Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 4-May-15 | |
Document Information [Line Items] | ||
Entity Registrant Name | SL GREEN REALTY CORP | |
Entity Central Index Key | 1040971 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus (Q1,Q2,Q3,FY) | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 99,582,364 | |
SL Green Operating Partnership | ||
Document Information [Line Items] | ||
Entity Registrant Name | SL GREEN OPERATING PARTNERSHIP, LP. | |
Entity Central Index Key | 1492869 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus (Q1,Q2,Q3,FY) | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 1,005,426 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Commercial real estate properties, at cost: | ||
Land and land interests | $3,830,787 | $3,844,518 |
Building and improvements | 8,697,145 | 8,778,593 |
Building leasehold and improvements | 1,423,087 | 1,418,585 |
Property under capital lease | 27,445 | 27,445 |
Total commercial real estate properties, at cost | 13,978,464 | 14,069,141 |
Less: accumulated depreciation | -1,973,674 | -1,905,165 |
Total commercial real estate properties, net | 12,004,790 | 12,163,976 |
Assets held for sale | 0 | 462,430 |
Cash and cash equivalents | 330,770 | 281,409 |
Restricted cash | 128,834 | 149,176 |
Investment in marketable securities | 47,716 | 39,429 |
Tenant and other receivables, net of allowance of $18,047 and $18,068 in 2015 and 2014, respectively | 50,156 | 57,369 |
Related party receivables | 12,088 | 11,735 |
Deferred rents receivable, net of allowance of $26,480 and $27,411 in 2015 and 2014, respectively | 408,229 | 374,944 |
Debt and preferred equity investments, net of discounts and deferred origination fees of $18,797 and $19,172 in 2015 and 2014, respectively | 1,548,739 | 1,408,804 |
Investments in unconsolidated joint ventures | 1,244,185 | 1,172,020 |
Deferred costs, net | 326,555 | 327,962 |
Other assets | 978,670 | 647,333 |
Total assets | 17,080,732 | 17,096,587 |
Liabilities | ||
Mortgages and other loans payable | 5,359,043 | 5,586,709 |
Revolving credit facility | 520,000 | 385,000 |
Term loan and senior unsecured notes | 2,110,041 | 2,107,078 |
Accrued interest payable and other liabilities | 162,910 | 137,634 |
Accounts payable and accrued expenses | 151,427 | 173,246 |
Deferred revenue | 369,626 | 187,148 |
Capitalized lease obligations | 20,917 | 20,822 |
Deferred land leases payable | 1,301 | 1,215 |
Dividend and distributions payable | 65,868 | 64,393 |
Security deposits | 66,427 | 66,614 |
Liabilities related to assets held for sale | 0 | 266,873 |
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities | 100,000 | 100,000 |
Total liabilities | 8,927,560 | 9,096,732 |
Commitments and contingencies | ||
Noncontrolling interests in Operating Partnership | 498,881 | 469,524 |
Preferred units | 110,915 | 71,115 |
Equity | ||
Common stock, $0.01 par value, 160,000 shares authorized and 103,176 and 100,928 issued and outstanding at March 31, 2015 and December 31, 2014, respectively (including 3,643 and 3,603 shares held in Treasury at March 31, 2015 and December 31, 2014, respectively) | 1,032 | 1,010 |
Additional paid-in-capital | 5,572,410 | 5,289,479 |
Treasury stock at cost | -325,207 | -320,471 |
Accumulated other comprehensive loss | -11,810 | -6,980 |
Retained earnings | 1,690,578 | 1,752,404 |
Total SL Green stockholders' equity | 7,148,935 | 6,937,374 |
Noncontrolling interests in other partnerships | 394,441 | 521,842 |
Total equity | 7,543,376 | 7,459,216 |
SL Green stockholders equity: | ||
Total liabilities and equity | 17,080,732 | 17,096,587 |
Series I Preferred Stock | ||
Equity | ||
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both March 31, 2015 and December 31, 2014 | 221,932 | 221,932 |
SL Green Operating Partnership | ||
Commercial real estate properties, at cost: | ||
Land and land interests | 3,830,787 | 3,844,518 |
Building and improvements | 8,697,145 | 8,778,593 |
Building leasehold and improvements | 1,423,087 | 1,418,585 |
Property under capital lease | 27,445 | 27,445 |
Total commercial real estate properties, at cost | 13,978,464 | 14,069,141 |
Less: accumulated depreciation | -1,973,674 | -1,905,165 |
Total commercial real estate properties, net | 12,004,790 | 12,163,976 |
Assets held for sale | 0 | 462,430 |
Cash and cash equivalents | 330,770 | 281,409 |
Restricted cash | 128,834 | 149,176 |
Investment in marketable securities | 47,716 | 39,429 |
Tenant and other receivables, net of allowance of $18,047 and $18,068 in 2015 and 2014, respectively | 50,156 | 57,369 |
Related party receivables | 12,088 | 11,735 |
Deferred rents receivable, net of allowance of $26,480 and $27,411 in 2015 and 2014, respectively | 408,229 | 374,944 |
Debt and preferred equity investments, net of discounts and deferred origination fees of $18,797 and $19,172 in 2015 and 2014, respectively | 1,548,739 | 1,408,804 |
Investments in unconsolidated joint ventures | 1,244,185 | 1,172,020 |
Deferred costs, net | 326,555 | 327,962 |
Other assets | 978,670 | 647,333 |
Total assets | 17,080,732 | 17,096,587 |
Liabilities | ||
Mortgages and other loans payable | 5,359,043 | 5,586,709 |
Revolving credit facility | 520,000 | 385,000 |
Term loan and senior unsecured notes | 2,110,041 | 2,107,078 |
Accrued interest payable and other liabilities | 162,910 | 137,634 |
Accounts payable and accrued expenses | 151,427 | 173,246 |
Deferred revenue | 369,626 | 187,148 |
Capitalized lease obligations | 20,917 | 20,822 |
Deferred land leases payable | 1,301 | 1,215 |
Dividend and distributions payable | 65,868 | 64,393 |
Security deposits | 66,427 | 66,614 |
Liabilities related to assets held for sale | 0 | 266,873 |
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities | 100,000 | 100,000 |
Total liabilities | 8,927,560 | 9,096,732 |
Commitments and contingencies | ||
Preferred units | 110,915 | 71,115 |
Equity | ||
Accumulated other comprehensive loss | -12,286 | -7,256 |
SL Green stockholders equity: | ||
SL Green partners' capital (1,034 and 1,013 general partner common units and 98,499 and 96,312 limited partner common units outstanding at March 31, 2015 and December 31, 2014, respectively) | 7,340,771 | 7,078,924 |
Limited partner interests in SLGOP (3,913 and 3,973 limited partner common units outstanding at March 31, 2015 and December 31, 2014, respectively) | 97,399 | 113,298 |
Total SLGOP partners' capital | 7,647,816 | 7,406,898 |
Noncontrolling interests in other partnerships | 394,441 | 521,842 |
Total capital | 8,042,257 | 7,928,740 |
Total liabilities and equity | 17,080,732 | 17,096,587 |
SL Green Operating Partnership | Series I Preferred Stock | ||
SL Green stockholders equity: | ||
Series I Preferred Units, $25.00 liquidation preference, 9,200 issued and outstanding at both March 31, 2015 and December 31, 2014 | 221,932 | 221,932 |
Total capital | $221,932 | $221,932 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Tenant and other receivables, allowance | $18,047 | $18,068 |
Deferred rents receivable, allowance | 26,480 | 27,411 |
Debt and preferred equity investments, discount | 18,797 | 19,172 |
Preferred stock, par value (in dollars per share) | $0.01 | |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 160,000,000 | 160,000,000 |
Common stock, shares issued | 103,176,000 | 100,928,000 |
Common stock, shares outstanding | 103,176,000 | 100,928,000 |
Treasury stock, shares | 3,643,000 | 3,603,000 |
Series I Preferred Stock | ||
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, liquidation preference (in dollars per share) | $25 | $25 |
Preferred stock, shares issued | 9,200,000 | 9,200,000 |
Preferred stock, shares outstanding | 9,200,000 | 9,200,000 |
SL Green Operating Partnership | ||
Tenant and other receivables, allowance | 18,047 | 18,068 |
Deferred rents receivable, allowance | 26,480 | 27,411 |
Debt and preferred equity investments, discount | $18,797 | $19,172 |
SL Green partner's capital, general partner common units outstanding (shares) | 1,034,000 | 1,013,000 |
SL Green partners' capital, limited partner common units outstanding (shares) | 98,499,000 | 96,312,000 |
Limited partner interests in Operating Partnership, limited partner common units outstanding (shares) | 3,913,000 | 3,973,000 |
SL Green Operating Partnership | Series I Preferred Stock | ||
Preferred units, liquidation preference (in dollars per share) | $25 | $25 |
Preferred units, shares issued | 9,200,000 | 9,200,000 |
Preferred units, shares outstanding | 9,200,000 | 9,200,000 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues | ||
Rental revenue, net | $303,329 | $255,976 |
Escalation and reimbursement | 40,969 | 37,807 |
Investment income | 42,069 | 54,084 |
Other income | 9,932 | 14,578 |
Total revenues | 396,299 | 362,445 |
Expenses | ||
Operating expenses, including related party expenses of $3,808 and $3,513 in 2015 and 2014, respectively | 76,777 | 69,909 |
Real estate taxes | 55,723 | 52,350 |
Ground rent | 8,188 | 8,033 |
Interest expense, net of interest income | 75,807 | 76,178 |
Amortization of deferred financing costs | 6,615 | 3,657 |
Depreciation and amortization | 108,337 | 86,515 |
Transaction related costs | 1,143 | 2,474 |
Marketing, general and administrative | 25,464 | 23,257 |
Total expenses | 358,054 | 322,373 |
Income from continuing operations before equity in net income from unconsolidated joint ventures, equity in net gain on sale of interest in unconsolidated joint venture/real estate and (loss) gain on early extinguishment of debt | 38,245 | 40,072 |
Equity in net income from unconsolidated joint ventures | 4,030 | 6,128 |
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | 0 | 104,640 |
(Loss) gain on early extinguishment of debt | -49 | 3 |
Income from continuing operations | 42,226 | 150,843 |
Net income from discontinued operations | 427 | 5,769 |
Gain on sale of discontinued operations | 12,983 | 0 |
Net income | 55,636 | 156,612 |
Net income attributable to noncontrolling interests: | ||
Noncontrolling interests in the Operating Partnership | -1,743 | -4,729 |
Net income attributable to noncontrolling interests in other partnerships | -5,927 | -1,490 |
Preferred units distributions | -951 | -565 |
Net income attributable to SL Green/SLGOP | 47,015 | 149,828 |
Perpetual preferred stock dividends | -3,738 | -3,738 |
Amounts attributable to SL Green common stockholders: | ||
Income from continuing operations before gains on sale and discontinued operations | 30,387 | 39,143 |
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | 0 | 101,359 |
Net income from discontinued operations | 410 | 5,588 |
Gain on sale of discontinued operations | 12,480 | 0 |
Net income attributable to SL Green common stockholders | 43,277 | 146,090 |
Basic earnings per share: | ||
Income from continuing operations before gains on sale and discontinued operations (usd per share) | $0.31 | $0.41 |
Equity in net gain on sale of interest in unconsolidated joint venture/real estate (usd per share) | $0 | $1.07 |
Net income from discontinued operations (usd per share) | $0 | $0.06 |
Gain on sale of discontinued operations (usd per share) | $0.13 | $0 |
Net income attributable to SL Green common stockholders (usd per share) | $0.44 | $1.54 |
Diluted earnings per share: | ||
Income from continuing operations before gains on sale and discontinued operations (usd per share) | $0.31 | $0.41 |
Equity in net gain on sale of interest in unconsolidated joint venture/real estate (usd per share) | $0 | $1.06 |
Net income from discontinued operations (usd per share) | $0 | $0.06 |
Gain on sale of discontinued operations (usd per share) | $0.13 | $0 |
Net income attributable to SL Green common stockholders (usd per share) | $0.44 | $1.53 |
Dividends per share/unit (in usd per share) | $0.60 | $0.50 |
Basic weighted average common shares outstanding (shares) | 98,402 | 95,117 |
Diluted weighted average common shares and common share equivalents outstanding (in shares) | 103,019 | 98,716 |
SL Green Operating Partnership | ||
Revenues | ||
Rental revenue, net | 303,329 | 255,976 |
Escalation and reimbursement | 40,969 | 37,807 |
Investment income | 42,069 | 54,084 |
Other income | 9,932 | 14,578 |
Total revenues | 396,299 | 362,445 |
Expenses | ||
Operating expenses, including related party expenses of $3,808 and $3,513 in 2015 and 2014, respectively | 76,777 | 69,909 |
Real estate taxes | 55,723 | 52,350 |
Ground rent | 8,188 | 8,033 |
Interest expense, net of interest income | 75,807 | 76,178 |
Amortization of deferred financing costs | 6,615 | 3,657 |
Depreciation and amortization | 108,337 | 86,515 |
Transaction related costs | 1,143 | 2,474 |
Marketing, general and administrative | 25,464 | 23,257 |
Total expenses | 358,054 | 322,373 |
Income from continuing operations before equity in net income from unconsolidated joint ventures, equity in net gain on sale of interest in unconsolidated joint venture/real estate and (loss) gain on early extinguishment of debt | 38,245 | 40,072 |
Equity in net income from unconsolidated joint ventures | 4,030 | 6,128 |
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | 0 | 104,640 |
(Loss) gain on early extinguishment of debt | -49 | 3 |
Income from continuing operations | 42,226 | 150,843 |
Net income from discontinued operations | 427 | 5,769 |
Gain on sale of discontinued operations | 12,983 | 0 |
Net income | 55,636 | 156,612 |
Net income attributable to noncontrolling interests: | ||
Net income attributable to noncontrolling interests in other partnerships | -5,927 | -1,490 |
Preferred unit distributions | -951 | -565 |
Net income attributable to SL Green/SLGOP | 48,758 | 154,557 |
Perpetual preferred unit distributions | -3,738 | -3,738 |
Net income attributable to SLGOP common unitholders | 45,020 | 150,819 |
Amounts attributable to SL Green common stockholders: | ||
Income from continuing operations before gains on sale and discontinued operations | 31,610 | 40,410 |
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | 0 | 104,640 |
Net income from discontinued operations | 427 | 5,769 |
Gain on sale of discontinued operations | $12,983 | $0 |
Basic earnings per share: | ||
Income from continuing operations before gains on sale and discontinued operations (in dollars per share) | $0.31 | $0.41 |
Equity in net gain on sale of interest in unconsolidated joint venture/real estate (usd per share) | $0 | $1.07 |
Net income from discontinued operations (in dollars per share) | $0 | $0.06 |
Gain on sale of discontinued operations (usd per share) | $0.13 | $0 |
Net income attributable to SLGOP common unitholders (in dollars per share) | $0.44 | $1.54 |
Diluted earnings per share: | ||
Income from continuing operations before gains on sale and discontinued operations (in dollars per share) | $0.31 | $0.41 |
Equity in net gain on sale of interest in unconsolidated joint venture/real estate (usd per share) | $0 | $1.06 |
Net income from discontinued operations (in dollars per share) | $0 | $0.06 |
Gain on sale of discontinued operations (usd per share) | $0.13 | $0 |
Net income attributable to SLGOP common unitholders (in dollars per share) | $0.44 | $1.53 |
Dividends per share/unit (in usd per share) | $0.60 | |
Basic weighted average common units outstanding (in shares) | 102,366 | 98,196 |
Diluted weighted average common units and common unit equivalents outstanding (in shares) | 103,019 | 98,716 |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating expenses, paid to related parties | $3,808 | $3,513 |
SL Green Operating Partnership | ||
Operating expenses, paid to related parties | $3,808 | $3,513 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net income | $55,636 | $156,612 |
Other comprehensive (loss) income: | ||
Change in net unrealized (loss) gain on derivative instruments, including SL Green's/SLGOP's share of joint venture net unrealized (loss) gain on derivative instruments | -5,680 | 168 |
Change in unrealized gain on marketable securities | 650 | 129 |
Other comprehensive (loss) income | -5,030 | 297 |
Comprehensive income | 50,606 | 156,909 |
Net income attributable to noncontrolling interests and preferred units distributions | -8,621 | -6,784 |
Other comprehensive loss attributable to noncontrolling interests | 200 | 42 |
Comprehensive income attributable to SL Green | 42,185 | 150,167 |
SL Green Operating Partnership | ||
Net income | 55,636 | 156,612 |
Other comprehensive (loss) income: | ||
Change in net unrealized (loss) gain on derivative instruments, including SL Green's/SLGOP's share of joint venture net unrealized (loss) gain on derivative instruments | -5,680 | 168 |
Change in unrealized gain on marketable securities | 650 | 129 |
Other comprehensive (loss) income | -5,030 | 297 |
Comprehensive income | 50,606 | 156,909 |
Net income attributable to noncontrolling interests and preferred units distributions | -5,927 | -1,490 |
Comprehensive income attributable to SL Green | $44,679 | $155,419 |
Consolidated_Statement_of_Equi
Consolidated Statement of Equity (USD $) | Total | Common Stock | Additional Paid- In-Capital | Treasury Stock | Accumulated Other Comprehensive Loss | Retained Earnings | Noncontrolling Interests | Series I Preferred Stock |
In Thousands, except Share data, unless otherwise specified | Preferred Stock | |||||||
Beginning Balance at Dec. 31, 2014 | $7,459,216 | $1,010 | $5,289,479 | ($320,471) | ($6,980) | $1,752,404 | $521,842 | $221,932 |
Beginning Balance (in shares) at Dec. 31, 2014 | 97,325,000 | |||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income | 52,942 | 47,015 | 5,927 | |||||
Acquisition of subsidiary interest from noncontrolling interest | -3,520 | 7,564 | -11,084 | |||||
Other comprehensive loss | -4,830 | -4,830 | ||||||
Preferred dividends | -3,738 | -3,738 | ||||||
DRSPP proceeds (in shares) | 775,000 | |||||||
DRSPP proceeds | 99,496 | 8 | 99,488 | |||||
Conversion of units of the Operating Partnership to common stock (in shares) | 317,000 | |||||||
Conversion of units of the Operating Partnership to common stock | 37,407 | 3 | 37,404 | |||||
Reallocation of noncontrolling interest in the Operating Partnership | -45,456 | -45,456 | ||||||
Reallocation of capital account relating to sale | -10,144 | -10,144 | ||||||
Deferred compensation plan and stock award, net (in shares) | 26,000 | |||||||
Deferred compensation plan and stock award, net | -3,430 | 1,306 | -4,736 | |||||
Amortization of deferred compensation plan | 6,239 | 6,239 | ||||||
Issuance of common stock (in shares) | 953,000 | |||||||
Issuance of common stock | 120,597 | 10 | 120,587 | |||||
Proceeds from stock options exercised (in shares) | 137,000 | |||||||
Proceeds from stock options exercised | 10,344 | 1 | 10,343 | |||||
Contributions to consolidated joint venture interests | 0 | |||||||
Cash distributions to noncontrolling interests | -112,100 | -112,100 | ||||||
Cash distributions declared ($0.60 per common share, none of which represented a return of capital for federal income tax purposes) | -59,647 | -59,647 | ||||||
Ending Balance at Mar. 31, 2015 | $7,543,376 | $1,032 | $5,572,410 | ($325,207) | ($11,810) | $1,690,578 | $394,441 | $221,932 |
Ending Balance (in shares) at Mar. 31, 2015 | 99,533,000 |
Consolidated_Statement_of_Equi1
Consolidated Statement of Equity (Parenthetical) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash distribution declared, per common share (in dollars per share) | $0.60 | $0.50 |
Consolidated_Statement_of_Capi
Consolidated Statement of Capital Statement (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Increase (Decrease) in Partner's Capital | |
Acquisition of subsidiary interest from noncontrolling interest | ($3,520) |
Other comprehensive loss | -5,030 |
Issuance of common units | 22,114 |
DRSPP proceeds | 99,496 |
Conversion of units of the Operating Partnership to common stock | 37,407 |
Reallocation of capital account relating to sale | -10,144 |
Deferred compensation plan and stock award, net | -3,430 |
Amortization of deferred compensation plan | 6,239 |
Cash distributions to noncontrolling interests | -112,100 |
Common Stock | |
Increase (Decrease) in Partner's Capital | |
DRSPP proceeds (in shares) | 775 |
DRSPP proceeds | 8 |
Conversion of units of the Operating Partnership to common stock (in units) | 317 |
Conversion of units of the Operating Partnership to common stock | 3 |
Noncontrolling Interests | |
Increase (Decrease) in Partner's Capital | |
Acquisition of subsidiary interest from noncontrolling interest | -11,084 |
Reallocation of capital account relating to sale | -10,144 |
Cash distributions to noncontrolling interests | -112,100 |
SL Green Operating Partnership | |
Increase (Decrease) in Partner's Capital | |
Beginning Balance | 7,928,740 |
Net income | 54,685 |
Other comprehensive loss | -5,030 |
Preferred distributions | -3,738 |
Issuance of common units | 22,114 |
DRSPP proceeds | 99,496 |
Conversion of units of the Operating Partnership to common stock | 0 |
Deferred compensation plan and stock award, net | -3,430 |
Amortization of deferred compensation plan | 6,239 |
Contribution to consolidated joint venture interest | 0 |
Contributions - net proceeds from common stock offering | 120,597 |
Contributions - proceeds from stock options exercised | 10,344 |
Cash distributions to noncontrolling interests | -112,100 |
Cash distributions declared ($0.60 per common unit, none of which represented a return of capital for federal income tax purposes) | -61,996 |
Ending Balance | 8,042,257 |
SL Green Operating Partnership | General Partner | |
Increase (Decrease) in Partner's Capital | |
Beginning Balance | 7,078,924 |
Beginning Balance (units) | 97,325 |
Net income | 43,277 |
DRSPP proceeds (in shares) | 775 |
DRSPP proceeds | 99,496 |
Conversion of units of the Operating Partnership to common stock (in units) | 317 |
Conversion of units of the Operating Partnership to common stock | 37,407 |
Deferred compensation plan and stock award, net (units) | 26 |
Deferred compensation plan and stock award, net | -3,430 |
Amortization of deferred compensation plan | 6,239 |
Contributions - net proceeds from common stock offering (in units) | 953 |
Contributions - net proceeds from common stock offering | 120,597 |
Contributions - proceeds from stock options exercised (in units) | 137 |
Contributions - proceeds from stock options exercised | 10,344 |
Cash distributions declared ($0.60 per common unit, none of which represented a return of capital for federal income tax purposes) | -59,647 |
Ending Balance | 7,340,771 |
Ending Balance (units) | 99,533 |
SL Green Operating Partnership | Limited Partners | |
Increase (Decrease) in Partner's Capital | |
Beginning Balance (units) | 3,973 |
Issuance of common units (in units) | 257 |
Conversion of units of the Operating Partnership to common stock (in units) | 317 |
Ending Balance (units) | 3,913 |
SL Green Operating Partnership | Series I Preferred Stock | |
Increase (Decrease) in Partner's Capital | |
Beginning Balance | 221,932 |
Net income | 3,738 |
Preferred distributions | -3,738 |
Ending Balance | 221,932 |
SL Green Operating Partnership | Common Stock | Limited Partners | |
Increase (Decrease) in Partner's Capital | |
Beginning Balance | 113,298 |
Net income | 1,743 |
Acquisition of subsidiary interest from noncontrolling interest | 7,564 |
Issuance of common units | 22,114 |
Conversion of units of the Operating Partnership to common stock | -37,407 |
Cash distributions declared ($0.60 per common unit, none of which represented a return of capital for federal income tax purposes) | -2,349 |
Ending Balance | 97,399 |
SL Green Operating Partnership | Accumulated Other Comprehensive Loss | |
Increase (Decrease) in Partner's Capital | |
Beginning Balance | -7,256 |
Other comprehensive loss | -5,030 |
Ending Balance | -12,286 |
SL Green Operating Partnership | Noncontrolling Interests | |
Increase (Decrease) in Partner's Capital | |
Beginning Balance | 521,842 |
Net income | 5,927 |
Acquisition of subsidiary interest from noncontrolling interest | -11,084 |
Reallocation of capital account relating to sale | -10,144 |
Cash distributions to noncontrolling interests | -112,100 |
Ending Balance | $394,441 |
Consolidated_Statement_of_Capi1
Consolidated Statement of Capital (Parenthetical) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash distribution declared, per common share (in dollars per share) | $0.60 | $0.50 |
SL Green Operating Partnership | ||
Cash distribution declared, per common share (in dollars per share) | $0.60 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating Activities | ||
Net income | $55,636 | $156,612 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 114,955 | 93,680 |
Equity in net income from unconsolidated joint ventures | -4,030 | -6,128 |
Distributions of cumulative earnings from unconsolidated joint ventures | 15,489 | 7,669 |
Equity in net gain on sale of interest in unconsolidated joint venture interest/real estate | 0 | -104,640 |
Gain on sale of discontinued operations | -12,983 | 0 |
Loss (gain) on early extinguishment of debt | 49 | -3 |
Deferred rents receivable | -32,367 | -11,133 |
Other non-cash adjustments | 4,590 | -12,792 |
Changes in operating assets and liabilities: | ||
Restricted cashboperations | -1,652 | -10,520 |
Tenant and other receivables | 7,096 | 11,899 |
Related party receivables | -353 | -11,885 |
Deferred lease costs | -11,017 | -4,476 |
Other assets | -38,280 | -32,949 |
Accounts payable, accrued expenses and other liabilities and security deposits | -20,230 | -1,821 |
Deferred revenue and land leases payable | 14,056 | 14,635 |
Net cash provided by operating activities | 90,959 | 88,148 |
Investing Activities | ||
Acquisitions of real estate property | -6,290 | 0 |
Additions to land, buildings and improvements | -47,117 | -48,213 |
Escrowed cashbcapital improvements/acquisition deposits | -3,084 | -34,861 |
Investments in unconsolidated joint ventures | -83,772 | -18,966 |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 45,546 | 72,558 |
Proceeds from disposition of real estate/joint venture interest | 485,540 | 109,196 |
Proceeds from sale of marketable securities | 133 | 0 |
Purchases of marketable securities | -7,769 | 0 |
Other investments | -5,424 | -1,573 |
Origination of debt and preferred equity investments | -174,420 | -150,464 |
Repayments or redemption of debt and preferred equity investments | 26,954 | 522 |
Net cash provided by (used in) investing activities | 230,297 | -71,801 |
Financing Activities | ||
Proceeds from mortgages and other loans payable | 0 | 121,216 |
Repayments of mortgages and other loans payable | -481,608 | -10,772 |
Proceeds from revolving credit facility and senior unsecured notes | 665,000 | 603,000 |
Repayments of revolving credit facility and senior unsecured notes | -530,000 | -440,690 |
Proceeds from stock options exercised and DRSSP issuance | 109,840 | 8,992 |
Net proceeds from sale of common stock | 120,597 | 24 |
Redemption of preferred unit | -200 | 0 |
Distributions to noncontrolling interests in other partnerships | -110,867 | -1,586 |
Contributions from noncontrolling interests in other partnerships | 0 | 517 |
Distributions to noncontrolling interests in the Operating Partnership | -2,349 | -1,500 |
Dividends/Distributions paid on common and preferred stock/units | -62,903 | -51,652 |
Other obligations related to mortgage loan participations | 25,000 | 0 |
Deferred loan costs and capitalized lease obligation | -4,405 | -3,426 |
Net cash (used in) provided by financing activities | -271,895 | 224,123 |
Net increase in cash and cash equivalents | 49,361 | 240,470 |
Cash and cash equivalents at beginning of year | 281,409 | 206,692 |
Cash and cash equivalents at end of year | 330,770 | 447,162 |
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | ||
Issuance of common stock as deferred compensation | 1,306 | 1,295 |
Issuance of units in the Operating Partnership | 22,114 | 17,314 |
Redemption of units in the Operating Partnership | 37,407 | 16,583 |
Derivative instruments at fair value | 4,426 | 110 |
Exchange of debt investment for equity in joint venture | 10,151 | 0 |
Transfer of restricted cash to operating cash and cash equivalents as a result of sale | 21,578 | 0 |
Acquisition of subsidiary interest from noncontrolling interest | 3,500 | 0 |
Tenant improvements and capital expenditures payable | 17,664 | 9,898 |
Fair value adjustment to noncontrolling interest in the Operating Partnership | 45,456 | 29,464 |
Transfer to net assets held for sale | 0 | 63,925 |
Transfer to liabilities related to net assets held for sale | 0 | 49,704 |
Transfer of financing receivable to debt investment | 0 | 19,675 |
Deferred leasing payable | 2,372 | 0 |
Issuance of preferred units | 40,000 | 0 |
SL Green Operating Partnership | ||
Operating Activities | ||
Net income | 55,636 | 156,612 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 114,955 | 93,680 |
Equity in net income from unconsolidated joint ventures | -4,030 | -6,128 |
Distributions of cumulative earnings from unconsolidated joint ventures | 15,489 | 7,669 |
Equity in net gain on sale of interest in unconsolidated joint venture interest/real estate | 0 | -104,640 |
Gain on sale of discontinued operations | -12,983 | 0 |
Loss (gain) on early extinguishment of debt | 49 | -3 |
Deferred rents receivable | -32,367 | -11,133 |
Other non-cash adjustments | 4,590 | -12,792 |
Changes in operating assets and liabilities: | ||
Restricted cashboperations | -1,652 | -10,520 |
Tenant and other receivables | 7,096 | 11,899 |
Related party receivables | -353 | -11,885 |
Deferred lease costs | -11,017 | -4,476 |
Other assets | -38,280 | -32,949 |
Accounts payable, accrued expenses and other liabilities and security deposits | -20,230 | -1,821 |
Deferred revenue and land leases payable | 14,056 | 14,635 |
Net cash provided by operating activities | 90,959 | 88,148 |
Investing Activities | ||
Acquisitions of real estate property | -6,290 | 0 |
Additions to land, buildings and improvements | -47,117 | -48,213 |
Escrowed cashbcapital improvements/acquisition deposits | -3,084 | -34,861 |
Investments in unconsolidated joint ventures | -83,772 | -18,966 |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 45,546 | 72,558 |
Proceeds from disposition of real estate/joint venture interest | 485,540 | 109,196 |
Proceeds from sale of marketable securities | 133 | 0 |
Purchases of marketable securities | -7,769 | 0 |
Other investments | -5,424 | -1,573 |
Origination of debt and preferred equity investments | -174,420 | -150,464 |
Repayments or redemption of debt and preferred equity investments | 26,954 | 522 |
Net cash provided by (used in) investing activities | 230,297 | -71,801 |
Financing Activities | ||
Proceeds from mortgages and other loans payable | 0 | 121,216 |
Repayments of mortgages and other loans payable | -481,608 | -10,772 |
Proceeds from revolving credit facility and senior unsecured notes | 665,000 | 603,000 |
Repayments of revolving credit facility and senior unsecured notes | -530,000 | -440,690 |
Proceeds from stock options exercised and DRSSP issuance | 109,840 | 8,992 |
Net proceeds from sale of common stock | 120,597 | 24 |
Redemption of preferred unit | -200 | 0 |
Distributions to noncontrolling interests in other partnerships | -110,867 | -1,586 |
Contributions from noncontrolling interests in other partnerships | 0 | 517 |
Dividends/Distributions paid on common and preferred stock/units | -65,252 | -53,152 |
Other obligations related to mortgage loan participations | 25,000 | 0 |
Deferred loan costs and capitalized lease obligation | -4,405 | -3,426 |
Net cash (used in) provided by financing activities | -271,895 | 224,123 |
Net increase in cash and cash equivalents | 49,361 | 240,470 |
Cash and cash equivalents at beginning of year | 281,409 | 206,692 |
Cash and cash equivalents at end of year | 330,770 | 447,162 |
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | ||
Issuance of common stock as deferred compensation | 1,306 | 1,295 |
Issuance of units in the Operating Partnership | 22,114 | 17,314 |
Redemption of units in the Operating Partnership | 37,407 | 16,583 |
Derivative instruments at fair value | 4,426 | 110 |
Exchange of debt investment for equity in joint venture | 10,151 | 0 |
Tenant improvements and capital expenditures payable | 17,664 | 9,898 |
Transfer to net assets held for sale | 0 | 63,925 |
Transfer to liabilities related to net assets held for sale | 0 | 49,704 |
Transfer of financing receivable to debt investment | 0 | 19,675 |
Deferred leasing payable | 2,372 | 0 |
Issuance of preferred units | $40,000 | $0 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||
Organization and Basis of Presentation | Organization and Basis of Presentation | |||||||||||||||||||||||
SL Green Realty Corp., which is referred to as the Company or SL Green, a Maryland corporation, and SL Green Operating Partnership, L.P., which is referred to as SLGOP or the Operating Partnership, a Delaware limited partnership, were formed in June 1997 for the purpose of combining the commercial real estate business of S.L. Green Properties, Inc. and its affiliated partnerships and entities. The Operating Partnership received a contribution of interest in the real estate properties, as well as 95% of the economic interest in the management, leasing and construction companies which are referred to as the Service Corporation, a consolidated variable interest entity. All of the management, leasing and construction services with respect to the properties that are wholly-owned by us are conducted through SL Green Management LLC which is 100% owned by the Operating Partnership. The Company has qualified, and expects to qualify in the current fiscal year, as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Code, and operates as a self-administered, self-managed REIT. A REIT is a legal entity that holds real estate interests and, through payments of dividends to stockholders, is permitted to minimize the payment of Federal income taxes at the corporate level. Unless the context requires otherwise, all references to "we," "our" and "us" means the Company and all entities owned or controlled by the Company, including the Operating Partnership. | ||||||||||||||||||||||||
Substantially all of our assets are held by, and all of our operations are conducted through the Operating Partnership. The Company is the sole managing general partner of the Operating Partnership. As of March 31, 2015, noncontrolling investors held, in the aggregate, a 3.78% limited partnership interest in the Operating Partnership. We refer to these interests as the noncontrolling interests in the Operating Partnership. See Note 11, "Noncontrolling Interests on the Company's Consolidated Financial Statements." | ||||||||||||||||||||||||
Reckson Associates Realty Corp., or Reckson, and Reckson Operating Partnership, L.P., or ROP, are wholly-owned subsidiaries of the Operating Partnership. | ||||||||||||||||||||||||
As of March 31, 2015, we owned the following interests in commercial and residential properties in the New York Metropolitan area, primarily in midtown Manhattan. Our investments in the New York Metropolitan area also include investments in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey, which are collectively known as the Suburban properties: | ||||||||||||||||||||||||
Consolidated | Unconsolidated | Total | ||||||||||||||||||||||
Location | Type | Number of Properties | Approximate Square Feet | Number of Properties | Approximate Square Feet | Number of Properties | Approximate Square Feet | Weighted Average Occupancy(1) | ||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Manhattan | Office | 23 | 18,429,045 | 7 | 3,476,115 | 30 | 21,905,160 | 96 | % | |||||||||||||||
Retail | 9 | -2 | 403,735 | 7 | 279,628 | 16 | 683,363 | 90.7 | % | |||||||||||||||
Development/Redevelopment | 8 | 883,862 | 5 | 1,952,782 | 13 | 2,836,644 | 38 | % | ||||||||||||||||
Fee Interest | 2 | 783,530 | — | — | 2 | 783,530 | 100 | % | ||||||||||||||||
42 | 20,500,172 | 19 | 5,708,525 | 61 | 26,208,697 | 89.7 | % | |||||||||||||||||
Suburban | Office | 27 | 4,365,400 | 4 | 1,222,100 | 31 | 5,587,500 | 80.8 | % | |||||||||||||||
Retail | 1 | 52,000 | — | — | 1 | 52,000 | 100 | % | ||||||||||||||||
Development/Redevelopment | 2 | 86,000 | 2 | 65,641 | 4 | 151,641 | 57.5 | % | ||||||||||||||||
30 | 4,503,400 | 6 | 1,287,741 | 36 | 5,791,141 | 80.3 | % | |||||||||||||||||
Total commercial properties | 72 | 25,003,572 | 25 | 6,996,266 | 97 | 31,999,838 | 88 | % | ||||||||||||||||
Residential: | ||||||||||||||||||||||||
Manhattan | Residential | 3 | -2 | 735,587 | 17 | 2,046,733 | 20 | 2,782,320 | 96.8 | % | ||||||||||||||
Suburban | Residential | 1 | 66,611 | — | — | 1 | 66,611 | 84.4 | % | |||||||||||||||
Total residential properties | 4 | 802,198 | 17 | 2,046,733 | 21 | 2,848,931 | 96.4 | % | ||||||||||||||||
Total portfolio | 76 | 25,805,770 | 42 | 9,042,999 | 118 | 34,848,769 | 88.7 | % | ||||||||||||||||
____________________________________________________________________ | ||||||||||||||||||||||||
-1 | The weighted average occupancy for commercial properties represents the total occupied square feet divided by total available rentable square feet. The weighted average occupancy for residential properties represents the total occupied units divided by total available units. | |||||||||||||||||||||||
-2 | As of March 31, 2015, we owned a building that was comprised of approximately 270,132 square feet of retail space and approximately 222,855 square feet of residential space. For the purpose of this report, we have included the building in the retail properties count and have bifurcated the square footage into the retail and residential components. | |||||||||||||||||||||||
As of March 31, 2015, we also managed an approximately 336,201 square foot office building owned by a third party and held debt and preferred equity investments with a book value of $1.5 billion. | ||||||||||||||||||||||||
Partnership Agreement | ||||||||||||||||||||||||
In accordance with the partnership agreement of the Operating Partnership, or the Operating Partnership Agreement, we allocate all distributions and profits and losses in proportion to the percentage of ownership interests of the respective partners. As the managing general partner of the Operating Partnership, we are required to take such reasonable efforts, as determined by us in our sole discretion, to cause the Operating Partnership to distribute sufficient amounts to enable the payment of sufficient dividends by us to minimize any Federal income or excise tax at the Company level. Under the Operating Partnership Agreement, each limited partner has the right to redeem units of limited partnership interests for cash, or if we so elect, shares of SL Green's common stock on a one-for-one basis. | ||||||||||||||||||||||||
Basis of Quarterly Presentation | ||||||||||||||||||||||||
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for the fair presentation of the financial position of the Company and the Operating Partnership at March 31, 2015 and the results of operations for the periods presented have been included. The operating results for the period presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. These financial statements should be read in conjunction with the financial statements and accompanying notes included in the Annual Report on Form 10-K for the year ended December 31, 2014 of the Company and the Operating Partnership. | ||||||||||||||||||||||||
The consolidated balance sheets at December 31, 2014 have been derived from the audited financial statements as of that date but do not include all the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. |
Significant_Accounting_Policie
Significant Accounting Policies | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accounting Policies [Abstract] | ||||||||
Significant Accounting Policies | Significant Accounting Policies | |||||||
Principles of Consolidation | ||||||||
The consolidated financial statements include our accounts and those of our subsidiaries, which are wholly-owned or controlled by us. Entities which we do not control through our voting interest and entities which are variable interest entities, but where we are not the primary beneficiary, are accounted for under the equity method or as debt and preferred equity investments. See Note 5, "Debt and Preferred Equity Investments" and Note 6, "Investments in Unconsolidated Joint Ventures." All significant intercompany balances and transactions have been eliminated. | ||||||||
We consolidate a variable interest entity, or VIE, in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. Included in commercial real estate properties on our consolidated balance sheets as of March 31, 2015 and December 31, 2014 are $198.5 million and $198.4 million, respectively, related to our consolidated VIEs. Included in mortgages and other loans payable on our consolidated balance sheets as of March 31, 2015 and December 31, 2014 are $106.0 million and $106.5 million, respectively, related to our consolidated VIEs. Also, included in assets held for sale and liabilities related to assets held for sale on our consolidated balance sheets as of December 31, 2014 are $445.0 million of commercial real estate and $253.9 million of mortgage related to our consolidated VIEs. | ||||||||
A noncontrolling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to us. Noncontrolling interests are required to be presented as a separate component of equity in the consolidated balance sheet and the presentation of net income is modified to present earnings and other comprehensive income attributed to controlling and noncontrolling interests. | ||||||||
We assess the accounting treatment for each joint venture and debt and preferred equity investment. This assessment includes a review of each joint venture or limited liability company agreement to determine which party has what rights and whether those rights are protective or participating. For all VIEs, we review such agreements in order to determine which party has the power to direct the activities that most significantly impact the entity's economic performance. In situations where we and our partner approve, among other things, the annual budget, receive a detailed monthly reporting package from us, meet on a quarterly basis to review the results of the joint venture, review and approve the joint venture's tax return before filing, and approve all leases that cover more than a nominal amount of space relative to the total rentable space at each property, we do not consolidate the joint venture as we consider these to be substantive participation rights that result in shared power of the activities that most significantly impact the performance of the joint venture. Our joint venture agreements typically contain certain protective rights such as the requirement of partner approval to sell, finance or refinance the property and the payment of capital expenditures and operating expenditures outside of the approved budget or operating plan. | ||||||||
Investment in Commercial Real Estate Properties | ||||||||
On a periodic basis, we assess whether there are any indications that the value of our real estate properties may be other than temporarily impaired or that their carrying value may not be recoverable. A property's value is considered impaired if management's estimate of the aggregate future cash flows (undiscounted and without interest charges for consolidated properties) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the property over the calculated fair value of the property. We do not believe that the values of any of our consolidated properties were other than temporarily impaired at March 31, 2015. | ||||||||
We also evaluate our real estate properties for potential impairment when a real estate property has been classified as held for sale. Real estate assets held for sale are valued at the lower of their carrying value or fair value less costs to sell. | ||||||||
We allocate the purchase price of real estate to land and building (inclusive of tenant improvements) and, if determined to be material, intangibles, such as the value of above- and below-market leases and origination costs associated with the in-place leases. We depreciate the amount allocated to building (inclusive of tenant improvements) over their estimated useful lives, which generally range from three to 40 years. We amortize the amount allocated to the above- and below-market leases over the remaining term of the associated lease, which generally range from one to 14 years, and record it as either an increase (in the case of below-market leases) or a decrease (in the case of above-market leases) to rental income. We amortize the amount allocated to the values associated with in-place leases over the expected term of the associated lease, which generally ranges from one to 14 years. If a tenant vacates its space prior to the contractual termination of the lease and no rental payments are being made on the lease, any unamortized balance of the related intangible will be written off. The tenant improvements and origination costs are amortized as an expense over the remaining life of the lease (or charged against earnings if the lease is terminated prior to its contractual expiration date). We assess fair value of the leases based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. To the extent acquired leases contain fixed rate renewal options that are below-market and determined to be material, we amortize such below-market lease value into rental income over the renewal period. | ||||||||
We recognized an increase of $14.3 million and $6.1 million in rental revenue for the three months ended March 31, 2015 and 2014, respectively, for the amortization of aggregate below-market leases in excess of above-market leases and a reduction in lease origination costs, resulting from the allocation of the purchase price of the applicable properties. We recognized a reduction in interest expense for the amortization of the above-market rate mortgages assumed of $0.6 million and $1.5 million for the three months ended March 31, 2015 and 2014, respectively. | ||||||||
The following summarizes our identified intangible assets (acquired above-market leases and in-place leases) and intangible liabilities (acquired below-market leases) as of March 31, 2015 and December 31, 2014 (in thousands): | ||||||||
31-Mar-15 | 31-Dec-14 | |||||||
Identified intangible assets (included in other assets): | ||||||||
Gross amount | $ | 968,763 | $ | 664,297 | ||||
Accumulated amortization | (408,884 | ) | (383,236 | ) | ||||
Net | $ | 559,879 | $ | 281,061 | ||||
Identified intangible liabilities (included in deferred revenue): | ||||||||
Gross amount | $ | 847,326 | $ | 655,755 | ||||
Accumulated amortization | (506,578 | ) | (483,948 | ) | ||||
Net | $ | 340,748 | $ | 171,807 | ||||
Fair Value Measurements | ||||||||
See Note 17, "Fair Value Measurements." | ||||||||
Investment in Marketable Securities | ||||||||
We invest in marketable securities. At the time of purchase, we are required to designate a security as held-to-maturity, available-for-sale, or trading depending on ability and intent. We do not have any securities designated as held-to-maturity or trading at March 31, 2015. Securities available-for-sale are reported at fair value pursuant to ASC 820-10, with the net unrealized gains or losses reported as a component of accumulated other comprehensive income or loss. Unrealized losses that are determined to be other-than-temporary are recognized in earnings up to their credit component. | ||||||||
The cost of bonds and marketable securities sold is determined using the specific identification method. | ||||||||
At March 31, 2015 and December 31, 2014, we held the following marketable securities (in thousands): | ||||||||
31-Mar-15 | 31-Dec-14 | |||||||
Equity marketable securities | $ | 4,287 | $ | 4,332 | ||||
Mortgage-backed securities | 43,429 | 35,097 | ||||||
Total marketable securities available-for-sale | $ | 47,716 | $ | 39,429 | ||||
The cost basis of the commercial mortgage-backed securities was $40.0 million and $32.4 million at March 31, 2015 and December 31, 2014, respectively. These securities mature at various times through 2049. | ||||||||
During the three months ended March 31, 2015, we disposed of marketable securities for aggregate net proceeds of $0.1 million. We did not sell any of our marketable securities during the three months ended March 31, 2014. | ||||||||
Investments in Unconsolidated Joint Ventures | ||||||||
We assess our investments in unconsolidated joint ventures for recoverability, and if it is determined that a loss in value of the investment is other than temporary, we write down the investment to its fair value. We evaluate our equity investments for impairment based on the joint venture's projected discounted cash flows. We do not believe that the values of any of our equity investments were impaired at March 31, 2015. | ||||||||
We may originate loans for real estate acquisition, development and construction, where we expect to receive some or all of the residual profit from such projects. When the risk and rewards of these arrangements are essentially the same as an investor or joint venture partner, we account for these arrangements as real estate investments under the equity method of accounting for investments. Otherwise, we account for these arrangements consistent with our loan accounting for our debt and preferred equity investments. | ||||||||
Revenue Recognition | ||||||||
Rental revenue is recognized on a straight-line basis over the term of the lease. Rental revenue recognition commences when the tenant takes possession or controls the physical use of the leased space. In order for the tenant to take possession, the leased space must be substantially ready for its intended use. To determine whether the leased space is substantially ready for its intended use, management evaluates whether we are or the tenant is the owner of tenant improvements for accounting purposes. When management concludes that we are the owner of tenant improvements, rental revenue recognition begins when the tenant takes possession of the finished space, which is when such tenant improvements are substantially complete. In certain instances, when management concludes that we are not the owner (the tenant is the owner) of tenant improvements, rental revenue recognition begins when the tenant takes possession of or controls the space. When management concludes that we are the owner of tenant improvements for accounting purposes, we record amounts funded to construct the tenant improvements as a capital asset. For these tenant improvements, we record amounts reimbursed by tenants as a reduction of the capital asset. When management concludes that the tenant is the owner of tenant improvements for accounting purposes, we record our contribution towards those improvements as a lease incentive, which is included in deferred costs, net on our consolidated balance sheets and amortized as a reduction to rental revenue on a straight-line basis over the term of the lease. The excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in deferred rents receivable on the consolidated balance sheets. We establish, on a current basis, an allowance for future potential tenant credit losses, which may occur against this account. The balance reflected on the consolidated balance sheets is net of such allowance. | ||||||||
In addition to base rent, our tenants also generally will pay their pro rata share of increases in real estate taxes and operating expenses for the building over a base year. In some leases, in lieu of paying additional rent based upon increases in building operating expenses, the tenant will pay additional rent based upon increases in the wage rate paid to porters over the porters' wage rate in effect during a base year or increases in the consumer price index over the index value in effect during a base year. In addition, many of our leases contain fixed percentage increases over the base rent to cover escalations. Electricity is most often supplied by the landlord either on a sub-metered basis, or rent inclusion basis (i.e., a fixed fee is included in the rent for electricity, which amount may increase based upon increases in electricity rates or increases in electrical usage by the tenant). Base building services other than electricity (such as heat, air conditioning and freight elevator service during business hours, and base building cleaning) are typically provided at no additional cost, with the tenant paying additional rent only for services which exceed base building services or for services which are provided outside normal business hours. These escalations are based on actual expenses incurred in the prior calendar year. If the expenses in the current year are different from those in the prior year, then during the current year, the escalations will be adjusted to reflect the actual expenses for the current year. | ||||||||
We record a gain on sale of real estate when title is conveyed to the buyer, subject to the buyer's financial commitment being sufficient to provide economic substance to the sale and we have no substantial economic involvement with the buyer. | ||||||||
Interest income on debt and preferred equity investments is accrued based on the outstanding principal amount and contractual terms of the instruments and when, in the opinion of management, it is deemed collectible. Several of the debt and preferred equity investments provide for accrual of interest at specified rates, which differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to management's determination that accrued interest is ultimately collectible, based on the underlying collateral and operations of the borrower. If management cannot make this determination, interest income above the current pay rate is recognized only upon actual receipt. | ||||||||
Deferred origination fees, original issue discounts and loan origination costs, if any, are recognized as a reduction to the interest income over the terms of the related investments using the effective interest method. Fees received in connection with loan commitments are also deferred until the loan is funded and are then recognized over the term of the loan as an adjustment to yield. Discounts or premiums associated with the purchase of loans are amortized or accreted into interest income as a yield adjustment on the effective interest method based on expected cashflows through the expected maturity date of the related investment. If we purchase a debt or preferred equity investment at a discount, intend to hold it until maturity and expect to recover the full value of the investment, we accrete the discount into income as an adjustment to yield over the term of the investment. If we purchase a debt or preferred equity investment at a discount with the intention of foreclosing on the collateral, we do not accrete the discount. For debt investments acquired at a discount for credit quality, the difference between contractual cash flows and expected cash flows at acquisition is not accreted. Anticipated exit fees, the collection of which is expected, are also recognized over the term of the loan as an adjustment to yield. | ||||||||
Debt and preferred equity investments are placed on a non-accrual status at the earlier of the date at which payments become 90 days past due or when, in the opinion of management, a full recovery of interest income becomes doubtful. Interest income recognition on any non-accrual debt or preferred equity investment is resumed when such non-accrual debt or preferred equity investment becomes contractually current and performance is demonstrated to be resumed. Interest is recorded as income on impaired loans only to the extent cash is received. | ||||||||
We may syndicate a portion of the loans that we originate or sell these loans individually. When a transaction meets the criteria of sale accounting, we derecognize the loan sold and recognize gain or loss based on the difference between the sales price and the carrying value of the loan sold. Any related unamortized deferred origination fees, original issue discounts, loan origination costs, discounts or premiums at the time of sale are recognized as an adjustment to the gain or loss on sale, which is included in investment income on the consolidated statement of income. Any fees received at the time of sale or syndication are recognized as part of investment income. | ||||||||
Asset management fees are recognized on a straight-line basis over the term of the asset management agreement. | ||||||||
Reserve for Possible Credit Losses | ||||||||
The expense for possible credit losses in connection with debt and preferred equity investments is the charge to earnings to increase the allowance for possible credit losses to the level that we estimate to be adequate, based on Level 3 data, considering delinquencies, loss experience and collateral quality. Other factors considered relate to geographic trends and product diversification, the size of the portfolio and current economic conditions. Based upon these factors, we establish the provision for possible credit losses on each individual investment. When it is probable that we will be unable to collect all amounts contractually due, the investment is considered impaired. | ||||||||
Where impairment is indicated on an investment that is held to maturity, a valuation allowance is measured based upon the excess of the recorded investment amount over the net fair value of the collateral. Any deficiency between the carrying amount of an asset and the calculated value of the collateral is charged to expense. We continue to assess or adjust our estimates based on circumstances of a loan and the underlying collateral. If the additional information obtained reflects increased recovery of our investment, we will adjust our reserves accordingly. There were no loan reserves recorded during three months ended March 31, 2015 and 2014. | ||||||||
Debt and preferred equity investments held for sale are carried at the lower of cost or fair market value using available market information obtained through consultation with dealers or other originators of such investments as well as discounted cash flow models based on Level 3 data pursuant to ASC 820-10. As circumstances change, management may conclude not to sell an investment designated as held for sale. In such situations, the investment will be reclassified at its net carrying value to debt and preferred equity investments held to maturity. For these reclassified investments, the difference between the current carrying value and the expected cash to be collected at maturity will be accreted into income over the remaining term of the investment. | ||||||||
Income Taxes | ||||||||
SL Green is taxed as a REIT under Section 856(c) of the Code. As a REIT, SL Green generally is not subject to Federal income tax. To maintain its qualification as a REIT, SL Green must distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements. If SL Green fails to qualify as a REIT in any taxable year, we will be subject to Federal income tax on SL Green's taxable income at regular corporate rates. SL Green may also be subject to certain state, local and franchise taxes. Under certain circumstances, Federal income and excise taxes may be due on SL Green's undistributed taxable income. | ||||||||
The Operating Partnership is a partnership and, as a result, all income and losses of the partnership are allocated to the partners for inclusion in their respective income tax returns. The only provision for income taxes included in the consolidated statements of income relates to the Operating Partnership’s consolidated taxable REIT subsidiaries. The Operating Partnership may also be subject to certain state, local and franchise taxes. | ||||||||
Pursuant to amendments to the Code that became effective January 1, 2001, we have elected, and may elect in the future, to treat certain of our existing or newly created corporate subsidiaries as taxable REIT subsidiaries, or TRSs. In general, TRSs may perform non-customary services for the tenants of the Company, hold assets that we cannot hold directly and generally may engage in any real estate or non-real estate related business. The TRSs generate income, resulting in Federal and state income tax liability for these entities. | ||||||||
During the three months ended March 31, 2015 and 2014, we recorded Federal, state and local tax provisions of $0.3 million and $2.9 million, respectively. | ||||||||
We follow a two-step approach for evaluating uncertain tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that is more-likely-than-not to be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained. The use of a valuation allowance as a substitute for derecognition of tax positions is prohibited. | ||||||||
Stock-Based Employee Compensation Plans | ||||||||
We have a stock-based employee compensation plan, described more fully in Note 14, "Share-based Compensation." | ||||||||
The Company's stock options are recorded at fair value at the time of issuance. Fair value of the stock options is determined using the Black-Scholes option pricing model. The Black-Scholes model was developed for use in estimating the fair value of traded options, which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility. Because our plan has characteristics significantly different from those of traded options and because changes in the subjective input assumptions can materially affect the fair value estimate, in our opinion, the existing models do not necessarily provide a reliable single measure of the fair value of the employee stock options. | ||||||||
Compensation cost for stock options, if any, is recognized over the vesting period of the award. Our policy is to grant options with an exercise price equal to the quoted closing market price of the Company's common stock on the grant date. Awards of stock or restricted stock are expensed as compensation over the benefit period based on the fair value of the stock on the grant date. | ||||||||
For share-based awards with a performance or market measure, we recognize compensation cost over the requisite service period, using the accelerated attribution expense method. The requisite service period begins on the date the compensation committee of SL Green's board of directors authorizes the award, adopts any relevant performance measures and communicates the award to the employees. For programs with awards that vest based on the achievement of a performance condition or market condition, we determine whether it is probable that the performance condition will be met, and estimate compensation cost based on the fair value of the award at the applicable reporting date estimated using a binomial model or market quotes. For share-based awards for which there is no pre-established performance measure, we recognize compensation cost over the service vesting period, which represents the requisite service period, on a straight-line basis. In accordance with the provisions of our share-based incentive compensation plans, we accept the return of shares of the Company's common stock, at the current quoted market price, from certain key employees to satisfy minimum statutory tax-withholding requirements related to shares that vested during the period. | ||||||||
Awards can also be made in the form of a separate series of units of limited partnership interest in the Operating Partnership called long-term incentive plan units, or LTIP units. LTIP units, which can be granted either as free-standing awards or in tandem with other awards under our stock incentive plan, are valued by reference to the value of the Company's common stock at the time of grant, and are subject to such conditions and restrictions as the compensation committee of the Company's board of directors may determine, including continued employment or service, computation of financial metrics and/or achievement of pre-established performance goals and objectives. | ||||||||
Earnings per Share of the Company | ||||||||
The Company presents both basic and diluted earnings per share, or EPS. Basic EPS excludes dilution and is computed by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding during the period. Basic EPS includes participating securities, consisting of unvested restricted stock that receive nonforfeitable dividends similar to shares of common stock. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS amount. Diluted EPS also includes units of limited partnership interest. The dilutive effect of stock options is reflected in the weighted average diluted outstanding shares calculation by application of the treasury stock method. There is no dilutive effect for the exchangeable senior notes as the conversion premium will be paid in cash. | ||||||||
Earnings per Unit of the Operating Partnership | ||||||||
The Operating Partnership presents both basic and diluted earnings per unit, or EPU. Basic EPU excludes dilution and is computed by dividing net income attributable to common unitholders by the weighted average number of common units outstanding during the period. Basic EPU includes participating securities, consisting of unvested restricted units that receive nonforfeitable dividends similar to shares of common units. Diluted EPU reflects the potential dilution that could occur if securities or other contracts to issue common units were exercised or converted into common units, where such exercise or conversion would result in a lower EPU amount. The dilutive effect of unit options is reflected in the weighted average diluted outstanding units calculation by application of the treasury stock method. There is no dilutive effect for the exchangeable senior notes as the conversion premium will be paid in cash. | ||||||||
Use of Estimates | ||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | ||||||||
Concentrations of Credit Risk | ||||||||
Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash investments, debt and preferred equity investments and accounts receivable. We place our cash investments in excess of insured amounts with high quality financial institutions. The collateral securing our debt and preferred equity investments is located in New York City. See Note 5, "Debt and Preferred Equity Investments." We perform ongoing credit evaluations of our tenants and require most tenants to provide security deposits or letters of credit. Though these security deposits and letters of credit are insufficient to meet the total value of a tenant's lease obligation, they are a measure of good faith and a source of funds to offset the economic costs associated with lost rent and the costs associated with re-tenanting a space. Although the properties in our real estate portfolio are primarily located in Manhattan, we also have properties located in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey. The tenants located in our buildings operate in various industries. Other than three tenants who account for 10.7%, 7.1% and 5.4% of our share of annualized cash rent, respectively, no other tenant in our portfolio accounted for more than 2.1% of our share of annualized cash rent, including our share of joint venture annualized rent, at March 31, 2015. For the three months ended March 31, 2015, 10.1%, 9.7%, 7.7% and 7.4% of our annualized cash rent for consolidated properties was attributable to 1515 Broadway, 388-390 Greenwich Street, 1185 Avenue of the Americas and 919 Third Avenue, respectively. | ||||||||
Reclassification | ||||||||
Certain prior year balances have been reclassified to conform to our current year presentation primarily in order to eliminate discontinued operations from income from continuing operations. | ||||||||
Accounting Standards Updates | ||||||||
In April 2015, the Financial Accounting Standards Board, or FASB, issued final guidance to simplify the presentation of debt issuance costs by requiring debt issuance costs to be presented as a deduction from the corresponding debt liability (Accounting Standards Update, or ASU, No, 2015-03). The guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of the guidance is permitted. Upon adoption, an entity must apply the new guidance retrospectively for all prior periods presented in the financial statements. The Company expects to adopt the guidance effective January 1, 2016 and the guidance is not anticipated to have a material impact on our consolidated financial statements. | ||||||||
In February 2015, the FASB issued new guidance that amends the current consolidation guidance, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities (ASU, No. 2015-02). Under this analysis, limited partnerships and other similar entities will be considered a VIE unless the limited partners hold substantive kick-out rights or participating rights. The guidance is effective for annual and interim periods beginning after December 15, 2015. Early adoption of this guidance is permitted. The Company is currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements. | ||||||||
In June 2014, the FASB issued final guidance that requires repurchase-to-maturity transactions to be accounted for as secured borrowings as if the transferor retains effective control, even though the transferred financial assets are not returned to the transferor at settlement and also eliminates existing guidance for repurchase financings (ASU, No. 2014-11). New disclosures are required for (1) certain transactions accounted for as secured borrowings and (2) transfers accounted for as sales when the transferor also retains substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction. The guidance is effective for the first interim or annual period beginning after December 15, 2014, except for the disclosures related to transactions accounted for as secured borrowings, which are effective for periods beginning after March 15, 2015. Early adoption of this guidance is prohibited. The Company has adopted the standard beginning in the first quarter of 2015. The adoption of this guidance did not have a material impact on our consolidated financial statements. The Company will adopt the presentation and disclosures related to transactions accounted for as secured borrowings during the second quarter of 2015. | ||||||||
In May 2014, the FASB issued a new comprehensive revenue recognition guidance which requires us to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods and services (ASU No. 2014-09). The guidance also requires enhanced disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. The guidance is effective for annual and interim periods beginning after December 15, 2016 and early adoption is not permitted. The new guidance can be applied either retrospectively to each prior reporting period presented, or as a cumulative-effect adjustment as of the date of adoption. The Company is currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements. | ||||||||
In April 2014, the FASB issued new guidance on reporting discontinued operations which raises the threshold for disposals to qualify as discontinued operations (ASU No. 2014-08). The guidance also allows us to have a significant continuing involvement and continuing cash flows with the discontinued operations. Additionally, the guidance requires additional disclosures for discontinued operations and new disclosures for individually material disposal transactions that do not meet the definition of a discontinued operation. The guidance is effective for calendar year public companies beginning in the first quarter of 2015 and is to be applied on a prospective basis for new disposals. Early adoption of this guidance was permitted. The Company has adopted the standard beginning in the first quarter of 2015. The adoption of this guidance will change the presentation of discontinued operations for all properties held for sale and/or disposed of subsequent to January 1, 2015. |
Property_Acquisitions
Property Acquisitions | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Business Combinations [Abstract] | |||||||||||||
Property Acquisitions | Property Acquisitions | ||||||||||||
2015 Acquisitions | |||||||||||||
During the three months ended March 31, 2015, the property listed below was acquired from a third party. The following summarizes our preliminary allocation of the purchase price of the assets acquired and liabilities assumed upon the closing of this acquisition (in thousands): | |||||||||||||
1640 Flatbush Avenue(1) | |||||||||||||
Acquisition Date | Mar-15 | ||||||||||||
Ownership Type | Fee Interest | ||||||||||||
Property Type | Retail | ||||||||||||
Purchase Price Allocation: | |||||||||||||
Land | $ | 6,120 | |||||||||||
Building and building leasehold | 680 | ||||||||||||
Above-market lease value | — | ||||||||||||
Acquired in-place leases | — | ||||||||||||
Other assets, net of other liabilities | — | ||||||||||||
Assets acquired | 6,800 | ||||||||||||
Mark-to-market assumed debt | — | ||||||||||||
Below-market lease value | — | ||||||||||||
Derivatives | — | ||||||||||||
Liabilities assumed | — | ||||||||||||
Purchase price | $ | 6,800 | |||||||||||
Net consideration funded by us at closing, excluding consideration financed by debt | $ | 6,800 | |||||||||||
Equity and/or debt investment held | $ | — | |||||||||||
Debt assumed | $ | — | |||||||||||
____________________________________________________________________ | |||||||||||||
-1 | We are currently in the process of analyzing the purchase price allocation and, as such, we have not allocated any value to intangible assets such as above- and below-market lease or in-place leases. | ||||||||||||
2014 Acquisitions | |||||||||||||
During the three months ended March 31, 2015, we finalized the purchase price allocations based on third party appraisal and additional facts and circumstances that existed at the acquisition dates for the following 2014 acquisitions (in thousands): | |||||||||||||
719 Seventh Avenue(1)(2) | 115 Spring | 388-390 Greenwich Street(1)(3) | |||||||||||
Street(1) | |||||||||||||
Acquisition Date | Jul-14 | Jul-14 | May-14 | ||||||||||
Ownership Type | Fee Interest | Fee Interest | Fee Interest | ||||||||||
Property Type | Development | Retail | Office | ||||||||||
Purchase Price Allocation: | |||||||||||||
Land | $ | 41,850 | $ | 11,078 | $ | 516,292 | |||||||
Building and building leasehold | — | 44,799 | 964,434 | ||||||||||
Above-market lease value | — | — | — | ||||||||||
Acquired in-place leases | — | 2,037 | 302,430 | ||||||||||
Other assets, net of other liabilities | — | — | 6,495 | ||||||||||
Assets acquired | 41,850 | 57,914 | 1,789,651 | ||||||||||
Mark-to-market assumed debt | — | — | — | ||||||||||
Below-market lease value | — | 4,789 | 186,782 | ||||||||||
Derivatives | — | — | 18,001 | ||||||||||
Liabilities assumed | — | 4,789 | 204,783 | ||||||||||
Purchase price | $ | 41,850 | $ | 53,125 | $ | 1,584,868 | |||||||
Net consideration funded by us at closing, excluding consideration financed by debt | $ | 41,850 | $ | 53,125 | $ | 208,614 | |||||||
Equity and/or debt investment held | $ | — | $ | — | $ | 148,025 | |||||||
Debt assumed | $ | — | $ | — | $ | 1,162,379 | |||||||
____________________________________________________________________ | |||||||||||||
-1 | Based on our preliminary analysis of the purchase price, we had allocated $14.4 million and $26.7 million to land and building, respectively, at 719 Seventh Avenue, $15.9 million and $37.2 million to land and building, respectively, at 115 Spring Street and $558.7 million and $1.0 billion to land and building, respectively, at 388-390 Greenwich. The impact to our consolidated statement of income for the three months ended March 31, 2015 was $6.7 million in rental revenue for the amortization of aggregate below-market leases and $10.1 million of depreciation expense. | ||||||||||||
-2 | We, along with our joint venture partner, acquired this property for consideration that included the issuance of $14.1 million aggregate liquidation preference of Series L Preferred Units of limited partnership interest of the Operating Partnership and $9.5 million aggregate liquidation preference of Series K Preferred Units of limited partnership interest of the Operating Partnership. We hold a 75.0% controlling interest in this joint venture. | ||||||||||||
-3 | In May 2014, we acquired Ivanhoe Cambridge, Inc.'s 49.65% economic interest in this property, thereby consolidating full ownership of the property. The transaction valued the consolidated interests at $1.585 billion. Simultaneous with the closing, we refinanced the previous mortgage with a $1.45 billion mortgage. We also assumed the existing derivative instruments, which swapped $504.0 million of the mortgage to fixed rate. We recognized a purchase price fair value adjustment of $71.4 million upon closing of this transaction. This property, which we initially acquired in December 2007, was previously accounted for as an investment in unconsolidated joint ventures. | ||||||||||||
For business combinations achieved in stages, the acquisition-date fair value of our equity interest in a property immediately before the acquisition date is determined based on estimated cash flow projections that utilize available market information and discount and capitalization rates that we deem appropriate. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. The acquisition-date fair value of the equity interest in 388-390 Greenwich Street immediately before the acquisition date as well as the purchase price fair value, as determined in accordance with the methodology set out in the prior sentence, is as follows (in thousands): | |||||||||||||
388-390 Greenwich Street | |||||||||||||
Contract purchase price | $ | 1,585,000 | |||||||||||
Net consideration funded by us at closing, excluding consideration financed by debt | (208,614 | ) | |||||||||||
Debt assumed | (1,162,379 | ) | |||||||||||
Fair value of retained equity interest | 214,007 | ||||||||||||
Equity and/or debt investment held | (148,025 | ) | |||||||||||
Other(1) | 5,464 | ||||||||||||
Purchase price fair value adjustment | $ | 71,446 | |||||||||||
___________________________________________________________________ | |||||||||||||
-1 | Includes the acceleration of a deferred leasing commission from the joint venture to the Company. |
Property_Dispositions
Property Dispositions | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||
Property Dispositions | Property Dispositions | |||||||||||||||
The following table summarizes the properties sold during the three months ended March 31, 2015: | ||||||||||||||||
Property | Disposition Date | Property Type | Approximate Usable Square Feet | Sales Price | Gain on Sale(1) | |||||||||||
(in millions) | (in millions) | |||||||||||||||
180 Maiden Lane | Jan-15 | Office | 1,090,000 | $ | 470 | $ | 17 | |||||||||
____________________________________________________________________ | ||||||||||||||||
-1 | The gain on sale for 180 Maiden Lane is net of a $0.8 million employee compensation award accrued in connection with the realization of this investment gain as a bonus to certain employees that were instrumental in realizing the gain on sale. Additionally, amounts do not include adjustments for expense recorded in subsequent periods. | |||||||||||||||
Discontinued Operations | ||||||||||||||||
Discontinued operations included the results of operations of real estate assets sold prior to March 31, 2015. This included 180 Maiden Lane, which was sold in January 2015, 2 Herald Square, 985-987 Third Avenue and 673 First Avenue, which were sold during 2014. | ||||||||||||||||
The following table summarizes net income from discontinued operations for the three months ended March 31, 2015 and 2014, respectively (in thousands): | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Revenues | ||||||||||||||||
Rental revenue | $ | 236 | $ | 21,180 | ||||||||||||
Escalation and reimbursement revenues | (127 | ) | 3,397 | |||||||||||||
Other income | — | 3 | ||||||||||||||
Total revenues | 109 | 24,580 | ||||||||||||||
Operating expenses | (631 | ) | 4,461 | |||||||||||||
Real estate taxes | 250 | 3,985 | ||||||||||||||
Ground rent | — | 2,196 | ||||||||||||||
Interest expense, net of interest income | 109 | 4,661 | ||||||||||||||
Transaction related costs | (49 | ) | — | |||||||||||||
Depreciation and amortization | — | 3,297 | ||||||||||||||
Amortization of deferred financing costs | 3 | 211 | ||||||||||||||
Total expenses | (318 | ) | 18,811 | |||||||||||||
Net income from discontinued operations | $ | 427 | $ | 5,769 | ||||||||||||
Debt_and_Preferred_Equity_Inve
Debt and Preferred Equity Investments | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||
Debt and Preferred Equity Investments | Debt and Preferred Equity Investments | ||||||||||||||||||
During the three months ended March 31, 2015 and 2014, our debt and preferred equity investments (net of discounts and deferred origination fees) increased $166.9 million and $189.4 million, respectively, due to originations, purchases, advances under future funding obligations, accretion of reserves, discount amortization, and paid-in-kind interest, net of premium amortization. We recorded repayments, participations and sales of $27.0 million and $0.5 million during the three months ended March 31, 2015 and 2014, respectively, which offset the increases in debt and preferred equity investments. | |||||||||||||||||||
Debt Investments | |||||||||||||||||||
As of March 31, 2015 and December 31, 2014, we held the following debt investments with an aggregate weighted average current yield of 10.27% at March 31, 2015 (in thousands): | |||||||||||||||||||
Loan Type | March 31, 2015 | March 31, 2015 | March 31, 2015 | December 31, 2014 | Initial | ||||||||||||||
Future Funding | Senior | Carrying Value (1) | Carrying Value (1) | Maturity | |||||||||||||||
Obligations | Financing | Date | |||||||||||||||||
Fixed Rate Investments: | |||||||||||||||||||
Jr. Mortgage Participation | $ | — | $ | 205,000 | $ | 71,291 | $ | 70,688 | Feb-16 | ||||||||||
/Mezzanine Loan | |||||||||||||||||||
Jr. Mortgage Participation/Mezzanine Loan(2)(3) | — | — | 45,863 | 45,611 | Various(2) | ||||||||||||||
Jr. Mortgage Participation | — | 133,000 | 49,000 | 49,000 | Jun-16 | ||||||||||||||
Mezzanine Loan | — | 165,000 | 71,721 | 71,656 | Nov-16 | ||||||||||||||
Jr. Mortgage Participation/Mezzanine Loan | — | 1,109,000 | 100,758 | 98,934 | Mar-17 | ||||||||||||||
Mezzanine Loan(3) | — | — | 65,868 | 65,770 | Mar-17 | ||||||||||||||
Loan Type | March 31, 2015 | March 31, 2015 | March 31, 2015 | December 31, 2014 | Initial | ||||||||||||||
Future Funding | Senior | Carrying Value (1) | Carrying Value (1) | Maturity | |||||||||||||||
Obligations | Financing | Date | |||||||||||||||||
Mezzanine Loan(4) | 10,787 | 502,100 | 30,264 | 24,608 | Jun-17 | ||||||||||||||
Mezzanine Loan | — | 539,000 | 49,622 | 49,629 | Jul-18 | ||||||||||||||
Mortgage Loan(5) | — | — | 26,222 | 26,209 | Feb-19 | ||||||||||||||
Mortgage Loan | — | — | 607 | 637 | Aug-19 | ||||||||||||||
Mezzanine Loan | — | 15,000 | 3,500 | 3,500 | Sep-21 | ||||||||||||||
Mezzanine Loan(6) | — | 90,000 | 19,932 | 19,930 | Nov-23 | ||||||||||||||
Mezzanine Loan | — | 95,000 | 30,000 | 30,000 | Jan-25 | ||||||||||||||
Mezzanine Loan(7) | — | — | — | 14,068 | |||||||||||||||
Jr. Mortgage Participation(8) | — | — | — | 11,934 | |||||||||||||||
Total fixed rate | $ | 10,787 | $ | 2,853,100 | $ | 564,648 | $ | 582,174 | |||||||||||
Floating Rate Investments: | |||||||||||||||||||
Mezzanine Loan(9) | 611 | 50,000 | 44,647 | 37,322 | Apr-15 | ||||||||||||||
Mortgage/Mezzanine Loan | — | — | 109,802 | 109,527 | Jun-15 | ||||||||||||||
Mezzanine Loan | — | 110,000 | 49,745 | 49,614 | Sep-15 | ||||||||||||||
Mezzanine Loan | — | 775,000 | 73,699 | 73,402 | Mar-16 | ||||||||||||||
Mezzanine Loan(10) | — | 160,000 | 22,586 | 22,573 | Jun-16 | ||||||||||||||
Mezzanine Loan | — | 115,000 | 24,911 | 24,910 | Jul-16 | ||||||||||||||
Mezzanine Loan(11) | 514 | 172,105 | 36,917 | 33,726 | Nov-16 | ||||||||||||||
Mezzanine Loan | — | 360,000 | 99,144 | 99,023 | Nov-16 | ||||||||||||||
Mezzanine Loan(12) | 17,104 | 117,202 | 43,906 | 42,750 | Dec-16 | ||||||||||||||
Mezzanine Loan | 2,120 | 33,915 | 11,855 | 11,835 | Dec-16 | ||||||||||||||
Mortgage/Mezzanine Loan(13) | 78,975 | — | 111,613 | — | Jan-17 | ||||||||||||||
Mezzanine Loan | 8,781 | 92,294 | 20,955 | 20,651 | Jan-17 | ||||||||||||||
Jr. Mortgage Participation/Mezzanine Loan | 2,522 | 112,393 | 38,905 | 38,524 | Jul-17 | ||||||||||||||
Mortgage/Mezzanine Loan | — | — | 22,822 | 22,803 | Jul-17 | ||||||||||||||
Mortgage/Mezzanine Loan | — | — | 16,861 | 16,848 | Sep-17 | ||||||||||||||
Mezzanine Loan | — | 60,000 | 14,869 | 14,859 | Nov-17 | ||||||||||||||
Mortgage/Mezzanine Loan(14) | 795 | — | 14,868 | 14,845 | Dec-17 | ||||||||||||||
Jr. Mortgage Participation/Mezzanine Loan | — | 55,000 | 20,528 | 20,533 | Jul-18 | ||||||||||||||
Mortgage/Mezzanine Loan | — | — | 18,159 | 18,083 | Feb-19 | ||||||||||||||
Mezzanine Loan | — | 38,000 | 21,816 | 21,807 | Mar-19 | ||||||||||||||
Total floating rate | $ | 111,422 | $ | 2,250,909 | $ | 818,608 | $ | 693,635 | |||||||||||
Total | $ | 122,209 | $ | 5,104,009 | $ | 1,383,256 | $ | 1,275,809 | |||||||||||
____________________________________________________________________ | |||||||||||||||||||
-1 | Carrying value is net of discounts, premiums, original issue discounts and deferred origination fees. | ||||||||||||||||||
-2 | The $22.8 million junior mortgage participation and $23.1 million mezzanine loan mature in February 2016 and May 2016, respectively. | ||||||||||||||||||
-3 | These loans are collateralized by defeasance securities. | ||||||||||||||||||
-4 | Carrying value is net of $41.3 million that was participated out, which is included in other assets and other liabilities on the consolidated balance sheets as a result of the transfer not meeting the conditions for sale accounting. | ||||||||||||||||||
-5 | In September 2014, we acquired a $26.4 million mortgage loan at a $0.2 million discount and a $5.7 million junior mortgage participation at a $5.7 million discount. The junior mortgage participation was a nonperforming loan at acquisition and is currently on non-accrual status. | ||||||||||||||||||
-6 | Carrying value is net of $5.0 million that was participated out, which is included in other assets and other liabilities on the consolidated balance sheets as a result of the transfer not meeting the conditions for sale accounting. | ||||||||||||||||||
-7 | This loan was repaid in February 2015. | ||||||||||||||||||
-8 | This loan was repaid in March 2015. | ||||||||||||||||||
-9 | This loan was repaid in April 2015. | ||||||||||||||||||
-10 | Carrying value is net of $7.4 million that was participated out, which is included in other assets and other liabilities on the consolidated balance sheets as a result of the transfer not meeting the conditions for sale accounting. | ||||||||||||||||||
-11 | This loan was repaid in April 2015. | ||||||||||||||||||
-12 | In February 2015, the maturity date was extended to December 2016. | ||||||||||||||||||
-13 | Carrying value is net of $25.0 million that was participated out, which is included in other assets and other liabilities on the consolidated balance sheets as a result of the transfer not meeting the conditions for sale accounting. | ||||||||||||||||||
-14 | Carrying value is net of $5.1 million that was participated out, which is included in other assets and other liabilities on the consolidated balance sheets as a result of the transfer not meeting the conditions for sale accounting. | ||||||||||||||||||
Preferred Equity Investments | |||||||||||||||||||
As of March 31, 2015 and 2014, we held the following preferred equity investments with an aggregate weighted average current yield of 10.20% at March 31, 2015 (in thousands): | |||||||||||||||||||
Type | March 31, 2015 | March 31, 2015 | March 31, 2015 | December 31, 2014 | Initial | ||||||||||||||
Future Funding | Senior | Carrying Value (1) | Carrying Value (1) | Mandatory | |||||||||||||||
Obligations | Financing | Redemption | |||||||||||||||||
Preferred equity(2) | $ | — | $ | 550,000 | $ | 124,907 | $ | 123,041 | Jul-15 | ||||||||||
Preferred equity(3) | — | 70,000 | 9,957 | 9,954 | Mar-18 | ||||||||||||||
Preferred equity | 7,100 | 60,795 | 30,619 | — | Nov-18 | ||||||||||||||
$ | 7,100 | $ | 680,795 | $ | 165,483 | $ | 132,995 | ||||||||||||
____________________________________________________________________ | |||||||||||||||||||
-1 | Carrying value is net of deferred origination fees. | ||||||||||||||||||
-2 | The difference between the pay and accrual rates is included as an addition to the principal balance outstanding. | ||||||||||||||||||
-3 | In March 2015, the maturity date was extended to March 2018. | ||||||||||||||||||
At March 31, 2015 and December 31, 2014, all debt and preferred equity investments were performing in accordance with the terms of the relevant investments, with the exception of a junior mortgage participation acquired in September 2014, which has a carrying value of zero. | |||||||||||||||||||
We have determined that we have one portfolio segment of financing receivables at March 31, 2015 and December 31, 2014 comprising commercial real estate which is primarily recorded in debt and preferred equity investments. Included in other assets is an additional amount of financing receivables totaling $122.3 million and $133.5 million at March 31, 2015 and December 31, 2014, respectively. No financing receivables were 90 days past due at March 31, 2015. |
Investments_in_Unconsolidated_
Investments in Unconsolidated Joint Ventures | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||
Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures | |||||||||||||
We have investments in several real estate joint ventures with various partners. As of March 31, 2015 and December 31, 2014, 650 Fifth Avenue, 33 Beekman, and 3 Columbus Circle were VIEs in which we are not the primary beneficiary. Our net equity investment in these VIEs was $97.9 million and $146.2 million at March 31, 2015 and December 31, 2014, respectively. All other investments below are voting interest entities. As we do not control the joint ventures listed below, we account for them under the equity method of accounting. | ||||||||||||||
The table below provides general information on each of our joint ventures as of March 31, 2015: | ||||||||||||||
Property | Partner | Ownership | Economic | Approximate Square Feet | Acquisition Date | Acquisition | ||||||||
Interest | Interest | Price(1) | ||||||||||||
(in thousands) | ||||||||||||||
100 Park Avenue | Prudential Real Estate Investors | 49.90% | 49.90% | 834,000 | Jan-00 | $ | 95,800 | |||||||
717 Fifth Avenue | Jeff Sutton/Private Investor | 10.92% | 10.92% | 119,500 | Sep-06 | 251,900 | ||||||||
800 Third Avenue(2) | Private Investors | 60.52% | 60.52% | 526,000 | Dec-06 | 285,000 | ||||||||
1745 Broadway | Ivanhoe Cambridge, Inc. | 56.88% | 56.88% | 674,000 | Apr-07 | 520,000 | ||||||||
Jericho Plaza | Onyx Equities/Credit Suisse | 20.26% | 20.26% | 640,000 | Apr-07 | 210,000 | ||||||||
The Meadows | Onyx Equities | 50.00% | 50.00% | 582,100 | Sep-07 | 111,500 | ||||||||
600 Lexington Avenue | Canadian Pension Plan Investment Board | 55.00% | 55.00% | 303,515 | May-10 | 193,000 | ||||||||
Property | Partner | Ownership | Economic | Approximate Square Feet | Acquisition Date | Acquisition | ||||||||
Interest | Interest | Price(1) | ||||||||||||
(in thousands) | ||||||||||||||
11 West 34th Street | Private Investor/ | 30.00% | 30.00% | 17,150 | Dec-10 | 10,800 | ||||||||
Jeff Sutton | ||||||||||||||
7 Renaissance | Louis Cappelli | 50.00% | 50.00% | 65,641 | Dec-10 | 4,000 | ||||||||
3 Columbus Circle(3) | The Moinian Group | 48.90% | 48.90% | 741,500 | Jan-11 | 500,000 | ||||||||
280 Park Avenue | Vornado Realty Trust | 50.00% | 50.00% | 1,219,158 | Mar-11 | 400,000 | ||||||||
1552-1560 Broadway(4) | Jeff Sutton | 50.00% | 50.00% | 35,897 | Aug-11 | 136,550 | ||||||||
724 Fifth Avenue | Jeff Sutton | 50.00% | 50.00% | 65,040 | Jan-12 | 223,000 | ||||||||
10 East 53rd Street | Canadian Pension Plan Investment Board | 55.00% | 55.00% | 354,300 | Feb-12 | 252,500 | ||||||||
33 Beekman(5) | Harel Insurance and Finance/TNG 33 LLC | 45.90% | 45.90% | — | Aug-12 | 31,000 | ||||||||
521 Fifth Avenue | Plaza Global | 50.50% | 50.50% | 460,000 | Nov-12 | 315,000 | ||||||||
Real Estate Partners LP | ||||||||||||||
21 East 66th Street(6) | Private Investors | 32.28% | 32.28% | 16,736 | Dec-12 | 75,000 | ||||||||
315 West 36th Street | Private Investors | 35.50% | 35.50% | 147,619 | Dec-12 | 45,000 | ||||||||
650 Fifth Avenue(7) | Jeff Sutton | 50.00% | 50.00% | 32,324 | Nov-13 | — | ||||||||
121 Greene Street | Jeff Sutton | 50.00% | 50.00% | 7,131 | Sep-14 | 27,400 | ||||||||
175-225 Third Street | KCLW 3rd Street LLC/LIVWRK LLC | 95.00% | 95.00% | — | Oct-14 | 74,600 | ||||||||
55 West 46th Street | Prudential Real Estate Investors | 25.00% | 25.00% | 347,000 | Nov-14 | 295,000 | ||||||||
Stonehenge Portfolio(8) | Various | Various | Various | 2,046,733 | Feb-15 | 36,668 | ||||||||
____________________________________________________________________ | ||||||||||||||
-1 | Acquisition price represents the actual or implied gross purchase price for the joint venture. | |||||||||||||
-2 | In March 2015, we acquired an additional 17.56% interest in this joint venture for $67.5 million. | |||||||||||||
-3 | As a result of the sale of a condominium interest in September 2012, Young & Rubicam, Inc., or Y&R, owns a portion of the property, floors three through eight referred to as Y&R units. Because the joint venture has an option to repurchase the Y&R units, the gain associated with this sale was deferred. | |||||||||||||
-4 | The purchase price represents only the purchase of the 1552 Broadway interest which comprised approximately 13,045 square feet. The joint venture also owns a long-term leasehold interest in the retail space and certain other spaces at 1560 Broadway, which is adjacent to 1552 Broadway. | |||||||||||||
-5 | The property is currently being developed into a 30-story dormitory building, which will be conveyed to Pace University upon its completion under a long-term ground lease arrangement. | |||||||||||||
-6 | We hold a 32.28% interest in three retail and two residential units at the property and a 16.14% interest in three residential units at the property. | |||||||||||||
-7 | The joint venture owns a long-term leasehold interest in the retail space at 650 Fifth Avenue. In connection with the ground lease obligation, SLG provided a performance guaranty and our joint venture partner executed a contribution agreement to reflect its pro rata obligation. In the event the property is converted into a condominium unit and the landlord elects the purchase option, the joint venture shall be obligated to acquire the unit at the then fair value. | |||||||||||||
-8 | In February 2015, we acquired an interest in a portfolio of Manhattan residential and retail properties for $40.2 million, of which $3.5 million represented an increase in ownership interest in six of our existing consolidated joint venture properties. The $40.2 million of consideration included the issuance of $40.0 million aggregate liquidation preference of 3.75% Series M Preferred Units of limited partnership interest of the Operating Partnership. | |||||||||||||
Acquisition, Development and Construction Arrangements | ||||||||||||||
Based on the characteristics of the following arrangements, which are similar to those of an investment, combined with the expected residual profit of not greater than 50%, we have accounted for these debt and preferred equity investments under the equity method. As of March 31, 2015 and December 31, 2014, the carrying value for acquisition, development and construction arrangements were as follows (in thousands): | ||||||||||||||
Loan Type | March 31, 2015 | December 31, 2014 | Initial Maturity Date | |||||||||||
Mezzanine loan and preferred equity | $ | 99,702 | $ | 99,629 | Mar-16 | |||||||||
Mezzanine loan(1) | 45,964 | 46,246 | Feb-22 | |||||||||||
$ | 145,666 | $ | 145,875 | |||||||||||
____________________________________________________________________ | ||||||||||||||
-1 | We have an option to convert our loan to equity interest subject to certain conditions. In addition, we have determined that our option to convert the loan to equity is not a derivative financial instrument pursuant to Generally Accepted Accounting Principles, or GAAP. As such, the embedded feature is not required to be bifurcated and the fair value accounting for the embedded feature at each reporting date is not applicable. | |||||||||||||
Mortgages and Other Loans Payable | ||||||||||||||
We generally finance our joint ventures with non-recourse debt. However, in certain cases we have provided guarantees or master leases for tenant space. These guarantees and master leases terminate upon the satisfaction of specified circumstances or repayment of the underlying loans. The first mortgage notes and other loans payable collateralized by the respective joint venture properties and assignment of leases at March 31, 2015 and December 31, 2014, respectively, are as follows (amounts in thousands): | ||||||||||||||
Property | Maturity Date | Interest | 31-Mar-15 | 31-Dec-14 | ||||||||||
Rate(1) | ||||||||||||||
Fixed Rate Debt: | ||||||||||||||
7 Renaissance | Dec-15 | 10 | % | $ | 2,147 | $ | 2,147 | |||||||
11 West 34th Street | Jan-16 | 4.82 | % | 16,825 | 16,905 | |||||||||
280 Park Avenue | Jun-16 | 6.57 | % | 698,249 | 700,171 | |||||||||
1745 Broadway | Jan-17 | 5.68 | % | 340,000 | 340,000 | |||||||||
Jericho Plaza | May-17 | 5.65 | % | 163,750 | 163,750 | |||||||||
800 Third Avenue | Aug-17 | 6 | % | 20,910 | 20,910 | |||||||||
315 West 36th Street | Dec-17 | 3.16 | % | 25,000 | 25,000 | |||||||||
521 Fifth Avenue | Nov-19 | 3.73 | % | 170,000 | 170,000 | |||||||||
717 Fifth Avenue(2) | Jul-22 | 4.45 | % | 300,000 | 300,000 | |||||||||
21 East 66th Street | Apr-23 | 3.6 | % | 12,000 | 12,000 | |||||||||
717 Fifth Avenue(2) | Jul-24 | 9 | % | 317,126 | 314,381 | |||||||||
3 Columbus Circle(3) | Mar-25 | 2.83 | % | 350,000 | — | |||||||||
Stonehenge Portfolio(4) | Various | 4.18 | % | 435,416 | — | |||||||||
Total fixed rate debt | $ | 2,851,423 | $ | 2,065,264 | ||||||||||
Floating Rate Debt: | ||||||||||||||
The Meadows | Sep-15 | 7.75 | % | 67,350 | 67,350 | |||||||||
1552 Broadway(5) | Apr-16 | 4.29 | % | 188,409 | 184,210 | |||||||||
Other loan payable | Jun-16 | 1.08 | % | 30,000 | 30,000 | |||||||||
650 Fifth Avenue(6) | Oct-16 | 3.68 | % | 65,000 | 65,000 | |||||||||
175-225 Third Street | Dec-16 | 4.25 | % | 40,000 | 40,000 | |||||||||
10 East 53rd Street | Feb-17 | 2.68 | % | 125,000 | 125,000 | |||||||||
724 Fifth Avenue | Apr-17 | 2.6 | % | 275,000 | 275,000 | |||||||||
33 Beekman(7) | Aug-17 | 2.93 | % | 59,370 | 52,283 | |||||||||
600 Lexington Avenue | Oct-17 | 2.26 | % | 115,758 | 116,740 | |||||||||
55 West 46th Street(8) | Oct-17 | 2.48 | % | 150,000 | 150,000 | |||||||||
Stonehenge Portfolio | Dec-17 | 3.25 | % | 10,500 | — | |||||||||
121 Greene Street | Nov-19 | 1.68 | % | 15,000 | 15,000 | |||||||||
100 Park Avenue | Feb-21 | 1.93 | % | 360,000 | 360,000 | |||||||||
21 East 66th Street | Jun-33 | 2.88 | % | 1,864 | 1,883 | |||||||||
3 Columbus Circle(3) | — | 230,974 | ||||||||||||
Total floating rate debt | $ | 1,503,251 | $ | 1,713,440 | ||||||||||
Total joint venture mortgages and other loans payable | $ | 4,354,674 | $ | 3,778,704 | ||||||||||
____________________________________________________________________ | ||||||||||||||
-1 | Effective weighted average interest rate for the three months ended March 31, 2015, taking into account interest rate hedges in effect during the period. | |||||||||||||
-2 | These loans are comprised of a $300.0 million fixed rate mortgage loan and $290.0 million mezzanine loan. The mezzanine loan is subject to accretion based on the difference between contractual interest rate and contractual pay rate. | |||||||||||||
-3 | In March 2015, the joint venture refinanced the previous mortgage and incurred a net loss on early extinguishment of debt of $0.8 million. | |||||||||||||
-4 | Amount is comprised of $13.5 million, $56.3 million, $35.0 million, $7.4 million, $143.3 million, and $179.9 million in fixed-rate mortgages that mature in July 2016, June 2017, November 2017, February 2018, August 2019, and June 2024, respectively. | |||||||||||||
-5 | These loans are comprised of a $150.0 million mortgage loan and a $41.5 million mezzanine loan. As of March 31, 2015, $1.7 million of the mortgage loan and $1.4 million of the mezzanine loan was unfunded. | |||||||||||||
-6 | This loan has a committed amount of $97.0 million, of which $32.0 million was unfunded as of March 31, 2015. | |||||||||||||
-7 | This loan has a committed amount of $75.0 million, of which $18.4 million is recourse to us. Our partner has indemnified us for its pro rata share of the recourse guarantee. A portion of the guarantee terminates upon the joint venture reaching certain milestones. We believe it is unlikely that we will be required to perform under this guarantee. | |||||||||||||
-8 | This loan has a committed amount of $190.0 million, of which $40.0 million was unfunded as of March 31, 2015. | |||||||||||||
We act as the operating partner and day-to-day manager for all our joint ventures, except for 800 Third Avenue, Jericho Plaza, 280 Park Avenue, 3 Columbus Circle, The Meadows, 315 West 36th Street, 21 East 66th Street, 175-225 Third Street and the Stonehenge Portfolio. We are entitled to receive fees for providing management, leasing, construction supervision and asset management services to certain of our joint ventures. We earned $2.8 million and $6.3 million from these services for the three months ended March 31, 2015 and 2014, respectively. In addition, we have the ability to earn incentive fees based on the ultimate financial performance of certain of the joint venture properties. | ||||||||||||||
The combined balance sheets for the unconsolidated joint ventures, at March 31, 2015 and December 31, 2014, are as follows (in thousands): | ||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||
Assets | ||||||||||||||
Commercial real estate property, net | $ | 6,104,572 | $ | 5,275,632 | ||||||||||
Other assets | 919,848 | 810,567 | ||||||||||||
Total assets | $ | 7,024,420 | $ | 6,086,199 | ||||||||||
Liabilities and members' equity | ||||||||||||||
Mortgages and other loans payable | $ | 4,354,674 | $ | 3,778,704 | ||||||||||
Other liabilities | 506,768 | 485,572 | ||||||||||||
Members' equity | 2,162,978 | 1,821,923 | ||||||||||||
Total liabilities and members' equity | $ | 7,024,420 | $ | 6,086,199 | ||||||||||
Company's investments in unconsolidated joint ventures | $ | 1,244,185 | $ | 1,172,020 | ||||||||||
The combined statements of income for the unconsolidated joint ventures, from acquisition date through the three months ended March 31, 2015 and 2014 are as follows (in thousands): | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2015 | 2014 | |||||||||||||
Total revenues | $ | 128,916 | $ | 161,138 | ||||||||||
Operating expenses | 25,486 | 26,683 | ||||||||||||
Ground rent | 2,592 | 2,025 | ||||||||||||
Real estate taxes | 19,376 | 16,936 | ||||||||||||
Interest expense, net of interest income | 44,007 | 52,336 | ||||||||||||
Amortization of deferred financing costs | 3,010 | 4,633 | ||||||||||||
Transaction related costs | 8 | 271 | ||||||||||||
Depreciation and amortization | 32,984 | 45,604 | ||||||||||||
Total expenses | 127,463 | 148,488 | ||||||||||||
Loss on early extinguishment of debt | (833 | ) | (3,197 | ) | ||||||||||
Net income (loss) before gain on sale | $ | 620 | $ | 9,453 | ||||||||||
Company's equity in net income from unconsolidated joint ventures | $ | 4,030 | $ | 6,128 | ||||||||||
Deferred_Costs
Deferred Costs | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||
Deferred Costs | Deferred Costs | |||||||
Deferred costs at March 31, 2015 and 2014 consisted of the following (in thousands): | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
Deferred leasing | $ | 389,935 | $ | 385,555 | ||||
Deferred financing | 195,474 | 193,776 | ||||||
585,409 | 579,331 | |||||||
Less accumulated amortization | (258,854 | ) | (251,369 | ) | ||||
Deferred costs, net | $ | 326,555 | $ | 327,962 | ||||
Mortgages_and_Other_Loans_Paya
Mortgages and Other Loans Payable | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Mortgages and Other Loans Payable | ||||||||||||||
Mortgages and Other Loans Payable | Mortgages and Other Loans Payable | |||||||||||||
The first mortgages and other loans payable collateralized by the respective properties and assignment of leases at March 31, 2015 and December 31, 2014, respectively, were as follows (amounts in thousands): | ||||||||||||||
Property | Maturity | Interest | 31-Mar-15 | 31-Dec-14 | ||||||||||
Date | Rate(1) | |||||||||||||
Fixed Rate Debt: | ||||||||||||||
500 West Putnam Avenue | Jan-16 | 5.52 | % | $ | 22,823 | $ | 22,968 | |||||||
Landmark Square | Dec-16 | 4 | % | 80,848 | 81,269 | |||||||||
485 Lexington Avenue | Feb-17 | 5.61 | % | 450,000 | 450,000 | |||||||||
120 West 45th Street | Feb-17 | 6.12 | % | 170,000 | 170,000 | |||||||||
762 Madison Avenue(2) | Feb-17 | 3.81 | % | 8,001 | 8,045 | |||||||||
885 Third Avenue | Jul-17 | 6.26 | % | 267,650 | 267,650 | |||||||||
1745 Broadway | Jun-18 | 4.81 | % | 16,000 | 16,000 | |||||||||
388-390 Greenwich Street(3) | Jun-18 | 3.25 | % | 1,004,000 | 1,004,000 | |||||||||
One Madison Avenue | May-20 | 5.91 | % | 560,025 | 565,742 | |||||||||
100 Church Street | Jul-22 | 4.68 | % | 227,713 | 228,612 | |||||||||
919 Third Avenue(4) | Jun-23 | 5.12 | % | 500,000 | 500,000 | |||||||||
400 East 57th Street | Feb-24 | 4.13 | % | 68,588 | 68,896 | |||||||||
400 East 58th Street | Feb-24 | 4.13 | % | 29,395 | 29,527 | |||||||||
420 Lexington Avenue | Oct-24 | 3.99 | % | 300,000 | 300,000 | |||||||||
1515 Broadway | Mar-25 | 3.93 | % | 900,000 | 900,000 | |||||||||
Series J Preferred Units(5) | Apr-51 | 3.75 | % | 4,000 | 4,000 | |||||||||
711 Third Avenue(6) | — | 120,000 | ||||||||||||
Total fixed rate debt | $ | 4,609,043 | $ | 4,736,709 | ||||||||||
Floating Rate Debt: | ||||||||||||||
Master repurchase agreement(7) | Dec-15 | 3.43 | % | — | 100,000 | |||||||||
388-390 Greenwich Street(3) | Jun-18 | 1.93 | % | 446,000 | 446,000 | |||||||||
248-252 Bedford Avenue | Jun-19 | 1.68 | % | 29,000 | 29,000 | |||||||||
220 East 42nd Street | Oct-20 | 1.78 | % | 275,000 | 275,000 | |||||||||
180 Maiden Lane(8) | — | 253,942 | ||||||||||||
Total floating rate debt | $ | 750,000 | $ | 1,103,942 | ||||||||||
Total mortgages and other loans payable | $ | 5,359,043 | $ | 5,840,651 | ||||||||||
____________________________________________________________________ | ||||||||||||||
-1 | Effective weighted average interest rate for the three months ended March 31, 2015, taking into account interest rate hedges in effect during the period. | |||||||||||||
-2 | In February 2015, we entered into a new swap agreement with a fixed interest rate of 3.86% per annum, which replaced the previous swap agreement with a fixed interest rate of 3.75% per annum. | |||||||||||||
-3 | In connection with the acquisition of our joint venture partner's interest, we assumed the existing derivative instruments, which swapped $504.0 million of the mortgage to a fixed rate mortgage which bears interest at 3.80% per annum. In October 2014, we entered into multiple swap agreements to hedge our interest rate exposure on the additional $500.0 million portion of this mortgage, which was swapped to a fixed rate of 2.69% per annum. Including the as-of right extension option, this loan matures in June 2021. | |||||||||||||
-4 | We own a 51.0% controlling interest in the joint venture that is the borrower on this loan. | |||||||||||||
-5 | In connection with the acquisition of a commercial real estate property, the Operating Partnership issued $4.0 million, or 4,000, 3.75% Series J Preferred Units of limited partnership interest, or the Series J Preferred Units, with a mandatory liquidation preference of $1,000.00 per unit. The Series J Preferred Units can be redeemed in cash by the Operating Partnership on the earlier of (i) the date of the sale of the property or (ii) April 30, 2051 or at the option of the unitholders as further prescribed in the related agreement. | |||||||||||||
-6 | In March 2015, we repaid the mortgage. | |||||||||||||
-7 | The Master Repurchase Agreement, or MRA, has a maximum facility capacity of $300.0 million. | |||||||||||||
-8 | In January 2015, the property was sold and the debt was repaid. | |||||||||||||
At March 31, 2015 and December 31, 2014, the gross book value of the properties and debt and preferred equity investments collateralizing the mortgages and other loans payable was approximately $7.9 billion and $8.2 billion, respectively. |
Corporate_Indebtedness
Corporate Indebtedness | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Corporate Indebtedness | Corporate Indebtedness | |||||||||||||||||||||||||||||||
2012 Credit Facility | ||||||||||||||||||||||||||||||||
In March 2014, we entered into an amendment to the $1.6 billion credit facility entered into by the Company in November 2012, or the 2012 credit facility, which among other things, increased the term loan portion of the facility by $383.0 million to $783.0 million, decreased the interest-rate margin applicable to the term loan portion of the facility by 25 basis points and extended the maturity of the term loan portion of the facility from March 30, 2018 to June 30, 2019. In November 2014, we increased the term loan portion of the facility by $50.0 million to $833.0 million. In January 2015, we entered into a second amended and restated credit agreement, which decreased the interest-rate margin and facility fee applicable to the revolving credit facility by 20 basis points and five basis points, respectively, and extended the maturity date of the revolving credit facility to March 29, 2019 with an as-of-right extension through March 29, 2020. We also have an option, subject to customary conditions, to increase the capacity under the revolving credit facility to $1.5 billion at any time prior to the maturity date for the revolving credit facility without the consent of existing lenders, by obtaining additional commitments from our existing lenders and other financial institutions. As of March 31, 2015, the 2012 credit facility, as amended, consisted of a $1.2 billion revolving credit facility, or the revolving credit facility, and an $833.0 million term loan, or the term loan facility. | ||||||||||||||||||||||||||||||||
As of March 31, 2015, the 2012 credit facility bore interest at a spread over LIBOR ranging from (i) 87.5 basis points to 155 basis points for loans under the revolving credit facility and (ii) 95 basis points to 190 basis points for loans under the term loan facility, in each case based on the credit rating assigned to the senior unsecured long term indebtedness of ROP. At March 31, 2015, the applicable spread was 125 basis points for revolving credit facility and 140 basis points for the term loan facility. At March 31, 2015, the effective interest rate was 1.43% for the revolving credit facility and 1.65% for the term loan facility. We are required to pay quarterly in arrears a 12.5 to 30 basis point facility fee on the total commitments under the revolving credit facility based on the credit rating assigned to the senior unsecured long term indebtedness of ROP. As of March 31, 2015, the facility fee was 25 basis points. As of March 31, 2015, we had $107.6 million of outstanding letters of credit, $520.0 million drawn under the revolving credit facility and $833.0 million outstanding under the term loan facility, with total undrawn capacity of $572.4 million under the 2012 credit facility. | ||||||||||||||||||||||||||||||||
The Company, the Operating Partnership and ROP are all borrowers jointly and severally obligated under the 2012 credit facility. None of our other subsidiaries are obligors under the 2012 credit facility. | ||||||||||||||||||||||||||||||||
The 2012 credit facility includes certain restrictions and covenants (see Restrictive Covenants below). | ||||||||||||||||||||||||||||||||
Senior Unsecured Notes | ||||||||||||||||||||||||||||||||
The following table sets forth our senior unsecured notes and other related disclosures as of March 31, 2015 and December 31, 2014, respectively, by scheduled maturity date (dollars in thousands): | ||||||||||||||||||||||||||||||||
Issuance | March 31, | March 31, | December 31, | Coupon | Effective | Term | Maturity Date | |||||||||||||||||||||||||
2015 | 2015 | 2014 | Rate(1) | Rate | (in Years) | |||||||||||||||||||||||||||
Unpaid | Accreted | Accreted | ||||||||||||||||||||||||||||||
Principal | Balance | Balance | ||||||||||||||||||||||||||||||
Balance | ||||||||||||||||||||||||||||||||
March 31, 2006(2) | $ | 255,308 | $ | 255,261 | $ | 255,250 | 6 | % | 6 | % | 10 | March 31, 2016 | ||||||||||||||||||||
October 12, 2010(3) | 345,000 | 312,005 | 309,069 | 3 | % | 3 | % | 7 | October 15, 2017 | |||||||||||||||||||||||
August 5, 2011(4) | 250,000 | 249,760 | 249,744 | 5 | % | 5 | % | 7 | August 15, 2018 | |||||||||||||||||||||||
March 16, 2010(4) | 250,000 | 250,000 | 250,000 | 7.75 | % | 7.75 | % | 10 | March 15, 2020 | |||||||||||||||||||||||
November 15, 2012(4) | 200,000 | 200,000 | 200,000 | 4.5 | % | 4.5 | % | 10 | December 1, 2022 | |||||||||||||||||||||||
June 27, 2005(2)(5) | 7 | 7 | 7 | 4 | % | 4 | % | 20 | June 15, 2025 | |||||||||||||||||||||||
March 26, 2007(6) | 10,008 | 10,008 | 10,008 | 3 | % | 3 | % | 20 | March 30, 2027 | |||||||||||||||||||||||
$ | 1,310,323 | $ | 1,277,041 | $ | 1,274,078 | |||||||||||||||||||||||||||
____________________________________________________________________ | ||||||||||||||||||||||||||||||||
-1 | Interest on the senior unsecured notes is payable semi-annually with principal and unpaid interest due on the scheduled maturity dates. | |||||||||||||||||||||||||||||||
-2 | Issued by ROP. | |||||||||||||||||||||||||||||||
-3 | Issued by the Operating Partnership. Interest on these exchangeable notes is payable semi-annually on April 15 and October 15. The notes had an initial exchange rate representing an exchange price that was set at a 30.0% premium to the last reported sale price of SL Green's common stock on October 6, 2010, or $85.81. The initial exchange rate is subject to adjustment under certain circumstances. The current exchange rate is 12.1632 shares of SL Green's common stock per $1,000 principal amount of these notes. The notes are senior unsecured obligations of the Operating Partnership and are exchangeable upon the occurrence of specified events and during the period beginning on the twenty-second scheduled trading day prior to the maturity date and ending on the second business day prior to the maturity date, into cash or a combination of cash and shares of SL Green's common stock, if any, at our option. As a result of meeting specified events (as defined in the Indenture Agreement), these notes became exchangeable commencing January 1, 2015 and will remain exchangeable through June 30, 2015. The notes are guaranteed by ROP. On the issuance date, $78.3 million of the debt balance was recorded in equity. As of March 31, 2015, $32.9 million remained to be amortized into the debt balance. | |||||||||||||||||||||||||||||||
-4 | Issued by the Company, the Operating Partnership and ROP, as co-obligors. | |||||||||||||||||||||||||||||||
-5 | Exchangeable senior debentures which are currently callable at par. In addition, the debentures can be put to ROP, at the option of the holder at par plus accrued and unpaid interest, on June 15, 2015 and 2020 and upon the occurrence of certain change of control transactions. As a result of the acquisition of all outstanding shares of common stock of Reckson, or the Reckson Merger, the adjusted exchange rate for the debentures is 7.7461 shares of SL Green's common stock per $1,000 of principal amount of debentures and the adjusted reference dividend for the debentures is $1.3491. In April 2015, we redeemed the remaining outstanding debentures. | |||||||||||||||||||||||||||||||
-6 | Issued by the Operating Partnership. Interest on these remaining exchangeable notes is payable semi-annually on March 30 and September 30. The notes have an initial exchange rate representing an exchange price that was set at a 25.0% premium to the last reported sale price of the Company's common stock on March 20, 2007, or $173.30. The initial exchange rate is subject to adjustment under certain circumstances. The current exchange rate is 5.7952 shares of SL Green's common stock per $1,000 principal amount of these notes. The notes are senior unsecured obligations of the Operating Partnership and are exchangeable upon the occurrence of specified events and during the period beginning on the twenty-second scheduled trading day prior to the maturity date and ending on the second business day prior to the maturity date, into cash or a combination of cash and shares of SL Green's common stock, if any, at our option. The notes are currently redeemable at the Operating Partnership’s option. The Operating Partnership may be required to repurchase the notes on March 30, 2017 and 2022, and upon the occurrence of certain designated events. | |||||||||||||||||||||||||||||||
Restrictive Covenants | ||||||||||||||||||||||||||||||||
The terms of the 2012 credit facility, as amended, and certain of our senior unsecured notes include certain restrictions and covenants which may limit, among other things, our ability to pay dividends, make certain types of investments, incur additional indebtedness, incur liens and enter into negative pledge agreements and dispose of assets, and which require compliance with financial ratios relating to the minimum amount of tangible net worth, a maximum ratio of total indebtedness to total asset value, a minimum ratio of EBITDA to fixed charges, a maximum ratio of secured indebtedness to total asset value and a maximum ratio of unsecured indebtedness to unencumbered asset value. The dividend restriction referred to above provides that, we will not during any time when a default is continuing, make distributions with respect to common stock or other equity interests, except to enable the Company to continue to qualify as a REIT for Federal income tax purposes. As of March 31, 2015 and December 31, 2014, we were in compliance with all such covenants. | ||||||||||||||||||||||||||||||||
Junior Subordinated Deferrable Interest Debentures | ||||||||||||||||||||||||||||||||
In June 2005, the Company and the Operating Partnership issued $100.0 million in unsecured trust preferred securities through a newly formed trust, SL Green Capital Trust I, or the Trust, which is a wholly-owned subsidiary of the Operating Partnership. The securities mature in 2035 and bear interest at a fixed rate of 5.61% for the first ten years ending July 2015. Thereafter, the interest rate will float at 125 basis points over the three-month LIBOR. Interest payments may be deferred for a period of up to eight consecutive quarters if the Operating Partnership exercises its right to defer such payments. The Trust preferred securities are redeemable at the option of the Operating Partnership, in whole or in part, with no prepayment premium. We do not consolidate the Trust even though it is a variable interest entity as we are not the primary beneficiary. Because the Trust is not consolidated, we have recorded the debt on our consolidated balance sheets and the related payments are classified as interest expense. | ||||||||||||||||||||||||||||||||
Principal Maturities | ||||||||||||||||||||||||||||||||
Combined aggregate principal maturities of mortgages and other loans payable, 2012 credit facility, trust preferred securities, senior unsecured notes and our share of joint venture debt as of March 31, 2015, including as-of-right extension options and put options, were as follows (in thousands): | ||||||||||||||||||||||||||||||||
Scheduled | Principal | Revolving | Unsecured Term Loan | Trust | Senior | Total | Joint | |||||||||||||||||||||||||
Amortization | Repayments | Credit | Preferred | Unsecured | Venture | |||||||||||||||||||||||||||
Facility | Securities | Notes | Debt | |||||||||||||||||||||||||||||
Remaining 2015 | $ | 22,882 | $ | — | $ | — | $ | — | $ | — | $ | 7 | -1 | $ | 22,889 | $ | 39,407 | |||||||||||||||
2016 | 47,360 | 100,311 | — | — | — | 255,308 | 402,979 | 534,026 | ||||||||||||||||||||||||
2017 | 61,063 | 895,329 | — | — | — | 355,008 | 1,311,400 | 582,755 | ||||||||||||||||||||||||
2018 | 64,462 | 16,000 | — | — | — | 250,000 | 330,462 | 2,196 | ||||||||||||||||||||||||
2019 | 70,409 | 28,317 | — | 833,000 | — | — | 931,726 | 104,688 | ||||||||||||||||||||||||
Thereafter | 200,403 | 3,852,505 | 520,000 | — | 100,000 | 450,000 | 5,122,908 | 446,744 | ||||||||||||||||||||||||
$ | 466,579 | $ | 4,892,462 | $ | 520,000 | $ | 833,000 | $ | 100,000 | $ | 1,310,323 | $ | 8,122,364 | $ | 1,709,816 | |||||||||||||||||
__________________________________________________________________ | ||||||||||||||||||||||||||||||||
-1 | In April 2015, we redeemed the remaining outstanding 4.00% Exchangeable Senior Debentures due 2025. | |||||||||||||||||||||||||||||||
Consolidated interest expense, excluding capitalized interest, was comprised of the following (in thousands): | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||
Interest expense | $ | 76,459 | $ | 76,708 | ||||||||||||||||||||||||||||
Interest income | (652 | ) | (530 | ) | ||||||||||||||||||||||||||||
Interest expense, net | $ | 75,807 | $ | 76,178 | ||||||||||||||||||||||||||||
Interest capitalized | $ | 8,558 | $ | 4,271 | ||||||||||||||||||||||||||||
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Related Party Transactions [Abstract] | ||||||||
Related Party Transactions | Related Party Transactions | |||||||
Cleaning/ Security/ Messenger and Restoration Services | ||||||||
Through Alliance Building Services, or Alliance, First Quality Maintenance, L.P., or First Quality, provides cleaning, extermination and related services, Classic Security LLC provides security services, Bright Star Couriers LLC provides messenger services, and Onyx Restoration Works provides restoration services with respect to certain properties owned by us. Alliance is partially owned by Gary Green, a son of Stephen L. Green, the chairman of SL Green's board of directors. In addition, First Quality has the non-exclusive opportunity to provide cleaning and related services to individual tenants at our properties on a basis separately negotiated with any tenant seeking such additional services. The Service Corporation has entered into an arrangement with Alliance whereby it will receive a profit participation above a certain threshold for services provided by Alliance to certain tenants at certain buildings above the base services specified in their lease agreements. Income earned from profit participation, which is included in other income on the consolidated statements of income, was $1.0 million and $0.9 million for the three months ended March 31, 2015 and 2014, respectively. We also recorded expenses of $4.0 million and $3.8 million for the three months ended March 31, 2015 and 2014, respectively, for these services (excluding services provided directly to tenants). | ||||||||
Management Fees | ||||||||
S.L. Green Management Corp., a consolidated entity, receives property management fees from an entity in which Stephen L. Green owns an interest. We received management fees from such entity of $127,200 and $104,800 for the three months ended March 31, 2015 and 2014, respectively. | ||||||||
Other | ||||||||
Amounts due from related parties at March 31, 2015 and December 31, 2014 consisted of the following (in thousands): | ||||||||
31-Mar-15 | 31-Dec-14 | |||||||
Due from joint ventures | $ | 1,214 | $ | 1,254 | ||||
Other | 10,874 | 10,481 | ||||||
Related party receivables | $ | 12,088 | $ | 11,735 | ||||
Noncontrolling_Interests_on_th
Noncontrolling Interests on the Company's Consolidated Financial Statements | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Noncontrolling Interest [Abstract] | ||||||||
Noncontrolling Interests on the Company's Consolidated Financial Statements | Noncontrolling Interests on the Company's Consolidated Financial Statements | |||||||
Noncontrolling interests represent the common and preferred units of limited partnership interest in the Operating Partnership not held by the Company as well as third party equity interests in our other consolidated subsidiaries. Noncontrolling interests in the Operating Partnership are shown in the mezzanine equity while the noncontrolling interests in our other consolidated subsidiaries are shown in the equity section of the Company’s consolidated financial statements. | ||||||||
Common Units of Limited Partnership Interest in the Operating Partnership | ||||||||
As of March 31, 2015 and December 31, 2014, the noncontrolling interest unit holders owned 3.78%, or 3,912,944 units, and 3.92%, or 3,973,016 units, of the Operating Partnership, respectively. At March 31, 2015, 3,912,944 shares of SL Green's common stock were reserved for issuance upon redemption of units of limited partnership interest of the Operating Partnership. | ||||||||
Noncontrolling interests in the Operating Partnership is recorded at the greater of its cost basis or fair market value based on the closing stock price of SL Green's common stock at the end of the reporting period. | ||||||||
Below is the rollforward analysis of the activity relating to the noncontrolling interests in the Operating Partnership as of March 31, 2015 and December 31, 2014 (in thousands): | ||||||||
31-Mar-15 | 31-Dec-14 | |||||||
Balance at beginning of period | $ | 469,524 | $ | 265,476 | ||||
Distributions | (2,349 | ) | (7,849 | ) | ||||
Issuance of common units | 22,114 | 56,469 | ||||||
Redemption of common units | (37,407 | ) | (31,653 | ) | ||||
Net income | 1,743 | 18,467 | ||||||
Accumulated other comprehensive income allocation | (200 | ) | 175 | |||||
Fair value adjustment | 45,456 | 168,439 | ||||||
Balance at end of period | $ | 498,881 | $ | 469,524 | ||||
Preferred Units of Limited Partnership Interest in the Operating Partnership | ||||||||
The Operating Partnership has 1,902,000 4.5% Series G Preferred Units of limited partnership interest, or the Series G Preferred Units outstanding, with a liquidation preference of $25.00 per unit, which were issued in January 2012 in conjunction with an acquisition. The Series G Preferred unitholders receive annual dividends of $1.125 per unit paid on a quarterly basis and dividends are cumulative, subject to certain provisions. The Series G Preferred Units are convertible into a number of common units of limited partnership interest in the Operating Partnership equal to (i) the liquidation preference plus accumulated and unpaid distributions on the conversion date divided by (ii) $88.50. The common units of limited partnership interest in the Operating Partnership may be redeemed in exchange for SL Green's common stock on a 1-to-1 basis. The Series G Preferred Units also provide the holder with the right to require the Operating Partnership to repurchase the Series G Preferred Units for cash before January 31, 2022. | ||||||||
The Operating Partnership has 60 Series F Preferred Units outstanding with a mandatory liquidation preference of $1,000.00 per unit. | ||||||||
The Operating Partnership has authorized up to 700,000 3.5% Series K Preferred Units of limited partnership interest, or the Series K Preferred Units, with a liquidation preference of $25.00 per unit. In August 2014, the Company issued 563,954 Series K Preferred Units in conjunction with an acquisition. The Series K Preferred unitholders receive annual dividends of $0.875 per unit paid on a quarterly basis and dividends are cumulative, subject to certain provisions. The Series K Preferred Units can be redeemed at any time, at the option of the unitholder, either for cash or are convertible into a number of common units of limited partnership interest in the Operating Partnership equal to (i) the liquidation preference plus accumulated and unpaid distributions on the conversion date divided by (ii) $134.67. | ||||||||
The Operating Partnership has authorized up to 500,000 4.00% Series L Preferred Units of limited partnership interest, or the Series L Preferred Units, with a liquidation preference of $25.00 per unit. In August 2014, the Company issued 378,634 Series L Preferred Units in conjunction with an acquisition. The Series L Preferred unitholders receive annual dividends of $1.00 per unit paid on a quarterly basis and dividends are cumulative, subject to certain provisions. The Series L Preferred Units can be redeemed at any time at par for cash at the option of the unitholder. | ||||||||
The Operating Partnership has authorized up to 1,600,000 3.75% Series M Preferred Units of limited partnership interest, or the Series M Preferred Units, with a liquidation preference of $25.00 per unit. In February 2015, the Company issued 1,600,000 Series M Preferred Units in conjunction with the acquisition of ownership interests in and relating to certain residential and retail real estate properties. The Series M Preferred unitholders receive annual dividends of $0.9375 per unit paid on a quarterly basis and dividends are cumulative, subject to certain provisions. The Series M Preferred Units can be redeemed at any time at par for cash at the option of the unitholder. | ||||||||
Below is the rollforward analysis of the activity relating to the preferred units in the Operating Partnership as of March 31, 2015 and December 31, 2014 (in thousands): | ||||||||
31-Mar-15 | 31-Dec-14 | |||||||
Balance at beginning of period | $ | 71,115 | $ | 49,550 | ||||
Issuance of preferred units | 40,000 | 23,565 | ||||||
Redemption of preferred units | (200 | ) | (2,000 | ) | ||||
Balance at end of period | $ | 110,915 | $ | 71,115 | ||||
Stockholders_Equity_of_the_Com
Stockholders' Equity of the Company | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Stockholders' Equity Note [Abstract] | ||||||||
Stockholders' Equity of the Company | Stockholders’ Equity of the Company | |||||||
Common Stock | ||||||||
Our authorized capital stock consists of 260,000,000 shares, $0.01 par value per share, consisting of 160,000,000 shares of common stock, $0.01 par value per share, 75,000,000 shares of excess stock, at $0.01 par value per share, and 25,000,000 shares of preferred stock, par value $0.01 per share. As of March 31, 2015, 99,532,817 shares of common stock and no shares of excess stock were issued and outstanding. | ||||||||
At-The-Market Equity Offering Program | ||||||||
In June 2014, the Company, along with the Operating Partnership, entered into an "at-the-market" equity offering program, or ATM Program, to sell an aggregate of $300.0 million of SL Green's common stock. During the three months ended March 31, 2015, we sold 895,956 shares of our common stock for aggregate net proceeds of $113.4 million comprising the remaining balance of this ATM Program. The net proceeds from these offerings were contributed to the Operating Partnership in exchange for 895,956 units of limited partnership interest of the Operating Partnership. | ||||||||
In March 2015, the Company, along with the Operating Partnership, entered into a new ATM Program to sell an aggregate of $300.0 million of SL Green's common stock. During the three months ended March 31, 2015, we sold 56,680 shares of our common stock for aggregate net proceeds of $7.5 million. The net proceeds from these offerings were contributed to the Operating Partnership in exchange for 56,680 units of limited partnership interest of the Operating Partnership. As of March 31, 2015, $292.5 million remained available for issuance of common stock under the new ATM program. | ||||||||
Perpetual Preferred Stock | ||||||||
We have 9,200,000 shares of our 6.50% Series I Cumulative Redeemable Preferred Stock, or the Series I Preferred Stock, outstanding with a mandatory liquidation preference of $25.00 per share. The Series I Preferred stockholders receive annual dividends of $1.625 per share paid on a quarterly basis and dividends are cumulative, subject to certain provisions. We are entitled to redeem the Series I Preferred Stock at par for cash at our option on or after August 10, 2017. In August 2012, we received $221.9 million in net proceeds from the issuance of the Series I Preferred Stock, which were recorded net of underwriters' discount and issuance costs, and contributed the net proceeds to the Operating Partnership in exchange for 9,200,000 units of 6.50% Series I Cumulative Redeemable Preferred Units of limited partnership interest, or the Series I Preferred Units. | ||||||||
Dividend Reinvestment and Stock Purchase Plan | ||||||||
In February 2015, the Company filed a registration statement with the SEC for our dividend reinvestment and stock purchase plan, or DRSPP, which automatically became effective upon filing. The Company registered 3,500,000 shares of SL Green's common stock under the DRSPP. The DRSPP commenced on September 24, 2001. | ||||||||
During the three months ended March 31, 2015, the Company issued 775,161 shares of SL Green's common stock and received net proceeds of $99.5 million of proceeds from dividend reinvestments and/or stock purchases under the DRSPP. DRSPP shares may be issued at a discount to the market price. | ||||||||
Earnings per Share | ||||||||
SL Green's earnings per share for the three months ended March 31, 2015 and 2014 are computed as follows (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
Numerator | 2015 | 2014 | ||||||
Basic Earnings: | ||||||||
Income attributable to SL Green common stockholders | $ | 43,277 | $ | 146,090 | ||||
Effect of Dilutive Securities: | ||||||||
Redemption of units to common shares | 1,743 | 4,729 | ||||||
Diluted Earnings: | ||||||||
Income attributable to SL Green common stockholders | $ | 45,020 | $ | 150,819 | ||||
Three Months Ended March 31, | ||||||||
Denominator | 2015 | 2014 | ||||||
Basic Shares: | ||||||||
Weighted average common stock outstanding | 98,402 | 95,117 | ||||||
Effect of Dilutive Securities: | ||||||||
Redemption of units to common shares | 3,964 | 3,079 | ||||||
Stock-based compensation plans | 653 | 520 | ||||||
Diluted weighted average common stock outstanding | 103,019 | 98,716 | ||||||
SL Green has excluded 203,975 and 860,720 common stock equivalents from the diluted shares outstanding for the three months ended March 31, 2015 and 2014, respectively, as they were anti-dilutive. |
Partners_Capital_of_the_Operat
Partners' Capital of the Operating Partnership | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Stockholders' Equity | ||||||||||||||||
Partners' Capital of the Operating Partnership | Stockholders’ Equity of the Company | |||||||||||||||
Common Stock | ||||||||||||||||
Our authorized capital stock consists of 260,000,000 shares, $0.01 par value per share, consisting of 160,000,000 shares of common stock, $0.01 par value per share, 75,000,000 shares of excess stock, at $0.01 par value per share, and 25,000,000 shares of preferred stock, par value $0.01 per share. As of March 31, 2015, 99,532,817 shares of common stock and no shares of excess stock were issued and outstanding. | ||||||||||||||||
At-The-Market Equity Offering Program | ||||||||||||||||
In June 2014, the Company, along with the Operating Partnership, entered into an "at-the-market" equity offering program, or ATM Program, to sell an aggregate of $300.0 million of SL Green's common stock. During the three months ended March 31, 2015, we sold 895,956 shares of our common stock for aggregate net proceeds of $113.4 million comprising the remaining balance of this ATM Program. The net proceeds from these offerings were contributed to the Operating Partnership in exchange for 895,956 units of limited partnership interest of the Operating Partnership. | ||||||||||||||||
In March 2015, the Company, along with the Operating Partnership, entered into a new ATM Program to sell an aggregate of $300.0 million of SL Green's common stock. During the three months ended March 31, 2015, we sold 56,680 shares of our common stock for aggregate net proceeds of $7.5 million. The net proceeds from these offerings were contributed to the Operating Partnership in exchange for 56,680 units of limited partnership interest of the Operating Partnership. As of March 31, 2015, $292.5 million remained available for issuance of common stock under the new ATM program. | ||||||||||||||||
Perpetual Preferred Stock | ||||||||||||||||
We have 9,200,000 shares of our 6.50% Series I Cumulative Redeemable Preferred Stock, or the Series I Preferred Stock, outstanding with a mandatory liquidation preference of $25.00 per share. The Series I Preferred stockholders receive annual dividends of $1.625 per share paid on a quarterly basis and dividends are cumulative, subject to certain provisions. We are entitled to redeem the Series I Preferred Stock at par for cash at our option on or after August 10, 2017. In August 2012, we received $221.9 million in net proceeds from the issuance of the Series I Preferred Stock, which were recorded net of underwriters' discount and issuance costs, and contributed the net proceeds to the Operating Partnership in exchange for 9,200,000 units of 6.50% Series I Cumulative Redeemable Preferred Units of limited partnership interest, or the Series I Preferred Units. | ||||||||||||||||
Dividend Reinvestment and Stock Purchase Plan | ||||||||||||||||
In February 2015, the Company filed a registration statement with the SEC for our dividend reinvestment and stock purchase plan, or DRSPP, which automatically became effective upon filing. The Company registered 3,500,000 shares of SL Green's common stock under the DRSPP. The DRSPP commenced on September 24, 2001. | ||||||||||||||||
During the three months ended March 31, 2015, the Company issued 775,161 shares of SL Green's common stock and received net proceeds of $99.5 million of proceeds from dividend reinvestments and/or stock purchases under the DRSPP. DRSPP shares may be issued at a discount to the market price. | ||||||||||||||||
Earnings per Share | ||||||||||||||||
SL Green's earnings per share for the three months ended March 31, 2015 and 2014 are computed as follows (in thousands): | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
Numerator | 2015 | 2014 | ||||||||||||||
Basic Earnings: | ||||||||||||||||
Income attributable to SL Green common stockholders | $ | 43,277 | $ | 146,090 | ||||||||||||
Effect of Dilutive Securities: | ||||||||||||||||
Redemption of units to common shares | 1,743 | 4,729 | ||||||||||||||
Diluted Earnings: | ||||||||||||||||
Income attributable to SL Green common stockholders | $ | 45,020 | $ | 150,819 | ||||||||||||
Three Months Ended March 31, | ||||||||||||||||
Denominator | 2015 | 2014 | ||||||||||||||
Basic Shares: | ||||||||||||||||
Weighted average common stock outstanding | 98,402 | 95,117 | ||||||||||||||
Effect of Dilutive Securities: | ||||||||||||||||
Redemption of units to common shares | 3,964 | 3,079 | ||||||||||||||
Stock-based compensation plans | 653 | 520 | ||||||||||||||
Diluted weighted average common stock outstanding | 103,019 | 98,716 | ||||||||||||||
SL Green has excluded 203,975 and 860,720 common stock equivalents from the diluted shares outstanding for the three months ended March 31, 2015 and 2014, respectively, as they were anti-dilutive. | ||||||||||||||||
SL Green Operating Partnership | ||||||||||||||||
Stockholders' Equity | ||||||||||||||||
Partners' Capital of the Operating Partnership | Partners' Capital of the Operating Partnership | |||||||||||||||
The Company is the sole general partner of the Operating Partnership and at March 31, 2015 owned 99,532,817 general and limited partnership interests in the Operating Partnership and 9,200,000 Series I Preferred Units. Partnership interests in the Operating Partnership are denominated as “common units of limited partnership interest” (also referred to as “OP Units”) or “preferred units of limited partnership interest” (also referred to as “Preferred Units”). All references to OP Units and Preferred Units outstanding exclude such units held by the Company. A holder of an OP Unit may present such OP Unit to the Operating Partnership for redemption at any time (subject to restrictions agreed upon at the issuance of OP Units to particular holders that may restrict such right for a period of time, generally one year from issuance). Upon presentation of an OP Unit for redemption, the Operating Partnership must redeem such OP Unit in exchange for the cash equal to the then value of a share of common stock of the Company, except that the Company may, at its election, in lieu of cash redemption, acquire such OP Unit for one share of common stock. Because the number of shares of common stock outstanding at all times equals the number of OP Units that the Company owns, one share of common stock is generally the economic equivalent of one OP Unit, and the quarterly distribution that may be paid to the holder of an OP Unit equals the quarterly dividend that may be paid to the holder of a share of common stock. Each series of Preferred Units makes a distribution that is set in accordance with an amendment to the partnership agreement of the Operating Partnership. Preferred Units may also be convertible into OP Units at the election of the holder thereof or the Company, subject to the terms of such Preferred Units. | ||||||||||||||||
Net income (loss) allocated to the preferred unitholders and common unitholders reflects their pro rata share of net income (loss) and distributions. | ||||||||||||||||
Limited Partner Units | ||||||||||||||||
As of March 31, 2015, limited partners other than SL Green owned 3.78%, or 3,912,944 common units, of the Operating Partnership. | ||||||||||||||||
Preferred Units | ||||||||||||||||
Preferred units not owned by SL Green are further described in Note 11, “Noncontrolling Interests on the Company’s Consolidated Financial Statements - Preferred Units of Limited Partnership Interest in the Operating Partnership.” | ||||||||||||||||
Earnings per Unit | ||||||||||||||||
The Operating Partnership's earnings per unit for the three months ended March 31, 2015 and 2014 are computed as follows (in thousands): | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
Numerator | 2015 | 2014 | ||||||||||||||
Basic and Diluted Earnings: | ||||||||||||||||
Income attributable to SLGOP common unitholders | $ | 45,020 | $ | 150,819 | ||||||||||||
Three Months Ended March 31, | ||||||||||||||||
Denominator | 2015 | 2014 | ||||||||||||||
Basic units: | ||||||||||||||||
Weighted average common units outstanding | 102,366 | 98,196 | ||||||||||||||
Effect of Dilutive Securities: | ||||||||||||||||
Stock-based compensation plans | 653 | 520 | ||||||||||||||
Diluted weighted average common units outstanding | 103,019 | 98,716 | ||||||||||||||
The Operating Partnership has excluded 203,975 and 860,720 common unit equivalents from the diluted units outstanding for the three months ended March 31, 2015 and 2014, respectively, as they were anti-dilutive. | ||||||||||||||||
Accumulated Other Comprehensive Loss of the Operating Partnership | ||||||||||||||||
The following tables set forth the changes in accumulated other comprehensive income (loss) by component as of March 31, 2015 (in thousands): | ||||||||||||||||
Net unrealized loss on derivative instruments(1) | SLGOP’s share of joint venture net unrealized loss on derivative instruments(2) | Unrealized gain and (loss) on marketable securities | Total | |||||||||||||
Balance at December 31, 2014 | (9,845 | ) | (100 | ) | 2,689 | (7,256 | ) | |||||||||
Other comprehensive (loss) income before reclassifications | (7,521 | ) | (1,237 | ) | 650 | (8,108 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income | 2,747 | 331 | — | 3,078 | ||||||||||||
Balance at March 31, 2015 | $ | (14,619 | ) | $ | (1,006 | ) | $ | 3,339 | $ | (12,286 | ) | |||||
____________________________________________________________________ | ||||||||||||||||
-1 | Amount reclassified from accumulated other comprehensive income (loss) is included in interest expense in the respective consolidated statements of income. As of March 31, 2015 and December 31, 2014, the deferred net losses from these terminated hedges, which is included in accumulated other comprehensive loss relating to net unrealized loss on derivative instrument, was $11.7 million and $12.2 million, respectively. | |||||||||||||||
-2 | Amount reclassified from accumulated other comprehensive income (loss) is included in equity in net income from unconsolidated joint ventures in the respective consolidated statements of income. |
Sharebased_Compensation
Share-based Compensation | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||
Share-based Compensation | Share-based Compensation | |||||||||||||||
We have stock-based employee and director compensation plans. Our employees are compensated through the Operating Partnership. Under each plan, whenever the Company issues common or preferred stock, the Operating Partnership issues an equivalent number of units of limited partnership interest of a corresponding class to the Company. | ||||||||||||||||
Third Amended and Restated 2005 Stock Option and Incentive Plan | ||||||||||||||||
The Third Amended and Restated 2005 Stock Option and Incentive Plan, or the 2005 Plan, was approved by the Company's board of directors in April 2013 and its stockholders in June 2013 at the Company's annual meeting of stockholders. The 2005 Plan authorizes the issuance of stock options, stock appreciation rights, unrestricted and restricted stock, phantom shares, dividend equivalent rights and other equity-based awards. Subject to adjustments upon certain corporate transactions or events, awards with respect to up to a maximum of 17,130,000 fungible units may be granted under the 2005 Plan. Currently, different types of awards count against the limit on the number of fungible units differently, with (1) full-value awards (i.e., those that deliver the full value of the award upon vesting, such as restricted stock) counting as 2.76 fungible units per share subject to such award (2) stock options, stock appreciation rights and other awards that do not deliver full value and expire five years from the date of grant counting as 0.77 fungible units per share subject to such award and (3) all other awards (e.g., ten-year stock options) counting as 1.0 fungible units per share subject to such award. Awards granted under the 2005 Plan prior to the approval of the second amendment and restatement in June 2010 and third amendment and restatement in June 2013 continue to count against the fungible unit limit based on the ratios that were in effect at the time such awards were granted, which may be different than the current ratios. As a result, depending on the types of awards issued, the 2005 Plan may result in the issuance of more or less than 17,130,000 shares. If a stock option or other award granted under the 2005 Plan expires or terminates, the common stock subject to any portion of the award that expires or terminates without having been exercised or paid, as the case may be, will again become available for the issuance of additional awards. Shares of SL Green's common stock distributed under the 2005 Plan may be treasury shares or authorized but unissued shares. Currently, unless the 2005 Plan has been previously terminated by the Company's board of directors, new awards may be granted under the 2005 Plan until June 13, 2023, which is the tenth anniversary of the date that the 2005 Plan was most recently approved by the Company's stockholders. As of March 31, 2015, 1.5 million fungible units were available for issuance under the 2005 Plan after reserving for shares underlying outstanding restricted stock units, phantom stock units granted pursuant to our Non-Employee Directors' Deferral Program and LTIP Units, including, among others, outstanding LTIP Units issued under our 2011 Long-Term Outperformance Plan. | ||||||||||||||||
Options are granted under the plan at the fair market value on the date of grant and, subject to employment, generally expire five or ten years from the date of grant, are not transferable other than on death, and generally vest in one to five years commencing one year from the date of grant. | ||||||||||||||||
The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes option pricing model based on historical information with the following weighted average assumptions for grants during the year ended December 31, 2014. The Company did not grant any stock options during the three months ended March 31, 2015. | ||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||
Dividend yield | N/A | 1.6 | % | |||||||||||||
Expected life of option | N/A | 3.6 years | ||||||||||||||
Risk-free interest rate | N/A | 1.29 | % | |||||||||||||
Expected stock price volatility | N/A | 33.97 | % | |||||||||||||
A summary of the status of the Company's stock options as of March 31, 2015 and December 31, 2014 and changes during the three months ended March 31, 2015 and the year ended December 31, 2014 are as follows: | ||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||
Options Outstanding | Weighted Average | Options Outstanding | Weighted Average | |||||||||||||
Exercise Price | Exercise Price | |||||||||||||||
Balance at beginning of year | 1,462,726 | $ | 87.98 | 1,765,034 | $ | 83.24 | ||||||||||
Granted | — | — | 102,050 | 119.12 | ||||||||||||
Exercised | (136,936 | ) | 75.27 | (348,156 | ) | 72.76 | ||||||||||
Lapsed or cancelled | (8,767 | ) | 103.57 | (56,202 | ) | 90.03 | ||||||||||
Balance at end of year | 1,317,023 | $ | 89.19 | 1,462,726 | $ | 87.98 | ||||||||||
Options exercisable at end of year | 624,057 | $ | 87.82 | 428,951 | $ | 90.32 | ||||||||||
Weighted average fair value of options granted during the year | $ | — | $ | 2,841,678 | ||||||||||||
All options were granted with strike prices ranging from $20.67 to $137.18. The remaining weighted average contractual life of the options outstanding was 3.97 and the remaining average contractual life of the options exercisable was 3.77. | ||||||||||||||||
During the three months ended March 31, 2015 and 2014, we recognized $2.0 million and $2.1 million of compensation expense, respectively, for these options. As of March 31, 2015, there was $12.0 million of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted average period of three years. | ||||||||||||||||
Stock-based Compensation | ||||||||||||||||
Effective January 1, 1999, the Company implemented a deferred compensation plan, or the Deferred Plan, where shares issued under the Deferred Plan were granted to certain employees, including our executives and vesting will occur annually upon the completion of a service period or our meeting established financial performance criteria. Annual vesting occurs at rates ranging from 15% to 35% once performance criteria are reached. | ||||||||||||||||
A summary of the Company's restricted stock as of March 31, 2015 and December 31, 2014 and charges during the three months ended March 31, 2015 and the year ended December 31, 2014 are as follows: | ||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||
Balance at beginning of period | 3,000,979 | 2,994,197 | ||||||||||||||
Granted | 2,603 | 9,550 | ||||||||||||||
Cancelled | — | (2,768 | ) | |||||||||||||
Balance at end of period | 3,003,582 | 3,000,979 | ||||||||||||||
Vested during the period | 84,581 | 75,043 | ||||||||||||||
Compensation expense recorded | $ | 1,936,853 | $ | 9,658,019 | ||||||||||||
Weighted average fair value of restricted stock granted during the period | $ | 333,153 | $ | 1,141,675 | ||||||||||||
The fair value of restricted stock that vested during the three months ended March 31, 2015 and the year ended December 31, 2014 was $7.2 million and $5.5 million, respectively. As of March 31, 2015, there was $10.5 million of total unrecognized compensation cost related to unvested restricted stock, which is expected to be recognized over a weighted average period of 1.9 years. | ||||||||||||||||
For the three months ended March 31, 2015 and 2014, $1.6 million and $1.6 million, respectively, was capitalized to assets associated with compensation expense related to our long-term compensation plans, restricted stock and stock options. | ||||||||||||||||
We granted LTIP Units, which include bonus, time-based and performance based awards, with a fair value of $25.4 million and $33.2 million as of March 31, 2015 and December 31, 2014, respectively. The grant date fair value of the LTIP Unit awards was calculated in accordance with ASC 718. A third party consultant determined the fair value of the LTIP Units to have a discount from SL Green's common stock price. The discount was calculated by considering the inherent uncertainty that the LTIP Units will reach parity with other common partnership units and the illiquidity due to transfer restrictions. As of March 31, 2015, there was $10.4 million of total unrecognized compensation expense related to the time-based and performance based awards, which is expected to be recognized over a weighted average period of 1.1 years. During the three months ended March 31, 2015 and 2014, we recorded compensation expense related to bonus, time-based and performance based awards of $13.2 million and $8.1 million, respectively. | ||||||||||||||||
2010 Notional Unit Long-Term Compensation Plan | ||||||||||||||||
In December 2009, the compensation committee of the Company's board of directors approved the general terms of the SL Green Realty Corp. 2010 Notional Unit Long-Term Compensation Program, or the 2010 Long-Term Compensation Plan. The 2010 Long-Term Compensation Plan is a long-term incentive compensation plan pursuant to which award recipients could earn, in the aggregate, from $15.0 million up to $75.0 million of LTIP Units in the Operating Partnership based on the Company's stock price appreciation over three years beginning on December 1, 2009; provided that, if maximum performance had been achieved, $25.0 million of awards could be earned at any time after the beginning of the second year and an additional $25.0 million of awards could be earned at any time after the beginning of the third year. In order to achieve maximum performance under the 2010 Long-Term Compensation Plan, the Company's aggregate stock price appreciation during the performance period had to equal or exceed 50%. The compensation committee determined that maximum performance had been achieved at or shortly after the beginning of each of the second and third years of the performance period and for the full performance period and, accordingly, 366,815 LTIP Units, 385,583 LTIP Units and 327,416 LTIP Units were earned under the 2010 Long-Term Compensation Plan in December 2010, 2011 and 2012, respectively. Substantially in accordance with the original terms of the program, 50% of these LTIP Units vested on December 17, 2012 (accelerated from the original January 1, 2013 vesting date), 25% of these LTIP Units vested on December 11, 2013 (accelerated from the original January 1, 2014 vesting date) and the remainder vested on January 1, 2015 based on continued employment. In accordance with the terms of the 2010 Long-Term Compensation Plan, distributions were not paid on any LTIP Units until they were earned, at which time we paid all distributions that would have been paid on the earned LTIP Units since the beginning of the performance period. | ||||||||||||||||
The cost of the 2010 Long-Term Compensation Plan ($31.7 million, subject to forfeitures) was amortized into earnings through the final vesting period of January 1, 2015. We recorded compensation expense of $0.3 million during the three months ended March 31, 2014 related to the 2010 Long-Term Compensation Plan. | ||||||||||||||||
2011 Outperformance Plan | ||||||||||||||||
In August 2011, the compensation committee of the Company's board of directors approved the general terms of the SL Green Realty Corp. 2011 Outperformance Plan, or the 2011 Outperformance Plan. Participants in the 2011 Outperformance Plan could earn, in the aggregate, up to $85.0 million of LTIP Units in the Operating Partnership based on our total return to stockholders for the three-year period beginning September 1, 2011. Under the 2011 Outperformance Plan, participants were entitled to share in a "performance pool" comprised of LTIP Units with a value equal to 10% of the amount by which our total return to stockholders during the three-year period exceeded a cumulative total return to stockholders of 25%, subject to the maximum of $85.0 million of LTIP Units; provided that if maximum performance was achieved, one-third of each award could be earned at any time after the beginning of the second year and an additional one-third of each award could be earned at any time after the beginning of the third year. LTIP Units earned under the 2011 Outperformance Plan are subject to continued vesting requirements, with 50% of any awards earned vested on August 31, 2014 and the remaining 50% vesting on August 31, 2015, subject to continued employment with us through such dates. Participants were not entitled to distributions with respect to LTIP Units granted under the 2011 Outperformance Plan unless and until they were earned. For LTIP Units that were earned, each participant was also entitled to the distributions that would have been paid had the number of earned LTIP Units been issued at the beginning of the performance period, with such distributions being paid in the form of additional LTIP Units. Thereafter, distributions are to be paid currently with respect to all earned LTIP Units, whether vested or unvested. In June 2014, the compensation committee determined that maximum performance had been achieved during the third year of the performance period and, accordingly, 560,908 LTIP Units, representing two-thirds of each award, were earned, subject to vesting, under the 2011 Outperformance Plan. In September 2014, the compensation committee determined that maximum performance had been achieved for the full three-year performance period and, accordingly, 280,454 LTIP units, representing the final third of each award, were earned, subject to vesting, under the 2011 Outperformance Plan. | ||||||||||||||||
The cost of the 2011 Outperformance Plan ($26.8 million, subject to forfeitures) will be amortized into earnings through the final vesting period. We recorded compensation expense of $0.7 million and $1.9 million during the three months ended March 31, 2015 and 2014, respectively, related to the 2011 Outperformance Plan. | ||||||||||||||||
2014 Outperformance Plan | ||||||||||||||||
In August 2014, the compensation committee of the Company's board of directors approved the general terms of the SL Green Realty Corp. 2014 Outperformance Plan, or the 2014 Outperformance Plan. Participants in the 2014 Outperformance Plan may earn, in the aggregate, up to 610,000 LTIP Units in our Operating Partnership based on our total return to stockholders for the three-year period beginning September 1, 2014. For each individual award, two-thirds of the LTIP Units may be earned based on the Company’s absolute total return to stockholders and one-third of the LTIP Units may be earned based on relative total return to stockholders compared to the constituents of the MSCI REIT Index. Awards earned based on absolute total return to stockholders will be determined independently of awards earned based on relative total return to stockholders. In the event the Company’s performance reaches either threshold before the end of the three-year performance period, a pro-rata portion of the maximum award may be earned. For each component, if the Company’s performance reaches the maximum threshold beginning with the 19th month of the performance period, participants will earn one-third of the maximum award that may be earned for that component. If the Company’s performance reaches the maximum threshold during the third year of the performance period for a component, participants will earn two-thirds (or an additional one-third) of the maximum award that may be earned for that component. LTIP Units earned under the 2014 Outperformance Plan will be subject to continued vesting requirements, with 50% of any awards earned vesting on August 31, 2017 and the remaining 50% vesting on August 31, 2018, subject to continued employment with us through such dates. Participants will not be entitled to distributions with respect to LTIP Units granted under the 2014 Outperformance Plan unless and until they are earned. If LTIP Units are earned, each participant will also be entitled to the distributions that would have been paid had the number of earned LTIP Units been issued at the beginning of the performance period, with such distributions being paid in the form of cash or additional LTIP Units. Thereafter, distributions will be paid currently with respect to all earned LTIP Units, whether vested or unvested. | ||||||||||||||||
The cost of the 2014 Outperformance Plan ($27.9 million, subject to forfeitures), based on the portion of the 2014 Outperformance Plan granted as of March 31, 2015, will be amortized into earnings through the final vesting period. We recorded compensation expense of $1.4 million during the three months ended March 31, 2015 related to the 2014 Outperformance Plan. | ||||||||||||||||
Deferred Compensation Plan for Directors | ||||||||||||||||
Under our Non-Employee Director's Deferral Program, which commenced July 2004, the Company's non-employee directors may elect to defer up to 100% of their annual retainer fee, chairman fees, meeting fees and annual stock grant. Unless otherwise elected by a participant, fees deferred under the program shall be credited in the form of phantom stock units. The program provides that a director's phantom stock units generally will be settled in an equal number of shares of common stock upon the earlier of (i) the January 1 coincident with or next following such director's termination of service from the Board of Directors or (ii) a change in control by us, as defined by the program. Phantom stock units are credited to each non-employee director quarterly using the closing price of SL Green's common stock on the first business day of the respective quarter. Each participating non-employee director is also credited with dividend equivalents or phantom stock units based on the dividend rate for each quarter, which are either paid in cash currently or credited to the director’s account as additional phantom stock units. | ||||||||||||||||
During the three months ended March 31, 2015, 5,613 phantom stock units were earned and 5,230 shares of common stock were issued to our board of directors. We recorded compensation expense of $1.3 million during the three months ended March 31, 2015 related to the Deferred Compensation Plan. As of March 31, 2015, there were 81,262 phantom stock units outstanding pursuant to our Non-Employee Director's Deferral Program. | ||||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||||
In 2007, the Company's board of directors adopted the 2008 Employee Stock Purchase Plan, or ESPP, to encourage our employees to increase their efforts to make our business more successful by providing equity-based incentives to eligible employees. The ESPP is intended to qualify as an "employee stock purchase plan" under Section 423 of the Code, and has been adopted by the board to enable our eligible employees to purchase the Company's shares of common stock through payroll deductions. The ESPP became effective on January 1, 2008 with a maximum of 500,000 shares of the common stock available for issuance, subject to adjustment upon a merger, reorganization, stock split or other similar corporate change. The Company filed a registration statement on Form S-8 with the SEC with respect to the ESPP. The common stock is offered for purchase through a series of successive offering periods. Each offering period will be three months in duration and will begin on the first day of each calendar quarter, with the first offering period having commenced on January 1, 2008. The ESPP provides for eligible employees to purchase the common stock at a purchase price equal to 85% of the lesser of (1) the market value of the common stock on the first day of the offering period or (2) the market value of the common stock on the last day of the offering period. The ESPP was approved by our stockholders at our 2008 annual meeting of stockholders. As of March 31, 2015, 81,955 shares of SL Green's common stock had been issued under the ESPP. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss of the Company | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||
Accumulated Other Comprehensive Loss of the Company/Operating Partnership | Stockholders’ Equity of the Company | |||||||||||||||
Common Stock | ||||||||||||||||
Our authorized capital stock consists of 260,000,000 shares, $0.01 par value per share, consisting of 160,000,000 shares of common stock, $0.01 par value per share, 75,000,000 shares of excess stock, at $0.01 par value per share, and 25,000,000 shares of preferred stock, par value $0.01 per share. As of March 31, 2015, 99,532,817 shares of common stock and no shares of excess stock were issued and outstanding. | ||||||||||||||||
At-The-Market Equity Offering Program | ||||||||||||||||
In June 2014, the Company, along with the Operating Partnership, entered into an "at-the-market" equity offering program, or ATM Program, to sell an aggregate of $300.0 million of SL Green's common stock. During the three months ended March 31, 2015, we sold 895,956 shares of our common stock for aggregate net proceeds of $113.4 million comprising the remaining balance of this ATM Program. The net proceeds from these offerings were contributed to the Operating Partnership in exchange for 895,956 units of limited partnership interest of the Operating Partnership. | ||||||||||||||||
In March 2015, the Company, along with the Operating Partnership, entered into a new ATM Program to sell an aggregate of $300.0 million of SL Green's common stock. During the three months ended March 31, 2015, we sold 56,680 shares of our common stock for aggregate net proceeds of $7.5 million. The net proceeds from these offerings were contributed to the Operating Partnership in exchange for 56,680 units of limited partnership interest of the Operating Partnership. As of March 31, 2015, $292.5 million remained available for issuance of common stock under the new ATM program. | ||||||||||||||||
Perpetual Preferred Stock | ||||||||||||||||
We have 9,200,000 shares of our 6.50% Series I Cumulative Redeemable Preferred Stock, or the Series I Preferred Stock, outstanding with a mandatory liquidation preference of $25.00 per share. The Series I Preferred stockholders receive annual dividends of $1.625 per share paid on a quarterly basis and dividends are cumulative, subject to certain provisions. We are entitled to redeem the Series I Preferred Stock at par for cash at our option on or after August 10, 2017. In August 2012, we received $221.9 million in net proceeds from the issuance of the Series I Preferred Stock, which were recorded net of underwriters' discount and issuance costs, and contributed the net proceeds to the Operating Partnership in exchange for 9,200,000 units of 6.50% Series I Cumulative Redeemable Preferred Units of limited partnership interest, or the Series I Preferred Units. | ||||||||||||||||
Dividend Reinvestment and Stock Purchase Plan | ||||||||||||||||
In February 2015, the Company filed a registration statement with the SEC for our dividend reinvestment and stock purchase plan, or DRSPP, which automatically became effective upon filing. The Company registered 3,500,000 shares of SL Green's common stock under the DRSPP. The DRSPP commenced on September 24, 2001. | ||||||||||||||||
During the three months ended March 31, 2015, the Company issued 775,161 shares of SL Green's common stock and received net proceeds of $99.5 million of proceeds from dividend reinvestments and/or stock purchases under the DRSPP. DRSPP shares may be issued at a discount to the market price. | ||||||||||||||||
Earnings per Share | ||||||||||||||||
SL Green's earnings per share for the three months ended March 31, 2015 and 2014 are computed as follows (in thousands): | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
Numerator | 2015 | 2014 | ||||||||||||||
Basic Earnings: | ||||||||||||||||
Income attributable to SL Green common stockholders | $ | 43,277 | $ | 146,090 | ||||||||||||
Effect of Dilutive Securities: | ||||||||||||||||
Redemption of units to common shares | 1,743 | 4,729 | ||||||||||||||
Diluted Earnings: | ||||||||||||||||
Income attributable to SL Green common stockholders | $ | 45,020 | $ | 150,819 | ||||||||||||
Three Months Ended March 31, | ||||||||||||||||
Denominator | 2015 | 2014 | ||||||||||||||
Basic Shares: | ||||||||||||||||
Weighted average common stock outstanding | 98,402 | 95,117 | ||||||||||||||
Effect of Dilutive Securities: | ||||||||||||||||
Redemption of units to common shares | 3,964 | 3,079 | ||||||||||||||
Stock-based compensation plans | 653 | 520 | ||||||||||||||
Diluted weighted average common stock outstanding | 103,019 | 98,716 | ||||||||||||||
SL Green has excluded 203,975 and 860,720 common stock equivalents from the diluted shares outstanding for the three months ended March 31, 2015 and 2014, respectively, as they were anti-dilutive. | ||||||||||||||||
SL Green Realty Corp | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||
Accumulated Other Comprehensive Loss of the Company/Operating Partnership | Accumulated Other Comprehensive Loss of the Company | |||||||||||||||
The following tables set forth the changes in accumulated other comprehensive income (loss) by component as of March 31, 2015 (in thousands): | ||||||||||||||||
Net unrealized loss on derivative instruments(1) | SL Green’s share of joint venture net unrealized loss on derivative instruments(2) | Unrealized gain and (loss) on marketable securities | Total | |||||||||||||
Balance at December 31, 2014 | (9,498 | ) | (95 | ) | 2,613 | (6,980 | ) | |||||||||
Other comprehensive (loss) income before reclassifications | (7,198 | ) | (1,188 | ) | 597 | (7,789 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income | 2,641 | 318 | — | 2,959 | ||||||||||||
Balance at March 31, 2015 | $ | (14,055 | ) | $ | (965 | ) | $ | 3,210 | $ | (11,810 | ) | |||||
____________________________________________________________________ | ||||||||||||||||
-1 | Amount reclassified from accumulated other comprehensive income (loss) is included in interest expense in the respective consolidated statements of income. As of March 31, 2015 and December 31, 2014, the deferred net losses from these terminated hedges, which is included in accumulated other comprehensive loss relating to net unrealized loss on derivative instrument, was $11.3 million and $11.8 million, respectively. | |||||||||||||||
-2 | Amount reclassified from accumulated other comprehensive income (loss) is included in equity in net income from unconsolidated joint ventures in the respective consolidated statements of income. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss of the Operating Partnership | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||
Accumulated Other Comprehensive Loss of the Company/Operating Partnership | Stockholders’ Equity of the Company | |||||||||||||||
Common Stock | ||||||||||||||||
Our authorized capital stock consists of 260,000,000 shares, $0.01 par value per share, consisting of 160,000,000 shares of common stock, $0.01 par value per share, 75,000,000 shares of excess stock, at $0.01 par value per share, and 25,000,000 shares of preferred stock, par value $0.01 per share. As of March 31, 2015, 99,532,817 shares of common stock and no shares of excess stock were issued and outstanding. | ||||||||||||||||
At-The-Market Equity Offering Program | ||||||||||||||||
In June 2014, the Company, along with the Operating Partnership, entered into an "at-the-market" equity offering program, or ATM Program, to sell an aggregate of $300.0 million of SL Green's common stock. During the three months ended March 31, 2015, we sold 895,956 shares of our common stock for aggregate net proceeds of $113.4 million comprising the remaining balance of this ATM Program. The net proceeds from these offerings were contributed to the Operating Partnership in exchange for 895,956 units of limited partnership interest of the Operating Partnership. | ||||||||||||||||
In March 2015, the Company, along with the Operating Partnership, entered into a new ATM Program to sell an aggregate of $300.0 million of SL Green's common stock. During the three months ended March 31, 2015, we sold 56,680 shares of our common stock for aggregate net proceeds of $7.5 million. The net proceeds from these offerings were contributed to the Operating Partnership in exchange for 56,680 units of limited partnership interest of the Operating Partnership. As of March 31, 2015, $292.5 million remained available for issuance of common stock under the new ATM program. | ||||||||||||||||
Perpetual Preferred Stock | ||||||||||||||||
We have 9,200,000 shares of our 6.50% Series I Cumulative Redeemable Preferred Stock, or the Series I Preferred Stock, outstanding with a mandatory liquidation preference of $25.00 per share. The Series I Preferred stockholders receive annual dividends of $1.625 per share paid on a quarterly basis and dividends are cumulative, subject to certain provisions. We are entitled to redeem the Series I Preferred Stock at par for cash at our option on or after August 10, 2017. In August 2012, we received $221.9 million in net proceeds from the issuance of the Series I Preferred Stock, which were recorded net of underwriters' discount and issuance costs, and contributed the net proceeds to the Operating Partnership in exchange for 9,200,000 units of 6.50% Series I Cumulative Redeemable Preferred Units of limited partnership interest, or the Series I Preferred Units. | ||||||||||||||||
Dividend Reinvestment and Stock Purchase Plan | ||||||||||||||||
In February 2015, the Company filed a registration statement with the SEC for our dividend reinvestment and stock purchase plan, or DRSPP, which automatically became effective upon filing. The Company registered 3,500,000 shares of SL Green's common stock under the DRSPP. The DRSPP commenced on September 24, 2001. | ||||||||||||||||
During the three months ended March 31, 2015, the Company issued 775,161 shares of SL Green's common stock and received net proceeds of $99.5 million of proceeds from dividend reinvestments and/or stock purchases under the DRSPP. DRSPP shares may be issued at a discount to the market price. | ||||||||||||||||
Earnings per Share | ||||||||||||||||
SL Green's earnings per share for the three months ended March 31, 2015 and 2014 are computed as follows (in thousands): | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
Numerator | 2015 | 2014 | ||||||||||||||
Basic Earnings: | ||||||||||||||||
Income attributable to SL Green common stockholders | $ | 43,277 | $ | 146,090 | ||||||||||||
Effect of Dilutive Securities: | ||||||||||||||||
Redemption of units to common shares | 1,743 | 4,729 | ||||||||||||||
Diluted Earnings: | ||||||||||||||||
Income attributable to SL Green common stockholders | $ | 45,020 | $ | 150,819 | ||||||||||||
Three Months Ended March 31, | ||||||||||||||||
Denominator | 2015 | 2014 | ||||||||||||||
Basic Shares: | ||||||||||||||||
Weighted average common stock outstanding | 98,402 | 95,117 | ||||||||||||||
Effect of Dilutive Securities: | ||||||||||||||||
Redemption of units to common shares | 3,964 | 3,079 | ||||||||||||||
Stock-based compensation plans | 653 | 520 | ||||||||||||||
Diluted weighted average common stock outstanding | 103,019 | 98,716 | ||||||||||||||
SL Green has excluded 203,975 and 860,720 common stock equivalents from the diluted shares outstanding for the three months ended March 31, 2015 and 2014, respectively, as they were anti-dilutive. | ||||||||||||||||
SL Green Operating Partnership | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||
Accumulated Other Comprehensive Loss of the Company/Operating Partnership | Partners' Capital of the Operating Partnership | |||||||||||||||
The Company is the sole general partner of the Operating Partnership and at March 31, 2015 owned 99,532,817 general and limited partnership interests in the Operating Partnership and 9,200,000 Series I Preferred Units. Partnership interests in the Operating Partnership are denominated as “common units of limited partnership interest” (also referred to as “OP Units”) or “preferred units of limited partnership interest” (also referred to as “Preferred Units”). All references to OP Units and Preferred Units outstanding exclude such units held by the Company. A holder of an OP Unit may present such OP Unit to the Operating Partnership for redemption at any time (subject to restrictions agreed upon at the issuance of OP Units to particular holders that may restrict such right for a period of time, generally one year from issuance). Upon presentation of an OP Unit for redemption, the Operating Partnership must redeem such OP Unit in exchange for the cash equal to the then value of a share of common stock of the Company, except that the Company may, at its election, in lieu of cash redemption, acquire such OP Unit for one share of common stock. Because the number of shares of common stock outstanding at all times equals the number of OP Units that the Company owns, one share of common stock is generally the economic equivalent of one OP Unit, and the quarterly distribution that may be paid to the holder of an OP Unit equals the quarterly dividend that may be paid to the holder of a share of common stock. Each series of Preferred Units makes a distribution that is set in accordance with an amendment to the partnership agreement of the Operating Partnership. Preferred Units may also be convertible into OP Units at the election of the holder thereof or the Company, subject to the terms of such Preferred Units. | ||||||||||||||||
Net income (loss) allocated to the preferred unitholders and common unitholders reflects their pro rata share of net income (loss) and distributions. | ||||||||||||||||
Limited Partner Units | ||||||||||||||||
As of March 31, 2015, limited partners other than SL Green owned 3.78%, or 3,912,944 common units, of the Operating Partnership. | ||||||||||||||||
Preferred Units | ||||||||||||||||
Preferred units not owned by SL Green are further described in Note 11, “Noncontrolling Interests on the Company’s Consolidated Financial Statements - Preferred Units of Limited Partnership Interest in the Operating Partnership.” | ||||||||||||||||
Earnings per Unit | ||||||||||||||||
The Operating Partnership's earnings per unit for the three months ended March 31, 2015 and 2014 are computed as follows (in thousands): | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
Numerator | 2015 | 2014 | ||||||||||||||
Basic and Diluted Earnings: | ||||||||||||||||
Income attributable to SLGOP common unitholders | $ | 45,020 | $ | 150,819 | ||||||||||||
Three Months Ended March 31, | ||||||||||||||||
Denominator | 2015 | 2014 | ||||||||||||||
Basic units: | ||||||||||||||||
Weighted average common units outstanding | 102,366 | 98,196 | ||||||||||||||
Effect of Dilutive Securities: | ||||||||||||||||
Stock-based compensation plans | 653 | 520 | ||||||||||||||
Diluted weighted average common units outstanding | 103,019 | 98,716 | ||||||||||||||
The Operating Partnership has excluded 203,975 and 860,720 common unit equivalents from the diluted units outstanding for the three months ended March 31, 2015 and 2014, respectively, as they were anti-dilutive. | ||||||||||||||||
Accumulated Other Comprehensive Loss of the Operating Partnership | ||||||||||||||||
The following tables set forth the changes in accumulated other comprehensive income (loss) by component as of March 31, 2015 (in thousands): | ||||||||||||||||
Net unrealized loss on derivative instruments(1) | SLGOP’s share of joint venture net unrealized loss on derivative instruments(2) | Unrealized gain and (loss) on marketable securities | Total | |||||||||||||
Balance at December 31, 2014 | (9,845 | ) | (100 | ) | 2,689 | (7,256 | ) | |||||||||
Other comprehensive (loss) income before reclassifications | (7,521 | ) | (1,237 | ) | 650 | (8,108 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income | 2,747 | 331 | — | 3,078 | ||||||||||||
Balance at March 31, 2015 | $ | (14,619 | ) | $ | (1,006 | ) | $ | 3,339 | $ | (12,286 | ) | |||||
____________________________________________________________________ | ||||||||||||||||
-1 | Amount reclassified from accumulated other comprehensive income (loss) is included in interest expense in the respective consolidated statements of income. As of March 31, 2015 and December 31, 2014, the deferred net losses from these terminated hedges, which is included in accumulated other comprehensive loss relating to net unrealized loss on derivative instrument, was $11.7 million and $12.2 million, respectively. | |||||||||||||||
-2 | Amount reclassified from accumulated other comprehensive income (loss) is included in equity in net income from unconsolidated joint ventures in the respective consolidated statements of income. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||
We are required to disclose fair value information with regard to our financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practical to estimate fair value. The FASB guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. We measure and/or disclose the estimated fair value of financial assets and liabilities based on a hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. This hierarchy consist of three broad levels: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date; Level 2 - inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and Level 3 - unobservable inputs for the asset or liability that are used when little or no market data is available. We follow this hierarchy for our assets and liabilities measured at fair value on a recurring and nonrecurring basis. In instances in which the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level of input that is significant to the fair value measurement in its entirety. Our assessment of the significance of the particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. | ||||||||||||||||
The following tables set forth the assets and liabilities that we measure at fair value on a recurring and non-recurring basis by their levels in the fair value hierarchy at March 31, 2015 and December 31, 2014 (in thousands): | ||||||||||||||||
March 31, 2015 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | ||||||||||||||||
Marketable securities | $ | 47,716 | $ | 4,287 | $ | 43,429 | $ | — | ||||||||
Interest rate swap agreements (included in other assets) | $ | 3 | $ | — | $ | 3 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Interest rate swap agreements (included in accrued interest payable and other liabilities) | $ | 16,983 | $ | — | $ | 16,983 | $ | — | ||||||||
31-Dec-14 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | ||||||||||||||||
Marketable securities | $ | 39,429 | $ | 4,332 | $ | 35,097 | $ | — | ||||||||
Interest rate swap agreements (included in other assets) | $ | 2,174 | — | 2,174 | — | |||||||||||
Liabilities: | ||||||||||||||||
Interest rate swap agreements (included in accrued interest payable and other liabilities) | $ | 14,728 | $ | — | $ | 14,728 | $ | — | ||||||||
We determine other than temporary impairment in real estate investments and debt and preferred equity investments, including intangibles utilizing cash flow projections that apply, among other things, estimated revenue and expense growth rates, discount rates and capitalization rates, which are classified as Level 3 inputs. | ||||||||||||||||
The marketable securities classified as Level 1 were derived from quoted prices in active markets. The valuation technique used to measure the fair value of the marketable securities classified as Level 2 were valued based on quoted market prices or model driven valuations using the significant inputs derived from or corroborated by observable market data. Marketable securities in an unrealized loss position are not considered to be other than temporarily impaired. We do not intend to sell these securities and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases. | ||||||||||||||||
The fair value of derivative instruments is based on current market data received from financial sources that trade such instruments and are based on prevailing market data and derived from third party proprietary models based on well-recognized financial principles and reasonable estimates about relevant future market conditions, which are classified as Level 2 inputs. | ||||||||||||||||
The financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses, debt and preferred equity investments, mortgages and other loans payable and other secured and unsecured debt. The carrying amount of cash and cash equivalents, restricted cash, accounts receivable, and accounts payable and accrued expenses reported in our consolidated balance sheets approximates fair value due to the short term nature of these instruments. The fair value of debt and preferred equity investments, which is classified as Level 3, is estimated by discounting the future cash flows using current interest rates at which similar loans with the same maturities would be made to borrowers with similar credit ratings. The fair value of borrowings, which is classified as Level 3, is estimated by discounting the contractual cash flows of each debt to their present value using adjusted market interest rates, which is provided by a third-party specialist. | ||||||||||||||||
The following table provides the carrying value and fair value of these financial instruments as of March 31, 2015 and December 31, 2014 (in thousands): | ||||||||||||||||
March 31, 2015 | 31-Dec-14 | |||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Debt and preferred equity investments | $ | 1,548,739 | -1 | $ | 1,408,804 | -1 | ||||||||||
Fixed rate debt | $ | 6,016,084 | $ | 6,582,767 | $ | 6,140,786 | $ | 6,565,236 | ||||||||
Variable rate debt | 2,073,000 | 2,116,146 | 2,291,943 | 2,315,952 | ||||||||||||
$ | 8,089,084 | $ | 8,698,913 | $ | 8,432,729 | $ | 8,881,188 | |||||||||
____________________________________________________________________ | ||||||||||||||||
-1 | At March 31, 2015, debt and preferred equity investments had an estimated fair value ranging between $1.7 billion and $1.9 billion. At December 31, 2014, debt and preferred equity investments had an estimated fair value ranging between $1.5 billion and $1.8 billion. | |||||||||||||||
Disclosure about fair value of financial instruments was based on pertinent information available to us as of March 31, 2015 and December 31, 2014. Although we are not aware of any factors that would significantly affect the reasonable fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein. |
Financial_Instruments_Derivati
Financial Instruments: Derivatives and Hedging | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||
Financial Instruments: Derivatives and Hedging | Financial Instruments: Derivatives and Hedging | ||||||||||||||||||||||||||||
In the normal course of business, we use a variety of commonly used derivative instruments, such as interest rate swaps, caps, collar and floors, to manage, or hedge interest rate risk. We hedge our exposure to variability in future cash flows for forecasted transactions in addition to anticipated future interest payments on existing debt. We recognize all derivatives on the balance sheets at fair value. Derivatives that are not hedges are adjusted to fair value through earnings. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the hedge asset, liability, or firm commitment through earnings, or recognized in other comprehensive income until the hedged item is recognized in earnings. The ineffective portion of a derivative's change in fair value will be immediately recognized in earnings. Reported net income and equity may increase or decrease prospectively, depending on future levels of interest rates and other variables affecting the fair values of derivative instruments and hedged items, but will have no effect on cash flows. Currently, all of our designated derivative instruments are effective hedging instruments. | |||||||||||||||||||||||||||||
The following table summarizes the notional and fair value of our consolidated derivative financial instruments at March 31, 2015 based on Level 2 information. The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks (amounts in thousands). | |||||||||||||||||||||||||||||
Notional | Strike | Effective | Expiration | Balance Sheet Location | Fair | ||||||||||||||||||||||||
Value | Rate | Date | Date | Value | |||||||||||||||||||||||||
Interest Rate Cap - Sold | $ | 504,000 | 4.75 | % | May-14 | May-16 | Other Assets | $ | (1 | ) | |||||||||||||||||||
Interest Rate Cap | 504,000 | 4.75 | % | May-14 | May-16 | Other Liabilities | 1 | ||||||||||||||||||||||
Interest Rate Cap | 500,000 | 4.75 | % | Oct-14 | May-16 | Other Assets | 1 | ||||||||||||||||||||||
Interest Rate Cap - Sold | 500,000 | 4.75 | % | Nov-14 | May-16 | Other Liabilities | (1 | ) | |||||||||||||||||||||
Interest Rate Cap | 446,000 | 4.75 | % | Oct-14 | May-16 | Other Assets | 1 | ||||||||||||||||||||||
Interest Rate Cap | 263,426 | 6 | % | Nov-13 | Nov-15 | Other Assets | — | ||||||||||||||||||||||
Interest Rate Cap | 137,500 | 4 | % | Oct-13 | Sep-15 | Other Assets | — | ||||||||||||||||||||||
Interest Rate Swap | 200,000 | 0.938 | % | Oct-14 | Dec-17 | Other Liabilities | (326 | ) | |||||||||||||||||||||
Interest Rate Swap | 150,000 | 0.94 | % | Oct-14 | Dec-17 | Other Liabilities | (251 | ) | |||||||||||||||||||||
Interest Rate Swap | 150,000 | 0.94 | % | Oct-14 | Dec-17 | Other Liabilities | (251 | ) | |||||||||||||||||||||
Interest Rate Swap | 144,000 | 2.236 | % | Dec-12 | Dec-17 | Other Liabilities | (5,108 | ) | |||||||||||||||||||||
Interest Rate Swap | 86,400 | 1.948 | % | Dec-12 | Dec-17 | Other Liabilities | (2,407 | ) | |||||||||||||||||||||
Interest Rate Swap | 72,000 | 2.31 | % | Dec-12 | Dec-17 | Other Liabilities | (2,696 | ) | |||||||||||||||||||||
Interest Rate Swap | 72,000 | 1.345 | % | Dec-12 | Dec-17 | Other Liabilities | (862 | ) | |||||||||||||||||||||
Interest Rate Swap | 72,000 | 2.31 | % | Dec-12 | Dec-17 | Other Liabilities | (2,696 | ) | |||||||||||||||||||||
Interest Rate Swap | 57,600 | 1.99 | % | Dec-12 | Dec-17 | Other Liabilities | (1,669 | ) | |||||||||||||||||||||
Interest Rate Swap | 30,000 | 2.295 | % | Jul-10 | Jun-16 | Other Liabilities | (682 | ) | |||||||||||||||||||||
Interest Rate Swap | 8,018 | 0.852 | % | Feb-15 | Feb-17 | Other Liabilities | (33 | ) | |||||||||||||||||||||
$ | (16,980 | ) | |||||||||||||||||||||||||||
During the three months ended March 31, 2015 and 2014, we recorded a loss on the changes in the fair value of less than $1,000 and $11,000, respectively, which is included in interest expense on the consolidated statements of income. | |||||||||||||||||||||||||||||
The Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. As of March 31, 2015, the fair value of derivatives in a net liability position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements was $18.1 million. As of March 31, 2015, the Company has not posted any collateral related to these agreements and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value of $18.1 million at March 31, 2015. | |||||||||||||||||||||||||||||
Gains and losses on terminated hedges are included in the accumulated other comprehensive loss, and are recognized into earnings over the term of the related mortgage obligation. Over time, the realized and unrealized gains and losses held in accumulated other comprehensive loss will be reclassified into earnings as an adjustment to interest expense in the same periods in which the hedged interest payments affect earnings. We estimate that $9.3 million of the current balance held in accumulated other comprehensive loss will be reclassified into interest expense and $1.1 million of the portion related to our share of joint venture accumulated other comprehensive loss will be reclassified into equity in net income from unconsolidated joint ventures within the next 12 months. | |||||||||||||||||||||||||||||
The following table presents the effect of our derivative financial instruments and our share of our joint ventures' derivative financial instruments that are designated and qualify as hedging instruments on the consolidated statements of income for the three months ended March 31, 2015 and 2014, respectively (in thousands): | |||||||||||||||||||||||||||||
Amount of Loss | Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income | Amount of Loss | Location of Gain Recognized in Income on Derivative | Amount of (Loss) or Gain | |||||||||||||||||||||||||
Recognized in | Reclassified from | Recognized into Income | |||||||||||||||||||||||||||
Other Comprehensive | Accumulated Other | (Ineffective Portion) | |||||||||||||||||||||||||||
Loss | Comprehensive Loss into Income | ||||||||||||||||||||||||||||
(Effective Portion) | (Effective Portion) | ||||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
Derivative | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||
Interest Rate Swaps/Caps | $ | (7,521 | ) | $ | (51 | ) | Interest expense | $ | 2,747 | $ | 692 | Interest expense | $ | (410 | ) | $ | 1 | ||||||||||||
Share of unconsolidated joint ventures' derivative instruments | (1,237 | ) | (1,746 | ) | Equity in net income from unconsolidated joint ventures | 331 | 1,273 | Equity in net income from unconsolidated joint ventures | (16 | ) | — | ||||||||||||||||||
$ | (8,758 | ) | $ | (1,797 | ) | $ | 3,078 | $ | 1,965 | $ | (426 | ) | $ | 1 | |||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Commitments and Contingencies | Commitments and Contingencies | ||||||||
Legal Proceedings | |||||||||
As of March 31, 2015, the Company and the Operating Partnership were not involved in any material litigation nor, to management's knowledge, was any material litigation threatened against us or our portfolio which if adversely determined could have a material adverse impact on us other than routine litigation arising in the ordinary course of business or litigation that is adequately covered by insurance. | |||||||||
Environmental Matters | |||||||||
Our management believes that the properties are in compliance in all material respects with applicable Federal, state and local ordinances and regulations regarding environmental issues. Management is not aware of any environmental liability that it believes would have a materially adverse impact on our financial position, results of operations or cash flows. Management is unaware of any instances in which it would incur significant environmental cost if any of our properties were sold. | |||||||||
Capital and Ground Leases Arrangements | |||||||||
The following is a schedule of future minimum lease payments under capital leases and non-cancellable operating leases with initial terms in excess of one year as of March 31, 2015 (in thousands): | |||||||||
Capital lease | Non-cancellable | ||||||||
operating leases | |||||||||
Remaining 2015 | $ | 109 | $ | 22,869 | |||||
2016 | 170 | 30,612 | |||||||
2017 | 291 | 30,845 | |||||||
2018 | 291 | 30,845 | |||||||
2019 | 315 | 30,862 | |||||||
Thereafter | 56,568 | 720,698 | |||||||
Total minimum lease payments | 57,744 | $ | 866,731 | ||||||
Less amount representing interest | (36,827 | ) | |||||||
Capital lease obligations | $ | 20,917 | |||||||
Segment_Information
Segment Information | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segment Information | Segment Information | ||||||||||||
The Company is a REIT engaged in all aspects of property ownership and management including investment, leasing operations, capital improvements, development and redevelopment, financing, construction and maintenance in the New York Metropolitan area and have two reportable segments, real estate and debt and preferred equity. We evaluate real estate performance and allocate resources based on earnings contribution to income from continuing operations. | |||||||||||||
The primary sources of revenue are generated from tenant rents and escalations and reimbursement revenue. Real estate property operating expenses consist primarily of security, maintenance, utility costs, real estate taxes and ground rent expense (at certain applicable properties). See Note 5, "Debt and Preferred Equity Investments," for additional details on our debt and preferred equity investments. | |||||||||||||
Selected results of operations for the three months ended March 31, 2015 and 2014, and selected asset information as of March 31, 2015 and December 31, 2014, regarding our operating segments are as follows (in thousands): | |||||||||||||
Real Estate Segment | Debt and Preferred Equity Segment | Total Company | |||||||||||
Total revenues | |||||||||||||
Three months ended: | |||||||||||||
31-Mar-15 | $ | 354,230 | $ | 42,069 | $ | 396,299 | |||||||
31-Mar-14 | 308,361 | 54,084 | 362,445 | ||||||||||
Income from continuing operations before equity in net gain on sale of interest in unconsolidated joint venture/real estate | |||||||||||||
Three months ended: | |||||||||||||
31-Mar-15 | $ | 6,759 | $ | 35,467 | $ | 42,226 | |||||||
31-Mar-14 | 620 | 45,583 | 46,203 | ||||||||||
Total assets | |||||||||||||
As of: | |||||||||||||
31-Mar-15 | $ | 15,514,089 | $ | 1,566,643 | $ | 17,080,732 | |||||||
31-Dec-14 | 15,671,662 | 1,424,925 | 17,096,587 | ||||||||||
Income from continuing operations represents total revenues less total expenses for the real estate segment and total investment income less allocated interest expense for the debt and preferred equity segment. Interest costs for the debt and preferred equity segment are imputed assuming the portfolio is 100% leveraged by our MRA facility and 2012 revolving credit facility borrowing cost. We also allocate loan loss reserves, net of recoveries, and transaction related costs to the debt and preferred equity segment. We do not allocate marketing, general and administrative expenses (totaling $25.5 million and $23.3 million for the three months ended March 31, 2015 and 2014, respectively) to the debt and preferred equity segment since we base performance on the individual segments prior to allocating marketing, general and administrative expenses. All other expenses, except interest, relate entirely to the real estate assets. | |||||||||||||
There were no transactions between the above two segments. | |||||||||||||
The table below reconciles income from continuing operations to net income for the three months ended March 31, 2015 and 2014 (in thousands): | |||||||||||||
Three Months Ended March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Income from continuing operations before equity in net gain on sale of interest in unconsolidated joint venture/real estate | $ | 42,226 | $ | 46,203 | |||||||||
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | — | 104,640 | |||||||||||
Income from continuing operations | 42,226 | 150,843 | |||||||||||
Net income from discontinued operations | 427 | 5,769 | |||||||||||
Gain on sale of discontinued operations | 12,983 | — | |||||||||||
Net income | $ | 55,636 | $ | 156,612 | |||||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation |
The consolidated financial statements include our accounts and those of our subsidiaries, which are wholly-owned or controlled by us. Entities which we do not control through our voting interest and entities which are variable interest entities, but where we are not the primary beneficiary, are accounted for under the equity method or as debt and preferred equity investments. See Note 5, "Debt and Preferred Equity Investments" and Note 6, "Investments in Unconsolidated Joint Ventures." All significant intercompany balances and transactions have been eliminated. | |
We consolidate a variable interest entity, or VIE, in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. Included in commercial real estate properties on our consolidated balance sheets as of March 31, 2015 and December 31, 2014 are $198.5 million and $198.4 million, respectively, related to our consolidated VIEs. Included in mortgages and other loans payable on our consolidated balance sheets as of March 31, 2015 and December 31, 2014 are $106.0 million and $106.5 million, respectively, related to our consolidated VIEs. Also, included in assets held for sale and liabilities related to assets held for sale on our consolidated balance sheets as of December 31, 2014 are $445.0 million of commercial real estate and $253.9 million of mortgage related to our consolidated VIEs. | |
A noncontrolling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to us. Noncontrolling interests are required to be presented as a separate component of equity in the consolidated balance sheet and the presentation of net income is modified to present earnings and other comprehensive income attributed to controlling and noncontrolling interests. | |
We assess the accounting treatment for each joint venture and debt and preferred equity investment. This assessment includes a review of each joint venture or limited liability company agreement to determine which party has what rights and whether those rights are protective or participating. For all VIEs, we review such agreements in order to determine which party has the power to direct the activities that most significantly impact the entity's economic performance. In situations where we and our partner approve, among other things, the annual budget, receive a detailed monthly reporting package from us, meet on a quarterly basis to review the results of the joint venture, review and approve the joint venture's tax return before filing, and approve all leases that cover more than a nominal amount of space relative to the total rentable space at each property, we do not consolidate the joint venture as we consider these to be substantive participation rights that result in shared power of the activities that most significantly impact the performance of the joint venture. Our joint venture agreements typically contain certain protective rights such as the requirement of partner approval to sell, finance or refinance the property and the payment of capital expenditures and operating expenditures outside of the approved budget or operating plan. | |
Investment in Commercial Real Estate Properties | Investment in Commercial Real Estate Properties |
On a periodic basis, we assess whether there are any indications that the value of our real estate properties may be other than temporarily impaired or that their carrying value may not be recoverable. A property's value is considered impaired if management's estimate of the aggregate future cash flows (undiscounted and without interest charges for consolidated properties) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the property over the calculated fair value of the property. We do not believe that the values of any of our consolidated properties were other than temporarily impaired at March 31, 2015. | |
We also evaluate our real estate properties for potential impairment when a real estate property has been classified as held for sale. Real estate assets held for sale are valued at the lower of their carrying value or fair value less costs to sell. | |
We allocate the purchase price of real estate to land and building (inclusive of tenant improvements) and, if determined to be material, intangibles, such as the value of above- and below-market leases and origination costs associated with the in-place leases. We depreciate the amount allocated to building (inclusive of tenant improvements) over their estimated useful lives, which generally range from three to 40 years. We amortize the amount allocated to the above- and below-market leases over the remaining term of the associated lease, which generally range from one to 14 years, and record it as either an increase (in the case of below-market leases) or a decrease (in the case of above-market leases) to rental income. We amortize the amount allocated to the values associated with in-place leases over the expected term of the associated lease, which generally ranges from one to 14 years. If a tenant vacates its space prior to the contractual termination of the lease and no rental payments are being made on the lease, any unamortized balance of the related intangible will be written off. The tenant improvements and origination costs are amortized as an expense over the remaining life of the lease (or charged against earnings if the lease is terminated prior to its contractual expiration date). We assess fair value of the leases based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. To the extent acquired leases contain fixed rate renewal options that are below-market and determined to be material, we amortize such below-market lease value into rental income over the renewal period. | |
Fair Value Measurements | Fair Value Measurements |
We are required to disclose fair value information with regard to our financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practical to estimate fair value. The FASB guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. We measure and/or disclose the estimated fair value of financial assets and liabilities based on a hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. This hierarchy consist of three broad levels: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date; Level 2 - inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and Level 3 - unobservable inputs for the asset or liability that are used when little or no market data is available. We follow this hierarchy for our assets and liabilities measured at fair value on a recurring and nonrecurring basis. In instances in which the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level of input that is significant to the fair value measurement in its entirety. Our assessment of the significance of the particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. | |
We determine other than temporary impairment in real estate investments and debt and preferred equity investments, including intangibles utilizing cash flow projections that apply, among other things, estimated revenue and expense growth rates, discount rates and capitalization rates, which are classified as Level 3 inputs. | |
The marketable securities classified as Level 1 were derived from quoted prices in active markets. The valuation technique used to measure the fair value of the marketable securities classified as Level 2 were valued based on quoted market prices or model driven valuations using the significant inputs derived from or corroborated by observable market data. Marketable securities in an unrealized loss position are not considered to be other than temporarily impaired. We do not intend to sell these securities and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases. | |
The fair value of derivative instruments is based on current market data received from financial sources that trade such instruments and are based on prevailing market data and derived from third party proprietary models based on well-recognized financial principles and reasonable estimates about relevant future market conditions, which are classified as Level 2 inputs. | |
The financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses, debt and preferred equity investments, mortgages and other loans payable and other secured and unsecured debt. The carrying amount of cash and cash equivalents, restricted cash, accounts receivable, and accounts payable and accrued expenses reported in our consolidated balance sheets approximates fair value due to the short term nature of these instruments. The fair value of debt and preferred equity investments, which is classified as Level 3, is estimated by discounting the future cash flows using current interest rates at which similar loans with the same maturities would be made to borrowers with similar credit ratings. The fair value of borrowings, which is classified as Level 3, is estimated by discounting the contractual cash flows of each debt to their present value using adjusted market interest rates, which is provided by a third-party specialist. | |
Investment in Marketable Securities | Investment in Marketable Securities |
We invest in marketable securities. At the time of purchase, we are required to designate a security as held-to-maturity, available-for-sale, or trading depending on ability and intent. We do not have any securities designated as held-to-maturity or trading at March 31, 2015. Securities available-for-sale are reported at fair value pursuant to ASC 820-10, with the net unrealized gains or losses reported as a component of accumulated other comprehensive income or loss. Unrealized losses that are determined to be other-than-temporary are recognized in earnings up to their credit component. | |
The cost of bonds and marketable securities sold is determined using the specific identification method. | |
Investment in Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures |
We assess our investments in unconsolidated joint ventures for recoverability, and if it is determined that a loss in value of the investment is other than temporary, we write down the investment to its fair value. We evaluate our equity investments for impairment based on the joint venture's projected discounted cash flows. We do not believe that the values of any of our equity investments were impaired at March 31, 2015. | |
We may originate loans for real estate acquisition, development and construction, where we expect to receive some or all of the residual profit from such projects. When the risk and rewards of these arrangements are essentially the same as an investor or joint venture partner, we account for these arrangements as real estate investments under the equity method of accounting for investments. Otherwise, we account for these arrangements consistent with our loan accounting for our debt and preferred equity investments. | |
Revenue Recognition | Revenue Recognition |
Rental revenue is recognized on a straight-line basis over the term of the lease. Rental revenue recognition commences when the tenant takes possession or controls the physical use of the leased space. In order for the tenant to take possession, the leased space must be substantially ready for its intended use. To determine whether the leased space is substantially ready for its intended use, management evaluates whether we are or the tenant is the owner of tenant improvements for accounting purposes. When management concludes that we are the owner of tenant improvements, rental revenue recognition begins when the tenant takes possession of the finished space, which is when such tenant improvements are substantially complete. In certain instances, when management concludes that we are not the owner (the tenant is the owner) of tenant improvements, rental revenue recognition begins when the tenant takes possession of or controls the space. When management concludes that we are the owner of tenant improvements for accounting purposes, we record amounts funded to construct the tenant improvements as a capital asset. For these tenant improvements, we record amounts reimbursed by tenants as a reduction of the capital asset. When management concludes that the tenant is the owner of tenant improvements for accounting purposes, we record our contribution towards those improvements as a lease incentive, which is included in deferred costs, net on our consolidated balance sheets and amortized as a reduction to rental revenue on a straight-line basis over the term of the lease. The excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in deferred rents receivable on the consolidated balance sheets. We establish, on a current basis, an allowance for future potential tenant credit losses, which may occur against this account. The balance reflected on the consolidated balance sheets is net of such allowance. | |
In addition to base rent, our tenants also generally will pay their pro rata share of increases in real estate taxes and operating expenses for the building over a base year. In some leases, in lieu of paying additional rent based upon increases in building operating expenses, the tenant will pay additional rent based upon increases in the wage rate paid to porters over the porters' wage rate in effect during a base year or increases in the consumer price index over the index value in effect during a base year. In addition, many of our leases contain fixed percentage increases over the base rent to cover escalations. Electricity is most often supplied by the landlord either on a sub-metered basis, or rent inclusion basis (i.e., a fixed fee is included in the rent for electricity, which amount may increase based upon increases in electricity rates or increases in electrical usage by the tenant). Base building services other than electricity (such as heat, air conditioning and freight elevator service during business hours, and base building cleaning) are typically provided at no additional cost, with the tenant paying additional rent only for services which exceed base building services or for services which are provided outside normal business hours. These escalations are based on actual expenses incurred in the prior calendar year. If the expenses in the current year are different from those in the prior year, then during the current year, the escalations will be adjusted to reflect the actual expenses for the current year. | |
We record a gain on sale of real estate when title is conveyed to the buyer, subject to the buyer's financial commitment being sufficient to provide economic substance to the sale and we have no substantial economic involvement with the buyer. | |
Interest income on debt and preferred equity investments is accrued based on the outstanding principal amount and contractual terms of the instruments and when, in the opinion of management, it is deemed collectible. Several of the debt and preferred equity investments provide for accrual of interest at specified rates, which differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to management's determination that accrued interest is ultimately collectible, based on the underlying collateral and operations of the borrower. If management cannot make this determination, interest income above the current pay rate is recognized only upon actual receipt. | |
Deferred origination fees, original issue discounts and loan origination costs, if any, are recognized as a reduction to the interest income over the terms of the related investments using the effective interest method. Fees received in connection with loan commitments are also deferred until the loan is funded and are then recognized over the term of the loan as an adjustment to yield. Discounts or premiums associated with the purchase of loans are amortized or accreted into interest income as a yield adjustment on the effective interest method based on expected cashflows through the expected maturity date of the related investment. If we purchase a debt or preferred equity investment at a discount, intend to hold it until maturity and expect to recover the full value of the investment, we accrete the discount into income as an adjustment to yield over the term of the investment. If we purchase a debt or preferred equity investment at a discount with the intention of foreclosing on the collateral, we do not accrete the discount. For debt investments acquired at a discount for credit quality, the difference between contractual cash flows and expected cash flows at acquisition is not accreted. Anticipated exit fees, the collection of which is expected, are also recognized over the term of the loan as an adjustment to yield. | |
Debt and preferred equity investments are placed on a non-accrual status at the earlier of the date at which payments become 90 days past due or when, in the opinion of management, a full recovery of interest income becomes doubtful. Interest income recognition on any non-accrual debt or preferred equity investment is resumed when such non-accrual debt or preferred equity investment becomes contractually current and performance is demonstrated to be resumed. Interest is recorded as income on impaired loans only to the extent cash is received. | |
We may syndicate a portion of the loans that we originate or sell these loans individually. When a transaction meets the criteria of sale accounting, we derecognize the loan sold and recognize gain or loss based on the difference between the sales price and the carrying value of the loan sold. Any related unamortized deferred origination fees, original issue discounts, loan origination costs, discounts or premiums at the time of sale are recognized as an adjustment to the gain or loss on sale, which is included in investment income on the consolidated statement of income. Any fees received at the time of sale or syndication are recognized as part of investment income. | |
Asset management fees are recognized on a straight-line basis over the term of the asset management agreement. | |
Reserve for Possible Credit Losses | Reserve for Possible Credit Losses |
The expense for possible credit losses in connection with debt and preferred equity investments is the charge to earnings to increase the allowance for possible credit losses to the level that we estimate to be adequate, based on Level 3 data, considering delinquencies, loss experience and collateral quality. Other factors considered relate to geographic trends and product diversification, the size of the portfolio and current economic conditions. Based upon these factors, we establish the provision for possible credit losses on each individual investment. When it is probable that we will be unable to collect all amounts contractually due, the investment is considered impaired. | |
Where impairment is indicated on an investment that is held to maturity, a valuation allowance is measured based upon the excess of the recorded investment amount over the net fair value of the collateral. Any deficiency between the carrying amount of an asset and the calculated value of the collateral is charged to expense. We continue to assess or adjust our estimates based on circumstances of a loan and the underlying collateral. If the additional information obtained reflects increased recovery of our investment, we will adjust our reserves accordingly. There were no loan reserves recorded during three months ended March 31, 2015 and 2014. | |
Debt and preferred equity investments held for sale are carried at the lower of cost or fair market value using available market information obtained through consultation with dealers or other originators of such investments as well as discounted cash flow models based on Level 3 data pursuant to ASC 820-10. As circumstances change, management may conclude not to sell an investment designated as held for sale. In such situations, the investment will be reclassified at its net carrying value to debt and preferred equity investments held to maturity. For these reclassified investments, the difference between the current carrying value and the expected cash to be collected at maturity will be accreted into income over the remaining term of the investment. | |
Income Taxes | Income Taxes |
SL Green is taxed as a REIT under Section 856(c) of the Code. As a REIT, SL Green generally is not subject to Federal income tax. To maintain its qualification as a REIT, SL Green must distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements. If SL Green fails to qualify as a REIT in any taxable year, we will be subject to Federal income tax on SL Green's taxable income at regular corporate rates. SL Green may also be subject to certain state, local and franchise taxes. Under certain circumstances, Federal income and excise taxes may be due on SL Green's undistributed taxable income. | |
The Operating Partnership is a partnership and, as a result, all income and losses of the partnership are allocated to the partners for inclusion in their respective income tax returns. The only provision for income taxes included in the consolidated statements of income relates to the Operating Partnership’s consolidated taxable REIT subsidiaries. The Operating Partnership may also be subject to certain state, local and franchise taxes. | |
Pursuant to amendments to the Code that became effective January 1, 2001, we have elected, and may elect in the future, to treat certain of our existing or newly created corporate subsidiaries as taxable REIT subsidiaries, or TRSs. In general, TRSs may perform non-customary services for the tenants of the Company, hold assets that we cannot hold directly and generally may engage in any real estate or non-real estate related business. The TRSs generate income, resulting in Federal and state income tax liability for these entities. | |
During the three months ended March 31, 2015 and 2014, we recorded Federal, state and local tax provisions of $0.3 million and $2.9 million, respectively. | |
We follow a two-step approach for evaluating uncertain tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that is more-likely-than-not to be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained. The use of a valuation allowance as a substitute for derecognition of tax positions is prohibited. | |
Stock-Based Employee Compensation Plans | Stock-Based Employee Compensation Plans |
We have a stock-based employee compensation plan, described more fully in Note 14, "Share-based Compensation." | |
The Company's stock options are recorded at fair value at the time of issuance. Fair value of the stock options is determined using the Black-Scholes option pricing model. The Black-Scholes model was developed for use in estimating the fair value of traded options, which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility. Because our plan has characteristics significantly different from those of traded options and because changes in the subjective input assumptions can materially affect the fair value estimate, in our opinion, the existing models do not necessarily provide a reliable single measure of the fair value of the employee stock options. | |
Compensation cost for stock options, if any, is recognized over the vesting period of the award. Our policy is to grant options with an exercise price equal to the quoted closing market price of the Company's common stock on the grant date. Awards of stock or restricted stock are expensed as compensation over the benefit period based on the fair value of the stock on the grant date. | |
For share-based awards with a performance or market measure, we recognize compensation cost over the requisite service period, using the accelerated attribution expense method. The requisite service period begins on the date the compensation committee of SL Green's board of directors authorizes the award, adopts any relevant performance measures and communicates the award to the employees. For programs with awards that vest based on the achievement of a performance condition or market condition, we determine whether it is probable that the performance condition will be met, and estimate compensation cost based on the fair value of the award at the applicable reporting date estimated using a binomial model or market quotes. For share-based awards for which there is no pre-established performance measure, we recognize compensation cost over the service vesting period, which represents the requisite service period, on a straight-line basis. In accordance with the provisions of our share-based incentive compensation plans, we accept the return of shares of the Company's common stock, at the current quoted market price, from certain key employees to satisfy minimum statutory tax-withholding requirements related to shares that vested during the period. | |
Awards can also be made in the form of a separate series of units of limited partnership interest in the Operating Partnership called long-term incentive plan units, or LTIP units. LTIP units, which can be granted either as free-standing awards or in tandem with other awards under our stock incentive plan, are valued by reference to the value of the Company's common stock at the time of grant, and are subject to such conditions and restrictions as the compensation committee of the Company's board of directors may determine, including continued employment or service, computation of financial metrics and/or achievement of pre-established performance goals and objectives. | |
Earnings per Share of the Company | Earnings per Share of the Company |
The Company presents both basic and diluted earnings per share, or EPS. Basic EPS excludes dilution and is computed by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding during the period. Basic EPS includes participating securities, consisting of unvested restricted stock that receive nonforfeitable dividends similar to shares of common stock. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS amount. Diluted EPS also includes units of limited partnership interest. The dilutive effect of stock options is reflected in the weighted average diluted outstanding shares calculation by application of the treasury stock method. There is no dilutive effect for the exchangeable senior notes as the conversion premium will be paid in cash. | |
Earnings per Unit of the Operating Partnership | Earnings per Unit of the Operating Partnership |
The Operating Partnership presents both basic and diluted earnings per unit, or EPU. Basic EPU excludes dilution and is computed by dividing net income attributable to common unitholders by the weighted average number of common units outstanding during the period. Basic EPU includes participating securities, consisting of unvested restricted units that receive nonforfeitable dividends similar to shares of common units. Diluted EPU reflects the potential dilution that could occur if securities or other contracts to issue common units were exercised or converted into common units, where such exercise or conversion would result in a lower EPU amount. The dilutive effect of unit options is reflected in the weighted average diluted outstanding units calculation by application of the treasury stock method. There is no dilutive effect for the exchangeable senior notes as the conversion premium will be paid in cash. | |
Use of Estimates | Use of Estimates |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |
Concentration of Credit Risk | Concentrations of Credit Risk |
Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash investments, debt and preferred equity investments and accounts receivable. We place our cash investments in excess of insured amounts with high quality financial institutions. The collateral securing our debt and preferred equity investments is located in New York City. See Note 5, "Debt and Preferred Equity Investments." We perform ongoing credit evaluations of our tenants and require most tenants to provide security deposits or letters of credit. Though these security deposits and letters of credit are insufficient to meet the total value of a tenant's lease obligation, they are a measure of good faith and a source of funds to offset the economic costs associated with lost rent and the costs associated with re-tenanting a space. Although the properties in our real estate portfolio are primarily located in Manhattan, we also have properties located in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey. The tenants located in our buildings operate in various industries. | |
Reclassification | Reclassification |
Certain prior year balances have been reclassified to conform to our current year presentation primarily in order to eliminate discontinued operations from income from continuing operations. | |
Accounting Standards Updates | Accounting Standards Updates |
In April 2015, the Financial Accounting Standards Board, or FASB, issued final guidance to simplify the presentation of debt issuance costs by requiring debt issuance costs to be presented as a deduction from the corresponding debt liability (Accounting Standards Update, or ASU, No, 2015-03). The guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of the guidance is permitted. Upon adoption, an entity must apply the new guidance retrospectively for all prior periods presented in the financial statements. The Company expects to adopt the guidance effective January 1, 2016 and the guidance is not anticipated to have a material impact on our consolidated financial statements. | |
In February 2015, the FASB issued new guidance that amends the current consolidation guidance, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities (ASU, No. 2015-02). Under this analysis, limited partnerships and other similar entities will be considered a VIE unless the limited partners hold substantive kick-out rights or participating rights. The guidance is effective for annual and interim periods beginning after December 15, 2015. Early adoption of this guidance is permitted. The Company is currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements. | |
In June 2014, the FASB issued final guidance that requires repurchase-to-maturity transactions to be accounted for as secured borrowings as if the transferor retains effective control, even though the transferred financial assets are not returned to the transferor at settlement and also eliminates existing guidance for repurchase financings (ASU, No. 2014-11). New disclosures are required for (1) certain transactions accounted for as secured borrowings and (2) transfers accounted for as sales when the transferor also retains substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction. The guidance is effective for the first interim or annual period beginning after December 15, 2014, except for the disclosures related to transactions accounted for as secured borrowings, which are effective for periods beginning after March 15, 2015. Early adoption of this guidance is prohibited. The Company has adopted the standard beginning in the first quarter of 2015. The adoption of this guidance did not have a material impact on our consolidated financial statements. The Company will adopt the presentation and disclosures related to transactions accounted for as secured borrowings during the second quarter of 2015. | |
In May 2014, the FASB issued a new comprehensive revenue recognition guidance which requires us to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods and services (ASU No. 2014-09). The guidance also requires enhanced disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. The guidance is effective for annual and interim periods beginning after December 15, 2016 and early adoption is not permitted. The new guidance can be applied either retrospectively to each prior reporting period presented, or as a cumulative-effect adjustment as of the date of adoption. The Company is currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements. | |
In April 2014, the FASB issued new guidance on reporting discontinued operations which raises the threshold for disposals to qualify as discontinued operations (ASU No. 2014-08). The guidance also allows us to have a significant continuing involvement and continuing cash flows with the discontinued operations. Additionally, the guidance requires additional disclosures for discontinued operations and new disclosures for individually material disposal transactions that do not meet the definition of a discontinued operation. The guidance is effective for calendar year public companies beginning in the first quarter of 2015 and is to be applied on a prospective basis for new disposals. Early adoption of this guidance was permitted. The Company has adopted the standard beginning in the first quarter of 2015. The adoption of this guidance will change the presentation of discontinued operations for all properties held for sale and/or disposed of subsequent to January 1, 2015. |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||
Schedule of commercial office properties | As of March 31, 2015, we owned the following interests in commercial and residential properties in the New York Metropolitan area, primarily in midtown Manhattan. Our investments in the New York Metropolitan area also include investments in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey, which are collectively known as the Suburban properties: | |||||||||||||||||||||||
Consolidated | Unconsolidated | Total | ||||||||||||||||||||||
Location | Type | Number of Properties | Approximate Square Feet | Number of Properties | Approximate Square Feet | Number of Properties | Approximate Square Feet | Weighted Average Occupancy(1) | ||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Manhattan | Office | 23 | 18,429,045 | 7 | 3,476,115 | 30 | 21,905,160 | 96 | % | |||||||||||||||
Retail | 9 | -2 | 403,735 | 7 | 279,628 | 16 | 683,363 | 90.7 | % | |||||||||||||||
Development/Redevelopment | 8 | 883,862 | 5 | 1,952,782 | 13 | 2,836,644 | 38 | % | ||||||||||||||||
Fee Interest | 2 | 783,530 | — | — | 2 | 783,530 | 100 | % | ||||||||||||||||
42 | 20,500,172 | 19 | 5,708,525 | 61 | 26,208,697 | 89.7 | % | |||||||||||||||||
Suburban | Office | 27 | 4,365,400 | 4 | 1,222,100 | 31 | 5,587,500 | 80.8 | % | |||||||||||||||
Retail | 1 | 52,000 | — | — | 1 | 52,000 | 100 | % | ||||||||||||||||
Development/Redevelopment | 2 | 86,000 | 2 | 65,641 | 4 | 151,641 | 57.5 | % | ||||||||||||||||
30 | 4,503,400 | 6 | 1,287,741 | 36 | 5,791,141 | 80.3 | % | |||||||||||||||||
Total commercial properties | 72 | 25,003,572 | 25 | 6,996,266 | 97 | 31,999,838 | 88 | % | ||||||||||||||||
Residential: | ||||||||||||||||||||||||
Manhattan | Residential | 3 | -2 | 735,587 | 17 | 2,046,733 | 20 | 2,782,320 | 96.8 | % | ||||||||||||||
Suburban | Residential | 1 | 66,611 | — | — | 1 | 66,611 | 84.4 | % | |||||||||||||||
Total residential properties | 4 | 802,198 | 17 | 2,046,733 | 21 | 2,848,931 | 96.4 | % | ||||||||||||||||
Total portfolio | 76 | 25,805,770 | 42 | 9,042,999 | 118 | 34,848,769 | 88.7 | % | ||||||||||||||||
____________________________________________________________________ | ||||||||||||||||||||||||
-1 | The weighted average occupancy for commercial properties represents the total occupied square feet divided by total available rentable square feet. The weighted average occupancy for residential properties represents the total occupied units divided by total available units. | |||||||||||||||||||||||
-2 | As of March 31, 2015, we owned a building that was comprised of approximately 270,132 square feet of retail space and approximately 222,855 square feet of residential space. For the purpose of this report, we have included the building in the retail properties count and have bifurcated the square footage into the retail and residential components. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accounting Policies [Abstract] | ||||||||
Summary of identified intangible assets (acquired above-market leases and in-place leases) and intangible liabilities (acquired below-market leases) | The following summarizes our identified intangible assets (acquired above-market leases and in-place leases) and intangible liabilities (acquired below-market leases) as of March 31, 2015 and December 31, 2014 (in thousands): | |||||||
31-Mar-15 | 31-Dec-14 | |||||||
Identified intangible assets (included in other assets): | ||||||||
Gross amount | $ | 968,763 | $ | 664,297 | ||||
Accumulated amortization | (408,884 | ) | (383,236 | ) | ||||
Net | $ | 559,879 | $ | 281,061 | ||||
Identified intangible liabilities (included in deferred revenue): | ||||||||
Gross amount | $ | 847,326 | $ | 655,755 | ||||
Accumulated amortization | (506,578 | ) | (483,948 | ) | ||||
Net | $ | 340,748 | $ | 171,807 | ||||
Schedule of marketable securities | At March 31, 2015 and December 31, 2014, we held the following marketable securities (in thousands): | |||||||
31-Mar-15 | 31-Dec-14 | |||||||
Equity marketable securities | $ | 4,287 | $ | 4,332 | ||||
Mortgage-backed securities | 43,429 | 35,097 | ||||||
Total marketable securities available-for-sale | $ | 47,716 | $ | 39,429 | ||||
Property_Acquisitions_Tables
Property Acquisitions (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Property Acquisitions | |||||||||||||
Schedule of Fair Value of Equity Interest Immediately Before Acquisition Date | The acquisition-date fair value of the equity interest in 388-390 Greenwich Street immediately before the acquisition date as well as the purchase price fair value, as determined in accordance with the methodology set out in the prior sentence, is as follows (in thousands): | ||||||||||||
388-390 Greenwich Street | |||||||||||||
Contract purchase price | $ | 1,585,000 | |||||||||||
Net consideration funded by us at closing, excluding consideration financed by debt | (208,614 | ) | |||||||||||
Debt assumed | (1,162,379 | ) | |||||||||||
Fair value of retained equity interest | 214,007 | ||||||||||||
Equity and/or debt investment held | (148,025 | ) | |||||||||||
Other(1) | 5,464 | ||||||||||||
Purchase price fair value adjustment | $ | 71,446 | |||||||||||
___________________________________________________________________ | |||||||||||||
-1 | Includes the acceleration of a deferred leasing commission from the joint venture to the Company. | ||||||||||||
2015 Acquisitions | |||||||||||||
Property Acquisitions | |||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following summarizes our preliminary allocation of the purchase price of the assets acquired and liabilities assumed upon the closing of this acquisition (in thousands): | ||||||||||||
1640 Flatbush Avenue(1) | |||||||||||||
Acquisition Date | Mar-15 | ||||||||||||
Ownership Type | Fee Interest | ||||||||||||
Property Type | Retail | ||||||||||||
Purchase Price Allocation: | |||||||||||||
Land | $ | 6,120 | |||||||||||
Building and building leasehold | 680 | ||||||||||||
Above-market lease value | — | ||||||||||||
Acquired in-place leases | — | ||||||||||||
Other assets, net of other liabilities | — | ||||||||||||
Assets acquired | 6,800 | ||||||||||||
Mark-to-market assumed debt | — | ||||||||||||
Below-market lease value | — | ||||||||||||
Derivatives | — | ||||||||||||
Liabilities assumed | — | ||||||||||||
Purchase price | $ | 6,800 | |||||||||||
Net consideration funded by us at closing, excluding consideration financed by debt | $ | 6,800 | |||||||||||
Equity and/or debt investment held | $ | — | |||||||||||
Debt assumed | $ | — | |||||||||||
____________________________________________________________________ | |||||||||||||
-1 | We are currently in the process of analyzing the purchase price allocation and, as such, we have not allocated any value to intangible assets such as above- and below-market lease or in-place leases. | ||||||||||||
2014 Acquisitions | |||||||||||||
Property Acquisitions | |||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | During the three months ended March 31, 2015, we finalized the purchase price allocations based on third party appraisal and additional facts and circumstances that existed at the acquisition dates for the following 2014 acquisitions (in thousands): | ||||||||||||
719 Seventh Avenue(1)(2) | 115 Spring | 388-390 Greenwich Street(1)(3) | |||||||||||
Street(1) | |||||||||||||
Acquisition Date | Jul-14 | Jul-14 | May-14 | ||||||||||
Ownership Type | Fee Interest | Fee Interest | Fee Interest | ||||||||||
Property Type | Development | Retail | Office | ||||||||||
Purchase Price Allocation: | |||||||||||||
Land | $ | 41,850 | $ | 11,078 | $ | 516,292 | |||||||
Building and building leasehold | — | 44,799 | 964,434 | ||||||||||
Above-market lease value | — | — | — | ||||||||||
Acquired in-place leases | — | 2,037 | 302,430 | ||||||||||
Other assets, net of other liabilities | — | — | 6,495 | ||||||||||
Assets acquired | 41,850 | 57,914 | 1,789,651 | ||||||||||
Mark-to-market assumed debt | — | — | — | ||||||||||
Below-market lease value | — | 4,789 | 186,782 | ||||||||||
Derivatives | — | — | 18,001 | ||||||||||
Liabilities assumed | — | 4,789 | 204,783 | ||||||||||
Purchase price | $ | 41,850 | $ | 53,125 | $ | 1,584,868 | |||||||
Net consideration funded by us at closing, excluding consideration financed by debt | $ | 41,850 | $ | 53,125 | $ | 208,614 | |||||||
Equity and/or debt investment held | $ | — | $ | — | $ | 148,025 | |||||||
Debt assumed | $ | — | $ | — | $ | 1,162,379 | |||||||
____________________________________________________________________ | |||||||||||||
-1 | Based on our preliminary analysis of the purchase price, we had allocated $14.4 million and $26.7 million to land and building, respectively, at 719 Seventh Avenue, $15.9 million and $37.2 million to land and building, respectively, at 115 Spring Street and $558.7 million and $1.0 billion to land and building, respectively, at 388-390 Greenwich. The impact to our consolidated statement of income for the three months ended March 31, 2015 was $6.7 million in rental revenue for the amortization of aggregate below-market leases and $10.1 million of depreciation expense. | ||||||||||||
-2 | We, along with our joint venture partner, acquired this property for consideration that included the issuance of $14.1 million aggregate liquidation preference of Series L Preferred Units of limited partnership interest of the Operating Partnership and $9.5 million aggregate liquidation preference of Series K Preferred Units of limited partnership interest of the Operating Partnership. We hold a 75.0% controlling interest in this joint venture. | ||||||||||||
-3 | In May 2014, we acquired Ivanhoe Cambridge, Inc.'s 49.65% economic interest in this property, thereby consolidating full ownership of the property. The transaction valued the consolidated interests at $1.585 billion. Simultaneous with the closing, we refinanced the previous mortgage with a $1.45 billion mortgage. We also assumed the existing derivative instruments, which swapped $504.0 million of the mortgage to fixed rate. We recognized a purchase price fair value adjustment of $71.4 million upon closing of this transaction. This property, which we initially acquired in December 2007, was previously accounted for as an investment in unconsolidated joint ventures. |
Property_Dispositions_Tables
Property Dispositions (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||
Summary of properties sold and income from discontinued operations | The following table summarizes the properties sold during the three months ended March 31, 2015: | |||||||||||||||
Property | Disposition Date | Property Type | Approximate Usable Square Feet | Sales Price | Gain on Sale(1) | |||||||||||
(in millions) | (in millions) | |||||||||||||||
180 Maiden Lane | Jan-15 | Office | 1,090,000 | $ | 470 | $ | 17 | |||||||||
____________________________________________________________________ | ||||||||||||||||
-1 | The gain on sale for 180 Maiden Lane is net of a $0.8 million employee compensation award accrued in connection with the realization of this investment gain as a bonus to certain employees that were instrumental in realizing the gain on sale. Additionally, amounts do not include adjustments for expense recorded in subsequent periods. | |||||||||||||||
The following table summarizes net income from discontinued operations for the three months ended March 31, 2015 and 2014, respectively (in thousands): | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Revenues | ||||||||||||||||
Rental revenue | $ | 236 | $ | 21,180 | ||||||||||||
Escalation and reimbursement revenues | (127 | ) | 3,397 | |||||||||||||
Other income | — | 3 | ||||||||||||||
Total revenues | 109 | 24,580 | ||||||||||||||
Operating expenses | (631 | ) | 4,461 | |||||||||||||
Real estate taxes | 250 | 3,985 | ||||||||||||||
Ground rent | — | 2,196 | ||||||||||||||
Interest expense, net of interest income | 109 | 4,661 | ||||||||||||||
Transaction related costs | (49 | ) | — | |||||||||||||
Depreciation and amortization | — | 3,297 | ||||||||||||||
Amortization of deferred financing costs | 3 | 211 | ||||||||||||||
Total expenses | (318 | ) | 18,811 | |||||||||||||
Net income from discontinued operations | $ | 427 | $ | 5,769 | ||||||||||||
Debt_and_Preferred_Equity_Inve1
Debt and Preferred Equity Investments (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||
Summary of debt investments | As of March 31, 2015 and December 31, 2014, we held the following debt investments with an aggregate weighted average current yield of 10.27% at March 31, 2015 (in thousands): | ||||||||||||||||||
Loan Type | March 31, 2015 | March 31, 2015 | March 31, 2015 | December 31, 2014 | Initial | ||||||||||||||
Future Funding | Senior | Carrying Value (1) | Carrying Value (1) | Maturity | |||||||||||||||
Obligations | Financing | Date | |||||||||||||||||
Fixed Rate Investments: | |||||||||||||||||||
Jr. Mortgage Participation | $ | — | $ | 205,000 | $ | 71,291 | $ | 70,688 | Feb-16 | ||||||||||
/Mezzanine Loan | |||||||||||||||||||
Jr. Mortgage Participation/Mezzanine Loan(2)(3) | — | — | 45,863 | 45,611 | Various(2) | ||||||||||||||
Jr. Mortgage Participation | — | 133,000 | 49,000 | 49,000 | Jun-16 | ||||||||||||||
Mezzanine Loan | — | 165,000 | 71,721 | 71,656 | Nov-16 | ||||||||||||||
Jr. Mortgage Participation/Mezzanine Loan | — | 1,109,000 | 100,758 | 98,934 | Mar-17 | ||||||||||||||
Mezzanine Loan(3) | — | — | 65,868 | 65,770 | Mar-17 | ||||||||||||||
Loan Type | March 31, 2015 | March 31, 2015 | March 31, 2015 | December 31, 2014 | Initial | ||||||||||||||
Future Funding | Senior | Carrying Value (1) | Carrying Value (1) | Maturity | |||||||||||||||
Obligations | Financing | Date | |||||||||||||||||
Mezzanine Loan(4) | 10,787 | 502,100 | 30,264 | 24,608 | Jun-17 | ||||||||||||||
Mezzanine Loan | — | 539,000 | 49,622 | 49,629 | Jul-18 | ||||||||||||||
Mortgage Loan(5) | — | — | 26,222 | 26,209 | Feb-19 | ||||||||||||||
Mortgage Loan | — | — | 607 | 637 | Aug-19 | ||||||||||||||
Mezzanine Loan | — | 15,000 | 3,500 | 3,500 | Sep-21 | ||||||||||||||
Mezzanine Loan(6) | — | 90,000 | 19,932 | 19,930 | Nov-23 | ||||||||||||||
Mezzanine Loan | — | 95,000 | 30,000 | 30,000 | Jan-25 | ||||||||||||||
Mezzanine Loan(7) | — | — | — | 14,068 | |||||||||||||||
Jr. Mortgage Participation(8) | — | — | — | 11,934 | |||||||||||||||
Total fixed rate | $ | 10,787 | $ | 2,853,100 | $ | 564,648 | $ | 582,174 | |||||||||||
Floating Rate Investments: | |||||||||||||||||||
Mezzanine Loan(9) | 611 | 50,000 | 44,647 | 37,322 | Apr-15 | ||||||||||||||
Mortgage/Mezzanine Loan | — | — | 109,802 | 109,527 | Jun-15 | ||||||||||||||
Mezzanine Loan | — | 110,000 | 49,745 | 49,614 | Sep-15 | ||||||||||||||
Mezzanine Loan | — | 775,000 | 73,699 | 73,402 | Mar-16 | ||||||||||||||
Mezzanine Loan(10) | — | 160,000 | 22,586 | 22,573 | Jun-16 | ||||||||||||||
Mezzanine Loan | — | 115,000 | 24,911 | 24,910 | Jul-16 | ||||||||||||||
Mezzanine Loan(11) | 514 | 172,105 | 36,917 | 33,726 | Nov-16 | ||||||||||||||
Mezzanine Loan | — | 360,000 | 99,144 | 99,023 | Nov-16 | ||||||||||||||
Mezzanine Loan(12) | 17,104 | 117,202 | 43,906 | 42,750 | Dec-16 | ||||||||||||||
Mezzanine Loan | 2,120 | 33,915 | 11,855 | 11,835 | Dec-16 | ||||||||||||||
Mortgage/Mezzanine Loan(13) | 78,975 | — | 111,613 | — | Jan-17 | ||||||||||||||
Mezzanine Loan | 8,781 | 92,294 | 20,955 | 20,651 | Jan-17 | ||||||||||||||
Jr. Mortgage Participation/Mezzanine Loan | 2,522 | 112,393 | 38,905 | 38,524 | Jul-17 | ||||||||||||||
Mortgage/Mezzanine Loan | — | — | 22,822 | 22,803 | Jul-17 | ||||||||||||||
Mortgage/Mezzanine Loan | — | — | 16,861 | 16,848 | Sep-17 | ||||||||||||||
Mezzanine Loan | — | 60,000 | 14,869 | 14,859 | Nov-17 | ||||||||||||||
Mortgage/Mezzanine Loan(14) | 795 | — | 14,868 | 14,845 | Dec-17 | ||||||||||||||
Jr. Mortgage Participation/Mezzanine Loan | — | 55,000 | 20,528 | 20,533 | Jul-18 | ||||||||||||||
Mortgage/Mezzanine Loan | — | — | 18,159 | 18,083 | Feb-19 | ||||||||||||||
Mezzanine Loan | — | 38,000 | 21,816 | 21,807 | Mar-19 | ||||||||||||||
Total floating rate | $ | 111,422 | $ | 2,250,909 | $ | 818,608 | $ | 693,635 | |||||||||||
Total | $ | 122,209 | $ | 5,104,009 | $ | 1,383,256 | $ | 1,275,809 | |||||||||||
____________________________________________________________________ | |||||||||||||||||||
-1 | Carrying value is net of discounts, premiums, original issue discounts and deferred origination fees. | ||||||||||||||||||
-2 | The $22.8 million junior mortgage participation and $23.1 million mezzanine loan mature in February 2016 and May 2016, respectively. | ||||||||||||||||||
-3 | These loans are collateralized by defeasance securities. | ||||||||||||||||||
-4 | Carrying value is net of $41.3 million that was participated out, which is included in other assets and other liabilities on the consolidated balance sheets as a result of the transfer not meeting the conditions for sale accounting. | ||||||||||||||||||
-5 | In September 2014, we acquired a $26.4 million mortgage loan at a $0.2 million discount and a $5.7 million junior mortgage participation at a $5.7 million discount. The junior mortgage participation was a nonperforming loan at acquisition and is currently on non-accrual status. | ||||||||||||||||||
-6 | Carrying value is net of $5.0 million that was participated out, which is included in other assets and other liabilities on the consolidated balance sheets as a result of the transfer not meeting the conditions for sale accounting. | ||||||||||||||||||
-7 | This loan was repaid in February 2015. | ||||||||||||||||||
-8 | This loan was repaid in March 2015. | ||||||||||||||||||
-9 | This loan was repaid in April 2015. | ||||||||||||||||||
-10 | Carrying value is net of $7.4 million that was participated out, which is included in other assets and other liabilities on the consolidated balance sheets as a result of the transfer not meeting the conditions for sale accounting. | ||||||||||||||||||
-11 | This loan was repaid in April 2015. | ||||||||||||||||||
-12 | In February 2015, the maturity date was extended to December 2016. | ||||||||||||||||||
-13 | Carrying value is net of $25.0 million that was participated out, which is included in other assets and other liabilities on the consolidated balance sheets as a result of the transfer not meeting the conditions for sale accounting. | ||||||||||||||||||
-14 | Carrying value is net of $5.1 million that was participated out, which is included in other assets and other liabilities on the consolidated balance sheets as a result of the transfer not meeting the conditions for sale accounting. | ||||||||||||||||||
Summary of preferred equity investments | As of March 31, 2015 and 2014, we held the following preferred equity investments with an aggregate weighted average current yield of 10.20% at March 31, 2015 (in thousands): | ||||||||||||||||||
Type | March 31, 2015 | March 31, 2015 | March 31, 2015 | December 31, 2014 | Initial | ||||||||||||||
Future Funding | Senior | Carrying Value (1) | Carrying Value (1) | Mandatory | |||||||||||||||
Obligations | Financing | Redemption | |||||||||||||||||
Preferred equity(2) | $ | — | $ | 550,000 | $ | 124,907 | $ | 123,041 | Jul-15 | ||||||||||
Preferred equity(3) | — | 70,000 | 9,957 | 9,954 | Mar-18 | ||||||||||||||
Preferred equity | 7,100 | 60,795 | 30,619 | — | Nov-18 | ||||||||||||||
$ | 7,100 | $ | 680,795 | $ | 165,483 | $ | 132,995 | ||||||||||||
____________________________________________________________________ | |||||||||||||||||||
-1 | Carrying value is net of deferred origination fees. | ||||||||||||||||||
-2 | The difference between the pay and accrual rates is included as an addition to the principal balance outstanding. | ||||||||||||||||||
-3 | In March 2015, the maturity date was extended to March 2018. |
Investment_in_Unconsolidated_J
Investment in Unconsolidated Joint Ventures (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||
Schedule of general information on joint ventures | As of March 31, 2015 and December 31, 2014, the carrying value for acquisition, development and construction arrangements were as follows (in thousands): | |||||||||||||
Loan Type | March 31, 2015 | December 31, 2014 | Initial Maturity Date | |||||||||||
Mezzanine loan and preferred equity | $ | 99,702 | $ | 99,629 | Mar-16 | |||||||||
Mezzanine loan(1) | 45,964 | 46,246 | Feb-22 | |||||||||||
$ | 145,666 | $ | 145,875 | |||||||||||
The table below provides general information on each of our joint ventures as of March 31, 2015: | ||||||||||||||
Property | Partner | Ownership | Economic | Approximate Square Feet | Acquisition Date | Acquisition | ||||||||
Interest | Interest | Price(1) | ||||||||||||
(in thousands) | ||||||||||||||
100 Park Avenue | Prudential Real Estate Investors | 49.90% | 49.90% | 834,000 | Jan-00 | $ | 95,800 | |||||||
717 Fifth Avenue | Jeff Sutton/Private Investor | 10.92% | 10.92% | 119,500 | Sep-06 | 251,900 | ||||||||
800 Third Avenue(2) | Private Investors | 60.52% | 60.52% | 526,000 | Dec-06 | 285,000 | ||||||||
1745 Broadway | Ivanhoe Cambridge, Inc. | 56.88% | 56.88% | 674,000 | Apr-07 | 520,000 | ||||||||
Jericho Plaza | Onyx Equities/Credit Suisse | 20.26% | 20.26% | 640,000 | Apr-07 | 210,000 | ||||||||
The Meadows | Onyx Equities | 50.00% | 50.00% | 582,100 | Sep-07 | 111,500 | ||||||||
600 Lexington Avenue | Canadian Pension Plan Investment Board | 55.00% | 55.00% | 303,515 | May-10 | 193,000 | ||||||||
Property | Partner | Ownership | Economic | Approximate Square Feet | Acquisition Date | Acquisition | ||||||||
Interest | Interest | Price(1) | ||||||||||||
(in thousands) | ||||||||||||||
11 West 34th Street | Private Investor/ | 30.00% | 30.00% | 17,150 | Dec-10 | 10,800 | ||||||||
Jeff Sutton | ||||||||||||||
7 Renaissance | Louis Cappelli | 50.00% | 50.00% | 65,641 | Dec-10 | 4,000 | ||||||||
3 Columbus Circle(3) | The Moinian Group | 48.90% | 48.90% | 741,500 | Jan-11 | 500,000 | ||||||||
280 Park Avenue | Vornado Realty Trust | 50.00% | 50.00% | 1,219,158 | Mar-11 | 400,000 | ||||||||
1552-1560 Broadway(4) | Jeff Sutton | 50.00% | 50.00% | 35,897 | Aug-11 | 136,550 | ||||||||
724 Fifth Avenue | Jeff Sutton | 50.00% | 50.00% | 65,040 | Jan-12 | 223,000 | ||||||||
10 East 53rd Street | Canadian Pension Plan Investment Board | 55.00% | 55.00% | 354,300 | Feb-12 | 252,500 | ||||||||
33 Beekman(5) | Harel Insurance and Finance/TNG 33 LLC | 45.90% | 45.90% | — | Aug-12 | 31,000 | ||||||||
521 Fifth Avenue | Plaza Global | 50.50% | 50.50% | 460,000 | Nov-12 | 315,000 | ||||||||
Real Estate Partners LP | ||||||||||||||
21 East 66th Street(6) | Private Investors | 32.28% | 32.28% | 16,736 | Dec-12 | 75,000 | ||||||||
315 West 36th Street | Private Investors | 35.50% | 35.50% | 147,619 | Dec-12 | 45,000 | ||||||||
650 Fifth Avenue(7) | Jeff Sutton | 50.00% | 50.00% | 32,324 | Nov-13 | — | ||||||||
121 Greene Street | Jeff Sutton | 50.00% | 50.00% | 7,131 | Sep-14 | 27,400 | ||||||||
175-225 Third Street | KCLW 3rd Street LLC/LIVWRK LLC | 95.00% | 95.00% | — | Oct-14 | 74,600 | ||||||||
55 West 46th Street | Prudential Real Estate Investors | 25.00% | 25.00% | 347,000 | Nov-14 | 295,000 | ||||||||
Stonehenge Portfolio(8) | Various | Various | Various | 2,046,733 | Feb-15 | 36,668 | ||||||||
____________________________________________________________________ | ||||||||||||||
-1 | Acquisition price represents the actual or implied gross purchase price for the joint venture. | |||||||||||||
-2 | In March 2015, we acquired an additional 17.56% interest in this joint venture for $67.5 million. | |||||||||||||
-3 | As a result of the sale of a condominium interest in September 2012, Young & Rubicam, Inc., or Y&R, owns a portion of the property, floors three through eight referred to as Y&R units. Because the joint venture has an option to repurchase the Y&R units, the gain associated with this sale was deferred. | |||||||||||||
-4 | The purchase price represents only the purchase of the 1552 Broadway interest which comprised approximately 13,045 square feet. The joint venture also owns a long-term leasehold interest in the retail space and certain other spaces at 1560 Broadway, which is adjacent to 1552 Broadway. | |||||||||||||
-5 | The property is currently being developed into a 30-story dormitory building, which will be conveyed to Pace University upon its completion under a long-term ground lease arrangement. | |||||||||||||
-6 | We hold a 32.28% interest in three retail and two residential units at the property and a 16.14% interest in three residential units at the property. | |||||||||||||
-7 | The joint venture owns a long-term leasehold interest in the retail space at 650 Fifth Avenue. In connection with the ground lease obligation, SLG provided a performance guaranty and our joint venture partner executed a contribution agreement to reflect its pro rata obligation. In the event the property is converted into a condominium unit and the landlord elects the purchase option, the joint venture shall be obligated to acquire the unit at the then fair value. | |||||||||||||
-8 | In February 2015, we acquired an interest in a portfolio of Manhattan residential and retail properties for $40.2 million, of which $3.5 million represented an increase in ownership interest in six of our existing consolidated joint venture properties. The $40.2 million of consideration included the issuance of $40.0 million aggregate liquidation preference of 3.75% Series M Preferred Units of limited partnership interest of the Operating Partnership. | |||||||||||||
Schedule of first mortgage notes payable collateralized by the respective joint venture properties and assignment of leases | The first mortgage notes and other loans payable collateralized by the respective joint venture properties and assignment of leases at March 31, 2015 and December 31, 2014, respectively, are as follows (amounts in thousands): | |||||||||||||
Property | Maturity Date | Interest | 31-Mar-15 | 31-Dec-14 | ||||||||||
Rate(1) | ||||||||||||||
Fixed Rate Debt: | ||||||||||||||
7 Renaissance | Dec-15 | 10 | % | $ | 2,147 | $ | 2,147 | |||||||
11 West 34th Street | Jan-16 | 4.82 | % | 16,825 | 16,905 | |||||||||
280 Park Avenue | Jun-16 | 6.57 | % | 698,249 | 700,171 | |||||||||
1745 Broadway | Jan-17 | 5.68 | % | 340,000 | 340,000 | |||||||||
Jericho Plaza | May-17 | 5.65 | % | 163,750 | 163,750 | |||||||||
800 Third Avenue | Aug-17 | 6 | % | 20,910 | 20,910 | |||||||||
315 West 36th Street | Dec-17 | 3.16 | % | 25,000 | 25,000 | |||||||||
521 Fifth Avenue | Nov-19 | 3.73 | % | 170,000 | 170,000 | |||||||||
717 Fifth Avenue(2) | Jul-22 | 4.45 | % | 300,000 | 300,000 | |||||||||
21 East 66th Street | Apr-23 | 3.6 | % | 12,000 | 12,000 | |||||||||
717 Fifth Avenue(2) | Jul-24 | 9 | % | 317,126 | 314,381 | |||||||||
3 Columbus Circle(3) | Mar-25 | 2.83 | % | 350,000 | — | |||||||||
Stonehenge Portfolio(4) | Various | 4.18 | % | 435,416 | — | |||||||||
Total fixed rate debt | $ | 2,851,423 | $ | 2,065,264 | ||||||||||
Floating Rate Debt: | ||||||||||||||
The Meadows | Sep-15 | 7.75 | % | 67,350 | 67,350 | |||||||||
1552 Broadway(5) | Apr-16 | 4.29 | % | 188,409 | 184,210 | |||||||||
Other loan payable | Jun-16 | 1.08 | % | 30,000 | 30,000 | |||||||||
650 Fifth Avenue(6) | Oct-16 | 3.68 | % | 65,000 | 65,000 | |||||||||
175-225 Third Street | Dec-16 | 4.25 | % | 40,000 | 40,000 | |||||||||
10 East 53rd Street | Feb-17 | 2.68 | % | 125,000 | 125,000 | |||||||||
724 Fifth Avenue | Apr-17 | 2.6 | % | 275,000 | 275,000 | |||||||||
33 Beekman(7) | Aug-17 | 2.93 | % | 59,370 | 52,283 | |||||||||
600 Lexington Avenue | Oct-17 | 2.26 | % | 115,758 | 116,740 | |||||||||
55 West 46th Street(8) | Oct-17 | 2.48 | % | 150,000 | 150,000 | |||||||||
Stonehenge Portfolio | Dec-17 | 3.25 | % | 10,500 | — | |||||||||
121 Greene Street | Nov-19 | 1.68 | % | 15,000 | 15,000 | |||||||||
100 Park Avenue | Feb-21 | 1.93 | % | 360,000 | 360,000 | |||||||||
21 East 66th Street | Jun-33 | 2.88 | % | 1,864 | 1,883 | |||||||||
3 Columbus Circle(3) | — | 230,974 | ||||||||||||
Total floating rate debt | $ | 1,503,251 | $ | 1,713,440 | ||||||||||
Total joint venture mortgages and other loans payable | $ | 4,354,674 | $ | 3,778,704 | ||||||||||
____________________________________________________________________ | ||||||||||||||
-1 | Effective weighted average interest rate for the three months ended March 31, 2015, taking into account interest rate hedges in effect during the period. | |||||||||||||
-2 | These loans are comprised of a $300.0 million fixed rate mortgage loan and $290.0 million mezzanine loan. The mezzanine loan is subject to accretion based on the difference between contractual interest rate and contractual pay rate. | |||||||||||||
-3 | In March 2015, the joint venture refinanced the previous mortgage and incurred a net loss on early extinguishment of debt of $0.8 million. | |||||||||||||
-4 | Amount is comprised of $13.5 million, $56.3 million, $35.0 million, $7.4 million, $143.3 million, and $179.9 million in fixed-rate mortgages that mature in July 2016, June 2017, November 2017, February 2018, August 2019, and June 2024, respectively. | |||||||||||||
-5 | These loans are comprised of a $150.0 million mortgage loan and a $41.5 million mezzanine loan. As of March 31, 2015, $1.7 million of the mortgage loan and $1.4 million of the mezzanine loan was unfunded. | |||||||||||||
-6 | This loan has a committed amount of $97.0 million, of which $32.0 million was unfunded as of March 31, 2015. | |||||||||||||
-7 | This loan has a committed amount of $75.0 million, of which $18.4 million is recourse to us. Our partner has indemnified us for its pro rata share of the recourse guarantee. A portion of the guarantee terminates upon the joint venture reaching certain milestones. We believe it is unlikely that we will be required to perform under this guarantee. | |||||||||||||
-8 | This loan has a committed amount of $190.0 million, of which $40.0 million was unfunded as of March 31, 2015. | |||||||||||||
Schedule of combined balance sheets for the unconsolidated joint ventures | The combined balance sheets for the unconsolidated joint ventures, at March 31, 2015 and December 31, 2014, are as follows (in thousands): | |||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||
Assets | ||||||||||||||
Commercial real estate property, net | $ | 6,104,572 | $ | 5,275,632 | ||||||||||
Other assets | 919,848 | 810,567 | ||||||||||||
Total assets | $ | 7,024,420 | $ | 6,086,199 | ||||||||||
Liabilities and members' equity | ||||||||||||||
Mortgages and other loans payable | $ | 4,354,674 | $ | 3,778,704 | ||||||||||
Other liabilities | 506,768 | 485,572 | ||||||||||||
Members' equity | 2,162,978 | 1,821,923 | ||||||||||||
Total liabilities and members' equity | $ | 7,024,420 | $ | 6,086,199 | ||||||||||
Company's investments in unconsolidated joint ventures | $ | 1,244,185 | $ | 1,172,020 | ||||||||||
Schedule of combined statements of income for the unconsolidated joint ventures | The combined statements of income for the unconsolidated joint ventures, from acquisition date through the three months ended March 31, 2015 and 2014 are as follows (in thousands): | |||||||||||||
Three Months Ended March 31, | ||||||||||||||
2015 | 2014 | |||||||||||||
Total revenues | $ | 128,916 | $ | 161,138 | ||||||||||
Operating expenses | 25,486 | 26,683 | ||||||||||||
Ground rent | 2,592 | 2,025 | ||||||||||||
Real estate taxes | 19,376 | 16,936 | ||||||||||||
Interest expense, net of interest income | 44,007 | 52,336 | ||||||||||||
Amortization of deferred financing costs | 3,010 | 4,633 | ||||||||||||
Transaction related costs | 8 | 271 | ||||||||||||
Depreciation and amortization | 32,984 | 45,604 | ||||||||||||
Total expenses | 127,463 | 148,488 | ||||||||||||
Loss on early extinguishment of debt | (833 | ) | (3,197 | ) | ||||||||||
Net income (loss) before gain on sale | $ | 620 | $ | 9,453 | ||||||||||
Company's equity in net income from unconsolidated joint ventures | $ | 4,030 | $ | 6,128 | ||||||||||
Deferred_Costs_Tables
Deferred Costs (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||
Schedule of components of deferred costs | Deferred costs at March 31, 2015 and 2014 consisted of the following (in thousands): | |||||||
March 31, 2015 | December 31, 2014 | |||||||
Deferred leasing | $ | 389,935 | $ | 385,555 | ||||
Deferred financing | 195,474 | 193,776 | ||||||
585,409 | 579,331 | |||||||
Less accumulated amortization | (258,854 | ) | (251,369 | ) | ||||
Deferred costs, net | $ | 326,555 | $ | 327,962 | ||||
Mortgages_and_Other_Loans_Paya1
Mortgages and Other Loans Payable (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Mortgages and Other Loans Payable | ||||||||||||||
Schedule of first mortgages and other loans payable collateralized by the respective properties and assignment of leases | The first mortgages and other loans payable collateralized by the respective properties and assignment of leases at March 31, 2015 and December 31, 2014, respectively, were as follows (amounts in thousands): | |||||||||||||
Property | Maturity | Interest | 31-Mar-15 | 31-Dec-14 | ||||||||||
Date | Rate(1) | |||||||||||||
Fixed Rate Debt: | ||||||||||||||
500 West Putnam Avenue | Jan-16 | 5.52 | % | $ | 22,823 | $ | 22,968 | |||||||
Landmark Square | Dec-16 | 4 | % | 80,848 | 81,269 | |||||||||
485 Lexington Avenue | Feb-17 | 5.61 | % | 450,000 | 450,000 | |||||||||
120 West 45th Street | Feb-17 | 6.12 | % | 170,000 | 170,000 | |||||||||
762 Madison Avenue(2) | Feb-17 | 3.81 | % | 8,001 | 8,045 | |||||||||
885 Third Avenue | Jul-17 | 6.26 | % | 267,650 | 267,650 | |||||||||
1745 Broadway | Jun-18 | 4.81 | % | 16,000 | 16,000 | |||||||||
388-390 Greenwich Street(3) | Jun-18 | 3.25 | % | 1,004,000 | 1,004,000 | |||||||||
One Madison Avenue | May-20 | 5.91 | % | 560,025 | 565,742 | |||||||||
100 Church Street | Jul-22 | 4.68 | % | 227,713 | 228,612 | |||||||||
919 Third Avenue(4) | Jun-23 | 5.12 | % | 500,000 | 500,000 | |||||||||
400 East 57th Street | Feb-24 | 4.13 | % | 68,588 | 68,896 | |||||||||
400 East 58th Street | Feb-24 | 4.13 | % | 29,395 | 29,527 | |||||||||
420 Lexington Avenue | Oct-24 | 3.99 | % | 300,000 | 300,000 | |||||||||
1515 Broadway | Mar-25 | 3.93 | % | 900,000 | 900,000 | |||||||||
Series J Preferred Units(5) | Apr-51 | 3.75 | % | 4,000 | 4,000 | |||||||||
711 Third Avenue(6) | — | 120,000 | ||||||||||||
Total fixed rate debt | $ | 4,609,043 | $ | 4,736,709 | ||||||||||
Floating Rate Debt: | ||||||||||||||
Master repurchase agreement(7) | Dec-15 | 3.43 | % | — | 100,000 | |||||||||
388-390 Greenwich Street(3) | Jun-18 | 1.93 | % | 446,000 | 446,000 | |||||||||
248-252 Bedford Avenue | Jun-19 | 1.68 | % | 29,000 | 29,000 | |||||||||
220 East 42nd Street | Oct-20 | 1.78 | % | 275,000 | 275,000 | |||||||||
180 Maiden Lane(8) | — | 253,942 | ||||||||||||
Total floating rate debt | $ | 750,000 | $ | 1,103,942 | ||||||||||
Total mortgages and other loans payable | $ | 5,359,043 | $ | 5,840,651 | ||||||||||
____________________________________________________________________ | ||||||||||||||
-1 | Effective weighted average interest rate for the three months ended March 31, 2015, taking into account interest rate hedges in effect during the period. | |||||||||||||
-2 | In February 2015, we entered into a new swap agreement with a fixed interest rate of 3.86% per annum, which replaced the previous swap agreement with a fixed interest rate of 3.75% per annum. | |||||||||||||
-3 | In connection with the acquisition of our joint venture partner's interest, we assumed the existing derivative instruments, which swapped $504.0 million of the mortgage to a fixed rate mortgage which bears interest at 3.80% per annum. In October 2014, we entered into multiple swap agreements to hedge our interest rate exposure on the additional $500.0 million portion of this mortgage, which was swapped to a fixed rate of 2.69% per annum. Including the as-of right extension option, this loan matures in June 2021. | |||||||||||||
-4 | We own a 51.0% controlling interest in the joint venture that is the borrower on this loan. | |||||||||||||
-5 | In connection with the acquisition of a commercial real estate property, the Operating Partnership issued $4.0 million, or 4,000, 3.75% Series J Preferred Units of limited partnership interest, or the Series J Preferred Units, with a mandatory liquidation preference of $1,000.00 per unit. The Series J Preferred Units can be redeemed in cash by the Operating Partnership on the earlier of (i) the date of the sale of the property or (ii) April 30, 2051 or at the option of the unitholders as further prescribed in the related agreement. | |||||||||||||
-6 | In March 2015, we repaid the mortgage. | |||||||||||||
-7 | The Master Repurchase Agreement, or MRA, has a maximum facility capacity of $300.0 million. | |||||||||||||
-8 | In January 2015, the property was sold and the debt was repaid. |
Corporate_Indebtedness_Tables
Corporate Indebtedness (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Schedule of senior unsecured notes and other related disclosures by scheduled maturity date | The following table sets forth our senior unsecured notes and other related disclosures as of March 31, 2015 and December 31, 2014, respectively, by scheduled maturity date (dollars in thousands): | |||||||||||||||||||||||||||||||
Issuance | March 31, | March 31, | December 31, | Coupon | Effective | Term | Maturity Date | |||||||||||||||||||||||||
2015 | 2015 | 2014 | Rate(1) | Rate | (in Years) | |||||||||||||||||||||||||||
Unpaid | Accreted | Accreted | ||||||||||||||||||||||||||||||
Principal | Balance | Balance | ||||||||||||||||||||||||||||||
Balance | ||||||||||||||||||||||||||||||||
March 31, 2006(2) | $ | 255,308 | $ | 255,261 | $ | 255,250 | 6 | % | 6 | % | 10 | March 31, 2016 | ||||||||||||||||||||
October 12, 2010(3) | 345,000 | 312,005 | 309,069 | 3 | % | 3 | % | 7 | October 15, 2017 | |||||||||||||||||||||||
August 5, 2011(4) | 250,000 | 249,760 | 249,744 | 5 | % | 5 | % | 7 | August 15, 2018 | |||||||||||||||||||||||
March 16, 2010(4) | 250,000 | 250,000 | 250,000 | 7.75 | % | 7.75 | % | 10 | March 15, 2020 | |||||||||||||||||||||||
November 15, 2012(4) | 200,000 | 200,000 | 200,000 | 4.5 | % | 4.5 | % | 10 | December 1, 2022 | |||||||||||||||||||||||
June 27, 2005(2)(5) | 7 | 7 | 7 | 4 | % | 4 | % | 20 | June 15, 2025 | |||||||||||||||||||||||
March 26, 2007(6) | 10,008 | 10,008 | 10,008 | 3 | % | 3 | % | 20 | March 30, 2027 | |||||||||||||||||||||||
$ | 1,310,323 | $ | 1,277,041 | $ | 1,274,078 | |||||||||||||||||||||||||||
____________________________________________________________________ | ||||||||||||||||||||||||||||||||
-1 | Interest on the senior unsecured notes is payable semi-annually with principal and unpaid interest due on the scheduled maturity dates. | |||||||||||||||||||||||||||||||
-2 | Issued by ROP. | |||||||||||||||||||||||||||||||
-3 | Issued by the Operating Partnership. Interest on these exchangeable notes is payable semi-annually on April 15 and October 15. The notes had an initial exchange rate representing an exchange price that was set at a 30.0% premium to the last reported sale price of SL Green's common stock on October 6, 2010, or $85.81. The initial exchange rate is subject to adjustment under certain circumstances. The current exchange rate is 12.1632 shares of SL Green's common stock per $1,000 principal amount of these notes. The notes are senior unsecured obligations of the Operating Partnership and are exchangeable upon the occurrence of specified events and during the period beginning on the twenty-second scheduled trading day prior to the maturity date and ending on the second business day prior to the maturity date, into cash or a combination of cash and shares of SL Green's common stock, if any, at our option. As a result of meeting specified events (as defined in the Indenture Agreement), these notes became exchangeable commencing January 1, 2015 and will remain exchangeable through June 30, 2015. The notes are guaranteed by ROP. On the issuance date, $78.3 million of the debt balance was recorded in equity. As of March 31, 2015, $32.9 million remained to be amortized into the debt balance. | |||||||||||||||||||||||||||||||
-4 | Issued by the Company, the Operating Partnership and ROP, as co-obligors. | |||||||||||||||||||||||||||||||
-5 | Exchangeable senior debentures which are currently callable at par. In addition, the debentures can be put to ROP, at the option of the holder at par plus accrued and unpaid interest, on June 15, 2015 and 2020 and upon the occurrence of certain change of control transactions. As a result of the acquisition of all outstanding shares of common stock of Reckson, or the Reckson Merger, the adjusted exchange rate for the debentures is 7.7461 shares of SL Green's common stock per $1,000 of principal amount of debentures and the adjusted reference dividend for the debentures is $1.3491. In April 2015, we redeemed the remaining outstanding debentures. | |||||||||||||||||||||||||||||||
-6 | Issued by the Operating Partnership. Interest on these remaining exchangeable notes is payable semi-annually on March 30 and September 30. The notes have an initial exchange rate representing an exchange price that was set at a 25.0% premium to the last reported sale price of the Company's common stock on March 20, 2007, or $173.30. The initial exchange rate is subject to adjustment under certain circumstances. The current exchange rate is 5.7952 shares of SL Green's common stock per $1,000 principal amount of these notes. The notes are senior unsecured obligations of the Operating Partnership and are exchangeable upon the occurrence of specified events and during the period beginning on the twenty-second scheduled trading day prior to the maturity date and ending on the second business day prior to the maturity date, into cash or a combination of cash and shares of SL Green's common stock, if any, at our option. The notes are currently redeemable at the Operating Partnership’s option. The Operating Partnership may be required to repurchase the notes on March 30, 2017 and 2022, and upon the occurrence of certain designated events. | |||||||||||||||||||||||||||||||
Schedule of combined aggregate principal maturities | Combined aggregate principal maturities of mortgages and other loans payable, 2012 credit facility, trust preferred securities, senior unsecured notes and our share of joint venture debt as of March 31, 2015, including as-of-right extension options and put options, were as follows (in thousands): | |||||||||||||||||||||||||||||||
Scheduled | Principal | Revolving | Unsecured Term Loan | Trust | Senior | Total | Joint | |||||||||||||||||||||||||
Amortization | Repayments | Credit | Preferred | Unsecured | Venture | |||||||||||||||||||||||||||
Facility | Securities | Notes | Debt | |||||||||||||||||||||||||||||
Remaining 2015 | $ | 22,882 | $ | — | $ | — | $ | — | $ | — | $ | 7 | -1 | $ | 22,889 | $ | 39,407 | |||||||||||||||
2016 | 47,360 | 100,311 | — | — | — | 255,308 | 402,979 | 534,026 | ||||||||||||||||||||||||
2017 | 61,063 | 895,329 | — | — | — | 355,008 | 1,311,400 | 582,755 | ||||||||||||||||||||||||
2018 | 64,462 | 16,000 | — | — | — | 250,000 | 330,462 | 2,196 | ||||||||||||||||||||||||
2019 | 70,409 | 28,317 | — | 833,000 | — | — | 931,726 | 104,688 | ||||||||||||||||||||||||
Thereafter | 200,403 | 3,852,505 | 520,000 | — | 100,000 | 450,000 | 5,122,908 | 446,744 | ||||||||||||||||||||||||
$ | 466,579 | $ | 4,892,462 | $ | 520,000 | $ | 833,000 | $ | 100,000 | $ | 1,310,323 | $ | 8,122,364 | $ | 1,709,816 | |||||||||||||||||
__________________________________________________________________ | ||||||||||||||||||||||||||||||||
-1 | In April 2015, we redeemed the remaining outstanding 4.00% Exchangeable Senior Debentures due 2025. | |||||||||||||||||||||||||||||||
Schedule of consolidated interest expense, excluding capitalized interest | Consolidated interest expense, excluding capitalized interest, was comprised of the following (in thousands): | |||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||
Interest expense | $ | 76,459 | $ | 76,708 | ||||||||||||||||||||||||||||
Interest income | (652 | ) | (530 | ) | ||||||||||||||||||||||||||||
Interest expense, net | $ | 75,807 | $ | 76,178 | ||||||||||||||||||||||||||||
Interest capitalized | $ | 8,558 | $ | 4,271 | ||||||||||||||||||||||||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Related Party Transactions [Abstract] | ||||||||
Schedule of amounts due from/to related parties | Amounts due from related parties at March 31, 2015 and December 31, 2014 consisted of the following (in thousands): | |||||||
31-Mar-15 | 31-Dec-14 | |||||||
Due from joint ventures | $ | 1,214 | $ | 1,254 | ||||
Other | 10,874 | 10,481 | ||||||
Related party receivables | $ | 12,088 | $ | 11,735 | ||||
Noncontrolling_Interests_on_th1
Noncontrolling Interests on the Company's Consolidated Financial Statements (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Noncontrolling Interest [Abstract] | ||||||||
Schedule of Noncontrolling Interest | Below is the rollforward analysis of the activity relating to the noncontrolling interests in the Operating Partnership as of March 31, 2015 and December 31, 2014 (in thousands): | |||||||
31-Mar-15 | 31-Dec-14 | |||||||
Balance at beginning of period | $ | 469,524 | $ | 265,476 | ||||
Distributions | (2,349 | ) | (7,849 | ) | ||||
Issuance of common units | 22,114 | 56,469 | ||||||
Redemption of common units | (37,407 | ) | (31,653 | ) | ||||
Net income | 1,743 | 18,467 | ||||||
Accumulated other comprehensive income allocation | (200 | ) | 175 | |||||
Fair value adjustment | 45,456 | 168,439 | ||||||
Balance at end of period | $ | 498,881 | $ | 469,524 | ||||
Schedule of Preferred Unit Activity | Below is the rollforward analysis of the activity relating to the preferred units in the Operating Partnership as of March 31, 2015 and December 31, 2014 (in thousands): | |||||||
31-Mar-15 | 31-Dec-14 | |||||||
Balance at beginning of period | $ | 71,115 | $ | 49,550 | ||||
Issuance of preferred units | 40,000 | 23,565 | ||||||
Redemption of preferred units | (200 | ) | (2,000 | ) | ||||
Balance at end of period | $ | 110,915 | $ | 71,115 | ||||
Stockholders_Equity_of_the_Com1
Stockholders' Equity of the Company (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Stockholders' Equity Note [Abstract] | ||||||||
Schedule of Earnings Per Share | SL Green's earnings per share for the three months ended March 31, 2015 and 2014 are computed as follows (in thousands): | |||||||
Three Months Ended March 31, | ||||||||
Numerator | 2015 | 2014 | ||||||
Basic Earnings: | ||||||||
Income attributable to SL Green common stockholders | $ | 43,277 | $ | 146,090 | ||||
Effect of Dilutive Securities: | ||||||||
Redemption of units to common shares | 1,743 | 4,729 | ||||||
Diluted Earnings: | ||||||||
Income attributable to SL Green common stockholders | $ | 45,020 | $ | 150,819 | ||||
Three Months Ended March 31, | ||||||||
Denominator | 2015 | 2014 | ||||||
Basic Shares: | ||||||||
Weighted average common stock outstanding | 98,402 | 95,117 | ||||||
Effect of Dilutive Securities: | ||||||||
Redemption of units to common shares | 3,964 | 3,079 | ||||||
Stock-based compensation plans | 653 | 520 | ||||||
Diluted weighted average common stock outstanding | 103,019 | 98,716 | ||||||
Partners_Capital_of_the_Operat1
Partners' Capital of the Operating Partnership (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Equity [Abstract] | ||||||||
Schedule of calculation of numerator and denominator in earnings per unit | The Operating Partnership's earnings per unit for the three months ended March 31, 2015 and 2014 are computed as follows (in thousands): | |||||||
Three Months Ended March 31, | ||||||||
Numerator | 2015 | 2014 | ||||||
Basic and Diluted Earnings: | ||||||||
Income attributable to SLGOP common unitholders | $ | 45,020 | $ | 150,819 | ||||
Three Months Ended March 31, | ||||||||
Denominator | 2015 | 2014 | ||||||
Basic units: | ||||||||
Weighted average common units outstanding | 102,366 | 98,196 | ||||||
Effect of Dilutive Securities: | ||||||||
Stock-based compensation plans | 653 | 520 | ||||||
Diluted weighted average common units outstanding | 103,019 | 98,716 | ||||||
Sharebased_Compensation_Tables
Share-based Compensation (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||
Schedule of weighted average assumptions used to estimate the grant date fair value of options granted | The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes option pricing model based on historical information with the following weighted average assumptions for grants during the year ended December 31, 2014. The Company did not grant any stock options during the three months ended March 31, 2015. | |||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||
Dividend yield | N/A | 1.6 | % | |||||||||||||
Expected life of option | N/A | 3.6 years | ||||||||||||||
Risk-free interest rate | N/A | 1.29 | % | |||||||||||||
Expected stock price volatility | N/A | 33.97 | % | |||||||||||||
Summary of the status of stock options and changes during the period | A summary of the status of the Company's stock options as of March 31, 2015 and December 31, 2014 and changes during the three months ended March 31, 2015 and the year ended December 31, 2014 are as follows: | |||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||
Options Outstanding | Weighted Average | Options Outstanding | Weighted Average | |||||||||||||
Exercise Price | Exercise Price | |||||||||||||||
Balance at beginning of year | 1,462,726 | $ | 87.98 | 1,765,034 | $ | 83.24 | ||||||||||
Granted | — | — | 102,050 | 119.12 | ||||||||||||
Exercised | (136,936 | ) | 75.27 | (348,156 | ) | 72.76 | ||||||||||
Lapsed or cancelled | (8,767 | ) | 103.57 | (56,202 | ) | 90.03 | ||||||||||
Balance at end of year | 1,317,023 | $ | 89.19 | 1,462,726 | $ | 87.98 | ||||||||||
Options exercisable at end of year | 624,057 | $ | 87.82 | 428,951 | $ | 90.32 | ||||||||||
Weighted average fair value of options granted during the year | $ | — | $ | 2,841,678 | ||||||||||||
Summary of restricted stock and charges during the period | A summary of the Company's restricted stock as of March 31, 2015 and December 31, 2014 and charges during the three months ended March 31, 2015 and the year ended December 31, 2014 are as follows: | |||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||
Balance at beginning of period | 3,000,979 | 2,994,197 | ||||||||||||||
Granted | 2,603 | 9,550 | ||||||||||||||
Cancelled | — | (2,768 | ) | |||||||||||||
Balance at end of period | 3,003,582 | 3,000,979 | ||||||||||||||
Vested during the period | 84,581 | 75,043 | ||||||||||||||
Compensation expense recorded | $ | 1,936,853 | $ | 9,658,019 | ||||||||||||
Weighted average fair value of restricted stock granted during the period | $ | 333,153 | $ | 1,141,675 | ||||||||||||
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss of the Company (Tables) (SL Green Realty Corp) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
SL Green Realty Corp | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables set forth the changes in accumulated other comprehensive income (loss) by component as of March 31, 2015 (in thousands): | |||||||||||||||
Net unrealized loss on derivative instruments(1) | SL Green’s share of joint venture net unrealized loss on derivative instruments(2) | Unrealized gain and (loss) on marketable securities | Total | |||||||||||||
Balance at December 31, 2014 | (9,498 | ) | (95 | ) | 2,613 | (6,980 | ) | |||||||||
Other comprehensive (loss) income before reclassifications | (7,198 | ) | (1,188 | ) | 597 | (7,789 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income | 2,641 | 318 | — | 2,959 | ||||||||||||
Balance at March 31, 2015 | $ | (14,055 | ) | $ | (965 | ) | $ | 3,210 | $ | (11,810 | ) | |||||
____________________________________________________________________ | ||||||||||||||||
-1 | Amount reclassified from accumulated other comprehensive income (loss) is included in interest expense in the respective consolidated statements of income. As of March 31, 2015 and December 31, 2014, the deferred net losses from these terminated hedges, which is included in accumulated other comprehensive loss relating to net unrealized loss on derivative instrument, was $11.3 million and $11.8 million, respectively. | |||||||||||||||
-2 | Amount reclassified from accumulated other comprehensive income (loss) is included in equity in net income from unconsolidated joint ventures in the respective consolidated statements of income. |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss of the Operating Partnership (Tables) (SL Green Operating Partnership) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
SL Green Operating Partnership | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables set forth the changes in accumulated other comprehensive income (loss) by component as of March 31, 2015 (in thousands): | |||||||||||||||
Net unrealized loss on derivative instruments(1) | SLGOP’s share of joint venture net unrealized loss on derivative instruments(2) | Unrealized gain and (loss) on marketable securities | Total | |||||||||||||
Balance at December 31, 2014 | (9,845 | ) | (100 | ) | 2,689 | (7,256 | ) | |||||||||
Other comprehensive (loss) income before reclassifications | (7,521 | ) | (1,237 | ) | 650 | (8,108 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income | 2,747 | 331 | — | 3,078 | ||||||||||||
Balance at March 31, 2015 | $ | (14,619 | ) | $ | (1,006 | ) | $ | 3,339 | $ | (12,286 | ) | |||||
____________________________________________________________________ | ||||||||||||||||
-1 | Amount reclassified from accumulated other comprehensive income (loss) is included in interest expense in the respective consolidated statements of income. As of March 31, 2015 and December 31, 2014, the deferred net losses from these terminated hedges, which is included in accumulated other comprehensive loss relating to net unrealized loss on derivative instrument, was $11.7 million and $12.2 million, respectively. | |||||||||||||||
-2 | Amount reclassified from accumulated other comprehensive income (loss) is included in equity in net income from unconsolidated joint ventures in the respective consolidated statements of income. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring | The following tables set forth the assets and liabilities that we measure at fair value on a recurring and non-recurring basis by their levels in the fair value hierarchy at March 31, 2015 and December 31, 2014 (in thousands): | |||||||||||||||
March 31, 2015 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | ||||||||||||||||
Marketable securities | $ | 47,716 | $ | 4,287 | $ | 43,429 | $ | — | ||||||||
Interest rate swap agreements (included in other assets) | $ | 3 | $ | — | $ | 3 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Interest rate swap agreements (included in accrued interest payable and other liabilities) | $ | 16,983 | $ | — | $ | 16,983 | $ | — | ||||||||
31-Dec-14 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | ||||||||||||||||
Marketable securities | $ | 39,429 | $ | 4,332 | $ | 35,097 | $ | — | ||||||||
Interest rate swap agreements (included in other assets) | $ | 2,174 | — | 2,174 | — | |||||||||||
Liabilities: | ||||||||||||||||
Interest rate swap agreements (included in accrued interest payable and other liabilities) | $ | 14,728 | $ | — | $ | 14,728 | $ | — | ||||||||
Fair Value, by Balance Sheet Grouping | The following table provides the carrying value and fair value of these financial instruments as of March 31, 2015 and December 31, 2014 (in thousands): | |||||||||||||||
March 31, 2015 | 31-Dec-14 | |||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Debt and preferred equity investments | $ | 1,548,739 | -1 | $ | 1,408,804 | -1 | ||||||||||
Fixed rate debt | $ | 6,016,084 | $ | 6,582,767 | $ | 6,140,786 | $ | 6,565,236 | ||||||||
Variable rate debt | 2,073,000 | 2,116,146 | 2,291,943 | 2,315,952 | ||||||||||||
$ | 8,089,084 | $ | 8,698,913 | $ | 8,432,729 | $ | 8,881,188 | |||||||||
____________________________________________________________________ | ||||||||||||||||
-1 | At March 31, 2015, debt and preferred equity investments had an estimated fair value ranging between $1.7 billion and $1.9 billion. At December 31, 2014, debt and preferred equity investments had an estimated fair value ranging between $1.5 billion and $1.8 billion. |
Financial_Instruments_Derivati1
Financial Instruments: Derivatives and Hedging (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||
Schedule of notional and fair value of derivative financial instruments and foreign currency hedges | The following table summarizes the notional and fair value of our consolidated derivative financial instruments at March 31, 2015 based on Level 2 information. The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks (amounts in thousands). | ||||||||||||||||||||||||||||
Notional | Strike | Effective | Expiration | Balance Sheet Location | Fair | ||||||||||||||||||||||||
Value | Rate | Date | Date | Value | |||||||||||||||||||||||||
Interest Rate Cap - Sold | $ | 504,000 | 4.75 | % | May-14 | May-16 | Other Assets | $ | (1 | ) | |||||||||||||||||||
Interest Rate Cap | 504,000 | 4.75 | % | May-14 | May-16 | Other Liabilities | 1 | ||||||||||||||||||||||
Interest Rate Cap | 500,000 | 4.75 | % | Oct-14 | May-16 | Other Assets | 1 | ||||||||||||||||||||||
Interest Rate Cap - Sold | 500,000 | 4.75 | % | Nov-14 | May-16 | Other Liabilities | (1 | ) | |||||||||||||||||||||
Interest Rate Cap | 446,000 | 4.75 | % | Oct-14 | May-16 | Other Assets | 1 | ||||||||||||||||||||||
Interest Rate Cap | 263,426 | 6 | % | Nov-13 | Nov-15 | Other Assets | — | ||||||||||||||||||||||
Interest Rate Cap | 137,500 | 4 | % | Oct-13 | Sep-15 | Other Assets | — | ||||||||||||||||||||||
Interest Rate Swap | 200,000 | 0.938 | % | Oct-14 | Dec-17 | Other Liabilities | (326 | ) | |||||||||||||||||||||
Interest Rate Swap | 150,000 | 0.94 | % | Oct-14 | Dec-17 | Other Liabilities | (251 | ) | |||||||||||||||||||||
Interest Rate Swap | 150,000 | 0.94 | % | Oct-14 | Dec-17 | Other Liabilities | (251 | ) | |||||||||||||||||||||
Interest Rate Swap | 144,000 | 2.236 | % | Dec-12 | Dec-17 | Other Liabilities | (5,108 | ) | |||||||||||||||||||||
Interest Rate Swap | 86,400 | 1.948 | % | Dec-12 | Dec-17 | Other Liabilities | (2,407 | ) | |||||||||||||||||||||
Interest Rate Swap | 72,000 | 2.31 | % | Dec-12 | Dec-17 | Other Liabilities | (2,696 | ) | |||||||||||||||||||||
Interest Rate Swap | 72,000 | 1.345 | % | Dec-12 | Dec-17 | Other Liabilities | (862 | ) | |||||||||||||||||||||
Interest Rate Swap | 72,000 | 2.31 | % | Dec-12 | Dec-17 | Other Liabilities | (2,696 | ) | |||||||||||||||||||||
Interest Rate Swap | 57,600 | 1.99 | % | Dec-12 | Dec-17 | Other Liabilities | (1,669 | ) | |||||||||||||||||||||
Interest Rate Swap | 30,000 | 2.295 | % | Jul-10 | Jun-16 | Other Liabilities | (682 | ) | |||||||||||||||||||||
Interest Rate Swap | 8,018 | 0.852 | % | Feb-15 | Feb-17 | Other Liabilities | (33 | ) | |||||||||||||||||||||
$ | (16,980 | ) | |||||||||||||||||||||||||||
Schedule of effect of derivative financial instruments on consolidated statements of income | The following table presents the effect of our derivative financial instruments and our share of our joint ventures' derivative financial instruments that are designated and qualify as hedging instruments on the consolidated statements of income for the three months ended March 31, 2015 and 2014, respectively (in thousands): | ||||||||||||||||||||||||||||
Amount of Loss | Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income | Amount of Loss | Location of Gain Recognized in Income on Derivative | Amount of (Loss) or Gain | |||||||||||||||||||||||||
Recognized in | Reclassified from | Recognized into Income | |||||||||||||||||||||||||||
Other Comprehensive | Accumulated Other | (Ineffective Portion) | |||||||||||||||||||||||||||
Loss | Comprehensive Loss into Income | ||||||||||||||||||||||||||||
(Effective Portion) | (Effective Portion) | ||||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
Derivative | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||
Interest Rate Swaps/Caps | $ | (7,521 | ) | $ | (51 | ) | Interest expense | $ | 2,747 | $ | 692 | Interest expense | $ | (410 | ) | $ | 1 | ||||||||||||
Share of unconsolidated joint ventures' derivative instruments | (1,237 | ) | (1,746 | ) | Equity in net income from unconsolidated joint ventures | 331 | 1,273 | Equity in net income from unconsolidated joint ventures | (16 | ) | — | ||||||||||||||||||
$ | (8,758 | ) | $ | (1,797 | ) | $ | 3,078 | $ | 1,965 | $ | (426 | ) | $ | 1 | |||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Schedule of future minimum lease payments under capital leases and non cancellable operating leases | The following is a schedule of future minimum lease payments under capital leases and non-cancellable operating leases with initial terms in excess of one year as of March 31, 2015 (in thousands): | ||||||||
Capital lease | Non-cancellable | ||||||||
operating leases | |||||||||
Remaining 2015 | $ | 109 | $ | 22,869 | |||||
2016 | 170 | 30,612 | |||||||
2017 | 291 | 30,845 | |||||||
2018 | 291 | 30,845 | |||||||
2019 | 315 | 30,862 | |||||||
Thereafter | 56,568 | 720,698 | |||||||
Total minimum lease payments | 57,744 | $ | 866,731 | ||||||
Less amount representing interest | (36,827 | ) | |||||||
Capital lease obligations | $ | 20,917 | |||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Schedule of selected results of operations and selected asset information | Selected results of operations for the three months ended March 31, 2015 and 2014, and selected asset information as of March 31, 2015 and December 31, 2014, regarding our operating segments are as follows (in thousands): | ||||||||||||
Real Estate Segment | Debt and Preferred Equity Segment | Total Company | |||||||||||
Total revenues | |||||||||||||
Three months ended: | |||||||||||||
31-Mar-15 | $ | 354,230 | $ | 42,069 | $ | 396,299 | |||||||
31-Mar-14 | 308,361 | 54,084 | 362,445 | ||||||||||
Income from continuing operations before equity in net gain on sale of interest in unconsolidated joint venture/real estate | |||||||||||||
Three months ended: | |||||||||||||
31-Mar-15 | $ | 6,759 | $ | 35,467 | $ | 42,226 | |||||||
31-Mar-14 | 620 | 45,583 | 46,203 | ||||||||||
Total assets | |||||||||||||
As of: | |||||||||||||
31-Mar-15 | $ | 15,514,089 | $ | 1,566,643 | $ | 17,080,732 | |||||||
31-Dec-14 | 15,671,662 | 1,424,925 | 17,096,587 | ||||||||||
Schedule of reconciliation of income from continuing operations to net income attributable to SL Green common stockholders | The table below reconciles income from continuing operations to net income for the three months ended March 31, 2015 and 2014 (in thousands): | ||||||||||||
Three Months Ended March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Income from continuing operations before equity in net gain on sale of interest in unconsolidated joint venture/real estate | $ | 42,226 | $ | 46,203 | |||||||||
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | — | 104,640 | |||||||||||
Income from continuing operations | 42,226 | 150,843 | |||||||||||
Net income from discontinued operations | 427 | 5,769 | |||||||||||
Gain on sale of discontinued operations | 12,983 | — | |||||||||||
Net income | $ | 55,636 | $ | 156,612 | |||||||||
Organization_and_Basis_of_Pres2
Organization and Basis of Presentation (Details) (SL Green Operating Partnership) | 0 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Organization | |||
Percentage of ownership in SL Green Management LLC owned by operating partnership (percent) | 100.00% | ||
Noncontrolling interest in the operating partnership (as a percent) | 3.78% | 3.78% | 3.92% |
Service Corporation | |||
Organization | |||
Economic interest in variable interest entity (as a percent) | 95.00% |
Organization_and_Basis_of_Pres3
Organization and Basis of Presentation (Details 2) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
sqft | ||
building | ||
Real estate properties | ||
Number of Properties | 118 | |
Approximate Square Feet (sqft) | 34,848,769 | |
Weighted Average Occupancy (as a percent) | 88.70% | |
Carrying Value, Net of Discounts and Deferred Origination Fees | $1,548,739 | $1,408,804 |
Number of shares to be received on redemption of one unit of limited partnership interests (shares) | 1 | |
Commercial properties | ||
Real estate properties | ||
Number of Properties | 97 | |
Approximate Square Feet (sqft) | 31,999,838 | |
Weighted Average Occupancy (as a percent) | 88.00% | |
Residential | ||
Real estate properties | ||
Number of Properties | 21 | |
Approximate Square Feet (sqft) | 2,848,931 | |
Weighted Average Occupancy (as a percent) | 96.40% | |
Managed office properties | ||
Real estate properties | ||
Approximate Square Feet (sqft) | 336,201 | |
Consolidated properties | ||
Real estate properties | ||
Number of Properties | 76 | |
Approximate Square Feet (sqft) | 25,805,770 | |
Consolidated properties | Commercial properties | ||
Real estate properties | ||
Number of Properties | 72 | |
Approximate Square Feet (sqft) | 25,003,572 | |
Consolidated properties | Residential | ||
Real estate properties | ||
Number of Properties | 4 | |
Approximate Square Feet (sqft) | 802,198 | |
Unconsolidated properties | ||
Real estate properties | ||
Number of Properties | 42 | |
Approximate Square Feet (sqft) | 9,042,999 | |
Unconsolidated properties | Commercial properties | ||
Real estate properties | ||
Number of Properties | 25 | |
Approximate Square Feet (sqft) | 6,996,266 | |
Unconsolidated properties | Residential | ||
Real estate properties | ||
Number of Properties | 17 | |
Approximate Square Feet (sqft) | 2,046,733 | |
Manhattan | ||
Real estate properties | ||
Number of Properties | 61 | |
Approximate Square Feet (sqft) | 26,208,697 | |
Weighted Average Occupancy (as a percent) | 89.70% | |
Manhattan | Office | ||
Real estate properties | ||
Number of Properties | 30 | |
Approximate Square Feet (sqft) | 21,905,160 | |
Weighted Average Occupancy (as a percent) | 96.00% | |
Manhattan | Retail | ||
Real estate properties | ||
Number of Properties | 16 | |
Approximate Square Feet (sqft) | 683,363 | |
Weighted Average Occupancy (as a percent) | 90.70% | |
Manhattan | Development/Redevelopment | ||
Real estate properties | ||
Number of Properties | 13 | |
Approximate Square Feet (sqft) | 2,836,644 | |
Weighted Average Occupancy (as a percent) | 38.00% | |
Manhattan | Fee Interest | ||
Real estate properties | ||
Number of Properties | 2 | |
Approximate Square Feet (sqft) | 783,530 | |
Weighted Average Occupancy (as a percent) | 100.00% | |
Manhattan | Residential | ||
Real estate properties | ||
Number of Properties | 20 | |
Approximate Square Feet (sqft) | 2,782,320 | |
Weighted Average Occupancy (as a percent) | 96.80% | |
Manhattan | Consolidated properties | ||
Real estate properties | ||
Number of Properties | 42 | |
Approximate Square Feet (sqft) | 20,500,172 | |
Manhattan | Consolidated properties | Office | ||
Real estate properties | ||
Number of Properties | 23 | |
Approximate Square Feet (sqft) | 18,429,045 | |
Manhattan | Consolidated properties | Retail | ||
Real estate properties | ||
Number of Properties | 9 | |
Approximate Square Feet (sqft) | 403,735 | |
Manhattan | Consolidated properties | Development/Redevelopment | ||
Real estate properties | ||
Number of Properties | 8 | |
Approximate Square Feet (sqft) | 883,862 | |
Manhattan | Consolidated properties | Fee Interest | ||
Real estate properties | ||
Number of Properties | 2 | |
Approximate Square Feet (sqft) | 783,530 | |
Manhattan | Consolidated properties | Residential | ||
Real estate properties | ||
Number of Properties | 3 | |
Approximate Square Feet (sqft) | 735,587 | |
Manhattan | Consolidated properties | Dual property type, retail portion | ||
Real estate properties | ||
Approximate Square Feet (sqft) | 270,132 | |
Manhattan | Consolidated properties | Dual property type, residential portion | ||
Real estate properties | ||
Approximate Square Feet (sqft) | 222,855 | |
Manhattan | Unconsolidated properties | ||
Real estate properties | ||
Number of Properties | 19 | |
Approximate Square Feet (sqft) | 5,708,525 | |
Manhattan | Unconsolidated properties | Office | ||
Real estate properties | ||
Number of Properties | 7 | |
Approximate Square Feet (sqft) | 3,476,115 | |
Manhattan | Unconsolidated properties | Retail | ||
Real estate properties | ||
Number of Properties | 7 | |
Approximate Square Feet (sqft) | 279,628 | |
Manhattan | Unconsolidated properties | Development/Redevelopment | ||
Real estate properties | ||
Number of Properties | 5 | |
Approximate Square Feet (sqft) | 1,952,782 | |
Manhattan | Unconsolidated properties | Fee Interest | ||
Real estate properties | ||
Number of Properties | 0 | |
Approximate Square Feet (sqft) | 0 | |
Manhattan | Unconsolidated properties | Residential | ||
Real estate properties | ||
Number of Properties | 17 | |
Approximate Square Feet (sqft) | 2,046,733 | |
Suburban | ||
Real estate properties | ||
Number of Properties | 36 | |
Approximate Square Feet (sqft) | 5,791,141 | |
Weighted Average Occupancy (as a percent) | 80.30% | |
Suburban | Office | ||
Real estate properties | ||
Number of Properties | 31 | |
Approximate Square Feet (sqft) | 5,587,500 | |
Weighted Average Occupancy (as a percent) | 80.80% | |
Suburban | Retail | ||
Real estate properties | ||
Number of Properties | 1 | |
Approximate Square Feet (sqft) | 52,000 | |
Weighted Average Occupancy (as a percent) | 100.00% | |
Suburban | Development/Redevelopment | ||
Real estate properties | ||
Number of Properties | 4 | |
Approximate Square Feet (sqft) | 151,641 | |
Weighted Average Occupancy (as a percent) | 57.50% | |
Suburban | Residential | ||
Real estate properties | ||
Number of Properties | 1 | |
Approximate Square Feet (sqft) | 66,611 | |
Weighted Average Occupancy (as a percent) | 84.40% | |
Suburban | Consolidated properties | ||
Real estate properties | ||
Number of Properties | 30 | |
Approximate Square Feet (sqft) | 4,503,400 | |
Suburban | Consolidated properties | Office | ||
Real estate properties | ||
Number of Properties | 27 | |
Approximate Square Feet (sqft) | 4,365,400 | |
Suburban | Consolidated properties | Retail | ||
Real estate properties | ||
Number of Properties | 1 | |
Approximate Square Feet (sqft) | 52,000 | |
Suburban | Consolidated properties | Development/Redevelopment | ||
Real estate properties | ||
Number of Properties | 2 | |
Approximate Square Feet (sqft) | 86,000 | |
Suburban | Consolidated properties | Residential | ||
Real estate properties | ||
Number of Properties | 1 | |
Approximate Square Feet (sqft) | 66,611 | |
Suburban | Unconsolidated properties | ||
Real estate properties | ||
Number of Properties | 6 | |
Approximate Square Feet (sqft) | 1,287,741 | |
Suburban | Unconsolidated properties | Office | ||
Real estate properties | ||
Number of Properties | 4 | |
Approximate Square Feet (sqft) | 1,222,100 | |
Suburban | Unconsolidated properties | Retail | ||
Real estate properties | ||
Number of Properties | 0 | |
Approximate Square Feet (sqft) | 0 | |
Suburban | Unconsolidated properties | Development/Redevelopment | ||
Real estate properties | ||
Number of Properties | 2 | |
Approximate Square Feet (sqft) | 65,641 | |
Suburban | Unconsolidated properties | Residential | ||
Real estate properties | ||
Number of Properties | 0 | |
Approximate Square Feet (sqft) | 0 |
Significant_Accounting_Policie3
Significant Accounting Policies (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Principles of Consolidation | ||
Commercial real estate properties | $12,004,790 | $12,163,976 |
Mortgages and other loans payable | 5,359,043 | 5,586,709 |
Assets held for sale | 0 | 462,430 |
Liabilities related to assets held for sale | 0 | 266,873 |
Consolidated VIEs | ||
Principles of Consolidation | ||
Commercial real estate properties | 198,500 | 198,400 |
Mortgages and other loans payable | 106,000 | 106,500 |
Commercial properties | Consolidated VIEs | ||
Principles of Consolidation | ||
Assets held for sale | 445,000 | |
Liabilities related to assets held for sale | $253,900 |
Significant_Accounting_Policie4
Significant Accounting Policies (Details 2) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Investment in Commercial Real Estate Properties | |||
Increase in rental revenue from amortization of acquired leases | $14,300,000 | $6,100,000 | |
Reduction in interest expense from amortization of above-market rate mortgages | 600,000 | 1,500,000 | |
Identified intangible assets (included in other assets): | |||
Gross amount | 968,763,000 | 664,297,000 | |
Accumulated amortization | -408,884,000 | -383,236,000 | |
Net | 559,879,000 | 281,061,000 | |
Identified intangible liabilities (included in deferred revenue): | |||
Gross amount | 847,326,000 | 655,755,000 | |
Accumulated amortization | -506,578,000 | -483,948,000 | |
Net | $340,748,000 | $171,807,000 | |
Above-market leases | Minimum | |||
Investment in Commercial Real Estate Properties | |||
Estimated useful life of other intangible assets (in years) | 1 year | ||
Above-market leases | Maximum | |||
Investment in Commercial Real Estate Properties | |||
Estimated useful life of other intangible assets (in years) | 14 years | ||
In-place leases | Minimum | |||
Investment in Commercial Real Estate Properties | |||
Estimated useful life of other intangible assets (in years) | 1 year | ||
In-place leases | Maximum | |||
Investment in Commercial Real Estate Properties | |||
Estimated useful life of other intangible assets (in years) | 14 years | ||
Building | Minimum | |||
Investment in Commercial Real Estate Properties | |||
Estimated useful life (in years) | 3 years | ||
Building | Maximum | |||
Investment in Commercial Real Estate Properties | |||
Estimated useful life (in years) | 40 years |
Significant_Accounting_Policie5
Significant Accounting Policies (Details 3) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Investment in Marketable Securities | ||
Marketable securities | $47,716,000 | $39,429,000 |
Mortgage-backed securities | ||
Investment in Marketable Securities | ||
Cost basis | 40,000,000 | 32,400,000 |
Level 1 | Equity Securities | ||
Investment in Marketable Securities | ||
Marketable securities | 4,287,000 | 4,332,000 |
Level 2 | Mortgage-backed securities | ||
Investment in Marketable Securities | ||
Marketable securities | 43,429,000 | 35,097,000 |
Fair Value | ||
Investment in Marketable Securities | ||
Marketable securities | $47,716,000 | $39,429,000 |
Significant_Accounting_Policie6
Significant Accounting Policies (Details 4) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accounting Policies [Abstract] | ||
Days past due for income recognition on debt and preferred equity investments to be suspended | 90 days | |
Income taxes | ||
Federal, state and local tax provision | $0.30 | $2.90 |
Significant_Accounting_Policie7
Significant Accounting Policies (Details 5) (Annualized rent, Customer concentration) | 3 Months Ended |
Mar. 31, 2015 | |
Tenant | |
Concentration of Credit Risk | |
Number of tenants (tenants) | 3 |
Maximum percentage of annualized rent for any one tenant not individually disclosed (percent) (more than) | 2.10% |
1515 Broadway | |
Concentration of Credit Risk | |
Percentage of concentration (percent) | 10.10% |
388 and 390 Greenwich Street | |
Concentration of Credit Risk | |
Percentage of concentration (percent) | 9.70% |
1185 Avenue of the Americas | |
Concentration of Credit Risk | |
Percentage of concentration (percent) | 7.70% |
919 Third Avenue | |
Concentration of Credit Risk | |
Percentage of concentration (percent) | 7.40% |
Tenant 1 | |
Concentration of Credit Risk | |
Percentage of concentration (percent) | 10.70% |
Tenant 2 | |
Concentration of Credit Risk | |
Percentage of concentration (percent) | 7.10% |
Tenant 3 | |
Concentration of Credit Risk | |
Percentage of concentration (percent) | 5.40% |
Property_Acquisitions_Details
Property Acquisitions (Details) (USD $) | 3 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Jul. 31, 2014 | 15-May-14 | 14-May-14 | 31-May-14 | |
Recognized Identifiable Assets Acquired and Liabilities Assumed | |||||||
Impact to rental revenue for amortization of aggregate below-market leases | $303,329,000 | $255,976,000 | |||||
Impact to depreciation expense | 108,337,000 | 86,515,000 | |||||
1640 Flatbush Avenue | |||||||
Recognized Identifiable Assets Acquired and Liabilities Assumed | |||||||
Land | 6,120,000 | 6,120,000 | |||||
Building and building leasehold | 680,000 | 680,000 | |||||
Above market lease value | 0 | 0 | |||||
Acquired in-place leases | 0 | 0 | |||||
Other assets, net of other liabilities | 0 | 0 | |||||
Assets acquired | 6,800,000 | 6,800,000 | |||||
Mark-to-market assumed debt | 0 | 0 | |||||
Below market lease value | 0 | 0 | |||||
Derivatives | 0 | 0 | |||||
Liabilities assumed | 0 | 0 | |||||
Purchase price | 6,800,000 | 6,800,000 | |||||
Net consideration funded by us at closing, excluding consideration financed by debt | 6,800,000 | ||||||
Equity and/or debt investment held | 0 | ||||||
Debt assumed | 0 | ||||||
719 Seventh Avenue | |||||||
Recognized Identifiable Assets Acquired and Liabilities Assumed | |||||||
Land | 41,850,000 | ||||||
Building and building leasehold | 0 | ||||||
Above market lease value | 0 | ||||||
Acquired in-place leases | 0 | ||||||
Other assets, net of other liabilities | 0 | ||||||
Assets acquired | 41,850,000 | ||||||
Mark-to-market assumed debt | 0 | ||||||
Below market lease value | 0 | ||||||
Derivatives | 0 | ||||||
Liabilities assumed | 0 | ||||||
Purchase price | 41,850,000 | ||||||
Net consideration funded by us at closing, excluding consideration financed by debt | 41,850,000 | ||||||
Equity and/or debt investment held | 0 | ||||||
Debt assumed | 0 | ||||||
Ownership interest in consolidated joint venture (as a percent) | 75.00% | ||||||
719 Seventh Avenue | Series L Preferred Units | |||||||
Recognized Identifiable Assets Acquired and Liabilities Assumed | |||||||
Issuance of aggregate liquidation preference of preferred units | 14,100,000 | ||||||
719 Seventh Avenue | Series K Preferred Units | |||||||
Recognized Identifiable Assets Acquired and Liabilities Assumed | |||||||
Issuance of aggregate liquidation preference of preferred units | 9,500,000 | ||||||
719 Seventh Avenue | Scenario, Previously Reported | |||||||
Recognized Identifiable Assets Acquired and Liabilities Assumed | |||||||
Land | 14,400,000 | ||||||
Building and building leasehold | 26,700,000 | ||||||
115 Spring Street | |||||||
Recognized Identifiable Assets Acquired and Liabilities Assumed | |||||||
Land | 11,078,000 | ||||||
Building and building leasehold | 44,799,000 | ||||||
Above market lease value | 0 | ||||||
Acquired in-place leases | 2,037,000 | ||||||
Other assets, net of other liabilities | 0 | ||||||
Assets acquired | 57,914,000 | ||||||
Mark-to-market assumed debt | 0 | ||||||
Below market lease value | 4,789,000 | ||||||
Derivatives | 0 | ||||||
Liabilities assumed | 4,789,000 | ||||||
Purchase price | 53,125,000 | ||||||
Net consideration funded by us at closing, excluding consideration financed by debt | 53,125,000 | ||||||
Equity and/or debt investment held | 0 | ||||||
Debt assumed | 0 | ||||||
115 Spring Street | Scenario, Previously Reported | |||||||
Recognized Identifiable Assets Acquired and Liabilities Assumed | |||||||
Land | 15,900,000 | ||||||
Building and building leasehold | 37,200,000 | ||||||
388-390 Greenwich Street | |||||||
Recognized Identifiable Assets Acquired and Liabilities Assumed | |||||||
Land | 516,292,000 | ||||||
Building and building leasehold | 964,434,000 | ||||||
Above market lease value | 0 | ||||||
Acquired in-place leases | 302,430,000 | ||||||
Other assets, net of other liabilities | 6,495,000 | ||||||
Assets acquired | 1,789,651,000 | ||||||
Mark-to-market assumed debt | 0 | ||||||
Below market lease value | 186,782,000 | ||||||
Derivatives | 18,001,000 | ||||||
Liabilities assumed | 204,783,000 | ||||||
Purchase price | 1,584,868,000 | 1,585,000,000 | |||||
Net consideration funded by us at closing, excluding consideration financed by debt | 208,614,000 | 208,614,000 | |||||
Equity and/or debt investment held | 148,025,000 | 148,025,000 | |||||
Debt assumed | 1,162,379,000 | 1,162,379,000 | |||||
Economic interest (as a percent) | 49.65% | ||||||
Value of interest | 1,585,000,000 | ||||||
Face amount of loan | 1,450,000,000 | ||||||
Notional value | 504,000,000 | ||||||
Purchase price fair value adjustment | 71,446,000 | 71,400,000 | |||||
388-390 Greenwich Street | Scenario, Previously Reported | |||||||
Recognized Identifiable Assets Acquired and Liabilities Assumed | |||||||
Land | 558,700,000 | ||||||
Building and building leasehold | 1,000,000,000 | ||||||
719 Seventh Avenue, 115 Spring Street and 388-390 Greenwich Street | |||||||
Recognized Identifiable Assets Acquired and Liabilities Assumed | |||||||
Impact to rental revenue for amortization of aggregate below-market leases | 6,700,000 | ||||||
Impact to depreciation expense | $10,100,000 |
Property_Acquisitions_Schedule
Property Acquisitions Schedule of Fair Value of Equity Interest Immediately Before Acquisition Date (Details) (388-390 Greenwich Street, USD $) | 0 Months Ended | 1 Months Ended | |||
In Thousands, unless otherwise specified | 15-May-14 | 14-May-14 | 31-May-14 | 15-May-14 | 14-May-14 |
388-390 Greenwich Street | |||||
Property Acquisitions | |||||
Contract purchase price | $1,584,868 | $1,585,000 | $1,584,868 | $1,585,000 | |
Net consideration funded by us at closing, excluding consideration financed by debt | -208,614 | -208,614 | |||
Debt assumed | -1,162,379 | -1,162,379 | |||
Fair value of retained equity interest | 214,007 | ||||
Equity and/or debt investment held | -148,025 | -148,025 | |||
Other | 5,464 | ||||
Purchase price fair value adjustment | $71,446 | $71,400 |
Property_Dispositions_Details
Property Dispositions (Details) (USD $) | 3 Months Ended | 1 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Jan. 31, 2015 | |
sqft | sqft | ||
Properties Sold [Abstract] | |||
Approximate Usable Square Feet (sqft) | 34,848,769 | ||
Gain on Sale | $12,983,000 | $0 | |
Revenues | |||
Rental revenue | 236,000 | 21,180,000 | |
Escalation and reimbursement revenues | -127,000 | 3,397,000 | |
Other income | 0 | 3,000 | |
Total revenues | 109,000 | 24,580,000 | |
Operating expenses | -631,000 | 4,461,000 | |
Real estate taxes | 250,000 | 3,985,000 | |
Ground rent | 0 | 2,196,000 | |
Interest expense, net of interest income | 109,000 | 4,661,000 | |
Transaction related costs | -49,000 | 0 | |
Depreciation and amortization | 0 | 3,297,000 | |
Amortization of deferred financing costs | 3,000 | 211,000 | |
Total expenses | -318,000 | 18,811,000 | |
Net income from discontinued operations | 427,000 | 5,769,000 | |
180 Maiden Lane | |||
Properties Sold [Abstract] | |||
Approximate Usable Square Feet (sqft) | 1,090,000 | ||
Sales Price | 470,000,000 | ||
Gain on Sale | 17,000,000 | ||
Employee compensation award | $800,000 |
Debt_and_Preferred_Equity_Inve2
Debt and Preferred Equity Investments (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | |
Debt investment | ||||
Increase in debt and preferred equity investments (net of discounts), including investments classified as held-for-sale | $166,900,000 | $189,400,000 | ||
Decrease in debt and preferred equity investments (net of discounts), including investments classified as held-for-sale | 27,000,000 | 500,000 | ||
Aggregate weighted average current yield (as a percent) | 10.27% | |||
Debt Investments Held [Abstract] | ||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 1,548,739,000 | 1,408,804,000 | ||
Debt investment | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 122,209,000 | |||
Senior Financing | 5,104,009,000 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 1,383,256,000 | 1,275,809,000 | ||
Total fixed rate | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 10,787,000 | |||
Senior Financing | 2,853,100,000 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 564,648,000 | 582,174,000 | ||
Total fixed rate | Junior Mortgage Participation/Mezzanine Loan, February 2016 | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 0 | |||
Senior Financing | 205,000,000 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 71,291,000 | 70,688,000 | ||
Total fixed rate | Junior Mortgage Participation/Mezzanine Loan, Various | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 0 | |||
Senior Financing | 0 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 45,863,000 | 45,611,000 | ||
Total fixed rate | Junior Mortgage Participation, June 2016 | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 0 | |||
Senior Financing | 133,000,000 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 49,000,000 | 49,000,000 | ||
Total fixed rate | Mezzanine Loan, November 2016 | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 0 | |||
Senior Financing | 165,000,000 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 71,721,000 | 71,656,000 | ||
Total fixed rate | Junior Mortgage Participation/Mezzanine Loan, March 2017 | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 0 | |||
Senior Financing | 1,109,000,000 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 100,758,000 | 98,934,000 | ||
Total fixed rate | Mezzanine Loan, March 2017 | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 0 | |||
Senior Financing | 0 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 65,868,000 | 65,770,000 | ||
Total fixed rate | Mezzanine Loan, June 2017 | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 10,787,000 | |||
Senior Financing | 502,100,000 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 30,264,000 | 24,608,000 | ||
Amount participated out | 41,300,000 | |||
Total fixed rate | Mezzanine Loan, July 2018 | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 0 | |||
Senior Financing | 539,000,000 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 49,622,000 | 49,629,000 | ||
Total fixed rate | Mortgage Loan, February 2019 | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 0 | |||
Senior Financing | 0 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 26,222,000 | 26,209,000 | ||
Loan acquired | 26,400,000 | |||
Discount amount | 200,000 | |||
Total fixed rate | Mortgage Loan, August 2019 | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 0 | |||
Senior Financing | 0 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 607,000 | 637,000 | ||
Total fixed rate | Mezzanine Loan, September 2021 | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 0 | |||
Senior Financing | 15,000,000 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 3,500,000 | 3,500,000 | ||
Total fixed rate | Mezzanine Loan, November 2023 | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 0 | |||
Senior Financing | 90,000,000 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 19,932,000 | 19,930,000 | ||
Amount participated out | 5,000,000 | |||
Total fixed rate | Mezzanine Loan, January 2025 | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 0 | |||
Senior Financing | 95,000,000 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 30,000,000 | 30,000,000 | ||
Total fixed rate | Mezzanine Loan Repaid in February 2015 | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 0 | |||
Senior Financing | 0 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 0 | 14,068,000 | ||
Total fixed rate | Junior Mortgage Participation Repaid in March 2015 | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 0 | |||
Senior Financing | 0 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 0 | 11,934,000 | ||
Total fixed rate | Junior Mortgage Participation, Related To Mortgage Loan, February 2019 | ||||
Debt Investments Held [Abstract] | ||||
Loan acquired | 5,700,000 | |||
Discount amount | 5,700,000 | |||
Total fixed rate | Junior Mortgage Participation, February 2016 | ||||
Debt Investments Held [Abstract] | ||||
Carrying amount of Notes | 22,800,000 | |||
Total fixed rate | Mezzanine Loan, May 2016 | ||||
Debt Investments Held [Abstract] | ||||
Carrying amount of Notes | 23,100,000 | |||
Total floating rate | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 111,422,000 | |||
Senior Financing | 2,250,909,000 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 818,608,000 | 693,635,000 | ||
Total floating rate | Mezzanine Loan, November 2016 | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 514,000 | |||
Senior Financing | 172,105,000 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 36,917,000 | 33,726,000 | ||
Total floating rate | Mezzanine Loan, Repaid April 2015 | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 611,000 | |||
Senior Financing | 50,000,000 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 44,647,000 | 37,322,000 | ||
Total floating rate | Mortgage Mezzanine Loan, June 2015 | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 0 | |||
Senior Financing | 0 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 109,802,000 | 109,527,000 | ||
Total floating rate | Mezzanine Loan, September 2015 | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 0 | |||
Senior Financing | 110,000,000 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 49,745,000 | 49,614,000 | ||
Total floating rate | Mezzanine Loan, March 2016 | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 0 | |||
Senior Financing | 775,000,000 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 73,699,000 | 73,402,000 | ||
Total floating rate | Mezzanine Loan, June 2016 | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 0 | |||
Senior Financing | 160,000,000 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 22,586,000 | 22,573,000 | ||
Amount participated out | 7,400,000 | |||
Total floating rate | Mezzanine Loan, July 2016 | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 0 | |||
Senior Financing | 115,000,000 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 24,911,000 | 24,910,000 | ||
Total floating rate | Mezzanine Loan, November 2016 | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 0 | |||
Senior Financing | 360,000,000 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 99,144,000 | 99,023,000 | ||
Total floating rate | Mezzanine Loan, December 2016 | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 17,104,000 | |||
Senior Financing | 117,202,000 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 43,906,000 | 42,750,000 | ||
Total floating rate | Mezzanine Loan, December 2016 | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 2,120,000 | |||
Senior Financing | 33,915,000 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 11,855,000 | 11,835,000 | ||
Total floating rate | Mortgage/Mezzanine Loan, January 2017 | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 78,975,000 | |||
Senior Financing | 0 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 111,613,000 | 0 | ||
Amount participated out | 25,000,000 | |||
Total floating rate | Mezzanine Loan, January 2017 | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 8,781,000 | |||
Senior Financing | 92,294,000 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 20,955,000 | 20,651,000 | ||
Total floating rate | Jr. Mortgage Participation/Mezzanine Loan, July 2017 | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 2,522,000 | |||
Senior Financing | 112,393,000 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 38,905,000 | 38,524,000 | ||
Total floating rate | Mortgage/Mezzanine Loan, July 2017 | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 0 | |||
Senior Financing | 0 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 22,822,000 | 22,803,000 | ||
Total floating rate | Mortgage/Mezzanine Loan, September 2017 | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 0 | |||
Senior Financing | 0 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 16,861,000 | 16,848,000 | ||
Total floating rate | Mezzanine Loan, November 2017 | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 0 | |||
Senior Financing | 60,000,000 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 14,869,000 | 14,859,000 | ||
Total floating rate | Mortgage Mezzanine Loan, December 2017 | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 795,000 | |||
Senior Financing | 0 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 14,868,000 | 14,845,000 | ||
Amount participated out | 5,100,000 | |||
Total floating rate | Junior Mortgage Participation/Mezzanine Loan, July 2018 | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 0 | |||
Senior Financing | 55,000,000 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 20,528,000 | 20,533,000 | ||
Total floating rate | Mortgage Mezzanine Loan, February 2019 | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 0 | |||
Senior Financing | 0 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | 18,159,000 | 18,083,000 | ||
Total floating rate | Mezzanine Loan, March 2019 | ||||
Debt Investments Held [Abstract] | ||||
Future Funding Obligations | 0 | |||
Senior Financing | 38,000,000 | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | $21,816,000 | $21,807,000 |
Debt_and_Preferred_Equity_Inve3
Debt and Preferred Equity Investments (Details 2) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Preferred equity investment | ||
Aggregate weighted average current yield (as a percent) | 10.27% | |
Carrying Value, Net of Discounts and Deferred Origination Fees | $1,548,739 | $1,408,804 |
Preferred Equity, July 2015 | ||
Preferred equity investment | ||
Future Funding Obligations | 0 | |
Senior Financing | 550,000 | |
Carrying Value, Net of Discounts and Deferred Origination Fees | 124,907 | 123,041 |
Preferred Equity, March 2018 | ||
Preferred equity investment | ||
Future Funding Obligations | 0 | |
Senior Financing | 70,000 | |
Carrying Value, Net of Discounts and Deferred Origination Fees | 9,957 | 9,954 |
Preferred Equity, November 2018 | ||
Preferred equity investment | ||
Future Funding Obligations | 7,100 | |
Senior Financing | 60,795 | |
Carrying Value, Net of Discounts and Deferred Origination Fees | 30,619 | 0 |
Preferred equity investments | ||
Preferred equity investment | ||
Aggregate weighted average current yield (as a percent) | 10.20% | |
Senior Financing | 680,795 | |
Carrying Value, Net of Discounts and Deferred Origination Fees | $165,483 | $132,995 |
Debt_and_Preferred_Equity_Inve4
Debt and Preferred Equity Investments (Details 3) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
segment | segment | |
Investments, Debt and Equity Securities [Abstract] | ||
Number of portfolio segments of financial receivables (segment) | 1 | 1 |
Additional amount of financing receivables included in other assets | $122.30 | $133.50 |
Investment_in_Unconsolidated_J1
Investment in Unconsolidated Joint Ventures (Details) (USD $) | 1 Months Ended | ||
Mar. 31, 2015 | Feb. 28, 2015 | Dec. 31, 2014 | |
sqft | property | ||
General information on each joint venture | |||
Net equity investment in VIEs in which the entity is not primary beneficiary | $97,900,000 | $146,200,000 | |
Approximate Square Feet (sqft) | 34,848,769 | ||
Loans Receivable, Gross, Commercial, Acquisition | 145,666,000 | 145,875,000 | |
100 Park Avenue | |||
General information on each joint venture | |||
Ownership Percentage | 49.90% | ||
Economic Interest (as a percent) | 49.90% | ||
Approximate Square Feet (sqft) | 834,000 | ||
Acquisition Price | 95,800,000 | ||
717 Fifth Avenue | |||
General information on each joint venture | |||
Ownership Percentage | 10.92% | ||
Economic Interest (as a percent) | 10.92% | ||
Approximate Square Feet (sqft) | 119,500 | ||
Acquisition Price | 251,900,000 | ||
800 Third Avenue | |||
General information on each joint venture | |||
Ownership Percentage | 60.52% | ||
Economic Interest (as a percent) | 60.52% | ||
Approximate Square Feet (sqft) | 526,000 | ||
Acquisition Price | 285,000,000 | ||
Additional Ownership Percentage Acquired | 17.56% | ||
Additional Cost for additional interest in joint venture | 67,500,000 | ||
1745 Broadway | |||
General information on each joint venture | |||
Ownership Percentage | 56.88% | ||
Economic Interest (as a percent) | 56.88% | ||
Approximate Square Feet (sqft) | 674,000 | ||
Acquisition Price | 520,000,000 | ||
Jericho Plaza | |||
General information on each joint venture | |||
Ownership Percentage | 20.26% | ||
Economic Interest (as a percent) | 20.26% | ||
Approximate Square Feet (sqft) | 640,000 | ||
Acquisition Price | 210,000,000 | ||
The Meadows | |||
General information on each joint venture | |||
Ownership Percentage | 50.00% | ||
Economic Interest (as a percent) | 50.00% | ||
Approximate Square Feet (sqft) | 582,100 | ||
Acquisition Price | 111,500,000 | ||
600 Lexington Avenue | |||
General information on each joint venture | |||
Ownership Percentage | 55.00% | ||
Economic Interest (as a percent) | 55.00% | ||
Approximate Square Feet (sqft) | 303,515 | ||
Acquisition Price | 193,000,000 | ||
11 West 34th Street | |||
General information on each joint venture | |||
Ownership Percentage | 30.00% | ||
Economic Interest (as a percent) | 30.00% | ||
Approximate Square Feet (sqft) | 17,150 | ||
Acquisition Price | 10,800,000 | ||
7 Renaissance | |||
General information on each joint venture | |||
Ownership Percentage | 50.00% | ||
Economic Interest (as a percent) | 50.00% | ||
Approximate Square Feet (sqft) | 65,641 | ||
Acquisition Price | 4,000,000 | ||
3 Columbus Circle | |||
General information on each joint venture | |||
Ownership Percentage | 48.90% | ||
Economic Interest (as a percent) | 48.90% | ||
Approximate Square Feet (sqft) | 741,500 | ||
Acquisition Price | 500,000,000 | ||
280 Park Avenue | |||
General information on each joint venture | |||
Ownership Percentage | 50.00% | ||
Economic Interest (as a percent) | 50.00% | ||
Approximate Square Feet (sqft) | 1,219,158 | ||
Acquisition Price | 400,000,000 | ||
1552-1560 Broadway | |||
General information on each joint venture | |||
Ownership Percentage | 50.00% | ||
Economic Interest (as a percent) | 50.00% | ||
Approximate Square Feet (sqft) | 35,897 | ||
Acquisition Price | 136,550,000 | ||
724 Fifth Avenue | |||
General information on each joint venture | |||
Ownership Percentage | 50.00% | ||
Economic Interest (as a percent) | 50.00% | ||
Approximate Square Feet (sqft) | 65,040 | ||
Acquisition Price | 223,000,000 | ||
10 East 53rd Street | |||
General information on each joint venture | |||
Ownership Percentage | 55.00% | ||
Economic Interest (as a percent) | 55.00% | ||
Approximate Square Feet (sqft) | 354,300 | ||
Acquisition Price | 252,500,000 | ||
33 Beekman | |||
General information on each joint venture | |||
Ownership Percentage | 45.90% | ||
Economic Interest (as a percent) | 45.90% | ||
Approximate Square Feet (sqft) | 0 | ||
Acquisition Price | 31,000,000 | ||
Number of Floors of Student Housing | 30 | ||
521 Fifth Avenue | |||
General information on each joint venture | |||
Ownership Percentage | 50.50% | ||
Economic Interest (as a percent) | 50.50% | ||
Approximate Square Feet (sqft) | 460,000 | ||
Acquisition Price | 315,000,000 | ||
21 East 66th Street | |||
General information on each joint venture | |||
Ownership Percentage | 32.28% | ||
Economic Interest (as a percent) | 32.28% | ||
Approximate Square Feet (sqft) | 16,736 | ||
Acquisition Price | 75,000,000 | ||
315 West 36th Street | |||
General information on each joint venture | |||
Ownership Percentage | 35.50% | ||
Economic Interest (as a percent) | 35.50% | ||
Approximate Square Feet (sqft) | 147,619 | ||
Acquisition Price | 45,000,000 | ||
650 Fifth Avenue | |||
General information on each joint venture | |||
Ownership Percentage | 50.00% | ||
Economic Interest (as a percent) | 50.00% | ||
Approximate Square Feet (sqft) | 32,324 | ||
Acquisition Price | 0 | ||
121 Greene Street | |||
General information on each joint venture | |||
Ownership Percentage | 50.00% | ||
Economic Interest (as a percent) | 50.00% | ||
Approximate Square Feet (sqft) | 7,131 | ||
Acquisition Price | 27,400,000 | ||
175-225 Third Street | |||
General information on each joint venture | |||
Ownership Percentage | 95.00% | ||
Economic Interest (as a percent) | 95.00% | ||
Approximate Square Feet (sqft) | 0 | ||
Acquisition Price | 74,600,000 | ||
55 West 46th Street | |||
General information on each joint venture | |||
Ownership Percentage | 25.00% | ||
Economic Interest (as a percent) | 25.00% | ||
Approximate Square Feet (sqft) | 347,000 | ||
Acquisition Price | 295,000,000 | ||
Stonehenge Portfolio | |||
General information on each joint venture | |||
Approximate Square Feet (sqft) | 2,046,733 | ||
Acquisition Price | 36,668,000 | 40,200,000 | |
Increase in real estate investment ownership interest | 3,500,000 | ||
Number of Joint Venture Properties with an Increased Ownership Interest | 6 | ||
1552 Broadway | |||
General information on each joint venture | |||
Approximate Square Feet (sqft) | 13,045 | ||
Three Retail and Two Residential Units | 21 East 66th Street | |||
General information on each joint venture | |||
Ownership Percentage | 32.28% | ||
Number of Stores | 3 | ||
Number Of Residential Units | 2 | ||
Three Residential Units | 21 East 66th Street | |||
General information on each joint venture | |||
Ownership Percentage | 16.14% | ||
Number Of Residential Units | 3 | ||
Series M Preferred Units | |||
General information on each joint venture | |||
Preferred Units (as a percent) | 3.75% | ||
Series M Preferred Units | Stonehenge Portfolio | |||
General information on each joint venture | |||
Issuance of aggregate liquidation preference of preferred units | 40,000,000 | ||
Mezzanine loan and preferred equity due March 2016 | |||
General information on each joint venture | |||
Loans Receivable, Gross, Commercial, Acquisition | 99,702,000 | 99,629,000 | |
Mezzanine loan due February 2022 | |||
General information on each joint venture | |||
Loans Receivable, Gross, Commercial, Acquisition | $45,964,000 | $46,246,000 |
Investment_in_Unconsolidated_J2
Investment in Unconsolidated Joint Ventures (Details 2) (USD $) | 1 Months Ended | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||||
Total fixed rate debt | $4,609,043,000 | $4,609,043,000 | $4,736,709,000 | |
Total floating rate debt | 750,000,000 | 750,000,000 | 1,103,942,000 | |
Total mortgages and other loans payable | 5,359,043,000 | 5,359,043,000 | 5,840,651,000 | |
(Loss) gain on early extinguishment of debt | -800,000 | -49,000 | 3,000 | |
1745 Broadway | ||||
Debt Instrument [Line Items] | ||||
Total fixed rate debt | 16,000,000 | 16,000,000 | 16,000,000 | |
Joint venture | ||||
Debt Instrument [Line Items] | ||||
Total fixed rate debt | 2,851,423,000 | 2,851,423,000 | 2,065,264,000 | |
Total floating rate debt | 1,503,251,000 | 1,503,251,000 | 1,713,440,000 | |
Total mortgages and other loans payable | 4,354,674,000 | 4,354,674,000 | 3,778,704,000 | |
Maximum amount of loan recourse to entity | 18,400,000 | 18,400,000 | ||
Joint venture | 7 Renaissance | ||||
Debt Instrument [Line Items] | ||||
Total fixed rate debt | 2,147,000 | 2,147,000 | 2,147,000 | |
Joint venture | 11 West 34th Street | ||||
Debt Instrument [Line Items] | ||||
Total fixed rate debt | 16,825,000 | 16,825,000 | 16,905,000 | |
Joint venture | 280 Park Avenue | ||||
Debt Instrument [Line Items] | ||||
Total fixed rate debt | 698,249,000 | 698,249,000 | 700,171,000 | |
Joint venture | 1745 Broadway | ||||
Debt Instrument [Line Items] | ||||
Total fixed rate debt | 340,000,000 | 340,000,000 | 340,000,000 | |
Joint venture | Jericho Plaza | ||||
Debt Instrument [Line Items] | ||||
Total fixed rate debt | 163,750,000 | 163,750,000 | 163,750,000 | |
Joint venture | 800 Third Avenue | ||||
Debt Instrument [Line Items] | ||||
Total fixed rate debt | 20,910,000 | 20,910,000 | 20,910,000 | |
Joint venture | 315 West 36th Street | ||||
Debt Instrument [Line Items] | ||||
Total fixed rate debt | 25,000,000 | 25,000,000 | 25,000,000 | |
Joint venture | 521 Fifth Avenue | ||||
Debt Instrument [Line Items] | ||||
Total fixed rate debt | 170,000,000 | 170,000,000 | 170,000,000 | |
Joint venture | 717 Fifth Avenue | Mortgage loan | ||||
Debt Instrument [Line Items] | ||||
Committed amount | 300,000,000 | 300,000,000 | ||
Joint venture | 717 Fifth Avenue | Mezzanine loans | ||||
Debt Instrument [Line Items] | ||||
Committed amount | 290,000,000 | 290,000,000 | ||
Joint venture | 21 East 66th Street | ||||
Debt Instrument [Line Items] | ||||
Total fixed rate debt | 12,000,000 | 12,000,000 | 12,000,000 | |
Total floating rate debt | 1,864,000 | 1,864,000 | 1,883,000 | |
Joint venture | 3 Columbus Circle | ||||
Debt Instrument [Line Items] | ||||
Total fixed rate debt | 350,000,000 | 350,000,000 | 0 | |
Total floating rate debt | 0 | 0 | 230,974,000 | |
Joint venture | Stonehenge Portfolio | ||||
Debt Instrument [Line Items] | ||||
Total fixed rate debt | 435,416,000 | 435,416,000 | 0 | |
Total floating rate debt | 10,500,000 | 10,500,000 | 0 | |
Joint venture | The Meadows | ||||
Debt Instrument [Line Items] | ||||
Total floating rate debt | 67,350,000 | 67,350,000 | 67,350,000 | |
Joint venture | 1552 Broadway | ||||
Debt Instrument [Line Items] | ||||
Total floating rate debt | 188,409,000 | 188,409,000 | 184,210,000 | |
Joint venture | 1552 Broadway | Mortgage loan | ||||
Debt Instrument [Line Items] | ||||
Committed amount | 150,000,000 | 150,000,000 | ||
Unfunded amount | 1,700,000 | 1,700,000 | ||
Joint venture | 1552 Broadway | Mezzanine loans | ||||
Debt Instrument [Line Items] | ||||
Committed amount | 41,500,000 | 41,500,000 | ||
Unfunded amount | 1,400,000 | 1,400,000 | ||
Joint venture | Other loan payable | ||||
Debt Instrument [Line Items] | ||||
Total floating rate debt | 30,000,000 | 30,000,000 | 30,000,000 | |
Joint venture | 650 Fifth Avenue | ||||
Debt Instrument [Line Items] | ||||
Total floating rate debt | 65,000,000 | 65,000,000 | 65,000,000 | |
Joint venture | 650 Fifth Avenue | Mortgage loan | ||||
Debt Instrument [Line Items] | ||||
Committed amount | 97,000,000 | 97,000,000 | ||
Unfunded amount | 32,000,000 | 32,000,000 | ||
Joint venture | 175-225 Third Street | ||||
Debt Instrument [Line Items] | ||||
Total floating rate debt | 40,000,000 | 40,000,000 | 40,000,000 | |
Joint venture | 10 East 53rd Street | ||||
Debt Instrument [Line Items] | ||||
Total floating rate debt | 125,000,000 | 125,000,000 | 125,000,000 | |
Joint venture | 724 Fifth Avenue | ||||
Debt Instrument [Line Items] | ||||
Total floating rate debt | 275,000,000 | 275,000,000 | 275,000,000 | |
Joint venture | 33 Beekman | ||||
Debt Instrument [Line Items] | ||||
Total floating rate debt | 59,370,000 | 59,370,000 | 52,283,000 | |
Maximum amount of loan recourse to entity | 75,000,000 | 75,000,000 | ||
Joint venture | 600 Lexington Avenue | ||||
Debt Instrument [Line Items] | ||||
Total floating rate debt | 115,758,000 | 115,758,000 | 116,740,000 | |
Joint venture | 55 West 46th Street | ||||
Debt Instrument [Line Items] | ||||
Total floating rate debt | 150,000,000 | 150,000,000 | 150,000,000 | |
Joint venture | 55 West 46th Street | Mortgage loan | ||||
Debt Instrument [Line Items] | ||||
Committed amount | 190,000,000 | 190,000,000 | ||
Unfunded amount | 40,000,000 | 40,000,000 | ||
Joint venture | 121 Greene Street | ||||
Debt Instrument [Line Items] | ||||
Total floating rate debt | 15,000,000 | 15,000,000 | 15,000,000 | |
Joint venture | 100 Park Avenue | ||||
Debt Instrument [Line Items] | ||||
Total floating rate debt | 360,000,000 | 360,000,000 | 360,000,000 | |
Initial Maturity July 2022 | Joint venture | 717 Fifth Avenue | ||||
Debt Instrument [Line Items] | ||||
Total fixed rate debt | 300,000,000 | 300,000,000 | 300,000,000 | |
Initial Maturity July 2024 | Joint venture | 717 Fifth Avenue | ||||
Debt Instrument [Line Items] | ||||
Total fixed rate debt | 317,126,000 | 317,126,000 | 314,381,000 | |
Initial Maturity July 2016 | Joint venture | Stonehenge Portfolio | ||||
Debt Instrument [Line Items] | ||||
Total fixed rate debt | 13,500,000 | 13,500,000 | ||
Initial Maturity June 2017 | Joint venture | Stonehenge Portfolio | ||||
Debt Instrument [Line Items] | ||||
Total fixed rate debt | 56,300,000 | 56,300,000 | ||
Initial Maturity November 2017 | Joint venture | Stonehenge Portfolio | ||||
Debt Instrument [Line Items] | ||||
Total fixed rate debt | 35,000,000 | 35,000,000 | ||
Initial Maturity February 2018 | Joint venture | Stonehenge Portfolio | ||||
Debt Instrument [Line Items] | ||||
Total fixed rate debt | 7,400,000 | 7,400,000 | ||
Initial Maturity August 2019 | Joint venture | Stonehenge Portfolio | ||||
Debt Instrument [Line Items] | ||||
Total fixed rate debt | 143,300,000 | 143,300,000 | ||
Initial Maturity June 2024 | Joint venture | Stonehenge Portfolio | ||||
Debt Instrument [Line Items] | ||||
Total fixed rate debt | $179,900,000 | $179,900,000 | ||
Weighted Average | 1745 Broadway | ||||
Debt Instrument [Line Items] | ||||
Interest rate, fixed rate debt (as a percent) | 4.81% | 4.81% | ||
Weighted Average | Joint venture | 7 Renaissance | ||||
Debt Instrument [Line Items] | ||||
Interest rate, fixed rate debt (as a percent) | 10.00% | 10.00% | ||
Weighted Average | Joint venture | 11 West 34th Street | ||||
Debt Instrument [Line Items] | ||||
Interest rate, fixed rate debt (as a percent) | 4.82% | 4.82% | ||
Weighted Average | Joint venture | 280 Park Avenue | ||||
Debt Instrument [Line Items] | ||||
Interest rate, fixed rate debt (as a percent) | 6.57% | 6.57% | ||
Weighted Average | Joint venture | 1745 Broadway | ||||
Debt Instrument [Line Items] | ||||
Interest rate, fixed rate debt (as a percent) | 5.68% | 5.68% | ||
Weighted Average | Joint venture | Jericho Plaza | ||||
Debt Instrument [Line Items] | ||||
Interest rate, fixed rate debt (as a percent) | 5.65% | 5.65% | ||
Weighted Average | Joint venture | 800 Third Avenue | ||||
Debt Instrument [Line Items] | ||||
Interest rate, fixed rate debt (as a percent) | 6.00% | 6.00% | ||
Weighted Average | Joint venture | 315 West 36th Street | ||||
Debt Instrument [Line Items] | ||||
Interest rate, fixed rate debt (as a percent) | 3.16% | 3.16% | ||
Weighted Average | Joint venture | 521 Fifth Avenue | ||||
Debt Instrument [Line Items] | ||||
Interest rate, fixed rate debt (as a percent) | 3.73% | 3.73% | ||
Weighted Average | Joint venture | 21 East 66th Street | ||||
Debt Instrument [Line Items] | ||||
Interest rate, fixed rate debt (as a percent) | 3.60% | 3.60% | ||
Interest rate, floating rate debt (as a percent) | 2.88% | 2.88% | ||
Weighted Average | Joint venture | 3 Columbus Circle | ||||
Debt Instrument [Line Items] | ||||
Interest rate, fixed rate debt (as a percent) | 2.83% | 2.83% | ||
Weighted Average | Joint venture | Stonehenge Portfolio | ||||
Debt Instrument [Line Items] | ||||
Interest rate, fixed rate debt (as a percent) | 4.18% | 4.18% | ||
Interest rate, floating rate debt (as a percent) | 3.25% | 3.25% | ||
Weighted Average | Joint venture | The Meadows | ||||
Debt Instrument [Line Items] | ||||
Interest rate, floating rate debt (as a percent) | 7.75% | 7.75% | ||
Weighted Average | Joint venture | 1552 Broadway | ||||
Debt Instrument [Line Items] | ||||
Interest rate, floating rate debt (as a percent) | 4.29% | 4.29% | ||
Weighted Average | Joint venture | Other loan payable | ||||
Debt Instrument [Line Items] | ||||
Interest rate, floating rate debt (as a percent) | 1.08% | 1.08% | ||
Weighted Average | Joint venture | 650 Fifth Avenue | ||||
Debt Instrument [Line Items] | ||||
Interest rate, floating rate debt (as a percent) | 3.68% | 3.68% | ||
Weighted Average | Joint venture | 175-225 Third Street | ||||
Debt Instrument [Line Items] | ||||
Interest rate, floating rate debt (as a percent) | 4.25% | 4.25% | ||
Weighted Average | Joint venture | 10 East 53rd Street | ||||
Debt Instrument [Line Items] | ||||
Interest rate, floating rate debt (as a percent) | 2.68% | 2.68% | ||
Weighted Average | Joint venture | 724 Fifth Avenue | ||||
Debt Instrument [Line Items] | ||||
Interest rate, floating rate debt (as a percent) | 2.60% | 2.60% | ||
Weighted Average | Joint venture | 33 Beekman | ||||
Debt Instrument [Line Items] | ||||
Interest rate, floating rate debt (as a percent) | 2.93% | 2.93% | ||
Weighted Average | Joint venture | 600 Lexington Avenue | ||||
Debt Instrument [Line Items] | ||||
Interest rate, floating rate debt (as a percent) | 2.26% | 2.26% | ||
Weighted Average | Joint venture | 55 West 46th Street | ||||
Debt Instrument [Line Items] | ||||
Interest rate, floating rate debt (as a percent) | 2.48% | 2.48% | ||
Weighted Average | Joint venture | 121 Greene Street | ||||
Debt Instrument [Line Items] | ||||
Interest rate, floating rate debt (as a percent) | 1.68% | 1.68% | ||
Weighted Average | Joint venture | 100 Park Avenue | ||||
Debt Instrument [Line Items] | ||||
Interest rate, floating rate debt (as a percent) | 1.93% | 1.93% | ||
Weighted Average | Initial Maturity July 2022 | Joint venture | 717 Fifth Avenue | ||||
Debt Instrument [Line Items] | ||||
Interest rate, fixed rate debt (as a percent) | 4.45% | 4.45% | ||
Weighted Average | Initial Maturity July 2024 | Joint venture | 717 Fifth Avenue | ||||
Debt Instrument [Line Items] | ||||
Interest rate, fixed rate debt (as a percent) | 9.00% | 9.00% |
Investment_in_Unconsolidated_J3
Investment in Unconsolidated Joint Ventures (Details 3) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Assets | |||
Commercial real estate property, net | $12,004,790,000 | $12,163,976,000 | |
Other assets | 978,670,000 | 647,333,000 | |
Liabilities and members' equity | |||
Mortgages and other loans payable | 5,359,043,000 | 5,586,709,000 | |
Company's investments in unconsolidated joint ventures | 1,244,185,000 | 1,172,020,000 | |
Combined statements of income for the unconsolidated joint ventures | |||
Operating expenses | 76,777,000 | 69,909,000 | |
Ground rent | 8,188,000 | 8,033,000 | |
Real estate taxes | 55,723,000 | 52,350,000 | |
Interest expense, net of interest income | 75,807,000 | 76,178,000 | |
Amortization of deferred financing costs | 6,615,000 | 3,657,000 | |
Transaction related costs | 1,143,000 | 2,474,000 | |
Depreciation and amortization | 108,337,000 | 86,515,000 | |
Total expenses | 358,054,000 | 322,373,000 | |
Company's equity in net income from unconsolidated joint ventures | 4,030,000 | 6,128,000 | |
Joint venture | |||
Assets | |||
Commercial real estate property, net | 6,104,572,000 | 5,275,632,000 | |
Other assets | 919,848,000 | 810,567,000 | |
Total assets | 7,024,420,000 | 6,086,199,000 | |
Liabilities and members' equity | |||
Mortgages and other loans payable | 4,354,674,000 | 3,778,704,000 | |
Other liabilities | 506,768,000 | 485,572,000 | |
Members' equity | 2,162,978,000 | 1,821,923,000 | |
Total liabilities and members' equity | 7,024,420,000 | 6,086,199,000 | |
Company's investments in unconsolidated joint ventures | 1,244,185,000 | 1,172,020,000 | |
Combined statements of income for the unconsolidated joint ventures | |||
Total revenues | 128,916,000 | 161,138,000 | |
Operating expenses | 25,486,000 | 26,683,000 | |
Ground rent | 2,592,000 | 2,025,000 | |
Real estate taxes | 19,376,000 | 16,936,000 | |
Interest expense, net of interest income | 44,007,000 | 52,336,000 | |
Amortization of deferred financing costs | 3,010,000 | 4,633,000 | |
Transaction related costs | 8,000 | 271,000 | |
Depreciation and amortization | 32,984,000 | 45,604,000 | |
Total expenses | 127,463,000 | 148,488,000 | |
Loss on early extinguishment of debt | -833,000 | -3,197,000 | |
Net income (loss) before gain on sale | 620,000 | 9,453,000 | |
Company's equity in net income from unconsolidated joint ventures | 4,030,000 | 6,128,000 | |
Joint venture | |||
Investment in Unconsolidated Joint Ventures | |||
Management fees, base revenue | $2,800,000 | $6,300,000 |
Deferred_Costs_Details
Deferred Costs (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deferred leasing | $389,935 | $385,555 |
Deferred financing | 195,474 | 193,776 |
Deferred costs, gross | 585,409 | 579,331 |
Less accumulated amortization | -258,854 | -251,369 |
Deferred costs, net | $326,555 | $327,962 |
Mortgages_and_Other_Loans_Paya2
Mortgages and Other Loans Payable (Details) (USD $) | 3 Months Ended | |||||
Mar. 31, 2015 | Dec. 31, 2014 | Nov. 30, 2012 | Oct. 31, 2014 | Feb. 28, 2015 | Jan. 31, 2015 | |
Debt Instrument [Line Items] | ||||||
Total fixed rate debt | $4,609,043,000 | $4,736,709,000 | ||||
Total floating rate debt | 750,000,000 | 1,103,942,000 | ||||
Total mortgages and other loans payable | 5,359,043,000 | 5,840,651,000 | ||||
Maximum facility capacity | 1,600,000,000 | |||||
Book value of collateral | 7,900,000,000 | 8,200,000,000 | ||||
Series J Preferred Stock | ||||||
Debt Instrument [Line Items] | ||||||
Total fixed rate debt | 4,000,000 | 4,000,000 | ||||
Temporary Equity, Carrying Amount, Attributable to Noncontrolling Interest | 4,000,000 | |||||
Preferred units, shares outstanding | 4,000 | |||||
Preferred Units (as a percent) | 3.75% | |||||
Preferred Units, liquidation preference (in dollars per unit) | $1,000 | |||||
Master repurchase agreement | ||||||
Debt Instrument [Line Items] | ||||||
Total floating rate debt | 0 | 100,000,000 | ||||
Maximum facility capacity | 300,000,000 | |||||
500 West Putnam Avenue | ||||||
Debt Instrument [Line Items] | ||||||
Total fixed rate debt | 22,823,000 | 22,968,000 | ||||
Landmark Square | ||||||
Debt Instrument [Line Items] | ||||||
Total fixed rate debt | 80,848,000 | 81,269,000 | ||||
485 Lexington Avenue | ||||||
Debt Instrument [Line Items] | ||||||
Total fixed rate debt | 450,000,000 | 450,000,000 | ||||
120 West 45th Street | ||||||
Debt Instrument [Line Items] | ||||||
Total fixed rate debt | 170,000,000 | 170,000,000 | ||||
762 Madison Avenue | ||||||
Debt Instrument [Line Items] | ||||||
Total fixed rate debt | 8,001,000 | 8,045,000 | ||||
885 Third Avenue | ||||||
Debt Instrument [Line Items] | ||||||
Total fixed rate debt | 267,650,000 | 267,650,000 | ||||
1745 Broadway | ||||||
Debt Instrument [Line Items] | ||||||
Total fixed rate debt | 16,000,000 | 16,000,000 | ||||
388-390 Greenwich Street | ||||||
Debt Instrument [Line Items] | ||||||
Total fixed rate debt | 1,004,000,000 | 1,004,000,000 | ||||
Total floating rate debt | 446,000,000 | 446,000,000 | ||||
388-390 Greenwich Street | Swap One | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, fixed rate debt (as a percent) | 3.80% | |||||
Total fixed rate debt | 504,000,000 | |||||
388-390 Greenwich Street | Swap Two | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, fixed rate debt (as a percent) | 2.69% | |||||
Total fixed rate debt | 500,000,000 | |||||
One Madison Avenue | ||||||
Debt Instrument [Line Items] | ||||||
Total fixed rate debt | 560,025,000 | 565,742,000 | ||||
100 Church Street | ||||||
Debt Instrument [Line Items] | ||||||
Total fixed rate debt | 227,713,000 | 228,612,000 | ||||
919 Third Avenue | ||||||
Debt Instrument [Line Items] | ||||||
Total fixed rate debt | 500,000,000 | 500,000,000 | ||||
Interest in property (as a percent) | 51.00% | |||||
400 East 57th Street | ||||||
Debt Instrument [Line Items] | ||||||
Total fixed rate debt | 68,588,000 | 68,896,000 | ||||
400 East 58th Street | ||||||
Debt Instrument [Line Items] | ||||||
Total fixed rate debt | 29,395,000 | 29,527,000 | ||||
420 Lexington Avenue | ||||||
Debt Instrument [Line Items] | ||||||
Total fixed rate debt | 300,000,000 | 300,000,000 | ||||
1515 Broadway | ||||||
Debt Instrument [Line Items] | ||||||
Total fixed rate debt | 900,000,000 | 900,000,000 | ||||
711 Third Avenue | ||||||
Debt Instrument [Line Items] | ||||||
Total fixed rate debt | 0 | 120,000,000 | ||||
248-252 Bedford Avenue | ||||||
Debt Instrument [Line Items] | ||||||
Total floating rate debt | 29,000,000 | 29,000,000 | ||||
220 East 42nd Street | ||||||
Debt Instrument [Line Items] | ||||||
Total floating rate debt | 275,000,000 | 275,000,000 | ||||
180 Maiden Lane | ||||||
Debt Instrument [Line Items] | ||||||
Total floating rate debt | $0 | $253,942,000 | ||||
Weighted Average | Series J Preferred Stock | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, fixed rate debt (as a percent) | 3.75% | |||||
Weighted Average | Master repurchase agreement | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, floating rate debt (as a percent) | 3.43% | |||||
Weighted Average | 500 West Putnam Avenue | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, fixed rate debt (as a percent) | 5.52% | |||||
Weighted Average | Landmark Square | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, fixed rate debt (as a percent) | 4.00% | |||||
Weighted Average | 485 Lexington Avenue | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, fixed rate debt (as a percent) | 5.61% | |||||
Weighted Average | 120 West 45th Street | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, fixed rate debt (as a percent) | 6.12% | |||||
Weighted Average | 762 Madison Avenue | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, fixed rate debt (as a percent) | 3.81% | 3.86% | 3.75% | |||
Weighted Average | 885 Third Avenue | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, fixed rate debt (as a percent) | 6.26% | |||||
Weighted Average | 1745 Broadway | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, fixed rate debt (as a percent) | 4.81% | |||||
Weighted Average | 388-390 Greenwich Street | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, fixed rate debt (as a percent) | 3.25% | |||||
Interest rate, floating rate debt (as a percent) | 1.93% | |||||
Weighted Average | One Madison Avenue | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, fixed rate debt (as a percent) | 5.91% | |||||
Weighted Average | 100 Church Street | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, fixed rate debt (as a percent) | 4.68% | |||||
Weighted Average | 919 Third Avenue | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, fixed rate debt (as a percent) | 5.12% | |||||
Weighted Average | 400 East 57th Street | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, fixed rate debt (as a percent) | 4.13% | |||||
Weighted Average | 400 East 58th Street | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, fixed rate debt (as a percent) | 4.13% | |||||
Weighted Average | 420 Lexington Avenue | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, fixed rate debt (as a percent) | 3.99% | |||||
Weighted Average | 1515 Broadway | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, fixed rate debt (as a percent) | 3.93% | |||||
Weighted Average | 248-252 Bedford Avenue | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, floating rate debt (as a percent) | 1.68% | |||||
Weighted Average | 220 East 42nd Street | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, floating rate debt (as a percent) | 1.78% |
Corporate_Indebtedness_Details
Corporate Indebtedness (Details) (USD $) | 1 Months Ended | 3 Months Ended | ||||
Jan. 31, 2015 | Nov. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Nov. 30, 2012 | |
Corporate Indebtedness | ||||||
Credit facility, maximum borrowing capacity | $1,600,000,000 | |||||
Outstanding under line of credit facility | 520,000,000 | 385,000,000 | ||||
Term loan | ||||||
Corporate Indebtedness | ||||||
Credit facility, maximum borrowing capacity | 783,000,000 | 833,000,000 | ||||
Increase in credit facility | 50,000,000 | 383,000,000 | ||||
Decrease in basis points (as a percent) | 0.20% | 0.25% | ||||
Decrease in facility fee (as a percent) | 0.05% | |||||
Effective rate (as a percent) | 1.65% | |||||
Term loan | LIBOR | ||||||
Corporate Indebtedness | ||||||
Interest rate added to base rate (as a percent) | 1.40% | |||||
Term loan | LIBOR | Minimum | ||||||
Corporate Indebtedness | ||||||
Interest rate added to base rate (as a percent) | 0.95% | |||||
Term loan | LIBOR | Maximum | ||||||
Corporate Indebtedness | ||||||
Interest rate added to base rate (as a percent) | 1.90% | |||||
Revolving credit facility | ||||||
Corporate Indebtedness | ||||||
Credit facility, maximum borrowing capacity | 1,200,000,000 | |||||
Maximum borrowing capacity, optional expansion | 1,500,000,000 | |||||
Effective rate (as a percent) | 1.43% | |||||
Outstanding under line of credit facility | 520,000,000 | |||||
Revolving credit facility | Minimum | ||||||
Corporate Indebtedness | ||||||
Unused balance fee (as a percent) | 0.13% | |||||
Facility fee (as a percent) | 0.25% | |||||
Revolving credit facility | Maximum | ||||||
Corporate Indebtedness | ||||||
Unused balance fee (as a percent) | 0.30% | |||||
Revolving credit facility | LIBOR | ||||||
Corporate Indebtedness | ||||||
Interest rate added to base rate (as a percent) | 1.25% | |||||
Revolving credit facility | LIBOR | Minimum | ||||||
Corporate Indebtedness | ||||||
Interest rate added to base rate (as a percent) | 0.88% | |||||
Revolving credit facility | LIBOR | Maximum | ||||||
Corporate Indebtedness | ||||||
Interest rate added to base rate (as a percent) | 1.55% | |||||
2012 Credit Facility | ||||||
Corporate Indebtedness | ||||||
Letters of credit | 107,600,000 | |||||
Ability to borrow under line of credit facility | 572,400,000 |
Corporate_Indebtedness_Details1
Corporate Indebtedness (Details 2) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2014 | Oct. 06, 2010 | Mar. 20, 2007 | |
Debt disclosures by scheduled maturity date | ||||
Accreted Balance | $2,110,041,000 | $2,107,078,000 | ||
Senior unsecured notes | ||||
Debt disclosures by scheduled maturity date | ||||
Unpaid Principal Balance | 1,310,323,000 | |||
Accreted Balance | 1,277,041,000 | 1,274,078,000 | ||
Senior unsecured notes | 6.00% Senior unsecured notes maturing on March 31, 2016 | ||||
Debt disclosures by scheduled maturity date | ||||
Unpaid Principal Balance | 255,308,000 | |||
Accreted Balance | 255,261,000 | 255,250,000 | ||
Coupon Rate (as a percent) | 6.00% | |||
Effective rate (as a percent) | 6.00% | |||
Term (in Years) | 10 years | |||
Senior unsecured notes | 3.00% Senior unsecured notes maturing on October 15, 2017 | ||||
Debt disclosures by scheduled maturity date | ||||
Unpaid Principal Balance | 345,000,000 | |||
Accreted Balance | 312,005,000 | 309,069,000 | ||
Coupon Rate (as a percent) | 3.00% | |||
Effective rate (as a percent) | 3.00% | |||
Term (in Years) | 7 years | |||
Premium on sale price to calculate exchange price of notes (as a percent) | 30.00% | |||
Exchange price (in dollars per share) | $85.81 | |||
Adjusted exchange rate for the debentures (in shares) | 12.1632 | |||
Principal amount of debentures, basis for conversion | 1,000 | |||
Amount of convertible debt recorded in equity | 78,300,000 | |||
Debt Instrument, Unamortized Discount | 32,900,000 | |||
Senior unsecured notes | 5.00% Senior unsecured notes maturing on August 15, 2018 | ||||
Debt disclosures by scheduled maturity date | ||||
Unpaid Principal Balance | 250,000,000 | |||
Accreted Balance | 249,760,000 | 249,744,000 | ||
Coupon Rate (as a percent) | 5.00% | |||
Effective rate (as a percent) | 5.00% | |||
Term (in Years) | 7 years | |||
Senior unsecured notes | 7.75% Senior unsecured notes maturing on March 15, 2020 | ||||
Debt disclosures by scheduled maturity date | ||||
Unpaid Principal Balance | 250,000,000 | |||
Accreted Balance | 250,000,000 | 250,000,000 | ||
Coupon Rate (as a percent) | 7.75% | |||
Effective rate (as a percent) | 7.75% | |||
Term (in Years) | 10 years | |||
Senior unsecured notes | 4.50% Senior unsecured notes maturing on December 1, 2022 | ||||
Debt disclosures by scheduled maturity date | ||||
Unpaid Principal Balance | 200,000,000 | |||
Accreted Balance | 200,000,000 | 200,000,000 | ||
Coupon Rate (as a percent) | 4.50% | |||
Effective rate (as a percent) | 4.50% | |||
Term (in Years) | 10 years | |||
Senior unsecured notes | 4.00% Senior unsecured notes maturing on June 15, 2025 | ||||
Debt disclosures by scheduled maturity date | ||||
Unpaid Principal Balance | 7,000 | |||
Accreted Balance | 7,000 | 7,000 | ||
Coupon Rate (as a percent) | 4.00% | |||
Effective rate (as a percent) | 4.00% | |||
Term (in Years) | 20 years | |||
Exchange price (in dollars per share) | $1.35 | |||
Adjusted exchange rate for the debentures (in shares) | 7.7461 | |||
Principal amount of debentures, basis for conversion | 1,000 | |||
Senior unsecured notes | 3.00% Senior unsecured notes maturing on March 30, 2027 | ||||
Debt disclosures by scheduled maturity date | ||||
Unpaid Principal Balance | 10,008,000 | |||
Accreted Balance | 10,008,000 | 10,008,000 | ||
Coupon Rate (as a percent) | 3.00% | |||
Effective rate (as a percent) | 3.00% | |||
Term (in Years) | 20 years | |||
Premium on sale price to calculate exchange price of notes (as a percent) | 25.00% | |||
Exchange price (in dollars per share) | $173.30 | |||
Adjusted exchange rate for the debentures (in shares) | 5.7952 | |||
Principal amount of debentures, basis for conversion | $1,000 |
Corporate_Indebtedness_Details2
Corporate Indebtedness (Details 3) (USD $) | 1 Months Ended | 3 Months Ended | |
Jun. 30, 2005 | Mar. 31, 2015 | Apr. 30, 2015 | |
Scheduled Amortization and Principal Repayments | |||
Remaining 2015 | $22,889,000 | ||
2016 | 402,979,000 | ||
2017 | 1,311,400,000 | ||
2018 | 330,462,000 | ||
2019 | 931,726,000 | ||
Thereafter | 5,122,908,000 | ||
Total amortization of debt and principal repayments | 8,122,364,000 | ||
Trust Preferred Securities | |||
Debt Instrument [Line Items] | |||
Proceeds from Issuance of Debt | 100,000,000 | ||
Coupon Rate (as a percent) | 5.61% | ||
Number of Years from Issuance of Debt for which Fixed Rate of Interest will be in Force | 10 years | ||
Scheduled Amortization and Principal Repayments | |||
Remaining 2015 | 0 | ||
2016 | 0 | ||
2017 | 0 | ||
2018 | 0 | ||
2019 | 0 | ||
Thereafter | 100,000,000 | ||
Total amortization of debt and principal repayments | 100,000,000 | ||
Mortgages and other loans payable | |||
Scheduled Amortization | |||
Remaining 2015 | 22,882,000 | ||
2016 | 47,360,000 | ||
2017 | 61,063,000 | ||
2018 | 64,462,000 | ||
2019 | 70,409,000 | ||
Thereafter | 200,403,000 | ||
Total amortization of debt | 466,579,000 | ||
Principal Repayments and Joint Venture Debt | |||
Remaining 2015 | 0 | ||
2016 | 100,311,000 | ||
2017 | 895,329,000 | ||
2018 | 16,000,000 | ||
2019 | 28,317,000 | ||
Thereafter | 3,852,505,000 | ||
Total principal repayments | 4,892,462,000 | ||
2012 Credit Facility | |||
Scheduled Amortization and Principal Repayments | |||
Remaining 2015 | 0 | ||
2016 | 0 | ||
2017 | 0 | ||
2018 | 0 | ||
2019 | 0 | ||
Thereafter | 520,000,000 | ||
Total amortization of debt and principal repayments | 520,000,000 | ||
Unsecured Term Loan | |||
Scheduled Amortization and Principal Repayments | |||
Remaining 2015 | 0 | ||
2016 | 0 | ||
2017 | 0 | ||
2018 | 0 | ||
2019 | 833,000,000 | ||
Thereafter | 0 | ||
Total amortization of debt and principal repayments | 833,000,000 | ||
Senior Unsecured Notes | |||
Scheduled Amortization and Principal Repayments | |||
Remaining 2015 | 7,000 | ||
2016 | 255,308,000 | ||
2017 | 355,008,000 | ||
2018 | 250,000,000 | ||
2019 | 0 | ||
Thereafter | 450,000,000 | ||
Total amortization of debt and principal repayments | 1,310,323,000 | ||
Joint venture | |||
Principal Repayments and Joint Venture Debt | |||
Remaining 2015 | 39,407,000 | ||
2016 | 534,026,000 | ||
2017 | 582,755,000 | ||
2018 | 2,196,000 | ||
2019 | 104,688,000 | ||
Thereafter | 446,744,000 | ||
Total principal repayments | $1,709,816,000 | ||
LIBOR | Trust Preferred Securities | |||
Debt Instrument [Line Items] | |||
Interest rate added to base rate (as a percent) | 1.25% | ||
LIBOR | Unsecured Term Loan | |||
Debt Instrument [Line Items] | |||
Interest rate added to base rate (as a percent) | 1.40% | ||
Senior unsecured notes | 4.00% Senior unsecured notes maturing on June 15, 2025 | |||
Debt Instrument [Line Items] | |||
Coupon Rate (as a percent) | 4.00% | ||
Subsequent Event | Senior unsecured notes | 4.00% Senior unsecured notes maturing on June 15, 2025 | |||
Debt Instrument [Line Items] | |||
Coupon Rate (as a percent) | 4.00% |
Corporate_Indebtedness_Details3
Corporate Indebtedness (Details 4) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Interest expense | ||
Interest expense | $76,459 | $76,708 |
Interest income | -652 | -530 |
Interest expense, net | 75,807 | 76,178 |
Interest capitalized | $8,558 | $4,271 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Amounts due from/to related parties | |||
Due from joint ventures | $1,214,000 | $1,254,000 | |
Other | 10,874,000 | 10,481,000 | |
Related party receivables | 12,088,000 | 11,735,000 | |
Alliance Building Services | |||
Related Party Transactions | |||
Profit participation from related party | 1,000,000 | 900,000 | |
Payments made for services | 4,000,000 | 3,800,000 | |
Entity with Stephen L Green ownership interest | |||
Related Party Transactions | |||
Property management fees from related party | $127,200 | $104,800 |
Noncontrolling_Interests_on_th2
Noncontrolling Interests on the Company's Consolidated Financial Statements (Details) (USD $) | 3 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Feb. 28, 2015 | Dec. 31, 2014 | Jan. 31, 2012 | Aug. 31, 2014 | |
unit | ||||||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | ||||||
Balance at beginning of period | $469,524,000 | |||||
Distributions | -112,100,000 | |||||
Redemption of common units | -3,520,000 | |||||
Net income | 1,743,000 | 4,729,000 | ||||
Accumulated other comprehensive income allocation | -200,000 | -42,000 | ||||
Balance at end of period | 498,881,000 | |||||
Series M Preferred Units | ||||||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | ||||||
Dividend rate preferred units (as a percent) | 3.75% | |||||
SL Green Operating Partnership | ||||||
Organization | ||||||
Noncontrolling interest in the operating partnership (as a percent) | 3.78% | 3.92% | ||||
Number of units of operating partnership owned by the noncontrolling interest unit holders (shares) | 3,912,944 | 3,973,016 | ||||
Shares of common stock reserved for issuance upon redemption of units of limited partnership interest in operating partnership (shares) | 3,912,944 | |||||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | ||||||
Balance at beginning of period | 469,524,000 | 265,476,000 | 265,476,000 | |||
Distributions | -2,349,000 | -7,849,000 | ||||
Issuance of common units | 22,114,000 | 56,469,000 | ||||
Redemption of common units | -37,407,000 | -31,653,000 | ||||
Net income | 1,743,000 | 18,467,000 | ||||
Accumulated other comprehensive income allocation | -200,000 | 175,000 | ||||
Fair value adjustment | 45,456,000 | 168,439,000 | ||||
Balance at end of period | 498,881,000 | 469,524,000 | ||||
SL Green Operating Partnership | Series G Preferred Units | ||||||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | ||||||
Number of preferred units issued (in shares) | 1,902,000 | |||||
Dividend rate preferred units (as a percent) | 4.50% | |||||
Liquidation preference of preferred units (in dollars per share) | $25 | |||||
Annual dividends on preferred units (in dollars per share) | $1.13 | |||||
Operating partnership common stock value use for conversion of preferred units (in dollars per share) | $88.50 | |||||
Number of company common stock issue on redemption of operation partnership common units | 1 | |||||
SL Green Operating Partnership | Series F Preferred Units | ||||||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | ||||||
Number of preferred units issued (in shares) | 60 | |||||
Mandatory liquidation preference (in dollars per share) | $1,000 | |||||
SL Green Operating Partnership | Series K Preferred Units | ||||||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | ||||||
Number of preferred units issued (in shares) | 563,954 | |||||
Dividend rate preferred units (as a percent) | 3.50% | |||||
Liquidation preference of preferred units (in dollars per share) | $25 | |||||
Annual dividends on preferred units (in dollars per share) | $0.88 | |||||
Operating partnership common stock value use for conversion of preferred units (in dollars per share) | $134.67 | |||||
Preferred Units, shares authorized | 700,000 | |||||
SL Green Operating Partnership | Series L Preferred Units | ||||||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | ||||||
Number of preferred units issued (in shares) | 378,634 | |||||
Dividend rate preferred units (as a percent) | 4.00% | |||||
Liquidation preference of preferred units (in dollars per share) | $25 | |||||
Annual dividends on preferred units (in dollars per share) | $1 | |||||
Preferred Units, shares authorized | 500,000 | |||||
SL Green Operating Partnership | Series M Preferred Units | ||||||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | ||||||
Number of preferred units issued (in shares) | 1,600,000 | |||||
Dividend rate preferred units (as a percent) | 3.75% | |||||
Liquidation preference of preferred units (in dollars per share) | $25 | |||||
Annual dividends on preferred units (in dollars per share) | $0.94 | |||||
Preferred Units, shares authorized | 1,600,000 |
Noncontrolling_Interests_on_th3
Noncontrolling Interests on the Company's Consolidated Financial Statements - Preferred Unit Activity (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Rollforward Analysis of Preferred Unit Activity | ||
Redemption of preferred units | ($3,520) | |
SL Green Operating Partnership | ||
Rollforward Analysis of Preferred Unit Activity | ||
Issuance of preferred units | 22,114 | 56,469 |
Redemption of preferred units | -37,407 | -31,653 |
SL Green Operating Partnership | Preferred Units | ||
Rollforward Analysis of Preferred Unit Activity | ||
Balance at beginning of period | 71,115 | 49,550 |
Issuance of preferred units | 40,000 | 23,565 |
Redemption of preferred units | -200 | -2,000 |
Balance at end of period | $110,915 | $71,115 |
Stockholders_Equity_of_the_Com2
Stockholders' Equity of the Company (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Stockholders' Equity Note [Abstract] | ||
Authorized capital stock (shares) | 260,000,000 | |
Authorized shares, par value (in dollars per share) | $0.01 | |
Common stock, shares authorized | 160,000,000 | 160,000,000 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Excess stock, shares authorized (shares) | 75,000,000 | |
Excess stock, par value (in dollars per share) | $0.01 | |
Preferred stock, shares authorized (shares) | 25,000,000 | |
Preferred stock, par value (in dollars per share) | $0.01 | |
Shares issued (shares) | 99,532,817 | |
Excess shares issued (shares) | 0 |
Stockholders_Equity_of_the_Com3
Stockholders' Equity of the Company (Details 2) (USD $) | 3 Months Ended | 1 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Aug. 31, 2012 | Dec. 31, 2014 | Jun. 30, 2014 | Feb. 28, 2015 | |
Stockholders' Equity | ||||||
Net proceeds from sale of common stock | $120,597,000 | $24,000 | ||||
Common stock, shares authorized | 160,000,000 | 160,000,000 | ||||
At-the-Market Equity Offering Programs | ||||||
Stockholders' Equity | ||||||
Aggregate value of the shares of common stock to be sold | 300,000,000 | |||||
Issuance of common stock (in shares) | 895,956 | |||||
Net proceeds from sale of common stock | 113,400,000 | |||||
New At-the-Market Equity offering programs | ||||||
Stockholders' Equity | ||||||
Aggregate value of the shares of common stock to be sold | 300,000,000 | |||||
Issuance of common stock (in shares) | 56,680 | |||||
Net proceeds from sale of common stock | 7,500,000 | |||||
Aggregate value of shares available for issuance | 292,500,000 | |||||
Series I Preferred Stock | ||||||
Stockholders' Equity | ||||||
Preferred stock, shares outstanding | 9,200,000 | 9,200,000 | ||||
Dividend rate preferred units (as a percent) | 6.50% | |||||
Perpetual Preferred stock, liquidation preference (in dollars per share) | $25 | 25 | ||||
Perpetual Preferred stock, annual dividends per share (in dollars per share) | $1.63 | |||||
Net proceeds from sale of preferred stock | 221,900,000 | |||||
Dividend Reinvestment and Stock Purchase Plan (DRIP) | ||||||
Stockholders' Equity | ||||||
Issuance of common stock (in shares) | 775,161 | |||||
Net proceeds from sale of common stock | $99,500,000 | |||||
Common stock, shares authorized | 3,500,000 |
Stockholders_Equity_of_the_Com4
Stockholders' Equity of the Company (Details 3) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Basic Earnings: | ||
Income attributable to SL Green common stockholders | $43,277 | $146,090 |
Diluted Earnings: | ||
Income attributable to SL Green common stockholders | 45,020 | 150,819 |
Basic Shares: | ||
Basic weighted average common shares outstanding (shares) | 98,402,000 | 95,117,000 |
Effect of Dilutive Securities: | ||
Redemption of units to common shares (shares) | 3,964,000 | 3,079,000 |
Stock-based compensation plans (shares) | 653,000 | 520,000 |
Diluted weighted average common stock outstanding (shares) | 103,019,000 | 98,716,000 |
Common stock shares excluded from the diluted shares outstanding (shares) | 203,975 | 860,720 |
Common Stock | ||
Effect of Dilutive Securities: | ||
Redemption of units to common shares | $1,743 | $4,729 |
Partners_Capital_of_the_Operat2
Partners' Capital of the Operating Partnership (Details) | Mar. 31, 2015 | Dec. 31, 2014 |
Common Stock | ||
Stockholders' Equity | ||
Units outstanding (units) | 99,533,000 | 97,325,000 |
SL Green Operating Partnership | ||
Stockholders' Equity | ||
Noncontrolling interest in the operating partnership (as a percent) | 3.78% | 3.92% |
Number of units of operating partnership owned by the noncontrolling interest unit holders (units) | 3,912,944 | 3,973,016 |
SL Green Operating Partnership | Series I Preferred Units | ||
Stockholders' Equity | ||
Units outstanding (units) | 9,200,000 | |
SL Green Operating Partnership | Common Stock | ||
Stockholders' Equity | ||
Units outstanding (units) | 99,532,817 |
Partners_Capital_of_the_Operat3
Partners' Capital of the Operating Partnership - EPS (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Stockholders' Equity | ||
Income attributable to SL Green common stockholders | $43,277 | $146,090 |
Basic weighted average common shares outstanding (shares) | 98,402,000 | 95,117,000 |
Common stock shares excluded from the diluted shares outstanding (shares) | 203,975 | 860,720 |
SL Green Operating Partnership | ||
Stockholders' Equity | ||
Income attributable to SL Green common stockholders | $45,020 | $150,819 |
Basic weighted average common shares outstanding (shares) | 102,366,000 | 98,196,000 |
Stock-based compensation plans (shares) | 653,000 | 520,000 |
Diluted weighted average common units outstanding (shares) | 103,019,000 | 98,716,000 |
Common stock shares excluded from the diluted shares outstanding (shares) | 203,975 | 860,720 |
Sharebased_CompensationAdditio
Share-based Compensation-Additional Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2012 | Jan. 31, 2015 | Aug. 31, 2011 | Aug. 31, 2014 | Dec. 31, 2013 | Dec. 11, 2013 | Dec. 17, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Sep. 30, 2014 | Jun. 30, 2014 | Jan. 01, 2008 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Cost of the plan, subject to adjustment for forfeitures | $1,600,000 | $1,600,000 | ||||||||||||||
Stock options | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Period of commencement of option vesting, from date of grant (in years) | 1 year | |||||||||||||||
Exercise price of options granted, low end of the range (in dollars per share) | $20.67 | |||||||||||||||
Exercise price of options granted, high end of the range (in dollars per share) | $137.18 | |||||||||||||||
Remaining weighted average contractual life of the options outstanding (in years) | 3 years 11 months 19 days | |||||||||||||||
Remaining weighted average contractual life of the options exercisable (in years) | 3 years 9 months 7 days | |||||||||||||||
Total unrecognized compensation cost related to unvested stock awards | 12,000,000 | |||||||||||||||
Weighted average period for recognition of compensation cost related to unvested stock awards (in years) | 3 years | |||||||||||||||
Weighted average fair value of options granted during the year | 0 | 2,841,678 | ||||||||||||||
Stock options | Minimum | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Award expiration period (in years) | 5 years | |||||||||||||||
Options vesting period (in years) | 1 year | |||||||||||||||
Stock options | Maximum | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Award expiration period (in years) | 10 years | |||||||||||||||
Options vesting period (in years) | 5 years | |||||||||||||||
Restricted Stock Awards | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Compensation expense | 1,936,853 | 9,658,019 | ||||||||||||||
Total unrecognized compensation cost related to unvested stock awards | 10,500,000 | |||||||||||||||
Weighted average period for recognition of compensation cost related to unvested stock awards (in years) | 1 year 10 months 24 days | |||||||||||||||
Annual award vesting rate, low end of range (as a percent) | 15.00% | |||||||||||||||
Annual award vesting rate, high end of range (as a percent) | 35.00% | |||||||||||||||
Fair value of restricted stock vested during the period | 7,200,000 | 5,500,000 | ||||||||||||||
Weighted average fair value of options granted during the year | 333,153 | 1,141,675 | ||||||||||||||
Awards granted (in shares) | 2,603 | 9,550 | ||||||||||||||
Awards outstanding (in shares) | 3,003,582 | 3,000,979 | 2,994,197 | |||||||||||||
LTIP units | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Weighted average fair value of options granted during the year | 25,400,000 | 33,200,000 | 0 | |||||||||||||
Performance Shares | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Total unrecognized compensation cost related to unvested stock awards | 10,400,000 | |||||||||||||||
Weighted average period for recognition of compensation cost related to unvested stock awards (in years) | 1 year 1 month 6 days | |||||||||||||||
Share-based Compensation | 13,200,000 | 8,100,000 | ||||||||||||||
Third Amendment and Restated 2005 Stock Option and Incentive Plan | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Maximum fungible units that may be granted (in shares) | 17,130,000 | |||||||||||||||
Fungible units per share (in fungible units per share) | 2.76 | |||||||||||||||
Shares that may be issued if equal to fungible units (shares) (less than) | 17,130,000 | |||||||||||||||
Fungible units | 1,500,000 | |||||||||||||||
Third Amendment and Restated 2005 Stock Option and Incentive Plan | Stock options | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Compensation expense | 2,000,000 | 2,100,000 | ||||||||||||||
Stock options, stock appreciation rights and other awards | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Fungible units per share (in fungible units per share) | 0.77 | |||||||||||||||
Award expiration period (in years) | 5 years | |||||||||||||||
All other awards | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Fungible units per share (in fungible units per share) | 1 | |||||||||||||||
Award expiration period (in years) | 10 years | |||||||||||||||
2010 Notional Unit Long-Term Compensation Plan | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Compensation expense | 300,000 | |||||||||||||||
Cost of the plan, subject to adjustment for forfeitures | 31,700,000 | |||||||||||||||
Approximate amount of awards that may be earned by recipients after beginning of the second year if maximum performance achieved | 25,000,000 | |||||||||||||||
Approximate amount of awards that may be earned by recipients after beginning of the third year if maximum performance achieved | 25,000,000 | |||||||||||||||
Minimum stock price appreciation to earn maximum amount of awards (as a percent) | 50.00% | |||||||||||||||
LTIP units earned (in shares) | 327,416 | 385,583 | 366,815 | |||||||||||||
Percentage of LTIP Units earned, vested (percent) | 25.00% | 50.00% | ||||||||||||||
2010 Notional Unit Long-Term Compensation Plan | Minimum | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Approximate amount of LTIP units that may be earned by the recipients based on stock price appreciation | 15,000,000 | |||||||||||||||
2010 Notional Unit Long-Term Compensation Plan | Maximum | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Approximate amount of LTIP units that may be earned by the recipients based on stock price appreciation | 75,000,000 | |||||||||||||||
2011 Outperformance Plan | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Compensation expense | 700,000 | 1,900,000 | ||||||||||||||
Cost of the plan, subject to adjustment for forfeitures | 26,800,000 | |||||||||||||||
Approximate amount of LTIP units that may be earned by the recipients based on stock price appreciation | 85,000,000 | |||||||||||||||
LTIP units earned (in shares) | 280,454 | 560,908 | ||||||||||||||
Value of LTIP Units that could be earned expressed as percentage of outperformance amount in excess of the 30% benchmark (percent) | 10.00% | |||||||||||||||
Duration period return to stockholders exceeds 25% (in years) | 3 years | |||||||||||||||
Cumulative return to stockholders (percent) | 25.00% | |||||||||||||||
Return to stockholders | 85,000,000 | |||||||||||||||
Performance period (in years) | 3 years | |||||||||||||||
2014 Outperformance Plan | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Compensation expense | 1,400,000 | |||||||||||||||
Cost of the plan, subject to adjustment for forfeitures | 27,900,000 | |||||||||||||||
LTIP units earned (in shares) | 610,000 | |||||||||||||||
Performance period (in years) | 3 years | |||||||||||||||
Award period (in years) | 3 years | |||||||||||||||
Percentage of LTIP units that may be earned based on the Company's absolute total return to stockholders | 66.67% | |||||||||||||||
Percentage of LTIP units that may be earned based on relative total return to stockholders compared to constituents of the MSCI REIT index | 33.33% | |||||||||||||||
Deferred Stock Compensation Plan for Directors | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Compensation expense | $1,300,000 | |||||||||||||||
Maximum percentage of the annual retainer fee, chairman fees and meeting fees that may be deferred by non-employee directors (percent) | 100.00% | |||||||||||||||
Awards granted (in shares) | 5,613 | |||||||||||||||
Shares issued (in shares) | 5,230 | |||||||||||||||
Awards outstanding (in shares) | 81,262 | |||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Shares of common stock available for issuance (shares) | 500,000 | |||||||||||||||
Duration of each offering period starting the first day of each calendar quarter (in months) | 3 months | |||||||||||||||
Purchase price as a percentage of market value of the common stock (percent) | 85.00% | |||||||||||||||
Shares of common stock issued (shares) | 81,955 | |||||||||||||||
Earned anytime after beginning of second year | 2011 Outperformance Plan | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Percentage of units vested | 33.33% | |||||||||||||||
Earned any time after beginning of third year | 2011 Outperformance Plan | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Percentage of units vested | 66.67% | |||||||||||||||
Vested on August 31, 2014 | 2011 Outperformance Plan | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Percentage of units vested | 50.00% | |||||||||||||||
Vesting on August 31, 2015 | 2011 Outperformance Plan | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Percentage of units vested | 50.00% | |||||||||||||||
Vesting on August 31, 2017 | 2014 Outperformance Plan | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Percentage of units vested | 50.00% | |||||||||||||||
Vesting on August 31, 2018 | 2014 Outperformance Plan | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Percentage of units vested | 50.00% |
Sharebased_Compensation_Detail
Share-based Compensation (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Dividend yield (as a percent) | 1.60% | |
Expected life of option (in years) | 3 years 7 months 6 days | |
Risk-free interest rate (as a percent) | 1.29% | |
Expected stock price volatility (as a percent) | 33.97% | |
Options Outstanding | ||
Balance at beginning of year (in shares) | 1,462,726 | 1,765,034 |
Granted (in shares) | 0 | 102,050 |
Exercised (in shares) | -136,936 | -348,156 |
Lapsed or cancelled (in shares) | -8,767 | -56,202 |
Balance at end of period (in shares) | 1,317,023 | 1,462,726 |
Options exercisable at end of year (in shares) | 624,057 | 428,951 |
Weighted average fair value of options granted during the year | $0 | $2,841,678 |
Weighted Average Exercise Price | ||
Balance at beginning of year (in dollars per share) | $87.98 | $83.24 |
Granted (in dollars per share) | $0 | $119.12 |
Exercised (in dollars per share) | $75.27 | $72.76 |
Lapsed or cancelled (in dollars per share) | $103.57 | $90.03 |
Balance at end of period (in dollars per share) | $89.19 | $87.98 |
Options exercisable at end of period (in dollars per share) | $87.82 | $90.32 |
Restricted Stock Awards | ||
Options Outstanding | ||
Weighted average fair value of options granted during the year | 333,153 | 1,141,675 |
Summary of restricted stock | ||
Balance at beginning of year (in shares) | 3,000,979 | 2,994,197 |
Granted (in shares) | 2,603 | 9,550 |
Cancelled (in shares) | 0 | -2,768 |
Balance at end of period (in shares) | 3,003,582 | 3,000,979 |
Vested during the period (in shares) | 84,581 | 75,043 |
Compensation expense recorded | $1,936,853 | $9,658,019 |
Accumulated_Other_Comprehensiv4
Accumulated Other Comprehensive Loss of the Company (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) of the Company [Roll Forward] | ||
Beginning Balance | ($6,980,000) | |
Ending Balance | -11,810,000 | -6,980,000 |
Deferred net losses from terminated hedges | 11,300,000 | 11,800,000 |
SL Green Realty Corp | ||
Accumulated Other Comprehensive Income (Loss) of the Company [Roll Forward] | ||
Beginning Balance | -6,980,000 | |
Other comprehensive (loss) income before reclassifications | -7,789,000 | |
Amounts reclassified from accumulated other comprehensive income | 2,959,000 | |
Ending Balance | -11,810,000 | |
SL Green Realty Corp | Net unrealized loss on derivative instruments | ||
Accumulated Other Comprehensive Income (Loss) of the Company [Roll Forward] | ||
Beginning Balance | -9,498,000 | |
Other comprehensive (loss) income before reclassifications | -7,198,000 | |
Amounts reclassified from accumulated other comprehensive income | 2,641,000 | |
Ending Balance | -14,055,000 | |
SL Green Realty Corp | Unrealized gain and (loss) on marketable securities | ||
Accumulated Other Comprehensive Income (Loss) of the Company [Roll Forward] | ||
Beginning Balance | 2,613,000 | |
Other comprehensive (loss) income before reclassifications | 597,000 | |
Amounts reclassified from accumulated other comprehensive income | 0 | |
Ending Balance | 3,210,000 | |
SL Green Realty Corp | Joint venture | Net unrealized loss on derivative instruments | ||
Accumulated Other Comprehensive Income (Loss) of the Company [Roll Forward] | ||
Beginning Balance | -95,000 | |
Other comprehensive (loss) income before reclassifications | -1,188,000 | |
Amounts reclassified from accumulated other comprehensive income | 318,000 | |
Ending Balance | ($965,000) |
Accumulated_Other_Comprehensiv5
Accumulated Other Comprehensive Loss of the Operating Partnership (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership [Roll Forward] | ||
Beginning Balance | ($6,980,000) | |
Ending Balance | -11,810,000 | -6,980,000 |
Deferred net losses from terminated hedges | 11,300,000 | 11,800,000 |
SL Green Operating Partnership | ||
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership [Roll Forward] | ||
Beginning Balance | -7,256,000 | |
Other comprehensive (loss) income before reclassifications | -8,108,000 | |
Amounts reclassified from accumulated other comprehensive income | 3,078,000 | |
Ending Balance | -12,286,000 | |
Deferred net losses from terminated hedges | 11,700,000 | 12,200,000 |
Net unrealized loss on derivative instruments | SL Green Operating Partnership | ||
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership [Roll Forward] | ||
Beginning Balance | -9,845,000 | |
Other comprehensive (loss) income before reclassifications | -7,521,000 | |
Amounts reclassified from accumulated other comprehensive income | 2,747,000 | |
Ending Balance | -14,619,000 | |
Unrealized gain and (loss) on marketable securities | SL Green Operating Partnership | ||
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership [Roll Forward] | ||
Beginning Balance | 2,689,000 | |
Other comprehensive (loss) income before reclassifications | 650,000 | |
Amounts reclassified from accumulated other comprehensive income | 0 | |
Ending Balance | 3,339,000 | |
Joint venture | Net unrealized loss on derivative instruments | SL Green Operating Partnership | ||
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership [Roll Forward] | ||
Beginning Balance | -100,000 | |
Other comprehensive (loss) income before reclassifications | -1,237,000 | |
Amounts reclassified from accumulated other comprehensive income | 331,000 | |
Ending Balance | ($1,006,000) |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value of Financial Instruments | ||
Marketable securities | $47,716,000 | $39,429,000 |
Interest rate swap agreements (included in other assets) | 3,000 | 2,174,000 |
Interest rate swap agreements (included in accrued interest payable and other liabilities) | 16,983,000 | 14,728,000 |
Debt and preferred equity investments | 1,548,739,000 | 1,408,804,000 |
Carrying Value | ||
Fair Value of Financial Instruments | ||
Fixed rate debt | 6,016,084,000 | 6,140,786,000 |
Variable rate debt | 2,073,000,000 | 2,291,943,000 |
Total | 8,089,084,000 | 8,432,729,000 |
Fair Value | ||
Fair Value of Financial Instruments | ||
Marketable securities | 47,716,000 | 39,429,000 |
Total | 8,698,913,000 | 8,881,188,000 |
Estimated fair value of debt and preferred equity investments, low end of range | 1,700,000,000 | 1,500,000,000 |
Estimated fair value of debt and preferred equity investments, high end of range | 1,900,000,000 | 1,800,000,000 |
Level 1 | ||
Fair Value of Financial Instruments | ||
Interest rate swap agreements (included in other assets) | 0 | 0 |
Interest rate swap agreements (included in accrued interest payable and other liabilities) | 0 | 0 |
Level 2 | ||
Fair Value of Financial Instruments | ||
Interest rate swap agreements (included in other assets) | 3,000 | 2,174,000 |
Interest rate swap agreements (included in accrued interest payable and other liabilities) | 16,983,000 | 14,728,000 |
Level 3 | ||
Fair Value of Financial Instruments | ||
Marketable securities | 0 | 0 |
Interest rate swap agreements (included in other assets) | 0 | 0 |
Interest rate swap agreements (included in accrued interest payable and other liabilities) | 0 | 0 |
Level 3 | Carrying Value | ||
Fair Value of Financial Instruments | ||
Debt and preferred equity investments | 1,548,739,000 | 1,408,804,000 |
Level 3 | Fair Value | ||
Fair Value of Financial Instruments | ||
Fixed rate debt | 6,582,767,000 | 6,565,236,000 |
Variable rate debt | 2,116,146,000 | 2,315,952,000 |
Equity Securities | Level 1 | ||
Fair Value of Financial Instruments | ||
Marketable securities | 4,287,000 | 4,332,000 |
Mortgage-backed securities | Level 2 | ||
Fair Value of Financial Instruments | ||
Marketable securities | $43,429,000 | $35,097,000 |
Financial_Instruments_Derivati2
Financial Instruments: Derivatives and Hedging (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Financial Instruments: Derivatives and Hedging | |||
Fair Value | $3,000 | $2,174,000 | |
Fair Value | -16,983,000 | -14,728,000 | |
Derivative, Fair Value, Net | -16,980,000 | ||
Loss from settlement of hedges included in accumulated other comprehensive loss (less than for $1,000) | 1,000 | 11,000 | |
Fair value of derivatives in a net liability position | 18,100,000 | ||
Aggregate termination value | 18,100,000 | ||
Estimated current balance held in accumulated other comprehensive loss to be reclassified into earnings within the next 12 months | 9,300,000 | ||
Share of joint venture of accumulated other comprehensive loss reclassified into equity in net income from unconsolidated joint ventures within the next 12 months | 1,100,000 | ||
Amount of Loss Recognized in Other Comprehensive Loss (Effective Portion) | -8,758,000 | -1,797,000 | |
Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) | 3,078,000 | 1,965,000 | |
Amount of (Loss) or Gain Recognized into Income (Ineffective Portion) | -426,000 | 1,000 | |
Joint venture | |||
Financial Instruments: Derivatives and Hedging | |||
Amount of Loss Recognized in Other Comprehensive Loss (Effective Portion) | -1,237,000 | -1,746,000 | |
Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) | 331,000 | 1,273,000 | |
Amount of (Loss) or Gain Recognized into Income (Ineffective Portion) | -16,000 | 0 | |
Interest Rate Cap- Sold Expiring in May 2016 | |||
Financial Instruments: Derivatives and Hedging | |||
Notional Value | 504,000,000 | ||
Strike Rate (as a percent) | 4.75% | ||
Fair Value | -1,000 | ||
Interest Rate Cap Expiring in May 2016 | |||
Financial Instruments: Derivatives and Hedging | |||
Notional Value | 504,000,000 | ||
Strike Rate (as a percent) | 4.75% | ||
Fair Value | 1,000 | ||
Interest Rate Cap Expiring In May 2016 | |||
Financial Instruments: Derivatives and Hedging | |||
Notional Value | 500,000,000 | ||
Strike Rate (as a percent) | 4.75% | ||
Fair Value | 1,000 | ||
Interest Rate Cap- Sold Expiring in May 2016 | |||
Financial Instruments: Derivatives and Hedging | |||
Notional Value | 500,000,000 | ||
Strike Rate (as a percent) | 4.75% | ||
Fair Value | -1,000 | ||
Interest Rate Cap Expiring In May 2016 | |||
Financial Instruments: Derivatives and Hedging | |||
Notional Value | 446,000,000 | ||
Strike Rate (as a percent) | 4.75% | ||
Fair Value | 1,000 | ||
Interest Rate Cap Expiring in November, 2015 | |||
Financial Instruments: Derivatives and Hedging | |||
Notional Value | 263,426,000 | ||
Strike Rate (as a percent) | 6.00% | ||
Fair Value | 0 | ||
Interest Rate Cap Expiring in September 2015 | |||
Financial Instruments: Derivatives and Hedging | |||
Notional Value | 137,500,000 | ||
Strike Rate (as a percent) | 4.00% | ||
Fair Value | 0 | ||
Interest Rate Swap Expiring in December 2017 | |||
Financial Instruments: Derivatives and Hedging | |||
Notional Value | 200,000,000 | ||
Strike Rate (as a percent) | 0.94% | ||
Fair Value | -326,000 | ||
Interest Rate Swap Expiring in December 2017 | |||
Financial Instruments: Derivatives and Hedging | |||
Notional Value | 150,000,000 | ||
Strike Rate (as a percent) | 0.94% | ||
Fair Value | -251,000 | ||
Interest Rate Swap Expiring in December 2017 | |||
Financial Instruments: Derivatives and Hedging | |||
Notional Value | 150,000,000 | ||
Strike Rate (as a percent) | 0.94% | ||
Fair Value | -251,000 | ||
Interest Rate Swap Expiring in December 2017 | |||
Financial Instruments: Derivatives and Hedging | |||
Notional Value | 144,000,000 | ||
Strike Rate (as a percent) | 2.24% | ||
Fair Value | -5,108,000 | ||
Interest Rate Swap Expiring in December 2017 | |||
Financial Instruments: Derivatives and Hedging | |||
Notional Value | 86,400,000 | ||
Strike Rate (as a percent) | 1.95% | ||
Fair Value | -2,407,000 | ||
Interest Rate Swap Expiring in December 2017 | |||
Financial Instruments: Derivatives and Hedging | |||
Notional Value | 72,000,000 | ||
Strike Rate (as a percent) | 2.31% | ||
Fair Value | -2,696,000 | ||
Interest Rate Swap Expiring in December 2017 | |||
Financial Instruments: Derivatives and Hedging | |||
Notional Value | 72,000,000 | ||
Strike Rate (as a percent) | 1.35% | ||
Fair Value | -862,000 | ||
Interest Rate Swap Expiring in December 2017 | |||
Financial Instruments: Derivatives and Hedging | |||
Notional Value | 72,000,000 | ||
Strike Rate (as a percent) | 2.31% | ||
Fair Value | -2,696,000 | ||
Interest Rate Swap Expiring in December 2017 | |||
Financial Instruments: Derivatives and Hedging | |||
Notional Value | 57,600,000 | ||
Strike Rate (as a percent) | 1.99% | ||
Fair Value | -1,669,000 | ||
Interest Rate Swap Expiring in June 2016 | |||
Financial Instruments: Derivatives and Hedging | |||
Notional Value | 30,000,000 | ||
Strike Rate (as a percent) | 2.30% | ||
Fair Value | -682,000 | ||
Interest Rate Swap Expiring in February, 2015 | |||
Financial Instruments: Derivatives and Hedging | |||
Notional Value | 8,018,000 | ||
Strike Rate (as a percent) | 0.85% | ||
Fair Value | -33,000 | ||
Interest Rate Swap | |||
Financial Instruments: Derivatives and Hedging | |||
Amount of Loss Recognized in Other Comprehensive Loss (Effective Portion) | -7,521,000 | -51,000 | |
Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) | 2,747,000 | 692,000 | |
Amount of (Loss) or Gain Recognized into Income (Ineffective Portion) | ($410,000) | $1,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] | |
Initial term of non cancellable operating leases, minimum (in years) | 1 year |
Capital lease | |
Remaining 2015 | $109 |
2016 | 170 |
2017 | 291 |
2018 | 291 |
2019 | 315 |
Thereafter | 56,568 |
Total minimum lease payments | 57,744 |
Less amount representing interest | -36,827 |
Capital lease obligations | 20,917 |
Non-cancellable operating leases | |
Remaining 2015 | 22,869 |
2016 | 30,612 |
2017 | 30,845 |
2018 | 30,845 |
2019 | 30,862 |
Thereafter | 720,698 |
Total minimum lease payments | $866,731 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
segment | |||
Segment information | |||
Number of reportable segments (segment) | 2 | ||
Total revenues | $396,299,000 | $362,445,000 | |
Income from continuing operations before equity in net gain on sale of interest in unconsolidated joint venture/real estate | 42,226,000 | 46,203,000 | |
Total assets | 17,080,732,000 | 17,096,587,000 | |
Leverage rate assumption (as a percent) | 100.00% | ||
Marketing, general and administrative expenses and transaction related costs | 25,500,000 | 23,300,000 | |
Real Estate Segment | |||
Segment information | |||
Total revenues | 354,230,000 | 308,361,000 | |
Income from continuing operations before equity in net gain on sale of interest in unconsolidated joint venture/real estate | 6,759,000 | 620,000 | |
Total assets | 15,514,089,000 | 15,671,662,000 | |
Debt and Preferred Equity Segment | |||
Segment information | |||
Total revenues | 42,069,000 | 54,084,000 | |
Income from continuing operations before equity in net gain on sale of interest in unconsolidated joint venture/real estate | 35,467,000 | 45,583,000 | |
Total assets | $1,566,643,000 | $1,424,925,000 |
Segment_Information_Details_2
Segment Information (Details 2) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Reconciliation of income from continuing operations to net income attributable to SL Green common stockholders | ||
Income from continuing operations before equity in net gain on sale of interest in unconsolidated joint venture/real estate | $42,226 | $46,203 |
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | 0 | 104,640 |
Income from continuing operations | 42,226 | 150,843 |
Net income from discontinued operations | 427 | 5,769 |
Gain on sale of discontinued operations | 12,983 | 0 |
Net income | $55,636 | $156,612 |