounted for as liabilities in accordance with ASC 480, Distinguishing Liabilities and Equity, because of their possible settlement by issuing a variable number of Vornado common shares. Accordingly, the fair value of these units is included as a component of “other liabilities” on our consolidated balance sheets and aggregated $55,097,000 and $55,011,000 as of September 30, 2013 and December 31, 2012, respectively.

On May 9, 2013, we redeemed all of the outstanding 6.875% Series D-15 Cumulative Redeemable Preferred Units with an aggregate face amount of $45,000,000 for $36,900,000 in cash, plus accrued and unpaid distributions through the date of redemption.