Shareholders' Equity/Partners' Capital

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Shareholders' Equity/Partners' Capital

Shareholders' Equity/Partners' Capital

Common Shares (Vornado Realty Trust)

As of December 31, 2022, there were 191,866,880 common shares outstanding. During 2022, we paid an aggregate of $406,562,000 of common dividends comprised of quarterly common dividends of $0.53 per share.

Class A Units (Vornado Realty L.P.)

As of December 31, 2022, there were 191,866,880 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, 2022, there were 14,416,891 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 2022, the Operating Partnership paid an aggregate of $406,562,000 of distributions to Vornado comprised of quarterly common distributions of $0.53 per unit.

Preferred Shares/Units

The following table sets forth the details of our preferred shares of beneficial interest and the preferred units of the Operating Partnership outstanding as of December 31, 2022 and 2021. During 2022, preferred dividends were $62,116,000.

(Amounts in thousands, except share/unit and per share/per unit amounts)
				Per Share/Unit
Preferred Shares/Units	Balance		Shares/Units Outstanding	Liquidation Preference		Annual Dividend/ Distribution(1)
Convertible Preferred:
6.5% Series A: authorized 12,902 shares/units(2)	$	920	12,902	$	50.00	$	3.25
Cumulative Redeemable Preferred(3):
5.40% Series L: authorized 13,800,000 shares/units	290,306		12,000,000	25.00		1.35
5.25% Series M: authorized 13,800,000 shares/units	308,946		12,780,000	25.00		1.3125
5.25% Series N: authorized 12,000,000 shares/units	291,134		12,000,000	25.00		1.3125
4.45% Series O: authorized 12,000,000 shares/units	291,153		12,000,000	25.00		1.1125
	$	1,182,459	48,792,902

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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 and Series M 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 N preferred shares/units are redeemable commencing November 2025 and Series O preferred shares/units are redeemable commencing September 2026.