Shareholders' Equity/Partners' Capital

12 Months Ended

Dec. 31, 2019

Common Shares (Vornado Realty Trust)

As of December 31, 2019, there were 190,985,677 common shares outstanding. During 2019, we paid an aggregate of $503,785,000 of common dividends comprised of quarterly common dividends of $0.66 per share.

On December 18, 2019, Vornado's Board of Trustees declared a special dividend of $1.95 per share, or $372,380,000 in the aggregate, which was paid on January 15, 2020 to common shareholders as of the Record Date.

Class A Units (Vornado Realty L.P.)

As of December 31, 2019, there were 190,985,677 Class A units outstanding that were held by Vornado. These units are classified as “partners’ capital” on the consolidated balance sheets of the Operating Partnership. As of December 31, 2019, there were 13,298,956 Class A units outstanding, that were held by third parties. These units are classified outside of “partners’ capital” as “redeemable partnership units” on the consolidated balance sheets of the Operating Partnership (See Note 11 – Redeemable Noncontrolling Interests/Redeemable Partnership Units). During 2019, the Operating Partnership paid an aggregate of $503,785,000 of distributions to Vornado comprised of quarterly common distributions of $0.66 per unit.

On January 15, 2020, distributions of $1.95 per unit, or $398,292,000 in the aggregate, were paid to Class A unitholders of the Operating Partnership as of the Record Date, of which $372,380,000 was distributed to Vornado, in connection with the special dividend declared on December 18, 2019 by Vornado's Board of Trustees.

The following table sets forth the details of our preferred shares of beneficial interest and the preferred units of the Operating Partnership as of December 31, 2019 and 2018.



(Amounts in thousands, except share/unit and per share/per unit amounts)
							Per Share/Unit
	Balance as of December 31,				Shares/Units Outstanding as of December 31,		Liquidation Preference		Annual Dividend/ Distribution⁽¹⁾
Preferred Shares/Units	2019		2018		2019	2018	Liquidation Preference		Annual Dividend/ Distribution⁽¹⁾
Convertible Preferred:
6.5% Series A: authorized 15,640 shares/units⁽²⁾	$	991	$	1,071	15,640	18,580	$	50.00	$	3.25
Cumulative Redeemable Preferred:
5.70% Series K: authorized 12,000,000 shares/units⁽³⁾	290,971		290,971		12,000,000	12,000,000	25.00		1.425
5.40% Series L: authorized 13,800,000 shares/units⁽³⁾	290,306		290,306		12,000,000	12,000,000	25.00		1.35
5.25% Series M: authorized 13,800,000 shares/units⁽³⁾	308,946		308,946		12,780,000	12,780,000	25.00		1.3125
	$	891,214	$	891,294	36,795,640	36,798,580

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(1)	Dividends on preferred shares and distributions on preferred units are cumulative and are payable quarterly in arrears.


(2)	Redeemable at the option of Vornado under certain circumstances, at a redemption price of 1.9531 common shares/Class A units per Series A Preferred Share/Unit plus accrued and unpaid dividends/distributions through the date of redemption, or convertible at any time at the option of the holder for 1.9531 common shares/Class A units per Series A Preferred Share/Unit.


(3)	Redeemable at Vornado's option at a redemption price of $25.00 per share/unit, plus accrued and unpaid dividends/distributions through the date of redemption.

During 2019, we paid an aggregate of $50,131,000 of preferred dividends.

Accumulated Other Comprehensive (Loss) Income

The following table sets forth the changes in accumulated other comprehensive (loss) income by component for the year ended December 31, 2019.



(Amounts in thousands)
	Total			Accumulated other comprehensive income of nonconsolidated subsidiaries			Interest rate swaps			Other
Accumulated other comprehensive income (loss) as of December 31, 2018	$	7,664		$	3,253		$	11,759		$	(7,348	)
Other comprehensive (loss) income	(45,586		)	(938		)	(47,885		)	3,237
Amount reclassified from accumulated other comprehensive income⁽¹⁾	(2,311		)	(2,311		)	—			—
Accumulated other comprehensive (loss) income as of December 31, 2019	$	(40,233	)	$	4		$	(36,126	)	$	(4,111	)

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(1)

Amount reclassified related to the conversion of our PREIT operating partnership units into common shares.