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Shareholders' Equity/Partners' Capital
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Shareholders' Equity/Partners' Capital Shareholders' Equity/Partners' Capital
Common Shares (Vornado Realty Trust)
As of December 31, 2021, there were 191,723,608 common shares outstanding. During 2021, we paid an aggregate of $406,109,000 of common dividends comprised of quarterly common dividends of $0.53 per share.
Class A Units (Vornado Realty L.P.)
As of December 31, 2021, there were 191,723,608 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, 2021, there were 14,033,438 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 10 – Redeemable Noncontrolling Interests). During 2021, the Operating Partnership paid an aggregate of $406,109,000 of distributions to Vornado comprised of quarterly common distributions of $0.53 per unit.
Preferred Shares/Units
On September 22, 2021, Vornado sold 12,000,000 4.45% Series O cumulative redeemable preferred shares at a price of $25.00 per share, pursuant to an effective registration statement. Vornado received aggregate net proceeds of $291,153,000, after underwriters' discount and issuance costs, and contributed the net proceeds to the Operating Partnership in exchange for 12,000,000 4.45% Series O preferred units (with economic terms that mirror those of the Series O preferred shares). Dividends on the Series O preferred shares/units are cumulative and payable quarterly in arrears. The Series O preferred shares/units are not convertible into, or exchangeable for, any of our properties or securities. On or after five years from the date of issuance (or sooner under limited circumstances), Vornado may redeem the Series O preferred shares/units at a redemption price of $25.00 per share/unit, plus accrued and unpaid dividends/distributions through the date of redemption. The Series O preferred shares/units have no maturity date and will remain outstanding indefinitely unless redeemed by Vornado. Vornado used the net proceeds for the redemption of its 5.70% Series K cumulative redeemable preferred shares/units.
On October 13, 2021, we redeemed all of the outstanding 5.70% Series K preferred shares/units at their redemption price of $25.00 per share/unit, or $300,000,000 in the aggregate, plus accrued and unpaid dividends/distributions through the date of redemption. We recognized $9,033,000 of previously capitalized issuance costs in "Series K preferred share/unit issuance costs" on our consolidated statements of income during the third quarter of 2021, when the preferred shares/units were called for redemption.
11.     Shareholders' Equity/Partners' Capital - continued
Preferred Shares/Units - continued
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, 2021 and 2020. During 2021, preferred dividends were $65,880,000.
(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/Units2021202020212020
Convertible Preferred:      
6.5% Series A: authorized 12,902 and 13,402 shares/units(2)
$920 $934 12,902 13,402 $50.00 $3.25 
Cumulative Redeemable Preferred(3):
5.70% Series K: authorized 12,000,000 shares/units(4)
— 290,971 — 12,000,000 n/an/a
5.40% Series L: authorized 13,800,000 shares/units
290,306 290,306 12,000,000 12,000,000 25.00 1.35 
5.25% Series M: authorized 13,800,000 shares/units
308,946 308,946 12,780,000 12,780,000 25.00 1.3125 
5.25% Series N: authorized 12,000,000 shares/units
291,134 291,182 12,000,000 12,000,000 25.00 1.3125 
4.45% Series O: authorized 12,000,000 shares/units(5)
291,153 —12,000,000 —25.00 1.1125 
$1,182,459 $1,182,339 48,792,902 48,793,402   
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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)Series L preferred shares/units are redeemable at Vornado's option at a redemption price of $25.00 per share/unit, plus accrued and unpaid dividends/distributions through the date of redemption. Series M preferred shares/units are redeemable commencing December 2022, Series N preferred shares/units are redeemable commencing November 2025 and Series O preferred shares/units are redeemable commencing September 2026. Series K preferred shares/units were redeemed on October 13, 2021.
(4)Redeemed on October 13, 2021.
(5)Issued in September 2021.
Accumulated Other Comprehensive Loss
The following table sets forth the changes in accumulated other comprehensive loss by component for the year ended December 31, 2021.
(Amounts in thousands)TotalAccumulated other comprehensive (loss) income of nonconsolidated subsidiariesInterest rate
swaps		Other
Balance as of December 31, 2020$(75,099)$(14,338)$(66,098)$5,337 
Other comprehensive income (loss)57,565 10,275 51,337 (4,047)
Balance as of December 31, 2021$(17,534)$(4,063)$(14,761)$1,290