Redeemable Noncontrolling Interests (Tables)

12 Months Ended

Dec. 31, 2020

Operating Partnership Units Held By Third Parties

Below are the details of redeemable noncontrolling partnership units as of December 31, 2020 and 2019.


(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	2020			2019			2020	2019
Common:
Class A units held by third parties	$	507,212	(1)	$	884,380	(1)	13,583,607	13,298,956	n/a		$	2.38

Perpetual Preferred/Redeemable Preferred(2):
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		$	3,535		141,400	141,400	$	25.00	$	0.8125

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(1)Aggregate redemption value was based on Vornado's quarter-end closing common share price.

(2)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.

Summary Of Activity Of Redeemable Noncontrolling Interests

Below is a table summarizing the activity of redeemable noncontrolling partnership units.


(Amounts in thousands)	For the Year Ended December 31,
	2020		2019
Beginning balance	$	888,915	$	783,562
Net (loss) income	(24,946)		210,872
Other comprehensive loss	(2,914)		(3,235)
Distributions	(32,595)		(34,607)
Special distribution declared on December 18, 2019 (see Note 12 - Shareholder's Equity/Partners' Capital)	—		(25,912)
Redemption of Class A units for Vornado common shares, at redemption value	(9,266)		(11,250)
Redeemable Class A unit measurement adjustment	(344,043)		(70,810)
Other, net	36,596		40,295
Ending balance	$	511,747	$	888,915

Below is a table summarizing the activity of redeemable noncontrolling interest in a consolidated subsidiary.


(Amounts in thousands)	For the Year Ended December 31, 2020
Beginning balance	$	—
Net income	544
Contributions	92,400
Other, net	1,576
Ending balance	$	94,520