Redeemable Noncontrolling Interests (Tables)

12 Months Ended

Dec. 31, 2022

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	2022			2021			2022	2021
Common:
Class A units held by third parties	$	345,157	(1)	$	587,440	(2)	14,416,891	14,033,438	n/a		$	2.12

Perpetual Preferred/Redeemable Preferred:
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 carrying amount.

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

(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,
	2022		2021
Beginning balance	$	590,975	$	511,747
Net (loss) income	(30,376)		7,540
Other comprehensive income	14,250		4,048
Distributions	(30,311)		(29,901)
Redemption of Class A units for Vornado common shares, at redemption value	(3,524)		(14,576)
Redeemable Class A unit measurement adjustment	(221,145)		76,073
Other, net	28,823		36,044
Ending balance	$	348,692	$	590,975

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)	2022		2021
Beginning balance	$	97,708	$	94,520
Net (loss) income	(9,668)		3,188


Ending balance	$	88,040	$	97,708