Redeemable Noncontrolling Interests (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Redeemable Noncontrolling Partnership Units

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	2023			2022			2023	2022
Common:
Class A units held by third parties	$	480,251	(1)	$	345,157	(1)	17,000,030	14,416,891	n/a		$	0.675

Perpetual Preferred/Redeemable Preferred:
3.25% D-17 Cumulative Redeemable(2)	$	3,535		$	3,535		141,400	141,400	$	25.00	$	0.8125

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(1)As of December 31, 2023 and 2022, the aggregate redemption value of redeemable Class A units of the Operating Partnership, was $480,251,000 and $300,015,000, respectively, 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.

Schedule 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,
	2023		2022
Beginning balance	$	348,692	$	590,975
Net income (loss)	3,361		(30,376)
Other comprehensive (loss) income	(9,340)		14,250
Distributions	(10,783)		(30,311)
Redemption of Class A units for Vornado common shares, at redemption value	(8,489)		(3,524)
Redeemable Class A unit measurement adjustment	138,114		(221,145)
Other, net	22,231		28,823
Ending balance	$	483,786	$	348,692

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)	2023		2022
Beginning balance	$	88,040	$	97,708
Net loss	(39,385)		(9,668)
Contributions	112,668		—
Distributions	(6,661)		—
Ending balance	$	154,662	$	88,040