SL Green Realty Corp. | Maryland | 13-3956775 | ||||||
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 March 31, | ||||||||
Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020 | ||||||||
Consolidated Statements of Comprehensive Income for the three months ended March 31, 2021 and 2020 | ||||||||
Consolidated Statements of Equity for the three months ended March 31, 2021 and 2020 | ||||||||
Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020 | ||||||||
FINANCIAL STATEMENTS OF SL GREEN OPERATING PARTNERSHIP, L.P. | ||||||||
Consolidated Balance Sheets as of March 31, | ||||||||
Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020 | ||||||||
Consolidated Statements of Comprehensive Income for the three months ended March 31, 2021 and 2020 | ||||||||
Consolidated Statements of Capital for the three months ended March 31, 2021 and 2020 | ||||||||
Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020 | ||||||||
Notes to Consolidated Financial Statements (unaudited) | ||||||||
Management's Discussion and Analysis of Financial Condition and Results of Operations | ||||||||
Quantitative and Qualitative Disclosures about Market Risk | ||||||||
Controls and Procedures (SL Green Realty Corp. and SL Green Operating Partnership, L.P.) | ||||||||
PART II. | OTHER INFORMATION | |||||||
Legal Proceedings | ||||||||
Risk Factors | ||||||||
Unregistered Sales of Equity Securities and Use of Proceeds | ||||||||
Defaults Upon Senior Securities | ||||||||
Mine Safety Disclosures | ||||||||
Other Information | ||||||||
Exhibits | ||||||||
Signatures |
March 31, 2020 | December 31, 2019 | ||||||
(unaudited) | |||||||
Assets | |||||||
Commercial real estate properties, at cost: | |||||||
Land and land interests | $ | 1,662,840 | $ | 1,751,544 | |||
Building and improvements | 5,417,965 | 5,154,990 | |||||
Building leasehold and improvements | 1,435,811 | 1,433,793 | |||||
Right of use asset - financing leases | 163,960 | 47,445 | |||||
Right of use asset - operating leases | 381,255 | 396,795 | |||||
9,061,831 | 8,784,567 | ||||||
Less: accumulated depreciation | (2,130,033 | ) | (2,060,560 | ) | |||
6,931,798 | 6,724,007 | ||||||
Assets held for sale | — | 391,664 | |||||
Cash and cash equivalents | 554,195 | 166,070 | |||||
Restricted cash | 66,827 | 75,360 | |||||
Investments in marketable securities | 25,353 | 29,887 | |||||
Tenant and other receivables, net of allowance of $11,876 and $12,369 in 2020 and 2019, respectively | 88,587 | 43,968 | |||||
Related party receivables | 26,092 | 21,121 | |||||
Deferred rents receivable, net of allowance of $11,711 and $12,477 in 2020 and 2019, respectively | 310,138 | 283,011 | |||||
Debt and preferred equity investments, net of discounts and deferred origination fees of $16,230 and $14,562 and allowances of $37,957 and $1,750 in 2020 and 2019, respectively | 1,783,336 | 1,580,306 | |||||
Investments in unconsolidated joint ventures | 2,848,363 | 2,912,842 | |||||
Deferred costs, net | 232,274 | 205,283 | |||||
Other assets | 353,644 | 332,801 | |||||
Total assets (1) | $ | 13,220,607 | $ | 12,766,320 | |||
Liabilities | |||||||
Mortgages and other loans payable, net | $ | 1,987,073 | $ | 2,183,253 | |||
Revolving credit facility, net | 1,294,477 | 234,013 | |||||
Unsecured term loans, net | 1,494,470 | 1,494,024 | |||||
Unsecured notes, net | 1,247,246 | 1,496,847 | |||||
Accrued interest payable | 26,377 | 22,148 | |||||
Other liabilities | 214,968 | 177,080 | |||||
Accounts payable and accrued expenses | 158,750 | 166,905 | |||||
Deferred revenue | 116,197 | 114,052 | |||||
Lease liability - financing leases | 162,299 | 44,448 | |||||
Lease liability - operating leases | 363,990 | 381,671 | |||||
Dividend and distributions payable | 26,563 | 79,282 | |||||
Security deposits | 59,318 | 62,252 | |||||
Liabilities related to assets held for sale | — | — | |||||
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities | 100,000 | 100,000 | |||||
Total liabilities (1) | 7,251,728 | 6,555,975 |
March 31, 2021 | December 31, 2020 | ||||||||||
(unaudited) | |||||||||||
Assets | |||||||||||
Commercial real estate properties, at cost: | |||||||||||
Land and land interests | $ | 1,445,199 | $ | 1,315,832 | |||||||
Building and improvements | 4,096,930 | 4,168,193 | |||||||||
Building leasehold and improvements | 1,730,418 | 1,448,134 | |||||||||
Right of use asset - financing leases | 55,711 | 55,711 | |||||||||
Right of use asset - operating leases | 502,316 | 367,209 | |||||||||
7,830,574 | 7,355,079 | ||||||||||
Less: accumulated depreciation | (2,004,945) | (1,956,077) | |||||||||
5,825,629 | 5,399,002 | ||||||||||
Cash and cash equivalents | 304,999 | 266,059 | |||||||||
Restricted cash | 96,608 | 106,736 | |||||||||
Investments in marketable securities | 23,784 | 28,570 | |||||||||
Tenant and other receivables | 42,505 | 44,507 | |||||||||
Related party receivables | 34,310 | 34,657 | |||||||||
Deferred rents receivable | 304,420 | 302,791 | |||||||||
Debt and preferred equity investments, net of discounts and deferred origination fees of $9,817 and $11,232 and allowances of $13,213 and $13,213 in 2021 and 2020, respectively | 1,097,202 | 1,076,542 | |||||||||
Investments in unconsolidated joint ventures | 3,698,701 | 3,823,322 | |||||||||
Deferred costs, net | 170,252 | 177,168 | |||||||||
Other assets | 445,635 | 448,213 | |||||||||
Total assets (1) | $ | 12,044,045 | $ | 11,707,567 | |||||||
Liabilities | |||||||||||
Mortgages and other loans payable, net | $ | 1,848,701 | $ | 1,979,972 | |||||||
Revolving credit facility, net | 625,809 | 105,262 | |||||||||
Unsecured term loans, net | 1,495,620 | 1,495,275 | |||||||||
Unsecured notes, net | 1,248,622 | 1,248,219 | |||||||||
Accrued interest payable | 22,796 | 14,825 | |||||||||
Other liabilities | 267,908 | 302,798 | |||||||||
Accounts payable and accrued expenses | 120,015 | 151,309 | |||||||||
Deferred revenue | 119,215 | 118,572 | |||||||||
Lease liability - financing leases | 152,622 | 152,521 | |||||||||
Lease liability - operating leases | 455,385 | 339,458 | |||||||||
Dividend and distributions payable | 24,924 | 149,294 | |||||||||
Security deposits | 54,181 | 53,836 | |||||||||
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities | 100,000 | 100,000 | |||||||||
Total liabilities (1) | 6,535,798 | 6,211,341 |
March 31, 2021 | December 31, 2020 | ||||||||||
(unaudited) | |||||||||||
Commitments and contingencies | 0 | 0 | |||||||||
Noncontrolling interests in Operating Partnership | 374,124 | 358,262 | |||||||||
Preferred units | 198,503 | 202,169 | |||||||||
Equity | |||||||||||
SL Green stockholders' equity: | |||||||||||
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both March 31, 2021 and December 31, 2020 | 221,932 | 221,932 | |||||||||
Common stock, $0.01 par value, 160,000 shares authorized and 70,380 and 69,534 issued and outstanding at March 31, 2021 and December 31, 2020, respectively (including 1,026 and 1,026 shares held in treasury at March 31, 2021 and December 31, 2020, respectively) | 705 | 716 | |||||||||
Additional paid-in-capital | 3,913,258 | 3,862,949 | |||||||||
Treasury stock at cost | (124,049) | (124,049) | |||||||||
Accumulated other comprehensive loss | (18,897) | (67,247) | |||||||||
Retained earnings | 918,077 | 1,015,462 | |||||||||
Total SL Green stockholders' equity | 4,911,026 | 4,909,763 | |||||||||
Noncontrolling interests in other partnerships | 24,594 | 26,032 | |||||||||
Total equity | 4,935,620 | 4,935,795 | |||||||||
Total liabilities and equity | $ | 12,044,045 | $ | 11,707,567 | |||||||
(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 $41.2 million of land, $282.3 million and $57.9 million of building and improvements, $2.0 million and $2.0 million of building and leasehold improvements, $53.2 million and $37.8 million of right of use assets, $16.4 million and $10.3 million of accumulated depreciation, $297.1 million and $289.5 million of other assets included in other line items, $368.6 million and $94.0 million of real estate debt, net, $0.9 million and $0.7 million of accrued interest payable, $45.3 million and $29.9 million of lease liabilities, and $31.2 million and $56.6 million of other liabilities included in other line items as of March 31, 2021 and December 31, 2020, respectively. |
March 31, 2020 | December 31, 2019 | ||||||
(unaudited) | |||||||
Commitments and contingencies | |||||||
Noncontrolling interests in Operating Partnership | 358,895 | 409,862 | |||||
Preferred units | 266,019 | 283,285 | |||||
Equity | |||||||
SL Green stockholders' equity: | |||||||
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both March 31, 2020 and December 31, 2019 | 221,932 | 221,932 | |||||
Common stock, $0.01 par value, 160,000 shares authorized and 77,591 and 80,257 issued and outstanding at March 31, 2020 and December 31, 2019, respectively (including 1,055 and 1,055 shares held in treasury at March 31, 2020 and December 31, 2019, respectively) | 776 | 803 | |||||
Additional paid-in-capital | 4,146,306 | 4,286,395 | |||||
Treasury stock at cost | (124,049 | ) | (124,049 | ) | |||
Accumulated other comprehensive loss | (80,868 | ) | (28,485 | ) | |||
Retained earnings | 1,099,369 | 1,084,719 | |||||
Total SL Green stockholders' equity | 5,263,466 | 5,441,315 | |||||
Noncontrolling interests in other partnerships | 80,499 | 75,883 | |||||
Total equity | 5,343,965 | 5,517,198 | |||||
Total liabilities and equity | $ | 13,220,607 | $ | 12,766,320 | |||
(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: $199.0 million and $205.2 million of land, $501.2 million and $481.9 million of building and improvements, $2.0 million and $2.0 million of building and leasehold improvements, $61.7 million and $61.7 million of right of use assets, $17.4 million and $17.6 million of accumulated depreciation, $179.2 million and $169.5 million of other assets included in other line items, $468.6 million and $457.1 million of real estate debt, net, $1.1 million and $1.2 million of accrued interest payable, $57.9 million and $57.7 million of lease liabilities, and $45.8 million and $43.7 million of other liabilities included in other line items as of March 31, 2020 and December 31, 2019, respectively. |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||||||||||||||||||
Revenues | Revenues | |||||||||||||||||||||||||||||||||
Rental revenue, net | $ | 222,631 | $ | 240,118 | Rental revenue, net | $ | 188,089 | $ | 222,631 | |||||||||||||||||||||||||
Investment income | 38,533 | 50,031 | Investment income | 19,273 | 38,533 | |||||||||||||||||||||||||||||
Other income | 53,139 | 14,106 | Other income | 18,740 | 53,139 | |||||||||||||||||||||||||||||
Total revenues | 314,303 | 304,255 | Total revenues | 226,102 | 314,303 | |||||||||||||||||||||||||||||
Expenses | Expenses | |||||||||||||||||||||||||||||||||
Operating expenses, including related party expenses of $3,749 in 2020 and $2,793 in 2019 | 53,866 | 57,698 | ||||||||||||||||||||||||||||||||
Operating expenses, including related party expenses of $2,225 in 2021 and $3,749 in 2020 | Operating expenses, including related party expenses of $2,225 in 2021 and $3,749 in 2020 | 42,284 | 53,866 | |||||||||||||||||||||||||||||||
Real estate taxes | 46,622 | 46,688 | Real estate taxes | 45,411 | 46,622 | |||||||||||||||||||||||||||||
Operating lease rent | 7,367 | 8,298 | Operating lease rent | 6,739 | 7,367 | |||||||||||||||||||||||||||||
Interest expense, net of interest income | 37,494 | 50,525 | Interest expense, net of interest income | 23,388 | 37,494 | |||||||||||||||||||||||||||||
Amortization of deferred financing costs | 2,500 | 2,742 | Amortization of deferred financing costs | 3,774 | 2,500 | |||||||||||||||||||||||||||||
Depreciation and amortization | 68,279 | 68,343 | Depreciation and amortization | 62,996 | 68,279 | |||||||||||||||||||||||||||||
Loan loss and other investment reserves, net of recoveries | 11,248 | — | Loan loss and other investment reserves, net of recoveries | 0 | 11,248 | |||||||||||||||||||||||||||||
Transaction related costs | 65 | 55 | Transaction related costs | 22 | 65 | |||||||||||||||||||||||||||||
Marketing, general and administrative | 19,570 | 25,979 | Marketing, general and administrative | 22,885 | 19,570 | |||||||||||||||||||||||||||||
Total expenses | 247,011 | 260,328 | Total expenses | 207,499 | 247,011 | |||||||||||||||||||||||||||||
Equity in net loss from unconsolidated joint ventures | (12,814 | ) | (5,234 | ) | Equity in net loss from unconsolidated joint ventures | (2,864) | (12,814) | |||||||||||||||||||||||||||
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | — | 17,166 | ||||||||||||||||||||||||||||||||
Equity in net loss on sale of interest in unconsolidated joint venture/real estate | Equity in net loss on sale of interest in unconsolidated joint venture/real estate | (12,629) | 0 | |||||||||||||||||||||||||||||||
Purchase price and other fair value adjustments | — | (2,041 | ) | Purchase price and other fair value adjustments | 2,664 | 0 | ||||||||||||||||||||||||||||
Gain (loss) on sale of real estate, net | 72,636 | (1,049 | ) | |||||||||||||||||||||||||||||||
Net income | 127,114 | 52,769 | ||||||||||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests: | ||||||||||||||||||||||||||||||||||
(Loss) gain on sale of real estate, net | (Loss) gain on sale of real estate, net | (1,388) | 72,636 | |||||||||||||||||||||||||||||||
Depreciable real estate reserves and impairment | Depreciable real estate reserves and impairment | (8,241) | 0 | |||||||||||||||||||||||||||||||
Net (loss) income | Net (loss) income | (3,855) | 127,114 | |||||||||||||||||||||||||||||||
Net loss (income) attributable to noncontrolling interests: | Net loss (income) attributable to noncontrolling interests: | |||||||||||||||||||||||||||||||||
Noncontrolling interests in the Operating Partnership | (6,202 | ) | (2,278 | ) | Noncontrolling interests in the Operating Partnership | 476 | (6,202) | |||||||||||||||||||||||||||
Noncontrolling interests in other partnerships | 293 | (237 | ) | Noncontrolling interests in other partnerships | 1,499 | 293 | ||||||||||||||||||||||||||||
Preferred units distributions | (2,666 | ) | (2,724 | ) | Preferred units distributions | (1,846) | (2,666) | |||||||||||||||||||||||||||
Net income attributable to SL Green | 118,539 | 47,530 | ||||||||||||||||||||||||||||||||
Net (loss) income attributable to SL Green | Net (loss) income attributable to SL Green | (3,726) | 118,539 | |||||||||||||||||||||||||||||||
Perpetual preferred stock dividends | (3,738 | ) | (3,738 | ) | Perpetual preferred stock dividends | (3,738) | (3,738) | |||||||||||||||||||||||||||
Net income attributable to SL Green common stockholders | $ | 114,801 | $ | 43,792 | ||||||||||||||||||||||||||||||
Net (loss) income attributable to SL Green common stockholders | Net (loss) income attributable to SL Green common stockholders | $ | (7,464) | $ | 114,801 | |||||||||||||||||||||||||||||
Basic earnings per share | $ | 1.47 | $ | 0.52 | Basic earnings per share | $ | (0.11) | $ | 1.51 | |||||||||||||||||||||||||
Diluted earnings per share | $ | 1.47 | $ | 0.52 | Diluted earnings per share | $ | (0.11) | $ | 1.51 | |||||||||||||||||||||||||
Basic weighted average common shares outstanding | 77,864 | 83,313 | Basic weighted average common shares outstanding | 69,010 | 75,656 | |||||||||||||||||||||||||||||
Diluted weighted average common shares and common share equivalents outstanding | 82,567 | 87,810 | Diluted weighted average common shares and common share equivalents outstanding | 74,070 | 80,352 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Net (loss) income | $ | (3,855) | $ | 127,114 | ||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||
Increase (decrease) in unrealized value of derivative instruments, including SL Green's share of joint venture derivative instruments | 51,263 | (50,735) | ||||||||||||||||||||||||
Decrease in unrealized value of marketable securities | (258) | (4,534) | ||||||||||||||||||||||||
Other comprehensive income (loss) | 51,005 | (55,269) | ||||||||||||||||||||||||
Comprehensive income | 47,150 | 71,845 | ||||||||||||||||||||||||
Net loss (income) attributable to noncontrolling interests and preferred units distributions | 129 | (8,575) | ||||||||||||||||||||||||
Other comprehensive (income) loss attributable to noncontrolling interests | (2,655) | 2,886 | ||||||||||||||||||||||||
Comprehensive income attributable to SL Green | $ | 44,624 | $ | 66,156 |
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
Net income | $ | 127,114 | $ | 52,769 | ||||
Other comprehensive loss: | ||||||||
Decrease in unrealized value of derivative instruments, including SL Green's share of joint venture derivative instruments | (50,735 | ) | (20,884 | ) | ||||
(Decrease) increase in unrealized value of marketable securities | (4,534 | ) | 768 | |||||
Other comprehensive loss | (55,269 | ) | (20,116 | ) | ||||
Comprehensive income | 71,845 | 32,653 | ||||||
Net income attributable to noncontrolling interests and preferred units distributions | (8,575 | ) | (5,239 | ) | ||||
Other comprehensive loss attributable to noncontrolling interests | 2,886 | 1,003 | ||||||
Comprehensive income attributable to SL Green | $ | 66,156 | $ | 28,417 |
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 | 68,508 | $ | 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 | 113 | 2 | 6,726 | 6,728 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | (1,306) | (13) | (80,297) | 0 | (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 | 2,034 | 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 | 69,354 | $ | 705 | $ | 3,913,258 | $ | (124,049) | $ | (18,897) | $ | 918,077 | $ | 24,594 | $ | 4,935,620 | |||||||||||||||||||||||||||||||||||||||
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, 2019 | $ | 221,932 | 79,202 | $ | 803 | $ | 4,286,395 | $ | (124,049 | ) | $ | (28,485 | ) | $ | 1,084,719 | $ | 75,883 | $ | 5,517,198 | ||||||||||||||||
Cumulative adjustment upon adoption of ASC 326 | (39,184 | ) | (39,184 | ) | |||||||||||||||||||||||||||||||
Balance at January 1, 2020 | $ | 221,932 | 79,202 | $ | 803 | $ | 4,286,395 | $ | (124,049 | ) | $ | (28,485 | ) | $ | 1,045,535 | $ | 75,883 | $ | 5,478,014 | ||||||||||||||||
Net income (loss) | 118,539 | (293 | ) | 118,246 | |||||||||||||||||||||||||||||||
Acquisition of subsidiary interest from noncontrolling interest | (3,123 | ) | 1,587 | (1,536 | ) | ||||||||||||||||||||||||||||||
Other comprehensive loss | (52,383 | ) | (52,383 | ) | |||||||||||||||||||||||||||||||
Preferred dividends | (3,738 | ) | (3,738 | ) | |||||||||||||||||||||||||||||||
DRSPP proceeds | 2 | 166 | 166 | ||||||||||||||||||||||||||||||||
Conversion of units in the Operating Partnership for common stock | 1 | 84 | 84 | ||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interest in the Operating Partnership | 38,529 | 38,529 | |||||||||||||||||||||||||||||||||
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings | (33 | ) | (1 | ) | 5,503 | 5,502 | |||||||||||||||||||||||||||||
Repurchases of common stock | (2,637 | ) | (26 | ) | (142,719 | ) | (76,831 | ) | (219,576 | ) | |||||||||||||||||||||||||
Contributions to consolidated joint venture interests | 3,814 | 3,814 | |||||||||||||||||||||||||||||||||
Cash distributions to noncontrolling interests | (492 | ) | (492 | ) | |||||||||||||||||||||||||||||||
Cash distributions declared ($0.295 per common share, none of which represented a return of capital for federal income tax purposes) | (22,665 | ) | (22,665 | ) | |||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | 221,932 | 76,535 | $ | 776 | $ | 4,146,306 | $ | (124,049 | ) | $ | (80,868 | ) | $ | 1,099,369 | $ | 80,499 | $ | 5,343,965 |
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, 2019 | $ | 221,932 | 76,956 | $ | 803 | $ | 4,286,395 | $ | (124,049) | $ | (28,485) | $ | 1,084,719 | $ | 75,883 | $ | 5,517,198 | |||||||||||||||||||||||||||||||||||||||
Cumulative adjustment upon adoption of ASC 326 | (39,184) | (39,184) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | $ | 221,932 | 76,956 | $ | 803 | $ | 4,286,395 | $ | (124,049) | $ | (28,485) | $ | 1,045,535 | $ | 75,883 | $ | 5,478,014 | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | 118,539 | (293) | 118,246 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of subsidiary interest from noncontrolling interest | (3,123) | 1,587 | (1,536) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (52,383) | (52,383) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred dividends | (3,738) | (3,738) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
DRSPP proceeds | 2 | 166 | 166 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of units in the Operating Partnership for common stock | 1 | 0 | 84 | 84 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interest in the Operating Partnership | 38,529 | 38,529 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings | (32) | (1) | 5,503 | 5,502 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | (2,562) | (26) | (142,719) | (76,831) | (219,576) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions to consolidated joint venture interests | 3,814 | 3,814 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash distributions to noncontrolling interests | (492) | (492) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash distributions declared ($0.304 per common share, none of which represented a return of capital for federal income tax purposes) | (22,665) | (22,665) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | 221,932 | 74,365 | $ | 776 | $ | 4,146,306 | $ | (124,049) | $ | (80,868) | $ | 1,099,369 | $ | 80,499 | $ | 5,343,965 | |||||||||||||||||||||||||||||||||||||||
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, 2018 | $ | 221,932 | 83,684 | $ | 847 | $ | 4,508,685 | $ | (124,049 | ) | $ | 15,108 | $ | 1,278,998 | $ | 46,334 | $ | 5,947,855 | |||||||||||||||||
Net income | 47,530 | 237 | 47,767 | ||||||||||||||||||||||||||||||||
Other comprehensive income | (19,113 | ) | (19,113 | ) | |||||||||||||||||||||||||||||||
Preferred dividends | (3,738 | ) | (3,738 | ) | |||||||||||||||||||||||||||||||
DRSPP proceeds | 1 | 47 | 47 | ||||||||||||||||||||||||||||||||
Conversion of units in the Operating Partnership for common stock | 5 | 446 | 446 | ||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interest in the Operating Partnership | (28,932 | ) | (28,932 | ) | |||||||||||||||||||||||||||||||
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings | (20 | ) | 4,835 | 4,835 | |||||||||||||||||||||||||||||||
Repurchases of common stock | (398 | ) | (4 | ) | (21,432 | ) | (12,807 | ) | (34,243 | ) | |||||||||||||||||||||||||
Contributions to consolidated joint venture interests | 161 | 161 | |||||||||||||||||||||||||||||||||
Cash distributions to noncontrolling interests | (208 | ) | (208 | ) | |||||||||||||||||||||||||||||||
Cash distributions declared ($0.85 per common share, none of which represented a return of capital for federal income tax purposes) | (70,554 | ) | (70,554 | ) | |||||||||||||||||||||||||||||||
Balance at March 31, 2019 | $ | 221,932 | 83,272 | $ | 843 | $ | 4,492,581 | $ | (124,049 | ) | $ | (4,005 | ) | $ | 1,210,497 | $ | 46,524 | $ | 5,844,323 |
Three Months Ended March 31, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Operating Activities | |||||||||||||||||
Net (loss) income | $ | (3,855) | $ | 127,114 | |||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 66,770 | 70,779 | |||||||||||||||
Equity in net loss from unconsolidated joint ventures | 2,864 | 12,814 | |||||||||||||||
Distributions of cumulative earnings from unconsolidated joint ventures | 69 | 108 | |||||||||||||||
Equity in net loss on sale of interest in unconsolidated joint venture interest/real estate | 12,629 | 0 | |||||||||||||||
Purchase price and other fair value adjustments | (2,664) | 0 | |||||||||||||||
Depreciable real estate reserves and impairment | 8,241 | 0 | |||||||||||||||
Loss (gain) on sale of real estate, net | 1,388 | (72,636) | |||||||||||||||
Loan loss reserves and other investment reserves, net of recoveries | 0 | 11,248 | |||||||||||||||
Deferred rents receivable | (2,685) | 3,717 | |||||||||||||||
Non-cash lease expense | 3,375 | 3,390 | |||||||||||||||
Other non-cash adjustments | 15,564 | 1,110 | |||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Tenant and other receivables | (4,138) | (44,960) | |||||||||||||||
Related party receivables | (683) | (4,711) | |||||||||||||||
Deferred lease costs | (240) | (8,603) | |||||||||||||||
Other assets | (24,354) | (48,130) | |||||||||||||||
Accounts payable, accrued expenses, other liabilities and security deposits | (38,640) | (13,877) | |||||||||||||||
Deferred revenue | 4,121 | 7,622 | |||||||||||||||
Lease liability - operating leases | (19,160) | (2,959) | |||||||||||||||
Net cash provided by operating activities | 18,602 | 42,026 | |||||||||||||||
Investing Activities | |||||||||||||||||
Acquisitions of real estate property | 0 | (86,846) | |||||||||||||||
Additions to land, buildings and improvements | (49,328) | (101,726) | |||||||||||||||
Investments in unconsolidated joint ventures | (21,027) | (8,906) | |||||||||||||||
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 19,692 | 53,516 | |||||||||||||||
Net proceeds from disposition of real estate/joint venture interest | 62,800 | 91,156 | |||||||||||||||
Cash assumed from consolidation of real estate investment | 9,475 | 0 | |||||||||||||||
Proceeds from sale or redemption of marketable securities | 4,528 | 0 | |||||||||||||||
Other investments | (54) | (4,786) | |||||||||||||||
Origination of debt and preferred equity investments | (5,905) | (223,374) | |||||||||||||||
Repayments or redemption of debt and preferred equity investments | 0 | 151,548 | |||||||||||||||
Net cash provided by (used in) investing activities | 20,181 | (129,418) |
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Operating Activities | |||||||
Net income | $ | 127,114 | $ | 52,769 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 70,779 | 71,085 | |||||
Equity in net loss from unconsolidated joint ventures | 12,814 | 5,234 | |||||
Distributions of cumulative earnings from unconsolidated joint ventures | 108 | 425 | |||||
Equity in net gain on sale of interest in unconsolidated joint venture interest/real estate | — | (17,166 | ) | ||||
Purchase price and other fair value adjustments | — | 2,041 | |||||
(Gain) loss on sale of real estate, net | (72,636 | ) | 1,049 | ||||
Loan loss reserves and other investment reserves, net of recoveries | 11,248 | — | |||||
Deferred rents receivable | 3,717 | (1,114 | ) | ||||
Non-cash lease expense | 3,390 | 3,381 | |||||
Other non-cash adjustments | 1,110 | 9,027 | |||||
Changes in operating assets and liabilities: | |||||||
Tenant and other receivables | (44,960 | ) | (4,759 | ) | |||
Related party receivables | (4,711 | ) | (1,270 | ) | |||
Deferred lease costs | (8,603 | ) | (13,111 | ) | |||
Other assets | (48,130 | ) | (40,218 | ) | |||
Accounts payable, accrued expenses, other liabilities and security deposits | (13,877 | ) | (12,915 | ) | |||
Deferred revenue | 7,622 | 10,721 | |||||
Change in lease liability - operating leases | (2,959 | ) | (2,866 | ) | |||
Net cash provided by operating activities | 42,026 | 62,313 | |||||
Investing Activities | |||||||
Acquisitions of real estate property | (86,846 | ) | — | ||||
Additions to land, buildings and improvements | (101,726 | ) | (39,524 | ) | |||
Acquisition deposits and deferred purchase price | — | (4,910 | ) | ||||
Investments in unconsolidated joint ventures | (8,906 | ) | (73,351 | ) | |||
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 53,516 | 23,664 | |||||
Net proceeds from disposition of real estate/joint venture interest | 91,156 | 14,489 | |||||
Other investments | (4,786 | ) | (1,056 | ) | |||
Origination of debt and preferred equity investments | (223,374 | ) | (430,034 | ) | |||
Repayments or redemption of debt and preferred equity investments | 151,548 | 218,879 | |||||
Net cash used in investing activities | (129,418 | ) | (291,843 | ) |
Three Months Ended March 31, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Financing Activities | |||||||||||||||||
Proceeds from mortgages and other loans payable | 10,391 | 101,103 | |||||||||||||||
Repayments of mortgages and other loans payable | (362,542) | (102,777) | |||||||||||||||
Proceeds from revolving credit facility and unsecured notes | 530,000 | 1,125,000 | |||||||||||||||
Repayments of revolving credit facility and unsecured notes | (10,000) | (315,000) | |||||||||||||||
Proceeds from stock options exercised and DRSPP issuance | 351 | 166 | |||||||||||||||
Repurchase of common stock | (84,089) | (219,576) | |||||||||||||||
Redemption of preferred stock | (3,631) | (19,392) | |||||||||||||||
Redemption of OP units | (13,261) | (18,066) | |||||||||||||||
Distributions to noncontrolling interests in other partnerships | (110) | (492) | |||||||||||||||
Contributions from noncontrolling interests in other partnerships | 171 | 3,814 | |||||||||||||||
Acquisition of subsidiary interest from noncontrolling interest | 0 | (1,536) | |||||||||||||||
Distributions to noncontrolling interests in the Operating Partnership | (4,148) | (1,284) | |||||||||||||||
Dividends paid on common and preferred stock | (69,772) | (79,662) | |||||||||||||||
Tax withholdings related to restricted share awards | (2,788) | (4,752) | |||||||||||||||
Deferred loan costs | (288) | (562) | |||||||||||||||
Principal payments of on financing lease liabilities | (255) | 0 | |||||||||||||||
Net cash (used in) provided by financing activities | (9,971) | 466,984 | |||||||||||||||
Net increase in cash, cash equivalents, and restricted cash | 28,812 | 379,592 | |||||||||||||||
Cash, cash equivalents, and restricted cash at beginning of year | 372,795 | 241,430 | |||||||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 401,607 | $ | 621,022 | |||||||||||||
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | |||||||||||||||||
Conversion of units in the Operating Partnership | $ | 0 | $ | 84 | |||||||||||||
Issuance of special dividend paid primarily in stock | 123,529 | 0 | |||||||||||||||
Tenant improvements and capital expenditures payable | 15,214 | 602 | |||||||||||||||
Fair value adjustment to noncontrolling interest in the Operating Partnership | 26,609 | 0 | |||||||||||||||
Consolidation of real estate investment | 119,444 | 0 | |||||||||||||||
Reversal of assets held for sale | 0 | 391,664 | |||||||||||||||
Extinguishment of debt in connection with property dispositions | 53,548 | 0 | |||||||||||||||
Seller financed purchases | 0 | 100,000 | |||||||||||||||
Debt and preferred equity investments | 10,000 | 4,638 | |||||||||||||||
Removal of fully depreciated commercial real estate properties | 1,120 | 512 | |||||||||||||||
Share repurchase payable | 3,779 | 0 | |||||||||||||||
Recognition of right of use assets and related lease liabilities | 119,711 | 102,782 |
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Financing Activities | |||||||
Proceeds from mortgages and other loans payable | 101,103 | 109,872 | |||||
Repayments of mortgages and other loans payable | (102,777 | ) | (1,127 | ) | |||
Proceeds from revolving credit facility and senior unsecured notes | 1,125,000 | 520,000 | |||||
Repayments of revolving credit facility and senior unsecured notes | (315,000 | ) | (230,000 | ) | |||
Proceeds from stock options exercised and DRSPP issuance | 166 | 47 | |||||
Repurchase of common stock | (219,576 | ) | (34,243 | ) | |||
Redemption of preferred stock | (19,392 | ) | (15,142 | ) | |||
Redemption of OP units | (18,066 | ) | (15,697 | ) | |||
Distributions to noncontrolling interests in other partnerships | (492 | ) | (208 | ) | |||
Contributions from noncontrolling interests in other partnerships | 3,814 | 161 | |||||
Acquisition of subsidiary interest from noncontrolling interest | (1,536 | ) | — | ||||
Distributions to noncontrolling interests in the Operating Partnership | (1,284 | ) | (3,643 | ) | |||
Dividends paid on common and preferred stock | (79,662 | ) | (77,399 | ) | |||
Tax withholdings related to restricted share awards | (4,752 | ) | (3,126 | ) | |||
Deferred loan costs | (562 | ) | (3,367 | ) | |||
Net cash provided by financing activities | 466,984 | 246,128 | |||||
Net increase in cash, cash equivalents, and restricted cash | 379,592 | 16,598 | |||||
Cash, cash equivalents, and restricted cash at beginning of year | 241,430 | 279,113 | |||||
Cash, cash equivalents, and restricted cash at end of period | $ | 621,022 | $ | 295,711 | |||
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | |||||||
Conversion of units in the Operating Partnership | $ | 84 | $ | 446 | |||
Tenant improvements and capital expenditures payable | 602 | 9,350 | |||||
Reversal of assets held for sale | 391,664 | — | |||||
Seller financed purchases | 100,000 | — | |||||
Debt and preferred equity reserves | 4,638 | — | |||||
Removal of fully depreciated commercial real estate properties | 512 | 4,012 | |||||
Recognition of right of use assets and related lease liabilities | 102,782 | 389,120 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||
Cash and cash equivalents | $ | 554,195 | $ | 144,323 | Cash and cash equivalents | $ | 304,999 | $ | 554,195 | |||||||||
Restricted cash | 66,827 | 151,388 | Restricted cash | 96,608 | 66,827 | |||||||||||||
Total cash, cash equivalents, and restricted cash | $ | 621,022 | $ | 295,711 | Total cash, cash equivalents, and restricted cash | $ | 401,607 | $ | 621,022 |
March 31, 2021 | December 31, 2020 | ||||||||||
(unaudited) | |||||||||||
Assets | |||||||||||
Commercial real estate properties, at cost: | |||||||||||
Land and land interests | $ | 1,445,199 | $ | 1,315,832 | |||||||
Building and improvements | 4,096,930 | 4,168,193 | |||||||||
Building leasehold and improvements | 1,730,418 | 1,448,134 | |||||||||
Right of use asset - financing leases | 55,711 | 55,711 | |||||||||
Right of use asset - operating leases | 502,316 | 367,209 | |||||||||
7,830,574 | 7,355,079 | ||||||||||
Less: accumulated depreciation | (2,004,945) | (1,956,077) | |||||||||
5,825,629 | 5,399,002 | ||||||||||
Cash and cash equivalents | 304,999 | 266,059 | |||||||||
Restricted cash | 96,608 | 106,736 | |||||||||
Investments in marketable securities | 23,784 | 28,570 | |||||||||
Tenant and other receivables | 42,505 | 44,507 | |||||||||
Related party receivables | 34,310 | 34,657 | |||||||||
Deferred rents receivable | 304,420 | 302,791 | |||||||||
Debt and preferred equity investments, net of discounts and deferred origination fees of $9,817 and $11,232 and allowances of $13,213 and $13,213 in 2021 and 2020, respectively | 1,097,202 | 1,076,542 | |||||||||
Investments in unconsolidated joint ventures | 3,698,701 | 3,823,322 | |||||||||
Deferred costs, net | 170,252 | 177,168 | |||||||||
Other assets | 445,635 | 448,213 | |||||||||
Total assets (1) | $ | 12,044,045 | $ | 11,707,567 | |||||||
Liabilities | |||||||||||
Mortgages and other loans payable, net | $ | 1,848,701 | $ | 1,979,972 | |||||||
Revolving credit facility, net | 625,809 | 105,262 | |||||||||
Unsecured term loans, net | 1,495,620 | 1,495,275 | |||||||||
Unsecured notes, net | 1,248,622 | 1,248,219 | |||||||||
Accrued interest payable | 22,796 | 14,825 | |||||||||
Other liabilities | 267,908 | 302,798 | |||||||||
Accounts payable and accrued expenses | 120,015 | 151,309 | |||||||||
Deferred revenue | 119,215 | 118,572 | |||||||||
Lease liability - financing leases | 152,622 | 152,521 | |||||||||
Lease liability - operating leases | 455,385 | 339,458 | |||||||||
Dividend and distributions payable | 24,924 | 149,294 | |||||||||
Security deposits | 54,181 | 53,836 | |||||||||
Liabilities related to assets held for sale | 0 | 0 | |||||||||
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities | 100,000 | 100,000 | |||||||||
Total liabilities (1) | 6,535,798 | 6,211,341 | |||||||||
Commitments and contingencies | 0 | 0 | |||||||||
Limited partner interests in SLGOP (4,156 and 3,939 limited partner common units outstanding at March 31, 2021 and December 31, 2020, respectively) | 374,124 | 358,262 | |||||||||
Preferred units | 198,503 | 202,169 |
March 31, 2020 | December 31, 2019 | ||||||
(unaudited) | |||||||
Assets | |||||||
Commercial real estate properties, at cost: | |||||||
Land and land interests | $ | 1,662,840 | $ | 1,751,544 | |||
Building and improvements | 5,417,965 | 5,154,990 | |||||
Building leasehold and improvements | 1,435,811 | 1,433,793 | |||||
Right of use asset - financing leases | 163,960 | 47,445 | |||||
Right of use asset - operating leases | 381,255 | 396,795 | |||||
9,061,831 | 8,784,567 | ||||||
Less: accumulated depreciation | (2,130,033 | ) | (2,060,560 | ) | |||
6,931,798 | 6,724,007 | ||||||
Assets held for sale | — | 391,664 | |||||
Cash and cash equivalents | 554,195 | 166,070 | |||||
Restricted cash | 66,827 | 75,360 | |||||
Investments in marketable securities | 25,353 | 29,887 | |||||
Tenant and other receivables, net of allowance of $11,876 and $12,369 in 2020 and 2019, respectively | 88,587 | 43,968 | |||||
Related party receivables | 26,092 | 21,121 | |||||
Deferred rents receivable, net of allowance of $11,711 and $12,477 in 2020 and 2019, respectively | 310,138 | 283,011 | |||||
Debt and preferred equity investments, net of discounts and deferred origination fees of $16,230 and $14,562 and allowances of $37,957 and $1,750 in 2020 and 2019, respectively | 1,783,336 | 1,580,306 | |||||
Investments in unconsolidated joint ventures | 2,848,363 | 2,912,842 | |||||
Deferred costs, net | 232,274 | 205,283 | |||||
Other assets | 353,644 | 332,801 | |||||
Total assets (1) | $ | 13,220,607 | $ | 12,766,320 | |||
Liabilities | |||||||
Mortgages and other loans payable, net | $ | 1,987,073 | $ | 2,183,253 | |||
Revolving credit facility, net | 1,294,477 | 234,013 | |||||
Unsecured term loans, net | 1,494,470 | 1,494,024 | |||||
Unsecured notes, net | 1,247,246 | 1,496,847 | |||||
Accrued interest payable | 26,377 | 22,148 | |||||
Other liabilities | 214,968 | 177,080 | |||||
Accounts payable and accrued expenses | 158,750 | 166,905 | |||||
Deferred revenue | 116,197 | 114,052 | |||||
Lease liability - financing leases | 162,299 | 44,448 | |||||
Lease liability - operating leases | 363,990 | 381,671 | |||||
Dividend and distributions payable | 26,563 | 79,282 | |||||
Security deposits | 59,318 | 62,252 | |||||
Liabilities related to assets held for sale | — | — | |||||
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities | 100,000 | 100,000 | |||||
Total liabilities (1) | 7,251,728 | 6,555,975 | |||||
Commitments and contingencies | |||||||
Limited partner interests in SLGOP (4,145 and 4,196 limited partner common units outstanding at March 31, 2020 and December 31, 2019, respectively) | 358,895 | 409,862 | |||||
Preferred units | 266,019 | 283,285 |
March 31, 2021 | December 31, 2020 | ||||||||||
(unaudited) | |||||||||||
Capital | |||||||||||
SLGOP partners' capital: | |||||||||||
Series I Preferred Units, $25.00 liquidation preference, 9,200 issued and outstanding at both March 31, 2021 and December 31, 2020 | 221,932 | 221,932 | |||||||||
SL Green partners' capital (735 and 724 general partner common units and 68,619 and 67,784 limited partner common units outstanding at March 31, 2021 and December 31, 2020, respectively) | 4,707,991 | 4,755,078 | |||||||||
Accumulated other comprehensive loss | (18,897) | (67,247) | |||||||||
Total SLGOP partners' capital | 4,911,026 | 4,909,763 | |||||||||
Noncontrolling interests in other partnerships | 24,594 | 26,032 | |||||||||
Total capital | 4,935,620 | 4,935,795 | |||||||||
Total liabilities and capital | $ | 12,044,045 | $ | 11,707,567 | |||||||
(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 $41.2 million of land, $282.3 million and $57.9 million of building and improvements, $2.0 million and $2.0 million of building and leasehold improvements, $53.2 million and $37.8 million of right of use assets, $16.4 million and $10.3 million of accumulated depreciation, $297.1 million and $289.5 million of other assets included in other line items, $368.6 million and $94.0 million of real estate debt, net, $0.9 million and $0.7 million of accrued interest payable, $45.3 million and $29.9 million of lease liabilities, and $31.2 million and $56.6 million of other liabilities included in other line items as of March 31, 2021 and December 31, 2020, respectively. |
March 31, 2020 | December 31, 2019 | ||||||
(unaudited) | |||||||
Capital | |||||||
SLGOP partners' capital: | |||||||
Series I Preferred Units, $25.00 liquidation preference, 9,200 issued and outstanding at both March 31, 2020 and December 31, 2019 | 221,932 | 221,932 | |||||
SL Green partners' capital (807 and 834 general partner common units and 75,729 and 78,368 limited partner common units outstanding at March 31, 2020 and December 31, 2019, respectively) | 5,122,402 | 5,247,868 | |||||
Accumulated other comprehensive loss | (80,868 | ) | (28,485 | ) | |||
Total SLGOP partners' capital | 5,263,466 | 5,441,315 | |||||
Noncontrolling interests in other partnerships | 80,499 | 75,883 | |||||
Total capital | 5,343,965 | 5,517,198 | |||||
Total liabilities and capital | $ | 13,220,607 | $ | 12,766,320 | |||
(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: $199.0 million and $205.2 million of land, $501.2 million and $481.9 million of building and improvements, $2.0 million and $2.0 million of building and leasehold improvements, $61.7 million and $61.7 million of right of use assets, $17.4 million and $17.6 million of accumulated depreciation, $179.2 million and $169.5 million of other assets included in other line items, $468.6 million and $457.1 million of real estate debt, net, $1.1 million and $1.2 million of accrued interest payable, $57.9 million and $57.7 million of lease liabilities, and $45.8 million and $43.7 million of other liabilities included in other line items as of March 31, 2020 and December 31, 2019, respectively. |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||
Rental revenue, net | $ | 188,089 | $ | 222,631 | ||||||||||||||||||||||
Investment income | 19,273 | 38,533 | ||||||||||||||||||||||||
Other income | 18,740 | 53,139 | ||||||||||||||||||||||||
Total revenues | 226,102 | 314,303 | ||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||
Operating expenses, including related party expenses of $2,225 in 2021 and $3,749 in 2020 | 42,284 | 53,866 | ||||||||||||||||||||||||
Real estate taxes | 45,411 | 46,622 | ||||||||||||||||||||||||
Operating lease rent | 6,739 | 7,367 | ||||||||||||||||||||||||
Interest expense, net of interest income | 23,388 | 37,494 | ||||||||||||||||||||||||
Amortization of deferred financing costs | 3,774 | 2,500 | ||||||||||||||||||||||||
Depreciation and amortization | 62,996 | 68,279 | ||||||||||||||||||||||||
Loan loss and other investment reserves, net of recoveries | 0 | 11,248 | ||||||||||||||||||||||||
Transaction related costs | 22 | 65 | ||||||||||||||||||||||||
Marketing, general and administrative | 22,885 | 19,570 | ||||||||||||||||||||||||
Total expenses | 207,499 | 247,011 | ||||||||||||||||||||||||
Equity in net loss from unconsolidated joint ventures | (2,864) | (12,814) | ||||||||||||||||||||||||
Equity in net loss on sale of interest in unconsolidated joint venture/real estate | (12,629) | 0 | ||||||||||||||||||||||||
Purchase price and other fair value adjustments | 2,664 | 0 | ||||||||||||||||||||||||
(Loss) gain on sale of real estate, net | (1,388) | 72,636 | ||||||||||||||||||||||||
Depreciable real estate reserves and impairment | (8,241) | 0 | ||||||||||||||||||||||||
Net (loss) income | (3,855) | 127,114 | ||||||||||||||||||||||||
Net loss (income) attributable to noncontrolling interests: | ||||||||||||||||||||||||||
Noncontrolling interests in other partnerships | 1,499 | 293 | ||||||||||||||||||||||||
Preferred units distributions | (1,846) | (2,666) | ||||||||||||||||||||||||
Net (loss) income attributable to SLGOP | (4,202) | 124,741 | ||||||||||||||||||||||||
Perpetual preferred unit distributions | (3,738) | (3,738) | ||||||||||||||||||||||||
Net (loss) income attributable to SLGOP common unitholders | $ | (7,940) | $ | 121,003 | ||||||||||||||||||||||
Basic earnings per unit | $ | (0.11) | $ | 1.51 | ||||||||||||||||||||||
Diluted earnings per unit | $ | (0.11) | $ | 1.51 | ||||||||||||||||||||||
Basic weighted average common units outstanding | 73,158 | 79,876 | ||||||||||||||||||||||||
Diluted weighted average common units and common unit equivalents outstanding | 74,070 | 80,352 |
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
Revenues | ||||||||
Rental revenue, net | $ | 222,631 | $ | 240,118 | ||||
Investment income | 38,533 | 50,031 | ||||||
Other income | 53,139 | 14,106 | ||||||
Total revenues | 314,303 | 304,255 | ||||||
Expenses | ||||||||
Operating expenses, including related party expenses of $3,749 in 2020 and $2,793 in 2019 | 53,866 | 57,698 | ||||||
Real estate taxes | 46,622 | 46,688 | ||||||
Operating lease rent | 7,367 | 8,298 | ||||||
Interest expense, net of interest income | 37,494 | 50,525 | ||||||
Amortization of deferred financing costs | 2,500 | 2,742 | ||||||
Depreciation and amortization | 68,279 | 68,343 | ||||||
Loan loss and other investment reserves, net of recoveries | 11,248 | — | ||||||
Transaction related costs | 65 | 55 | ||||||
Marketing, general and administrative | 19,570 | 25,979 | ||||||
Total expenses | 247,011 | 260,328 | ||||||
Equity in net loss from unconsolidated joint ventures | (12,814 | ) | (5,234 | ) | ||||
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | — | 17,166 | ||||||
Purchase price and other fair value adjustments | — | (2,041 | ) | |||||
Gain (loss) on sale of real estate, net | 72,636 | (1,049 | ) | |||||
Net income | 127,114 | 52,769 | ||||||
Net loss (income) attributable to noncontrolling interests: | ||||||||
Noncontrolling interests in other partnerships | 293 | (237 | ) | |||||
Preferred units distributions | (2,666 | ) | (2,724 | ) | ||||
Net income attributable to SLGOP | 124,741 | 49,808 | ||||||
Perpetual preferred unit distributions | (3,738 | ) | (3,738 | ) | ||||
Net income attributable to SLGOP common unitholders | $ | 121,003 | $ | 46,070 | ||||
Basic earnings per unit | $ | 1.47 | $ | 0.52 | ||||
Diluted earnings per unit | $ | 1.47 | $ | 0.52 | ||||
Basic weighted average common units outstanding | 82,084 | 87,646 | ||||||
Diluted weighted average common units and common unit equivalents outstanding | 82,567 | 87,810 |
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
Net income | $ | 127,114 | $ | 52,769 | ||||
Other comprehensive loss: | ||||||||
Decrease in unrealized value of derivative instruments, including SLGOP's share of joint venture derivative instruments | (50,735 | ) | (20,884 | ) | ||||
(Decrease) increase in unrealized value of marketable securities | (4,534 | ) | 768 | |||||
Other comprehensive loss | (55,269 | ) | (20,116 | ) | ||||
Comprehensive income | 71,845 | 32,653 | ||||||
Net loss (income) attributable to noncontrolling interests | 293 | (237 | ) | |||||
Other comprehensive loss attributable to noncontrolling interests | 2,886 | 1,003 | ||||||
Comprehensive income attributable to SLGOP | $ | 75,024 | $ | 33,419 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Net (loss) income | $ | (3,855) | $ | 127,114 | ||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||
Increase (decrease) in unrealized value of derivative instruments, including SLGOP's share of joint venture derivative instruments | 51,263 | (50,735) | ||||||||||||||||||||||||
Decrease in unrealized value of marketable securities | (258) | (4,534) | ||||||||||||||||||||||||
Other comprehensive income (loss) | 51,005 | (55,269) | ||||||||||||||||||||||||
Comprehensive income | 47,150 | 71,845 | ||||||||||||||||||||||||
Net loss attributable to noncontrolling interests | 1,499 | 293 | ||||||||||||||||||||||||
Other comprehensive (income) loss attributable to noncontrolling interests | (2,655) | 2,886 | ||||||||||||||||||||||||
Comprehensive income attributable to SLGOP | $ | 45,994 | $ | 75,024 |
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, 2019 | $ | 221,932 | 79,202 | $ | 5,247,868 | $ | (28,485 | ) | $ | 75,883 | $ | 5,517,198 | |||||||||||
Cumulative adjustment upon adoption of ASC 326 | (39,184 | ) | (39,184 | ) | |||||||||||||||||||
Balance at January 1, 2020 | $ | 221,932 | 79,202 | $ | 5,208,684 | $ | (28,485 | ) | $ | 75,883 | $ | 5,478,014 | |||||||||||
Net income (loss) | 118,539 | (293 | ) | 118,246 | |||||||||||||||||||
Acquisition of subsidiary interest from noncontrolling interest | (3,123 | ) | 1,587 | (1,536 | ) | ||||||||||||||||||
Other comprehensive loss | (52,383 | ) | (52,383 | ) | |||||||||||||||||||
Preferred distributions | (3,738 | ) | (3,738 | ) | |||||||||||||||||||
DRSPP proceeds | 2 | 166 | 166 | ||||||||||||||||||||
Conversion of common units | 1 | 84 | 84 | ||||||||||||||||||||
Reallocation of noncontrolling interests in the operating partnership | 38,529 | 38,529 | |||||||||||||||||||||
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings | (33 | ) | 5,502 | 5,502 | |||||||||||||||||||
Repurchases of common stock | (2,637 | ) | (219,576 | ) | (219,576 | ) | |||||||||||||||||
Contribution to consolidated joint venture interests | 3,814 | 3,814 | |||||||||||||||||||||
Cash distributions to noncontrolling interests | (492 | ) | (492 | ) | |||||||||||||||||||
Cash distributions declared ($0.295 per common unit, none of which represented a return of capital for federal income tax purposes) | (22,665 | ) | (22,665 | ) | |||||||||||||||||||
Balance at March 31, 2020 | $ | 221,932 | 76,535 | $ | 5,122,402 | $ | (80,868 | ) | $ | 80,499 | $ | 5,343,965 |
SL Green Operating Partnership Unitholders | ||||||||||||||||||||||||||||||||||||||
Partners' Interest | ||||||||||||||||||||||||||||||||||||||
Series I Preferred Units | Common Units | Common Unitholders | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total | |||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 221,932 | 68,508 | $ | 4,755,078 | $ | (67,247) | $ | 26,032 | $ | 4,935,795 | |||||||||||||||||||||||||||
Net loss | (3,726) | (1,499) | (5,225) | |||||||||||||||||||||||||||||||||||
Other comprehensive loss | 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 | 113 | 6,728 | 6,728 | |||||||||||||||||||||||||||||||||||
Repurchases of common units | (1,306) | (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 | 2,034 | 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 | 69,354 | $ | 4,707,991 | $ | (18,897) | $ | 24,594 | $ | 4,935,620 | |||||||||||||||||||||||||||
SL Green Operating Partnership Unitholders | ||||||||||||||||||||||||||||||||||||||
Partners' Interest | ||||||||||||||||||||||||||||||||||||||
Series I Preferred Units | Common Units | Common Unitholders | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total | |||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 221,932 | 76,956 | $ | 5,247,868 | $ | (28,485) | $ | 75,883 | $ | 5,517,198 | |||||||||||||||||||||||||||
Cumulative adjustment upon adoption of ASC 326 | (39,184) | (39,184) | ||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | $ | 221,932 | 76,956 | $ | 5,208,684 | $ | (28,485) | $ | 75,883 | $ | 5,478,014 | |||||||||||||||||||||||||||
Net income (loss) | 118,539 | (293) | 118,246 | |||||||||||||||||||||||||||||||||||
Acquisition of subsidiary interest from noncontrolling interest | (3,123) | 1,587 | (1,536) | |||||||||||||||||||||||||||||||||||
Other comprehensive income | (52,383) | (52,383) | ||||||||||||||||||||||||||||||||||||
Preferred distributions | (3,738) | (3,738) | ||||||||||||||||||||||||||||||||||||
DRSPP proceeds | 2 | 166 | 166 | |||||||||||||||||||||||||||||||||||
Conversion of common units | 1 | 84 | 84 | |||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interests in the operating partnership | 38,529 | 38,529 | ||||||||||||||||||||||||||||||||||||
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings | (32) | 5,502 | 5,502 | |||||||||||||||||||||||||||||||||||
Repurchases of common stock | (2,562) | (219,576) | (219,576) | |||||||||||||||||||||||||||||||||||
Contribution to consolidated joint venture interests | 3,814 | 3,814 | ||||||||||||||||||||||||||||||||||||
Cash distributions to noncontrolling interests | (492) | (492) | ||||||||||||||||||||||||||||||||||||
Cash distributions declared ($0.304 per common unit, none of which represented a return of capital for federal income tax purposes) | (22,665) | (22,665) | ||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | 221,932 | 74,365 | $ | 5,122,402 | $ | (80,868) | $ | 80,499 | $ | 5,343,965 | |||||||||||||||||||||||||||
SL Green Operating Partnership Unitholders | |||||||||||||||||||||||
Partners' Interest | |||||||||||||||||||||||
Series I Preferred Units | Common Units | Common Unitholders | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total | ||||||||||||||||||
Balance at December 31, 2018 | $ | 221,932 | 83,684 | $ | 5,664,481 | $ | 15,108 | $ | 46,334 | $ | 5,947,855 | ||||||||||||
Net income | 47,530 | 237 | 47,767 | ||||||||||||||||||||
Other comprehensive income | (19,113 | ) | (19,113 | ) | |||||||||||||||||||
Preferred distributions | (3,738 | ) | (3,738 | ) | |||||||||||||||||||
DRSPP proceeds | 1 | 47 | 47 | ||||||||||||||||||||
Conversion of common units | 5 | 446 | 446 | ||||||||||||||||||||
Reallocation of noncontrolling interests in the operating partnership | (28,932 | ) | (28,932 | ) | |||||||||||||||||||
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings | (20 | ) | 4,835 | 4,835 | |||||||||||||||||||
Repurchases of common stock | (398 | ) | (34,243 | ) | (34,243 | ) | |||||||||||||||||
Contribution to consolidated joint venture interests | 161 | 161 | |||||||||||||||||||||
Cash distributions to noncontrolling interests | (208 | ) | (208 | ) | |||||||||||||||||||
Cash distributions declared ($0.85 per common unit, none of which represented a return of capital for federal income tax purposes) | (70,554 | ) | (70,554 | ) | |||||||||||||||||||
Balance at March 31, 2019 | $ | 221,932 | 83,272 | $ | 5,579,872 | $ | (4,005 | ) | $ | 46,524 | $ | 5,844,323 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Operating Activities | |||||||||||
Net (loss) income | $ | (3,855) | $ | 127,114 | |||||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 66,770 | 70,779 | |||||||||
Equity in net loss from unconsolidated joint ventures | 2,864 | 12,814 | |||||||||
Distributions of cumulative earnings from unconsolidated joint ventures | 69 | 108 | |||||||||
Equity in net loss on sale of interest in unconsolidated joint venture interest/real estate | 12,629 | 0 | |||||||||
Purchase price and other fair value adjustments | (2,664) | 0 | |||||||||
Depreciable real estate reserves and impairment | 8,241 | 0 | |||||||||
Loss (gain) on sale of real estate, net | 1,388 | (72,636) | |||||||||
Loan loss reserves and other investment reserves, net of recoveries | 0 | 11,248 | |||||||||
Deferred rents receivable | (2,685) | 3,717 | |||||||||
Non-cash lease expense | 3,375 | 3,390 | |||||||||
Other non-cash adjustments | 15,564 | 1,110 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Tenant and other receivables | (4,138) | (44,960) | |||||||||
Related party receivables | (683) | (4,711) | |||||||||
Deferred lease costs | (240) | (8,603) | |||||||||
Other assets | (24,354) | (48,130) | |||||||||
Accounts payable, accrued expenses, other liabilities and security deposits | (38,640) | (13,877) | |||||||||
Deferred revenue | 4,121 | 7,622 | |||||||||
Lease liability - operating leases | (19,160) | (2,959) | |||||||||
Net cash provided by operating activities | 18,602 | 42,026 | |||||||||
Investing Activities | |||||||||||
Acquisitions of real estate property | 0 | (86,846) | |||||||||
Additions to land, buildings and improvements | (49,328) | (101,726) | |||||||||
Investments in unconsolidated joint ventures | (21,027) | (8,906) | |||||||||
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 19,692 | 53,516 | |||||||||
Net proceeds from disposition of real estate/joint venture interest | 62,800 | 91,156 | |||||||||
Cash assumed from consolidation of real estate investment | 9,475 | 0 | |||||||||
Proceeds from sale or redemption of marketable securities | 4,528 | 0 | |||||||||
Other investments | (54) | (4,786) | |||||||||
Origination of debt and preferred equity investments | (5,905) | (223,374) | |||||||||
Repayments or redemption of debt and preferred equity investments | 0 | 151,548 | |||||||||
Net cash provided by (used in) investing activities | 20,181 | (129,418) |
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Operating Activities | |||||||
Net income | $ | 127,114 | $ | 52,769 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 70,779 | 71,085 | |||||
Equity in net loss from unconsolidated joint ventures | 12,814 | 5,234 | |||||
Distributions of cumulative earnings from unconsolidated joint ventures | 108 | 425 | |||||
Equity in net gain on sale of interest in unconsolidated joint venture interest/real estate | — | (17,166 | ) | ||||
Purchase price and other fair value adjustments | — | 2,041 | |||||
(Gain) loss on sale of real estate, net | (72,636 | ) | 1,049 | ||||
Loan loss reserves and other investment reserves, net of recoveries | 11,248 | — | |||||
Deferred rents receivable | 3,717 | (1,114 | ) | ||||
Non-cash lease expense | 3,390 | 3,381 | |||||
Other non-cash adjustments | 1,110 | 9,027 | |||||
Changes in operating assets and liabilities: | |||||||
Tenant and other receivables | (44,960 | ) | (4,759 | ) | |||
Related party receivables | (4,711 | ) | (1,270 | ) | |||
Deferred lease costs | (8,603 | ) | (13,111 | ) | |||
Other assets | (48,130 | ) | (40,218 | ) | |||
Accounts payable, accrued expenses, other liabilities and security deposits | (13,877 | ) | (12,915 | ) | |||
Deferred revenue | 7,622 | 10,721 | |||||
Change in lease liability - operating leases | (2,959 | ) | (2,866 | ) | |||
Net cash provided by operating activities | 42,026 | 62,313 | |||||
Investing Activities | |||||||
Acquisitions of real estate property | (86,846 | ) | — | ||||
Additions to land, buildings and improvements | (101,726 | ) | (39,524 | ) | |||
Acquisition deposits and deferred purchase price | — | (4,910 | ) | ||||
Investments in unconsolidated joint ventures | (8,906 | ) | (73,351 | ) | |||
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 53,516 | 23,664 | |||||
Net proceeds from disposition of real estate/joint venture interest | 91,156 | 14,489 | |||||
Other investments | (4,786 | ) | (1,056 | ) | |||
Origination of debt and preferred equity investments | (223,374 | ) | (430,034 | ) | |||
Repayments or redemption of debt and preferred equity investments | 151,548 | 218,879 | |||||
Net cash used in investing activities | (129,418 | ) | (291,843 | ) | |||
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Financing Activities | |||||||||||
Proceeds from mortgages and other loans payable | 10,391 | 101,103 | |||||||||
Repayments of mortgages and other loans payable | (362,542) | (102,777) | |||||||||
Proceeds from revolving credit facility and unsecured notes | 530,000 | 1,125,000 | |||||||||
Repayments of revolving credit facility and unsecured notes | (10,000) | (315,000) | |||||||||
Proceeds from stock options exercised and DRSPP issuance | 351 | 166 | |||||||||
Repurchase of common units | (84,089) | (219,576) | |||||||||
Redemption of preferred units | (3,631) | (19,392) | |||||||||
Redemption of OP units | (13,261) | (18,066) | |||||||||
Distributions to noncontrolling interests in other partnerships | (110) | (492) | |||||||||
Contributions from noncontrolling interests in other partnerships | 171 | 3,814 | |||||||||
Acquisition of subsidiary interest from noncontrolling interest | 0 | (1,536) | |||||||||
Distributions paid on common and preferred units | (73,920) | (80,946) | |||||||||
Tax withholdings related to restricted share awards | (2,788) | (4,752) | |||||||||
Deferred loan costs | (288) | (562) | |||||||||
Principal payments of on financing lease liabilities | (255) | 0 | |||||||||
Net cash (used in) provided by financing activities | (9,971) | 466,984 | |||||||||
Net increase in cash, cash equivalents, and restricted cash | 28,812 | 379,592 | |||||||||
Cash, cash equivalents, and restricted cash at beginning of year | 372,795 | 241,430 | |||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 401,607 | $ | 621,022 | |||||||
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | |||||||||||
Conversion of units in the Operating Partnership | $ | 0 | $ | 84 | |||||||
Issuance of special distribution paid primarily in units | 123,529 | 0 | |||||||||
Tenant improvements and capital expenditures payable | 15,214 | 602 | |||||||||
Fair value adjustment to noncontrolling interest in the Operating Partnership | 26,609 | 0 | |||||||||
Consolidation of real estate investment | 119,444 | 0 | |||||||||
Reversal of assets held for sale | 0 | 391,664 | |||||||||
Extinguishment of debt in connection with property dispositions | 53,548 | 0 | |||||||||
Seller financed purchases | 0 | 100,000 | |||||||||
Debt and preferred equity investments | 10,000 | 4,638 | |||||||||
Removal of fully depreciated commercial real estate properties | 1,120 | 512 | |||||||||
Share repurchase payable | 3,779 | 0 | |||||||||
Recognition of right of use assets and related lease liabilities | 119,711 | 102,782 |
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Financing Activities | |||||||
Proceeds from mortgages and other loans payable | $ | 101,103 | $ | 109,872 | |||
Repayments of mortgages and other loans payable | (102,777 | ) | (1,127 | ) | |||
Proceeds from revolving credit facility and senior unsecured notes | 1,125,000 | 520,000 | |||||
Repayments of revolving credit facility and senior unsecured notes | (315,000 | ) | (230,000 | ) | |||
Proceeds from stock options exercised and DRSPP issuance | 166 | 47 | |||||
Repurchase of common units | (219,576 | ) | (34,243 | ) | |||
Redemption of preferred units | (19,392 | ) | (15,142 | ) | |||
Redemption of OP units | (18,066 | ) | (15,697 | ) | |||
Distributions to noncontrolling interests in other partnerships | (492 | ) | (208 | ) | |||
Contributions from noncontrolling interests in other partnerships | 3,814 | 161 | |||||
Acquisition of subsidiary interest from noncontrolling interest | (1,536 | ) | — | ||||
Distributions paid on common and preferred units | (80,946 | ) | (81,042 | ) | |||
Tax withholdings related to restricted share awards | (4,752 | ) | (3,126 | ) | |||
Deferred loan costs | (562 | ) | (3,367 | ) | |||
Net cash provided by financing activities | 466,984 | 246,128 | |||||
Net increase in cash, cash equivalents, and restricted cash | 379,592 | 16,598 | |||||
Cash, cash equivalents, and restricted cash at beginning of year | 241,430 | 279,113 | |||||
Cash, cash equivalents, and restricted cash at end of period | $ | 621,022 | $ | 295,711 | |||
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | |||||||
Conversion of units in the Operating Partnership | $ | 84 | $ | 446 | |||
Tenant improvements and capital expenditures payable | 602 | 9,350 | |||||
Fair value adjustment to noncontrolling interest in the Operating Partnership | 38,529 | 28,932 | |||||
Reversal of assets held for sale | 391,664 | — | |||||
Seller financed purchases | 100,000 | — | |||||
Debt and preferred equity reserves | 4,638 | — | |||||
Removal of fully depreciated commercial real estate properties | 512 | 4,012 | |||||
Recognition of right of use assets and related lease liabilities | 102,782 | 389,120 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||
Cash and cash equivalents | $ | 554,195 | $ | 144,323 | Cash and cash equivalents | $ | 304,999 | $ | 554,195 | |||||||||
Restricted cash | 66,827 | 151,388 | Restricted cash | 96,608 | 66,827 | |||||||||||||
Total cash, cash equivalents, and restricted cash | $ | 621,022 | $ | 295,711 | Total cash, cash equivalents, and restricted cash | $ | 401,607 | $ | 621,022 |
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 | 18 | 10,526,345 | 9 | 10,869,183 | 27 | 21,395,528 | 93.4 | % | |||||||||||||||||||||||||||||||||||||||||
Retail | 1 | 10,040 | 9 | 301,996 | 10 | 312,036 | 94.6 | % | ||||||||||||||||||||||||||||||||||||||||||
Development/Redevelopment | 9 | 1,890,614 | 3 | 2,927,782 | 12 | 4,818,396 | N/A | |||||||||||||||||||||||||||||||||||||||||||
28 | 12,426,999 | 21 | 14,098,961 | 49 | 26,525,960 | 93.5 | % | |||||||||||||||||||||||||||||||||||||||||||
Suburban | Office | 7 | 862,800 | 0 | 0 | 7 | 862,800 | 81.6 | % | |||||||||||||||||||||||||||||||||||||||||
Total commercial properties | 35 | 13,289,799 | 21 | 14,098,961 | 56 | 27,388,760 | 93.0 | % | ||||||||||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Manhattan | Residential | 1 | 82,250 | 8 | 1,663,774 | 9 | 1,746,024 | 79.1 | % | |||||||||||||||||||||||||||||||||||||||||
Total portfolio | 36 | 13,372,049 | 29 | 15,762,735 | 65 | 29,134,784 | 92.2 | % |
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 | 18 | 10,647,191 | 10 | 11,216,183 | 28 | 21,863,374 | 93.7 | % | ||||||||||||||
Retail | 4 | 44,189 | 8 | 289,050 | 12 | 333,239 | 98.0 | % | |||||||||||||||
Development/Redevelopment | 11 | 3,028,211 | 1 | 1,657,198 | 12 | 4,685,409 | N/A | ||||||||||||||||
Fee Interest | — | — | 1 | — | 1 | — | — | % | |||||||||||||||
33 | 13,719,591 | 20 | 13,162,431 | 53 | 26,882,022 | 93.8 | % | ||||||||||||||||
Suburban | Office | 8 | 1,044,800 | — | — | 8 | 1,044,800 | 85.5 | % | ||||||||||||||
Retail | 1 | 52,000 | — | — | 1 | 52,000 | 100.0 | % | |||||||||||||||
9 | 1,096,800 | — | — | 9 | 1,096,800 | 86.2 | % | ||||||||||||||||
Total commercial properties | 42 | 14,816,391 | 20 | 13,162,431 | 62 | 27,978,822 | 93.4 | % | |||||||||||||||
Residential: | |||||||||||||||||||||||
Manhattan | Residential | 2 | 222,250 | 8 | 1,663,774 | 10 | 1,886,024 | 96.7 | % | ||||||||||||||
Total residential properties | 2 | 222,250 | 8 | 1,663,774 | 10 | 1,886,024 | 96.7 | % | |||||||||||||||
Total portfolio | 44 | 15,038,641 | 28 | 14,826,205 | 72 | 29,864,846 | 93.6 | % |
March 31, 2020 | December 31, 2019 | ||||||
Identified intangible assets (included in other assets): | |||||||
Gross amount | $ | 225,025 | $ | 255,198 | |||
Accumulated amortization | (202,581 | ) | (228,223 | ) | |||
Net(1) | $ | 22,444 | $ | 26,975 | |||
Identified intangible liabilities (included in deferred revenue): | |||||||
Gross amount | $ | 274,208 | $ | 282,048 | |||
Accumulated amortization | (246,464 | ) | (249,514 | ) | |||
Net(1) | $ | 27,744 | $ | 32,534 |
March 31, 2021 | December 31, 2020 | ||||||||||
Identified intangible assets (included in other assets): | |||||||||||
Gross amount | $ | 239,562 | $ | 215,673 | |||||||
Accumulated amortization | (204,386) | (190,523) | |||||||||
Net(1) | $ | 35,176 | $ | 25,150 | |||||||
Identified intangible liabilities (included in deferred revenue): | |||||||||||
Gross amount | $ | 242,334 | $ | 241,409 | |||||||
Accumulated amortization | (233,766) | (230,479) | |||||||||
Net(1) | $ | 8,568 | $ | 10,930 |
March 31, 2021 | December 31, 2020 | ||||||||||
Commercial mortgage-backed securities | $ | 23,784 | $ | 28,570 | |||||||
Total marketable securities available-for-sale | $ | 23,784 | $ | 28,570 |
March 31, 2020 | December 31, 2019 | ||||||
Commercial mortgage-backed securities | $ | 25,353 | $ | 29,887 | |||
Total marketable securities available-for-sale | $ | 25,353 | $ | 29,887 |
Property | Three months ended March 31, | ||||
11 Madison Avenue | 9.2% | ||||
420 Lexington Avenue (Graybar) | 7.2% | ||||
1185 Avenue of the Americas | |||||
220 East 42nd Street | 6.2% | ||||
280 Park Avenue | |||||
485 Lexington Avenue |
Property | Acquisition Date | Property Type | Approximate Square Feet | Gross Asset Valuation (in millions) | ||||||||||||||||||||||
885 Third Avenue (1) | January 2021 | Fee Interest | 625,000 | $ | 387.9 | |||||||||||||||||||||
Property | Acquisition Date | Property Type | Approximate Square Feet | Gross Asset Valuation (in millions) | ||||||
762 Madison Avenue (1) | January 2020 | Fee Interest | 6,109 | $ | 29.3 | |||||
707 Eleventh Avenue | January 2020 | Fee Interest | 159,720 | 90.0 | ||||||
126-132 Nassau Street (2) | January 2020 | Leasehold Interest | 98,412 | — |
Property | Disposition Date | Property Type | Approximate Square Feet | Gross Asset Valuation (in millions) | (Loss) Gain (in millions) | |||||||||||||||||||||||||||
712 Madison Avenue (1) | January 2021 | Fee Interest | 6,600 | $ | 43.0 | $ | (1.4) | |||||||||||||||||||||||||
133 Greene Street (2) | February 2021 | Fee Interest | 6,425 | 15.8 | 0.2 | |||||||||||||||||||||||||||
106 Spring Street (2) | March 2021 | Fee Interest | 5,928 | 35.0 | (2.8) |
Property | Disposition Date | Property Type | Approximate Square Feet | Sales Price(1) (in millions) | Gain (loss)(2) (in millions) | ||||||||||
315 West 33rd Street - The Olivia | March 2020 | Fee Interest | 492,987 | $ | 446.5 | $ | 72.3 |
March 31, 2021 | December 31, 2020 | ||||||||||
Balance at beginning of year (1) | $ | 1,076,542 | $ | 1,580,306 | |||||||
Debt investment originations/fundings/accretion (2) | 17,465 | 389,300 | |||||||||
Preferred equity investment originations/accretion (2) | 3,195 | 167,042 | |||||||||
Redemptions/sales/syndications/equity ownership/amortization (3) | 0 | (1,048,643) | |||||||||
Net change in loan loss reserves | 0 | (11,463) | |||||||||
Balance at end of period (1) | $ | 1,097,202 | $ | 1,076,542 |
March 31, 2020 | December 31, 2019 | ||||||
Balance at beginning of year (1) | $ | 1,580,306 | $ | 2,099,393 | |||
Debt investment originations/accretion (2) | 246,075 | 652,866 | |||||
Preferred equity investment originations/accretion (2) | 154,710 | 14,736 | |||||
Redemptions/sales/syndications/amortization (3) | (161,548 | ) | (1,190,689 | ) | |||
Net change in loan loss reserves | (36,207 | ) | 4,000 | ||||
Balance at end of period (1) | $ | 1,783,336 | $ | 1,580,306 |
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 | $ | 64,042 | $ | 64,649 | L + 2.00% - 3.50% | $ | 1,249 | $ | 1,250 | 3.50% | $ | 65,291 | $ | 0 | 4.74% | 2021 - 2022 | ||||||||||||||||||||||
Junior Mortgage Debt | 7,207 | 12,000 | L + 7.25% | 42,819 | 43,000 | 6.25% | 50,026 | 127,000 | 7.82% | 2021 | ||||||||||||||||||||||||||||
Mezzanine Debt | 281,401 | 285,179 | L + 4.95% - 13.61% | 437,503 | 449,102 | 2.90% - 14.30% | 718,904 | 4,476,210 | 5.86% | 2021 - 2029 | ||||||||||||||||||||||||||||
Preferred Equity | 0 | 0 | — | 262,981 | 265,052 | 6.50% - 11.00% | 262,981 | 1,962,750 | 9.94% | 2022 - 2027 | ||||||||||||||||||||||||||||
Balance at end of period | $ | 352,650 | $ | 361,828 | $ | 744,552 | $ | 758,404 | $ | 1,097,202 | $ | 6,565,960 |
Floating Rate | Fixed Rate | Total Carrying Value | Senior Financing | Maturity | |||||||||||||||||||
Type | Carrying Value | Face Value | Interest Rate | Carrying Value | Face Value | Interest Rate | |||||||||||||||||
Senior Mortgage Debt | $ | 372,547 | $374,002 | L + 2.00 - 5.50% | $ | 100,202 | $101,250 | 3.00 - 6.00% | $ | 472,749 | $ | — | 2020 - 2022 | ||||||||||
Junior Mortgage Debt | 83,004 | 90,300 | L + 6.00 - 7.25% | — | — | — | $ | 83,004 | 438,138 | 2020 - 2023 | |||||||||||||
Mezzanine Debt | 368,053 | 375,098 | L + 4.95 - 15.29% | 491,838 | 509,920 | 2.90 - 9.50% | $ | 859,891 | 5,169,422 | 2020 - 2029 | |||||||||||||
Preferred Equity | — | — | — | 367,692 | 386,953 | 6.50 - 11.00% | $ | 367,692 | 522,000 | 2020 -2027 | |||||||||||||
Balance at end of period | $ | 823,604 | $ | 839,400 | — | $ | 959,732 | $ | 998,123 | — | $ | 1,783,336 | $ | 6,129,560 | — |
March 31, 2021 | December 31, 2020 | ||||||||||
Balance at beginning of year | $ | 13,213 | $ | 1,750 | |||||||
Cumulative adjustment upon adoption of ASC 326 | 0 | 27,803 | |||||||||
Current period provision for loan loss | 0 | 20,693 | |||||||||
Write-offs charged against the allowance(1) | 0 | (37,033) | |||||||||
Balance at end of period(2) | $ | 13,213 | $ | 13,213 |
March 31, 2020 | December 31, 2019 | ||||||
Balance at beginning of year | $ | 1,750 | $ | 5,750 | |||
Cumulative adjustment upon adoption of ASC 326 | 27,804 | — | |||||
Current period provision for loan loss | 8,403 | — | |||||
Writeoffs charged against the allowance | — | (4,000 | ) | ||||
Balance at end of period | $ | 37,957 | $ | 1,750 |
Risk Rating | March 31, 2021 | December 31, 2020 | ||||||||||||
1 - Low Risk Assets - Low probability of loss | $ | 712,994 | $ | 695,035 | ||||||||||
2 - Watch List Assets - Higher potential for loss | 367,859 | 365,167 | ||||||||||||
3 - High Risk Assets - Loss more likely than not | 16,349 | 16,340 | ||||||||||||
$ | 1,097,202 | $ | 1,076,542 |
As of March 31, 2021 | ||||||||||||||||||||||||||||||||
Risk Rating | 2021(1) | 2020(1) | 2019(1) | Prior(1) | Total | |||||||||||||||||||||||||||
1 - Low Risk Assets - Low probability of loss | $ | 0 | $ | 361,444 | $ | 56,639 | $ | 294,911 | $ | 712,994 | ||||||||||||||||||||||
2 - Watch List Assets - Higher potential for loss | 0 | 0 | 241,285 | 126,574 | 367,859 | |||||||||||||||||||||||||||
3 - High Risk Assets - Loss more likely than not | 0 | 0 | 0 | 16,349 | 16,349 | |||||||||||||||||||||||||||
$ | 0 | $ | 361,444 | $ | 297,924 | $ | 437,834 | $ | 1,097,202 |
Loan Type | March 31, 2021 Future Funding Obligations | March 31, 2021 Senior Financing | March 31, 2021 Carrying Value (1) | December 31, 2020 Carrying Value (1) | Maturity Date (2) | |||||||||||||||||||||||||||
Fixed Rate Investments: | ||||||||||||||||||||||||||||||||
Junior Mortgage (3a) | $ | 0 | $ | 67,000 | $ | 42,820 | $ | 32,888 | July 2021 | |||||||||||||||||||||||
Mezzanine Loan | 0 | 15,000 | 3,500 | 3,500 | September 2021 | |||||||||||||||||||||||||||
Mortgage/Mezzanine Loan | 0 | 63,750 | 56,246 | 56,244 | October 2021 | |||||||||||||||||||||||||||
Mezzanine Loan | 0 | 280,000 | 41,652 | 41,057 | August 2022 | |||||||||||||||||||||||||||
Mezzanine Loan (4) | 0 | 359,237 | 225,367 | 225,204 | June 2023 | |||||||||||||||||||||||||||
Mezzanine Loan (3b)(5) | 0 | 105,000 | 13,366 | 13,366 | June 2024 | |||||||||||||||||||||||||||
Mezzanine Loan | 0 | 95,000 | 30,000 | 30,000 | January 2025 | |||||||||||||||||||||||||||
Mezzanine Loan | 0 | 1,712,750 | 55,250 | 55,250 | June 2027 | |||||||||||||||||||||||||||
Mezzanine Loan | 0 | 85,000 | 20,000 | 20,000 | December 2029 | |||||||||||||||||||||||||||
Total fixed rate | $ | 0 | $ | 2,782,737 | $ | 488,201 | $ | 477,509 | ||||||||||||||||||||||||
Floating Rate Investments: | ||||||||||||||||||||||||||||||||
Mezzanine Loan (6) | $ | 0 | $ | 275,000 | $ | 49,992 | $ | 49,956 | April 2021 | |||||||||||||||||||||||
Junior Mortgage Participation/Mezzanine Loan | 0 | 60,000 | 15,742 | 15,733 | July 2021 | |||||||||||||||||||||||||||
Mezzanine Loan | 5,761 | 177,415 | 36,639 | 35,318 | July 2021 | |||||||||||||||||||||||||||
Mezzanine Loan | 0 | 61,744 | 29,130 | 29,106 | July 2021 | |||||||||||||||||||||||||||
Mezzanine Loan (3c) | 0 | 1,115,000 | 129,330 | 127,915 | March 2022 | |||||||||||||||||||||||||||
Mortgage and Mezzanine Loan | 6,769 | 0 | 60,922 | 60,532 | May 2022 | |||||||||||||||||||||||||||
Mortgage and Mezzanine Loan | 42,117 | 0 | 15,918 | 14,011 | December 2022 | |||||||||||||||||||||||||||
Mezzanine Loan | 52,288 | 71,314 | 21,560 | 19,889 | May 2023 | |||||||||||||||||||||||||||
Total floating rate | $ | 106,935 | $ | 1,760,473 | $ | 359,233 | $ | 352,460 | ||||||||||||||||||||||||
Allowance for loan loss | $ | — | $ | — | $ | (13,213) | $ | (13,213) | ||||||||||||||||||||||||
Total | $ | 106,935 | $ | 4,543,210 | $ | 834,221 | $ | 816,756 |
Loan Type | March 31, 2020 Future Funding Obligations | March 31, 2020 Senior Financing | March 31, 2020 Amortized Cost (1) | December 31, 2019 Amortized Cost (1) | Maturity Date (2) | |||||||||||||
Fixed Rate Investments: | ||||||||||||||||||
Mortgage/Mezzanine Loan | $ | — | $ | 63,908 | $ | 55,798 | $ | 55,573 | October 2020 | |||||||||
Mezzanine Loan | 10,000 | — | 99,110 | — | January 2021 | |||||||||||||
Mezzanine Loan | — | 15,000 | 3,500 | 3,500 | September 2021 | |||||||||||||
Mezzanine Loan | — | 147,000 | 24,957 | 24,952 | April 2022 | |||||||||||||
Mezzanine Loan | — | 280,000 | 39,296 | 38,734 | August 2022 | |||||||||||||
Mezzanine Loan | — | 330,204 | 220,420 | 215,737 | June 2023 | |||||||||||||
Mezzanine Loan | — | 83,369 | 12,716 | 12,714 | November 2023 | |||||||||||||
Mezzanine Loan | — | 180,000 | 30,000 | 30,000 | December 2023 | |||||||||||||
Mezzanine Loan(3a)(4) | — | 115,000 | 12,952 | 12,950 | June 2024 | |||||||||||||
Mezzanine Loan | — | 95,000 | 30,000 | 30,000 | January 2025 | |||||||||||||
Mezzanine Loan | — | 1,712,750 | 55,250 | 55,250 | June 2027 | |||||||||||||
Mezzanine Loan | — | 85,000 | 20,000 | 20,000 | December 2029 | |||||||||||||
Total fixed rate | $ | 10,000 | $ | 3,107,231 | $ | 603,999 | $ | 499,410 | ||||||||||
Floating Rate Investments: | ||||||||||||||||||
Mortgage/Mezzanine Loan(4) | — | — | 70,000 | 69,839 | March 2020 | |||||||||||||
Mortgage/Mezzanine Loan(4) | 1,618 | 29,053 | 71,964 | 82,696 | April 2020 | |||||||||||||
Junior Mortgage(4) | — | 40,000 | 20,000 | 20,000 | April 2020 | |||||||||||||
Mortgage/Mezzanine Loan | — | — | 19,983 | 19,971 | August 2020 | |||||||||||||
Mortgage Loan | 32,972 | — | 118,378 | 106,473 | September 2020 | |||||||||||||
Mezzanine Loan | 17,376 | 436,763 | 53,329 | 51,387 | December 2021 | |||||||||||||
Mortgage/Mezzanine Loan(3b) | 9,429 | — | 96,880 | 96,570 | April 2021 | |||||||||||||
Mezzanine Loan | — | 275,000 | 49,845 | 49,809 | April 2021 | |||||||||||||
Junior Mortgage Participation/Mezzanine Loan | — | 60,000 | 15,706 | 15,698 | July 2021 | |||||||||||||
Mezzanine Loan | 11,459 | 156,759 | 42,985 | 41,395 | July 2021 | |||||||||||||
Mezzanine Loan | 8,427 | 49,616 | 20,595 | 15,743 | July 2021 | |||||||||||||
Mezzanine Loan(3c) | — | 1,115,000 | 123,419 | 222,775 | March 2022 | |||||||||||||
Mortgage/Mezzanine Loan(5) | 7,795 | — | 59,597 | 35,386 | May 2022 | |||||||||||||
Mezzanine Loan | 44,000 | — | 13,941 | 13,918 | December 2022 | |||||||||||||
Mortgage Loan | 41,700 | 338,138 | 57,349 | — | February 2023 | |||||||||||||
Total floating rate | $ | 174,776 | $ | 2,500,329 | $ | 833,971 | $ | 841,660 | ||||||||||
Allowance for loan loss | $ | — | $ | — | $ | (22,326 | ) | $ | — | |||||||||
Total | $ | 184,776 | $ | 5,607,560 | $ | 1,415,644 | $ | 1,341,070 |
Type | March 31, 2021 Future Funding Obligations | March 31, 2021 Senior Financing | March 31, 2021 Carrying Value (1) | December 31, 2020 Carrying Value (1) | Mandatory Redemption (2) | |||||||||||||||||||||||||||
Preferred Equity | $ | 0 | $ | 1,712,750 | $ | 156,169 | $ | 154,691 | June 2022 | |||||||||||||||||||||||
Preferred Equity | 0 | 250,000 | 106,812 | 105,095 | February 2027 | |||||||||||||||||||||||||||
Total Preferred Equity | $ | 0 | $ | 1,962,750 | $ | 262,981 | $ | 259,786 | ||||||||||||||||||||||||
Allowance for loan loss | $ | — | $ | — | $ | 0 | $ | 0 | ||||||||||||||||||||||||
Total | $ | 0 | $ | 1,962,750 | $ | 262,981 | $ | 259,786 |
Type | March 31, 2020 Future Funding Obligations | March 31, 2020 Senior Financing | March 31, 2020 Amortized Cost (1) | December 31, 2019 Amortized Cost (1) | Mandatory Redemption (2) | |||||||||||||
Preferred Equity | $ | — | $ | 272,000 | $ | 133,050 | $ | 142,921 | April 2021 | |||||||||
Preferred Equity | — | 1,712,750 | 150,273 | 98,065 | June 2022 | |||||||||||||
Preferred Equity | — | 250,000 | 100,000 | — | February 2027 | |||||||||||||
Total Preferred Equity | $ | — | $ | 2,234,750 | $ | 383,323 | $ | 240,986 | ||||||||||
Allowance for loan loss | $ | — | $ | — | $ | (15,631 | ) | $ | (1,750 | ) | ||||||||
Total | $ | — | $ | 2,234,750 | $ | 367,692 | $ | 239,236 |
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 | ||||||||||||||||
Stonehenge Portfolio | Various | Various | Various | 1,439,016 | ||||||||||||||||
605 West 42nd Street (5) | The Moinian Group | 20.00% | 20.00% | 927,358 | ||||||||||||||||
11 Madison Avenue | PGIM Real Estate | 60.00% | 60.00% | 2,314,000 | ||||||||||||||||
400 East 57th Street (6) | BlackRock, Inc and Stonehenge Partners | 51.00% | 41.00% | 290,482 | ||||||||||||||||
One Vanderbilt | National Pension Service of Korea/Hines Interest LP | 71.01% | 71.01% | 1,657,198 | ||||||||||||||||
Worldwide Plaza | RXR Realty / New York REIT / Private Investor | 24.35% | 24.35% | 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 |
Property | Partner | Ownership Interest (1) | Economic Interest (1) | Unaudited Approximate Square Feet | ||||||||||||||||
115 Spring Street | Private Investor | 51.00% | 51.00% | 5,218 | ||||||||||||||||
15 Beekman (7) | A fund managed by Meritz Alternative Investment Management | 20.00% | 20.00% | 221,884 | ||||||||||||||||
85 Fifth Avenue | Wells Fargo | 36.30% | 36.30% | 12,946 | ||||||||||||||||
One Madison Avenue (8) | National Pension Service of Korea/Hines Interest LP | 50.50% | 50.50% | 1,048,700 |
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 | |
55 West 46th Street | Prudential Real Estate Investors | 25.00% | 25.00% | 347,000 | |
Stonehenge Portfolio | Various | Various | Various | 1,439,016 | |
605 West 42nd Street | The Moinian Group | 20.00% | 20.00% | 927,358 | |
11 Madison Avenue | PGIM Real Estate | 60.00% | 60.00% | 2,314,000 | |
333 East 22nd Street | Private Investors | 33.33% | 33.33% | 26,926 | |
400 East 57th Street(5) | BlackRock, Inc and Stonehenge Partners | 51.00% | 41.00% | 290,482 | |
One Vanderbilt | National Pension Service of Korea/Hines Interest LP | 71.01% | 71.01% | — | |
Worldwide Plaza | RXR Realty / New York REIT / Private Investor | 24.35% | 24.35% | 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 |
Property | Ownership Interest Disposed | Disposition Date | Gross Asset Valuation (in thousands) | Gain (Loss) on Sale (in thousands) (1) | ||||||||||||||||||||||
885 Third Avenue (2) | N/A | January 2021 | N/A | N/A | ||||||||||||||||||||||
55 West 46th Street - Tower 46 | 25.0% | March 2021 | $ | 275.0 | $ | (15.2) |
Property | Economic Interest (1) | Initial Maturity Date | Final Maturity Date (2) | Interest Rate (3) | March 31, 2020 | December 31, 2019 | ||||||||||||
Fixed Rate Debt: | ||||||||||||||||||
717 Fifth Avenue (mortgage) | 10.92 | % | July 2022 | July 2022 | 4.45 | % | $ | 300,000 | $ | 300,000 |
Property | Economic Interest (1) | Initial Maturity Date | Final Maturity Date (2) | Interest Rate (3) | March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||
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 |
Property | Economic Interest (1) | Initial Maturity Date | Final Maturity Date (2) | Interest Rate (3) | March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||
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 | % | 815,876 | 820,607 | ||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
400 East 57th Street (4) | 41.00 | % | November 2026 | November 2026 | 3.00 | % | 97,024 | 97,024 | ||||||||||||||||||||||||||||||
Worldwide Plaza | 24.35 | % | November 2027 | November 2027 | 3.98 | % | 1,200,000 | 1,200,000 | ||||||||||||||||||||||||||||||
Stonehenge Portfolio (5) | Various | Various | Various | 3.50 | % | 195,899 | 195,899 | |||||||||||||||||||||||||||||||
885 Third Avenue (6) | 0 | 0 | 272,000 | |||||||||||||||||||||||||||||||||||
Total fixed rate debt | $ | 5,328,127 | $ | 5,604,858 | ||||||||||||||||||||||||||||||||||
Floating Rate Debt: | ||||||||||||||||||||||||||||||||||||||
280 Park Avenue | 50.00 | % | September 2021 | September 2024 | L+ | 1.73 | % | $ | 1,200,000 | $ | 1,200,000 | |||||||||||||||||||||||||||
One Vanderbilt (7) | 71.01 | % | September 2021 | September 2023 | L+ | 2.50 | % | 1,283,292 | 1,210,329 | |||||||||||||||||||||||||||||
1552 Broadway | 50.00 | % | October 2021 | October 2022 | L+ | 2.65 | % | 195,000 | 195,000 | |||||||||||||||||||||||||||||
2 Herald Square | 51.00 | % | November 2021 | November 2023 | L+ | 1.45 | % | 214,500 | 214,500 | |||||||||||||||||||||||||||||
11 West 34th Street | 30.00 | % | January 2022 | January 2023 | L+ | 1.45 | % | 23,000 | 23,000 | |||||||||||||||||||||||||||||
121 Greene Street (8) | 50.00 | % | November 2022 | November 2022 | L+ | 2.00 | % | 13,771 | 15,000 | |||||||||||||||||||||||||||||
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 (9) | 20.00 | % | January 2024 | July 2025 | L+ | 1.50 | % | 19,165 | 11,212 | |||||||||||||||||||||||||||||
10 East 53rd Street | 55.00 | % | February 2025 | February 2025 | L+ | 1.35 | % | 220,000 | 220,000 | |||||||||||||||||||||||||||||
One Madison Avenue (10) | 50.50 | % | November 2025 | November 2026 | L+ | 3.35 | % | 40,104 | 0 | |||||||||||||||||||||||||||||
605 West 42nd Street (11) | 20.00 | % | August 2027 | August 2027 | L+ | 1.44 | % | 550,000 | 550,000 | |||||||||||||||||||||||||||||
21 East 66th Street | 32.28 | % | June 2033 | June 2033 | T+ | 2.75 | % | 666 | 677 | |||||||||||||||||||||||||||||
55 West 46th Street | 0 | 0 | 192,524 | |||||||||||||||||||||||||||||||||||
Total floating rate debt | $ | 4,185,048 | $ | 4,257,792 | ||||||||||||||||||||||||||||||||||
Total joint venture mortgages and other loans payable | $ | 9,513,175 | $ | 9,862,650 | ||||||||||||||||||||||||||||||||||
Deferred financing costs, net | (98,252) | (113,446) | ||||||||||||||||||||||||||||||||||||
Total joint venture mortgages and other loans payable, net | $ | 9,414,923 | $ | 9,749,204 |
Property | Economic Interest (1) | Initial Maturity Date | Final Maturity Date (2) | Interest Rate (3) | March 31, 2020 | December 31, 2019 | ||||||||||||
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 | % | 834,084 | 838,546 | ||||||||||
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 | ||||||||||
400 East 57th Street | 41.00 | % | November 2026 | November 2026 | 3.00 | % | 97,202 | 97,735 | ||||||||||
Worldwide Plaza | 24.35 | % | November 2027 | November 2027 | 3.98 | % | 1,200,000 | 1,200,000 | ||||||||||
Stonehenge Portfolio (4) | Various | Various | Various | 3.50 | % | 196,112 | 196,112 | |||||||||||
Total fixed rate debt | $ | 5,346,726 | $ | 5,351,721 | ||||||||||||||
Floating Rate Debt: | ||||||||||||||||||
280 Park Avenue | 50.00 | % | September 2020 | September 2024 | L+ | 1.73 | % | $ | 1,200,000 | $ | 1,200,000 | |||||||
1552 Broadway (5) | 50.00 | % | October 2020 | October 2022 | L+ | 2.65 | % | 195,000 | 195,000 | |||||||||
121 Greene Street | 50.00 | % | November 2020 | November 2021 | L+ | 1.50 | % | 15,000 | 15,000 | |||||||||
11 West 34th Street | 30.00 | % | January 2021 | January 2023 | L+ | 1.45 | % | 23,000 | 23,000 | |||||||||
100 Park Avenue | 49.90 | % | February 2021 | February 2021 | L+ | 1.75 | % | 356,027 | 356,972 | |||||||||
One Vanderbilt (6) | 71.01 | % | September 2021 | September 2023 | L+ | 2.50 | % | 838,936 | 732,928 | |||||||||
2 Herald Square | 51.00 | % | November 2021 | November 2023 | L+ | 1.55 | % | 198,629 | 190,000 | |||||||||
55 West 46th Street (7) | 25.00 | % | August 2022 | August 2024 | L+ | 1.25 | % | 192,524 | 192,524 | |||||||||
115 Spring Street | 51.00 | % | September 2023 | September 2023 | L+ | 3.40 | % | 65,550 | 65,550 | |||||||||
10 East 53rd Street | 55.00 | % | February 2025 | February 2025 | L+ | 1.35 | % | 220,000 | 170,000 | |||||||||
605 West 42nd Street | 20.00 | % | August 2027 | August 2027 | L+ | 1.44 | % | 550,000 | 550,000 | |||||||||
21 East 66th Street | 32.28 | % | June 2033 | June 2033 | 1 Year Treasury+ | 2.75 | % | 708 | 712 | |||||||||
Total floating rate debt | $ | 3,855,374 | $ | 3,691,686 | ||||||||||||||
Total joint venture mortgages and other loans payable | $ | 9,202,100 | $ | 9,043,407 | ||||||||||||||
Deferred financing costs, net | (85,928 | ) | (91,538 | ) | ||||||||||||||
Total joint venture mortgages and other loans payable, net | $ | 9,116,172 | $ | 8,951,869 |
37 SL Green Realty Corp. and SL Green Operating Partnership, L.P. Notes to Consolidated Financial Statements (cont.) March 31, 2021 (unaudited) |
March 31, 2021 | December 31, 2020 | ||||||||||
Assets (1) | |||||||||||
Commercial real estate property, net | $ | 15,243,331 | $ | 16,143,880 | |||||||
Cash and restricted cash | 317,753 | 357,076 | |||||||||
Tenant and other receivables, related party receivables, and deferred rents receivable | 412,203 | 403,883 | |||||||||
Other assets | 1,950,444 | 2,001,612 | |||||||||
Total assets | $ | 17,923,731 | $ | 18,906,451 | |||||||
Liabilities and equity (1) | |||||||||||
Mortgages and other loans payable, net | $ | 9,414,923 | $ | 9,749,204 | |||||||
Deferred revenue | 1,311,191 | 1,341,571 | |||||||||
Lease liabilities | 985,622 | 1,002,563 | |||||||||
Other liabilities | 373,400 | 464,107 | |||||||||
Equity | 5,838,595 | 6,349,006 | |||||||||
Total liabilities and equity | $ | 17,923,731 | $ | 18,906,451 | |||||||
Company's investments in unconsolidated joint ventures | $ | 3,698,701 | $ | 3,823,322 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Total revenues | $ | 301,541 | $ | 282,520 | |||||||||||||||||||
Operating expenses | 46,233 | 51,590 | |||||||||||||||||||||
Real estate taxes | 54,592 | 53,372 | |||||||||||||||||||||
Operating lease rent | 5,644 | 6,361 | |||||||||||||||||||||
Interest expense, net of interest income | 78,749 | 86,324 | |||||||||||||||||||||
Amortization of deferred financing costs | 6,384 | 4,814 | |||||||||||||||||||||
Depreciation and amortization | 114,879 | 98,584 | |||||||||||||||||||||
Total expenses | 306,481 | 301,045 | |||||||||||||||||||||
Net loss before gain on sale | $ | (4,940) | $ | (18,525) | |||||||||||||||||||
Company's equity in net loss from unconsolidated joint ventures | $ | (2,864) | $ | (12,814) |
March 31, 2020 | December 31, 2019 | ||||||
Assets (1) | |||||||
Commercial real estate property, net | $ | 14,392,907 | $ | 14,349,628 | |||
Cash and restricted cash | 329,205 | 336,189 | |||||
Tenant and other receivables, related party receivables, and deferred rents receivable | 346,837 | 371,065 | |||||
Other assets | 1,997,553 | 2,039,429 | |||||
Total assets | $ | 17,066,502 | $ | 17,096,311 | |||
Liabilities and equity (1) | |||||||
Mortgages and other loans payable, net | $ | 9,116,172 | $ | 8,951,869 | |||
Deferred revenue | 1,459,796 | 1,501,616 | |||||
Lease liabilities | 902,161 | 897,380 | |||||
Other liabilities | 284,364 | 308,304 | |||||
Equity | 5,304,009 | 5,437,142 | |||||
Total liabilities and equity | $ | 17,066,502 | $ | 17,096,311 | |||
Company's investments in unconsolidated joint ventures | $ | 2,848,363 | $ | 2,912,842 |
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Total revenues | $ | 282,520 | $ | 307,519 | |||
Operating expenses | 51,590 | 54,124 | |||||
Real estate taxes | 53,372 | 54,236 | |||||
Operating lease rent | 6,361 | 5,901 | |||||
Interest expense, net of interest income | 86,324 | 96,623 | |||||
Amortization of deferred financing costs | 4,814 | 5,216 | |||||
Depreciation and amortization | 98,584 | 104,331 | |||||
Total expenses | 301,045 | 320,431 | |||||
Net loss before gain on sale (1) | $ | (18,525 | ) | $ | (12,912 | ) | |
Company's equity in net loss from unconsolidated joint ventures (1) | $ | (12,814 | ) | $ | (5,234 | ) |
March 31, 2020 | December 31, 2019 | ||||||
Deferred leasing costs | $ | 506,314 | $ | 466,136 | |||
Less: accumulated amortization | (274,040 | ) | (260,853 | ) | |||
Deferred costs, net | $ | 232,274 | $ | 205,283 |
March 31, 2021 | December 31, 2020 | ||||||||||
Deferred leasing costs | $ | 448,197 | $ | 447,002 | |||||||
Less: accumulated amortization | (277,945) | (269,834) | |||||||||
Deferred costs, net | $ | 170,252 | $ | 177,168 |
Property | Initial Maturity Date | Final Maturity Date (1) | Interest Rate (2) | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||
Fixed Rate Debt: | ||||||||||||||||||||||||||||||||
100 Church Street | July 2022 | July 2022 | 4.68% | $ | 203,697 | $ | 204,875 | |||||||||||||||||||||||||
420 Lexington Avenue | October 2024 | October 2040 | 3.99% | 292,672 | 294,035 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
1080 Amsterdam (3) | February 2027 | February 2027 | 3.59% | 34,773 | 34,773 | |||||||||||||||||||||||||||
Total fixed rate debt | $ | 1,081,142 | $ | 1,083,683 | ||||||||||||||||||||||||||||
Floating Rate Debt: | ||||||||||||||||||||||||||||||||
185 Broadway (4) | November 2021 | November 2023 | L+ | 2.85% | $ | 168,870 | $ | 158,478 | ||||||||||||||||||||||||
609 Fifth Avenue | March 2022 | March 2022 | L+ | 2.95% | 57,651 | 57,651 | ||||||||||||||||||||||||||
220 East 42nd Street | June 2023 | June 2025 | L+ | 2.75% | 510,000 | 510,000 | ||||||||||||||||||||||||||
719 Seventh Avenue | September 2023 | September 2023 | L+ | 1.20% | 50,000 | 50,000 | ||||||||||||||||||||||||||
133 Greene Street | 0 | 15,523 | ||||||||||||||||||||||||||||||
106 Spring Street | 0 | 38,025 | ||||||||||||||||||||||||||||||
FHLB Facility | 0 | 10,000 | ||||||||||||||||||||||||||||||
FHLB Facility | 0 | 15,000 | ||||||||||||||||||||||||||||||
FHLB Facility | 0 | 35,000 | ||||||||||||||||||||||||||||||
712 Madison Avenue | 0 | 28,000 | ||||||||||||||||||||||||||||||
2017 Master Repurchase Agreement (5) | 0 | 0 | ||||||||||||||||||||||||||||||
Total floating rate debt | $ | 786,521 | $ | 917,677 | ||||||||||||||||||||||||||||
Total mortgages and other loans payable | $ | 1,867,663 | $ | 2,001,360 | ||||||||||||||||||||||||||||
Deferred financing costs, net of amortization | (18,962) | (21,388) | ||||||||||||||||||||||||||||||
Total mortgages and other loans payable, net | $ | 1,848,701 | $ | 1,979,972 |
Property | Initial Maturity Date | Final Maturity Date (1) | Interest Rate (2) | March 31, 2020 | December 31, 2019 | ||||||||||
Fixed Rate Debt: | |||||||||||||||
100 Church Street | July 2022 | July 2022 | 4.68 | % | $ | 208,197 | $ | 209,296 | |||||||
420 Lexington Avenue | October 2024 | October 2040 | 3.99 | % | 297,885 | 299,165 | |||||||||
400 East 58th Street (3) | November 2026 | November 2026 | 3.00 | % | 38,881 | 39,094 | |||||||||
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 | |||||||||
1080 Amsterdam (4) | February 2027 | February 2027 | 3.59 | % | 34,947 | 35,123 | |||||||||
762 Madison Avenue (5) | — | 771 | |||||||||||||
315 West 33rd Street (6) | — | 250,000 | |||||||||||||
Total fixed rate debt | $ | 1,129,910 | $ | 1,383,449 | |||||||||||
Floating Rate Debt: | |||||||||||||||
FHLB Facility | June 2020 | June 2020 | L+ | 0.17% | $ | 14,500 | $ | 14,500 | |||||||
2017 Master Repurchase Agreement | June 2020 | June 2022 | L+ | 2.09% | 137,473 | 152,684 | |||||||||
FHLB Facility | July 2020 | July 2020 | L+ | 0.17% | 10,000 | — | |||||||||
133 Greene Street | August 2020 | August 2021 | L+ | 2.00% | 15,523 | 15,523 | |||||||||
FHLB Facility | August 2020 | August 2020 | L+ | 0.26% | 15,000 | — | |||||||||
106 Spring Street | January 2021 | January 2022 | L+ | 2.50% | 38,025 | 38,025 | |||||||||
FHLB Facility | January 2021 | January 2021 | L+ | 0.18% | 35,000 | — | |||||||||
609 Fifth Avenue | March 2021 | March 2024 | L+ | 2.40% | 55,416 | 53,773 | |||||||||
185 Broadway (7) | November 2021 | November 2023 | L+ | 2.85% | 130,791 | 120,110 | |||||||||
712 Madison Avenue | December 2021 | December 2022 | L+ | 1.85% | 28,000 | 28,000 | |||||||||
410 Tenth Avenue (8) | May 2022 | May 2024 | L+ | 2.23% | 350,578 | 330,819 | |||||||||
719 Seventh Avenue | September 2023 | September 2023 | L+ | 1.20% | 50,000 | 50,000 | |||||||||
FHLB Facility (9) | — | 10,000 | |||||||||||||
FHLB Facility (9) | — | 15,000 | |||||||||||||
Total floating rate debt | $ | 880,306 | $ | 828,434 | |||||||||||
Total mortgages and other loans payable | $ | 2,010,216 | $ | 2,211,883 | |||||||||||
Deferred financing costs, net of amortization | (23,143 | ) | (28,630 | ) | |||||||||||
Total mortgages and other loans payable, net | $ | 1,987,073 | $ | 2,183,253 |
(2)Interest rate as of |
Issuance | March 31, 2021 Unpaid Principal Balance | March 31, 2021 Accreted Balance | December 31, 2020 Accreted Balance | Interest Rate (1) | Initial Term (in Years) | Maturity Date | |||||||||||||||||||||||||||||||||||
August 7, 2018 (2) (3) | $ | 350,000 | $ | 350,000 | $ | 350,000 | 1.52 | % | 3 | August 2021 | |||||||||||||||||||||||||||||||
October 5, 2017 (2) | 500,000 | 499,830 | 499,803 | 3.25 | % | 5 | October 2022 | ||||||||||||||||||||||||||||||||||
November 15, 2012 (4) | 300,000 | 301,817 | 302,086 | 4.50 | % | 10 | December 2022 | ||||||||||||||||||||||||||||||||||
December 17, 2015 (5) | 100,000 | 100,000 | 100,000 | 4.27 | % | 10 | December 2025 | ||||||||||||||||||||||||||||||||||
$ | 1,250,000 | $ | 1,251,647 | $ | 1,251,889 | ||||||||||||||||||||||||||||||||||||
Deferred financing costs, net | (3,025) | (3,670) | |||||||||||||||||||||||||||||||||||||||
$ | 1,250,000 | $ | 1,248,622 | $ | 1,248,219 |
Issuance | March 31, 2020 Unpaid Principal Balance | March 31, 2020 Accreted Balance | December 31, 2019 Accreted Balance | Interest Rate (1) | Initial Term (in Years) | Maturity Date | ||||||||||||||
August 7, 2018 (2) (3) | $ | 350,000 | $ | 350,000 | $ | 350,000 | L+ | 0.98 | % | 3 | August 2021 | |||||||||
October 5, 2017 (2) | 500,000 | 499,722 | 499,695 | 3.25 | % | 5 | October 2022 | |||||||||||||
November 15, 2012 (4) | 300,000 | 302,881 | 303,142 | 4.50 | % | 10 | December 2022 | |||||||||||||
December 17, 2015 (5) | 100,000 | 100,000 | 100,000 | 4.27 | % | 10 | December 2025 | |||||||||||||
March 16, 2020 (6) | — | — | 250,000 | |||||||||||||||||
$ | 1,250,000 | $ | 1,252,603 | $ | 1,502,837 | |||||||||||||||
Deferred financing costs, net | (5,357 | ) | (5,990 | ) | ||||||||||||||||
$ | 1,250,000 | $ | 1,247,246 | $ | 1,496,847 |
(1) |
(2)Issued by the Operating Partnership with the Company as the guarantor. (3)The notes are subject to redemption at the Company's option, in whole but not in part, at a redemption price equal to 100% of the principal amount of the notes, plus unpaid accrued interest thereon to the redemption date. In April 2020, the Company entered into $350.0 million of fixed rate interest swaps at a rate of 0.54375% through August 2021. (4)In October 2017, the Company and the Operating Partnership as co-obligors issued an additional $100.0 million of 4.50% senior unsecured notes due December 2022. The notes were priced at 105.334% of par. (5)Issued by the Company and the Operating Partnership as co-obligors. |
Scheduled Amortization | Mortgages and Other Loans Payable | Revolving Credit Facility | Unsecured Term Loans | Trust Preferred Securities | Senior Unsecured Notes | Total | Joint Venture Debt | ||||||||||||||||||||||||
Remaining 2020 | $ | 8,351 | $ | 55,023 | $ | — | $ | — | $ | — | $ | — | $ | 63,374 | $ | 114,897 | |||||||||||||||
2021 | 11,638 | 231,815 | — | — | — | 350,000 | 593,453 | 884,953 | |||||||||||||||||||||||
2022 | 9,430 | 741,252 | — | — | — | 800,000 | 1,550,682 | 268,952 | |||||||||||||||||||||||
2023 | 7,301 | 50,000 | 1,300,000 | 1,300,000 | — | — | 2,657,301 | 311,436 | |||||||||||||||||||||||
2024 | 6,032 | 272,749 | — | 200,000 | — | — | 478,781 | 617,022 | |||||||||||||||||||||||
Thereafter | 3,258 | 613,367 | — | — | 100,000 | 100,000 | 816,625 | 1,934,823 | |||||||||||||||||||||||
$ | 46,010 | $ | 1,964,206 | $ | 1,300,000 | $ | 1,500,000 | $ | 100,000 | $ | 1,250,000 | $ | 6,160,216 | $ | 4,132,083 |
Scheduled Amortization | Mortgages and Other Loans Payable | Revolving Credit Facility | Unsecured Term Loans | Trust Preferred Securities | Senior Unsecured Notes | Total | Joint Venture Debt | ||||||||||||||||||||||||||||||||||||||||
Remaining 2021 | $ | 8,031 | $ | 168,870 | $ | 0 | $ | 0 | $ | 0 | $ | 350,000 | $ | 526,901 | $ | 1,126,896 | |||||||||||||||||||||||||||||||
2022 | 8,765 | 255,435 | 0 | 0 | 0 | 800,000 | 1,064,200 | 227,701 | |||||||||||||||||||||||||||||||||||||||
2023 | 6,594 | 560,000 | 630,000 | 1,300,000 | 0 | 0 | 2,496,594 | 491,066 | |||||||||||||||||||||||||||||||||||||||
2024 | 5,280 | 272,749 | 0 | 200,000 | 0 | 0 | 478,029 | 620,843 | |||||||||||||||||||||||||||||||||||||||
2025 | 823 | 0 | 0 | 0 | 0 | 100,000 | 100,823 | 1,403,266 | |||||||||||||||||||||||||||||||||||||||
Thereafter | 924 | 580,192 | 0 | 0 | 100,000 | 0 | 681,116 | 552,813 | |||||||||||||||||||||||||||||||||||||||
$ | 30,417 | $ | 1,837,246 | $ | 630,000 | $ | 1,500,000 | $ | 100,000 | $ | 1,250,000 | $ | 5,347,663 | $ | 4,422,585 |
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Interest expense before capitalized interest | $ | 56,813 | $ | 60,810 | |||
Interest on financing leases | 1,663 | 804 | |||||
Interest capitalized | (20,483 | ) | (10,509 | ) | |||
Interest income | (499 | ) | (580 | ) | |||
Interest expense, net | $ | 37,494 | $ | 50,525 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Interest expense before capitalized interest | $ | 39,868 | $ | 56,813 | |||||||||||||||||||
Interest on financing leases | 1,492 | 1,663 | |||||||||||||||||||||
Interest capitalized | (17,583) | (20,483) | |||||||||||||||||||||
Interest income | (389) | (499) | |||||||||||||||||||||
Interest expense, net | $ | 23,388 | $ | 37,494 |
March 31, 2020 | December 31, 2019 | ||||||
Due from joint ventures | $ | 18,996 | $ | 9,352 | |||
Other | 7,096 | 11,769 | |||||
Related party receivables | $ | 26,092 | $ | 21,121 |
March 31, 2021 | December 31, 2020 | ||||||||||
Due from joint ventures | $ | 26,500 | $ | 27,006 | |||||||
Other | 7,810 | 7,651 | |||||||||
Related party receivables | $ | 34,310 | $ | 34,657 |
March 31, 2020 | December 31, 2019 | ||||||
Balance at beginning of period | $ | 409,862 | $ | 387,805 | |||
Distributions | (1,284 | ) | (14,729 | ) | |||
Issuance of common units | 3,680 | 19,403 | |||||
Redemption and conversion of common units | (18,150 | ) | (27,962 | ) | |||
Net income | 6,202 | 13,301 | |||||
Accumulated other comprehensive loss allocation | (2,886 | ) | (2,276 | ) | |||
Fair value adjustment | (38,529 | ) | 34,320 | ||||
Balance at end of period | $ | 358,895 | $ | 409,862 |
March 31, 2021 | December 31, 2020 | ||||||||||
Balance at beginning of period | $ | 358,262 | $ | 409,862 | |||||||
Distributions | (4,148) | (12,652) | |||||||||
Issuance of common units | 4,483 | 12,018 | |||||||||
Redemption and conversion of common units | (13,261) | (36,085) | |||||||||
Net (loss) income | (476) | 20,016 | |||||||||
Accumulated other comprehensive income (loss) allocation | 2,655 | (2,299) | |||||||||
Fair value adjustment | 26,609 | (32,598) | |||||||||
Balance at end of period | $ | 374,124 | $ | 358,262 |
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 | $ | 0 | August 2015 | ||||||||||||||||||||||||||||||||||||||
Series F | 7.00% | 60 | 60 | 60 | $ | 70.0000 | $ | 1,000.00 | $ | 29.12 | January 2007 | |||||||||||||||||||||||||||||||||||||||
Series G (5) | 4.50% | 1,902,000 | 1,902,000 | 718,697 | $ | 1.1250 | $ | 25.00 | $ | 88.50 | January 2012 | |||||||||||||||||||||||||||||||||||||||
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 | $ | 0 | August 2014 | |||||||||||||||||||||||||||||||||||||||
Series M | 3.75% | 1,600,000 | 1,600,000 | 96,357 | $ | 0.9375 | $ | 25.00 | $ | 0 | February 2015 | |||||||||||||||||||||||||||||||||||||||
Series P | 4.00% | 200,000 | 200,000 | 200,000 | $ | 1.0000 | $ | 25.00 | $ | 0 | 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 | $ | 0 | August 2015 | |||||||||||||||||||||||||||||||||||||||
Series V | 3.50% | 40,000 | 40,000 | 40,000 | $ | 0.8750 | $ | 25.00 | $ | 0 | May 2019 | |||||||||||||||||||||||||||||||||||||||
Series W (6) | (6) | 1 | 1 | 1 | (6) | (6) | (6) | January 2020 | ||||||||||||||||||||||||||||||||||||||||||
Issuance | Number of Units Authorized | Number of Units Issued | Annual Dividend Per Unit(1) | Liquidation Preference Per Unit(2) | Conversion Price Per Unit(3) | Date of Issuance | ||||||||||||||
3.50% Series A (4) | 109,161 | 109,161 | $ | 35.0000 | $ | 1,000.00 | $ | — | August 2015 | |||||||||||
7.00% Series F | 60 | 60 | $ | 70.0000 | $ | 1,000.00 | $ | 29.12 | January 2007 | |||||||||||
4.50% Series G (5) | 1,902,000 | 1,902,000 | $ | 1.1250 | $ | 25.00 | $ | 88.50 | January 2012 | |||||||||||
3.50% Series K | 700,000 | 563,954 | $ | 0.8750 | $ | 25.00 | $ | 134.67 | August 2014 | |||||||||||
4.00% Series L | 500,000 | 378,634 | $ | 1.0000 | $ | 25.00 | — | August 2014 | ||||||||||||
3.75% Series M | 1,600,000 | 1,600,000 | $ | 0.9375 | $ | 25.00 | — | February 2015 | ||||||||||||
4.00% Series P | 200,000 | 200,000 | $ | 1.0000 | $ | 25.00 | — | July 2015 | ||||||||||||
3.50% Series Q | 268,000 | 268,000 | $ | 0.8750 | $ | 25.00 | $ | 148.95 | July 2015 | |||||||||||
3.50% Series R | 400,000 | 400,000 | $ | 0.8750 | $ | 25.00 | $ | 154.89 | August 2015 | |||||||||||
4.00% Series S | 1,077,280 | 1,077,280 | $ | 1.0000 | $ | 25.00 | — | August 2015 | ||||||||||||
2.75% Series T | 230,000 | 230,000 | $ | 0.6875 | $ | 25.00 | $ | 119.02 | March 2016 | |||||||||||
4.50% Series U (6) | 680,000 | 680,000 | $ | 1.1250 | $ | 25.00 | — | March 2016 | ||||||||||||
3.50% Series V | 40,000 | 40,000 | $ | 0.8750 | $ | 25.00 | — | May 2019 | ||||||||||||
Series W (7) | 1 | 1 | (6 | ) | (6 | ) | — | January 2020 |
March 31, 2020 | December 31, 2019 | ||||||
Balance at beginning of period | $ | 283,285 | $ | 300,427 | |||
Issuance of preferred units | — | 1,000 | |||||
Redemption of preferred units | (19,392 | ) | (18,142 | ) | |||
Accrued dividends on preferred units | 2,126 | — | |||||
Balance at end of period | $ | 266,019 | $ | 283,285 |
March 31, 2021 | December 31, 2020 | ||||||||||
Balance at beginning of period | $ | 202,169 | $ | 283,285 | |||||||
Issuance of preferred units | 0 | 0 | |||||||||
Redemption of preferred units | (3,631) | (82,750) | |||||||||
Dividends paid on preferred units | (1,731) | (6,163) | |||||||||
Accrued dividends on preferred units | 1,696 | 7,797 | |||||||||
Balance at end of period | $ | 198,503 | $ | 202,169 |
Period | Shares repurchased | Average price paid per share | Cumulative number of shares repurchased as part of the repurchase plan or programs | |||||||||||
Year ended 2017 | 8,105,881 | $104.61 | 8,105,881 | |||||||||||
Year ended 2018 | 9,468,617 | $99.03 | 17,574,498 |
Period | Shares repurchased | Average price paid per share | Cumulative number of shares repurchased as part of the repurchase plan or programs |
Year ended 2017 | 8,342,411 | $101.64 | 8,342,411 |
Year ended 2018 | 9,744,911 | $96.22 | 18,087,322 |
Year ended 2019 | 4,596,171 | $83.62 | 22,683,493 |
First quarter 2020 | 2,637,099 | $83.25 | 25,320,592 |
Year ended 2019 | 4,465,857 | $86.06 | 22,040,355 | |||||||||||
Year Ended 2020 | 8,529,279 | $62.39 | 30,569,634 | |||||||||||
Three months ended March 31, 2021 | 1,306,460 | $61.46 | 31,876,094 |
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Shares of common stock issued | 1,777 | 540 | |||||
Dividend reinvestments/stock purchases under the DRSPP | $ | 166 | $ | 47 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Shares of common stock issued | 5,483 | 1,727 | |||||||||||||||||||||
Dividend reinvestments/stock purchases under the DRSPP | $ | 351 | $ | 166 |
Three Months Ended March 31, | |||||||||||||||||||||||
Numerator | 2021 | 2020 | |||||||||||||||||||||
Basic Earnings: | |||||||||||||||||||||||
Net (loss) income attributable to SL Green common stockholders | $ | (7,464) | $ | 114,801 | |||||||||||||||||||
Less: distributed earnings allocated to participating securities | (371) | (113) | |||||||||||||||||||||
Less: undistributed earnings allocated to participating securities | 0 | (464) | |||||||||||||||||||||
Net (loss) income attributable to SL Green common stockholders (numerator for basic earnings per share) | $ | (7,835) | $ | 114,224 | |||||||||||||||||||
Add back: dilutive effect of earnings allocated to participating securities | 371 | 113 | |||||||||||||||||||||
Add back: undistributed earnings allocated to participating securities | 0 | 464 | |||||||||||||||||||||
Add back: effect of dilutive securities (redemption of units to common shares) | (476) | 6,202 | |||||||||||||||||||||
Net (loss) income attributable to SL Green common stockholders (numerator for diluted earnings per share) | $ | (7,940) | $ | 121,003 |
Three Months Ended March 31, | |||||||
Numerator | 2020 | 2019 | |||||
Basic Earnings: | |||||||
Income attributable to SL Green common stockholders | $ | 114,801 | $ | 43,792 | |||
Less: distributed earnings allocated to participating securities | (113 | ) | (124 | ) | |||
Less: undistributed earnings allocated to participating securities | (448 | ) | — | ||||
Net income attributable to SL Green common stockholders (numerator for basic earnings per share) | $ | 114,240 | $ | 43,668 | |||
Add back: dilutive effect of earnings allocated to participating securities | 113 | 124 | |||||
Add back: undistributed earnings allocated to participating securities | 448 | — | |||||
Add back: effect of dilutive securities (redemption of units to common shares) | 6,202 | 2,278 | |||||
Income attributable to SL Green common stockholders (numerator for diluted earnings per share) | $ | 121,003 | $ | 46,070 |
Three Months Ended March 31, | |||||
Denominator | 2020 | 2019 | |||
Basic Shares: | |||||
Weighted average common stock outstanding | 77,864 | 83,313 | |||
Effect of Dilutive Securities: | |||||
Operating Partnership units redeemable for common shares | 4,220 | 4,333 | |||
Stock-based compensation plans | 483 | 164 | |||
Diluted weighted average common stock outstanding | 82,567 | 87,810 |
Three Months Ended March 31, | |||||||||||||||||||||||
Denominator | 2021 | 2020 | |||||||||||||||||||||
Basic Shares: | |||||||||||||||||||||||
Weighted average common stock outstanding | 69,010 | 75,656 | |||||||||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||||||||
Operating Partnership units redeemable for common shares | 4,148 | 4,220 | |||||||||||||||||||||
Stock-based compensation plans | 595 | 476 | |||||||||||||||||||||
Contingently issuable shares from special dividend declared December 4, 2020 and issued January 15, 2021 | 317 | 0 | |||||||||||||||||||||
Diluted weighted average common stock outstanding | 74,070 | 80,352 |
Three Months Ended March 31, | |||||||||||||||||||||||
Numerator | 2021 | 2020 | |||||||||||||||||||||
Basic Earnings: | |||||||||||||||||||||||
Net (loss) income attributable to SLGOP common unitholders | $ | (7,940) | $ | 121,003 | |||||||||||||||||||
Less: distributed earnings allocated to participating securities | (371) | (113) | |||||||||||||||||||||
Less: undistributed earnings allocated to participating securities | 0 | (464) | |||||||||||||||||||||
Net (loss) income attributable to SLGOP common unitholders (numerator for basic earnings per unit) | $ | (8,311) | $ | 120,426 | |||||||||||||||||||
Add back: dilutive effect of earnings allocated to participating securities | 371 | 113 | |||||||||||||||||||||
Add back: undistributed earnings allocated to participating securities | 0 | 464 | |||||||||||||||||||||
Net (loss) income attributable to SLGOP common unitholders (numerator for diluted earnings per unit) | $ | (7,940) | $ | 121,003 |
Three Months Ended March 31, | |||||||
Numerator | 2020 | 2019 | |||||
Basic Earnings: | |||||||
Income attributable to SLGOP common unitholders | $ | 121,003 | $ | 46,070 | |||
Less: distributed earnings allocated to participating securities | (113 | ) | (124 | ) | |||
Less: undistributed earnings allocated to participating securities | (448 | ) | — | ||||
Net Income attributable to SLGOP common unitholders (numerator for basic earnings per unit) | $ | 120,442 | $ | 45,946 | |||
Add back: dilutive effect of earnings allocated to participating securities | 113 | 124 | |||||
Add back: undistributed earnings allocated to participating securities | 448 | — | |||||
Income attributable to SLGOP common unitholders (numerator for diluted earnings per unit) | $ | 121,003 | $ | 46,070 |
Three Months Ended March 31, | |||||
Denominator | 2020 | 2019 | |||
Basic units: | |||||
Weighted average common units outstanding | 82,084 | 87,646 | |||
Effect of Dilutive Securities: | |||||
Stock-based compensation plans | 483 | 164 | |||
Diluted weighted average common units outstanding | 82,567 | 87,810 |
Three Months Ended March 31, | |||||||||||||||||||||||
Denominator | 2021 | 2020 | |||||||||||||||||||||
Basic units: | |||||||||||||||||||||||
Weighted average common units outstanding | 73,158 | 79,876 | |||||||||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||||||||
Stock-based compensation plans | 595 | 476 | |||||||||||||||||||||
Contingently issuable units from special distribution declared December 4, 2020 and issued January 15, 2021 | 317 | 0 | |||||||||||||||||||||
Diluted weighted average common units outstanding | 74,070 | 80,352 |
March 31, 2020 | December 31, 2019 | ||||||||||||
Options Outstanding | Weighted Average Exercise Price | Options Outstanding | Weighted Average Exercise Price | ||||||||||
Balance at beginning of period | 1,037,068 | $ | 102.36 | 1,137,017 | $ | 103.54 | |||||||
Granted | — | — | — | — | |||||||||
Exercised | — | — | — | — | |||||||||
Lapsed or canceled | (5,500 | ) | 109.90 | (99,949 | ) | 115.81 | |||||||
Balance at end of period | 1,031,568 | $ | 102.32 | 1,037,068 | $ | 102.36 | |||||||
Options exercisable at end of period | 1,029,568 | $ | 102.32 | 914,929 | $ | 101.69 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Options Outstanding | Weighted Average Exercise Price | Options Outstanding | Weighted Average Exercise Price | ||||||||||||||||||||
Balance at beginning of period | 784,995 | $ | 102.62 | 1,007,665 | $ | 105.35 | |||||||||||||||||
Granted | 0 | 0 | 0 | 0 | |||||||||||||||||||
Exercised | 0 | 0 | 0 | 0 | |||||||||||||||||||
Lapsed or canceled | (9,716) | 86.13 | (222,670) | 114.97 | |||||||||||||||||||
Balance at end of period | 775,279 | $ | 102.83 | 784,995 | $ | 102.62 | |||||||||||||||||
Options exercisable at end of period | 775,278 | $ | 102.83 | 782,022 | $ | 102.62 | |||||||||||||||||
March 31, 2020 | December 31, 2019 | ||||||
Balance at beginning of period | 3,566,466 | 3,452,016 | |||||
Granted | 8,320 | 126,350 | |||||
Canceled | (13,267 | ) | (11,900 | ) | |||
Balance at end of period | 3,561,519 | 3,566,466 | |||||
Vested during the period | 131,602 | 113,259 | |||||
Compensation expense recorded | $ | 2,929,781 | $ | 12,892,249 | |||
Total fair value of restricted stock granted during the period | $ | 687,839 | $ | 11,131,181 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||
Balance at beginning of period | 3,439,674 | 3,465,347 | |||||||||||||||
Granted | 145,845 | 8,959 | |||||||||||||||
Canceled | (12,437) | (34,632) | |||||||||||||||
Balance at end of period | 3,573,082 | 3,439,674 | |||||||||||||||
Vested during the period | 117,487 | 128,891 | |||||||||||||||
Compensation expense recorded | $ | 2,067,125 | $ | 10,895,459 | |||||||||||||
Total fair value of restricted stock granted during the period | $ | 9,214,531 | $ | 734,315 |
Net unrealized loss on derivative instruments (1) | SL Green’s share of joint venture net unrealized loss on derivative instruments (2) | Net unrealized gain (loss) on marketable securities | Total | ||||||||||||||||||||
Balance at December 31, 2020 | $ | (57,415) | $ | (10,853) | $ | 1,021 | $ | (67,247) | |||||||||||||||
Other comprehensive income before reclassifications | 9,771 | 33,024 | (247) | 42,548 | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 4,196 | 1,606 | 0 | 5,802 | |||||||||||||||||||
Balance at March 31, 2021 | $ | (43,448) | $ | 23,777 | $ | 774 | $ | (18,897) |
Net unrealized loss on derivative instruments (1) | SL Green’s share of joint venture net unrealized loss on derivative instruments (2) | Net unrealized gain (loss) on marketable securities | Total | ||||||||||||
Balance at December 31, 2019 | $ | (22,780 | ) | $ | (7,982 | ) | $ | 2,277 | $ | (28,485 | ) | ||||
Other comprehensive loss before reclassifications | (42,728 | ) | (6,709 | ) | (4,306 | ) | (53,743 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | 687 | 673 | — | 1,360 | |||||||||||
Balance at March 31, 2020 | $ | (64,821 | ) | $ | (14,018 | ) | $ | (2,029 | ) | $ | (80,868 | ) |
March 31, 2021 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Marketable securities | $ | 23,784 | $ | 0 | $ | 23,784 | $ | 0 | |||||||||||||||
Interest rate cap and swap agreements (included in Other assets) | $ | 365 | $ | 0 | $ | 365 | $ | 0 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Interest rate cap and swap agreements (included in Other liabilities) | $ | 47,033 | $ | 0 | $ | 47,033 | $ | 0 | |||||||||||||||
March 31, 2020 | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets: | |||||||||||||||
Marketable securities | $ | 25,353 | $ | — | $ | 25,353 | $ | — | |||||||
Interest rate cap and swap agreements (included in other assets) | $ | 2 | $ | — | $ | 2 | $ | — | |||||||
Liabilities: | |||||||||||||||
Interest rate cap and swap agreements (included in other liabilities) | $ | 68,722 | $ | — | $ | 68,722 | $ | — |
December 31, 2019 | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets: | |||||||||||||||
Marketable securities | $ | 29,887 | $ | — | $ | 29,887 | $ | — | |||||||
Interest rate cap and swap agreements (included in other assets) | $ | 4,419 | $ | — | $ | 4,419 | $ | — | |||||||
Liabilities: | |||||||||||||||
Interest rate cap and swap agreements (included in other liabilities) | $ | 29,110 | $ | — | $ | 29,110 | $ | — |
December 31, 2020 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Marketable securities | $ | 28,570 | $ | 0 | $ | 28,570 | $ | 0 | |||||||||||||||
Interest rate cap and swap agreements (included in Other assets) | $ | 28 | $ | 0 | $ | 28 | $ | 0 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Interest rate cap and swap agreements (included in Other liabilities) | $ | 61,217 | $ | 0 | $ | 61,217 | $ | 0 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Carrying Value (1) | Fair Value | Carrying Value (1) | Fair Value | ||||||||||||||||||||
Debt and preferred equity investments | $ | 1,097,202 | (2) | $ | 1,076,542 | (2) | |||||||||||||||||
Fixed rate debt | $ | 3,932,789 | $ | 4,027,789 | $ | 3,135,572 | $ | 3,237,075 | |||||||||||||||
Variable rate debt | 1,416,521 | 1,420,814 | 1,827,677 | 1,822,740 | |||||||||||||||||||
$ | 5,349,310 | $ | 5,448,603 | $ | 4,963,249 | $ | 5,059,815 |
March 31, 2020 | December 31, 2019 | ||||||||||||||
Carrying Value (1) | Fair Value | Carrying Value (1) | Fair Value | ||||||||||||
Debt and preferred equity investments | $ | 1,783,336 | (2) | $ | 1,580,306 | (2) | |||||||||
Fixed rate debt | $ | 3,032,513 | $ | 3,117,072 | $ | 3,536,286 | $ | 3,642,770 | |||||||
Variable rate debt | 3,130,306 | 3,125,267 | 2,018,434 | 2,018,714 | |||||||||||
$ | 6,162,819 | $ | 6,242,339 | $ | 5,554,720 | $ | 5,661,484 |
Notional Value | Strike Rate | Effective Date | Expiration Date | Balance Sheet Location | Fair Value | |||||||||||
Interest Rate Cap | $ | 300,000 | 3.750 | % | May 2019 | May 2020 | Other Assets | $ | — | |||||||
Interest Rate Swap | 100,000 | 1.928 | % | December 2017 | November 2020 | Other Liabilities | (1,029 | ) | ||||||||
Interest Rate Swap | 100,000 | 1.934 | % | December 2017 | November 2020 | Other Liabilities | (1,033 | ) | ||||||||
Interest Rate Cap | 111,869 | 3.500 | % | December 2019 | December 2020 | Other Assets | — | |||||||||
Interest Rate Cap | 85,000 | 4.000 | % | March 2019 | March 2021 | Other Assets | 2 | |||||||||
Interest Rate Swap | 200,000 | 1.131 | % | July 2016 | July 2023 | Other Liabilities | (5,352 | ) | ||||||||
Interest Rate Swap | 100,000 | 1.161 | % | July 2016 | July 2023 | Other Liabilities | (2,774 | ) | ||||||||
Interest Rate Swap | 150,000 | 2.696 | % | January 2019 | January 2024 | Other Liabilities | (13,202 | ) | ||||||||
Interest Rate Swap | 150,000 | 2.721 | % | January 2019 | January 2026 | Other Liabilities | (19,338 | ) | ||||||||
Interest Rate Swap | 200,000 | 2.740 | % | January 2019 | January 2026 | Other Liabilities | (25,994 | ) | ||||||||
$ | (68,720 | ) |
Notional Value | Strike Rate | Effective Date | Expiration Date | Balance Sheet Location | Fair Value | ||||||||||||||||||||||||||||||
Interest Rate Swap | $ | 350,000 | 0.544 | % | April 2020 | August 2021 | Other Liabilities | $ | (472) | ||||||||||||||||||||||||||
Interest Rate Cap | 111,869 | 3.500 | % | December 2020 | November 2021 | Other Assets | 0 | ||||||||||||||||||||||||||||
Interest Rate Cap | 510,000 | 3.000 | % | June 2020 | December 2021 | Other Assets | 0 | ||||||||||||||||||||||||||||
Interest Rate Swap | 200,000 | 0.138 | % | February 2021 | February 2022 | Other Liabilities | (3) | ||||||||||||||||||||||||||||
Interest Rate Swap | 100,000 | 0.136 | % | February 2021 | February 2022 | Other Assets | 0 | ||||||||||||||||||||||||||||
Interest Rate Cap | 85,000 | 4.000 | % | March 2021 | March 2022 | Other Assets | 0 | ||||||||||||||||||||||||||||
Interest Rate Swap | 100,000 | 0.212 | % | January 2021 | January 2023 | Other Assets | 95 | ||||||||||||||||||||||||||||
Interest Rate Swap | 400,000 | 0.160 | % | February 2021 | February 2023 | Other Assets | 270 | ||||||||||||||||||||||||||||
Interest Rate Swap | 200,000 | 1.131 | % | July 2016 | July 2023 | Other Liabilities | (4,017) | ||||||||||||||||||||||||||||
Interest Rate Swap | 100,000 | 1.161 | % | July 2016 | July 2023 | Other Liabilities | (2,077) | ||||||||||||||||||||||||||||
Interest Rate Swap | 150,000 | 2.696 | % | January 2019 | January 2024 | Other Liabilities | (9,675) | ||||||||||||||||||||||||||||
Interest Rate Swap | 150,000 | 2.721 | % | January 2019 | January 2026 | Other Liabilities | (13,117) | ||||||||||||||||||||||||||||
Interest Rate Swap | 200,000 | 2.740 | % | January 2019 | January 2026 | Other Liabilities | (17,672) | ||||||||||||||||||||||||||||
$ | (46,668) |
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) | Location of Loss Reclassified from Accumulated Other Comprehensive Loss into Income | Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Income | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||
Derivative | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||
Interest Rate Swaps/Caps | $ | 10,220 | $ | (45,082) | Interest expense | $ | (4,388) | $ | (725) | |||||||||||||||||||||||||||||||||||
Share of unconsolidated joint ventures' derivative instruments | 34,955 | (7,089) | Equity in net loss from unconsolidated joint ventures | (1,700) | (711) | |||||||||||||||||||||||||||||||||||||||
$ | 45,175 | $ | (52,171) | $ | (6,088) | $ | (1,436) |
Amount of Loss Recognized in Other Comprehensive Loss | Location of (Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Income | Amount of (Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Income | ||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||
Derivative | 2020 | 2019 | 2020 | 2019 | ||||||||||||||
Interest Rate Swaps/Caps | $ | (45,082 | ) | $ | (11,963 | ) | Interest expense | $ | (725 | ) | $ | 535 | ||||||
Share of unconsolidated joint ventures' derivative instruments | (7,089 | ) | (5,369 | ) | Equity in net loss from unconsolidated joint ventures | (711 | ) | 368 | ||||||||||
$ | (52,171 | ) | $ | (17,332 | ) | $ | (1,436 | ) | $ | 903 |
Notional Value | Strike Rate | Effective Date | Expiration Date | Classification | Fair Value | ||||||||||||||||||||||||||||||
Interest Rate Swap | $ | 177,000 | 1.669 | % | March 2016 | February 2026 | Liability | $ | (6,459) | ||||||||||||||||||||||||||
Interest Rate Cap | 375,000 | 2.600 | % | August 2018 | September 2021 | Asset | 0 | ||||||||||||||||||||||||||||
Interest Rate Cap | 20,026 | 2.600 | % | April 2019 | September 2021 | Asset | 0 | ||||||||||||||||||||||||||||
Interest Rate Cap | 198,000 | 4.000 | % | August 2019 | August 2022 | Asset | 2 | ||||||||||||||||||||||||||||
Interest Rate Cap | 220,000 | 4.000 | % | February 2020 | February 2022 | Asset | 0 | ||||||||||||||||||||||||||||
Interest Rate Cap | 550,000 | 3.750 | % | August 2020 | September 2023 | Asset | 138 | ||||||||||||||||||||||||||||
Interest Rate Cap | 1,075,000 | 3.750 | % | September 2020 | September 2021 | Asset | 0 | ||||||||||||||||||||||||||||
Interest Rate Cap | 125,000 | 3.750 | % | September 2020 | September 2021 | Asset | 0 | ||||||||||||||||||||||||||||
Interest Rate Cap | 1,250,000 | 1.250 | % | November 2020 | October 2024 | Asset | 5,764 | ||||||||||||||||||||||||||||
Interest Rate Cap | 23,000 | 4.750 | % | January 2021 | January 2023 | Asset | 1 | ||||||||||||||||||||||||||||
Interest Rate Swap | 2,250,000 | 1.611 | % | June 2021 | June 2031 | Asset | 42,635 | ||||||||||||||||||||||||||||
$ | 42,081 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Fixed lease payments | $ | 164,679 | $ | 194,224 | ||||||||||||||||||||||
Variable lease payments | 25,279 | 27,168 | ||||||||||||||||||||||||
Total lease payments (1) | $ | 189,958 | $ | 221,392 | ||||||||||||||||||||||
Amortization of acquired above and below-market leases | (1,869) | 1,239 | ||||||||||||||||||||||||
Total rental revenue | $ | 188,089 | $ | 222,631 |
Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | |||||||
Fixed lease payments | $ | 194,224 | $ | 211,430 | ||||
Variable lease payments | 27,168 | 27,479 | ||||||
Total lease payments | $ | 221,392 | $ | 238,909 | ||||
Amortization of acquired above and below-market leases | 1,239 | 1,209 | ||||||
Total rental revenue | $ | 222,631 | $ | 240,118 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Interest income (1) | $ | 1,101 | $ | 0 |
Property (1) | Year of Current Expiration | Year of Final Expiration (2) | ||||||
1185 Avenue of the Americas | 2043 | 2043 | ||||||
SL Green Headquarters at One Vanderbilt (3) | 2043 | 2048 | ||||||
625 Madison Avenue | 2022 | 2054 | ||||||
420 Lexington Avenue | 2050 | 2080 | ||||||
885 Third Avenue | 2080 | 2080 | ||||||
711 Third Avenue (4) | 2033 | 2083 | ||||||
461 Fifth Avenue (5) | 2027 | 2084 | ||||||
1080 Amsterdam Avenue (6) | 2111 | 2111 | ||||||
15 Beekman (7)(8) | 2119 | 2119 |
Property (1) | Year of Current Expiration | Year of Final Expiration (2) |
1185 Avenue of the Americas | 2043 | 2043 |
625 Madison Avenue | 2022 | 2054 |
420 Lexington Avenue | 2050 | 2080 |
711 Third Avenue (3) | 2033 | 2083 |
461 Fifth Avenue (4) | 2027 | 2084 |
1055 Washington Blvd, Stamford, Connecticut | 2090 | 2090 |
1080 Amsterdam Avenue (5) | 2111 | 2111 |
30 East 40th Street (5) | 2114 | 2114 |
126 Nassau Street (4) | 2119 | 2119 |
Other | Various | Various |
Financing leases | Operating leases | ||||||||||
Remaining 2021 | $ | 31,136 | $ | 31,954 | |||||||
2022 | 3,522 | 29,386 | |||||||||
2023 | 3,570 | 29,502 | |||||||||
2024 | 3,641 | 30,545 | |||||||||
2025 | 3,810 | 30,772 | |||||||||
2026 | 3,858 | 30,911 | |||||||||
Thereafter | 256,692 | 631,532 | |||||||||
Total minimum lease payments | $ | 306,229 | $ | 814,602 | |||||||
Amount representing interest | (153,607) | ||||||||||
Amount discounted using incremental borrowing rate | (359,217) | ||||||||||
Lease liabilities | $ | 152,622 | $ | 455,385 |
Financing leases | Operating leases (1) | ||||||
Remaining 2020 | $ | 5,812 | $ | 22,077 | |||
2021 | 34,885 | 29,452 | |||||
2022 | 5,881 | 27,148 | |||||
2023 | 5,927 | 24,844 | |||||
2024 | 5,999 | 24,863 | |||||
2025 | 6,266 | 24,962 | |||||
Thereafter | 1,018,013 | 618,326 | |||||
Total minimum lease payments | $ | 1,082,783 | $ | 771,672 | |||
Amount representing interest | (920,484 | ) | |||||
Amount discounted using incremental borrowing rate | (407,682 | ) | |||||
Lease liabilities | $ | 162,299 | $ | 363,990 |
Three Months Ended March 31, | ||||||||||||||
Operating Lease Costs | 2021 | 2020 | ||||||||||||
Operating lease costs before capitalized operating lease costs | $ | 7,567 | $ | 8,113 | ||||||||||
Operating lease costs capitalized | (828) | (746) | ||||||||||||
Operating lease costs, net (1) | $ | 6,739 | $ | 7,367 |
Three Months Ended March 31, | ||||||||||||||
Financing Lease Costs | 2021 | 2020 | ||||||||||||
Interest on financing leases before capitalized interest | $ | 1,492 | $ | 1,663 | ||||||||||
Interest on financing leases capitalized | 0 | (747) | ||||||||||||
Interest on financing leases, net (1) | 1,492 | 916 | ||||||||||||
Amortization of right-of-use assets (2) | 180 | 305 | ||||||||||||
Financing lease costs, net | $ | 1,672 | $ | 1,221 |
Real Estate Segment | Debt and Preferred Equity Segment | Total Company | ||||||||||
Total revenues | ||||||||||||
Three months ended: | ||||||||||||
March 31, 2020 | $ | 275,770 | $ | 38,533 | $ | 314,303 | ||||||
March 31, 2019 | 254,224 | 50,031 | 304,255 | |||||||||
Net income | ||||||||||||
Three months ended: | ||||||||||||
March 31, 2020 | $ | 111,233 | $ | 15,881 | $ | 127,114 | ||||||
March 31, 2019 | 21,572 | 31,197 | 52,769 | |||||||||
Total assets | ||||||||||||
As of: | ||||||||||||
March 31, 2020 | $ | 11,345,239 | $ | 1,875,368 | $ | 13,220,607 | ||||||
December 31, 2019 | 11,063,155 | 1,703,165 | 12,766,320 |
Real Estate Segment | Debt and Preferred Equity Segment | Total Company | ||||||||||||||||||
Total revenues | ||||||||||||||||||||
Three months ended: | ||||||||||||||||||||
March 31, 2021 | $ | 206,829 | $ | 19,273 | $ | 226,102 | ||||||||||||||
March 31, 2020 | 275,770 | 38,533 | 314,303 | |||||||||||||||||
Net (loss) income | ||||||||||||||||||||
Three months ended: | ||||||||||||||||||||
March 31, 2021 | $ | (20,027) | $ | 16,172 | $ | (3,855) | ||||||||||||||
March 31, 2020 | 111,233 | 15,881 | 127,114 | |||||||||||||||||
Total assets | ||||||||||||||||||||
As of: | ||||||||||||||||||||
March 31, 2021 | $ | 10,896,203 | $ | 1,147,842 | $ | 12,044,045 | ||||||||||||||
December 31, 2020 | 10,579,899 | 1,127,668 | 11,707,567 |
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 | 18 | 10,526,345 | 9 | 10,869,183 | 27 | 21,395,528 | 93.4 | % | |||||||||||||||||||||||||||||||||||||||||
Retail | 1 | 10,040 | 9 | 301,996 | 10 | 312,036 | 94.6 | % | ||||||||||||||||||||||||||||||||||||||||||
Development/Redevelopment | (1) | 9 | 1,890,614 | 3 | 2,927,782 | 12 | 4,818,396 | N/A | ||||||||||||||||||||||||||||||||||||||||||
28 | 12,426,999 | 21 | 14,098,961 | 49 | 26,525,960 | 93.5 | % | |||||||||||||||||||||||||||||||||||||||||||
Suburban | Office | 7 | 862,800 | — | — | 7 | 862,800 | 81.6 | % | |||||||||||||||||||||||||||||||||||||||||
Total commercial properties | 35 | 13,289,799 | 21 | 14,098,961 | 56 | 27,388,760 | 93.0 | % | ||||||||||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Manhattan | Residential | 1 | 82,250 | 8 | 1,663,774 | 9 | 1,746,024 | 79.1 | % | |||||||||||||||||||||||||||||||||||||||||
Total portfolio | 36 | 13,372,049 | 29 | 15,762,735 | 65 | 29,134,784 | 92.2 | % |
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 | 18 | 10,647,191 | 10 | 11,216,183 | 28 | 21,863,374 | 93.7 | % | ||||||||||||||
Retail | 4 | 44,189 | 8 | 289,050 | 12 | 333,239 | 98.0 | % | |||||||||||||||
Development/Redevelopment | 11 | 3,028,211 | 1 | 1,657,198 | 12 | 4,685,409 | N/A | ||||||||||||||||
Fee Interest | — | — | 1 | — | 1 | — | — | % | |||||||||||||||
33 | 13,719,591 | 20 | 13,162,431 | 53 | 26,882,022 | 93.8 | % | ||||||||||||||||
Suburban | Office | 8 | 1,044,800 | — | — | 8 | 1,044,800 | 85.5 | % | ||||||||||||||
Retail | 1 | 52,000 | — | — | 1 | 52,000 | 100.0 | % | |||||||||||||||
Development/Redevelopment | — | — | — | — | — | — | — | % | |||||||||||||||
9 | 1,096,800 | — | — | 9 | 1,096,800 | 86.2 | % | ||||||||||||||||
Total commercial properties | 42 | 14,816,391 | 20 | 13,162,431 | 62 | 27,978,822 | 93.4 | % | |||||||||||||||
Residential: | |||||||||||||||||||||||
Manhattan | Residential | 2 | 222,250 | 8 | 1,663,774 | 10 | 1,886,024 | 96.7 | % | ||||||||||||||
Total residential properties | 2 | 222,250 | 8 | 1,663,774 | 10 | 1,886,024 | 96.7 | % | |||||||||||||||
Total portfolio | 44 | 15,038,641 | 28 | 14,826,205 | 72 | 29,864,846 | 93.6 | % |
Same-Store | Disposed | Other | Consolidated | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | $ Change | % Change | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | $ Change | % Change | ||||||||||||||||||||||||||||||||||
Rental revenue | $ | 194.1 | $ | 189.8 | $ | 4.3 | 2.3 | % | $ | 8.3 | $ | 18.5 | $ | 20.2 | $ | 31.8 | $ | 222.6 | $ | 240.1 | $ | (17.5 | ) | (7.3 | )% | |||||||||||||||||||||
Investment income | — | — | — | — | % | — | — | 38.5 | 50.0 | 38.5 | 50.0 | (11.5 | ) | (23.0 | )% | |||||||||||||||||||||||||||||||
Other income | 0.4 | 0.6 | (0.2 | ) | (33.3 | )% | — | 4.2 | 52.8 | 9.3 | 53.2 | 14.1 | 39.1 | 277.3 | % | |||||||||||||||||||||||||||||||
Total revenues | 194.5 | 190.4 | 4.1 | 2.2 | % | 8.3 | 22.7 | 111.5 | 91.1 | 314.3 | 304.2 | 10.1 | 3.3 | % | ||||||||||||||||||||||||||||||||
Property operating expenses | 91.4 | 89.5 | 1.9 | 2.1 | % | 4.5 | 9.0 | 11.9 | 14.2 | 107.8 | 112.7 | (4.9 | ) | (4.3 | )% | |||||||||||||||||||||||||||||||
Transaction related costs | — | — | — | — | % | — | — | 0.1 | 0.1 | 0.1 | 0.1 | — | — | % | ||||||||||||||||||||||||||||||||
Marketing, general and administrative | — | — | — | — | % | — | — | 19.6 | 26.0 | 19.6 | 26.0 | (6.4 | ) | (24.6 | )% | |||||||||||||||||||||||||||||||
91.4 | 89.5 | 1.9 | 2.1 | % | 4.5 | 9.0 | 31.6 | 40.3 | 127.5 | 138.8 | (11.3 | ) | (8.1 | )% | ||||||||||||||||||||||||||||||||
Other income (expenses): | ||||||||||||||||||||||||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs, net of interest income | (40.0 | ) | (53.3 | ) | 13.3 | (25.0 | )% | |||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | (68.3 | ) | (68.3 | ) | — | — | % | |||||||||||||||||||||||||||||||||||||||
Equity in net loss from unconsolidated joint ventures | (12.8 | ) | (5.2 | ) | (7.6 | ) | 146.2 | % | ||||||||||||||||||||||||||||||||||||||
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | — | 17.2 | (17.2 | ) | (100.0 | )% | ||||||||||||||||||||||||||||||||||||||||
Purchase price and other fair value adjustments | — | (2.0 | ) | 2.0 | (100.0 | )% | ||||||||||||||||||||||||||||||||||||||||
Gain (loss) on sale of real estate, net | 72.6 | (1.0 | ) | 73.6 | (7,360 | )% | ||||||||||||||||||||||||||||||||||||||||
Loan loss and other investment reserves, net of recoveries | (11.2 | ) | — | (11.2 | ) | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
Net income | $ | 127.1 | $ | 52.8 | $ | 74.3 | 140.7 | % |
Same-Store | Disposed | Other | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | $ Change | % Change | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental revenue | $ | 161.7 | $ | 173.7 | $ | (12.0) | (6.9) | % | $ | 0.4 | $ | 16.1 | $ | 26.0 | $ | 32.8 | $ | 188.1 | $ | 222.6 | $ | (34.5) | (15.5) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investment income | — | — | — | — | % | — | — | 19.3 | 38.5 | 19.3 | 38.5 | (19.2) | (49.9) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | — | 0.4 | (0.4) | (100.0) | % | — | — | 18.7 | 52.7 | 18.7 | 53.1 | (34.4) | (64.8) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | 161.7 | 174.1 | (12.4) | (7.1) | % | 0.4 | 16.1 | 64.0 | 124.0 | 226.1 | 314.2 | (88.1) | (28.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | 76.1 | 81.5 | (5.4) | (6.6) | % | 0.1 | 7.6 | 18.2 | 18.8 | 94.4 | 107.9 | (13.5) | (12.5) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketing, general and administrative | — | — | — | — | % | — | — | 22.9 | 19.6 | 22.9 | 19.6 | 3.3 | 16.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
76.1 | 81.5 | (5.4) | (6.6) | % | 0.1 | 7.6 | 41.1 | 38.5 | 117.4 | 127.4 | (10.3) | (8.1) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expenses): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs, net of interest income | (27.2) | (40.0) | 12.8 | (32.0) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | (63.0) | (68.3) | 5.3 | (7.8) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in net loss from unconsolidated joint ventures | (2.9) | (12.8) | 9.9 | (77.3) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in net loss on sale of interest in unconsolidated joint venture/real estate | (12.6) | — | (12.6) | 100.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase price and other fair value adjustments | 2.7 | — | 2.7 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss) gain on sale of real estate, net | (1.4) | 72.6 | (74.0) | (101.9) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciable real estate reserves and impairment | (8.2) | — | (8.2) | 100.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan loss and other investment reserves, net of recoveries | — | (11.2) | 11.2 | (100.0) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (3.9) | $ | 127.1 | $ | (131.0) | (103.1) | % |
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 | 1,717,735 | ||||||||||||||||||||||||||||||||||||||||
Sold Vacancies | (28,174) | ||||||||||||||||||||||||||||||||||||||||
Properties in redevelopment | (257,789) | ||||||||||||||||||||||||||||||||||||||||
Space which became available during the period (3) | |||||||||||||||||||||||||||||||||||||||||
• Office | 344,790 | ||||||||||||||||||||||||||||||||||||||||
• Retail | 44,808 | ||||||||||||||||||||||||||||||||||||||||
389,598 | |||||||||||||||||||||||||||||||||||||||||
Total space available | 1,821,370 | ||||||||||||||||||||||||||||||||||||||||
Leased space commenced during the period: | |||||||||||||||||||||||||||||||||||||||||
• Office(4) | 367,579 | 387,375 | $ | 69.12 | $ | 66.37 | $ | 91.94 | 7.6 | 10.4 | |||||||||||||||||||||||||||||||
• Retail | 39,251 | 38,063 | $ | 38.51 | $ | 68.42 | $ | — | — | 10.2 | |||||||||||||||||||||||||||||||
Total leased space commenced | 406,830 | 425,438 | $ | 66.38 | $ | 66.75 | $ | 83.71 | 6.9 | 10.3 | |||||||||||||||||||||||||||||||
Total available space at end of period | 1,414,540 | ||||||||||||||||||||||||||||||||||||||||
Early renewals | |||||||||||||||||||||||||||||||||||||||||
• Office | 121,026 | 121,432 | $ | 53.72 | $ | 51.82 | $ | 0.18 | 1.0 | 1.0 | |||||||||||||||||||||||||||||||
• Retail | 36,649 | 63,679 | $ | 92.63 | $ | 80.66 | $ | — | 0.6 | 4.9 | |||||||||||||||||||||||||||||||
Total early renewals | 157,675 | 185,111 | $ | 67.11 | $ | 61.74 | $ | 0.12 | 0.9 | 2.4 | |||||||||||||||||||||||||||||||
Total commenced leases, including replaced previous vacancy | |||||||||||||||||||||||||||||||||||||||||
• Office | 508,807 | $ | 65.44 | $ | 60.33 | $ | 70.04 | 6.0 | 8.1 | ||||||||||||||||||||||||||||||||
• Retail | 101,742 | $ | 72.39 | $ | 76.08 | $ | — | 0.4 | 6.9 | ||||||||||||||||||||||||||||||||
Total commenced leases | 610,549 | $ | 66.60 | $ | 64.40 | $ | 58.37 | 2.5 | 7.9 |
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 | 1,306,757 | ||||||||||||||||||||||
Properties in redevelopment | (10,695 | ) | |||||||||||||||||||||
Space which became available during the period (3) | |||||||||||||||||||||||
• Office | 272,044 | ||||||||||||||||||||||
• Retail | 51,211 | ||||||||||||||||||||||
• Storage | 1,422 | ||||||||||||||||||||||
324,677 | |||||||||||||||||||||||
Total space available | 1,620,739 | ||||||||||||||||||||||
Leased space commenced during the period: | |||||||||||||||||||||||
• Office(4) | 154,666 | 163,700 | $ | 69.23 | $ | 73.68 | $ | 60.97 | 6.1 | 11.5 | |||||||||||||
• Retail | 81,378 | 77,498 | $ | 148.29 | $ | 79.61 | $ | 86.46 | 10.2 | 14.9 | |||||||||||||
• Storage | 422 | 422 | $ | 58.58 | $ | 56.87 | $ | — | — | 1.0 | |||||||||||||
Total leased space commenced | 236,466 | 241,620 | $ | 94.57 | $ | 75.38 | $ | 69.04 | 7.4 | 12.5 | |||||||||||||
Total available space at end of period | 1,384,273 | ||||||||||||||||||||||
Early renewals | |||||||||||||||||||||||
• Office | 2,462 | 2,761 | $ | 65.46 | $ | 65.98 | $ | 20.72 | 0.5 | 3.2 | |||||||||||||
• Retail | 2,812 | 2,740 | $ | 121.84 | $ | 125.53 | $ | — | — | 1.0 | |||||||||||||
• Storage | 2,280 | 2,434 | $ | 35.00 | $ | 46.71 | $ | — | 4.0 | 12.6 | |||||||||||||
Total early renewals | 7,554 | 7,935 | $ | 75.59 | $ | 80.63 | $ | 7.21 | 1.4 | 5.3 | |||||||||||||
Total commenced leases, including replaced previous vacancy | |||||||||||||||||||||||
• Office | 166,461 | $ | 69.16 | $ | 73.52 | $ | 60.30 | 6.0 | 11.3 | ||||||||||||||
• Retail | 80,238 | $ | 147.39 | $ | 81.76 | $ | 83.50 | 9.9 | 14.4 | ||||||||||||||
• Storage | 2,856 | $ | 38.48 | $ | 48.21 | $ | — | 3.4 | 10.9 | ||||||||||||||
Total commenced leases | 249,555 | $ | 93.96 | $ | 75.60 | $ | 67.07 | 7.2 | 12.3 |
Remaining 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total | Remaining 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property mortgages and other loans | $ | 23,874 | $ | 208,453 | $ | 613,209 | $ | 57,301 | $ | 278,781 | $ | 616,625 | $ | 1,798,243 | Property mortgages and other loans | $ | 176,901 | $ | 264,200 | $ | 566,594 | $ | 278,029 | $ | 823 | $ | 581,116 | $ | 1,867,663 | |||||||||||||||||||||||||||||||||||||||
MRA and FHLB facilities | 39,500 | 35,000 | 137,473 | — | — | — | 211,973 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MRA | MRA | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate obligations | — | 350,000 | 800,000 | 2,600,000 | 200,000 | 200,000 | 4,150,000 | Corporate obligations | 350,000 | 800,000 | 1,930,000 | 200,000 | 100,000 | 100,000 | 3,480,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Joint venture debt-our share | 114,897 | 884,953 | 268,952 | 311,436 | 617,022 | 1,934,823 | 4,132,083 | Joint venture debt-our share | 1,126,896 | 227,701 | 491,066 | 620,843 | 1,403,266 | 552,813 | 4,422,585 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 178,271 | $ | 1,478,406 | $ | 1,819,634 | $ | 2,968,737 | $ | 1,095,803 | $ | 2,751,448 | $ | 10,292,299 | Total | $ | 1,653,797 | $ | 1,291,901 | $ | 2,987,660 | $ | 1,098,872 | $ | 1,504,089 | $ | 1,233,929 | $ | 9,770,248 |
Three Months Ended March 31, | |||||||||||
2020 | 2019 | Change | |||||||||
Net cash provided by operating activities | $ | 42,026 | $ | 62,313 | $ | (20,287 | ) | ||||
Net cash used in investing activities | $ | (129,418 | ) | $ | (291,843 | ) | $ | 162,425 | |||
Net cash provided by financing activities | $ | 466,984 | $ | 246,128 | $ | 220,856 |
Three Months Ended March 31, | |||||||||||||||||
2021 | 2020 | Change | |||||||||||||||
Net cash provided by operating activities | $ | 18,602 | $ | 42,026 | $ | (23,424) | |||||||||||
Net cash provided by (used in) investing activities | $ | 20,181 | $ | (129,418) | $ | 149,599 | |||||||||||
Net cash (used in) provided by financing activities | $ | (9,971) | $ | 466,984 | $ | (476,955) |
Acquisitions of real estate | $ | (86,846 | ) |
Capital expenditures and capitalized interest | (62,202 | ) | |
Escrow cash-capital improvements/acquisition deposits/deferred purchase price | 4,910 | ||
Joint venture investments | 64,445 | ||
Distributions from joint ventures | 29,852 | ||
Proceeds from sales of real estate/partial interest in property | 76,667 | ||
Debt and preferred equity and other investments | 135,599 | ||
Increase in net cash provided by investing activities | $ | 162,425 |
Acquisitions of real estate | $ | 86,846 | |||
Capital expenditures and capitalized interest | 52,398 | ||||
Joint venture investments | (12,121) | ||||
Distributions from joint ventures | (33,824) | ||||
Proceeds from sales of real estate/partial interest in property | (28,356) | ||||
Debt and preferred equity and other investments | 75,181 | ||||
Increase in net cash provided by investing activities | $ | 140,124 |
Proceeds from our debt obligations | $ | (685,712) | |||
Repayments of our debt obligations | 45,235 | ||||
Net distribution to noncontrolling interests | (6,125) | ||||
Other financing activities | 6,788 | ||||
Proceeds from stock options exercised and DRSPP issuance | 185 | ||||
Repurchase of common stock | 135,487 | ||||
Redemption of preferred stock | 15,761 | ||||
Acquisition of subsidiary interest from noncontrolling interest | 1,536 | ||||
Dividends and distributions paid | 9,890 | ||||
Decrease in net cash provided by financing activities | $ | (476,955) |
Proceeds from our debt obligations | $ | 596,231 | |
Repayments of our debt obligations | (186,650 | ) | |
Net distribution to noncontrolling interests | 5,728 | ||
Other financing activities | (1,190 | ) | |
Proceeds from stock options exercised and DRSPP issuance | 119 | ||
Repurchase of common stock | (185,333 | ) | |
Redemption of preferred stock | (4,250 | ) | |
Acquisition of subsidiary interest from noncontrolling interest | (1,536 | ) | |
Dividends and distributions paid | (2,263 | ) | |
Increase in net cash provided by financing activities | $ | 220,856 |
Period | Shares repurchased | Average price paid per share | Cumulative number of shares repurchased as part of the repurchase plan or programs | ||||||||
Year ended 2017 | 8,105,881 | $104.61 | 8,105,881 | ||||||||
Year ended 2018 | 9,468,617 | $99.03 | 17,574,498 | ||||||||
Year ended 2019 | 4,465,857 | $86.06 | 22,040,355 | ||||||||
Year Ended 2020 | 8,529,279 | $62.39 | 30,569,634 | ||||||||
Three Months Ended March 31, 2021 | 1,306,460 | $61.46 | 31,876,094 |
Period | Shares repurchased | Average price paid per share | Cumulative number of shares repurchased as part of the repurchase plan or programs |
Year ended 2017 | 8,342,411 | $101.64 | 8,342,411 |
Year ended 2018 | 9,744,911 | $96.22 | 18,087,322 |
Year ended 2019 | 4,596,171 | $83.62 | 22,683,493 |
First quarter 2020 | 2,637,099 | $83.25 | 25,320,592 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||||||||||||||
Shares of common stock issued | 1,777 | 540 | Shares of common stock issued | 5,483 | 1,727 | |||||||||||||||||||||||||
Dividend reinvestments/stock purchases under the DRSPP | $ | 166 | $ | 47 | Dividend reinvestments/stock purchases under the DRSPP | $ | 351 | $ | 166 |
Debt Summary: | March 31, 2021 | December 31, 2020 | |||||||||
Balance | |||||||||||
Fixed rate | $ | 1,982,789 | $ | 1,985,572 | |||||||
Variable rate—hedged | 1,950,000 | 1,150,000 | |||||||||
Total fixed rate | 3,932,789 | 3,135,572 | |||||||||
Total variable rate | 1,416,521 | 1,827,677 | |||||||||
Total debt | $ | 5,349,310 | $ | 4,963,249 | |||||||
Debt, preferred equity, and other investments subject to variable rate | 352,650 | 345,877 | |||||||||
Net exposure to variable rate debt | 1,063,871 | 1,481,800 | |||||||||
Percent of Total Debt: | |||||||||||
Fixed rate | 73.5 | % | 63.2 | % | |||||||
Variable rate (1) | 26.5 | % | 36.8 | % | |||||||
Total | 100.0 | % | 100.0 | % | |||||||
Effective Interest Rate for the Year: | |||||||||||
Fixed rate | 3.09 | % | 3.65 | % | |||||||
Variable rate | 2.18 | % | 2.30 | % | |||||||
Effective interest rate | 2.88 | % | 2.91 | % |
Debt Summary: | March 31, 2020 | December 31, 2019 | |||||
Balance | |||||||
Fixed rate | $ | 2,032,513 | $ | 2,536,286 | |||
Variable rate—hedged | 1,000,000 | 1,000,000 | |||||
Total fixed rate | 3,032,513 | 3,536,286 | |||||
Total variable rate | 3,130,306 | 2,018,434 | |||||
Total debt | $ | 6,162,819 | $ | 5,554,720 | |||
Debt, preferred equity, and other investments subject to variable rate | 823,603 | 618,885 | |||||
Net exposure to variable rate debt | 2,306,703 | 1,399,549 | |||||
Percent of Total Debt: | |||||||
Fixed rate | 49.2 | % | 63.7 | % | |||
Variable rate (1) | 50.8 | % | 36.3 | % | |||
Total | 100.0 | % | 100.0 | % | |||
Effective Interest Rate for the Year: | |||||||
Fixed rate | 4.01 | % | 4.05 | % | |||
Variable rate | 3.09 | % | 3.93 | % | |||
Effective interest rate | 3.62 | % | 3.85 | % |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Net (loss) income attributable to SL Green common stockholders | $ | (7,464) | $ | 114,801 | |||||||||||||||||||
Add: | |||||||||||||||||||||||
Depreciation and amortization | 62,996 | 68,279 | |||||||||||||||||||||
Joint venture depreciation and noncontrolling interest adjustments | 55,702 | 56,318 | |||||||||||||||||||||
Net (loss) income attributable to noncontrolling interests | (1,975) | 5,909 | |||||||||||||||||||||
Less: | |||||||||||||||||||||||
Equity in net loss on sale of interest in unconsolidated joint venture/real estate | (12,629) | — | |||||||||||||||||||||
Depreciable real estate reserves and impairment | (8,241) | — | |||||||||||||||||||||
(Loss) gain on sale of real estate, net | (1,388) | 72,636 | |||||||||||||||||||||
Purchase price and other fair value adjustments | 2,664 | — | |||||||||||||||||||||
Depreciation on non-rental real estate assets | 527 | 650 | |||||||||||||||||||||
Funds from Operations attributable to SL Green common stockholders | $ | 128,326 | $ | 172,021 | |||||||||||||||||||
Cash flows provided by operating activities | $ | 18,602 | $ | 42,026 | |||||||||||||||||||
Cash flows provided by (used in) investing activities | $ | 20,181 | $ | (129,418) | |||||||||||||||||||
Cash flows (used in) provided by financing activities | $ | (9,971) | $ | 466,984 |
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Net income attributable to SL Green common stockholders | $ | 114,801 | $ | 43,792 | |||
Add: | |||||||
Depreciation and amortization | 68,279 | 68,343 | |||||
Joint venture depreciation and noncontrolling interest adjustments | 56,318 | 47,625 | |||||
Net income attributable to noncontrolling interests | 5,909 | 2,515 | |||||
Less: | |||||||
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | — | 17,166 | |||||
Gain (loss) on sale of real estate, net | 72,636 | (1,049 | ) | ||||
Purchase price and other fair value adjustments | — | (2,041 | ) | ||||
Depreciation on non-rental real estate assets | 650 | 707 | |||||
Funds from Operations attributable to SL Green common stockholders | $ | 172,021 | $ | 147,492 | |||
Cash flows used in operating activities | $ | (175,889 | ) | $ | (183,899 | ) | |
Cash flows provided by (used in) investing activities | $ | 336,986 | $ | (559,907 | ) | ||
Cash flows provided by financing activities | $ | 256,461 | $ | 630,450 |
Period | Shares repurchased 1 | Average price paid per share 1 | Total number of shares repurchased as part of the repurchase plan or programs 1 | ||||||||
Year ended 2017 | 8,105,881 | $104.61 | 8,105,881 | ||||||||
Year ended 2018 | 9,468,617 | $99.03 | 17,574,498 | ||||||||
Year ended 2019 | 4,465,857 | $86.06 | 22,040,355 | ||||||||
Year Ended 2020 | 8,529,279 | $62.39 | 30,569,634 | ||||||||
Three months ended March 31, 2021 | 1,306,460 | $61.46 | 31,876,094 |
Period | Shares repurchased | Average price paid per share | Total number of shares repurchased as part of the repurchase plan or programs |
Year ended 2017 | 8,342,411 | $101.64 | 8,342,411 |
Year ended 2018 | 9,744,911 | $96.22 | 18,087,322 |
Year ended 2019 | 4,596,171 | $83.62 | 22,683,493 |
First quarter 2020 | 2,637,099 | $83.25 | 25,320,592 |
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 | ||||||
Cover Page Interactive Data File |
SL GREEN REALTY CORP. | ||||||||||||||||
By: | SL Green Realty Corp. | |||||||||||||||
/s/ Matthew J. DiLiberto | ||||||||||||||||
Dated: May | By: | Matthew J. DiLiberto Chief Financial Officer |
Signatures | Title | Date | ||||||
/s/ Marc Holliday | Chairman of the Board of Directors and Chief Executive Officer and Director of SL Green, the sole general partner of the Operating Partnership (Principal Executive Officer) | May | ||||||
Marc Holliday | ||||||||
/s/ Andrew W. Mathias | President and Director of SL Green, the sole general partner of the Operating Partnership | May | ||||||
Andrew W. Mathias | ||||||||
/s/ Matthew J. DiLiberto | Chief Financial Officer of SL Green, the sole general partner of the Operating Partnership (Principal Financial and Accounting Officer) | May | ||||||
Matthew J. DiLiberto | ||||||||
/s/ Stephen L. Green | ||||||||
Director of SL Green, the sole general partner of the Operating Partnership | May | |||||||
/s/ | Director of SL Green, the sole general partner of the Operating Partnership | May | ||||||
John H. Alschuler, Jr. | ||||||||
/s/ Edwin T. Burton, III | Director of SL Green, the sole general partner of the Operating Partnership | May 10, 2021 | ||||||
Edwin T. Burton, III | ||||||||
/s/ John S. Levy | Director of SL Green, the sole general partner of the Operating Partnership | May 10, 2021 | ||||||
John S. Levy | ||||||||
/s/ Craig M. Hatkoff | Director of SL Green, the sole general partner of the Operating Partnership | May 10, 2021 | ||||||
Craig M. Hatkoff | ||||||||
/s/ Betsy S. Atkins | Director of SL Green, the sole general partner of the Operating Partnership | May 10, 2021 | ||||||
Betsy S. Atkins | ||||||||
/s/ Lauren B. Dillard | Director of SL Green, the sole general partner of the Operating Partnership | May 10, 2021 | ||||||
Lauren B. Dillard |
SL GREEN OPERATING PARTNERSHIP, L.P. | ||||||||||||||||
By: | /s/ Matthew J. DiLiberto | |||||||||||||||
Dated: May | Matthew J. DiLiberto Chief Financial Officer |