Redeemable partnership units on our consolidated balance sheets are primarily comprised of Class A units held by third parties. Redeemable partnership units on our consolidated balance sheets 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 “partners' capital” on our consolidated balance sheets. Below is a table summarizing the activity of redeemable partnership units.

(Amounts in thousands)
Balance at December 31, 2011	$	1,160,677
Net income		24,355
Distributions		(24,457)
Redemption of Class A units, at redemption value		(24,976)
Adjustments to carry redeemable Class A units at redemption value		110,581
Other, net		(9,355)
Balance at June 30, 2012	$	1,236,825

Balance at December 31, 2012	$	944,152
Net income		23,916
Distributions		(17,541)
Redemption of Class A units, at redemption value		(14,980)
Adjustments to carry redeemable Class A units at redemption value		29,393
Redemption of Series D-15 redeemable units		(36,900)
Other, net		12,948
Balance at June 30, 2013	$	940,988

As of June 30, 2013 and December 31, 2012, the aggregate redemption value of redeemable Class A units, which are those units held by third parties, was $939,988,000 and $898,152,000, respectively.

Redeemable 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 480, Distinguishing Liabilities and Equity, because of their possible settlement by issuing a variable number of Vornado common shares. Accordingly, the fair value of these units is included as a component of “other liabilities” on our consolidated balance sheets and aggregated $55,073,000 and $55,011,000 as of June 30, 2013 and December 31, 2012, respectively.

On May 9, 2013, we redeemed all of the outstanding 6.875% Series D-15 Cumulative Redeemable Preferred Units with an aggregate face amount of $45,000,000 for $36,900,000 in cash, plus accrued and unpaid distributions through the date of redemption.