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Redeemable Noncontrolling Interests / Redeemable Partnership Units
 12 Months Ended
Dec. 31, 2019
Noncontrolling Interest [Abstract]  
Redeemable Noncontrolling Interests / Redeemable Partnership Units
Redeemable Noncontrolling Interests/Redeemable Partnership Units
Redeemable noncontrolling interests on Vornado’s consolidated balance sheets and redeemable partnership units on the consolidated balance sheets of the Operating Partnership are primarily comprised of Class A Operating Partnership units held by third parties and 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 “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership. Class A units may be tendered for redemption to the Operating Partnership for cash; Vornado, at its option, may assume that obligation and pay the holder either cash or Vornado common shares on a one-for-one basis. Because the number of Vornado common shares outstanding at all times equals the number of Class A units owned by Vornado, the redemption value of each Class A unit is equivalent to the market value of one Vornado common share, and the quarterly distribution to a Class A unitholder is equal to the quarterly dividend paid to a Vornado common shareholder. 
Below are the details of redeemable noncontrolling interests/redeemable partnership units as of December 31, 2019 and 2018.
(Amounts in thousands, except units and per unit amounts)
 
Balance as of
December 31,
 
Units Outstanding as of
December 31,
 
Per Unit
Liquidation
Preference
 
Preferred or
Annual
Distribution
Rate
Unit Series
 
2019
 
2018
 
2019
 
2018
 
 
Common:
 
 
 
 
 
 
 
 
 
 
 
 
Class A units held by third parties
 
$
884,380

 
$
778,134

 
13,298,956

 
12,544,477

 
n/a

 
$
2.64

 
 
 
 
 
 
 
 
 
 
 
 
 
Perpetual Preferred/Redeemable Preferred(1):
 
 
 
 
 
 
 
 
 
 
 
 
5.00% D-16 Cumulative Redeemable
 
$
1,000

 
$
1,000

 
1

 
1

 
$
1,000,000.00

 
$
50,000.00

3.25% D-17 Cumulative Redeemable
 
$
3,535

 
$
4,428

 
141,400

 
177,100

 
$
25.00

 
$
0.8125

________________________________________
(1)
Holders may tender units for redemption to the Operating Partnership for cash at their stated redemption amount; Vornado, at its option, may assume that obligation and pay the holders either cash or Vornado preferred shares on a one-for-one basis. These units are redeemable at Vornado's option at any time.
Below is a table summarizing the activity of redeemable noncontrolling interests/redeemable partnership units.
(Amounts in thousands)
For the Year Ended December 31,
 
2019
 
2018
Beginning balance
$
783,562

 
$
984,937

Net income
210,872

 
25,672

Other comprehensive loss
(3,235
)
 
(836
)
Distributions
(34,607
)
 
(31,828
)
Special distribution declared on December 18, 2019 (see Note 12 - Shareholders' Equity/Partners' Capital)
(25,912
)
 
—

Redemption of Class A units for Vornado common shares, at redemption value
(11,250
)
 
(17,068
)
Adjustments to carry redeemable Class A units at redemption value
(70,810
)
 
(198,064
)
Other, net
40,295

 
20,749

Ending balance
$
888,915

 
$
783,562


Redeemable noncontrolling interests/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 Topic 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 $50,561,000 as of December 31, 2019 and 2018. Changes in the value from period to period, if any, are charged to “interest and debt expense” on our consolidated statements of income.