Redeemable Noncontrolling Interests (Tables)

12 Months Ended

Dec. 31, 2021

Operating Partnership Units Held By Third Parties

Below are the details of redeemable noncontrolling partnership units.


(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	2021			2020			2021	2020
Common:
Class A units held by third parties	$	587,440	(1)	$	507,212	(1)	14,033,438	13,583,607	n/a		$	2.12

Perpetual Preferred/Redeemable Preferred:
5.00% D-16 Cumulative Redeemable(2)	$	—		$	1,000		—	1	n/a		n/a
3.25% D-17 Cumulative Redeemable(3)	$	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 year-end closing common share price.

(2)Redeemed on October 18, 2021.

(3)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,
	2021		2020
Beginning balance	$	511,747	$	888,915
Net income (loss)	7,540		(24,946)
Other comprehensive income (loss)	4,048		(2,914)
Distributions	(29,901)		(32,595)
Redemption of Class A units for Vornado common shares, at redemption value	(14,576)		(9,266)
Redeemable Class A unit measurement adjustment	76,073		(344,043)
Other, net	36,044		36,596
Ending balance	$	590,975	$	511,747

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


	For the Year Ended December 31,
(Amounts in thousands)	2021		2020
Beginning balance	$	94,520	$	—
Net income	3,188		544
Contributions	—		92,400
Other, net	—		1,576
Ending balance	$	97,708	$	94,520