Redeemable noncontrolling partnership units are primarily comprised of Class A Operating Partnership units held by third parties and are recorded at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership. Class A units may be tendered for redemption to the Operating Partnership for cash; Vornado, at its option, may assume that obligation and pay the holder either cash or Vornado common shares on a one-for-one basis. Because the number of Vornado common shares outstanding at all times equals the number of Class A units owned by Vornado, the redemption value of each Class A unit is equivalent to the market value of one Vornado common share, and a distribution made to a Class A unitholder is equal to the dividend paid to a Vornado common shareholder.


(Amounts in thousands)	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
Beginning balance	$	622,941	$	495,967	$	711,943	$	483,786
Net income	64,863		3,200		72,752		2,414
Other comprehensive (loss) income	(1,494)		(100)		(4,271)		3,582
Distributions	(29)		(29)		(522)		(57)
Redemption of Class A units for Vornado common shares, at redemption value	(3,427)		(551)		(48,578)		(3,040)
Redeemable Class A unit measurement adjustment	(47,853)		(52,518)		(102,388)		(48,143)
Other, net	7,464		8,724		13,529		16,151
Ending balance	$	642,465	$	454,693	$	642,465	$	454,693

As of June 30, 2025 and December 31, 2024, the aggregate redemption value of redeemable Class A units of the Operating Partnership, which are those units held by third parties, was $638,930,000 and $708,408,000, respectively, based on Vornado’s quarter-end closing common share price.

Redeemable noncontrolling partnership units exclude our Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units, as they are accounted for as liabilities in accordance with ASC Topic 480, Distinguishing Liabilities and Equity. Accordingly, the fair value of these units is included as a component of “other liabilities” on our consolidated balance sheets and aggregated $49,610,000 and $49,684,000 as of June 30, 2025 and December 31, 2024, respectively. Changes in the value from period to period, if any, are charged to “interest and debt expense” on our consolidated statements of income.

A consolidated joint venture, in which we hold a 95% interest, developed and owns the Farley Building. As of June 30, 2025, a historic tax credit investor (the "Tax Credit Investor") has funded $208,407,000 of capital contributions in connection with the Farley Building development.

The arrangement includes a put option whereby the joint venture may be obligated to purchase the Tax Credit Investor’s ownership interest in the Farley Building at a future date. The put price is calculated based on a pre-determined formula. As exercise of the put option is outside of the joint venture’s control, the Tax Credit Investor’s interest, together with the put option, have been recorded to “redeemable noncontrolling interest in a consolidated subsidiary” on our consolidated balance sheets. The redeemable noncontrolling interest is recorded at the greater of the carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership. There was no adjustment required for the three and six months ended June 30, 2025 and 2024.


(Amounts in thousands)	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
Beginning balance	$	115,283	$	147,175	$	122,715	$	154,662
Net loss	(6,994)		(8,403)		(14,426)		(15,890)
Distributions	(657)		—		(657)		—

Ending balance	$	107,632	$	138,772	$	107,632	$	138,772