SL Green Realty Corp. | Maryland | |||||||
SL Green Operating Partnership, L.P. | Delaware | 13-3960938 | ||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Large accelerated filer | x | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | ||||||||||||||
Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ | ||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. |
Large accelerated filer | ☐ | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | x | ||||||||||||||
Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ | ||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. |
Registrant | Trading Symbol | Title of Each Class | Name of Each Exchange on Which Registered | |||||||||||||||||
SL Green Realty Corp. | SLG | Common Stock, $0.01 par value | New York Stock Exchange | |||||||||||||||||
SL Green Realty Corp. | SLG.PRI | 6.500% Series I Cumulative Redeemable Preferred Stock, $0.01 par value | New York Stock Exchange |
PART I. FINANCIAL INFORMATION | |||||||||
Item 1. | FINANCIAL STATEMENTS | ||||||||
FINANCIAL STATEMENTS OF SL GREEN REALTY CORP. | |||||||||
Consolidated Balance Sheets as of | |||||||||
Consolidated Statements of Operations for the three and | |||||||||
Consolidated Statements of Comprehensive (Loss) Income for the three and | |||||||||
Consolidated | |||||||||
Consolidated Statements of Cash Flows for the | |||||||||
FINANCIAL STATEMENTS OF SL GREEN OPERATING PARTNERSHIP, L.P. | |||||||||
Consolidated Balance Sheets as of | |||||||||
Consolidated Statements of Operations for the three and | |||||||||
Consolidated Statements of Comprehensive (Loss) Income for the three and | |||||||||
Consolidated | |||||||||
Consolidated Statements of Cash Flows for | |||||||||
PART II. | OTHER INFORMATION | ||||||||
Signatures |
June 30, 2022 | December 31, 2021 | ||||||||||
(unaudited) | |||||||||||
Assets | |||||||||||
Commercial real estate properties, at cost: | |||||||||||
Land and land interests | $ | 1,209,913 | $ | 1,350,701 | |||||||
Building and improvements | 3,579,961 | 3,671,402 | |||||||||
Building leasehold and improvements | 1,666,935 | 1,645,081 | |||||||||
Right of use asset - operating leases | 983,723 | 983,723 | |||||||||
7,440,532 | 7,650,907 | ||||||||||
Less: accumulated depreciation | (1,961,766) | (1,896,199) | |||||||||
5,478,766 | 5,754,708 | ||||||||||
Assets held for sale | — | 140,855 | |||||||||
Cash and cash equivalents | 189,360 | 251,417 | |||||||||
Restricted cash | 87,701 | 85,567 | |||||||||
Investments in marketable securities | 26,260 | 34,752 | |||||||||
Tenant and other receivables | 40,909 | 47,616 | |||||||||
Related party receivables | 27,293 | 29,408 | |||||||||
Deferred rents receivable | 249,998 | 248,313 | |||||||||
Debt and preferred equity investments, net of discounts and deferred origination fees of $2,482 and $5,057 and allowances of $6,630 and $6,630 in 2022 and 2021, respectively | 1,134,080 | 1,088,723 | |||||||||
Investments in unconsolidated joint ventures | 3,074,200 | 2,997,934 | |||||||||
Deferred costs, net | 118,829 | 124,495 | |||||||||
Other assets | 277,487 | 262,841 | |||||||||
Total assets (1) | $ | 10,704,883 | $ | 11,066,629 | |||||||
Liabilities | |||||||||||
Mortgages and other loans payable, net | $ | 1,516,921 | $ | 1,394,386 | |||||||
Revolving credit facility, net | 122,407 | 381,334 | |||||||||
Unsecured term loans, net | 1,242,619 | 1,242,002 | |||||||||
Unsecured notes, net | 899,658 | 899,308 | |||||||||
Accrued interest payable | 11,862 | 12,698 | |||||||||
Other liabilities | 264,876 | 195,390 | |||||||||
Accounts payable and accrued expenses | 145,237 | 157,571 | |||||||||
Deferred revenue | 104,295 | 107,275 | |||||||||
Lease liability - financing leases | 103,561 | 102,914 | |||||||||
Lease liability - operating leases | 852,614 | 851,370 | |||||||||
Dividend and distributions payable | 24,456 | 187,372 | |||||||||
Security deposits | 54,696 | 52,309 | |||||||||
Liabilities related to assets held for sale | — | 64,120 | |||||||||
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities | 100,000 | 100,000 | |||||||||
Total liabilities (1) | 5,443,202 | 5,748,049 |
September 30, 2017 | December 31, 2016 | ||||||
(unaudited) | |||||||
Assets | |||||||
Commercial real estate properties, at cost: | |||||||
Land and land interests | $ | 2,917,993 | $ | 3,309,710 | |||
Building and improvements | 7,468,436 | 7,948,852 | |||||
Building leasehold and improvements | 1,444,698 | 1,437,325 | |||||
Properties under capital lease | 47,445 | 47,445 | |||||
11,878,572 | 12,743,332 | ||||||
Less: accumulated depreciation | (2,457,071 | ) | (2,264,694 | ) | |||
9,421,501 | 10,478,638 | ||||||
Assets held for sale | 127,663 | — | |||||
Cash and cash equivalents | 241,489 | 279,443 | |||||
Restricted cash | 107,763 | 90,524 | |||||
Investments in marketable securities | 28,802 | 85,110 | |||||
Tenant and other receivables, net of allowance of $18,365 and $16,592 in 2017 and 2016, respectively | 54,663 | 53,772 | |||||
Related party receivables | 24,068 | 15,856 | |||||
Deferred rents receivable, net of allowance of $21,257 and $25,203 in 2017 and 2016, respectively | 393,793 | 442,179 | |||||
Debt and preferred equity investments, net of discounts and deferred origination fees of $24,782 and $16,705 in 2017 and 2016, respectively | 2,020,739 | 1,640,412 | |||||
Investments in unconsolidated joint ventures | 2,045,796 | 1,890,186 | |||||
Deferred costs, net | 247,981 | 267,600 | |||||
Other assets | 395,612 | 614,067 | |||||
Total assets (1) | $ | 15,109,870 | $ | 15,857,787 | |||
Liabilities | |||||||
Mortgages and other loans payable, net | $ | 3,804,174 | $ | 4,073,830 | |||
Revolving credit facility, net | 275,832 | — | |||||
Unsecured term loan, net | 1,180,506 | 1,179,521 | |||||
Unsecured notes, net | 1,064,544 | 1,128,315 | |||||
Accrued interest payable | 34,367 | 36,052 | |||||
Other liabilities | 95,718 | 206,238 | |||||
Accounts payable and accrued expenses | 144,767 | 190,583 | |||||
Deferred revenue | 252,779 | 217,955 | |||||
Capital lease obligations | 42,660 | 42,132 | |||||
Deferred land leases payable | 3,075 | 2,583 | |||||
Dividend and distributions payable | 85,007 | 87,271 | |||||
Security deposits | 68,465 | 66,504 | |||||
Liabilities related to assets held for sale | 1,141 | — | |||||
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities | 100,000 | 100,000 | |||||
Total liabilities (1) | 7,153,035 | 7,330,984 |
June 30, 2022 | December 31, 2021 | ||||||||||
(unaudited) | |||||||||||
Commitments and contingencies | 0 | 0 | |||||||||
Noncontrolling interests in Operating Partnership | 334,974 | 344,252 | |||||||||
Preferred units | 177,943 | 196,075 | |||||||||
Equity | |||||||||||
SL Green stockholders' equity: | |||||||||||
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both June 30, 2022 and December 31, 2021 | 221,932 | 221,932 | |||||||||
Common stock, $0.01 par value, 160,000 shares authorized and 65,362 and 65,132 issued and outstanding at June 30, 2022 and December 31, 2021, respectively (including 1,060 and 1,027 shares held in treasury at June 30, 2022 and December 31, 2021, respectively) | 655 | 672 | |||||||||
Additional paid-in-capital | 3,801,272 | 3,739,409 | |||||||||
Treasury stock at cost | (128,655) | (126,160) | |||||||||
Accumulated other comprehensive income (loss) | 8,595 | (46,758) | |||||||||
Retained earnings | 779,999 | 975,781 | |||||||||
Total SL Green stockholders' equity | 4,683,798 | 4,764,876 | |||||||||
Noncontrolling interests in other partnerships | 64,966 | 13,377 | |||||||||
Total equity | 4,748,764 | 4,778,253 | |||||||||
Total liabilities and equity | $ | 10,704,883 | $ | 11,066,629 | |||||||
(1) The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $179.6 million and $193.4 million of land, $302.0 million and $336.9 million of building and improvements, $— million and $— million of building and leasehold improvements, $15.4 million and $15.4 million of right of use assets, $12.5 million and $11.7 million of accumulated depreciation, $608.2 million and $574.4 million of other assets included in other line items, $386.8 million and $418.9 million of real estate debt, net, $0.1 million and $0.8 million of accrued interest payable, $15.3 million and $15.3 million of lease liabilities, and $152.4 million and $145.2 million of other liabilities included in other line items as of June 30, 2022 and December 31, 2021, respectively. |
September 30, 2017 | December 31, 2016 | ||||||
(unaudited) | |||||||
Commitments and contingencies | — | — | |||||
Noncontrolling interests in Operating Partnership | 470,898 | 473,882 | |||||
Preferred units | 301,885 | 302,010 | |||||
Equity | |||||||
SL Green stockholders' equity: | |||||||
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both September 30, 2017 and December 31, 2016 | 221,932 | 221,932 | |||||
Common stock, $0.01 par value, 160,000 shares authorized and 98,501 and 101,617 issued and outstanding at September 30, 2017 and December 31, 2016, respectively (including 1,055 shares held in treasury at September 30, 2017 and December 31, 2016) | 985 | 1,017 | |||||
Additional paid-in-capital | 5,294,500 | 5,624,545 | |||||
Treasury stock at cost | (124,049 | ) | (124,049 | ) | |||
Accumulated other comprehensive income | 14,185 | 22,137 | |||||
Retained earnings | 1,410,332 | 1,578,893 | |||||
Total SL Green stockholders' equity | 6,817,885 | 7,324,475 | |||||
Noncontrolling interests in other partnerships | 366,167 | 426,436 | |||||
Total equity | 7,184,052 | 7,750,911 | |||||
Total liabilities and equity | $ | 15,109,870 | $ | 15,857,787 | |||
1) The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $384.3 million and $412.3 million of land, $1.4 billion and $1.5 billion of building and improvements, $2.0 million and $2.0 million of building and leasehold improvements, $47.4 million and $47.4 million of properties under capital lease, $323.3 million and $327.2 million of accumulated depreciation, $235.4 million and $244.2 million of other assets included in other line items, $627.8 million and $621.8 million of real estate debt, net, $2.5 million and $2.2 million of accrued interest payable, $42.7 million and $42.1 million of capital lease obligations, and $58.5 million and $73.3 million of other liabilities included in other line items as of September 30, 2017 and December 31, 2016, respectively. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Revenues | ||||||||||||||||
Rental revenue, net | $ | 274,765 | $ | 281,482 | $ | 835,501 | $ | 1,043,898 | ||||||||
Escalation and reimbursement | 44,749 | 53,130 | 131,561 | 147,357 | ||||||||||||
Investment income | 47,820 | 75,396 | 148,741 | 174,347 | ||||||||||||
Other income | 7,266 | 6,673 | 34,328 | 124,137 | ||||||||||||
Total revenues | 374,600 | 416,681 | 1,150,131 | 1,489,739 | ||||||||||||
Expenses | ||||||||||||||||
Operating expenses, including related party expenses of $5,505 and $14,941 in 2017 and $5,042 and $15,171 in 2016. | 75,927 | 79,425 | 221,285 | 234,269 | ||||||||||||
Real estate taxes | 64,160 | 64,133 | 186,173 | 187,931 | ||||||||||||
Ground rent | 8,307 | 8,338 | 24,923 | 24,953 | ||||||||||||
Interest expense, net of interest income | 65,634 | 72,565 | 196,112 | 256,326 | ||||||||||||
Amortization of deferred financing costs | 4,008 | 4,815 | 12,201 | 20,180 | ||||||||||||
Depreciation and amortization | 91,728 | 112,665 | 318,916 | 717,015 | ||||||||||||
Transaction related costs | 186 | 2,593 | 365 | 5,987 | ||||||||||||
Marketing, general and administrative | 23,963 | 25,458 | 72,362 | 73,974 | ||||||||||||
Total expenses | 333,913 | 369,992 | 1,032,337 | 1,520,635 | ||||||||||||
Income (loss) before equity in net income (loss) from unconsolidated joint ventures, equity in net gain on sale of interest in unconsolidated joint venture/real estate, gain (loss) on sale of real estate, net, depreciable real estate reserves, and gain (loss) on sale of investment in marketable securities | 40,687 | 46,689 | 117,794 | (30,896 | ) | |||||||||||
Equity in net income (loss) from unconsolidated joint ventures | 4,078 | (3,968 | ) | 14,104 | 11,969 | |||||||||||
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | 1,030 | 225 | 16,166 | 43,588 | ||||||||||||
Gain (loss) on sale of real estate, net | — | 397 | (3,256 | ) | 210,750 | |||||||||||
Depreciable real estate reserves | — | — | (85,336 | ) | (10,387 | ) | ||||||||||
Gain (loss) on sale of investment in marketable securities | — | — | 3,262 | (83 | ) | |||||||||||
Net income | 45,795 | 43,343 | 62,734 | 224,941 | ||||||||||||
Net (income) loss attributable to noncontrolling interests: | ||||||||||||||||
Noncontrolling interests in the Operating Partnership | (1,812 | ) | (1,663 | ) | (2,707 | ) | (8,171 | ) | ||||||||
Noncontrolling interests in other partnerships | 1,474 | (836 | ) | 18,179 | (6,245 | ) | ||||||||||
Preferred units distributions | (2,850 | ) | (2,854 | ) | (8,551 | ) | (8,382 | ) | ||||||||
Net income attributable to SL Green | 42,607 | 37,990 | 69,655 | 202,143 | ||||||||||||
Perpetual preferred stock dividends | (3,738 | ) | (3,738 | ) | (11,213 | ) | (11,213 | ) | ||||||||
Net income attributable to SL Green common stockholders | $ | 38,869 | $ | 34,252 | $ | 58,442 | $ | 190,930 | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Amounts attributable to SL Green common stockholders: | ||||||||||||||||
Income (loss) before depreciable real estate reserves and gains (losses) on sale | $ | 37,885 | $ | 33,657 | $ | 127,685 | $ | (43,041 | ) | |||||||
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | 984 | 215 | 15,456 | 41,805 | ||||||||||||
Gain (loss) on sale of real estate, net | — | 380 | (3,113 | ) | 202,128 | |||||||||||
Depreciable real estate reserves | — | — | (81,586 | ) | (9,962 | ) | ||||||||||
Net income attributable to SL Green common stockholders | $ | 38,869 | $ | 34,252 | $ | 58,442 | $ | 190,930 | ||||||||
Basic earnings per share: | ||||||||||||||||
Income (loss) before depreciable real estate reserves and gains (losses) on sale | $ | 0.39 | $ | 0.34 | $ | 1.28 | $ | (0.43 | ) | |||||||
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | 0.01 | — | 0.16 | 0.42 | ||||||||||||
Gain (loss) on sale of real estate, net | — | — | (0.03 | ) | 2.02 | |||||||||||
Depreciable real estate reserves | — | — | (0.82 | ) | (0.10 | ) | ||||||||||
Net income attributable to SL Green common stockholders | $ | 0.40 | $ | 0.34 | $ | 0.59 | $ | 1.91 | ||||||||
Diluted earnings per share: | ||||||||||||||||
Income (loss) before depreciable real estate reserves and gains (losses) on sale | $ | 0.39 | $ | 0.34 | $ | 1.28 | $ | (0.43 | ) | |||||||
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | 0.01 | — | 0.16 | 0.42 | ||||||||||||
Gain (loss) on sale of real estate, net | — | — | (0.03 | ) | 2.01 | |||||||||||
Depreciable real estate reserves | — | — | (0.82 | ) | (0.10 | ) | ||||||||||
Net income attributable to SL Green common stockholders | $ | 0.40 | $ | 0.34 | $ | 0.59 | $ | 1.90 | ||||||||
Dividends per share | $ | 0.775 | $ | 0.72 | $ | 2.325 | $ | 2.16 | ||||||||
Basic weighted average common shares outstanding | 97,783 | 100,233 | 99,431 | 100,140 | ||||||||||||
Diluted weighted average common shares and common share equivalents outstanding | 102,570 | 105,143 | 104,280 | 104,761 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||
Rental revenue, net | $ | 155,232 | $ | 184,611 | $ | 311,263 | $ | 372,700 | ||||||||||||||||||
Investment income | 20,407 | 20,107 | 40,295 | 39,380 | ||||||||||||||||||||||
Other income | 25,806 | 13,389 | 37,851 | 32,129 | ||||||||||||||||||||||
Total revenues | 201,445 | 218,107 | 389,409 | 444,209 | ||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||
Operating expenses, including related party expenses of $3,172 and $5,695 in 2022, and $3,039 and $5,264 in 2021 | 39,557 | 43,883 | 82,140 | 86,167 | ||||||||||||||||||||||
Real estate taxes | 30,819 | 43,768 | 61,566 | 89,179 | ||||||||||||||||||||||
Operating lease rent | 6,477 | 6,707 | 13,041 | 13,446 | ||||||||||||||||||||||
Interest expense, net of interest income | 14,960 | 18,960 | 30,030 | 42,348 | ||||||||||||||||||||||
Amortization of deferred financing costs | 1,917 | 3,386 | 3,865 | 7,160 | ||||||||||||||||||||||
Depreciation and amortization | 46,914 | 57,261 | 93,897 | 120,257 | ||||||||||||||||||||||
Transaction related costs | 1 | 3 | 29 | 25 | ||||||||||||||||||||||
Marketing, general and administrative | 23,522 | 22,064 | 48,298 | 44,949 | ||||||||||||||||||||||
Total expenses | 164,167 | 196,032 | 332,866 | 403,531 | ||||||||||||||||||||||
Equity in net loss from unconsolidated joint ventures | (4,550) | (12,970) | (9,265) | (15,834) | ||||||||||||||||||||||
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate | (131) | 8,471 | (131) | (4,158) | ||||||||||||||||||||||
Purchase price and other fair value adjustments | (6,168) | (1,947) | (6,231) | 717 | ||||||||||||||||||||||
(Loss) gain on sale of real estate, net | (64,378) | 98,960 | (65,380) | 97,572 | ||||||||||||||||||||||
Depreciable real estate reserves and impairment | — | 2,545 | — | (5,696) | ||||||||||||||||||||||
Net (loss) income | (37,949) | 117,134 | (24,464) | 113,279 | ||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests: | ||||||||||||||||||||||||||
Noncontrolling interests in the Operating Partnership | 2,813 | (6,282) | 2,321 | (5,806) | ||||||||||||||||||||||
Noncontrolling interests in other partnerships | (3,404) | 40 | (3,261) | 1,539 | ||||||||||||||||||||||
Preferred units distributions | (1,599) | (1,823) | (3,246) | (3,669) | ||||||||||||||||||||||
Net (loss) income attributable to SL Green | (40,139) | 109,069 | (28,650) | 105,343 | ||||||||||||||||||||||
Perpetual preferred stock dividends | (3,737) | (3,737) | (7,475) | (7,475) | ||||||||||||||||||||||
Net (loss) income attributable to SL Green common stockholders | $ | (43,876) | $ | 105,332 | $ | (36,125) | $ | 97,868 | ||||||||||||||||||
Basic (loss) earnings per share | $ | (0.70) | $ | 1.56 | $ | (0.58) | $ | 1.45 | ||||||||||||||||||
Diluted (loss) earnings per share | $ | (0.70) | $ | 1.56 | $ | (0.58) | $ | 1.44 | ||||||||||||||||||
Basic weighted average common shares outstanding | 63,798 | 66,931 | 63,987 | 66,948 | ||||||||||||||||||||||
Diluted weighted average common shares and common share equivalents outstanding | 69,020 | 71,672 | 69,422 | 71,838 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net (loss) income | $ | (37,949) | $ | 117,134 | $ | (24,464) | $ | 113,279 | ||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||
Increase (decrease) in unrealized value of derivative instruments, including SL Green's share of joint venture derivative instruments | 17,323 | (51,313) | 60,890 | (50) | ||||||||||||||||||||||
(Decrease) increase in unrealized value of marketable securities | (454) | 506 | (2,247) | 248 | ||||||||||||||||||||||
Other comprehensive income (loss) | 16,869 | (50,807) | 58,643 | 198 | ||||||||||||||||||||||
Comprehensive (loss) income | (21,080) | 66,327 | 34,179 | 113,477 | ||||||||||||||||||||||
Net income attributable to noncontrolling interests and preferred units distributions | (2,190) | (8,065) | (4,186) | (7,936) | ||||||||||||||||||||||
Other comprehensive (income) loss attributable to noncontrolling interests | (1,013) | 2,841 | (3,290) | 186 | ||||||||||||||||||||||
Comprehensive (loss) income attributable to SL Green | $ | (24,283) | $ | 61,103 | $ | 26,703 | $ | 105,727 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net income | $ | 45,795 | $ | 43,343 | $ | 62,734 | $ | 224,941 | ||||||||
Other comprehensive loss: | ||||||||||||||||
Change in net unrealized gain on derivative instruments, including SL Green's share of joint venture net unrealized gain on derivative instruments | (217 | ) | 2,632 | (3,812 | ) | (4,682 | ) | |||||||||
Change in unrealized gain on marketable securities | 44 | (30 | ) | (4,443 | ) | (900 | ) | |||||||||
Other comprehensive (loss) income | (173 | ) | 2,602 | (8,255 | ) | (5,582 | ) | |||||||||
Comprehensive income | 45,622 | 45,945 | 54,479 | 219,359 | ||||||||||||
Net (income) loss attributable to noncontrolling interests and preferred units distributions | (3,188 | ) | (5,353 | ) | 6,921 | (22,798 | ) | |||||||||
Other comprehensive loss attributable to noncontrolling interests | 4 | (118 | ) | 303 | 257 | |||||||||||
Comprehensive income attributable to SL Green | $ | 42,438 | $ | 40,474 | $ | 61,703 | $ | 196,818 |
SL Green Realty Corp. Stockholders | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series I Preferred Stock | Shares | Par Value | Additional Paid- In-Capital | Treasury Stock | Accumulated Other Comprehensive (Loss) Income | Retained Earnings | Noncontrolling Interests | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 221,932 | 64,105 | $ | 672 | $ | 3,739,409 | $ | (126,160) | $ | (46,758) | $ | 975,781 | $ | 13,377 | $ | 4,778,253 | |||||||||||||||||||||||||||||||||||||||
Net income | 11,489 | (143) | 11,346 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 39,497 | 39,497 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred dividends | (3,738) | (3,738) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
DRSPP proceeds | 1 | 89 | 89 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interest in the Operating Partnership | (43,023) | (43,023) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings | 28 | 1 | 5,055 | 5,056 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | (1,971) | (20) | (114,979) | (36,198) | (151,197) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cash distributions to noncontrolling interests | (123) | (123) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of special dividend paid primarily in stock | 1,961 | 163,115 | (2,495) | 160,620 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash distributions declared ($0.932 per common share, none of which represented a return of capital for federal income tax purposes) | (57,665) | (57,665) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | 221,932 | 64,124 | $ | 653 | $ | 3,792,689 | $ | (128,655) | $ | (7,261) | $ | 846,646 | $ | 13,111 | $ | 4,739,115 | |||||||||||||||||||||||||||||||||||||||
Net loss | (40,139) | 3,404 | (36,735) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 15,856 | 15,856 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred dividends | (3,737) | (3,737) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
DRSPP proceeds | 2 | 110 | 110 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interest in the Operating Partnership | 37,938 | 37,938 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings | 176 | 2 | 8,473 | 8,475 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions to consolidated joint venture interests | 51,348 | 51,348 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash distributions to noncontrolling interests | (2,897) | (2,897) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash distributions declared ($0.932 per common share, none of which represented a return of capital for federal income tax purposes) | (60,709) | (60,709) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 221,932 | 64,302 | $ | 655 | $ | 3,801,272 | $ | (128,655) | $ | 8,595 | $ | 779,999 | $ | 64,966 | $ | 4,748,764 |
SL Green Realty Corp. Stockholders | |||||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||
Series I Preferred Stock | Shares | Par Value | Additional Paid- In-Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interests | Total | |||||||||||||||||||||||||||
Balance at December 31, 2016 | $ | 221,932 | 100,562 | $ | 1,017 | $ | 5,624,545 | $ | (124,049 | ) | $ | 22,137 | $ | 1,578,893 | $ | 426,436 | $ | 7,750,911 | |||||||||||||||||
Net income (loss) | 69,655 | (18,179 | ) | 51,476 | |||||||||||||||||||||||||||||||
Other comprehensive loss | (7,952 | ) | (7,952 | ) | |||||||||||||||||||||||||||||||
Preferred dividends | (11,213 | ) | (11,213 | ) | |||||||||||||||||||||||||||||||
DRSPP proceeds | 2 | 185 | 185 | ||||||||||||||||||||||||||||||||
Conversion of units of the Operating Partnership to common stock | 142 | 1 | 15,352 | 15,353 | |||||||||||||||||||||||||||||||
Reallocation of noncontrolling interest in the Operating Partnership | 2,669 | 2,669 | |||||||||||||||||||||||||||||||||
Equity component of repurchased exchangeable senior notes | (27,969 | ) | (27,969 | ) | |||||||||||||||||||||||||||||||
Deferred compensation plan and stock awards, net | (6 | ) | (1,959 | ) | (1,959 | ) | |||||||||||||||||||||||||||||
Amortization of deferred compensation plan | 22,014 | 22,014 | |||||||||||||||||||||||||||||||||
Repurchases of common stock | (3,400 | ) | (34 | ) | (349,957 | ) | (349,991 | ) | |||||||||||||||||||||||||||
Proceeds from stock options exercised | 146 | 1 | 12,289 | 12,290 | |||||||||||||||||||||||||||||||
Contributions to consolidated joint venture interests | 33,202 | 33,202 | |||||||||||||||||||||||||||||||||
Deconsolidation of partially owned entity | (30,203 | ) | (30,203 | ) | |||||||||||||||||||||||||||||||
Cash distributions to noncontrolling interests | (45,089 | ) | (45,089 | ) | |||||||||||||||||||||||||||||||
Cash distributions declared ($2.325 per common share, none of which represented a return of capital for federal income tax purposes) | (229,672 | ) | (229,672 | ) | |||||||||||||||||||||||||||||||
Balance at September 30, 2017 | $ | 221,932 | 97,446 | $ | 985 | $ | 5,294,500 | $ | (124,049 | ) | $ | 14,185 | $ | 1,410,332 | $ | 366,167 | $ | 7,184,052 |
SL Green Realty Corp. Stockholders | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series I Preferred Stock | Shares | Par Value | Additional Paid- In-Capital | Treasury Stock | Accumulated Other Comprehensive Loss | Retained Earnings | Noncontrolling Interests | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 221,932 | 66,474 | $ | 716 | $ | 3,862,949 | $ | (124,049) | $ | (67,247) | $ | 1,015,462 | $ | 26,032 | $ | 4,935,795 | |||||||||||||||||||||||||||||||||||||||
Net loss | (3,726) | (1,499) | (5,225) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 48,350 | 48,350 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred dividends | (3,738) | (3,738) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
DRSPP proceeds | 5 | 351 | 351 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interest in the Operating Partnership | (26,609) | (26,609) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings | 110 | 2 | 6,726 | 6,728 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | (1,267) | (13) | (80,297) | (80,310) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions to consolidated joint venture interests | 171 | 171 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash distributions to noncontrolling interests | (110) | (110) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of special dividend paid primarily in stock | 1,974 | 123,529 | 123,529 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash distributions declared ($0.910 per common share, none of which represented a return of capital for federal income tax purposes) | (63,312) | (63,312) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 221,932 | 67,296 | $ | 705 | $ | 3,913,258 | $ | (124,049) | $ | (18,897) | $ | 918,077 | $ | 24,594 | $ | 4,935,620 | |||||||||||||||||||||||||||||||||||||||
Net income | 109,069 | (40) | 109,029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (47,966) | (47,966) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred dividends | (3,737) | (3,737) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
DRSPP proceeds | 2 | 116 | 116 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interest in the Operating Partnership | (5,866) | (5,866) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings | (1) | 7,591 | 7,591 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | (1,431) | (15) | (97,675) | (20,887) | (118,577) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions to consolidated joint venture interests | 134 | 134 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash distributions to noncontrolling interests | (63) | (63) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash distributions declared ($0.910 per common share, none of which represented a return of capital for federal income tax purposes) | (62,524) | (62,524) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 221,932 | 65,866 | $ | 690 | $ | 3,823,290 | $ | (124,049) | $ | (66,863) | $ | 934,132 | $ | 24,625 | $ | 4,813,757 |
Six Months Ended June 30, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
Operating Activities | |||||||||||||||||
Net (loss) income | $ | (24,464) | $ | 113,279 | |||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 97,762 | 127,417 | |||||||||||||||
Equity in net loss from unconsolidated joint ventures | 9,265 | 15,834 | |||||||||||||||
Distributions of cumulative earnings from unconsolidated joint ventures | 343 | 174 | |||||||||||||||
Equity in net loss on sale of interest in unconsolidated joint venture interest/real estate | 131 | 4,158 | |||||||||||||||
Purchase price and other fair value adjustments | 6,231 | (717) | |||||||||||||||
Depreciable real estate reserves and impairment | — | 5,696 | |||||||||||||||
Loss (gain) on sale of real estate, net | 65,380 | (97,572) | |||||||||||||||
Deferred rents receivable | 1,075 | (7,144) | |||||||||||||||
Non-cash lease expense | 12,080 | 7,538 | |||||||||||||||
Other non-cash adjustments | (10,406) | 18,137 | |||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Tenant and other receivables | 14,767 | (2,493) | |||||||||||||||
Related party receivables | 1,458 | (2,055) | |||||||||||||||
Deferred lease costs | (6,922) | (3,602) | |||||||||||||||
Other assets | (2,651) | 15,550 | |||||||||||||||
Accounts payable, accrued expenses, other liabilities and security deposits | 19,767 | (60,592) | |||||||||||||||
Deferred revenue | (2,672) | 888 | |||||||||||||||
Lease liability - operating leases | 1,291 | (31,232) | |||||||||||||||
Net cash provided by operating activities | 182,435 | 103,264 | |||||||||||||||
Investing Activities | |||||||||||||||||
Acquisitions of real estate property | — | (28,688) | |||||||||||||||
Additions to land, buildings and improvements | (126,957) | (118,076) | |||||||||||||||
Investments in unconsolidated joint ventures | (135,365) | (38,198) | |||||||||||||||
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 64,976 | 417,457 | |||||||||||||||
Net proceeds from disposition of real estate/joint venture interest | 353,853 | 398,173 | |||||||||||||||
Cash assumed from consolidation of real estate investment | — | 9,475 | |||||||||||||||
Proceeds from sale or redemption of marketable securities | — | 4,528 | |||||||||||||||
Purchases of marketable securities | — | (10,000) | |||||||||||||||
Other investments | 1,507 | (4,108) | |||||||||||||||
Origination of debt and preferred equity investments | (29,095) | (74,148) | |||||||||||||||
Repayments or redemption of debt and preferred equity investments | 6,405 | 85,106 | |||||||||||||||
Net cash provided by investing activities | 135,324 | 641,521 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Operating Activities | |||||||
Net income | $ | 62,734 | $ | 224,941 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 331,117 | 737,195 | |||||
Equity in net income from unconsolidated joint ventures | (14,104 | ) | (11,969 | ) | |||
Distributions of cumulative earnings from unconsolidated joint ventures | 19,609 | 19,311 | |||||
Equity in net gain on sale of interest in unconsolidated joint venture interest/real estate | (16,166 | ) | (43,588 | ) | |||
Depreciable real estate reserves | 85,336 | 10,387 | |||||
Loss (gain) on sale of real estate, net | 3,256 | (210,750 | ) | ||||
(Gain) loss on sale of investments in marketable securities | (3,262 | ) | 83 | ||||
Deferred rents receivable | (33,523 | ) | 40,056 | ||||
Other non-cash adjustments (1) | 18,423 | (155,558 | ) | ||||
Changes in operating assets and liabilities: | |||||||
Restricted cash—operations | 6,520 | (12,855 | ) | ||||
Tenant and other receivables | (2,318 | ) | 2,714 | ||||
Related party receivables | (8,238 | ) | (4,167 | ) | |||
Deferred lease costs | (31,479 | ) | (47,036 | ) | |||
Other assets | (58,068 | ) | (30,899 | ) | |||
Accounts payable, accrued expenses, other liabilities and security deposits | 1,423 | (28,089 | ) | ||||
Deferred revenue and land leases payable | 55,361 | 19,016 | |||||
Net cash provided by operating activities | 416,621 | 508,792 | |||||
Investing Activities | |||||||
Acquisitions of real estate property | (25,114 | ) | (38,005 | ) | |||
Additions to land, buildings and improvements | (251,158 | ) | (269,182 | ) | |||
Escrowed cash—capital improvements/acquisition deposits/deferred purchase price | 17,431 | 85,983 | |||||
Investments in unconsolidated joint ventures | (112,697 | ) | (69,422 | ) | |||
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 279,478 | 171,472 | |||||
Net proceeds from disposition of real estate/joint venture interest | 116,983 | 2,419,841 | |||||
Proceeds from sale or redemption of marketable securities | 55,129 | 6,868 | |||||
Purchases of marketable securities | — | (23,062 | ) | ||||
Other investments | 46,955 | 8,232 | |||||
Origination of debt and preferred equity investments | (935,724 | ) | (554,803 | ) | |||
Repayments or redemption of debt and preferred equity investments | 707,676 | 667,251 | |||||
Net cash (used in) provided by investing activities | (101,041 | ) | 2,405,173 |
Six Months Ended June 30, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
Financing Activities | |||||||||||||||||
Proceeds from mortgages and other loans payable | 184,196 | 19,772 | |||||||||||||||
Repayments of mortgages and other loans payable | (91,770) | (364,994) | |||||||||||||||
Proceeds from revolving credit facility and unsecured notes | 332,000 | 570,000 | |||||||||||||||
Repayments of revolving credit facility and unsecured notes | (592,000) | (680,000) | |||||||||||||||
Proceeds from stock options exercised and DRSPP issuance | 199 | 467 | |||||||||||||||
Repurchase of common stock | (151,197) | (178,666) | |||||||||||||||
Redemption of preferred stock | (17,968) | (3,631) | |||||||||||||||
Redemption of OP units | (18,334) | (13,930) | |||||||||||||||
Distributions to noncontrolling interests in other partnerships | (3,020) | (173) | |||||||||||||||
Contributions from noncontrolling interests in other partnerships | 51,348 | 305 | |||||||||||||||
Distributions to noncontrolling interests in the Operating Partnership | (8,572) | (8,110) | |||||||||||||||
Dividends paid on common and preferred stock | (131,556) | (138,373) | |||||||||||||||
Other obligations related to secured borrowing | 77,874 | — | |||||||||||||||
Tax withholdings related to restricted share awards | (3,891) | (2,842) | |||||||||||||||
Deferred loan costs | (4,991) | (470) | |||||||||||||||
Principal payments of on financing lease liabilities | — | (434) | |||||||||||||||
Net cash used in financing activities | (377,682) | (801,079) | |||||||||||||||
Net decrease in cash, cash equivalents, and restricted cash | (59,923) | (56,294) | |||||||||||||||
Cash, cash equivalents, and restricted cash at beginning of year | 336,984 | 372,795 | |||||||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 277,061 | $ | 316,501 | |||||||||||||
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | |||||||||||||||||
Redemption of units in the Operating Partnership for a joint venture sale | $ | — | $ | 27,586 | |||||||||||||
Issuance of special dividend paid primarily in stock | 160,620 | 123,529 | |||||||||||||||
Tenant improvements and capital expenditures payable | 10,295 | 8,911 | |||||||||||||||
Fair value adjustment to noncontrolling interest in the Operating Partnership | 5,085 | 32,475 | |||||||||||||||
Consolidation of real estate investment | — | 119,444 | |||||||||||||||
Extinguishment of debt in connection with property dispositions | — | 53,548 | |||||||||||||||
Debt and preferred equity investments | — | 5,184 | |||||||||||||||
Removal of fully depreciated commercial real estate properties | 3,597 | 4,288 | |||||||||||||||
Share repurchase payable | — | 20,221 | |||||||||||||||
Recognition of right of use assets and related lease liabilities | — | 119,711 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Financing Activities | |||||||
Proceeds from mortgages and other loans payable | $ | 779,650 | $ | 256,207 | |||
Repayments of mortgages and other loans payable | (706,056 | ) | (1,786,034 | ) | |||
Proceeds from revolving credit facility and senior unsecured notes | 1,447,800 | 1,260,300 | |||||
Repayments of revolving credit facility and senior unsecured notes | (1,270,804 | ) | (2,269,604 | ) | |||
Proceeds from stock options exercised and DRIP issuance | 12,475 | 12,404 | |||||
Repurchase of common stock | (349,991 | ) | — | ||||
Redemption of preferred stock | (125 | ) | (2,999 | ) | |||
Distributions to noncontrolling interests in other partnerships | (45,089 | ) | (11,023 | ) | |||
Contributions from noncontrolling interests in other partnerships | 33,202 | 2,019 | |||||
Distributions to noncontrolling interests in the Operating Partnership | (10,639 | ) | (9,245 | ) | |||
Dividends paid on common and preferred stock | (251,701 | ) | (234,801 | ) | |||
Other obligations related to loan participations | 16,737 | 59,150 | |||||
Deferred loan costs and capitalized lease obligation | (8,993 | ) | (39,842 | ) | |||
Net cash used in financing activities | (353,534 | ) | (2,763,468 | ) | |||
Net (decrease) increase in cash and cash equivalents | (37,954 | ) | 150,497 | ||||
Cash and cash equivalents at beginning of year | 279,443 | 255,399 | |||||
Cash and cash equivalents at end of period | $ | 241,489 | $ | 405,896 | |||
(1) Included in Other non-cash adjustments is $172.4 million for the nine months ended September 30, 2016 for the amortization of the below-market lease at 388-390 Greenwich Street as a result of the tenant exercising their option to purchase the property and entering into an agreement to accelerate the sale. | |||||||
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | |||||||
Issuance of units in the Operating Partnership | $ | 23,273 | $ | 51,647 | |||
Redemption of units in the Operating Partnership for stock | 15,352 | 12,746 | |||||
Derivative instruments at fair value | 7,362 | — | |||||
Exchange of debt investment for equity in joint venture | — | 68,581 | |||||
Issuance of preferred units relating to a real estate acquisition | — | 22,793 | |||||
Tenant improvements and capital expenditures payable | 8,926 | 4,281 | |||||
Fair value adjustment to noncontrolling interest in Operating Partnership | 2,669 | 4,959 | |||||
Deconsolidation of subsidiaries | 328,643 | 1,173,570 | |||||
Transfer of assets related to assets held for sale | 273,455 | 2,048,376 | |||||
Transfer of liabilities related to assets held for sale | 1,290 | 1,677,528 | |||||
Deferred leasing payable | 810 | 1,208 | |||||
Removal of fully depreciated commercial real estate properties | 11,158 | 22,179 | |||||
Issuance of SLG's common stock to consolidated joint venture | — | 114,049 |
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash and cash equivalents | $ | 189,360 | $ | 218,337 | |||||||
Restricted cash | 87,701 | 98,164 | |||||||||
Total cash, cash equivalents, and restricted cash | $ | 277,061 | $ | 316,501 |
June 30, 2022 | December 31, 2021 | ||||||||||
(unaudited) | |||||||||||
Assets | |||||||||||
Commercial real estate properties, at cost: | |||||||||||
Land and land interests | $ | 1,209,913 | $ | 1,350,701 | |||||||
Building and improvements | 3,579,961 | 3,671,402 | |||||||||
Building leasehold and improvements | 1,666,935 | 1,645,081 | |||||||||
Right of use asset - operating leases | 983,723 | 983,723 | |||||||||
7,440,532 | 7,650,907 | ||||||||||
Less: accumulated depreciation | (1,961,766) | (1,896,199) | |||||||||
5,478,766 | 5,754,708 | ||||||||||
Assets held for sale | — | 140,855 | |||||||||
Cash and cash equivalents | 189,360 | 251,417 | |||||||||
Restricted cash | 87,701 | 85,567 | |||||||||
Investments in marketable securities | 26,260 | 34,752 | |||||||||
Tenant and other receivables | 40,909 | 47,616 | |||||||||
Related party receivables | 27,293 | 29,408 | |||||||||
Deferred rents receivable | 249,998 | 248,313 | |||||||||
Debt and preferred equity investments, net of discounts and deferred origination fees of $2,482 and $5,057 and allowances of $6,630 and $6,630 in 2022 and 2021, respectively | 1,134,080 | 1,088,723 | |||||||||
Investments in unconsolidated joint ventures | 3,074,200 | 2,997,934 | |||||||||
Deferred costs, net | 118,829 | 124,495 | |||||||||
Other assets | 277,487 | 262,841 | |||||||||
Total assets (1) | $ | 10,704,883 | $ | 11,066,629 | |||||||
Liabilities | |||||||||||
Mortgages and other loans payable, net | $ | 1,516,921 | $ | 1,394,386 | |||||||
Revolving credit facility, net | 122,407 | 381,334 | |||||||||
Unsecured term loans, net | 1,242,619 | 1,242,002 | |||||||||
Unsecured notes, net | 899,658 | 899,308 | |||||||||
Accrued interest payable | 11,862 | 12,698 | |||||||||
Other liabilities | 264,876 | 195,390 | |||||||||
Accounts payable and accrued expenses | 145,237 | 157,571 | |||||||||
Deferred revenue | 104,295 | 107,275 | |||||||||
Lease liability - financing leases | 103,561 | 102,914 | |||||||||
Lease liability - operating leases | 852,614 | 851,370 | |||||||||
Dividend and distributions payable | 24,456 | 187,372 | |||||||||
Security deposits | 54,696 | 52,309 | |||||||||
Liabilities related to assets held for sale | — | 64,120 | |||||||||
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities | 100,000 | 100,000 | |||||||||
Total liabilities (1) | 5,443,202 | 5,748,049 | |||||||||
Commitments and contingencies | 0 | 0 | |||||||||
Limited partner interests in SLGOP (4,144 and 3,782 limited partner common units outstanding at June 30, 2022 and December 31, 2021, respectively) | 334,974 | 344,252 | |||||||||
Preferred units | 177,943 | 196,075 |
September 30, 2017 | December 31, 2016 | |||||||
(unaudited) | ||||||||
Assets | ||||||||
Commercial real estate properties, at cost: | ||||||||
Land and land interests | $ | 2,917,993 | $ | 3,309,710 | ||||
Building and improvements | 7,468,436 | 7,948,852 | ||||||
Building leasehold and improvements | 1,444,698 | 1,437,325 | ||||||
Properties under capital lease | 47,445 | 47,445 | ||||||
11,878,572 | 12,743,332 | |||||||
Less: accumulated depreciation | (2,457,071 | ) | (2,264,694 | ) | ||||
9,421,501 | 10,478,638 | |||||||
Assets held for sale | 127,663 | — | ||||||
Cash and cash equivalents | 241,489 | 279,443 | ||||||
Restricted cash | 107,763 | 90,524 | ||||||
Investments in marketable securities | 28,802 | 85,110 | ||||||
Tenant and other receivables, net of allowance of $18,365 and $16,592 in 2017 and 2016, respectively | 54,663 | 53,772 | ||||||
Related party receivables | 24,068 | 15,856 | ||||||
Deferred rents receivable, net of allowance of $21,257 and $25,203 in 2017 and 2016, respectively | 393,793 | 442,179 | ||||||
Debt and preferred equity investments, net of discounts and deferred origination fees of $24,782 and $16,705 in 2017 and 2016, respectively | 2,020,739 | 1,640,412 | ||||||
Investments in unconsolidated joint ventures | 2,045,796 | 1,890,186 | ||||||
Deferred costs, net | 247,981 | 267,600 | ||||||
Other assets | 395,612 | 614,067 | ||||||
Total assets (1) | $ | 15,109,870 | $ | 15,857,787 | ||||
Liabilities | ||||||||
Mortgages and other loans payable, net | $ | 3,804,174 | $ | 4,073,830 | ||||
Revolving credit facility, net | 275,832 | — | ||||||
Unsecured term loan, net | 1,180,506 | 1,179,521 | ||||||
Unsecured notes, net | 1,064,544 | 1,128,315 | ||||||
Accrued interest payable | 34,367 | 36,052 | ||||||
Other liabilities | 95,718 | 206,238 | ||||||
Accounts payable and accrued expenses | 144,767 | 190,583 | ||||||
Deferred revenue | 252,779 | 217,955 | ||||||
Capital lease obligations | 42,660 | 42,132 | ||||||
Deferred land leases payable | 3,075 | 2,583 | ||||||
Dividend and distributions payable | 85,007 | 87,271 | ||||||
Security deposits | 68,465 | 66,504 | ||||||
Liabilities related to assets held for sale | 1,141 | — | ||||||
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities | 100,000 | 100,000 | ||||||
Total liabilities (1) | 7,153,035 | 7,330,984 | ||||||
Commitments and contingencies | — | — | ||||||
Limited partner interests in SLGOP (4,542 and 4,364 limited partner common units outstanding at September 30, 2017 and December 31, 2016, respectively) | 470,898 | 473,882 | ||||||
Preferred units | 301,885 | 302,010 |
June 30, 2022 | December 31, 2021 | ||||||||||
(unaudited) | |||||||||||
Capital | |||||||||||
SLGOP partners' capital: | |||||||||||
Series I Preferred Units, $25.00 liquidation preference, 9,200 issued and outstanding at both June 30, 2022 and December 31, 2021 | 221,932 | 221,932 | |||||||||
SL Green partners' capital (685 and 677 general partner common units and 63,617 and 63,428 limited partner common units outstanding at June 30, 2022 and December 31, 2021, respectively) | 4,453,271 | 4,589,702 | |||||||||
Accumulated other comprehensive income (loss) | 8,595 | (46,758) | |||||||||
Total SLGOP partners' capital | 4,683,798 | 4,764,876 | |||||||||
Noncontrolling interests in other partnerships | 64,966 | 13,377 | |||||||||
Total capital | 4,748,764 | 4,778,253 | |||||||||
Total liabilities and capital | $ | 10,704,883 | $ | 11,066,629 | |||||||
(1) The Operating Partnership's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $179.6 million and $193.4 million of land, $302.0 million and $336.9 million of building and improvements, $— million and $— million of building and leasehold improvements, $15.4 million and $15.4 million of right of use assets, $12.5 million and $11.7 million of accumulated depreciation, $608.2 million and $574.4 million of other assets included in other line items, $386.8 million and $418.9 million of real estate debt, net, $0.1 million and $0.8 million of accrued interest payable, $15.3 million and $15.3 million of lease liabilities, and $152.4 million and $145.2 million of other liabilities included in other line items as of June 30, 2022 and December 31, 2021, respectively. |
September 30, 2017 | December 31, 2016 | |||||||
(unaudited) | ||||||||
Capital | ||||||||
SLGOP partners' capital: | ||||||||
Series I Preferred Units, $25.00 liquidation preference, 9,200 issued and outstanding at both September 30, 2017 and December 31, 2016 | 221,932 | 221,932 | ||||||
SL Green partners' capital (1,020 and 1,049 general partner common units and 96,426 and 99,513 limited partner common units outstanding at September 30, 2017 and December 31, 2016, respectively) | 6,581,768 | 7,080,406 | ||||||
Accumulated other comprehensive income | 14,185 | 22,137 | ||||||
Total SLGOP partners' capital | 6,817,885 | 7,324,475 | ||||||
Noncontrolling interests in other partnerships | 366,167 | 426,436 | ||||||
Total capital | 7,184,052 | 7,750,911 | ||||||
Total liabilities and capital | $ | 15,109,870 | $ | 15,857,787 | ||||
1) The Operating Partnership's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets include the following amounts related to our consolidated VIEs: $384.3 million and $412.3 million of land, $1.4 billion and $1.5 billion of building and improvements, $2.0 million and $2.0 million of building and leasehold improvements, $47.4 million and $47.4 million of properties under capital lease, $323.3 million and $327.2 million of accumulated depreciation, $235.4 million and $244.2 million of other assets included in other line items, $627.8 million and $621.8 million of real estate debt, net, $2.5 million and $2.2 million of accrued interest payable, $42.7 million and $42.1 million of capital lease obligations, and $58.5 million and $73.3 million of other liabilities included in other line items as of September 30, 2017 and December 31, 2016, respectively. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||
Rental revenue, net | $ | 155,232 | $ | 184,611 | $ | 311,263 | $ | 372,700 | ||||||||||||||||||
Investment income | 20,407 | 20,107 | 40,295 | 39,380 | ||||||||||||||||||||||
Other income | 25,806 | 13,389 | 37,851 | 32,129 | ||||||||||||||||||||||
Total revenues | 201,445 | 218,107 | 389,409 | 444,209 | ||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||
Operating expenses, including related party expenses of $3,172 and $5,695 in 2022, and $3,039 and $5,264 in 2021 | 39,557 | 43,883 | 82,140 | 86,167 | ||||||||||||||||||||||
Real estate taxes | 30,819 | 43,768 | 61,566 | 89,179 | ||||||||||||||||||||||
Operating lease rent | 6,477 | 6,707 | 13,041 | 13,446 | ||||||||||||||||||||||
Interest expense, net of interest income | 14,960 | 18,960 | 30,030 | 42,348 | ||||||||||||||||||||||
Amortization of deferred financing costs | 1,917 | 3,386 | 3,865 | 7,160 | ||||||||||||||||||||||
Depreciation and amortization | 46,914 | 57,261 | 93,897 | 120,257 | ||||||||||||||||||||||
Transaction related costs | 1 | 3 | 29 | 25 | ||||||||||||||||||||||
Marketing, general and administrative | 23,522 | 22,064 | 48,298 | 44,949 | ||||||||||||||||||||||
Total expenses | 164,167 | 196,032 | 332,866 | 403,531 | ||||||||||||||||||||||
Equity in net loss from unconsolidated joint ventures | (4,550) | (12,970) | (9,265) | (15,834) | ||||||||||||||||||||||
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate | (131) | 8,471 | (131) | (4,158) | ||||||||||||||||||||||
Purchase price and other fair value adjustments | (6,168) | (1,947) | (6,231) | 717 | ||||||||||||||||||||||
(Loss) gain on sale of real estate, net | (64,378) | 98,960 | (65,380) | 97,572 | ||||||||||||||||||||||
Depreciable real estate reserves and impairment | — | 2,545 | — | (5,696) | ||||||||||||||||||||||
Net (loss) income | (37,949) | 117,134 | (24,464) | 113,279 | ||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests: | ||||||||||||||||||||||||||
Noncontrolling interests in other partnerships | (3,404) | 40 | (3,261) | 1,539 | ||||||||||||||||||||||
Preferred units distributions | (1,599) | (1,823) | (3,246) | (3,669) | ||||||||||||||||||||||
Net (loss) income attributable to SLGOP | (42,952) | 115,351 | (30,971) | 111,149 | ||||||||||||||||||||||
Perpetual preferred unit distributions | (3,737) | (3,737) | (7,475) | (7,475) | ||||||||||||||||||||||
Net (loss) income attributable to SLGOP common unitholders | $ | (46,689) | $ | 111,614 | $ | (38,446) | $ | 103,674 | ||||||||||||||||||
Basic (loss) earnings per unit | $ | (0.70) | $ | 1.56 | $ | (0.58) | $ | 1.45 | ||||||||||||||||||
Diluted (loss) earnings per unit | $ | (0.70) | $ | 1.56 | $ | (0.58) | $ | 1.44 | ||||||||||||||||||
Basic weighted average common units outstanding | 67,900 | 71,024 | 68,099 | 71,069 | ||||||||||||||||||||||
Diluted weighted average common units and common unit equivalents outstanding | 69,020 | 71,672 | 69,422 | 71,838 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Revenues | ||||||||||||||||
Rental revenue, net | $ | 274,765 | $ | 281,482 | $ | 835,501 | $ | 1,043,898 | ||||||||
Escalation and reimbursement | 44,749 | 53,130 | 131,561 | 147,357 | ||||||||||||
Investment income | 47,820 | 75,396 | 148,741 | 174,347 | ||||||||||||
Other income | 7,266 | 6,673 | 34,328 | 124,137 | ||||||||||||
Total revenues | 374,600 | 416,681 | 1,150,131 | 1,489,739 | ||||||||||||
Expenses | ||||||||||||||||
Operating expenses, including related party expenses of $5,505 and $14,941 in 2017 and $5,042 and $15,171 in 2016. | 75,927 | 79,425 | 221,285 | 234,269 | ||||||||||||
Real estate taxes | 64,160 | 64,133 | 186,173 | 187,931 | ||||||||||||
Ground rent | 8,307 | 8,338 | 24,923 | 24,953 | ||||||||||||
Interest expense, net of interest income | 65,634 | 72,565 | 196,112 | 256,326 | ||||||||||||
Amortization of deferred financing costs | 4,008 | 4,815 | 12,201 | 20,180 | ||||||||||||
Depreciation and amortization | 91,728 | 112,665 | 318,916 | 717,015 | ||||||||||||
Transaction related costs | 186 | 2,593 | 365 | 5,987 | ||||||||||||
Marketing, general and administrative | 23,963 | 25,458 | 72,362 | 73,974 | ||||||||||||
Total expenses | 333,913 | 369,992 | 1,032,337 | 1,520,635 | ||||||||||||
Income (loss) before equity in net income (loss) from unconsolidated joint ventures, equity in net gain on sale of interest in unconsolidated joint venture/real estate, gain (loss) on sale of real estate, net, depreciable real estate reserves, and gain (loss) on sale of investment in marketable securities | 40,687 | 46,689 | 117,794 | (30,896 | ) | |||||||||||
Equity in net income (loss) from unconsolidated joint ventures | 4,078 | (3,968 | ) | 14,104 | 11,969 | |||||||||||
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | 1,030 | 225 | 16,166 | 43,588 | ||||||||||||
Gain (loss) on sale of real estate, net | — | 397 | (3,256 | ) | 210,750 | |||||||||||
Depreciable real estate reserves | — | — | (85,336 | ) | (10,387 | ) | ||||||||||
Gain (loss) on sale of investment in marketable securities | — | — | 3,262 | (83 | ) | |||||||||||
Net income | 45,795 | 43,343 | 62,734 | 224,941 | ||||||||||||
Net loss (income) attributable to noncontrolling interests: | ||||||||||||||||
Noncontrolling interests in other partnerships | 1,474 | (836 | ) | 18,179 | (6,245 | ) | ||||||||||
Preferred units distributions | (2,850 | ) | (2,854 | ) | (8,551 | ) | (8,382 | ) | ||||||||
Net income attributable to SLGOP | 44,419 | 39,653 | 72,362 | 210,314 | ||||||||||||
Perpetual preferred unit distributions | (3,738 | ) | (3,738 | ) | (11,213 | ) | (11,213 | ) | ||||||||
Net income attributable to SLGOP common unitholders | $ | 40,681 | $ | 35,915 | $ | 61,149 | $ | 199,101 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Amounts attributable to SLGOP common unitholders: | ||||||||||||||||
Income (loss) before depreciable real estate reserves and gains (losses) on sale | $ | 39,651 | $ | 35,293 | $ | 133,575 | $ | (44,850 | ) | |||||||
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | 1,030 | 225 | 16,166 | 43,588 | ||||||||||||
Gain (loss) on sale of real estate, net | — | 397 | (3,256 | ) | 210,750 | |||||||||||
Depreciable real estate reserves | — | — | (85,336 | ) | (10,387 | ) | ||||||||||
Net income attributable to SLGOP common unitholders | $ | 40,681 | $ | 35,915 | $ | 61,149 | $ | 199,101 | ||||||||
Basic earnings per unit: | ||||||||||||||||
Income (loss) before depreciable real estate reserves and gains (losses) on sale | $ | 0.39 | $ | 0.34 | $ | 1.28 | $ | (0.43 | ) | |||||||
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | 0.01 | — | 0.16 | 0.42 | ||||||||||||
Gain (loss) on sale of real estate, net | — | — | (0.03 | ) | 2.02 | |||||||||||
Depreciable real estate reserves | — | — | (0.82 | ) | (0.10 | ) | ||||||||||
Net income attributable to SLGOP common unitholders | $ | 0.40 | $ | 0.34 | $ | 0.59 | $ | 1.91 | ||||||||
Diluted earnings per unit: | ||||||||||||||||
Income (loss) before depreciable real estate reserves and gains (losses) on sale | $ | 0.39 | $ | 0.34 | $ | 1.28 | $ | (0.43 | ) | |||||||
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | 0.01 | — | 0.16 | 0.42 | ||||||||||||
Gain (loss) on sale of real estate, net | — | — | (0.03 | ) | 2.01 | |||||||||||
Depreciable real estate reserves | — | — | (0.82 | ) | (0.10 | ) | ||||||||||
Net income attributable to SLGOP common unitholders | $ | 0.40 | $ | 0.34 | $ | 0.59 | $ | 1.90 | ||||||||
Dividends per unit | $ | 0.775 | $ | 0.72 | $ | 2.325 | $ | 2.16 | ||||||||
Basic weighted average common units outstanding | 102,326 | 104,730 | 104,001 | 104,412 | ||||||||||||
Diluted weighted average common units and common unit equivalents outstanding | 102,570 | 105,143 | 104,280 | 104,761 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net income | $ | 45,795 | $ | 43,343 | $ | 62,734 | $ | 224,941 | ||||||||
Other comprehensive loss: | ||||||||||||||||
Change in net unrealized gain on derivative instruments, including SLGOP's share of joint venture net unrealized gain on derivative instruments | (217 | ) | 2,632 | (3,812 | ) | (4,682 | ) | |||||||||
Change in unrealized gain on marketable securities | 44 | (30 | ) | (4,443 | ) | (900 | ) | |||||||||
Other comprehensive loss | (173 | ) | 2,602 | (8,255 | ) | (5,582 | ) | |||||||||
Comprehensive (loss) income | 45,622 | 45,945 | 54,479 | 219,359 | ||||||||||||
Net loss (income) attributable to noncontrolling interests | 1,474 | (836 | ) | 18,179 | (6,245 | ) | ||||||||||
Other comprehensive loss attributable to noncontrolling interests | 4 | (118 | ) | 303 | 257 | |||||||||||
Comprehensive income attributable to SLGOP | $ | 47,100 | $ | 44,991 | $ | 72,961 | $ | 213,371 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net (loss) income | $ | (37,949) | $ | 117,134 | $ | (24,464) | $ | 113,279 | ||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||
Increase (decrease) in unrealized value of derivative instruments, including SLGOP's share of joint venture derivative instruments | 17,323 | (51,313) | 60,890 | (50) | ||||||||||||||||||||||
(Decrease) increase in unrealized value of marketable securities | (454) | 506 | (2,247) | 248 | ||||||||||||||||||||||
Other comprehensive income (loss) | 16,869 | (50,807) | 58,643 | 198 | ||||||||||||||||||||||
Comprehensive (loss) income | (21,080) | 66,327 | 34,179 | 113,477 | ||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | (3,404) | 40 | (3,261) | 1,539 | ||||||||||||||||||||||
Other comprehensive (income) loss attributable to noncontrolling interests | (1,013) | 2,841 | (3,290) | 186 | ||||||||||||||||||||||
Comprehensive (loss) income attributable to SLGOP | $ | (25,497) | $ | 69,208 | $ | 27,628 | $ | 115,202 |
SL Green Operating Partnership Unitholders | |||||||||||||||||||||||
Partners' Interest | |||||||||||||||||||||||
Series I Preferred Units | Common Units | Common Unitholders | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total | ||||||||||||||||||
Balance at December 31, 2016 | $ | 221,932 | 100,562 | $ | 7,080,406 | $ | 22,137 | $ | 426,436 | $ | 7,750,911 | ||||||||||||
Net income (loss) | 69,655 | (18,179 | ) | 51,476 | |||||||||||||||||||
Other comprehensive loss | (7,952 | ) | (7,952 | ) | |||||||||||||||||||
Preferred distributions | (11,213 | ) | (11,213 | ) | |||||||||||||||||||
DRSPP proceeds | 2 | 185 | 185 | ||||||||||||||||||||
Conversion of common units | 142 | 15,353 | 15,353 | ||||||||||||||||||||
Reallocation of noncontrolling interests in the operating partnership | 2,669 | 2,669 | |||||||||||||||||||||
Equity component of repurchased exchangeable senior notes | (27,969 | ) | (27,969 | ) | |||||||||||||||||||
Deferred compensation plan and stock awards, net | (6 | ) | (1,959 | ) | (1,959 | ) | |||||||||||||||||
Amortization of deferred compensation plan | 22,014 | 22,014 | |||||||||||||||||||||
Repurchases of common stock | (3,400 | ) | (349,991 | ) | (349,991 | ) | |||||||||||||||||
Contribution to consolidated joint venture interests | 33,202 | 33,202 | |||||||||||||||||||||
Deconsolidation of partially owned entity | (30,203 | ) | (30,203 | ) | |||||||||||||||||||
Contributions - proceeds from stock options exercised | 146 | 12,290 | 12,290 | ||||||||||||||||||||
Cash distributions to noncontrolling interests | (45,089 | ) | (45,089 | ) | |||||||||||||||||||
Cash distributions declared ($2.325 per common unit, none of which represented a return of capital for federal income tax purposes) | (229,672 | ) | (229,672 | ) | |||||||||||||||||||
Balance at September 30, 2017 | $ | 221,932 | 97,446 | $ | 6,581,768 | $ | 14,185 | $ | 366,167 | $ | 7,184,052 |
SL Green Operating Partnership Unitholders | ||||||||||||||||||||||||||||||||||||||
Partners' Interest | ||||||||||||||||||||||||||||||||||||||
Series I Preferred Units | Common Units | Common Unitholders | Accumulated Other Comprehensive (Loss) Income | Noncontrolling Interests | Total | |||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 221,932 | 64,105 | $ | 4,589,702 | $ | (46,758) | $ | 13,377 | $ | 4,778,253 | |||||||||||||||||||||||||||
Net income | 11,489 | (143) | 11,346 | |||||||||||||||||||||||||||||||||||
Other comprehensive income | 39,497 | 39,497 | ||||||||||||||||||||||||||||||||||||
Preferred distributions | (3,738) | (3,738) | ||||||||||||||||||||||||||||||||||||
DRSPP proceeds | 1 | 89 | 89 | |||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interests in the Operating Partnership | (43,023) | (43,023) | ||||||||||||||||||||||||||||||||||||
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings | 28 | 5,056 | 5,056 | |||||||||||||||||||||||||||||||||||
Repurchases of common units | (1,971) | (151,197) | (151,197) | |||||||||||||||||||||||||||||||||||
Cash distributions to noncontrolling interests | (123) | (123) | ||||||||||||||||||||||||||||||||||||
Issuance of special distribution paid primarily in units | 1,961 | 160,620 | 160,620 | |||||||||||||||||||||||||||||||||||
Cash distributions declared ($0.932 per common unit, none of which represented a return of capital for federal income tax purposes) | (57,665) | (57,665) | ||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | 221,932 | 64,124 | $ | 4,511,333 | $ | (7,261) | $ | 13,111 | $ | 4,739,115 | |||||||||||||||||||||||||||
Net loss | (40,139) | 3,404 | (36,735) | |||||||||||||||||||||||||||||||||||
Other comprehensive income | 15,856 | 15,856 | ||||||||||||||||||||||||||||||||||||
Preferred distributions | (3,737) | (3,737) | ||||||||||||||||||||||||||||||||||||
DRSPP proceeds | 2 | 110 | 110 | |||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interests in the operating partnership | 37,938 | 37,938 | ||||||||||||||||||||||||||||||||||||
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings | 176 | 8,475 | 8,475 | |||||||||||||||||||||||||||||||||||
Contribution to consolidated joint venture interests | 51,348 | 51,348 | ||||||||||||||||||||||||||||||||||||
Cash distributions to noncontrolling interests | (2,897) | (2,897) | ||||||||||||||||||||||||||||||||||||
Cash distributions declared ($0.932 per common unit, none of which represented a return of capital for federal income tax purposes) | (60,709) | (60,709) | ||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 221,932 | 64,302 | $ | 4,453,271 | $ | 8,595 | $ | 64,966 | $ | 4,748,764 |
SL Green Operating Partnership Unitholders | ||||||||||||||||||||||||||||||||||||||
Partners' Interest | ||||||||||||||||||||||||||||||||||||||
Series I Preferred Units | Common Units | Common Unitholders | Accumulated Other Comprehensive (Loss) Income | Noncontrolling Interests | Total | |||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 221,932 | 66,474 | $ | 4,755,078 | $ | (67,247) | $ | 26,032 | $ | 4,935,795 | |||||||||||||||||||||||||||
Net loss | (3,726) | (1,499) | (5,225) | |||||||||||||||||||||||||||||||||||
Other comprehensive income | 48,350 | 48,350 | ||||||||||||||||||||||||||||||||||||
Preferred distributions | (3,738) | (3,738) | ||||||||||||||||||||||||||||||||||||
DRSPP proceeds | 5 | 351 | 351 | |||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interests in the Operating Partnership | (26,609) | (26,609) | ||||||||||||||||||||||||||||||||||||
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings | 110 | 6,728 | 6,728 | |||||||||||||||||||||||||||||||||||
Repurchases of common stock | (1,267) | (80,310) | (80,310) | |||||||||||||||||||||||||||||||||||
Contribution to consolidated joint venture interests | 171 | 171 | ||||||||||||||||||||||||||||||||||||
Cash distributions to noncontrolling interests | (110) | (110) | ||||||||||||||||||||||||||||||||||||
Issuance of special distribution paid primarily in units | 1,974 | 123,529 | 123,529 | |||||||||||||||||||||||||||||||||||
Cash distributions declared ($0.910 per common unit, none of which represented a return of capital for federal income tax purposes) | (63,312) | (63,312) | ||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 221,932 | 67,296 | $ | 4,707,991 | $ | (18,897) | $ | 24,594 | $ | 4,935,620 | |||||||||||||||||||||||||||
Net income | 109,069 | (40) | 109,029 | |||||||||||||||||||||||||||||||||||
Other comprehensive loss | (47,966) | (47,966) | ||||||||||||||||||||||||||||||||||||
Preferred distributions | (3,737) | (3,737) | ||||||||||||||||||||||||||||||||||||
DRSPP proceeds | 2 | 116 | 116 | |||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interests in the operating partnership | (5,866) | (5,866) | ||||||||||||||||||||||||||||||||||||
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings | (1) | 7,591 | 7,591 | |||||||||||||||||||||||||||||||||||
Repurchases of common stock | (1,431) | (118,577) | (118,577) | |||||||||||||||||||||||||||||||||||
Contribution to consolidated joint venture interests | 134 | 134 | ||||||||||||||||||||||||||||||||||||
Cash distributions to noncontrolling interests | (63) | (63) | ||||||||||||||||||||||||||||||||||||
Cash distributions declared ($0.910 per common unit, none of which represented a return of capital for federal income tax purposes) | (62,524) | (62,524) | ||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 221,932 | 65,866 | $ | 4,634,063 | $ | (66,863) | $ | 24,625 | $ | 4,813,757 |
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Operating Activities | |||||||||||
Net (loss) income | $ | (24,464) | $ | 113,279 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 97,762 | 127,417 | |||||||||
Equity in net loss from unconsolidated joint ventures | 9,265 | 15,834 | |||||||||
Distributions of cumulative earnings from unconsolidated joint ventures | 343 | 174 | |||||||||
Equity in net loss on sale of interest in unconsolidated joint venture interest/real estate | 131 | 4,158 | |||||||||
Purchase price and other fair value adjustments | 6,231 | (717) | |||||||||
Depreciable real estate reserves and impairment | — | 5,696 | |||||||||
Loss (gain) on sale of real estate, net | 65,380 | (97,572) | |||||||||
Deferred rents receivable | 1,075 | (7,144) | |||||||||
Non-cash lease expense | 12,080 | 7,538 | |||||||||
Other non-cash adjustments | (10,406) | 18,137 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Tenant and other receivables | 14,767 | (2,493) | |||||||||
Related party receivables | 1,458 | (2,055) | |||||||||
Deferred lease costs | (6,922) | (3,602) | |||||||||
Other assets | (2,651) | 15,550 | |||||||||
Accounts payable, accrued expenses, other liabilities and security deposits | 19,767 | (60,592) | |||||||||
Deferred revenue | (2,672) | 888 | |||||||||
Lease liability - operating leases | 1,291 | (31,232) | |||||||||
Net cash provided by operating activities | 182,435 | 103,264 | |||||||||
Investing Activities | |||||||||||
Acquisitions of real estate property | — | (28,688) | |||||||||
Additions to land, buildings and improvements | (126,957) | (118,076) | |||||||||
Investments in unconsolidated joint ventures | (135,365) | (38,198) | |||||||||
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 64,976 | 417,457 | |||||||||
Net proceeds from disposition of real estate/joint venture interest | 353,853 | 398,173 | |||||||||
Cash assumed from consolidation of real estate investment | — | 9,475 | |||||||||
Proceeds from sale or redemption of marketable securities | — | 4,528 | |||||||||
Purchases of marketable securities | — | (10,000) | |||||||||
Other investments | 1,507 | (4,108) | |||||||||
Origination of debt and preferred equity investments | (29,095) | (74,148) | |||||||||
Repayments or redemption of debt and preferred equity investments | 6,405 | 85,106 | |||||||||
Net cash provided by investing activities | 135,324 | 641,521 | |||||||||
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Operating Activities | |||||||
Net income | $ | 62,734 | $ | 224,941 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 331,117 | 737,195 | |||||
Equity in net income from unconsolidated joint ventures | (14,104 | ) | (11,969 | ) | |||
Distributions of cumulative earnings from unconsolidated joint ventures | 19,609 | 19,311 | |||||
Equity in net gain on sale of interest in unconsolidated joint venture interest/real estate | (16,166 | ) | (43,588 | ) | |||
Depreciable real estate reserves | 85,336 | 10,387 | |||||
Loss (gain) on sale of real estate, net | 3,256 | (210,750 | ) | ||||
(Gain) loss on sale of investments in marketable securities | (3,262 | ) | 83 | ||||
Deferred rents receivable | (33,523 | ) | 40,056 | ||||
Other non-cash adjustments (1) | 18,423 | (155,558 | ) | ||||
Changes in operating assets and liabilities: | |||||||
Restricted cash—operations | 6,520 | (12,855 | ) | ||||
Tenant and other receivables | (2,318 | ) | 2,714 | ||||
Related party receivables | (8,238 | ) | (4,167 | ) | |||
Deferred lease costs | (31,479 | ) | (47,036 | ) | |||
Other assets | (58,068 | ) | (30,899 | ) | |||
Accounts payable, accrued expenses, other liabilities and security deposits | 1,423 | (28,089 | ) | ||||
Deferred revenue and land leases payable | 55,361 | 19,016 | |||||
Net cash provided by operating activities | 416,621 | 508,792 | |||||
Investing Activities | |||||||
Acquisitions of real estate property | (25,114 | ) | (38,005 | ) | |||
Additions to land, buildings and improvements | (251,158 | ) | (269,182 | ) | |||
Escrowed cash—capital improvements/acquisition deposits/deferred purchase price | 17,431 | 85,983 | |||||
Investments in unconsolidated joint ventures | (112,697 | ) | (69,422 | ) | |||
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 279,478 | 171,472 | |||||
Net proceeds from disposition of real estate/joint venture interest | 116,983 | 2,419,841 | |||||
Proceeds from sale or redemption of marketable securities | 55,129 | 6,868 | |||||
Purchases of marketable securities | — | (23,062 | ) | ||||
Other investments | 46,955 | 8,232 | |||||
Origination of debt and preferred equity investments | (935,724 | ) | (554,803 | ) | |||
Repayments or redemption of debt and preferred equity investments | 707,676 | 667,251 | |||||
Net cash (used in) provided by investing activities | (101,041 | ) | 2,405,173 | ||||
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Financing Activities | |||||||||||
Proceeds from mortgages and other loans payable | 184,196 | 19,772 | |||||||||
Repayments of mortgages and other loans payable | (91,770) | (364,994) | |||||||||
Proceeds from revolving credit facility and unsecured notes | 332,000 | 570,000 | |||||||||
Repayments of revolving credit facility and unsecured notes | (592,000) | (680,000) | |||||||||
Proceeds from stock options exercised and DRSPP issuance | 199 | 467 | |||||||||
Repurchase of common units | (151,197) | (178,666) | |||||||||
Redemption of preferred units | (17,968) | (3,631) | |||||||||
Redemption of OP units | (18,334) | (13,930) | |||||||||
Distributions to noncontrolling interests in other partnerships | (3,020) | (173) | |||||||||
Contributions from noncontrolling interests in other partnerships | 51,348 | 305 | |||||||||
Distributions paid on common and preferred units | (140,128) | (146,483) | |||||||||
Other obligations related to secured borrowing | 77,874 | — | |||||||||
Tax withholdings related to restricted share awards | (3,891) | (2,842) | |||||||||
Deferred loan costs | (4,991) | (470) | |||||||||
Principal payments of on financing lease liabilities | — | (434) | |||||||||
Net cash used in financing activities | (377,682) | (801,079) | |||||||||
Net decrease in cash, cash equivalents, and restricted cash | (59,923) | (56,294) | |||||||||
Cash, cash equivalents, and restricted cash at beginning of year | 336,984 | 372,795 | |||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 277,061 | $ | 316,501 | |||||||
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | |||||||||||
Redemption of units in the Operating Partnership for a joint venture sale | $ | — | $ | 27,586 | |||||||
Issuance of special distribution paid primarily in units | 160,620 | 123,529 | |||||||||
Tenant improvements and capital expenditures payable | 10,295 | 8,911 | |||||||||
Fair value adjustment to noncontrolling interest in the Operating Partnership | 5,085 | 32,475 | |||||||||
Consolidation of real estate investment | — | 119,444 | |||||||||
Extinguishment of debt in connection with property dispositions | — | 53,548 | |||||||||
Debt and preferred equity investments | — | 5,184 | |||||||||
Removal of fully depreciated commercial real estate properties | 3,597 | 4,288 | |||||||||
Share repurchase payable | — | 20,221 | |||||||||
Recognition of right of use assets and related lease liabilities | — | 119,711 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Financing Activities | |||||||
Proceeds from mortgages and other loans payable | $ | 779,650 | $ | 256,207 | |||
Repayments of mortgages and other loans payable | (706,056 | ) | (1,786,034 | ) | |||
Proceeds from revolving credit facility and senior unsecured notes | 1,447,800 | 1,260,300 | |||||
Repayments of revolving credit facility and senior unsecured notes | (1,270,804 | ) | (2,269,604 | ) | |||
Proceeds from stock options exercised and DRIP issuance | 12,475 | 12,404 | |||||
Repurchase of common stock | (349,991 | ) | — | ||||
Redemption of preferred stock | (125 | ) | (2,999 | ) | |||
Distributions to noncontrolling interests in other partnerships | (45,089 | ) | (11,023 | ) | |||
Contributions from noncontrolling interests in other partnerships | 33,202 | 2,019 | |||||
Distributions paid on common and preferred units | (262,340 | ) | (244,046 | ) | |||
Other obligations related to loan participations | 16,737 | 59,150 | |||||
Deferred loan costs and capitalized lease obligation | (8,993 | ) | (39,842 | ) | |||
Net cash used in financing activities | (353,534 | ) | (2,763,468 | ) | |||
Net (decrease) increase in cash and cash equivalents | (37,954 | ) | 150,497 | ||||
Cash and cash equivalents at beginning of year | 279,443 | 255,399 | |||||
Cash and cash equivalents at end of period | $ | 241,489 | $ | 405,896 | |||
(1) Included in Other non-cash adjustments is $172.4 million for the nine months ended September 30, 2016 for the amortization of the below-market lease at 388-390 Greenwich Street as a result of the tenant exercising their option to purchase the property and entering into an agreement to accelerate the sale. | |||||||
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | |||||||
Issuance of units in the Operating Partnership | $ | 23,273 | $ | 51,647 | |||
Redemption of units in the Operating Partnership for stock | 15,352 | 12,746 | |||||
Derivative instruments at fair value | 7,362 | — | |||||
Exchange of debt investment for equity in joint venture | — | 68,581 | |||||
Issuance of preferred units relating to a real estate acquisition | — | 22,793 | |||||
Tenant improvements and capital expenditures payable | 8,926 | 4,281 | |||||
Fair value adjustment to noncontrolling interest in Operating Partnership | 2,669 | 4,959 | |||||
Deconsolidation of subsidiaries | 328,643 | 1,173,570 | |||||
Transfer of assets related to assets held for sale | 273,455 | 2,048,376 | |||||
Transfer of liabilities related to assets held for sale | 1,290 | 1,677,528 | |||||
Deferred leasing payable | 810 | 1,208 | |||||
Removal of fully depreciated commercial real estate properties | 11,158 | 22,179 |
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash and cash equivalents | $ | 189,360 | $ | 218,337 | |||||||
Restricted cash | 87,701 | 98,164 | |||||||||
Total cash, cash equivalents, and restricted cash | $ | 277,061 | $ | 316,501 |
Consolidated | Unconsolidated | Total | |||||||||||||||||||||
Location | Property Type | Number of Properties | Approximate Square Feet (unaudited) | Number of Properties | Approximate Square Feet (unaudited) | Number of Properties | Approximate Square Feet (unaudited) | Weighted Average Occupancy(1) (unaudited) | |||||||||||||||
Commercial: | |||||||||||||||||||||||
Manhattan | Office | 24 | 16,054,606 | 7 | 6,558,139 | 31 | 22,612,745 | 93.4 | % | ||||||||||||||
Retail | 4 | (2) | 302,583 | 9 | 347,970 | 13 | 650,553 | 94.5 | % | ||||||||||||||
Development/Redevelopment | 7 | 158,985 | 4 | 770,514 | 11 | 929,499 | 59.9 | % | |||||||||||||||
Fee Interest | 1 | 176,530 | 1 | — | 2 | 176,530 | 100.0 | % | |||||||||||||||
36 | 16,692,704 | 21 | 7,676,623 | 57 | 24,369,327 | 92.2 | % | ||||||||||||||||
Suburban | Office | 22 | (3)(4) | 3,608,800 | 2 | 640,000 | 24 | 4,248,800 | 83.1 | % | |||||||||||||
Retail | 1 | 52,000 | — | — | 1 | 52,000 | 100.0 | % | |||||||||||||||
Development/Redevelopment | 1 | 1,000 | 1 | — | 2 | 1,000 | 100.0 | % | |||||||||||||||
24 | 3,661,800 | 3 | 640,000 | 27 | 4,301,800 | 83.3 | % | ||||||||||||||||
Total commercial properties | 60 | 20,354,504 | 24 | 8,316,623 | 84 | 28,671,127 | 90.8 | % | |||||||||||||||
Residential: | |||||||||||||||||||||||
Manhattan | Residential | 3 | (2) | 472,105 | 12 | 2,656,856 | 15 | 3,128,961 | 86.4 | % | |||||||||||||
Suburban | Residential | — | — | — | — | — | — | — | % | ||||||||||||||
Total residential properties | 3 | 472,105 | 12 | 2,656,856 | 15 | 3,128,961 | 86.4 | % | |||||||||||||||
Total portfolio(2)(3) | 63 | 20,826,609 | 36 | 10,973,479 | 99 | 31,800,088 | 90.4 | % |
Consolidated | Unconsolidated | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Location | Property Type | Number of Buildings | Approximate Square Feet (unaudited) | Number of Buildings | Approximate Square Feet (unaudited) | Number of Buildings | Approximate Square Feet (unaudited) | Weighted Average Occupancy(1) (unaudited) | ||||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Manhattan | Office | 12 | 8,180,345 | 12 | 13,998,381 | 24 | 22,178,726 | 91.2 | % | |||||||||||||||||||||||||||||||||||||||||
Retail | 2 | 17,888 | 9 | 301,996 | 11 | 319,884 | 91.2 | % | ||||||||||||||||||||||||||||||||||||||||||
Development/Redevelopment | (1) | 5 | (2) | 2,091,719 | 2 | 1,618,310 | 7 | 3,710,029 | N/A | |||||||||||||||||||||||||||||||||||||||||
19 | 10,289,952 | 23 | 15,918,687 | 42 | 26,208,639 | 91.2 | % | |||||||||||||||||||||||||||||||||||||||||||
Suburban | Office | 7 | 862,800 | — | — | 7 | 862,800 | 78.3 | % | |||||||||||||||||||||||||||||||||||||||||
Total commercial properties | 26 | 11,152,752 | 23 | 15,918,687 | 49 | 27,071,439 | 90.7 | % | ||||||||||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Manhattan | Residential | 1 | (2) | 140,382 | — | — | 1 | 140,382 | 76.1 | % | ||||||||||||||||||||||||||||||||||||||||
Total portfolio | 27 | 11,293,134 | 23 | 15,918,687 | 50 | 27,211,821 | 90.6 | % |
June 30, 2022 | December 31, 2021 | ||||||||||
Identified intangible assets (included in other assets): | |||||||||||
Gross amount | $ | 189,680 | $ | 199,722 | |||||||
Accumulated amortization | (175,519) | (182,643) | |||||||||
Net (1) | $ | 14,161 | $ | 17,079 | |||||||
Identified intangible liabilities (included in deferred revenue): | |||||||||||
Gross amount | $ | 203,523 | $ | 212,767 | |||||||
Accumulated amortization | (201,325) | (210,262) | |||||||||
Net (1) | $ | 2,198 | $ | 2,505 |
September 30, 2017 | December 31, 2016 | ||||||
Identified intangible assets (included in other assets): | |||||||
Gross amount | $ | 474,493 | $ | 651,099 | |||
Accumulated amortization | (398,047 | ) | (410,930 | ) | |||
Net(1) | $ | 76,446 | $ | 240,169 | |||
Identified intangible liabilities (included in deferred revenue): | |||||||
Gross amount | $ | 639,511 | $ | 655,930 | |||
Accumulated amortization | (474,365 | ) | (464,749 | ) | |||
Net(1) | $ | 165,146 | $ | 191,181 |
Restricted Cash Restricted cash primarily consists of security deposits held on behalf of our tenants, interest reserves, as well as capital improvement and real estate tax escrows required under certain loan agreements. |
June 30, 2022 | December 31, 2021 | |||||||||||||||||
Commercial mortgage-backed securities | Commercial mortgage-backed securities | $ | 21,899 | $ | 24,146 | |||||||||||||
Total marketable securities available-for-sale | Total marketable securities available-for-sale | $ | 21,899 | $ | 24,146 | |||||||||||||
September 30, 2017 | December 31, 2016 | |||||||||||||||||
Equity marketable securities | $ | — | $ | 48,315 | Equity marketable securities | $ | 4,361 | $ | 10,606 | |||||||||
Commercial mortgage-backed securities | 28,802 | 36,795 | ||||||||||||||||
Total marketable securities available-for-sale | $ | 28,802 | $ | 85,110 | ||||||||||||||
Total investment in marketable securities | Total investment in marketable securities | $ | 26,260 | $ | 34,752 |
Property | Three months ended June 30, 2022 | ||||
One Vanderbilt Avenue | 14.4% | ||||
11 Madison Avenue | 8.7% | ||||
1185 Avenue of the Americas | 7.1% | ||||
420 Lexington Ave | 7.0% | ||||
1515 Broadway | 6.7% | ||||
280 Park Avenue | 5.8% |
Property | Disposition Date | Property Type | Approximate Square Feet | Sales Price(1) (in millions) | Gain (loss)(2) (in millions) | ||||||||||
885 Third Avenue (3) | February 2016 | Fee Interest | 607,000 | $ | 453.0 | $ | (8.8 | ) | |||||||
520 White Plains Road | April 2017 | Office | 180,000 | 21.0 | (14.6 | ) | |||||||||
102 Greene Street (4) | April 2017 | Retail | 9,200 | 43.5 | 4.9 | ||||||||||
680-750 Washington Boulevard | July 2017 | Office | 325,000 | 97.0 | (44.2 | ) |
Property | Disposition Date | Property Type | Approximate Square Feet | Sales Price (in millions) | (Loss) Gain (in millions) (1) | |||||||||||||||||||||||||||
707 Eleventh Avenue | February 2022 | Fee Interest | 159,720 | $ | 95.0 | $ | (0.8) | |||||||||||||||||||||||||
1080 Amsterdam Avenue | April 2022 | Leasehold Interest | 85,250 | 42.7 | 17.9 | |||||||||||||||||||||||||||
1591-1597 Broadway | May 2022 | Fee Interest | 7,684 | 121.0 | (4.5) | |||||||||||||||||||||||||||
609 Fifth Avenue | June 2022 | Fee Interest | 138,563 | 100.5 | (80.2) |
June 30, 2022 | December 31, 2021 | ||||||||||
Balance at beginning of year (1) | $ | 1,088,723 | $ | 1,076,542 | |||||||
Debt investment originations/fundings/accretion (2) | 35,904 | 193,824 | |||||||||
Preferred equity investment originations/accretion (2) | 15,858 | 13,220 | |||||||||
Redemptions/sales/syndications/equity ownership/amortization (3) | (6,405) | (201,446) | |||||||||
Net change in loan loss reserves | — | 6,583 | |||||||||
Balance at end of period (1) | $ | 1,134,080 | $ | 1,088,723 |
Floating Rate | Fixed Rate | Total Carrying Value | Senior Financing | Weighted Average Yield at End of Period | Maturity (1) | |||||||||||||||||||||||||||||||||
Type | Carrying Value | Face Value | Interest Rate | Carrying Value | Face Value | Interest Rate | ||||||||||||||||||||||||||||||||
Senior Mortgage Debt | $ | 29,779 | $ | 29,873 | L + 3.50% | $ | 73,000 | $ | 73,000 | 3.00% | $ | 102,779 | $ | — | 4.30% | 2022 - 2023 | ||||||||||||||||||||||
Mezzanine Debt | 288,504 | 288,983 | L + 4.95% - 12.38% | 453,934 | 462,369 | 2.90% - 14.30% | 742,438 | 4,749,199 | 6.81% | 2022 - 2029 | ||||||||||||||||||||||||||||
Preferred Equity | — | — | — | 288,863 | 288,968 | 6.50% - 11.00% | 288,863 | 1,962,750 | 9.28% | 2022 - 2027 | ||||||||||||||||||||||||||||
Balance at end of period | $ | 318,283 | $ | 318,856 | $ | 815,797 | $ | 824,337 | $ | 1,134,080 | $ | 6,711,949 |
June 30, 2022 | December 31, 2021 | ||||||||||
Balance at beginning of year | $ | 6,630 | $ | 13,213 | |||||||
Write-offs charged against the allowance | — | (6,583) | |||||||||
Balance at end of period (1) | $ | 6,630 | $ | 6,630 |
September 30, 2017 | December 31, 2016 | ||||||
Balance at beginning of period (1) | $ | 1,640,412 | $ | 1,670,020 | |||
Debt Investment Originations/Accretion (2) | 944,494 | 1,009,176 | |||||
Preferred Equity Investment Originations/Accretion (2) | 144,013 | 5,698 | |||||
Redemptions/Sales/Syndications/Amortization (3) | (708,180 | ) | (1,044,482 | ) | |||
Balance at end of period (1) | $ | 2,020,739 | $ | 1,640,412 |
Loan Type | September 30, 2017 Future Funding Obligations | September 30, 2017 Senior Financing | September 30, 2017 Carrying Value (1) | December 31, 2016 Carrying Value (1) | Maturity Date (2) | |||||||||||||
Fixed Rate Investments: | ||||||||||||||||||
Mortgage/Jr. Mortgage Loan(3) | $ | — | $ | — | $ | 250,164 | $ | — | April 2017 | |||||||||
Mortgage Loan(4) | — | — | 26,352 | 26,311 | February 2019 | |||||||||||||
Mortgage Loan | — | — | 275 | 380 | August 2019 | |||||||||||||
Mezzanine Loan(5a) | — | 1,160,000 | 201,757 | — | March 2020 | |||||||||||||
Mezzanine Loan | — | 15,000 | 3,500 | 3,500 | September 2021 | |||||||||||||
Mezzanine Loan | — | 147,000 | 24,909 | — | April 2022 | |||||||||||||
Mezzanine Loan | — | 87,595 | 12,697 | 12,692 | November 2023 | |||||||||||||
Mezzanine Loan(5b) | — | 115,000 | 12,930 | 12,925 | June 2024 | |||||||||||||
Mezzanine Loan | — | 95,000 | 30,000 | 30,000 | January 2025 | |||||||||||||
Mezzanine Loan | — | 340,000 | 15,000 | 15,000 | November 2026 | |||||||||||||
Mezzanine Loan | — | 1,657,500 | 55,250 | — | June 2027 | |||||||||||||
Mezzanine Loan(6) | — | — | — | 66,129 | ||||||||||||||
Jr. Mortgage Participation/Mezzanine Loan (7) | — | — | — | 193,422 | ||||||||||||||
Total fixed rate | $ | — | $ | 3,617,095 | $ | 632,834 | $ | 360,359 | ||||||||||
Floating Rate Investments: | ||||||||||||||||||
Mortgage/Mezzanine Loan(8) | 622 | — | 23,372 | 20,423 | October 2017 | |||||||||||||
Mezzanine Loan(5c) | — | 85,000 | 15,340 | 15,141 | December 2017 | |||||||||||||
Mezzanine Loan(5d) | — | 65,000 | 14,832 | 14,656 | December 2017 | |||||||||||||
Mezzanine Loan(5e) | 795 | — | 15,132 | 15,051 | December 2017 | |||||||||||||
Mortgage/Mezzanine Loan(9) | — | 125,000 | 29,966 | 29,998 | January 2018 | |||||||||||||
Mezzanine Loan | — | 40,000 | 19,964 | 19,913 | April 2018 | |||||||||||||
Jr. Mortgage Participation | — | 117,808 | 34,899 | 34,844 | April 2018 | |||||||||||||
Mezzanine Loan | 523 | 20,523 | 10,916 | 10,863 | August 2018 | |||||||||||||
Mortgage/Mezzanine Loan | — | — | 19,914 | 19,840 | August 2018 | |||||||||||||
Mortgage Loan | — | 65,000 | 14,935 | 14,880 | August 2018 |
Risk Rating | June 30, 2022 | December 31, 2021 | ||||||||||||
1 - Low Risk Assets - Low probability of loss | $ | 490,616 | $ | 644,489 | ||||||||||
2 - Watch List Assets - Higher potential for loss | 636,574 | 437,344 | ||||||||||||
3 - High Risk Assets - Loss more likely than not | 6,890 | 6,890 | ||||||||||||
$ | 1,134,080 | $ | 1,088,723 |
As of June 30, 2022 | ||||||||||||||||||||||||||||||||
Risk Rating | 2022 (1) | 2021 (1) | 2020 (1) | Prior (1) | Total | |||||||||||||||||||||||||||
1 - Low Risk Assets - Low probability of loss | $ | — | $ | 144,767 | $ | 161,523 | $ | 184,326 | $ | 490,616 | ||||||||||||||||||||||
2 - Watch List Assets - Higher potential for loss | — | — | 138,386 | 498,188 | 636,574 | |||||||||||||||||||||||||||
3 - High Risk Assets - Loss more likely than not | — | — | — | 6,890 | 6,890 | |||||||||||||||||||||||||||
$ | — | $ | 144,767 | $ | 299,909 | $ | 689,404 | $ | 1,134,080 |
Loan Type | September 30, 2017 Future Funding Obligations | September 30, 2017 Senior Financing | September 30, 2017 Carrying Value (1) | December 31, 2016 Carrying Value (1) | Maturity Date (2) | |||||||||||||
Mortgage/Mezzanine Loan(10) | — | — | 16,957 | 16,960 | September 2018 | |||||||||||||
Mezzanine Loan | — | 37,500 | 14,801 | 14,648 | September 2018 | |||||||||||||
Mezzanine Loan | 2,325 | 45,025 | 34,782 | 34,502 | October 2018 | |||||||||||||
Mezzanine Loan | — | 335,000 | 74,683 | 74,476 | November 2018 | |||||||||||||
Mezzanine Loan | — | 33,000 | 26,907 | 26,850 | December 2018 | |||||||||||||
Mezzanine Loan | 1,050 | 171,939 | 58,598 | 56,114 | December 2018 | |||||||||||||
Mezzanine Loan | 8,267 | 289,621 | 71,067 | 63,137 | December 2018 | |||||||||||||
Mezzanine Loan | 5,197 | 229,084 | 74,314 | 64,505 | December 2018 | |||||||||||||
Mezzanine Loan | — | 45,000 | 12,156 | 12,104 | January 2019 | |||||||||||||
Mortgage/Mezzanine Loan (5f) | 30,101 | — | 158,757 | — | January 2019 | |||||||||||||
Mezzanine Loan | 6,081 | 24,086 | 7,812 | 5,410 | January 2019 | |||||||||||||
Mezzanine Loan | — | 38,000 | 21,927 | 21,891 | March 2019 | |||||||||||||
Mezzanine Loan | 279 | 173,700 | 36,936 | — | April 2019 | |||||||||||||
Mezzanine Loan | — | 265,000 | 24,798 | 24,707 | April 2019 | |||||||||||||
Mortgage/Jr. Mortgage Participation Loan | 29,661 | 194,094 | 69,705 | 65,554 | August 2019 | |||||||||||||
Mezzanine Loan | 2,034 | 187,500 | 37,835 | 37,322 | September 2019 | |||||||||||||
Mortgage/Mezzanine Loan | 49,933 | — | 130,350 | 111,819 | September 2019 | |||||||||||||
Mortgage/Mezzanine Loan | 30,494 | — | 38,934 | 33,682 | January 2020 | |||||||||||||
Mezzanine Loan(11) | 6,794 | 537,748 | 72,597 | 125,911 | January 2020 | |||||||||||||
Mezzanine Loan | 7,164 | 33,587 | 10,988 | — | July 2020 | |||||||||||||
Jr. Mortgage Participation/Mezzanine Loan | — | 60,000 | 15,627 | 15,606 | July 2021 | |||||||||||||
Mezzanine Loan | — | 280,000 | 34,124 | — | August 2022 | |||||||||||||
Mezzanine Loan(12) | — | — | — | 15,369 | ||||||||||||||
Mortgage/ Mezzanine Loan(6) | — | — | — | 32,847 | ||||||||||||||
Mortgage/Mezzanine Loan(6) | — | — | — | 22,959 | ||||||||||||||
Mezzanine Loan(13) | — | — | — | 14,957 | ||||||||||||||
Mortgage/Mezzanine Loan(14) | — | — | — | 145,239 | ||||||||||||||
Total floating rate | $ | 181,320 | $ | 3,498,215 | $ | 1,243,925 | $ | 1,232,178 | ||||||||||
Total | $ | 181,320 | $ | 7,115,310 | $ | 1,876,759 | $ | 1,592,537 |
Loan Type | June 30, 2022 Future Funding Obligations | June 30, 2022 Senior Financing | June 30, 2022 Carrying Value (1) | December 31, 2021 Carrying Value (1) | Maturity Date (2) | |||||||||||||||||||||||||||
Fixed Rate Investments: | ||||||||||||||||||||||||||||||||
Mezzanine Loan | $ | — | $ | 280,000 | $ | 44,814 | $ | 43,521 | August 2022 | |||||||||||||||||||||||
Mortgage Loan | — | — | 73,000 | 73,000 | April 2023 | |||||||||||||||||||||||||||
Mezzanine Loan (3) | — | 388,573 | 225,367 | 225,367 | June 2023 | |||||||||||||||||||||||||||
Mezzanine Loan | — | 279,008 | 71,768 | 66,873 | June 2023 | |||||||||||||||||||||||||||
Mezzanine Loan (4a)(5) | — | 105,000 | 13,366 | 13,366 | June 2024 | |||||||||||||||||||||||||||
Mezzanine Loan | — | 95,000 | 30,000 | 30,000 | January 2025 | |||||||||||||||||||||||||||
Mezzanine Loan (6) | — | 1,712,750 | 55,250 | 55,250 | June 2027 | |||||||||||||||||||||||||||
Mezzanine Loan | — | 85,000 | 20,000 | 20,000 | December 2029 | |||||||||||||||||||||||||||
Total fixed rate | $ | — | $ | 2,945,331 | $ | 533,565 | $ | 527,377 | ||||||||||||||||||||||||
Floating Rate Investments: | ||||||||||||||||||||||||||||||||
Mezzanine Loan | $ | 3,956 | $ | 186,084 | $ | 38,496 | $ | 37,511 | July 2023 | |||||||||||||||||||||||
Mezzanine Loan (4b) | — | 1,115,000 | 138,386 | 133,735 | August 2022 | |||||||||||||||||||||||||||
Mortgage and Mezzanine Loan | 12,542 | — | 45,830 | 34,874 | December 2022 | |||||||||||||||||||||||||||
Mezzanine Loan | — | 275,000 | 49,999 | 49,998 | April 2023 | |||||||||||||||||||||||||||
Mezzanine Loan | 3,761 | 54,000 | 8,243 | 8,050 | May 2023 | |||||||||||||||||||||||||||
Mezzanine Loan | 27,228 | 173,784 | 37,328 | 30,802 | May 2023 | |||||||||||||||||||||||||||
Total floating rate | $ | 47,487 | $ | 1,803,868 | $ | 318,282 | $ | 294,970 | ||||||||||||||||||||||||
Allowance for loan loss | — | — | (6,630) | (6,630) | ||||||||||||||||||||||||||||
Total | $ | 47,487 | $ | 4,749,199 | $ | 845,217 | $ | 815,717 |
Type | June 30, 2022 Future Funding Obligations | June 30, 2022 Senior Financing | June 30, 2022 Carrying Value (1) | December 31, 2021 Carrying Value (1) | Mandatory Redemption (2) | |||||||||||||||||||||||||||
Preferred Equity (3) | $ | — | $ | 1,712,750 | $ | 172,911 | $ | 160,772 | June 2022 | |||||||||||||||||||||||
Preferred Equity | — | 250,000 | 115,952 | 112,234 | February 2027 | |||||||||||||||||||||||||||
Total Preferred Equity | $ | — | $ | 1,962,750 | $ | 288,863 | $ | 273,006 | ||||||||||||||||||||||||
Allowance for loan loss | — | — | — | — | ||||||||||||||||||||||||||||
Total | $ | — | $ | 1,962,750 | $ | 288,863 | $ | 273,006 |
Type | September 30, 2017 Future Funding Obligations | September 30, 2017 Senior Financing | September 30, 2017 Carrying Value (1) | December 31, 2016 Carrying Value (1) | Mandatory Redemption (2) | |||||||||||||
Preferred Equity(3) | $ | — | $ | 272,000 | $ | 143,980 | $ | — | April 2021 | |||||||||
Preferred Equity(4) | — | — | — | 9,982 | ||||||||||||||
Preferred Equity(5) | — | — | — | 37,893 | ||||||||||||||
Total | $ | — | $ | 272,000 | $ | 143,980 | $ | 47,875 |
Property | Partner | Ownership Interest (1) | Economic Interest (1) | Unaudited Approximate Square Feet | ||||||||||
100 Park Avenue | Prudential Real Estate Investors | 49.90% | 49.90% | 834,000 | ||||||||||
717 Fifth Avenue | Wharton Properties/Private Investor | 10.92% | 10.92% | 119,500 | ||||||||||
800 Third Avenue | Private Investors | 60.52% | 60.52% | 526,000 | ||||||||||
919 Third Avenue | New York State Teacher's Retirement System | 51.00% | 51.00% | 1,454,000 | ||||||||||
11 West 34th Street | Private Investor/Wharton Properties | 30.00% | 30.00% | 17,150 | ||||||||||
280 Park Avenue | Vornado Realty Trust | 50.00% | 50.00% | 1,219,158 | ||||||||||
1552-1560 Broadway (2) | Wharton Properties | 50.00% | 50.00% | 57,718 | ||||||||||
10 East 53rd Street | Canadian Pension Plan Investment Board | 55.00% | 55.00% | 354,300 | ||||||||||
21 East 66th Street (3) | Private Investors | 32.28% | 32.28% | 13,069 | ||||||||||
650 Fifth Avenue (4) | Wharton Properties | 50.00% | 50.00% | 69,214 | ||||||||||
121 Greene Street | Wharton Properties | 50.00% | 50.00% | 7,131 | ||||||||||
11 Madison Avenue | PGIM Real Estate | 60.00% | 60.00% | 2,314,000 | ||||||||||
One Vanderbilt Avenue | National Pension Service of Korea/Hines Interest LP | 71.01% | 71.01% | 1,657,198 | ||||||||||
Worldwide Plaza | RXR Realty / New York REIT | 24.95% | 24.95% | 2,048,725 | ||||||||||
1515 Broadway | Allianz Real Estate of America | 56.87% | 56.87% | 1,750,000 | ||||||||||
2 Herald Square | Israeli Institutional Investor | 51.00% | 51.00% | 369,000 | ||||||||||
115 Spring Street | Private Investor | 51.00% | 51.00% | 5,218 | ||||||||||
15 Beekman (5) | A fund managed by Meritz Alternative Investment Management | 20.00% | 20.00% | 221,884 | ||||||||||
85 Fifth Avenue | Wells Fargo | 36.27% | 36.27% | 12,946 | ||||||||||
One Madison Avenue (6) | National Pension Service of Korea/Hines Interest LP/International Investor | 25.50% | 25.50% | 1,048,700 | ||||||||||
220 East 42nd Street | A fund managed by Meritz Alternative Investment Management | 51.00% | 51.00% | 1,135,000 | ||||||||||
450 Park Avenue (7) | Korean Institutional Investor / Israeli Institutional Investor | 50.10% | 25.10% | 337,000 |
Property | Partner | Ownership Interest (1) | Economic Interest (1) | Unaudited Approximate Square Feet | Acquisition Date(2) | Acquisition Price(2) (in thousands) | |||
100 Park Avenue | Prudential Real Estate Investors | 49.90% | 49.90% | 834,000 | February 2000 | $ | 95,800 | ||
717 Fifth Avenue | Jeff Sutton/Private Investor | 10.92% | 10.92% | 119,500 | September 2006 | 251,900 | |||
800 Third Avenue | Private Investors | 60.52% | 60.52% | 526,000 | December 2006 | 285,000 | |||
1745 Broadway | Ivanhoe Cambridge, Inc. | 56.87% | 56.87% | 674,000 | April 2007 | 520,000 | |||
Jericho Plaza | Onyx Equities/Credit Suisse | 11.67% | 11.67% | 640,000 | April 2007 | 210,000 | |||
11 West 34th Street | Private Investor/ Jeff Sutton | 30.00% | 30.00% | 17,150 | December 2010 | 10,800 | |||
3 Columbus Circle(3) | The Moinian Group | 48.90% | 48.90% | 741,500 | January 2011 | 500,000 | |||
280 Park Avenue | Vornado Realty Trust | 50.00% | 50.00% | 1,219,158 | March 2011 | 400,000 | |||
1552-1560 Broadway(4) | Jeff Sutton | 50.00% | 50.00% | 57,718 | August 2011 | 136,550 | |||
724 Fifth Avenue | Jeff Sutton | 50.00% | 50.00% | 65,010 | January 2012 | 223,000 | |||
10 East 53rd Street | Canadian Pension Plan Investment Board | 55.00% | 55.00% | 354,300 | February 2012 | 252,500 | |||
521 Fifth Avenue | Plaza Global Real Estate Partners LP | 50.50% | 50.50% | 460,000 | November 2012 | 315,000 | |||
21 East 66th Street(5) | Private Investors | 32.28% | 32.28% | 13,069 | December 2012 | 75,000 | |||
650 Fifth Avenue(6) | Jeff Sutton | 50.00% | 50.00% | 69,214 | November 2013 | — | |||
121 Greene Street | Jeff Sutton | 50.00% | 50.00% | 7,131 | September 2014 | 27,400 | |||
175-225 Third Street Brooklyn, New York | KCLW 3rd Street LLC/LIVWRK LLC | 95.00% | 95.00% | — | October 2014 | 74,600 | |||
55 West 46th Street | Prudential Real Estate Investors | 25.00% | 25.00% | 347,000 | November 2014 | 295,000 | |||
Stonehenge Portfolio (7) | Various | Various | Various | 1,439,016 | February 2015 | 36,668 | |||
131-137 Spring Street | Invesco Real Estate | 20.00% | 20.00% | 68,342 | August 2015 | 277,750 | |||
605 West 42nd Street | The Moinian Group | 20.00% | 20.00% | 927,358 | April 2016 | 759,000 | |||
11 Madison Avenue | PGIM Real Estate | 60.00% | 60.00% | 2,314,000 | August 2016 | 2,605,000 | |||
333 East 22nd Street (8) | Private Investors | 33.33% | 33.33% | 26,926 | August 2016 | — | |||
400 E 57th Street (9) | BlackRock, Inc and Stonehenge Partners | 51.00% | 41.00% | 290,482 | October 2016 | 170,000 | |||
One Vanderbilt (10) | National Pension Service of Korea/Hines Interest LP | 71.01% | 71.01% | — | January 2017 | 3,310,000 | |||
Mezzanine Loan (11) | Private Investors | 33.33% | 33.33% | — | May 2017 | 15,000 |
(2)The joint venture also owns a long-term leasehold interest in the retail space and certain other spaces at 1560 Broadway, which is adjacent to 1552 Broadway. (3)We hold a 32.28% interest in 3 retail units and 1 residential unit at the property and a 16.14% interest in 2 residential units at the property. (4)The joint venture owns a long-term leasehold interest in the retail space at 650 Fifth Avenue. (5)In 2020, the Company formed a joint venture, which then entered into a long-term sublease with the Company. (6)In 2020, the Company admitted partners to the One Madison Avenue development project, which resulted in the Company no longer retaining a controlling interest in the entity, as defined in ASC 810, and the deconsolidation of our remaining 50.5% interest. We recorded our investment at fair value, which resulted in the recognition of a fair value adjustment of $187.5 million in 2020. The fair value of our investment was determined by the terms of the joint venture agreement governing the capitalization of the project. The |
Loan Type | September 30, 2017 | December 31, 2016 | Maturity Date | |||||||
Mezzanine Loan and Preferred Equity(1) | $ | 100,000 | $ | 100,000 | March 2018 | |||||
Mezzanine Loan(2) | 44,881 | 45,622 | February 2022 | |||||||
Mezzanine Loan(3) | 25,854 | 24,542 | July 2036 | |||||||
$ | 170,735 | $ | 170,164 |
Property | Ownership Interest | Disposition Date | Type of Sale | Gross Asset Valuation (in thousands)(1) | Gain on Sale (in thousands)(2) | |||||||||
Stonehenge Portfolio (partial) | Various | March 2017 | Ownership Interest | $ | 300,000 | $ | 871 | |||||||
102 Greene Street | 10.00% | September 2017 | Ownership Interest | $ | 43,500 | $ | 283 |
Ownership Interest Disposed | Disposition Date | Gross Asset Valuation (in millions) | (Loss) Gain on Sale (in millions) (1) |
Stonehenge Portfolio | Various | April 2022 | $ | 1.0 | |||||||||||||||||||
— |
Property | Economic Interest (1) | Current Maturity Date | Final Maturity Date (2) | Interest Rate (3) | June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||
Fixed Rate Debt: | ||||||||||||||||||||||||||||||||||||||
717 Fifth Avenue (mortgage) | 10.92 | % | July 2022 | July 2022 | 4.45 | % | $ | 300,000 | $ | 300,000 | ||||||||||||||||||||||||||||
717 Fifth Avenue (mezzanine) | 10.92 | % | July 2022 | July 2022 | 5.50 | % | 355,328 | 355,328 | ||||||||||||||||||||||||||||||
650 Fifth Avenue (mortgage) | 50.00 | % | October 2022 | October 2022 | 4.46 | % | 210,000 | 210,000 | ||||||||||||||||||||||||||||||
650 Fifth Avenue (mezzanine) | 50.00 | % | October 2022 | October 2022 | 5.45 | % | 65,000 | 65,000 | ||||||||||||||||||||||||||||||
21 East 66th Street | 32.28 | % | April 2023 | April 2028 | 3.60 | % | 12,000 | 12,000 | ||||||||||||||||||||||||||||||
919 Third Avenue | 51.00 | % | June 2023 | June 2023 | 5.12 | % | 500,000 | 500,000 | ||||||||||||||||||||||||||||||
1515 Broadway | 56.87 | % | March 2025 | March 2025 | 3.93 | % | 792,137 | 801,845 | ||||||||||||||||||||||||||||||
11 Madison Avenue | 60.00 | % | September 2025 | September 2025 | 3.84 | % | 1,400,000 | 1,400,000 | ||||||||||||||||||||||||||||||
800 Third Avenue | 60.52 | % | February 2026 | February 2026 | 3.37 | % | 177,000 | 177,000 | ||||||||||||||||||||||||||||||
Worldwide Plaza | 24.95 | % | November 2027 | November 2027 | 3.98 | % | 1,200,000 | 1,200,000 | ||||||||||||||||||||||||||||||
One Vanderbilt Avenue | 71.01 | % | July 2031 | July 2031 | 2.95 | % | 3,000,000 | 3,000,000 | ||||||||||||||||||||||||||||||
Stonehenge Portfolio | 0 | — | 195,493 | |||||||||||||||||||||||||||||||||||
Total fixed rate debt | $ | 8,011,465 | $ | 8,216,666 | ||||||||||||||||||||||||||||||||||
Floating Rate Debt: | ||||||||||||||||||||||||||||||||||||||
280 Park Avenue | 50.00 | % | September 2022 | September 2024 | L+ | 1.73 | % | $ | 1,200,000 | $ | 1,200,000 | |||||||||||||||||||||||||||
1552 Broadway | 50.00 | % | October 2022 | October 2022 | L+ | 2.65 | % | 193,132 | 193,132 | |||||||||||||||||||||||||||||
121 Greene Street | 50.00 | % | November 2022 | November 2022 | L+ | 2.00 | % | 13,016 | 13,228 | |||||||||||||||||||||||||||||
2 Herald Square | 51.00 | % | November 2022 | November 2023 | L+ | 1.95 | % | 197,276 | 200,989 | |||||||||||||||||||||||||||||
11 West 34th Street | 30.00 | % | January 2023 | January 2023 | L+ | 1.45 | % | 23,000 | 23,000 | |||||||||||||||||||||||||||||
220 East 42nd Street | 51.00 | % | June 2023 | June 2025 | L+ | 2.75 | % | 510,000 | 510,000 | |||||||||||||||||||||||||||||
115 Spring Street | 51.00 | % | September 2023 | September 2023 | L+ | 3.40 | % | 65,550 | 65,550 | |||||||||||||||||||||||||||||
100 Park Avenue | 49.90 | % | December 2023 | December 2025 | L+ | 2.25 | % | 360,000 | 360,000 | |||||||||||||||||||||||||||||
15 Beekman (4) | 20.00 | % | January 2024 | July 2025 | L+ | 1.50 | % | 61,531 | 43,566 | |||||||||||||||||||||||||||||
10 East 53rd Street | 55.00 | % | February 2025 | February 2025 | L+ | 1.35 | % | 220,000 | 220,000 | |||||||||||||||||||||||||||||
450 Park Avenue | 25.10 | % | June 2025 | June 2027 | S+ | 2.10 | % | 267,000 | — | |||||||||||||||||||||||||||||
One Madison Avenue (5) | 25.50 | % | November 2025 | November 2026 | L+ | 3.35 | % | 283,885 | 169,629 | |||||||||||||||||||||||||||||
21 East 66th Street | 32.28 | % | June 2033 | June 2033 | T+ | 2.75 | % | 608 | 632 | |||||||||||||||||||||||||||||
Total floating rate debt | $ | 3,394,998 | $ | 2,999,726 | ||||||||||||||||||||||||||||||||||
Total joint venture mortgages and other loans payable | $ | 11,406,463 | $ | 11,216,392 | ||||||||||||||||||||||||||||||||||
Deferred financing costs, net | (117,871) | (130,516) | ||||||||||||||||||||||||||||||||||||
Total joint venture mortgages and other loans payable, net | $ | 11,288,592 | $ | 11,085,876 |
Property | Economic Interest (1) | Maturity Date | Interest Rate (2) | September 30, 2017 | December 31, 2016 | |||||||||||
Fixed Rate Debt: | ||||||||||||||||
521 Fifth Avenue | 50.50 | % | November 2019 | 3.73 | % | $ | 170,000 | $ | 170,000 | |||||||
717 Fifth Avenue (3) | 10.92 | % | July 2022 | 4.45 | % | 300,000 | 300,000 |
Property | Economic Interest (1) | Maturity Date | Interest Rate (2) | September 30, 2017 | December 31, 2016 | |||||||||||
717 Fifth Avenue (3) | 10.92 | % | July 2022 | 5.50 | % | 355,328 | 355,328 | |||||||||
650 Fifth Avenue | 50.00 | % | October 2022 | 4.95 | % | 225,000 | — | |||||||||
21 East 66th Street | 32.28 | % | April 2023 | 3.60 | % | 12,000 | 12,000 | |||||||||
3 Columbus Circle | 48.90 | % | March 2025 | 3.61 | % | 350,000 | 350,000 | |||||||||
11 Madison Avenue | 60.00 | % | September 2025 | 3.84 | % | 1,400,000 | 1,400,000 | |||||||||
800 Third Avenue | 60.52 | % | February 2026 | 3.37 | % | 177,000 | 177,000 | |||||||||
400 East 57th Street | 41.00 | % | November 2026 | 3.00 | % | 100,000 | 100,000 | |||||||||
Stonehenge Portfolio (4) | Various | Various | 4.17 | % | 359,095 | 362,518 | ||||||||||
1745 Broadway (5) | — | 340,000 | ||||||||||||||
Total fixed rate debt | $ | 3,448,423 | $ | 3,566,846 | ||||||||||||
Floating Rate Debt: | ||||||||||||||||
55 West 46th Street (6) | 25.00 | % | October 2017 | 3.52 | % | $ | 165,328 | $ | 157,322 | |||||||
175-225 Third Street Brooklyn, New York | 95.00 | % | December 2017 | 5.25 | % | 40,000 | 40,000 | |||||||||
Jericho Plaza (7) | 11.67 | % | March 2018 | 5.37 | % | 79,530 | 76,993 | |||||||||
724 Fifth Avenue | 50.00 | % | April 2018 | 3.64 | % | 275,000 | 275,000 | |||||||||
1552 Broadway (8) | 50.00 | % | April 2018 | 5.41 | % | 185,410 | 185,410 | |||||||||
280 Park Avenue (9) | 50.00 | % | September 2019 | 3.09 | % | 1,200,000 | 900,000 | |||||||||
121 Greene Street | 50.00 | % | November 2019 | 2.72 | % | 15,000 | 15,000 | |||||||||
1745 Broadway (10) | 56.87 | % | January 2020 | 3.07 | % | 345,000 | — | |||||||||
10 East 53rd Street | 55.00 | % | February 2020 | 3.47 | % | 170,000 | 125,000 | |||||||||
131-137 Spring Street | 20.00 | % | August 2020 | 2.77 | % | 141,000 | 141,000 | |||||||||
11 West 34th Street | 30.00 | % | January 2021 | 2.68 | % | 23,000 | 23,000 | |||||||||
100 Park Avenue | 49.90 | % | February 2021 | 2.97 | % | 360,000 | 360,000 | |||||||||
One Vanderbilt (11) | 71.01 | % | September 2021 | 4.72 | % | 271,229 | — | |||||||||
605 West 42nd Street (12) | 20.00 | % | August 2027 | 2.84 | % | 550,000 | 539,000 | |||||||||
21 East 66th Street | 32.28 | % | June 2033 | 3.62 | % | 1,667 | 1,726 | |||||||||
Stonehenge Portfolio | Various | April 2018 | 2.47 | % | 55,340 | 65,577 | ||||||||||
650 Fifth Avenue (13) | — | 77,500 | ||||||||||||||
Total floating rate debt | $ | 3,877,504 | $ | 2,982,528 | ||||||||||||
Total joint venture mortgages and other loans payable | $ | 7,325,927 | $ | 6,549,374 | ||||||||||||
Deferred financing costs, net | (127,318 | ) | (95,408 | ) | ||||||||||||
Total joint venture mortgages and other loans payable, net | $ | 7,198,609 | $ | 6,453,966 |
June 30, 2022 | December 31, 2021 | ||||||||||
Assets (1) | |||||||||||
Commercial real estate property, net | $ | 15,081,669 | $ | 14,763,874 | |||||||
Cash and restricted cash | 742,319 | 768,510 | |||||||||
Tenant and other receivables, related party receivables, and deferred rents receivable | 579,141 | 533,455 | |||||||||
Other assets | 1,835,888 | 1,776,030 | |||||||||
Total assets | $ | 18,239,017 | $ | 17,841,869 | |||||||
Liabilities and equity (1) | |||||||||||
Mortgages and other loans payable, net | $ | 11,288,592 | $ | 11,085,876 | |||||||
Deferred revenue | 1,122,206 | 1,158,242 | |||||||||
Lease liabilities | 997,810 | 980,595 | |||||||||
Other liabilities | 379,136 | 352,499 | |||||||||
Equity | 4,451,273 | 4,264,657 | |||||||||
Total liabilities and equity | $ | 18,239,017 | $ | 17,841,869 | |||||||
Company's investments in unconsolidated joint ventures | $ | 3,074,200 | $ | 2,997,934 |
September 30, 2017 | December 31, 2016 | ||||||
Assets | |||||||
Commercial real estate property, net | $ | 9,944,280 | $ | 9,131,717 | |||
Cash and restricted cash | 370,596 | 328,455 | |||||
Tenant and other receivables, related party receivables, and deferred rents receivable, net of allowance | 267,244 | 232,778 | |||||
Debt and preferred equity investments, net | 201,731 | 336,164 | |||||
Other assets | 636,365 | 683,481 | |||||
Total assets | $ | 11,420,216 | $ | 10,712,595 | |||
Liabilities and members' equity | |||||||
Mortgages and other loans payable, net | $ | 7,198,609 | $ | 6,453,966 | |||
Deferred revenue/gain | 340,310 | 356,414 | |||||
Other liabilities | 411,261 | 391,500 | |||||
Members' equity | 3,470,036 | 3,510,715 | |||||
Total liabilities and members' equity | $ | 11,420,216 | $ | 10,712,595 | |||
Company's investments in unconsolidated joint ventures | $ | 2,045,796 | $ | 1,890,186 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Total revenues | $ | 331,699 | $ | 289,188 | $ | 666,965 | $ | 590,729 | |||||||||||||||
Operating expenses | 53,572 | 42,410 | 113,486 | 88,643 | |||||||||||||||||||
Real estate taxes | 59,394 | 54,015 | 120,116 | 108,607 | |||||||||||||||||||
Operating lease rent | 6,581 | 5,643 | 12,849 | 11,287 | |||||||||||||||||||
Interest expense, net of interest income | 98,317 | 79,129 | 193,230 | 157,878 | |||||||||||||||||||
Amortization of deferred financing costs | 6,695 | 7,204 | 13,452 | 13,588 | |||||||||||||||||||
Depreciation and amortization | 113,959 | 116,956 | 226,672 | 231,835 | |||||||||||||||||||
Total expenses | 338,518 | 305,357 | 679,805 | 611,838 | |||||||||||||||||||
Loss on early extinguishment of debt | (467) | (1,326) | (467) | (1,326) | |||||||||||||||||||
Net loss before (loss) gain on sale | $ | (7,286) | $ | (17,495) | $ | (13,307) | $ | (22,435) | |||||||||||||||
Company's equity in net loss from unconsolidated joint ventures | $ | (4,550) | $ | (12,970) | $ | (9,265) | $ | (15,834) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Total revenues | $ | 216,100 | $ | 184,221 | $ | 643,210 | $ | 498,308 | |||||||
Operating expenses | 38,055 | 34,727 | 115,996 | 89,147 | |||||||||||
Ground rent | 4,182 | 3,744 | 12,612 | 10,670 | |||||||||||
Real estate taxes | 37,282 | 30,814 | 107,391 | 79,356 | |||||||||||
Interest expense, net of interest income | 61,066 | 51,789 | 176,096 | 147,876 | |||||||||||
Amortization of deferred financing costs | 4,030 | 7,155 | 17,994 | 17,667 | |||||||||||
Transaction related costs | — | 5,359 | 146 | 5,359 | |||||||||||
Depreciation and amortization | 61,447 | 56,890 | 198,556 | 132,035 | |||||||||||
Total expenses | 206,062 | 190,478 | 628,791 | 482,110 | |||||||||||
Loss on early extinguishment of debt | (7,638 | ) | — | (7,638 | ) | (1,606 | ) | ||||||||
Net income (loss) before gain on sale | $ | 2,400 | $ | (6,257 | ) | $ | 6,781 | $ | 14,592 | ||||||
Company's equity in net income (loss) from unconsolidated joint ventures | $ | 4,078 | $ | (3,968 | ) | $ | 14,104 | $ | 11,969 |
June 30, 2022 | December 31, 2021 | ||||||||||
Deferred leasing costs | $ | 407,589 | $ | 400,419 | |||||||
Less: accumulated amortization | (288,760) | (275,924) | |||||||||
Deferred costs, net | $ | 118,829 | $ | 124,495 |
September 30, 2017 | December 31, 2016 | ||||||
Deferred leasing costs | $ | 464,788 | $ | 468,971 | |||
Less: accumulated amortization | (216,807 | ) | (201,371 | ) | |||
Deferred costs, net | $ | 247,981 | $ | 267,600 |
Property | Current Maturity Date | Final Maturity Date (1) | Interest Rate (2) | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||
Fixed Rate Debt: | ||||||||||||||||||||||||||||||||
420 Lexington Avenue | October 2024 | October 2040 | 3.99% | $ | 285,875 | $ | 288,660 | |||||||||||||||||||||||||
Landmark Square | January 2027 | January 2027 | 4.90% | 100,000 | 100,000 | |||||||||||||||||||||||||||
485 Lexington Avenue | February 2027 | February 2027 | 4.25% | 450,000 | 450,000 | |||||||||||||||||||||||||||
100 Church Street | 0 | — | 200,212 | |||||||||||||||||||||||||||||
1080 Amsterdam | 0 | — | 34,537 | |||||||||||||||||||||||||||||
Total fixed rate debt | $ | 835,875 | $ | 1,073,409 | ||||||||||||||||||||||||||||
Floating Rate Debt: | ||||||||||||||||||||||||||||||||
7 Dey / 185 Broadway (3) | November 2022 | November 2023 | L+ | 2.85% | $ | 210,148 | $ | 198,169 | ||||||||||||||||||||||||
719 Seventh Avenue | September 2023 | September 2023 | L+ | 1.20% | 50,000 | 50,000 | ||||||||||||||||||||||||||
690 Madison Avenue | July 2024 | July 2025 | L+ | 1.50% | 60,000 | 60,000 | ||||||||||||||||||||||||||
100 Church Street | June 2025 | June 2027 | S+ | 2.00% | 370,000 | — | ||||||||||||||||||||||||||
609 Fifth Avenue | 0 | — | 52,882 | |||||||||||||||||||||||||||||
2017 Master Repurchase Agreement (4) | — | — | ||||||||||||||||||||||||||||||
Total floating rate debt | $ | 690,148 | $ | 361,051 | ||||||||||||||||||||||||||||
Total fixed rate and floating rate debt | $ | 1,526,023 | $ | 1,434,460 | ||||||||||||||||||||||||||||
Mortgages reclassed to liabilities related to assets held for sale | — | (34,537) | ||||||||||||||||||||||||||||||
Total mortgages and other loans payable | $ | 1,526,023 | $ | 1,399,923 | ||||||||||||||||||||||||||||
Deferred financing costs, net of amortization | (9,102) | (5,537) | ||||||||||||||||||||||||||||||
Total mortgages and other loans payable, net | $ | 1,516,921 | $ | 1,394,386 |
Property | Maturity Date | Interest Rate (1) | September 30, 2017 | December 31, 2016 | |||||||||
Fixed Rate Debt: | |||||||||||||
Unsecured Loan | June 2018 | 4.81 | % | $ | 16,000 | $ | 16,000 | ||||||
One Madison Avenue | May 2020 | 5.91 | % | 494,264 | 517,806 | ||||||||
762 Madison Avenue | February 2022 | 5.00 | % | 771 | 7,694 | ||||||||
100 Church Street | July 2022 | 4.68 | % | 218,237 | 221,446 | ||||||||
919 Third Avenue (2) | June 2023 | 5.12 | % | 500,000 | 500,000 | ||||||||
420 Lexington Avenue | October 2024 | 3.99 | % | 300,000 | 300,000 | ||||||||
1515 Broadway | March 2025 | 3.93 | % | 876,613 | 888,531 | ||||||||
400 East 58th Street (3) | November 2026 | 3.00 | % | 40,000 | 40,000 | ||||||||
Landmark Square | January 2027 | 4.90 | % | 100,000 | 100,000 | ||||||||
485 Lexington Avenue | February 2027 | 4.25 | % | 450,000 | 450,000 | ||||||||
1080 Amsterdam (4) | February 2027 | 3.58 | % | 36,363 | — | ||||||||
315 West 33rd Street | February 2027 | 4.17 | % | 250,000 | — | ||||||||
Series J Preferred Units (5) | April 2051 | 3.75 | % | 4,000 | 4,000 | ||||||||
885 Third Avenue (6) | — | 267,650 | |||||||||||
FHLBNY Facility (7) | — | 105,000 | |||||||||||
FHLBNY Facility (7) | — | 100,000 | |||||||||||
Total fixed rate debt | $ | 3,286,248 | $ | 3,518,127 | |||||||||
Floating Rate Debt: | |||||||||||||
719 Seventh Avenue | February 2018 | 4.27 | % | $ | 41,171 | $ | 37,388 | ||||||
183, 187 Broadway & 5-7 Dey Street | May 2018 | 3.92 | % | 58,000 | 58,000 | ||||||||
2016 Master Repurchase Agreement | July 2018 | 3.73 | % | 184,642 | 184,642 | ||||||||
220 East 42nd Street | October 2020 | 2.82 | % | 275,000 | 275,000 | ||||||||
One Vanderbilt Avenue (8) | — | 64,030 | |||||||||||
1080 Amsterdam (9) | — | 3,525 | |||||||||||
Total floating rate debt | $ | 558,813 | $ | 622,585 | |||||||||
Total fixed rate and floating rate debt | $ | 3,845,061 | $ | 4,140,712 | |||||||||
Mortgages reclassed to liabilities related to assets held for sale | — | — | |||||||||||
Total mortgages and other loans payable | $ | 3,845,061 | $ | 4,140,712 | |||||||||
Deferred financing costs, net of amortization | (40,887 | ) | (66,882 | ) | |||||||||
Total mortgages and other loans payable, net | $ | 3,804,174 | $ | 4,073,830 |
Issuance | June 30, 2022 Unpaid Principal Balance | June 30, 2022 Accreted Balance | December 31, 2021 Accreted Balance | Interest Rate (1) | Initial Term (in Years) | Maturity Date | |||||||||||||||||||||||||||||||||||
October 5, 2017 (2) | $ | 500,000 | $ | 499,968 | $ | 499,913 | 3.25 | % | 5 | October 2022 | |||||||||||||||||||||||||||||||
November 15, 2012 (3) | 300,000 | 300,454 | 301,002 | 4.50 | % | 10 | December 2022 | ||||||||||||||||||||||||||||||||||
December 17, 2015 (4) | 100,000 | 100,000 | 100,000 | 4.27 | % | 10 | December 2025 | ||||||||||||||||||||||||||||||||||
$ | 900,000 | $ | 900,422 | $ | 900,915 | ||||||||||||||||||||||||||||||||||||
Deferred financing costs, net | — | (764) | (1,607) | ||||||||||||||||||||||||||||||||||||||
$ | 900,000 | $ | 899,658 | $ | 899,308 |
Issuance | September 30, 2017 Unpaid Principal Balance | September 30, 2017 Accreted Balance | December 31, 2016 Accreted Balance | Coupon Rate (1) | Effective Rate | Initial Term (in Years) | Maturity Date | |||||||||||||||
October 12, 2010 (2) | $ | 269,000 | $ | 268,628 | $ | 334,077 | 3.00 | % | 3.00 | % | 7 | October 2017 | ||||||||||
August 5, 2011 (3) | 250,000 | 249,934 | 249,880 | 5.00 | % | 5.00 | % | 7 | August 2018 | |||||||||||||
March 16, 2010 (3) | 250,000 | 250,000 | 250,000 | 7.75 | % | 7.75 | % | 10 | March 2020 | |||||||||||||
November 15, 2012 (3) | 200,000 | 200,000 | 200,000 | 4.50 | % | 4.50 | % | 10 | December 2022 | |||||||||||||
December 17, 2015 (3) | 100,000 | 100,000 | 100,000 | 4.27 | % | 4.27 | % | 10 | December 2025 | |||||||||||||
$ | 1,069,000 | $ | 1,068,562 | $ | 1,133,957 | |||||||||||||||||
Deferred financing costs, net | (4,018 | ) | (5,642 | ) | ||||||||||||||||||
$ | 1,069,000 | $ | 1,064,544 | $ | 1,128,315 |
(2)Issued by the |
Scheduled Amortization | Principal | Revolving Credit Facility | Unsecured Term Loan | Trust Preferred Securities | Senior Unsecured Notes | Total | Joint Venture Debt | ||||||||||||||||||||||||
Remaining 2017 | $ | 12,846 | $ | — | $ | — | $ | — | $ | — | $ | 269,000 | (1) | $ | 281,846 | $ | 79,787 | ||||||||||||||
2018 | 54,937 | 299,813 | — | — | — | 250,000 | 604,750 | 242,799 | |||||||||||||||||||||||
2019 | 59,618 | — | — | 1,183,000 | — | — | 1,242,618 | 705,574 | |||||||||||||||||||||||
2020 | 41,427 | 679,531 | 280,000 | — | — | 250,000 | 1,250,958 | 320,914 | |||||||||||||||||||||||
2021 | 30,418 | — | — | — | — | — | 30,418 | 376,765 | |||||||||||||||||||||||
Thereafter | 90,532 | 2,575,939 | — | — | 100,000 | 300,000 | 3,066,471 | 1,465,371 | |||||||||||||||||||||||
$ | 289,778 | $ | 3,555,283 | $ | 280,000 | $ | 1,183,000 | $ | 100,000 | $ | 1,069,000 | $ | 6,477,061 | $ | 3,191,210 |
Scheduled Amortization | Principal | Revolving Credit Facility | Unsecured Term Loans | Trust Preferred Securities | Senior Unsecured Notes | Total | Joint Venture Debt | ||||||||||||||||||||||||||||||||||||||||
Remaining 2022 | $ | 2,810 | $ | 210,149 | $ | — | $ | — | $ | — | $ | 800,000 | $ | 1,012,959 | $ | 418,310 | |||||||||||||||||||||||||||||||
2023 | 5,827 | 50,000 | — | — | — | — | 55,827 | 750,513 | |||||||||||||||||||||||||||||||||||||||
2024 | 4,488 | 332,749 | — | 200,000 | — | — | 537,237 | 624,297 | |||||||||||||||||||||||||||||||||||||||
2025 | — | 370,000 | — | — | — | 100,000 | 470,000 | 1,521,793 | |||||||||||||||||||||||||||||||||||||||
2026 | — | — | — | — | — | — | — | 107,137 | |||||||||||||||||||||||||||||||||||||||
Thereafter | — | 550,000 | 130,000 | 1,050,000 | 100,000 | — | 1,830,000 | 2,429,821 | |||||||||||||||||||||||||||||||||||||||
$ | 13,125 | $ | 1,512,898 | $ | 130,000 | $ | 1,250,000 | $ | 100,000 | $ | 900,000 | $ | 3,906,023 | $ | 5,851,871 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Interest expense before capitalized interest | $ | 32,561 | $ | 38,501 | $ | 64,613 | $ | 78,369 | |||||||||||||||
Interest on financing leases | 1,116 | 1,494 | 2,353 | 2,986 | |||||||||||||||||||
Interest capitalized | (18,351) | (20,671) | (36,292) | (38,254) | |||||||||||||||||||
Interest income | (366) | (364) | (644) | (753) | |||||||||||||||||||
Interest expense, net | $ | 14,960 | $ | 18,960 | $ | 30,030 | $ | 42,348 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Interest expense before capitalized interest | $ | 72,859 | $ | 78,715 | $ | 217,273 | $ | 276,437 | |||||||
Interest capitalized | (6,869 | ) | (6,084 | ) | (19,892 | ) | (18,135 | ) | |||||||
Interest income | (356 | ) | (66 | ) | (1,269 | ) | (1,976 | ) | |||||||
Interest expense, net | $ | 65,634 | $ | 72,565 | $ | 196,112 | $ | 256,326 |
June 30, 2022 | December 31, 2021 | ||||||||||
Due from joint ventures | $ | 26,314 | $ | 28,204 | |||||||
Other | 979 | 1,204 | |||||||||
Related party receivables | $ | 27,293 | $ | 29,408 |
September 30, 2017 | December 31, 2016 | ||||||
Due from joint ventures | $ | 16,736 | $ | 1,240 | |||
Other | 7,332 | 14,616 | |||||
Related party receivables | $ | 24,068 | $ | 15,856 |
September 30, 2017 | December 31, 2016 | June 30, 2022 | December 31, 2021 | |||||||||||||||
Balance at beginning of period | $ | 473,882 | $ | 424,206 | Balance at beginning of period | $ | 344,252 | $ | 358,262 | |||||||||
Distributions | (10,639 | ) | (12,671 | ) | Distributions | (8,572) | (15,749) | |||||||||||
Issuance of common units | 23,273 | 78,495 | Issuance of common units | 11,574 | 18,678 | |||||||||||||
Redemption of common units | (15,353 | ) | (31,805 | ) | ||||||||||||||
Net income | 2,707 | 10,136 | ||||||||||||||||
Redemption and conversion of common units | Redemption and conversion of common units | (18,334) | (53,289) | |||||||||||||||
Net (loss) income | Net (loss) income | (2,321) | 25,457 | |||||||||||||||
Accumulated other comprehensive income allocation | (303 | ) | 1,299 | Accumulated other comprehensive income allocation | 3,290 | 1,042 | ||||||||||||
Fair value adjustment | (2,669 | ) | 4,222 | Fair value adjustment | 5,085 | 9,851 | ||||||||||||
Balance at end of period | $ | 470,898 | $ | 473,882 | Balance at end of period | $ | 334,974 | $ | 344,252 |
Issuance | Stated Distribution Rate | Number of Units Authorized | Number of Units Issued | Number of Units Outstanding | Annual Dividend Per Unit(1) | Liquidation Preference Per Unit(2) | Conversion Price Per Unit(3) | Date of Issuance | ||||||||||||||||||||||||||||||||||||||||||
Series A (4) | 3.50 | % | 109,161 | 109,161 | 109,161 | $ | 35.0000 | $ | 1,000.00 | $ | — | August 2015 | ||||||||||||||||||||||||||||||||||||||
Series F | 7.00 | % | 60 | 60 | 60 | 70.0000 | 1,000.00 | 29.12 | January 2007 | |||||||||||||||||||||||||||||||||||||||||
Series K | 3.50 | % | 700,000 | 563,954 | 341,677 | 0.8750 | 25.00 | 134.67 | August 2014 | |||||||||||||||||||||||||||||||||||||||||
Series L | 4.00 | % | 500,000 | 378,634 | 372,634 | 1.0000 | 25.00 | — | August 2014 | |||||||||||||||||||||||||||||||||||||||||
Series P | 4.00 | % | 200,000 | 200,000 | 200,000 | 1.0000 | 25.00 | — | July 2015 | |||||||||||||||||||||||||||||||||||||||||
Series Q | 3.50 | % | 268,000 | 268,000 | 268,000 | 0.8750 | 25.00 | 148.95 | July 2015 | |||||||||||||||||||||||||||||||||||||||||
Series R | 3.50 | % | 400,000 | 400,000 | 400,000 | 0.8750 | 25.00 | 154.89 | August 2015 | |||||||||||||||||||||||||||||||||||||||||
Series S | 4.00 | % | 1,077,280 | 1,077,280 | 1,077,280 | 1.0000 | 25.00 | — | August 2015 | |||||||||||||||||||||||||||||||||||||||||
Series V | 3.50 | % | 40,000 | 40,000 | 40,000 | 0.8750 | 25.00 | — | May 2019 | |||||||||||||||||||||||||||||||||||||||||
Series W (5) | (6) | 1 | 1 | 1 | (6) | (6) | (6) | January 2020 | ||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | December 31, 2021 | ||||||||||
Balance at beginning of period | $ | 196,075 | $ | 202,169 | |||||||
Issuance of preferred units | — | — | |||||||||
Redemption of preferred units | (17,968) | (6,040) | |||||||||
Dividends paid on preferred units | (3,300) | (6,760) | |||||||||
Accrued dividends on preferred units | 3,136 | 6,706 | |||||||||
Balance at end of period | $ | 177,943 | $ | 196,075 |
September 30, 2017 | December 31, 2016 | ||||||
Balance at beginning of period | $ | 302,010 | $ | 282,516 | |||
Issuance of preferred units | — | 22,793 | |||||
Redemption of preferred units | (125 | ) | (3,299 | ) | |||
Balance at end of period | $ | 301,885 | $ | 302,010 |
Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of the repurchase plan or programs | Maximum approximate dollar value of shares that may yet be purchased under the plan (in millions) |
First quarter 2017 | 982 | $103.89 | 982 | $999.9 |
Second quarter 2017 | 2,447,153 | $103.41 | 2,448,135 | $746.8 |
Third quarter 2017 | 951,866 | $101.67 | 3,400,001 | $650.0 |
Period | Shares repurchased | Average price paid per share | Cumulative number of shares repurchased as part of the repurchase plan or programs | |||||||||||
Year ended 2017 | 7,865,206 | $107.81 | 7,865,206 | |||||||||||
Year ended 2018 | 9,187,480 | $102.06 | 17,052,686 | |||||||||||
Year ended 2019 | 4,333,260 | $88.69 | 21,385,946 | |||||||||||
Year ended 2020 | 8,276,032 | $64.30 | 29,661,978 | |||||||||||
Year ended 2021 | 4,474,649 | $75.44 | 34,136,627 | |||||||||||
Six months June 30, 2022 | 1,971,092 | $76.69 | 36,107,719 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Shares of common stock issued | 1,762 | 1,505 | 2,894 | 6,825 | |||||||||||||||||||
Dividend reinvestments/stock purchases under the DRSPP | $ | 110 | $ | 116 | $ | 199 | $ | 467 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Numerator | 2017 | 2016 | 2017 | 2016 | |||||||||||
Basic Earnings: | |||||||||||||||
Income attributable to SL Green common stockholders | $ | 38,869 | $ | 34,252 | $ | 58,442 | $ | 190,930 | |||||||
Effect of Dilutive Securities: | |||||||||||||||
Redemption of units to common shares | 1,812 | 1,663 | 2,707 | 8,171 | |||||||||||
Diluted Earnings: | |||||||||||||||
Income attributable to SL Green common stockholders | $ | 40,681 | $ | 35,915 | $ | 61,149 | $ | 199,101 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
Denominator | 2017 | 2016 | 2017 | 2016 | |||||||
Basic Shares: | |||||||||||
Weighted average common stock outstanding | 97,783 | 100,233 | 99,431 | 100,140 | |||||||
Effect of Dilutive Securities: | |||||||||||
Operating Partnership units redeemable for common shares | 4,543 | 4,497 | 4,570 | 4,272 | |||||||
Stock-based compensation plans | 244 | 413 | 279 | 349 | |||||||
Diluted weighted average common stock outstanding | 102,570 | 105,143 | 104,280 | 104,761 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Numerator | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Basic Earnings: | |||||||||||||||||||||||
(Loss) income attributable to SL Green common stockholders | $ | (43,876) | $ | 105,332 | $ | (36,125) | $ | 97,868 | |||||||||||||||
Less: distributed earnings allocated to participating securities | (497) | (362) | (995) | (725) | |||||||||||||||||||
Less: undistributed earnings allocated to participating securities | — | (261) | — | — | |||||||||||||||||||
Net (loss) income attributable to SL Green common stockholders (numerator for basic earnings per share) | $ | (44,373) | $ | 104,709 | $ | (37,120) | $ | 97,143 | |||||||||||||||
Add back: dilutive effect of earnings allocated to participating securities and contingently issuable shares | (1,103) | 362 | (806) | 725 | |||||||||||||||||||
Add back: undistributed earnings allocated to participating securities | — | 261 | — | — | |||||||||||||||||||
Add back: effect of dilutive securities (redemption of units to common shares) | (2,813) | 6,282 | (2,321) | 5,806 | |||||||||||||||||||
Net (loss) income attributable to SL Green common stockholders (numerator for diluted earnings per share) | $ | (48,289) | $ | 111,614 | $ | (40,247) | $ | 103,674 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Denominator | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Basic Shares: | |||||||||||||||||||||||
Weighted average common stock outstanding | 63,798 | 66,931 | 63,987 | 66,948 | |||||||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||||||||
Operating Partnership units redeemable for common shares | 4,102 | 4,093 | 4,112 | 4,121 | |||||||||||||||||||
Stock-based compensation plans | 1,120 | 648 | 1,139 | 616 | |||||||||||||||||||
Contingently issuable shares | — | — | 184 | 153 | |||||||||||||||||||
Diluted weighted average common stock outstanding | 69,020 | 71,672 | 69,422 | 71,838 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Numerator | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Basic Earnings: | |||||||||||||||||||||||
Net (loss) income attributable to SLGOP common unitholders (numerator for diluted earnings per unit) | $ | (46,689) | $ | 111,614 | $ | (38,446) | $ | 103,674 | |||||||||||||||
Less: distributed earnings allocated to participating securities | (497) | (362) | (995) | (725) | |||||||||||||||||||
Less: undistributed earnings allocated to participating securities | — | (261) | — | — | |||||||||||||||||||
Net (loss) income attributable to SLGOP common unitholders (numerator for basic earnings per unit) | $ | (47,186) | $ | 110,991 | $ | (39,441) | $ | 102,949 | |||||||||||||||
Add back: dilutive effect of earnings allocated to participating securities and contingently issuable shares | (1,103) | 362 | (806) | 725 | |||||||||||||||||||
Add back: undistributed earnings allocated to participating securities | — | 261 | — | — | |||||||||||||||||||
Net (loss) income attributable to SLGOP common unitholders (numerator for diluted earnings per unit) | $ | (48,289) | $ | 111,614 | $ | (40,247) | $ | 103,674 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Numerator | 2017 | 2016 | 2017 | 2016 | |||||||||||
Basic and Diluted Earnings: | |||||||||||||||
Net income attributable to SLGOP common unitholders | $ | 40,681 | $ | 35,915 | $ | 61,149 | $ | 199,101 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
Denominator | 2017 | 2016 | 2017 | 2016 | Denominator | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Basic units: | Basic units: | |||||||||||||||||||||||||||||||||
Weighted average common units outstanding | 102,326 | 104,730 | 104,001 | 104,412 | Weighted average common units outstanding | 67,900 | 71,024 | 68,099 | 71,069 | |||||||||||||||||||||||||
Effect of Dilutive Securities: | Effect of Dilutive Securities: | |||||||||||||||||||||||||||||||||
Stock-based compensation plans | 244 | 413 | 279 | 349 | Stock-based compensation plans | 1,120 | 648 | 1,139 | 616 | |||||||||||||||||||||||||
Contingently issuable units | Contingently issuable units | — | — | 184 | 153 | |||||||||||||||||||||||||||||
Diluted weighted average common units outstanding | 102,570 | 105,143 | 104,280 | 104,761 | Diluted weighted average common units outstanding | 69,020 | 71,672 | 69,422 | 71,838 |
September 30, 2017 | December 31, 2016 | ||||
Dividend yield | 2.50 | % | 2.37 | % | |
Expected life | 4.4 years | 3.7 years | |||
Risk-free interest rate | 1.73 | % | 1.57 | % | |
Expected stock price volatility | 28.21 | % | 26.76 | % |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Options Outstanding | Weighted Average Exercise Price | Options Outstanding | Weighted Average Exercise Price | ||||||||||||||||||||
Balance at beginning of period | 394,089 | $ | 100.56 | 761,686 | $ | 105.76 | |||||||||||||||||
Exercised | — | — | (11,314) | 72.30 | |||||||||||||||||||
Lapsed or canceled | (28,283) | 112.48 | (356,283) | 112.56 | |||||||||||||||||||
Balance at end of period | 365,806 | $ | 99.64 | 394,089 | $ | 100.56 | |||||||||||||||||
Options exercisable at end of period | 365,806 | $ | 99.64 | 394,089 | $ | 100.56 | |||||||||||||||||
September 30, 2017 | December 31, 2016 | ||||||||||||||
Options Outstanding | Weighted Average Exercise Price | Options Outstanding | Weighted Average Exercise Price | ||||||||||||
Balance at beginning of period | $ | 1,737,213 | $ | 98.44 | $ | 1,595,007 | $ | 95.52 | |||||||
Granted | 171,000 | 105.70 | 445,100 | 105.86 | |||||||||||
Exercised | (146,277 | ) | 84.02 | (192,875 | ) | 76.90 | |||||||||
Lapsed or cancelled | (65,300 | ) | 122.30 | (110,019 | ) | 123.86 | |||||||||
Balance at end of period | $ | 1,696,636 | $ | 99.50 | $ | 1,737,213 | $ | 98.44 | |||||||
Options exercisable at end of period | 939,485 | $ | 91.71 | 748,617 | $ | 87.72 | |||||||||
Weighted average fair value of options granted during the period | $ | 3,775,639 | $ | 8,363,036 |
September 30, 2017 | December 31, 2016 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||
Balance at beginning of period | 3,202,031 | 3,137,881 | Balance at beginning of period | 3,459,363 | 3,337,545 | |||||||||||||||||||
Granted | 300 | 98,800 | Granted | 252,685 | 141,515 | |||||||||||||||||||
Cancelled | — | (34,650 | ) | |||||||||||||||||||||
Canceled | Canceled | (13,884) | (19,697) | |||||||||||||||||||||
Balance at end of period | 3,202,331 | 3,202,031 | Balance at end of period | 3,698,164 | 3,459,363 | |||||||||||||||||||
Vested during the period | 86,736 | 83,822 | Vested during the period | 118,205 | 122,759 | |||||||||||||||||||
Compensation expense recorded | $ | 7,277,054 | $ | 7,153,966 | Compensation expense recorded | $ | 4,170,501 | $ | 8,497,054 | |||||||||||||||
Weighted average fair value of restricted stock granted during the period | $ | 30,813 | $ | 10,650,077 | ||||||||||||||||||||
Total fair value of restricted stock granted during the period | Total fair value of restricted stock granted during the period | $ | 14,514,558 | $ | 9,214,531 |
Net unrealized gain (loss) on derivative instruments (1) | SL Green’s share of joint venture net unrealized loss on derivative instruments (2) | Net unrealized (loss) gain on marketable securities | Total | ||||||||||||||||||||
Balance at December 31, 2021 | $ | (25,881) | $ | (21,994) | $ | 1,117 | $ | (46,758) | |||||||||||||||
Other comprehensive gain before reclassifications | 37,435 | 12,882 | (2,117) | 48,200 | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 5,404 | 1,749 | — | 7,153 | |||||||||||||||||||
Balance at June 30, 2022 | $ | 16,958 | $ | (7,363) | $ | (1,000) | $ | 8,595 |
Net unrealized gain on derivative instruments (1) | SL Green’s share of joint venture net unrealized gain on derivative instruments (2) | Net unrealized gain on marketable securities | Total | ||||||||||||
Balance at December 31, 2016 | $ | 12,596 | $ | 4,021 | $ | 5,520 | $ | 22,137 | |||||||
Other comprehensive (loss) before reclassifications | (4,669 | ) | (947 | ) | (1,133 | ) | (6,749 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income | 1,336 | 591 | (3,130 | ) | (1,203 | ) | |||||||||
Balance at September 30, 2017 | $ | 9,263 | $ | 3,665 | $ | 1,257 | $ | 14,185 |
June 30, 2022 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Marketable securities available-for-sale | $ | 21,899 | $ | — | $ | 21,899 | $ | — | |||||||||||||||
Interest rate cap and swap agreements (included in Other assets) | 17,493 | — | 17,493 | — | |||||||||||||||||||
September 30, 2017 | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets: | |||||||||||||||
Marketable securities | $ | 28,802 | $ | — | $ | 28,802 | $ | — | |||||||
Interest rate cap and swap agreements (included in other assets) | $ | 13,727 | $ | — | $ | 13,727 | $ | — |
December 31, 2016 | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets: | |||||||||||||||
Marketable securities | $ | 85,110 | $ | 48,315 | $ | 36,795 | $ | — | |||||||
Interest rate cap and swap agreements (included in other assets) | $ | 21,090 | $ | — | $ | 21,090 | $ | — | |||||||
Liabilities: | |||||||||||||||
Interest rate cap and swap agreements (included in accrued interest payable and other liabilities) | $ | 1 | $ | — | $ | 1 | $ | — |
December 31, 2021 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Marketable securities available-for-sale | $ | 24,146 | $ | — | $ | 24,146 | $ | — | |||||||||||||||
Interest rate cap and swap agreements (included in Other assets) | 1,896 | — | 1,896 | — | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Interest rate cap and swap agreements (included in Other liabilities) | $ | 29,912 | $ | — | $ | 29,912 | $ | — |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Carrying Value (1) | Fair Value | Carrying Value (1) | Fair Value | ||||||||||||||||||||
Debt and preferred equity investments | $ | 1,134,080 | (2) | $ | 1,088,723 | (2) | |||||||||||||||||
Fixed rate debt | $ | 3,086,297 | $ | 3,060,475 | $ | 3,274,324 | $ | 3,336,463 | |||||||||||||||
Variable rate debt | 820,148 | 814,272 | 801,051 | 800,672 | |||||||||||||||||||
$ | 3,906,445 | $ | 3,874,747 | $ | 4,075,375 | $ | 4,137,135 |
September 30, 2017 | December 31, 2016 | ||||||||||||||
Carrying Value (1) | Fair Value | Carrying Value (1) | Fair Value | ||||||||||||
Debt and preferred equity investments | $ | 2,020,739 | (2) | $ | 1,640,412 | (2) | |||||||||
Fixed rate debt | $ | 5,154,810 | $ | 5,398,870 | $ | 5,452,084 | $ | 5,722,494 | |||||||
Variable rate debt | 1,321,813 | 1,314,223 | 1,105,585 | 1,110,110 | |||||||||||
$ | 6,476,623 | $ | 6,713,093 | $ | 6,557,669 | $ | 6,832,604 |
Notional Value | Strike Rate | Effective Date | Expiration Date | Balance Sheet Location | Fair Value | ||||||||||||||||||||||||||||||
Interest Rate Cap | $ | 111,869 | 3.500 | % | November 2021 | November 2022 | Other Assets | $ | 14 | ||||||||||||||||||||||||||
Interest Rate Swap | 100,000 | 0.212 | % | January 2021 | January 2023 | Other Assets | 1,505 | ||||||||||||||||||||||||||||
Interest Rate Swap | 400,000 | 0.184 | % | January 2022 | February 2023 | Other Assets | 6,136 | ||||||||||||||||||||||||||||
Interest Rate Swap | 50,000 | 0.633 | % | February 2022 | February 2023 | Other Assets | 605 | ||||||||||||||||||||||||||||
Interest Rate Swap | 100,000 | 1.163 | % | November 2021 | July 2023 | Other Assets | 2,063 | ||||||||||||||||||||||||||||
Interest Rate Swap | 200,000 | 1.133 | % | November 2021 | July 2023 | Other Assets | 4,189 | ||||||||||||||||||||||||||||
Interest Rate Swap | 150,000 | 2.700 | % | December 2021 | January 2024 | Other Assets | 914 | ||||||||||||||||||||||||||||
Interest Rate Swap | 150,000 | 2.721 | % | December 2021 | January 2026 | Other Assets | 990 | ||||||||||||||||||||||||||||
Interest Rate Swap | 200,000 | 2.762 | % | December 2021 | January 2026 | Other Assets | 1,077 | ||||||||||||||||||||||||||||
$ | 17,493 |
Notional Value | Strike Rate | Effective Date | Expiration Date | Balance Sheet Location | Fair Value | |||||||||||
Interest Rate Swap | $ | 200,000 | 0.938 | % | October 2014 | December 2017 | Other Assets | $ | 105 | |||||||
Interest Rate Swap | 150,000 | 0.940 | % | October 2014 | December 2017 | Other Assets | 78 | |||||||||
Interest Rate Swap | 150,000 | 0.940 | % | October 2014 | December 2017 | Other Assets | 78 | |||||||||
Interest Rate Cap | 137,500 | 4.000 | % | September 2017 | September 2019 | Other Assets | 4 | |||||||||
Interest Rate Swap | 200,000 | 1.131 | % | July 2016 | July 2023 | Other Assets | 8,998 | |||||||||
Interest Rate Swap | 100,000 | 1.161 | % | July 2016 | July 2023 | Other Assets | 4,335 | |||||||||
Interest Rate Swap | 100,000 | 2.287 | % | November 2017 | November 2027 | Other Assets | 129 | |||||||||
$ | 13,727 |
Amount of (Loss) Recognized in Other Comprehensive Loss (Effective Portion) | Location of (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income | Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) | Location of (Loss) Recognized in Income on Derivative | Amount of (Loss) Gain Recognized into Income (Ineffective Portion) | Amount of Gain (Loss) Recognized in Other Comprehensive Loss | Location of Loss Reclassified from Accumulated Other Comprehensive Income (Loss) into Income | Amount of Loss Reclassified from Accumulated Other Comprehensive Income (Loss) into Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | Derivative | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Swaps/Caps | $ | (304 | ) | $ | (7 | ) | Interest expense | $ | 85 | $ | 1,442 | Interest expense | $ | 4 | $ | — | Interest Rate Swaps/Caps | $ | 11,333 | $ | (2,465) | Interest expense | $ | (1,868) | $ | (4,555) | ||||||||||||||||||||||||||||||||||||||||||||||
Share of unconsolidated joint ventures' derivative instruments | (290 | ) | (222 | ) | Equity in net income from unconsolidated joint ventures | 185 | 547 | Equity in net income from unconsolidated joint ventures | (48 | ) | 830 | Share of unconsolidated joint ventures' derivative instruments | 3,289 | (55,453) | Equity in net loss from unconsolidated joint ventures | (833) | (2,050) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | (594 | ) | $ | (229 | ) | $ | 270 | $ | 1,989 | $ | (44 | ) | $ | 830 | $ | 14,622 | $ | (57,918) | $ | (2,701) | $ | (6,605) |
Amount of Gain (Loss) Recognized in Other Comprehensive Loss | Location of Loss Reclassified from Accumulated Other Comprehensive Income (Loss) into Income | Amount of Loss Reclassified from Accumulated Other Comprehensive Income (Loss) into Income | ||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||
Derivative | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||
Interest Rate Swaps/Caps | $ | 39,711 | $ | 7,755 | Interest expense | $ | (5,734) | $ | (8,943) | |||||||||||||||||||||||||||||||||||
Share of unconsolidated joint ventures' derivative instruments | 13,596 | (20,498) | Equity in net loss from unconsolidated joint ventures | (1,849) | (3,750) | |||||||||||||||||||||||||||||||||||||||
$ | 53,307 | $ | (12,743) | $ | (7,583) | $ | (12,693) |
Notional Value | Strike Rate | Effective Date | Expiration Date | Classification | Fair Value | ||||||||||||||||||||||||||||||
Interest Rate Cap | $ | 1,075,000 | 2.850 | % | September 2021 | September 2022 | Asset | $ | 10 | ||||||||||||||||||||||||||
Interest Rate Cap | 125,000 | 2.850 | % | September 2021 | September 2022 | Asset | 1 | ||||||||||||||||||||||||||||
Interest Rate Cap | 23,000 | 4.750 | % | January 2021 | January 2023 | Asset | 1 | ||||||||||||||||||||||||||||
Interest Rate Cap | 220,000 | 4.000 | % | February 2022 | February 2023 | Asset | 93 | ||||||||||||||||||||||||||||
Interest Rate Cap | 510,000 | 3.000 | % | December 2021 | June 2023 | Asset | 2,415 | ||||||||||||||||||||||||||||
Interest Rate Cap | 237,340 | 0.550 | % | February 2022 | May 2024 | Asset | 17,539 | ||||||||||||||||||||||||||||
Interest Rate Cap | 118,670 | 0.550 | % | February 2022 | May 2024 | Asset | 17,511 | ||||||||||||||||||||||||||||
Interest Rate Swap | 177,000 | 1.669 | % | March 2016 | February 2026 | Asset | 7,675 | ||||||||||||||||||||||||||||
$ | 45,245 |
Amount of (Loss) Recognized in Other Comprehensive Loss (Effective Portion) | Location of (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income | Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) | Location of (Loss) Recognized in Income on Derivative | Amount of (Loss) Recognized into Income (Ineffective Portion) | ||||||||||||||||||||||||
Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||
Derivative | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||
Interest Rate Swaps/Caps | $ | (5,477 | ) | $ | (8,112 | ) | Interest expense | $ | 1,583 | $ | 8,073 | Interest expense | $ | (4 | ) | $ | (38 | ) | ||||||||||
Share of unconsolidated joint ventures' derivative instruments | (1,277 | ) | (5,992 | ) | Equity in net income from unconsolidated joint ventures | 876 | 1,465 | Equity in net income from unconsolidated joint ventures | (109 | ) | (206 | ) | ||||||||||||||||
$ | (6,754 | ) | $ | (14,104 | ) | $ | 2,459 | $ | 9,538 | $ | (113 | ) | $ | (244 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Fixed lease payments | $ | 136,673 | $ | 165,808 | $ | 273,255 | $ | 330,487 | ||||||||||||||||||
Variable lease payments | 18,738 | 20,695 | 38,293 | 45,974 | ||||||||||||||||||||||
Total lease payments (1) | $ | 155,411 | $ | 186,503 | $ | 311,548 | $ | 376,461 | ||||||||||||||||||
Amortization of acquired above and below-market leases | (179) | (1,892) | (285) | (3,761) | ||||||||||||||||||||||
Total rental revenue | $ | 155,232 | $ | 184,611 | $ | 311,263 | $ | 372,700 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Interest income (1) | $ | 1,095 | $ | 1,105 | $ | 2,187 | $ | 2,205 | ||||||||||||||||||
Capital lease | Non-cancellable operating leases | |||||||
Remaining 2017 | $ | 597 | $ | 7,763 | ||||
2018 | 2,387 | 31,049 | ||||||
2019 | 2,411 | 31,066 | ||||||
2020 | 2,620 | 31,436 | ||||||
2021 | 2,794 | 31,628 | ||||||
Thereafter | 822,688 | 732,724 | ||||||
Total minimum lease payments | $ | 833,497 | $ | 865,666 | ||||
Amount representing interest | (790,837 | ) | ||||||
Capital lease obligations | $ | 42,660 |
Real Estate Segment | Debt and Preferred Equity Segment | Total Company | ||||||||||||||||||
Total revenues | ||||||||||||||||||||
Three months ended: | ||||||||||||||||||||
June 30, 2022 | $ | 181,038 | $ | 20,407 | $ | 201,445 | ||||||||||||||
June 30, 2021 | 198,000 | 20,107 | 218,107 | |||||||||||||||||
Six months ended: | ||||||||||||||||||||
June 30, 2022 | $ | 349,114 | $ | 40,295 | $ | 389,409 | ||||||||||||||
June 30, 2021 | 404,829 | 39,380 | 444,209 | |||||||||||||||||
Net (loss) income | ||||||||||||||||||||
Three months ended: | ||||||||||||||||||||
June 30, 2022 | $ | (53,408) | $ | 15,459 | $ | (37,949) | ||||||||||||||
June 30, 2021 | 100,239 | 16,895 | 117,134 | |||||||||||||||||
Six months ended: | ||||||||||||||||||||
June 30, 2022 | $ | (56,890) | $ | 32,426 | $ | (24,464) | ||||||||||||||
June 30, 2021 | 80,212 | 33,067 | 113,279 | |||||||||||||||||
Total assets | ||||||||||||||||||||
As of: | ||||||||||||||||||||
June 30, 2022 | $ | 9,567,725 | $ | 1,137,158 | $ | 10,704,883 | ||||||||||||||
December 31, 2021 | 9,974,140 | 1,092,489 | 11,066,629 |
Real Estate Segment | Debt and Preferred Equity Segment | Total Company | ||||||||||
Total revenues | ||||||||||||
Three months ended: | ||||||||||||
September 30, 2017 | $ | 326,780 | $ | 47,820 | $ | 374,600 | ||||||
September 30, 2016 | 341,285 | 75,396 | 416,681 | |||||||||
Nine months ended: | ||||||||||||
September 30, 2017 | 1,001,390 | 148,741 | 1,150,131 | |||||||||
September 30, 2016 | 1,315,392 | 174,347 | 1,489,739 | |||||||||
Net income (loss) before equity in net gain on sale of interest in unconsolidated joint venture/real estate, gain on sale of real estate, net, depreciable real estate reserves, and gain on sale of investment in marketable securities | ||||||||||||
Three months ended: | ||||||||||||
September 30, 2017 | $ | 4,873 | $ | 39,892 | $ | 44,765 | ||||||
September 30, 2016 | (32,731 | ) | 75,452 | 42,721 | ||||||||
Nine months ended: | ||||||||||||
September 30, 2017 | (504 | ) | 132,402 | 131,898 | ||||||||
September 30, 2016 | (187,222 | ) | 168,295 | (18,927 | ) | |||||||
Total assets | ||||||||||||
As of: | ||||||||||||
September 30, 2017 | $ | 12,939,363 | $ | 2,170,507 | $ | 15,109,870 | ||||||
December 31, 2016 | 13,868,672 | 1,989,115 | 15,857,787 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net income (loss) before equity in net gain on sale of interest in unconsolidated joint venture/real estate, gain on sale of real estate, net, depreciable real estate reserves, and gain on sale of investment in marketable securities | $ | 44,765 | $ | 42,721 | $ | 131,898 | $ | (18,927 | ) | |||||||
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | 1,030 | 225 | 16,166 | 43,588 | ||||||||||||
Gain (loss) on sale of real estate, net | — | 397 | (3,256 | ) | 210,750 | |||||||||||
Depreciable real estate reserves | — | — | (85,336 | ) | (10,387 | ) | ||||||||||
Gain (loss) on sale of investment in marketable securities | — | — | 3,262 | (83 | ) | |||||||||||
Net income | $ | 45,795 | $ | 43,343 | $ | 62,734 | $ | 224,941 |
Consolidated | Unconsolidated | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Location | Property Type | Number of Buildings | Approximate Square Feet (unaudited) | Number of Buildings | Approximate Square Feet (unaudited) | Number of Buildings | Approximate Square Feet (unaudited) | Weighted Average Occupancy(1) (unaudited) | ||||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Manhattan | Office | 12 | 8,180,345 | 12 | 13,998,381 | 24 | 22,178,726 | 91.2 | % | |||||||||||||||||||||||||||||||||||||||||
Retail | 2 | (2) | 17,888 | 9 | 301,996 | 11 | 319,884 | 91.2 | % | |||||||||||||||||||||||||||||||||||||||||
Development/Redevelopment | (1) | 5 | 2,091,719 | 2 | 1,618,310 | 7 | 3,710,029 | N/A | ||||||||||||||||||||||||||||||||||||||||||
19 | 10,289,952 | 23 | 15,918,687 | 42 | 26,208,639 | 91.2 | % | |||||||||||||||||||||||||||||||||||||||||||
Suburban | Office | 7 | 862,800 | — | — | 7 | 862,800 | 78.3 | % | |||||||||||||||||||||||||||||||||||||||||
Total commercial properties | 26 | 11,152,752 | 23 | 15,918,687 | 49 | 27,071,439 | 90.7 | % | ||||||||||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Manhattan | Residential | 1 | (2) | 140,382 | — | — | 1 | 140,382 | 76.1 | % | ||||||||||||||||||||||||||||||||||||||||
Total portfolio | 27 | 11,293,134 | 23 | 15,918,687 | 50 | 27,211,821 | 90.6 | % |
Consolidated | Unconsolidated | Total | |||||||||||||||||||||
Location | Property Type | Number of Properties | Approximate Square Feet (unaudited) | Number of Properties | Approximate Square Feet (unaudited) | Number of Properties | Approximate Square Feet (unaudited) | Weighted Average Occupancy(1) (unaudited) | |||||||||||||||
Commercial: | |||||||||||||||||||||||
Manhattan | Office | 24 | 16,054,606 | 7 | 6,558,139 | 31 | 22,612,745 | 93.4 | % | ||||||||||||||
Retail | 4 | (2) | 302,583 | 9 | 347,970 | 13 | 650,553 | 94.5 | % | ||||||||||||||
Development/Redevelopment | 7 | 158,985 | 4 | 770,514 | 11 | 929,499 | 59.9 | % | |||||||||||||||
Fee Interest | 1 | 176,530 | 1 | — | 2 | 176,530 | 100.0 | % | |||||||||||||||
36 | 16,692,704 | 21 | 7,676,623 | 57 | 24,369,327 | 92.2 | % | ||||||||||||||||
Suburban | Office | 22 | 3,608,800 | 2 | 640,000 | 24 | 4,248,800 | 83.1 | % | ||||||||||||||
Retail | 1 | 52,000 | — | — | 1 | 52,000 | 100.0 | % | |||||||||||||||
Development/Redevelopment | 1 | 1,000 | 1 | — | 2 | 1,000 | 100.0 | % | |||||||||||||||
24 | 3,661,800 | 3 | 640,000 | 27 | 4,301,800 | 83.3 | % | ||||||||||||||||
Total commercial properties | 60 | 20,354,504 | 24 | 8,316,623 | 84 | 28,671,127 | 90.8 | % | |||||||||||||||
Residential: | |||||||||||||||||||||||
Manhattan | Residential | 3 | (2) | 472,105 | 12 | 2,656,856 | 15 | 3,128,961 | 86.4 | % | |||||||||||||
Suburban | Residential | — | — | — | — | — | — | — | % | ||||||||||||||
Total residential properties | 3 | 472,105 | 12 | 2,656,856 | 15 | 3,128,961 | 86.4 | % | |||||||||||||||
Total portfolio(2)(3) | 63 | 20,826,609 | 36 | 10,973,479 | 99 | 31,800,088 | 90.4 | % |
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income | $ | 45.8 | $ | 43.3 | $ | 62.7 | $ | 224.9 | ||||||||
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | (1.0 | ) | (0.2 | ) | (16.2 | ) | (43.6 | ) | ||||||||
Loss (gain) on sale of real estate, net | — | (0.4 | ) | 3.3 | (210.8 | ) | ||||||||||
Depreciable real estate reserves | — | — | 85.3 | 10.4 | ||||||||||||
Loss on sale of investment in marketable securities | — | — | (3.3 | ) | 0.1 | |||||||||||
Depreciation and amortization | 91.7 | 112.7 | 318.9 | 717.0 | ||||||||||||
Interest expense, net of interest income | 65.6 | 72.6 | 196.1 | 256.3 | ||||||||||||
Amortization of deferred financing costs | 4.0 | 4.8 | 12.2 | 20.2 | ||||||||||||
Operating income | 206.1 | 232.8 | 659.0 | 974.5 | ||||||||||||
Less: Operating income from other properties/affiliates | (31.9 | ) | (72.8 | ) | (129.5 | ) | (465.5 | ) | ||||||||
Same-store operating income | $ | 174.2 | $ | 160.0 | $ | 529.5 | $ | 509.0 |
Same-Store | Disposed | Other | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2022 | 2021 | $ Change | % Change | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental revenue | $ | 139.6 | $ | 135.7 | $ | 3.9 | 2.9 | % | $ | — | $ | 10.3 | $ | 15.6 | $ | 38.6 | $ | 155.2 | $ | 184.6 | $ | (29.4) | (15.9) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investment income | — | — | — | — | % | — | — | 20.4 | 20.1 | 20.4 | 20.1 | 0.3 | 1.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | 0.8 | 1.1 | (0.3) | (27.3) | % | 5.0 | 2.1 | 20.0 | 10.2 | 25.8 | 13.4 | 12.4 | 92.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | 140.4 | 136.8 | 3.6 | 2.6 | % | 5.0 | 12.4 | 56.0 | 68.9 | 201.4 | 218.1 | (16.7) | (7.7) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | 64.8 | 65.0 | (0.2) | (0.3) | % | 0.2 | 5.3 | 11.7 | 24.1 | 76.7 | 94.4 | (17.7) | (18.8) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketing, general and administrative | — | — | — | — | % | — | — | 23.5 | 22.1 | 23.5 | 22.1 | 1.4 | 6.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
64.8 | 65.0 | (0.2) | (0.3) | % | 0.2 | 5.3 | 35.2 | 46.2 | 100.2 | 116.5 | (16.3) | (14.0) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expenses): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs, net of interest income | (16.9) | (22.3) | 5.4 | (24.2) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | (46.9) | (57.3) | 10.4 | (18.2) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in net loss from unconsolidated joint ventures | (4.6) | (13.0) | 8.4 | (64.6) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate | (0.1) | 8.5 | (8.6) | (101.2) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase price and other fair value adjustments | (6.2) | (1.9) | (4.3) | 226.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss) gain on sale of real estate, net | (64.4) | 99.0 | (163.4) | (165.1) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciable real estate reserves and impairment | — | 2.5 | (2.5) | (100.0) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (37.9) | $ | 117.1 | $ | (155.0) | (132.4) | % |
Same-Store | Disposed | Other | Consolidated | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2017 | 2016 | $ Change | % Change | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | $ Change | % Change | ||||||||||||||||||||||||||||||||||
Rental revenue | $ | 270.9 | $ | 248.8 | $ | 22.1 | 8.9 | % | $ | 0.3 | $ | 26.7 | $ | 3.6 | $ | 6.0 | $ | 274.8 | $ | 281.5 | $ | (6.7 | ) | (2.4 | )% | |||||||||||||||||||||
Escalation and reimbursement | 44.4 | 50.2 | (5.8 | ) | (11.6 | )% | — | 2.5 | 0.3 | 0.4 | 44.7 | 53.1 | (8.4 | ) | (15.8 | )% | ||||||||||||||||||||||||||||||
Investment income | — | — | — | — | % | — | — | 47.8 | 75.4 | 47.8 | 75.4 | (27.6 | ) | (36.6 | )% | |||||||||||||||||||||||||||||||
Other income | 1.8 | 1.7 | 0.1 | 5.9 | % | — | 0.1 | 5.5 | 4.9 | 7.3 | 6.7 | 0.6 | 9.0 | % | ||||||||||||||||||||||||||||||||
Total revenues | 317.1 | 300.7 | 16.4 | 5.5 | % | 0.3 | 29.3 | 57.2 | 86.7 | 374.6 | 416.7 | (42.1 | ) | (10.1 | )% | |||||||||||||||||||||||||||||||
Property operating expenses | 142.9 | 140.7 | 2.2 | 1.6 | % | 0.4 | 7.4 | 5.1 | 3.8 | 148.4 | 151.9 | (3.5 | ) | (2.3 | )% | |||||||||||||||||||||||||||||||
Transaction related costs | — | — | — | — | % | — | — | 0.2 | 2.6 | 0.2 | 2.6 | (2.4 | ) | (92.3 | )% | |||||||||||||||||||||||||||||||
Marketing, general and administrative | — | — | — | — | % | — | — | 24.0 | 25.5 | 24.0 | 25.5 | (1.5 | ) | (5.9 | )% | |||||||||||||||||||||||||||||||
142.9 | 140.7 | 2.2 | 1.6 | % | 0.4 | 7.4 | 29.3 | 31.9 | 172.6 | 180.0 | (7.4 | ) | (4.1 | )% | ||||||||||||||||||||||||||||||||
Operating income before equity in net income from unconsolidated joint ventures | $ | 174.2 | $ | 160.0 | $ | 14.2 | 8.9 | % | $ | (0.1 | ) | $ | 21.9 | $ | 27.9 | $ | 54.8 | $ | 202.0 | $ | 236.7 | $ | (34.7 | ) | (14.7 | )% | ||||||||||||||||||||
Other income (expenses): | ||||||||||||||||||||||||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs, net of interest income | (69.6 | ) | (77.4 | ) | 7.8 | (10.1 | )% | |||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | (91.7 | ) | (112.7 | ) | 21.0 | (18.6 | )% | |||||||||||||||||||||||||||||||||||||||
Equity in net income (loss) from unconsolidated joint ventures | 4.1 | (4.0 | ) | 8.1 | (202.5 | )% | ||||||||||||||||||||||||||||||||||||||||
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | 1.0 | 0.2 | 0.8 | 400.0 | % | |||||||||||||||||||||||||||||||||||||||||
Gain (loss) on sale of real estate, net | — | 0.4 | (0.4 | ) | (100.0 | )% | ||||||||||||||||||||||||||||||||||||||||
Net income | $ | 45.8 | $ | 43.2 | $ | 2.6 | 6.0 | % |
Usable SF | Rentable SF | New Cash Rent (per rentable SF) (1) | Prev. Escalated Rent (per rentable SF) (2) | TI/LC per rentable SF | Free Rent (in months) | Average Lease Term (in years) | |||||||||||||||||||||||||||||||||||
Manhattan | |||||||||||||||||||||||||||||||||||||||||
Space available at beginning of the period | 1,884,947 | ||||||||||||||||||||||||||||||||||||||||
Acquired Vacancies | 86,603 | ||||||||||||||||||||||||||||||||||||||||
Space which became available during the period (3) | |||||||||||||||||||||||||||||||||||||||||
• Office | 224,769 | ||||||||||||||||||||||||||||||||||||||||
• Retail | 73,865 | ||||||||||||||||||||||||||||||||||||||||
• Storage | 9,500 | ||||||||||||||||||||||||||||||||||||||||
308,134 | |||||||||||||||||||||||||||||||||||||||||
Total space available | 2,279,684 | ||||||||||||||||||||||||||||||||||||||||
Leased space commenced during the period: | |||||||||||||||||||||||||||||||||||||||||
• Office(4) | 265,005 | 281,837 | $ | 78.12 | $ | 66.79 | $ | 111.29 | 10.3 | 12.5 | |||||||||||||||||||||||||||||||
• Retail | 26,780 | 26,105 | $ | 182.80 | $ | 160.73 | $ | 80.85 | 7.7 | 15.8 | |||||||||||||||||||||||||||||||
• Storage | 1,674 | 1,623 | $ | 28.03 | $ | 31.01 | $ | — | — | 3.7 | |||||||||||||||||||||||||||||||
Total leased space commenced | 293,459 | 309,565 | $ | 86.69 | $ | 75.56 | $ | 108.14 | 10.1 | 12.7 | |||||||||||||||||||||||||||||||
Total available space at end of period | 1,986,225 | ||||||||||||||||||||||||||||||||||||||||
Early renewals | |||||||||||||||||||||||||||||||||||||||||
• Office | 45,552 | 51,795 | $ | 83.70 | $ | 83.50 | $ | 41.12 | 3.5 | 5.2 | |||||||||||||||||||||||||||||||
• Storage | 2,088 | 2,088 | $ | 28.14 | $ | 28.14 | $ | — | — | 2.7 | |||||||||||||||||||||||||||||||
Total early renewals | 47,640 | 53,883 | $ | 81.55 | $ | 81.35 | $ | 39.53 | 3.3 | 5.1 | |||||||||||||||||||||||||||||||
Total commenced leases, including replaced previous vacancy | |||||||||||||||||||||||||||||||||||||||||
• Office | 333,632 | $ | 78.99 | $ | 70.10 | $ | 100.39 | 9.3 | 11.4 | ||||||||||||||||||||||||||||||||
• Retail | 26,105 | $ | 182.80 | $ | 160.73 | $ | 80.85 | 7.7 | 15.8 | ||||||||||||||||||||||||||||||||
• Storage | 3,711 | $ | 28.09 | $ | 28.95 | $ | — | — | 3.1 | ||||||||||||||||||||||||||||||||
Total commenced leases | 363,448 | $ | 85.92 | $ | 76.65 | $ | 97.96 | 9.1 | 11.6 |
Useable SF | Rentable SF | New Cash Rent (per rentable SF) (1) | Prev. Escalated Rent (per rentable SF) (2) | TI/LC per rentable SF | Free Rent (in months) | Average Lease Term (in years) | |||||||||||||||||
Manhattan | |||||||||||||||||||||||
Space available at beginning of the period | 1,553,301 | ||||||||||||||||||||||
Space which became available during the period (3) | |||||||||||||||||||||||
• Office | 149,453 | ||||||||||||||||||||||
• Retail | 1,600 | ||||||||||||||||||||||
• Storage | 3,102 | ||||||||||||||||||||||
154,155 | |||||||||||||||||||||||
Total space available | 1,707,456 | ||||||||||||||||||||||
Leased space commenced during the period: | |||||||||||||||||||||||
• Office(4) | 198,250 | 214,637 | $ | 73.72 | $ | 62.63 | $ | 60.01 | 4.1 | 7.0 | |||||||||||||
• Retail | 11,715 | 11,180 | $ | 356.82 | $ | 475.65 | $ | 111.55 | 8.3 | 10.3 | |||||||||||||
• Storage | 1,082 | 994 | $ | 35.92 | $ | — | $ | — | — | 13.1 | |||||||||||||
Total leased space commenced | 211,047 | 226,811 | $ | 87.51 | $ | 105.70 | $ | 62.28 | 4.3 | 7.2 | |||||||||||||
Total available space at end of period | 1,496,409 | ||||||||||||||||||||||
Early renewals | |||||||||||||||||||||||
• Office | 75,472 | 85,927 | $ | 76.42 | $ | 78.87 | $ | 8.78 | 1.0 | 4.4 | |||||||||||||
• Retail | 7,058 | 6,430 | $ | 236.77 | $ | 226.52 | $ | 10.95 | 0.4 | 7.9 | |||||||||||||
Total early renewals | 82,530 | 92,357 | $ | 87.59 | $ | 89.15 | $ | 8.93 | 1.0 | 4.6 | |||||||||||||
Total commenced leases, including replaced previous vacancy | |||||||||||||||||||||||
• Office | 300,564 | $ | 74.50 | $ | 70.30 | $ | 45.36 | 3.2 | 6.3 | ||||||||||||||
• Retail | 17,610 | $ | 312.99 | $ | 384.69 | $ | 74.82 | 5.5 | 9.4 | ||||||||||||||
• Storage | 994 | $ | 35.92 | $ | — | $ | — | — | 13.1 | ||||||||||||||
Total commenced leases | 319,168 | $ | 87.53 | $ | 98.04 | $ | 46.85 | 3.3 | 6.5 |
Useable SF | Rentable SF | New Cash Rent (per rentable SF) (1) | Prev. Escalated Rent (per rentable SF) (2) | TI/LC per rentable SF | Free Rent (in months) | Average Lease Term (in years) | |||||||||||||||||
Suburban | |||||||||||||||||||||||
Space available at beginning of period | 926,139 | ||||||||||||||||||||||
Sold vacancies | (61,954 | ) | |||||||||||||||||||||
Space which became available during the period(3) | |||||||||||||||||||||||
• Office | 86,623 | ||||||||||||||||||||||
• Storage | 404 | ||||||||||||||||||||||
87,027 | |||||||||||||||||||||||
Total space available | 951,212 | ||||||||||||||||||||||
Leased space commenced during the period: | |||||||||||||||||||||||
• Office(5) | 94,896 | 93,612 | $ | 29.63 | $ | 32.66 | $ | 36.36 | 5.6 | 7.7 | |||||||||||||
Total leased space commenced | 94,896 | 93,612 | $ | 29.63 | $ | 32.66 | $ | 36.36 | 5.6 | 7.7 | |||||||||||||
Total available space at end of the period | 856,316 | ||||||||||||||||||||||
Early renewals | |||||||||||||||||||||||
• Office | 39,767 | 39,767 | $ | 31.44 | $ | 33.33 | $ | 10.77 | 11.8 | 5.9 | |||||||||||||
• Retail | — | — | $ | — | $ | — | $ | — | — | — | |||||||||||||
• Storage | 658 | 658 | $ | 14.52 | $ | 15.14 | $ | — | — | 6.7 | |||||||||||||
Total early renewals | 40,425 | 40,425 | $ | 31.16 | $ | 33.03 | $ | 10.59 | 11.6 | 6.0 | |||||||||||||
Total commenced leases, including replaced previous vacancy | |||||||||||||||||||||||
• Office | 133,379 | $ | 30.17 | $ | 32.94 | $ | 28.73 | 7.5 | 7.2 | ||||||||||||||
• Retail | — | $ | — | $ | — | $ | — | — | — | ||||||||||||||
• Storage | 658 | $ | 14.52 | $ | 15.14 | $ | — | — | 6.7 | ||||||||||||||
Total commenced leases | 134,037 | $ | 30.09 | $ | 32.82 | $ | 28.59 | 7.4 | 7.4 |
Same-Store | Disposed | Other | Consolidated | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2017 | 2016 | $ Change | % Change | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | $ Change | % Change | ||||||||||||||||||||||||||||||||||
Rental revenue | $ | 810.3 | $ | 773.3 | $ | 37.0 | 4.8 | % | $ | 10.9 | $ | 255.4 | $ | 14.3 | $ | 15.2 | $ | 835.5 | $ | 1,043.9 | $ | (208.4 | ) | (20.0 | )% | |||||||||||||||||||||
Escalation and reimbursement | 126.9 | 134.4 | (7.5 | ) | (5.6 | )% | 3.5 | 11.5 | 1.2 | 1.5 | 131.6 | 147.4 | (15.8 | ) | (10.7 | )% | ||||||||||||||||||||||||||||||
Investment income | — | — | — | — | % | — | — | 148.7 | 174.3 | 148.7 | 174.3 | (25.6 | ) | (14.7 | )% | |||||||||||||||||||||||||||||||
Other income | 5.0 | 5.4 | (0.4 | ) | (7.4 | )% | 0.3 | 94.1 | 29.0 | 24.6 | 34.3 | 124.1 | (89.8 | ) | (72.4 | )% | ||||||||||||||||||||||||||||||
Total revenues | 942.2 | 913.1 | 29.1 | 3.2 | % | 14.7 | 361.0 | 193.2 | 215.6 | 1,150.1 | 1,489.7 | (339.6 | ) | (22.8 | )% | |||||||||||||||||||||||||||||||
Property operating expenses | 412.7 | 404.1 | 8.6 | 2.1 | % | 3.7 | 30.5 | 16.0 | 12.6 | 432.4 | 447.2 | (14.8 | ) | (3.3 | )% | |||||||||||||||||||||||||||||||
Transaction related costs | — | — | — | — | % | — | — | 0.4 | 6.0 | 0.4 | 6.0 | (5.6 | ) | (93.3 | )% | |||||||||||||||||||||||||||||||
Marketing, general and administrative | — | — | — | — | % | — | — | 72.4 | 74.0 | 72.4 | 74.0 | (1.6 | ) | (2.2 | )% | |||||||||||||||||||||||||||||||
412.7 | 404.1 | 8.6 | 2.1 | % | 3.7 | 30.5 | 88.8 | 92.6 | 505.2 | 527.2 | (22.0 | ) | (4.2 | )% | ||||||||||||||||||||||||||||||||
Operating income before equity in net income from unconsolidated joint ventures | $ | 529.5 | $ | 509.0 | $ | 20.5 | 4.0 | % | $ | 11.0 | $ | 330.5 | $ | 104.4 | $ | 123.0 | $ | 644.9 | $ | 962.5 | $ | (317.6 | ) | (33.0 | )% | |||||||||||||||||||||
Other income (expenses): | ||||||||||||||||||||||||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs, net of interest income | (208.3 | ) | (276.5 | ) | 68.2 | (24.7 | )% | |||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | (318.9 | ) | (717.0 | ) | 398.1 | (55.5 | )% | |||||||||||||||||||||||||||||||||||||||
Equity in net income (loss) from unconsolidated joint ventures | 14.1 | 12.0 | 2.1 | 17.5 | % | |||||||||||||||||||||||||||||||||||||||||
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | 16.2 | 43.6 | (27.4 | ) | (62.8 | )% | ||||||||||||||||||||||||||||||||||||||||
Gain (loss) on sale of real estate, net | (3.3 | ) | 210.8 | (214.1 | ) | (101.6 | )% | |||||||||||||||||||||||||||||||||||||||
Depreciable real estate reserves | (85.3 | ) | (10.4 | ) | (74.9 | ) | 720.2 | % | ||||||||||||||||||||||||||||||||||||||
Gain (loss) on sale of investment in marketable securities | 3.3 | (0.1 | ) | 3.4 | (3,400.0 | )% | ||||||||||||||||||||||||||||||||||||||||
Net income | $ | 62.7 | $ | 224.9 | $ | (162.2 | ) | (72.1 | )% |
Same-Store | Disposed | Other | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2022 | 2021 | $ Change | % Change | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental revenue | $ | 280.3 | $ | 269.8 | $ | 10.5 | 3.9 | % | $ | 0.9 | $ | 24.0 | $ | 30.1 | $ | 78.9 | $ | 311.3 | $ | 372.7 | $ | (61.4) | (16.5) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investment income | — | — | — | — | % | — | — | 40.3 | 39.4 | 40.3 | 39.4 | 0.9 | 2.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | 1.0 | 1.2 | (0.2) | (16.7) | % | 10.4 | 12.2 | 26.5 | 18.7 | 37.9 | 32.1 | 5.8 | 18.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | 281.3 | 271.0 | 10.3 | 3.8 | % | 11.3 | 36.2 | 96.9 | 137.0 | 389.5 | 444.2 | (54.7) | (12.3) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | 129.6 | 130.7 | (1.1) | (0.8) | % | 1.6 | 11.4 | 25.7 | 46.7 | 156.9 | 188.8 | (31.9) | (16.9) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketing, general and administrative | — | — | — | — | % | — | — | 48.3 | 44.9 | 48.3 | 44.9 | 3.4 | 7.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
129.6 | 130.7 | (1.1) | (0.8) | % | 1.6 | 11.4 | 74.0 | 91.6 | 205.2 | 233.7 | (28.5) | (12.2) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expenses): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs, net of interest income | (33.9) | (49.5) | 15.6 | (31.5) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | (93.9) | (120.3) | 26.4 | (21.9) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in net loss from unconsolidated joint ventures | (9.3) | (15.8) | 6.5 | (41.1) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in net loss on sale of interest in unconsolidated joint venture/real estate | (0.1) | (4.2) | 4.1 | (97.6) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase price and other fair value adjustments | (6.2) | 0.7 | (6.9) | (985.7) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss) gain on sale of real estate, net | (65.4) | 97.6 | (163.0) | (167) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciable real estate reserves and impairment | — | (5.7) | 5.7 | (100.0) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (24.5) | $ | 113.3 | $ | (137.8) | (121.6) | % |
Usable SF | Rentable SF | New Cash Rent (per rentable SF) (1) | Prev. Escalated Rent (per rentable SF) (2) | TI/LC per rentable SF | Free Rent (in months) | Average Lease Term (in years) | |||||||||||||||||||||||||||||||||||
Manhattan | |||||||||||||||||||||||||||||||||||||||||
Space available at beginning of the period | 1,638,009 | ||||||||||||||||||||||||||||||||||||||||
Property out of redevelopment | 107,612 | ||||||||||||||||||||||||||||||||||||||||
Acquired vacancies | 86,603 | ||||||||||||||||||||||||||||||||||||||||
Space which became available during the period (3) | |||||||||||||||||||||||||||||||||||||||||
• Office | 596,737 | ||||||||||||||||||||||||||||||||||||||||
• Retail | 84,560 | ||||||||||||||||||||||||||||||||||||||||
• Storage | 12,611 | ||||||||||||||||||||||||||||||||||||||||
693,908 | |||||||||||||||||||||||||||||||||||||||||
Total space available | 2,526,132 | ||||||||||||||||||||||||||||||||||||||||
Leased space commenced during the period: | |||||||||||||||||||||||||||||||||||||||||
• Office(4) | 502,562 | 551,222 | $ | 72.55 | $ | 70.52 | $ | 95.70 | 9.8 | 10.8 | |||||||||||||||||||||||||||||||
• Retail | 32,725 | 31,504 | $ | 166.86 | $ | 160.73 | $ | 66.99 | 7.6 | 14.9 | |||||||||||||||||||||||||||||||
• Storage | 4,620 | 4,814 | $ | 28.50 | $ | 31.20 | $ | 3.84 | 6.0 | 7.9 | |||||||||||||||||||||||||||||||
Total leased space commenced | 539,907 | 587,540 | $ | 77.25 | $ | 74.49 | $ | 93.41 | 9.6 | 11.0 | |||||||||||||||||||||||||||||||
Total available space at end of period | 1,986,225 | ||||||||||||||||||||||||||||||||||||||||
Early renewals | |||||||||||||||||||||||||||||||||||||||||
• Office | 70,231 | 78,826 | $ | 84.97 | $ | 84.25 | $ | 33.29 | 2.8 | 4.4 | |||||||||||||||||||||||||||||||
• Retail | 7,198 | 8,152 | $ | 187.79 | $ | 206.76 | $ | — | — | 8.1 | |||||||||||||||||||||||||||||||
• Storage | 2,088 | 2,088 | $ | 28.14 | $ | 28.14 | $ | — | — | 2.7 | |||||||||||||||||||||||||||||||
Total early renewals | 79,517 | 89,066 | $ | 93.05 | $ | 94.15 | $ | 29.46 | 2.5 | 4.7 | |||||||||||||||||||||||||||||||
Total commenced leases, including replaced previous vacancy | |||||||||||||||||||||||||||||||||||||||||
• Office | 630,048 | $ | 74.11 | $ | 72.63 | $ | 87.90 | 8.9 | 10.0 | ||||||||||||||||||||||||||||||||
• Retail | 39,656 | $ | 171.17 | $ | 173.17 | $ | 53.22 | 6.0 | 13.5 | ||||||||||||||||||||||||||||||||
• Storage | 6,902 | $ | 28.39 | $ | 30.16 | $ | 2.68 | 4.2 | 6.3 | ||||||||||||||||||||||||||||||||
Total commenced leases | 676,606 | $ | 79.33 | $ | 77.68 | $ | 84.99 | 8.7 | 10.2 |
Useable SF | Rentable SF | New Cash Rent (per rentable SF) (1) | Prev. Escalated Rent (per rentable SF) (2) | TI/LC per rentable SF | Free Rent (in months) | Average Lease Term (in years) | |||||||||||||||||
Manhattan | |||||||||||||||||||||||
Space available at beginning of the year | 1,149,571 | ||||||||||||||||||||||
Space which became available during the year (3) | |||||||||||||||||||||||
• Office | 1,006,674 | ||||||||||||||||||||||
• Retail | 28,858 | ||||||||||||||||||||||
• Storage | 14,189 | ||||||||||||||||||||||
1,049,721 | |||||||||||||||||||||||
Total space available | 2,199,292 | ||||||||||||||||||||||
Leased space commenced during the year: | |||||||||||||||||||||||
• Office(4) | 642,073 | 705,353 | $ | 74.68 | $ | 65.09 | $ | 57.23 | 5.2 | 7.7 | |||||||||||||
• Retail | 27,873 | 58,070 | $ | 315.78 | $ | 253.52 | $ | 40.66 | 6.5 | 13.4 | |||||||||||||
• Storage | 32,937 | 3,657 | $ | 35.86 | $ | 42.91 | $ | 0.29 | — | 6.4 | |||||||||||||
Total leased space commenced | 702,883 | 767,080 | $ | 92.75 | $ | 91.45 | $ | 55.70 | 5.2 | 8.1 | |||||||||||||
Total available space at end of year | 1,496,409 | ||||||||||||||||||||||
Early renewals | |||||||||||||||||||||||
• Office | 200,430 | 189,071 | $ | 80.60 | $ | 76.11 | $ | 15.10 | 1.9 | 4.6 | |||||||||||||
• Retail | 44,602 | 33,812 | $ | 70.91 | $ | 47.20 | $ | 2.08 | 0.1 | 5.5 | |||||||||||||
• Storage | 2,236 | 2,291 | $ | 29.99 | $ | 31.02 | $ | — | — | 2.6 | |||||||||||||
Total early renewals | 247,268 | 225,174 | $ | 78.63 | $ | 71.31 | $ | 13.00 | 1.6 | 4.7 | |||||||||||||
Total commenced leases, including replaced previous vacancy | |||||||||||||||||||||||
• Office | 894,424 | $ | 75.93 | $ | 68.93 | $ | 48.32 | 4.5 | 7.0 | ||||||||||||||
• Retail | 91,882 | $ | 225.67 | $ | 177.59 | $ | 26.46 | 4.2 | 10.5 | ||||||||||||||
• Storage | 5,948 | $ | 33.60 | $ | 36.38 | $ | 0.18 | — | 4.9 | ||||||||||||||
Total commenced leases | 992,254 | $ | 89.54 | $ | 84.35 | $ | 46.01 | 4.4 | 7.3 |
Useable SF | Rentable SF | New Cash Rent (per rentable SF) (1) | Prev. Escalated Rent (per rentable SF) (2) | TI/LC per rentable SF | Free Rent (in months) | Average Lease Term (in years) | |||||||||||||||||
Suburban | |||||||||||||||||||||||
Space available at beginning of period | 965,021 | ||||||||||||||||||||||
Sold vacancies | (73,919 | ) | |||||||||||||||||||||
Space which became available during the year (3) | |||||||||||||||||||||||
• Office | 211,272 | ||||||||||||||||||||||
• Retail | 338 | ||||||||||||||||||||||
• Storage | 1,889 | ||||||||||||||||||||||
213,499 | |||||||||||||||||||||||
Total space available | 1,104,601 | ||||||||||||||||||||||
Leased space commenced during the year: | |||||||||||||||||||||||
• Office(5) | 246,960 | 259,258 | $ | 30.06 | $ | 34.51 | $ | 36.34 | 6.3 | 7.7 | |||||||||||||
• Retail | 338 | 338 | $ | 33.00 | $ | 33.00 | $ | — | — | 5.0 | |||||||||||||
• Storage | 987 | 1,054 | $ | 23.72 | $ | 23.72 | $ | 27.46 | 2.4 | 9.2 | |||||||||||||
Total leased space commenced | 248,285 | 260,650 | $ | 30.04 | $ | 34.45 | $ | 36.25 | 6.3 | 7.7 | |||||||||||||
Total available space at end of the year | 856,316 | ||||||||||||||||||||||
Early renewals | |||||||||||||||||||||||
• Office | 110,975 | 112,509 | $ | 30.95 | $ | 31.16 | $ | 4.26 | 5.8 | 4.1 | |||||||||||||
• Storage | 1,410 | 1,410 | $ | 14.78 | $ | 14.00 | $ | — | — | 4.5 | |||||||||||||
Total early renewals | 112,385 | 113,919 | $ | 30.75 | $ | 30.95 | $ | 4.21 | 5.8 | 4.2 | |||||||||||||
Total commenced leases, including replaced previous vacancy | |||||||||||||||||||||||
• Office | 371,767 | $ | 30.33 | $ | 32.67 | $ | 26.63 | 6.2 | 6.6 | ||||||||||||||
• Retail | 338 | $ | 33.00 | $ | 33.00 | $ | — | — | 5.0 | ||||||||||||||
• Storage | 2,464 | $ | 18.60 | $ | 14.26 | $ | 11.75 | 1.0 | 6.5 | ||||||||||||||
Total commenced leases | 374,569 | $ | 30.26 | $ | 32.53 | $ | 26.51 | 6.1 | 6.6 |
Remaining 2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | Total | |||||||||||||||||||||||||||||||||||
Property mortgages and other loans | $ | 212,959 | $ | 55,827 | $ | 337,237 | $ | 370,000 | $ | — | $ | 550,000 | $ | 1,526,023 | |||||||||||||||||||||||||||
Revolving credit facility | — | — | — | — | — | 130,000 | 130,000 | ||||||||||||||||||||||||||||||||||
Unsecured term loans | — | — | 200,000 | — | — | 1,050,000 | 1,250,000 | ||||||||||||||||||||||||||||||||||
Senior unsecured notes | 800,000 | — | — | 100,000 | — | — | 900,000 | ||||||||||||||||||||||||||||||||||
Trust preferred securities | — | — | — | — | — | 100,000 | 100,000 | ||||||||||||||||||||||||||||||||||
Financing leases | 1,545 | 3,133 | 3,180 | 3,228 | 3,276 | 203,494 | 217,856 | ||||||||||||||||||||||||||||||||||
Operating leases | 18,578 | 48,366 | 54,214 | 54,354 | 54,493 | 1,357,303 | 1,587,308 | ||||||||||||||||||||||||||||||||||
Estimated interest expense | 65,519 | 124,024 | 115,981 | 87,124 | 71,722 | 55,208 | 519,578 | ||||||||||||||||||||||||||||||||||
Joint venture debt | 418,310 | 750,513 | 624,297 | 1,521,793 | 107,137 | 2,429,821 | 5,851,871 | ||||||||||||||||||||||||||||||||||
Total | $ | 1,516,911 | $ | 981,863 | $ | 1,334,909 | $ | 2,136,499 | $ | 236,628 | $ | 5,875,826 | $ | 12,082,636 |
Remaining 2017 | 2018 | 2019 | 2020 | 2021 | Thereafter | Total | |||||||||||||||||||||
Property mortgages and other loans | $ | 12,846 | $ | 170,108 | $ | 59,618 | $ | 720,958 | $ | 30,418 | $ | 2,666,471 | $ | 3,660,419 | |||||||||||||
MRA and FHLB facilities | — | 184,642 | — | — | — | — | 184,642 | ||||||||||||||||||||
Corporate obligations (1) | 269,000 | 250,000 | 1,183,000 | 530,000 | — | 400,000 | 2,632,000 | ||||||||||||||||||||
Joint venture debt-our share | 79,787 | 242,799 | 705,574 | 320,914 | 376,765 | 1,465,371 | 3,191,210 | ||||||||||||||||||||
Total | $ | 361,633 | $ | 847,549 | $ | 1,948,192 | $ | 1,571,872 | $ | 407,183 | $ | 4,531,842 | $ | 9,668,271 |
Nine Months Ended September 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||
2017 | 2016 | Increase (Decrease) | 2022 | 2021 | Change | |||||||||||||||||||||||
Net cash provided by operating activities | $ | 416,621 | $ | 508,792 | $ | (92,171 | ) | Net cash provided by operating activities | $ | 182,435 | $ | 103,264 | $ | 79,171 | ||||||||||||||
Net cash (used in) provided by investing activities | $ | (101,041 | ) | $ | 2,405,173 | $ | (2,506,214 | ) | ||||||||||||||||||||
Net cash provided by investing activities | Net cash provided by investing activities | 135,324 | 641,521 | (506,197) | ||||||||||||||||||||||||
Net cash used in financing activities | $ | (353,534 | ) | $ | (2,763,468 | ) | $ | 2,409,934 | Net cash used in financing activities | (377,682) | (801,079) | 423,397 |
Acquisitions of real estate property | $ | 12,891 | |
Additions to land, buildings and improvements | 18,024 | ||
Escrowed cash—capital improvements/acquisition deposits/deferred purchase price | (68,552 | ) | |
Investments in unconsolidated joint ventures | (43,275 | ) | |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 108,006 | ||
Net proceeds from disposition of real estate/joint venture interest | (2,302,858 | ) | |
Proceeds from sale or redemption of marketable securities | 48,261 | ||
Purchases of marketable securities | 23,062 | ||
Other investments | 38,723 | ||
Origination of debt and preferred equity investments | (380,921 | ) | |
Repayments or redemption of debt and preferred equity investments | 40,425 | ||
Decrease in net cash provided by investing activities | $ | (2,506,214 | ) |
Acquisitions of real estate | $ | 28,688 | |||
Capital expenditures and capitalized interest | (8,881) | ||||
Joint venture investments | (97,167) | ||||
Distributions from joint ventures | (352,481) | ||||
Proceeds from sales of real estate/partial interest in property | (44,320) | ||||
Cash assumed from consolidation of real estate investment | (9,475) | ||||
Debt and preferred equity and other investments | (22,561) | ||||
Decrease in net cash provided by investing activities | $ | (506,197) |
Proceeds from our debt obligations | $ | (73,576) | |||
Repayments of our debt obligations | 361,224 | ||||
Net distribution to noncontrolling interests | 47,734 | ||||
Other financing activities | 68,334 | ||||
Proceeds from stock options exercised and DRSPP issuance | (268) | ||||
Repurchase of common stock | 27,469 | ||||
Redemption of preferred stock | (14,337) | ||||
Dividends and distributions paid | 6,817 | ||||
Increase in net cash used in financing activities | $ | 423,397 |
Proceeds from mortgages and other loans payable | $ | 523,443 | |
Repayments of mortgages and other loans payable | 1,079,978 | ||
Proceeds from revolving credit facility and senior unsecured notes | 187,500 | ||
Repayments of revolving credit facility and senior unsecured notes | 998,800 | ||
Proceeds from stock options exercised and DRIP issuance | 71 | ||
Repurchase of common stock | (349,991 | ) | |
Redemption of preferred stock | 2,874 | ||
Distributions to noncontrolling interests in other partnerships | (34,066 | ) | |
Contributions from noncontrolling interests in other partnerships | 31,183 | ||
Distributions to noncontrolling interests in the Operating Partnership | (1,394 | ) | |
Dividends paid on common and preferred stock | (16,900 | ) | |
Other obligations related to loan participations | (42,413 | ) | |
Deferred loan costs and capitalized lease obligation | 30,849 | ||
Decrease in net cash used in financing activities | $ | 2,409,934 |
Period | Shares repurchased | Average price paid per share | Cumulative number of shares repurchased as part of the repurchase plan or programs | ||||||||
Year ended 2017 | 7,865,206 | $107.81 | 7,865,206 | ||||||||
Year ended 2018 | 9,187,480 | $102.06 | 17,052,686 | ||||||||
Year ended 2019 | 4,333,260 | $88.69 | 21,385,946 | ||||||||
Year ended 2020 | 8,276,032 | $64.30 | 29,661,978 | ||||||||
Year ended 2021 | 4,474,649 | $75.44 | 34,136,627 | ||||||||
Six months June 30, 2022 | 1,971,092 | $76.69 | 36,107,719 |
Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of the repurchase plan or programs | Maximum approximate dollar value of shares that may yet be purchased under the plan (in millions) |
First quarter 2017 | 982 | $103.89 | 982 | $999.9 |
Second quarter 2017 | 2,447,153 | $103.41 | 2,448,135 | $746.8 |
Third quarter 2017 | 951,866 | $101.67 | 3,400,001 | $650.0 |
Three Months Ended June 30, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Shares of common stock issued | 1,762 | 1,505 | |||||||||||||||||||||
Dividend reinvestments/stock purchases under the DRSPP | $ | 110 | $ | 116 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Shares of common stock issued | 1,771 | 1,432 | |||||
Dividend reinvestments/stock purchases under the DRSPP | $ | 185 | $ | 146 |
Debt Summary: | June 30, 2022 | December 31, 2021 | |||||||||
Balance | |||||||||||
Fixed rate | $ | 1,736,297 | $ | 1,974,324 | |||||||
Variable rate—hedged | 1,350,000 | 1,300,000 | |||||||||
Total fixed rate | 3,086,297 | 3,274,324 | |||||||||
Total variable rate | 820,148 | 801,051 | |||||||||
Total debt | $ | 3,906,445 | $ | 4,075,375 | |||||||
Debt, preferred equity, and other investments subject to variable rate | $ | 318,283 | $ | 294,970 | |||||||
Net exposure to variable rate debt | 501,865 | 506,081 | |||||||||
Percent of Total Debt: | |||||||||||
Fixed rate | 79.0 | % | 80.3 | % | |||||||
Variable rate (1) | 21.0 | % | 19.7 | % | |||||||
Total | 100.0 | % | 100.0 | % | |||||||
Effective Interest Rate for the Year: | |||||||||||
Fixed rate | 3.38 | % | 3.14 | % | |||||||
Variable rate | 2.05 | % | 2.11 | % | |||||||
Effective interest rate | 3.23 | % | 3.02 | % |
Debt Summary: | September 30, 2017 | December 31, 2016 | |||||
Balance | |||||||
Fixed rate | $ | 4,354,810 | $ | 4,094,390 | |||
Variable rate—hedged | 800,000 | 1,357,694 | |||||
Total fixed rate | 5,154,810 | 5,452,084 | |||||
Total variable rate | 1,321,813 | 1,105,585 | |||||
Total debt | $ | 6,476,623 | $ | 6,557,669 | |||
Debt, preferred equity, and other investments subject to variable rate | 1,214,798 | 1,359,744 | |||||
Net exposure to variable rate debt | 107,015 | (254,159 | ) | ||||
Percent of Total Debt: | |||||||
Fixed rate | 79.6 | % | 83.1 | % | |||
Variable rate | 20.4 | % | 16.9 | % | |||
Total | 100.0 | % | 100.0 | % | |||
Effective Interest Rate for the Year: | |||||||
Fixed rate | 4.33 | % | 4.35 | % | |||
Variable rate | 2.75 | % | 2.10 | % | |||
Effective interest rate | 4.02 | % | 3.82 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net (loss) income attributable to SL Green common stockholders | $ | (43,876) | $ | 105,332 | $ | (36,125) | $ | 97,868 | |||||||||||||||
Add: | |||||||||||||||||||||||
Depreciation and amortization | 46,914 | 57,261 | 93,897 | 120,257 | |||||||||||||||||||
Joint venture depreciation and noncontrolling interest adjustments | 61,030 | 59,485 | 121,462 | 115,187 | |||||||||||||||||||
Net income attributable to noncontrolling interests | 591 | 6,242 | 940 | 4,267 | |||||||||||||||||||
Less: | |||||||||||||||||||||||
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate | (131) | 8,471 | (131) | (4,158) | |||||||||||||||||||
Depreciable real estate reserves and impairment | — | 2,545 | — | (5,696) | |||||||||||||||||||
(Loss) gain on sale of real estate, net | (64,378) | 98,960 | (65,380) | 97,572 | |||||||||||||||||||
Purchase price and other fair value adjustments | — | — | — | 2,664 | |||||||||||||||||||
Depreciation on non-rental real estate assets | 415 | 672 | 1,136 | 1,199 | |||||||||||||||||||
Funds from Operations attributable to SL Green common stockholders and unit holders | $ | 128,753 | $ | 117,672 | $ | 244,549 | $ | 245,998 | |||||||||||||||
Cash flows provided by operating activities | $ | 101,033 | $ | 84,662 | $ | 182,435 | $ | 103,264 | |||||||||||||||
Cash flows provided by investing activities | 121,828 | 621,340 | 135,324 | 641,521 | |||||||||||||||||||
Cash flows used in financing activities | (253,118) | (791,108) | (377,682) | (801,079) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income attributable to SL Green common stockholders | $ | 38,869 | $ | 34,252 | $ | 58,442 | $ | 190,930 | |||||||
Add: | |||||||||||||||
Depreciation and amortization | 91,728 | 112,665 | 318,916 | 717,015 | |||||||||||
Joint venture depreciation and noncontrolling interest adjustments | 23,517 | 23,349 | 72,936 | 42,191 | |||||||||||
Net income (loss) attributable to noncontrolling interests | 338 | 2,499 | (15,472 | ) | 14,416 | ||||||||||
Less: | |||||||||||||||
Gain (loss) on sale of real estate, net | — | 397 | (3,256 | ) | 210,750 | ||||||||||
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | 1,030 | 225 | 16,166 | 43,588 | |||||||||||
Depreciation on non-rental real estate assets | 557 | 509 | 1,636 | 1,505 | |||||||||||
Depreciable real estate reserves | — | — | (85,336 | ) | (10,387 | ) | |||||||||
Funds from Operations attributable to SL Green common stockholders and noncontrolling interests | $ | 152,865 | $ | 171,634 | $ | 505,612 | $ | 719,096 | |||||||
Cash flows provided by operating activities | $ | 102,899 | $ | 135,414 | $ | 416,621 | $ | 508,792 | |||||||
Cash flows provided by (used in) investing activities | $ | 162,732 | $ | 278,426 | $ | (101,041 | ) | $ | 2,405,173 | ||||||
Cash flows used in financing activities | $ | (295,107 | ) | $ | (284,170 | ) | $ | (353,534 | ) | $ | (2,763,468 | ) |
Period | Shares repurchased | Average price paid per share | Total number of shares repurchased as part of the repurchase plan or programs | ||||||||
Year ended 2017 | 7,865,206 | $107.81 | 7,865,206 | ||||||||
Year ended 2018 | 9,187,480 | $102.06 | 17,052,686 | ||||||||
Year ended 2019 | 4,333,260 | $88.69 | 21,385,946 | ||||||||
Year ended 2020 | 8,276,032 | $64.30 | 29,661,978 | ||||||||
Year ended 2021 | 4,474,649 | $75.44 | 34,136,627 | ||||||||
Six months June 30, 2022 | 1,971,092 | $76.69 | 36,107,719 |
Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of the repurchase plan or programs | Maximum approximate dollar value of shares that may yet be purchased under the plan (in millions) |
First quarter 2017 | 982 | $103.89 | 982 | $999.9 |
Second quarter 2017 | 2,447,153 | $103.41 | 2,448,135 | $746.8 |
Third quarter 2017 | 951,866 | $101.67 | 3,400,001 | $650.0 |
Exhibit No. | Description | |||||||
Certification by the Chairman and Chief Executive Officer of the Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith. | ||||||||
Certification by the Chief Financial Officer of the Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith. | ||||||||
Certification by the Chairman and Chief Executive Officer of the Company, the sole general partner of the Operating Partnership pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith. | ||||||||
Certification by the Chief Financial Officer of the Company, the sole general partner of the Operating Partnership pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith. | ||||||||
Certification by the Chairman and Chief Executive Officer pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith. | ||||||||
Certification by the Chief Financial Officer pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith. | ||||||||
Certification by the Chairman and Chief Executive Officer of the Company, the sole general partner of the Operating Partnership pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith. | ||||||||
Certification by the Chief Financial Officer of the Company, the sole general partner of the Operating Partnership pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith. | ||||||||
The following financial statements from SL Green Realty Corp. and SL Green Operating Partnership L.P.’s Quarterly Report on Form 10-Q for the | ||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL in Exhibit 101) |
SL GREEN REALTY CORP. | ||||||||||||||||
By: | SL Green Realty Corp. | |||||||||||||||
/s/ Matthew J. DiLiberto | ||||||||||||||||
Dated: | By: | Matthew J. DiLiberto Chief Financial Officer |
SL GREEN OPERATING PARTNERSHIP, L.P. | ||||||||||||||||
By: | /s/ Matthew J. DiLiberto | |||||||||||||||
Dated: | Matthew J. DiLiberto Chief Financial Officer |